Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document - Document and Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Trading Symbol | UL |
Entity Registrant Name | UNILEVER PLC |
Entity Central Index Key | 0000217410 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,187,191,284 |
Consolidated Income Statement
Consolidated Income Statement - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Profit or loss [abstract] | |||
Turnover | € 50,982 | € 53,715 | € 52,713 |
Operating profit | 12,535 | 8,857 | 7,801 |
After (charging)/crediting non-underlying items | 3,176 | (543) | (823) |
Net finance costs | (481) | (877) | (563) |
Finance income | 135 | 157 | 115 |
Finance costs | (591) | (556) | (584) |
Pensions and similar obligations | (25) | (96) | (94) |
Net finance cost non-underlying items | (382) | ||
Net monetary gain/(loss) arising from hyperinflationary economies | 122 | ||
Share of net profit/(loss) of joint ventures and associates | 185 | 155 | 127 |
After crediting non-underlying items | 32 | ||
Other income/(loss) from non-current investments and associates | 22 | 18 | 104 |
Profit before taxation | 12,383 | 8,153 | 7,469 |
Taxation | (2,575) | (1,667) | (1,922) |
After (charging)/crediting tax impact of non-underlying items | (288) | 655 | 213 |
Net profit | 9,808 | 6,486 | 5,547 |
Attributable to: | |||
Non-controlling interests | 419 | 433 | 363 |
Shareholders' equity | € 9,389 | € 6,053 | € 5,184 |
Combined earnings per share | |||
Basic earnings per share (€) | € 3.50 | € 2.16 | € 1.83 |
Diluted earnings per share (€) | € 3.48 | € 2.15 | € 1.82 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Statement of comprehensive income [abstract] | ||||
Net profit | € 9,808 | € 6,486 | € 5,547 | |
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 | [1] | 51 | ||
Remeasurement of defined benefit pension plans | (328) | 1,282 | (980) | |
Items that may be reclassified subsequently to profit or loss, net of tax: | ||||
Gains/(losses) on cash flow hedges | (55) | (68) | ||
Currency retranslation gains/(losses) | (861) | (983) | 217 | |
Fair value gains/(losses) on financial instruments | [1] | (7) | (15) | |
Total comprehensive income | 8,615 | 6,710 | 4,769 | |
Attributable to: | ||||
Non-controlling interests | 407 | 381 | 374 | |
Shareholders' equity | € 8,208 | € 6,329 | € 4,395 | |
[1] | Classification in 2018 has changed following adoption of IFRS 9. See note 1 for further details. |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - EUR (€) € in Millions | Total | Called up share capital [member] | Share Premium Account [member] | Other reserves [member] | Retained profit [member] | Equity Attributable to Owners of Parent [member] | Non-controlling Interests [member] | ||
Beginning balance at Dec. 31, 2015 | € 16,082 | € 484 | € 152 | € (7,816) | € 22,619 | € 15,439 | € 643 | ||
Profit or loss for the period | 5,547 | 5,184 | 5,184 | 363 | |||||
Other comprehensive income net of tax: | |||||||||
Fair value gains/(losses) on financial instruments | [1] | (15) | (15) | (15) | |||||
Remeasurement of defined benefit pension plans net of tax | (980) | (980) | (980) | ||||||
Currency retranslation gains/(losses) | 217 | 189 | 17 | 206 | 11 | ||||
Total comprehensive income | 4,769 | 174 | 4,221 | 4,395 | 374 | ||||
Dividends on ordinary capital | (3,600) | (3,600) | (3,600) | ||||||
Other movements in treasury shares | [2] | (258) | (45) | (213) | (258) | ||||
Share-based payment credit | [3] | 198 | 198 | 198 | |||||
Dividends paid to non-controlling interests | (364) | (364) | |||||||
Currency retranslation gains/(losses) net of tax | (18) | (18) | (18) | ||||||
Other movements in equity | 171 | 244 | (46) | 198 | (27) | ||||
Ending balance at Dec. 31, 2016 | 16,980 | 484 | 134 | (7,443) | 23,179 | 16,354 | 626 | ||
Profit or loss for the period | 6,486 | 6,053 | 6,053 | 433 | |||||
Other comprehensive income net of tax: | |||||||||
Fair value gains/(losses) on financial instruments | [1] | (75) | (76) | (76) | 1 | ||||
Cash flow hedges | (68) | ||||||||
Remeasurement of defined benefit pension plans net of tax | 1,282 | 1,282 | 1,282 | ||||||
Currency retranslation gains/(losses) | (983) | (903) | (27) | (930) | (53) | ||||
Total comprehensive income | 6,710 | (979) | 7,308 | 6,329 | 381 | ||||
Dividends on ordinary capital | (3,916) | (3,916) | (3,916) | ||||||
Repurchase of shares | [4] | (5,014) | (5,014) | (5,014) | |||||
Other movements in treasury shares | [2] | (204) | (30) | (174) | (204) | ||||
Share-based payment credit | [3] | 284 | 284 | 284 | |||||
Dividends paid to non-controlling interests | (345) | (345) | |||||||
Currency retranslation gains/(losses) net of tax | (4) | (4) | (4) | ||||||
Other movements in equity | (104) | (167) | (33) | (200) | 96 | ||||
Ending balance (After Restatement [member]) at Dec. 31, 2017 | 14,780 | 484 | 130 | (13,633) | 27,041 | 14,022 | 758 | ||
Ending balance at Dec. 31, 2017 | 14,387 | 484 | 130 | (13,633) | 26,648 | 13,629 | 758 | ||
Other comprehensive income net of tax: | |||||||||
Hyperinflation restatement at beginning of year | 393 | 393 | 393 | ||||||
Profit or loss for the period | 9,808 | 9,389 | 9,389 | 419 | |||||
Equity instruments | 51 | [1] | 51 | 51 | |||||
Cash flow hedges | (55) | (56) | (56) | 1 | |||||
Remeasurement of defined benefit pension plans net of tax | (328) | (330) | (330) | 2 | |||||
Currency retranslation gains/(losses) | (861) | (836) | (10) | (846) | (15) | ||||
Total comprehensive income | 8,615 | (841) | 9,049 | 8,208 | 407 | ||||
Dividends on ordinary capital | (4,081) | (4,081) | (4,081) | ||||||
Repurchase of shares | [4] | (6,020) | (6,020) | (6,020) | |||||
Cancellation of treasury shares | [5] | (20) | 5,069 | (5,049) | |||||
Other movements in treasury shares | [2] | (253) | (8) | (245) | (253) | ||||
Share-based payment credit | [3] | 196 | 196 | 196 | |||||
Dividends paid to non-controlling interests | (342) | (342) | |||||||
Currency retranslation gains/(losses) net of tax | (1) | (1) | (1) | ||||||
Hedging gain/(loss) transferred to non-financial assets | 71 | 71 | 71 | ||||||
Other movements in equity | [6] | (673) | 76 | (646) | (570) | (103) | |||
Ending balance at Dec. 31, 2018 | € 12,292 | € 464 | € 129 | € (15,286) | € 26,265 | € 11,572 | € 720 | ||
[1] | Classification in 2018 has changed following adoption of IFRS 9. See note 1 for further details. | ||||||||
[2] | Includes purchases and sales of treasury shares other than the share buyback programme, transfer from treasury shares to retained profit of share-settled schemes arising from prior years and differences between exercise and grant price of share options. | ||||||||
[3] | The share-based payment credit relates to the non-cash charge recorded in operating profit in respect of the fair value of share options and awards granted to employees. | ||||||||
[4] | Repurchase of shares reflects the cost of acquiring ordinary shares as part of the share buyback programmes announced on 19 April 2018 and 6 April 2017. | ||||||||
[5] | During 2018 122,965,077 PLC ordinary shares were cancelled. The amount paid to repurchase these shares was initially recognised in other reserves and is transferred to retained profit on cancellation. | ||||||||
[6] | Includes a €662 million premium paid for purchase of the non-controlling interest in Unilever South Africa from Remgro. |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity (Parenthetical) € in Millions | 12 Months Ended |
Dec. 31, 2018EUR (€)shares | |
Statement of changes in equity [abstract] | |
Number of PLC shares cancelled | shares | 122,965,077 |
Premium paid for purchase of non-controlling interest in Unilever South Africa Remgro | € | € 662 |
Consolidated Balance Sheet
Consolidated Balance Sheet € in Millions, £ in Millions | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) |
Non-current assets | ||
Goodwill | € 17,341 | € 16,881 |
Intangible assets | 12,152 | 11,520 |
Property, plant and equipment | 10,347 | 10,411 |
Pension asset for funded schemes in surplus | 1,728 | 2,173 |
Deferred tax assets | 1,117 | 1,085 |
Financial assets | 642 | 675 |
Other non-current assets | 648 | 557 |
Total non-current assets | 43,975 | 43,302 |
Current assets | ||
Inventories | 4,301 | 3,962 |
Trade and other current receivables | 6,485 | 5,222 |
Current tax assets | 472 | 488 |
Cash and cash equivalents | 3,230 | 3,317 |
Other financial assets | 874 | 770 |
Assets held for sale | 119 | 3,224 |
Current assets | 15,481 | 16,983 |
Total assets | 59,456 | 60,285 |
Current liabilities | ||
Financial liabilities | 3,235 | 7,968 |
Trade payables and other current liabilities | 14,457 | 13,426 |
Current tax liabilities | 1,445 | 1,088 |
Provisions | 624 | 525 |
Liabilities held for sale | 11 | 170 |
Total current liabilities | 19,772 | 23,177 |
Non-current liabilities | ||
Financial liabilities | 21,650 | 16,462 |
Non-current tax liabilities | 174 | 118 |
Pensions and post-retirement healthcare liabilities: | ||
Funded schemes in deficit | 1,209 | 1,225 |
Unfunded schemes | 1,393 | 1,509 |
Provisions | 697 | 794 |
Deferred tax liabilities | 1,923 | 1,913 |
Other non-current liabilities | 346 | 700 |
Total non current liabilities | 27,392 | 22,721 |
Total liabilities | 47,164 | 45,898 |
Shareholders' equity | ||
Called up share capital | 464 | 484 |
Share premium account | 129 | 130 |
Other reserves | (15,286) | (13,633) |
Retained profit | 26,265 | 26,648 |
Total equity attributable to owners of parent | 11,572 | 13,629 |
Non-controlling interests | 720 | 758 |
Total equity | 12,292 | 14,387 |
Total liabilities and equity | € 59,456 | € 60,285 |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statement - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Statement of cash flows [abstract] | ||||
Net profit | € 9,808 | € 6,486 | € 5,547 | |
Taxation | 2,575 | 1,667 | 1,922 | |
Share of net profit of joint ventures/associates and other income/(loss) from non-current investments and associates | (207) | (173) | (231) | |
Net monetary gain arising from hyperinflationary economies | (122) | |||
Net finance costs | 481 | 877 | 563 | |
Operating profit | 12,535 | 8,857 | 7,801 | |
Depreciation, amortisation and impairment | 1,747 | 1,538 | 1,464 | |
Changes in working capital: | (793) | (68) | 51 | |
Inventories | (471) | (104) | 190 | |
Trade and other receivables | (1,298) | (506) | 142 | |
Trade payables and other liabilities | 976 | 542 | (281) | |
Pensions and similar obligations less payments | (128) | (904) | (327) | |
Provisions less payments | 55 | 200 | 65 | |
Elimination of (profits)/losses on disposals | (4,299) | (298) | 127 | |
Non-cash charge for share-based compensation | 196 | 284 | 198 | |
Other adjustments | [1] | (266) | (153) | (81) |
Cash flow from operating activities | 9,047 | 9,456 | 9,298 | |
Income tax paid | (2,294) | (2,164) | (2,251) | |
Net cash flow from operating activities | 6,753 | 7,292 | 7,047 | |
Interest received | 110 | 154 | 105 | |
Purchase of intangible assets | (203) | (158) | (232) | |
Purchase of property, plant and equipment | (1,329) | (1,509) | (1,804) | |
Disposal of property, plant and equipment | 108 | 46 | 158 | |
Acquisition of group companies, joint ventures and associates | (1,336) | (4,896) | (1,731) | |
Disposal of group companies, joint ventures and associates | 7,093 | 561 | 30 | |
Acquisition of other non-current investments | (94) | (317) | (208) | |
Disposal of other non-current investments | 151 | 251 | 173 | |
Dividends from joint ventures, associates and other non-current investments | 154 | 138 | 186 | |
(Purchase)/sale of financial assets | (10) | (149) | 135 | |
Net cash flow (used in)/from investing activities | 4,644 | (5,879) | (3,188) | |
Dividends paid on ordinary share capital | (4,066) | (3,916) | (3,609) | |
Interest and preference dividends paid | (477) | (470) | (472) | |
Net change in short-term borrowings | (4,026) | 2,695 | 258 | |
Additional financial liabilities | 10,595 | 8,851 | 6,761 | |
Repayment of financial liabilities | (6,594) | (2,604) | (5,213) | |
Capital element of finance lease rental payments | (10) | (14) | (35) | |
Buyback of preference shares | (448) | |||
Repurchase of shares | (6,020) | (5,014) | ||
Other movements on treasury shares | (257) | (204) | (257) | |
Other financing activities | (693) | (309) | (506) | |
Net cash flow (used in)/from financing activities | (11,548) | (1,433) | (3,073) | |
Net increase/(decrease) in cash and cash equivalents | (151) | (20) | 786 | |
Cash and cash equivalents at beginning of year | 3,169 | 3,198 | 2,128 | |
Effect of foreign exchange rate changes | 72 | (9) | 284 | |
Cash and cash equivalents at end of year | € 3,090 | € 3,169 | € 3,198 | |
[1] | 2018 includes a non-cash credit of €277 million from early settlement of contingent consideration relating to Blueair. |
Consolidated Cash Flow Statem_2
Consolidated Cash Flow Statement (Parenthetical) € in Millions | 12 Months Ended |
Dec. 31, 2018EUR (€) | |
Statement of cash flows [abstract] | |
Non-cash credit from early settlement of contingent consideration | € 277 |
Accounting Information and Poli
Accounting Information and Policies | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Accounting Information and Policies | 1. ACCOUNTING INFORMATION AND POLICIES The accounting policies adopted are the same as those which were applied for the previous financial year, except as set out below under the heading ‘Recent accounting developments’. UNILEVER The two parent companies, NV and PLC, together with their group companies, operate as a single economic entity (the Unilever Group, also referred to as Unilever or the Group). NV and PLC have the same Directors and are linked by a series of agreements, including an Equalisation Agreement, which are designed so that the positions of the shareholders of both companies are as closely as possible the same as if they held shares in a single company. The Equalisation Agreement provides that both companies adopt the same accounting principles. It also requires that dividends and other rights and benefits attaching to each ordinary share of NV, be equal in value to those rights and benefits attaching to each ordinary share of PLC, as if each such unit of capital formed part of the ordinary share capital of one and the same company. BASIS OF CONSOLIDATION Due to the operational and contractual arrangements referred to above, NV and PLC form a single reporting entity for the purposes of presenting consolidated financial statements. Accordingly, the financial statements of Unilever are presented by both NV and PLC as their respective consolidated financial statements. Group companies included in the consolidation are those companies controlled by NV or PLC. Control exists when the Group has the power to direct the activities of an entity so as to affect the return on investment. The net assets and results of acquired businesses are included in the consolidated financial statements from their respective dates of acquisition, being the date on which the Group obtains control. The results of disposed businesses are included in the consolidated financial statements up to their date of disposal, being the date control ceases. Intra-group transactions and balances are eliminated. COMPANIES LEGISLATION AND ACCOUNTING STANDARDS The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and IFRIC Interpretations. They are also in compliance with IFRS as issued by the International Accounting Standards Board (IASB). These financial statements are prepared under the historical cost convention unless otherwise indicated. These financial statements have been prepared on a going concern basis. Refer to the going concern statement on page 66. ACCOUNTING POLICIES Accounting policies are included in the relevant notes to the consolidated financial statements. These are presented as text highlighted in grey on pages 79 to 127. The accounting policies below are applied throughout the financial statements. FOREIGN CURRENCIES The consolidated financial statements are presented in euros. The functional currencies of NV and PLC are euros and sterling respectively. Items included in the financial statements of individual group companies are recorded in their respective functional currency which is the currency of the primary economic environment in which each entity operates. Foreign currency transactions in individual group companies are translated into functional currency using exchange rates at the date of the transaction. Foreign exchange gains and losses from settlement of these transactions, and from translation of monetary assets and liabilities at year-end In preparing the consolidated financial statements, the balances in individual group companies are translated from their functional currency into euros. Apart from the financial statements of group companies in hyperinflationary economies (see below), the income statement, the cash flow statement and all other movements in assets and liabilities are translated at average rates of exchange as a proxy for the transaction rate, or at the transaction rate itself if more appropriate. Assets and liabilities are translated at year-end The financial statements of group companies whose functional currency is the currency of a hyperinflationary economy are adjusted for inflation and then translated into euros. Amounts shown for prior years for comparative purposes are not modified. To determine the existence of hyperinflation, the Group assesses the qualitative and quantitative characteristics of the economic environment of the country, such as the cumulative inflation rate over the previous three years. The ordinary share capital of NV and PLC is translated in accordance with the Equalisation Agreement. The difference between the value for PLC and the value by applying the year-end The effect of exchange rate changes during the year on net assets of foreign operations is recorded in equity. For this purpose net assets include loans between group companies and any related foreign exchange contracts where settlement is neither planned nor likely to occur in the foreseeable future. The Group applies hedge accounting to certain exchange differences arising between the functional currencies of a foreign operation and NV or PLC as appropriate, regardless of whether the net investment is held directly or through an intermediate parent. Differences arising on retranslation of a financial liability designated as a foreign currency net investment hedge are recorded in equity to the extent that the hedge is effective. These differences are reported within profit or loss to the extent that the hedge is ineffective. Cumulative exchange differences arising since the date of transition to IFRS of 1 January 2004 are reported as a separate component of other reserves. In the event of disposal or part disposal of an interest in a group company either through sale or as a result of a repayment of capital, the cumulative exchange difference is recognised in the income statement as part of the profit or loss on disposal of group companies. CLASSIFICATION OF ARGENTINA AS A HYPER-INFLATIONARY ECONOMY The Argentinian economy was designated as hyperinflationary from 1 July 2018. As a result, application of IAS 29 ‘Financial Reporting in Hyperinflationary Economies’ has been applied to all Unilever entities whose functional currency is the Argentinian Peso. IAS 29 requires that adjustments are applicable from the start of the relevant entity’s reporting period. For Unilever that is from 1 January 2018. The application of IAS 29 includes: • Adjustment of historical cost non-monetary • Adjustment of the income statement for inflation during the reporting period; • The income statement is translated at the period end foreign exchange rate instead of an average rate; and • Adjustment of the income statement to reflect the impact of inflation and exchange rate movement on holding monetary assets and liabilities in local currency. The main effects on the Group consolidated financial statements for 2018 are: • Total assets increased by €538 million driven by an increase of €369 million to goodwill (see note 9) and €171 million due to property, plant and equipment (see note 10); • Opening retained profit increased by €393 million reflecting the impact of adjusting the historical cost of non-monetary • Turnover is reduced by €75 million; • Operating profit is reduced by €37 million; and • A net monetary gain of €122 million is recognised from the inflation and exchange rate movements in the year on the net monetary items held in Argentinian Peso. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The preparation of financial statements requires management to make judgements and estimates in the application of accounting policies that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and judgements are continuously evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future period affected. The following judgements are those that management believe have the most significant effect on the amounts recognised in the Group’s financial statements: • Separate presentation of items in the income statement – certain items of income or expense are presented separately as non-underlying • Utilisation of tax losses and recognition of other deferred tax assets – The Group operates in many countries and is subject to taxes in numerous jurisdictions. Management uses judgement to assess the recoverability of tax assets such as whether there will be sufficient future taxable profits to utilise losses – see note 6B. • Likelihood of occurrence of provisions and contingent liabilities – events can occur where there is uncertainty over future obligations. Judgement is required to determine if an outflow of economic resources is probable, or possible but not probable. Where it is probable, a liability is recognised and further judgement is used to determine the level of the provision. Where it is possible but not probable, further judgement is used to determine if the likelihood is remote, in which case no disclosures are provided; if the likelihood is not remote then judgement is used to determine the contingent liability disclosed. Unilever does not have provisions and contingent liabilities for the same matters. External advice is obtained for any material cases. See notes 6A, 19 and 20. The following estimates are those that management believe have the most significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are: • Measurement of defined benefit obligations – the valuations of the Group’s defined benefit pension plan obligations are dependent on a number of assumptions. These include discount rates, inflation and life expectancy of scheme members. Details of these assumptions and sensitivities are in note 4B. • Assumptions used in discounted cash flow projections – estimates of future business performance, cash generation, long-term growth and discount rates are used in our assessment of impairment of assets at the balance sheet date. Details of the estimates used in the impairment reviews for significant cash generating units are set out in note 9; no reasonably plausible changes in a key assumption would cause an impairment. • Measurement of consideration and assets and liabilities acquired as part of business combinations – contingent consideration depends on an acquired business achieving targets within a fixed period. Estimates of future performance are required to calculate the obligations at the time of acquisition and at each subsequent reporting date. See note 21 for further information. Additionally, estimates are required to value the assets and liabilities acquired in business combinations. Intangible assets such as brands are commonly a core part of an acquired business as they allow us to obtain more value than would otherwise be possible. RECENT ACCOUNTING DEVELOPMENTS ADOPTED BY THE GROUP The Group applied for the first-time APPLICABLE KEY REQUIREMENTS IMPACT ON GROUP STANDARD IFRS 9 ‘Financial Instruments’ This standard introduces new requirements in three areas: Classification and measurement: Financial assets are now classified based on 1) the objective of the Group in holding the asset and 2) the contractual cash flows. Impairment: A new expected credit loss model is used for calculating impairment on financial assets. A loss event does not have to occur before credit losses are recognised. Hedge accounting: New general hedge accounting requirements allow hedge accounting based on the Group’s risk management policies rather than only prescribed scenarios. On 1 January 2018, the Group adopted IFRS 9 ‘Financial Instruments’, which replaced IAS 39 ‘Financial Instruments – Recognition and Measurement’. As there was no material impact from the adoption of this standard, the Group has not restated the comparative information relating to prior years. Classification and measurement: On 1 January 2018, the Group reclassified its financial assets to the new categories based on the Group’s reason for holding the assets and the nature of the cash flows from the assets. See note 17A for further information. There were no changes to the classification or measurement of the Group’s financial liabilities. Impairment: From 1 January 2018, the Group implemented an expected credit loss impairment model for financial assets. For trade receivables, the calculation methodology has been updated to consider expected losses based on ageing profile. The adoption of the expected loss approach has not resulted in a material change in impairment provision for any financial asset. Hedge accounting: The Group applied the hedge accounting requirements of IFRS 9 prospectively. At the date of initial application all of the Group’s existing hedge relationships were eligible to be treated as continuing hedge relationships. APPLICABLE KEY REQUIREMENTS IMPACT ON GROUP STANDARD IFRS 15 ‘Revenue from Contracts with Customers’ The standard clarifies the accounting for bundled services and identifying each ‘performance obligation’ in contractual arrangements. It also provides more guidance on the measurement of revenue contracts which have discounts, rebates, payments to suppliers and consignment stock. On 1 January 2018 the Group adopted IFRS 15 ‘Revenue from Contracts with Customers’ with no impact as the accounting policies were already in line with the new standard. All other standards or amendments to standards that have been issued by the IASB and were effective by 1 January 2018 were not applicable to Unilever. NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS OF EXISTING STANDARDS THAT ARE NOT YET EFFECTIVE AND HAVE NOT BEEN EARLY ADOPTED BY THE GROUP The following new standards have been released but are not yet adopted by the Group. The expected impact and progress is shown below. APPLICABLE KEY REQUIREMENTS OR IMPLEMENTATION PROGRESS STANDARD CHANGES IN ACCOUNTING POLICY AND EXPECTED IMPACT IFRS 16 ‘Leases’ Effective from the year ended 31 December 2019 The standard has been endorsed by the EU This standard changes the recognition, measurement, presentation and disclosure of leases. In particular it requires lessees to record all leases on the balance sheet with exemptions available for low value and short-term leases. At the commencement of a lease, a lessee will recognise lease payments (lease liability) and an asset representing the right to use the asset during the lease term (right-of-use right-of-use A lease liability is remeasured upon the occurrence of certain events such as a change in the lease term or a change in an index or rate used to determine lease payments. The remeasurement normally also adjusts the right-of-use The standard has no impact on the actual cash flows of a group. However the standard requires the capitalisation, and subsequent depreciation, of costs that are currently expensed as paid which impacts disclosures of cash flows within the cash flow statement. The amounts currently expensed as operating cash outflows which will instead be capitalised are presented as financing cash outflows. The preparations for this standard are substantially complete. The Group intends on adopting the ‘full retrospective’ approach and in our 2019 reporting the comparative information relating to prior years will be restated. The Group has reviewed all relevant contracts to identify leases. This review included an assessment about whether the contract depends on a specific asset, whether the Group obtains substantially all the economic benefits from the use of that asset and whether the Group has the right to direct the use of that asset. Based on this assessment, we calculated the restatement impact as at the transition date. From 1 January 2019 the Group will focus on ensuring that the revised process for identifying and accounting for leases is followed. The Group intends to use the exemptions provided by IFRS 16 for short-term leases (less than a year) and leases for low-value The estimated impact of IFRS 16 on the Group’s financial statements at 31 December 2018 is as follows: Balance sheet: The Group estimates that the adoption of IFRS 16 will result in an increase in total assets of approximately €1.7 billion, split between land and buildings of €1.3 billion and plant and machinery of €0.4 billion. Based on the geographies, this is approximately €0.5 billion in Europe, €0.5 billion in The Americas and €0.7 billion in Asia/AMET/ RUB. Financial liabilities are expected to increase by approximately €1.9 billion. Income statement: The Group estimates that the adoption of IFRS 16 will result in increased depreciation of approximately €470 million from the right-of-use Statement of Cash Flows: The Group estimates that the adoption of IFRS 16 will increase cash flows from operating activities by approximately €550 million with a related increase in cash flows used in financing activities of €550 million which relates to lease payments previously expensed as paid. In addition to the above, based on an initial review the Group does not currently believe adoption of the following standard/amendments will have a material impact on the consolidated results or financial position of the Group. APPLICABLE KEY REQUIREMENTS OR STANDARD CHANGES IN ACCOUNTING POLICY IFRIC 23 ‘Uncertainty over income tax treatments’ This interpretation clarifies how entities should reflect uncertainties over income tax treatments, in particular when assessing the outcome a tax authority might reach with full knowledge and information if it were to make an examination. Based on preliminary work, the impact is estimated to be immaterial. Effective from the year ended 31 December 2019 The IFRIC Interpretation has been endorsed by the EU IFRS 17 ‘Insurance Contracts’ This standard introduces a new model for accounting for insurance contracts. Work continues to review existing arrangements to determine the impact on adoption. Based on preliminary work the impact is estimated to be immaterial. Effective from the year ended 31 December 2021 The standard is not yet endorsed by the EU Amendments to IAS 19 ‘Employee Benefits’ The change requires that following plan amendments, curtailments or settlements, current service and net interest costs for the remainder of the reporting period should be calculated in line with updated actuarial assumptions. The amendment is to be applied prospectively. Effective from the year ended 31 December 2019 The standard is not yet endorsed by the EU All other standards or amendments to standards that have been issued by the IASB and are effective from 1 January 2019 onwards are not applicable to Unilever. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
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Segment Information | 2. SEGMENT INFORMATION SEGMENTAL REPORTING Beauty & Personal Care – primarily sales of skin care and hair care products, deodorants and oral care products. Foods & Refreshment – primarily sales of soups, bouillons, sauces, snacks, mayonnaise, salad dressings, margarines and spreads, ice cream and tea-based Home Care – primarily sales of home care products, such as powders, liquids and capsules, soap bars and a wide range of cleaning products. REVENUE Turnover comprises sales of goods after the deduction of discounts, sales taxes and estimated returns. It does not include sales between group companies. Discounts given by Unilever include rebates, price reductions and incentives given to customers, promotional couponing and trade communication costs. Accumulated experience is used to estimate the provision for discounts, using the most likely amount method; revenue is only recognised to the extent that it is highly probable a significant reversal will not occur. Turnover is recognised when control of the products being sold has transferred to our customer and when there are no longer any unfulfilled obligations to the customer. This is generally on delivery to the customer but depending on individual customer terms, this can be at the time of dispatch, delivery or upon formal customer acceptance. This is considered the appropriate point where the performance obligations in our contracts are satisfied as Unilever no longer have control over the inventory. Our customers have the contractual right to return goods only when authorised by Unilever. At 31 December 2018, an estimate has been made of goods that will be returned and a liability has been recognised for this amount. An asset has also been recorded for the corresponding inventory that is estimated to return to Unilever using a best estimate based on accumulated experience. Some of our customers are distributors who may be able to return unsold goods in consignment arrangements. A liability is recognised where we receive payment from a customer before transferring control of the goods being sold. UNDERLYING OPERATING PROFIT Underlying operating profit means operating profit before the impact of non-underlying The Group has revised its operating segments to align with the new structure under which the business is managed. Beginning 2018, operating segment information is provided based on three product areas: Beauty & Personal Care, Foods & Refreshment and Home Care. Notes € million € million Foods & Refreshment (a) € million € million 2018 Turnover 20,624 20,227 10,131 50,982 Operating profit 4,130 7,245 1,160 12,535 Non-underlying 3 378 (3,711 ) 157 (3,176 ) Underlying operating profit 4,508 3,534 1,317 9,359 Share of net profit/(loss) of joint ventures and associates (1 ) 183 3 185 Significant non-cash Within underlying operating profit: Depreciation and amortisation 510 773 256 1,539 Share-based compensation and other non-cash (b) 102 102 46 250 Within non-underlying Impairment and other non-cash (c) 122 164 263 549 2017 Turnover 20,697 22,444 10,574 53,715 Operating profit 4,103 3,616 1,138 8,857 Non-underlying 3 272 121 150 543 Underlying operating profit 4,375 3,737 1,288 9,400 Share of net profit/(loss) of joint ventures and associates 8 143 4 155 Significant non-cash Within underlying operating profit: Depreciation and amortisation 488 802 248 1,538 Share-based compensation and other non-cash (b) 164 174 79 417 Within non-underlying Impairment and other non-cash (c) 80 191 48 319 2016 Turnover 20,172 22,532 10,009 52,713 Operating profit 3,704 3,148 949 7,801 Non-underlying 3 329 357 137 823 Underlying operating profit 4,033 3,505 1,086 8,624 Share of net profit/(loss) of joint ventures and associates (5 ) 131 1 127 Significant non-cash Within underlying operating profit: Depreciation and amortisation 437 791 236 1,464 Share-based compensation and other non-cash (b) 134 135 86 355 Within non-underlying Impairment and other non-cash (c) 74 124 45 243 (a) Foods & Refreshment is reported together from 2018. For the prior year figures, Foods and Refreshment have been combined to align with the current structure. (b) Other non-cash non-underlying (c) Other non-cash non-underlying Transactions between the Unilever Group’s reportable segments are immaterial and are carried out on an arm’s length basis. The Unilever Group is not reliant on revenues from transactions with any single customer and does not receive 10% or more of its revenues from transactions with any single customer. Segment assets and liabilities are not provided because they are not reported to or reviewed by our chief operating decision-maker, which is Unilever Leadership Executive (ULE) as explained in the Corporate Governance Section. The home countries of the Unilever Group are the Netherlands and the United Kingdom. Turnover and non-current € million United € million United € million Others € million Total 2018 Turnover 3,679 8,305 38,998 50,982 Non-current (d) 4,070 12,193 24,225 40,488 2017 Turnover 3,849 8,532 41,334 53,715 Non-current (d) 3,781 11,820 23,768 39,369 2016 Turnover 3,819 8,263 40,631 52,713 Non-current (d) 4,770 11,696 23,358 39,824 (d) Non-current No other country had turnover or non-current ADDITIONAL INFORMATION BY GEOGRAPHIES Although the Group’s operations are managed by product area, we provide additional information based on geographies. The analysis of turnover by geographical area is stated on the basis of origin. € million Asia/ AMET/RUB (e) € million € million € million 2018 Turnover 22,868 16,020 12,094 50,982 Operating profit 4,777 3,586 4,172 12,535 Non-underlying (437 ) (892 ) (1,847 ) (3,176 ) Underlying operating profit 4,340 2,694 2,325 9,359 Share of net profit/(loss) of joint ventures and associates — 114 71 185 2017 Turnover 23,266 17,525 12,924 53,715 Operating profit 3,802 3,086 1,969 8,857 Non-underlying 306 (23 ) 260 543 Underlying operating profit 4,108 3,063 2,229 9,400 Share of net profit/(loss) of joint ventures and associates 12 112 31 155 2016 Turnover 22,445 17,105 13,163 52,713 Operating profit 3,275 2,504 2,022 7,801 Non-underlying 254 401 168 823 Underlying operating profit 3,529 2,905 2,190 8,624 Share of net profit/(loss) of joint ventures and associates (2 ) 108 21 127 (e) Refers to Asia, Africa, Middle East, Turkey, Russia, Ukraine and Belarus. Transactions between the Unilever Group’s geographical regions are immaterial and are carried out on an arm’s length basis. |
Operating Costs and Non-underly
Operating Costs and Non-underlying Items | 12 Months Ended |
Dec. 31, 2018 | |
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Operating Costs and Non-underlying Items | 3. OPERATING COSTS AND NON-UNDERLYING BRAND AND MARKETING INVESTMENT Brand and marketing investment includes costs incurred for the purpose of building and maintaining brand equity and awareness. These include media, advertising production, promotional materials and engagement with consumers. These costs are charged to the income statement as incurred. RESEARCH AND DEVELOPMENT Expenditure on research and development includes staff costs, material costs, depreciation of property, plant and equipment and other costs directly attributable to research and product development activities. These costs are charged to the income statement as incurred, except for those development costs which meet the criteria for capitalisation - see note 9. NON-UNDERLYING Non-underlying one-off non-underlying 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 € million € million Turnover 50,982 53,715 52,713 Cost of sales (28,769 ) (30,547 ) (30,229 ) of which: Distribution costs (3,098 ) (3,241 ) (3,246 ) Gross profit 22,213 23,168 22,484 Selling and administrative expenses (9,678 ) (14,311 ) (14,683 ) of which: Brand and marketing investment (7,164 ) (7,566 ) (7,731 ) Research and development (900 ) (900 ) (978 ) Operating profit 12,535 8,857 7,801 NON-UNDERLYING Non-underlying € million € million € million Non-underlying 3176 (543 ) (823 ) Acquisition and disposal-related costs (a) 76 (159 ) (132 ) Gain/(loss) on disposal of group companies (b) 4,331 334 (95 ) Restructuring costs (914 ) (638 ) (578 ) Impairments and other one-off (c) (317 ) (80 ) (18 ) Tax on non-underlying (259 ) 77 213 Non-underlying 2,917 (466 ) (610 ) Non-underlying 154 (382 ) — Premium paid on buyback of preference shares — (382 ) — Share of gain on disposal of Spreads business in Portugal JV 32 — — Net monetary gain arising from hyperinflationary economies 122 — — Tax impact of non-underlying (29 ) 578 — Tax on premium paid on buyback of preference shares (non deductible) — — — Impact of US tax reform (d) (29 ) 578 — Non-underlying 125 196 — Non-underlying (e) 3,042 (270 ) (610 ) Attributable to: Non-controlling 18 (8 ) (9 ) Shareholders’ equity 3,024 (262 ) (601 ) (a) 2018 includes a credit of €277 million from early settlement of contingent consideration relating to Blueair. (b) 2018 includes a gain of €4,331 million on disposal of spreads business. 2017 includes a gain of €309 million from the sale of AdeS soy beverage business in Latin America. (c) 2018 includes a charge of €208 million relating to impairment of Blueair intangible asset. Also included is a charge of €98 million for litigation matters comprised of €48 million for UK pension obligations and €50 million for legal cases in relation to investigations by national competition authorities. 2017 includes an €80 million charge for legal cases in relation to investigations by national competition authorities including those within Italy and South Africa. 2016 includes €18 million in foreign exchange losses resulting from remeasurement of the Argentinian business. (d) On 22 December 2017, HR1, formerly known as the Tax Cuts and Jobs Act was signed into law in the United States. As a result, tax benefit of €578 million was recognised in 2017, primarily due to re-measurement (e) Non-underlying non-underlying non-underlying OTHER Other significant cost items within operating costs include: Notes € million € million € million Staff costs 4A (6,552 ) (6,712 ) (6,523 ) Raw and packaging materials and goods purchased for resale (20,526 ) (21,579 ) (21,122 ) Amortisation of finite-life intangible assets and software 9 (348 ) (365 ) (310 ) Depreciation of property, plant and equipment 10 (1,191 ) (1,173 ) (1,154 ) Exchange gains/(losses): (49 ) (214 ) (209 ) On underlying transactions (116 ) (51 ) (28 ) On covering forward contracts 67 (163 ) (181 ) Lease rentals: (556 ) (557 ) (531 ) Minimum operating lease payments (568 ) (568 ) (536 ) Less: Sub-lease 12 11 5 |
Employees
Employees | 12 Months Ended |
Dec. 31, 2018 | |
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Employees | 4. EMPLOYEES 4A. STAFF AND MANAGEMENT COSTS Staff costs € million € million € million Wages and salaries (5,346 ) (5,416 ) (5,347 ) Social security costs (571 ) (613 ) (606 ) Other pension costs (439 ) (399 ) (372 ) Share-based compensation costs (196 ) (284 ) (198 ) (6,552 ) (6,712 ) (6,523 ) Average number of employees during the year ’000 2018 ’000 ’000 Asia/AMET/RUB 88 93 95 The Americas 40 41 42 Europe 30 31 32 158 165 169 Key management compensation €million € million € million Salaries and short-term employee benefits (40 ) (34 ) (31 ) Post-employment benefits — — (1 ) Share-based benefits (a) (19 ) (20 ) (17 ) (59 ) (54 ) (49 ) Of which: Executive Directors (15 ) (14 ) (13 ) Other (b) (44 ) (40 ) (36 ) Non-Executive (2 ) (2 ) (2 ) (61 ) (56 ) (51 ) (a) Share-based benefits are shown on a vesting basis. (b) Other includes all members of the Unilever Leadership Executive, other than Executive Directors. Key management are defined as the members of Unilever Leadership Executive (ULE) and the Non-Executive 4B. PENSIONS AND SIMILAR OBLIGATIONS For defined benefit plans, operating and finance costs are recognised separately in the income statement. The amount charged to operating cost in the income statement is the cost of accruing pension benefits promised to employees over the year, plus the costs of individual events such as past service benefit changes, settlements and curtailments (such events are recognised immediately in the income statement). The amount charged or credited to finance costs is a net interest expense calculated by applying the liability discount rate to the net defined benefit liability or asset. Any differences between the expected interest on assets and the return actually achieved, and any changes in the liabilities over the year due to changes in assumptions or experience within the plans, are recognised immediately in the statement of comprehensive income. The defined benefit plan surplus or deficit on the balance sheet comprises the total for each plan of the fair value of plan assets less the present value of the defined benefit liabilities (using a discount rate based on high-quality corporate bonds, or a suitable alternative where there is no active corporate bond market). All defined benefit plans are subject to regular actuarial review using the projected unit method, either by external consultants or by actuaries employed by Unilever. The Group policy is that the most material plans, representing approximately 84% of the defined benefit liabilities, are formally valued every year. Other material plans, accounting for a further 12% of the liabilities, have their liabilities updated each year. Group policy for the remaining plans requires a full actuarial valuation at least every three years. Asset values for all plans are updated every year. For defined contribution plans, the charges to the income statement are the company contributions payable, as the company’s obligation is limited to the contributions paid into the plans. The assets and liabilities of such plans are not included in the balance sheet of the Group. DESCRIPTION OF PLANS The Group increasingly operates a number of defined contribution plans, the assets of which are held in external funds. In certain countries the Group operates defined benefit pension plans based on employee pensionable remuneration and length of service. The majority of defined benefit plans are either career average, final salary or hybrid plans and operate on a funded basis. Benefits are determined by the plan rules and are linked to inflation in some countries. Our largest plans are in the UK and Netherlands. In the UK, we operate a combination of an open career average defined benefit plan with a salary limit for benefit accrual, and a defined contribution plan. In the Netherlands, we operate a collective defined contribution plan for all new benefit accrual and a closed career average defined benefit plan for benefits built up to April 2015. The Group also provides other post-employment benefits, mainly post-employment healthcare plans in the United States. These plans are predominantly unfunded. GOVERNANCE The majority of the Group’s externally funded plans are established as trusts, foundations or similar entities. The operation of these entities is governed by local regulations and practice in each country, as is the nature of the relationship between the Group and the Trustees (or equivalent) and their composition. Where Trustees (or equivalent) are in place to operate plans, they are generally required to act on behalf of the plan’s stakeholders. They are tasked with periodic reviews of the solvency of the fund in accordance with local legislation and play a role in the long-term investment and funding strategy. The Group also has an internal body, the Pensions and Equity Committee, that is responsible for setting the company’s policies and decision-making on plan matters, including but not limited to design, funding, investments, risk management and governance. INVESTMENT STRATEGY The Group’s investment strategy in respect of its funded plans is implemented within the framework of the various statutory requirements of the territories where the plans are based. The Group has developed policy guidelines for the allocation of assets to different classes with the objective of controlling risk and maintaining the right balance between risk and long-term returns in order to limit the cost to the Group of the benefits provided. To achieve this, investments are well diversified, such that the failure of any single investment would not have a material impact on the overall level of assets. The plans continue to invest a good proportion of the assets in equities, which the Group believes offer the best returns over the long term, commensurate with an acceptable level of risk. The plans expose the Group to a number of actuarial risks such as investment risk, interest rate risk, longevity risk and, in certain markets, inflation risk. There are no unusual entity or plan-specific risks to the Group. For risk control, the pension funds also have significant investments in liability matching assets (bonds) as well as in property and other alternative assets; additionally, the Group uses derivatives to further mitigate the impact of the risks outlined above. The majority of assets are managed by a number of external fund managers with a small proportion managed in-house. ASSUMPTIONS With the objective of presenting the assets and liabilities of the pensions and other post-employment benefit plans at their fair value on the balance sheet, assumptions under IAS 19 are set by reference to market conditions at the valuation date. The actuarial assumptions used to calculate the benefit liabilities vary according to the country in which the plan is situated. The following table shows the assumptions, weighted by liabilities, used to value principal defined benefit plans (representing approximately 96% of total pension liabilities and other post-employment benefit liabilities). 31 December 2018 31 December 2017 Defined Other post- Defined Other post- benefit employment benefit employment pension plans benefit plans pension plans benefit plans Discount rate 2.7 % 4.8 % 2.5 % 4.2 % Inflation 2.5 % n/a 2.5 % n/a Rate of increase in salaries 2.8 % 3.0 % 2.8 % 3.0 % Rate of increase for pensions in payment (where provided) 2.4 % n/a 2.4 % n/a Rate of increase for pensions in deferment (where provided) 2.6 % n/a 2.6 % n/a Long-term medical cost inflation n/a 5.3 % n/a 5.3 % The valuations of other post-employment benefit plans generally assume a higher initial level of medical cost inflation, which falls from 7% to the long-term rate within the next five years. Assumed healthcare cost trend rates have a significant effect on the amounts reported for healthcare plans. For the UK and Netherlands pension plans, representing approximately 68% of all defined benefit pension liabilities, the assumptions used at 31 December 2018 and 2017 were: United Kingdom Netherlands 2018 2017 2018 2017 Discount rate 2.8 % 2.5 % 1.8 % 1.8 % Inflation 3.2 % 3.1 % 1.6 % 1.7 % Rate of increase in salaries 3.1 % 3.0 % 2.1 % 2.2 % Rate of increase for pensions in payment (where provided) 3.1 % 3.0 % 1.6 % 1.7 % Rate of increase for pensions in deferment (where provided) 3.1 % 3.0 % 1.6 % 1.7 % Number of years a current pensioner is expected to live beyond age 65: Men 22.1 22.1 22.5 22.5 Women 24.0 24.0 24.0 24.3 Number of years a future pensioner currently aged 45 is expected to live beyond age 65: Men 22.7 22.6 24.4 24.6 Women 25.6 25.6 26.1 26.6 Demographic assumptions, such as mortality rates, are set with having regard to the latest trends in life expectancy (including expectations of future improvements), plan experience and other relevant data. These assumptions are reviewed and updated as necessary as part of the periodic actuarial valuation of the pension plans. The years of life expectancy for 2018 above have been translated from the following tables: UK: The year of use S2 series all pensioners (‘S2PA’) tables have been adopted, which are based on the experience of UK pension schemes over the period 2004-2011. Scaling factors are applied reflecting the experience of our pension funds appropriate to the member’s gender and status. Future improvements in longevity have been allowed for in line with the 2016 CMI core projections (Sk = 7.5) and a 1% pa long-term improvement rate. Netherlands: The Dutch Actuarial Society’s AG Prognosetafel 2018 table is used with correction factors (2017) to allow for the typically longer life expectancy for fund members relative to the general population. This table has an in-built The remaining defined benefit plans are considered immaterial. Their assumptions vary due to a number of factors including the currency and long-term economic conditions of the countries where they are situated. INCOME STATEMENT The charge to the income statement comprises: Notes € million € million € million Charged to operating profit: Defined benefit pension and other benefit plans: Current service cost (220 ) (245 ) (226 ) Employee contributions 17 18 17 Special termination benefits (16 ) (4 ) (6 ) Past service cost including (losses)/gains on curtailments (41 ) 23 32 Settlements — 4 (2 ) Defined contribution plans (179 ) (195 ) (187 ) Total operating cost 4A (439 ) (399 ) (372 ) Finance income/(cost) 5 (25 ) (96 ) (94 ) Net impact on the income statement (before tax) (464 ) (495 ) (466 ) STATEMENT OF COMPREHENSIVE INCOME Amounts recognised in the statement of comprehensive income on the remeasurement of the net defined benefit liability. € million € million € million Return on plan assets excluding amounts included in net finance income/(cost) (1,108 ) 1,475 1,877 Actuarial gains/(losses) arising from changes in demographic assumptions 42 222 (217 ) Actuarial gains/(losses) arising from changes in financial assumptions 611 (210 ) (2,963 ) Experience gains/(losses) arising on pension plan and other benefit plan liabilities 18 133 82 Total of defined benefit costs recognised in other comprehensive income (437 ) 1,620 (1,221 ) BALANCE SHEET The assets, liabilities and surplus/(deficit) position of the pension and other post-employment benefit plans at the balance sheet date were: € million 2018 € million 2017 Pension Other post- Pension Other post- Fair value of assets 20,867 13 22,361 21 Present value of liabilities (21,288 ) (466 ) (22,420 ) (523 ) Pension liability net of assets (421 ) (453 ) (59 ) (502 ) Of which in respect of: Funded plans in surplus: Liabilities (16,182 ) — (17,132 ) — Assets 17,909 1 19,302 3 Pension asset net of liabilities 1,727 1 2,170 3 Funded plans in deficit: Liabilities (4,149 ) (30 ) (4,267 ) (35 ) Assets 2,958 12 3,059 18 Pension liability net of assets (1,191 ) (18 ) (1,208 ) (17 ) Unfunded plans: Pension liability (957 ) (436 ) (1,021 ) (488 ) A surplus is deemed recoverable to the extent that the Group can benefit economically from the surplus. Unilever assesses the maximum economic benefit available through a combination of refunds and reductions in future contributions in accordance with local legislation and individual financing arrangements with each of our funded defined benefit plans. RECONCILIATION OF CHANGE IN ASSETS AND LIABILITIES Movements in assets during the year: The group of plans within “Rest of world” category in the tables below are not materially different with respect to their risks that would require disaggregated disclosure. UK Netherlands Rest of € million UK Netherlands Rest of € million 1 January 11,038 5,357 5,987 22,382 9,963 5,116 6,104 21,183 Employee contributions — — 17 17 — 1 17 18 Settlements — — (1 ) (1 ) — — (8 ) (8 ) Actual return on plan assets (excluding amounts in net finance income/charge) (459 ) (303 ) (346 ) (1,108 ) 863 275 337 1,475 Interest income 274 95 182 551 270 91 179 540 Employer contributions 95 14 274 383 778 43 284 1,105 Benefit payments (472 ) (166 ) (561 ) (1,199 ) (457 ) (169 ) (613 ) (1,239 ) Currency retranslation (147 ) — 12 (135 ) (379 ) — (312 ) (691 ) Others — (1 ) (9 ) (10 ) — — (1 ) (1 ) 31 December 10,329 4,996 5,555 20,880 11,038 5,357 5,987 22,382 Movements in liabilities during the year: UK Netherlands Rest of € million UK Netherlands Rest of € million 1 January (10,255 ) (4,913 ) (7,775 ) (22,943 ) (10,981 ) (4,877 ) (8,498 ) (24,356 ) Current service cost (109 ) (4 ) (107 ) (220 ) (114 ) (6 ) (125 ) (245 ) Employee contributions — — — — — — — — Special termination benefits — — (16 ) (16 ) — — (4 ) (4 ) Past service costs including (losses)/gains on curtailments (46 ) 8 (3 ) (41 ) 5 12 6 23 Settlements — — 1 1 — — 12 12 Interest cost (254 ) (87 ) (235 ) (576 ) (286 ) (86 ) (264 ) (636 ) Actuarial gain/(loss) arising from changes in demographic assumptions — 53 (11 ) 42 312 (96 ) 6 222 Actuarial gain/(loss) arising from changes in financial assumptions 351 84 176 611 (189 ) — (21 ) (210 ) Actuarial gain/(loss) arising from experience adjustments (45 ) 37 26 18 144 (37 ) 26 133 Benefit payments 472 166 561 1,199 457 169 613 1,239 Currency retranslation 147 — 14 161 397 — 474 871 Others — (8 ) 18 10 — 8 — 8 31 December (9,739 ) (4,664 ) (7,351 ) (21,754 ) (10,255 ) (4,913 ) (7,775 ) (22,943 ) Movements in (deficit)/surplus during the year: UK Netherlands Rest of € million UK Netherlands Rest of € million 1 January 783 444 (1,788 ) (561 ) (1,018 ) 239 (2,394 ) (3,173 ) Current service cost (109 ) (4 ) (107 ) (220 ) (114 ) (6 ) (125 ) (245 ) Employee contributions — — 17 17 — 1 17 18 Special termination benefits — — (16 ) (16 ) — — (4 ) (4 ) Past service costs including (losses)/gains on curtailments (46 ) 8 (3 ) (41 ) 5 12 6 23 Settlements — — — — — — 4 4 Actual return on plan assets (excluding amounts in net finance income/charge) (459 ) (303 ) (346 ) (1,108 ) 863 275 337 1,475 Interest cost (254 ) (87 ) (235 ) (576 ) (286 ) (86 ) (264 ) (636 ) Interest income 274 95 182 551 270 91 179 540 Actuarial gain/(loss) arising from changes in demographic assumptions — 53 (11 ) 42 312 (96 ) 6 222 Actuarial gain/(loss) arising from changes in financial assumptions 351 84 176 611 (189 ) — (21 ) (210 ) Actuarial gain/(loss) arising from experience adjustments (45 ) 37 26 18 144 (37 ) 26 133 Employer contributions 95 14 274 383 778 43 284 1,105 Benefit payments — — — — — — — — Currency retranslation — — 26 26 18 — 162 180 Others — (9 ) 9 — — 8 (1 ) 7 31 December 590 332 (1,796 ) (874 ) 783 444 (1,788 ) (561 ) The actual return on plan assets during 2018 was €(557) million, being €(1,108) million of asset returns and €551 million of interest income shown in the tables above (2017: €2,015 million). The duration of the principal defined benefit plan liabilities (representing 96% of total pension liabilities and other post-employment benefit liabilities) and the split of liabilities between different categories of plan participants are: UK Netherlands Rest of world (a) 2018 UK Netherlands Rest of 2017 Duration (years) 17 18 12 7 to 23 17 19 13 8 to 24 Active members 12 % 15 % 21 % 15 % 14 % 22 % 16 % 18 % Deferred members 33 % 38 % 16 % 29 % 32 % 30 % 15 % 26 % Retired members 55 % 47 % 63 % 56 % 54 % 48 % 69 % 56 % (a) Rest of world numbers shown are weighted averages by liabilities. PLAN ASSETS The fair value of plan assets, which are reported net of fund liabilities that are not employee benefits, at the end of the reporting period for each category are as follows: The group of plans within “Rest of world” category in the tables below are not materially different with respect to their risks that would require disaggregated disclosure. € million € million 31 December 2018 31 December 2017 UK Netherlands Rest of 2018 UK Netherlands Rest of 2017 Total plan assets 10,329 4,996 5,542 20,867 11,038 5,357 5,966 22,361 Assets Equities total 3,182 1,594 1,505 6,281 4,538 1,876 1,909 8,323 Europe 731 480 451 1,662 1,093 703 594 2,390 North America 1,723 714 682 3,119 2,320 668 842 3,830 Other 728 400 372 1,500 1,125 505 473 2,103 Fixed income total 4,963 2,595 2,947 10,505 4,210 2,500 2,954 9,664 Government bonds 2,474 769 1,253 4,496 2,162 879 1,376 4,417 Investment grade corporate bonds 984 502 1,167 2,653 1,368 485 1,207 3,060 Other fixed income 1,505 1,324 527 3,356 680 1,136 371 2,187 Private equity 363 82 2 447 401 89 3 493 Property and real estate 852 451 276 1,579 810 411 246 1,467 Hedge funds 663 — 120 783 673 — 297 970 Other 435 293 389 1,117 463 427 274 1,164 Other plans — — 312 312 — — 312 312 Fund liabilities that are not employee benefits Derivatives (129 ) (19 ) (9 ) (157 ) (57 ) 54 (29 ) (32 ) The fair values of the above equity and fixed income instruments are determined based on quoted market prices in active markets. The fair value of private equity, properties, derivatives and hedge funds are not based on quoted market prices in active markets. The Group uses derivatives and other instruments to hedge some of its exposure to inflation and interest rate risk – the degree of this hedging of liabilities was 55% for interest rate and 55% for inflation for the UK plan and 32% for interest rate and 29% for inflation for the Netherlands plan. Foreign currency exposures in part are also hedged by the use of forward foreign exchange contracts. Assets included in the Other category are commodities, cash and insurance contracts which are also unquoted assets. Equity securities include Unilever securities amounting to €12 million (0.1% of total plan assets) and €14 million (0.1% of total plan assets) at 31 December 2018 and 2017 respectively. Property includes property occupied by Unilever amounting to €28 million at 31 December 2018 (2017: €32 million). The pension assets above exclude the assets in a Special Benefits Trust amounting to €59 million (2017: €63 million) to fund pension and similar liabilities in the United States (see also note 17A on page 117). In 2017, as a result of the triennial valuation of the UK fund, the monies held in escrow (€68 million at the end of 2016) were returned to the Group. SENSITIVITIES The sensitivity of the overall pension liabilities to changes in the weighted key assumptions are: Change in liabilities Change in assumption UK Netherlands Total Discount rate Increase by 0.5 % -8 % -9 % -7 % Inflation rate Increase by 0.5 % 7 % 9 % 6 % Life expectancy Increase by 1 year 4 % 4 % 4 % Long-term medical cost inflation (b) Increase by 1.0 % 0 % 0 % 2 % (b) Long-term medical cost inflation only relates to post-retirement medical plans. An equivalent decrease in each assumption would have an equal and opposite impact on liabilities. The sensitivity analyses above have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period and may not be representative of the actual change. It is based on a change in the key assumption while holding all other assumptions constant. When calculating the sensitivity to the assumption, the same method used to calculate the liability recognised in the balance sheet has been applied. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared with the previous period. CASH FLOW Group cash flow in respect of pensions and similar post-employment benefits comprises company contributions paid to funded plans and benefits paid by the company in respect of unfunded plans. The table below sets out these amounts: € million € million € million € million 2019 2018 2017 2016 Estimate Company contributions to funded plans: Defined benefit 230 238 954 355 Defined contributions 185 179 195 187 Benefits paid by the company in respect of unfunded plans: Defined benefit 150 144 151 157 Group cash flow in respect of pensions and similar benefits 565 561 1,300 699 Following the conclusion of the 2016 triennial valuation of the UK pension fund the Group in agreement with the trustees, decided to contribute £600 million into the fund in 2017. Deficit contributions to the UK pension fund are expected to be nil for the next few years The Group’s funding policy is to periodically review the contributions made to the plans while taking account of local legislations. 4C. SHARE-BASED COMPENSATION PLANS The fair value of awards at grant date is calculated using appropriate pricing models. This value is expensed over their vesting period, with a corresponding credit to equity. The expense is reviewed and adjusted to reflect changes to the level of awards expected to vest, except where this arises from a failure to meet a market condition. Any cancellations are recognised immediately in the income statement. As at 31 December 2018, the Group had share-based compensation plans in the form of performance shares, share options and other share awards. The numbers in this note include those for Executive Directors and key management shown in note 4A on page 86. Non-Executive The charge in each of the last three years is shown below, and relates to equity-settled plans: Income statement charge € million € million € million Performance share plans (183 ) (273 ) (185 ) Other plans (13 ) (11 ) (13 ) (196 ) (284 ) (198 ) PERFORMANCE SHARE PLANS Performance share awards are made in respect of the Global Share Incentive Plan (GSIP) and the Management Co-Investment Under the GSIP, Unilever’s managers receive annual awards of NV and PLC shares. The performance measures for GSIP are underlying sales growth, underlying operating margin, and cumulative operating cash flow for the Group, although GSIP awards to certain managers below Unilever Leadership Executive level may be subject to similar performance measures specific to their business unit. There is an additional target based on relative total shareholder return for senior executives. GSIP awards will vest after three years. The MCIP allows Unilever’s managers to invest a proportion of their annual bonus (a maximum of 67% for Executive Directors, 100% for other managers) in shares in Unilever, and to receive a corresponding award of performance-related shares. The performance measures for MCIP are underlying sales growth, underlying EPS growth, and sustainability progress index for the Group. There is an additional target of return on invested capital for senior executives. MCIP awards will vest after four years. A summary of the status of the Performance Share Plans as at 31 December 2018, 2017 and 2016 and changes during the years ended on these dates is presented below: 2018 2017 2016 Number Number Number of shares of shares of shares Outstanding at 1 January 13,684,747 14,818,060 15,979,140 Awarded 6,870,882 4,962,345 7,016,274 Vested (5,854,388 ) (4,723,861 ) (6,983,053 ) Forfeited (1,066,723 ) (1,371,797 ) (1,194,301 ) Outstanding at 31 December 13,634,518 13,684,747 14,818,060 Share award value information 2018 2017 2016 Fair value per share award during the year € 42.44 € 42.59 € 35.43 ADDITIONAL INFORMATION At 31 December 2018, shares and options in NV or PLC totalling 14,595,111 (2017: 14,760,786) were outstanding in respect of share-based compensation plans of NV, PLC and its subsidiaries, including North American plans. To satisfy the options and awards granted, certain NV group companies hold 15,010,429 (2017: 15,802,464) ordinary shares of NV or PLC. Shares acquired during 2018 represent 0.21% of the Group’s called up share capital. The balance of shares held in connection with share plans at 31 December 2018 represented 0.5% (2017: 0.5%) of the Group’s called up share capital. The book value of €704 million (2017: €695 million) of all shares held in respect of share-based compensation plans for both NV and PLC is eliminated on consolidation by deduction from other reserves. Their market value at 31 December 2018 was €700 million (2017: €739 million). At 31 December 2018, the exercise price of Nil PLC options (2017: Nil) were above the market price of the shares. Shares held to satisfy options and awards are accounted for in accordance with IAS 32 ‘Financial Instruments: Presentation’. All differences between the purchase price of the shares held to satisfy options and awards granted and the proceeds received for the shares, whether on exercise or lapse, are charged to reserves. The basis of the charge to operating profit for the economic value of options granted is discussed on page 92. Between 31 December 2018 and 21 February 2019 (the latest practicable date for inclusion in this report), Nil shares were granted, 5,534,564 shares were vested and 92,699 shares were forfeited related to the Performance Share Plans. |
Net Finance Costs
Net Finance Costs | 12 Months Ended |
Dec. 31, 2018 | |
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Net Finance Costs | 5. NET FINANCE COSTS Net finance costs are comprised of finance costs and finance income, including net finance costs in relation to pensions and similar obligations. Finance income includes income on cash and cash equivalents and income on other financial assets. Finance costs include interest costs in relation to financial liabilities. Borrowing costs are recognised based on the effective interest method. Net finance costs Notes € million € million € million Finance costs (591 ) (556 ) (584 ) Bank loans and overdrafts (44 ) (46 ) (67 ) Interest on bonds and other loans (a) (560 ) (519 ) (501 ) Dividends paid on preference shares (b) — (4 ) (4 ) Net gain/(loss) on transactions for which hedge accounting is not applied (c) 13 13 (12 ) On foreign exchange derivatives 144 384 (215 ) Exchange difference on underlying items (131 ) (371 ) 203 Finance income 135 157 115 Pensions and similar obligations 4B (25 ) (96 ) (94 ) Net finance costs before non-underlying (d) (481 ) (495 ) (563 ) Premium paid on buyback of preference shares — (382 ) — (481 ) (877 ) (563 ) (a) Interest on bonds and other loans’ includes the impact of interest rate derivatives that are part of hedge accounting relationships and the related recycling of results from the hedge accounting reserve. Includes an amount of €(15) million (2017: €(26) million) relating to unwinding of discount on deferred consideration for acquisitions and €38 million (2017: €65 million) release of provision for interest on indirect tax cases in Brazil. (b) Preference shares were repurchased in 2017. (c) For further details of derivatives for which hedge accounting is not applied, please refer to note 16C. (d) See note 3 for explanation of non-underlying |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2018 | |
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Taxation | 6. TAXATION 6A. INCOME TAX Income tax on the profit for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustments to tax payable in respect of previous years. Current tax in the consolidated income statement will differ from the income tax paid in the consolidated cash flow statement primarily because of deferred tax arising on temporary differences and payment dates for income tax occurring after the balance sheet date. Unilever is subject to taxation in the many countries in which it operates. The tax legislation of these countries differs, is often complex and is subject to interpretation by management and the government authorities. These matters of judgement give rise to the need to create provisions for tax payments that may arise in future years with respect to transactions already undertaken. Provisions are made against individual exposures and take into account the specific circumstances of each case, including the strength of technical arguments, recent case law decisions or rulings on similar issues and relevant external advice. The provision is estimated based on the individual most likely outcome approach. Tax charge in income statement € million € million € million Current tax Current year (2,647 ) (2,398 ) (2,026 ) Over/(under) provided in prior years (10 ) (21 ) 158 (2,657 ) (2,419 ) (1,868 ) Deferred tax Origination and reversal of temporary differences 3 51 (65 ) Changes in tax rates (13 ) 609 (7 ) Recognition of previously unrecognised losses brought forward 92 92 18 82 752 (54 ) (2,575 ) (1,667 ) (1,922 ) The reconciliation between the computed weighted average rate of income tax expense, which is generally applicable to Unilever companies, and the actual rate of taxation charged is as follows: Reconciliation of effective tax rate % % % Computed rate of tax (a) 25 26 26 Differences between computed rate of tax and effective tax rate due to: Incentive tax credits (3 ) (4 ) (4 ) Withholding tax on dividends 2 2 3 Expenses not deductible for tax purposes 1 1 1 Irrecoverable withholding tax 1 1 1 Income tax reserve adjustments – current and prior year 1 — (1 ) Transfer to/(from) unrecognised deferred tax assets — 1 — Others (1 ) (1 ) — Underlying effective tax rate 26 26 26 Non-underlying (b) (1 ) 1 — Premium paid on Buyback of preference shares (b) — 1 — Impact of US tax reform (b) — (7 ) — Impact of Spreads disposal (b) (4 ) — — Effective tax rate 21 21 26 (a) The computed tax rate used is the average of the standard rate of tax applicable in the countries in which Unilever operates, weighted by the amount of underlying profit before taxation generated in each of those countries. For this reason, the rate may vary from year to year according to the mix of profit and related tax rates. (b) See note 3 for explanation of non-underlying Our tax rate is reduced by incentive tax credits, the benefit from preferential tax regimes that have been legislated by the countries and provinces concerned in order to promote economic development and investment. The tax rate is increased by business expenses which are not deductible for tax, such as entertainment costs and some interest expense and by irrecoverable withholding taxes on dividends paid by subsidiary companies and on other cross-border payments such as royalties and service fees, which cannot be offset against other taxes due. In 2018 the effective tax rate was reduced by the impact of the spreads disposals where a significant part of the disposals benefited from the participation exemption in the Netherlands. The Group’s future tax charge and effective tax rate could be affected by several factors, including changes in tax laws and their interpretation and still to be determined tax reform proposals in the EU, Switzerland and the continuing OECD international tax reform work, as well as the impact of acquisitions, disposals and any restructuring of our businesses. 6B. DEFERRED TAX Deferred tax is recognised using the liability method on taxable temporary differences between the tax base and the accounting base of items included in the balance sheet of the Group. Certain temporary differences are not provided for as follows: • goodwill not deductible for tax purposes; • the initial recognition of assets or liabilities that affect neither accounting nor taxable profit; and • differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted, or substantively enacted, at the year end. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. € million € million € million € million € million € million € million € million Movements in 2018 and 2017 As at Income Other As at As at Income Other As at Pensions and similar obligations 316 (26 ) 114 404 766 (16 ) (434 ) 316 Provisions and accruals 653 193 (25 ) 821 922 (154 ) (115 ) 653 Goodwill and intangible assets (1,652 ) (154 ) (105 ) (1,911 ) (1,928 ) 654 (378 ) (1,652 ) Accelerated tax depreciation (679 ) 5 (5 ) (679 ) (870 ) 109 82 (679 ) Tax losses 130 11 (11 ) 130 131 (36 ) 35 130 Fair value gains 100 58 (3 ) 155 (7 ) 104 3 100 Fair value losses 24 (2 ) — 22 29 65 (70 ) 24 Share-based payments 194 (14 ) (5 ) 175 169 (5 ) 30 194 Other 86 11 (20 ) 77 81 31 (26 ) 86 (828 ) 82 (60 ) (806 ) (707 ) 752 (873 ) (828 ) At the balance sheet date, the Group had unused tax losses of €5,346 million (2017: €4,676 million) and tax credits amounting to €570 million (2017: €612 million) available for offset against future taxable profits. Deferred tax assets have not been recognised in respect of unused tax losses of €4,914 million (2017: €4,179 million) and tax credits of €570 million (2017: €612 million), as it is not probable that there will be future taxable profits within the entities against which the losses can be utilised. Many of these tax losses and credits arise in tax jurisdictions where they do not expire with the exception of €4,752 million (2017: €2,934 million) comprising mainly corporate income tax losses in the Netherlands which expire between now and 2027. Other deductible temporary differences of €48 million (2017: €51 million) have not been recognised as a deferred tax asset. There is no expiry date for these differences. At the balance sheet date, the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognised was €2,681 million (2017: €1,719 million). No liability has been recognised in respect of these differences because the Group is in a position to control the timing of the reversal of the temporary differences, and it is probable that such differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. The following amounts, determined after appropriate offsetting, are shown in the consolidated balance sheet: Deferred tax assets and liabilities € million € million € million € million € million € million Pensions and similar obligations 334 294 70 22 404 316 Provisions and accruals 578 465 243 188 821 653 Goodwill and intangible assets 41 86 (1,952 ) (1,738 ) (1,911 ) (1,652 ) Accelerated tax depreciation (64 ) (21 ) (615 ) (658 ) (679 ) (679 ) Tax losses 126 125 4 5 130 130 Fair value gains 12 23 143 77 155 100 Fair value losses 2 3 20 21 22 24 Share-based payments 59 74 116 120 175 194 Other 29 36 48 50 77 86 1,117 1,085 (1,923 ) (1,913 ) (806 ) (828 ) Of which deferred tax to be recovered/(settled) after more than 12 months 840 730 (2,046 ) (1,868 ) (1,206 ) (1,138 ) 6C. TAX ON OTHER COMPREHENSIVE INCOME Income tax is recognised in other comprehensive income for items recognised directly in equity. Tax effects of the components of other comprehensive income were as follows: € million € million € million € million € million € million Tax Tax Before 2018 (charge)/ credit After 2018 Before (charge)/ After tax Gains/(losses) on: (a) Equity instruments at fair value through other comprehensive income 51 — 51 — — — Cash flow hedges (70 ) 15 (55 ) (62 ) (6 ) (68 ) Other financial instruments — — — 1 (8 ) (7 ) Remeasurements of defined benefit pension plans (437 ) 109 (328 ) 1,620 (338 ) 1,282 Currency retranslation gains/(losses) (869 ) 8 (861 ) (1,024 ) 41 (983 ) (1,325 ) 132 (1,193 ) 535 (311 ) 224 (a) Classification has changed following adoption of IFRS 9. See note 1 for further details. |
Combined Earnings Per Share
Combined Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
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Combined Earnings Per Share | 7. COMBINED EARNINGS PER SHARE The combined earnings per share calculations are based on the average number of share units representing the combined ordinary shares of NV and 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 options by employees. Underlying earnings per share is calculated as underlying profit attributable to shareholders’ equity divided by the diluted combined average number of share units. In calculating underlying profit attributable to shareholders’ equity, net profit attributable to shareholders’ equity is adjusted to eliminate the post-tax non-underlying Earnings per share for total operations for the 12 months were as follows: € € € 2018 2017 2016 Basic earnings per share 3.50 2.16 1.83 Diluted earnings per share 3.48 2.15 1.82 Underlying earnings per share 2.36 2.24 2.03 Millions of share units Calculation of average number of share units 2018 2017 2016 Average number of shares: NV 1,714.7 1,714.7 1,714.7 PLC 1,264.0 1,310.2 1,310.2 Less treasury shares held by employee share trusts and companies (295.4 ) (223.3 ) (184.7 ) Combined average number of share units – used for basic earnings per share 2,683.3 2,801.6 2,840.2 Add dilutive effect of share-based compensation plans 11.5 12.4 13.7 Diluted combined average number of share units – used for diluted and underlying earnings per share 2,694.8 2,814.0 2,853.9 € million € million € million Calculation of earnings Notes 2018 2017 2016 Net profit 9,808 6,486 5,547 Non-controlling (419 ) (433 ) (363 ) Net profit attributable to shareholders’ equity – used for basic and diluted earnings per share 9,389 6,053 5,184 Post tax impact of non-underlying 3 (3,024 ) 262 601 Underlying profit attributable to shareholders’ equity – used for underlying earnings per share 6,365 6,315 5,785 |
Dividends on Ordinary Capital
Dividends on Ordinary Capital | 12 Months Ended |
Dec. 31, 2018 | |
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Dividends on Ordinary Capital | 8. DIVIDENDS ON ORDINARY CAPITAL Dividends are recognised on the date that the shareholder’s right to receive payment is established. This is generally the date when the dividend is declared. Dividends on ordinary capital during the year € million € million € million NV dividends (2,262 ) (2,154 ) (1,974 ) PLC dividends (1,819 ) (1,762 ) (1,626 ) (4,081 ) (3,916 ) (3,600 ) Four quarterly interim dividends were declared and paid during 2018 totalling €1.52 (2017: €1.40) per NV ordinary share and £1.33 (2017: £1.22) per PLC ordinary share. Quarterly dividends of €0.39 per NV ordinary share and £0.34 per PLC ordinary share were declared on 31 January 2019, to be paid in March 2019. See note 26 ‘Events after the balance sheet date’ on page 127. Total dividends declared in relation to 2018 were €1.55 (2017: €1.43) per NV ordinary share and £1.35 (2017: £1.26) per PLC ordinary share. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
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Goodwill and Intangible Assets | 9. GOODWILL AND INTANGIBLE ASSETS GOODWILL Goodwill is initially recognised based on the accounting policy for business combinations (see note 21). Goodwill is subsequently measured at cost less amounts provided for impairment. The Group has nine cash generating units (CGUs) based on the three geographical areas and three divisions. Global Spreads business which was recognised as a separate CGU in 2017 has been disposed off in 2018. Goodwill acquired in a business combination is allocated to the Group’s CGUs, or groups of CGUs, that are expected to benefit from the synergies of the combination. These might not always be the same as the CGUs that include the assets and liabilities of the acquired business. Each unit or group of units to which the goodwill is allocated represents the lowest level within the Group at which the goodwill is monitored for internal management purposes, and is not larger than an operating segment. INTANGIBLE ASSETS Separately purchased intangible assets are initially measured at cost, being the purchase price as at the date of acquisition. On acquisition of new interests in group companies, Unilever recognises any specifically identifiable intangible assets separately from goodwill. These intangible assets are initially measured at fair value as at the date of acquisition. Development expenditure for internally-produced intangible assets is capitalised only if the costs can be reliably measured, future economic benefits are probable, the product is technically feasible and the Group has the intent and the resources to complete the project. Research expenditure to support development of internally-produced intangible assets is recognised in profit or loss as incurred. Indefinite-life intangibles mainly comprise trademarks and brands, for which there is no foreseeable limit to the period over which they are expected to generate net cash inflows. These are considered to have an indefinite life, given the strength and durability of our brands and the level of marketing support. These assets are not amortised but are subject to a review for impairment annually, or more frequently if events or circumstances indicate this is necessary. Any impairment is charged to the income statement as it arises. Finite-life intangible assets mainly comprise software, patented and non-patented know-how € million € million € million € million € million Finite-life intangible assets Indefinite-life Movements during 2018 Goodwill intangible Software Other Total Cost 1 January 2018 18,042 10,275 2,499 1,090 31,906 Hyperinflation restatement to 1 January 2018 244 25 3 — 272 Acquisitions of group companies 470 825 — 12 1,307 Disposals of group companies (1 ) (1 ) — — (2 ) Reclassification to held for sale (a) (227 ) (55 ) (1 ) — (283 ) Reclassification from held for sale — 9 — — 9 Additions — — 201 2 203 Disposals — — — (15 ) (15 ) Currency retranslation (151 ) 156 (15 ) 14 4 Hyperinflationary adjustment 125 13 2 — 140 31 December 2018 18,502 11,247 2,689 1,103 33,541 Accumulated amortisation and impairment 1 January 2018 (1,161 ) (14 ) (1,637 ) (693 ) (3,505 ) Hyperinflation restatement to 1 January 2018 — — (3 ) — (3 ) Amortisation/impairment for the year — (198 ) (297 ) (61 ) (556 ) Disposals — — — 14 14 Currency retranslation — — 12 (8 ) 4 Hyperinflationary adjustment — — (2 ) — (2 ) 31 December 2018 (1,161 ) (212 ) (1,927 ) (748 ) (4,048 ) Net book value 31 December 2018 (b) 17,341 11,035 762 355 29,493 € million € million € million € million € million Finite-life intangible assets Indefinite-life Movements during 2017 Goodwill intangible assets Software Other Total Cost 1 January 2017 18,789 8,358 2,578 1,068 30,793 Acquisitions of group companies 2,557 2,622 — 88 5,267 Reclassification to held for sale (a) (2,228 ) (82 ) (1 ) — (2,311 ) Reclassification from held for sale 28 — — — 28 Additions — — 153 1 154 Disposals — — (78 ) (1 ) (79 ) Currency retranslation (1,104 ) (623 ) (153 ) (66 ) (1,946 ) 31 December 2017 18,042 10,275 2,499 1,090 31,906 Accumulated amortisation and impairment 1 January 2017 (1,165 ) (13 ) (1,484 ) (698 ) (3,360 ) Amortisation/impairment for the year — — (324 ) (41 ) (365 ) Disposals — — 78 1 79 Currency retranslation 4 (1 ) 93 45 141 31 December 2017 (1,161 ) (14 ) (1,637 ) (693 ) (3,505 ) Net book value 31 December 2017 (b) 16,881 10,261 862 397 28,401 (a) Goodwill and intangibles amounting to €283 million has been reclassified as held for sale in relation to the Spreads and Alsa baking and dessert businesses. In 2017 €2,311 million goodwill and intangibles related to Spreads business were reclassified as held for sale. (b) Within the indefinite-life intangible assets there are three brands that have a significant carrying value: Knorr €1,789 million (2017: €1,770 million), Carver Korea €1,534 million (2017: € 1,520 million) and Hellmann’s €1,195 million (2017: €1,160 million). There are no significant carrying amounts of goodwill and intangible assets that are allocated across multiple cash generating units. Goodwill acquired in a business combination is allocated to Unilever’s cash generating units for the purposes of impairment testing. The assets acquired in business combinations are also assessed to determine the impact on the Group’s cash generating units, particularly whether new cash generating units are created. This assessment and allocation has not been completed for any of the acquisitions completed during 2018 except for goodwill and assets acquired in the Quala acquisition which are included in the Beauty & Personal Care The Americas and Home Care The Americas cash generating units. At 31 December 2018, there is no indication that the acquired goodwill and assets are impaired. The impact of applying IAS 29 for Argentina has increased goodwill by €369 million. The goodwill that relates to our business in Argentina was initially recognised in 2000 when Unilever acquired Bestfoods. In accordance with IAS 29 this goodwill has been adjusted for inflation from the date of recognition until 31 December 2018. Our impairment testing included this inflated amount. IMPAIRMENT CHARGES We have tested all material goodwill and indefinite-life intangible assets for impairment. No impairments were identified except for the Blueair intangibles. The Blueair acquisition included an element of deferred consideration payable in 2021. The terms relating to this element allowed the sellers to request an early settlement for a reduced sum. Such a request was made in 2018 and the payment was made to the sellers, reducing the consideration payable by €277 million and generating a credit in non-underlying non-underlying one-off SIGNIFICANT CGUS The goodwill and indefinite-life intangible assets held in the CGUs relating to Foods & Refreshment Europe, Foods & Refreshment The Americas, Beauty & Personal Care The Americas and Beauty & Personal Care Asia/AMET/RUB are considered significant within the total carrying amounts of goodwill and indefinite-life intangible assets at 31 December 2018 in terms of size, headroom and sensitivity to assumptions used. The goodwill and indefinite-life intangible assets held in the significant CGUs are: € billion € billion Indefinite-life intangible 2018 CGUs Goodwill assets Foods & Refreshment Europe 3.9 1.6 Foods & Refreshment The Americas 3.9 2.1 Beauty & Personal Care The Americas 4.0 2.8 Beauty & Personal Care Asia/AMET/RUB 1.7 2.0 € billion € billion Indefinite-life 2017 CGUs Goodwill intangible assets Foods (excluding spreads) Europe 4.5 1.6 Foods (excluding spreads) The Americas 2.8 1.4 Foods (excluding spreads) Asia/AMET/RUB 1.5 0.4 Beauty & Personal Care The Americas 2.5 1.5 In 2017 the global spreads CGU was also considered significant, with a carrying value of €2,228 million in goodwill and €82 million in indefinite-life intangible assets. These were classified as assets held for sale. Value in use has been calculated as the present value of projected cash flows. A pre-tax Foods & Foods & Beauty & Beauty & Refreshment Refreshment Personal Care Personal Care The Asia/ Europe The Americas Americas AMET/RUB Longer-term sustainable growth rates 1.2 % 1.6 % 1.6 % 3.8 % Average near-term nominal growth rates 0.0 % 0.7 % 2.8 % 3.9 % Average operating margins 16 % 15 % 20 % 22 % The projections cover a period of five years, as we believe this to be the most appropriate timescale over which to review and consider annual performances before applying a fixed terminal value multiple to the final year cash flows. The growth rates and margins used to estimate future performance are based on the conservative end of the range of estimates from past performance, our annual forecast and three year strategic plan extended to year 4 and 5. We have performed sensitivity analyses around the base assumptions. There are no reasonably possible changes in a key assumption that would cause the carrying amount to exceed the recoverable amount. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
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Property, Plant and Equipment | 10. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment is measured at cost including eligible borrowing costs less depreciation and accumulated impairment losses. Depreciation is provided on a straight-line basis over the expected average useful lives of the assets. Residual values are reviewed at least annually. Estimated useful lives by major class of assets are as follows: • Freehold buildings (no depreciation on freehold land) 40 years • Leasehold land and buildings 40 years (or life of lease if less) • Plant and equipment 2–20 years Property, plant and equipment is subject to review for impairment if triggering events or circumstances indicate that this is necessary. If an indication of impairment exists, the asset’s or cash generating unit’s recoverable amount is estimated and any impairment loss is charged to the income statement as it arises. € million € million € million Movements during 2018 Land and Plant and Total Cost 1 January 2018 4,462 14,936 19,398 Hyperinflation restatement to 1 January 2018 37 182 219 Acquisitions of group companies 11 31 42 Additions 249 1,091 1,340 Disposals (97 ) (607 ) (704 ) Hyperinflationary adjustment 49 93 142 Currency retranslation (91 ) (351 ) (442 ) Reclassification as held for sale (17 ) (54 ) (71 ) 31 December 2018 4,603 15,321 19,924 Accumulated depreciation 1 January 2018 (1,429 ) (7,558 ) (8,987 ) Hyperinflation restatement to 1 January 2018 (10 ) (106 ) (116 ) Depreciation charge for the year (125 ) (1,066 ) (1,191 ) Disposals 62 529 591 Hyperinflationary adjustment (7 ) (53 ) (60 ) Currency retranslation 15 128 143 Reclassification as held for sale 10 33 43 31 December 2018 (1,484 ) (8,093 ) (9,577 ) Net book value 31 December 2018 (a) 3,119 7,228 10,347 Includes capital expenditures for assets under construction 130 956 1,086 (a) Includes €302 million of freehold land. The Group has commitments to purchase property, plant and equipment of €324 million (2017: €323 million). € million € million € million Movements during 2017 Land and Plant and Total Cost 1 January 2017 4,745 16,462 21,207 Acquisitions of group companies 13 29 42 Disposals of group companies (16 ) (78 ) (94 ) Additions 314 1,218 1,532 Disposals (19 ) (440 ) (459 ) Currency retranslation (384 ) (1,283 ) (1,667 ) Reclassification as held for sale (a) (191 ) (972 ) (1,163 ) 31 December 2017 4,462 14,936 19,398 Accumulated depreciation 1 January 2017 (1,483 ) (8,051 ) (9,534 ) Disposals of group companies 1 29 30 Depreciation charge for the year (142 ) (1,031 ) (1,173 ) Disposals 14 400 414 Currency retranslation 100 543 643 Reclassification as held for sale 81 552 633 31 December 2017 (1,429 ) (7,558 ) (8,987 ) Net book value 31 December 2017 (b) 3,033 7,378 10,411 Includes capital expenditures for assets under construction 93 972 1,065 (a) Includes €548 million in property plant and equipment related to the Spreads business. (b) Includes €247 million of freehold land. |
Other Non-current Assets
Other Non-current Assets | 12 Months Ended |
Dec. 31, 2018 | |
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Other Non-current Assets | 11. OTHER NON-CURRENT Joint ventures are undertakings in which the Group has an interest and which are jointly controlled by the Group and one or more other parties. Associates are undertakings where the Group has an investment in which it does not have control or joint control but can exercise significant influence. Interests in joint ventures and associates are accounted for using the equity method and are stated in the consolidated balance sheet at cost, adjusted for the movement in the Group’s share of their net assets and liabilities. The Group’s share of the profit or loss after tax of joint ventures and associates is included in the Group’s consolidated profit before taxation. Where the Group’s share of losses exceeds its interest in the equity accounted investee, the carrying amount of the investment is reduced to zero and the recognition of further losses is discontinued, except to the extent that the Group has an obligation to make payments on behalf of the investee. Biological assets are measured at fair value less costs to sell with any changes recognised in the income statement. € million € million Interest in net assets of joint ventures 14 32 Interest in net assets of associates 40 44 Long-term trade and other receivables (a) 307 265 Operating lease prepayments for land 118 116 Fair value of biological assets 18 17 Other non-current (b) 151 83 648 557 (a) Mainly relates to indirect tax receivables where we do not have the contractual right to receive payment within 12 months. (b) Mainly relates to tax assets. Movements during 2018 and 2017 € million € million Joint ventures (a) 1 January 32 36 Additions 5 — Dividends received/reductions (b) (216 ) (155 ) Share of net profit/(loss) 190 155 Currency retranslation 3 (4 ) 31 December 14 32 Associates (c) 1 January 44 51 Additions 3 5 Dividend received/reductions — (10 ) Share of net profit/(loss) (5 ) — Currency retranslation (2 ) (2 ) 31 December 40 44 (a) Our principal joint ventures are Unilever FIMA LDA for Portugal, the Pepsi/Lipton Partnership for the US and Pepsi Lipton International for the rest of the world. (b) In 2018, includes capital reduction in joint venture of Unilever FIMA LDA for €64 million. (c) Associates as at 31 December 2018 primarily comprise our investments in Langholm Capital Partners. The joint ventures and associates have no contingent liabilities to which the Group is exposed, and the Group has no contingent liabilities in relation to its interests in the joint ventures and associates. The Group has no outstanding capital commitments to joint ventures. Outstanding balances with joint ventures and associates are shown in note 23 on page 126. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Inventories | 12. INVENTORIES Inventories are valued at the lower of weighted average cost and net realisable value. Cost comprises direct costs and, where appropriate, a proportion of attributable production overheads. Net realisable value is the estimated selling price less the estimated costs necessary to make the sale. Inventories € million € million Raw materials and consumables 1,365 1,274 Finished goods and goods for resale 2,936 2,688 4,301 3,962 Inventories with a value of €124 million (2017: €92 million) are carried at net realisable value, this being lower than cost. During 2018 €92 million (2017: €109 million) was charged to the income statement for damaged, obsolete and lost inventories. In 2018 €72 million (2017: €90 million) was utilised or released to the income statement from inventory provisions taken in earlier years. |
Trade and Other Current Receiva
Trade and Other Current Receivables | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Trade and Other Current Receivables | 13. TRADE AND OTHER CURRENT RECEIVABLES Trade and other current receivables are initially recognised at fair value plus any directly attributable transaction costs. Subsequently these assets are held at amortised cost, using the effective interest method and net of any impairment losses. We do not consider the fair values of trade and other current receivables to be significantly different from their carrying values. Concentrations of credit risk with respect to trade receivables are limited, due to the Group’s customer base being large and diverse. Our historical experience of collecting receivables, supported by the level of default, is that credit risk is low across territories and so trade receivables are considered to be a single class of financial assets. Impairment for trade receivables are calculated for specific receivables with known or anticipated issues affecting the likelihood of recovery and for balances past due with a probability of default based on historical data as well as relevant forward-looking information. Trade and other current receivables € million € million Due within one year Trade receivables (a) 4,350 3,439 Prepayments and accrued income 693 452 Other receivables 1,442 1,331 6,485 5,222 (a) 2018 includes €677 million due from KKR as a result of an arrangement following the sale of the global spreads business (excluding Southern Africa). Unilever will provide services to KKR including IT infrastructure, bookkeeping, payroll, marketing and co-packing for up to two years from completion of the disposal and KKR pays Unilever for materials sourced on its behalf. See also trade payables on page 104. Included within trade receivables are rebates payable to customers of €3,062 million (2017: €2,766 million). Other receivables comprise financial assets of €299 million (2017: €281 million), and non-financial Non-financial Ageing of trade receivables €million € million Total trade receivables 4,538 3,599 Less impairment provision for trade receivables (188) (160 ) 4,350 3,439 Of which: Not overdue 3,440 2,714 Past due less than three months 747 621 Past due more than three months but less than six months 132 95 Past due more than six months but less than one year 74 59 Past due more than one year 145 110 Impairment provision for trade receivables (188) (160 ) 4,350 3,439 Impairment provision for total trade and other receivables €million € million 1 January 184 166 Charge to income statement 65 51 Reduction/releases (29 ) (21 ) Currency translations (6 ) (12 ) 31 December 214 184 The total impairment provision includes €188 million (2017: €160 million) for current trade receivables, €13 million (2017: €10 million) for other current receivables and €13 million (2017: €14 million) for non-current |
Trade Payables and Other Liabil
Trade Payables and Other Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Trade Payables and Other Liabilities | 14. TRADE PAYABLES AND OTHER LIABILITIES TRADE PAYABLES Trade payables are initially recognised at fair value less any directly attributable transaction costs. Trade payables are subsequently measured at amortised cost, using the effective interest method. OTHER LIABILITIES Other liabilities are initially recognised at fair value less any directly attributable transaction costs. Subsequent measurement depends on the type of liability: • Accruals are subsequently measured at amortised cost, using the effective interest method. • Social security and sundry taxes are subsequently measured at amortised cost, using the effective interest method. • Deferred consideration is subsequently measured at fair value with changes in the income statement as explained below. • Others are subsequently measured either at amortised cost, using the effective interest method or at fair value, with changes being recognised in the income statement. Deferred Consideration Deferred consideration represents any payments to the sellers of a business that occur after the acquisition date. These typically comprise of contingent consideration and fixed deferred consideration: • Fixed deferred consideration is a payment with a due date after acquisition that is not dependent on future conditions • Contingent consideration is a payment which is dependent on certain conditions being met in the future and is often variable All deferred consideration is initially recognised at fair value as at the acquisition date, which includes a present value discount. Subsequently, deferred consideration is measured to reflect the unwinding of discount on the liability, with changes recognised in finance cost within the income statement. In the balance sheet it is remeasured to reflect the latest estimate of the achievement of the conditions on which the consideration is based; changes in value other than the discount unwind are recognised as acquisition and disposal-related costs within non-underlying We do not consider the fair values of trade payables and other liabilities to be significantly different from their carrying values. Trade payables and other liabilities € million € million Current: due within one year Trade payables (a) 9,121 8,217 Accruals 3,724 3,666 Social security and sundry taxes 498 539 Deferred consideration 14 26 Others 1,100 978 14,457 13,426 Non-current: Accruals 121 146 Deferred consideration 173 485 Others 52 69 346 700 Total trade 14,803 14,126 (a) 2018 includes €311 million due to KKR as a result of an arrangement following the sale of the global spreads business (excluding Southern Africa). Unilever will provide certain services for up to two years from completion of the disposal and pays KKR for amounts collected on its behalf. See also trade receivables on page 103. Included in others are certain derivatives, withholding tax on dividends and third-party payables related to audit and agency fees. Deferred Consideration At 31 December 2018 the total balance of deferred consideration for acquisitions is €187 million (2017: €511 million), of which contingent consideration is €142 million (2017: €445 million). These contingent consideration payments fall due up until 2024 with a maximum possible total payment of €1,082 million. The movement during 2018 is mainly due to release of contingent consideration relating to Blueair which arose from early settlement through cash payment of €122 million and a non-cash |
Capital and Funding
Capital and Funding | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Capital and Funding | 15. CAPITAL AND FUNDING ORDINARY SHARES Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. INTERNAL HOLDINGS The ordinary shares numbered 1 to 2,400 (inclusive) in NV (‘Special Shares’) and deferred stock of PLC are held as to one half of each class by N.V. Elma – a subsidiary of NV – and one half by United Holdings Limited – a subsidiary of PLC. This capital is eliminated on consolidation. SHARE-BASED COMPENSATION The Group operates a number of share-based compensation plans involving options and awards of ordinary shares of NV and PLC. Full details of these plans are given in note 4C on pages 92 and 93. OTHER RESERVES Other reserves include the fair value reserve, the foreign currency translation reserve, the capital redemption reserve and treasury shares. SHARES HELD BY EMPLOYEE SHARE TRUSTS AND GROUP COMPANIES Certain PLC trusts, NV and group companies purchase and hold NV and PLC shares to satisfy performance shares granted, share options granted and other share awards (see note 4C). The assets and liabilities of these trusts and shares held by group companies are included in the consolidated financial statements. The book value of shares held is deducted from other reserves, and trusts’ borrowings are included in the Group’s liabilities. The costs of the trusts are included in the results of the Group. These shares are excluded from the calculation of earnings per share. FINANCIAL LIABILITIES Financial liabilities are initially recognised at fair value, less any directly related transaction costs. Certain bonds are designated as being part of a fair value hedge relationship. In these cases, the bonds are carried at amortised cost, adjusted for the fair value of the risk being hedged, with changes in value shown in profit and loss. Other financial liabilities, excluding derivatives, are subsequently carried at amortised cost, with the exception of: • Financial liabilities which the group has elected to measure at fair value through profit or loss; • Derivative financial liabilities – see note 16 on page 110 The Group’s Treasury activities are designed to: • maintain a competitive balance sheet in line with at least A/A2 rating (see below); • secure funding at lowest costs for the Group’s operations, M&A activity and external dividend payments (see below); • protect the Group’s financial results and position from financial risks (see note 16); • maintain market risks within acceptable parameters, while optimising returns (see note 16); and • protect the Group’s financial investments, while maximising returns (see note 17). The Treasury department provides central deposit taking, funding and foreign exchange management services for the Group’s operations. The department is governed by standards and processes which are approved by Unilever Leadership Executive (ULE). In addition to guidelines and exposure limits, a system of authorities and extensive independent reporting covers all major areas of activity. Performance is monitored closely by senior management. Reviews are undertaken periodically by corporate audit. Key instruments used by the treasury department are: • short-term and long-term borrowings; • cash and cash equivalents; and • plain vanilla derivatives, including interest rate swaps and foreign exchange contracts. The Treasury department maintains a list of approved financial instruments. The use of any new instrument must be approved by the Chief Financial Officer. The use of leveraged instruments is not permitted. Unilever considers the following components of its balance sheet to be managed capital: • total equity – retained profit, other reserves, share capital, share premium, non-controlling • short-term debt – current financial liabilities (note 15C); and • long-term debt – non-current The Group manages its capital so as to safeguard its ability to continue as a going concern and to optimise returns to our shareholders through an appropriate balance of debt and equity. The capital structure of the Group is based on management’s judgement of the appropriate balance of key elements in order to meet its strategic and day-to-day Our current long-term credit rating is A+/A1 and our short-term credit rating is A1/P1. We aim to maintain a competitive balance sheet which we consider to be the equivalent of a credit rating of at least A/A2 in the long term. This provides us with: • appropriate access to the debt and equity markets; • sufficient flexibility for acquisitions; • sufficient resilience against economic and financial uncertainty while ensuring ample liquidity; and • optimal weighted average cost of capital, given the above constraints. Unilever monitors the qualitative and quantitative factors utilised by the rating agencies. This information is publicly available and is updated by the credit rating agencies on a regular basis. 15A. SHARE CAPITAL Authorised (a) Issued, called up and (b) Authorised (a) Issued, (b) Unilever N.V. € million €million €million €million NV ordinary shares of €0.16 each 480 274 480 274 NV ordinary shares of €428.57 each (shares numbered 1 to 2,400 –‘Special Shares’) 1 1 1 1 Internal holdings eliminated on consolidation (€428.57 shares) — (1 ) — (1 ) 481 274 481 274 Unilever PLC £million €million PLC ordinary shares of 3 1 40.8 40.8 PLC deferred stock of £1 each 0.1 0.1 Internal holding eliminated on consolidation (£1 stock) (0.1 ) (0.1 ) Cancellation of treasury shares (c) (3.8 ) — 37.0 40.8 €million €million Euro equivalent in millions (at £1.00 = €5.143) (d) 190 210 Unilever Group €million €million Ordinary share capital of NV 274 274 Ordinary share capital of PLC 190 210 464 484 (a) At 31 December 2018 Unilever N.V. had 3,000,000,000 (2017: 3,000,000,000) authorised ordinary shares. The requirement for a UK company to have an authorised share capital was abolished by the UK Companies Act 2006. In May 2010 Unilever PLC shareholders approved new Articles of Association to reflect this. (b) At 31 December 2018 the following quantities of shares were in issue: 1,714,727,700 of NV ordinary shares; 2,400 of NV Special Shares; 1,187,191,284 of PLC ordinary shares and 100,000 of PLC deferred stock. At 31 December 2017, 1,714,727,700 of NV ordinary shares; 2,400 of NV Special Shares; 1,310,156,361 of PLC ordinary shares and 100,000 of PLC deferred stock were in issue. (c) At 31 December 2018 122,965,077 of PLC ordinary shares that were repurchased as part of the share buyback programme in 2018 and prior years, were cancelled. And 24,334,848 shares have not been cancelled and are recognised as treasury shares. (d) Conversion rate for PLC ordinary shares nominal value to euros is £1 = €5.143 (which is calculated by dividing the nominal value of NV ordinary shares by the nominal value of PLC ordinary shares). For information on the rights of shareholders of NV and PLC and the operation of the Equalisation Agreement, see the Corporate Governance report on pages 36 to 42. A nominal dividend of 6% per annum is paid on the deferred stock of PLC. 15B. EQUITY BASIS OF CONSOLIDATION Unilever is the majority shareholder of all material subsidiaries and has control in all cases. Information in relation to significant subsidiaries is provided on page 127. SUBSIDIARIES WITH SIGNIFICANT NON-CONTROLLING Unilever has one subsidiary company which has a material non-controlling HUL balance sheet as at 31 December € million € million Non-current 881 819 Current assets 1,333 1,274 Current liabilities (1,130 ) (1,030 ) Non-current (190 ) (135 ) HUL comprehensive income for the year ended 31 December Turnover 4,527 4,464 Profit after tax 617 595 Total comprehensive income 576 529 HUL cash flow for the year ended 31 December Net increase/(decrease) in cash and cash-equivalents 14 (71 ) HUL non-controlling 1 January (288 ) (282 ) Share of (profit)/loss for the year ended 31 December (203 ) (195 ) Other comprehensive income (4 ) (3 ) Dividend paid to the non-controlling 183 172 Other changes in equity — — Currency translation 13 20 31 December (299 ) (288 ) CONSOLIDATED STATEMENT OF CHANGES IN EQUITY: ANALYSIS OF OTHER RESERVES € million € million € million Fair value reserves (194 ) (189 ) (113 ) Equity instruments (a) 98 — — Cash flow hedges (292 ) (236 ) (168 ) Available-for-sale — 47 55 Currency retranslation of group companies – see following table (4,764 ) (3,927 ) (3,034 ) Adjustment on translation of PLC’s ordinary capital at 3 1 (150 ) (164 ) (164 ) Capital redemption reserve 32 32 32 Book value of treasury shares – see following table (10,181 ) (9,208 ) (4,164 ) Hedging gains/(losses) transferred to non-financial (a) 71 — — Other (b) (100 ) (177 ) — (15,286 ) (13,633 ) (7,443 ) (a) Classification has changed following adoption of IFRS 9. See note 1 for further details. (b) Relates to option on purchase of subsidiary for non-controlling Unilever acquired 66,202,168 (2017: 53,003,099) NV ordinary shares and 65,458,433 (2017: 53,359,284) PLC shares through purchases on the stock exchanges during the year, which includes the share buyback programme as explained in note 24. 122,965,077 of PLC ordinary shares were cancelled and the remaining shares were held as treasury shares as a separate component of other reserves. The total number of treasury shares held at 31 December 2018 was 263,349,111 (2017: 201,538,909) NV shares and 24,334,848 (2017: 84,463,561) PLC shares. Of these, 9,336,215 NV shares and 5,674,214 PLC shares were held in connection with share-based compensation plans (see note 4C on pages 92 to 93). Treasury shares – movements during the year € million 2018 € million 1 January (9,208 ) (4,164 ) Repurchase of shares (see note 24) (6,020 ) (5,014 ) Cancellation of NV and PLC shares 5,055 — Other purchases and utilisations (8 ) (30 ) 31 December (10,181 ) (9,208 ) Currency retranslation reserve – movements during the year € million 2018 € million 1 January (3,927 ) (3,034 ) Currency retranslation during the year (843 ) (50 ) Movement in net investment hedges and exchange differences in net investments in foreign operations 77 (909 ) Recycled to income statement (71 ) 66 31 December (4,764 ) (3,927 ) STATEMENT OF COMPREHENSIVE INCOME: OTHER COMPREHENSIVE INCOME RECONCILIATION Fair value gains/(losses) on financial instruments – movement during the year € million 2018 € million 1 January (189 ) (113 ) Equity instruments 51 — Cash flow hedges (55 ) (68 ) Available for sale financial assets — (8 ) 31 December (193 ) (189 ) Refer to the consolidated statement of comprehensive income on page 75, the consolidated statement of changes in equity on page 76, and note 6C on page 96. Remeasurement of defined benefit pension plans net of tax € million 2018 € million 1 January (1,171 ) (2,453 ) Movement during the year (328 ) 1,282 31 December (1,499 ) (1,171 ) Refer to the consolidated statement of comprehensive income on page 75, the consolidated statement of changes in equity on page 76, note 4B from page 87 to 92 and note 6C on page 96. Currency retranslation gains/(losses) – movement during the year € million € million 1 January (4,278 ) (3,295 ) Currency retranslation during the year: Other reserves (836 ) (903 ) Retained profit (10 ) (27 ) Non-controlling (15 ) (53 ) 31 December (5,139 ) (4,278 ) 15C. FINANCIAL LIABILITIES € million € million € million € million € million € million Financial liabilities (a) Note Current Non- Total Current Non- Total Bank loans and overdrafts (b) 525 289 814 513 479 992 Bonds and other loans 2,422 20,969 23,391 7,181 15,528 22,709 Finance lease creditors 20 13 115 128 11 120 131 Derivatives 126 276 402 86 335 421 Other financial liabilities (c) 149 1 150 177 — 177 3,235 21,650 24,885 7,968 16,462 24,430 (a) (b) (c) non-controlling RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES Non-cash Movements in 2018 and 2017 Opening Cash Business € million Foreign € million Fair value changes € million Other movements € million Closing 31 December 2018 Bank loans and overdrafts (a) (992 ) 158 (10 ) 17 — 13 (814 ) Bonds and other loans (a) (22,709 ) (135 ) — (543 ) — (4 ) (23,391 ) Finance lease creditors (131 ) 10 — 1 — (8 ) (128 ) Derivatives (421 ) — — — 19 — (402 ) Other financial liabilities (177 ) 51 — 10 (4 ) (30 ) (150 ) Total (24,430 ) 84 (10 ) (515 ) 15 (29 ) (24,885 ) 2017 Preference shares (68 ) 68 — — — — — Bank loans and overdrafts (a) (1,146 ) 66 (3 ) 98 — (7 ) (992 ) Bonds and other loans (a) (15,053 ) (9,008 ) — 1,346 (2 ) 8 (22,709 ) Finance lease creditors (143 ) 14 — 6 — (8 ) (131 ) Derivatives (185 ) — — — (236 ) — (421 ) Other financial liabilities (a) — — — — — (177 ) (177 ) Total (16,595 ) (8,860 ) (3 ) 1,450 (238 ) (184 ) (24,430 ) (a) ANALYSIS OF BONDS AND OTHER LOANS € million € million Total 2018 Total 2017 Unilever N.V. Floating Rate Notes 2018 (€) — 750 1.625% Notes 2033 (€) 791 — 1.750% Bonds 2020 (€) 749 748 0.500% Notes 2022 (€) 746 744 1.375% Notes 2029 (€) 743 742 1.125% Bonds 2027 (€) 696 — 1.125% Bonds 2028 (€) 693 693 0.875% Notes 2025 (€) 647 646 0.500% Bonds 2025 (€) 642 — 1.375% Notes 2030 (€) 642 — 0.375% Notes 2023 (€) 599 598 1.000% Notes 2027 (€) 598 597 1.000% Notes 2023 (€) 497 497 0.000% Notes 2021 (€) 497 496 0.500% Notes 2023 (€) 497 — 0.500% Notes 2024 (€) 494 493 0.000% Notes 2020 (€) 300 299 Commercial paper — 3,655 Total NV 9,831 10,958 Unilever PLC 1.125% Notes 2022 (£) 386 390 2.000% Notes 2018 (£) (a) — 283 1.375% Notes 2024 (£) 276 280 1.875% Notes 2029 (£) 274 278 Total PLC 936 1,231 Other group companies Switzerland Other 10 6 United States 4.250% Notes 2021 ($) 873 834 5.900% Bonds 2032 ($) 865 826 2.900% Notes 2027 ($) 860 821 2.200% Notes 2022 ($) 738 704 1.800% Notes 2020 ($) 698 666 3.500% Notes 2028 ($) 687 — 4.800% Bonds 2019 ($) 656 627 2.200% Notes 2019 ($) 655 625 2.000% Notes 2026 ($) 602 575 1.375% Notes 2021 ($) 478 456 3.125% Notes 2023 ($) 477 — 2.100% Notes 2020 ($) 436 416 3.000% Notes 2022 ($) 434 — 3.250% Notes 2024 ($) 433 — 3.100% Notes 2025 ($) 432 413 2.600% Notes 2024 ($) 432 413 3.500% Bonds 2028 ($) 431 — 2.750% Bonds 2021 ($) 348 — 3.375% Notes 2025 ($) 302 — 7.250% Bonds 2026 ($) 254 243 6.625% Bonds 2028 ($) 200 190 5.150% Notes 2020 ($) 134 129 5.600% Bonds 2097 ($) 80 76 Commercial paper ($) 1,070 2,421 Other countries 39 79 Total other group companies 12,624 10,520 Total bonds and other loans 23,391 22,709 (a) Of which €Nil (2017: €2 million) relates to a fair value adjustment following the fair value hedge accounting of a fixed-for-floating Information in relation to the derivatives used to hedge bonds and other loans within a fair value hedge relationship is shown in note 16. |
Treasury Risk Management
Treasury Risk Management | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Treasury Risk Management | 16. TREASURY RISK MANAGEMENT DERIVATIVES AND HEDGE ACCOUNTING Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on their use as explained below. (I) FAIR VALUE HEDGES (a) Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the income statement to the extent that the hedge is effective. When the relationship no longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest method. (II) CASH FLOW HEDGES (a) Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the income statement. If the hedged cash flow relates to a non-financial When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is taken to the income statement immediately. (III) NET INVESTMENT HEDGES (a) Certain derivatives are designated as hedges of the currency risk on the Group’s investment in foreign subsidiaries. The accounting policy for these arrangements is set out in note 1. (IV) DERIVATIVES FOR WHICH HEDGE ACCOUNTING IS NOT APPLIED Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these derivatives, which are carried at fair value with changes being recognised in the income statement. (a) Applying hedge accounting has not led to material ineffectiveness being recognised in the income statement for both 2018 and 2017. The Group is exposed to the following risks that arise from its use of financial instruments, the management of which is described in the following sections: • liquidity risk (see note 16A); • market risk (see note 16B); and • credit risk (see note 17B). 16A. MANAGEMENT OF LIQUIDITY RISK Liquidity risk is the risk that the Group will face in meeting its obligations associated with its financial liabilities. The Group’s approach to managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due without incurring unacceptable losses. In doing this, management considers both normal and stressed conditions. A material and sustained shortfall in our cash flow could undermine the Group’s credit rating, impair investor confidence and also restrict the Group’s ability to raise funds. The Group maintained a cautious funding strategy. This was the result of cash delivery from the business, coupled with the proceeds from bond issuances. This cash has been invested conservatively with low risk counter-parties at maturities of less than six months. Cash flow from operating activities provides the funds to service the financing of financial liabilities on a day-to-day On 31 December 2018 Unilever had undrawn revolving 364-day 364-day The following table shows Unilever’s contractually agreed undiscounted cash flows, including expected interest payments, which are payable under financial liabilities at the balance sheet date: € million € million € million € million € million € million € million € million Undiscounted cash flows Note Due Due 2 years Due 3 years Due 4 years Due 5 years Due 5 years Total Net 2018 Non-derivative Bank loans and overdrafts (529 ) (12 ) (1 ) (278 ) — — (820 ) (814 ) Bonds and other loans (2,888 ) (2,748 ) (2,572 ) (2,646 ) (2,387 ) (14,090 ) (27,331 ) (23,391 ) Finance lease creditors 20 (20 ) (19 ) (18 ) (17 ) (17 ) (96 ) (187 ) (128 ) Other financial liabilities (149 ) (1 ) — — — — (150 ) (150 ) Trade payables, accruals and other liabilities 14 (13,945 ) (140 ) (10 ) (5 ) (4 ) (14 ) (14,118 ) (14,118 ) Deferred consideration (14 ) (79 ) (70 ) (6 ) — (45 ) (214 ) (187 ) (17,545 ) (2,999 ) (2,671 ) (2,952 ) (2,408 ) (14,245 ) (42,820 ) (38,788 ) Derivative financial liabilities: Interest rate derivatives: Derivative contracts – receipts 67 760 163 788 37 1,406 3,221 Derivative contracts – payments (23 ) (756 ) (138 ) (797 ) (17 ) (1,423 ) (3,154 ) Foreign exchange derivatives: Derivative contracts – receipts 17,108 — — — — — 17,108 Derivative contracts – payments (17,317 ) — — — — — (17,317 ) Commodity derivatives: Derivative contracts – receipts — — — — — — — Derivative contracts – payments (74 ) — — — — — (74 ) (239 ) 4 25 (9 ) 20 (17 ) (216 ) (542 ) Total (17,784 ) (2,995 ) (2,646 ) (2,961 ) (2,388 ) (14,262 ) (43,036 ) (39,330 ) 2017 Non-derivative Preference shares — — — — — — — — Bank loans and overdrafts (522 ) (221 ) (1 ) (1 ) (260 ) — (1,005 ) (992 ) Bonds and other loans (7,558 ) (1,577 ) (2,546 ) (2,026 ) (2,058 ) (9,953 ) (25,718 ) (22,709 ) Finance lease creditors 20 (20 ) (18 ) (17 ) (16 ) (17 ) (118 ) (206 ) (131 ) Other financial liabilities (177 ) — — — — — (177 ) (177 ) Trade payables, accruals and other liabilities 14 (12,861 ) (215 ) — — — — (13,076 ) (13,076 ) Deferred consideration (26 ) (36 ) (27 ) (515 ) (3 ) (9 ) (616 ) (511 ) (21,164 ) (2,067 ) (2,591 ) (2,558 ) (2,338 ) (10,080 ) (40,798 ) (37,596 ) Derivative financial liabilities: Interest rate derivatives: Derivative contracts – receipts 349 64 727 51 754 1,380 3,325 Derivative contracts – payments (319 ) (19 ) (753 ) (19 ) (797 ) (1,440 ) (3,347 ) Foreign exchange derivatives: Derivative contracts – receipts 24,935 — — — — — 24,935 Derivative contracts – payments (25,258 ) — — — — — (25,258 ) Commodity derivatives: Derivative contracts – receipts — — — — — — — Derivative contracts – payments (19 ) — — — — — (19 ) (312 ) 45 (26 ) 32 (43 ) (60 ) (364 ) (534 ) Total (21,476 ) (2,022 ) (2,617 ) (2,526 ) (2,381 ) (10,140 ) (41,162 ) (38,130 ) The following table shows cash flows for which cash flow hedge accounting is applied. The derivatives in the cash flow hedge relationships are expected to have an impact on profit and loss in the same periods as the cash flows occur. € million € million € million € million € million € million € million € million Due Due Due Due Due Due Total Net carrying amount of related derivatives (a) 2018 Foreign exchange cash inflows 3,426 — — — — — 3,426 — Foreign exchange cash outflows (3,435 ) — — — — — (3,435 ) 14 Interest rate swaps cash inflows 103 795 433 1,158 525 1,406 4,420 — Interest rate swaps cash outflows (23 ) (756 ) (347 ) (1,147 ) (464 ) (1,423 ) (4,160 ) (199 ) Commodity contracts cash flows (74 ) — — — — — (74 ) (74 ) 2017 Foreign exchange cash inflows 3,510 — — — — — 3,510 — Foreign exchange cash outflows (3,536 ) — — — — — (3,536 ) (8 ) Interest rate swaps cash inflows 349 64 727 50 753 1,380 3.323 — Interest rate swaps cash outflows (319 ) (19 ) (753 ) (19 ) (797 ) (1,440 ) (3,347 ) (351 ) Commodity contracts cash flows (19 ) — — — — — (19 ) (7 ) (a) See note 16C. 16B. MANAGEMENT OF MARKET RISK Unilever’s size and operations result in it being exposed to the following market risks that arise from its use of financial instruments: • commodity price risk; • currency risk; and • interest rate risk. The above risks may affect the Group’s income and expenses, or the value of its financial instruments. The objective of the Group’s management of market risk is to maintain this risk within acceptable parameters, while optimising returns. Generally, the Group applies hedge accounting to manage the volatility in profit and loss arising from market risk. The Group’s exposure to, and management of, these risks is explained below. It often includes derivative financial instruments, the uses of which are described in note 16C. POTENTIAL IMPACT OF RISK MANAGEMENT POLICY AND HEDGING STRATEGY SENSITIVITY TO THE RISK (I) COMMODITY PRICE RISK The Group is exposed to the risk of changes in commodity prices in relation to its purchase of certain raw materials. At 31 December 2018, the Group had hedged its exposure to future commodity purchases with commodity derivatives valued at €580 million (2017: €382 million). The Group uses commodity forward contracts to hedge against this risk. All commodity forward contracts hedge future purchases of raw materials and the contracts are settled either in cash or by physical delivery. Commodity derivatives are generally designated as hedging instruments in cash flow hedge accounting relations. All commodity forward contracts are done in line with approvals from the Global Commodity Executive which is chaired by the Unilever Chief Supply Chain Officer (CSCO). A 10% increase in commodity prices as at 31 December 2018 would have led to a €51 million gain on the commodity derivatives in the cash flow hedge reserve (2017: €38 million gain in the cash flow hedge reserve). A decrease of 10% in commodity prices on a full-year basis would have the equal but opposite effect. (II) CURRENCY RISK Currency risk on sales, purchases and borrowings Because of Unilever’s global reach, it is subject to the risk that changes in foreign currency values impact the Group’s sales, purchases and borrowings. At 31 December 2018, the exposure to the Group from companies holding financial assets and liabilities other than in their functional currency amounted to €105 million (2017: €45 million). The Group manages currency exposures within prescribed limits, mainly through the use of forward foreign currency exchange contracts. Operating companies manage foreign exchange exposures within prescribed limits. Local compliance is monitored centrally. Exchange risks related to the principal amounts of the US$and Swiss franc denominated debt either form part of hedging relationships themselves, or are hedged through forward contracts. The aim of the Group’s approach to management of currency risk is to leave the Group with no material residual risk. This aim has been achieved in all years presented. As an estimation of the approximate impact of the residual risk, with respect to financial instruments, the Group has calculated the impact of a 10% change in exchange rates. Impact on income statement A 10% strengthening of the euro against key currencies to which the Group is exposed would have led to approximately an additional €11 million gain in the income statement (2017: €5 million gain). A 10% weakening of the euro against these currencies would have led to an equal but opposite effect. POTENTIAL IMPACT OF RISK MANAGEMENT POLICY AND HEDGING STRATEGY SENSITIVITY TO THE RISK Currency risk on the Group’s net investments The Group is also subject to exchange risk in relation to the translation of the net investments of its foreign operations into euros for inclusion in its consolidated financial statements. These net investments include Group financial loans, which are monetary items that form part of our net investment in foreign operations, of €7.5 billion (2017: €7.3 billion), of which €3.3 billion (2017: €3.4 billion) is denominated in GBP. In accordance with IAS 21, the exchange differences on these financial loans are booked through reserves. Part of the currency exposure on the Group’s investments is also managed using US$ and Swiss franc net investment hedges with a nominal value of €4.4 billion (2017: €3.9 billion) for US$ and €(1.3) billion (2017: €(1.1) billion) for Swiss francs. At 31 December 2018, the net exposure of the net investments in foreign currencies amounts to €14.5 billion (2017: €16.2 billion). Unilever aims to minimise this foreign investment exchange exposure by borrowing in local currency in the operating companies themselves. In some locations, however, the Group’s ability to do this is inhibited by local regulations, lack of local liquidity or by local market conditions. Where the residual risk from these countries exceeds prescribed limits, Treasury may decide on a case-by-case Where local currency borrowings, or forward contracts, are used to hedge the currency risk in relation to the Group’s net investment in foreign subsidiaries, these relationships are designated as net investment hedges for accounting purposes. Impact on equity – trade-related cash flow hedges A 10% strengthening of the euro against other currencies would have led to €146 million loss (out of which €93 million loss would relate to strengthening against US Dollar) [2017: €210 million (out of which €152 million loss would relate to strengthening against US Dollar)] on hedges used to cover future trade cash flows to which cash flow hedge accounting is applied. A 10% weakening of the euro against other currencies would have led to an equal but opposite effect. Impact on equity – net investment hedges A 10% strengthening of the euro against other currencies would have led to a €312 million (2017: €277 million) loss on the net investment hedges used to manage the currency exposure on the Group’s investments. A 10% weakening of the euro against other currencies would have led to an equal but opposite effect. Impact on equity – net investments in group companies A 10% strengthening of the euro against all other currencies would have led to a €1,455 million negative retranslation effect (2017: €1,619 million negative retranslation effect). A 10% weakening of the euro against those currencies would have led to an equal but opposite effect. In line with accepted hedge accounting treatment and our accounting policy for financial loans, the retranslation differences would be recognised in equity. (III) INTEREST RATE RISK (a) The Group is exposed to market interest rate fluctuations on its 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. The Group’s ability to manage interest costs also has an impact on reported results. Taking into account the impact of interest rate swaps, at 31 December 2018, interest rates were fixed on approximately 99% of the expected net debt for 2019, and 85% for 2020 (76% for 2018 and 63% for 2019 at 31 December 2017). For interest management purposes, transactions with a maturity shorter than six months from inception date are not included as fixed interest transactions. The average interest rate on short-term borrowings in 2018 was 0.9% (2017: 0.9%). Unilever’s interest rate management approach aims for an optimal balance between fixed and floating-rate interest rate exposures on expected net debt. The objective of this approach is to minimise annual interest costs after tax and to reduce volatility. This is achieved either by issuing fixed or floating-rate long-term debt, or by modifying interest rate exposure through the use of interest rate swaps. Furthermore, Unilever has interest rate swaps for which cash flow hedge accounting is applied. Impact on income statement Assuming that all other variables remain constant, a 1 percentage point increase in floating interest rates on a full-year basis as at 31 December 2018 would have led to an additional €8 million of finance income (2017: €41 million additional finance costs). A 1 percentage point decrease in floating interest rates on a full-year basis would have an equal but opposite effect. Impact on equity – cash flow hedges Assuming that all other variables remain constant, a 1 percentage point increase in interest rates on a full-year basis as at 31 December 2018 would have led to an additional €17 million credit in equity from derivatives in cash flow hedge relationships (2017: €23 million credit). A 1 percentage point decrease in interest rates on a full-year basis would have led to an additional €19 million debit in equity from derivatives in cash flow hedge relationships (2017: €28 million debit). (a) See the weighted average amount of net debt with fixed rate interest shown in the following table. The following table shows the split in fixed and floating-rate interest exposures, taking into account the impact of interest rate swaps and cross-currency swaps: € million € million Cash and cash equivalents 3,230 3,317 Current other financial assets 874 770 Current financial liabilities (3,235 ) (7,968 ) Non-current (21,650 ) (16,462 ) Net debt (20,781 ) (20,343 ) Of which: Fixed rate (weighted average amount of fixing for the following year) (21,586 ) (16,216 ) 16C. DERIVATIVES AND HEDGING The Group does not use derivative financial instruments for speculative purposes. The uses of derivatives and the related values of derivatives are summarised in the following table. Derivatives used to hedge: € million € million € million € million € million € million Trade and other receivables Financial assets Trade payables and other liabilities Current financial liabilities Non- current financial liabilities Total 31 December 2018 Foreign exchange derivatives Fair value hedges — — — — — — Cash flow hedges 39 — (25 ) — — 14 Hedges of net investments in foreign operations — 58 (a) — (21 ) (a) — 37 Hedge accounting not applied 42 67 (a) (41 ) (105 ) (a) — (37 ) Cross-currency Interest rate swaps Fair value hedges — — — — — — Cash flow hedges — 69 — — (268 ) (199 ) Hedge accounting not applied — — — — (8 ) (8 ) Commodity contracts Cash flow hedges — — (74 ) — — (74 ) Hedge accounting not applied 1 — — — — 1 82 194 (140 ) (126 ) (276 ) (266 ) Total assets 276 Total liabilities (542 ) (266 ) 31 December 2017 Foreign exchange derivatives Fair value hedges — — — — — — Cash flow hedges 32 — (40 ) — — (8 ) Hedges of net investments in foreign operations — 9 (a) — (103 ) (a) — (94 ) Hedge accounting not applied 13 73 (a) (54 ) 35 (a) — 67 Cross-currency Interest rate swaps Fair value hedges — 2 — — — 2 Cash flow hedges — 2 — (18 ) (335 ) (351 ) Hedge accounting not applied — 30 — — — 30 Commodity contracts Cash flow hedges 12 — (19 ) — — (7 ) Hedge accounting not applied — — — — — — 57 116 (113 ) (86 ) (335 ) (361 ) Total assets 173 Total liabilities (534 ) (361 ) (a) Swaps that hedge the currency risk on intra-group loans and offset ‘Hedges of net investments in foreign operations’ are included within ‘Hedge accounting not applied’. See below for further details. MASTER NETTING OR SIMILAR AGREEMENTS A number of legal entities within our Group enter into derivative transactions under International Swap and Derivatives Association (ISDA) master netting agreements. In general, under such agreements the amounts owed by each counter-party on a single day in respect of all transactions outstanding in the same currency are aggregated into a single net amount that is payable by one party to the other. In certain circumstances, such as when a credit event such as a default occurs, all outstanding transactions under the agreement are terminated, the termination value is assessed and only a single net amount is payable in settlement of all transactions. The ISDA agreements do not meet the criteria for offsetting the positive and negative values in the consolidated balance sheet. This is because the Group does not have any currently legally enforceable right to offset recognised amounts, between various Group and bank affiliates, because the right to offset is enforceable only on the occurrence of future credit events such as a default. The column ‘Related amounts not set off in the balance sheet – Financial instruments’ shows the netting impact of our ISDA agreements, assuming the agreements are respected in the relevant jurisdiction. (I) FINANCIAL ASSETS The following financial assets are subject to offsetting, enforceable master netting arrangements and similar agreements. Related amounts not set off in the balance sheet € million € million € million € million € million € million Gross amounts of Net amounts recognised of financial Gross financial assets amounts of assets set presented recognised off in the in the Cash financial balance balance Financial collateral As at 31 December 2018 assets sheet sheet instruments received Net amount Derivative financial assets 339 (63 ) 276 (164 ) (10 ) 102 As at 31 December 2017 Derivative financial assets 276 (103 ) 173 (108 ) (6 ) 59 (II) FINANCIAL LIABILITIES The following financial liabilities are subject to offsetting, enforceable master netting arrangements and similar agreements. Related amounts not set off in the balance sheet € million € million € million € million € million € million Gross amounts of Net amounts recognised of financial Gross financial liabilities amounts of liabilities set presented recognised off in the in the Cash financial balance balance Financial collateral As at 31 December 2018 liabilities sheet sheet instruments pledged Net amount Derivative financial liabilities (605 ) 63 (542 ) 164 — (378 ) As at 31 December 2017 Derivative financial liabilities (637 ) 103 (534 ) 108 — (426 ) |
Investment and Return
Investment and Return | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Investment and Return | 17. INVESTMENT AND RETURN CASH AND CASH EQUIVALENTS Cash and cash equivalents in the balance sheet include deposits, investments in money market funds and highly liquid investments. To be classified as cash and cash equivalents, an asset must: • be readily convertible into cash; • have an insignificant risk of changes in value; and • have a maturity period of three months or less at acquisition. Cash and cash equivalents in the cash flow statement also include bank overdrafts and are recorded at amortised cost. OTHER FINANCIAL ASSETS The Group classifies its financial assets into the following measurement categories: • those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and • those to be measured at amortised cost. This classification depends on our business model for managing the financial asset and the contractual terms of the cash flows. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. All financial assets are either debt instruments or equity instruments. Debt instruments are those that provide the Group with a contractual right to receive cash or another asset. Equity instruments are those where the Group has no contractual right to receive cash or another asset. Debt instruments The subsequent measurement of debt instruments depends on the Groups business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories that debt instruments are classified as: • amortised cost; • financial assets at fair value through other comprehensive income; or • financial assets at fair value through profit or loss. (I) Amortised cost Assets measured at amortised cost are those which are held to collect cash flows on the repayment of principal or interest. A gain or loss on a debt investment recognised at amortised cost on de-recognition (II) Fair value through other comprehensive income Assets that are held at fair value through other comprehensive income are those that are held to collect cash flows on the repayment of principal and interest or which are held to recognise a capital gain through the sale of the asset. Movements in the carrying amount are recognised in other comprehensive income except for the recognition of impairment, interest income and foreign exchange gains or losses which are recognised in profit or loss. On de-recognition, (III) Fair value through profit or loss Assets that do not meet the criteria for either amortised cost or fair value through other comprehensive income are measured as fair value through profit or loss. Related transaction costs are expensed as incurred. Unless they form part of a hedging relationship, these assets are held at fair value, with changes being recognised in the income statement. Interest income from these assets is included within finance income. Equity instruments The Group subsequently measures all equity instruments at fair value. Where the Group has elected to present fair value gains and losses on equity investments in other comprehensive income, there is no subsequent reclassification of fair value gains or losses to profit or loss. Dividends from these investments continue to be recognised in profit or loss. IMPAIRMENT OF FINANCIAL ASSETS Financial instruments classified as amortised cost and debt instruments classified as fair value through other comprehensive income are assessed for impairment. The Group assesses the probability of default of an asset at initial recognition and then whether there has been a significant increase in credit risk on an ongoing basis. To assess whether there is a significant increase in credit risk the Group compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. Macroeconomic information (such as market interest rates or growth rates) is also considered Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the company. Impairment losses on assets classified as amortised cost are recognised in profit or loss. When a later event causes the impairment losses to decrease, the reduction in impairment loss is also recognised in profit or loss. Permanent impairment losses on debt instruments classified as fair value through other comprehensive income are recognised in profit or loss. 17A. 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 2018 and 2017. The Group’s cash resources and other financial assets are shown below. € million € million € million € million € million € million Non- Non- Current current Total Current current Total Financial assets (a) 2018 2018 2018 2017 2017 2017 Cash and cash equivalents Cash at bank and in hand 2,174 — 2,174 1,904 — 1,904 Short-term deposits with maturity of less than three months 1,024 — 1,024 1,333 — 1,333 Other cash equivalents 32 — 32 80 — 80 3,230 — 3,230 3,317 — 3,317 Other financial assets Amortised cost (b) 382 247 629 — — — Financial assets at fair value through other comprehensive income (c) 154 175 329 — — — Financial assets at fair value through profit or loss: Derivatives 194 — 194 116 — 116 Other (d) 144 220 364 137 2 139 Held-to-maturity — — — 38 125 163 Loans and receivables — — — 277 186 463 Available-for-sale — — — 202 362 564 874 642 1,516 770 675 1,445 Total 4,104 642 4,746 4,087 675 4,762 (a) For the purposes of this note and note 15C, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes 13 and 14 respectively. (b) Current amortised cost assets include short-term deposits with banks with maturities of longer than three months. These are reclassified from loans and receivables under IAS 39, on adoption of IFRS9. (c) Current financial assets at fair value through other comprehensive income include Indian government securities. Included within non-current available-for-sale (d) Current other financial assets at fair value through profit or loss include A- non-current Other than changes arising on adoption of IFRS 9, there were no significant changes on account of change in business model in classification of financial assets since 31 December 2017. ADOPTION OF IFRS 9 – IMPACT ON MEASUREMENT OF OTHER FINANCIAL ASSETS On the date of initial application of IFRS 9, 1 January 2018, financial assets of €207 million previously measured at fair value through equity were reclassified as fair value through profit or loss. Fair value gains or losses on these financial assets were immaterial in 2017 and 2018. Financial assets of €6 million previously measured at fair value through profit or loss were reclassified to amortised cost under IFRS 9. Cash and cash equivalents and trade receivables, which were classified as loans and other receivables under IAS 39, are classified as amortised cost under IFRS 9. € million € million Cash and cash equivalents reconciliation to the cash flow statement 2018 2017 Cash and cash equivalents per balance sheet 3,230 3,317 Less: bank overdrafts (140 ) (167 ) Add: cash and cash equivalents included in assets held for sale — 19 Cash and cash equivalents per cash flow statement 3,090 3,169 Approximately €0.8 billion (or 26%) of the Group’s cash and cash equivalents are held in the parent and central finance companies, for maximum flexibility. These companies provide loans to our subsidiaries that are also funded through retained earnings and third party borrowings. We maintain access to global debt markets through an infrastructure of short and long-term debt programmes. We make use of plain vanilla derivatives, such as interest rate swaps and foreign exchange contracts, to help mitigate risks. More detail is provided in notes 16, 16A, 16B and 16C on pages 110 to 115. The remaining €2.4 billion (74%) of the Group’s cash and cash equivalents are held in foreign subsidiaries which repatriate distributable reserves on a regular basis. For most countries, this is done through dividends which are in some cases subject to withholding or distribution tax. This balance includes €154 million (2017: €206 million, 2016: €240 million) of cash that is held in a few countries where we face cross-border foreign exchange controls and/or other legal restrictions that inhibit our ability to make these balances available for general use by the wider business. The cash will generally be invested or held in the relevant country and, given the other capital resources available to the Group, does not significantly affect the ability of the Group to meet its cash obligations. 17B. CREDIT RISK Credit risk is the risk of financial loss to the Group if a customer or counter-party fails to meet its contractual obligations. Additional information in relation to credit risk on trade receivables is given in note 13. These risks are generally managed by local controllers. Credit risk related to the use of treasury instruments, including those held at amortised cost and at fair value through other comprehensive income, is managed on a Group basis. This risk arises from transactions with financial institutions involving cash and cash equivalents, deposits and derivative financial instruments. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. To reduce this risk, Unilever has concentrated its main activities with a limited number of counter-parties which have secure credit ratings. Individual risk limits are set for each counter-party based on financial position, credit rating and past experience. Credit limits and concentration of exposures are actively monitored by the Group’s treasury department. Netting agreements are also put in place with Unilever’s principal counter-parties. In the case of a default, these arrangements would allow Unilever to net assets and liabilities across transactions with that counter-party. To further reduce the Group’s credit exposures on derivative financial instruments, Unilever has collateral agreements with Unilever’s principal counter-parties in relation to derivative financial instruments. Under these arrangements, counter-parties are required to deposit securities and/or cash as a collateral for their obligations in respect of derivative financial instruments. At 31 December 2018 the collateral held by Unilever under such arrangements amounted to €10 million (2017: €6 million), of which €10 million (2017: €6 million] was in cash, and €Nil (2017: €Nil) was in the form of bond securities. The non-cash Further details in relation to the Group’s exposure to credit risk are shown in note 13 and note 16A. |
Financial Instruments Fair Valu
Financial Instruments Fair Value Risk | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Financial Instruments Fair Value Risk | 18. FINANCIAL INSTRUMENTS FAIR VALUE RISK The Group is exposed to the risks of changes in fair value of its financial assets and liabilities. The following table summarises the fair values and carrying amounts of financial instruments. € million € million € million € million Carrying Carrying Fair value Fair value amount amount Fair values of financial assets and financial liabilities 2018 2017 2018 2017 Financial assets Cash and cash equivalents 3,230 3,317 3,230 3,317 Held-to-maturity (a) — 163 — 163 Loans and receivables (a) — 463 — 463 Available-for-sale (a) — 564 — 564 Amortised cost (a) 629 — 629 — Financial assets at fair value through other comprehensive income (a) 329 — 329 — Financial assets at fair value through profit or loss: Derivatives 194 116 194 116 Other 364 139 364 139 4,746 4,762 4,746 4,762 Financial liabilities Bank loans and overdrafts (816 ) (995 ) (814 ) (992 ) Bonds and other loans (23,691 ) (23,368 ) (23,391 ) (22,709 ) Finance lease creditors (141 ) (147 ) (128 ) (131 ) Derivatives (402 ) (421 ) (402 ) (421 ) Other financial liabilities (150 ) (177 ) (150 ) (177 ) (25,200 ) (25,108 ) (24,885 ) (24,430 ) (a) Classification has changed following adoption of IFRS 9. See page 117 and note 1 for further details. 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 instruments that have a fair value that is different from the carrying amount are classified as Level 2 for both 2017 and 2018. FAIR VALUE HIERARCHY The fair values shown in notes 15C and 17A have been classified into three categories depending on the inputs used in the valuation technique. The categories used are as follows: • Level 1: quoted prices for identical instruments; • Level 2: directly or indirectly observable market inputs, other than Level 1 inputs; and • Level 3: inputs which are not based on observable market data. For assets and liabilities which are carried at fair value, the classification of fair value calculations by category is summarised below: € million € million € million € million € million € million € million € million Total fair Total fair Level 1 Level 1 Level 2 Level 2 Level 3 Level 3 value value Notes 2018 2017 2018 2017 2018 2017 2018 2017 Assets at fair value Financial assets at fair value through other comprehensive income 17A 160 — 5 — 164 — 329 — Available-for-sale 17A — 215 — 7 — 342 — 564 Financial assets at fair value through profit or loss: Derivatives (a) 16C — — 276 173 — — 276 173 Other 17A 145 137 — — 219 2 364 139 Liabilities at fair value Derivatives (b) 16C — — (542 ) (534 ) — — (542 ) (534 ) Contingent consideration 14 — — — — (142 ) (445 ) (142 ) (445 ) (a) Includes €82 million (2017: €57 million) derivatives, reported within trade receivables, that hedge trading activities. (b) Includes €(140) million (2017: €(113) million) derivatives, reported within trade payables, that hedge trading activities. Other than changes arising on adoption of IFRS 9, there were no significant changes in classification of fair value of financial assets and financial liabilities since 31 December 2017. There were also no significant movements between the fair value levels since 31 December 2017. The impact in 2018 income statement due to level 3 instruments is a gain of €272 million (2017: gain of €26 million). Reconciliation of Level 3 fair value measurements of financial assets and financial liabilities is given below: € million € million Reconciliation of movements in Level 3 valuations 2018 2017 1 January (101 ) (106 ) Gains and losses recognised in profit and loss 272 26 Gains and losses recognised in other comprehensive income (9 ) 2 Purchases and new issues 4 (89 ) Sales and settlements 75 (17 ) Transfers into Level 3 — 83 31 December 241 (101 ) SIGNIFICANT UNOBSERVABLE INPUTS USED IN LEVEL 3 FAIR VALUES The largest asset valued using Level 3 techniques is an executive Life Insurance of €17 million (2017: €22 million). A change in one or more of the inputs to reasonably possible alternative assumptions would not change the value significantly. The gains and losses recognised in profit and loss includes a credit from early settlement of contingent consideration for Blueair. 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 2017. ASSETS AND LIABILITIES CARRIED AT FAIR VALUE • The fair values of quoted investments falling into Level 1 are based on current bid prices. • The fair values of unquoted financial assets at fair value through other comprehensive income and at fair value through profit or loss are based on recent trades in liquid markets, observable market rates, discounted cash flow analysis and statistical modelling techniques such as the Monte Carlo simulation. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. • Derivatives are valued using valuation techniques with market observable inputs. The models incorporate various inputs including the credit quality of counter-parties, foreign exchange spot and forward rates, interest rate curves and forward rate curves of the underlying commodities. • For listed securities where the market is not liquid, and for unlisted securities, valuation techniques are used. These include the use of recent arm’s length transactions, reference to other instruments that are substantially the same and discounted cash flow calculations. OTHER FINANCIAL ASSETS AND LIABILITIES (FAIR VALUES FOR DISCLOSURE PURPOSES ONLY) • Cash and cash equivalents, trade and other current receivables, bank loans and overdrafts, trade payables and other current liabilities have fair values that approximate to their carrying amounts due to their short-term nature. • The fair values of preference shares and listed bonds are based on their market value. • Non-listed non-current • Fair values for finance lease creditors have been assessed by reference to current market rates for comparable leasing arrangements. POLICIES AND PROCESSES USED IN RELATION TO THE CALCULATION OF LEVEL 3 FAIR VALUES Assets valued using Level 3 valuation techniques are primarily made up of long-term cash receivables and unlisted investments. Valuation techniques used are specific to the circumstances involved. Unlisted investments include €254 million (2017: €195 million) of investments within Unilever Ventures companies. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2018 | |
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Provisions | 19. PROVISIONS Provisions are recognised where a legal or constructive obligation exists at the balance sheet date, as a result of a past event, where the amount of the obligation can be reliably estimated and where the outflow of economic benefit is probable. € million € million Provisions 2018 2017 Due within one year 624 525 Due after one year 697 794 Total provisions 1,321 1,319 € million € million € million € million € million Brazil Movements during 2018 Restructuring Legal indirect taxes Other Total 1 January 2018 352 192 356 419 1,319 Income Statement: Charges 320 90 26 164 600 Releases (51 ) (10 ) (55 ) (116 ) (232 ) Reclassification (a) (7 ) 16 (85 ) 76 — Utilisation (161 ) (130 ) (10 ) (26 ) (327 ) Currency translation (8 ) (15 ) (29 ) 13 (39 ) 31 December 2018 445 143 203 530 1,321 (a) Includes amounts transferred between classes of provisions Restructuring provisions primarily include people costs such as redundancy costs and cost of compensation where manufacturing, distribution, service or selling agreements are to be terminated. The group expects these provisions to be substantially utilised within the next few years. The Group is involved from time to time in legal and arbitration proceedings arising in the ordinary course of business. As previously disclosed, along with other consumer products companies and retail customers, Unilever is involved in a number of ongoing investigations by national competition authorities. These proceedings and investigations are at various stages and concern a variety of product markets. Where specific issues arise, provisions are made to the extent appropriate. Due to the nature of the legal cases, the timing of utilisation of these provisions is uncertain. In 2018 the group paid €104 million for legal cases in relation to investigations by national competition authorities, of which €76 million was provided in previous years. Provisions for Brazil indirect taxes are comprised of disputes with Brazilian authorities, in particular relating to tax credits that can be taken for the PIS and COFINS indirect taxes. These provisions are separate from the matters listed as contingent liabilities in note 20; Unilever does not have provisions and contingent liabilities for the same matters. Due to the nature of disputed indirect taxes the timing of utilisation of these provisions is uncertain. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
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Commitments and Contingent Liabilities | 20. COMMITMENTS AND CONTINGENT LIABILITIES Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership. All other leases are classified as operating leases. Assets held under finance leases are initially recognised at the lower of fair value at the date of commencement of the lease and the present value of the minimum lease payments. Subsequent to initial recognition, these assets are accounted for in accordance with the accounting policy relating to that specific asset. The corresponding liability is included in the balance sheet as a finance lease obligation. Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Lease payments under operating leases are charged to the income statement on a straight-line basis over the term of the lease. Contingent liabilities are either possible obligations that will probably not require a transfer of economic benefits, or present obligations that may, but probably will not, require a transfer of economic benefits. It is not appropriate to make provisions for contingent liabilities, but there is a chance that they will result in an obligation in the future. Assessing the amount of liabilities that are not probable is highly judgemental so contingent liabilities are disclosed on the basis of the known maximum exposure. € million € million € million € million € million € million Future Future minimum minimum lease Finance Present lease Finance Present payments Cost value payments cost value Long-term finance lease commitments 2018 2018 2018 2017 2017 2017 Buildings (a) 174 57 117 195 75 120 Plant and machinery 13 2 11 11 — 11 187 59 128 206 75 131 The commitments fall due as follows: Within 1 year 20 7 13 20 9 11 Later than 1 year but not later than 5 years 71 20 51 68 23 45 Later than 5 years 96 32 64 118 43 75 187 59 128 206 75 131 (a) All leased land is classified as operating leases. The table below shows the net book value of property, plant and equipment under a number of finance lease agreements. € million € million € million Plant and Net book value Buildings equipment Total Cost 216 106 322 Accumulated depreciation (94 ) (95 ) (189 ) 31 December 2018 122 11 133 Cost 206 125 331 Accumulated depreciation (84 ) (108 ) (192 ) 31 December 2017 122 17 139 The Group has sublet part of the leased properties under finance leases. Future minimum sublease payments of €26 million (2017: €29 million) are expected to be received. € million € million Long-term operating lease commitments 2018 2017 Land and buildings 1,803 1,885 Plant and machinery 661 569 2,464 2,454 €million €million €million €million Operating Operating Other Other leases leases commitments commitments Operating lease and other commitments fall due as follows: 2018 2017 2018 2017 Within 1 year 481 418 1,099 1,274 Later than 1 year but not later than 5 years 1,259 1,250 780 935 Later than 5 years 724 786 31 31 2,464 2,454 1,910 2,240 The Group has sublet part of the leased properties under operating leases. Future minimum sublease payments of €10 million (2017: €12 million) are expected to be received. Other commitments principally comprise commitments under contracts to purchase materials and services. They do not include commitments to purchase property, plant and equipment, which are reported in note 10 on pages 100 and 101. CONTINGENT LIABILITIES Contingent liabilities are possible obligations that are not probable. They arise in respect of litigation against group companies, investigations by competition, regulatory and fiscal authorities and obligations arising under environmental legislation. In many markets, there is a high degree of complexity involved in the local tax regimes. The majority of contingent liabilities are in respect of fiscal matters in Brazil. Assessing the amount of liabilities that are not probable is highly judgemental. Contingent liabilities are disclosed on the basis of the known maximum exposure. In the case of fiscal matters the known maximum exposure is the amount included on a tax assessment. A summary of our contingent liabilities is shown in the table below: € million € million 2018 2017 Corporate reorganisation – IPI, PIS and COFINS taxes and penalties (a) 2,032 2,092 Inputs for PIS and COFINS taxes 52 16 Goodwill amortisation 177 121 Other tax assessments – approximately 600 cases 916 1,095 Total Brazil Tax 3,177 3,324 Brazil other 67 19 Contingent liabilities outside Brazil 414 324 Total contingent liabilities 3,658 3,667 (a) During 2004, and in common with many other businesses operating in Brazil, one of our Brazilian subsidiaries received a notice of infringement from the Federal Revenue Service in respect of indirect taxes. The notice alleges that a 2001 reorganisation of our local corporate structure was undertaken without valid business purpose. The 2001 reorganisation was comparable with restructurings done by many companies in Brazil. The original dispute was resolved in the courts in the Group’s favour. However, in 2013 a new assessment was raised in respect of a similar matter. Additionally, during the course of 2014 and again in 2017 and in 2018 other notices of infringement were issued based on the same grounds argued in the previous assessments. The total amount of the tax assessments in respect of this matter is €2,032 million (2017: €2,092 million). The judicial process in Brazil is likely to take a number of years to conclude. The Group believes that the likelihood that the tax authorities will ultimately prevail is low, however there can be no guarantee of success in court. In each case we believe our position is strong so they have not been provided for and are considered to be contingent liabilities. Due to the fiscal environment in Brazil the possibility of further tax assessments related to the same matters cannot be ruled out. The contingent liabilities reported for indirect taxes relating to disputes with the Brazilian authorities are separate from the provisions listed in note 19; Unilever does not have provision and contingent liabilities for the same matters. |
Acquisitions and Disposals
Acquisitions and Disposals | 12 Months Ended |
Dec. 31, 2018 | |
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Acquisitions and Disposals | 21. ACQUISITIONS AND DISPOSALS Business combinations are accounted for using the acquisition accounting method as at the acquisition date, which is the date at which control is transferred to the Group. Goodwill is measured at the acquisition date as the fair value of consideration transferred, plus non-controlling Transaction costs are expensed as incurred, within non-underlying Changes in ownership that do not result in a change of control are accounted for as equity transactions and therefore do not have any impact on goodwill. The difference between consideration and the non-controlling 2018 In 2018 the Group completed the following business acquisitions and disposals as listed below. In each case 100% of the businesses were acquired unless stated otherwise. Total payment for 2018 acquisitions is €1,294 million (2017: €4,912 million for acquisitions completed during that year). More information related to the 2018 acquisitions is provided on pages 123 and 124. DEAL COMPLETION DATE ACQUIRED/DISPOSED BUSINESS 15 January 2018 Acquired the remaining 2% non-controlling 28 February 2018 Acquired Quala beauty & personal and home care business in Latin America. 2 July 2018 Sold the global Spreads business (excluding Southern Africa) to KKR. 2 July 2018 Sold the Spreads business in Southern Africa to Remgro plus a cash consideration of €306 million in exchange for Remgro’s 25.75% shareholding in Unilever South Africa. 27 September 2018 Acquired Adityaa Milk, an ice cream business in India. The acquisition strengthens Unilever front end distribution reach in India. 1 October 2018 Acquired 75% of Equilibra, the Italian personal care and wellbeing business. The acquisition complements Unilever’s product range through its presence in the ‘natural’ personal care segment. 1 November 2018 Acquired Betty Ice, a leading ice cream business in Romania. The acquisition enriches Unilever product range through local offerings and price tiers. 3 December 2018 Acquired Denny Ice, an ice cream business in Bulgaria to strengthen local product knowledge. 31 December 2018 Acquired Vegetarian Butcher, a vegetarian meat replacement, foods business in the Netherlands. The acquisition fits with Unilever’s strategy to expand its portfolio into plant-based foods responding to the growing trend of vegetarian and vegan meals. In addition to the completed deals in the table above: • On 3 December 2018 the Group announced that it had signed an agreement to acquire the health food drinks portfolio of GlaxoSmithKline in India and 20 other predominantly Asian markets. The consideration is payable via a combination of cash and shares of Hindustan Unilever Limited and estimated to be approximately €3.3 billion based on the share price of Hindustan Unilever Limited and exchange rates at the time of the agreement. The transaction is expected to complete in Q4 2019. In 2018 the health food drinks portfolio of GlaxoSmithKline delivered turnover of around €550 million primarily from products under the Horlicks and Boost brands. • On 27 January 2019 the Group completed the acquisition of The Laundress, a premium eco-friendly • On 5 February 2019 the Group completed the acquisition of Graze, a healthy snacking business in the UK. The acquisition accelerates Unilever’s presence in the healthy snacking and out of home markets. • On 1 March 2019 the Group completed the sale of its Alsa baking and dessert business to Dr. Oetker. EFFECT ON CONSOLIDATED INCOME STATEMENT The acquisition deals completed in 2018 have contributed €253 million to Group revenue and €55 million to Group operating profit since the relevant acquisition dates. If the acquisition deals completed in 2018 had all taken place at the beginning of the year, Group revenue would have been €51,140 million and Group operating profit would have been €12,551 million. 2017 In 2017 the Group completed the following business acquisitions and disposals listed below. For the businesses acquired, the acquisition accounting has been finalised and subsequent changes to the provisional numbers published last year were immaterial. DEAL COMPLETION DATE ACQUIRED/DISPOSED BUSINESS 1 February 2017 Acquired Living Proof, an innovative premium hair care business, using patented technology and breakthrough science. Living Proof forms part of our prestige Personal Care business. 28 March 2017 Sold the AdeS soy beverage business in Latin America to Coca-Cola FEMSA and The Coca-Cola Company. 1 May 2017 Acquired Kensington’s, a condiment maker. Kensington’s is a mission-driven company with a leading brand sold in the organic and naturals marketplace. 1 August 2017 Acquired 60% of EAC Myanmar, a home care business to form Unilever EAC Myanmar Company Limited. 1 August 2017 Acquired Hourglass, a luxury colour cosmetics business, known for innovation and exceptional product. Hourglass forms part of our prestige Personal Care business. 7 September 2017 Acquired Pukka Herbs, an organic herbal tea business, that enhances our presence in the Naturals segment of Refreshment. 9 September 2017 Acquired Weis, an ice cream business. Weis is a second-generation Australian ice cream and frozen dessert manufacturer with the original iconic Fruito Bar and aims to increase our market position in Refreshment. 1 November 2017 Acquired 98% of Carver Korea, a leading skincare business in North Asia from Bain Capital Private Equity and Goldman Sachs. The brands acquired provide Unilever a presence in South Korea. Further details are provided below. 1 December 2017 Acquired Mãe Terra, a Brazilian naturals and organic food business. Mãe Terra is a fast-growing and well- loved brand in Brazil and adds to the Foods business by providing health-conscious consumers with organic and nutritious food products. 11 December 2017 Acquired TAZO, the leading brand in the speciality tea category, which enhances our presence in the Black, Green and Herbal tea segments of Refreshment. 18 December 2017 Acquired Sundial Brands, a leading haircare and skincare company recognised for its innovative use of high-quality and culturally authentic ingredients. 31 December 2017 Acquired Schmidt’s Naturals, a personal care company. Schmidt’s Naturals is a strong, innovative brand in the fast-growing naturals category, that will complement our existing portfolio of US deodorants. EFFECT ON CONSOLIDATED BALANCE SHEET ACQUISITIONS The following table sets out the effect of the acquisitions in 2018, 2017 and 2016 on the consolidated balance sheet. The fair values currently used for opening balances of all acquisitions made in 2018 are provisional, with the exception of Quala, whose opening balance sheet was finalised within 2018. Balances remain provisional due to missing relevant information about facts and circumstances that existed as of the acquisition date and where valuation work is still ongoing, notably for acquisitions which completed in the second half of 2018. Detailed information relating to goodwill is provided in note 9 on pages 97 to 99. The value of goodwill which is expected to be tax deductible is €5 million. € million € million € million 2018 2017 2016 Net assets acquired 815 2,423 929 Non-controlling (17 ) (50 ) — Goodwill 496 2,539 1,140 Total payment for acquisition 1,294 4,912 2,069 Exchange rate gain/(loss) on cash flow hedge (100 ) 51 14 Total consideration 1,194 4,963 2,083 In 2018 the net assets acquired and total payment for acquisition consist of: € million 2018 Intangible assets 859 Other non-current 45 Trade and other receivables 25 Other current assets 45 Non-current (134 ) Current liabilities (25 ) Net assets acquired 815 Non-controlling (17 ) Goodwill 496 Exchange rate gain/(loss) on cash flow hedges (a) (100 ) Cash consideration 1,172 Deferred consideration 22 Total consideration 1,194 (a) Exchange rate gain/(loss) on the cash flow hedge in relation to the acquisition of Quala. No contingent liabilities were acquired in the acquisitions described above. In 2018 a credit to acquisition and disposal related costs of €277 million was recognised as a result of the early settlement of the contingent consideration for Blueair. This credit more than offset an impairment charge of €208 million related to a Blueair intangible asset. Goodwill represents the future value which the Group believes it will obtain through operational synergies and the application of acquired company ideas to existing Unilever channels and businesses. DISPOSALS The following table sets out the effect of the disposals in 2018, 2017 and 2016 on the consolidated balance sheet. The results of disposed businesses are included in the consolidated financial statements up to their date of disposal. € million € million € million 2018 2017 2016 Goodwill and intangible assets 2,510 71 85 Other non-current 666 92 29 Current assets 261 10 5 Trade creditors and other payables (107 ) (8 ) — Net assets sold 3,330 165 119 (Gain)/loss on recycling of currency retranslation on disposal (71 ) 66 — Profit/(loss) on sale attributable to Unilever 4,331 332 (95 ) Consideration 7,590 563 24 Cash 7,135 560 16 Cash balances of businesses sold 321 — 8 Non-cash 134 3 — 7,590 563 24 On 2 July 2018 Unilever sold the global Spreads business (excluding Southern Africa) to KKR for €7,144 million cash consideration and the Southern Africa Spreads business to Remgro for a non-cash Pro-Activ. non-underlying |
Assets and Liabilities Held for
Assets and Liabilities Held for Sale | 12 Months Ended |
Dec. 31, 2018 | |
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Assets and Liabilities Held for Sale | 22. ASSETS AND LIABILITIES HELD FOR SALE Non-current Immediately prior to classification as held for sale, the assets or groups of assets are remeasured in accordance with the Group’s accounting policies. Subsequently, assets and disposal groups classified as held for sale are valued at the lower of book value or fair value less disposal costs. Assets held for sale are neither depreciated nor amortised. € million € million 2018 2017 Total Total Property, plant and equipment held for sale 4 30 Disposal groups held for sale (a)(b) Non-current Goodwill and intangibles 82 2,311 Property, plant and equipment 19 552 Deferred tax assets — 145 Other non-current — 1 101 3,009 Current assets Inventories 8 130 Trade and other receivables 2 18 Current tax assets — 13 Cash and cash equivalents — 19 Other 4 5 14 185 Assets held for sale 119 3,224 Current liabilities Trade payables and other current liabilities 5 106 Current tax liabilities — 11 Provisions — 1 5 118 Non-current Pensions and post-retirement healthcare liabilities 2 9 Provisions — 1 Financial liabilities 1 — Deferred tax liabilities 3 42 6 52 Liabilities held for sale 11 170 (a) In 2018, disposal groups held for sale consists of assets mainly relating to Alsa baking and dessert business. (b) In 2017, disposal groups held for sale were primarily related to the Spreads business which was disposed during the year. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
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Related Party Transactions | 23. RELATED PARTY TRANSACTIONS A related party is a person or entity that is related to the Group. These include both people and entities that have, or are subject to, the influence or control of the Group. The following related party balances existed with associate or joint venture businesses at 31 December: € million € million Related party balances 2018 2017 Trading and other balances due from joint ventures 121 124 Trading and other balances due from/(to) associates — — JOINT VENTURES Sales by Unilever group companies to Unilever FIMA, LDA (formerly known as Unilever Jerónimo Martins) and Pepsi Lipton joint ventures were €107 million and €65 million in 2018 (2017: €117 million and €65 million) respectively. Sales from Unilever FIMA, LDA and from Pepsi Lipton joint ventures to Unilever group companies were €83 million and €51 million in 2018 (2017: €68 million and €65 million) respectively. Royalties and service fee paid by Unilever FIMA LDA to Unilever group companies were €16 million (2017: €17 million). Balances owed by/(to) Unilever FIMA, LDA and Pepsi Lipton joint ventures at 31 December 2018 were €127 million and €(6) million (2017: €130 million and €(6) million) respectively. ASSOCIATES Langholm Capital Partners invests in private European companies with above-average longer-term growth prospects. Langholm Capital II was launched in 2009. Unilever has invested €62 million in Langholm II, with an outstanding commitment at the end of 2018 of €13 million (2017: €17 million). During 2018, Unilever received €0.3 million (2017: €10 million) from its investment in Langholm Capital II. |
Share Buyback
Share Buyback | 12 Months Ended |
Dec. 31, 2018 | |
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Share Buyback | 24. SHARE BUYBACK During 2018 the group repurchased 62,202,168 Unilever N.V. ordinary shares (2017: 50,250,099) and 63,236,433 Unilever PLC ordinary shares (2017: 51,692,284). Consideration paid for the repurchase of these shares including transaction costs was €6,020 million (2017: €5,014 million) which was initially recorded in other reserves. |
Remuneration of Auditors
Remuneration of Auditors | 12 Months Ended |
Dec. 31, 2018 | |
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Remuneration of Auditors | 25. REMUNERATION OF AUDITORS This note includes all amounts paid to the Group’s auditors, whether in relation to their audit of the Group or otherwise. During the year the Group (including its subsidiaries) obtained the following services from the Group auditors and its associates: € million € million € million 2018 2017 2016 Fees payable to the Group’s auditors for the audit of the consolidated and parent company accounts of Unilever N.V. and Unilever PLC (a) 6 4 4 Fees payable to the Group’s auditors for the audit of accounts of subsidiaries of Unilever N.V. and Unilever PLC pursuant to legislation (b) 10 10 10 Total statutory audit fees (c) 16 14 14 Audit-related assurance services — (d) — (d) — (d) Other taxation advisory services — (d) — (d) — (d) Services relating to corporate finance transactions — — — Other assurance services 5 (e) 5 (e) — (d) All other non-audit — (d) — (d) — (d) (a) Of which €1 million was payable to KPMG Accountants N.V. (2017: €1 million; 2016: €1 million) and €5 million was payable to KPMG LLP (2017: €4 million; 2016: €3 million). (b) Comprises fees payable to the KPMG network of independent member firms affiliated with KPMG International Cooperative for audit work on statutory financial statements and Group reporting returns of subsidiary companies. (c) Amount payable to KPMG in respect of services supplied to associated pension schemes was less than €1 million individually and in aggregate (2017: less than €1 million individually and in aggregate; 2016: less than €1 million individually and in aggregate). (d) Amounts paid in relation to each type of service are individually less than €1 million. In aggregate the fees paid were less than €1 million (2017: €1 million; 2016: €1 million). (e) 2018 includes €4 million (2017: €5 million) for audits and reviews of carve-out |
Events After The Balance Sheet
Events After The Balance Sheet Date | 12 Months Ended |
Dec. 31, 2018 | |
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Events After The Balance Sheet Date | Where events occurring after the balance sheet date provide evidence of conditions that existed at the end of the reporting period, the impact of these events is adjusted within the financial statements. Otherwise, events after the balance sheet date of a material size or nature are disclosed below. On 31 January 2019 Unilever announced a quarterly dividend with the 2018 fourth quarter results of €0.3872 per NV ordinary share and £0.3361 per PLC ordinary share. |
Significant Subsidiaries
Significant Subsidiaries | 12 Months Ended |
Dec. 31, 2018 | |
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Significant Subsidiaries | 27. SIGNIFICANT SUBSIDIARIES The following represents the significant subsidiaries of the Group as 31 December 2018, that principally affect the turnover, profit, and net assets of the Group. The percentage of share capital is shown below represents the aggregate percentage of equity capital directly or indirectly held by NV or PLC in the company. The companies are incorporated and principally operated in the countries under which they are shown except where stated otherwise. Country Name of company NV% PLC% Argentina Unilever de Argentina S.A. 64.55 35.45 Australia Unilever Australia Limited — 100 Brazil Unilever Brasil Ltda. 64.55 35.45 Canada Unilever Canada Inc. 64.55 35.45 China Walls (China) Co. Ltd. 100.00 — China Unilever Services (Hefei) Co Ltd 100.00 — England and Wales Unilever UK & CN Holdings Limited — 100 England and Wales Unilever U.K. Holdings Limited — 100 England and Wales Unilever UK Limited 5.61 94.39 France Unilever France S.A.S 64.54 35.45 Germany Maizena Grundstücksverwaltung GmbH & Co. OHG 63.61 36.39 Germany Pfanni GmbH & Co. OHG Stavenhagen 64.55 35.45 Germany Unilever Deutschland GmbH 64.55 35.45 Germany Unilever Deutschland Holding GmbH 64.55 35.45 Germany Unilever Deutschland Produktions GmbH & Co. OHG 64.55 35.45 India Hindustan Unilever Limited — 67.19 Indonesia PT Unilever Indonesia, Tbk. 54.86 30.13 Italy Unilever Italia Mkt Operations S.R.L 100.00 — Japan Unilever Japan Customer Marketing K.K. 100.00 — Mexico Unilever de Mexico, S. de R.I. de C.V. 64.55 35.45 Netherlands Mixhold B.V. 64.55 35.45 Netherlands Unilever Finance International B.V. 100.00 — Netherlands Unilever Nederland B.V. 100.00 — Netherlands UNUS Holding B.V. 55.40 44.60 Pakistan Unilever Pakistan Limited — 99.23 Philippines Unilever Philippines, Inc. 64.55 35.45 Poland Unilever Polska Sp. z o.o. — 100.00 Russia OOO Unilever Rus 11.89 88.11 Singapore Unilever Asia Private Limited 100.00 — South Africa Unilever South Africa (Pty) Limited 8.98 91.02 Spain Unilever Espana S.A. 100.00 — Switzerland Unilever ASCC AG 100.00 — Switzerland Unilever Finance International AG 100.00 — Switzerland Unilever Supply Chain Company AG 100.00 — Thailand Unilever Thai Trading Limited 64.55 35.45 Turkey Unilever Sanayi ve Ticaret Turk A.S 64.54 35.44 USA Conopco, Inc. 55.40 44.60 USA Unilever Capital Corporation 55.40 44.60 USA Unilever United States, Inc. 55.40 44.60 Vietnam Unilever Vietnam International Company Limited 100.00 — Due to the inclusion of certain partnerships in the consolidated group financial statements of Unilever, para 264(b) of the German trade law grants an exemption from the duty to prepare individual statutory financial statements and management reports in accordance with the requirements for limited liability companies and to have these audited and published. |
Guarantor Statements
Guarantor Statements | 12 Months Ended |
Dec. 31, 2018 | |
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Guarantor Statements | GUARANTOR STATEMENTS (AUDITED) On 27 July 2017, Unilever N.V. and Unilever Capital Corporation (UCC) filed a US Shelf registration, which is unconditionally and fully guaranteed, jointly and severally, by Unilever N.V., Unilever PLC and Unilever United States, Inc. (UNUS) and that superseded the NV and UCC US Shelf registration filed on 30 September 2014, which was unconditionally and fully guaranteed, jointly and severally, by NV, PLC and UNUS. UCC and UNUS are each indirectly 100% owned by the Unilever parent entities (as defined below). Of the US Shelf registration, $12.5 billion of Notes were outstanding at 31 December 2018 (2017: $8.9 billion; 2016: $6.3 billion) with coupons ranging from 1.375% to 5.9%. These Notes are repayable between 15 February 2019 and 15 November 2032. Provided below are the income statements, cash flow statements and balance sheets of each of the companies discussed above, together with the income statement, cash flow statement and balance sheet of non-guarantor non-guarantor € million € million € million € million € million € million Income statement for the year ended 31 December 2018 Unilever Unilever (a) parent entities Unilever Non- Eliminations Unilever Turnover — — — 50,982 — 50,982 Operating profit — 1,985 (4 ) 10,554 — 12,535 Net finance income/(costs) — (104 ) (426 ) 74 — (456 ) Pensions and similar obligations — (2 ) (19 ) (4 ) — (25 ) Other income/(losses) — — — 207 — 207 Premium paid on buyback of preference shares — (382 ) — 382 — — Net monetary gain arising from hyperinflationary economies — — — 122 — 122 Profit before taxation — 1,497 (449 ) 11,335 — 12,383 Taxation — (199 ) — (2,376 ) — (2,575 ) Net profit before subsidiaries — 1,298 (449 ) 8,959 9,808 Equity earnings of subsidiaries — 8,091 1,787 (20,326 ) 10,448 — Net profit — 9,389 1,338 (11,367 ) 10,448 9,808 Attributable to: Non-controlling — — — 419 — 419 Shareholders’ equity — 9,389 1,338 (11,786 ) 10,448 9,389 Other comprehensive income — (24 ) 25 (1,194 ) — (1,193 ) Total comprehensive income — 9,365 1,363 (12,561 ) 10,448 8,615 (a) The term ‘Unilever parent entities’ includes Unilever N.V. and Unilever PLC. Though Unilever N.V. and Unilever PLC are separate legal entities, with different shareholder constituencies and separate stock exchange listings, they operate as nearly as practicable as a single economic entity. Debt securities issued by entities in the Unilever Group are fully and unconditionally guaranteed by both Unilever N.V. and Unilever PLC. € million € million € million € million € million € million Income statement for the year ended 31 December 2017 Unilever Unilever (a) Unilever Non- Eliminations Unilever Turnover — — — 53,715 — 53,715 Operating profit — 997 (4 ) 7,864 — 8,857 Net finance income/(costs) 1 (109 ) (379 ) 88 — (399 ) Pensions and similar obligations — (2 ) (24 ) (70 ) — (96 ) Other income/(losses) — — — 173 — 173 Premium paid on buyback of preference shares — — — (382 ) — (382 ) Profit before taxation 1 886 (407 ) 7,673 — 8,153 Taxation — (165 ) — (1,502 ) — (1,667 ) Net profit before subsidiaries 1 721 (407 ) 6,171 — 6,486 Equity earnings of subsidiaries — 5,332 1,721 (10,298 ) 3,245 — Net profit 1 6,053 1,314 (4,127 ) 3,245 6,486 Attributable to: Non-controlling — — — 433 — 433 Shareholders’ equity 1 6,053 1,314 (4,560 ) 3,245 6,053 Other comprehensive income — (75 ) (156 ) 455 — 224 Total comprehensive income 1 5,978 1,158 (3,672 ) 3,245 6,710 € million € million € million € million € million € million Income statement for the year ended 31 December 2016 Unilever Unilever (a) Unilever Non- Eliminations Unilever Turnover — — — 52,713 — 52,713 Operating profit — 269 (5 ) 7,537 — 7,801 Net finance income/(costs) 1 (110 ) (331 ) (29 ) — (469 ) Pensions and similar obligations — (3 ) (27 ) (64 ) — (94 ) Other income/(losses) — — — 231 — 231 Premium paid on buyback of preference shares — — — — — — Profit before taxation 1 156 (363 ) 7,675 — 7,469 Taxation — (114 ) — (1,808 ) — (1,922 ) Net profit before subsidiaries 1 42 (363 ) 5,867 — 5,547 Equity earnings of subsidiaries — 5,142 804 (4,559 ) (1,387 ) — Net profit 1 5,184 441 1,308 (1,387 ) 5,547 Attributable to: Non-controlling — — — 363 — 363 Shareholders’ equity 1 5,184 441 945 (1,387 ) 5,184 Other comprehensive income — (14 ) 27 (791 ) — (778 ) Total comprehensive income 1 5,170 468 517 (1,387 ) 4,769 (a) The term ‘Unilever parent entities’ includes Unilever N.V. and Unilever PLC. Though Unilever N.V. and Unilever PLC are separate legal entities, with different shareholder constituencies and separate stock exchange listings, they operate as nearly as practicable as a single economic entity. Debt securities issued by entities in the Unilever Group are fully and unconditionally guaranteed by both Unilever N.V. and Unilever PLC. € million € million € million € million € million € million Balance sheet at 31 December 2018 Unilever Unilever (a) parent entities Unilever Non- Eliminations Unilever Assets Non-current Goodwill and intangible assets — 3,058 — 26,435 — 29,493 Deferred tax assets — — 4 1,113 — 1,117 Other non-current — 20 2 13,343 — 13,365 Amounts due from group companies 17,211 10,379 — — (27,590 ) — Net assets of subsidiaries (equity accounted) — 22,299 22,463 — (44,762 ) — 17,211 35,756 22,469 40,891 (72,352 ) 43,975 Current assets Amounts due from group companies — 11,883 5,413 33,032 (50,328 ) — Trade and other current receivables — 155 4 6,326 — 6,485 Current tax assets — 15 — 457 — 472 Other current assets 6 7 — 8,511 — 8,524 6 12,060 5,417 48,326 (50,328 ) 15,481 Total assets 17,217 47,816 27,886 89,217 (122,680 ) 59,456 Liabilities Current liabilities Financial liabilities 2,381 30 2 822 — 3,235 Amounts due to group companies 4,895 25,010 3,127 17,296 (50,328 ) — Trade payables and other current liabilities 96 327 15 14,019 — 14,457 Current tax liabilities — — 72 1,373 — 1,445 Other current liabilities — 2 — 633 — 635 7,372 25,369 3,216 34,143 (50,328 ) 19,772 Non-current Financial liabilities 9,525 10,767 — 1,358 — 21,650 Amounts due to group companies — — 13,290 14,300 (27,590 ) — Pensions and post-retirement healthcare liabilities: Funded schemes in deficit — 7 136 1,066 — 1,209 Unfunded schemes — 87 388 918 — 1,393 Other non-current — 141 1 2,998 — 3,140 9,525 11,002 13,815 20,640 (27,590 ) 27,392 Total liabilities 16,897 36,371 17,031 54,783 (77,918 ) 47,164 Shareholders’ equity 320 11,445 10,855 33,714 (44,762 ) 11,572 Non-controlling — — — 720 — 720 Total equity 320 11,445 10,855 34,434 (44,762 ) 12,292 Total liabilities and equity 17,217 47,816 27,886 89,217 (122,680 ) 59,456 (a) The term ‘Unilever parent entities’ includes Unilever N.V. and Unilever PLC. Though Unilever N.V. and Unilever PLC are separate legal entities, with different shareholder constituencies and separate stock exchange listings, they operate as nearly as practicable as a single economic entity. Debt securities issued by entities in the Unilever Group are fully and unconditionally guaranteed by both Unilever N.V. and Unilever PLC. € million € million € million € million € million € million Balance sheet at 31 December 2017 Unilever Unilever (a) Unilever Non- Eliminations Unilever Assets Non-current Goodwill and intangible assets — 2,143 — 26,258 — 28,401 Deferred tax assets — 90 48 947 — 1,085 Other non-current — 6 2 13,808 — 13,816 Amounts due from group companies 17,132 7,099 — — (24,231 ) — Net assets of subsidiaries (equity accounted) — 35,933 21,568 — (57,501 ) — 17,132 45,271 21,618 41,013 (81,732 ) 43,302 Current assets Amounts due from group companies — 6,119 5,318 32,445 (43,882 ) — Trade and other current receivables — 51 3 5,168 — 5,222 Current tax assets — 57 9 422 — 488 Other current assets — 39 — 11,234 — 11,273 — 6,266 5,330 49,269 (43,882 ) 16,983 Total assets 17,132 51,537 26,948 90,282 (125,614 ) 60,285 Liabilities Current liabilities Financial liabilities 2,420 4,685 1 862 — 7,968 Amounts due to group companies 6,964 25,457 24 11,437 (43,882 ) — Trade payables and other current liabilities 65 215 11 13,135 — 13,426 Current tax liabilities — — — 1,088 — 1,088 Other current liabilities — 5 — 690 — 695 9,449 30,362 36 27,212 (43,882 ) 23,177 Non-current Financial liabilities 7,377 7,571 — 1,514 — 16,462 Amounts due to group companies — — 14,517 9,714 (24,231 ) — Pensions and post-retirement healthcare liabilities: Funded schemes in deficit — 8 103 1,114 — 1,225 Unfunded schemes — 93 439 977 — 1,509 Other non-current — 5 1 3,519 — 3,525 7,377 7,677 15,060 16,838 (24,231 ) 22,721 Total liabilities 16,826 38,039 15,096 44,050 (68,113 ) 45,898 Shareholders’ equity 306 13,498 11,852 45,474 (57,501 ) 13,629 Non-controlling — — — 758 — 758 Total equity 306 13,498 11,852 46,232 (57,501 ) 14,387 Total liabilities and equity 17,132 51,537 26,948 90,282 (125,614 ) 60,285 (a) The term ‘Unilever parent entities’ includes Unilever N.V. and Unilever PLC. Though Unilever N.V. and Unilever PLC are separate legal entities, with different shareholder constituencies and separate stock exchange listings, they operate as nearly as practicable as a single economic entity. Debt securities issued by entities in the Unilever Group are fully and unconditionally guaranteed by both Unilever N.V. and Unilever PLC. € million € million € million € million € million € million Cash flow statement for the year ended 31 December 2018 Unilever Unilever (a) Unilever Non- Eliminations Unilever Net cash flow from/(used in) operating activities — 945 (6 ) 5,814 — 6,753 Net cash flow from/(used in) investing activities 1,088 1,196 (63 ) 4,619 (2,196 ) 4,644 Net cash flow from/(used in) financing activities (1,097 ) (2,183 ) 69 (10,533 ) 2,196 (11,548 ) Net increase/(decrease) in cash and cash equivalents (9 ) (42 ) — (100 ) — (151 ) Cash and cash equivalents at beginning of year — 23 (1 ) 3,147 — 3,169 Effect of foreign exchange rates 15 26 — 31 — 72 Cash and cash equivalents at end of year 6 7 (1 ) 3,078 — 3,090 € million € million € million € million € million € million Cash flow statement for the year ended 31 December 2017 Unilever Unilever (a) Unilever Non- Eliminations Unilever Net cash flow from/(used in) operating activities — 941 (40 ) 6,391 — 7,292 Net cash flow from/(used in) investing activities (3,884 ) (7,123 ) (1,062 ) 5,136 1,054 (5,879 ) Net cash flow from/(used in) financing activities 3,873 6,261 1,103 (11,616 ) (1,054 ) (1,433 ) Net increase/(decrease) in cash and cash equivalents (11 ) 79 1 (89 ) — (20 ) Cash and cash equivalents at beginning of year — 5 (2 ) 3,195 — 3,198 Effect of foreign exchange rates 11 (61 ) — 41 — (9 ) Cash and cash equivalents at end of year — 23 (1 ) 3,147 — 3,169 € million € million € million € million € million € million Cash flow statement for the year ended 31 December 2016 Unilever Unilever (a) Unilever Non- Eliminations Unilever Net cash flow from/(used in) operating activities — 45 (177 ) 7,179 — 7,047 Net cash flow from/(used in) investing activities (1,053 ) (679 ) (783 ) (1,712 ) 1,039 (3,188 ) Net cash flow from/(used in) financing activities 1,048 621 959 (4,662 ) (1,039 ) (3,073 ) Net increase/(decrease) in cash and cash equivalents (5 ) (13 ) (1 ) 805 — 786 Cash and cash equivalents at beginning of year — 3 (1 ) 2,126 — 2,128 Effect of foreign exchange rates 5 15 — 264 — 284 Cash and cash equivalents at end of year — 5 (2 ) 3,195 — 3,198 (a) The term ‘Unilever parent entities’ includes Unilever N.V. and Unilever PLC. Though Unilever N.V. and Unilever PLC are separate legal entities, with different shareholder constituencies and separate stock exchange listings, they operate as nearly as practicable as a single economic entity. Debt securities issued by entities in the Unilever Group are fully and unconditionally guaranteed by both Unilever N.V. and Unilever PLC. |
Accounting Information and Po_2
Accounting Information and Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
UNILEVER | UNILEVER The two parent companies, NV and PLC, together with their group companies, operate as a single economic entity (the Unilever Group, also referred to as Unilever or the Group). NV and PLC have the same Directors and are linked by a series of agreements, including an Equalisation Agreement, which are designed so that the positions of the shareholders of both companies are as closely as possible the same as if they held shares in a single company. The Equalisation Agreement provides that both companies adopt the same accounting principles. It also requires that dividends and other rights and benefits attaching to each ordinary share of NV, be equal in value to those rights and benefits attaching to each ordinary share of PLC, as if each such unit of capital formed part of the ordinary share capital of one and the same company. |
BASIS OF CONSOLIDATION | BASIS OF CONSOLIDATION Due to the operational and contractual arrangements referred to above, NV and PLC form a single reporting entity for the purposes of presenting consolidated financial statements. Accordingly, the financial statements of Unilever are presented by both NV and PLC as their respective consolidated financial statements. Group companies included in the consolidation are those companies controlled by NV or PLC. Control exists when the Group has the power to direct the activities of an entity so as to affect the return on investment. The net assets and results of acquired businesses are included in the consolidated financial statements from their respective dates of acquisition, being the date on which the Group obtains control. The results of disposed businesses are included in the consolidated financial statements up to their date of disposal, being the date control ceases. Intra-group transactions and balances are eliminated. |
COMPANIES LEGISLATION AND ACCOUNTING STANDARDS | COMPANIES LEGISLATION AND ACCOUNTING STANDARDS The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and IFRIC Interpretations. They are also in compliance with IFRS as issued by the International Accounting Standards Board (IASB). These financial statements are prepared under the historical cost convention unless otherwise indicated. These financial statements have been prepared on a going concern basis. Refer to the going concern statement on page 66. |
ACCOUNTING POLICIES | ACCOUNTING POLICIES Accounting policies are included in the relevant notes to the consolidated financial statements. These are presented as text highlighted in grey on pages 79 to 127. The accounting policies below are applied throughout the financial statements. |
FOREIGN CURRENCIES | FOREIGN CURRENCIES The consolidated financial statements are presented in euros. The functional currencies of NV and PLC are euros and sterling respectively. Items included in the financial statements of individual group companies are recorded in their respective functional currency which is the currency of the primary economic environment in which each entity operates. Foreign currency transactions in individual group companies are translated into functional currency using exchange rates at the date of the transaction. Foreign exchange gains and losses from settlement of these transactions, and from translation of monetary assets and liabilities at year-end In preparing the consolidated financial statements, the balances in individual group companies are translated from their functional currency into euros. Apart from the financial statements of group companies in hyperinflationary economies (see below), the income statement, the cash flow statement and all other movements in assets and liabilities are translated at average rates of exchange as a proxy for the transaction rate, or at the transaction rate itself if more appropriate. Assets and liabilities are translated at year-end The financial statements of group companies whose functional currency is the currency of a hyperinflationary economy are adjusted for inflation and then translated into euros. Amounts shown for prior years for comparative purposes are not modified. To determine the existence of hyperinflation, the Group assesses the qualitative and quantitative characteristics of the economic environment of the country, such as the cumulative inflation rate over the previous three years. The ordinary share capital of NV and PLC is translated in accordance with the Equalisation Agreement. The difference between the value for PLC and the value by applying the year-end The effect of exchange rate changes during the year on net assets of foreign operations is recorded in equity. For this purpose net assets include loans between group companies and any related foreign exchange contracts where settlement is neither planned nor likely to occur in the foreseeable future. The Group applies hedge accounting to certain exchange differences arising between the functional currencies of a foreign operation and NV or PLC as appropriate, regardless of whether the net investment is held directly or through an intermediate parent. Differences arising on retranslation of a financial liability designated as a foreign currency net investment hedge are recorded in equity to the extent that the hedge is effective. These differences are reported within profit or loss to the extent that the hedge is ineffective. Cumulative exchange differences arising since the date of transition to IFRS of 1 January 2004 are reported as a separate component of other reserves. In the event of disposal or part disposal of an interest in a group company either through sale or as a result of a repayment of capital, the cumulative exchange difference is recognised in the income statement as part of the profit or loss on disposal of group companies. |
CLASSIFICATION OF ARGENTINA AS A HYPER-INFLATIONARY ECONOMY | CLASSIFICATION OF ARGENTINA AS A HYPER-INFLATIONARY ECONOMY The Argentinian economy was designated as hyperinflationary from 1 July 2018. As a result, application of IAS 29 ‘Financial Reporting in Hyperinflationary Economies’ has been applied to all Unilever entities whose functional currency is the Argentinian Peso. IAS 29 requires that adjustments are applicable from the start of the relevant entity’s reporting period. For Unilever that is from 1 January 2018. The application of IAS 29 includes: • Adjustment of historical cost non-monetary • Adjustment of the income statement for inflation during the reporting period; • The income statement is translated at the period end foreign exchange rate instead of an average rate; and • Adjustment of the income statement to reflect the impact of inflation and exchange rate movement on holding monetary assets and liabilities in local currency. The main effects on the Group consolidated financial statements for 2018 are: • Total assets increased by €538 million driven by an increase of €369 million to goodwill (see note 9) and €171 million due to property, plant and equipment (see note 10); • Opening retained profit increased by €393 million reflecting the impact of adjusting the historical cost of non-monetary • Turnover is reduced by €75 million; • Operating profit is reduced by €37 million; and • A net monetary gain of €122 million is recognised from the inflation and exchange rate movements in the year on the net monetary items held in Argentinian Peso. |
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The preparation of financial statements requires management to make judgements and estimates in the application of accounting policies that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and judgements are continuously evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future period affected. The following judgements are those that management believe have the most significant effect on the amounts recognised in the Group’s financial statements: • Separate presentation of items in the income statement – certain items of income or expense are presented separately as non-underlying • Utilisation of tax losses and recognition of other deferred tax assets – The Group operates in many countries and is subject to taxes in numerous jurisdictions. Management uses judgement to assess the recoverability of tax assets such as whether there will be sufficient future taxable profits to utilise losses – see note 6B. • Likelihood of occurrence of provisions and contingent liabilities – events can occur where there is uncertainty over future obligations. Judgement is required to determine if an outflow of economic resources is probable, or possible but not probable. Where it is probable, a liability is recognised and further judgement is used to determine the level of the provision. Where it is possible but not probable, further judgement is used to determine if the likelihood is remote, in which case no disclosures are provided; if the likelihood is not remote then judgement is used to determine the contingent liability disclosed. Unilever does not have provisions and contingent liabilities for the same matters. External advice is obtained for any material cases. See notes 6A, 19 and 20. The following estimates are those that management believe have the most significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are: • Measurement of defined benefit obligations – the valuations of the Group’s defined benefit pension plan obligations are dependent on a number of assumptions. These include discount rates, inflation and life expectancy of scheme members. Details of these assumptions and sensitivities are in note 4B. • Assumptions used in discounted cash flow projections – estimates of future business performance, cash generation, long-term growth and discount rates are used in our assessment of impairment of assets at the balance sheet date. Details of the estimates used in the impairment reviews for significant cash generating units are set out in note 9; no reasonably plausible changes in a key assumption would cause an impairment. • Measurement of consideration and assets and liabilities acquired as part of business combinations – contingent consideration depends on an acquired business achieving targets within a fixed period. Estimates of future performance are required to calculate the obligations at the time of acquisition and at each subsequent reporting date. See note 21 for further information. Additionally, estimates are required to value the assets and liabilities acquired in business combinations. Intangible assets such as brands are commonly a core part of an acquired business as they allow us to obtain more value than would otherwise be possible. |
RECENT ACCOUNTING DEVELOPMENTS ADOPTED BY THE GROUP | RECENT ACCOUNTING DEVELOPMENTS ADOPTED BY THE GROUP The Group applied for the first-time APPLICABLE KEY REQUIREMENTS IMPACT ON GROUP STANDARD IFRS 9 ‘Financial Instruments’ This standard introduces new requirements in three areas: Classification and measurement: Financial assets are now classified based on 1) the objective of the Group in holding the asset and 2) the contractual cash flows. Impairment: A new expected credit loss model is used for calculating impairment on financial assets. A loss event does not have to occur before credit losses are recognised. Hedge accounting: New general hedge accounting requirements allow hedge accounting based on the Group’s risk management policies rather than only prescribed scenarios. On 1 January 2018, the Group adopted IFRS 9 ‘Financial Instruments’, which replaced IAS 39 ‘Financial Instruments – Recognition and Measurement’. As there was no material impact from the adoption of this standard, the Group has not restated the comparative information relating to prior years. Classification and measurement: On 1 January 2018, the Group reclassified its financial assets to the new categories based on the Group’s reason for holding the assets and the nature of the cash flows from the assets. See note 17A for further information. There were no changes to the classification or measurement of the Group’s financial liabilities. Impairment: From 1 January 2018, the Group implemented an expected credit loss impairment model for financial assets. For trade receivables, the calculation methodology has been updated to consider expected losses based on ageing profile. The adoption of the expected loss approach has not resulted in a material change in impairment provision for any financial asset. Hedge accounting: The Group applied the hedge accounting requirements of IFRS 9 prospectively. At the date of initial application all of the Group’s existing hedge relationships were eligible to be treated as continuing hedge relationships. APPLICABLE KEY REQUIREMENTS IMPACT ON GROUP STANDARD IFRS 15 ‘Revenue from Contracts with Customers’ The standard clarifies the accounting for bundled services and identifying each ‘performance obligation’ in contractual arrangements. It also provides more guidance on the measurement of revenue contracts which have discounts, rebates, payments to suppliers and consignment stock. On 1 January 2018 the Group adopted IFRS 15 ‘Revenue from Contracts with Customers’ with no impact as the accounting policies were already in line with the new standard. All other standards or amendments to standards that have been issued by the IASB and were effective by 1 January 2018 were not applicable to Unilever. NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS OF EXISTING STANDARDS THAT ARE NOT YET EFFECTIVE AND HAVE NOT BEEN EARLY ADOPTED BY THE GROUP The following new standards have been released but are not yet adopted by the Group. The expected impact and progress is shown below. APPLICABLE KEY REQUIREMENTS OR IMPLEMENTATION PROGRESS STANDARD CHANGES IN ACCOUNTING POLICY AND EXPECTED IMPACT IFRS 16 ‘Leases’ Effective from the year ended 31 December 2019 The standard has been endorsed by the EU This standard changes the recognition, measurement, presentation and disclosure of leases. In particular it requires lessees to record all leases on the balance sheet with exemptions available for low value and short-term leases. At the commencement of a lease, a lessee will recognise lease payments (lease liability) and an asset representing the right to use the asset during the lease term (right-of-use right-of-use A lease liability is remeasured upon the occurrence of certain events such as a change in the lease term or a change in an index or rate used to determine lease payments. The remeasurement normally also adjusts the right-of-use The standard has no impact on the actual cash flows of a group. However the standard requires the capitalisation, and subsequent depreciation, of costs that are currently expensed as paid which impacts disclosures of cash flows within the cash flow statement. The amounts currently expensed as operating cash outflows which will instead be capitalised are presented as financing cash outflows. The preparations for this standard are substantially complete. The Group intends on adopting the ‘full retrospective’ approach and in our 2019 reporting the comparative information relating to prior years will be restated. The Group has reviewed all relevant contracts to identify leases. This review included an assessment about whether the contract depends on a specific asset, whether the Group obtains substantially all the economic benefits from the use of that asset and whether the Group has the right to direct the use of that asset. Based on this assessment, we calculated the restatement impact as at the transition date. From 1 January 2019 the Group will focus on ensuring that the revised process for identifying and accounting for leases is followed. The Group intends to use the exemptions provided by IFRS 16 for short-term leases (less than a year) and leases for low-value The estimated impact of IFRS 16 on the Group’s financial statements at 31 December 2018 is as follows: Balance sheet: The Group estimates that the adoption of IFRS 16 will result in an increase in total assets of approximately €1.7 billion, split between land and buildings of €1.3 billion and plant and machinery of €0.4 billion. Based on the geographies, this is approximately €0.5 billion in Europe, €0.5 billion in The Americas and €0.7 billion in Asia/AMET/ RUB. Financial liabilities are expected to increase by approximately €1.9 billion. Income statement: The Group estimates that the adoption of IFRS 16 will result in increased depreciation of approximately €470 million from the right-of-use Statement of Cash Flows: The Group estimates that the adoption of IFRS 16 will increase cash flows from operating activities by approximately €550 million with a related increase in cash flows used in financing activities of €550 million which relates to lease payments previously expensed as paid. In addition to the above, based on an initial review the Group does not currently believe adoption of the following standard/amendments will have a material impact on the consolidated results or financial position of the Group. APPLICABLE KEY REQUIREMENTS OR STANDARD CHANGES IN ACCOUNTING POLICY IFRIC 23 ‘Uncertainty over income tax treatments’ This interpretation clarifies how entities should reflect uncertainties over income tax treatments, in particular when assessing the outcome a tax authority might reach with full knowledge and information if it were to make an examination. Based on preliminary work, the impact is estimated to be immaterial. Effective from the year ended 31 December 2019 The IFRIC Interpretation has been endorsed by the EU IFRS 17 ‘Insurance Contracts’ This standard introduces a new model for accounting for insurance contracts. Work continues to review existing arrangements to determine the impact on adoption. Based on preliminary work the impact is estimated to be immaterial. Effective from the year ended 31 December 2021 The standard is not yet endorsed by the EU Amendments to IAS 19 ‘Employee Benefits’ The change requires that following plan amendments, curtailments or settlements, current service and net interest costs for the remainder of the reporting period should be calculated in line with updated actuarial assumptions. The amendment is to be applied prospectively. Effective from the year ended 31 December 2019 The standard is not yet endorsed by the EU All other standards or amendments to standards that have been issued by the IASB and are effective from 1 January 2019 onwards are not applicable to Unilever. |
SEGMENT INFORMATION | SEGMENTAL REPORTING Beauty & Personal Care – primarily sales of skin care and hair care products, deodorants and oral care products. Foods & Refreshment – primarily sales of soups, bouillons, sauces, snacks, mayonnaise, salad dressings, margarines and spreads, ice cream and tea-based Home Care – primarily sales of home care products, such as powders, liquids and capsules, soap bars and a wide range of cleaning products. REVENUE Turnover comprises sales of goods after the deduction of discounts, sales taxes and estimated returns. It does not include sales between group companies. Discounts given by Unilever include rebates, price reductions and incentives given to customers, promotional couponing and trade communication costs. Accumulated experience is used to estimate the provision for discounts, using the most likely amount method; revenue is only recognised to the extent that it is highly probable a significant reversal will not occur. Turnover is recognised when control of the products being sold has transferred to our customer and when there are no longer any unfulfilled obligations to the customer. This is generally on delivery to the customer but depending on individual customer terms, this can be at the time of dispatch, delivery or upon formal customer acceptance. This is considered the appropriate point where the performance obligations in our contracts are satisfied as Unilever no longer have control over the inventory. Our customers have the contractual right to return goods only when authorised by Unilever. At 31 December 2018, an estimate has been made of goods that will be returned and a liability has been recognised for this amount. An asset has also been recorded for the corresponding inventory that is estimated to return to Unilever using a best estimate based on accumulated experience. Some of our customers are distributors who may be able to return unsold goods in consignment arrangements. A liability is recognised where we receive payment from a customer before transferring control of the goods being sold. UNDERLYING OPERATING PROFIT Underlying operating profit means operating profit before the impact of non-underlying |
OPERATING COSTS AND NON-UNDERLYING ITEMS | OPERATING COSTS AND NON-UNDERLYING BRAND AND MARKETING INVESTMENT Brand and marketing investment includes costs incurred for the purpose of building and maintaining brand equity and awareness. These include media, advertising production, promotional materials and engagement with consumers. These costs are charged to the income statement as incurred. RESEARCH AND DEVELOPMENT Expenditure on research and development includes staff costs, material costs, depreciation of property, plant and equipment and other costs directly attributable to research and product development activities. These costs are charged to the income statement as incurred, except for those development costs which meet the criteria for capitalisation - see note 9. NON-UNDERLYING Non-underlying one-off non-underlying |
PENSIONS AND SIMILAR OBLIGATIONS | 4B. PENSIONS AND SIMILAR OBLIGATIONS For defined benefit plans, operating and finance costs are recognised separately in the income statement. The amount charged to operating cost in the income statement is the cost of accruing pension benefits promised to employees over the year, plus the costs of individual events such as past service benefit changes, settlements and curtailments (such events are recognised immediately in the income statement). The amount charged or credited to finance costs is a net interest expense calculated by applying the liability discount rate to the net defined benefit liability or asset. Any differences between the expected interest on assets and the return actually achieved, and any changes in the liabilities over the year due to changes in assumptions or experience within the plans, are recognised immediately in the statement of comprehensive income. The defined benefit plan surplus or deficit on the balance sheet comprises the total for each plan of the fair value of plan assets less the present value of the defined benefit liabilities (using a discount rate based on high-quality corporate bonds, or a suitable alternative where there is no active corporate bond market). All defined benefit plans are subject to regular actuarial review using the projected unit method, either by external consultants or by actuaries employed by Unilever. The Group policy is that the most material plans, representing approximately 84% of the defined benefit liabilities, are formally valued every year. Other material plans, accounting for a further 12% of the liabilities, have their liabilities updated each year. Group policy for the remaining plans requires a full actuarial valuation at least every three years. Asset values for all plans are updated every year. For defined contribution plans, the charges to the income statement are the company contributions payable, as the company’s obligation is limited to the contributions paid into the plans. The assets and liabilities of such plans are not included in the balance sheet of the Group. |
SHARE-BASED COMPENSATION PLANS | 4C. SHARE-BASED COMPENSATION PLANS The fair value of awards at grant date is calculated using appropriate pricing models. This value is expensed over their vesting period, with a corresponding credit to equity. The expense is reviewed and adjusted to reflect changes to the level of awards expected to vest, except where this arises from a failure to meet a market condition. Any cancellations are recognised immediately in the income statement. |
NET FINANCE COSTS | 5. NET FINANCE COSTS Net finance costs are comprised of finance costs and finance income, including net finance costs in relation to pensions and similar obligations. Finance income includes income on cash and cash equivalents and income on other financial assets. Finance costs include interest costs in relation to financial liabilities. Borrowing costs are recognised based on the effective interest method. |
INCOME TAX | INCOME TAX Income tax on the profit for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustments to tax payable in respect of previous years. Current tax in the consolidated income statement will differ from the income tax paid in the consolidated cash flow statement primarily because of deferred tax arising on temporary differences and payment dates for income tax occurring after the balance sheet date. Unilever is subject to taxation in the many countries in which it operates. The tax legislation of these countries differs, is often complex and is subject to interpretation by management and the government authorities. These matters of judgement give rise to the need to create provisions for tax payments that may arise in future years with respect to transactions already undertaken. Provisions are made against individual exposures and take into account the specific circumstances of each case, including the strength of technical arguments, recent case law decisions or rulings on similar issues and relevant external advice. The provision is estimated based on the individual most likely outcome approach. |
DEFERRED TAX | DEFERRED TAX Deferred tax is recognised using the liability method on taxable temporary differences between the tax base and the accounting base of items included in the balance sheet of the Group. Certain temporary differences are not provided for as follows: • goodwill not deductible for tax purposes; • the initial recognition of assets or liabilities that affect neither accounting nor taxable profit; and • differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted, or substantively enacted, at the year end. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. |
TAX ON OTHER COMPREHENSIVE INCOME | TAX ON OTHER COMPREHENSIVE INCOME Income tax is recognised in other comprehensive income for items recognised directly in equity. |
COMBINED EARNINGS PER SHARE | COMBINED EARNINGS PER SHARE The combined earnings per share calculations are based on the average number of share units representing the combined ordinary shares of NV and 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 options by employees. Underlying earnings per share is calculated as underlying profit attributable to shareholders’ equity divided by the diluted combined average number of share units. In calculating underlying profit attributable to shareholders’ equity, net profit attributable to shareholders’ equity is adjusted to eliminate the post-tax non-underlying |
DIVIDENDS ON ORDINARY CAPITAL | DIVIDENDS ON ORDINARY CAPITAL Dividends are recognised on the date that the shareholder’s right to receive payment is established. This is generally the date when the dividend is declared. |
GOODWILL | GOODWILL Goodwill is initially recognised based on the accounting policy for business combinations (see note 21). Goodwill is subsequently measured at cost less amounts provided for impairment. The Group has nine cash generating units (CGUs) based on the three geographical areas and three divisions. Global Spreads business which was recognised as a separate CGU in 2017 has been disposed off in 2018. Goodwill acquired in a business combination is allocated to the Group’s CGUs, or groups of CGUs, that are expected to benefit from the synergies of the combination. These might not always be the same as the CGUs that include the assets and liabilities of the acquired business. Each unit or group of units to which the goodwill is allocated represents the lowest level within the Group at which the goodwill is monitored for internal management purposes, and is not larger than an operating segment. |
INTANGIBLE ASSETS | INTANGIBLE ASSETS Separately purchased intangible assets are initially measured at cost, being the purchase price as at the date of acquisition. On acquisition of new interests in group companies, Unilever recognises any specifically identifiable intangible assets separately from goodwill. These intangible assets are initially measured at fair value as at the date of acquisition. Development expenditure for internally-produced intangible assets is capitalised only if the costs can be reliably measured, future economic benefits are probable, the product is technically feasible and the Group has the intent and the resources to complete the project. Research expenditure to support development of internally-produced intangible assets is recognised in profit or loss as incurred. Indefinite-life intangibles mainly comprise trademarks and brands, for which there is no foreseeable limit to the period over which they are expected to generate net cash inflows. These are considered to have an indefinite life, given the strength and durability of our brands and the level of marketing support. These assets are not amortised but are subject to a review for impairment annually, or more frequently if events or circumstances indicate this is necessary. Any impairment is charged to the income statement as it arises. Finite-life intangible assets mainly comprise software, patented and non-patented know-how |
PROPERTY, PLANT AND EQUIPMENT | Property, plant and equipment is measured at cost including eligible borrowing costs less depreciation and accumulated impairment losses. Depreciation is provided on a straight-line basis over the expected average useful lives of the assets. Residual values are reviewed at least annually. Estimated useful lives by major class of assets are as follows: • Freehold buildings (no depreciation on freehold land) 40 years • Leasehold land and buildings 40 years (or life of lease if less) • Plant and equipment 2–20 years Property, plant and equipment is subject to review for impairment if triggering events or circumstances indicate that this is necessary. If an indication of impairment exists, the asset’s or cash generating unit’s recoverable amount is estimated and any impairment loss is charged to the income statement as it arises. |
OTHER NON-CURRENT ASSETS | 11. OTHER NON-CURRENT Joint ventures are undertakings in which the Group has an interest and which are jointly controlled by the Group and one or more other parties. Associates are undertakings where the Group has an investment in which it does not have control or joint control but can exercise significant influence. Interests in joint ventures and associates are accounted for using the equity method and are stated in the consolidated balance sheet at cost, adjusted for the movement in the Group’s share of their net assets and liabilities. The Group’s share of the profit or loss after tax of joint ventures and associates is included in the Group’s consolidated profit before taxation. Where the Group’s share of losses exceeds its interest in the equity accounted investee, the carrying amount of the investment is reduced to zero and the recognition of further losses is discontinued, except to the extent that the Group has an obligation to make payments on behalf of the investee. Biological assets are measured at fair value less costs to sell with any changes recognised in the income statement. |
INVENTORIES | 12. INVENTORIES Inventories are valued at the lower of weighted average cost and net realisable value. Cost comprises direct costs and, where appropriate, a proportion of attributable production overheads. Net realisable value is the estimated selling price less the estimated costs necessary to make the sale. |
TRADE AND OTHER CURRENT RECEIVABLES | TRADE AND OTHER CURRENT RECEIVABLES Trade and other current receivables are initially recognised at fair value plus any directly attributable transaction costs. Subsequently these assets are held at amortised cost, using the effective interest method and net of any impairment losses. |
TRADE PAYABLES AND OTHER LIABILITIES | TRADE PAYABLES Trade payables are initially recognised at fair value less any directly attributable transaction costs. Trade payables are subsequently measured at amortised cost, using the effective interest method. OTHER LIABILITIES Other liabilities are initially recognised at fair value less any directly attributable transaction costs. Subsequent measurement depends on the type of liability: • Accruals are subsequently measured at amortised cost, using the effective interest method. • Social security and sundry taxes are subsequently measured at amortised cost, using the effective interest method. • Deferred consideration is subsequently measured at fair value with changes in the income statement as explained below. • Others are subsequently measured either at amortised cost, using the effective interest method or at fair value, with changes being recognised in the income statement. Deferred Consideration Deferred consideration represents any payments to the sellers of a business that occur after the acquisition date. These typically comprise of contingent consideration and fixed deferred consideration: • Fixed deferred consideration is a payment with a due date after acquisition that is not dependent on future conditions • Contingent consideration is a payment which is dependent on certain conditions being met in the future and is often variable All deferred consideration is initially recognised at fair value as at the acquisition date, which includes a present value discount. Subsequently, deferred consideration is measured to reflect the unwinding of discount on the liability, with changes recognised in finance cost within the income statement. In the balance sheet it is remeasured to reflect the latest estimate of the achievement of the conditions on which the consideration is based; changes in value other than the discount unwind are recognised as acquisition and disposal-related costs within non-underlying |
ORDINARY SHARES | ORDINARY SHARES Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. |
INTERNAL HOLDINGS | INTERNAL HOLDINGS The ordinary shares numbered 1 to 2,400 (inclusive) in NV (‘Special Shares’) and deferred stock of PLC are held as to one half of each class by N.V. Elma – a subsidiary of NV – and one half by United Holdings Limited – a subsidiary of PLC. This capital is eliminated on consolidation. |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION The Group operates a number of share-based compensation plans involving options and awards of ordinary shares of NV and PLC. Full details of these plans are given in note 4C on pages 92 and 93. |
OTHER RESERVES | OTHER RESERVES Other reserves include the fair value reserve, the foreign currency translation reserve, the capital redemption reserve and treasury shares. |
SHARES HELD BY EMPLOYEE SHARE TRUSTS AND GROUP COMPANIES | SHARES HELD BY EMPLOYEE SHARE TRUSTS AND GROUP COMPANIES Certain PLC trusts, NV and group companies purchase and hold NV and PLC shares to satisfy performance shares granted, share options granted and other share awards (see note 4C). The assets and liabilities of these trusts and shares held by group companies are included in the consolidated financial statements. The book value of shares held is deducted from other reserves, and trusts’ borrowings are included in the Group’s liabilities. The costs of the trusts are included in the results of the Group. These shares are excluded from the calculation of earnings per share. |
FINANCIAL LIABILITIES | FINANCIAL LIABILITIES Financial liabilities are initially recognised at fair value, less any directly related transaction costs. Certain bonds are designated as being part of a fair value hedge relationship. In these cases, the bonds are carried at amortised cost, adjusted for the fair value of the risk being hedged, with changes in value shown in profit and loss. Other financial liabilities, excluding derivatives, are subsequently carried at amortised cost, with the exception of: • Financial liabilities which the group has elected to measure at fair value through profit or loss; • Derivative financial liabilities – see note 16 on page 110 |
DERIVATIVES AND HEDGE ACCOUNTING | DERIVATIVES AND HEDGE ACCOUNTING Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on their use as explained below. (I) FAIR VALUE HEDGES (a) Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the income statement to the extent that the hedge is effective. When the relationship no longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest method. (II) CASH FLOW HEDGES (a) Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the income statement. If the hedged cash flow relates to a non-financial When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is taken to the income statement immediately. (III) NET INVESTMENT HEDGES (a) Certain derivatives are designated as hedges of the currency risk on the Group’s investment in foreign subsidiaries. The accounting policy for these arrangements is set out in note 1. (IV) DERIVATIVES FOR WHICH HEDGE ACCOUNTING IS NOT APPLIED Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these derivatives, which are carried at fair value with changes being recognised in the income statement. (a) Applying hedge accounting has not led to material ineffectiveness being recognised in the income statement for both 2018 and 2017. |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS Cash and cash equivalents in the balance sheet include deposits, investments in money market funds and highly liquid investments. To be classified as cash and cash equivalents, an asset must: • be readily convertible into cash; • have an insignificant risk of changes in value; and • have a maturity period of three months or less at acquisition. Cash and cash equivalents in the cash flow statement also include bank overdrafts and are recorded at amortised cost. |
OTHER FINANCIAL ASSETS | OTHER FINANCIAL ASSETS The Group classifies its financial assets into the following measurement categories: • those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and • those to be measured at amortised cost. This classification depends on our business model for managing the financial asset and the contractual terms of the cash flows. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. All financial assets are either debt instruments or equity instruments. Debt instruments are those that provide the Group with a contractual right to receive cash or another asset. Equity instruments are those where the Group has no contractual right to receive cash or another asset. |
Debt instruments | Debt instruments The subsequent measurement of debt instruments depends on the Groups business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories that debt instruments are classified as: • amortised cost; • financial assets at fair value through other comprehensive income; or • financial assets at fair value through profit or loss. (I) Amortised cost Assets measured at amortised cost are those which are held to collect cash flows on the repayment of principal or interest. A gain or loss on a debt investment recognised at amortised cost on de-recognition (II) Fair value through other comprehensive income Assets that are held at fair value through other comprehensive income are those that are held to collect cash flows on the repayment of principal and interest or which are held to recognise a capital gain through the sale of the asset. Movements in the carrying amount are recognised in other comprehensive income except for the recognition of impairment, interest income and foreign exchange gains or losses which are recognised in profit or loss. On de-recognition, (III) Fair value through profit or loss Assets that do not meet the criteria for either amortised cost or fair value through other comprehensive income are measured as fair value through profit or loss. Related transaction costs are expensed as incurred. Unless they form part of a hedging relationship, these assets are held at fair value, with changes being recognised in the income statement. Interest income from these assets is included within finance income. |
Equity instruments | Equity instruments The Group subsequently measures all equity instruments at fair value. Where the Group has elected to present fair value gains and losses on equity investments in other comprehensive income, there is no subsequent reclassification of fair value gains or losses to profit or loss. Dividends from these investments continue to be recognised in profit or loss. |
IMPAIRMENT OF FINANCIAL ASSETS | IMPAIRMENT OF FINANCIAL ASSETS Financial instruments classified as amortised cost and debt instruments classified as fair value through other comprehensive income are assessed for impairment. The Group assesses the probability of default of an asset at initial recognition and then whether there has been a significant increase in credit risk on an ongoing basis. To assess whether there is a significant increase in credit risk the Group compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. Macroeconomic information (such as market interest rates or growth rates) is also considered Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the company. Impairment losses on assets classified as amortised cost are recognised in profit or loss. When a later event causes the impairment losses to decrease, the reduction in impairment loss is also recognised in profit or loss. Permanent impairment losses on debt instruments classified as fair value through other comprehensive income are recognised in profit or loss. |
PROVISIONS | PROVISIONS Provisions are recognised where a legal or constructive obligation exists at the balance sheet date, as a result of a past event, where the amount of the obligation can be reliably estimated and where the outflow of economic benefit is probable. |
COMMITMENTS AND CONTINGENT LIABILITIES | COMMITMENTS AND CONTINGENT LIABILITIES Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership. All other leases are classified as operating leases. Assets held under finance leases are initially recognised at the lower of fair value at the date of commencement of the lease and the present value of the minimum lease payments. Subsequent to initial recognition, these assets are accounted for in accordance with the accounting policy relating to that specific asset. The corresponding liability is included in the balance sheet as a finance lease obligation. Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Lease payments under operating leases are charged to the income statement on a straight-line basis over the term of the lease. Contingent liabilities are either possible obligations that will probably not require a transfer of economic benefits, or present obligations that may, but probably will not, require a transfer of economic benefits. It is not appropriate to make provisions for contingent liabilities, but there is a chance that they will result in an obligation in the future. Assessing the amount of liabilities that are not probable is highly judgemental so contingent liabilities are disclosed on the basis of the known maximum exposure. |
ACQUISITIONS AND DISPOSALS | Business combinations are accounted for using the acquisition accounting method as at the acquisition date, which is the date at which control is transferred to the Group. Goodwill is measured at the acquisition date as the fair value of consideration transferred, plus non-controlling Transaction costs are expensed as incurred, within non-underlying Changes in ownership that do not result in a change of control are accounted for as equity transactions and therefore do not have any impact on goodwill. The difference between consideration and the non-controlling |
ASSETS AND LIABILITIES HELD FOR SALE | ASSETS AND LIABILITIES HELD FOR SALE Non-current Immediately prior to classification as held for sale, the assets or groups of assets are remeasured in accordance with the Group’s accounting policies. Subsequently, assets and disposal groups classified as held for sale are valued at the lower of book value or fair value less disposal costs. Assets held for sale are neither depreciated nor amortised. |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS A related party is a person or entity that is related to the Group. These include both people and entities that have, or are subject to, the influence or control of the Group. |
EVENTS AFTER THE BALANCE SHEET DATE | Where events occurring after the balance sheet date provide evidence of conditions that existed at the end of the reporting period, the impact of these events is adjusted within the financial statements. Otherwise, events after the balance sheet date of a material size or nature are disclosed below. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Summary of Operating Results of Reportable Segments | Notes € million € million Foods & Refreshment (a) € million € million 2018 Turnover 20,624 20,227 10,131 50,982 Operating profit 4,130 7,245 1,160 12,535 Non-underlying 3 378 (3,711 ) 157 (3,176 ) Underlying operating profit 4,508 3,534 1,317 9,359 Share of net profit/(loss) of joint ventures and associates (1 ) 183 3 185 Significant non-cash Within underlying operating profit: Depreciation and amortisation 510 773 256 1,539 Share-based compensation and other non-cash (b) 102 102 46 250 Within non-underlying Impairment and other non-cash (c) 122 164 263 549 2017 Turnover 20,697 22,444 10,574 53,715 Operating profit 4,103 3,616 1,138 8,857 Non-underlying 3 272 121 150 543 Underlying operating profit 4,375 3,737 1,288 9,400 Share of net profit/(loss) of joint ventures and associates 8 143 4 155 Significant non-cash Within underlying operating profit: Depreciation and amortisation 488 802 248 1,538 Share-based compensation and other non-cash (b) 164 174 79 417 Within non-underlying Impairment and other non-cash (c) 80 191 48 319 2016 Turnover 20,172 22,532 10,009 52,713 Operating profit 3,704 3,148 949 7,801 Non-underlying 3 329 357 137 823 Underlying operating profit 4,033 3,505 1,086 8,624 Share of net profit/(loss) of joint ventures and associates (5 ) 131 1 127 Significant non-cash Within underlying operating profit: Depreciation and amortisation 437 791 236 1,464 Share-based compensation and other non-cash (b) 134 135 86 355 Within non-underlying Impairment and other non-cash (c) 74 124 45 243 (a) Foods & Refreshment is reported together from 2018. For the prior year figures, Foods and Refreshment have been combined to align with the current structure. (b) Other non-cash non-underlying (c) Other non-cash non-underlying |
Summary of Operating Results by Geographical Areas | The home countries of the Unilever Group are the Netherlands and the United Kingdom. Turnover and non-current € million United € million United € million Others € million Total 2018 Turnover 3,679 8,305 38,998 50,982 Non-current (d) 4,070 12,193 24,225 40,488 2017 Turnover 3,849 8,532 41,334 53,715 Non-current (d) 3,781 11,820 23,768 39,369 2016 Turnover 3,819 8,263 40,631 52,713 Non-current (d) 4,770 11,696 23,358 39,824 (d) Non-current |
Summary of Additional Information by Geographies | The analysis of turnover by geographical area is stated on the basis of origin. € million Asia/ AMET/RUB (e) € million € million € million 2018 Turnover 22,868 16,020 12,094 50,982 Operating profit 4,777 3,586 4,172 12,535 Non-underlying (437 ) (892 ) (1,847 ) (3,176 ) Underlying operating profit 4,340 2,694 2,325 9,359 Share of net profit/(loss) of joint ventures and associates — 114 71 185 2017 Turnover 23,266 17,525 12,924 53,715 Operating profit 3,802 3,086 1,969 8,857 Non-underlying 306 (23 ) 260 543 Underlying operating profit 4,108 3,063 2,229 9,400 Share of net profit/(loss) of joint ventures and associates 12 112 31 155 2016 Turnover 22,445 17,105 13,163 52,713 Operating profit 3,275 2,504 2,022 7,801 Non-underlying 254 401 168 823 Underlying operating profit 3,529 2,905 2,190 8,624 Share of net profit/(loss) of joint ventures and associates (2 ) 108 21 127 (e) Refers to Asia, Africa, Middle East, Turkey, Russia, Ukraine and Belarus. |
Operating Costs and Non-under_2
Operating Costs and Non-underlying Items (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Gross Profit and Operating Cost | € million € million € million Turnover 50,982 53,715 52,713 Cost of sales (28,769 ) (30,547 ) (30,229 ) of which: Distribution costs (3,098 ) (3,241 ) (3,246 ) Gross profit 22,213 23,168 22,484 Selling and administrative expenses (9,678 ) (14,311 ) (14,683 ) of which: Brand and marketing investment (7,164 ) (7,566 ) (7,731 ) Research and development (900 ) (900 ) (978 ) Operating profit 12,535 8,857 7,801 |
Non-underlying Items | € million € million € million Non-underlying 3176 (543 ) (823 ) Acquisition and disposal-related costs (a) 76 (159 ) (132 ) Gain/(loss) on disposal of group companies (b) 4,331 334 (95 ) Restructuring costs (914 ) (638 ) (578 ) Impairments and other one-off (c) (317 ) (80 ) (18 ) Tax on non-underlying (259 ) 77 213 Non-underlying 2,917 (466 ) (610 ) Non-underlying 154 (382 ) — Premium paid on buyback of preference shares — (382 ) — Share of gain on disposal of Spreads business in Portugal JV 32 — — Net monetary gain arising from hyperinflationary economies 122 — — Tax impact of non-underlying (29 ) 578 — Tax on premium paid on buyback of preference shares (non deductible) — — — Impact of US tax reform (d) (29 ) 578 — Non-underlying 125 196 — Non-underlying (e) 3,042 (270 ) (610 ) Attributable to: Non-controlling 18 (8 ) (9 ) Shareholders’ equity 3,024 (262 ) (601 ) (a) 2018 includes a credit of €277 million from early settlement of contingent consideration relating to Blueair. (b) 2018 includes a gain of €4,331 million on disposal of spreads business. 2017 includes a gain of €309 million from the sale of AdeS soy beverage business in Latin America. (c) 2018 includes a charge of €208 million relating to impairment of Blueair intangible asset. Also included is a charge of €98 million for litigation matters comprised of €48 million for UK pension obligations and €50 million for legal cases in relation to investigations by national competition authorities. 2017 includes an €80 million charge for legal cases in relation to investigations by national competition authorities including those within Italy and South Africa. 2016 includes €18 million in foreign exchange losses resulting from remeasurement of the Argentinian business. (d) On 22 December 2017, HR1, formerly known as the Tax Cuts and Jobs Act was signed into law in the United States. As a result, tax benefit of €578 million was recognised in 2017, primarily due to re-measurement (e) Non-underlying non-underlying non-underlying |
Other Significant Cost | Other significant cost items within operating costs include: Notes € million € million € million Staff costs 4A (6,552 ) (6,712 ) (6,523 ) Raw and packaging materials and goods purchased for resale (20,526 ) (21,579 ) (21,122 ) Amortisation of finite-life intangible assets and software 9 (348 ) (365 ) (310 ) Depreciation of property, plant and equipment 10 (1,191 ) (1,173 ) (1,154 ) Exchange gains/(losses): (49 ) (214 ) (209 ) On underlying transactions (116 ) (51 ) (28 ) On covering forward contracts 67 (163 ) (181 ) Lease rentals: (556 ) (557 ) (531 ) Minimum operating lease payments (568 ) (568 ) (536 ) Less: Sub-lease 12 11 5 |
Employees (Tables)
Employees (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Summary of Staff Cost, Average Number of Employees and Key Management Compensation | STAFF AND MANAGEMENT COSTS Staff costs € million € million € million Wages and salaries (5,346 ) (5,416 ) (5,347 ) Social security costs (571 ) (613 ) (606 ) Other pension costs (439 ) (399 ) (372 ) Share-based compensation costs (196 ) (284 ) (198 ) (6,552 ) (6,712 ) (6,523 ) Average number of employees during the year ’000 2018 ’000 ’000 Asia/AMET/RUB 88 93 95 The Americas 40 41 42 Europe 30 31 32 158 165 169 Key management compensation €million € million € million Salaries and short-term employee benefits (40 ) (34 ) (31 ) Post-employment benefits — — (1 ) Share-based benefits (a) (19 ) (20 ) (17 ) (59 ) (54 ) (49 ) Of which: Executive Directors (15 ) (14 ) (13 ) Other (b) (44 ) (40 ) (36 ) Non-Executive (2 ) (2 ) (2 ) (61 ) (56 ) (51 ) (a) Share-based benefits are shown on a vesting basis. (b) Other includes all members of the Unilever Leadership Executive, other than Executive Directors. |
Summary of Assumptions, Weighted by Liabilities for Valuation of Defined Benefit Plans | The following table shows the assumptions, weighted by liabilities, used to value principal defined benefit plans (representing approximately 96% of total pension liabilities and other post-employment benefit liabilities). 31 December 2018 31 December 2017 Defined Other post- Defined Other post- benefit employment benefit employment pension plans benefit plans pension plans benefit plans Discount rate 2.7 % 4.8 % 2.5 % 4.2 % Inflation 2.5 % n/a 2.5 % n/a Rate of increase in salaries 2.8 % 3.0 % 2.8 % 3.0 % Rate of increase for pensions in payment (where provided) 2.4 % n/a 2.4 % n/a Rate of increase for pensions in deferment (where provided) 2.6 % n/a 2.6 % n/a Long-term medical cost inflation n/a 5.3 % n/a 5.3 % The valuations of other post-employment benefit plans generally assume a higher initial level of medical cost inflation, which falls from 7% to the long-term rate within the next five years. Assumed healthcare cost trend rates have a significant effect on the amounts reported for healthcare plans. For the UK and Netherlands pension plans, representing approximately 68% of all defined benefit pension liabilities, the assumptions used at 31 December 2018 and 2017 were: United Kingdom Netherlands 2018 2017 2018 2017 Discount rate 2.8 % 2.5 % 1.8 % 1.8 % Inflation 3.2 % 3.1 % 1.6 % 1.7 % Rate of increase in salaries 3.1 % 3.0 % 2.1 % 2.2 % Rate of increase for pensions in payment (where provided) 3.1 % 3.0 % 1.6 % 1.7 % Rate of increase for pensions in deferment (where provided) 3.1 % 3.0 % 1.6 % 1.7 % Number of years a current pensioner is expected to live beyond age 65: Men 22.1 22.1 22.5 22.5 Women 24.0 24.0 24.0 24.3 Number of years a future pensioner currently aged 45 is expected to live beyond age 65: Men 22.7 22.6 24.4 24.6 Women 25.6 25.6 26.1 26.6 |
Summary of Charge to Operating Profit | The charge to the income statement comprises: Notes € million € million € million Charged to operating profit: Defined benefit pension and other benefit plans: Current service cost (220 ) (245 ) (226 ) Employee contributions 17 18 17 Special termination benefits (16 ) (4 ) (6 ) Past service cost including (losses)/gains on curtailments (41 ) 23 32 Settlements — 4 (2 ) Defined contribution plans (179 ) (195 ) (187 ) Total operating cost 4A (439 ) (399 ) (372 ) Finance income/(cost) 5 (25 ) (96 ) (94 ) Net impact on the income statement (before tax) (464 ) (495 ) (466 ) |
Summary of Amounts Recognised in Statement of Comprehensive Income on Remeasurement of Net Defined Benefit Liability | Amounts recognised in the statement of comprehensive income on the remeasurement of the net defined benefit liability. € million € million € million Return on plan assets excluding amounts included in net finance income/(cost) (1,108 ) 1,475 1,877 Actuarial gains/(losses) arising from changes in demographic assumptions 42 222 (217 ) Actuarial gains/(losses) arising from changes in financial assumptions 611 (210 ) (2,963 ) Experience gains/(losses) arising on pension plan and other benefit plan liabilities 18 133 82 Total of defined benefit costs recognised in other comprehensive income (437 ) 1,620 (1,221 ) |
Summary of Assets, Liabilities and Surplus/ (Deficit) Position of Pension and Other Post-Employment Benefit Plans at Balance Sheet Date | The assets, liabilities and surplus/(deficit) position of the pension and other post-employment benefit plans at the balance sheet date were: € million 2018 € million 2017 Pension Other post- Pension Other post- Fair value of assets 20,867 13 22,361 21 Present value of liabilities (21,288 ) (466 ) (22,420 ) (523 ) Pension liability net of assets (421 ) (453 ) (59 ) (502 ) Of which in respect of: Funded plans in surplus: Liabilities (16,182 ) — (17,132 ) — Assets 17,909 1 19,302 3 Pension asset net of liabilities 1,727 1 2,170 3 Funded plans in deficit: Liabilities (4,149 ) (30 ) (4,267 ) (35 ) Assets 2,958 12 3,059 18 Pension liability net of assets (1,191 ) (18 ) (1,208 ) (17 ) Unfunded plans: Pension liability (957 ) (436 ) (1,021 ) (488 ) |
Summary of Movements in Assets | Movements in assets during the year: The group of plans within “Rest of world” category in the tables below are not materially different with respect to their risks that would require disaggregated disclosure. UK Netherlands Rest of € million UK Netherlands Rest of € million 1 January 11,038 5,357 5,987 22,382 9,963 5,116 6,104 21,183 Employee contributions — — 17 17 — 1 17 18 Settlements — — (1 ) (1 ) — — (8 ) (8 ) Actual return on plan assets (excluding amounts in net finance income/charge) (459 ) (303 ) (346 ) (1,108 ) 863 275 337 1,475 Interest income 274 95 182 551 270 91 179 540 Employer contributions 95 14 274 383 778 43 284 1,105 Benefit payments (472 ) (166 ) (561 ) (1,199 ) (457 ) (169 ) (613 ) (1,239 ) Currency retranslation (147 ) — 12 (135 ) (379 ) — (312 ) (691 ) Others — (1 ) (9 ) (10 ) — — (1 ) (1 ) 31 December 10,329 4,996 5,555 20,880 11,038 5,357 5,987 22,382 |
Summary of Movements in Liabilities | Movements in liabilities during the year: UK Netherlands Rest of € million UK Netherlands Rest of € million 1 January (10,255 ) (4,913 ) (7,775 ) (22,943 ) (10,981 ) (4,877 ) (8,498 ) (24,356 ) Current service cost (109 ) (4 ) (107 ) (220 ) (114 ) (6 ) (125 ) (245 ) Employee contributions — — — — — — — — Special termination benefits — — (16 ) (16 ) — — (4 ) (4 ) Past service costs including (losses)/gains on curtailments (46 ) 8 (3 ) (41 ) 5 12 6 23 Settlements — — 1 1 — — 12 12 Interest cost (254 ) (87 ) (235 ) (576 ) (286 ) (86 ) (264 ) (636 ) Actuarial gain/(loss) arising from changes in demographic assumptions — 53 (11 ) 42 312 (96 ) 6 222 Actuarial gain/(loss) arising from changes in financial assumptions 351 84 176 611 (189 ) — (21 ) (210 ) Actuarial gain/(loss) arising from experience adjustments (45 ) 37 26 18 144 (37 ) 26 133 Benefit payments 472 166 561 1,199 457 169 613 1,239 Currency retranslation 147 — 14 161 397 — 474 871 Others — (8 ) 18 10 — 8 — 8 31 December (9,739 ) (4,664 ) (7,351 ) (21,754 ) (10,255 ) (4,913 ) (7,775 ) (22,943 ) |
Summary of Movements in (Deficit)/Surplus | Movements in (deficit)/surplus during the year: UK Netherlands Rest of € million UK Netherlands Rest of € million 1 January 783 444 (1,788 ) (561 ) (1,018 ) 239 (2,394 ) (3,173 ) Current service cost (109 ) (4 ) (107 ) (220 ) (114 ) (6 ) (125 ) (245 ) Employee contributions — — 17 17 — 1 17 18 Special termination benefits — — (16 ) (16 ) — — (4 ) (4 ) Past service costs including (losses)/gains on curtailments (46 ) 8 (3 ) (41 ) 5 12 6 23 Settlements — — — — — — 4 4 Actual return on plan assets (excluding amounts in net finance income/charge) (459 ) (303 ) (346 ) (1,108 ) 863 275 337 1,475 Interest cost (254 ) (87 ) (235 ) (576 ) (286 ) (86 ) (264 ) (636 ) Interest income 274 95 182 551 270 91 179 540 Actuarial gain/(loss) arising from changes in demographic assumptions — 53 (11 ) 42 312 (96 ) 6 222 Actuarial gain/(loss) arising from changes in financial assumptions 351 84 176 611 (189 ) — (21 ) (210 ) Actuarial gain/(loss) arising from experience adjustments (45 ) 37 26 18 144 (37 ) 26 133 Employer contributions 95 14 274 383 778 43 284 1,105 Benefit payments — — — — — — — — Currency retranslation — — 26 26 18 — 162 180 Others — (9 ) 9 — — 8 (1 ) 7 31 December 590 332 (1,796 ) (874 ) 783 444 (1,788 ) (561 ) |
Summary of Principal Defined Benefit Liabilities and Split of Liabilities Between Different Categories of Plan Participants | The duration of the principal defined benefit plan liabilities (representing 96% of total pension liabilities and other post-employment benefit liabilities) and the split of liabilities between different categories of plan participants are: UK Netherlands Rest of world (a) 2018 UK Netherlands Rest of 2017 Duration (years) 17 18 12 7 to 23 17 19 13 8 to 24 Active members 12 % 15 % 21 % 15 % 14 % 22 % 16 % 18 % Deferred members 33 % 38 % 16 % 29 % 32 % 30 % 15 % 26 % Retired members 55 % 47 % 63 % 56 % 54 % 48 % 69 % 56 % (a) Rest of world numbers shown are weighted averages by liabilities. |
Schedule of Fair Value of Plans Assets, Which Are Reported Net of Fund Liabilities That Are Not Employee Benefits | The fair value of plan assets, which are reported net of fund liabilities that are not employee benefits, at the end of the reporting period for each category are as follows: The group of plans within “Rest of world” category in the tables below are not materially different with respect to their risks that would require disaggregated disclosure. € million € million 31 December 2018 31 December 2017 UK Netherlands Rest of 2018 UK Netherlands Rest of 2017 Total plan assets 10,329 4,996 5,542 20,867 11,038 5,357 5,966 22,361 Assets Equities total 3,182 1,594 1,505 6,281 4,538 1,876 1,909 8,323 Europe 731 480 451 1,662 1,093 703 594 2,390 North America 1,723 714 682 3,119 2,320 668 842 3,830 Other 728 400 372 1,500 1,125 505 473 2,103 Fixed income total 4,963 2,595 2,947 10,505 4,210 2,500 2,954 9,664 Government bonds 2,474 769 1,253 4,496 2,162 879 1,376 4,417 Investment grade corporate bonds 984 502 1,167 2,653 1,368 485 1,207 3,060 Other fixed income 1,505 1,324 527 3,356 680 1,136 371 2,187 Private equity 363 82 2 447 401 89 3 493 Property and real estate 852 451 276 1,579 810 411 246 1,467 Hedge funds 663 — 120 783 673 — 297 970 Other 435 293 389 1,117 463 427 274 1,164 Other plans — — 312 312 — — 312 312 Fund liabilities that are not employee benefits Derivatives (129 ) (19 ) (9 ) (157 ) (57 ) 54 (29 ) (32 ) |
Schedule of Sensitivity of Pension Liabilities to Changes in the Weighted Key Assumptions | The sensitivity of the overall pension liabilities to changes in the weighted key assumptions are: Change in liabilities Change in assumption UK Netherlands Total Discount rate Increase by 0.5 % -8 % -9 % -7 % Inflation rate Increase by 0.5 % 7 % 9 % 6 % Life expectancy Increase by 1 year 4 % 4 % 4 % Long-term medical cost inflation (b) Increase by 1.0 % 0 % 0 % 2 % (b) Long-term medical cost inflation only relates to post-retirement medical plans. |
Schedule of Cash Flow in Respect of Pensions and Similar Post-employment Benefits | The table below sets out these amounts: € million € million € million € million 2019 2018 2017 2016 Estimate Company contributions to funded plans: Defined benefit 230 238 954 355 Defined contributions 185 179 195 187 Benefits paid by the company in respect of unfunded plans: Defined benefit 150 144 151 157 Group cash flow in respect of pensions and similar benefits 565 561 1,300 699 |
Schedule of Income Statement Charge | The charge in each of the last three years is shown below, and relates to equity-settled plans: Income statement charge € million € million € million Performance share plans (183 ) (273 ) (185 ) Other plans (13 ) (11 ) (13 ) (196 ) (284 ) (198 ) |
Summary of Status of Performance Share Plans, Related Changes and Share Award Value Information | A summary of the status of the Performance Share Plans as at 31 December 2018, 2017 and 2016 and changes during the years ended on these dates is presented below: 2018 2017 2016 Number Number Number of shares of shares of shares Outstanding at 1 January 13,684,747 14,818,060 15,979,140 Awarded 6,870,882 4,962,345 7,016,274 Vested (5,854,388 ) (4,723,861 ) (6,983,053 ) Forfeited (1,066,723 ) (1,371,797 ) (1,194,301 ) Outstanding at 31 December 13,634,518 13,684,747 14,818,060 Share award value information 2018 2017 2016 Fair value per share award during the year € 42.44 € 42.59 € 35.43 |
Net Finance Costs (Tables)
Net Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Summary of Net Finance Costs | Net finance costs Notes € million € million € million Finance costs (591 ) (556 ) (584 ) Bank loans and overdrafts (44 ) (46 ) (67 ) Interest on bonds and other loans (a) (560 ) (519 ) (501 ) Dividends paid on preference shares (b) — (4 ) (4 ) Net gain/(loss) on transactions for which hedge accounting is not applied (c) 13 13 (12 ) On foreign exchange derivatives 144 384 (215 ) Exchange difference on underlying items (131 ) (371 ) 203 Finance income 135 157 115 Pensions and similar obligations 4B (25 ) (96 ) (94 ) Net finance costs before non-underlying (d) (481 ) (495 ) (563 ) Premium paid on buyback of preference shares — (382 ) — (481 ) (877 ) (563 ) (a) Interest on bonds and other loans’ includes the impact of interest rate derivatives that are part of hedge accounting relationships and the related recycling of results from the hedge accounting reserve. Includes an amount of €(15) million (2017: €(26) million) relating to unwinding of discount on deferred consideration for acquisitions and €38 million (2017: €65 million) release of provision for interest on indirect tax cases in Brazil. (b) Preference shares were repurchased in 2017. (c) For further details of derivatives for which hedge accounting is not applied, please refer to note 16C. (d) See note 3 for explanation of non-underlying |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Summary of Tax Charge in Income Statement | Tax charge in income statement € million € million € million Current tax Current year (2,647 ) (2,398 ) (2,026 ) Over/(under) provided in prior years (10 ) (21 ) 158 (2,657 ) (2,419 ) (1,868 ) Deferred tax Origination and reversal of temporary differences 3 51 (65 ) Changes in tax rates (13 ) 609 (7 ) Recognition of previously unrecognised losses brought forward 92 92 18 82 752 (54 ) (2,575 ) (1,667 ) (1,922 ) |
Summary of Reconciliation of Effective Tax Rate | The reconciliation between the computed weighted average rate of income tax expense, which is generally applicable to Unilever companies, and the actual rate of taxation charged is as follows: Reconciliation of effective tax rate % % % Computed rate of tax (a) 25 26 26 Differences between computed rate of tax and effective tax rate due to: Incentive tax credits (3 ) (4 ) (4 ) Withholding tax on dividends 2 2 3 Expenses not deductible for tax purposes 1 1 1 Irrecoverable withholding tax 1 1 1 Income tax reserve adjustments – current and prior year 1 — (1 ) Transfer to/(from) unrecognised deferred tax assets — 1 — Others (1 ) (1 ) — Underlying effective tax rate 26 26 26 Non-underlying (b) (1 ) 1 — Premium paid on Buyback of preference shares (b) — 1 — Impact of US tax reform (b) — (7 ) — Impact of Spreads disposal (b) (4 ) — — Effective tax rate 21 21 26 (a) The computed tax rate used is the average of the standard rate of tax applicable in the countries in which Unilever operates, weighted by the amount of underlying profit before taxation generated in each of those countries. For this reason, the rate may vary from year to year according to the mix of profit and related tax rates. (b) See note 3 for explanation of non-underlying |
Summary of Movements in Deferred Tax Asset (Liability) | € million € million € million € million € million € million € million € million Movements in 2018 and 2017 As at Income Other As at As at Income Other As at Pensions and similar obligations 316 (26 ) 114 404 766 (16 ) (434 ) 316 Provisions and accruals 653 193 (25 ) 821 922 (154 ) (115 ) 653 Goodwill and intangible assets (1,652 ) (154 ) (105 ) (1,911 ) (1,928 ) 654 (378 ) (1,652 ) Accelerated tax depreciation (679 ) 5 (5 ) (679 ) (870 ) 109 82 (679 ) Tax losses 130 11 (11 ) 130 131 (36 ) 35 130 Fair value gains 100 58 (3 ) 155 (7 ) 104 3 100 Fair value losses 24 (2 ) — 22 29 65 (70 ) 24 Share-based payments 194 (14 ) (5 ) 175 169 (5 ) 30 194 Other 86 11 (20 ) 77 81 31 (26 ) 86 (828 ) 82 (60 ) (806 ) (707 ) 752 (873 ) (828 ) |
Summary of Deferred Tax Assets and Liabilities | The following amounts, determined after appropriate offsetting, are shown in the consolidated balance sheet: Deferred tax assets and liabilities € million € million € million € million € million € million Pensions and similar obligations 334 294 70 22 404 316 Provisions and accruals 578 465 243 188 821 653 Goodwill and intangible assets 41 86 (1,952 ) (1,738 ) (1,911 ) (1,652 ) Accelerated tax depreciation (64 ) (21 ) (615 ) (658 ) (679 ) (679 ) Tax losses 126 125 4 5 130 130 Fair value gains 12 23 143 77 155 100 Fair value losses 2 3 20 21 22 24 Share-based payments 59 74 116 120 175 194 Other 29 36 48 50 77 86 1,117 1,085 (1,923 ) (1,913 ) (806 ) (828 ) Of which deferred tax to be recovered/(settled) after more than 12 months 840 730 (2,046 ) (1,868 ) (1,206 ) (1,138 ) |
Summary of Tax Effects of Components of Other Comprehensive Income | Tax effects of the components of other comprehensive income were as follows: € million € million € million € million € million € million Tax Tax Before 2018 (charge)/ credit After 2018 Before (charge)/ After tax Gains/(losses) on: (a) Equity instruments at fair value through other comprehensive income 51 — 51 — — — Cash flow hedges (70 ) 15 (55 ) (62 ) (6 ) (68 ) Other financial instruments — — — 1 (8 ) (7 ) Remeasurements of defined benefit pension plans (437 ) 109 (328 ) 1,620 (338 ) 1,282 Currency retranslation gains/(losses) (869 ) 8 (861 ) (1,024 ) 41 (983 ) (1,325 ) 132 (1,193 ) 535 (311 ) 224 (a) Classification has changed following adoption of IFRS 9. See note 1 for further details. |
Combined Earnings Per Share (Ta
Combined Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Summary of Computation of Earnings Per Share | Earnings per share for total operations for the 12 months were as follows: € € € 2018 2017 2016 Basic earnings per share 3.50 2.16 1.83 Diluted earnings per share 3.48 2.15 1.82 Underlying earnings per share 2.36 2.24 2.03 Millions of share units Calculation of average number of share units 2018 2017 2016 Average number of shares: NV 1,714.7 1,714.7 1,714.7 PLC 1,264.0 1,310.2 1,310.2 Less treasury shares held by employee share trusts and companies (295.4 ) (223.3 ) (184.7 ) Combined average number of share units – used for basic earnings per share 2,683.3 2,801.6 2,840.2 Add dilutive effect of share-based compensation plans 11.5 12.4 13.7 Diluted combined average number of share units – used for diluted and underlying earnings per share 2,694.8 2,814.0 2,853.9 € million € million € million Calculation of earnings Notes 2018 2017 2016 Net profit 9,808 6,486 5,547 Non-controlling (419 ) (433 ) (363 ) Net profit attributable to shareholders’ equity – used for basic and diluted earnings per share 9,389 6,053 5,184 Post tax impact of non-underlying 3 (3,024 ) 262 601 Underlying profit attributable to shareholders’ equity – used for underlying earnings per share 6,365 6,315 5,785 |
Dividends on Ordinary Capital (
Dividends on Ordinary Capital (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Summary of Dividends on Ordinary Capital | Dividends on ordinary capital during the year € million € million € million NV dividends (2,262 ) (2,154 ) (1,974 ) PLC dividends (1,819 ) (1,762 ) (1,626 ) (4,081 ) (3,916 ) (3,600 ) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Summary of Movements in Goodwill and Intangible Assets | € million € million € million € million € million Finite-life intangible assets Indefinite-life Movements during 2018 Goodwill intangible Software Other Total Cost 1 January 2018 18,042 10,275 2,499 1,090 31,906 Hyperinflation restatement to 1 January 2018 244 25 3 — 272 Acquisitions of group companies 470 825 — 12 1,307 Disposals of group companies (1 ) (1 ) — — (2 ) Reclassification to held for sale (a) (227 ) (55 ) (1 ) — (283 ) Reclassification from held for sale — 9 — — 9 Additions — — 201 2 203 Disposals — — — (15 ) (15 ) Currency retranslation (151 ) 156 (15 ) 14 4 Hyperinflationary adjustment 125 13 2 — 140 31 December 2018 18,502 11,247 2,689 1,103 33,541 Accumulated amortisation and impairment 1 January 2018 (1,161 ) (14 ) (1,637 ) (693 ) (3,505 ) Hyperinflation restatement to 1 January 2018 — — (3 ) — (3 ) Amortisation/impairment for the year — (198 ) (297 ) (61 ) (556 ) Disposals — — — 14 14 Currency retranslation — — 12 (8 ) 4 Hyperinflationary adjustment — — (2 ) — (2 ) 31 December 2018 (1,161 ) (212 ) (1,927 ) (748 ) (4,048 ) Net book value 31 December 2018 (b) 17,341 11,035 762 355 29,493 € million € million € million € million € million Finite-life intangible assets Indefinite-life Movements during 2017 Goodwill intangible assets Software Other Total Cost 1 January 2017 18,789 8,358 2,578 1,068 30,793 Acquisitions of group companies 2,557 2,622 — 88 5,267 Reclassification to held for sale (a) (2,228 ) (82 ) (1 ) — (2,311 ) Reclassification from held for sale 28 — — — 28 Additions — — 153 1 154 Disposals — — (78 ) (1 ) (79 ) Currency retranslation (1,104 ) (623 ) (153 ) (66 ) (1,946 ) 31 December 2017 18,042 10,275 2,499 1,090 31,906 Accumulated amortisation and impairment 1 January 2017 (1,165 ) (13 ) (1,484 ) (698 ) (3,360 ) Amortisation/impairment for the year — — (324 ) (41 ) (365 ) Disposals — — 78 1 79 Currency retranslation 4 (1 ) 93 45 141 31 December 2017 (1,161 ) (14 ) (1,637 ) (693 ) (3,505 ) Net book value 31 December 2017 (b) 16,881 10,261 862 397 28,401 (a) Goodwill and intangibles amounting to €283 million has been reclassified as held for sale in relation to the Spreads and Alsa baking and dessert businesses. In 2017 €2,311 million goodwill and intangibles related to Spreads business were reclassified as held for sale. (b) Within the indefinite-life intangible assets there are three brands that have a significant carrying value: Knorr €1,789 million (2017: €1,770 million), Carver Korea €1,534 million (2017: € 1,520 million) and Hellmann’s €1,195 million (2017: €1,160 million). |
Summary of Goodwill and Indefinite-life Intangible Assets Held in Significant CGUs | The goodwill and indefinite-life intangible assets held in the significant CGUs are: € billion € billion Indefinite-life intangible 2018 CGUs Goodwill assets Foods & Refreshment Europe 3.9 1.6 Foods & Refreshment The Americas 3.9 2.1 Beauty & Personal Care The Americas 4.0 2.8 Beauty & Personal Care Asia/AMET/RUB 1.7 2.0 € billion € billion Indefinite-life 2017 CGUs Goodwill intangible assets Foods (excluding spreads) Europe 4.5 1.6 Foods (excluding spreads) The Americas 2.8 1.4 Foods (excluding spreads) Asia/AMET/RUB 1.5 0.4 Beauty & Personal Care The Americas 2.5 1.5 |
Summary of Key Assumptions Used in Discounted Cash Flow Projections | For the significant CGUs, the following key assumptions were used in the discounted cash flow projections: Foods & Foods & Beauty & Beauty & Refreshment Refreshment Personal Care Personal Care The Asia/ Europe The Americas Americas AMET/RUB Longer-term sustainable growth rates 1.2 % 1.6 % 1.6 % 3.8 % Average near-term nominal growth rates 0.0 % 0.7 % 2.8 % 3.9 % Average operating margins 16 % 15 % 20 % 22 % |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Summary of Movements in Property, Plant and Equipment | € million € million € million Movements during 2018 Land and Plant and Total Cost 1 January 2018 4,462 14,936 19,398 Hyperinflation restatement to 1 January 2018 37 182 219 Acquisitions of group companies 11 31 42 Additions 249 1,091 1,340 Disposals (97 ) (607 ) (704 ) Hyperinflationary adjustment 49 93 142 Currency retranslation (91 ) (351 ) (442 ) Reclassification as held for sale (17 ) (54 ) (71 ) 31 December 2018 4,603 15,321 19,924 Accumulated depreciation 1 January 2018 (1,429 ) (7,558 ) (8,987 ) Hyperinflation restatement to 1 January 2018 (10 ) (106 ) (116 ) Depreciation charge for the year (125 ) (1,066 ) (1,191 ) Disposals 62 529 591 Hyperinflationary adjustment (7 ) (53 ) (60 ) Currency retranslation 15 128 143 Reclassification as held for sale 10 33 43 31 December 2018 (1,484 ) (8,093 ) (9,577 ) Net book value 31 December 2018 (a) 3,119 7,228 10,347 Includes capital expenditures for assets under construction 130 956 1,086 (a) Includes €302 million of freehold land. The Group has commitments to purchase property, plant and equipment of €324 million (2017: €323 million). € million € million € million Movements during 2017 Land and Plant and Total Cost 1 January 2017 4,745 16,462 21,207 Acquisitions of group companies 13 29 42 Disposals of group companies (16 ) (78 ) (94 ) Additions 314 1,218 1,532 Disposals (19 ) (440 ) (459 ) Currency retranslation (384 ) (1,283 ) (1,667 ) Reclassification as held for sale (a) (191 ) (972 ) (1,163 ) 31 December 2017 4,462 14,936 19,398 Accumulated depreciation 1 January 2017 (1,483 ) (8,051 ) (9,534 ) Disposals of group companies 1 29 30 Depreciation charge for the year (142 ) (1,031 ) (1,173 ) Disposals 14 400 414 Currency retranslation 100 543 643 Reclassification as held for sale 81 552 633 31 December 2017 (1,429 ) (7,558 ) (8,987 ) Net book value 31 December 2017 (b) 3,033 7,378 10,411 Includes capital expenditures for assets under construction 93 972 1,065 (a) Includes €548 million in property plant and equipment related to the Spreads business. (b) Includes €247 million of freehold land. |
Other Non-current Assets (Table
Other Non-current Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Summary of Other Non-current Assets | € million € million Interest in net assets of joint ventures 14 32 Interest in net assets of associates 40 44 Long-term trade and other receivables (a) 307 265 Operating lease prepayments for land 118 116 Fair value of biological assets 18 17 Other non-current (b) 151 83 648 557 (a) Mainly relates to indirect tax receivables where we do not have the contractual right to receive payment within 12 months. (b) Mainly relates to tax assets. |
Movements in Interest in Joint Ventures and Associates | Movements during 2018 and 2017 € million € million Joint ventures (a) 1 January 32 36 Additions 5 — Dividends received/reductions (b) (216 ) (155 ) Share of net profit/(loss) 190 155 Currency retranslation 3 (4 ) 31 December 14 32 Associates (c) 1 January 44 51 Additions 3 5 Dividend received/reductions — (10 ) Share of net profit/(loss) (5 ) — Currency retranslation (2 ) (2 ) 31 December 40 44 (a) Our principal joint ventures are Unilever FIMA LDA for Portugal, the Pepsi/Lipton Partnership for the US and Pepsi Lipton International for the rest of the world. (b) In 2018, includes capital reduction in joint venture of Unilever FIMA LDA for €64 million. (c) Associates as at 31 December 2018 primarily comprise our investments in Langholm Capital Partners. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Summary of Inventories | Inventories € million € million Raw materials and consumables 1,365 1,274 Finished goods and goods for resale 2,936 2,688 4,301 3,962 |
Trade and Other Current Recei_2
Trade and Other Current Receivables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Summary of Trade and Other Current Receivables | Trade and other current receivables € million € million Due within one year Trade receivables (a) 4,350 3,439 Prepayments and accrued income 693 452 Other receivables 1,442 1,331 6,485 5,222 (a) 2018 includes €677 million due from KKR as a result of an arrangement following the sale of the global spreads business (excluding Southern Africa). Unilever will provide services to KKR including IT infrastructure, bookkeeping, payroll, marketing and co-packing for up to two years from completion of the disposal and KKR pays Unilever for materials sourced on its behalf. See also trade payables on page 104. |
Summary of Ageing of Trade Receivables | Ageing of trade receivables €million € million Total trade receivables 4,538 3,599 Less impairment provision for trade receivables (188) (160 ) 4,350 3,439 Of which: Not overdue 3,440 2,714 Past due less than three months 747 621 Past due more than three months but less than six months 132 95 Past due more than six months but less than one year 74 59 Past due more than one year 145 110 Impairment provision for trade receivables (188) (160 ) 4,350 3,439 |
Summary of Impairment Provision for Trade and Other Receivables | Impairment provision for total trade and other receivables €million € million 1 January 184 166 Charge to income statement 65 51 Reduction/releases (29 ) (21 ) Currency translations (6 ) (12 ) 31 December 214 184 |
Trade Payables and Other Liab_2
Trade Payables and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Summary of Trade Payables and Other Liabilities | Trade payables and other liabilities € million € million Current: due within one year Trade payables (a) 9,121 8,217 Accruals 3,724 3,666 Social security and sundry taxes 498 539 Deferred consideration 14 26 Others 1,100 978 14,457 13,426 Non-current: Accruals 121 146 Deferred consideration 173 485 Others 52 69 346 700 Total trade 14,803 14,126 (a) 2018 includes €311 million due to KKR as a result of an arrangement following the sale of the global spreads business (excluding Southern Africa). Unilever will provide certain services for up to two years from completion of the disposal and pays KKR for amounts collected on its behalf. See also trade receivables on page 103. |
Capital and Funding (Tables)
Capital and Funding (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of Share Capital | SHARE CAPITAL Authorised (a) Issued, called up and (b) Authorised (a) Issued, (b) Unilever N.V. € million €million €million €million NV ordinary shares of €0.16 each 480 274 480 274 NV ordinary shares of €428.57 each (shares numbered 1 to 2,400 –‘Special Shares’) 1 1 1 1 Internal holdings eliminated on consolidation (€428.57 shares) — (1 ) — (1 ) 481 274 481 274 Unilever PLC £million €million PLC ordinary shares of 3 1 40.8 40.8 PLC deferred stock of £1 each 0.1 0.1 Internal holding eliminated on consolidation (£1 stock) (0.1 ) (0.1 ) Cancellation of treasury shares (c) (3.8 ) — 37.0 40.8 €million €million Euro equivalent in millions (at £1.00 = €5.143) (d) 190 210 Unilever Group €million €million Ordinary share capital of NV 274 274 Ordinary share capital of PLC 190 210 464 484 (a) At 31 December 2018 Unilever N.V. had 3,000,000,000 (2017: 3,000,000,000) authorised ordinary shares. The requirement for a UK company to have an authorised share capital was abolished by the UK Companies Act 2006. In May 2010 Unilever PLC shareholders approved new Articles of Association to reflect this. (b) At 31 December 2018 the following quantities of shares were in issue: 1,714,727,700 of NV ordinary shares; 2,400 of NV Special Shares; 1,187,191,284 of PLC ordinary shares and 100,000 of PLC deferred stock. At 31 December 2017, 1,714,727,700 of NV ordinary shares; 2,400 of NV Special Shares; 1,310,156,361 of PLC ordinary shares and 100,000 of PLC deferred stock were in issue. (c) At 31 December 2018 122,965,077 of PLC ordinary shares that were repurchased as part of the share buyback programme in 2018 and prior years, were cancelled. And 24,334,848 shares have not been cancelled and are recognised as treasury shares. (d) Conversion rate for PLC ordinary shares nominal value to euros is £1 = €5.143 (which is calculated by dividing the nominal value of NV ordinary shares by the nominal value of PLC ordinary shares). |
Summary Combined Financial Information in Relation to HUL | Summary financial information in relation to HUL is shown below. HUL balance sheet as at 31 December € million € million Non-current 881 819 Current assets 1,333 1,274 Current liabilities (1,130 ) (1,030 ) Non-current (190 ) (135 ) HUL comprehensive income for the year ended 31 December Turnover 4,527 4,464 Profit after tax 617 595 Total comprehensive income 576 529 HUL cash flow for the year ended 31 December Net increase/(decrease) in cash and cash-equivalents 14 (71 ) HUL non-controlling 1 January (288 ) (282 ) Share of (profit)/loss for the year ended 31 December (203 ) (195 ) Other comprehensive income (4 ) (3 ) Dividend paid to the non-controlling 183 172 Other changes in equity — — Currency translation 13 20 31 December (299 ) (288 ) |
Summary of Consolidated Statement of Changes in Equity: Analysis of Other Reserves | CONSOLIDATED STATEMENT OF CHANGES IN EQUITY: ANALYSIS OF OTHER RESERVES € million € million € million Fair value reserves (194 ) (189 ) (113 ) Equity instruments (a) 98 — — Cash flow hedges (292 ) (236 ) (168 ) Available-for-sale — 47 55 Currency retranslation of group companies – see following table (4,764 ) (3,927 ) (3,034 ) Adjustment on translation of PLC’s ordinary capital at 3 1 (150 ) (164 ) (164 ) Capital redemption reserve 32 32 32 Book value of treasury shares – see following table (10,181 ) (9,208 ) (4,164 ) Hedging gains/(losses) transferred to non-financial (a) 71 — — Other (b) (100 ) (177 ) — (15,286 ) (13,633 ) (7,443 ) (a) Classification has changed following adoption of IFRS 9. See note 1 for further details. (b) Relates to option on purchase of subsidiary for non-controlling |
Summary of Treasury Shares Movements | Treasury shares – movements during the year € million 2018 € million 1 January (9,208 ) (4,164 ) Repurchase of shares (see note 24) (6,020 ) (5,014 ) Cancellation of NV and PLC shares 5,055 — Other purchases and utilisations (8 ) (30 ) 31 December (10,181 ) (9,208 ) |
Summary of Currency Retranslation Reserve | Currency retranslation reserve – movements during the year € million 2018 € million 1 January (3,927 ) (3,034 ) Currency retranslation during the year (843 ) (50 ) Movement in net investment hedges and exchange differences in net investments in foreign operations 77 (909 ) Recycled to income statement (71 ) 66 31 December (4,764 ) (3,927 ) |
Summary of Comprehensive Income: Other Comprehensive Income Reconciliation | STATEMENT OF COMPREHENSIVE INCOME: OTHER COMPREHENSIVE INCOME RECONCILIATION Fair value gains/(losses) on financial instruments – movement during the year € million 2018 € million 1 January (189 ) (113 ) Equity instruments 51 — Cash flow hedges (55 ) (68 ) Available for sale financial assets — (8 ) 31 December (193 ) (189 ) Refer to the consolidated statement of comprehensive income on page 75, the consolidated statement of changes in equity on page 76, and note 6C on page 96. Remeasurement of defined benefit pension plans net of tax € million 2018 € million 1 January (1,171 ) (2,453 ) Movement during the year (328 ) 1,282 31 December (1,499 ) (1,171 ) Refer to the consolidated statement of comprehensive income on page 75, the consolidated statement of changes in equity on page 76, note 4B from page 87 to 92 and note 6C on page 96. Currency retranslation gains/(losses) – movement during the year € million € million 1 January (4,278 ) (3,295 ) Currency retranslation during the year: Other reserves (836 ) (903 ) Retained profit (10 ) (27 ) Non-controlling (15 ) (53 ) 31 December (5,139 ) (4,278 ) |
Summary of Financial Liabilities | FINANCIAL LIABILITIES € million € million € million € million € million € million Financial liabilities (a) Note Current Non- Total Current Non- Total Bank loans and overdrafts (b) 525 289 814 513 479 992 Bonds and other loans 2,422 20,969 23,391 7,181 15,528 22,709 Finance lease creditors 20 13 115 128 11 120 131 Derivatives 126 276 402 86 335 421 Other financial liabilities (c) 149 1 150 177 — 177 3,235 21,650 24,885 7,968 16,462 24,430 (a) (b) (c) non-controlling |
Reconciliation of Liabilities Arising from Financing Activities | RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES Non-cash Movements in 2018 and 2017 Opening Cash Business € million Foreign € million Fair value changes € million Other movements € million Closing 31 December 2018 Bank loans and overdrafts (a) (992 ) 158 (10 ) 17 — 13 (814 ) Bonds and other loans (a) (22,709 ) (135 ) — (543 ) — (4 ) (23,391 ) Finance lease creditors (131 ) 10 — 1 — (8 ) (128 ) Derivatives (421 ) — — — 19 — (402 ) Other financial liabilities (177 ) 51 — 10 (4 ) (30 ) (150 ) Total (24,430 ) 84 (10 ) (515 ) 15 (29 ) (24,885 ) 2017 Preference shares (68 ) 68 — — — — — Bank loans and overdrafts (a) (1,146 ) 66 (3 ) 98 — (7 ) (992 ) Bonds and other loans (a) (15,053 ) (9,008 ) — 1,346 (2 ) 8 (22,709 ) Finance lease creditors (143 ) 14 — 6 — (8 ) (131 ) Derivatives (185 ) — — — (236 ) — (421 ) Other financial liabilities (a) — — — — — (177 ) (177 ) Total (16,595 ) (8,860 ) (3 ) 1,450 (238 ) (184 ) (24,430 ) (a) |
Bonds and Other Loans [Member] | |
Summary of Analysis of Bonds and Other Loans | ANALYSIS OF BONDS AND OTHER LOANS € million € million Total 2018 Total 2017 Unilever N.V. Floating Rate Notes 2018 (€) — 750 1.625% Notes 2033 (€) 791 — 1.750% Bonds 2020 (€) 749 748 0.500% Notes 2022 (€) 746 744 1.375% Notes 2029 (€) 743 742 1.125% Bonds 2027 (€) 696 — 1.125% Bonds 2028 (€) 693 693 0.875% Notes 2025 (€) 647 646 0.500% Bonds 2025 (€) 642 — 1.375% Notes 2030 (€) 642 — 0.375% Notes 2023 (€) 599 598 1.000% Notes 2027 (€) 598 597 1.000% Notes 2023 (€) 497 497 0.000% Notes 2021 (€) 497 496 0.500% Notes 2023 (€) 497 — 0.500% Notes 2024 (€) 494 493 0.000% Notes 2020 (€) 300 299 Commercial paper — 3,655 Total NV 9,831 10,958 Unilever PLC 1.125% Notes 2022 (£) 386 390 2.000% Notes 2018 (£) (a) — 283 1.375% Notes 2024 (£) 276 280 1.875% Notes 2029 (£) 274 278 Total PLC 936 1,231 Other group companies Switzerland Other 10 6 United States 4.250% Notes 2021 ($) 873 834 5.900% Bonds 2032 ($) 865 826 2.900% Notes 2027 ($) 860 821 2.200% Notes 2022 ($) 738 704 1.800% Notes 2020 ($) 698 666 3.500% Notes 2028 ($) 687 — 4.800% Bonds 2019 ($) 656 627 2.200% Notes 2019 ($) 655 625 2.000% Notes 2026 ($) 602 575 1.375% Notes 2021 ($) 478 456 3.125% Notes 2023 ($) 477 — 2.100% Notes 2020 ($) 436 416 3.000% Notes 2022 ($) 434 — 3.250% Notes 2024 ($) 433 — 3.100% Notes 2025 ($) 432 413 2.600% Notes 2024 ($) 432 413 3.500% Bonds 2028 ($) 431 — 2.750% Bonds 2021 ($) 348 — 3.375% Notes 2025 ($) 302 — 7.250% Bonds 2026 ($) 254 243 6.625% Bonds 2028 ($) 200 190 5.150% Notes 2020 ($) 134 129 5.600% Bonds 2097 ($) 80 76 Commercial paper ($) 1,070 2,421 Other countries 39 79 Total other group companies 12,624 10,520 Total bonds and other loans 23,391 22,709 (a) Of which €Nil (2017: €2 million) relates to a fair value adjustment following the fair value hedge accounting of a fixed-for-floating |
Treasury Risk Management (Table
Treasury Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Summary of Maturity Analysis for Non-derivative and Derivative Financial Liabilities | The following table shows Unilever’s contractually agreed undiscounted cash flows, including expected interest payments, which are payable under financial liabilities at the balance sheet date: € million € million € million € million € million € million € million € million Undiscounted cash flows Note Due Due 2 years Due 3 years Due 4 years Due 5 years Due 5 years Total Net 2018 Non-derivative Bank loans and overdrafts (529 ) (12 ) (1 ) (278 ) — — (820 ) (814 ) Bonds and other loans (2,888 ) (2,748 ) (2,572 ) (2,646 ) (2,387 ) (14,090 ) (27,331 ) (23,391 ) Finance lease creditors 20 (20 ) (19 ) (18 ) (17 ) (17 ) (96 ) (187 ) (128 ) Other financial liabilities (149 ) (1 ) — — — — (150 ) (150 ) Trade payables, accruals and other liabilities 14 (13,945 ) (140 ) (10 ) (5 ) (4 ) (14 ) (14,118 ) (14,118 ) Deferred consideration (14 ) (79 ) (70 ) (6 ) — (45 ) (214 ) (187 ) (17,545 ) (2,999 ) (2,671 ) (2,952 ) (2,408 ) (14,245 ) (42,820 ) (38,788 ) Derivative financial liabilities: Interest rate derivatives: Derivative contracts – receipts 67 760 163 788 37 1,406 3,221 Derivative contracts – payments (23 ) (756 ) (138 ) (797 ) (17 ) (1,423 ) (3,154 ) Foreign exchange derivatives: Derivative contracts – receipts 17,108 — — — — — 17,108 Derivative contracts – payments (17,317 ) — — — — — (17,317 ) Commodity derivatives: Derivative contracts – receipts — — — — — — — Derivative contracts – payments (74 ) — — — — — (74 ) (239 ) 4 25 (9 ) 20 (17 ) (216 ) (542 ) Total (17,784 ) (2,995 ) (2,646 ) (2,961 ) (2,388 ) (14,262 ) (43,036 ) (39,330 ) 2017 Non-derivative Preference shares — — — — — — — — Bank loans and overdrafts (522 ) (221 ) (1 ) (1 ) (260 ) — (1,005 ) (992 ) Bonds and other loans (7,558 ) (1,577 ) (2,546 ) (2,026 ) (2,058 ) (9,953 ) (25,718 ) (22,709 ) Finance lease creditors 20 (20 ) (18 ) (17 ) (16 ) (17 ) (118 ) (206 ) (131 ) Other financial liabilities (177 ) — — — — — (177 ) (177 ) Trade payables, accruals and other liabilities 14 (12,861 ) (215 ) — — — — (13,076 ) (13,076 ) Deferred consideration (26 ) (36 ) (27 ) (515 ) (3 ) (9 ) (616 ) (511 ) (21,164 ) (2,067 ) (2,591 ) (2,558 ) (2,338 ) (10,080 ) (40,798 ) (37,596 ) Derivative financial liabilities: Interest rate derivatives: Derivative contracts – receipts 349 64 727 51 754 1,380 3,325 Derivative contracts – payments (319 ) (19 ) (753 ) (19 ) (797 ) (1,440 ) (3,347 ) Foreign exchange derivatives: Derivative contracts – receipts 24,935 — — — — — 24,935 Derivative contracts – payments (25,258 ) — — — — — (25,258 ) Commodity derivatives: Derivative contracts – receipts — — — — — — — Derivative contracts – payments (19 ) — — — — — (19 ) (312 ) 45 (26 ) 32 (43 ) (60 ) (364 ) (534 ) Total (21,476 ) (2,022 ) (2,617 ) (2,526 ) (2,381 ) (10,140 ) (41,162 ) (38,130 ) |
Summary of Derivative Cash Flow Hedges | The following table shows cash flows for which cash flow hedge accounting is applied. The derivatives in the cash flow hedge relationships are expected to have an impact on profit and loss in the same periods as the cash flows occur. € million € million € million € million € million € million € million € million Due Due Due Due Due Due Total Net carrying amount of related derivatives (a) 2018 Foreign exchange cash inflows 3,426 — — — — — 3,426 — Foreign exchange cash outflows (3,435 ) — — — — — (3,435 ) 14 Interest rate swaps cash inflows 103 795 433 1,158 525 1,406 4,420 — Interest rate swaps cash outflows (23 ) (756 ) (347 ) (1,147 ) (464 ) (1,423 ) (4,160 ) (199 ) Commodity contracts cash flows (74 ) — — — — — (74 ) (74 ) 2017 Foreign exchange cash inflows 3,510 — — — — — 3,510 — Foreign exchange cash outflows (3,536 ) — — — — — (3,536 ) (8 ) Interest rate swaps cash inflows 349 64 727 50 753 1,380 3.323 — Interest rate swaps cash outflows (319 ) (19 ) (753 ) (19 ) (797 ) (1,440 ) (3,347 ) (351 ) Commodity contracts cash flows (19 ) — — — — — (19 ) (7 ) (a) See note 16C. |
Impact of Interest Rate Swaps and Cross-Currency Swaps | The following table shows the split in fixed and floating-rate interest exposures, taking into account the impact of interest rate swaps and cross-currency swaps: € million € million Cash and cash equivalents 3,230 3,317 Current other financial assets 874 770 Current financial liabilities (3,235 ) (7,968 ) Non-current (21,650 ) (16,462 ) Net debt (20,781 ) (20,343 ) Of which: Fixed rate (weighted average amount of fixing for the following year) (21,586 ) (16,216 ) |
Summary of Derivatives Used to Hedge | The uses of derivatives and the related values of derivatives are summarised in the following table. Derivatives used to hedge: € million € million € million € million € million € million Trade and other receivables Financial assets Trade payables and other liabilities Current financial liabilities Non- current financial liabilities Total 31 December 2018 Foreign exchange derivatives Fair value hedges — — — — — — Cash flow hedges 39 — (25 ) — — 14 Hedges of net investments in foreign operations — 58 (a) — (21 ) (a) — 37 Hedge accounting not applied 42 67 (a) (41 ) (105 ) (a) — (37 ) Cross-currency Interest rate swaps Fair value hedges — — — — — — Cash flow hedges — 69 — — (268 ) (199 ) Hedge accounting not applied — — — — (8 ) (8 ) Commodity contracts Cash flow hedges — — (74 ) — — (74 ) Hedge accounting not applied 1 — — — — 1 82 194 (140 ) (126 ) (276 ) (266 ) Total assets 276 Total liabilities (542 ) (266 ) 31 December 2017 Foreign exchange derivatives Fair value hedges — — — — — — Cash flow hedges 32 — (40 ) — — (8 ) Hedges of net investments in foreign operations — 9 (a) — (103 ) (a) — (94 ) Hedge accounting not applied 13 73 (a) (54 ) 35 (a) — 67 Cross-currency Interest rate swaps Fair value hedges — 2 — — — 2 Cash flow hedges — 2 — (18 ) (335 ) (351 ) Hedge accounting not applied — 30 — — — 30 Commodity contracts Cash flow hedges 12 — (19 ) — — (7 ) Hedge accounting not applied — — — — — — 57 116 (113 ) (86 ) (335 ) (361 ) Total assets 173 Total liabilities (534 ) (361 ) (a) Swaps that hedge the currency risk on intra-group loans and offset ‘Hedges of net investments in foreign operations’ are included within ‘Hedge accounting not applied’. See below for further details. |
Summary of Financial Assets are Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements | The following financial assets are subject to offsetting, enforceable master netting arrangements and similar agreements. Related amounts not set off in the balance sheet € million € million € million € million € million € million Gross amounts of Net amounts recognised of financial Gross financial assets amounts of assets set presented recognised off in the in the Cash financial balance balance Financial collateral As at 31 December 2018 assets sheet sheet instruments received Net amount Derivative financial assets 339 (63 ) 276 (164 ) (10 ) 102 As at 31 December 2017 Derivative financial assets 276 (103 ) 173 (108 ) (6 ) 59 |
Summary of Financial Liabilities are Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements | The following financial liabilities are subject to offsetting, enforceable master netting arrangements and similar agreements. Related amounts not set off in the balance sheet € million € million € million € million € million € million Gross amounts of Net amounts recognised of financial Gross financial liabilities amounts of liabilities set presented recognised off in the in the Cash financial balance balance Financial collateral As at 31 December 2018 liabilities sheet sheet instruments pledged Net amount Derivative financial liabilities (605 ) 63 (542 ) 164 — (378 ) As at 31 December 2017 Derivative financial liabilities (637 ) 103 (534 ) 108 — (426 ) |
Investment and Return (Tables)
Investment and Return (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [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 2018 and 2017. The Group’s cash resources and other financial assets are shown below. € million € million € million € million € million € million Non- Non- Current current Total Current current Total Financial assets (a) 2018 2018 2018 2017 2017 2017 Cash and cash equivalents Cash at bank and in hand 2,174 — 2,174 1,904 — 1,904 Short-term deposits with maturity of less than three months 1,024 — 1,024 1,333 — 1,333 Other cash equivalents 32 — 32 80 — 80 3,230 — 3,230 3,317 — 3,317 Other financial assets Amortised cost (b) 382 247 629 — — — Financial assets at fair value through other comprehensive income (c) 154 175 329 — — — Financial assets at fair value through profit or loss: Derivatives 194 — 194 116 — 116 Other (d) 144 220 364 137 2 139 Held-to-maturity — — — 38 125 163 Loans and receivables — — — 277 186 463 Available-for-sale — — — 202 362 564 874 642 1,516 770 675 1,445 Total 4,104 642 4,746 4,087 675 4,762 (a) For the purposes of this note and note 15C, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes 13 and 14 respectively. (b) Current amortised cost assets include short-term deposits with banks with maturities of longer than three months. These are reclassified from loans and receivables under IAS 39, on adoption of IFRS9. (c) Current financial assets at fair value through other comprehensive income include Indian government securities. Included within non-current available-for-sale (d) Current other financial assets at fair value through profit or loss include A- non-current |
Schedule of Cash and Cash Equivalents Reconciliation to Cash Flow Statement | € million € million Cash and cash equivalents reconciliation to the cash flow statement 2018 2017 Cash and cash equivalents per balance sheet 3,230 3,317 Less: bank overdrafts (140 ) (167 ) Add: cash and cash equivalents included in assets held for sale — 19 Cash and cash equivalents per cash flow statement 3,090 3,169 |
Financial Instruments Fair Va_2
Financial Instruments Fair Value Risk (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Summary of Fair Values of Financial Assets and Financial Liabilities | The Group is exposed to the risks of changes in fair value of its financial assets and liabilities. The following table summarises the fair values and carrying amounts of financial instruments. € million € million € million € million Carrying Carrying Fair value Fair value amount amount Fair values of financial assets and financial liabilities 2018 2017 2018 2017 Financial assets Cash and cash equivalents 3,230 3,317 3,230 3,317 Held-to-maturity (a) — 163 — 163 Loans and receivables (a) — 463 — 463 Available-for-sale (a) — 564 — 564 Amortised cost (a) 629 — 629 — Financial assets at fair value through other comprehensive income (a) 329 — 329 — Financial assets at fair value through profit or loss: Derivatives 194 116 194 116 Other 364 139 364 139 4,746 4,762 4,746 4,762 Financial liabilities Bank loans and overdrafts (816 ) (995 ) (814 ) (992 ) Bonds and other loans (23,691 ) (23,368 ) (23,391 ) (22,709 ) Finance lease creditors (141 ) (147 ) (128 ) (131 ) Derivatives (402 ) (421 ) (402 ) (421 ) Other financial liabilities (150 ) (177 ) (150 ) (177 ) (25,200 ) (25,108 ) (24,885 ) (24,430 ) (a) Classification has changed following adoption of IFRS 9. See page 117 and note 1 for further details. |
Summary of Assets and Liabilities Carried at Fair Value, Classification of Fair Value Calculations by Category | For assets and liabilities which are carried at fair value, the classification of fair value calculations by category is summarised below: € million € million € million € million € million € million € million € million Total fair Total fair Level 1 Level 1 Level 2 Level 2 Level 3 Level 3 value value Notes 2018 2017 2018 2017 2018 2017 2018 2017 Assets at fair value Financial assets at fair value through other comprehensive income 17A 160 — 5 — 164 — 329 — Available-for-sale 17A — 215 — 7 — 342 — 564 Financial assets at fair value through profit or loss: Derivatives (a) 16C — — 276 173 — — 276 173 Other 17A 145 137 — — 219 2 364 139 Liabilities at fair value Derivatives (b) 16C — — (542 ) (534 ) — — (542 ) (534 ) Contingent consideration 14 — — — — (142 ) (445 ) (142 ) (445 ) (a) Includes €82 million (2017: €57 million) derivatives, reported within trade receivables, that hedge trading activities. (b) Includes €(140) million (2017: €(113) million) derivatives, reported within trade payables, that hedge trading activities. |
Summary of Reconciliation of Movements in Level 3 Valuations | € million € million Reconciliation of movements in Level 3 valuations 2018 2017 1 January (101 ) (106 ) Gains and losses recognised in profit and loss 272 26 Gains and losses recognised in other comprehensive income (9 ) 2 Purchases and new issues 4 (89 ) Sales and settlements 75 (17 ) Transfers into Level 3 — 83 31 December 241 (101 ) |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Summary of Other Provisions | € million € million Provisions 2018 2017 Due within one year 624 525 Due after one year 697 794 Total provisions 1,321 1,319 € million € million € million € million € million Brazil Movements during 2018 Restructuring Legal indirect taxes Other Total 1 January 2018 352 192 356 419 1,319 Income Statement: Charges 320 90 26 164 600 Releases (51 ) (10 ) (55 ) (116 ) (232 ) Reclassification (a) (7 ) 16 (85 ) 76 — Utilisation (161 ) (130 ) (10 ) (26 ) (327 ) Currency translation (8 ) (15 ) (29 ) 13 (39 ) 31 December 2018 445 143 203 530 1,321 (a) Includes amounts transferred between classes of provisions |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Summary of Long-term Finance Lease Commitments | € million € million € million € million € million € million Future Future minimum minimum lease Finance Present lease Finance Present payments Cost value payments cost value Long-term finance lease commitments 2018 2018 2018 2017 2017 2017 Buildings (a) 174 57 117 195 75 120 Plant and machinery 13 2 11 11 — 11 187 59 128 206 75 131 The commitments fall due as follows: Within 1 year 20 7 13 20 9 11 Later than 1 year but not later than 5 years 71 20 51 68 23 45 Later than 5 years 96 32 64 118 43 75 187 59 128 206 75 131 (a) All leased land is classified as operating leases. |
Summary of Net Book Value of Property Plant and Equipment Under Lease Agreement | The table below shows the net book value of property, plant and equipment under a number of finance lease agreements. € million € million € million Plant and Net book value Buildings equipment Total Cost 216 106 322 Accumulated depreciation (94 ) (95 ) (189 ) 31 December 2018 122 11 133 Cost 206 125 331 Accumulated depreciation (84 ) (108 ) (192 ) 31 December 2017 122 17 139 |
Summary of Operating Lease and Other Commitments | € million € million Long-term operating lease commitments 2018 2017 Land and buildings 1,803 1,885 Plant and machinery 661 569 2,464 2,454 €million €million €million €million Operating Operating Other Other leases leases commitments commitments Operating lease and other commitments fall due as follows: 2018 2017 2018 2017 Within 1 year 481 418 1,099 1,274 Later than 1 year but not later than 5 years 1,259 1,250 780 935 Later than 5 years 724 786 31 31 2,464 2,454 1,910 2,240 |
Summary of Contingent Liabilities | A summary of our contingent liabilities is shown in the table below: € million € million 2018 2017 Corporate reorganisation – IPI, PIS and COFINS taxes and penalties (a) 2,032 2,092 Inputs for PIS and COFINS taxes 52 16 Goodwill amortisation 177 121 Other tax assessments – approximately 600 cases 916 1,095 Total Brazil Tax 3,177 3,324 Brazil other 67 19 Contingent liabilities outside Brazil 414 324 Total contingent liabilities 3,658 3,667 (a) During 2004, and in common with many other businesses operating in Brazil, one of our Brazilian subsidiaries received a notice of infringement from the Federal Revenue Service in respect of indirect taxes. The notice alleges that a 2001 reorganisation of our local corporate structure was undertaken without valid business purpose. The 2001 reorganisation was comparable with restructurings done by many companies in Brazil. The original dispute was resolved in the courts in the Group’s favour. However, in 2013 a new assessment was raised in respect of a similar matter. Additionally, during the course of 2014 and again in 2017 and in 2018 other notices of infringement were issued based on the same grounds argued in the previous assessments. The total amount of the tax assessments in respect of this matter is €2,032 million (2017: €2,092 million). The judicial process in Brazil is likely to take a number of years to conclude. |
Acquisitions and Disposals (Tab
Acquisitions and Disposals (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Effect of Acquisitions on Consolidated Balance Sheet | Detailed information relating to goodwill is provided in note 9 on pages 97 to 99. The value of goodwill which is expected to be tax deductible is €5 million. € million € million € million 2018 2017 2016 Net assets acquired 815 2,423 929 Non-controlling (17 ) (50 ) — Goodwill 496 2,539 1,140 Total payment for acquisition 1,294 4,912 2,069 Exchange rate gain/(loss) on cash flow hedge (100 ) 51 14 Total consideration 1,194 4,963 2,083 In 2018 the net assets acquired and total payment for acquisition consist of: € million 2018 Intangible assets 859 Other non-current 45 Trade and other receivables 25 Other current assets 45 Non-current (134 ) Current liabilities (25 ) Net assets acquired 815 Non-controlling (17 ) Goodwill 496 Exchange rate gain/(loss) on cash flow hedges (a) (100 ) Cash consideration 1,172 Deferred consideration 22 Total consideration 1,194 (a) Exchange rate gain/(loss) on the cash flow hedge in relation to the acquisition of Quala. |
Summary of Impact of Disposals | The following table sets out the effect of the disposals in 2018, 2017 and 2016 on the consolidated balance sheet. The results of disposed businesses are included in the consolidated financial statements up to their date of disposal. € million € million € million 2018 2017 2016 Goodwill and intangible assets 2,510 71 85 Other non-current 666 92 29 Current assets 261 10 5 Trade creditors and other payables (107 ) (8 ) — Net assets sold 3,330 165 119 (Gain)/loss on recycling of currency retranslation on disposal (71 ) 66 — Profit/(loss) on sale attributable to Unilever 4,331 332 (95 ) Consideration 7,590 563 24 Cash 7,135 560 16 Cash balances of businesses sold 321 — 8 Non-cash 134 3 — 7,590 563 24 |
Assets and Liabilities Held f_2
Assets and Liabilities Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Summary of Assets and Liabilities Classified as Held for Sale | € million € million 2018 2017 Total Total Property, plant and equipment held for sale 4 30 Disposal groups held for sale (a)(b) Non-current Goodwill and intangibles 82 2,311 Property, plant and equipment 19 552 Deferred tax assets — 145 Other non-current — 1 101 3,009 Current assets Inventories 8 130 Trade and other receivables 2 18 Current tax assets — 13 Cash and cash equivalents — 19 Other 4 5 14 185 Assets held for sale 119 3,224 Current liabilities Trade payables and other current liabilities 5 106 Current tax liabilities — 11 Provisions — 1 5 118 Non-current Pensions and post-retirement healthcare liabilities 2 9 Provisions — 1 Financial liabilities 1 — Deferred tax liabilities 3 42 6 52 Liabilities held for sale 11 170 (a) In 2018, disposal groups held for sale consists of assets mainly relating to Alsa baking and dessert business. (b) In 2017, disposal groups held for sale were primarily related to the Spreads business which was disposed during the year. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Related Party Transactions | The following related party balances existed with associate or joint venture businesses at 31 December: € million € million Related party balances 2018 2017 Trading and other balances due from joint ventures 121 124 Trading and other balances due from/(to) associates — — |
Remuneration of Auditors (Table
Remuneration of Auditors (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Summary of Services from Auditors and its Associates | During the year the Group (including its subsidiaries) obtained the following services from the Group auditors and its associates: € million € million € million 2018 2017 2016 Fees payable to the Group’s auditors for the audit of the consolidated and parent company accounts of Unilever N.V. and Unilever PLC (a) 6 4 4 Fees payable to the Group’s auditors for the audit of accounts of subsidiaries of Unilever N.V. and Unilever PLC pursuant to legislation (b) 10 10 10 Total statutory audit fees (c) 16 14 14 Audit-related assurance services — (d) — (d) — (d) Other taxation advisory services — (d) — (d) — (d) Services relating to corporate finance transactions — — — Other assurance services 5 (e) 5 (e) — (d) All other non-audit — (d) — (d) — (d) (a) Of which €1 million was payable to KPMG Accountants N.V. (2017: €1 million; 2016: €1 million) and €5 million was payable to KPMG LLP (2017: €4 million; 2016: €3 million). (b) Comprises fees payable to the KPMG network of independent member firms affiliated with KPMG International Cooperative for audit work on statutory financial statements and Group reporting returns of subsidiary companies. (c) Amount payable to KPMG in respect of services supplied to associated pension schemes was less than €1 million individually and in aggregate (2017: less than €1 million individually and in aggregate; 2016: less than €1 million individually and in aggregate). (d) Amounts paid in relation to each type of service are individually less than €1 million. In aggregate the fees paid were less than €1 million (2017: €1 million; 2016: €1 million). (e) 2018 includes €4 million (2017: €5 million) for audits and reviews of carve-out |
Significant Subsidiaries (Table
Significant Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Schedule of Significant Subsidiaries | The following represents the significant subsidiaries of the Group as 31 December 2018, that principally affect the turnover, profit, and net assets of the Group. The percentage of share capital is shown below represents the aggregate percentage of equity capital directly or indirectly held by NV or PLC in the company. The companies are incorporated and principally operated in the countries under which they are shown except where stated otherwise. Country Name of company NV% PLC% Argentina Unilever de Argentina S.A. 64.55 35.45 Australia Unilever Australia Limited — 100 Brazil Unilever Brasil Ltda. 64.55 35.45 Canada Unilever Canada Inc. 64.55 35.45 China Walls (China) Co. Ltd. 100.00 — China Unilever Services (Hefei) Co Ltd 100.00 — England and Wales Unilever UK & CN Holdings Limited — 100 England and Wales Unilever U.K. Holdings Limited — 100 England and Wales Unilever UK Limited 5.61 94.39 France Unilever France S.A.S 64.54 35.45 Germany Maizena Grundstücksverwaltung GmbH & Co. OHG 63.61 36.39 Germany Pfanni GmbH & Co. OHG Stavenhagen 64.55 35.45 Germany Unilever Deutschland GmbH 64.55 35.45 Germany Unilever Deutschland Holding GmbH 64.55 35.45 Germany Unilever Deutschland Produktions GmbH & Co. OHG 64.55 35.45 India Hindustan Unilever Limited — 67.19 Indonesia PT Unilever Indonesia, Tbk. 54.86 30.13 Italy Unilever Italia Mkt Operations S.R.L 100.00 — Japan Unilever Japan Customer Marketing K.K. 100.00 — Mexico Unilever de Mexico, S. de R.I. de C.V. 64.55 35.45 Netherlands Mixhold B.V. 64.55 35.45 Netherlands Unilever Finance International B.V. 100.00 — Netherlands Unilever Nederland B.V. 100.00 — Netherlands UNUS Holding B.V. 55.40 44.60 Pakistan Unilever Pakistan Limited — 99.23 Philippines Unilever Philippines, Inc. 64.55 35.45 Poland Unilever Polska Sp. z o.o. — 100.00 Russia OOO Unilever Rus 11.89 88.11 Singapore Unilever Asia Private Limited 100.00 — South Africa Unilever South Africa (Pty) Limited 8.98 91.02 Spain Unilever Espana S.A. 100.00 — Switzerland Unilever ASCC AG 100.00 — Switzerland Unilever Finance International AG 100.00 — Switzerland Unilever Supply Chain Company AG 100.00 — Thailand Unilever Thai Trading Limited 64.55 35.45 Turkey Unilever Sanayi ve Ticaret Turk A.S 64.54 35.44 USA Conopco, Inc. 55.40 44.60 USA Unilever Capital Corporation 55.40 44.60 USA Unilever United States, Inc. 55.40 44.60 Vietnam Unilever Vietnam International Company Limited 100.00 — |
Guarantor Statements (Tables)
Guarantor Statements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Income Statement | € million € million € million € million € million € million Income statement for the year ended 31 December 2018 Unilever Unilever (a) parent entities Unilever Non- Eliminations Unilever Turnover — — — 50,982 — 50,982 Operating profit — 1,985 (4 ) 10,554 — 12,535 Net finance income/(costs) — (104 ) (426 ) 74 — (456 ) Pensions and similar obligations — (2 ) (19 ) (4 ) — (25 ) Other income/(losses) — — — 207 — 207 Premium paid on buyback of preference shares — (382 ) — 382 — — Net monetary gain arising from hyperinflationary economies — — — 122 — 122 Profit before taxation — 1,497 (449 ) 11,335 — 12,383 Taxation — (199 ) — (2,376 ) — (2,575 ) Net profit before subsidiaries — 1,298 (449 ) 8,959 9,808 Equity earnings of subsidiaries — 8,091 1,787 (20,326 ) 10,448 — Net profit — 9,389 1,338 (11,367 ) 10,448 9,808 Attributable to: Non-controlling — — — 419 — 419 Shareholders’ equity — 9,389 1,338 (11,786 ) 10,448 9,389 Other comprehensive income — (24 ) 25 (1,194 ) — (1,193 ) Total comprehensive income — 9,365 1,363 (12,561 ) 10,448 8,615 (a) The term ‘Unilever parent entities’ includes Unilever N.V. and Unilever PLC. Though Unilever N.V. and Unilever PLC are separate legal entities, with different shareholder constituencies and separate stock exchange listings, they operate as nearly as practicable as a single economic entity. Debt securities issued by entities in the Unilever Group are fully and unconditionally guaranteed by both Unilever N.V. and Unilever PLC. € million € million € million € million € million € million Income statement for the year ended 31 December 2017 Unilever Unilever (a) Unilever Non- Eliminations Unilever Turnover — — — 53,715 — 53,715 Operating profit — 997 (4 ) 7,864 — 8,857 Net finance income/(costs) 1 (109 ) (379 ) 88 — (399 ) Pensions and similar obligations — (2 ) (24 ) (70 ) — (96 ) Other income/(losses) — — — 173 — 173 Premium paid on buyback of preference shares — — — (382 ) — (382 ) Profit before taxation 1 886 (407 ) 7,673 — 8,153 Taxation — (165 ) — (1,502 ) — (1,667 ) Net profit before subsidiaries 1 721 (407 ) 6,171 — 6,486 Equity earnings of subsidiaries — 5,332 1,721 (10,298 ) 3,245 — Net profit 1 6,053 1,314 (4,127 ) 3,245 6,486 Attributable to: Non-controlling — — — 433 — 433 Shareholders’ equity 1 6,053 1,314 (4,560 ) 3,245 6,053 Other comprehensive income — (75 ) (156 ) 455 — 224 Total comprehensive income 1 5,978 1,158 (3,672 ) 3,245 6,710 € million € million € million € million € million € million Income statement for the year ended 31 December 2016 Unilever Unilever (a) Unilever Non- Eliminations Unilever Turnover — — — 52,713 — 52,713 Operating profit — 269 (5 ) 7,537 — 7,801 Net finance income/(costs) 1 (110 ) (331 ) (29 ) — (469 ) Pensions and similar obligations — (3 ) (27 ) (64 ) — (94 ) Other income/(losses) — — — 231 — 231 Premium paid on buyback of preference shares — — — — — — Profit before taxation 1 156 (363 ) 7,675 — 7,469 Taxation — (114 ) — (1,808 ) — (1,922 ) Net profit before subsidiaries 1 42 (363 ) 5,867 — 5,547 Equity earnings of subsidiaries — 5,142 804 (4,559 ) (1,387 ) — Net profit 1 5,184 441 1,308 (1,387 ) 5,547 Attributable to: Non-controlling — — — 363 — 363 Shareholders’ equity 1 5,184 441 945 (1,387 ) 5,184 Other comprehensive income — (14 ) 27 (791 ) — (778 ) Total comprehensive income 1 5,170 468 517 (1,387 ) 4,769 (a) The term ‘Unilever parent entities’ includes Unilever N.V. and Unilever PLC. Though Unilever N.V. and Unilever PLC are separate legal entities, with different shareholder constituencies and separate stock exchange listings, they operate as nearly as practicable as a single economic entity. Debt securities issued by entities in the Unilever Group are fully and unconditionally guaranteed by both Unilever N.V. and Unilever PLC. |
Balance Sheet | € million € million € million € million € million € million Balance sheet at 31 December 2018 Unilever Unilever (a) parent entities Unilever Non- Eliminations Unilever Assets Non-current Goodwill and intangible assets — 3,058 — 26,435 — 29,493 Deferred tax assets — — 4 1,113 — 1,117 Other non-current — 20 2 13,343 — 13,365 Amounts due from group companies 17,211 10,379 — — (27,590 ) — Net assets of subsidiaries (equity accounted) — 22,299 22,463 — (44,762 ) — 17,211 35,756 22,469 40,891 (72,352 ) 43,975 Current assets Amounts due from group companies — 11,883 5,413 33,032 (50,328 ) — Trade and other current receivables — 155 4 6,326 — 6,485 Current tax assets — 15 — 457 — 472 Other current assets 6 7 — 8,511 — 8,524 6 12,060 5,417 48,326 (50,328 ) 15,481 Total assets 17,217 47,816 27,886 89,217 (122,680 ) 59,456 Liabilities Current liabilities Financial liabilities 2,381 30 2 822 — 3,235 Amounts due to group companies 4,895 25,010 3,127 17,296 (50,328 ) — Trade payables and other current liabilities 96 327 15 14,019 — 14,457 Current tax liabilities — — 72 1,373 — 1,445 Other current liabilities — 2 — 633 — 635 7,372 25,369 3,216 34,143 (50,328 ) 19,772 Non-current Financial liabilities 9,525 10,767 — 1,358 — 21,650 Amounts due to group companies — — 13,290 14,300 (27,590 ) — Pensions and post-retirement healthcare liabilities: Funded schemes in deficit — 7 136 1,066 — 1,209 Unfunded schemes — 87 388 918 — 1,393 Other non-current — 141 1 2,998 — 3,140 9,525 11,002 13,815 20,640 (27,590 ) 27,392 Total liabilities 16,897 36,371 17,031 54,783 (77,918 ) 47,164 Shareholders’ equity 320 11,445 10,855 33,714 (44,762 ) 11,572 Non-controlling — — — 720 — 720 Total equity 320 11,445 10,855 34,434 (44,762 ) 12,292 Total liabilities and equity 17,217 47,816 27,886 89,217 (122,680 ) 59,456 (a) The term ‘Unilever parent entities’ includes Unilever N.V. and Unilever PLC. Though Unilever N.V. and Unilever PLC are separate legal entities, with different shareholder constituencies and separate stock exchange listings, they operate as nearly as practicable as a single economic entity. Debt securities issued by entities in the Unilever Group are fully and unconditionally guaranteed by both Unilever N.V. and Unilever PLC. € million € million € million € million € million € million Balance sheet at 31 December 2017 Unilever Unilever (a) Unilever Non- Eliminations Unilever Assets Non-current Goodwill and intangible assets — 2,143 — 26,258 — 28,401 Deferred tax assets — 90 48 947 — 1,085 Other non-current — 6 2 13,808 — 13,816 Amounts due from group companies 17,132 7,099 — — (24,231 ) — Net assets of subsidiaries (equity accounted) — 35,933 21,568 — (57,501 ) — 17,132 45,271 21,618 41,013 (81,732 ) 43,302 Current assets Amounts due from group companies — 6,119 5,318 32,445 (43,882 ) — Trade and other current receivables — 51 3 5,168 — 5,222 Current tax assets — 57 9 422 — 488 Other current assets — 39 — 11,234 — 11,273 — 6,266 5,330 49,269 (43,882 ) 16,983 Total assets 17,132 51,537 26,948 90,282 (125,614 ) 60,285 Liabilities Current liabilities Financial liabilities 2,420 4,685 1 862 — 7,968 Amounts due to group companies 6,964 25,457 24 11,437 (43,882 ) — Trade payables and other current liabilities 65 215 11 13,135 — 13,426 Current tax liabilities — — — 1,088 — 1,088 Other current liabilities — 5 — 690 — 695 9,449 30,362 36 27,212 (43,882 ) 23,177 Non-current Financial liabilities 7,377 7,571 — 1,514 — 16,462 Amounts due to group companies — — 14,517 9,714 (24,231 ) — Pensions and post-retirement healthcare liabilities: Funded schemes in deficit — 8 103 1,114 — 1,225 Unfunded schemes — 93 439 977 — 1,509 Other non-current — 5 1 3,519 — 3,525 7,377 7,677 15,060 16,838 (24,231 ) 22,721 Total liabilities 16,826 38,039 15,096 44,050 (68,113 ) 45,898 Shareholders’ equity 306 13,498 11,852 45,474 (57,501 ) 13,629 Non-controlling — — — 758 — 758 Total equity 306 13,498 11,852 46,232 (57,501 ) 14,387 Total liabilities and equity 17,132 51,537 26,948 90,282 (125,614 ) 60,285 (a) The term ‘Unilever parent entities’ includes Unilever N.V. and Unilever PLC. Though Unilever N.V. and Unilever PLC are separate legal entities, with different shareholder constituencies and separate stock exchange listings, they operate as nearly as practicable as a single economic entity. Debt securities issued by entities in the Unilever Group are fully and unconditionally guaranteed by both Unilever N.V. and Unilever PLC. |
Cash Flow | € million € million € million € million € million € million Cash flow statement for the year ended 31 December 2018 Unilever Unilever (a) Unilever Non- Eliminations Unilever Net cash flow from/(used in) operating activities — 945 (6 ) 5,814 — 6,753 Net cash flow from/(used in) investing activities 1,088 1,196 (63 ) 4,619 (2,196 ) 4,644 Net cash flow from/(used in) financing activities (1,097 ) (2,183 ) 69 (10,533 ) 2,196 (11,548 ) Net increase/(decrease) in cash and cash equivalents (9 ) (42 ) — (100 ) — (151 ) Cash and cash equivalents at beginning of year — 23 (1 ) 3,147 — 3,169 Effect of foreign exchange rates 15 26 — 31 — 72 Cash and cash equivalents at end of year 6 7 (1 ) 3,078 — 3,090 € million € million € million € million € million € million Cash flow statement for the year ended 31 December 2017 Unilever Unilever (a) Unilever Non- Eliminations Unilever Net cash flow from/(used in) operating activities — 941 (40 ) 6,391 — 7,292 Net cash flow from/(used in) investing activities (3,884 ) (7,123 ) (1,062 ) 5,136 1,054 (5,879 ) Net cash flow from/(used in) financing activities 3,873 6,261 1,103 (11,616 ) (1,054 ) (1,433 ) Net increase/(decrease) in cash and cash equivalents (11 ) 79 1 (89 ) — (20 ) Cash and cash equivalents at beginning of year — 5 (2 ) 3,195 — 3,198 Effect of foreign exchange rates 11 (61 ) — 41 — (9 ) Cash and cash equivalents at end of year — 23 (1 ) 3,147 — 3,169 € million € million € million € million € million € million Cash flow statement for the year ended 31 December 2016 Unilever Unilever (a) Unilever Non- Eliminations Unilever Net cash flow from/(used in) operating activities — 45 (177 ) 7,179 — 7,047 Net cash flow from/(used in) investing activities (1,053 ) (679 ) (783 ) (1,712 ) 1,039 (3,188 ) Net cash flow from/(used in) financing activities 1,048 621 959 (4,662 ) (1,039 ) (3,073 ) Net increase/(decrease) in cash and cash equivalents (5 ) (13 ) (1 ) 805 — 786 Cash and cash equivalents at beginning of year — 3 (1 ) 2,126 — 2,128 Effect of foreign exchange rates 5 15 — 264 — 284 Cash and cash equivalents at end of year — 5 (2 ) 3,195 — 3,198 (a) The term ‘Unilever parent entities’ includes Unilever N.V. and Unilever PLC. Though Unilever N.V. and Unilever PLC are separate legal entities, with different shareholder constituencies and separate stock exchange listings, they operate as nearly as practicable as a single economic entity. Debt securities issued by entities in the Unilever Group are fully and unconditionally guaranteed by both Unilever N.V. and Unilever PLC. |
Accounting Information and Po_3
Accounting Information and Policies - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | ||
Prior year restatement recognised in equity | € 393 | |
Net monetary gain/(loss) | € 122 | |
Hyperinflation restatement [member] | ||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | ||
Total assets | 538 | |
Hyperinflationary adjustment, property, plant and equipment | 171 | |
Increase in goodwill | 369 | |
Prior year restatement recognised in equity | 393 | |
Turnover | (75) | |
Operating profit | (37) | |
Net monetary gain/(loss) | 122 | |
IFRS sixteen [member] | ||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | ||
Estimated increase in total assets | 1,700 | |
Estimated split in land and buildings | 1,300 | |
Estimated split in plant and machinery | 400 | |
Expected financial liabilities increase | 1,900 | |
Expected increase in depreciation | 470 | |
Reduction in operating lease expenses | 550 | |
Increase in operating profit | 80 | |
Expected increase in finance cost | 90 | |
Increase cash flows from operating activities | 550 | |
IFRS sixteen [member] | Europe [member] | ||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | ||
Estimated increase in total assets | 500 | |
IFRS sixteen [member] | Americas [member] | ||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | ||
Estimated increase in total assets | 500 | |
IFRS sixteen [member] | Asia/AMET/RUB [member] | ||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | ||
Estimated increase in total assets | € 700 |
Segment Information - Summary o
Segment Information - Summary of Operating Results of Reportable Segments (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Operating Segments [Line Items] | |||
Turnover | € 50,982 | € 53,715 | € 52,713 |
Operating profit | 12,535 | 8,857 | 7,801 |
Non-underlying items | (3,176) | 543 | 823 |
Underlying operating profit | 9,359 | 9,400 | 8,624 |
Share of net profit/(loss) of joint ventures and associates | 185 | 155 | 127 |
Significant non-cash charges within underlying operating profit: | |||
Depreciation and amortisation | 1,539 | 1,538 | 1,464 |
Share-based compensation and other non-cash charges | 250 | 417 | 355 |
Significant non-cash charges within non-underlying items: | |||
Impairment and other non-cash charges | 549 | 319 | 243 |
Beauty & Personal Care [member] | |||
Disclosure of Operating Segments [Line Items] | |||
Turnover | 20,624 | 20,697 | 20,172 |
Operating profit | 4,130 | 4,103 | 3,704 |
Non-underlying items | 378 | 272 | 329 |
Underlying operating profit | 4,508 | 4,375 | 4,033 |
Share of net profit/(loss) of joint ventures and associates | (1) | 8 | (5) |
Significant non-cash charges within underlying operating profit: | |||
Depreciation and amortisation | 510 | 488 | 437 |
Share-based compensation and other non-cash charges | 102 | 164 | 134 |
Significant non-cash charges within non-underlying items: | |||
Impairment and other non-cash charges | 122 | 80 | 74 |
Foods & Refreshment [member] | |||
Disclosure of Operating Segments [Line Items] | |||
Turnover | 20,227 | 22,444 | 22,532 |
Operating profit | 7,245 | 3,616 | 3,148 |
Non-underlying items | (3,711) | 121 | 357 |
Underlying operating profit | 3,534 | 3,737 | 3,505 |
Share of net profit/(loss) of joint ventures and associates | 183 | 143 | 131 |
Significant non-cash charges within underlying operating profit: | |||
Depreciation and amortisation | 773 | 802 | 791 |
Share-based compensation and other non-cash charges | 102 | 174 | 135 |
Significant non-cash charges within non-underlying items: | |||
Impairment and other non-cash charges | 164 | 191 | 124 |
Home Care [member] | |||
Disclosure of Operating Segments [Line Items] | |||
Turnover | 10,131 | 10,574 | 10,009 |
Operating profit | 1,160 | 1,138 | 949 |
Non-underlying items | 157 | 150 | 137 |
Underlying operating profit | 1,317 | 1,288 | 1,086 |
Share of net profit/(loss) of joint ventures and associates | 3 | 4 | 1 |
Significant non-cash charges within underlying operating profit: | |||
Depreciation and amortisation | 256 | 248 | 236 |
Share-based compensation and other non-cash charges | 46 | 79 | 86 |
Significant non-cash charges within non-underlying items: | |||
Impairment and other non-cash charges | € 263 | € 48 | € 45 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of operating segments [abstract] | |
Description of revenue from customers | The Unilever Group is not reliant on revenues from transactions with any single customer and does not receive 10% or more of its revenues from transactions with any single customer. |
Description of turnover from other countries | No other country had turnover or non-current assets (as shown above) greater than 10% of the Group total. |
Segment Information - Summary_2
Segment Information - Summary of Operating Results by Geographical Areas (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of geographical areas [line items] | |||
Turnover | € 50,982 | € 53,715 | € 52,713 |
Non-current assets | 40,488 | 39,369 | 39,824 |
Country of Domicile [Member] | |||
Disclosure of geographical areas [line items] | |||
Turnover | 3,679 | 3,849 | 3,819 |
Non-current assets | 4,070 | 3,781 | 4,770 |
United States [member] | |||
Disclosure of geographical areas [line items] | |||
Turnover | 8,305 | 8,532 | 8,263 |
Non-current assets | 12,193 | 11,820 | 11,696 |
Others [Member] | |||
Disclosure of geographical areas [line items] | |||
Turnover | 38,998 | 41,334 | 40,631 |
Non-current assets | € 24,225 | € 23,768 | € 23,358 |
Segment Information - Summary_3
Segment Information - Summary of Additional Information by Geographies (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Additional information by geographies [line items] | |||
Turnover | € 50,982 | € 53,715 | € 52,713 |
Operating profit | 12,535 | 8,857 | 7,801 |
Non-underlying items | (3,176) | 543 | 823 |
Underlying operating profit | 9,359 | 9,400 | 8,624 |
Share of net profit/(loss) of joint ventures and associates | 185 | 155 | 127 |
Asia/AMET/RUB [member] | |||
Additional information by geographies [line items] | |||
Turnover | 22,868 | 23,266 | 22,445 |
Operating profit | 4,777 | 3,802 | 3,275 |
Non-underlying items | (437) | 306 | 254 |
Underlying operating profit | 4,340 | 4,108 | 3,529 |
Share of net profit/(loss) of joint ventures and associates | 12 | (2) | |
The Americas [member] | |||
Additional information by geographies [line items] | |||
Turnover | 16,020 | 17,525 | 17,105 |
Operating profit | 3,586 | 3,086 | 2,504 |
Non-underlying items | (892) | (23) | 401 |
Underlying operating profit | 2,694 | 3,063 | 2,905 |
Share of net profit/(loss) of joint ventures and associates | 114 | 112 | 108 |
Europe [member] | |||
Additional information by geographies [line items] | |||
Turnover | 12,094 | 12,924 | 13,163 |
Operating profit | 4,172 | 1,969 | 2,022 |
Non-underlying items | (1,847) | 260 | 168 |
Underlying operating profit | 2,325 | 2,229 | 2,190 |
Share of net profit/(loss) of joint ventures and associates | € 71 | € 31 | € 21 |
Operating Costs and Non-under_3
Operating Costs and Non-underlying Items - Analysis of expenses recognized in Profit or loss by function (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Analysis of expenses recognized in profit or loss by function [Line Items] | |||
Turnover | € 50,982 | € 53,715 | € 52,713 |
Cost of sales | (28,769) | (30,547) | (30,229) |
Gross profit | 22,213 | 23,168 | 22,484 |
Selling and administrative expenses | (9,678) | (14,311) | (14,683) |
Operating profit | 12,535 | 8,857 | 7,801 |
Cost of Sales [Member] | |||
Analysis of expenses recognized in profit or loss by function [Line Items] | |||
Distribution costs | (3,098) | (3,241) | (3,246) |
Selling and Administrative Expenses [Member] | |||
Analysis of expenses recognized in profit or loss by function [Line Items] | |||
Brand and marketing investment | (7,164) | (7,566) | (7,731) |
Research and development | € (900) | € (900) | € (978) |
Operating Costs and Non-under_4
Operating Costs and Non-underlying Items - Summary of Non-underlying Items Related to Gross Profit and Operating Costs (Detail) - EUR (€) € in Millions | Jul. 02, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of non underlying items [Abstract] | ||||
Non-underlying items within operating profit before tax | € 3,176 | € (543) | € (823) | |
Acquisition and disposal-related costs | 76 | (159) | (132) | |
Gain/(loss) on disposal of group companies | € 4,331 | 4,331 | 334 | (95) |
Restructuring costs | (914) | (638) | (578) | |
Impairments and other one-off items | (317) | (80) | (18) | |
Tax on non-underlying items within operating profit | (259) | 77 | 213 | |
Non-underlying items within operating profit after tax | 2,917 | (466) | (610) | |
Non-underlying items not in operating profit but within net profit before tax | 154 | (382) | ||
Premium paid on buyback of preference shares | (382) | |||
Share of gain on disposal of Spreads business in Portugal JV | 32 | |||
Net monetary gain arising from hyperinflationary economies | 122 | |||
Tax impact of non-underlying items not in operating profit but within net profit | (29) | 578 | ||
Tax on premium paid on buyback of preference shares (non deductible) | 0 | 0 | 0 | |
Impact of US tax reform | (29) | 578 | ||
Non-underlying items not in operating profit but within net profit after tax | 125 | 196 | ||
Non-underlying items after tax | 3,042 | (270) | (610) | |
Attributable to: | ||||
Non-controlling interest | 18 | (8) | (9) | |
Shareholders' equity | € 3,024 | € (262) | € (601) |
Operating Costs and Non-under_5
Operating Costs and Non-underlying Items - Summary of Non-underlying Items Related to Gross Profit and Operating Costs (Parenthetical) (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Non-underlying Items [Line Items] | |||
Credit from early settlement of contingent consideration | € 277 | ||
Gain on business disposal | 4,331 | € 309 | |
Impairment of intangible asset | 208 | ||
Litigation charges | 98 | 80 | |
Tax benefit recognized due to Tax Cuts and Jobs Act | € 578 | ||
New US tax rate | 21.00% | ||
Legal Cases in Relation to Investigations [Member] | |||
Non-underlying Items [Line Items] | |||
Litigation charges | 50 | € 80 | |
Argentina [member] | |||
Non-underlying Items [Line Items] | |||
Foreign exchange losses resulting from remeasurement | € 18 | ||
United Kingdom [Member] | Pension obligation [member] | |||
Non-underlying Items [Line Items] | |||
Litigation charges | € 48 |
Operating Costs and Non-under_6
Operating Costs and Non-underlying Items - Summary of Other Operating Income Expense (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of gross profit and operating costs [line items] | |||
Staff costs | € (6,552) | € (6,712) | € (6,523) |
Raw and packaging materials and goods purchased for resale | (20,526) | (21,579) | (21,122) |
Amortisation of finite-life intangible assets and software | (348) | (365) | (310) |
Depreciation of property, plant and equipment | (1,191) | (1,173) | (1,154) |
Exchange gains/(losses) | (49) | (214) | (209) |
Lease rentals | (556) | (557) | (531) |
Minimum operating lease payments | (568) | (568) | (536) |
Less: Sub-lease income relating to operating lease agreements | 12 | 11 | 5 |
On Underlying Transactions [Member] | |||
Disclosure of gross profit and operating costs [line items] | |||
Exchange gains/(losses) | (116) | (51) | (28) |
On Covering Forward Contracts [Member] | |||
Disclosure of gross profit and operating costs [line items] | |||
Exchange gains/(losses) | € 67 | € (163) | € (181) |
Employees - Summary of Staff Co
Employees - Summary of Staff Cost, Average Number of Employees and Key Management Compensation (Detail) Employees in Thousands, € in Millions | 12 Months Ended | ||
Dec. 31, 2018EUR (€)Employees | Dec. 31, 2017EUR (€)Employees | Dec. 31, 2016EUR (€)Employees | |
Disclosure Of Staff And Management Costs [Line Items] | |||
Wages and salaries | € (5,346) | € (5,416) | € (5,347) |
Social security costs | (571) | (613) | (606) |
Other pension costs | (439) | (399) | (372) |
Share-based compensation costs | (196) | (284) | (198) |
Gross staff costs | € (6,552) | € (6,712) | € (6,523) |
Average number of employees during the year | Employees | 158 | 165 | 169 |
Salaries and short-term employee benefits | € (40) | € (34) | € (31) |
Post-employment benefits | (1) | ||
Share-based benefits | (19) | (20) | (17) |
Key management compensation excluding non-executive director's fee | (59) | (54) | (49) |
Key management compensation | (61) | (56) | (51) |
Key management personnel of entity or parent [member] | Executive Directors [Member] | |||
Disclosure Of Staff And Management Costs [Line Items] | |||
Key management compensation | (15) | (14) | (13) |
Key management personnel of entity or parent [member] | Other [Member] | |||
Disclosure Of Staff And Management Costs [Line Items] | |||
Key management compensation | (44) | (40) | (36) |
Key management personnel of entity or parent [member] | Non-Executive Directors [Member] | |||
Disclosure Of Staff And Management Costs [Line Items] | |||
Key management compensation | € (2) | € (2) | € (2) |
Asia/AMET/RUB [member] | |||
Disclosure Of Staff And Management Costs [Line Items] | |||
Average number of employees during the year | Employees | 88 | 93 | 95 |
The Americas [member] | |||
Disclosure Of Staff And Management Costs [Line Items] | |||
Average number of employees during the year | Employees | 40 | 41 | 42 |
Europe [member] | |||
Disclosure Of Staff And Management Costs [Line Items] | |||
Average number of employees during the year | Employees | 30 | 31 | 32 |
Employees - Additional Informat
Employees - Additional Information (Detail) € in Millions | 12 Months Ended | ||||
Dec. 31, 2018EUR (€)Sk | Dec. 31, 2017EUR (€) | Dec. 31, 2017GBP (£) | Dec. 31, 2016EUR (€) | Dec. 31, 2016GBP (£) | |
Disclosure Of Pension Plans [Line Items] | |||||
Defined benefit liabilities | 12.00% | ||||
Actual return on plan assets | € (557) | € 2,015 | |||
Actual return on plan assets | (1,108) | 1,475 | € 1,877 | ||
Interest income | 551 | ||||
Property and leases | 1,579 | 1,467 | |||
Property and Leases Occupied by Unilever [Member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Property and leases | 28 | 32 | |||
Unilever securities [Member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Equity securities | € 12 | € 14 | |||
Percentage of plan assets in equity securities | 0.10% | 0.10% | |||
Pension liabilities [Member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Defined benefit liabilities | 96.00% | ||||
Special Benefits Trust [Member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Excluded plan assets | € 59 | € 63 | |||
Escrow [Member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Excluded plan assets | € 68 | ||||
United Kingdom [Member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Percentage of long term trend future improvements | 1.00% | ||||
2016 CMI core projections (Sk) | Sk | 7.5 | ||||
United Kingdom [Member] | Interest rate risk [Member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Degree of hedging of liabilities, percentage | 55.00% | ||||
United Kingdom [Member] | Inflation rate risk [member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Degree of hedging of liabilities, percentage | 55.00% | ||||
Netherlands [Member] | Interest rate risk [Member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Degree of hedging of liabilities, percentage | 32.00% | ||||
Netherlands [Member] | Inflation rate risk [member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Degree of hedging of liabilities, percentage | 29.00% | ||||
Defined Benefit Plans [Member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Current estimated group employer contributions, payable in 2016 excluding UK pension fund deficit contributions | £ | £ 600,000,000 | £ 600,000,000 | |||
Other Post-Employment Benefit Plans [Member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Period of level of medical cost inflation | 5 years | ||||
Other Post-Employment Benefit Plans [Member] | Bottom of range [member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Rate of level of medical cost inflation | 7.00% | ||||
Liabilities [Member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Defined benefit liabilities | 84.00% |
Employees - Summary of Assumpti
Employees - Summary of Assumptions, Weighted by Liabilities for Valuation of Defined Benefit Plans Which cover Approximately 96% of Total Pension Plan (Detail) | Dec. 31, 2018 | Dec. 31, 2017 |
Defined benefit pension plans [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 2.70% | 2.50% |
Inflation | 2.50% | 2.50% |
Rate of increase in salaries | 2.80% | 2.80% |
Rate of increase for pensions in payment (where provided) | 2.40% | 2.40% |
Rate of increase for pensions in deferment (where provided) | 2.60% | 2.60% |
Other Post-Employment Benefit Plans [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 4.80% | 4.20% |
Rate of increase in salaries | 3.00% | 3.00% |
Long-term medical cost inflation | 5.30% | 5.30% |
Employees - Summary of Assump_2
Employees - Summary of Assumptions for Pension Plans Representing Approximately 68% of Defined Benefit Pension Liability (Detail) - yr | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
United Kingdom [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 2.80% | 2.50% |
Inflation | 3.20% | 3.10% |
Rate of increase in salaries | 3.10% | 3.00% |
Number of years a current pensioner is expected to live beyond age 65 - Men | 22.1 | 22.1 |
Number of years a current pensioner is expected to live beyond age 65 - Women | 24 | 24 |
Number of years a future pensioner currently aged 45 is expected to live beyond age 65 - Men | 22.7 | 22.6 |
Number of years a future pensioner currently aged 45 is expected to live beyond age 65 - Women | 25.6 | 25.6 |
United Kingdom [Member] | Pensions in payment [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Rate of increase for pensions in payment (where provided) | 3.10% | 3.00% |
United Kingdom [Member] | Pensions in deferment [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Rate of increase for pensions in deferment (where provided) | 3.10% | 3.00% |
Netherlands [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 1.80% | 1.80% |
Inflation | 1.60% | 1.70% |
Rate of increase in salaries | 2.10% | 2.20% |
Number of years a current pensioner is expected to live beyond age 65 - Men | 22.5 | 22.5 |
Number of years a current pensioner is expected to live beyond age 65 - Women | 24 | 24.3 |
Number of years a future pensioner currently aged 45 is expected to live beyond age 65 - Men | 24.4 | 24.6 |
Number of years a future pensioner currently aged 45 is expected to live beyond age 65 - Women | 26.1 | 26.6 |
Netherlands [Member] | Pensions in payment [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Rate of increase for pensions in payment (where provided) | 1.60% | 1.70% |
Netherlands [Member] | Pensions in deferment [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Rate of increase for pensions in deferment (where provided) | 1.60% | 1.70% |
Employees - Summary of Charge t
Employees - Summary of Charge to Operating Profit (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of defined benefit plans [abstract] | |||
Current service cost | € (220) | € (245) | € (226) |
Employee contributions | 17 | 18 | 17 |
Special termination benefits | (16) | (4) | (6) |
Past service cost including (losses)/gains on curtailments | (41) | 23 | 32 |
Settlements | 4 | (2) | |
Defined contribution plans | (179) | (195) | (187) |
Total operating cost | (439) | (399) | (372) |
Finance income/(cost) | (25) | (96) | (94) |
Net impact on the income statement (before tax) | € (464) | € (495) | € (466) |
Employees - Summary of Amounts
Employees - Summary of Amounts Recognised in Statement of Comprehensive Income on Remeasurement of Net Defined Benefit Liability (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of defined benefit plans [abstract] | |||
Return on plan assets excluding amounts included in net finance income/(cost) | € (1,108) | € 1,475 | € 1,877 |
Actuarial gains/(losses) arising from changes in demographic assumptions | 42 | 222 | (217) |
Actuarial gains/(losses) arising from changes in financial assumptions | 611 | (210) | (2,963) |
Experience gains/(losses) arising on pension plan and other benefit plan liabilities | 18 | 133 | 82 |
Total of defined benefit costs recognised in other comprehensive income | € (437) | € 1,620 | € (1,221) |
Employees - Summary of Assets,
Employees - Summary of Assets, Liabilities and Surplus/ (Deficit) Position of Pension and Other Post-Employment Benefit Plans at Balance Sheet Date (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of defined benefit plans [line items] | ||
Fair value of assets | € 20,867 | € 22,361 |
Other Post-Employment Benefit Plans [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Pension liability net of assets | (453) | (502) |
Other Post-Employment Benefit Plans [Member] | Funded Pension Plans in Surplus [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Pension liability net of assets | 1 | 3 |
Other Post-Employment Benefit Plans [Member] | Funded Pension Plans in Deficit [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Pension liability net of assets | (18) | (17) |
Other Post-Employment Benefit Plans [Member] | Unfunded Pension Plans [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Pension liability net of assets | (436) | (488) |
Assets [Member] | Other Post-Employment Benefit Plans [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Fair value of assets | 13 | 21 |
Assets [Member] | Other Post-Employment Benefit Plans [Member] | Funded Pension Plans in Surplus [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Fair value of assets | 1 | 3 |
Assets [Member] | Other Post-Employment Benefit Plans [Member] | Funded Pension Plans in Deficit [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Fair value of assets | 12 | 18 |
Liabilities [Member] | Other Post-Employment Benefit Plans [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Present value of liabilities | (466) | (523) |
Liabilities [Member] | Other Post-Employment Benefit Plans [Member] | Funded Pension Plans in Deficit [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Present value of liabilities | (30) | (35) |
Pension Plans [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Pension liability net of assets | (421) | (59) |
Pension Plans [Member] | Funded Pension Plans in Surplus [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Pension liability net of assets | 1,727 | 2,170 |
Pension Plans [Member] | Funded Pension Plans in Deficit [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Pension liability net of assets | (1,191) | (1,208) |
Pension Plans [Member] | Unfunded Pension Plans [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Pension liability net of assets | (957) | (1,021) |
Pension Plans [Member] | Assets [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Fair value of assets | 20,867 | 22,361 |
Pension Plans [Member] | Assets [Member] | Funded Pension Plans in Surplus [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Fair value of assets | 17,909 | 19,302 |
Pension Plans [Member] | Assets [Member] | Funded Pension Plans in Deficit [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Fair value of assets | 2,958 | 3,059 |
Pension Plans [Member] | Liabilities [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Present value of liabilities | (21,288) | (22,420) |
Pension Plans [Member] | Liabilities [Member] | Funded Pension Plans in Surplus [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Present value of liabilities | (16,182) | (17,132) |
Pension Plans [Member] | Liabilities [Member] | Funded Pension Plans in Deficit [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Present value of liabilities | € (4,149) | € (4,267) |
Employees - Summary of Movement
Employees - Summary of Movements in Assets (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of defined benefit plans [line items] | |||
Beginning balance | € 22,361 | ||
Settlements | € 4 | € (2) | |
Actual return on plan assets (excluding amounts in net finance income/charge) | 1,108 | (1,475) | (1,877) |
Ending balance | 20,867 | 22,361 | |
Assets [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | 22,382 | 21,183 | |
Employee contributions | 17 | 18 | |
Settlements | (1) | (8) | |
Actual return on plan assets (excluding amounts in net finance income/charge) | (1,108) | 1,475 | |
Interest income | 551 | 540 | |
Employer contributions | 383 | 1,105 | |
Benefit payments | (1,199) | (1,239) | |
Currency retranslation | (135) | (691) | |
Others | (10) | (1) | |
Ending balance | 20,880 | 22,382 | 21,183 |
Assets [Member] | United Kingdom [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | 11,038 | 9,963 | |
Actual return on plan assets (excluding amounts in net finance income/charge) | (459) | 863 | |
Interest income | 274 | 270 | |
Employer contributions | 95 | 778 | |
Benefit payments | (472) | (457) | |
Currency retranslation | (147) | (379) | |
Ending balance | 10,329 | 11,038 | 9,963 |
Assets [Member] | Netherlands [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | 5,357 | 5,116 | |
Employee contributions | 1 | ||
Actual return on plan assets (excluding amounts in net finance income/charge) | (303) | 275 | |
Interest income | 95 | 91 | |
Employer contributions | 14 | 43 | |
Benefit payments | (166) | (169) | |
Others | (1) | ||
Ending balance | 4,996 | 5,357 | 5,116 |
Assets [Member] | All other countries [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | 5,987 | 6,104 | |
Employee contributions | 17 | 17 | |
Settlements | (1) | (8) | |
Actual return on plan assets (excluding amounts in net finance income/charge) | (346) | 337 | |
Interest income | 182 | 179 | |
Employer contributions | 274 | 284 | |
Benefit payments | (561) | (613) | |
Currency retranslation | 12 | (312) | |
Others | (9) | (1) | |
Ending balance | € 5,555 | € 5,987 | € 6,104 |
Employees - Summary of Moveme_2
Employees - Summary of Movements in Liabilities (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of defined benefit plans [line items] | |||
Current service cost | € (220) | € (245) | € (226) |
Special termination benefits | (16) | (4) | (6) |
Past service costs including (losses)/gains on curtailments | 41 | (23) | (32) |
Settlements | (4) | 2 | |
Actuarial gain/(loss) arising from changes in demographic assumptions | (42) | (222) | 217 |
Actuarial gain/(loss) arising from changes in financial assumptions | (611) | 210 | 2,963 |
Actuarial gain/(loss) arising from experience adjustments | (18) | (133) | (82) |
Liabilities [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | (22,943) | (24,356) | |
Current service cost | (220) | (245) | |
Employee contributions | 0 | 0 | |
Special termination benefits | (16) | (4) | |
Past service costs including (losses)/gains on curtailments | (41) | 23 | |
Settlements | 1 | 12 | |
Interest cost | (576) | (636) | |
Actuarial gain/(loss) arising from changes in demographic assumptions | 42 | 222 | |
Actuarial gain/(loss) arising from changes in financial assumptions | 611 | (210) | |
Actuarial gain/(loss) arising from experience adjustments | 18 | 133 | |
Benefit payments | 1,199 | 1,239 | |
Currency retranslation | 161 | 871 | |
Others | 10 | 8 | |
Ending balance | (21,754) | (22,943) | (24,356) |
Liabilities [Member] | United Kingdom [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | (10,255) | (10,981) | |
Current service cost | (109) | (114) | |
Employee contributions | 0 | 0 | |
Past service costs including (losses)/gains on curtailments | (46) | 5 | |
Interest cost | (254) | (286) | |
Actuarial gain/(loss) arising from changes in demographic assumptions | 312 | ||
Actuarial gain/(loss) arising from changes in financial assumptions | 351 | (189) | |
Actuarial gain/(loss) arising from experience adjustments | (45) | 144 | |
Benefit payments | 472 | 457 | |
Currency retranslation | 147 | 397 | |
Ending balance | (9,739) | (10,255) | (10,981) |
Liabilities [Member] | Netherlands [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | (4,913) | (4,877) | |
Current service cost | (4) | (6) | |
Employee contributions | 0 | 0 | |
Past service costs including (losses)/gains on curtailments | 8 | 12 | |
Interest cost | (87) | (86) | |
Actuarial gain/(loss) arising from changes in demographic assumptions | 53 | (96) | |
Actuarial gain/(loss) arising from changes in financial assumptions | 84 | ||
Actuarial gain/(loss) arising from experience adjustments | 37 | (37) | |
Benefit payments | 166 | 169 | |
Others | (8) | 8 | |
Ending balance | (4,664) | (4,913) | (4,877) |
Liabilities [Member] | All other countries [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | (7,775) | (8,498) | |
Current service cost | (107) | (125) | |
Employee contributions | 0 | 0 | |
Special termination benefits | (16) | (4) | |
Past service costs including (losses)/gains on curtailments | (3) | 6 | |
Settlements | 1 | 12 | |
Interest cost | (235) | (264) | |
Actuarial gain/(loss) arising from changes in demographic assumptions | (11) | 6 | |
Actuarial gain/(loss) arising from changes in financial assumptions | 176 | (21) | |
Actuarial gain/(loss) arising from experience adjustments | 26 | 26 | |
Benefit payments | 561 | 613 | |
Currency retranslation | 14 | 474 | |
Others | 18 | ||
Ending balance | € (7,351) | € (7,775) | € (8,498) |
Employees - Summary of Moveme_3
Employees - Summary of Movements in (Deficit)/Surplus (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of defined benefit plans [line items] | |||
Current service cost | € (220) | € (245) | € (226) |
Special termination benefits | (16) | (4) | (6) |
Past service costs including (losses)/gains on curtailments | (41) | 23 | 32 |
Settlements | 4 | (2) | |
Actual return on plan assets (excluding amounts in net finance income/charge) | (1,108) | 1,475 | 1,877 |
Interest income | (551) | ||
Actuarial gain/(loss) arising from changes in demographic assumptions | 42 | 222 | (217) |
Actuarial gain/(loss) arising from changes in financial assumptions | 611 | (210) | (2,963) |
Actuarial gain/(loss) arising from experience adjustments | 18 | 133 | 82 |
Assets net of liabilities [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | (561) | (3,173) | |
Current service cost | (220) | (245) | |
Employee contributions | 17 | 18 | |
Special termination benefits | (16) | (4) | |
Past service costs including (losses)/gains on curtailments | (41) | 23 | |
Settlements | 4 | ||
Actual return on plan assets (excluding amounts in net finance income/charge) | (1,108) | 1,475 | |
Interest cost | (576) | (636) | |
Interest income | 551 | 540 | |
Actuarial gain/(loss) arising from changes in demographic assumptions | 42 | 222 | |
Actuarial gain/(loss) arising from changes in financial assumptions | 611 | (210) | |
Actuarial gain/(loss) arising from experience adjustments | 18 | 133 | |
Employer contributions | 383 | 1,105 | |
Benefit payments | 0 | 0 | |
Currency retranslation | 26 | 180 | |
Others | 7 | ||
Ending balance | (874) | (561) | (3,173) |
Assets net of liabilities [member] | United Kingdom [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | 783 | (1,018) | |
Current service cost | (109) | (114) | |
Past service costs including (losses)/gains on curtailments | (46) | 5 | |
Actual return on plan assets (excluding amounts in net finance income/charge) | (459) | 863 | |
Interest cost | (254) | (286) | |
Interest income | 274 | 270 | |
Actuarial gain/(loss) arising from changes in demographic assumptions | 312 | ||
Actuarial gain/(loss) arising from changes in financial assumptions | 351 | (189) | |
Actuarial gain/(loss) arising from experience adjustments | (45) | 144 | |
Employer contributions | 95 | 778 | |
Benefit payments | 0 | 0 | |
Currency retranslation | 18 | ||
Ending balance | 590 | 783 | (1,018) |
Assets net of liabilities [member] | Netherlands [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | 444 | 239 | |
Current service cost | (4) | (6) | |
Employee contributions | 1 | ||
Past service costs including (losses)/gains on curtailments | 8 | 12 | |
Actual return on plan assets (excluding amounts in net finance income/charge) | (303) | 275 | |
Interest cost | (87) | (86) | |
Interest income | 95 | 91 | |
Actuarial gain/(loss) arising from changes in demographic assumptions | 53 | (96) | |
Actuarial gain/(loss) arising from changes in financial assumptions | 84 | ||
Actuarial gain/(loss) arising from experience adjustments | 37 | (37) | |
Employer contributions | 14 | 43 | |
Benefit payments | 0 | 0 | |
Others | (9) | 8 | |
Ending balance | 332 | 444 | 239 |
Assets net of liabilities [member] | All other countries [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | (1,788) | (2,394) | |
Current service cost | (107) | (125) | |
Employee contributions | 17 | 17 | |
Special termination benefits | (16) | (4) | |
Past service costs including (losses)/gains on curtailments | (3) | 6 | |
Settlements | 4 | ||
Actual return on plan assets (excluding amounts in net finance income/charge) | (346) | 337 | |
Interest cost | (235) | (264) | |
Interest income | 182 | 179 | |
Actuarial gain/(loss) arising from changes in demographic assumptions | (11) | 6 | |
Actuarial gain/(loss) arising from changes in financial assumptions | 176 | (21) | |
Actuarial gain/(loss) arising from experience adjustments | 26 | 26 | |
Employer contributions | 274 | 284 | |
Benefit payments | 0 | 0 | |
Currency retranslation | 26 | 162 | |
Others | 9 | (1) | |
Ending balance | € (1,796) | € (1,788) | € (2,394) |
Employees - Summary of Principa
Employees - Summary of Principal Defined Benefit Liabilities and Split of Liabilities Between Different Categories of Plan Participants (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
United Kingdom [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Duration (years) | 17 years | 17 years |
Netherlands [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Duration (years) | 18 years | 19 years |
All other countries [member] | ||
Disclosure of defined benefit plans [line items] | ||
Duration (years) | 12 years | 13 years |
Bottom of range [member] | ||
Disclosure of defined benefit plans [line items] | ||
Duration (years) | 7 years | 8 years |
Top of range [member] | ||
Disclosure of defined benefit plans [line items] | ||
Duration (years) | 23 years | 24 years |
Active members [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of defined benefit liabilities | 15.00% | 18.00% |
Active members [Member] | United Kingdom [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of defined benefit liabilities | 12.00% | 14.00% |
Active members [Member] | Netherlands [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of defined benefit liabilities | 15.00% | 22.00% |
Active members [Member] | All other countries [member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of defined benefit liabilities | 21.00% | 16.00% |
Deferred members [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of defined benefit liabilities | 29.00% | 26.00% |
Deferred members [Member] | United Kingdom [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of defined benefit liabilities | 33.00% | 32.00% |
Deferred members [Member] | Netherlands [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of defined benefit liabilities | 38.00% | 30.00% |
Deferred members [Member] | All other countries [member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of defined benefit liabilities | 16.00% | 15.00% |
Retired members [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of defined benefit liabilities | 56.00% | 56.00% |
Retired members [Member] | United Kingdom [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of defined benefit liabilities | 55.00% | 54.00% |
Retired members [Member] | Netherlands [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of defined benefit liabilities | 47.00% | 48.00% |
Retired members [Member] | All other countries [member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of defined benefit liabilities | 63.00% | 69.00% |
Employees - Schedule of Fair Va
Employees - Schedule of Fair Value of Plans Assets, Which Are Reported Net of Fund Liabilities That Are Not Employee Benefits (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of fair value of plan assets [line items] | ||
Total plan assets | € 20,867 | € 22,361 |
Equities total | 6,281 | 8,323 |
Fixed income total | 10,505 | 9,664 |
Private equity | 447 | 493 |
Property and real estate | 1,579 | 1,467 |
Hedge funds | 783 | 970 |
Other | 1,117 | 1,164 |
Other plans | 312 | 312 |
Derivatives | (157) | (32) |
Government Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income total | 4,496 | 4,417 |
Investment Grade Corporate Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income total | 2,653 | 3,060 |
Other fixed income [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income total | 3,356 | 2,187 |
Europe [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equities total | 1,662 | 2,390 |
North America [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equities total | 3,119 | 3,830 |
Other Countries [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equities total | 1,500 | 2,103 |
United Kingdom [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Total plan assets | 10,329 | 11,038 |
Equities total | 3,182 | 4,538 |
Fixed income total | 4,963 | 4,210 |
Private equity | 363 | 401 |
Property and real estate | 852 | 810 |
Hedge funds | 663 | 673 |
Other | 435 | 463 |
Derivatives | (129) | (57) |
United Kingdom [Member] | Government Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income total | 2,474 | 2,162 |
United Kingdom [Member] | Investment Grade Corporate Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income total | 984 | 1,368 |
United Kingdom [Member] | Other fixed income [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income total | 1,505 | 680 |
United Kingdom [Member] | Europe [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equities total | 731 | 1,093 |
United Kingdom [Member] | North America [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equities total | 1,723 | 2,320 |
United Kingdom [Member] | Other Countries [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equities total | 728 | 1,125 |
Netherlands [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Total plan assets | 4,996 | 5,357 |
Equities total | 1,594 | 1,876 |
Fixed income total | 2,595 | 2,500 |
Private equity | 82 | 89 |
Property and real estate | 451 | 411 |
Other | 293 | 427 |
Derivatives | (19) | 54 |
Netherlands [Member] | Government Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income total | 769 | 879 |
Netherlands [Member] | Investment Grade Corporate Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income total | 502 | 485 |
Netherlands [Member] | Other fixed income [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income total | 1,324 | 1,136 |
Netherlands [Member] | Europe [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equities total | 480 | 703 |
Netherlands [Member] | North America [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equities total | 714 | 668 |
Netherlands [Member] | Other Countries [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equities total | 400 | 505 |
All other countries [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Total plan assets | 5,542 | 5,966 |
Equities total | 1,505 | 1,909 |
Fixed income total | 2,947 | 2,954 |
Private equity | 2 | 3 |
Property and real estate | 276 | 246 |
Hedge funds | 120 | 297 |
Other | 389 | 274 |
Other plans | 312 | 312 |
Derivatives | (9) | (29) |
All other countries [member] | Government Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income total | 1,253 | 1,376 |
All other countries [member] | Investment Grade Corporate Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income total | 1,167 | 1,207 |
All other countries [member] | Other fixed income [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income total | 527 | 371 |
All other countries [member] | Europe [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equities total | 451 | 594 |
All other countries [member] | North America [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equities total | 682 | 842 |
All other countries [member] | Other Countries [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equities total | € 372 | € 473 |
Employees - Schedule of Sensiti
Employees - Schedule of Sensitivity of Pension Liabilities to Changes in the Weighted Key Assumptions (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Discount Rate [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in assumption | Increase by 0.5% |
Change in liabilities | (7.00%) |
Discount Rate [Member] | United Kingdom [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in liabilities | (8.00%) |
Discount Rate [Member] | Netherlands [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in liabilities | (9.00%) |
Inflation Rate [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in assumption | Increase by 0.5% |
Change in liabilities | 6.00% |
Inflation Rate [Member] | United Kingdom [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in liabilities | 7.00% |
Inflation Rate [Member] | Netherlands [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in liabilities | 9.00% |
Life expectancy [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in assumption | Increase by 1 year |
Change in liabilities | 4.00% |
Life expectancy [Member] | United Kingdom [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in liabilities | 4.00% |
Life expectancy [Member] | Netherlands [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in liabilities | 4.00% |
Long-Term Medical Cost Inflation [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in assumption | Increase by 1.0% |
Change in liabilities | 2.00% |
Long-Term Medical Cost Inflation [Member] | United Kingdom [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in liabilities | 0.00% |
Long-Term Medical Cost Inflation [Member] | Netherlands [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in liabilities | 0.00% |
Employees - Schedule of Cash Fl
Employees - Schedule of Cash Flow in Respect of Pensions and Similar Post-employment Benefits (Detail) - EUR (€) € in Millions | 121 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Employee Benefit Plan [Line Items] | ||||
Group cash flow in respect of pensions and similar benefits | € 561 | € 1,300 | € 699 | |
Funded Plans [Member] | ||||
Disclosure of Employee Benefit Plan [Line Items] | ||||
Defined benefit | 238 | 954 | 355 | |
Defined contributions | 179 | 195 | 187 | |
Unfunded Plans [Member] | ||||
Disclosure of Employee Benefit Plan [Line Items] | ||||
Defined benefit | € 144 | € 151 | € 157 | |
Future estimate [member] | ||||
Disclosure of Employee Benefit Plan [Line Items] | ||||
Group cash flow in respect of pensions and similar benefits | € 565 | |||
Future estimate [member] | Funded Plans [Member] | ||||
Disclosure of Employee Benefit Plan [Line Items] | ||||
Defined benefit | 230 | |||
Defined contributions | 185 | |||
Future estimate [member] | Unfunded Plans [Member] | ||||
Disclosure of Employee Benefit Plan [Line Items] | ||||
Defined benefit | € 150 |
Employees - Schedule of Charges
Employees - Schedule of Charges Related to Equity-Settled Plans (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Share Based Compensation Plans [Line Items] | |||
Income statement charge | € (196) | € (284) | € (198) |
Performance share plans [Member] | |||
Disclosure of Share Based Compensation Plans [Line Items] | |||
Income statement charge | (183) | (273) | (185) |
Other plans [Member] | |||
Disclosure of Share Based Compensation Plans [Line Items] | |||
Income statement charge | € (13) | € (11) | € (13) |
Employees - Share- based Compen
Employees - Share- based Compensation Plans - Additional Information (Detail) - EUR (€) € in Millions | 2 Months Ended | 12 Months Ended | |
Feb. 21, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Share Based Compensation Plans [Line Items] | |||
Shares and options outstanding in respect of share-based compensation plans | 14,595,111 | 14,760,786 | |
Number of ordinary shares held by NV group companies to satisfy options granted | 15,010,429 | 15,802,464 | |
Shares acquired to called up share capital, percentage | 0.21% | ||
Percentage of called up share capital, held in connection with share plans | 0.50% | 0.50% | |
Book value of shares held in respect of share-based compensation plans eliminated on consolidation | € 704 | € 695 | |
Market value of shares held in respect of share-based compensation plans eliminated on consolidation | € 700 | € 739 | |
PLC option with exercise price above market price | 0 | 0 | |
Performance share plan : Number of shares granted between between 31/12/2018 and 21/02/2019 | 0 | ||
Performance share plan : Number of shares vested between 31/12/2018 and 21/02/2019 | 5,534,564 | ||
Performance share plan : Number of shares forfeited between 31/12/2018 and 21/02/2019 | 92,699 | ||
Executive Directors [Member] | |||
Disclosure of Share Based Compensation Plans [Line Items] | |||
Maximum percentage of annual bonus that managers are entitled to invest in shares under MCIP | 67.00% | ||
Other Managers [Member] | |||
Disclosure of Share Based Compensation Plans [Line Items] | |||
Maximum percentage of annual bonus that managers are entitled to invest in shares under MCIP | 100.00% | ||
Bottom of range [member] | |||
Disclosure of Share Based Compensation Plans [Line Items] | |||
Range of share awards percentage for performance share plans | 0.00% | ||
Top of range [member] | |||
Disclosure of Share Based Compensation Plans [Line Items] | |||
Range of share awards percentage for performance share plans | 200.00% |
Employees - Summary of Status o
Employees - Summary of Status of Performance Share Plans and Related Changes (Detail) | 12 Months Ended | ||
Dec. 31, 2018€ / shares | Dec. 31, 2017€ / shares | Dec. 31, 2016€ / shares | |
Disclosure of Share Based Compensation Plans [Line Items] | |||
Fair value per share award during the year | € 42.44 | € 42.59 | € 35.43 |
Performance share plans [Member] | |||
Disclosure of Share Based Compensation Plans [Line Items] | |||
Outstanding at 1 January | 13,684,747 | 14,818,060 | 15,979,140 |
Awarded | 6,870,882 | 4,962,345 | 7,016,274 |
Vested | (5,854,388) | (4,723,861) | (6,983,053) |
Forfeited | (1,066,723) | (1,371,797) | (1,194,301) |
Outstanding at 31 December | 13,634,518 | 13,684,747 | 14,818,060 |
Net Finance Cost - Summary of N
Net Finance Cost - Summary of Net Finance Costs (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about finance income expense [Line Items] | |||
Finance costs | € (591) | € (556) | € (584) |
Bank loans and overdrafts | (44) | (46) | (67) |
Interest on bonds and other loans | (560) | (519) | (501) |
Dividends paid on preference shares | (4) | (4) | |
Net gain/(loss) on transactions for which hedge accounting is not applied | 13 | 13 | (12) |
Finance income | 135 | 157 | 115 |
Pensions and similar obligations | (25) | (96) | (94) |
Net finance costs before non-underlying items | (481) | (495) | (563) |
Premium paid on buyback of preference shares | (382) | ||
Net finance costs | (481) | (877) | (563) |
Foreign exchange derivatives [member] | |||
Disclosure of detailed information about finance income expense [Line Items] | |||
Net gain/(loss) on transactions for which hedge accounting is not applied | 144 | 384 | (215) |
Exchange Differences On Underlying Items [Member] | |||
Disclosure of detailed information about finance income expense [Line Items] | |||
Net gain/(loss) on transactions for which hedge accounting is not applied | € (131) | € (371) | € 203 |
Net Finance Cost - Summary of_2
Net Finance Cost - Summary of Net Finance Costs (Parenthetical) (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Detailed Information About Finance Income Expense [abstract] | ||
Unwinding of discount | € (15) | € (26) |
Provision for interest on indirect tax | € 38 | € 65 |
Taxation - Summary of Tax Charg
Taxation - Summary of Tax Charge in Income Statement (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current tax | |||
Current year | € (2,647) | € (2,398) | € (2,026) |
Over/(under) provided in prior years | (10) | (21) | 158 |
Current tax expense (income) | (2,657) | (2,419) | (1,868) |
Deferred tax | |||
Origination and reversal of temporary differences | 3 | 51 | (65) |
Changes in tax rates | (13) | 609 | (7) |
Recognition of previously unrecognised losses brought forward | 92 | 92 | 18 |
Deferred tax expense (income) | 82 | 752 | (54) |
Total tax expense (income) | € (2,575) | € (1,667) | € (1,922) |
Taxation - Summary of Reconcili
Taxation - Summary of Reconciliation of Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of average effective tax rate and applicable tax rate [abstract] | |||
Computed rate of tax(a) | 25.00% | 26.00% | 26.00% |
Incentive tax credits | (3.00%) | (4.00%) | (4.00%) |
Withholding tax on dividends | 2.00% | 2.00% | 3.00% |
Expenses not deductible for tax purposes | 1.00% | 1.00% | 1.00% |
Irrecoverable withholding tax | 1.00% | 1.00% | 1.00% |
Income tax reserve adjustments - current and prior year | 1.00% | (1.00%) | |
Transfer to/(from) unrecognised deferred tax assets | 1.00% | ||
Others | (1.00%) | (1.00%) | |
Underlying effective tax rate | 26.00% | 26.00% | 26.00% |
Non-underlying items within operating profit(b) | (1.00%) | 1.00% | |
Premium paid on Buyback of preference shares(b) | 1.00% | ||
Impact of US tax reform(b) | (7.00%) | ||
Impact of Spreads disposal(b) | (4.00%) | ||
Effective tax rate | 21.00% | 21.00% | 26.00% |
Taxation - Summary of Movements
Taxation - Summary of Movements in Deferred Tax Asset (Liability) (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax asset (liability) beginning balance | € (828) | € (707) |
Income statement | 82 | 752 |
Other | (60) | (873) |
Deferred tax asset (liability) ending balance | (806) | (828) |
Pensions and similar obligations [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax asset (liability) beginning balance | 316 | 766 |
Income statement | (26) | (16) |
Other | 114 | (434) |
Deferred tax asset (liability) ending balance | 404 | 316 |
Provisions and accruals [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax asset (liability) beginning balance | 653 | 922 |
Income statement | 193 | (154) |
Other | (25) | (115) |
Deferred tax asset (liability) ending balance | 821 | 653 |
Goodwill and intangible assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax asset (liability) beginning balance | (1,652) | (1,928) |
Income statement | (154) | 654 |
Other | (105) | (378) |
Deferred tax asset (liability) ending balance | (1,911) | (1,652) |
Accelerated tax depreciation [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax asset (liability) beginning balance | (679) | (870) |
Income statement | 5 | 109 |
Other | (5) | 82 |
Deferred tax asset (liability) ending balance | (679) | (679) |
Tax losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax asset (liability) beginning balance | 130 | 131 |
Income statement | 11 | (36) |
Other | (11) | 35 |
Deferred tax asset (liability) ending balance | 130 | 130 |
Fair value gains [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax asset (liability) beginning balance | 100 | (7) |
Income statement | 58 | 104 |
Other | (3) | 3 |
Deferred tax asset (liability) ending balance | 155 | 100 |
Fair value losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax asset (liability) beginning balance | 24 | 29 |
Income statement | (2) | 65 |
Other | (70) | |
Deferred tax asset (liability) ending balance | 22 | 24 |
Share-based payments [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax asset (liability) beginning balance | 194 | 169 |
Income statement | (14) | (5) |
Other | (5) | 30 |
Deferred tax asset (liability) ending balance | 175 | 194 |
Other [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax asset (liability) beginning balance | 86 | 81 |
Income statement | 11 | 31 |
Other | (20) | (26) |
Deferred tax asset (liability) ending balance | € 77 | € 86 |
Taxation - Additional Informati
Taxation - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Unused tax losses for which deferred tax asset recognised or not | € 5,346 | € 4,676 |
Unused tax credits for which deferred tax asset recognised or not | 570 | 612 |
Unused tax losses for which no deferred tax asset recognised | 4,914 | 4,179 |
Unused tax credits for which no deferred tax asset recognised | 570 | 612 |
Tax losses and credits for which deferred tax has not been recognized and which have a date to expire | 4,752 | 2,934 |
Other deductible temporary differences for which no deferred tax asset recognised | 48 | 51 |
Aggregate amount of temporary differences associated with undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognised | € 2,681 | € 1,719 |
Taxation - Summary of Deferred
Taxation - Summary of Deferred Tax Assets and Liabilities (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | € 1,117 | € 1,085 | |
Liabilities | (1,923) | (1,913) | |
Total | (806) | (828) | € (707) |
More than 1 year [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 840 | 730 | |
Liabilities | (2,046) | (1,868) | |
Total | (1,206) | (1,138) | |
Pensions and similar obligations [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 334 | 294 | |
Liabilities | 70 | 22 | |
Total | 404 | 316 | 766 |
Provisions and accruals [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 578 | 465 | |
Liabilities | 243 | 188 | |
Total | 821 | 653 | 922 |
Goodwill and intangible assets [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 41 | 86 | |
Liabilities | (1,952) | (1,738) | |
Total | (1,911) | (1,652) | (1,928) |
Accelerated tax depreciation [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | (64) | (21) | |
Liabilities | (615) | (658) | |
Total | (679) | (679) | (870) |
Tax losses [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 126 | 125 | |
Liabilities | 4 | 5 | |
Total | 130 | 130 | 131 |
Fair value gains [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 12 | 23 | |
Liabilities | 143 | 77 | |
Total | 155 | 100 | (7) |
Fair value losses [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 2 | 3 | |
Liabilities | 20 | 21 | |
Total | 22 | 24 | 29 |
Share-based payments [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 59 | 74 | |
Liabilities | 116 | 120 | |
Total | 175 | 194 | 169 |
Other [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 29 | 36 | |
Liabilities | 48 | 50 | |
Total | € 77 | € 86 | € 81 |
Taxation - Tax Effects of Compo
Taxation - Tax Effects of Components of Other Comprehensive Income (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Before tax | ||||
Gains/(losses) on equity instruments at fair value through other comprehensive income, Before tax | € 51 | |||
Gains/(losses) on cash flow hedges, Before tax | (70) | € (62) | ||
Gains/(losses) on other financial instruments, Before tax | 1 | |||
Remeasurements of defined benefit pension plans, Before tax | (437) | 1,620 | ||
Currency retranslation gains/(losses), Before tax | (869) | (1,024) | ||
Other comprehensive income, Before tax | (1,325) | 535 | ||
Tax (charge)/credit | ||||
Gains/(losses) on equity instruments at fair value through other comprehensive income, Tax (charge)/credit | 0 | 0 | ||
Gains/(losses) on cash flow hedges, Tax (charge)/credit | 15 | (6) | ||
Gains/(losses) on other financial instruments, Tax (charge)/credit | (8) | |||
Remeasurements of defined benefit pension plans, Tax (charge)/credit | 109 | (338) | ||
Currency retranslation gains/(losses),Tax (charge)/credit | 8 | 41 | ||
Other comprehensive income, Tax (charge)/credit | 132 | (311) | ||
After tax | ||||
Gains/(losses) on equity instruments at fair value through other comprehensive income, After tax | [1] | 51 | ||
Gains/(losses) on cash flow hedges, After tax | (55) | (68) | ||
Gains/(losses) on other financial instruments, After tax | [1] | (7) | € (15) | |
Remeasurements of defined benefit pension plans, After tax | (328) | 1,282 | (980) | |
Currency retranslation gains/(losses), After tax | (861) | (983) | € 217 | |
Other comprehensive income, After tax | € (1,193) | € 224 | ||
[1] | Classification in 2018 has changed following adoption of IFRS 9. See note 1 for further details. |
Combined Earnings Per Share - A
Combined Earnings Per Share - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings per share [abstract] | |
Description on diluted earnings per share and underlying earnings per share calculation | 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 options by employees. |
Combined Earnings Per Share - S
Combined Earnings Per Share - Summary of Computation of Earnings Per Share (Detail) - EUR (€) € / shares in Units, € in Millions, shares in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings per share [line items] | |||
Basic earnings per share | € 3.50 | € 2.16 | € 1.83 |
Diluted earnings per share | 3.48 | 2.15 | 1.82 |
Underlying earnings per share | € 2.36 | € 2.24 | € 2.03 |
Less treasury shares held by employee share trusts and companies | (295.4) | (223.3) | (184.7) |
Combined average number of share units | 2,683.3 | 2,801.6 | 2,840.2 |
Add dilutive effect of share-based compensation plans | 11.5 | 12.4 | 13.7 |
Diluted combined average number of share units - used for diluted and underlying earnings per share | 2,694.8 | 2,814 | 2,853.9 |
Net profit | € 9,808 | € 6,486 | € 5,547 |
Non-controlling interests | (419) | (433) | (363) |
Net profit attributable to shareholders' equity - used for basic and diluted earnings per share | 9,389 | 6,053 | 5,184 |
Post tax impact of non-underlying items | (3,024) | 262 | 601 |
Underlying profit attributable to shareholders' equity - used for underlying earnings per share | € 6,365 | € 6,315 | € 5,785 |
Unilever N.V. [member] | |||
Earnings per share [line items] | |||
Combined average number of share units | 1,714.7 | 1,714.7 | 1,714.7 |
Unilever PLC [member] | |||
Earnings per share [line items] | |||
Combined average number of share units | 1,264 | 1,310.2 | 1,310.2 |
Dividends on Ordinary Capital -
Dividends on Ordinary Capital - Summary of Dividends on Ordinary Capital (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Dividends [Line Items] | |||
Dividend on ordinary capital during the year | € (4,081) | € (3,916) | € (3,600) |
Unilever N.V. [member] | |||
Disclosure of Dividends [Line Items] | |||
Dividend on ordinary capital during the year | (2,262) | (2,154) | (1,974) |
Unilever PLC [member] | |||
Disclosure of Dividends [Line Items] | |||
Dividend on ordinary capital during the year | € (1,819) | € (1,762) | € (1,626) |
Dividends on Ordinary Capital_2
Dividends on Ordinary Capital - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018€ / shares | Dec. 31, 2018£ / shares | Dec. 31, 2018€ / shares | Dec. 31, 2018£ / shares | Dec. 31, 2017€ / shares | Dec. 31, 2017£ / shares | |
Unilever N.V. [member] | ||||||
Disclosure of Dividends [Line Items] | ||||||
Dividend declared and paid during the year | € / shares | € 1.52 | € 1.40 | ||||
Dividends declared per ordinary share | € / shares | € 0.39 | € 1.55 | € 1.43 | |||
Unilever PLC [member] | ||||||
Disclosure of Dividends [Line Items] | ||||||
Dividend declared and paid during the year | £ / shares | £ 1.33 | £ 1.22 | ||||
Dividends declared per ordinary share | £ / shares | £ 0.34 | £ 1.35 | £ 1.26 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) € in Millions | 12 Months Ended | |
Dec. 31, 2018EUR (€)GeographicalAreasDivisions | Dec. 31, 2017EUR (€) | |
Disclosure of detailed information about intangible assets [line items] | ||
Number of divisions included in cash generating units | Divisions | 3 | |
Number of geographical areas included in cash generating units | GeographicalAreas | 3 | |
Number of cash generating units | 9 | |
Goodwill | € 17,341 | € 16,881 |
Pre-tax discount rate | 7.40% | 7.40% |
Projection period | 5 years | |
IAS 29 [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Increase in goodwill | € 369 | |
Disposal Groups Held for Sale [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | € 2,228 | |
Indefinite-life intangible assets | € 82 | |
Blueair [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Non-cash credit from early settlement of contingent consideration | 277 | |
Impairment of intangible asset | € 208 | |
Top of range [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Amortisation period of finite-life intangible assets | Ten years |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Net Book Value Goodwill and Intangible Assets (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning balance | € 28,401 | |
Ending balance | 29,493 | € 28,401 |
Cost [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning balance | 31,906 | 30,793 |
Hyperinflation restatement to 1 January 2018 | 272 | |
Acquisitions of group companies | 1,307 | 5,267 |
Disposals of group companies | (2) | |
Reclassification to held for sale | (283) | (2,311) |
Reclassification from held for sale | 9 | 28 |
Additions | 203 | 154 |
Disposals | (15) | (79) |
Currency retranslation | 4 | (1,946) |
Hyperinflationary adjustment | 140 | |
Ending balance | 33,541 | 31,906 |
Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning balance | (3,505) | (3,360) |
Hyperinflation restatement to 1 January 2018 | (3) | |
Amortisation/impairment for the year | (556) | (365) |
Disposals | 14 | 79 |
Currency retranslation | 4 | 141 |
Hyperinflationary adjustment | (2) | |
Ending balance | (4,048) | (3,505) |
Goodwill [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning balance | 16,881 | |
Ending balance | 17,341 | 16,881 |
Goodwill [member] | Cost [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning balance | 18,042 | 18,789 |
Hyperinflation restatement to 1 January 2018 | 244 | |
Acquisitions of group companies | 470 | 2,557 |
Disposals of group companies | (1) | |
Reclassification to held for sale | (227) | (2,228) |
Reclassification from held for sale | 28 | |
Currency retranslation | (151) | (1,104) |
Hyperinflationary adjustment | 125 | |
Ending balance | 18,502 | 18,042 |
Goodwill [member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning balance | (1,161) | (1,165) |
Currency retranslation | 4 | |
Ending balance | (1,161) | (1,161) |
Indefinite-life intangible assets [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning balance | 10,261 | |
Ending balance | 11,035 | 10,261 |
Indefinite-life intangible assets [Member] | Cost [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning balance | 10,275 | 8,358 |
Hyperinflation restatement to 1 January 2018 | 25 | |
Acquisitions of group companies | 825 | 2,622 |
Disposals of group companies | (1) | |
Reclassification to held for sale | (55) | (82) |
Reclassification from held for sale | 9 | |
Currency retranslation | 156 | (623) |
Hyperinflationary adjustment | 13 | |
Ending balance | 11,247 | 10,275 |
Indefinite-life intangible assets [Member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning balance | (14) | (13) |
Amortisation/impairment for the year | (198) | |
Currency retranslation | (1) | |
Ending balance | (212) | (14) |
Finite-life intangible assets [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning balance | 862 | |
Ending balance | 762 | 862 |
Finite-life intangible assets [Member] | Cost [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning balance | 2,499 | 2,578 |
Hyperinflation restatement to 1 January 2018 | 3 | |
Reclassification to held for sale | (1) | (1) |
Additions | 201 | 153 |
Disposals | (78) | |
Currency retranslation | (15) | (153) |
Hyperinflationary adjustment | 2 | |
Ending balance | 2,689 | 2,499 |
Finite-life intangible assets [Member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning balance | (1,637) | (1,484) |
Hyperinflation restatement to 1 January 2018 | (3) | |
Amortisation/impairment for the year | (297) | (324) |
Disposals | 78 | |
Currency retranslation | 12 | 93 |
Hyperinflationary adjustment | (2) | |
Ending balance | (1,927) | (1,637) |
Software [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning balance | 397 | |
Ending balance | 355 | 397 |
Software [Member] | Cost [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning balance | 1,090 | 1,068 |
Acquisitions of group companies | 12 | 88 |
Additions | 2 | 1 |
Disposals | (15) | (1) |
Currency retranslation | 14 | (66) |
Ending balance | 1,103 | 1,090 |
Software [Member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning balance | (693) | (698) |
Amortisation/impairment for the year | (61) | (41) |
Disposals | 14 | 1 |
Currency retranslation | (8) | 45 |
Ending balance | € (748) | € (693) |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summary of Net Book Value Goodwill and Intangible Assets (Parenthetical) (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Indefinite-life intangible assets that have significant carrying value | € 29,493 | € 28,401 |
Disposal Groups Held for Sale [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Goodwill and intangible assets reclassified as held for sale | 283 | 2,311 |
Indefinite-life intangible assets that have significant carrying value | 82 | 2,311 |
Knorr [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Indefinite-life intangible assets that have significant carrying value | 1,789 | 1,770 |
Carver Korea [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Indefinite-life intangible assets that have significant carrying value | 1,534 | 1,520 |
Hellmann's [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Indefinite-life intangible assets that have significant carrying value | € 1,195 | € 1,160 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Summary of Goodwill and Indefinite-life Intangible Assets Held in Significant CGUs (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | € 17,341 | € 16,881 |
Food and Refreshment [Member] | Europe [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | 3,900 | |
Indefinite-life intangible assets | 1,600 | |
Food and Refreshment [Member] | The Americas [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | 3,900 | |
Indefinite-life intangible assets | 2,100 | |
Beauty & Personal Care [member] | The Americas [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | 4,000 | 2,500 |
Indefinite-life intangible assets | 2,800 | 1,500 |
Beauty & Personal Care [member] | Asia/AMET/RUB [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | 1,700 | |
Indefinite-life intangible assets | € 2,000 | |
Foods (excluding Spreads) [member] | Europe [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | 4,500 | |
Indefinite-life intangible assets | 1,600 | |
Foods (excluding Spreads) [member] | The Americas [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | 2,800 | |
Indefinite-life intangible assets | 1,400 | |
Foods (excluding Spreads) [member] | Asia/AMET/RUB [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | 1,500 | |
Indefinite-life intangible assets | € 400 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets - Summary of Key Assumptions Used in Discounted Cash Flow (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Food and Refreshment [Member] | Europe [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Longer-term sustainable growth rates | 1.20% |
Average near-term nominal growth rates | 0.00% |
Average operating margins | 16.00% |
Food and Refreshment [Member] | The Americas [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Longer-term sustainable growth rates | 1.60% |
Average near-term nominal growth rates | 0.70% |
Average operating margins | 15.00% |
Beauty & Personal Care [member] | The Americas [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Longer-term sustainable growth rates | 1.60% |
Average near-term nominal growth rates | 2.80% |
Average operating margins | 20.00% |
Beauty & Personal Care [member] | Asia/AMET/RUB [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Longer-term sustainable growth rates | 3.80% |
Average near-term nominal growth rates | 3.90% |
Average operating margins | 22.00% |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||
Commitments to purchase property, plant and equipment | € 324 | € 323 |
Freehold buildings [Member] | ||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 40 years | |
Leasehold land and buildings [Member] | ||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 40 years (or life of lease if less) | |
Plant and equipment [Member] | ||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2-20 years |
Property, Plant and Equipment_2
Property, Plant and Equipment - Summary of Movements in Property, Plant and Equipment (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | |||
Beginning balance | € 10,411 | ||
Depreciation charge for the year | (1,191) | € (1,173) | € (1,154) |
Ending balance | 10,347 | 10,411 | |
Includes capital expenditures for assets under construction | 1,086 | 1,065 | |
Cost [Member] | |||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | |||
Beginning balance | 19,398 | 21,207 | |
Hyperinflation restatement at the beginning of the year | 219 | ||
Acquisitions of group companies | 42 | 42 | |
Disposals of group companies | (94) | ||
Additions | 1,340 | 1,532 | |
Disposals | (704) | (459) | |
Hyperinflationary adjustment | 142 | ||
Currency retranslation | (442) | (1,667) | |
Reclassification as held for sale | (71) | (1,163) | |
Ending balance | 19,924 | 19,398 | 21,207 |
Accumulated depreciation [Member] | |||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | |||
Beginning balance | (8,987) | (9,534) | |
Hyperinflation restatement at the beginning of the year | (116) | ||
Disposals of group companies | 30 | ||
Depreciation charge for the year | (1,191) | (1,173) | |
Disposals | 591 | 414 | |
Hyperinflationary adjustment | (60) | ||
Currency retranslation | 143 | 643 | |
Reclassification as held for sale | 43 | 633 | |
Ending balance | (9,577) | (8,987) | (9,534) |
Land and buildings [Member] | |||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | |||
Beginning balance | 3,033 | ||
Ending balance | 3,119 | 3,033 | |
Includes capital expenditures for assets under construction | 130 | 93 | |
Land and buildings [Member] | Cost [Member] | |||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | |||
Beginning balance | 4,462 | 4,745 | |
Hyperinflation restatement at the beginning of the year | 37 | ||
Acquisitions of group companies | 11 | 13 | |
Disposals of group companies | (16) | ||
Additions | 249 | 314 | |
Disposals | (97) | (19) | |
Hyperinflationary adjustment | 49 | ||
Currency retranslation | (91) | (384) | |
Reclassification as held for sale | (17) | (191) | |
Ending balance | 4,603 | 4,462 | 4,745 |
Land and buildings [Member] | Accumulated depreciation [Member] | |||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | |||
Beginning balance | (1,429) | (1,483) | |
Hyperinflation restatement at the beginning of the year | (10) | ||
Disposals of group companies | 1 | ||
Depreciation charge for the year | (125) | (142) | |
Disposals | 62 | 14 | |
Hyperinflationary adjustment | (7) | ||
Currency retranslation | 15 | 100 | |
Reclassification as held for sale | 10 | 81 | |
Ending balance | (1,484) | (1,429) | (1,483) |
Plant and equipment [Member] | |||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | |||
Beginning balance | 7,378 | ||
Ending balance | 7,228 | 7,378 | |
Includes capital expenditures for assets under construction | 956 | 972 | |
Plant and equipment [Member] | Cost [Member] | |||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | |||
Beginning balance | 14,936 | 16,462 | |
Hyperinflation restatement at the beginning of the year | 182 | ||
Acquisitions of group companies | 31 | 29 | |
Disposals of group companies | (78) | ||
Additions | 1,091 | 1,218 | |
Disposals | (607) | (440) | |
Hyperinflationary adjustment | 93 | ||
Currency retranslation | (351) | (1,283) | |
Reclassification as held for sale | (54) | (972) | |
Ending balance | 15,321 | 14,936 | 16,462 |
Plant and equipment [Member] | Accumulated depreciation [Member] | |||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | |||
Beginning balance | (7,558) | (8,051) | |
Hyperinflation restatement at the beginning of the year | (106) | ||
Disposals of group companies | 29 | ||
Depreciation charge for the year | (1,066) | (1,031) | |
Disposals | 529 | 400 | |
Hyperinflationary adjustment | (53) | ||
Currency retranslation | 128 | 543 | |
Reclassification as held for sale | 33 | 552 | |
Ending balance | € (8,093) | € (7,558) | € (8,051) |
Property, Plant and Equipment_3
Property, Plant and Equipment - Summary of Movements in Property, Plant and Equipment (Parenthetical) (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | € 10,347 | € 10,411 |
Freehold land [Member] | ||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | € 302 | 247 |
Spreads business [member] | ||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | € 548 |
Other Non-Current Assets - Summ
Other Non-Current Assets - Summary of Other Non-current Assets (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Miscellaneous non-current assets [abstract] | ||
Interest in net assets of joint ventures | € 14 | € 32 |
Interest in net assets of associates | 40 | 44 |
Long-term trade and other receivables | 307 | 265 |
Operating lease prepayments for land | 118 | 116 |
Fair value of biological assets | 18 | 17 |
Other non-current assets | 151 | 83 |
Total other non-current assets | € 648 | € 557 |
Other Non-Current Assets - Move
Other Non-Current Assets - Movements in Interest in Joint Ventures and Associates (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Beginning balance | € 557 | |
Ending balance | 648 | € 557 |
Associates [member] | ||
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Beginning balance | 44 | 51 |
Additions | 3 | 5 |
Dividend received/reductions | (10) | |
Share of net profit/(loss) | (5) | |
Currency retranslation | (2) | (2) |
Ending balance | 40 | 44 |
Joint ventures [member] | ||
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Beginning balance | 32 | 36 |
Additions | 5 | |
Dividend received/reductions | (216) | (155) |
Share of net profit/(loss) | 190 | 155 |
Currency retranslation | 3 | (4) |
Ending balance | € 14 | € 32 |
Other Non-Current Assets - Mo_2
Other Non-Current Assets - Movements in Interest in Joint Ventures and Associates (Parenthetical) (Detail) € in Millions | 12 Months Ended |
Dec. 31, 2018EUR (€) | |
Unilever FIMA LDA [member] | Joint ventures [member] | |
Disclosure Of Joint Ventures And Associates [Line Items] | |
Capital reduction in Joint venture | € 64 |
Other Non-current Assets - Addi
Other Non-current Assets - Additional Information (Detail) | Dec. 31, 2018EUR (€) |
Miscellaneous non-current assets [abstract] | |
Contingent liabilities incurred in relation to interests in joint ventures | € 0 |
Contingent liabilities incurred in relation to interests in associates | 0 |
Capital commitments to joint ventures | € 0 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Classes of current inventories [abstract] | ||
Raw materials and consumables | € 1,365 | € 1,274 |
Finished goods and goods for resale | 2,936 | 2,688 |
Total inventories | € 4,301 | € 3,962 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Classes of current inventories [abstract] | ||
Inventories carried at net realisable value | € 124 | € 92 |
Damaged, obsolete and lost inventories | 92 | 109 |
Inventory provisions utilised or released to income statement | € 72 | € 90 |
Trade and Other Current Recei_3
Trade and Other Current Receivables - Summary of Trade and Other Current Receivables (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Trade and other current receivables [abstract] | ||
Trade receivables | € 4,350 | € 3,439 |
Prepayments and accrued income | 693 | 452 |
Other receivables | 1,442 | 1,331 |
Total trade and other current receivables | € 6,485 | € 5,222 |
Trade and Other Current Recei_4
Trade and Other Current Receivables - Summary of Trade and Other Current Receivables (Parenthetical) (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Trade and Other Current Receivables [Line Items] | ||
Trade receivables | € 4,350 | € 3,439 |
KKR [member] | ||
Trade and Other Current Receivables [Line Items] | ||
Trade receivables | € 677 |
Trade and Other Current Recei_5
Trade and Other Current Receivables - Additional Information (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Trade and Other Current Receivables [Line Items] | |||
Other receivables | € 1,442 | € 1,331 | |
Current trade receivables | 4,350 | 3,439 | |
Impairment provision | 214 | 184 | € 166 |
Current trade receivables [member] | |||
Trade and Other Current Receivables [Line Items] | |||
Impairment provision | 188 | 160 | |
Other Current Receivables [member] | |||
Trade and Other Current Receivables [Line Items] | |||
Impairment provision | 13 | 10 | |
Non Current Trade And Other Receivables [Member] | |||
Trade and Other Current Receivables [Line Items] | |||
Impairment provision | 13 | 14 | |
Financial asset [Member] | |||
Trade and Other Current Receivables [Line Items] | |||
Other receivables | 299 | 281 | |
Non Financial Asset [Member] | |||
Trade and Other Current Receivables [Line Items] | |||
Other receivables | 1,142 | 1,050 | |
Rebates Payable To Customers [Member] | |||
Trade and Other Current Receivables [Line Items] | |||
Current trade receivables | € 3,062 | € 2,766 |
Trade and Other Current Recei_6
Trade and Other Current Receivables - Summary of Aging of Trade Receivables (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Aging Of Current Trade Receivables [line items] | ||
Total trade receivables | € 4,538 | € 3,599 |
Less impairment provision for trade receivables | (188) | (160) |
Trade receivables | 4,350 | 3,439 |
Not overdue [Member] | ||
Aging Of Current Trade Receivables [line items] | ||
Trade receivables | 3,440 | 2,714 |
Past due less than three months [Member] | ||
Aging Of Current Trade Receivables [line items] | ||
Trade receivables | 747 | 621 |
Past due more than three months but less than six months [Member] | ||
Aging Of Current Trade Receivables [line items] | ||
Trade receivables | 132 | 95 |
Past due more than six months but less than one year [Member] | ||
Aging Of Current Trade Receivables [line items] | ||
Trade receivables | 74 | 59 |
Past due more than one year [Member] | ||
Aging Of Current Trade Receivables [line items] | ||
Trade receivables | € 145 | € 110 |
Trade and Other Current Recei_7
Trade and Other Current Receivables - Summary of Impairment Provision for Trade and Other Receivables - Current and Non-Current Impairments (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Trade and other receivables [abstract] | ||
Beginning balance | € 184 | € 166 |
Charge to income statement | 65 | 51 |
Reduction/releases | (29) | (21) |
Currency translations | (6) | (12) |
Ending balance | € 214 | € 184 |
Trade Payables and Other Liab_3
Trade Payables and Other Liabilities - Summary of Trade Payables and Other Liabilities (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Current: due within one year | ||
Trade payables | € 9,121 | € 8,217 |
Accruals | 3,724 | 3,666 |
Social security and sundry taxes | 498 | 539 |
Deferred consideration | 14 | 26 |
Others | 1,100 | 978 |
Trade and other current payables | 14,457 | 13,426 |
Non-current: due after more than one year | ||
Accruals | 121 | 146 |
Deferred consideration | 173 | 485 |
Others | 52 | 69 |
Non current payables | 346 | 700 |
Total trade | € 14,803 | € 14,126 |
Trade Payables and Other Liab_4
Trade Payables and Other Liabilities - Summary of Trade Payables and Other Liabilities (Parenthetical) (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of trade and other payables [Line Items] | ||
Trade payables | € 9,121 | € 8,217 |
KKR [member] | ||
Disclosure of trade and other payables [Line Items] | ||
Trade payables | € 311 |
Trade Payables and Other Liab_5
Trade Payables and Other Liabilities - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of trade and other liabilities [line items] | ||
Deferred consideration | € 187 | € 511 |
Balance for deferred contingent consideration | 142 | € 445 |
Maximum possible total payment | 1,082 | |
Non-cash credit to operating profit | 277 | |
Blueair [member] | ||
Disclosure of trade and other liabilities [line items] | ||
Non-cash credit to operating profit | 277 | |
cash payment for contingent consideration | € 122 |
Capital and Funding - Summary o
Capital and Funding - Summary of Share Capital (Detail) € in Millions, £ in Millions | Dec. 31, 2018EUR (€) | Dec. 31, 2018GBP (£) | Dec. 31, 2017EUR (€) | Dec. 31, 2017GBP (£) |
Disclosure of classes of share capital [line items] | ||||
Issued, called up and fully paid | € 464 | £ 37 | € 484 | £ 40.8 |
Authorised | 481 | 481 | ||
Unilever PLC [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Issued, called up and fully paid | 190 | 210 | ||
Unilever PLC [member] | Ordinary Shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Issued, called up and fully paid | £ | 40.8 | 40.8 | ||
Unilever PLC [member] | Internal Holdings Eliminated on Consolidation [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Issued, called up and fully paid | £ | (0.1) | (0.1) | ||
Unilever PLC [member] | Deferred Stock [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Issued, called up and fully paid | £ | 0.1 | £ 0.1 | ||
Unilever PLC [member] | Cancellation of Treasury shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Issued, called up and fully paid | £ | £ (3.8) | |||
Unilever N.V. [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Issued, called up and fully paid | 274 | 274 | ||
Unilever N.V. [member] | Ordinary Shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Issued, called up and fully paid | 274 | 274 | ||
Authorised | 480 | 480 | ||
Unilever N.V. [member] | Ordinary Special Shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Issued, called up and fully paid | 1 | 1 | ||
Authorised | 1 | 1 | ||
Unilever N.V. [member] | Internal Holdings Eliminated on Consolidation [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Issued, called up and fully paid | € (1) | € (1) |
Capital and Funding - Summary_2
Capital and Funding - Summary of Share Capital (Parenthetical) (Detail) | 12 Months Ended | |||||
Dec. 31, 2018€ / sharesshares | Dec. 31, 2018£ / sharesshares | Dec. 31, 2017€ / sharesshares | Dec. 31, 2017£ / sharesshares | Dec. 31, 2016€ / shares | Dec. 31, 2016£ / shares | |
Disclosure of classes of share capital [line items] | ||||||
Cancellation of shares | 122,965,077 | |||||
Treasury shares | 24,334,848 | 24,334,848 | ||||
Unilever PLC [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Par value per share | £ / shares | £ 0.0311 | £ 0.0311 | £ 0.0311 | |||
Cancellation of shares | 122,965,077 | |||||
Conversion rate for ordinary shares nominal value | € / shares | € 5.143 | |||||
Description of conversion of currency | Conversion rate for PLC ordinary shares nominal value to euros is £1 = €5.143 (which is calculated by dividing the nominal value of NV ordinary shares by the nominal value of PLC ordinary shares). | |||||
Unilever N.V. [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Par value per share | € / shares | € 0.16 | € 0.16 | € 0.16 | |||
Number of authorised shares | 3,000,000,000 | 3,000,000,000 | 3,000,000,000 | 3,000,000,000 | ||
Ordinary Shares [member] | Unilever PLC [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Par value per share | £ / shares | £ 0.031 | £ 0.031 | ||||
Number of shares issued | 1,187,191,284 | 1,187,191,284 | 1,310,156,361 | 1,310,156,361 | ||
Ordinary Shares [member] | Unilever N.V. [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Par value per share | € / shares | € 0.16 | € 0.16 | ||||
Number of shares issued | 1,714,727,700 | 1,714,727,700 | 1,714,727,700 | 1,714,727,700 | ||
Ordinary Special Shares [member] | Unilever N.V. [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Par value per share | € / shares | € 428.57 | € 428.57 | ||||
Deferred Stock [Member] | Unilever PLC [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Par value per share | £ / shares | £ 1 | £ 1 | ||||
Number of shares issued | 100,000 | 100,000 | 100,000 | 100,000 | ||
Special Shares [Member] | Unilever N.V. [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares issued | 2,400 | 2,400 | 2,400 | 2,400 |
Capital and funding - Additiona
Capital and funding - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of classes of share capital [line items] | ||
Number of shares cancelled | 122,965,077 | |
Unilever N.V. [member] | Ordinary Shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Number of shares acquired | 66,202,168 | 53,003,099 |
Number of treasury shares held | 263,349,111 | 201,538,909 |
Unilever N.V. [member] | Ordinary Shares [member] | Share Based Compensation [Member] | ||
Disclosure of classes of share capital [line items] | ||
Number of treasury shares held | 9,336,215 | |
Unilever PLC [member] | ||
Disclosure of classes of share capital [line items] | ||
Nominal dividend paid on the deferred stock of PLC | 6.00% | |
Number of shares acquired | 65,458,433 | 53,359,284 |
Number of treasury shares held | 24,334,848 | 84,463,561 |
Number of shares cancelled | 122,965,077 | |
Unilever PLC [member] | Share Based Compensation [Member] | ||
Disclosure of classes of share capital [line items] | ||
Number of treasury shares held | 5,674,214 |
Capital and Funding - Subsidiar
Capital and Funding - Subsidiaries With Significant Non-Controlling Interests (HUL) (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Significant Non Controlling Interests [Line Items] | ||||
Beginning balance | € 14,387 | € 16,980 | € 16,082 | |
Non-current assets | 43,975 | 43,302 | ||
Current assets | 15,481 | 16,983 | ||
Total current liabilities | (19,772) | (23,177) | ||
Total non-current liabilities | (27,392) | (22,721) | ||
Turnover | 50,982 | 53,715 | 52,713 | |
Profit after tax | 9,808 | 6,486 | 5,547 | |
Other comprehensive income | (1,193) | 224 | ||
Total comprehensive income | 8,615 | 6,710 | 4,769 | |
Other changes in equity | (673) | [1] | (104) | 171 |
Ending balance | 12,292 | 14,387 | 16,980 | |
Non-controlling Interests [member] | ||||
Significant Non Controlling Interests [Line Items] | ||||
Beginning balance | 758 | 626 | 643 | |
Profit after tax | 419 | 433 | 363 | |
Total comprehensive income | 407 | 381 | 374 | |
Other changes in equity | (103) | [1] | 96 | (27) |
Ending balance | 720 | 758 | 626 | |
Subsidiaries with material non-controlling interests [member] | Hindustan Unilever Limited [Member] | ||||
Significant Non Controlling Interests [Line Items] | ||||
Non-current assets | 881 | 819 | ||
Current assets | 1,333 | 1,274 | ||
Total current liabilities | (1,130) | (1,030) | ||
Total non-current liabilities | (190) | (135) | ||
Turnover | 4,527 | 4,464 | ||
Profit after tax | 617 | 595 | ||
Total comprehensive income | 576 | 529 | ||
Net increase/(decrease) in cash and cash-equivalents | 14 | (71) | ||
Subsidiaries with material non-controlling interests [member] | Hindustan Unilever Limited [Member] | Non-controlling Interests [member] | ||||
Significant Non Controlling Interests [Line Items] | ||||
Beginning balance | (288) | (282) | ||
Profit after tax | (203) | (195) | ||
Other comprehensive income | (4) | (3) | ||
Dividend paid to the non-controlling interest | 183 | 172 | ||
Other changes in equity | 0 | 0 | ||
Currency translation | 13 | 20 | ||
Ending balance | € (299) | € (288) | € (282) | |
[1] | Includes a €662 million premium paid for purchase of the non-controlling interest in Unilever South Africa from Remgro. |
Capital and Funding - Summary_3
Capital and Funding - Summary of Consolidated Statement of Changes in Equity: Analysis of Other Reserves (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of reserves within equity [abstract] | |||
Fair value reserves | € (194) | € (189) | € (113) |
Equity instruments | 98 | ||
Cash flow hedges | (292) | (236) | (168) |
Available-for-sale financial assets | 47 | 55 | |
Currency retranslation of group companies - see following table | (4,764) | (3,927) | (3,034) |
Adjustment on translation of PLC's ordinary capital at 31/9p = €0.16 | (150) | (164) | (164) |
Capital redemption reserve | 32 | 32 | 32 |
Book value of treasury shares - see following table | (10,181) | (9,208) | (4,164) |
Hedging gains/(losses) transferred to non-financial assets(a) | 71 | ||
Other | (100) | (177) | |
Other reserves | € (15,286) | € (13,633) | € (7,443) |
Capital and Funding - Summary_4
Capital and Funding - Summary of Consolidated Statement of Changes in Equity: Analysis of Other Reserves (Parenthetical) (Detail) | Dec. 31, 2018€ / shares | Dec. 31, 2018£ / shares | Dec. 31, 2017€ / shares | Dec. 31, 2017£ / shares | Dec. 31, 2016€ / shares | Dec. 31, 2016£ / shares |
Unilever N.V. [member] | ||||||
Disclosure of reserves within equity [line items] | ||||||
Par value per share | € / shares | € 0.16 | € 0.16 | € 0.16 | |||
Unilever PLC [member] | ||||||
Disclosure of reserves within equity [line items] | ||||||
Par value per share | £ / shares | £ 0.0311 | £ 0.0311 | £ 0.0311 |
Capital and Funding - Summary_5
Capital and Funding - Summary of Treasury Shares Movements (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of classes of share capital [line items] | |||
1 January | € (9,208) | € (4,164) | |
Repurchase of shares (see note 24) | [1] | (6,020) | (5,014) |
Other purchases and utilisations | (8) | (30) | |
31 December | (10,181) | € (9,208) | |
Unilever PLC [member] | |||
Disclosure of classes of share capital [line items] | |||
Cancellation of NV and PLC shares | € 5,055 | ||
[1] | Repurchase of shares reflects the cost of acquiring ordinary shares as part of the share buyback programmes announced on 19 April 2018 and 6 April 2017. |
Capital and Funding - Summary_6
Capital and Funding - Summary of Currency Retranslation Reserve (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Movement in foreign currency translation reserve [abstract] | ||
Currency retranslation reserve beginning balance | € (3,927) | € (3,034) |
Currency retranslation during the year | (843) | (50) |
Movement in net investment hedges and exchange differences in net investments in foreign operations | 77 | (909) |
Recycled to income statement | (71) | 66 |
Currency retranslation reserve ending balance | € (4,764) | € (3,927) |
Capital and Funding - Summary_7
Capital and Funding - Summary of Comprehensive Income: Other Comprehensive Income Reconciliation (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of analysis of other comprehensive income by item [abstract] | ||||
Fair value gains/(losses) beginning balance | € (189) | € (113) | ||
Equity instruments | [1] | 51 | ||
Cash flow hedges | (55) | (68) | ||
Available for sale financial assets | (8) | |||
Fair value gains/(losses) ending balance | (194) | (189) | € (113) | |
Remeasurement of defined benefit pension plans beginning balance | (1,171) | (2,453) | ||
Movement during the year | (328) | 1,282 | (980) | |
Remeasurement of defined benefit pension plans ending balance | (1,499) | (1,171) | (2,453) | |
Currency retranslation gains/(losses) beginning balance | (4,278) | (3,295) | ||
Other reserves | (836) | (903) | ||
Retained profit | (10) | (27) | ||
Non-controlling interest | (15) | (53) | ||
Currency retranslation gains/(losses) ending balance | € (5,139) | € (4,278) | € (3,295) | |
[1] | Classification in 2018 has changed following adoption of IFRS 9. See note 1 for further details. |
Capital and Funding - Summary_8
Capital and Funding - Summary of Financial Liabilities (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial liabilities [abstract] | |||
Bank loans and overdrafts, Current | € 525 | € 513 | |
Bonds and other loans, Current | 2,422 | 7,181 | |
Finance lease creditors, Current | 13 | 11 | |
Derivatives, Current | 126 | 86 | |
Other financial liabilities, Current | 149 | 177 | |
Current financial liabilities | 3,235 | 7,968 | |
Bank loans and overdrafts, Non-current | 289 | 479 | |
Bonds and other loans, Non-current | 20,969 | 15,528 | |
Finance lease creditors, Non-current | 115 | 120 | |
Derivatives, Non-current | 276 | 335 | |
Other financial liabilities, Non-current | 1 | ||
Non-current financial liabilities | 21,650 | 16,462 | |
Bank loans and overdrafts | 814 | 992 | |
Bonds and other loans | 23,391 | 22,709 | |
Finance lease creditors | 128 | 131 | |
Derivatives | 402 | 421 | |
Other financial liabilities | 150 | 177 | |
Financial liabilities | € 24,885 | € 24,430 | € 16,595 |
Capital and Funding - Summary_9
Capital and Funding - Summary of Financial Liabilities (Parenthetical) (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of financial liabilities [abstract] | ||
Secured liabilities | € 5 | € 1 |
Capital and Funding - Reconcili
Capital and Funding - Reconciliation of Liabilities Arising from Financing Activities (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of financial liabilities [line items] | ||
Opening balance | € (24,430) | € (16,595) |
Cash Movement | 84 | (8,860) |
Business acquisitions/ disposals | (10) | (3) |
Foreign exchange changes | (515) | 1,450 |
Fair value changes | 15 | (238) |
Other movements | (29) | (184) |
Closing balance | (24,885) | (24,430) |
Bank Loans and Overdrafts [Member] | ||
Disclosure of financial liabilities [line items] | ||
Opening balance | (992) | (1,146) |
Cash Movement | 158 | 66 |
Business acquisitions/ disposals | (10) | (3) |
Foreign exchange changes | 17 | 98 |
Other movements | 13 | (7) |
Closing balance | (814) | (992) |
Bonds and Other Loans [Member] | ||
Disclosure of financial liabilities [line items] | ||
Opening balance | (22,709) | (15,053) |
Cash Movement | (135) | (9,008) |
Foreign exchange changes | (543) | 1,346 |
Fair value changes | (2) | |
Other movements | (4) | 8 |
Closing balance | (23,391) | (22,709) |
Finance lease creditors [Member] | ||
Disclosure of financial liabilities [line items] | ||
Opening balance | (131) | (143) |
Cash Movement | 10 | 14 |
Foreign exchange changes | 1 | 6 |
Other movements | (8) | (8) |
Closing balance | (128) | (131) |
Derivatives [Member] | ||
Disclosure of financial liabilities [line items] | ||
Opening balance | (421) | (185) |
Fair value changes | 19 | (236) |
Closing balance | (402) | (421) |
Other Financials Liabilities [member] | ||
Disclosure of financial liabilities [line items] | ||
Opening balance | (177) | |
Cash Movement | 51 | |
Foreign exchange changes | 10 | |
Fair value changes | (4) | |
Other movements | (30) | (177) |
Closing balance | € (150) | (177) |
Preferred Shares Liabilities [Member] | ||
Disclosure of financial liabilities [line items] | ||
Opening balance | (68) | |
Cash Movement | € 68 |
Capital and Funding - Reconci_2
Capital and Funding - Reconciliation of Liabilities Arising from Financing Activities (Parenthetical) (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of financial liabilities [line items] | ||
Cash movement | € (84) | € 8,860 |
Overdrafts [member] | ||
Disclosure of financial liabilities [line items] | ||
Cash movement | € 2 | € 1 |
Capital and Funding - Summar_10
Capital and Funding - Summary of Analysis of Bonds and Other Loans (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about borrowings [line items] | ||
Total bonds and other loans | € 23,391 | € 22,709 |
Unilever PLC [member] | Bonds and Other Loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 936 | 1,231 |
Unilever PLC [member] | United Kingdom, Pounds [Member] | 1.125% Notes 2022 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 386 | 390 |
Unilever PLC [member] | United Kingdom, Pounds [Member] | 2.000% Notes 2018 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 283 | |
Unilever PLC [member] | United Kingdom, Pounds [Member] | 1.375% Notes 2024 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 276 | 280 |
Unilever PLC [member] | United Kingdom, Pounds [Member] | 1.875% Notes 2029 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 274 | 278 |
Unilever N.V. [member] | Commercial Paper [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 3,655 | |
Unilever N.V. [member] | Bonds and Other Loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 9,831 | 10,958 |
Unilever N.V. [member] | Euro [Member] | 1.750% Bonds 2020 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 749 | 748 |
Unilever N.V. [member] | Euro [Member] | 0.500% Notes 2022 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 746 | 744 |
Unilever N.V. [member] | Euro [Member] | 1.375% Notes 2029 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 743 | 742 |
Unilever N.V. [member] | Euro [Member] | 1.125% Bonds 2028 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 693 | 693 |
Unilever N.V. [member] | Euro [Member] | 0.875% Notes 2025 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 647 | 646 |
Unilever N.V. [member] | Euro [Member] | 0.375% Notes 2023 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 599 | 598 |
Unilever N.V. [member] | Euro [Member] | 1.000% Notes 2027 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 598 | 597 |
Unilever N.V. [member] | Euro [Member] | 1.000% Notes 2023 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 497 | 497 |
Unilever N.V. [member] | Euro [Member] | 0.000% Notes 2021 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 497 | 496 |
Unilever N.V. [member] | Euro [Member] | 0.500% Notes 2024 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 494 | 493 |
Unilever N.V. [member] | Euro [Member] | 0.000% Notes 2020 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 300 | 299 |
Unilever N.V. [member] | Euro [Member] | 0.500% Bonds 2025 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 642 | |
Unilever N.V. [member] | Euro [Member] | 1.375% Notes 2030 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 642 | |
Unilever N.V. [member] | Euro [Member] | 0.50% Notes 2023 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 497 | |
Unilever N.V. [member] | Euro [Member] | 1.625% Notes 2033 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 791 | |
Unilever N.V. [member] | Euro [Member] | 1.125% Bonds 2027 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 696 | |
Unilever N.V. [member] | Floating Interest Rate [Member] | Euro [Member] | Floating Rate Notes 2018 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 750 | |
Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 12,624 | 10,520 |
Other Group Companies [member] | Switzerland [Member] | Other Loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 10 | 6 |
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | Commercial Paper [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 1,070 | 2,421 |
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 4.250% Notes 2021 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 873 | 834 |
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 5.900% Bonds 2032 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 865 | 826 |
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 2.900% Notes 2027 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 860 | 821 |
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 2.200% Notes 2022 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 738 | 704 |
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 1.800% Notes 2020 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 698 | 666 |
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 4.800% Bonds 2019 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 656 | 627 |
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 2.200% Notes 2019 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 655 | 625 |
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 2.000% Notes 2026 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 602 | 575 |
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 1.375% Notes 2021 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 478 | 456 |
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 2.100% Notes 2020 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 436 | 416 |
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 3.100% Notes 2025 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 432 | 413 |
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 2.600% Notes 2024 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 432 | 413 |
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 7.250% Bonds 2026 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 254 | 243 |
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 6.625% Bonds 2028 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 200 | 190 |
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 5.150% Notes 2020 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 134 | 129 |
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 5.600% Bonds 2097 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 80 | 76 |
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 3.500% Notes 2028 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 687 | |
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 3.125% Notes 2023 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 477 | |
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 3.000% Notes 2022 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 434 | |
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 3.250% Notes 2024 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 433 | |
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 3.500% Bonds 2028 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 431 | |
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 2.750% Bonds 2021 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 348 | |
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 3.375% Notes 2025 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 302 | |
Other Group Companies [member] | Other Countries [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | € 39 | € 79 |
Capital and Funding - Summar_11
Capital and Funding - Summary of Analysis of Bonds and Other Loans (Parenthetical) (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
2.000% Notes [Member] | Unilever PLC [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Fair value hedge adjustment | € 0 | € 2 |
1.750% Bonds 2020 [Member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.75% | 1.75% |
Borrowings maturity year | 2020 | 2020 |
0.500% Notes 2022 [Member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 0.50% | 0.50% |
Borrowings maturity year | 2022 | 2022 |
1.375% Notes 2029 [member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.375% | 1.375% |
Borrowings maturity year | 2029 | 2029 |
1.125% Bonds 2028 [Member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.125% | 1.125% |
Borrowings maturity year | 2028 | 2028 |
0.875% Notes 2025 [member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 0.875% | 0.875% |
Borrowings maturity year | 2025 | 2025 |
0.375% Notes 2023 [member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 0.375% | 0.375% |
Borrowings maturity year | 2023 | 2023 |
1.000% Notes 2027 [member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.00% | 1.00% |
Borrowings maturity year | 2027 | 2027 |
1.000% Notes 2023 [member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.00% | 1.00% |
Borrowings maturity year | 2023 | 2023 |
0.000% Notes 2021 [member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 0.00% | 0.00% |
Borrowings maturity year | 2021 | 2021 |
0.500% Notes 2024 [Member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 0.50% | 0.50% |
Borrowings maturity year | 2024 | 2024 |
0.000% Notes 2020 [Member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 0.00% | 0.00% |
Borrowings maturity year | 2020 | 2020 |
1.125% Notes 2022 [member] | Unilever PLC [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.125% | 1.125% |
Borrowings maturity year | 2022 | 2022 |
2.000% Notes 2018 [Member] | Unilever PLC [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 2.00% | 2.00% |
Borrowings maturity year | 2018 | 2018 |
1.375% Notes 2024 [member] | Unilever PLC [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.375% | 1.375% |
Borrowings maturity year | 2024 | 2024 |
1.875% Notes 2029 [member] | Unilever PLC [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.875% | 1.875% |
Borrowings maturity year | 2029 | 2029 |
4.250% Notes 2021 [Member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 4.25% | 4.25% |
Borrowings maturity year | 2021 | 2021 |
5.900% Bonds 2032 [Member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 5.90% | 5.90% |
Borrowings maturity year | 2032 | 2032 |
2.900% Notes 2027 [member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 2.90% | 2.90% |
Borrowings maturity year | 2027 | 2027 |
2.200% Notes 2022 [member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 2.20% | 2.20% |
Borrowings maturity year | 2022 | 2022 |
1.800% Notes 2020 [member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.80% | 1.80% |
Borrowings maturity year | 2020 | 2020 |
4.800% Bonds 2019 [Member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 4.80% | 4.80% |
Borrowings maturity year | 2019 | 2019 |
2.200% Notes 2019 [Member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 2.20% | 2.20% |
Borrowings maturity year | 2019 | 2019 |
2.000% Notes 2026 [Member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 2.00% | 2.00% |
Borrowings maturity year | 2026 | 2026 |
1.375% Notes 2021 [Member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.375% | 1.375% |
Borrowings maturity year | 2021 | 2021 |
2.100% Notes 2020 [Member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 2.10% | 2.10% |
Borrowings maturity year | 2020 | 2020 |
3.100% Notes 2025 [Member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 3.10% | 3.10% |
Borrowings maturity year | 2025 | 2025 |
2.600% Notes 2024 [member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 2.60% | 2.60% |
Borrowings maturity year | 2024 | 2024 |
7.250% Bonds 2026 [Member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 7.25% | 7.25% |
Borrowings maturity year | 2026 | 2026 |
6.625% Bonds 2028 [Member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 6.625% | 6.625% |
Borrowings maturity year | 2028 | 2028 |
5.150% Notes 2020 [Member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 5.15% | 5.15% |
Borrowings maturity year | 2020 | 2020 |
5.600% Bonds 2097 [Member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 5.60% | 5.60% |
Borrowings maturity year | 2097 | 2097 |
0.500% Bonds 2025 [member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 0.50% | 0.50% |
Borrowings maturity year | 2025 | 2025 |
1.375% Notes 2030 [member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.375% | 1.375% |
Borrowings maturity year | 2030 | 2030 |
0.50% Notes 2023 [member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 0.50% | 0.50% |
Borrowings maturity year | 2023 | 2023 |
3.500% Notes 2028 [member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 3.50% | 3.50% |
Borrowings maturity year | 2028 | 2028 |
3.125% Notes 2023 [member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 3.125% | 3.125% |
Borrowings maturity year | 2023 | 2023 |
1.625% Notes 2033 [member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.625% | 1.625% |
Borrowings maturity year | 2033 | 2033 |
3.000% Notes 2022 [member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 3.00% | 3.00% |
Borrowings maturity year | 2022 | 2022 |
1.125% Bonds 2027 [member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.125% | 1.125% |
Borrowings maturity year | 2027 | 2027 |
3.250% Notes 2024 [member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 3.25% | 3.25% |
Borrowings maturity year | 2024 | 2024 |
3.500% Bonds 2028 [member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 3.50% | 3.50% |
Borrowings maturity year | 2028 | 2028 |
2.750% Bonds 2021 [member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 2.75% | 2.75% |
Borrowings maturity year | 2021 | 2021 |
3.375% Notes 2025 [member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 3.375% | 3.375% |
Borrowings maturity year | 2025 | 2025 |
Treasury Risk Management - Addi
Treasury Risk Management - Additional Information (Detail) € in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Disclosure Of Treasury Risk Management [Line Items] | |||||
Revolving credit facility | $ | $ 7,865 | $ 7,865 | |||
Gain (loss) in cash flow hedge reserve | € (292) | € (236) | € (168) | ||
Finance income (cost) | € (481) | (877) | € (563) | ||
Currency risk [Member] | |||||
Disclosure Of Treasury Risk Management [Line Items] | |||||
Increase in commodity price percentage | 10.00% | ||||
Decrease in commodity price percentage | 10.00% | ||||
Impact of change in exchange rate | 10.00% | 10.00% | |||
Financial assets and liabilities other than functional currency amount | € 105 | 45 | |||
Percentage of increase of key foreign currencies against domestic currency | 10.00% | ||||
Net investment in foreign operations | € 7,500 | 7,300 | |||
Exchange differences on translation | 3,300 | 3,400 | |||
Credit exposure | 14,500 | 16,200 | |||
Currency risk [Member] | United States of America, Dollars [Member] | |||||
Disclosure Of Treasury Risk Management [Line Items] | |||||
Net investment hedges nominal value | 4,400 | 3,900 | |||
Currency risk [Member] | Switzerland, Francs [Member] | |||||
Disclosure Of Treasury Risk Management [Line Items] | |||||
Net investment hedges nominal value | (1,300) | (1,100) | |||
Currency risk [Member] | Ten percentage strengthening against other currencies [member] | |||||
Disclosure Of Treasury Risk Management [Line Items] | |||||
Impact on equity - trade-related cash flow hedges | 146 | 210 | |||
Impact on equity - net investment hedges | 312 | 277 | |||
Negative retranslation effect on net investment | 1,455 | 1,619 | |||
Currency risk [Member] | Ten percentage weakening against other currencies [member] | |||||
Disclosure Of Treasury Risk Management [Line Items] | |||||
Impact on equity - trade-related cash flow hedges | (146) | (210) | |||
Impact on equity - net investment hedges | (312) | (277) | |||
Positive retranslation effect on net investment | 1,455 | 1,619 | |||
Currency risk [Member] | Ten percentage strengthening against US Dollar [member] | |||||
Disclosure Of Treasury Risk Management [Line Items] | |||||
Impact on equity - trade-related cash flow hedges | 93 | 152 | |||
Currency risk [Member] | Ten percentage weakening against US Dollar [member] | |||||
Disclosure Of Treasury Risk Management [Line Items] | |||||
Impact on equity - trade-related cash flow hedges | (93) | (152) | |||
Currency risk [Member] | Ten Percentage Increase in Commodity Price Risk [Member] | |||||
Disclosure Of Treasury Risk Management [Line Items] | |||||
Gain (loss) in cash flow hedge reserve | 51 | 38 | |||
Currency risk [Member] | Ten Percentage Decrease in Commodity Price Risk [Member] | |||||
Disclosure Of Treasury Risk Management [Line Items] | |||||
Gain (loss) in cash flow hedge reserve | (51) | (38) | |||
Currency risk [Member] | Ten percentage strengthening of EUR against key currency exposures [Member] | |||||
Disclosure Of Treasury Risk Management [Line Items] | |||||
Foreign exchange gain | 11 | 5 | |||
Currency risk [Member] | Ten percentage weakening of EUR against key currency exposures [Member] | |||||
Disclosure Of Treasury Risk Management [Line Items] | |||||
Foreign exchange loss | € 11 | € 5 | |||
Currency risk [Member] | Impact on equity trade related cash flow hedges [member] | |||||
Disclosure Of Treasury Risk Management [Line Items] | |||||
Percentage of increase of key foreign currencies against domestic currency | 10.00% | ||||
Currency risk [Member] | Impact on equity net investment hedges [member] | |||||
Disclosure Of Treasury Risk Management [Line Items] | |||||
Percentage of increase of key foreign currencies against domestic currency | 10.00% | ||||
Currency risk [Member] | Impact on equity net investment [member] | |||||
Disclosure Of Treasury Risk Management [Line Items] | |||||
Percentage of increase of key foreign currencies against domestic currency | 10.00% | ||||
Interest rate risk [Member] | |||||
Disclosure Of Treasury Risk Management [Line Items] | |||||
Percentage of increase in floating interest rate | 1.00% | 1.00% | |||
Percentage of decrease in floating interest rate | 1.00% | ||||
Average interest rate on short term borrowings | 0.90% | 0.90% | |||
Credit in equity from derivatives in cash flow hedge | € 17 | € 23 | |||
Derivatives in cash flow hedge relationships | € 19 | € 28 | |||
Interest rate risk [Member] | 2019 [Member] | |||||
Disclosure Of Treasury Risk Management [Line Items] | |||||
Interest rate fixed on expected net debt | 99.00% | 63.00% | |||
Interest rate risk [Member] | 2020 [Member] | |||||
Disclosure Of Treasury Risk Management [Line Items] | |||||
Interest rate fixed on expected net debt | 85.00% | ||||
Interest rate risk [Member] | 2018 [Member] | |||||
Disclosure Of Treasury Risk Management [Line Items] | |||||
Interest rate fixed on expected net debt | 76.00% | ||||
Interest rate risk [Member] | One percentage strengthening of floating interest rate [member] | |||||
Disclosure Of Treasury Risk Management [Line Items] | |||||
Finance income (cost) | € 8 | € (41) | |||
Interest rate risk [Member] | One percentage weakening in floating interest rate [member] | |||||
Disclosure Of Treasury Risk Management [Line Items] | |||||
Finance income (cost) | (8) | 41 | |||
Commodity price risk [Member] | |||||
Disclosure Of Treasury Risk Management [Line Items] | |||||
Commodity derivatives | € 580 | € 382 |
Treasury Risk Management - Summ
Treasury Risk Management - Summary of Maturity Analysis for Non-derivative and Derivative Financial Liabilities (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||
Preference shares | € 0 | |
Bank loans and overdrafts | € (820) | (1,005) |
Bonds and other loans | (27,331) | (25,718) |
Finance lease creditors | (187) | (206) |
Other financial liabilities | (150) | (177) |
Trade payables, accruals and other liabilities | (14,118) | (13,076) |
Deferred consideration | (214) | (616) |
Total non-derivative financial liabilities | (42,820) | (40,798) |
Derivative financial liabilities | (216) | (364) |
Derivative & Non-derivative financial liabilities | (43,036) | (41,162) |
Interest rate derivatives [member] | ||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||
Derivative contracts - receipts | 3,221 | 3,325 |
Derivative contracts - payments | (3,154) | (3,347) |
Foreign exchange derivatives [member] | ||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||
Derivative contracts - receipts | 17,108 | 24,935 |
Derivative contracts - payments | (17,317) | (25,258) |
Commodity Derivatives [member] | ||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||
Derivative contracts - payments | (74) | (19) |
Net carrying amount [Member] | ||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||
Preference shares | 0 | |
Bank loans and overdrafts | (814) | (992) |
Bonds and other loans | (23,391) | (22,709) |
Finance lease creditors | (128) | (131) |
Other financial liabilities | (150) | (177) |
Trade payables, accruals and other liabilities | (14,118) | (13,076) |
Deferred consideration | (187) | (511) |
Total non-derivative financial liabilities | (38,788) | (37,596) |
Derivative financial liabilities | (542) | (534) |
Derivative & Non-derivative financial liabilities | (39,330) | (38,130) |
Within 1 year [Member] | ||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||
Preference shares | 0 | |
Bank loans and overdrafts | (529) | (522) |
Bonds and other loans | (2,888) | (7,558) |
Finance lease creditors | (20) | (20) |
Other financial liabilities | (149) | (177) |
Trade payables, accruals and other liabilities | (13,945) | (12,861) |
Deferred consideration | (14) | (26) |
Total non-derivative financial liabilities | (17,545) | (21,164) |
Derivative financial liabilities | (239) | (312) |
Derivative & Non-derivative financial liabilities | (17,784) | (21,476) |
Within 1 year [Member] | Interest rate derivatives [member] | ||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||
Derivative contracts - receipts | 67 | 349 |
Derivative contracts - payments | (23) | (319) |
Within 1 year [Member] | Foreign exchange derivatives [member] | ||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||
Derivative contracts - receipts | 17,108 | 24,935 |
Derivative contracts - payments | (17,317) | (25,258) |
Within 1 year [Member] | Commodity Derivatives [member] | ||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||
Derivative contracts - payments | (74) | (19) |
Due between 1 and 2 years [Member] | ||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||
Preference shares | 0 | |
Bank loans and overdrafts | (12) | (221) |
Bonds and other loans | (2,748) | (1,577) |
Finance lease creditors | (19) | (18) |
Other financial liabilities | (1) | |
Trade payables, accruals and other liabilities | (140) | (215) |
Deferred consideration | (79) | (36) |
Total non-derivative financial liabilities | (2,999) | (2,067) |
Derivative financial liabilities | 4 | 45 |
Derivative & Non-derivative financial liabilities | (2,995) | (2,022) |
Due between 1 and 2 years [Member] | Interest rate derivatives [member] | ||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||
Derivative contracts - receipts | 760 | 64 |
Derivative contracts - payments | (756) | (19) |
Due between 2 and 3 years [Member] | ||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||
Preference shares | 0 | |
Bank loans and overdrafts | (1) | (1) |
Bonds and other loans | (2,572) | (2,546) |
Finance lease creditors | (18) | (17) |
Trade payables, accruals and other liabilities | (10) | |
Deferred consideration | (70) | (27) |
Total non-derivative financial liabilities | (2,671) | (2,591) |
Derivative financial liabilities | 25 | (26) |
Derivative & Non-derivative financial liabilities | (2,646) | (2,617) |
Due between 2 and 3 years [Member] | Interest rate derivatives [member] | ||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||
Derivative contracts - receipts | 163 | 727 |
Derivative contracts - payments | (138) | (753) |
Due between 3 and 4 years [Member] | ||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||
Preference shares | 0 | |
Bank loans and overdrafts | (278) | (1) |
Bonds and other loans | (2,646) | (2,026) |
Finance lease creditors | (17) | (16) |
Trade payables, accruals and other liabilities | (5) | |
Deferred consideration | (6) | (515) |
Total non-derivative financial liabilities | (2,952) | (2,558) |
Derivative financial liabilities | (9) | 32 |
Derivative & Non-derivative financial liabilities | (2,961) | (2,526) |
Due between 3 and 4 years [Member] | Interest rate derivatives [member] | ||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||
Derivative contracts - receipts | 788 | 51 |
Derivative contracts - payments | (797) | (19) |
Due between 4 and 5 years [Member] | ||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||
Preference shares | 0 | |
Bank loans and overdrafts | (260) | |
Bonds and other loans | (2,387) | (2,058) |
Finance lease creditors | (17) | (17) |
Trade payables, accruals and other liabilities | (4) | |
Deferred consideration | (3) | |
Total non-derivative financial liabilities | (2,408) | (2,338) |
Derivative financial liabilities | 20 | (43) |
Derivative & Non-derivative financial liabilities | (2,388) | (2,381) |
Due between 4 and 5 years [Member] | Interest rate derivatives [member] | ||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||
Derivative contracts - receipts | 37 | 754 |
Derivative contracts - payments | (17) | (797) |
Later than 5 years [Member] | ||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||
Preference shares | 0 | |
Bonds and other loans | (14,090) | (9,953) |
Finance lease creditors | (96) | (118) |
Trade payables, accruals and other liabilities | (14) | |
Deferred consideration | (45) | (9) |
Total non-derivative financial liabilities | (14,245) | (10,080) |
Derivative financial liabilities | (17) | (60) |
Derivative & Non-derivative financial liabilities | (14,262) | (10,140) |
Later than 5 years [Member] | Interest rate derivatives [member] | ||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||
Derivative contracts - receipts | 1,406 | 1,380 |
Derivative contracts - payments | € (1,423) | € (1,440) |
Treasury Risk Management - Su_2
Treasury Risk Management - Summary of Derivative Cash Flow Hedges (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Derivative Cash Flow Hedges [Line Items] | ||
Foreign exchange cash inflows | € 3,426 | € 3,510 |
Foreign exchange cash outflows | (3,435) | (3,536) |
Interest rate swaps cash inflows | 4,420 | 3,323 |
Interest rate swaps cash outflows | (4,160) | (3,347) |
Commodity contracts cash flows | (74) | (19) |
Within 1 year [Member] | ||
Disclosure Of Derivative Cash Flow Hedges [Line Items] | ||
Foreign exchange cash inflows | 3,426 | 3,510 |
Foreign exchange cash outflows | (3,435) | (3,536) |
Interest rate swaps cash inflows | 103 | 349 |
Interest rate swaps cash outflows | (23) | (319) |
Commodity contracts cash flows | (74) | (19) |
Due between 1 and 2 years [Member] | ||
Disclosure Of Derivative Cash Flow Hedges [Line Items] | ||
Interest rate swaps cash inflows | 795 | 64 |
Interest rate swaps cash outflows | (756) | (19) |
Due between 2 and 3 years [Member] | ||
Disclosure Of Derivative Cash Flow Hedges [Line Items] | ||
Interest rate swaps cash inflows | 433 | 727 |
Interest rate swaps cash outflows | (347) | (753) |
Due between 3 and 4 years [Member] | ||
Disclosure Of Derivative Cash Flow Hedges [Line Items] | ||
Interest rate swaps cash inflows | 1,158 | 50 |
Interest rate swaps cash outflows | (1,147) | (19) |
Due between 4 and 5 years [Member] | ||
Disclosure Of Derivative Cash Flow Hedges [Line Items] | ||
Interest rate swaps cash inflows | 525 | 753 |
Interest rate swaps cash outflows | (464) | (797) |
Later than 5 years [Member] | ||
Disclosure Of Derivative Cash Flow Hedges [Line Items] | ||
Interest rate swaps cash inflows | 1,406 | 1,380 |
Interest rate swaps cash outflows | (1,423) | (1,440) |
Net carrying amount [Member] | ||
Disclosure Of Derivative Cash Flow Hedges [Line Items] | ||
Foreign exchange cash outflows | 14 | (8) |
Interest rate swaps cash outflows | (199) | (351) |
Commodity contracts cash flows | € (74) | € (7) |
Treasury Risk Management - Impa
Treasury Risk Management - Impact of Interest Rate Swaps and Cross-Currency Swaps (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Impact Of Interest Rate Swaps And Cross Currency Swaps [Line Items] | ||
Cash and cash equivalents | € 3,230 | € 3,317 |
Current other financial assets | 874 | 770 |
Current financial liabilities | (3,235) | (7,968) |
Non-current financial liabilities | (21,650) | (16,462) |
Fixed and Floating Interest Rate [Member] | ||
Disclosure Of Impact Of Interest Rate Swaps And Cross Currency Swaps [Line Items] | ||
Cash and cash equivalents | 3,230 | 3,317 |
Current other financial assets | 874 | 770 |
Current financial liabilities | (3,235) | (7,968) |
Non-current financial liabilities | (21,650) | (16,462) |
Net debt | (20,781) | (20,343) |
Fixed rate (weighted average amount of fixing for the following year) | € (21,586) | € (16,216) |
Treasury Risk Management - Su_3
Treasury Risk Management - Summary of Derivatives Used to Hedge (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about hedges [line items] | ||
Financial assets | € 4,746 | € 4,762 |
Trade payables and other liabilities | (14,803) | (14,126) |
Current financial liabilities | (3,235) | (7,968) |
Non-current financial liabilities | (21,650) | (16,462) |
Derivatives designated as hedges [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Trade and other receivable | 82 | 57 |
Financial assets | 194 | 116 |
Trade payables and other liabilities | (140) | (113) |
Current financial liabilities | (126) | (86) |
Non-current financial liabilities | (276) | (335) |
Total | (266) | (361) |
Derivative used to hedge [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Total Financial assets | 276 | 173 |
Financial assets | 276 | 173 |
Total financial liabilities | (542) | (534) |
Non-current financial liabilities | (542) | (534) |
Total | (266) | (361) |
Fair value hedges [member] | Cross currency interest rate swaps contract [member] | Derivatives designated as hedges [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Financial assets | 2 | |
Total | 2 | |
Cash flow hedges [member] | Foreign exchange derivatives [member] | Derivatives designated as hedges [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Trade and other receivable | 39 | 32 |
Trade payables and other liabilities | (25) | (40) |
Total | 14 | (8) |
Cash flow hedges [member] | Cross currency interest rate swaps contract [member] | Derivatives designated as hedges [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Financial assets | 69 | 2 |
Current financial liabilities | (18) | |
Non-current financial liabilities | (268) | (335) |
Total | (199) | (351) |
Cash flow hedges [member] | Commodity contracts [Member] | Derivatives designated as hedges [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Trade and other receivable | 12 | |
Trade payables and other liabilities | (74) | (19) |
Total | (74) | (7) |
Hedges of net investment in foreign operations [member] | Foreign exchange derivatives [member] | Derivatives designated as hedges [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Financial assets | 58 | 9 |
Current financial liabilities | (21) | (103) |
Total | 37 | (94) |
Hedge accounting not applied [member] | Foreign exchange derivatives [member] | Derivatives designated as hedges [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Trade and other receivable | 42 | 13 |
Financial assets | 67 | 73 |
Trade payables and other liabilities | (41) | (54) |
Current financial liabilities | (105) | 35 |
Total | (37) | 67 |
Hedge accounting not applied [member] | Cross currency interest rate swaps contract [member] | Derivatives designated as hedges [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Financial assets | 30 | |
Non-current financial liabilities | (8) | |
Total | (8) | € 30 |
Hedge accounting not applied [member] | Commodity contracts [Member] | Derivatives designated as hedges [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Trade and other receivable | 1 | |
Total | € 1 |
Treasury Risk Management - Su_4
Treasury Risk Management - Summary of Financial Assets are Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements (Detail) - Derivative Financial Assets [Member] - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of offsetting of financial assets [line items] | ||
Gross amounts of recognised financial assets | € 339 | € 276 |
Gross amounts of recognised financial assets set off in the balance sheet | (63) | (103) |
Net amounts of financial assets presented in the balance sheet | 276 | 173 |
Financial instruments | (164) | (108) |
Cash collateral received | (10) | (6) |
Net amount | € 102 | € 59 |
Treasury Risk Management - Su_5
Treasury Risk Management - Summary of Financial Liabilities are Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements (Detail) - Derivative financial liabilities [Member] - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of offsetting of financial liabilities [line items] | ||
Gross amounts of recognised financial liabilities | € (605) | € (637) |
Gross amounts of recognised financial liabilities set off in the balance sheet | 63 | 103 |
Net amounts of financial liabilities presented in the balance sheet | (542) | (534) |
Financial instruments | 164 | 108 |
Cash collateral pledged | 0 | 0 |
Net amount | € (378) | € (426) |
Investment and Return - Schedul
Investment and Return - Schedule of Cash Resources and Other Financial Assets (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of financial assets [line items] | ||
Cash at bank and in hand | € 2,174 | € 1,904 |
Short-term deposits with maturity of less than three months | 1,024 | 1,333 |
Other cash equivalents | 32 | 80 |
Cash and cash equivalents | 3,230 | 3,317 |
Cash at bank and in hand | 2,174 | 1,904 |
Short-term deposits with maturity of less than three months | 1,024 | 1,333 |
Other cash equivalents | 32 | 80 |
Cash and cash equivalents | 3,230 | 3,317 |
Other current financial assets | ||
Amortised cost | 382 | |
Financial assets at fair value through other comprehensive income | 154 | |
Current financial assets at fair value through profit or loss: | ||
Current held-to-maturity investments | 38 | |
Current loans and receivables | 277 | |
Current available-for-sale financial assets | 202 | |
Other current financial assets | 874 | 770 |
Current financial assets | 4,104 | 4,087 |
Other non-current financial assets | ||
Amortised cost | 247 | |
Financial assets at fair value through other comprehensive income | 175 | |
Non-current financial assets at fair value through profit or loss: | ||
Non-current held-to-maturity investments | 125 | |
Non-current loans and receivables | 186 | |
Non-current available-for-sale financial assets | 362 | |
Other non-current financial assets | 642 | 675 |
Non-current financial assets | 642 | 675 |
Other financial assets | ||
Amortised cost | 629 | |
Financial assets at fair value through other comprehensive income | 329 | |
Financial assets at fair value through profit or loss: | ||
Held-to-maturity investments | 163 | |
Loans and receivables | 463 | |
Available-for-sale financial assets | 564 | |
Other financial assets | 1,516 | 1,445 |
Total | 4,746 | 4,762 |
Derivatives [member] | ||
Current financial assets at fair value through profit or loss: | ||
Current financial assets at fair value through profit or loss | 194 | 116 |
Financial assets at fair value through profit or loss: | ||
Financial assets at fair value through profit or loss | 194 | 116 |
Other [member] | ||
Current financial assets at fair value through profit or loss: | ||
Current financial assets at fair value through profit or loss | 144 | 137 |
Non-current financial assets at fair value through profit or loss: | ||
Non-current financial assets at fair value through profit or loss | 220 | 2 |
Financial assets at fair value through profit or loss: | ||
Financial assets at fair value through profit or loss | € 364 | € 139 |
Investment and Return - Sched_2
Investment and Return - Schedule of Cash Resources and Other Financial Assets (Parenthetical) (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of financial assets [abstract] | ||
Equity Investments included in financial assets at fair value through other comprehensive income | € 148 | |
Movement of Equity Investments | (9) | |
Assets in trust fund benefit obligations | € 59 | € 63 |
Investment and Return - Additio
Investment and Return - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of cash and cash equivalents [line items] | ||||
Financial assets measured at fair value through profit or loss reclassified to amortised cost | € 6 | |||
Cash and cash equivalents held by central finance companies | € 800 | |||
Percentage of cash and cash equivalents held by central finance companies | 26.00% | |||
Cash and cash equivalents held with foreign subsidiaries | € 2,400 | |||
Percentage of cash and cash equivalents held with foreign subsidiaries | 74.00% | |||
Cash and cash equivalents held with foreign subsidiaries for general use by wider business | € 154 | € 206 | € 240 | |
Description of collateral held as security | To reduce this risk, Unilever has concentrated its main activities with a limited number of counter-parties which have secure credit ratings. Individual risk limits are set for each counter-party based on financial position, credit rating and past experience. Credit limits and concentration of exposures are actively monitored by the Group’s treasury department. Netting agreements are also put in place with Unilever’s principal counter-parties. In the case of a default, these arrangements would allow Unilever to net assets and liabilities across transactions with that counter-party. To further reduce the Group’s credit exposures on derivative financial instruments, Unilever has collateral agreements with Unilever’s principal counter-parties in relation to derivative financial instruments. | |||
Collateral held permitted to be sold or repledged in absence of default by owner of collateral, at fair value | € 10 | 6 | ||
IFRS9 [member] | ||||
Disclosure of cash and cash equivalents [line items] | ||||
Equity instruments recogonised at fair value through profit or loss | € 207 | |||
Cash [Member] | ||||
Disclosure of cash and cash equivalents [line items] | ||||
Collateral held permitted to be sold or repledged in absence of default by owner of collateral, at fair value | 10 | 6 | ||
Bond Securities [Member] | ||||
Disclosure of cash and cash equivalents [line items] | ||||
Collateral held permitted to be sold or repledged in absence of default by owner of collateral, at fair value | € 0 | € 0 |
Investment and Return - Sched_3
Investment and Return - Schedule of Cash and Cash Equivalents Reconciliation to Cash Flow Statement (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and cash equivalents if different from statement of financial position [abstract] | ||||
Cash and cash equivalents per balance sheet | € 3,230 | € 3,317 | ||
Less: bank overdrafts | (140) | (167) | ||
Add: cash and cash equivalents included in assets held for sale | 19 | |||
Cash and cash equivalents per cash flow statement | € 3,090 | € 3,169 | € 3,198 | € 2,128 |
Financial Instruments - Summary
Financial Instruments - Summary of Fair Values of Financial Assets and Financial Liabilities (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financial assets | |||
Cash and cash equivalents | € 3,230 | € 3,317 | |
Held-to-maturity investments | 163 | ||
Loans and receivables | 463 | ||
Available-for-sale financial assets | 564 | ||
Amortised cost | 629 | ||
Financial assets at fair value through other comprehensive income | 329 | ||
Financial liabilities | |||
Bonds and other loans | (23,391) | (22,709) | |
Derivatives | (402) | (421) | |
Other financial liabilities | (149) | (177) | |
Financial liabilities | (24,885) | (24,430) | € (16,595) |
Derivatives [member] | |||
Financial assets at fair value through profit or loss: | |||
Financial assets | 194 | 116 | |
Other [member] | |||
Financial assets at fair value through profit or loss: | |||
Financial assets | 364 | 139 | |
Fair value [member] | |||
Financial assets | |||
Cash and cash equivalents | 3,230 | 3,317 | |
Held-to-maturity investments | 163 | ||
Loans and receivables | 463 | ||
Available-for-sale financial assets | 564 | ||
Amortised cost | 629 | ||
Financial assets at fair value through other comprehensive income | 329 | ||
Financial assets at fair value through profit or loss: | |||
Financial assets | 4,746 | 4,762 | |
Financial liabilities | |||
Bank loans and overdrafts | (816) | (995) | |
Bonds and other loans | (23,691) | (23,368) | |
Finance lease creditors | (141) | (147) | |
Derivatives | (402) | (421) | |
Other financial liabilities | (150) | (177) | |
Financial liabilities | (25,200) | (25,108) | |
Fair value [member] | Derivatives [member] | |||
Financial assets at fair value through profit or loss: | |||
Financial assets at fair value through profit or loss | 194 | 116 | |
Fair value [member] | Other [member] | |||
Financial assets at fair value through profit or loss: | |||
Financial assets | 364 | 139 | |
Carrying amount [member] | |||
Financial assets | |||
Cash and cash equivalents | 3,230 | 3,317 | |
Held-to-maturity investments | 163 | ||
Loans and receivables | 463 | ||
Available-for-sale financial assets | 564 | ||
Amortised cost | 629 | ||
Financial assets at fair value through other comprehensive income | 329 | ||
Financial assets at fair value through profit or loss: | |||
Financial assets | 4,746 | 4,762 | |
Financial liabilities | |||
Bank loans and overdrafts | (814) | (992) | |
Bonds and other loans | (23,391) | (22,709) | |
Finance lease creditors | (128) | (131) | |
Derivatives | (402) | (421) | |
Other financial liabilities | (150) | (177) | |
Financial liabilities | (24,885) | (24,430) | |
Carrying amount [member] | Derivatives [member] | |||
Financial assets at fair value through profit or loss: | |||
Financial assets at fair value through profit or loss | 194 | 116 | |
Carrying amount [member] | Other [member] | |||
Financial assets at fair value through profit or loss: | |||
Financial assets | € 364 | € 139 |
Financial Instruments Fair Va_3
Financial Instruments Fair Value Risk - Summary of Assets and Liabilities Carried at Fair Value, Classification of Fair Value Calculations by Category (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of Detailed Information about Financial Instruments [Line Items] | ||
Financial assets at fair value through other comprehensive income | € 329 | |
Available-for-sale financial assets | € 564 | |
Financial assets at fair value through profit or loss: | ||
Other | 1,516 | 1,445 |
Fair value [member] | ||
Disclosure of Detailed Information about Financial Instruments [Line Items] | ||
Financial assets at fair value through other comprehensive income | 329 | |
Available-for-sale financial assets | 564 | |
Financial assets at fair value through profit or loss: | ||
Derivatives | 276 | 173 |
Other | 364 | 139 |
Derivatives | (542) | (534) |
Contingent consideration | (142) | (445) |
Fair value [member] | Level 1 [member] | ||
Disclosure of Detailed Information about Financial Instruments [Line Items] | ||
Financial assets at fair value through other comprehensive income | 160 | |
Available-for-sale financial assets | 215 | |
Financial assets at fair value through profit or loss: | ||
Other | 145 | 137 |
Fair value [member] | Level 2 [member] | ||
Disclosure of Detailed Information about Financial Instruments [Line Items] | ||
Financial assets at fair value through other comprehensive income | 5 | |
Available-for-sale financial assets | 7 | |
Financial assets at fair value through profit or loss: | ||
Derivatives | 276 | 173 |
Derivatives | (542) | (534) |
Fair value [member] | Level 3 [member] | ||
Disclosure of Detailed Information about Financial Instruments [Line Items] | ||
Financial assets at fair value through other comprehensive income | 164 | |
Available-for-sale financial assets | 342 | |
Financial assets at fair value through profit or loss: | ||
Other | 219 | 2 |
Contingent consideration | € (142) | € (445) |
Financial Instruments Fair Va_4
Financial Instruments Fair Value Risk - Summary of Assets and Liabilities Carried at Fair Value, Classification of Fair Value Calculations by Category (Parenthetical) (Detail) - Fair value [member] - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of Detailed Information about Financial Instruments [Line Items] | ||
Derivatives assets, reported within trade receivables | € 82 | € 57 |
Derivatives liabilities, reported within trade receivables | € (140) | € (113) |
Financial Instruments Fair Va_5
Financial Instruments Fair Value Risk - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Detailed Information about Financial Instruments [Line Items] | ||
Assets | € 59,456 | € 60,285 |
Unlisted investments include of investment | 14 | 32 |
Level 3 [member] | ||
Disclosure of Detailed Information about Financial Instruments [Line Items] | ||
Impact in income statement due to Level 3 instruments | 272 | 26 |
Level 3 [member] | Unilever Ventures companies [Member] | ||
Disclosure of Detailed Information about Financial Instruments [Line Items] | ||
Unlisted investments include of investment | 254 | 195 |
Level 3 [member] | Split-Dollar Life Insurance [Member] | Fair value [member] | ||
Disclosure of Detailed Information about Financial Instruments [Line Items] | ||
Assets | € 17 | € 22 |
Financial Instruments Fair Va_6
Financial Instruments Fair Value Risk - Summary of Reconciliation of Movements in Level 3 Valuations (Detail) - Fair value [member] - Level 3 fair value measurements of financial assets and financial liabilities [member] - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Fair Value Measurement of Assets [Line Items] | ||
Assets and liabilities beginning balance | € (101) | € (106) |
Gains and losses recognised in profit and loss | 272 | 26 |
Gains and losses recognised in other comprehensive income | (9) | 2 |
Purchases and new issues | 4 | (89) |
Sales and settlements | 75 | (17) |
Transfers into Level 3 | 83 | |
Assets and liabilities ending balance | € 241 | € (101) |
Provisions - Summary of Other P
Provisions - Summary of Other Provisions (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of other provisions [abstract] | ||
Due within one year | € 624 | € 525 |
Due after one year | 697 | 794 |
Total Provisions | € 1,321 | € 1,319 |
Provisions - Summary of Movemen
Provisions - Summary of Movement of Other Provisions (Detail) € in Millions | 12 Months Ended |
Dec. 31, 2018EUR (€) | |
Disclosure of Provisions [Line Items] | |
Other provisions beginning balance | € 1,319 |
Charges | 600 |
Releases | (232) |
Utilisation | (327) |
Currency translation | (39) |
Other provisions ending balance | 1,321 |
Restructuring [Member] | |
Disclosure of Provisions [Line Items] | |
Other provisions beginning balance | 352 |
Charges | 320 |
Releases | (51) |
Reclassification | (7) |
Utilisation | (161) |
Currency translation | (8) |
Other provisions ending balance | 445 |
Legal [Member] | |
Disclosure of Provisions [Line Items] | |
Other provisions beginning balance | 192 |
Charges | 90 |
Releases | (10) |
Reclassification | 16 |
Utilisation | (130) |
Currency translation | (15) |
Other provisions ending balance | 143 |
Brazil Indirect Taxes [member] | |
Disclosure of Provisions [Line Items] | |
Other provisions beginning balance | 356 |
Charges | 26 |
Releases | (55) |
Reclassification | (85) |
Utilisation | (10) |
Currency translation | (29) |
Other provisions ending balance | 203 |
Other [Member] | |
Disclosure of Provisions [Line Items] | |
Other provisions beginning balance | 419 |
Charges | 164 |
Releases | (116) |
Reclassification | 76 |
Utilisation | (26) |
Currency translation | 13 |
Other provisions ending balance | € 530 |
Provisions - Additional Informa
Provisions - Additional Information (Detail) - Payments in relation to legal cases [member] € in Millions | 12 Months Ended |
Dec. 31, 2018EUR (€) | |
Disclosure of Provisions [Line Items] | |
Legal claims paid for investigations by national competition authorities | € 104 |
Legal claims paid for investigations by national competition authorities from prior year provision | € 76 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Summary of Long-term Finance Lease Commitments (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of Finance Lease by Lessee [Line Items] | ||
Future minimum lease payments | € 187 | € 206 |
Finance Cost | 59 | 75 |
Present value | 128 | 131 |
Within 1 year [Member] | ||
Disclosure of Finance Lease by Lessee [Line Items] | ||
Future minimum lease payments | 20 | 20 |
Finance Cost | 7 | 9 |
Present value | 13 | 11 |
Later than 1 year but not later than 5 years [Member] | ||
Disclosure of Finance Lease by Lessee [Line Items] | ||
Future minimum lease payments | 71 | 68 |
Finance Cost | 20 | 23 |
Present value | 51 | 45 |
Later than 5 years [Member] | ||
Disclosure of Finance Lease by Lessee [Line Items] | ||
Future minimum lease payments | 96 | 118 |
Finance Cost | 32 | 43 |
Present value | 64 | 75 |
Buildings [member] | ||
Disclosure of Finance Lease by Lessee [Line Items] | ||
Future minimum lease payments | 174 | 195 |
Finance Cost | 57 | 75 |
Present value | 117 | 120 |
Plant and machinery [Member] | ||
Disclosure of Finance Lease by Lessee [Line Items] | ||
Future minimum lease payments | 13 | 11 |
Finance Cost | 2 | |
Present value | € 11 | € 11 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Summary of Detailed Information about Property Plant and Equipment (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | |||
Property plant and equipment | € 10,347 | € 10,411 | |
Cost [Member] | |||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | |||
Property plant and equipment | 19,924 | 19,398 | € 21,207 |
Accumulated depreciation [Member] | |||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | |||
Property plant and equipment | (9,577) | (8,987) | (9,534) |
Plant and equipment [Member] | |||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | |||
Property plant and equipment | 7,228 | 7,378 | |
Plant and equipment [Member] | Cost [Member] | |||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | |||
Property plant and equipment | 15,321 | 14,936 | 16,462 |
Plant and equipment [Member] | Accumulated depreciation [Member] | |||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | |||
Property plant and equipment | (8,093) | (7,558) | € (8,051) |
Finance Leases [Member] | |||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | |||
Property plant and equipment | 133 | 139 | |
Finance Leases [Member] | Cost [Member] | |||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | |||
Property plant and equipment | 322 | 331 | |
Finance Leases [Member] | Accumulated depreciation [Member] | |||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | |||
Property plant and equipment | (189) | (192) | |
Finance Leases [Member] | Buildings [member] | |||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | |||
Property plant and equipment | 122 | 122 | |
Finance Leases [Member] | Buildings [member] | Cost [Member] | |||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | |||
Property plant and equipment | 216 | 206 | |
Finance Leases [Member] | Buildings [member] | Accumulated depreciation [Member] | |||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | |||
Property plant and equipment | (94) | (84) | |
Finance Leases [Member] | Plant and equipment [Member] | |||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | |||
Property plant and equipment | 11 | 17 | |
Finance Leases [Member] | Plant and equipment [Member] | Cost [Member] | |||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | |||
Property plant and equipment | 106 | 125 | |
Finance Leases [Member] | Plant and equipment [Member] | Accumulated depreciation [Member] | |||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | |||
Property plant and equipment | € (95) | € (108) |
Commitments and Contingent Li_5
Commitments and Contingent Liabilities - Additional Information (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of finance lease and operating lease by lessee [abstract] | ||
Future minimum sublease payments under finance lease expected to be received | € 26 | € 29 |
Future minimum sublease payments under operating lease expected to be received | € 10 | € 12 |
Commitments and Contingent Li_6
Commitments and Contingent Liabilities - Summary of Long-term Operating Lease Commitments (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Long term operating lease commitments [Line Items] | ||
Long-term operating lease commitments | € 2,464 | € 2,454 |
Land and buildings [Member] | ||
Long term operating lease commitments [Line Items] | ||
Long-term operating lease commitments | 1,803 | 1,885 |
Plant and machinery [Member] | ||
Long term operating lease commitments [Line Items] | ||
Long-term operating lease commitments | € 661 | € 569 |
Commitments and Contingent Li_7
Commitments and Contingent Liabilities - Summary of Operating Lease and Other Commitments (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Operating Lease And Other Commitments [Line Items] | ||
Operating leases | € 2,464 | € 2,454 |
Other commitments | 1,910 | 2,240 |
Within 1 year [Member] | ||
Disclosure Of Operating Lease And Other Commitments [Line Items] | ||
Operating leases | 481 | 418 |
Other commitments | 1,099 | 1,274 |
Later than 1 year but not later than 5 years [Member] | ||
Disclosure Of Operating Lease And Other Commitments [Line Items] | ||
Operating leases | 1,259 | 1,250 |
Other commitments | 780 | 935 |
Later than 5 years [Member] | ||
Disclosure Of Operating Lease And Other Commitments [Line Items] | ||
Operating leases | 724 | 786 |
Other commitments | € 31 | € 31 |
Commitments and Contingent Li_8
Commitments and Contingent Liabilities - Summary of Contingent Liabilities (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of contingent liabilities [line items] | ||
Total contingent liabilities | € 3,658 | € 3,667 |
Brazil [member] | ||
Disclosure of contingent liabilities [line items] | ||
Corporate reorganisation - IPI, PIS and COFINS taxes and penalties | 2,032 | 2,092 |
Inputs for PIS and COFINS taxes | 52 | 16 |
Goodwill amortisation | 177 | 121 |
Other tax assessments - approximately 600 cases | 916 | 1,095 |
Total contingent liabilities | 3,177 | 3,324 |
Brazil other | 67 | 19 |
Other Countries [Member] | ||
Disclosure of contingent liabilities [line items] | ||
Total contingent liabilities | € 414 | € 324 |
Commitments and Contingent Li_9
Commitments and Contingent Liabilities - Summary of Contingent Liabilities (Parenthetical) (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Brazil [member] | ||
Disclosure of contingent liabilities [line items] | ||
Corporate reorganisation tax assessment | € 2,032 | € 2,092 |
Acquisitions and Disposals - Ad
Acquisitions and Disposals - Additional Information (Detail) | Jul. 02, 2018EUR (€)Country | Dec. 31, 2018EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | Dec. 03, 2018EUR (€) |
Disclosure of Acquisitions and Disposals [Line Items] | ||||||
Total payment for acquisition | € 1,294,000,000 | € 4,912,000,000 | € 2,069,000,000 | |||
Turnover | 50,982,000,000 | 53,715,000,000 | 52,713,000,000 | |||
Revenue of acquiree | 253,000,000 | |||||
Operating profit of acquiree | 55,000,000 | |||||
Revenue of group if acquisition completed | 51,140,000,000 | |||||
Operating profit of group if acquisition completed | 12,551,000,000 | |||||
Goodwill expected to be tax deductible | € 5,000,000 | 5,000,000 | ||||
Contingent liabilities acquired | 0 | 0 | ||||
Acquisition and disposal related income | € 277,000,000 | |||||
Description of goodwill | Goodwill represents the future value which the Group believes it will obtain through operational synergies and the application of acquired company ideas to existing Unilever channels and businesses. | |||||
Profit on disposals | € 4,331,000,000 | € 4,331,000,000 | € 334,000,000 | € (95,000,000) | ||
Number of countries in which manufacturing assets were disposed | Country | 28 | |||||
Cash-generating units [member] | ||||||
Disclosure of Acquisitions and Disposals [Line Items] | ||||||
Goodwill allocated | € 2,429,000,000 | |||||
Hindustan Unilever Limited [Member] | ||||||
Disclosure of Acquisitions and Disposals [Line Items] | ||||||
Consideration payable via combination of cash and shares | € 3,300,000,000 | |||||
Glaxo Smith Kline [member] | Health food drinks portfolio [member] | ||||||
Disclosure of Acquisitions and Disposals [Line Items] | ||||||
Turnover | € 550,000,000 | |||||
Global spreads business (excluding South Africa) [member] | ||||||
Disclosure of Acquisitions and Disposals [Line Items] | ||||||
Consideration Received | 7,144,000,000 | |||||
'South Africa spreads business [member] | ||||||
Disclosure of Acquisitions and Disposals [Line Items] | ||||||
Non cash consideration | € 446,000,000 | |||||
Blueair [member] | ||||||
Disclosure of Acquisitions and Disposals [Line Items] | ||||||
Acquisition and disposal related income | 277,000,000 | |||||
Impairment of intangible asset | € 208,000,000 |
Acquisitions and Disposals - Su
Acquisitions and Disposals - Summary of Business Acquisitions and Disposals (Detail) - EUR (€) € in Millions | Jan. 15, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 01, 2018 | Jul. 02, 2018 | Nov. 01, 2017 | Aug. 01, 2017 |
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Cash consideration payable | € 1,172 | ||||||
Deal completion date | Oct. 1, 2018 | ||||||
Acquired/disposed business | Acquired 75% of Equilibra, the Italian personal care and wellbeing business. The acquisition complements Unilever’s product range through its presence in the ‘natural’ personal care segment. | ||||||
Living proof [Member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Feb. 1, 2017 | ||||||
Acquired/disposed business | Acquired Living Proof, an innovative premium hair care business, using patented technology and breakthrough science. Living Proof forms part of our prestige Personal Care business. | ||||||
AdeS Soy Beverage Business [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Mar. 28, 2017 | ||||||
Acquired/disposed business | Sold the AdeS soy beverage business in Latin America to Coca-Cola FEMSA and The Coca-Cola Company. | ||||||
Kensingtons [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | May 1, 2017 | ||||||
Acquired/disposed business | Acquired Kensington's, a condiment maker. Kensington's is a mission-driven company with a leading brand sold in the organic and naturals marketplace. | ||||||
Eac Myanmar [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Acquisition percentage | 60.00% | ||||||
Deal completion date | Aug. 1, 2017 | ||||||
Acquired/disposed business | Acquired 60% of EAC Myanmar, a home care business to form Unilever EAC Myanmar Company Limited. | ||||||
Hourglass [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Aug. 1, 2017 | ||||||
Acquired/disposed business | Acquired Hourglass, a luxury colour cosmetics business, known for innovation and exceptional product. Hourglass forms part of our prestige Personal Care business. | ||||||
Pukka herbs [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Sep. 7, 2017 | ||||||
Acquired/disposed business | Acquired Pukka Herbs, an organic herbal tea business, that enhances our presence in the Naturals segment of Refreshment. | ||||||
Weis [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Sep. 9, 2017 | ||||||
Acquired/disposed business | Acquired Weis, an ice cream business. Weis is a second-generation Australian ice cream and frozen dessert manufacturer with the original iconic Fruito Bar and aims to increase our market position in Refreshment. | ||||||
Carver Korea [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Acquisition of noncontrolling interest, percentage | 2.00% | ||||||
Ownership percentage | 100.00% | ||||||
Acquisition percentage | 98.00% | ||||||
Deal completion date | Jan. 15, 2018 | Nov. 1, 2017 | |||||
Acquired/disposed business | Acquired the remaining 2% non-controlling interest of Carver Korea bringing the Group's ownership to 100%. | Acquired 98% of Carver Korea, a leading skincare business in North Asia from Bain Capital Private Equity and Goldman Sachs. The brands acquired provide Unilever a presence in South Korea. Further details are provided below. | |||||
Mae terra [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Dec. 1, 2017 | ||||||
Acquired/disposed business | Acquired Mãe Terra, a Brazilian naturals and organic food business. Mãe Terra is a fast-growing and well- loved brand in Brazil and adds to the Foods business by providing health-conscious consumers with organic and nutritious food products. | ||||||
TAZO [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Dec. 11, 2017 | ||||||
Acquired/disposed business | Acquired TAZO, the leading brand in the speciality tea category, which enhances our presence in the Black, Green and Herbal tea segments of Refreshment. | ||||||
Sundial brands [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Dec. 18, 2017 | ||||||
Acquired/disposed business | Acquired Sundial Brands, a leading haircare and skincare company recognised for its innovative use of high-quality and culturally authentic ingredients. | ||||||
Schmidt naturals [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Dec. 31, 2017 | ||||||
Acquired/disposed business | Acquired Schmidt's Naturals, a personal care company. Schmidt's Naturals is a strong, innovative brand in the fast-growing naturals category, that will complement our existing portfolio of US deodorants. | ||||||
Quala beauty and personal and home care [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Feb. 28, 2018 | ||||||
Acquired/disposed business | Acquired Quala beauty & personal and home care business in Latin America. | ||||||
Global spreads business (excluding South Africa) [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Jul. 2, 2018 | ||||||
Acquired/disposed business | Sold the global Spreads business (excluding Southern Africa) to KKR. | ||||||
Adityaa Milk Ice Cream [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Sep. 27, 2018 | ||||||
Acquired/disposed business | Acquired Adityaa Milk, an ice cream business in India. The acquisition strengthens Unilever front end distribution reach in India. | ||||||
Betty Ice Cream [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Nov. 1, 2018 | ||||||
Acquired/disposed business | Acquired Betty Ice, a leading ice Acquired Betty Ice, a leading ice cream business in Romania. The acquisition enriches Unilever product range through local offerings and price tiers. | ||||||
Denny Ice Cream [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Dec. 3, 2018 | ||||||
Acquired/disposed business | Acquired Denny Ice, an ice cream business in Bulgaria to strengthen local product knowledge. | ||||||
Spreads business in South Africa [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Cash consideration payable | € 306 | ||||||
South Africa holdings [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Acquisition percentage | 25.75% | ||||||
Equilibra [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Acquisition percentage | 75.00% | ||||||
Vegetarian Butcher [Member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Dec. 31, 2018 | ||||||
Acquired/disposed business | Acquired Vegetarian Butcher, a vegetarian meat replacement, foods business in the Netherlands. The acquisition fits with Unilever's strategy to expand its portfolio into plant-based foods responding to the growing trend of vegetarian and vegan meals. |
Acquisitions and Disposals - _2
Acquisitions and Disposals - Summary of Effect of Acquisitions on Consolidated Balance Sheet (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Detailed Information about Business Combination [Line Items] | |||
Net assets acquired | € 815 | € 2,423 | € 929 |
Non-controlling interest | (17) | (50) | |
Goodwill | 17,341 | 16,881 | |
Total payment for acquisition | 1,294 | 4,912 | 2,069 |
Exchange rate gain/ (loss) on cash flow hedge | (100) | 51 | 14 |
Total consideration | 1,194 | 4,963 | 2,083 |
Subsidiaries [member] | |||
Disclosure of Detailed Information about Business Combination [Line Items] | |||
Goodwill | € 496 | € 2,539 | € 1,140 |
Acquisitions and Disposals - _3
Acquisitions and Disposals - Summary of Net Assets Acquired and Total Payment for Acquisition (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of Detailed Information about Business Combination [Line Items] | |||
Intangible assets | € 859 | ||
Other non-current assets | 45 | ||
Trade and other receivables | 25 | ||
Other current assets | 45 | ||
Non-current liabilities | (134) | ||
Current liabilities | (25) | ||
Net assets acquired | 815 | € 2,423 | € 929 |
Non-controllinginterest | (17) | (50) | |
Goodwill | 17,341 | 16,881 | |
Exchange rate gain/ (loss) on cash flow hedges | (100) | 51 | 14 |
Cash consideration | 1,172 | ||
Deferred consideration | 22 | ||
Total consideration | 1,194 | 4,963 | 2,083 |
Subsidiaries [member] | |||
Disclosure of Detailed Information about Business Combination [Line Items] | |||
Goodwill | € 496 | € 2,539 | € 1,140 |
Acquisitions and Disposals - _4
Acquisitions and Disposals - Summary of Impact of Disposals (Detail) - EUR (€) € in Millions | Jul. 02, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of disposals [Abstract] | ||||
Goodwill and intangible assets | € 2,510 | € 71 | € 85 | |
Other non-current assets | 666 | 92 | 29 | |
Current assets | 261 | 10 | 5 | |
Trade creditors and other payables | (107) | (8) | ||
Net assets sold | 3,330 | 165 | 119 | |
(Gain)/loss on recycling of currency retranslation on disposal | (71) | 66 | ||
Profit/(loss) on sale attributable to Unilever | € 4,331 | 4,331 | 334 | (95) |
Consideration | 7,590 | 563 | 24 | |
Cash | 7,135 | 560 | 16 | |
Cash balances of businesses sold | 321 | 8 | ||
Non-cash items and deferred consideration | 134 | 3 | ||
Consideration | € 7,590 | € 563 | € 24 |
Assets and Liabilities Held f_3
Assets and Liabilities Held for Sale - Summary of Assets and Liabilities Classified as Held for Sale (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Non-current Assets Held for Sale [Line Items] | ||
Goodwill and intangibles | € 29,493 | € 28,401 |
Property, plant and equipment | 10,347 | 10,411 |
Deferred tax assets | 1,117 | 1,085 |
Other non-current assets | 648 | 557 |
Current assets | ||
Inventories | 4,301 | 3,962 |
Trade and other receivables | 6,485 | 5,222 |
Current tax assets | 472 | 488 |
Cash and cash equivalents | 3,230 | 3,317 |
Current assets | 15,481 | 16,983 |
Assets held for sale | 119 | 3,224 |
Current liabilities | ||
Trade payables and other current liabilities | 14,457 | 13,426 |
Current tax liabilities | 1,445 | 1,088 |
Total current liabilities | 19,772 | 23,177 |
Non-current liabilities | ||
Provisions | 697 | 794 |
Financial liabilities | 21,650 | 16,462 |
Deferred tax liabilities | 1,923 | 1,913 |
Total non current liabilities | 27,392 | 22,721 |
Liabilities held for sale | 11 | 170 |
Non-Current Assets Held for Sale [member] | ||
Non-current Assets Held for Sale [Line Items] | ||
Property, plant and equipment | 4 | 30 |
Disposal Groups Held for Sale [member] | ||
Non-current Assets Held for Sale [Line Items] | ||
Goodwill and intangibles | 82 | 2,311 |
Property, plant and equipment | 19 | 552 |
Deferred tax assets | 145 | |
Other non-current assets | 1 | |
Total non-current assets | 101 | 3,009 |
Current assets | ||
Inventories | 8 | 130 |
Trade and other receivables | 2 | 18 |
Current tax assets | 13 | |
Cash and cash equivalents | 19 | |
Other | 4 | 5 |
Current assets | 14 | 185 |
Assets held for sale | 119 | 3,224 |
Current liabilities | ||
Trade payables and other current liabilities | 5 | 106 |
Current tax liabilities | 11 | |
Provisions | 1 | |
Total current liabilities | 5 | 118 |
Non-current liabilities | ||
Pensions and post-retirement healthcare liabilities | 2 | 9 |
Provisions | 1 | |
Financial liabilities | 1 | |
Deferred tax liabilities | 3 | 42 |
Total non current liabilities | 6 | 52 |
Liabilities held for sale | € 11 | € 170 |
Related Party Transactions - Su
Related Party Transactions - Summary of Related Party Balances Existed with Associate or Joint Venture Businesses (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Joint Ventures Where Entity is Venturer [Member] | ||
Disclosure of Transactions between Related Parties [Line Items] | ||
Trading and other balances due from joint ventures | € 121 | € 124 |
Associates [member] | ||
Disclosure of Transactions between Related Parties [Line Items] | ||
Trading and other balances due from/(to) associates | € 0 | € 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Langholm Capital II [Member] | Associates [member] | ||
Disclosure of Transactions between Related Parties [Line Items] | ||
Investments in associates | € 62 | |
Outstanding commitments made by entity, related party transactions | 13 | € 17 |
Amount received back from associate | 0.3 | 10 |
Joint ventures [member] | Unilever FIMA LDA [member] | ||
Disclosure of Transactions between Related Parties [Line Items] | ||
Sales revenue | 107 | 117 |
Sale to Unilever | 83 | 68 |
Balances owed by/(to) related party | 127 | 130 |
Royalties and service fee paid to Unilever | 16 | 17 |
Joint ventures [member] | Pepsi Lipton [Member] | ||
Disclosure of Transactions between Related Parties [Line Items] | ||
Sales revenue | 65 | 65 |
Sale to Unilever | 51 | 65 |
Balances owed by/(to) related party | € (6) | € (6) |
Share Buyback Programme - Addit
Share Buyback Programme - Additional Information (Detail) - EUR (€) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Unilever N.V. [member] | ||
Disclosure of share buyback programme [line items] | ||
Number of shares repurchased | 62,202,168 | 50,250,099 |
Unilever PLC [member] | ||
Disclosure of share buyback programme [line items] | ||
Cash consideration | € 63,236,433 | € 51,692,284 |
Transfer from reserve to retained earnings | € 6,020,000,000 | € 5,014,000,000 |
Remuneration of Auditors - Summ
Remuneration of Auditors - Summary of Services from Auditors and its Associates (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Auditors Remuneration [Line Items] | |||
Total statutory audit fees | € 16 | € 14 | € 14 |
Audit-related assurance services | 0 | 0 | 0 |
Other taxation advisory services | 0 | 0 | 0 |
Services relating to corporate finance transactions | 0 | 0 | 0 |
Other assurance services | 5 | 5 | |
Unilever Group [member] | |||
Disclosure of Auditors Remuneration [Line Items] | |||
Total statutory audit fees | 6 | 4 | 4 |
Subsidiaries [member] | |||
Disclosure of Auditors Remuneration [Line Items] | |||
Total statutory audit fees | € 10 | € 10 | € 10 |
Remuneration of Auditors - Su_2
Remuneration of Auditors - Summary of Services from Auditors and its Associates (Parenthetical) (Detail) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Auditors Remuneration [Line Items] | |||
Total statutory audit fees | € 16,000,000 | € 14,000,000 | € 14,000,000 |
Review of spreads carve-out accounts [member] | |||
Disclosure of Auditors Remuneration [Line Items] | |||
Auditor remuneration for audits and reviews of spreads carve out financial statements | 4,000,000 | 5,000,000 | |
Work on simplification [member] | |||
Disclosure of Auditors Remuneration [Line Items] | |||
Assurance work on simplification | 1,000,000 | 0 | |
Top of range [member] | |||
Disclosure of Auditors Remuneration [Line Items] | |||
Services supplied to associated pension schemes | 1,000,000 | 1,000,000 | 1,000,000 |
Amount paid in relation to each type of non-statutory audit services | 1,000,000 | 1,000,000 | 1,000,000 |
KPMG Accountants N.V. [member] | |||
Disclosure of Auditors Remuneration [Line Items] | |||
Total statutory audit fees | 1,000,000 | 1,000,000 | 1,000,000 |
KPMG LLP [member] | |||
Disclosure of Auditors Remuneration [Line Items] | |||
Total statutory audit fees | € 5,000,000 | € 4,000,000 | € 3,000,000 |
Events After The Balance Shee_2
Events After The Balance Sheet Date - Additional Information (Detail) | Jan. 31, 2019€ / shares | Jan. 31, 2019£ / shares | Dec. 31, 2018€ / shares | Dec. 31, 2017€ / shares |
Unilever N.V. [member] | ||||
Disclosure of Non-adjusting Events after Reporting Period [Line Items] | ||||
Dividend payables per share | € 1.52 | € 1.40 | ||
Major Ordinary Share Transactions [member] | Unilever N.V. [member] | ||||
Disclosure of Non-adjusting Events after Reporting Period [Line Items] | ||||
Dividend payables per share | € 0.3872 | |||
Major Ordinary Share Transactions [member] | Unilever PLC [member] | ||||
Disclosure of Non-adjusting Events after Reporting Period [Line Items] | ||||
Dividend payables per share | £ / shares | £ 0.3361 |
Significant Subsidiaries - Sche
Significant Subsidiaries - Schedule of Significant Subsidiaries (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Argentina [member] | Unilever de Argentina S.A [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Argentina |
Name of subsidiary | Unilever de Argentina S.A. |
Australia [member] | Unilever Australia Limited [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Australia |
Name of subsidiary | Unilever Australia Limited |
Brazil [member] | Unilever Brasil Ltda. [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Brazil |
Name of subsidiary | Unilever Brasil Ltda. |
Canada [member] | Unilever Canada Inc [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Canada |
Name of subsidiary | Unilever Canada Inc. |
China [member] | Walls (China) Co. Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | China |
Name of subsidiary | Walls (China) Co. Ltd. |
China [member] | Unilever Services (Hefei) Co Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | China |
Name of subsidiary | Unilever Services (Hefei) Co Ltd |
England and Wales [member] | Unilever UK & CN Holdings Limited [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | England and Wales |
Name of subsidiary | Unilever UK & CN Holdings Limited |
England and Wales [member] | Unilever UK Holdings Limited [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | England and Wales |
Name of subsidiary | Unilever U.K. Holdings Limited |
England and Wales [member] | Unilever UK Limited [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | England and Wales |
Name of subsidiary | Unilever UK Limited |
France [member] | Unilever France S.A.S [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | France |
Name of subsidiary | Unilever France S.A.S |
Germany [Member] | Maizena Grundstucksverwaltung GmbH & Co. OHG [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Germany |
Name of subsidiary | Maizena Grundstücksverwaltung GmbH & Co. OHG |
Germany [Member] | Pfanni GmbH & Co. OHG Stavenhagen [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Germany |
Name of subsidiary | Pfanni GmbH & Co. OHG Stavenhagen |
Germany [Member] | Unilever Deutschland GmbH [Member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Germany |
Name of subsidiary | Unilever Deutschland GmbH |
Germany [Member] | Unilever Deutschland Holding Gmbh [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Germany |
Name of subsidiary | Unilever Deutschland Holding GmbH |
Germany [Member] | Unilever Deutschland Produktions GmbH and Co OHG [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Germany |
Name of subsidiary | Unilever Deutschland Produktions GmbH & Co. OHG |
India [Member] | Hindustan Unilever Limited [Member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | India |
Name of subsidiary | Hindustan Unilever Limited |
Indonesia [Member] | P T Unilever Indonesia Tbk [Member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Indonesia |
Name of subsidiary | PT Unilever Indonesia, Tbk. |
Italy [Member] | Unilever Italia Mkt Operations SRL [Member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Italy |
Name of subsidiary | Unilever Italia Mkt Operations S.R.L |
Japan [member] | Unilever Japan Customer Marketing K K [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Japan |
Name of subsidiary | Unilever Japan Customer Marketing K.K. |
Mexico [Member] | Unilever de Mexico S de R L de C V [Member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Mexico |
Name of subsidiary | Unilever de Mexico, S. de R.I. de C.V. |
Netherlands [Member] | Mixhold BV [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Netherlands |
Name of subsidiary | Mixhold B.V. |
Netherlands [Member] | Unilever Finance International B V [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Netherlands |
Name of subsidiary | Unilever Finance International B.V. |
Netherlands [Member] | Unilever Nederland B V [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Netherlands |
Name of subsidiary | Unilever Nederland B.V. |
Netherlands [Member] | UNUS Holding BV [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Netherlands |
Name of subsidiary | UNUS Holding B.V. |
Pakistan [Member] | Unilever Pakistan Limited [Member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Pakistan |
Name of subsidiary | Unilever Pakistan Limited |
Philippines [Member] | Unilever Philippines, Inc. [Member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Philippines |
Name of subsidiary | Unilever Philippines, Inc. |
Poland [member] | Unilever Polska Sp. z o.o. [Member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Poland |
Name of subsidiary | Unilever Polska Sp. z o.o. |
Russia [member] | OOO Unilever Rus [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Russia |
Name of subsidiary | OOO Unilever Rus |
Singapore [Member] | Unilever Asia Private Limited [Member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Singapore |
Name of subsidiary | Unilever Asia Private Limited |
South Africa [Member] | Unilever South Africa (Pty) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | South Africa |
Name of subsidiary | Unilever South Africa (Pty) Limited |
Spain [member] | Unilever Espana S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Spain |
Name of subsidiary | Unilever Espana S.A. |
Switzerland [Member] | Unilever ASCC AG [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Switzerland |
Name of subsidiary | Unilever ASCC AG |
Switzerland [Member] | Unilever Finance International AG [Member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Switzerland |
Name of subsidiary | Unilever Finance International AG |
Switzerland [Member] | Unilever Supply Chain Company AG [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Switzerland |
Name of subsidiary | Unilever Supply Chain Company AG |
Thailand [Member] | Unilever Thai Trading Limited [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Thailand |
Name of subsidiary | Unilever Thai Trading Limited |
Turkey [Member] | Unilever Sanayi ve Ticaret Turk AS [Member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Turkey |
Name of subsidiary | Unilever Sanayi ve Ticaret Turk A.S |
United States [member] | Conopco, Inc [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | USA |
Name of subsidiary | Conopco, Inc. |
United States [member] | Unilever Capital Corporation [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | USA |
Name of subsidiary | Unilever Capital Corporation |
United States [member] | Unilever United States, Inc [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | USA |
Name of subsidiary | Unilever United States, Inc. |
Vietnam [member] | Unilever Vietnam International Company Limited [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Vietnam |
Name of subsidiary | Unilever Vietnam International Company Limited |
Unilever N.V. [member] | Argentina [member] | Unilever de Argentina S.A [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 64.55% |
Unilever N.V. [member] | Brazil [member] | Unilever Brasil Ltda. [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 64.55% |
Unilever N.V. [member] | Canada [member] | Unilever Canada Inc [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 64.55% |
Unilever N.V. [member] | China [member] | Walls (China) Co. Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever N.V. [member] | China [member] | Unilever Services (Hefei) Co Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever N.V. [member] | England and Wales [member] | Unilever UK Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 5.61% |
Unilever N.V. [member] | France [member] | Unilever France S.A.S [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 64.54% |
Unilever N.V. [member] | Germany [Member] | Maizena Grundstucksverwaltung GmbH & Co. OHG [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 63.61% |
Unilever N.V. [member] | Germany [Member] | Pfanni GmbH & Co. OHG Stavenhagen [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 64.55% |
Unilever N.V. [member] | Germany [Member] | Unilever Deutschland GmbH [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 64.55% |
Unilever N.V. [member] | Germany [Member] | Unilever Deutschland Holding Gmbh [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 64.55% |
Unilever N.V. [member] | Germany [Member] | Unilever Deutschland Produktions GmbH and Co OHG [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 64.55% |
Unilever N.V. [member] | Indonesia [Member] | P T Unilever Indonesia Tbk [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 54.86% |
Unilever N.V. [member] | Italy [Member] | Unilever Italia Mkt Operations SRL [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever N.V. [member] | Japan [member] | Unilever Japan Customer Marketing K K [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever N.V. [member] | Mexico [Member] | Unilever de Mexico S de R L de C V [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 64.55% |
Unilever N.V. [member] | Netherlands [Member] | Mixhold BV [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 64.55% |
Unilever N.V. [member] | Netherlands [Member] | Unilever Finance International B V [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever N.V. [member] | Netherlands [Member] | Unilever Nederland B V [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever N.V. [member] | Netherlands [Member] | UNUS Holding BV [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 55.40% |
Unilever N.V. [member] | Philippines [Member] | Unilever Philippines, Inc. [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 64.55% |
Unilever N.V. [member] | Russia [member] | OOO Unilever Rus [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 11.89% |
Unilever N.V. [member] | Singapore [Member] | Unilever Asia Private Limited [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever N.V. [member] | South Africa [Member] | Unilever South Africa (Pty) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 8.98% |
Unilever N.V. [member] | Spain [member] | Unilever Espana S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever N.V. [member] | Switzerland [Member] | Unilever ASCC AG [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever N.V. [member] | Switzerland [Member] | Unilever Finance International AG [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever N.V. [member] | Switzerland [Member] | Unilever Supply Chain Company AG [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever N.V. [member] | Thailand [Member] | Unilever Thai Trading Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 64.55% |
Unilever N.V. [member] | Turkey [Member] | Unilever Sanayi ve Ticaret Turk AS [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 64.54% |
Unilever N.V. [member] | United States [member] | Conopco, Inc [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 55.40% |
Unilever N.V. [member] | United States [member] | Unilever Capital Corporation [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 55.40% |
Unilever N.V. [member] | United States [member] | Unilever United States, Inc [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 55.40% |
Unilever N.V. [member] | Vietnam [member] | Unilever Vietnam International Company Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever PLC [member] | Argentina [member] | Unilever de Argentina S.A [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 35.45% |
Unilever PLC [member] | Australia [member] | Unilever Australia Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever PLC [member] | Brazil [member] | Unilever Brasil Ltda. [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 35.45% |
Unilever PLC [member] | Canada [member] | Unilever Canada Inc [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 35.45% |
Unilever PLC [member] | England and Wales [member] | Unilever UK & CN Holdings Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever PLC [member] | England and Wales [member] | Unilever UK Holdings Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever PLC [member] | England and Wales [member] | Unilever UK Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 94.39% |
Unilever PLC [member] | France [member] | Unilever France S.A.S [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 35.45% |
Unilever PLC [member] | Germany [Member] | Maizena Grundstucksverwaltung GmbH & Co. OHG [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 36.39% |
Unilever PLC [member] | Germany [Member] | Pfanni GmbH & Co. OHG Stavenhagen [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 35.45% |
Unilever PLC [member] | Germany [Member] | Unilever Deutschland GmbH [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 35.45% |
Unilever PLC [member] | Germany [Member] | Unilever Deutschland Holding Gmbh [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 35.45% |
Unilever PLC [member] | Germany [Member] | Unilever Deutschland Produktions GmbH and Co OHG [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 35.45% |
Unilever PLC [member] | India [Member] | Hindustan Unilever Limited [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 67.19% |
Unilever PLC [member] | Indonesia [Member] | P T Unilever Indonesia Tbk [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 30.13% |
Unilever PLC [member] | Mexico [Member] | Unilever de Mexico S de R L de C V [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 35.45% |
Unilever PLC [member] | Netherlands [Member] | Mixhold BV [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 35.45% |
Unilever PLC [member] | Netherlands [Member] | UNUS Holding BV [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 44.60% |
Unilever PLC [member] | Pakistan [Member] | Unilever Pakistan Limited [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 99.23% |
Unilever PLC [member] | Philippines [Member] | Unilever Philippines, Inc. [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 35.45% |
Unilever PLC [member] | Poland [member] | Unilever Polska Sp. z o.o. [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever PLC [member] | Russia [member] | OOO Unilever Rus [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 88.11% |
Unilever PLC [member] | South Africa [Member] | Unilever South Africa (Pty) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 91.02% |
Unilever PLC [member] | Thailand [Member] | Unilever Thai Trading Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 35.45% |
Unilever PLC [member] | Turkey [Member] | Unilever Sanayi ve Ticaret Turk AS [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 35.44% |
Unilever PLC [member] | United States [member] | Conopco, Inc [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 44.60% |
Unilever PLC [member] | United States [member] | Unilever Capital Corporation [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 44.60% |
Unilever PLC [member] | United States [member] | Unilever United States, Inc [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 44.60% |
Guarantor Statements - Addition
Guarantor Statements - Additional Information (Detail) - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Notes [member] | |||
Supplemental Guarantor Information [line items] | |||
Borrowings outstanding amount | $ 12.5 | $ 8.9 | $ 6.3 |
Notes [member] | Bottom of range [member] | |||
Supplemental Guarantor Information [line items] | |||
Interest rate of borrowings | 1.375% | ||
Notes [member] | Top of range [member] | |||
Supplemental Guarantor Information [line items] | |||
Interest rate of borrowings | 5.90% | ||
UCC and UNUS [member] | |||
Supplemental Guarantor Information [line items] | |||
Ownership percentage | 100.00% |
Guarantor Statements - Income S
Guarantor Statements - Income Statement (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of income statement [Line Items] | |||
Turnover | € 50,982 | € 53,715 | € 52,713 |
Operating profit | 12,535 | 8,857 | 7,801 |
Pensions and similar obligations | (25) | (96) | (94) |
Other income/(losses) | 207 | 173 | 231 |
Premium paid on buyback of preference shares | (382) | ||
Net monetary gain arising from hyperinflationary economies | 122 | ||
Profit before taxation | 12,383 | 8,153 | 7,469 |
Taxation | (2,575) | (1,667) | (1,922) |
Net profit | 9,808 | 6,486 | 5,547 |
Attributable to: | |||
Non-controlling interests | 419 | 433 | 363 |
Shareholders' equity | 9,389 | 6,053 | 5,184 |
Other comprehensive income | (1,193) | 224 | |
Total comprehensive income | 8,615 | 6,710 | 4,769 |
Unilever Capital Corporation Subsidiary Issuer [member] | |||
Disclosure of income statement [Line Items] | |||
Net finance income/(costs) | 1 | 1 | |
Profit before taxation | 1 | 1 | |
Net profit before subsidiaries | 1 | 1 | |
Net profit | 1 | 1 | |
Attributable to: | |||
Shareholders' equity | 1 | 1 | |
Total comprehensive income | 1 | 1 | |
Unilever Parent Entities [member] | |||
Disclosure of income statement [Line Items] | |||
Operating profit | 1,985 | 997 | 269 |
Net finance income/(costs) | (104) | (109) | (110) |
Pensions and similar obligations | (2) | (2) | (3) |
Premium paid on buyback of preference shares | (382) | ||
Profit before taxation | 1,497 | 886 | 156 |
Taxation | (199) | (165) | (114) |
Net profit before subsidiaries | 1,298 | 721 | 42 |
Equity earnings of subsidiaries | 8,091 | 5,332 | 5,142 |
Net profit | 9,389 | 6,053 | 5,184 |
Attributable to: | |||
Shareholders' equity | 9,389 | 6,053 | 5,184 |
Other comprehensive income | (24) | (75) | (14) |
Total comprehensive income | 9,365 | 5,978 | 5,170 |
Unilever United States Inc Subsidiary Guarantor [member] | |||
Disclosure of income statement [Line Items] | |||
Operating profit | (4) | (4) | (5) |
Net finance income/(costs) | (426) | (379) | (331) |
Pensions and similar obligations | (19) | (24) | (27) |
Profit before taxation | (449) | (407) | (363) |
Net profit before subsidiaries | (449) | (407) | (363) |
Equity earnings of subsidiaries | 1,787 | 1,721 | 804 |
Net profit | 1,338 | 1,314 | 441 |
Attributable to: | |||
Shareholders' equity | 1,338 | 1,314 | 441 |
Other comprehensive income | 25 | (156) | 27 |
Total comprehensive income | 1,363 | 1,158 | 468 |
Non-guarantor Subsidiaries [member] | |||
Disclosure of income statement [Line Items] | |||
Turnover | 50,982 | 53,715 | 52,713 |
Operating profit | 10,554 | 7,864 | 7,537 |
Net finance income/(costs) | 74 | 88 | (29) |
Pensions and similar obligations | (4) | (70) | (64) |
Other income/(losses) | 207 | 173 | 231 |
Premium paid on buyback of preference shares | 382 | (382) | |
Net monetary gain arising from hyperinflationary economies | 122 | ||
Profit before taxation | 11,335 | 7,673 | 7,675 |
Taxation | (2,376) | (1,502) | (1,808) |
Net profit before subsidiaries | 8,959 | 6,171 | 5,867 |
Equity earnings of subsidiaries | (20,326) | (10,298) | (4,559) |
Net profit | (11,367) | (4,127) | 1,308 |
Attributable to: | |||
Non-controlling interests | 419 | 433 | 363 |
Shareholders' equity | (11,786) | (4,560) | 945 |
Other comprehensive income | (1,194) | 455 | (791) |
Total comprehensive income | (12,561) | (3,672) | 517 |
Unilever Group [member] | |||
Disclosure of income statement [Line Items] | |||
Turnover | 50,982 | 53,715 | 52,713 |
Operating profit | 12,535 | 8,857 | 7,801 |
Net finance income/(costs) | (456) | (399) | (469) |
Pensions and similar obligations | (25) | (96) | (94) |
Other income/(losses) | 207 | 173 | 231 |
Premium paid on buyback of preference shares | (382) | ||
Net monetary gain arising from hyperinflationary economies | 122 | ||
Profit before taxation | 12,383 | 8,153 | 7,469 |
Taxation | (2,575) | (1,667) | (1,922) |
Net profit before subsidiaries | 9,808 | 6,486 | 5,547 |
Net profit | 9,808 | 6,486 | 5,547 |
Attributable to: | |||
Non-controlling interests | 419 | 433 | 363 |
Shareholders' equity | 9,389 | 6,053 | 5,184 |
Other comprehensive income | (1,193) | 224 | (778) |
Total comprehensive income | 8,615 | 6,710 | 4,769 |
Eliminations [member] | |||
Disclosure of income statement [Line Items] | |||
Equity earnings of subsidiaries | 10,448 | 3,245 | (1,387) |
Net profit | 10,448 | 3,245 | (1,387) |
Attributable to: | |||
Shareholders' equity | 10,448 | 3,245 | (1,387) |
Total comprehensive income | € 10,448 | € 3,245 | € (1,387) |
Guarantor Statements - Balance
Guarantor Statements - Balance Sheet (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Non-current assets | ||||
Goodwill and intangible assets | € 29,493 | € 28,401 | ||
Deferred tax assets | 1,117 | 1,085 | ||
Total non-current assets | 43,975 | 43,302 | ||
Current assets | ||||
Trade and other current receivables | 6,485 | 5,222 | ||
Current tax assets | 472 | 488 | ||
Current assets | 15,481 | 16,983 | ||
Total assets | 59,456 | 60,285 | ||
Current liabilities | ||||
Financial liabilities | 3,235 | 7,968 | ||
Trade payables and other current liabilities | 14,457 | 13,426 | ||
Current tax liabilities | 1,445 | 1,088 | ||
Total current liabilities | 19,772 | 23,177 | ||
Non-current liabilities | ||||
Financial liabilities | 21,650 | 16,462 | ||
Pensions and post-retirement healthcare liabilities: | ||||
Funded schemes in deficit | 1,209 | 1,225 | ||
Unfunded schemes | 1,393 | 1,509 | ||
Total non current liabilities | 27,392 | 22,721 | ||
Total liabilities | 47,164 | 45,898 | ||
Shareholders' equity | 11,572 | 13,629 | ||
Non-controlling interests | 720 | 758 | ||
Total equity | 12,292 | 14,387 | € 16,980 | € 16,082 |
Total liabilities and equity | 59,456 | 60,285 | ||
Unilever Capital Corporation Subsidiary Issuer [member] | ||||
Non-current assets | ||||
Amounts due from group companies | 17,211 | 17,132 | ||
Total non-current assets | 17,211 | 17,132 | ||
Current assets | ||||
Other current assets | 6 | |||
Current assets | 6 | |||
Total assets | 17,217 | 17,132 | ||
Current liabilities | ||||
Financial liabilities | 2,381 | 2,420 | ||
Amounts due to group companies | 4,895 | 6,964 | ||
Trade payables and other current liabilities | 96 | 65 | ||
Total current liabilities | 7,372 | 9,449 | ||
Non-current liabilities | ||||
Financial liabilities | 9,525 | 7,377 | ||
Pensions and post-retirement healthcare liabilities: | ||||
Total non current liabilities | 9,525 | 7,377 | ||
Total liabilities | 16,897 | 16,826 | ||
Shareholders' equity | 320 | 306 | ||
Total equity | 320 | 306 | ||
Total liabilities and equity | 17,217 | 17,132 | ||
Unilever Parent Entities [member] | ||||
Non-current assets | ||||
Goodwill and intangible assets | 3,058 | 2,143 | ||
Deferred tax assets | 90 | |||
Other non-current assets | 20 | 6 | ||
Amounts due from group companies | 10,379 | 7,099 | ||
Net assets of subsidiaries (equity accounted) | 22,299 | 35,933 | ||
Total non-current assets | 35,756 | 45,271 | ||
Current assets | ||||
Amounts due from group companies | 11,883 | 6,119 | ||
Trade and other current receivables | 155 | 51 | ||
Current tax assets | 15 | 57 | ||
Other current assets | 7 | 39 | ||
Current assets | 12,060 | 6,266 | ||
Total assets | 47,816 | 51,537 | ||
Current liabilities | ||||
Financial liabilities | 30 | 4,685 | ||
Amounts due to group companies | 25,010 | 25,457 | ||
Trade payables and other current liabilities | 327 | 215 | ||
Other current liabilities | 2 | 5 | ||
Total current liabilities | 25,369 | 30,362 | ||
Non-current liabilities | ||||
Financial liabilities | 10,767 | 7,571 | ||
Pensions and post-retirement healthcare liabilities: | ||||
Funded schemes in deficit | 7 | 8 | ||
Unfunded schemes | 87 | 93 | ||
Other non-current liabilities | 141 | 5 | ||
Total non current liabilities | 11,002 | 7,677 | ||
Total liabilities | 36,371 | 38,039 | ||
Shareholders' equity | 11,445 | 13,498 | ||
Total equity | 11,445 | 13,498 | ||
Total liabilities and equity | 47,816 | 51,537 | ||
Unilever United States Inc Subsidiary Guarantor [member] | ||||
Non-current assets | ||||
Deferred tax assets | 4 | 48 | ||
Other non-current assets | 2 | 2 | ||
Net assets of subsidiaries (equity accounted) | 22,463 | 21,568 | ||
Total non-current assets | 22,469 | 21,618 | ||
Current assets | ||||
Amounts due from group companies | 5,413 | 5,318 | ||
Trade and other current receivables | 4 | 3 | ||
Current tax assets | 9 | |||
Current assets | 5,417 | 5,330 | ||
Total assets | 27,886 | 26,948 | ||
Current liabilities | ||||
Financial liabilities | 2 | 1 | ||
Amounts due to group companies | 3,127 | 24 | ||
Trade payables and other current liabilities | 15 | 11 | ||
Current tax liabilities | 72 | |||
Total current liabilities | 3,216 | 36 | ||
Non-current liabilities | ||||
Amounts due to group companies | 13,290 | 14,517 | ||
Pensions and post-retirement healthcare liabilities: | ||||
Funded schemes in deficit | 136 | 103 | ||
Unfunded schemes | 388 | 439 | ||
Other non-current liabilities | 1 | 1 | ||
Total non current liabilities | 13,815 | 15,060 | ||
Total liabilities | 17,031 | 15,096 | ||
Shareholders' equity | 10,855 | 11,852 | ||
Total equity | 10,855 | 11,852 | ||
Total liabilities and equity | 27,886 | 26,948 | ||
Non-guarantor Subsidiaries [member] | ||||
Non-current assets | ||||
Goodwill and intangible assets | 26,435 | 26,258 | ||
Deferred tax assets | 1,113 | 947 | ||
Other non-current assets | 13,343 | 13,808 | ||
Total non-current assets | 40,891 | 41,013 | ||
Current assets | ||||
Amounts due from group companies | 33,032 | 32,445 | ||
Trade and other current receivables | 6,326 | 5,168 | ||
Current tax assets | 457 | 422 | ||
Other current assets | 8,511 | 11,234 | ||
Current assets | 48,326 | 49,269 | ||
Total assets | 89,217 | 90,282 | ||
Current liabilities | ||||
Financial liabilities | 822 | 862 | ||
Amounts due to group companies | 17,296 | 11,437 | ||
Trade payables and other current liabilities | 14,019 | 13,135 | ||
Current tax liabilities | 1,373 | 1,088 | ||
Other current liabilities | 633 | 690 | ||
Total current liabilities | 34,143 | 27,212 | ||
Non-current liabilities | ||||
Financial liabilities | 1,358 | 1,514 | ||
Amounts due to group companies | 14,300 | 9,714 | ||
Pensions and post-retirement healthcare liabilities: | ||||
Funded schemes in deficit | 1,066 | 1,114 | ||
Unfunded schemes | 918 | 977 | ||
Other non-current liabilities | 2,998 | 3,519 | ||
Total non current liabilities | 20,640 | 16,838 | ||
Total liabilities | 54,783 | 44,050 | ||
Shareholders' equity | 33,714 | 45,474 | ||
Non-controlling interests | 720 | 758 | ||
Total equity | 34,434 | 46,232 | ||
Total liabilities and equity | 89,217 | 90,282 | ||
Unilever Group [member] | ||||
Non-current assets | ||||
Goodwill and intangible assets | 29,493 | 28,401 | ||
Deferred tax assets | 1,117 | 1,085 | ||
Other non-current assets | 13,365 | 13,816 | ||
Total non-current assets | 43,975 | 43,302 | ||
Current assets | ||||
Trade and other current receivables | 6,485 | 5,222 | ||
Current tax assets | 472 | 488 | ||
Other current assets | 8,524 | 11,273 | ||
Current assets | 15,481 | 16,983 | ||
Total assets | 59,456 | 60,285 | ||
Current liabilities | ||||
Financial liabilities | 3,235 | 7,968 | ||
Trade payables and other current liabilities | 14,457 | 13,426 | ||
Current tax liabilities | 1,445 | 1,088 | ||
Other current liabilities | 635 | 695 | ||
Total current liabilities | 19,772 | 23,177 | ||
Non-current liabilities | ||||
Financial liabilities | 21,650 | 16,462 | ||
Pensions and post-retirement healthcare liabilities: | ||||
Funded schemes in deficit | 1,209 | 1,225 | ||
Unfunded schemes | 1,393 | 1,509 | ||
Other non-current liabilities | 3,140 | 3,525 | ||
Total non current liabilities | 27,392 | 22,721 | ||
Total liabilities | 47,164 | 45,898 | ||
Shareholders' equity | 11,572 | 13,629 | ||
Non-controlling interests | 720 | 758 | ||
Total equity | 12,292 | 14,387 | ||
Total liabilities and equity | 59,456 | 60,285 | ||
Eliminations [member] | ||||
Non-current assets | ||||
Amounts due from group companies | (27,590) | (24,231) | ||
Net assets of subsidiaries (equity accounted) | (44,762) | (57,501) | ||
Total non-current assets | (72,352) | (81,732) | ||
Current assets | ||||
Amounts due from group companies | (50,328) | (43,882) | ||
Current assets | (50,328) | (43,882) | ||
Total assets | (122,680) | (125,614) | ||
Current liabilities | ||||
Amounts due to group companies | (50,328) | (43,882) | ||
Total current liabilities | (50,328) | (43,882) | ||
Non-current liabilities | ||||
Amounts due to group companies | (27,590) | (24,231) | ||
Pensions and post-retirement healthcare liabilities: | ||||
Total non current liabilities | (27,590) | (24,231) | ||
Total liabilities | (77,918) | (68,113) | ||
Shareholders' equity | (44,762) | (57,501) | ||
Total equity | (44,762) | (57,501) | ||
Total liabilities and equity | € (122,680) | € (125,614) |
Guarantor Statements - Cash Flo
Guarantor Statements - Cash Flow (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Cash Flow Statement [Line Items] | |||
Net cash flow from/(used in) operating activities | € 6,753 | € 7,292 | € 7,047 |
Net cash flow from/(used in) investing activities | 4,644 | (5,879) | (3,188) |
Net cash flow from/(used in) financing activities | (11,548) | (1,433) | (3,073) |
Net increase/(decrease) in cash and cash equivalents | (151) | (20) | 786 |
Cash and cash equivalents at beginning of year | 3,169 | 3,198 | 2,128 |
Effect of foreign exchange rates | 72 | (9) | 284 |
Cash and cash equivalents at end of year | 3,090 | 3,169 | 3,198 |
Unilever Capital Corporation Subsidiary Issuer [member] | |||
Disclosure Of Cash Flow Statement [Line Items] | |||
Net cash flow from/(used in) investing activities | 1,088 | (3,884) | (1,053) |
Net cash flow from/(used in) financing activities | (1,097) | 3,873 | 1,048 |
Net increase/(decrease) in cash and cash equivalents | (9) | (11) | (5) |
Effect of foreign exchange rates | 15 | 11 | 5 |
Cash and cash equivalents at end of year | 6 | ||
Unilever Parent Entities [member] | |||
Disclosure Of Cash Flow Statement [Line Items] | |||
Net cash flow from/(used in) operating activities | 945 | 941 | 45 |
Net cash flow from/(used in) investing activities | 1,196 | (7,123) | (679) |
Net cash flow from/(used in) financing activities | (2,183) | 6,261 | 621 |
Net increase/(decrease) in cash and cash equivalents | (42) | 79 | (13) |
Cash and cash equivalents at beginning of year | 23 | 5 | 3 |
Effect of foreign exchange rates | 26 | (61) | 15 |
Cash and cash equivalents at end of year | 7 | 23 | 5 |
Unilever United States Inc Subsidiary Guarantor [member] | |||
Disclosure Of Cash Flow Statement [Line Items] | |||
Net cash flow from/(used in) operating activities | (6) | (40) | (177) |
Net cash flow from/(used in) investing activities | (63) | (1,062) | (783) |
Net cash flow from/(used in) financing activities | 69 | 1,103 | 959 |
Net increase/(decrease) in cash and cash equivalents | 1 | (1) | |
Cash and cash equivalents at beginning of year | (1) | (2) | (1) |
Cash and cash equivalents at end of year | (1) | (1) | (2) |
Non-guarantor Subsidiaries [member] | |||
Disclosure Of Cash Flow Statement [Line Items] | |||
Net cash flow from/(used in) operating activities | 5,814 | 6,391 | 7,179 |
Net cash flow from/(used in) investing activities | 4,619 | 5,136 | (1,712) |
Net cash flow from/(used in) financing activities | (10,533) | (11,616) | (4,662) |
Net increase/(decrease) in cash and cash equivalents | (100) | (89) | 805 |
Cash and cash equivalents at beginning of year | 3,147 | 3,195 | 2,126 |
Effect of foreign exchange rates | 31 | 41 | 264 |
Cash and cash equivalents at end of year | 3,078 | 3,147 | 3,195 |
Unilever Group [member] | |||
Disclosure Of Cash Flow Statement [Line Items] | |||
Net cash flow from/(used in) operating activities | 6,753 | 7,292 | 7,047 |
Net cash flow from/(used in) investing activities | 4,644 | (5,879) | (3,188) |
Net cash flow from/(used in) financing activities | (11,548) | (1,433) | (3,073) |
Net increase/(decrease) in cash and cash equivalents | (151) | (20) | 786 |
Cash and cash equivalents at beginning of year | 3,169 | 3,198 | 2,128 |
Effect of foreign exchange rates | 72 | (9) | 284 |
Cash and cash equivalents at end of year | 3,090 | 3,169 | 3,198 |
Eliminations [member] | |||
Disclosure Of Cash Flow Statement [Line Items] | |||
Net cash flow from/(used in) investing activities | (2,196) | 1,054 | 1,039 |
Net cash flow from/(used in) financing activities | € 2,196 | € (1,054) | € (1,039) |