Form 6-K UNILEVER PLC For: Oct 27
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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN ISSUER
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
Dated October
27, 2022
Commission
File Number: 001-04546
UNILEVER PLC
(Translation
of registrant's name into English)
UNILEVER HOUSE, BLACKFRIARS, LONDON, ENGLAND
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports
under
cover Form 20-F or Form 40-F.
Form
20-F..X.. Form 40-F
Indicate
by check mark if the registrant is submitting the Form 6-K in
paper
as
permitted by Regulation S-T Rule 101(b)(1):_____
Indicate
by check mark if the registrant is submitting the Form 6-K in
paper
as
permitted by Regulation S-T Rule 101(b)(7):_____
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes
No .X..
If
"Yes" is marked, indicate below the file number assigned to the
registrant
in
connection with Rule 12g3-2(b): 82- _______
Exhibit
99 attached hereto is incorporated herein by
reference.
Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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UNILEVER
PLC
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/S/ M VARSELLONA
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BY M VARSELLONA
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CHIEF LEGAL OFFICER AND GROUP SECRETARY
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Date:
27 October, 2022
EXHIBIT INDEX
------------------------
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EXHIBIT
NUMBER
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EXHIBIT
DESCRIPTION
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99
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Notice
to London Stock Exchange dated 27 October 2022
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Third Quarter 2022 Trading Statement
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Exhibit
99
Unilever Trading Statement – Third Quarter 2022
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Another strong quarter of growth, sales guidance
raised
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Third Quarter 2022
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Nine
Months 2022
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||||
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(unaudited)
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USG
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Turnover
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TO vs 2021
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USG
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Turnover
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TO vs
2021
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Unilever
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10.6%
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€15.8bn
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17.8%
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8.9%
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€45.6bn
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16.1%
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Beauty
& Wellbeing
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6.7%
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€3.3bn
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24.4%
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7.8%
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€9.0bn
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21.9%
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Personal
Care
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8.9%
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€3.6bn
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20.0%
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7.5%
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€10.1bn
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16.4%
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Home
Care
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13.6%
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€3.2bn
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22.0%
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11.6%
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€9.3bn
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18.5%
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Nutrition
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11.8%
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€3.3bn
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4.8%
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8.2%
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€10.5bn
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9.4%
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Ice
Cream
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13.2%
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€2.4bn
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20.8%
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10.1%
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€6.7bn
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15.7%
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Third Quarter highlights
●
Underlying sales growth accelerated to
10.6% in the quarter, and sales guidance raised for the full
year
●
Price
growth stepped up to 12.5% in the quarter, with volumes declining
1.6%
●
Turnover increased 17.8% including a
currency impact of 8.8% and (2.1)% from disposals net of
acquisitions
●
The billion+ Euro brands, accounting for
more than 50% of Group turnover, grew 14%, led by strong
performances from OMO,
Hellmann’s,
Rexona, Magnum and Lux
●
Simpler,
more category-focused organisation operating since 1
July
●
Continued portfolio reshaping with the
sale of the global tea business completed and the acquisition of
Nutrafol, a leading provider
of hair wellness products
●
Second €750 million share buyback
tranche, announced in September, will complete in December
2022
●
Quarterly interim dividend for Q3 2022
is maintained at €0.4268
Chief Executive Officer statement
“Unilever
has delivered another quarter of growth in challenging
macroeconomic conditions. Underlying sales growth improved to
10.6%, led by further increases in pricing with only a limited
impact on volume, and we now expect underlying sales growth for the
full year 2022 to be above 8%.
We have
delivered growth in each of our five Business Groups, led by a
strong performance from our billion+ Euro brands, growing 14% in
the quarter. Strong pricing allows us to continue to drive
increased investment behind our brands.
Our
organisation is now better structured to deliver consistent growth
through a simpler, more category-focused operating model. The full
benefits will be realised over time, and we are seeing encouraging
early signs of improved accountability and faster
decision-making.
The
global macroeconomic outlook remains mixed, and we expect the
challenges of high inflation to persist in 2023. The delivery of
consistent growth remains our first priority.”
Alan Jope
27
October 2022
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Outlook
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We now
expect underlying sales growth for the full year 2022 to be above
8%, with more negative underlying volume growth than in the first
nine months.
Our
expectation for net material inflation (NMI) for 2022 is virtually
unchanged at around €4.5 billion, with €2.5 billion in
the second half. Although some commodities have softened from their
peaks, we expect cost pressure to carry forward into 2023, driven
by currency devaluation, higher raw material costs versus
beneficial covers in the first half of 2022, and higher supplier
processing costs from energy and labour inflation. Our current
estimate for NMI in H1 2023 versus H1 2022 is in the region of
€2 billion, with a range of possible outcomes.
Investment
in growth is our priority, and we will continue to protect
investment levels. In the second half of 2022, we expect to
increase spend in brand and marketing, R&D and capital
expenditure, as we did in the first half. Our full year underlying
operating margin expectation for 2022 remains at 16%, and we
continue to expect to improve margin in 2023 and 2024, through
pricing, mix and savings.
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Third Quarter Review: Unilever Group
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(unaudited)
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Turnover
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USG
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UVG
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UPG
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Acquisitions
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Disposals
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Currency
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Turnover change
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Third Quarter
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€15.8bn
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10.6%
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(1.6)%
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12.5%
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1.0%
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(3.1)%
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8.8%
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17.8%
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Nine
Months
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€45.6bn
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8.9%
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(1.6)%
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10.7%
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0.8%
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(1.1)%
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6.9%
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16.1%
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Performance
Underlying
sales growth stepped up to 10.6% and was broad-based across all
Business Groups. Price growth has sequentially improved in each of
the past seven quarters, reaching 12.5% in the third quarter. While
pricing had, as expected, some negative impact on volume,
underlying volume growth improved in four Business Groups compared
to the second quarter.
Beauty
& Wellbeing grew 6.7%, driven by price with slightly negative
volume primarily due to core Skin Care and Hair Care. Personal Care
underlying sales were up 8.9%, led by increased pricing and a lower
volume decline as Deodorants returned to volume growth. Home Care
delivered 13.6% USG with a volume decline of 3.6%, having taken the
highest pricing action given its exposure to input cost increases.
Nutrition grew 11.8% with virtually flat volume due to strong
performances in Dressings and Food Solutions. Ice Cream improved
underlying sales by 13.2%, driven by double-digit price growth in
both in-home and out-of-home. Volume was up 1.0%, helped by a
strong summer season in Europe compared to the prior
year.
Emerging
markets grew 13.3% with a 14.9% contribution from price and volume
at (1.4)%. South Asia continued to grow strongly through both price
and volume. Price growth in Latin America increased to 23.2% with
volumes contracting by 4.6%. China returned to slightly positive
growth, and sales growth in South-East Asia benefitted from lapping
the prior year lockdown effect in some markets. Developed markets
increased by 7.1%, with 9.3% from price and (2.0)% from volume.
North America grew 8.3%, boosted by strong performances of
Nutrition and Ice Cream. Europe delivered 5.4% growth, helped by
double-digit growth in Ice Cream.
Turnover
increased 17.8% to €15.8 billion, which included a currency
impact of 8.8% and (2.1)% from disposals net of acquisitions. This
reflects the sale of the global tea business, ekaterra, which
completed on 1 July 2022.
Capital allocation and operating model
On 22
July, we completed the first tranche of €750 million of the
share buyback programme of up to €3 billion. On 6 September
2022, we announced a second tranche of €750 million which
will complete in December 2022. The quarterly interim dividend for
the third quarter is maintained at €0.4268.
Our
pension funds faced no liquidity or operational issues through
recent market volatility and remain well funded.
Since 1
July 2022, our simpler, more category-focused operating model for
Unilever has been in place, organised around five Business Groups
and a technology-driven backbone, Unilever Business Operations. We
expect to deliver the new structure within existing restructuring
plans, and to generate around €600 million of cost savings
over the first two years after 1 July, with the majority in
2023.
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Conference Call and historical information
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Following the release of this trading statement on 27 October 2022
at 7:00 AM (UK time), there will be a live webcast at 8:00 AM
available on the website www.unilever.com/investor-relations/results-and-presentations/latest-results.
A replay of the webcast and the slides of the presentation will be
made available after the live meeting.
As this
is the first trading statement reflecting the new structure, we
have provided historical information since 2019 for the five
Business Groups at www.unilever.com/investors/results-presentations/other-reporting-announcements/.
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Third Quarter Review: Business Groups
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Third Quarter 2022
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Nine
Months 2022
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||||||
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(unaudited)
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Turnover
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USG
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UVG
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UPG
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Turnover
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USG
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UVG
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UPG
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Unilever
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€15.8bn
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10.6%
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(1.6)%
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12.5%
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€45.6bn
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8.9%
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(1.6)%
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10.7%
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Beauty
& Wellbeing
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€3.3bn
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6.7%
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(0.6)%
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7.3%
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€9.0bn
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7.8%
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0.6%
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7.2%
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Personal
Care
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€3.6bn
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8.9%
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(4.1)%
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13.5%
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€10.1bn
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7.5%
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(3.8)%
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11.8%
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Home
Care
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€3.2bn
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13.6%
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(3.6)%
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17.8%
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€9.3bn
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11.6%
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(3.4)%
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15.6%
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Nutrition
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€3.3bn
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11.8%
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0.1%
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11.7%
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€10.5bn
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8.2%
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(1.4)%
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9.7%
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Ice
Cream
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€2.4bn
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13.2%
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1.0%
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12.0%
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€6.7bn
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10.1%
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1.0%
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9.0%
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Beauty & Wellbeing
21% of Q3 turnover
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(unaudited)
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Turnover
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USG
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UVG
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UPG
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Acquisitions
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Disposals
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Currency
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Turnover change
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Third Quarter
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€3.3bn
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6.7%
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(0.6)%
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7.3%
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4.8%
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(0.1)%
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11.4%
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24.4%
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Nine
Months
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€9.0bn
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7.8%
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0.6%
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7.2%
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4.0%
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(0.1)%
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8.8%
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21.9%
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Beauty
& Wellbeing underlying sales grew 6.7%, with 7.3% from price
and (0.6)% from volume.
Hair
Care grew high single-digit, driven by Latin America and South
Asia, partially offset by modest growth in developed markets and
China. Sunsilk and
Clear performed well with
strong contributions from price. Skin Care grew low single-digit,
as strong growth in South-East Asia was offset by declines in
Europe and North Asia. Vaseline and Pond’s delivered good growth,
supported by innovations with additional consumer benefits.
Prestige Beauty performed well with strong contributions from
Paula’s Choice and
Living Proof which entered
into the bond-building premium hair care category. Hourglass continued its expansion into
China through online and premium retail stores. Health &
Wellbeing turnover now includes sales of recent acquisition
Nutrafol, while Liquid IV contributed strongly to
underlying sales growth.
Personal Care
23% of Q3 turnover
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(unaudited)
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Turnover
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USG
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UVG
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UPG
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Acquisitions
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Disposals
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Currency
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Turnover change
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Third Quarter
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€3.6bn
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8.9%
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(4.1)%
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13.5%
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0.0 %
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(0.0)%
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10.2%
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20.0%
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Nine
Months
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€10.1bn
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7.5%
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(3.8)%
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11.8%
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0.0%
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(0.0)%
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8.3%
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16.4%
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Personal
Care underlying sales grew 8.9%, with 13.5% from price and (4.1)%
from volume. While the volume decline was lower than in the second
quarter, it was affected by strong price increases taken in Skin
Cleansing to mitigate input cost inflation.
Deodorants
continued to perform strongly, delivering double-digit pricing and
positive volume growth. This was supported by continued
premiumisation and strong innovations, such as the 72-hour
protection technology from Rexona. Skin Cleansing delivered strong
double-digit price growth with high single-digit volume decline.
Lux grew strongly, still
benefitting from the relaunch of its bars in South Asia and the
Middle East which provide a further improved skin care experience.
The reformulated Dove deep
moisture body wash, with microbiome nutrient serum, continued to
perform well across its launch markets. Oral Care achieved high
single-digit growth, helped by the relaunch of Pepsodent with increased naturals and
efficacy credentials in South-East Asia, Africa and the Middle
East.
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Third Quarter Review: Business Groups
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Home Care
20% of Q3 turnover
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(unaudited)
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Turnover
|
USG
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UVG
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UPG
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Acquisitions
|
Disposals
|
Currency
|
Turnover change
|
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Third Quarter
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€3.2bn
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13.6%
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(3.6)%
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17.8%
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0.0%
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(0.0)%
|
7.5%
|
22.0%
|
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Nine
Months
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€9.3bn
|
11.6%
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(3.4)%
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15.6%
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0.0%
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(0.0)%
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6.2%
|
18.5%
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Home
Care underlying sales grew 13.6%, with 17.8% from price and (3.6)%
from volume.
Fabric
Cleaning held volumes while achieving more than 20% price growth,
driven by very good performances in India, Brazil, Turkey and
Vietnam with modest sales growth in Europe and China. Helped by
their brand strength, OMO
and Radiant contributed
strongly for another quarter. Fabric Enhancers grew double-digit
with modest volume decline, as the category benefitted from some
post-Covid return of consumers in South-East Asia and Turkey.
Comfort grew double-digit
with positive volume as it continued to benefit from the relaunch
with a new fragrance and ‘Clothes Care’ technology to
better protect clothes from damage. Home & Hygiene delivered
single-digit growth with lower volume in a declining market that
reflects a slowdown in disinfecting habits.
Nutrition
21% of Q3 turnover
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Acquisitions
|
Disposals
|
Currency
|
Turnover change
|
|
Third Quarter
|
€3.3bn
|
11.8%
|
0.1%
|
11.7%
|
0.4%
|
(13.1)%
|
7.5%
|
4.8%
|
|
Nine
Months
|
€10.5bn
|
8.2%
|
(1.4)%
|
9.7%
|
0.3%
|
(4.6)%
|
5.6%
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9.4%
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Nutrition
underlying sales grew 11.8%, with 11.7% from price and 0.1% from
volume.
The
biggest category, Scratch Cooking Aids, grew high single-digit with
a modest volume decline which was driven by Europe. South-East
Asia, Africa and North America performed strongly led by
Knorr. Unilever Food Solutions recovered to
pre-Covid volume levels and is now well ahead on sales. Dressings
had a very strong quarter with broad-based, double-digit price
growth and positive volumes, supported by continued growth momentum
of Hellmann’s,
particularly in the United States. Our remaining Beverages business
delivered slight volume and price growth in competitive
markets.
Ice Cream
15% of Q3 turnover
|
(unaudited)
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Turnover
|
USG
|
UVG
|
UPG
|
Acquisitions
|
Disposals
|
Currency
|
Turnover change
|
|
Third Quarter
|
€2.4bn
|
13.2%
|
1.0%
|
12.0%
|
0.0%
|
(0.0)%
|
6.7%
|
20.8%
|
|
Nine
Months
|
€6.7bn
|
10.1%
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1.0%
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9.0%
|
0.0%
|
0.0%
|
5.1%
|
15.7%
|
Ice
Cream underlying sales grew 13.2%, with 12.0% from price and 1.0%
from volume.
Both
in-home and out-of-home Ice Cream grew strongly, driven by
double-digit price growth. Volume growth was driven by out-of-home
which continued to recover sales lost during the pandemic but is
yet to return to 2019 volumes. In-home showed a slight volume
decline, reflecting high price growth in the Americas and some
supply issues in the United States. Europe benefitted from a strong
summer season, and Turkey delivered very good growth despite the
high-inflation pressure on consumers. The Heart brand, Magnum and Cornetto delivered positive volume
growth supported by continued strength of new variant innovations,
such as Magnum Remix which
has been launched across 65 countries.
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Third Quarter Review: Geographical Areas
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Third Quarter 2022
|
Nine
Months 2022
|
||||||
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Turnover
|
USG
|
UVG
|
UPG
|
|
Unilever
|
€15.8bn
|
10.6%
|
(1.6)%
|
12.5%
|
€45.6bn
|
8.9%
|
(1.6)%
|
10.7%
|
|
Asia
Pacific Africa
|
€7.1bn
|
12.5%
|
0.3%
|
12.1%
|
€20.9bn
|
10.1%
|
(0.6)%
|
10.8%
|
|
The
Americas
|
€5.6bn
|
11.7%
|
(3.2)%
|
15.4%
|
€15.6bn
|
10.8%
|
(2.1)%
|
13.2%
|
|
Europe
|
€3.1bn
|
5.4%
|
(3.2)%
|
8.9%
|
€9.1bn
|
3.7%
|
(3.0)%
|
7.0%
|
|
|
Third Quarter 2022
|
Nine
Months 2022
|
||||||
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Turnover
|
USG
|
UVG
|
UPG
|
|
Emerging
markets
|
€9.2bn
|
13.3%
|
(1.4)%
|
14.9%
|
€26.8bn
|
11.1%
|
(1.7)%
|
13.0%
|
|
Developed
markets
|
€6.6bn
|
7.1%
|
(2.0)%
|
9.3%
|
€18.8bn
|
6.0%
|
(1.5)%
|
7.6%
|
|
North
America
|
€3.5bn
|
8.3%
|
(2.4)%
|
11.0%
|
€9.7bn
|
8.6%
|
(0.6)%
|
9.2%
|
|
Latin
America
|
€2.1bn
|
17.6%
|
(4.6)%
|
23.2%
|
€5.9bn
|
14.8%
|
(4.7)%
|
20.6%
|
Asia Pacific Africa
45% of Q3 turnover
Underlying
sales grew 12.5%, with 12.1% from price and 0.3% from volume,
driven by strong performances from Home Care and Ice Cream. India
showed strong growth with double-digit pricing and positive
volumes, supported by innovations and continued strength of its
premium portfolio. China grew low single-digit as the market growth
reflected some lockdown effects and remained more muted than in
previous years. Indonesia delivered price-driven growth, while
volumes were affected by a reduction in stock-in-trade levels.
Vietnam, the Philippines and Thailand delivered double-digit growth
which was boosted by lapping the lockdowns in the prior year.
Turkey posted another quarter of double-digit growth across all
Business Groups, driven by both price and volume.
The Americas
35% of Q3 turnover
Underlying
sales growth in North America was 8.3%, with 11.0% from price and
(2.4)% from volume, helped by strong double-digit growth in
Nutrition, notably Dressings, and Ice Cream. Deodorants performed
well but the Air Wellness business declined sharply in the quarter
against a very strong prior year comparator. Prestige Beauty and
Health & Wellbeing delivered double-digit growth while growth
in Skin Cleansing and Hair Care was modest.
Latin
America delivered underlying sales growth of 17.6%, with 23.2% from
price and (4.6)% from volume. All Business Groups delivered strong
double-digit underlying price growth which stepped up versus
previous quarters. The volume decline was similar to the first
half, supported by consumer-relevant innovations and a portfolio
that spans across different price points and channels.
Europe
20% of Q3 turnover
Underlying
sales grew 5.4%, with 8.9% from price and (3.2)% from volume.
Growth sequentially improved in the third quarter, helped by strong
Ice Cream and Nutrition performances. Home Care declined slightly
driven by Home & Hygiene, while Deodorants drove underlying
sales growth in Personal Care. Price-driven growth was
broad-based across countries and underlying volume growth, albeit
negative, was supported by strong Ice Cream sales in July and
August.
|
Competition Investigations
|
As
previously disclosed, Unilever is involved in ongoing
investigations by national competition authorities, including those
of France and South Africa. These proceedings and investigations
are at different stages and concern different product markets.
Where appropriate, provisions are made and contingent liabilities
disclosed in relation to such matters.
Ongoing
compliance with competition laws is of key importance to Unilever.
It is Unilever’s policy to co-operate fully with competition
authorities whenever questions or issues arise. In addition, the
Group continues to reinforce and enhance its internal competition
law training and compliance programme on an ongoing
basis.
|
Share-based compensation plans
|
Unilever
has historically purchased a very small number of shares in the
market to satisfy awards under its share-based compensation plans.
Going forward, we may also use new issue shares and/or treasury
shares, subject to the dilution limits already approved by
shareholders. This provides more flexibility and is in line with
common market practice. Therefore, we may undertake block listings
of shares for the purpose of satisfying awards under our share
plans with new issue shares (including new American Depositary
Shares). Specific details will be announced at the time of any such
block listing and issuance.
|
Dividends
|
The
Board has declared a quarterly interim dividend for Q3 2022 of
£0.3722 per Unilever PLC ordinary share or €0.4268 per
Unilever PLC ordinary share at the applicable exchange rate issued
by WM/Reuters on 25 October 2022.
The
following amounts will be paid in respect of this quarterly interim
dividend on the relevant payment date:
|
Per
Unilever PLC ordinary share (traded on the London Stock
Exchange):
|
£
0.3722
|
|
Per
Unilever PLC ordinary share (traded on Euronext in
Amsterdam):
|
€
0.4268
|
|
Per
Unilever PLC American Depositary Receipt:
|
US$
0.4211
|
The
euro and US dollar amounts above have been determined using the
applicable exchange rates issued by WM/Reuters on 25 October
2022.
US
dollar cheques for the quarterly interim dividend will be mailed on
9 December 2022 to holders of record at the close of business on 18
November 2022.
The
quarterly dividend calendar for the remainder of 2022 will be as
follows:
|
|
Announcement Date
|
Ex-Dividend Date
|
Record Date
|
Payment Date
|
|
Q3 2022 Dividend
|
27
October 2022
|
17
November 2022
|
18
November 2022
|
9
December 2022
|
|
Segment Information – Business Groups
|
(unaudited)
|
Third Quarter
|
Beauty & Wellbeing
|
Personal Care
|
Home Care
|
Nutrition
|
Ice Cream
|
Total
|
|
Turnover (€ million)
|
|
|
|
|
|
|
|
2021
|
2,626
|
3,065
|
2,635
|
3,175
|
1,952
|
13,453
|
|
2022
|
3,267 3,267
|
3,677
|
3,216 3,216
|
3,328
|
2,358
|
15,846
|
|
Change (%)
|
24.4
|
20.0
|
22.0
|
4.8
|
20.8
|
17.8
|
|
Impact of:
|
|
|
|
|
|
|
|
Acquisitions (%)
|
4.8
|
0.0
|
0.0
|
0.4
|
0.0
|
1.0
|
|
Disposals (%)
|
(0.1)
|
(0.0)
|
(0.0)
|
(13.1)
|
(0.0)
|
(3.1)
|
|
Currency-related items (%), of
which:
|
11.4
|
10.2
|
7.5
|
7.5
|
6.7
|
8.8
|
|
Exchange
rates changes (%)
|
10.0
|
8.9
|
4.4
|
5.9
|
3.3
|
6.7
|
|
Extreme
price growth in hyperinflationary markets* (%)
|
1.3
|
1.2
|
2.9
|
1.5
|
3.4
|
2.0
|
|
Underlying sales growth (%)
|
6.7
|
8.9
|
13.6
|
11.8
|
13.2
|
10.6
|
|
Price* (%)
|
7.3
|
13.5
|
17.8
|
11.7
|
12.0
|
12.5
|
|
Volume (%)
|
(0.6)
|
(4.1)
|
(3.6)
|
0.1
|
1.0
|
(1.6)
|
|
Nine Months
|
Beauty & Wellbeing
|
Personal Care
|
Home Care
|
Nutrition
|
Ice Cream
|
Total
|
|
Turnover (€ million)
|
|
|
|
|
|
|
|
2021
|
7,394
|
8,714
|
7,826
|
9,557
|
5,779
|
39,270
|
|
2022
|
9,014 9,014
|
10,142
|
9,276
|
10,456
|
6,685 6,685
|
45,573
|
|
Change (%)
|
21.9
|
16.4
|
18.5
|
9.4
|
15.7
|
16.1
|
|
Impact of:
|
|
|
|
|
|
|
|
Acquisitions (%)
|
4.0
|
0.0
|
0.0
|
0.3
|
0.0
|
0.8
|
|
Disposals (%)
|
(0.1)
|
(0.0)
|
(0.0)
|
(4.6)
|
0.0
|
(1.1)
|
|
Currency-related items (%), of
which:
|
8.8
|
8.3
|
6.2
|
5.6
|
5.1
|
6.9
|
|
Exchange
rates changes (%)
|
7.9
|
7.4
|
4.3
|
4.6
|
3.2
|
5.6
|
|
Extreme
price growth in hyperinflationary markets* (%)
|
0.8
|
0.8
|
1.8
|
1.0
|
1.8
|
1.2
|
|
Underlying sales growth (%)
|
7.8
|
7.5
|
11.6
|
8.2
|
10.1
|
8.9
|
|
Price* (%)
|
7.2
|
11.8
|
15.6
|
9.7
|
9.0
|
10.7
|
|
Volume (%)
|
0.6
|
(3.8)
|
(3.4)
|
(1.4)
|
1.0
|
(1.6)
|
Underlying price
growth in excess of 26% per year in hyperinflationary economies has
been excluded when calculating the price growth in the tables
above, and an equal and opposite amount is shown as extreme price
growth in hyperinflationary markets.
Turnover
growth is made up of distinct individual growth components namely
underlying sales, currency impact, acquisitions and disposals.
Turnover growth is arrived at by multiplying these individual
components on a compounded basis as there is a currency impact on
each of the other components. Accordingly, turnover growth is more
than just the sum of the individual components.
|
Segment Information – Geographical Areas
|
(unaudited)
|
Third Quarter
|
Asia Pacific Africa
|
The Americas
|
Europe
|
Total
|
|
Turnover (€ million)
|
|
|
|
|
|
2021
|
6,094 6,094
|
4,360
|
2,999
|
13,453
|
|
2022
|
7,130 7,130
|
5,631
|
3,085
|
15,846
|
|
Change (%)
|
17.0
|
29.2
|
2.9
|
17.8
|
|
Impact of:
|
|
|
|
|
|
Acquisitions (%)
|
0.3
|
2.0
|
1.2
|
1.0
|
|
Disposals (%)
|
(3.7)
|
(2.2)
|
(3.4)
|
(3.1)
|
|
Currency-related items (%), of
which:
|
7.7
|
16.0
|
(0.2)
|
8.8
|
|
Exchange
rates changes (%)
|
5.0
|
13.2
|
(0.2)
|
6.7
|
|
Extreme
price growth in hyperinflationary markets* (%)
|
2.6
|
2.5
|
0.0
|
2.0
|
|
Underlying sales growth (%)
|
12.5
|
11.7
|
5.4
|
10.6
|
|
Price* (%)
|
12.1
|
15.4
|
8.9
|
12.5
|
|
Volume (%)
|
0.3
|
(3.2)
|
(3.2)
|
(1.6)
|
|
Nine Months
|
Asia Pacific Africa
|
The Americas
|
Europe
|
Total
|
|
Turnover (€ million)
|
|
|
|
|
|
2021
|
18,132
|
12,409
|
8,729
|
39,270
|
|
2022
|
20,866
|
15,640
|
9,067
|
45,573
|
|
Change (%)
|
15.1
|
26.0
|
3.9
|
16.1
|
|
Impact of:
|
|
|
|
|
|
Acquisitions (%)
|
0.3
|
1.6
|
0.9
|
0.8
|
|
Disposals (%)
|
(1.3)
|
(0.8)
|
(1.3)
|
(1.1)
|
|
Currency-related items (%), of
which:
|
5.6
|
12.8
|
0.6
|
6.9
|
|
Exchange
rates changes (%)
|
4.1
|
10.9
|
0.6
|
5.6
|
|
Extreme
price growth in hyperinflationary markets* (%)
|
1.4
|
1.7
|
(0.0)
|
1.2
|
|
Underlying sales growth (%)
|
10.1
|
10.8
|
3.7
|
8.9
|
|
Price* (%)
|
10.8
|
13.2
|
7.0
|
10.7
|
|
Volume (%)
|
(0.6)
|
(2.1)
|
(3.0)
|
(1.6)
|
Underlying price
growth in excess of 26% per year in hyperinflationary economies has
been excluded when calculating the price growth in the tables
above, and an equal and opposite amount is shown as extreme price
growth in hyperinflationary markets.
|
Non-GAAP measures
|
In our
financial reporting we use certain measures that are not defined by
generally accepted accounting principles (GAAP) such as IFRS. We
believe this information, along with comparable GAAP measurements,
is useful to investors because it provides a basis for measuring
our operating performance, and our ability to retire debt and
invest in new business opportunities. Our management uses these
financial measures, along with the most directly comparable GAAP
financial measures, in evaluating our operating performance and
value creation. Non-GAAP financial measures should not be
considered in isolation from, or as a substitute for, financial
information presented in compliance with GAAP. Wherever appropriate
and practical, we provide reconciliations to relevant GAAP
measures. The non-GAAP measures used in this announcement are
underlying sales growth, underlying volume growth and underlying
price growth (see below).
Underlying sales growth (USG)
Underlying sales growth (USG) refers to the increase in turnover
for the period, excluding any change in turnover resulting from
acquisitions, disposals, changes in currency and price growth in
excess of 26% in hyperinflationary economies. Inflation of 26% per
year compounded over three years is one of the key indicators
within IAS 29 to assess whether an economy is deemed to be
hyperinflationary. We believe this measure provides valuable
additional information on the underlying sales performance of the
business and is a key measure used internally. The impact of
acquisitions and disposals is excluded from USG for a period of 12
calendar months from the applicable closing date. Turnover from
acquired brands that are launched in countries where they were not
previously sold is included in USG as such turnover is more
attributable to our existing sales and distribution network than
the acquisition itself. The reconciliation of changes in the GAAP
measure turnover to USG is provided on pages 7 and 8.
Underlying price growth (UPG)
Underlying price growth (UPG) is part of USG and means, for the
applicable period, the increase in turnover attributable to changes
in prices during the period. UPG therefore excludes the impact to
USG due to (i) the volume of products sold; and (ii) the
composition of products sold during the period. In determining
changes in price we exclude the impact of price growth in excess of
26% per year in hyperinflationary economies as explained in USG
above. The measures and the related turnover GAAP measure are set
out on pages 7 and 8.
Underlying volume growth (UVG)
Underlying volume growth (UVG) is part of USG and means, for the
applicable period, the increase in turnover in such period
calculated as the sum of (i) the increase in turnover attributable
to the volume of products sold; and (ii) the increase in turnover
attributable to the composition of products sold during such
period. UVG therefore excludes any impact on USG due to changes in
prices. The measures and the related turnover GAAP measure are set
out on pages 7 and 8.
|
Cautionary Statement
|
This announcement may contain forward-looking statements, including
'forward-looking statements' within the meaning of the United
States Private Securities Litigation Reform Act of 1995. Words such
as 'will', 'aim', 'expects', 'anticipates', 'intends', 'looks',
'believes', 'vision', or the negative of these terms and other
similar expressions of future performance or results, and their
negatives, are intended to identify such forward-looking
statements. Forward-looking statements also include, but are not
limited to, statements and information regarding the Unilever
Group's (the 'Group') emissions reduction targets and other climate
change related matters (including actions, potential impacts and
risks associated therewith). These forward-looking statements are
based upon current expectations and assumptions regarding
anticipated developments and other factors affecting the Group.
They are not historical facts, nor are they guarantees of future
performance or outcomes.
Because these forward-looking statements involve risks and
uncertainties, there are important factors that could cause actual
results to differ materially from those expressed or implied by
these forward-looking statements. Among other risks and
uncertainties, the material or principal factors which could cause
actual results to differ materially are: Unilever's global brands
not meeting consumer preferences; Unilever's ability to innovate
and remain competitive; Unilever's investment choices in its
portfolio management; the effect of climate change on Unilever's
business; Unilever's ability to find sustainable solutions to its
plastic packaging; significant changes or deterioration in customer
relationships; the recruitment and retention of talented employees;
disruptions in our supply chain and distribution; increases or
volatility in the cost of raw materials and commodities; the
production of safe and high quality products; secure and reliable
IT infrastructure; execution of acquisitions, divestitures and
business transformation projects; economic, social and political
risks and natural disasters; financial risks; failure to meet high
and ethical standards; and managing regulatory, tax and legal
matters.
These forward-looking statements speak only as of the date of this
announcement. Except as required by any applicable law or
regulation, the Group expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Group's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is
based.
Further details of potential risks and uncertainties affecting the
Group are described in the Group’s filings with the London
Stock Exchange, Euronext Amsterdam and the US Securities and
Exchange Commission, including in the Annual Report on Form 20-F
2021 and the Unilever Annual Report and Accounts 2021.
|
Enquiries
|
|
Media: Media Relations
Team
|
Investors: Investor Relations Team
|
|
||||
|
UK
|
‘+44 78 2527 3767
|
|
|
|
||
|
or
|
‘+44 77 7999 9683
|
|
|
|
|
|
|
NL
|
‘+31 62 375 8385
|
|
|
|
|
|
|
or
|
+31 6
1500 8293
|
|
|
|
|
|
After
the conference call on 27 October 2022 at 8AM (UK time), the
webcast of the presentation will be available at:
www.unilever.com/investor-relations/results-and-presentations/latest-results
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