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
26, 2023
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):_____
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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
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contained
in this Form is also thereby furnishing the information to
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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:
26 October, 2023
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 26 October 2023
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3rd
Quarter Results
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Exhibit
99
Unilever Trading Statement - Third Quarter 2023
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Solid Q3 results and action plan to drive growth and unlock
potential
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Third Quarter 2023
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Nine Months 2023
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(unaudited)
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USG
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Turnover
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vs 2022
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USG
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Turnover
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vs 2022
|
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Unilever
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5.2%
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€15.2bn
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(3.8)%
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7.7%
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€45.8bn
|
0.4%
|
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Beauty
& Wellbeing
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7.4%
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€3.1bn
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(4.9)%
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8.5%
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€9.4bn
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3.7%
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Personal
Care
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8.0%
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€3.6bn
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(2.2)%
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9.8%
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€10.5bn
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3.7%
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Home
Care
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5.3%
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€3.1bn
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(4.1)%
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7.3%
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€9.3bn
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0.5%
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Nutrition
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5.6%
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€3.2bn
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(2.4)%
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8.7%
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€9.9bn
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(5.7)%
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Ice
Cream
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(2.8)%
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€2.2bn
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(6.5)%
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2.8%
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€6.7bn
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0.7%
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Third quarter highlights
●
Underlying sales growth of
5.2% with 5.8% price
growth and (0.6)% volume decline
●
Underlying price growth
continues to moderate as inflation eases, with underlying volumes now positive in Beauty
& Wellbeing, Personal Care and Home Care
●
Turnover decreased (3.8)% to
€15.2 billion with
(8.0)% from currency and (0.6)% from disposals net of
acquisitions
●
Our billion+ Euro
brands, accounting for 56% of
Group turnover, delivered underlying sales growth of 7.2%, with
5.7% price growth and 1.4% volume growth, led by strong
performances from Dove, Hellmann's, Rexona and Sunsilk
●
Our 2023 outlook remains
unchanged with underlying
sales growth above 5% and a modest improvement in underlying
operating margin
●
Today we set out an action plan focused on: faster growth, greater
productivity and simplicity, powered by a stronger performance
culture. These targeted actions will address the gap between our
past performance and potential,
delivering improved value creation
Chief Executive Officer statement
"Unilever is a company with strong fundamentals: a portfolio of
great brands used by 3.4 billion people each day, number one or two
category positions across 80% of its turnover, an unrivalled global
footprint, and a team of talented people.
Despite these strengths, our performance in recent years has not
matched our potential. The quality of our growth, productivity and
returns have all under-delivered.
Today we are setting out our action plan to close this gap. We will
drive faster growth by stepping up innovation and investment behind
our Power Brands; we will drive simplicity and productivity,
leveraging the full strength of our operating model; and we will
sharpen our performance culture through strong leadership and
stretching goals.
I am excited about what we can achieve by delivering on these three
priorities, as we focus on unlocking Unilever's full potential in
the months and years ahead."
Hein Schumacher
Today we set out an action plan to drive growth and unlock
potential.
Unilever is a company of many strengths, including, its category
positions, the strength of its brands, its unmatched geographic
reach and talented and passionate people. However, there has been a
disconnect between these intrinsic strengths and the quality of our
performance. Remedying this underperformance is our top priority
and with Unilever's strong fundamentals and the many opportunities
across the five Business Groups, we are confident that we can
achieve that.
Improved performance comes down to three things - delivering
higher-quality, faster growth; stepping up productivity and
simplicity; and, adopting a stronger performance focus. To address
these we have defined a clear action plan that we are focusing the
company on.
Faster growth
1.
Focus
first on 30 Power Brands - representing 70%+ of
turnover
2.
Drive
unmissable brand superiority - addressing all elements of consumer
preference
3.
Scale
multi-year innovation - driving market making and
premiumisation
4.
Increase
brand investment and returns - focusing investment on areas that
drive impact
5.
Selectively
optimise the portfolio - no major or transformational
acquisitions
Productivity & simplicity
6.
Build
back Gross Margin - shifting from gross savings to net
productivity
7.
Focus
our sustainability commitments - driving impact in four priority
areas
8.
Drive
benefits of the new organisation - ensuring single point
accountability
Performance Culture
9.
Renewed
team - leading the change
10.
Drive
and reward outperformance - with a new reward
framework
We are providing more details on each of these in this morning's
CEO update presentation. This action plan leverages Unilever's many
capabilities and looks to accelerate areas where we are already
making progress. In all areas we are focused on fewer things, done
better, with greater impact.
The action plan will strengthen our performance within our
multi-year financial framework:
●
Underlying
sales growth of 3-5%
●
Modest
margin expansion
●
Mid-teens
return on invested capital
●
EPS
growth and an attractive dividend
●
Delivering
total shareholder returns in the top third of our peer
group
Appointment of new Chief Financial Officer and other executive
leadership changes
As announced separately today, Fernando Fernandez has been
appointed as Unilever's new Chief Financial Officer.
Fernando, currently President of Unilever's Beauty & Wellbeing
Business Group, will replace Graeme Pitkethly, who announced his
decision to retire from the company earlier this year. Fernando's
appointment is effective from 1 January 2024 and he will join the
Board with effect from this date.
Unilever today also announced other changes to its Unilever
Leadership Executive, as set out in detail in the separate
announcement available here: https://www.unilever.com/news/press-and-media/
Our 2023 guidance remains unchanged. We continue to expect
underlying sales growth for the full year to be above 5%, ahead of
our multi-year range, with underlying price growth continuing to
moderate.
Our expectation for net material inflation (NMI) for 2023 remains
unchanged at around €2 billion. We are confident in
delivering a modest improvement in underlying operating margin for
the full year, reflecting higher gross margin and increased
investment behind our brands.
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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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€15.2bn
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5.2%
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(0.6)%
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5.8%
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0.2%
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(0.8)%
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(8.0)%
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(3.8)%
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Nine Months
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€45.8bn
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7.7%
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(0.4)%
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8.1%
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0.6%
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(2.5)%
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(4.9)%
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0.4%
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Performance
Underlying sales growth in the quarter was 5.2% with 5.8% from
price and (0.6)% from volume. Price continued to moderate as
inflation eased. Underlying volumes were positive in Beauty &
Wellbeing, Personal Care and Home Care while negative volumes
continued in Nutrition and Ice Cream.
The percentage of our business winning market share* on a rolling
12 month-basis fell to 38% and remains impacted by significant net
SKU reduction, pricing dynamics, and consumer shifts in certain
markets. Improving our competitive performance is a key focus of
the action plan we have set out today.
Beauty and Wellbeing delivered 7.4% underlying sales growth with a
balance of price and volume growth, with Prestige Beauty and Health
& Wellbeing continuing to grow strongly. Personal Care grew
8.0% with 4.0% from price and 3.9% from volume driven by
double-digit growth from Deodorants. Home Care underlying sales
were up 5.3% as volume turned positive to 0.4% and price grew 4.8%.
Nutrition underlying sales growth was 5.6% with price growth of
9.8% but negative volume of (3.8)% as the European market remained
challenging. Ice Cream underlying sales declined (2.8)% with a
volume decline of (10.1)%, due to consumer
downtrading and unfavourable weather, particularly in Europe. This
was partially offset by price growth of 8.2%.
Emerging markets grew underlying sales 8.3% with volume growth
improving to 2.6% and price growth of 5.6%. Latin America delivered
underlying sales growth of 14.0% with
volumes improving further at
6.2% growth while price growth slowed to 7.4%. South Asia grew
mid-single digit with price growth slowing as we reduced prices in
Skin Cleansing and Fabric Cleaning. The Chinese market is
recovering more slowly than expected and sales declined mid-single
digit in the quarter while South East Asia grew low
single-digit.
Developed markets grew 0.8%, driven by price growth of 6.3% with a
volume decline of (5.2)%. North America and Europe grew low
single-digit, driven by price. Pricing remained elevated in Europe
with higher exposure to Nutrition and Ice Cream which remain
inflationary and are more impacted by consumer downtrading. This
resulted in double-digit volume decline in Europe.
Turnover declined (3.8)% to €15.2 billion which included a
negative currency impact of (8.0)% and (0.6)% from disposals net of
acquisitions.
Capital allocation
On 18 October 2023 we announced the completion of the fourth and
final tranche of our €3 billion share buyback programme. The
quarterly interim dividend for the Third Quarter is maintained
at €0.4268.
We also announce today that Unilever has entered into an
agreement to sell Dollar Shave Club with completion expected before
the end of 2023. Unilever will retain a minority shareholding of
35%.
*Competitiveness % Business Winning measures the aggregate turnover
of the portfolio components (country/category cells) gaining value
market share as a % of the total turnover measured by market data.
As such, it assesses what percentage of our revenue is being
generated in areas where we are gaining market share
Following the release of this trading statement on 26 October 2023
at 7:00 AM (UK time), there will be a webcast at 8:30 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.
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Third
Quarter Review: Business Groups
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Third Quarter 2023
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Nine Months 2023
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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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€15.2bn
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5.2%
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(0.6)%
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5.8%
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€45.8bn
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7.7%
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(0.4)%
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8.1%
|
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Beauty
& Wellbeing
|
€3.1bn
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7.4%
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3.6%
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3.6%
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€9.4bn
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8.5%
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3.7%
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4.6%
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Personal
Care
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€3.6bn
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8.0%
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3.9%
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4.0%
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€10.5bn
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9.8%
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3.4%
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6.1%
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Home
Care
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€3.1bn
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5.3%
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0.4%
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4.8%
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€9.3bn
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7.3%
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(1.5)%
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8.9%
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Nutrition
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€3.2bn
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5.6%
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(3.8)%
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9.8%
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€9.9bn
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8.7%
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(2.6)%
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11.6%
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Ice
Cream
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€2.2bn
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(2.8)%
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(10.1)%
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8.2%
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€6.7bn
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2.8%
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(6.9)%
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10.4%
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Beauty & Wellbeing
20% of Q3 turnover
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(unaudited)
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Turnover
|
USG
|
UVG
|
UPG
|
Acquisitions
|
Disposals
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Currency
|
Turnover change
|
|
Third Quarter
|
€3.1bn
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7.4%
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3.6%
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3.6%
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0.4%
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(2.6)%
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(9.4)%
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(4.9)%
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Nine Months
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€9.4bn
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8.5%
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3.7%
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4.6%
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2.5%
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(1.5)%
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(5.3)%
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3.7%
|
Beauty & Wellbeing delivered another strong performance with
underlying sales growth of 7.4%, 3.6% from price and 3.6% from
volume.
Hair Care grew mid-single digit, mainly through price with strong
performances in South Asia and Latin
America. Sunsilk grew
double-digit helped by a successful relaunch based on a new
Activ-infusion formulation with the power of oils, vitamins and
proteins. In Japan, we launched the
premium Nexxus brand
which combines professional salon heritage with molecular protein
science.
Core Skin Care grew mid-single digit with strong growth
from Vaseline. In North Asia, AHC declined double-digit as we continue the
channel reset for the brand.
Prestige Beauty and Health & Wellbeing continued to grow
strongly. In Prestige, growth was driven
by Dermalogica, Tatcha and Hourglass where
we launched a luxurious skin tint that also boosts hydration. In
Health & Wellbeing, Nutrafol grew strongly and Liquid IV continued to perform well with range
extensions into sugar-free and kids hydration
solutions.
Personal Care
24% of Q3 turnover
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(unaudited)
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Turnover
|
USG
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UVG
|
UPG
|
Acquisitions
|
Disposals
|
Currency
|
Turnover change
|
|
Third Quarter
|
€3.6bn
|
8.0%
|
3.9%
|
4.0%
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-%
|
(0.9)%
|
(8.6)%
|
(2.2)%
|
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Nine Months
|
€10.5bn
|
9.8%
|
3.4%
|
6.1%
|
-%
|
(0.5)%
|
(5.1)%
|
3.7%
|
Personal Care underlying sales grew 8.0% with price growth of 4.0%
and a third consecutive quarter of volume growth, up
3.9%.
Deodorants grew double-digit driven by strong performances in Latin
America and Europe. Rexona continued its strong growth trajectory
building on the success of its 72 hour sweat and odour protection
technology and Axe grew well supported by its new fine
fragrance collection.
Skin Cleansing grew mid-single digit with volumes returning to
positive growth. Lux grew strongly and in South-East Asia, we
relaunched Lifebuoy based on a new formulation with
multivitamins to fight dangerous germs.
The Dove Personal
Care portfolio delivered double-digit growth driven by a strong
deodorants performance.
Oral Care grew high single-digit with Pepsodent and Close Up growing double-digit.
Home Care
20% of Q3 turnover
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Acquisitions
|
Disposals
|
Currency
|
Turnover change
|
|
Third Quarter
|
€3.1bn
|
5.3%
|
0.4%
|
4.8%
|
-%
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-%
|
(8.9)%
|
(4.1)%
|
|
Nine Months
|
€9.3bn
|
7.3%
|
(1.5)%
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8.9%
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-%
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-%
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(6.3)%
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0.5%
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Home Care underlying sales grew 5.3%, with a return to positive
volumes of 0.4% as price growth moderated to 4.8%.
Fabric Cleaning grew mid-single digit driven by Latin America and
South-East Asia. In Asia, we relaunched OMO with a formulation that is powered by
naturally derived stain removers through our Easylift ™
technology. In Europe, pricing was offset by a volume decline. We
introduced the premium OMO ultimate liquids range, delivering our most
superior stain removal that attacks the toughest stains while being
kinder to the planet.
Fabric Enhancers grew mid-single digit driven by price and strong
double-digit growth in Turkey.
Home & Hygiene grew high single-digit with strong growth
from CIF and Domestos as our new power foams, which eliminate
germs in hard-to-reach places, performed well.
The Air Wellness business declined double-digit as consumer demand
remained muted.
Nutrition
21% of Q3 turnover
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Acquisitions
|
Disposals
|
Currency
|
Turnover change
|
|
Third Quarter
|
€3.2bn
|
5.6%
|
(3.8)%
|
9.8%
|
-%
|
(0.3)%
|
(7.3)%
|
(2.4)%
|
|
Nine Months
|
€9.9bn
|
8.7%
|
(2.6)%
|
11.6%
|
-%
|
(9.1)%
|
(4.6)%
|
(5.7)%
|
Nutrition underlying sales grew 5.6%, with 9.8% price growth,
offsetting lower volume of (3.8)%, mainly driven by double-digit
volume decline in Europe.
Scratch Cooking Aids grew high single-digit driven by price and
positive volumes. Growth was driven by South East Asia as well as
Africa where innovations such as Knorr stock cubes fortified with iodine and zinc
help address malnutrition.
Dressings grew high single-digit with double-digit price growth.
Negative volumes were impacted by challenging market conditions in
Europe and lapping a strong comparator in the United
States. Hellmann's grew strongly as we continued the roll-out
of our vegan and flavoured mayonnaise range while leveraging the
"make taste not waste" campaign.
Unilever Food Solutions continued to perform well and grew high
single-digit with positive volume and price.
Ice Cream
15% of Q3 turnover
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Acquisitions
|
Disposals
|
Currency
|
Turnover change
|
|
Third Quarter
|
€2.2bn
|
(2.8)%
|
(10.1)%
|
8.2%
|
1.1%
|
-%
|
(4.8)%
|
(6.5)%
|
|
Nine Months
|
€6.7bn
|
2.8%
|
(6.9)%
|
10.4%
|
0.4%
|
-%
|
(2.4)%
|
0.7%
|
Ice Cream underlying sales were down (2.8)%, with price growth of
8.2% and volume decline of (10.1)%. Volumes were impacted by
consumers downtrading to value formats and
less favourable weather
conditions versus last year's summer, particularly in
Europe.
In-home Ice Cream declined mid-single digit with double-digit
volume decline partially offset by price. Our volumes continued to
be impacted by lower consumption due to the discretionary nature of
the category, with private label gaining share.
Out-of-home Ice Cream grew low single-digit with positive price
growth partially offset by negative
volume. Magnum's
Starchaser and Sunlover limited edition innovation continued to
perform well and in South-East Asia we launched Wall's bites under
the Heart brand, with bite sized portions promoting
sharing occasions. Turkey, a large out-of-home Ice Cream market,
grew very strongly.
|
Third Quarter Review: Geographical
Areas
|
|
|
Third Quarter 2023
|
Nine Months 2023
|
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Turnover
|
USG
|
UVG
|
UPG
|
|
Unilever
|
€15.2bn
|
5.2%
|
(0.6)%
|
5.8%
|
€45.8bn
|
7.7%
|
(0.4)%
|
8.1%
|
|
Asia
Pacific Africa
|
€6.6bn
|
6.1%
|
1.7%
|
4.3%
|
€20.1bn
|
8.1%
|
1.3%
|
6.7%
|
|
The
Americas
|
€5.5bn
|
6.4%
|
2.2%
|
4.0%
|
€16.5bn
|
9.1%
|
2.0%
|
7.0%
|
|
Europe
|
€3.1bn
|
1.1%
|
(10.7)%
|
13.2%
|
€9.2bn
|
4.6%
|
(8.1)%
|
13.8%
|
|
|
Third Quarter 2023
|
Nine Months 2023
|
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Turnover
|
USG
|
UVG
|
UPG
|
|
Emerging
markets
|
€9.0bn
|
8.3%
|
2.6%
|
5.6%
|
€26.8bn
|
9.8%
|
1.3%
|
8.4%
|
|
Developed
markets
|
€6.2bn
|
0.8%
|
(5.2)%
|
6.3%
|
€19.0bn
|
4.8%
|
(2.7)%
|
7.7%
|
|
North
America
|
€3.2bn
|
1.7%
|
(0.2)%
|
1.9%
|
€9.9bn
|
5.4%
|
1.2%
|
4.1%
|
|
Latin
America
|
€2.3bn
|
14.0%
|
6.2%
|
7.4%
|
€6.6bn
|
15.5%
|
3.2%
|
11.9%
|
Asia Pacific Africa
43% of Q3 turnover
Underlying sales growth was 6.1% with 4.3% from price and 1.7% from
volume.
South Asia grew mid-single digit as price growth slowed
significantly while volume growth was positive. China declined
mid-single digit with the market recovery slower than expected and
consumer confidence remaining weak. In South-East Asia, sales in
Indonesia was broadly flat. Thailand and the Philippines grew
volume and price while Vietnam declined versus a high comparator.
Turkey delivered another quarter of broad-based, double-digit
growth with positive volume and price in a difficult and
hyperinflationary environment. Africa grew double-digit with strong
price growth and volume growth turning positive.
The Americas
36% of Q3 turnover
Underlying sales in North America grew 1.7% with 1.9% from price
and (0.2)% from volume. Growth was negatively impacted by Ice Cream
which declined high single-digit and we lapped a strong comparator
in Dressings. In Beauty & Wellbeing, high single-digit growth
was driven by Prestige Beauty and Health & Wellbeing while
Personal Care sales were broadly flat.
Underlying sales growth in Latin America was 14.0%, balanced
between price and volume growth of 7.4% and 6.2% respectively.
Brazil grew high single-digit driven by volume with modest price
growth. Mexico delivered another quarter of double-digit growth, as
did Argentina where market conditions remain extremely
difficult.
Europe
21% of Q3 turnover
Underlying sales growth in Europe was 1.1% with 13.2% price growth
and volume decline of (10.7)%.
The muted growth was impacted by Ice Cream which declined high
single-digit due to adverse weather coupled with lower consumption
and private label share gains. All other Business Groups grew
underlying sales. Pricing remained elevated across Business Groups
with only Personal Care growing volumes.
Growth was mixed across the region with Germany and Eastern Europe
growing while France declined.
|
Competition
Investigations
|
As previously disclosed, Unilever is involved in a number of
ongoing investigations by national competition authorities. 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. At the
same time, we are vigorously defending Unilever when we feel that
allegations are unwarranted. The Group continues to reinforce and
enhance its internal competition law compliance programme on an
ongoing basis.
The Board has declared a quarterly interim dividend for Q3 2023 of
£0.3715 per Unilever PLC ordinary share or €0.4268 per
Unilever PLC ordinary share at the applicable exchange rate issued
by WM/Reuters on 24 October 2023.
The following amounts will be paid in respect of this quarterly
interim dividend on the relevant payment date:
|
Per Unilever PLC ordinary share (traded on the London Stock
Exchange):
|
£0.3715
|
|
Per Unilever PLC ordinary share (traded on Euronext in
Amsterdam):
|
€0.4268
|
|
Per Unilever PLC American Depositary Receipt:
|
US$0.4539
|
The euro and US dollar amounts above have been determined using the
applicable exchange rates issued by WM/Reuters on 24 October
2023.
US dollar cheques for the quarterly interim dividend will be mailed
on 08 December 2023 to holders of record at the close of
business on 17 November 2023.
The quarterly dividend calendar for the remainder of 2023 will be
as follows:
|
|
Announcement Date
|
Ex-Dividend Date
|
Record Date
|
Payment Date
|
|
Q3 2023 Dividend
|
26 October 2023
|
16 November 2023
|
17 November 2023
|
08 December 2023
|
|
Segment Information - Business Groups
|
|
(unaudited)
|
|
|
|
|
|
|
|
Third Quarter
|
Beauty & Wellbeing
|
Personal Care
|
Home Care
|
Nutrition
|
Ice Cream
|
Total
|
|
Turnover (€ million)
|
|
|
|
|
|
|
|
2022
|
3,267
|
3,677
|
3,216
|
3,328
|
2,358
|
15,846
|
|
2023
|
3,106
|
3,597
|
3,084
|
3,250
|
2,205
|
15,242
|
|
Change (%)
|
(4.9)
|
(2.2)
|
(4.1)
|
(2.4)
|
(6.5)
|
(3.8)
|
|
Impact of:
|
|
|
|
|
|
|
|
Acquisitions
(%)
|
0.4
|
-
|
-
|
-
|
1.1
|
0.2
|
|
Disposals
(%)
|
(2.6)
|
(0.9)
|
-
|
(0.3)
|
-
|
(0.8)
|
|
Currency-related
items (%), of which:
|
(9.4)
|
(8.6)
|
(8.9)
|
(7.3)
|
(4.8)
|
(8.0)
|
|
Exchange rates changes (%)
|
(10.6)
|
(10.5)
|
(12.0)
|
(8.9)
|
(9.3)
|
(10.3)
|
|
Extreme price growth in hyperinflationary markets*
|
1.4
|
2.1
|
3.5
|
1.8
|
4.9
|
2.6
|
|
Underlying sales growth (%)
|
7.4
|
8.0
|
5.3
|
5.6
|
(2.8)
|
5.2
|
|
Price* (%)
|
3.6
|
4.0
|
4.8
|
9.8
|
8.2
|
5.8
|
|
Volume (%)
|
3.6
|
3.9
|
0.4
|
(3.8)
|
(10.1)
|
(0.6)
|
|
Nine Months
|
Beauty & Wellbeing
|
Personal Care
|
Home Care
|
Nutrition
|
Ice Cream
|
Total
|
|
Turnover (€ million)
|
|
|
|
|
|
|
|
2022
|
9,014
|
10,142
|
9,276
|
10,456
|
6,685
|
45,573
|
|
2023
|
9,343
|
10,515
|
9,325
|
9,861
|
6,733
|
45,777
|
|
Change (%)
|
3.7
|
3.7
|
0.5
|
(5.7)
|
0.7
|
0.4
|
|
Impact of:
|
|
|
|
|
|
|
|
Acquisitions
(%)
|
2.5
|
-
|
-
|
-
|
0.4
|
0.6
|
|
Disposals
(%)
|
(1.5)
|
(0.5)
|
-
|
(9.1)
|
-
|
(2.5)
|
|
Currency-related
items (%), of which:
|
(5.3)
|
(5.1)
|
(6.3)
|
(4.6)
|
(2.4)
|
(4.9)
|
|
Exchange rates changes (%)
|
(6.6)
|
(6.8)
|
(9.2)
|
(6.0)
|
(5.4)
|
(6.9)
|
|
Extreme price growth in hyperinflationary markets*
|
1.3
|
1.8
|
3.1
|
1.5
|
3.2
|
2.1
|
|
Underlying sales growth (%)
|
8.5
|
9.8
|
7.3
|
8.7
|
2.8
|
7.7
|
|
Price* (%)
|
4.6
|
6.1
|
8.9
|
11.6
|
10.4
|
8.1
|
|
Volume (%)
|
3.7
|
3.4
|
(1.5)
|
(2.6)
|
(6.9)
|
(0.4)
|
* 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)
|
|
|
|
|
|
2022
|
7,130
|
5,631
|
3,085
|
15,846
|
|
2023
|
6,600
|
5,525
|
3,117
|
15,242
|
|
Change (%)
|
(7.4)
|
(1.9)
|
1.0
|
(3.8)
|
|
Impact of:
|
|
|
|
|
|
Acquisitions
(%)
|
-
|
0.6
|
-
|
0.2
|
|
Disposals
(%)
|
(0.1)
|
(2.1)
|
(0.1)
|
(0.8)
|
|
Currency-related
items (%), of which:
|
(12.7)
|
(6.4)
|
-
|
(8.0)
|
|
Exchange rates changes (%)
|
(14.9)
|
(9.9)
|
-
|
(10.3)
|
|
Extreme price growth in hyperinflationary markets*
|
2.6
|
3.9
|
-
|
2.6
|
|
Underlying sales growth (%)
|
6.1
|
6.4
|
1.1
|
5.2
|
|
Price* (%)
|
4.3
|
4.0
|
13.2
|
5.8
|
|
Volume (%)
|
1.7
|
2.2
|
(10.7)
|
(0.6)
|
|
Nine Months
|
Asia Pacific Africa
|
The Americas
|
Europe
|
Total
|
|
Turnover (€ million)
|
|
|
|
|
|
2022
|
20,866
|
15,640
|
9,067
|
45,573
|
|
2023
|
20,141
|
16,467
|
9,169
|
45,777
|
|
Change (%)
|
(3.5)
|
5.3
|
1.1
|
0.4
|
|
Impact of:
|
|
|
|
|
|
Acquisitions
(%)
|
-
|
1.5
|
-
|
0.6
|
|
Disposals
(%)
|
(2.4)
|
(2.6)
|
(2.5)
|
(2.5)
|
|
Currency-related
items (%), of which:
|
(8.5)
|
(2.5)
|
(0.8)
|
(4.9)
|
|
Exchange rates changes (%)
|
(10.4)
|
(5.6)
|
(0.8)
|
(6.9)
|
|
Extreme price growth in hyperinflationary markets*
|
2.2
|
3.3
|
-
|
2.1
|
|
Underlying sales growth (%)
|
8.1
|
9.1
|
4.6
|
7.7
|
|
Price* (%)
|
6.7
|
7.0
|
13.8
|
8.1
|
|
Volume (%)
|
1.3
|
2.0
|
(8.1)
|
(0.4)
|
* 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.
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 page 8 and 9.
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 page 8 and 9.
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 page 8 and 9.
This announcement may contain forward-looking statements within the
meaning of the securities laws of certain jurisdictions, including
'forward-looking statements' within the meaning of the United
States Private Securities Litigation Reform Act of 1995. Words and
terminology such as 'will', 'aim', 'expects', 'anticipates',
'intends', 'looks', 'believes', 'vision', 'will continue',
'should', 'would be', 'seeks', 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
appear in a number of places throughout this document and are based
upon the intentions, beliefs, current expectations and assumptions
regarding anticipated developments and other factors affecting the
Group. By their nature, forward-looking statements involve risks
and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. 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. In addition, even if the results
are consistent with the forward-looking statements contained in
this announcement, those results may not be indicative of results
in subsequent periods. 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. A number of these risks have increased as a result of the
Russia/Ukraine war. These forward-looking statements speak only as
of the date of this document. Except as required by any applicable
law or regulation, the Group expressly disclaims any intention or
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. All subsequent written and oral
forward-looking statements attributable to either the Group or to
persons acting on its behalf are expressly qualified in their
entirety by the cautionary statements referred to above. 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 2022 and
the Unilever Annual Report and Accounts 2022.
|
Media: Media Relations Team
|
Investors: Investor
Relations Team
|
|
UK
|
'+44 78 2527 3767
|
lucila.zambrano@unilever.com
|
investor.relations@unilever.com
|
|
or
|
'+44 77 7999 9683
|
jonathan.sibun@teneo.com
|
|
|
NL
|
'+31 62 375 8385
|
marlous-den.bieman@unilever.com
|
|
|
or
|
'+31 61 500 8293
|
fleur-van.bruggen@unilever.com
|
|
After the conference call on 26 October 2023 at 8:30 AM (UK time),
the webcast of the presentation will be available
at www.unilever.com/investor-relations/results-and-presentations/latest-results.
This Results Presentation has been submitted to the FCA National
Storage Mechanism and is available for inspection
at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
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