SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F


(Mark one)
¨		REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

x		ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE FISCAL YEAR ENDED DECEMBER 31, ~~2014~~2015

OR

¨		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

¨		SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

For the transition period from to

Commission file number 001-04546

UNILEVER PLC

(Exact name of Registrant as specified in its charter)

ENGLAND

(Jurisdiction of incorporation or organization)

100 Victoria Embankment, London, England

(Address of principal executive offices)

T. E. Lovell, Group Secretary

Tel: +44(0)2078225252, Fax: +44(0)2078225464

100 Victoria Embankment, London EC4Y 0DY, UK

(Name, telephone number, facsimile number and address of Company Contact)

Securities registered or to be registered pursuant to Section 12(b) of the Act:


Title of each class		Name of each exchange on which registered
American Shares (evidenced by Depositary Receipts) each representing one ordinary share of the nominal amount of 3 1/9p each		New York Stock Exchange

Securities registered or to be registered pursuant to Section 12(g) of the Act:None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

The total number of outstanding shares of the issuer’s capital stock at the close of the period covered by the annual report was:1,310,156,361 ordinary shares

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act:

Yesx No¨

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934:

Yes¨ Nox

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yesx No¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes¨ No¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.

Large Accelerated filer x Accelerated filer ¨ Non-accelerated filer ¨

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:


U.S. GAAP¨		International Financial Reporting Standards as issued by the International Accounting Standards Boardx		Other¨

If ‘Other’ has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17¨ Item 18¨

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):

Yes¨ Nox

CAUTIONARY STATEMENT

This document 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. These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the ~~Group.~~Unilever Group (the “Group”). They are not historical facts, nor are they guarantees of future performance.

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; inability to find sustainable solutions to support long-term growth; customer relationships; the recruitment and retention of talented employees; disruptions in our supply chain; the cost of raw materials and commodities; the production of safe and high quality products; secure and reliable IT infrastructure; successful execution of acquisitions, divestitures and business transformation projects; economic and political risks and natural disasters; financial risks; failure to meet high ~~and~~ ethical standards; and managing regulatory, tax and legal matters. 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 Group’s Annual Report on Form 20-F for the year ended 31 December 2014 and the Annual Report and Accounts 2014.

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 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 Group’s Annual Report on Form 20-F for the year ended 31 December 2015 and the Annual Report and Accounts 2015.

~~CONTENTS~~ LOGO


CONTENTS



Item 1	Identity of Directors, Senior Management and Advisers	1

Item 2	Offer Statistics and Expected Timetable	1

Item 3	Key Information	2

Item 4	Information on the Company	6

Item 4A	Unresolved Staff Comments	6

Item 5	Operating and Financial Review and Prospects	7

Item 5	~~Operating and Financial Review and Prospects~~6	7

~~Item 6~~	Directors, Senior Management and Employees	11

Item 7	Major Shareholders and Related Party Transactions	13

Item 8	Financial Information	14

Item 9	The Offer and Listing	14

Item 10	Additional Information	15

Item 11	Quantitative and Qualitative Disclosures About Market Risk	18

Item 12	Description of Securities Other than Equity Securities	18

Item 13	Defaults, Dividend Arrearages and Delinquencies	19

Item 14	Material Modifications to the Rights of Security Holders and Use of Proceeds	19

Item 15	Controls and Procedures	19

Item 16	Reserved	19

Item 16A	Audit Committee Financial Expert	20

Item 1616B	~~Reserved~~Code Of Ethics	20

Item ~~16A~~16C	~~Audit Committee Financial Expert~~Principal Accountant Fees and Services	20

Item ~~16B~~16D	~~Code Of Ethics~~Exemptions From The Listing Standards For Audit Committees	20

Item ~~16C~~	~~Principal Accountant Fees and Services~~16E	20

~~Item 16D~~	~~Exemptions From The Listing Standards For Audit Committees~~	20

~~Item 16E~~	Purchases Of Equity Securities By The Issuer and Affiliated Purchasers	20

Item 16F	Change In Registrant’s Certifying Accountant	21

Item ~~16F~~16G	~~Change In Registrant’s Certifying Accountant~~Corporate Governance	21

Item ~~16G~~ 16H	~~Corporate Governance~~Mine Safety Disclosures	21

Item ~~16H~~17	~~Mine Safety Disclosures~~Financial Statements	21

Item 1718	Financial Statements	21

~~Item 18~~	~~Financial Statements~~	22

Item 19	Exhibits	28

References in this Report on Form 20-F are to certain references in the ~~Group’s~~ Annual Report and Accounts ~~2014~~2015 of the Group (as defined below) that include pages incorporated therein, including any page references incorporated in the incorporated material, unless specifically noted otherwise.

The Group’s Annual Report and Accounts ~~2014~~2015 was furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K. Pages 1 to 4044 of the Group’s Annual Report and Accounts ~~2014~~2015 were furnished as Exhibit 1 and pages 4145 to ~~140~~160 of the Group’s Annual Report and Accounts ~~2014~~2015 were furnished as Exhibit 2 to this report on Form 6-K, respectively.

The following pages and sections of the Group’s Annual Report and Accounts ~~2014~~2015 and specified information referenced therein, regardless of their inclusion in any cross-reference below, are hereby specifically excluded and are not incorporated by reference into this report onForm 20-F:

~~‘Operational highlights’ on page 7;~~

pages 24 to 6;9;

‘~~Six-year~~Seven-year historical Total Shareholder Return (TSR) Performance’ on page ~~76;~~81;

pages 7985 to ~~83;~~89;

pages ~~131~~148 to ~~139;~~159; and

information on our website or any other website or social media site, including our Facebook, Twitter and LinkedIn pages.

This report on Form 20-F and the Group’s Annual Report and Accounts ~~2014~~2015 contain 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, 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. Non-GAAP financial measures as reported by us may not be comparable with similarly titled amounts reported by other companies.

In addition, there are limitations on the usefulness of our reported non-GAAP financial measures.

We report on the following non-GAAP measures:

underlying sales growth;

underlying volume growth;

core operating profit and core operating margin (operating profit and operating margin before the impact of business disposals, acquisitions and disposal related costs, impairments and other one-off items);

core earnings per share (core EPS);

free cash flow; and

net debt.

The information set forth under the heading ‘Non-GAAP measures’ on pages 3438 and 3539 of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference. Within these pages further information about the above measures can be found.

THE UNILEVER GROUP

Unilever N.V. (NV) is a public limited company registered in the Netherlands, which has ~~listings of~~ordinary shares, ~~and~~ depositary receipts for such shares, 7% cumulative preference shares, listed depositary receipts for such shares and 6% cumulative preference shares listed on Euronext Amsterdam and of New York Registry Shares on the New York Stock Exchange. NV was incorporated under the name Naamlooze Vennootschap Margarine Unie in the Netherlands in 1927. Unilever PLC (PLC) is a public limited company registered in England and Wales, which has shares listed on the London Stock Exchange and, as American Depositary Receipts, on the New York Stock Exchange. PLC was incorporated under the name Lever Brothers Limited in England and Wales in 1894.

The two parent companies, NV and PLC, together with their group companies ~~operate~~have, since the Unilever Group was formed in 1930, operated as nearly as practicable as a single economic entity (the Unilever Group, also referred to as ‘Unilever’ or the ‘Group’). NV and PLC and their group companies constitute a single reporting entity for the purposes of presenting consolidated accounts. Accordingly, the accounts of the Unilever Group are presented by both NV and PLC as their respective consolidated accounts.

This document contains references to our website. Information on our website or any other website referenced in this document is not incorporated into this document and should not be considered part of this document. We have included any website as an inactive textual reference only.

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Not applicable.

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE

Not applicable.


UnileverAnnual Report on Form 20-F ~~2014~~2015		Form 20-F 1

ITEM 3. KEY INFORMATION

A. SELECTED FINANCIAL DATA

The schedules below provide the Group’s selected financial data for the five most recent financial years.

   € million    € million    € million    € million    € million
Consolidated income statement    2014       2013       2012       2011       2010
Turnover
   48,436       49,797       51,324       46,467       44,262
Operating profit
   7,980       7,517       6,977       6,420       6,325
Net finance costs
   (477 )    (530 )    (535 )    (543 )    (561 )
Share of net profit/(loss) of joint ventures and associates and other income/(loss) from non-current investments
   143       127       91       189       187
Profit before taxation
   7,646       7,114       6,533       6,066       5,951
Taxation
   (2,131 )    (1,851 )    (1,697 )    (1,575 )    (1,486 )
Net profit
   5,515       5,263       4,836       4,491       4,465
Attributable to:

Non-controlling interests
   344       421       468       371       354
Shareholders’ equity
   5,171       4,842       4,368       4,120       4,111
Combined earnings per share^(a)
€
2014

€
2013

€
2012

€
2011

€
2010

Basic earnings per share
   1.82       1.71       1.54       1.46       1.46
Diluted earnings per share
   1.79       1.66       1.50       1.42       1.42

^(a) For the basis of the calculations of combined earnings per share see Note 7 ‘Combined earnings per share’ on page 102 of the Group’s Annual Report and Accounts 2014 furnished separately on 6 March 2015 under Form 6-K and incorporated here by reference.

   € million    € million    € million    € million    € million
Consolidated balance sheet    2014    2013    2012    2011    2010
Non-current assets
   35,680       33,391       34,042       33,245       28,706
Current assets
   12,347       12,122       12,147       14,291       12,484
Total assets
   48,027       45,513       46,189       47,536       41,190
Current liabilities
   19,642       17,382       15,815       17,929       13,606
Non-current liabilities
   14,122       13,316       14,425       14,489       12,322
Total liabilities
   33,764       30,698       30,240       32,418       25,928
Shareholders’ equity
   13,651       14,344       15,392       14,491       14,669
Non-controlling interests
   612       471       557       628       593
Total equity
   14,263       14,815       15,949       15,119       15,262
Total liabilities and equity
   48,027       45,513       46,189       47,537       41,190
   € million    € million    € million    € million    € million
Consolidated cash flow statement    2014    2013    2012    2011    2010
Net cash flow from operating activities
   5,543       6,294       6,836       5,452       5,490
Net cash flow from/(used in) investing activities
   (341 )    (1,161 )    (755 )    (4,467 )    (1,164 )
Net cash flow from/(used in) financing activities
   (5,190 )    (5,390 )    (6,622 )    411       (4,609 )
Net increase/(decrease) in cash and cash equivalents
   12       (257 )    (541 )    1,396       (283 )
Cash and cash equivalents at the beginning of the year
   2,044       2,217       2,978       1,966       2,397
Effect of foreign exchange rates
   (146 )    84       (220 )    (384 )    (148 )
Cash and cash equivalents at the end of the year
   1,910       2,044       2,217       2,978       1,966
Key performance indicators    2014    2013    2012    2011    2010
Underlying sales growth (%)^(b)
   2.9       4.3       6.9       6.5       4.1
Underlying volume growth (%)^(b)
   1.0       2.5       3.4       1.6       5.8
Core operating margin (%)^(b)
   14.5       14.1       13.7       13.5       13.6
Free cash flow (€ million)^(b)
   3,100       3,856       4,333       3,075       3,365


	€ million			€ million			€ million			€ million			€ million
Consolidated income statement	2015			2014			2013			2012			2011
Turnover		53,272			48,436			49,797			51,324			46,467

Operating profit		7,515			7,980			7,517			6,977			6,420

Net finance costs		(493	)		(477	)		(530	)		(535	)		(543	)
Share of net profit/(loss) of joint ventures and associates and other income/(loss) from non-current investments		198			143			127			91			189

Profit before taxation		7,220			7,646			7,114			6,533			6,066
Taxation		(1,961	)		(2,131	)		(1,851	)		(1,697	)		(1,575	)

Net profit		5,259			5,515			5,263			4,836			4,491
Attributable to:
Non-controlling interests		350			344			421			468			371
Shareholders’ equity		4,909			5,171			4,842			4,368			4,120

Combined earnings per share^(a)	€ 2015			€ 2014			€ 2013			€ 2012			€ 2011
Basic earnings per share		1.73			1.82			1.71			1.54			1.46
Diluted earnings per share		1.72			1.79			1.66			1.50			1.42

^(a)	For the basis of the calculations of combined earnings per share see Note 7 ‘Combined earnings per share’ on page 108 of the Group’s Annual Report and Accounts 2015 furnished separately on 23 February 2016 under Form 6-K and incorporated here by reference.


Consolidated balance sheet	€ million 2015			€ million 2014			€ million 2013			€ million 2012			€ million 2011
Non-current assets		39,612			35,680			33,391			34,042			33,245
Current assets		12,686			12,347			12,122			12,147			14,291

Total assets		52,298			48,027			45,513			46,189			47,536

Current liabilities		20,019			19,642			17,382			15,815			17,929
Non-current liabilities		16,197			14,122			13,316			14,425			14,489

Total liabilities		36,216			33,764			30,698			30,240			32,418

Shareholders’ equity		15,439			13,651			14,344			15,392			14,491
Non-controlling interests		643			612			471			557			628

Total equity		16,082			14,263			14,815			15,949			15,119

Total liabilities and equity		52,298			48,027			45,513			46,189			47,537

Consolidated cash flow statement	€ million 2015			€ million 2014			€ million 2013			€ million 2012			€ million 2011
Net cash flow from operating activities		7,330			5,543			6,294			6,836			5,452
Net cash flow from/(used in) investing activities		(3,539	)		(341	)		(1,161	)		(755	)		(4,467	)
Net cash flow from/(used in) financing activities		(3,032	)		(5,190	)		(5,390	)		(6,622	)		411

Net increase/(decrease) in cash and cash equivalents		759			12			(257	)		(541	)		1,396
Cash and cash equivalents at the beginning of the year		1,910			2,044			2,217			2,978			1,966
Effect of foreign exchange rates		(541	)		(146	)		84			(220	)		(384	)

Cash and cash equivalents at the end of the year		2,128			1,910			2,044			2,217			2,978

Key performance indicators	2015			2014			2013			2012			2011
Underlying sales growth (%)^(b)		4.1			2.9			4.3			6.9			6.5
Underlying volume growth (%)^(b)		2.1			1.0			2.5			3.4			1.6
Core operating margin (%)^(b)		14.8			14.5			14.1			13.7			13.5
Free cash flow (€ million)^(b)		4,796			3,100			3,856			4,333			3,075


2 Form 20-F		UnileverAnnual Report on Form 20-F ~~2014~~2015

ITEM 3. KEY INFORMATIONCONTINUED

Ratios and other metrics    2014 2013 2012 2011 2010
Operating margin (%)
   16.5    15.1    13.6    13.8    14.3
Net profit margin (%)^(c)
   10.7    9.7    8.5    8.9    9.3
Net debt (€ million)^(b)
   9,900    8,456    7,355    8,781    6,668
Ratio of earnings to fixed charges (times)^(d)
   12.3    11.7    10.2    9.8    10.4

^(b) Non–GAAP measures are defined and described on pages 34 and 35 of the Group’s Annual Report and Accounts 2014 furnished separately on 6 March 2015 under Form 6-K and incorporated here by reference. Reconciliations of non-GAAP measures to relevant GAAP measures are detailed below and should be read in conjunction with pages 34 and 35 of the Group’s Annual Report and Accounts 2014.
^(c) Net profit margin is expressed as net profit attributable to shareholders’ equity as a percentage of turnover.
^(d) In the ratio of earnings to fixed charges, earnings consist of net profit from continuing operations excluding net profit or loss of joint ventures and associates increased by fixed charges, income taxes and dividends received from joint ventures and associates. Fixed charges consist of interest payable on debt and a portion of lease costs determined to be representative of interest. This ratio takes no account of interest receivable although Unilever’s treasury operations involve both borrowing and depositing funds.



   2014 2013 2012 2011 2010
Underlying sales growth (%)    vs 2013 vs 2012 vs 2011 vs 2010 vs 2009
Underlying sales growth (%)
   2.9    4.3    6.9    6.5    4.1
Effect of acquisitions (%)
   0.4    –    1.8    2.7    0.3
Effect of disposals (%)
   (1.3 ) (1.1 ) (0.7 ) (1.5 ) (0.8 )
Effect of exchange rates (%)
   (4.6 ) (5.9 ) 2.2    (2.5 ) 7.3
Turnover growth (%)
   (2.7 ) (3.0 ) 10.5    5.0    11.1
   2014 2013 2012 2011 2010
Underlying volume growth (%)    vs 2013 vs 2012 vs 2011 vs 2010 vs 2009
Underlying volume growth (%)
   1.0    2.5    3.4    1.6    5.8
Effect of price changes (%)
   1.9    1.8    3.3    4.8    (1.6 )
Underlying sales growth (%)
   2.9    4.3    6.9    6.5    4.1
   € million € million € million € million € million
Core operating margin and core operating profit    2014 2013 2012 2011 2010
Operating profit
   7,980    7,517    6,977    6,420    6,325
Acquisition and disposal related cost
   97    112    190    234    50
(Gain)/loss on disposal of group companies
   (1,392 ) (733 ) (117 ) (221 ) (468 )
Impairments and other one-off items
   335    120    –    (157 ) 110
Core operating profit
   7,020    7,016    7,050    6,276    6,017
Turnover
   48,436    49,797    51,324    46,467    44,262
Operating margin (%)
   16.5    15.1    13.6    13.8    14.3
Core operating margin (%)
   14.5    14.1    13.7    13.5    13.6
   € million € million € million € million € million
Free cash flow (FCF) to net profit    2014 2013 2012 2011 2010
Net profit
   5,515    5,263    4,836    4,491    4,465
Taxation
   2,131    1,851    1,697    1,575    1,486
Share of net profit of joint ventures/associates and other income from non-current investments
   (143 ) (127 ) (91 ) (189 ) (187 )
Net finance costs
   477    530    535    543    561
Depreciation, amortisation and impairment
   1,432    1,151    1,199    1,029    993
Changes in working capital
   8    200    822    (177 ) 169
Pensions and similar obligations less payments
   (364 ) (383 ) (369 ) (540 ) (458 )
Provisions less payments
   32    126    (43 ) 9    72
Elimination of (profits)/losses on disposals
   (1,460 ) (725 ) (236 ) (215 ) (476 )
Non-cash charge for share-based compensation
   188    228    153    105    144
Other adjustments
   38    (15 ) 13    8    49
Cash flow from operating activities
   7,854    8,099    8,516    6,639    6,818
Income tax paid
   (2,311 ) (1,805 ) (1,680 ) (1,187 ) (1,328 )
Net capital expenditure
   (2,045 ) (2,027 ) (2,143 ) (1,974 ) (1,701 )
Net interest and preference dividends paid
   (398 ) (411 ) (360 ) (403 ) (424 )
Free cash flow
   3,100    3,856    4,333    3,075    3,365
Net cash flow (used in)/from investing activities
   (341 ) (1,161 ) (755 ) (4,467 ) (1,164 )
Net cash flow (used in)/from financing activities
   (5,190 ) (5,390 ) (6,622 ) 411    (4,609 )


Ratios and other metrics	2015		2014		2013		2012		2011
Operating margin (%)		14.1		16.5		15.1		13.6		13.8
Net profit margin (%)^(c)		9.9		10.7		9.7		8.5		8.9
Net debt (€ million)^(b)		11,505		9,900		8,456		7,355		8,781
Ratio of earnings to fixed charges (times)^(d)		11.4		12.3		11.7		10.2		9.8

^(b)

Non–GAAP measures are defined and described on pages 38 and 39 of the Group’s Annual Report and Accounts 2015 furnished separately on 23 February 2016 under Form 6-K and incorporated here by reference. Reconciliations of non-GAAP measures to relevant GAAP measures are detailed below and should be read in conjunction with pages 38 and 39 of the Group’s Annual Report and Accounts 2015.

^(c)	Net profit margin is expressed as net profit attributable to shareholders’ equity as a percentage of turnover.

^(d)

In the ratio of earnings to fixed charges, earnings consist of net profit from continuing operations excluding net profit or loss of joint ventures and associates increased by fixed charges, income taxes and dividends received from joint ventures and associates. Fixed charges consist of interest payable on debt and a portion of lease costs determined to be representative of interest. This ratio takes no account of interest receivable although Unilever’s treasury operations involve both borrowing and depositing funds.


Underlying sales growth (%)	2015 vs 2014			2014 vs 2013			2013 vs 2012			2012 vs 2011			2011 vs 2010
Underlying sales growth (%)		4.1			2.9			4.3			6.9			6.5
Effect of acquisitions (%)		0.7			0.4			–			1.8			2.7
Effect of disposals (%)		(0.8	)		(1.3	)		(1.1	)		(0.7	)		(1.5	)
Effect of exchange rates (%)		5.9			(4.6	)		(5.9	)		2.2			(2.5	)
Turnover growth (%)		10.0			(2.7	)		(3.0	)		10.5			5.0

Underlying volume growth (%)	2015 vs 2014			2014 vs 2013			2013 vs 2012			2012 vs 2011			2011 vs 2010
Underlying volume growth (%)		2.1			1.0			2.5			3.4			1.6
Effect of price changes (%)		1.9			1.9			1.8			3.3			4.8
Underlying sales growth (%)		4.1			2.9			4.3			6.9			6.5

Core operating margin and core operating profit	€ million 2015			€ million 2014			€ million 2013			€ million 2012			€ million 2011
Operating profit		7,515			7,980			7,517			6,977			6,420
Acquisition and disposal related cost		105			97			112			190			234
(Gain)/loss on disposal of group companies		9			(1,392	)		(733	)		(117	)		(221	)
Impairments and other one-off items		236			335			120			–			(157	)

Core operating profit		7,865			7,020			7,016			7,050			6,276

Turnover		53,272			48,436			49,797			51,324			46,467
Operating margin (%)		14.1			16.5			15.1			13.6			13.8
Core operating margin (%)		14.8			14.5			14.1			13.7			13.5

Free cash flow (FCF) to net profit	€ million 2015			€ million 2014			€ million 2013			€ million 2012			€ million 2011
Net profit		5,259			5,515			5,263			4,836			4,491
Taxation		1,961			2,131			1,851			1,697			1,575
Share of net profit of joint ventures/associates and other income from non-current investments		(198	)		(143	)		(127	)		(91	)		(189	)
Net finance costs		493			477			530			535			543
Depreciation, amortisation and impairment		1,370			1,432			1,151			1,199			1,029
Changes in working capital		720			8			200			822			(177	)
Pensions and similar obligations less payments		(385	)		(364	)		(383	)		(369	)		(540	)
Provisions less payments		(94	)		32			126			(43	)		9
Elimination of (profits)/losses on disposals		26			(1,460	)		(725	)		(236	)		(215	)
Non-cash charge for share-based compensation		150			188			228			153			105
Other adjustments		49			38			(15	)		13			8

Cash flow from operating activities		9,351			7,854			8,099			8,516			6,639

Income tax paid		(2,021	)		(2,311	)		(1,805	)		(1,680	)		(1,187	)
Net capital expenditure		(2,074	)		(2,045	)		(2,027	)		(2,143	)		(1,974	)
Net interest and preference dividends paid		(460	)		(398	)		(411	)		(360	)		(403	)

Free cash flow		4,796			3,100			3,856			4,333			3,075

Net cash flow (used in)/from investing activities		(3,539	)		(341	)		(1,161	)		(755	)		(4,467	)
Net cash flow (used in)/from financing activities		(3,032	)		(5,190	)		(5,390	)		(6,622	)		411


Unilever Annual Report on Form 20-F ~~2014~~			~~Form 20-F 3~~

~~ITEM 3. KEY INFORMATION~~~~CONTINUED~~

   € million    € million    € million    € million    € million
Net debt to total financial liabilities    2014    2013    2012    2011    2010
Total financial liabilities
   (12,722 )    (11,501 )    (10,221 )    (13,718 )    (9,534 )
Financial liabilities due within one year
   (5,536 )    (4,010 )    (2,656 )    (5,840 )    (2,276 )
Financial liabilities due after one year
   (7,186 )    (7,491 )    (7,565 )    (7,878 )    (7,258 )
Cash and cash equivalents as per balance sheet
   2,151       2,285       2,465       3,484       2,316
Cash and cash equivalents as per cash flow statement
   1,910       2,044       2,217       2,978       1,966
Add bank overdrafts deducted therein
   241       241       248       506       350
Financial assets
   671       760       401       1,453       550
Net debt
   (9,900 )    (8,456 )    (7,355 )    (8,781 )    (6,668 )
RATIO OF EARNINGS TO FIXED CHARGES (TIMES)
For a calculation of our ratio of earnings to fixed charges see Item 19: Exhibits – Calculation of Ratio of Earnings to Fixed Charges.

DIVIDEND RECORD
The following tables show the dividends declared and dividends paid by NV and PLC for the last five years, expressed in terms of the revised share denominations which became effective from 22 May 2006. Differences between the amounts ultimately received by US holders of NV and PLC shares are the result of changes in exchange rates between the equalisation of the dividends and the date of payment.

Following agreement at the 2009 Annual General Meetings (AGMs) and separate meetings of ordinary shareholders, the Equalisation Agreement was modified to facilitate the payment of quarterly dividends from 2010 onwards.






      2014    2013    2012    2011    2010
Dividends declared for the year

NV dividends
Dividend per€0.16
   €1.14       €1.08       €0.97       €0.90       €0.83
Dividend per€0.16 (US Registry)
   US $1.47       US $1.44       US $1.25       US $1.25       US $1.13
PLC dividends
Dividend per 3¹/9p
   £0.90       £0.91       £0.79       £0.78       £0.71
Dividend per 3¹/9p (US Registry)
   US $1.47       US $1.44       US $1.25       US $1.25       US $1.13
Dividends paid during the year

NV dividends
Dividend per€0.16
   €1.12       €1.05       €0.95       €0.88       €0.82
Dividend per€0.16 (US Registry)
   US $1.51       US $1.40       US $1.23       US $1.24       US $1.11
PLC dividends
Dividend per 3¹/9p
   £0.91       £0.89       £0.77       £0.77       £0.71
Dividend per 3¹/9p (US Registry)
   US $1.51       US $1.40       US $1.23       US $1.24       US $1.11


~~4 Form 20-F~~2015		~~Unilever~~ ~~Annual Report on~~ Form 20-F ~~2014~~3

ITEM 3. KEY INFORMATIONCONTINUED


Net debt to total financial liabilities	€ million 2015			€ million 2014			€ million 2013			€ million 2012			€ million 2011
Total financial liabilities		(14,643	)		(12,722	)		(11,501	)		(10,221	)		(13,718	)

Financial liabilities due within one year		(4,789	)		(5,536	)		(4,010	)		(2,656	)		(5,840	)
Financial liabilities due after one year		(9,854	)		(7,186	)		(7,491	)		(7,565	)		(7,878	)

Cash and cash equivalents as per balance sheet		2,302			2,151			2,285			2,465			3,484

Cash and cash equivalents as per cash flow statement		2,128			1,910			2,044			2,217			2,978
Add bank overdrafts deducted therein		174			241			241			248			506

Other current financial assets		836			671			760			401			1,453

Net debt		(11,505	)		(9,900	)		(8,456	)		(7,355	)		(8,781	)

RATIO OF EARNINGS TO FIXED CHARGES (TIMES)

For a calculation of our ratio of earnings to fixed charges see Item 19: Exhibits – Calculation of Ratio of Earnings to Fixed Charges.

DIVIDEND RECORD

The following tables show the dividends declared and dividends paid by NV and PLC for the last five years, expressed in terms of the revised share denominations which became effective from 22 May 2006. Differences between the amounts ultimately received by US holders of NV and PLC shares are the result of changes in exchange rates between the equalisation of the dividends and the date of payment.

Following agreement at the 2009 Annual General Meetings (AGMs) and separate meetings of ordinary shareholders, the Equalisation Agreement was modified to facilitate the payment of quarterly dividends from 2010 onwards.

2015

2014

2013

2012

2011

Dividends declared for the year

NV dividends

Dividend per€0.16

€1.21

€1.14

€1.08

€0.97

€0.90

Dividend per€0.16 (US Registry)

US $1.32

US $1.47

US $1.44

US $1.25

PLC dividends

Dividend per 3¹/₉p

£0.88

£0.90

£0.91

£0.79

£0.78

Dividend per 3¹/₉p (US Registry)

US $1.32

US $1.47

US $1.44

US $1.25

Dividends paid during the year

NV dividends

Dividend per€0.16

€1.19

€1.12

€1.05

€0.95

€0.88

Dividend per€0.16 (US Registry)

US $1.32

US $1.51

US $1.40

US $1.23

US $1.24

PLC dividends

Dividend per 3¹/₉p

£0.87

£0.91

£0.89

£0.77

Dividend per 3¹/₉p (US Registry)

US $1.32

US $1.51

US $1.40

US $1.23

US $1.24

EXCHANGE RATES

Unilever reports its financial results and balance sheet position in euros. Other currencies which may significantly impact our financial statements are sterling and US dollars. Average and year-end exchange rates for these two currencies for the last five years are given below.


	2014		2013		2012		2011		2010		2015		2014		2013		2012		2011
Year end
€1 = US $		1.215		1.378		1.318		1.294		1.337		1.092		1.215		1.378		1.318		1.294
€1 = £		0.781		0.833		0.816		0.839		0.862		0.736		0.781		0.833		0.816		0.839
Average
€1 = US $		1.334		1.325		1.283		1.396		1.326		1.111		1.334		1.325		1.283		1.396
€1 = £		0.807		0.849		0.811		0.869		0.858		0.725		0.807		0.849		0.811		0.869


4 Form 20-F		UnileverAnnual Report on Form 20-F 2015

ITEM 3. KEY INFORMATIONCONTINUED

On 2515 February ~~2015~~2016 (the latest practicable date for inclusion in this report), the exchange rates between euros and US dollars and between euros and sterling as published in the Financial Times in London were as follows:€1 = US ~~$1.134~~$1.124 and€1 = ~~£0.734.~~£0.778.

Noon Buying Rates in New York for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York were as follows:


	2014		2013		2012		2011		2010		2015		2014		2013		2012		2011
Year end
€1 = US $		1.210		1.378		1.319		1.297		1.327		1.086		1.210		1.378		1.319		1.297
Average
€1 = US $		1.330		1.328		1.286		1.393		1.326		1.110		1.330		1.328		1.286		1.393
High
€1 = US $		1.393		1.382		1.346		1.488		1.454		1.202		1.393		1.382		1.346		1.488
Low
€1 = US $		1.210		1.277		1.206		1.293		1.196		1.052		1.210		1.277		1.206		1.293

On 12 February 2016 (the latest available data for inclusion in this report), the Noon buying rate was€1 = US $1.124.

High and low exchange rate values for each of the last six months:


	September 2014	October 2014	November 2014	December 2014	January 2015	February 2015	^(e)	August 2015		September 2015		October 2015		November 2015		December 2015		January 2016		February 2016^(e)
High
€1 = US $	1.314	1.281	1.255	1.250	1.202	1.146			1.158		1.136		1.144		1.103		1.103		1.096		1.136
Low
€1 = US $	1.263	1.252	1.239	1.210	1.128	1.130			1.087		1.110		1.096		1.056		1.057		1.074		1.089

^(e) ~~Through 25 February 2015.~~

^(e)	Through 12 February 2016 (the latest available data for inclusion in this report).

SHARE CAPITAL

The information set forth under the heading ‘Note 15A Share capital’ on page ~~110~~116 of the Group’s Annual Report and Accounts ~~2014 furnished~~2015furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference.

B. CAPITALISATION AND INDEBTEDNESS

Not applicable.

C. REASONS FOR THE OFFER AND USE OF PROCEEDS

Not applicable.

D. RISK FACTORS

Our principal risks, as described on pages 3640 and 3741 of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately ~~on 6 March 2015~~on23 February 2016 under Form 6-K, excluding the cross-reference to pages 5053 to ~~53,~~57, are incorporated by reference. The information set forth under the heading ‘Note 16 Treasury risk management’ on pages 114 to 119, ‘Note 17B Credit risk’ on page 121 and ‘Note 18 Financial instruments fair value risk’ on pages 121 to 123 of the Group’s Annual Report and Accounts 2014 furnished separately on 6 March 2015 under Form 6-K is incorporated by reference.

Our business is subject to risks and uncertainties. The risks that we regard as the most relevant to our business are set out on pages 3640 to 3741 of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K. These are the risks that we see as material to Unilever’s business and performance at this time. There may be other risks that could emerge in the future. We have undertaken certain mitigating actions that we believe help us to manage the risks identified. However, we may not be successful in deploying some or all of these mitigating actions. If the circumstances in these risk factors occur or are not successfully mitigated, our cash flow, operating results, financial position, business and reputation could be materially adversely affected. In addition, risks and uncertainties could cause actual results to vary from those described in this document, or could impact on our ability to meet our targets or be detrimental to our profitability or reputation. The list is not intended to be exhaustive and there may be other risks and uncertainties that are not mentioned that could impact our future performance or our ability to meet published targets. The risks and uncertainties should be read in conjunction with the Group’s consolidated financial statements and related notes and the portions of the Strategic Report and Corporate Governance section that are incorporated by reference from the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 on Form 6-K and other information included in or incorporated by reference in this report on Form 20-F.


Unilever Annual Report on Form 20-F ~~2014~~2015			Form 20-F 5

ITEM 4. INFORMATION ON THE COMPANY

A. HISTORY AND DEVELOPMENT OF THE COMPANY

The information set forth under the following headings of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference:

‘About Unilever’ on page ~~41;~~45;

‘Developments in ~~2014’~~2015’ on page ~~29;~~33;

‘Financial review ~~2014’~~2015’ on pages 3135 to ~~35;~~39;

‘Corporate governance compliance’ on pages 4650 to ~~48;~~52;

‘Note 10 Property, plant and equipment’ on pages ~~105~~111 and ~~106;~~112;

‘Consolidated cash flow statement’ on page 93;

‘Note 21 Acquisitions and disposals’ on pages ~~125~~131 and ~~126;~~133;

‘Our shares’ on pages 4347 and ~~44;~~

~~‘Our shareholders’ on pages 44 to 46;~~48; and

‘Shareholder information’ on page 4044 (other than ‘Website’).

In ~~2014~~2015 and ~~2013,~~2014, the Group did not receive any public takeover offers by third parties in respect of NV or PLC shares or make any public takeover offers in respect of other companies’ shares.

Please refer also to ‘Financial review ~~2013’~~2014’ within Item 5A of this report and ‘The Unilever Group’ on page 1 of this report.

B. BUSINESS OVERVIEW

‘About us’ on pages 2 and 3;

‘Note 2 Segment information’ on pages 9096 and ~~91;~~97;

‘~~Marketing’~~Our markets’ on ~~page 9;~~pages 10 and 11;

‘~~How we create sustainable~~Our strategic focus’ on pages 12 and 13;

‘A business model that creates value’ on pages 14 and 15;

‘~~Our markets’~~Delivering value for our stakeholders’ on pages ~~12 and 13;~~

~~‘Our consumers’~~19 to 34 (excluding the ‘saving water in Brazil’ case study on ~~pages 18 to 21;~~page 16);

‘Financial review ~~2014’~~2015’ on pages 3135 to ~~35;~~39; and

‘Legal and regulatory’ on page ~~53.~~57.

Please refer also to ‘Financial review ~~2013’~~2014’ within Item 5A of this report.

Please also refer to ‘The Unilever Group’ on page 1 of this report.

~~MARKETING CHANNELS~~

Unilever’s products are generally sold through our own sales force as well as through independent brokers, agents and distributors to chain, wholesale, co-operative and independent grocery accounts, food service distributors and institutions. Products are physically distributed through a network of distribution centres, satellite warehouses, company-operated and public storage facilities, depots and other facilities.

RAW MATERIALS

Our products use a wide variety of raw and packaging materials which we source internationally, and which may be subject to price volatility. ~~Although~~In 2015 we have seen ~~rather more~~relatively stable conditions in most key commodity markets, ~~in 2014~~although crude oil and its derivatives have seen falls during the year. Looking ahead to 2016 we remain watchful for ~~further~~potential periods of renewed volatility, both in ~~2015.~~key commodities and in the foreign exchange markets.

SEASONALITY

Certain of our businesses, such as ice cream, are subject to significant seasonal fluctuations in sales. However, Unilever operates globally in many different markets and product categories, and no individual element of seasonality is likely to be material to the results of the Group as a whole.

INTELLECTUAL PROPERTY

We have a large portfolio of patents and trademarks, and we conduct some of our operations under licences that are based on patents or trademarks owned or controlled by others. We are not dependent on any one patent or group of patents. We use all appropriate efforts to protect our brands and technology.

COMPETITION

As a ~~fast moving~~fast-moving consumer goods (FMCG) company, we are competing with a diverse set of competitors. Some of these operate on an international scale like ourselves, while others have a more regional or local focus. Our business model centres on building brands which consumers know, trust, like and buy in conscious preference to competitors’. Our brands command loyalty and affinity and deliver superior performance.

INFORMATION PRESENTED

Unless otherwise stated, share refers to value share. The market data and competitive set classifications are taken from independent industry sources in the markets in which Unilever operates.

IRAN-RELATED REQUIRED DISCLOSURE

Unilever operates in Iran through a non-US subsidiary. In ~~2014,~~2015, sales in Iran were significantly less than one percent of Unilever’s worldwide turnover. This non-US subsidiary had two euros (€~~627,377~~2) in gross revenues and less than one euro (€~~164,769~~1) in net profits attributable to the sale of ~~home, personal care and~~ food products to ~~superstores controlled~~the Laleh Hotel, which is owned by the Government of Iran, ~~or affiliated entities~~ in ~~2014.~~2015. In addition, we advertised our products on television networks that are owned by the Government of Iran or affiliated entities. Income, payroll and other taxes, duties and fees (including for utilities) were payable to the Government of Iran and affiliated entities in connection with our operations. Our non-US subsidiary maintains bank accounts in Iran with various banks to facilitate our business in the country and make any required payments to the Government of Iran and affiliated entities. One of the financial institutions used by our non-US subsidiary is Bank Melli, an entity identified on the Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign Assets Control in the U.S. Department of the ~~Treasury.~~Treasury (the ‘SDN list’). The account maintained by our non-US subsidiary with Bank Melli was opened ~~in 2014 in order~~ to comply with a requirement that any value added tax collected from customers within Iran is paid to the Iranian tax authorities through an account maintained within Bank Melli. On August 18 2015, our non-US subsidiary acquired an office building from Tidewater Middle East Co. PLC, an entity identified on the SDN list. The consideration for this real estate transaction was€10,575,793. Our activities in Iran comply in all material respects with applicable laws and regulations, including US and other international trade sanctions, and we plan to continue these activities.

C. ORGANISATIONAL STRUCTURE

The information set forth under the heading ‘Note 27 ~~Principal group companies and non-current investments’~~Group companies’ on pages ~~129 and 130~~136 to 147 of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference.

Please also refer to ‘The Unilever Group’ on page 1 of this report.

D. PROPERTY, PLANT AND EQUIPMENT

We have interests in properties in most of the countries where there are Unilever operations. However, none isare material in the context of the Group as a whole. The properties are used predominantly to house production and distribution activities and as offices. There is a mixture of leased and owned property throughout the Group. We are not aware of any environmental issues affecting the properties which would have a material impact upon the Group, and there are no material encumbrances on our properties. Any difference between the market value of properties held by the Group and the amount at which they are included in the balance sheet is not significant. We believe our existing facilities are satisfactory for our current business and we currently have no plans to construct new facilities or expand or improve our current facilities in a manner that is material to the Group.

The information set forth under the ~~following headings~~heading ‘Note 10 Property, plant and equipment’ on pages 111 and 112 of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by ~~reference:~~reference.

~~‘Note 10 Property, plant and equipment’ on pages 105 and 106; and~~

~~‘Note 27 Principal group companies and non-current investments’ on pages 129 and 130.~~


~~6 Form 20-F~~		~~Unilever~~ ~~Annual Report on Form 20-F 2014~~

ITEM 4A. UNRESOLVED STAFF COMMENTS

Not applicable.


6 Form 20-F		UnileverAnnual Report on Form 20-F 2015

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS

A. OPERATING RESULTS

‘~~Key financial indicators’~~Financial performance’ on page 7;16;

‘Our markets’ on pages 1210 and ~~13;~~11;

‘Our shareholders’ on pages 2832 to ~~30;~~34;

‘Financial review ~~2014’~~2015’ on pages 3135 to ~~35;~~39;

‘Currency risk’ on pages ~~116~~122 and ~~117;~~123; and

‘Legal and regulatory’ on page ~~53.~~57.

Please refer also to ‘Outlook’ within Item 5D of this report.

FINANCIAL REVIEW ~~2013~~2014

BASIS OF REPORTING

The information set forth under the heading ‘Consolidated income statement’ on page 3135 of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference.

GROUP RESULTS AND EARNINGS PER SHARE

The following discussion summarises the results of the Group during the years ~~2013~~2014 and ~~2012.~~2013. The figures quoted are in euros, at current rates of exchange, being the average rates applying in each period as applicable, unless otherwise stated. Information about exchange rates between the euro, pound sterling and US dollar is given on page 54 of this report.

In ~~2013~~2014 and ~~2012,~~2013, no disposals qualified to be disclosed as discontinued operations for purposes of reporting.


	2013		2012		% change			2014		2013		% change
Turnover (€ million)		49,797		51,324		(3.0	)		48,436		49,797		(2.7	)
Operating profit (€ million)		7,517		6,977		8			7,980		7,517		6
Core operating profit (€ million)		7,016		7,050		–			7,020		7,016		–
Profit before tax (€ million)		7,114		6,533		9			7,646		7,114		7
Net profit (€ million)		5,263		4,836		9			5,515		5,263		5
Diluted earnings per share (€)		1.66		1.50		11			1.79		1.66		8
Core earnings per share (€)		1.58		1.53		3			1.61		1.58		2

Turnover at€~~49.8~~48.4 billion decreased ~~3.0%,~~2.7% in 2014, including a negative impact from both foreign exchange, of ~~5.9%~~4.6%, and acquisitions net of disposals of ~~1.1%~~0.9%. Underlying sales growth was 2.9% (2013: 4.3% ~~(2012: 6.9%~~), balanced between volume growth of 1.0% (2013: 2.5% ~~(2012: 3.4%~~) and pricing of 1.9% (2013: 1.8% ~~(2012: 3.3%~~). Emerging markets, ~~now~~consistent at 57% of total turnover, were ~~flat~~down 2.2% at reported exchange rates, with underlying sales growth of 5.7% versus 8.7% ~~versus 11.4%~~in 2013. Developed markets underlying sales declined by 0.8%. Globally, our markets grew by around 2.5% with flat volumes.

Core operating margin was up 0.4 percentage points to 14.5%. Gross margin declined by 0.2 percentage points to 41.4%. This was driven by increased costs in emerging markets, largely currency related, partly offset by pricing, savings and margin-accretive innovation. Commodity costs increased around 4%, at constant exchange rates, as devaluing currencies had imported inflation into local raw material production partially offset by cost savings.

Significant efficiencies in the ~~prior year. The Group saw a weakening~~cost of producing advertising allowed Unilever to increase its share of spend in ~~the market growth of many emerging countries,~~2014 while maintaining brand and marketing investment at 14.8%. Overheads were reduced by 0.6 percentage points largely due to saving initiatives such as Project Half for Growth and some favourable one-off items such as property sales in ~~particular during the third quarter, exacerbated by significant currency devaluation.~~India.

Operating profit was€~~7.5~~8.0 billion in 2014, compared with€~~7.0~~7.5 billion in ~~2012,~~2013, up 8%6%. The increase was ~~mainly~~ driven by non-core items which were a net credit of€~~0.5 billion (2012: net debit~~960 million (2013:€~~0.1 billion); core operating profit~~501 million). Included within non-core items was ~~flat at~~€~~7.0 billion. The total~~the gain on disposal of the Ragu and Bertolli pasta sauces business ~~disposals,~~and the Bifi and Peperami brands. Unilever sold the Slim^.Fast business and recognised ~~in non-core items, was~~an impairment charge of€~~0.7 billion.~~305 million on the related assets within non-core items.

The cost of financing net borrowings in 2014 was€383 million versus€397 million ~~(2012:~~€~~390 million). The average level of net debt increased following the acquisition of additional shares~~ in ~~Hindustan Unilever Limited while interest rate movements were favourable.~~2013. The average interest rate on borrowings was ~~3.3% on debt~~3.5% and ~~2.9%~~the average return on cash ~~deposits. The pensions~~deposits was 3.8%. Pensions financing ~~cost~~ was a charge of€94 million versus a charge of€133 million ~~compared to~~€~~145 million~~ in ~~2012, both restated for the impact of the revision to the accounting standard IAS 19.~~2013.

The effective tax rate ~~remained consistent with 2012 at 26%. Our~~was 28.2%, higher than the 26.4% in 2013 due to the impact of business disposals. Unilever’s longer term expectation ~~for the tax rate~~ remains around 26%.

Net profit from joint ventures and associates, together with other income from non-current investments, contributed€143 million compared to€127 million in ~~2013, compared to~~€~~91 million in the prior year. The movement is mainly due to the low prior year comparator which included an impairment of warrants associated with the disposals of the US laundry business.~~

~~Fully diluted~~2013. Diluted earnings per share ~~were~~for the full year was up 8% at€~~1.66, up 11% from~~€~~1.50 in the prior year, driven by higher operating profit.~~1.79. Core earnings per share were€~~1.58,~~1.61, up 3%2% from€~~1.53~~1.58 in ~~2012~~2013 after a ~~7% headwind from~~9% currency ~~movements.~~headwind.

LOGO

ADDITIONAL COMMENTS ON 2014 EXPENSES ~~WHICH MATERIALLY IMPACTED~~AND OPERATING PROFIT ~~IN 2013~~

~~Turnover declined by~~€~~1.5 billion, due mainly to net exchange rate movements (negative~~€~~3.2 billion impact). Despite the drop in absolute turnover, there was a 0.4 percentage point improvement in core operating margin, core operating profit was almost flat (negative~~€~~34 million), and operating profit was up by~~€~~540 million with the impact of profit on disposal of Skippy and Wishbone brands.~~

Core operating profit improvement in Personal Care (increased by€~~121~~119 million) was offset by the decline in Foods (down by€~~151~~72 million) and Refreshments (down by€45 million). ~~Refreshments and~~ Home Care ~~were~~was broadly flat.

Cost of raw and packaging ~~materials~~material and goods purchased for resale (material costs) decreased by€~~0.8~~0.3 billion, driven primarily by the exchange rate ~~depreciation~~deprecation of€~~1.3 billion,~~1.0 billion; at constant exchange rates it was up by€~~0.5~~0.7 billion. At constant exchange rates, the gross total input costs (before savings and including material costs, distribution and supply chain indirects) increase of€~~1.1~~1.2 billion was more than offset by price increase of€1.0 billion, and material costs savings of€1.0 billion during the year. ~~Gross~~However, adverse currency impact on material costs of€0.7 billion led to a gross margin ~~improved by 1.1~~decline of 0.2 percentage ~~point~~points to ~~41.6%~~41.4%.

Staff costs were down by€0.1 ~~billion. Salary inflation~~billion on account of lower pension and ~~higher share based payment costs were more than offset by the currency devaluation in emerging markets.~~

~~Brand~~share-based payments costs. We maintained our brand and marketing investment ~~increased~~at 14.8% (increased by€~~0.5~~0.1 billion at constant exchange ~~rates~~rates) as we continued to invest ~~behind~~in our brands. ~~The increase at current exchange rates was~~€~~0.1 billion.~~

The impact of input ~~costs~~cost and investment in our brands ~~are~~is discussed further in our segmental disclosures, which also provide additional details of the impact of brands, products and subcategories on driving ~~top line~~top-line growth.


UnileverAnnual Report on Form 20-F ~~2014~~2015		Form 20-F 7

ITEM 5. OPERATING AND FINANCIAL

REVIEW AND PROSPECTSCONTINUED

~~IMPACT OF COMMODITY COSTS ON GROSS MARGIN~~

~~During 2013, the Unilever Group faced cost inflation of over~~€1.1 billion. The Unilever Group actively mitigates the impact of cost inflation through a combination of price increases and costs savings to protect its margin. Hence, despite cost increases, the Unilever Group was able to improve its gross margin by 1.1 percentage points during 2013 at constant exchange rates. Specifically gross margin was protected in all four categories. Commodity costs were more stable than recent years increasing

~~PERSONAL CARE~~


PERSONAL CARE
	€ million		€ million		%			2014		2013		% Change
	2013		2012		Change
Turnover		18,056		18,097		(0.2	)
Operating profit		3,078		2,925		5.2
Core operating profit		3,206		3,085		3.9
Turnover (€ million)									17,739		18,056		(1.8	)
Operating profit (€ million)									3,259		3,078		5.9
Core operating profit (€ million)									3,325		3,206		3.7
Core operating margin (%)		17.8		17.0		0.8			18.7		17.8		0.9

Underlying sales growth (%)		7.3		10.0					3.5		7.3
Underlying volume growth (%)		5.5		6.5					1.2		5.5
Effect of price changes (%)		1.7		3.3					2.3		1.7

KEY DEVELOPMENTS

Personal Care delivered another year of ~~strong~~ underlying growth, although exchange rate movements ~~(6.8%~~(5.0%) led to turnover ~~being almost unchanged~~decreasing on ~~2012.~~2013. Underlying sales growth, ~~of 7.3% was broad-based across all sub-categories; hair care, skin cleansing and skin care, deodorants and oral care growing more than 5%. Underlying volume increased by 5.5%~~at 3.5%, ~~while the price~~remained above Unilever’s markets which slowed to around 3% for 2014. Volume growth ~~at 1.7%,~~ was lower than ~~2012 which had included more commodity cost driven increases.~~2013 due to the slowdown of global markets and high competitive intensity. Growth ~~was supported by innovations like~~benefited from a strong set of new product launches such as the Dove ~~Repair Expertise~~Advanced Hair Series and compressed deodorants in ~~more than 50 markets, Vaseline Spray & Go moisturisers and the Axe Apollo campaign across more than 70 countries.~~Europe.

Core operating profit at€~~3.2 billion~~ improved by€~~121~~119 million over ~~2012~~2013 despite a€~~291~~300 million reduction from exchange rate movements. Underlying sales growth contributed€~~224~~189 million ~~and higher core operating~~while improved margin added€230 million. Margin improvement was driven by Unilever’s savings programmes, an improved mix from margin accretive innovation and savings ~~added~~€~~188 million.~~

~~REFRESHMENT~~

   € million € million    %
      2013 2012    Change
Turnover
   9,369    9,726       (3.7 )
Operating profit
   851    908       (6.3 )
Core operating profit
   856    908       (5.7 )
Core operating margin (%)
   9.1    9.3       (0.2 )
Underlying sales growth (%)
   1.1    6.3
Underlying volume growth (%)
   (1.8 ) 2.4
Effect of price changes (%)
   2.9    3.9
~~KEY DEVELOPMENTS~~
Refreshment turnover declined by 3.7%, due to exchange rate movements (4.7%). Underlying sales grew 1.1%, with price contributing strongly at 2.9%. Underlying volumes were down by 1.8% due to declines in our US ice cream business where we withdrew from some low margin products and in Italy where the weak economy affected ice cream sales. Tea grew well, driven by improved tasting Lipton Yellow Label tea-bags with tea essence. Sales of AdeS soy drinks were lower following a product recall in the ~~first half~~cost of ~~the year.~~
~~Core operating profit at~~€~~0.9 billion was~~€~~52 million lower than 2012, as a result of a~~€~~45 million adverse impact of exchange rates. Underlying sales growth added~~€~~10 million. Core operating margin was lower by 0.2 percentage points as a result of higher~~producing advertising, ~~and promotions (up by 0.3 percentage points) and the impact of the AdeS recall.~~

~~by around 4%~~which is highest in 2013. Our Foods category is impacted by vegetable oil prices and petrochemicals materially affect our Home Care category, where we have protected our margins in both categories. There are no other commodities that have a material impact.

~~Part of our commodity risk, principally vegetable oils and petrochemicals, is hedged using a combination of physical contracts as well as derivatives (futures and options).~~

~~FOODS~~

Personal Care.

   € million € million %
      2013 2012 Change
Turnover
   13,426    14,444    (7.0 )
Operating profit
   3,064    2,601    17.8
Core operating profit
   2,377    2,528    (6.0 )
Core operating margin (%)
   17.7    17.5    0.2
Underlying sales growth (%)
   0.3    1.8
Underlying volume growth (%)
   (0.6 ) (0.9 )
Effect of price changes (%)
   0.9    2.7
~~KEY DEVELOPMENTS~~
Foods turnover declined, by 7.0%, entirely due to exchange rate movements (3.8%) and business disposals of (3.7%). Underlying sales grew 0.3%, including a positive contribution from price of 0.9%. Underlying volumes were 0.6% lower because of market weakness in spreads. Spreads performance improved in the second half with positive responses to the re-launch of Flora in the UK and new variants in Europe and the US. Our biggest Foods brands, Knorr and Hellmann’s, both grew well, particularly in emerging markets. Knorr jelly bouillons and baking bags continue to grow rapidly with the addition of new variants. Sales of soups and sauces in the developed markets declined.
~~Core operating profit at~~€~~2.4 billion was~~€~~151 million lower than the prior year after an~~€~~107 million adverse impact from exchange rates and a reduction of~~€~~83 million from disposals. Core operating margin was up by 0.2 percentage points, adding~~€~~31 million to core operating profit. The increase from improved mix and savings was offset by higher advertising and promotions. Operating profit increased due to business disposals.~~
~~HOME CARE~~
HOME CARE
   € million    € million    %    2014    2013
%
Change

   2013    2012    Change
Turnover
   8,946       9,057       (1.2 )
Operating profit
   524       543       (3.5 )
Core operating profit
   577       529       9.1
Turnover (€ million)
   9,164       8,946       2.4
Operating profit (€ million)
   576       524       9.9
Core operating profit (€ million)
   579       577       0.3
Core operating margin (%)
   6.4       5.8       0.6       6.3       6.4       (0.1 )
Underlying sales growth (%)
   8.0       10.3          5.8       8.0
Underlying volume growth (%)
   5.7       6.2          2.4       5.7
Effect of price changes (%)
   2.1       3.9          3.4       2.1
KEY DEVELOPMENTS
Home Care ~~again~~turnover showed strong underlying growth in 2014, supported by the impact of the Qinyuan acquisition in March 2014 of 1.8%, but this was partially offset by exchange rate movements ~~(8.6%~~(4.8%) ~~to leave turnover down 1.2%~~. ~~Underlying sales grew 8.0%, with volumes up 5.7%. Price growth~~This was the result of ~~2.1% was lower than 2012 which had included more commodity cost driven increases. Laundry growth has been driven by innovations such as~~ a ~~new formulation for~~strong portfolio of brands across price points, the depth of Unilever’s distribution and sustained investment in product performance. Unilever successfully extended the Omo ~~with wash boosters,~~brand into Saudi Arabia and the Gulf, and launched a ~~new Small & Mighty concentrated liquid detergent in Europe. Comfort fabric conditioners grew rapidly, supported by the success~~range of ~~an Aromatherapy range in South East Asia. Household Care also grew well, helped by the launch of Cif~~Omo stain removers and ~~Domestos~~
pre-treaters in Brazil.
Core operating profit at€~~0.6 billion~~579 million was broadly unchanged on ~~last year~~2013 after an adverse€5984 million from exchange ~~rates. Underlying~~rates was offset by underlying sales growth adding€100 million with acquisitions adding€5 million. Decreasing margin reduced profit by€19 million as gross margins were impacted by cost increases from weaker currencies in emerging markets which were not fully offset by pricing and savings. There was a strong improvement in the second half of the year, which was boosted by gains from property sales in India.
FOODS
      2014 2013
%
Change

Turnover (€ million)
   12,361    13,426    (7.9 )
Operating profit (€ million)
   3,607    3,064    17.7
Core operating profit (€ million)
   2,305    2,377    (3.0 )
Core operating margin (%)
   18.6    17.7    0.9
Underlying sales growth (%)
   (0.6 ) 0.3
Underlying volume growth (%)
   (1.1 ) (0.6 )
Effect of price changes (%)
   0.6    0.9
KEY DEVELOPMENTS
Foods turnover declined in 2014 primarily due to exchange rate movements (3.9%) and business disposals (3.6%) including the Ragu and Bertolli pasta sauces business. Savoury and dressings both grew but spreads declined due to lower consumer demand for margarine in Europe and North America. Unilever gained market share in margarine but this was insufficient to offset the decline of the category which also saw price deflation in a benign commodity cost environment.
Core operating profit was€72 million lower than 2013 after a€95 million adverse impact from exchange rates, a reduction of€105 million from disposals and a€23 million reduction from declining underlying sales. Improved margin added€~~42 million.~~ 152 million driven by savings in supply chain costs and Unilever’s overheads reduction programme, particularly in Europe where Unilever has a large Foods business.
REFRESHMENT
      2014    2013
%
Change

Turnover (€ million)
   9,172       9,369    (2.1 )
Operating profit (€ million)
   538       851    (36.8 )
Core operating profit (€ million)
   811       856    (5.3 )
Core operating margin (%)
   8.8       9.1    (0.3 )
Underlying sales growth (%)
   3.8       1.1
Underlying volume growth (%)
   2.0       (1.8 )
Effect of price changes (%)
   1.8       2.9
KEY DEVELOPMENTS
• Refreshment turnover declined in 2014 due to exchange rate movements (4.6%) and business disposals (1.6%), primarily Slim^.Fast, offset by acquisitions of 0.4%, primarily Talenti Gelato & Sorbetto. Underlying sales growth was driven by good volume growth in ice cream due to a strong innovation programme. The more premium brands such as Ben & Jerry’s and Magnum grew particularly well. Cornetto also had a strong 2014 with multi-media advertising building the core brand and new smaller products launched at lower price points. Tea grew, with a better performance in the US offsetting weaker sales in Russia and Poland.
Core operating ~~margin increased by 0.6 percentage points, adding~~profit was€6545 million ~~with higher gross margins, including the benefit of the low cost business model programme partly~~lower than 2013 due to underlying sales growth, which added€80 million, offset by ~~increased advertising~~a€73 million adverse impact of exchange rates and ~~promotions.~~a€41 million reduction due to disposals. Margins declined, reducing profit by€11 million, as higher dairy and chocolate prices were not fully recovered by pricing and savings.

8                Form 20-F UnileverAnnual Report on Form 20-F ~~2014~~2015
ITEM 5. OPERATING AND FINANCIAL
REVIEW AND PROSPECTSCONTINUED
NON-GAAP MEASURES
The information set forth under the heading ‘Non-GAAP measures’ on pages 3438 and 3539 of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference.
UNDERLYING SALES GROWTH (USG)
The reconciliation of USG to changes in the GAAP measure turnover is as follows:
~~TOTAL GROUP~~
TOTAL GROUP

2013
vs 2012

2012
vs 2011
   2014
vs 2013 2013
vs 2012
Underlying sales growth (%)
   4.3    6.9       2.9    4.3
Effect of acquisitions (%)
   –    1.8       0.4    –
Effect of disposals (%)
   (1.1 ) (0.7 )    (1.3 ) (1.1 )
Effect of exchange rates (%)
   (5.9 ) 2.2       (4.6 ) (5.9 )
Turnover growth (%)^(a)
   (3.0 ) 10.5       (2.7 ) (3.0 )
PERSONAL CARE

2013
vs 2012

2012
vs 2011

2014
vs 2013

2013
vs 2012

Underlying sales growth (%)
   7.3    10.0       3.5    7.3
Effect of acquisitions (%)
   –    4.4       –    –
Effect of disposals (%)
   (0.2 ) (0.5 )    (0.1 ) (0.2 )
Effect of exchange rates (%)
   (6.8 ) 2.3       (5.0 ) (6.8 )
Turnover growth (%)^(a)
   (0.2 ) 17.0       (1.8 ) (0.2 )
FOODS

2013
vs 2012

2012
vs 2011

2014
vs 2013

2013
vs 2012

Underlying sales growth (%)
   0.3    1.8       (0.6 ) 0.3
Effect of acquisitions (%)
   –    –       –    –
Effect of disposals (%)
   (3.7 ) (1.5 )    (3.6 ) (3.7 )
Effect of exchange rates (%)
   (3.8 ) 3.0       (3.9 ) (3.8 )
Turnover growth (%)^(a)
   (7.0 ) 3.3       (7.9 ) (7.0 )
HOME CARE

2014
vs 2013

2013
vs 2012

Underlying sales growth (%)
   5.8    8.0
Effect of acquisitions (%)
   1.8    0.1
Effect of disposals (%)
   –    –
Effect of exchange rates (%)
   (4.8 ) (8.6 )
Turnover growth (%)^(a)
   2.4    (1.2 )
REFRESHMENT

2013
vs 2012

2012
vs 2011

2014
vs 2013

2013
vs 2012

Underlying sales growth (%)
   1.1    6.3       3.8    1.1
Effect of acquisitions (%)
   0.1    0.8       0.4    0.1
Effect of disposals (%)
   –    0.7       (1.6 ) –
Effect of exchange rates (%)
   (4.7 ) 2.4       (4.6 ) (4.7 )
Turnover growth (%)^(a)
   (3.7 ) 10.5       (2.1 ) (3.7 )
HOME CARE

2013
vs 2012

2012
vs 2011

Underlying sales growth (%)
   8.0    10.3
Effect of acquisitions (%)
   0.1    0.6
Effect of disposals (%)
   –    (1.1 )
Effect of exchange rates (%)
   (8.6 ) 0.6
Turnover growth (%)^(a)
   (1.2 ) 10.4

^(a) Turnover growth is made up of distinct individual growth components namely underlying sales, currency impact, acquisitions and disposals. Turnover growth is arrived at by multiplying these individual components on a compounded basis as there is a currency impact on each of the other components. Accordingly, turnover growth is more than just the sum of the individual components.
UNDERLYING VOLUME GROWTH (UVG)
Underlying Volume Growth or “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 relationship between ~~the two measures~~UVG and USG is set out below:


2013
vs 2012

2012
vs 2011

2014
vs 2013

2013
vs 2012

Underlying volume growth (%)
   2.5       3.4       1.0       2.5
Effect of price changes (%)
   1.8       3.3       1.9       1.8
Underlying sales growth (%)
   4.3       6.9       2.9       4.3
FREE CASH FLOW (FCF)
Within the Unilever Group, free cash flow (FCF) is defined as cash flow from operating activities, less income taxes paid, net capital expenditures and net interest payments and preference dividends paid. It does not represent residual cash flows entirely available for discretionary purposes; for example, the repayment of principal amounts borrowed is not deducted from FCF. FCF reflects an additional way of viewing our liquidity that we believe is useful to investors because it represents cash flows that could be used for distribution of dividends, repayment of debt or to fund our strategic initiatives, including acquisitions, if any.
The reconciliation of FCF to net profit is as follows:


€ million
2013

€ million
2012

Net profit
   5,263    4,836
Taxation
   1,851    1,697
Share of net profit of joint ventures/associates and other income from non-current investments
   (127 ) (91 )
Net finance cost
   530    535
Depreciation, amortisation and impairment
   1,151    1,199
Changes in working capital
   200    822
Pensions and similar obligations less payments
   (383 ) (369 )
Provisions less payments
   126    (43 )
Elimination of (profits)/losses on disposals
   (725 ) (236 )
Non-cash charge for share-based compensation
   228    153
Other adjustments
   (15 ) 13
Cash flow from operating activities
   8,099    8,516
Income tax paid
   (1,805 ) (1,680 )
Net capital expenditure
   (2,027 ) (2,143 )
Net interest and preference dividends paid
   (411 ) (360 )
Free cash flow
   3,856    4,333
Net cash flow (used in)/from investing activities
   (1,161 ) (755 )
Net cash flow (used in)/from financing activities
   (5,390 ) (6,622 )
~~CORE OPERATING MARGIN AND CORE OPERATING PROFIT~~
Core operating profit and core operating margin mean operating profit and operating margin, respectively, before the impact of business disposals, acquisition and disposal related costs, impairments and other one-off items, which we collectively term non-core items, on the grounds that the incidence of these items is uneven between reporting periods.
~~The reconciliation of core operating profit to operating profit is as follows:~~


€ million
2013

€ million
2012

Operating profit
   7,517    6,977
Acquisition and disposal related costs
   112    190
(Gain)/loss on disposal of group companies
   (733 ) (117 )
Impairments and other one-off items
   120    –
Core operating profit
   7,016    7,050
Turnover
   49,797    51,324
Operating margin
   15.1 % 13.6 %
Core operating margin
   14.1 % 13.7 %
~~Unilever~~ ~~Annual Report on Form 20-F 2014~~ ~~Form 20-F                9~~
~~ITEM 5. OPERATING AND FINANCIAL~~
~~REVIEW AND PROSPECTS~~~~CONTINUED~~


€ million
2014

€ million
2013

Net profit
   5,515    5,263
Taxation
   2,131    1,851
Share of net profit of joint ventures/associates and other income from non-current investments
   (143 ) (127 )
Net finance cost
   477    530
Depreciation, amortisation and impairment
   1,432    1,151
Changes in working capital
   8    200
Pensions and similar obligations less payments
   (364 ) (383 )
Provisions less payments
   32    126
Elimination of (profits)/losses on disposals
   (1,460 ) (725 )
Non-cash charge for share-based compensation
   188    228
Other adjustments
   38    (15 )
Cash flow from operating activities
   7,854    8,099
Income tax paid
   (2,311 ) (1,805 )
Net capital expenditure
   (2,045 ) (2,027 )
Net interest and preference dividends paid
   (398 ) (411 )
Free cash flow
   3,100    3,856
Net cash flow (used in)/from investing activities
   (341 ) (1,161 )
Net cash flow (used in)/from financing activities
   (5,190 ) (5,390 )
CORE OPERATING PROFIT AND CORE OPERATING MARGIN
The reconciliation of core operating profit to operating profit is as follows:



      € million
2014 € million
2013
Operating profit
   7,980    7,517
Acquisition and disposal related costs
   97    112
(Gain)/loss on disposal of group companies
   (1,392 ) (733 )
Impairments and other one-off items
   335    120
Core operating profit
   7,020    7,016
Turnover
   48,436    49,797
Operating margin
   16.5 % 15.1 %
Core operating margin
   14.5 % 14.1 %
NET DEBT
The reconciliation of net debt to the GAAP measure of total financial liabilities is as follows:



€ million
2013

€ million
2012

€ million
2014

€ million
2013

Total financial liabilities
   (11,501 ) (10,221 )

(12,722

)

(11,501

)


Current financial liabilities
   (4,010 ) (2,656 )    (5,536 ) (4,010 )
Non-current financial liabilities
   (7,491 ) (7,565 )    (7,186 ) (7,491 )
Cash and cash equivalents as per balance sheet



2,151



2,285



Cash and cash equivalents as per balance sheet
   2,285    2,465
Cash and cash equivalents as per cash
flow statement
   2,044    2,217       1,910    2,044
Bank overdrafts deducted therein
   241    248       241    241
Current financial assets
   760    401       671    760
Net debt
   (8,456 ) (7,355 )    (9,900 ) (8,456 )
ACQUISITIONS AND DISPOSALS
The information set forth under the following headings of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference:
‘Note 21 Acquisitions and disposals’ on pages ~~125~~131 to ~~126;~~133; and
‘Consolidated cash flow statement’ on page ~~87.~~93.
On ~~30 July 2012,~~3 January 2013 the Group announced that it had signed a definitive agreement to sell its ~~North American frozen meals~~global Skippy business to ~~ConAgra~~Hormel Foods for a total cash consideration of approximately US $700 million. The transaction completed on 31 January 2013, excluding
Unilever Annual Report on Form 20-F 2015 Form 20-F                9
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTSCONTINUED
the portion operated out of China, which completed on 26 November 2013.
On 8 April 2013 Unilever Czech Republic signed an agreement to acquire the SAVO and other consumer brands from Bochemie. This completed on 1 July 2013.
On 26 July 2013 Unilever signed an agreement to sell its Unipro bakery & industrial oils business in Turkey to AAK for an undisclosed sum. This completed on 2 September 2013.
On 6 September 2013 Unilever announced that it has entered into a definitive agreement to acquire T2, a premium Australian tea business, for an undisclosed amount. This completed on 3 October 2013.
On 1 October 2013 the Group completed the sale of its Wish-Bone and Western dressings brands to Pinnacle Foods Inc. for a total cash consideration of approximately US ~~$265~~$580 million.
On 19 November 2013 Unilever signed an agreement for the sale of its Soft & Beautiful, TCB and Pro-Line Comb-Thru brands to Strength of Nature for an undisclosed amount. The ~~deal was completed on 19 August 2012.~~
~~Further to the acquisition~~sale excludes TCB’s business in ~~December 2011, the Group acquired the remaining 18% of the outstanding share capital in Concern Kalina in 2012.~~Africa.
The Group’s capital expenditure is mainly on purchase of property, plant and equipment as well as acquisition of group companies.
B. LIQUIDITY AND CAPITAL RESOURCES
(I) INFORMATION REGARDING THE GROUP’S LIQUIDITY
The information set forth under the following headings of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference:
‘Cash flow’ on page 37;
‘Balance sheet’ on page ~~33;~~37;
‘Finance and liquidity’ on page 38;
‘Contractual obligations at 31 December 2015’ on page 37;
‘Note 16B Management of market risk’ on pages ~~116~~122 to ~~118;~~124;
‘Note 16A Management of liquidity risk’ on page ~~114~~120 to ~~116;~~122;
‘Note 15 Capital and funding’ on pages ~~109~~115 and ~~110;~~116;
‘Going concern’ on page ~~78;~~
~~‘Cash flow’ on page 33;~~84;
‘Consolidated cash flow statement’ on page ~~87;~~93;
‘Note 15C Financial liabilities’ on ~~pages 112 and 113;~~page 119;
‘Note 17A Financial assets’ on pages ~~120~~126 and ~~121;~~127; and
‘Note 17 Investment and return’ on pages ~~119 to 121.~~125 and 126.
Please refer also to ‘Contractual obligations at 31 December ~~2014’~~2015’ on page 11 ~~within Item 5F~~ of this ~~report~~report.
FINANCIAL INSTRUMENTS AND RISK
The key financial instruments used by Unilever are short-term and long-term borrowings, cash and cash equivalents, and certain plain vanilla derivative instruments, principally comprising interest rate swaps and foreign exchange contracts. Treasury processes are governed by standards approved by the Unilever Leadership Executive. Unilever manages a variety of market risks, including the effects of changes in foreign exchange rates, interest rates, commodity costs and liquidity.
The information set forth under the heading ‘Note 16 Treasury risk management’ on pages ~~114~~120 to ~~119~~125 of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference.
(II) INFORMATION REGARDING THE TYPE OF FINANCIAL INSTRUMENTS USED, THE MATURITY PROFILE OF DEBT, CURRENCY AND INTEREST RATE STRUCTURE
The information set forth under the following headings of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference:
‘Note 15 Capital and funding’ on pages ~~109~~115 and ~~110;~~116;
‘Note 15C Financial liabilities’ on ~~pages 112 and 113;~~
~~‘Note 17A Financial assets’ on pages 120 and 121;~~page 119;
‘Note 16 Treasury risk management’ on pages ~~114~~120 to ~~119;~~125;
‘Note 17 Investment and return’ on pages ~~119 to 121;~~125 and 126;
‘Note 17A Financial Assets’ on pages 126 and 127;
‘Note 18 Financial instruments fair value risk’ on pages ~~121~~127 to ~~123;~~129; and
‘Our risk appetite and approach to risk management’ on page ~~49.~~53.
Please also refer to ‘Information regarding the Group’s liquidity’ within Item 5B(I) of this report.
(III) INFORMATION REGARDING THE GROUP’S MATERIAL COMMITMENTS FOR CAPITAL EXPENDITURE
The information set forth under the following headings of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference:
‘Note 20 Commitments and contingent liabilities’ on pages ~~124~~130 and ~~125;~~131; and
‘Note 10 Property, plant and equipment’ on pages ~~105~~111 and ~~106.~~112.
C. RESEARCH AND DEVELOPMENT, PATENTS AND LICENCES, ETC.
The information set forth under the heading ~~‘Innovation’~~‘A business model that creates value’ on ~~page 8~~pages 14 and 15 and ‘Note 3 Gross profit and operating costs’ on page ~~92 and ‘Our Value Chain’ on page 9~~98 of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference.
D. TREND INFORMATION
Please refer also to Item 3D ‘Risk factors’ on page 5 of this report.
The information set forth under the following headings of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference:
‘Our markets’ on pages 1210 and ~~13;~~11;
‘Our Financial Growth Model’ on page 34; and
‘Financial review ~~2014’~~2015’ on pages 3135 to ~~35.~~39.
OUTLOOK
WeUnilever does not expect to see any significant or immediate improvement in the overall health of the world economy. It is clear that the economic ~~pressures to continue. Consumer demand~~recovery in the developed markets of Europe and North America will remain slow and protracted, while the slowdown in the emerging markets is likely to ~~remain subdued~~continue for some time to come. ~~There is still little sign~~For all these reasons, Unilever remains prudent in its approach and single-mindedly focused in building the resilience and the agility of ~~a recovery~~our portfolio and our organisation. Unilever made good progress on these fronts in ~~Europe~~2015, which gives the Group further confidence that it can continue to deliver on its objective of consistent top and ~~while conditions in North America have improved, any increase in consumer demand is likely~~bottom line growth, to ~~be slow~~the benefit of its long-term shareholders and shoppers will remain focused on value. We are also prepared for managing any continuing volatility on the world’s currency markets and for what could be fluctuations in commodity costs as a result of the reduction in oil prices. At the same time, we expect the levels of competitive activity – both from global competitors and, increasingly, from local players – to remain high in 2015. Despite these pressures, we are confident that with the many positive changes we have already made to Unilever we are well placed to continue delivering our objectives of volume growth ahead of our markets, steady and sustainable improvements in core operating margin and strong cash flow.others who rely on Unilever.
Please refer also to ‘Financial review ~~2013’~~2014’ within Item 5A of this report.
E. OFF-BALANCE SHEET ARRANGEMENTS
The information set forth under the following headings of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference:
‘Note 16 Treasury risk management’ on pages ~~114~~120 to ~~119;~~125;
‘Note 18 Financial instruments fair value risk’ on pages ~~121~~127 to ~~123;~~129; and
‘Note 20 Commitments and contingent liabilities’ on pages ~~124~~130 and ~~125.~~131.

10                Form 20-F UnileverAnnual Report on Form 20-F ~~2014~~2015
ITEM 5. OPERATING AND FINANCIAL
REVIEW AND PROSPECTSCONTINUED
F. TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS
CONTRACTUAL OBLIGATIONS AT 31 DECEMBER ~~2014~~2015

   € million    € million    € million    € million    € million
      Due    Due in    Due in    Due in
   € million    € million    € million    € million    € million       within    1-3    3-5    over

Total

Due
within
1 year

Due in
1-3
years

Due in
3-5
years

Due in
over
5 years
   Total    1 year    years    years    5 years
Long-term debt
   11,770       5,067       2,002       1,554       3,147       13,930       4,353       2,650       2,720       4,207
Interest on financial liabilities
   2,588       296       471       383       1,438       2,571       304       519       374       1,374
Operating lease obligations
   2,327       390       624       547       766       2,454       410       670       517       857
Purchase obligations^(a)
   257       222       35       –       –       267       211       46       10       –
Finance leases
   305       25       71       37       172       302       51       47       38       166
Other long-term commitments
   1,768       812       813       102       41       1,517       708       635       139       35
Total
   19,015       6,812       4,016       2,623       5,564       21,041       6,037       4,567       3,798       6,639

^(a) For raw and packaging materials and finished goods.
Unilever’s contractual obligations at the end of ~~2014~~2015 included capital expenditure commitments, borrowings, lease commitments and other commitments. A summary of certain contractual obligations at 31 December ~~2014~~2015 is provided in the preceding table.
The information set forth under the following headings of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference:
‘Note 10 Property, plant and equipment’ on pages ~~105~~111 and ~~106;~~112;
‘Note 15C Financial liabilities’ on pages ~~112 and 113;~~
~~‘Note 16A Management of liquidity risk’ on page 114 to 116;~~119; and
‘Note 20 Commitments and contingent liabilities’ on pages ~~124~~130 and ~~125.~~131.
G. SAFE HARBOUR
This document 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. These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the ~~Group.~~Unilever Group (the “Group”). They are not historical facts, nor are they guarantees of future performance.
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; inability to find sustainable solutions to support long-term growth; customer relationships; the recruitment and retention of talented employees; disruptions in our supply chain; the cost of raw materials and commodities; the production of safe and high-quality products; secure and reliable IT infrastructure; successful execution of acquisitions, divestitures and business transformation projects; economic and political risks and natural disasters; financial risks; failure to meet high ethical standards; and managing regulatory, tax and legal matters.
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 Group’s Annual Report
~~on Form 20-F for the year ended 31 December 2014 and the Annual Report and Accounts 2014.~~ 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 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 this report and the Group’s Annual Report and Accounts 2015 furnished separately on 23 February 2016 under Form 6-K.
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A. DIRECTORS AND SENIOR MANAGEMENT
(I) NAME, EXPERIENCE AND FUNCTIONS
The information set forth under the following headings of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference:
‘Unilever Leadership Executive (ULE)’ on page ~~55;~~59;
‘Board of Directors’ on page ~~54;~~58; and
‘~~Boards’~~Boards‘ on ~~pages 41.~~page 45.
(II) ACTIVITIES OUTSIDE THE ISSUING COMPANY
The information set forth under the headings ‘Board of Directors’ and ‘Unilever Leadership Executive (ULE)’ on pages 5458 and 5559 of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference.
(III) AGE
The information set forth under the headings ‘Board of Directors’ and ‘Unilever Leadership Executive (ULE)’ on pages 5458 and 5559 of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference.
(IV) FAMILY RELATIONSHIP
There are no family relationships between any of our Executive Directors, members of the ULE or Non-Executive Directors.
(V) OTHER ARRANGEMENTS
The information set forth under the heading ‘Independence and Conflicts’ (second paragraph) on page 43 of the Group’s Annual Report and Accounts 2014 furnished separately on 6 March 2015 under Form 6-K is incorporated by reference.
None of our Non-Executive Directors, Executive Directors or other key management personnel are elected or appointed under any arrangement or understanding with any major shareholder, customer, supplier or otherwise.
B. COMPENSATION
The information set forth under the following headings of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference:
‘~~Implementation of the remuneration policy in 2015 for Executive Directors’~~Balance Sheet’ on page 37;
‘Annual Remuneration Report’ on pages ~~65 and 67;~~
~~‘Single figure of remuneration and implementation of the remuneration policy in 2014 for Executive Directors (Audited)’ on pages 67~~69 to ~~70;~~
~~‘Balance sheet’ on page 33;~~
~~‘Single figure of remuneration in 2014 for Non-Executive Directors (Audited)’ on page 74;~~83;
‘Note 4A Staff and management costs – key management ~~compensation‘~~compensation’ on page ~~93;~~99;
‘Note 4B Pensions and similar obligations’ on pages 9399 to ~~98;~~104; and
‘Note 4C Share-based compensation plans’ on pages 98104 and ~~99.~~105.
~~Unilever~~ ~~Annual Report on Form 20-F 2014~~ ~~Form 20-F                11~~
~~ITEM 6. DIRECTORS, SENIOR MANAGEMENT~~
~~AND EMPLOYEES~~~~CONTINUED~~
C. BOARD PRACTICES
The information set forth under the following headings of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference:
‘Board of Directors’ and ‘Unilever Leadership Executive (ULE)’ on pages 5458 and ~~55;~~59;
‘Appointment’ on page ~~42;~~46;
‘Appointment and ~~re-appointment~~reappointment of Directors’ on pages 6064 and ~~61;~~65;
‘Non-Executive Directors’ letters of appointment’ on page ~~75;~~80;
‘Boards’ on page ~~41;~~45;
‘Board Committees’ on page ~~41;~~45;
‘Report of the Audit Committee’ on pages 5660 and ~~57;~~61; and
‘Directors’ Remuneration Report’ on pages 6266 to ~~77.~~83.

Unilever Annual Report on Form 20-F 2015 Form 20-F                11
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEESCONTINUED
SERVICE CONTRACTS
POLICY IN RELATION TO NON-EXECUTIVE DIRECTOR SERVICE CONTRACTS AND PAYMENTS IN THE EVENT OF LOSS OF OFFICE
Not applicable.
POLICY IN RELATION TO EXECUTIVE DIRECTOR SERVICE CONTRACTS AND PAYMENTS IN THE EVENT OF LOSS OF OFFICE

PROVISION
CURRENT SERVICE CONTRACTS

~~PROVISION~~
NOTICE PERIOD    ~~CURRENT SERVICE CONTRACTS~~
~~NOTICE PERIOD~~
• 12 months’ notice from Unilever;

•
6 months’ notice from the Executive Director.

This is in line with both the practice of many comparable companies and the entitlement of other senior executives in Unilever.
The intention is that the notice period for any new Executive Directors would reflect the above policy.

EXPIRY DATE

•
Starting dates of the service contracts:


CEO: 1 October 2008 (signed on 7 October 2008);

CFO: 1 February 2010 (signed on 19 March 2010).
Jean-Marc Huët resigned as CFO on 18 May 2015, with effect from 1 October 2015. The new CFO, Graeme Pitkethly, started his service contract on 1 October 2015 (signed on 16 December 2015). He will be proposed for election as Executive Director at the 2016 AGMs.

•
Both service contracts shall end upon termination.

•
The service agreements are available to shareholders to view at the AGMs or on request from the Company Secretary.

TERMINATION
PAYMENTS

•
A payment in lieu of notice can be made of no more than one year’s base salary, fixed allowance and other benefits unless the Boards, at the proposal of the Compensation Committee (the Committee), find this manifestly unreasonable given the circumstances or unless dictated by applicable law.

•
If applicable, the Executive Director shall be credited with 12 months’ service for the purposes of any pension schemes based on length of service.

OTHER ELEMENTS

•
Executive Directors may, at the discretion of the Boards, remain eligible to receive an annual bonus for the financial year in which they cease employment. Such annual bonus will be determined by the Committee taking into account time in employment and performance.

•
Treatment of share awards as set out below.

•
All-employee share arrangements will be treated in accordance with ~~HMRC approved~~HMRC-approved terms.

•
Other payments, such as legal or other professional fees, repatriation or relocation costs and/or outplacement fees,
may be paid if it is considered appropriate.
LEAVER PROVISIONS IN PLAN RULES

‘GOOD LEAVERS’ AS
DETERMINED BY THE
COMMITTEE IN ACCORDANCE
WITH THE PLAN RULES*

LEAVERS IN
OTHER CIRCUMSTANCES*

CHANGE OF CONTROL
Such circumstances include (but may not be limited to) a takeover or a merger of the Group.
INVESTMENT
SHARES (MCIP)

•    Investment shares are transferred in full upon termination (and are transferred to the personal representative of the Executive Director in the event of his or her death).

•    Investment shares are transferred in full upon termination.

•    Investment shares are transferred in full at the time of the change of control.
•    Alternatively, participants may be required to exchange the investment shares for equivalent shares in the acquiring company in the event of a reorganisation of the Group.

MATCHING
SHARES (MCIP)
AND
PERFORMANCE
SHARES (GSIP)

•    Awards will normally vest following the end of the original performance period, taking into account performance and pro-rated for time in employment (unless the Boards on the proposal of the Committee determine otherwise).
•    Alternatively, the Boards may determine that awards shall vest upon termination based on performance at that time and pro-rated for time in employment (unless the Boards on the proposal of the Committee determine otherwise).

•    Awards will normally lapse upon termination.

•    In accordance with Dutch law, matching shares and performance shares are shares that are obtained as part of the Executive Director’s remuneration. Therefore, their value is frozen infor a period ~~for~~of four weeks before an announcement of a public offer and four weeks after the conclusion of a public offer. Any increase in value in this period has to be reclaimed by Unilever from the Executive Director upon retirement or sale of these shares, if at that time the value of the shares is higher than the value four weeks before the announcement of the public offer.
•    Awards will vest based on performance at the time of the change of control and the Boards, at the proposal of the Committee, have the discretion to pro-rate for time.
•    Alternatively, participants may be required to exchange the awards for equivalent awards over shares in the acquiring company in the event of a reorganisation of the Group.

* An Executive Director will usually be treated as a good leaver if he or she leaves due to death, ill-health, injury or disability, retirement with Unilever’s agreement or redundancy. The Boards may decide to treat an Executive Director who leaves in other circumstances as a good leaver. An Executive Director will not be treated as a good leaver if he or she chooses to leave for another job elsewhere, if he or she is summarily dismissed or leaves because of concerns about performance. In deciding whether or not to treat an Executive Director as a good leaver, the Boards will have regard to his or her performance in the role.

12                Form 20-F UnileverAnnual Report on Form 20-F ~~2014~~2015
ITEM 6. DIRECTORS, SENIOR MANAGEMENT
AND EMPLOYEESCONTINUED
If Unilever is affected by a demerger, special distribution or other transaction which may affect the value of awards, the Committee may allow matching shares under the MCIP and performance shares under the GSIP to vest early over such number of shares as it shall determine (to the extent that any performance conditions have been met) and may be pro-rated to reflect the acceleration of vesting at the Committee’s discretion.
~~REMUNERATION~~COMPENSATION COMMITTEE
The ~~Remuneration~~ Committee ~~reviews~~is concerned with the remuneration of the Executive and Non-Executive Directors and the tier of management directly below the Boards. It also has responsibility for the cash and executive and all employee share-based incentive plans, ~~and~~ the ~~leadership, development, remuneration policy~~Remuneration Policy and performance evaluation of the Unilever Leadership Executive and senior corporate executives.
D. EMPLOYEES
The information set forth under the ~~following headings of the Group’s Annual Report and Accounts 2014 furnished separately on 6 March 2015 under Form 6-K is incorporated by reference:~~
~~‘Note~~heading ‘Note 4A Staff and management costs – Average number of employees during the year’ on page ~~93.~~
99. of the Group’s Annual Report and Accounts 2015 furnished separately on 23 February 2016 under Form 6-K is incorporated by reference.
The average number of employees during ~~2014~~2015 included ~~8,980~~6,706 seasonal and ~~25,358~~22,893 plantation workers. We believe our relationship with our employees and any labour unions of which they may be part is satisfactory in all material respects.
E. SHARE OWNERSHIP
The information set forth under the following headings of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference:
‘Single figure of remuneration and implementation of the ~~remuneration policy~~Remuneration Policy in ~~2014~~2015 for Executive Directors (Audited)’ on page ~~67;~~71;
‘~~Elements of remuneration’~~Other implementation information for 2015’ on pages 6575 and 76;
‘Information in relation to ~~67;~~outstanding share incentive awards’ on pages 76 and 77;
‘Single figure of remuneration in ~~2014~~2015 for Non-Executive Directors (Audited)’ on page ~~74;~~79;
‘Non-Executive Directors’ interests in shares (Audited)’ on page 80; and
‘Note 4C Share-based compensation plans’ on pages 98104 and ~~99.~~105.
GLOBAL EMPLOYEE SHARE PLANS (SHARES)
In November 2014, Unilever’s new global employee plan ‘SHARES’ was launched in 17 countries. SHARES gives eligible Unilever employees below senior management level the opportunity to invest between ~~EUR~~ €25 and ~~EUR~~ €200 per month from their net salary in Unilever shares. For every three shares our employees buy (Investment Shares), Unilever will give them one free ~~Match~~Matching Share, which will vest if employees hold their Investment Shares for at least three years. The Matching Shares are not subject to any performance conditions. In 2015, SHARES ~~will be further~~was rolled out globally and is now offered in ~~2015.~~more than 100 countries. Executive Directors are not eligible to participate in SHARES. ~~No SHARES~~As of 15 February 2016, awards ~~have been made as of the date of this document.~~for 51,924 NV and 52,210 PLC shares were outstanding under SHARES.
NORTH AMERICAN SHARE PLANS
Unilever also maintains share plans for its North American employees that are governed by an umbrella plan referred to as the Unilever North America Omnibus Equity Compensation Plan. These plans are the North American equivalents of the GSIP, MCIP and SHARES plans. The rules governing these share plans are materially the same as the rules governing the GSIP, MCIP and SHARES plans, respectively. However, the plans contain non-competition and non-solicitation covenants and they are subject to US and Canadian employment and tax laws. The plans are administered by the North America Compensation Committee of Unilever United States Inc. and they are governed by New York law.
The foregoing description of the Unilever North America Omnibus Equity Compensation Plan does not purport to be complete and is qualified in its entirety by reference to the Unilever North America Omnibus Equity Compensation Plan, including all amendments thereto, filed as Exhibit 99.1 to the Form S-8 (File No. 333-185299) filed with the SEC on 6 December 2012, which is incorporated herein by reference.
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A. MAJOR SHAREHOLDERS
The information set forth under the following headings of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference:
‘Trust office’ on pages 4347 and ~~44;~~48;
‘About Unilever’ on page ~~41;~~45; and
‘Our shareholders’ on pages 4448 to ~~46.~~50.
The voting rights of the significant shareholders of NV and PLC are the same as for other holders of the class of share held by such significant shareholder.
The principal trading markets upon which Unilever shares are listed are Euronext Amsterdam for NV ordinary and 6% and 7% cumulative preference shares and the depositary receipts of these NV ordinary and 7% cumulative preference shares, and the London Stock Exchange for PLC ordinary shares. NV ordinary shares mainly trade in the form of depositary receipts for shares.
In the United States, NV New York Registry Shares and PLC American Depositary Receipts are traded on the New York Stock Exchange. Deutsche Bank Trust Company Americas (Deutsche Bank) acts for NV and PLC as issuer, transfer agent and, in respect of the PLC American Depositary Receipts, depositary.
~~There have not been any significant trading suspensions in the past three years.~~
At 2515 February ~~2015~~2016 (the latest practicable date for inclusion in this report), there were~~4,998~~ 4,827 registered holders of NV New York Registry Shares ~~and1,007~~and 980 registered holders of PLC American Depositary Receipts in the United States. We estimate that ~~approximately12%~~approximately 10% of NV’s ordinary shares (including shares underlying NV New York Registry shares) were held in the United States (approximately 12% in ~~2013), while most holders~~2014) and approximately 13% of ~~PLC~~PLC’s ordinary shares ~~are registered~~(including shares underlying PLC American Depositary Receipts) were held in the United ~~Kingdom – approximately98%~~States (approximately 13% in ~~2014 and in 2013.~~2014).
NV and PLC are separate companies with separate stock exchange listings and different shareholders. Shareholders cannot convert or exchange the shares of one for shares of the other and the relative share prices on the various markets can, and do, fluctuate. Each NV ordinary share represents the same underlying economic interest in the Unilever Group as each PLC ordinary share (save for exchange rate fluctuations).
If you are a shareholder of NV, you have an interest in a Dutch legal entity, your dividends will be paid in euros (converted into US dollars if you have shares registered in the United States) and you may be subject to tax in the Netherlands. If you are a shareholder of PLC, your interest is in a UK legal entity, your dividends will be paid in sterling (converted into US dollars if you have American Depositary Receipts) and you may be subject to UK tax.
Nevertheless, the Equalisation Agreement means that as a shareholder of either company you effectively have an interest in the whole of Unilever. On a going concern basis, you have largely equal rights over our combined net profit and capital reserves as shown in the consolidated accounts.
~~Unilever~~ ~~Annual Report on Form 20-F 2014~~ ~~Form 20-F                13~~
~~ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS~~~~CONTINUED~~
To ~~our~~Unilever’s knowledge, the Unilever Group is not owned or controlled, directly or indirectly, by another corporation, any foreign government or by any other legal or natural ~~person. We are~~person, severally or jointly. The Group is not aware of any arrangements the operation of which may at any subsequent date result in a change of control of Unilever.
Unilever Annual Report on Form 20-F 2015 Form 20-F                13
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONSCONTINUED
B. RELATED PARTY TRANSACTIONS
The information set forth under the heading ‘Note 23 Related party transactions’ on page ~~127~~134 of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference.
Transactions with related parties are conducted in accordance with agreed transfer pricing policies and include sales to joint ventures and associates. Other than those disclosed in the Group’s Annual Report and Accounts (and incorporated herein as above), there were no related party transactions that were material to the Group or to the related parties concerned that are required to be reported in ~~2014.~~2015 up to 15 February 2015 (the latest practicable date for inclusion in this report).
C. INTEREST OF EXPERTS AND COUNSEL
Not applicable.
ITEM 8. FINANCIAL INFORMATION
A. CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION
Please refer also to Item 18 ‘Financial statements’ on ~~page~~pages 22 to 28 of this report.
The information set forth under the following headings of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference:
‘Financial statements’ on page 7884 and pages 8490 to ~~130;~~147;
‘Legal proceedings’ on page ~~125;~~131; and
‘Financial calendar’ on page 4044.
Also see ‘Dividend record’ on page 4 of this report.
B. SIGNIFICANT CHANGES
The information set forth in ‘Note 26 Events after the balance sheet date’ on page ~~128~~135 of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference.
ITEM 9. THE OFFER AND LISTING
A. OFFER AND LISTING DETAILS
Please refer to information given on page 13 under Item 7A ‘Major shareholders’.
SHARE PRICES AT 31 DECEMBER ~~2014~~2015
The share prices of the ordinary shares at the end of the year were as follows:

NV per€0.16 ordinary share in Amsterdam
   €~~32.64~~40.11
NV per€0.16 ordinary share in New York
   US ~~$39.04~~$43.32
PLC per 3¹/9p₉p ordinary share in London
   £~~26.28~~29.26
PLC per 3¹/9p₉p ordinary share in New York
   US ~~$40.48~~$43.12
MONTHLY HIGH AND LOW PRICES FOR THE MOST RECENT SIX MONTHS



September
2014




October
2014




November
2014




December
2014




January
2015




February
2015
^(a)

NV per€0.16 ordinary share in Amsterdam (in€)
   High         32.54       31.15       32.76       33.49       38.68       38.50
   Low         30.89       28.96       30.55       30.95       31.55       36.42
NV per€0.16 ordinary share in New York (in US $)
   High         42.20       39.31       40.64       41.02       43.88       43.47
   Low         39.34       37.14       38.25       38.48       37.64       41.79
PLC per 3¹/9p ordinary share in London (in £)
   High         27.29       25.48       27.06       27.29       29.52       29.14
   Low         25.52       24.06       24.75       25.42       25.73       27.49
PLC per 3¹/9p ordinary share in New York (in US $)
   High         44.61       41.29       42.14       42.42       44.67       44.14
   Low         41.71       38.97       39.95       39.63       39.03       42.67
      August    September    October    November    December    January    February
            2015    2015    2015    2015    2015    2016    2016
NV per€0.16 ordinary share in
   High       42.32       35.91       41.63       42.48       41.91       40.89       40.88^(a)
  Amsterdam (in€)
   Low       34.23       33.87       35.82       39.89       38.19       37.06       36.69^(a)
NV per€0.16 ordinary share in New York
   High       46.51       40.69       46.04       45.40       44.23       44.41       44.49^(b)
  (in US $)
   Low       39.58       38.43       40.25       42.67       42.33       40.27       41.84^(b)
PLC per 3¹/₉p ordinary share in London
   High       29.66       26.86       29.60       28.81       29.41       30.85       30.78^(a)
  (in £)
   Low       25.24       25.38       26.82       27.54       27.20       27.63       29.05^(a)
PLC per 3¹/₉p ordinary share in New York
   High       46.07       41.10       45.72       44.60       43.96       44.27       44.42^(b)
  (in US $)
   Low       39.61       39.08       40.84       42.00       41.85       40.09       42.35^(b)
^(a)~~Through 25 February 2015.~~
^(a) Through 15 February 2016 (the latest practicable date for inclusion in this report).
^(b) Through 12 February 2016 (the latest available data for inclusion in this report).
QUARTERLY HIGH AND LOW PRICES FOR 2015 AND 2014

      1st    2nd    3rd    4th
      Quarter    Quarter    Quarter    Quarter
            2015    2015    2015    2015
NV per€0.16 ordinary share in Amsterdam (in€)
   High       40.52       41.88       42.32       42.48
   Low       31.55       36.86       33.87       35.82
NV per€0.16 ordinary share in New York (in US $)
   High       43.94       44.98       46.51       46.04
   Low       37.64       41.40       38.43       40.25
PLC per 3¹/₉p ordinary share in London (in £)
   High       29.52       30.15       29.66       29.60
   Low       25.73       27.30       25.24       26.82
PLC per 3¹/₉p ordinary share in New York (in US $)
   High       44.67       45.08       46.07       45.72
   Low       39.03       41.83       39.08       40.84

14                Form 20-F UnileverAnnual Report on Form 20-F ~~2014~~2015
ITEM 9. THE OFFER AND LISTINGCONTINUED
~~QUARTERLY HIGH AND LOW PRICES FOR 2014 AND 2013~~
         1st    2nd    3rd    4th
         Quarter    Quarter    Quarter    Quarter
                  2014    2014    2014    2014
NV per€0.16 ordinary share in Amsterdam (in€)
      High       29.96       32.59       32.54       33.49
      Low       27.16       29.70       30.05       28.96
NV per€0.16 ordinary share in New York (in US $)
      High       41.12       44.31       44.08       41.02
      Low       36.72       40.57       39.34       37.14
PLC per 3¹/₉p ordinary share in London (in £)
      High       25.61       27.26       27.29       27.29
      Low       23.06       25.37       25.42       24.06
PLC per 3¹/₉p ordinary share in New York (in US $)
      High       42.78       45.85       45.85       42.42
      Low       37.85       42.00       41.71       38.97
ANNUAL HIGH AND LOW PRICES
            2015    2014    2013    2012    2011
NV per€0.16 ordinary share in Amsterdam (in€)
   High       42.48       33.49       32.89       29.50       26.58
   Low       31.55       27.16       27.50       24.56       21.00
NV per€0.16 ordinary share in New York (in US $)
   High       46.51       44.31       42.78       38.75       35.06
   Low       37.64       36.72       37.27       30.79       29.07
PLC per 3¹/₉p ordinary share in London (in £)
   High       30.15       27.29       28.85       24.29       21.73
   Low       25.24       23.06       23.19       19.94       17.93
PLC per 3¹/₉p ordinary share in New York (in US $)
   High       46.07       45.85       43.54       39.37       34.30
   Low       39.03       37.85       37.67       31.04       28.65
There have not been any significant suspensions in the past three years.


1st
Quarter
2014

2nd
Quarter
2014

3rd
Quarter
2014

4th
Quarter
2014

NV per€0.16 ordinary share in Amsterdam (in€)
      High         29.96       32.59       32.54       33.49
      Low         27.16       29.70       30.05       28.96
NV per€0.16 ordinary share in New York (in US $)
      High         41.12       44.31       44.08       41.02
      Low         36.72       40.57       39.34       37.14
PLC per 3¹/9p ordinary share in London (in £)
      High         25.61       27.26       27.29       27.29
      Low         23.06       25.37       25.42       24.06
PLC per 3¹/9p ordinary share in New York (in US $)
      High         42.78       45.85       45.85       42.42
      Low         37.85       42.00       41.71       38.97

1st
Quarter
2013

2nd
Quarter
2013

3rd
Quarter
2013

4th
Quarter
2013

NV per€0.16 ordinary share in Amsterdam (in€)
      High         31.96       32.89       31.84       29.39
      Low         28.58       28.82       28.25       27.50
NV per€0.16 ordinary share in New York (in US $)
      High         41.19       42.78       41.58       40.28
      Low         37.95       37.94       37.28       37.27
PLC per 3¹/9p ordinary share in London (in £)
      High         27.84       28.85       28.20       25.48
      Low         23.78       25.16       24.30       23.19
PLC per 3¹/9p ordinary share in New York (in US $)
      High         42.24       43.54       42.67       41.20
      Low         38.38       39.00       38.06       37.67

ANNUAL HIGH AND LOW PRICES


            2014    2013    2012    2011    2010
NV per€0.16 ordinary share in Amsterdam (in€)
   High         33.49       32.89       29.50       26.58       24.11
   Low         27.16       27.50       24.56       21.00       20.68
NV per€0.16 ordinary share in New York (in US $)
   High         44.31       42.78       38.75       35.06       33.10
   Low         36.72       37.27       30.79       29.07       26.02
PLC per 3¹/9p ordinary share in London (in £)
   High         27.29       28.85       24.29       21.73       20.09
   Low         23.06       23.19       19.94       17.93       16.62
PLC per 3¹/9p ordinary share in New York (in US $)
   High         45.85       43.54       39.37       34.30       32.41
   Low         37.85       37.67       31.04       28.65       25.74
B. PLAN OF DISTRIBUTION
Not applicable.
C. MARKETS
This information is set forth under the heading ‘The Unilever Group’ on page 1 of this report.
D. SELLING SHAREHOLDERS
Not applicable.
E. DILUTION
Not applicable.
F. EXPENSES OF THE ISSUE
Not applicable.
ITEM 10. ADDITIONAL INFORMATION
A. SHARE CAPITAL
Not applicable.
B. ARTICLES OF ASSOCIATION
The information set forth under the following headings of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference:
‘About ~~Unilever’~~Unilever�� on page ~~41;~~45;
‘Corporate governance’ on pages 4145 to ~~48;~~52;
‘Appointment and ~~re-appointment~~reappointment of Directors’ on pages 6064 and ~~61;~~65;
‘Note 15A Share capital’ on page ~~110;~~116; and
‘Minimum shareholding requirement and Executive Director share interests (Unaudited)’ on page ~~71.~~76.
NV’s Articles of Association contain, among other things, the objects clause, which sets out the scope of activities that NV is authorised to undertake. They are drafted to give a wide scope and provide that the primary objectives are: to carry on business as a holding company, to manage any companies in which it has an interest and to operate and carry into effect the Equalisation Agreement. At the 2010 PLC AGM, the shareholders agreed that the objects clause be removed from PLC’s Articles of Association so that there are no restrictions on its objects.
~~Unilever~~ ~~Annual Report on Form 20-F 2014~~ ~~Form 20-F                15~~
~~ITEM 10. ADDITIONAL INFORMATION~~
~~CONTINUED~~
DIRECTORS’ BORROWING POWERS
The borrowing powers of NV Directors on behalf of NV are not limited by NV’s Articles of Association. PLC Directors have the power to borrow on behalf of PLC up to three times the PLC proportion of the adjusted capital and reserves of the Unilever Group, as defined in PLC’s Articles of Association, without the approval of shareholders (by way of an ordinary resolution).
ALLOCATION OF PROFITS
Under NV’s Articles of Association, available profits are distributed first to 7% and 6% cumulative preference shareholders by a dividend of 7% and 6%, respectively, calculated on the basis of the original nominal value of ~~one thousand~~1,000 Dutch guilders converted to euros at the official conversion rate. The remaining profits are distributed to ordinary shareholders in proportion to the nominal value of their holdings.
Distributable profits of PLC are paid first at the rate of 5% per year on the paid-up nominal capital of 3¹/₉p of the ordinary shares, in a further such dividend and then at the rate of 6% per year on the paid-up nominal capital of the deferred stock of £100,000. The surplus is paid by way of a dividend on the ordinary shares.
LAPSE OF DISTRIBUTIONS
The right to cash and the proceeds of share distributions by NV lapses five and 20 years, respectively, after the first day the distribution was obtainable. Unclaimed amounts revert to NV. Any PLC dividend unclaimed after 12 years from the date of the declaration of the dividend reverts to PLC.
Unilever Annual Report on Form 20-F 2015 Form 20-F                15
ITEM 10. ADDITIONAL INFORMATIONCONTINUED
REDEMPTION PROVISIONS AND CAPITAL CALL
Under Dutch law, NV may only redeem treasury shares (including shares underlying depositary receipts) or shares whose terms permit redemption. Outstanding PLC ordinary shares and deferred shares cannot be redeemed. NV and PLC may make capital calls on money unpaid on shares and not payable on a fixed date. NV and PLC only issue fully paid shares.
MODIFICATION OF RIGHTS
Modifications to NV’s or PLC’s Articles of Association must be approved by a general meeting of shareholders. Any modification that prejudices the rights of 7% or 6% cumulative preference shareholders of NV must be approved by three quarters of votes cast (excluding treasury shares) at a meeting of affected holders.
Modifications that prejudicially affect the rights and privileges of a class of PLC shareholders require the written consent of three quarters of the affected holders (excluding treasury shares) or a special resolution passed at a general meeting of the class at which at least two persons holding or representing at least one third of the paid-up capital (excluding treasury shares) must be present. Every shareholder is entitled to one vote per share held on a poll and may demand a poll vote. At any adjourned general meeting, present affected class holders may establish a quorum.
SINKING FUND AND CHANGE IN CONTROL
Not applicable.
Please also refer to ‘The Unilever Group’ on page 1 of this report.
C. MATERIAL CONTRACTS
The information set forth under the following headings of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference:
‘~~Note 21 Acquisition and disposals’ on pages 125 and 126; and~~
‘About Unilever’ on page ~~41.~~45; and
‘Material Contracts’ on page 50’.
The descriptions of the foundation agreements set forth in the Group’s Annual Report and Accounts ~~2014~~2015 do not purport to be complete and are qualified in their entirety by reference to the Equalisation Agreement between Unilever N.V. and Unilever PLC, the Deed of Mutual Covenants and the Agreement for Mutual
Guarantees of Borrowing, including all amendments thereto, filed as Exhibits 4.1(a), 4.1(b) and ~~4(c)~~4.1(c), respectively, to this report, which are incorporated herein by reference.
D. EXCHANGE CONTROLS
Under the Dutch External Financial Relations Act of 25 March 1994, the Minister of Finance is authorised to issue regulations relating to financial transactions concerning the movement of capital to or from other countries with respect to direct investments, establishment, the performing of financial services, the admission of negotiable instruments or goods with respect to which regulations have been issued under the Import and Export Act in the interest of the international legal system or an arrangement relevant thereto. These regulations may contain a prohibition to perform any of the actions indicated in those regulations without a licence. To date, no regulations of this type, have been issued which are applicable to NV.
Other than certain economic sanctions which may be in place from time to time, there are currently no UK laws, decrees or regulations restricting the import or export of capital or affecting the remittance of dividends or other payments to holders of the company’s shares who are non-residents of the UK. Similarly, other than certain economic sanctions which may be in force from time to time, there are no limitations relating only to non-residents of the UK under English law or the company’s Articles of Association on the right to be a holder of, and to vote in respect of, the company’s shares.
E. TAXATION
TAXATION FOR US PERSONS HOLDING SHARES IN NV
The following notes are provided for guidance. US persons should consult their local tax advisers, particularly in connection with potential liability to pay US taxes on disposal, lifetime gift or bequest of their shares. A US person is a US individual citizen or resident, a corporation organised under the laws of the United States, or any other legal person subject to United States Federal Income Tax on its worldwide income.
TAXATION ON DIVIDENDS IN THE NETHERLANDS
As of 1 January 2007, dividends paid by companies in the Netherlands are in principle subject to dividend withholding tax of 15%. Where a shareholder is entitled to the benefits of the current Income Tax Convention (the Convention) concluded on 18 December 1992 between the United States and the Netherlands, when dividends are paid by NV to:
a corporation organised under the laws of the United States (or any territory of it) having no permanent establishment in the Netherlands of which such shares form a part of the business property; or
any other legal person subject to United States Federal Income Tax with respect to its worldwide income, having no permanent establishment in the Netherlands of which such shares form a part of the business property, these dividends qualify for a reduction of withholding tax on dividends in the Netherlands from 15% to 5%, if the beneficial owner is a company which directly holds at least 10% of the voting power of NV shares.
Where a United States person has a permanent establishment in the Netherlands, which has shares in NV forming part of its business property, dividends it receives on those shares are included in that establishment’s profit. They are subject to income tax or corporation tax in the Netherlands, as appropriate, and tax on dividends in the Netherlands will generally be applied at the full rate of 15% with, as appropriate, the possibility to claim a credit for that tax on dividends in the Netherlands against the income tax or corporation tax in the Netherlands. The net tax suffered may be treated as foreign income tax eligible for credit against shareholders’ United States income taxes.
The Convention provides, subject to certain conditions, for a complete exemption from, or refund of, Dutch dividend withholding tax if the beneficial owner is a qualified ‘Exempt Pension Trust’ as defined in Article 35 of the Convention or a qualified ‘Exempt Organisation’ as defined in Article 36 of the Convention. It is noted
~~16                Form 20-F~~ ~~Unilever~~ ~~Annual Report on Form 20-F 2014~~
~~ITEM 10. ADDITIONAL INFORMATION~~
~~CONTINUED~~
that, subject to certain conditions, foreign (non-Dutch) tax exempt entities may also be entitled to a full refund of any Dutch dividend withholding tax suffered based on specific provisions in the Dividend Tax Act in the Netherlands. This tax refund opportunity under Dutch domestic tax law already applied to European Union and European Economic Area entities as of 1 January 2007 and has been extended as of 1 January 2012 to all foreign tax exempt entities including, if appropriate, United States tax exempt entities.
Under the Convention, qualifying United States organisations that are generally exempt from United States taxes and that are constituted and operated exclusively to administer or provide pension, retirement or other employee benefits may be exempt at source from withholding tax on dividends received from a Dutch corporation. A Competent Authority Agreement between the US and Dutch tax authorities on 6 August 2007, published in the US as Announcement 2007-75, 2007-2 Cumulative Bulletin 540, as amended by a Competent Authority Agreement published in the United States as Announcement 2010-26, 2010-1 Cumulative Bulletin 604, describes the eligibility of these US organisations for benefits under the Convention and procedures for claiming these benefits.
Under the Convention, a United States trust, company or organisation that is operated exclusively for religious, charitable, scientific, educational or public purposes is subject to an initial 15% withholding tax rate. Such an exempt organisation may be entitled to reclaim from tax authorities in the Netherlands a refund of the Dutch dividend tax, if and to the extent that it is exempt from
16                Form 20-F UnileverAnnual Report on Form 20-F 2015
ITEM 10. ADDITIONAL INFORMATIONCONTINUED
United States Federal Income Tax and it would be exempt from tax in the Netherlands if it were organised and carried on all its activities there.
If you are an NV shareholder resident in any country other than the United States or the Netherlands, any exemption from, or reduction or refund of, dividend withholding tax in the Netherlands may be governed by specific provisions in Dutch tax law, the ‘Tax Regulation for the Kingdom of the Netherlands’, or by the tax convention or any other agreement for the avoidance of double taxation, if any, between the Netherlands and your country of residence.
UNITED STATES TAXATION ON DIVIDENDS
If you are a United States person, the dividend (including the withheld amount) up to the amount of NV earnings and profits for United States Federal Income Tax purposes will be ordinary dividend income. Dividends received by an individual will be taxed at a maximum rate of 15% or 20%, depending on the income level of the individual, provided the individual has held the shares for more than 60 days during the 121-day period beginning 60 days before the ex-dividend date, that NV is a qualified foreign corporation and that certain other conditions are satisfied. NV is a qualified foreign corporation for this purpose. In addition, an additional tax of 3.8% will apply to dividends and other investment income received by individuals with incomes exceeding certain thresholds. The dividends are not eligible for the dividends received deduction allowed to corporations.
For US foreign tax credit purposes, the dividend is foreign source income, and withholding tax in the Netherlands is a foreign income tax that is eligible for credit against the shareholder’s United States income taxes. However, the rules governing the US foreign tax credit are complex, and additional limitations on the credit apply to individuals receiving dividends eligible for the maximum tax rate on dividends described above.
Any portion of the dividend that exceeds NV’s United States earnings and profits is subject to different rules. This portion is a tax-free return of capital to the extent of your basis in NV’s shares, and thereafter is treated as a gain on a disposition of the shares.
Under a provision of the Dividend Tax Act in the Netherlands and provided certain conditions are satisfied, NV is entitled to a credit (up to a maximum of 3% of the gross dividend from which dividend tax is withheld) against the amount of dividend tax withheld before remittance to tax authorities in the Netherlands. The United States tax authority may take the position that withholding tax in the Netherlands eligible for credit should be limited accordingly.
DISCLOSURE REQUIREMENTS FOR US INDIVIDUAL HOLDERS
US individuals that hold certain specified foreign financial assets, including stock in a foreign corporation, with values in excess of certain thresholds are required to file Form 8938 with their United States Federal Income Tax return. Such Form requires disclosure of information concerning such foreign assets, including the value of the assets. Failure to file the form when required is subject to penalties. An exemption from reporting applies to foreign assets held through a US financial institution, generally including a non-US branch or subsidiary of a US institution and a US branch of a non-US institution. Investors are encouraged to consult with their own tax advisors regarding the possible application of this disclosure requirement to their investment in the shares.
TAXATION ON CAPITAL GAINS IN THE NETHERLANDS
Under the Convention, if you are a United States person and you have capital gains on the sale of shares of a Dutch company, these are generally not subject to taxation by the Netherlands. An exception to this rule generally applies if you have a permanent establishment in the Netherlands and the capital gain is derived from the sale of shares which form part of that permanent establishment’s business property.
SUCCESSION DUTY AND GIFT TAXES IN THE NETHERLANDS
Under the Estate and Inheritance Tax Convention between the United States and the Netherlands of 15 July 1969, individual US persons who are not Dutch citizens who have shares will generally not be subject to succession duty in the Netherlands on the individual’s death, unless the shares are part of the business property of a permanent establishment situated in the Netherlands.
A gift of shares of a Dutch company by a person who is not a resident or a deemed resident of the Netherlands is generally not subject to gift tax in the Netherlands. A non-resident Netherlands citizen, however, is still treated as a resident of the Netherlands for gift tax purposes for ten years and any other non-resident person for one year after leaving the Netherlands.
TAXATION FOR US PERSONS HOLDING SHARES OR ~~ADSS~~ADSs IN PLC
The following notes are provided for guidance. US persons should consult their local tax advisers, particularly in connection with potential liability to pay US taxes on disposal, lifetime gift or bequest of their shares or American Depositary Shares (ADSs). A US person is a US individual citizen or resident, a corporation organised under the laws of the United States, or any other legal person subject to United States Federal Income Tax on its worldwide income.
UNITED KINGDOM TAXATION ON DIVIDENDS
Under United Kingdom law, income tax is not withheld from dividends paid by United Kingdom companies. Shareholders, whether resident in the United Kingdom or not, receive the full amount of the dividend actually declared.
UNITED STATES TAXATION ON DIVIDENDS
If you are a US person, the dividend up to the amount of PLC’s earnings and profits for United States Federal Income Tax purposes will be ordinary dividend income. Dividends received by an individual will be taxed at a maximum rate of 15% or 20%, depending on the income level of the individual, provided the individual has held the shares or ADSs for more than 60 days during the 121-day period beginning 60 days before the ex-dividend date, that PLC is a qualified foreign corporation and certain other conditions are satisfied. PLC is a qualified foreign corporation for this purpose. In addition, an additional tax of 3.8% will apply to dividends and other investment income received by individuals with incomes exceeding
~~Unilever~~ ~~Annual Report on Form 20-F 2014~~ ~~Form 20-F                17~~
~~ITEM 10. ADDITIONAL INFORMATION~~
~~CONTINUED~~
certain thresholds. The dividend is not eligible for the dividends received deduction allowable to corporations. The dividend is foreign source income for US foreign tax credit purposes.
Any portion of the dividend that exceeds PLC’s United States earnings and profits is subject to different rules. This portion is a tax-free return of capital to the extent of your basis in PLC’s shares or ADSs, and thereafter is treated as a gain on a disposition of the shares or ADSs.
DISCLOSURE REQUIREMENTS FOR US INDIVIDUAL HOLDERS
US individuals that hold certain specified foreign financial assets, including stock in a foreign corporation, with values in excess of certain thresholds are required to file Form 8938 with their United States Federal Income Tax return. Such Form requires disclosure of information concerning such foreign assets, including the value of the assets. Failure to file the form when required is subject to penalties. An exemption from reporting applies to foreign assets held through a US financial institution, generally including a non-US branch or subsidiary of a US institution and a US branch of a non-US institution. Investors are encouraged to consult with their own tax advisors regarding the possible application of this disclosure requirement to their investment in the shares or ADSs.
Unilever Annual Report on Form 20-F 2015 Form 20-F                17
ITEM 10. ADDITIONAL INFORMATIONCONTINUED
UK TAXATION ON CAPITAL GAINS
Under United Kingdom law, when you ~~sell~~dispose of shares you may be liable to pay ~~capital gains tax.~~United Kingdom tax in respect of any gain accruing on the disposal. However, if you are either:
an individual who is not resident in the United ~~Kingdom;~~Kingdom for the year in question; or
a company which is not resident in the United Kingdom when the gain accrues
you will generally not be liable to United Kingdom tax on any capital gains made on disposal of your shares.
Two exceptions are: if the shares are held in connection with a trade or business which is conducted in the United Kingdom through a branch, agency or permanent establishment; ~~and~~or if the shares are held by an individual who becomes resident in the UK having left the UK for a period of non-residence of ~~less than~~ five years or less and who was resident for at least four of the seven tax years prior to leaving the UK.
UK INHERITANCE TAX
Under the current estate and gift tax convention between the United States and the United Kingdom, ordinary shares held by an individual shareholder who is:
domiciled for the purposes of the convention in the United States; and
is not for the purposes of the convention a national of the United Kingdom
will generally not be subject to United Kingdom inheritance tax:
on the individual’s death; or
on a gift of the shares during the individual’s lifetime.
An exception is if the shares are part of the business property of a permanent establishment of the individual in the United Kingdom or, in the case of a shareholder who performs independent personal services, pertain to a fixed base situated in the United Kingdom.
F. DIVIDENDS AND PAYING AGENTS
Not applicable.
G. STATEMENT BY EXPERTS
Not applicable.
H. DOCUMENTS ON DISPLAY
The information set forth under the headings ‘Contact details’ and ‘Publications’ on page 4044 of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference.
UNILEVER ANNUAL REPORT ON FORM 20-F ~~2014~~2015
Filed with the SEC on the SEC’s website. Printed copies are available, free of charge, upon request to Unilever PLC, Investor Relations department, 100 Victoria Embankment, London, EC4Y 0DY United Kingdom.
DOCUMENTS ON DISPLAY IN THE UNITED STATES
Unilever files and furnishes reports and information with the United States SEC. Such reports and information can be inspected and copied at the SEC’s public reference facilities in Washington DC, Chicago and New York. Certain of our reports and other information that we file or furnish to the SEC are also available to the public over the internet on the SEC’s website.
I. SUBSIDIARY INFORMATION
Not applicable.
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Please refer also to Item 3D ‘Risk Factors’ of this report.
The information set forth under the following headings of the Group’s Annual Report and Accounts 2014 furnished separately on 6 March 2015 under Form 6-K is incorporated by reference:
‘Note 4B Pensions and similar obligations’ on pages 9399 to ~~98;~~104;
‘Note 13 Trade and other current receivables’ on pages ~~107~~113
and ~~108;~~114;
‘Note 14 Trade payables and other liabilities’ on page ~~108;~~114;
‘Note 15 Capital and funding’ on pages ~~109 and 110;~~115 to 116;
‘Note 16 Treasury risk management’ on pages ~~114~~120 to ~~119;~~125;
‘Note 17 Investment and return’ on pages ~~119 and 120;~~125 to 126; and
‘Note 18 Financial instruments fair value risk’ on pages ~~121~~127
to ~~123.~~129.
Please also refer to ‘Outlook’ within Item 5D of this report.
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
Deutsche Bank serves as both the transfer agent and registrar pursuant to the NV New York Registered Share Program and the depositary (Depositary) for PLC’s American Depositary Receipt ~~Program, having replaced Citibank, N.A. (Citibank) on 1 July 2014.~~Program.
A. DESCRIPTION OF DEBT SECURITIES
Not applicable.
B. DESCRIPTION OF WARRANTS AND RIGHTS
Not applicable.
C. DESCRIPTION OF OTHER SECURITIES
Not applicable.
D.1 NAME OF DEPOSITARY AND ADDRESS OF PRINCIPAL EXECUTIVE
Not applicable.
D.2 TITLE OF ADRS AND BRIEF DESCRIPTION OF PROVISIONS
Not applicable.
D.3 TRANSFER AGENT FEES AND CHARGES FOR NV
Although Items 12.D.3 and 12.D.4 are not applicable to Unilever N.V. the following fees, charges and transfer agent payments are listed, as any fee arrangement with Deutsche Bank will cover both programs.
~~18                Form 20-F~~ ~~Unilever~~ ~~Annual Report on Form 20-F 2014~~
~~ITEM 12. DESCRIPTION OF SECURITIES~~
~~OTHER THAN EQUITY SECURITIES~~ ~~CONTINUED~~
Under the terms of the Transfer Agent Agreement for the Unilever N.V. New York Registered Share program, a New York Registry Share ~~(NYS)~~(NYRS) holder may have to pay the following service fees to the transfer agent:
Issuance of ~~NYSs:~~NYRSs: up to US 5¢ per ~~NYS~~NYRS issued.
Cancellation of ~~NYSs:~~NYRSs: up to US 5¢ per ~~NYS~~NYRS cancelled.
An ~~NYS~~NYRS holder will also be responsible to pay certain fees and expenses incurred by the transfer agent and certain taxes and governmental charges such as:
fees for the transfer and registration of shares charged by the registrar and transfer agent for the shares in the Netherlands (ie upon deposit and withdrawal of shares);
expenses incurred for converting foreign currency into US dollars;
expenses for cable, telex and fax transmissions and for delivery of securities;
taxes and duties upon the transfer of securities (ie when shares are deposited or withdrawn from deposit); and
fees and expenses incurred in connection with the delivery or servicing of shares on deposit.
18                Form 20-F UnileverAnnual Report on Form 20-F 2015
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIESCONTINUED
Transfer agent fees payable upon the issuance and cancellation of ~~NYSs~~NYRSs are typically paid to the transfer agent by the brokers (on behalf of their clients) receiving the newly-issued ~~NYSs~~NYRSs from the transfer agent and by the brokers (on behalf of their clients) delivering the ~~NYSs~~NYRSs to the transfer agent for cancellation. The brokers in turn charge these transaction fees to their clients.
Note that the fees and charges an investor may be required to pay may vary over time and may be changed by us and by the transfer agent. Notice of any changes will be given to investors.
D.3 DEPOSITARY FEES AND CHARGES FOR PLC
Under the terms of the Deposit Agreement for the Unilever PLC American Depositary Shares (ADSs), an ADS holder may have to pay the following service fees to the depositary bank:
Issuance of ADSs: up to US 5¢ per ADS issued.
Cancellation of ADSs: up to US 5¢ per ADS cancelled.
Processing of dividend and other cash distributions not made pursuant to a cancellation or withdrawal: up to US 5¢ per ADS held.
An ADS holder will also be responsible ~~to pay~~for paying certain fees and expenses incurred by the depositary bank and certain taxes and governmental charges such as:
fees for the transfer and registration of shares charged by the registrar and transfer agent for the shares in the United Kingdom (ie upon deposit and withdrawal of shares);
expenses incurred for converting foreign currency into US dollars;
expenses for cable, telex and fax transmissions and for delivery of securities;
taxes and duties upon the transfer of securities (ie when shares are deposited or withdrawn from deposit);
fees and expenses incurred in connection with the delivery or servicing of shares on deposit; and
fees incurred in connection with the distribution of dividends.
Depositary fees payable upon the issuance and cancellation of ADSs are typically paid to the depositary bank by the brokers (on behalf of their clients) receiving the newly-issued ADSs from the depositary bank and by the brokers (on behalf of their clients) delivering the ADSs to the depositary bank for cancellation. The brokers in turn charge these transaction fees to their clients.
Note that the fees and charges an investor may be required to pay may vary over time and may be changed by us and by the depositary bank. Notice of any changes will be given to investors.
D.4 TRANSFER AGENT PAYMENTS – FISCAL YEAR ~~2014~~2015 FOR NV
In relation to ~~2014,~~2015, NV ~~will receive $612,500.00~~received $1,225,000.00 from Deutsche Bank, the transfer agent and registrar for ~~our~~its New York Registered Share program since 1 July 2014, including the reimbursement of listing fees (NYSE), reimbursement of settlement infrastructure fees (including DTC feeds), reimbursement of proxy process expenses (printing, postage and distribution), tax reclaim services and program-related expenses (that include expenses incurred from the requirements of the Sarbanes-Oxley Act of 2002). ~~Deutsche Bank also agreed to reimburse NV for up to $12,500 in legal fees associated with the cost of transition of the New York Registered Share Program.~~
In 2014, NV received $706,638.58 from Citibank, the transfer agent and registrar for our New York Registered Share Program. In 2014, Citibank further agreed to waive other program related expenses amounting to $75,000 associated with the administration of the program.
D.4 DEPOSITARY PAYMENTS – FISCAL YEAR ~~2014~~2015 FOR PLC
In relation to ~~2014,~~2015, PLC ~~will receive $2,025,113.37~~received $4,047,412.64 from Deutsche Bank, the depositary bank for ~~our~~its American Depositary Receipt Program since 1 July 2014, including processing of cash distributions, reimbursement of listing fees (NYSE), reimbursement of settlement infrastructure fees (including DTC feeds), reimbursement of proxy process expenses (printing, postage and distribution), dividend fees and ~~program related~~program-related expenses (that include expenses incurred from the requirements of the
Sarbanes-Oxley Act of 2002). ~~Deutsche Bank also agreed to reimburse PLC for up to $12,500 in legal fees associated with the cost of transition of the American Depositary Receipt Program.~~
In 2014, PLC received $661,132.66 from Citibank, the depositary bank for our American Depositary Receipt Program. In 2014, Citibank further agreed to waive other ADS program related expenses amounting to $75,000 associated with the administration of the program.
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
A. DEFAULTS
There has been no material default in the payment of principal, interest, a sinking or purchase fund instalment or any other material default relating to indebtedness of the Group.
B. DIVIDEND ARREARAGES AND DELINQUENCIES
There have been no arrears in payment of dividends on, and material delinquency with respect to, any class of preferred stock of any significant subsidiary of the Group.
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
~~Please refer to Item 12 on pages 18 and 19 of this report.~~Not applicable.
~~Unilever~~ ~~Annual Report on Form 20-F 2014~~ ~~Form 20-F                19~~
ITEM 15. CONTROLS AND PROCEDURES
The information set forth under the headings ‘Report of independent registered public accounting firm’ in Item 18 on page 22 of this report, and ‘Our risk appetite and approach to risk management’ on page ~~49,~~53, ‘The United States’ on page 4852 and ‘Risk management and internal control arrangements’ on page 5761 of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference.
MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
In accordance with the requirements of Section 404 of the US Sarbanes-Oxley Act of 2002, the following report is provided by management in respect of the Group’s internal control over financial reporting (as defined in rule 13a–15(f) or rule 15d–15(f) under the US Securities Exchange Act of 1934):
Unilever’s management is responsible for establishing and maintaining adequate internal control over financial reporting for the Group;
Unilever’s management has used the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework (2013) to evaluate the effectiveness of our internal control over financial reporting. Management believes that the COSO framework (2013) is a suitable framework for its evaluation of our internal control over financial reporting because it is free from bias, permits reasonably consistent qualitative and quantitative measurements of internal controls, is sufficiently complete so that those relevant factors that would alter a conclusion about the effectiveness of internal controls are not omitted and is relevant to an evaluation of internal control over financial reporting;
Management has assessed the effectiveness of internal control over financial reporting as of 31 December ~~2014,~~2015, and has concluded that such internal control over financial reporting is effective; and
KPMG LLP and KPMG Accountants N.V., who have audited the consolidated financial statements of the Group for the year ended 31 December ~~2014,~~2015, have also audited the effectiveness of internal control over financial reporting as at 31 December ~~2014~~2015 and have issued an attestation report on internal control over financial reporting. For the Auditors’ report please refer to Item 18 on page 22 of this report.
ITEM 16. RESERVED
Not applicable.
Unilever Annual Report on Form 20-F 2015 Form 20-F                19
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT
The information set forth under the ~~heading~~headings ‘Independence and Conflicts’ and ‘Report of the Audit Committee’ on page 46 and pages 5660 and 5761, respectively, of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference.
ITEM 16B. CODE OF ETHICS
The information set forth under the following headings of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference:
‘Foundation and principles’ on page ~~49; and~~53;
‘The United States’ on page ~~48.~~52; and
‘Code of Business Principles’ on page 62.
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The information set forth under the heading ‘Report of the Audit Committee’ on pages ~~56 to 57~~60 and 61 of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference.
Following a competitive tender process KPMG LLP and KPMG Accountants N.V. (together referred to as ‘KPMG’) were appointed as the Group’s auditors has on 14 May 2014. KPMG have served as Group auditor for the ~~year~~years ended 31 December ~~2014 at the Annual General Meeting on 14 May~~2015 and 2014. PricewaterhouseCoopers LLP and PricewaterhouseCoopers Accountants N.V. (together referred to as ‘PricewaterhouseCoopers’) served as Group auditor for the ~~years~~year ended 31 December ~~2013 and 2012.~~2013. Remuneration of the Group’s auditor in respect of 2015 and 2014 was payable to KPMG while in respect of 2013 ~~and 2012~~ it was payable to PricewaterhouseCoopers.

   € million € million € million
   € million
2014 € million
2013    € million
2012    2015 2014 2013
Audit fees^(a)
   14    16       18       14    14    16
Audit-related fees^(b)
   – ^(c) 3       2       – ^(c) – ^(c) 3
Tax fees
   – ^(c) 1       1       – ^(c) – ^(c) 1
All other fees
   – ^(c) 1       –       – ^(c) – ^(c) 1

^(a) Excludes€nil million fees paid in respect of services supplied for associated pension schemes. ~~(2013:~~(2014:€1nil million; ~~2012:~~2013:€1 million).
^(b) Includes other audit services which comprise audit and similar work that regulations or agreements with third parties require the auditors to undertake.
^(c) Amounts paid in relation to each type of service are individually less than€1 million. In aggregate the fees paid were€1 million ~~individually and in aggregate.~~(2014: less than€1 million).
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not applicable.

~~20                Form 20-F~~ ~~Unilever~~ ~~Annual Report on Form 20-F 2014~~
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
SHARE PURCHASES DURING ~~2014~~2015
The information set forth under the heading ‘Our shares’ on pages 4347 and 4448 of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference.

            € million
         Of which, number of    Maximum value that
         shares purchased    may yet be purchased
   Total number of    Average price    as part of publicly    as part of publicly
   Total number of
shares purchased    Average price
paid per share (€)    Of which, number of
shares purchased
as part of publicly
announced plans    € million
Maximum value that
may yet be purchased
as part of publicly
announced plans    shares purchased    paid per share (€)    announced plans    announced plans
January
   –       –       –       –       –       –       –       –
February^(a)
   426,958       29.12       –       –       24,212       37.54       –       –
March^(a)
   742,035       28.25       –       –
March
   –       –       –       –
April
   –       –       –       –       –       –       –       –
May^(a)
   2,235,000       32.11       –       –
May
   –       –       –       –
June^(a)
   4,922,332       32.95       –       –       2,037,000       38.38       –       –
July^(a)
   2,821,233       32.18       –       –
July
   –       –       –       –
August^(a)
   1,105,067       30.67       –       –       3,383,300       39.69       –       –
September^(a)
   1,111,101       32.92       –       –
September
   –       –       –       –
October
   –       –       –       –       –       –       –       –
November
   –       –       –       –       –       –       –       –
December
   –       –       –       –       –       –       –       –








Total
   13,363,726       32.07       –       –       5,444,512       39.19       –       –








^(a) Shares were purchased to satisfy commitments to deliver shares under our share-based plans as described in note 4C ‘Share-based compensation plans’ on pages 98104 and 99105 of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K and incorporated by reference.
Between 31 December ~~2014~~2015 and 2515 February ~~2015~~2016 (the latest practicable date for inclusion in this report) ~~Unilever N.V. purchased 24,212~~neither NV ~~Shares with an average price of euro 37.54 per~~or PLC conducted any share ~~to facilitate grants in connection with its employee compensation programs.~~repurchases.
20                Form 20-F UnileverAnnual Report on Form 20-F 2015
ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT
In 2013 we conducted a tender process for the Unilever Group’s statutory audit contract. The change in auditors was made in order to remain at the forefront of good governance and in recognition of regulatory changes in Europe and elsewhere. Accordingly, the engagement of PricewaterhouseCoopers LLP and PricewaterhouseCoopers Accountants N.V. (together, ‘PricewaterhouseCoopers’), was not renewed in 2014. As a result of the audit tender process we announced on 2 December 2013 that following, completion of the audit of the Unilever Group financial statements for the year ended 31 December 2013 and the audit of the effectiveness of internal control over financial reporting as of 31 December 2013, KPMG LLP and KPMG Accountants N.V. (together, ‘KPMG’) would become Unilever’s statutory auditor, following approval by shareholders at the 2014 Annual General Meeting of Unilever PLC and Unilever ~~N.V.~~N.V.. The approval for this was delegated by the Board to a Board Committee comprising the Chairman, the Chief Financial Officer, the Chairman of the Audit Committee and the
Vice-Chairman/Senior Independent Director.
During the two years prior to 31 December ~~2014, (i) PricewaterhouseCoopers has~~2013 we did not issued any reports on the financial statements of the Unilever Group or on the effectiveness of internal control over financial reporting that contained an adverse opinion or a disclaimer of opinion, nor were the auditors’ reports of PricewaterhouseCoopers qualified or modified as to uncertainty, audit scope, or accounting principles, (ii) there has not been any disagreement over any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements if not resolved to PricewaterhouseCoopers’ satisfaction would have caused it to make reference to the subject matter of the disagreement in connection with its auditors’ reports, or any ‘reportable event’ as described in Item 16F(a)(1)(v) of Form 20-F.
~~Further in the two years prior to 31 December 2014 we have not consulted~~consult with KPMG regarding either (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered with respect to the consolidated financial statements of the Unilever Group; or (ii) any matter that was the subject of a disagreement as that term is used in Item 16F(a)(1)(iv) of Form 20-F or a ‘reportable event’ as described in Item 16F(a)(1)(v) of Form 20-F.
ITEM 16G. CORPORATE GOVERNANCE
The information set forth under the heading ‘Corporate governance’ on pages 4145 to 4852 of the Group’s Annual Report and Accounts ~~2014~~2015 furnished separately on ~~6 March 2015~~23 February 2016 under Form 6-K is incorporated by reference.
ITEM 16H. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 17. FINANCIAL STATEMENTS
Unilever has responded to Item 18 in lieu of this item.

Unilever Annual Report on Form 20-F ~~2014~~2015 Form 20-F                21
ITEM 18. FINANCIAL STATEMENTS
The information set forth under the heading ‘Financial statements’ on page 7884 and pages 8490 to ~~130~~147 of the Group’s Annual Report and Accounts 2014 furnished separately on 6 March 2015 under Form 6-K is incorporated by reference.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS
The Board of Directors and Shareholders
We have audited the accompanying consolidated balance ~~sheet~~sheets of the Unilever Group (Unilever N.V. and Unilever PLC, together with their subsidiaries) as ofat 31 December 2015 and 2014 and the related consolidated income ~~statement,~~statements, consolidated ~~statement~~statements of comprehensive income, consolidated ~~statement~~statements of changes in equity, and consolidated cash flow ~~statement~~statements for each of the ~~year~~years in the two-year period ended 31 December ~~2014~~2015 on pages 8490 to ~~130~~147 of the Unilever Group’s Annual Report and Accounts (excluding note 25 on page ~~128)~~135) and the Guarantor financial information included in Item 18 of this Form 20-F (hereafter referred to as ~~Consolidated~~‘Consolidated Financial ~~Statements)~~Statements’). We also have audited the Unilever Group’s internal control over financial reporting as ofat 31 December ~~2014,~~2015, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Unilever Group’s management is responsible for these Consolidated Financial Statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in Item 15 of this Form 20-F. Our responsibility is to express an opinion on these Consolidated Financial Statements and an opinion on the ~~Company’s~~Unilever Group’s internal control over financial reporting based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the Consolidated Financial Statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the Consolidated Financial Statements included examining, on a test basis, evidence supporting the amounts and disclosures in the Consolidated Financial Statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and Directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the Consolidated Financial Statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
In our opinion, the Consolidated Financial Statements referred to above present fairly, in all material respects, the financial position of the Unilever Group as ofat 31 December 2015 and 2014, and the results of its operations and its cash flows for each of the ~~year~~years in the two-year period ended 31 December ~~2014,~~2015, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and in conformity with IFRS as adopted by the European Union. Also in our opinion, the Unilever Group maintained, in all material respects, effective internal control over financial reporting as of 31 December ~~2014,~~2015, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

KPMG LLP    KPMG Accountants N.V.
London, United Kingdom    Amsterdam, the Netherlands
~~3 March 2015~~17 February 2016

22                Form 20-F UnileverAnnual Report on Form 20-F ~~2014~~2015
ITEM 18. FINANCIAL STATEMENTSCONTINUED
To the Directors and shareholders
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS
In our opinion, the consolidated income ~~statements and the related consolidated balance sheets,~~statement, consolidated cash flow ~~statements,~~statement, consolidated ~~statements~~statement of comprehensive income and consolidated ~~statements~~statement of changes in equity set forth under the heading ‘Financial Statements’ on pages 8490 to ~~130 (excluding Note 25 on page 128)~~147 of Unilever Group’s Annual Report and Accounts ~~2014~~2015 and the Guarantor financial information included in Item 18 of this Form 20-F present fairly, in all material respects, the ~~financial position of Unilever Group at 31 December 2013, and the~~ results of its operations and its cash flows for ~~each of~~ the ~~two years in the period~~year ended 31 December 2013, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and in conformity with IFRS as adopted by the European Union. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our ~~audits.~~audit. We conducted our ~~audits~~audit of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our ~~audits provide~~audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP    Amsterdam, The Netherlands, 4 March 2014
London, United Kingdom    PricewaterhouseCoopers Accountants N.V.
As auditors of Unilever PLC    As auditors of Unilever N.V.
4 March 2014    Original has been signed by P J van Mierlo RA
~~4 March 2014~~

Unilever Annual Report on Form 20-F ~~2014~~2015 Form 20-F                23
ITEM 18. FINANCIAL STATEMENTSCONTINUED
GUARANTOR STATEMENTS(AUDITED)
On 30 September 2014, NV and Unilever Capital Corporation (UCC) filed a US Shelf registration, which is unconditionally and fully guaranteed, jointly and severally, by NV, PLC and Unilever United States, Inc. (UNUS) and that superseded the NV and UCC US Shelf registration filed on 1 November 2011, 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, US ~~$5.0~~$5.6 billion of Notes were outstanding at 31 December ~~2014 (2013:~~2015 (2014: US ~~$5.8~~$5.0 billion; ~~2012:~~2013: US ~~$5.0~~$5.8 billion) with coupons ranging from ~~0.45%~~0.85% to 5.9%. These Notes are repayable between ~~30 July 2015~~10 February 2016 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 subsidiaries. These have been prepared under the historical cost convention and, aside from the basis of accounting for investments at net asset value (equity accounting), comply in all material respects with International Financial Reporting Standards. The financial information in respect of NV, PLC and UNUS has been prepared with all subsidiaries accounted for on an equity basis. Information on NV and PLC is shown collectively as Unilever parent entities. The financial information in respect of the non-guarantor subsidiaries has been prepared on a consolidated basis.
We have revised the presentation of certain items within the income statement, balance sheet and cash flow statement with a view to making the information provided easier to understand and more accessible to the users of the guarantor statements. The revisions primarily consist of:
~~Combining lines where only immaterial balances exist in Unilever Capital Corporation, Unilever United States Inc. and Unilever parent entities.~~
~~Combining lines where they are not captions within the financial statements of the Unilever Group.~~
~~Condensing the shareholders’ equity (balance sheet) and operating, investing and financing cash flows (cash flow statement).~~
~~Removing equity earnings of subsidiaries attributable to non-controlling interest from Unilever parent entities in the income statement.~~
~~Including equity earnings of subsidiaries within total comprehensive income.~~
~~Revising the presentation of elimination entries for intercompany assets, liabilities and net assets of subsidiaries (equity method) on the balance sheet.~~
Where appropriate, such as if material events or transactions occur in the period, we will provide additional detail in footnotes to the guarantor statements. We have reflected these revisions retrospectively they are not individually or collectively material to the financial statements taken as a whole.
   € million    € million    € million    € million    € million    € million       € million € million € million € million € million    € million
Income statement
for the year ended 31 December 2014


Unilever
Capital
Corporation
subsidiary
issuer





Unilever
parent
entities
^(a)



Unilever
United
States Inc.
subsidiary
guarantor





Non-
guarantor
subsidiaries

   Eliminations
Unilever
Group

   Unilever Unilever
   Capital United
   Corporation    Unilever ^(a) States Inc.    Non-
Income statement    subsidiary parent subsidiary guarantor    Unilever
for the year ended 31 December 2015    issuer entities guarantor subsidiaries Eliminations    Group
Turnover
   –    –    –    48,436    –    48,436       –    –    –    53,272    –       53,272
Operating profit
   –    363    (6 ) 7,623    –    7,980       –    990    (5 ) 6,530    –       7,515
Net finance costs
   –    (97 ) (258 ) (28 ) –    (383 )
Net finance income/(costs)
   –    (103 ) (327 ) 58    –       (372 )
Pensions and similar obligations
   –    (4 ) (26 ) (64 ) –    (94 )    –    (3 ) (29 ) (89 ) –       (121 )
Other income
   –    –    –    143    –    143
Other income/(losses)
   –    439    –    (241 ) –       198
Profit before taxation
   –    262    (290 ) 7,674    –    7,646       –    1,323    (361 ) 6,258    –       7,220
Taxation
   –    (93 ) (562 ) (1,476 ) –    (2,131 )    –    (461 ) (87 ) (1,413 ) –       (1,961 )
Net profit before subsidiaries
   –    169    (852 ) 6,198    –    5,515       –    862    (448 ) 4,845    –       5,259
Equity earnings of subsidiaries
   –    5,002    1,713    (5,269 ) (1,446 ) –       –    4,047    690    (9,408 ) 4,671       –
Net profit
   –    5,171    861    929    (1,446 ) 5,515       –    4,909    242    (4,563 ) 4,671       5,259
Attributable to:

Non-controlling interests
   –    –    –    344    –    344       –    –    –    350    –       350
Shareholders’ equity
   –    5,171    861    585    (1,446 ) 5,171       –    4,909    242    (4,913 ) 4,671       4,909
Total comprehensive income
   (1 ) 5,165    754    (317 ) (1,446 ) 4,155       (1 ) 4,922    332    (4,162 ) 4,671       5,762

^(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.

24                Form 20-F UnileverAnnual Report on Form 20-F ~~2014~~2015
ITEM 18. FINANCIAL STATEMENTSCONTINUED

   € million    € million    € million    € million    € million    € million
Income statement
for the year ended 31 December 2013


Unilever
Capital
Corporation
subsidiary
issuer





Unilever
parent
entities
^(a)



Unilever
United
States Inc.
subsidiary
guarantor






Non-
guarantor
subsidiaries

   Eliminations
Unilever
Group

Turnover    –    –    –    49,797    –    49,797
Operating profit    –    296    4    7,217    –    7,517
Net finance costs
   –    (79 ) (190 ) (128 ) –    (397 )
Pensions and similar obligations
   –    (4 ) (29 ) (100 ) –    (133 )
Other income
   –    –    –    127    –    127
Profit before tax and subsidiaries    –    213    (215 ) 7,116    –    7,114
Taxation
   –    (13 ) (419 ) (1,419 ) –    (1,851 )
Net profit before subsidiaries    –    200    (634 ) 5,697    –    5,263
Equity earnings of subsidiaries
   –    4,642    1,395    (2,945 ) (3,092 ) –
Net profit    –    4,842    761    2,752    (3,092 ) 5,263
Attributable to:

Non-controlling interests
   –    –    –    421    –    421
Shareholders’ equity
   –    4,842    761    2,331    (3,092 ) 4,842
Total comprehensive income
   (15 ) 4,931    1,186    2,057    (3,092 ) 5,067
~~Figures have been changed to conform to the current year presentation. Such revisions are not considered material to the financial statements taken as a whole.~~
   € million € million € million € million € million € million
   € million € million € million € million € million € million    Unilever Unilever
Income statement
for the year ended 31 December 2012


Unilever
Capital
Corporation
subsidiary
issuer





Unilever
parent
entities
^(a)



Unilever
United
States Inc.
subsidiary
guarantor





Non-
guarantor
subsidiaries

   Eliminations
Unilever
Group

   Capital United
   Corporation    Unilever ^(a) States Inc.    Non-
Income statement    subsidiary parent subsidiary guarantor Unilever
for the year ended 31 December 2014    issuer entities guarantor subsidiaries Eliminations Group
Turnover
   –    –    –    48,436    –    48,436
Operating profit
   –    363    (6 ) 7,623    –    7,980
Net finance costs
   –    (97 ) (258 ) (28 ) –    (383 )
Pensions and similar obligations
   –    (4 ) (26 ) (64 ) –    (94 )
Other income
   –    –    –    143    –    143
Profit before taxation
   –    262    (290 ) 7,674    –    7,646
Taxation
   –    (93 ) (562 ) (1,476 ) –    (2,131 )
Net profit before subsidiaries
   –    169    (852 ) 6,198    –    5,515
Equity earnings of subsidiaries
   –    5,002    1,713    (5,269 ) (1,446 ) –
Net profit
   –    5,171    861    929    (1,446 ) 5,515
Attributable to:

Non-controlling interests
   –    –    –    344    –    344
Shareholders’ equity
   –    5,171    861    585    (1,446 ) 5,171
Total comprehensive income
   (1 ) 5,165    754    (317 ) (1,446 ) 4,155
   € million € million € million € million € million € million
   Unilever Unilever
   Capital United
   Corporation    Unilever ^(a) States Inc.    Non-
Income statement    subsidiary parent subsidiary guarantor Unilever
for the year ended 31 December 2013    issuer entities guarantor subsidiaries Eliminations Group
Turnover    –    –    –    51,324    –    51,324       –    –    –    49,797    –    49,797
Operating profit    –    334    7    6,636    –    6,977       –    296    4    7,217    –    7,517
Net finance costs
   –    (175 ) (110 ) (105 ) –    (390 )    –    (79 ) (190 ) (128 ) –    (397 )
Pensions and similar obligations
   –    (5 ) (32 ) (108 ) –    (145 )    –    (4 ) (29 ) (100 ) –    (133 )
Other income
   –    –    –    91    –    91       –    –    –    127    –    127
Profit before tax and subsidiaries    –    154    (135 ) 6,514    –    6,533       –    213    (215 ) 7,116    –    7,114
Taxation
   –    (29 ) (192 ) (1,476 ) –    (1,697 )    –    (13 ) (419 ) (1,419 ) –    (1,851 )
Net profit before subsidiaries    –    125    (327 ) 5,038    –    4,836       –    200    (634 ) 5,697    –    5,263
Equity earnings of subsidiaries
   –    4,243    1,404    (3,527 ) (2,120 ) –       –    4,642    1,395    (2,945 ) (3,092 ) –
Net profit    –    4,368    1,077    1,511    (2,120 ) 4,836       –    4,842    761    2,752    (3,092 ) 5,263
Attributable to:

Non-controlling interests
   –    –    –    468    –    468       –    –    –    421    –    421
Shareholders’ equity
   –    4,368    1,077    1,043    (2,120 ) 4,368       –    4,842    761    2,331    (3,092 ) 4,842
Total comprehensive income
   (9 ) 4,216    1,166    645    (2,120 ) 3,898       (15 ) 4,931    1,186    2,057    (3,092 ) 5,067

^(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.
~~Figures have been changed to conform to the current year presentation. Such revisions are not considered material to the financial statements taken as a whole.~~
~~Unilever~~ ~~Annual Report on Form 20-F 2014~~ ~~Form 20-F                25~~
~~ITEM 18. FINANCIAL STATEMENTS~~~~CONTINUED~~

   € million    € million € million    € million    € million € million
Balance sheetat 31 December 2014

Unilever
Capital
Corporation
subsidiary
issuer





Unilever
parent
entities
^(a)



Unilever
United
States Inc.
subsidiary
guarantor







Non-
guarantor
subsidiaries

      Eliminations
Unilever
Group

Assets

Non-current assets

Goodwill and intangible assets
   –       1,636    –       20,538       –    22,174
Deferred tax assets
   –       145    152       989       –    1,286
Other non-current assets
   –       11    3       12,206       –    12,220
Amounts due from group companies
   10,440       779    –       –       (11,219 ) –
Net assets of subsidiaries (equity accounted)
   –       43,153    17,776       –       (60,929 ) –
   10,440       45,724    17,931       33,733       (72,148 ) 35,680
Current assets

Amounts due from group companies
   –       5,077    3,156       37,248       (45,481 ) –
Trade and other current receivables
   –       82    11       4,936       –    5,029
Current tax assets
   –       64    –       217       –    281
Other current assets
   –       5    –       7,032       –    7,037
   –       5,228    3,167       49,433       (45,481 ) 12,347
Total assets    10,440       50,952    21,098       83,166       (117,629 ) 48,027
Liabilities

Current liabilities

Financial liabilities
   624       3,777    5       1,130       –    5,536
Amounts due to group companies
   5,757       31,473    18       8,233       (45,481 ) –
Trade payables and other current liabilities
   42       218    33       12,313       –    12,606
Current tax liabilities
   –       –    39       1,042       –    1,081
Other current liabilities
   –       11    –       408       –    419
   6,423       35,479    95       23,126       (45,481 ) 19,642
Non-current liabilities

Financial liabilities
   3,717       1,686    –       1,783       –    7,186
Amounts due to group companies
   –       –    10,439       780       (11,219 ) –
Pensions and post-retirement healthcare liabilities

Funded schemes in deficit
   –       8    140       2,074       –    2,222
Unfunded schemes
   –       109    570       1,046       –    1,725
Other non-current liabilities
   –       21    2       2,966       –    2,989
   3,717       1,824    11,151       8,649       (11,219 ) 14,122
Total liabilities
   10,140       37,303    11,246       31,775       (56,700 ) 33,764
Shareholders’ equity
   300       13,649    9,852       50,779       (60,929 ) 13,651
Non-controlling interests
   –       –    –       612       –    612
Total equity
   300       13,649    9,852       51,391       (60,929 ) 14,263
Total liabilities and equity    10,440       50,952    21,098       83,166       (117,629 ) 48,027
^(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.

~~26                Form 20-F~~ Unilever Annual Report on Form 20-F ~~2014~~2015 Form 20-F                25
ITEM 18. FINANCIAL STATEMENTSCONTINUED

   € million    € million € million    € million    € million € million
Balance sheetat 31 December 2013

Unilever
Capital
Corporation
subsidiary
issuer





Unilever
parent
entities ^(a)



Unilever
United
States Inc.
subsidiary
guarantor





Non-
guarantor
subsidiaries

      Eliminations
Unilever
Group

Assets

Non-current assets

Goodwill and intangible assets
   –       1,726    –       19,178       –    20,904
Deferred tax assets
   –       163    38       883       –    1,084
Other non-current assets
   –       1    1       11,401       –    11,403
Amounts due from group companies
   7,896       –    –       41       (7,937 ) –
Net assets of subsidiaries (equity accounted)
   –       41,740    17,841       –       (59,581 ) –
   7,896       43,630    17,880       31,503       (67,518 ) 33,391
Current assets

Amounts due from group companies
   –       5,112    2,103       32,848       (40,063 ) –
Trade and other current receivables
   –       91    13       4,727       –    4,831
Current tax assets
   –       18    –       199       –    217
Other current assets
   –       3    –       7,071       –    7,074
   –       5,224    2,116       44,845       (40,063 ) 12,122
Total assets    7,896       48,854    19,996       76,348       (107,581 ) 45,513
Liabilities
Current liabilities

Financial liabilities
   885       2,132    3       990       –    4,010
Amounts due to group companies
   3,101       29,747    –       7,215       (40,063 ) –
Trade payables and other current liabilities
   45       170    31       11,489       –    11,735
Current tax liabilities
   –       (17 ) 155       1,116       –    1,254
Other current liabilities
   –       11    –       372       –    383
   4,031       32,043    189       21,182       (40,063 ) 17,382
Non-current liabilities

Financial liabilities
   3,600       2,326    –       1,565       –    7,491
Amounts due to group companies
   –       –    7,937       –       (7,937 ) –
Pensions and post-retirement healthcare liabilities

Funded schemes in deficit
   –       –    12       1,393       –    1,405
Unfunded schemes
   –       102    480       981       –    1,563
Other non-current liabilities
   –       39    2       2,816       –    2,857
   3,600       2,467    8,431       6,755       (7,937 ) 13,316
Total liabilities    7,631       34,510    8,620       27,937       (48,000 ) 30,698
Shareholders’ equity    265       14,344    11,376       47,940       (59,581 ) 14,344
Non-controlling interests
   –       –    –       471       –    471
Total equity    265       14,344    11,376       48,411       (59,581 ) 14,815
Total liabilities and equity    7,896       48,854    19,996       76,348       (107,581 ) 45,513
   € million    € million € million    € million    € million € million
   Unilever    Unilever
   Capital    United
   Corporation       Unilever ^(a) States Inc.       Non-
   subsidiary    parent subsidiary    guarantor    Unilever
Balance sheetat 31 December 2015    issuer    entities guarantor    subsidiaries    Eliminations Group
Assets

Non-current assets

Goodwill and intangible assets
   –       2,429    –       22,630       –    25,059
Deferred tax assets
   –       160    90       935       –    1,185
Other non-current assets
   –       8    3       13,357       –    13,368
Amounts due from group companies
   12,961       2,763    –       –       (15,724 ) –
Net assets of subsidiaries (equity accounted)
   –       39,770    18,952       –       (58,722 ) –

   12,961       45,130    19,045       36,922       (74,446 ) 39,612
Current assets

Amounts due from group companies
   86       2,917    4,290       33,450       (40,743 ) –
Trade and other current receivables
   –       69    5       4,730       –    4,804
Current tax assets
   –       92    –       138       –    230
Other current assets
   –       4    1       7,647       –    7,652

   86       3,082    4,296       45,965       (40,743 ) 12,686
Total assets
   13,047       48,212    23,341       82,887       (115,189 ) 52,298
Liabilities

Current liabilities

Financial liabilities
   1,990       1,551    4       1,244       –    4,789
Amounts due to group companies
   6,077       27,351    22       7,293       (40,743 ) –
Trade payables and other current liabilities
   57       170    38       13,523       –    13,788
Current tax liabilities
   –       –    10       1,117       –    1,127
Other current liabilities
   –       5    –       310       –    315

   8,124       29,077    74       23,487       (40,743 ) 20,019
Non-current liabilities

Financial liabilities
   4,589       3,723    –       1,542       –    9,854
Amounts due to group companies
   –       –    12,960       2,764       (15,724 ) –
Pensions and post-retirement healthcare liabilities:

    Funded schemes in deficit
   –       9    92       1,468       –    1,569
    Unfunded schemes
   –       97    543       1,045       –    1,685
Other non-current liabilities
   –       22    2       3,065       –    3,089
   4,589       3,851    13,597       9,884       (15,724 ) 16,197
Total liabilities
   12,713       32,928    13,671       33,371       (56,467 ) 36,216
Shareholders’ equity
   334       15,284    9,670       48,873       (58,722 ) 15,439
Non-controlling interests
   –       –    –       643       –    643
Total equity
   334       15,284    9,670       49,516       (58,722 ) 16,082
Total liabilities and equity
   13,047       48,212    23,341       82,887       (115,189 ) 52,298

^(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.
~~Figures have been changed to conform to the current year presentation. Such revisions are not considered material to the financial statements taken as a whole.~~

26                Form 20-F UnileverAnnual Report on Form 20-F 2015
ITEM 18. FINANCIAL STATEMENTSCONTINUED
   € million    € million € million    € million    € million € million
   Unilever    Unilever
   Capital    United
   Corporation       Unilever ^(a) States Inc.       Non-
   subsidiary    parent subsidiary    guarantor    Unilever
Balance sheetat 31 December 2014    issuer    entities guarantor    subsidiaries    Eliminations Group
Assets

Non-current assets

Goodwill and intangible assets
   –       1,636    –       20,538       –    22,174
Deferred tax assets
   –       145    152       989       –    1,286
Other non-current assets
   –       11    3       12,206       –    12,220
Amounts due from group companies
   10,440       779    –       –       (11,219 ) –
Net assets of subsidiaries (equity accounted)
   –       43,153    17,776       –       (60,929 ) –

   10,440       45,724    17,931       33,733       (72,148 ) 35,680
Current assets

Amounts due from group companies
   –       5,077    3,156       37,248       (45,481 ) –
Trade and other current receivables
   –       82    11       4,936       –    5,029
Current tax assets
   –       64    –       217       –    281
Other current assets
   –       5    –       7,032       –    7,037

   –       5,228    3,167       49,433       (45,481 ) 12,347
Total assets
   10,440       50,952    21,098       83,166       (117,629 ) 48,027
Liabilities

Current liabilities

Financial liabilities
   624       3,777    5       1,130       –    5,536
Amounts due to group companies
   5,757       31,473    18       8,233       (45,481 ) –
Trade payables and other current liabilities
   42       218    33       12,313       –    12,606
Current tax liabilities
   –       –    39       1,042       –    1,081
Other current liabilities
   –       11    –       408       –    419

   6,423       35,479    95       23,126       (45,481 ) 19,642
Non-current liabilities

Financial liabilities
   3,717       1,686    –       1,783       –    7,186
Amounts due to group companies
   –       –    10,439       780       (11,219 ) –
Pensions and post-retirement healthcare liabilities:

    Funded schemes in deficit
   –       8    140       2,074       –    2,222
    Unfunded schemes
   –       109    570       1,046       –    1,725
Other non-current liabilities
   –       21    2       2,966       –    2,989
   3,717       1,824    11,151       8,649       (11,219 ) 14,122
Total liabilities
   10,140       37,303    11,246       31,775       (56,700 ) 33,764
Shareholders’ equity
   300       13,649    9,852       50,779       (60,929 ) 13,651
Non-controlling interests
   –       –    –       612       –    612
Total equity
   300       13,649    9,852       51,391       (60,929 ) 14,263
Total liabilities and equity
   10,440       50,952    21,098       83,166       (117,629 ) 48,027
^(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.
Unilever Annual Report on Form 20-F ~~2014~~2015 Form 20-F                27
ITEM 18. FINANCIAL STATEMENTSCONTINUED

   € million € million € million € million € million € million
Cash flow statement
for the year ended 31 December 2014


Unilever
Capital
Corporation
subsidiary
issuer






Unilever
parent
entities
^(a)



Unilever
United
States Inc.
subsidiary
guarantor






Non-
guarantor
subsidiaries

   Eliminations
Unilever
Group

Net cash flow from/(used in) operating activities    –    579    (764 ) 5,728    –    5,543
Net cash flow from/(used in) investing activities    (1,038 ) (2,284 ) (662 ) 2,606    1,037    (341 )
Net cash flow from/(used in) financing activities    1,033    1,676    1,426    (8,288 ) (1,037 ) (5,190 )
Net increase/(decrease) in cash and cash equivalents
   (5 ) (29 ) –    46    –    12
Cash and cash equivalents at beginning of year
   –    3    (2 ) 2,043    –    2,044
Effect of foreign exchange rates    5    31    –    (182 ) –    (146 )
Cash and cash equivalents at end of year    –    5    (2 ) 1,907    –    1,910
   € million € million € million € million € million € million
Cash flow statement
for the year ended 31 December 2013


Unilever
Capital
Corporation
subsidiary
issuer





Unilever
parent
entities
^(a)



Unilever
United
States Inc.
subsidiary
guarantor






Non-
guarantor
subsidiaries

   Eliminations
Unilever
Group

Net cash flow from/(used in) operating activities    1    402    (167 ) 6,058    –    6,294
Net cash flow from/(used in) investing activities    (1,465 ) (1,527 ) (107 ) 473    1,465    (1,161 )
Net cash flow from/(used in) financing activities    1,460    1,073 ^(b) 274    (6,732 ) (1,465 ) (5,390 )
Net increase/(decrease) in cash and cash equivalents
   (4 ) (52 ) –    (201 ) –    (257 )
Cash and cash equivalents at beginning of year
   –    3    (3 ) 2,217    –    2,217
Effect of foreign exchange rates    4    52    –    28    –    84
Cash and cash equivalents at end of year    –    3    (3 ) 2,044    –    2,044
   € million € million € million € million € million € million
Cash flow statement
for the year ended 31 December 2012


Unilever
Capital
Corporation
subsidiary
issuer





Unilever
parent
entities
^(a)



Unilever
United
States Inc.
subsidiary
guarantor






Non-
guarantor
subsidiaries

   Eliminations
Unilever
Group

Net cash flow from/(used in) operating activities    –    389    (132 ) 6,579    –    6,836
Net cash flow from/(used in) investing activities    (1,181 ) 4,662    (98 ) (5,283 ) 1,145    (755 )
Net cash flow from/(used in) financing activities    1,181    (5,038 ) 229    (1,849 ) (1,145 ) (6,622 )
Net increase/(decrease) in cash and cash equivalents
   –    13    (1 ) (553 ) –    (541 )
Cash and cash equivalents at beginning of year
   –    1    (3 ) 2,980    –    2,978
Effect of foreign exchange rates    –    (11 ) 1    (210 ) –    (220 )
Cash and cash equivalents at end of year    –    3    (3 ) 2,217    –    2,217
   € million € million € million € million € million € million
   Unilever Unilever
   Capital United
   Corporation    Unilever ^(a) States Inc.    Non-
Cash flow statement    subsidiary parent subsidiary guarantor Unilever
for the year ended 31 December 2015    issuer entities guarantor subsidiaries Eliminations Group
Net cash flow from/(used in) operating activities
   (1 ) (699 ) (140 ) 8,170    –    7,330
Net cash flow from/(used in) investing activities
   (1,005 ) 231    (729 ) (2,955 ) 919    (3,539 )
Net cash flow from/(used in) financing activities
   1,000    558    871    (4,542 ) (919 ) (3,032 )
Net increase/(decrease) in cash and cash equivalents
   (6 ) 90    2    673    –    759
Cash and cash equivalents at beginning of year
   –    5    (3 ) 1,908    –    1,910
Effect of foreign exchange rates
   6    (91 ) –    (456 ) –    (541 )
Cash and cash equivalents at end of year
   –    4    (1 ) 2,125    –    2,128
   € million € million € million € million € million € million
   Unilever Unilever
   Capital United
   Corporation    Unilever ^(a) States Inc.    Non-
Cash flow statement    subsidiary parent subsidiary guarantor Unilever
for the year ended 31 December 2014    issuer entities guarantor subsidiaries Eliminations Group
Net cash flow from/(used in) operating activities
   –    579    (764 ) 5,728    –    5,543
Net cash flow from/(used in) investing activities
   (1,038 ) (2,284 ) (662 ) 2,606    1,037    (341 )
Net cash flow from/(used in) financing activities
   1,033    1,676    1,426    (8,288 ) (1,037 ) (5,190 )
Net increase/(decrease) in cash and cash equivalents
   (5 ) (29 ) –    46    –    12
Cash and cash equivalents at beginning of year
   –    3    (2 ) 2,043    –    2,044
Effect of foreign exchange rates
   5    31    –    (182 ) –    (146 )
Cash and cash equivalents at end of year
   –    5    (2 ) 1,907    –    1,910
   € million € million € million € million € million € million
   Unilever Unilever
   Capital United
   Corporation    Unilever ^(a) States Inc.    Non-
Cash flow statement    subsidiary parent subsidiary guarantor Unilever
for the year ended 31 December 2013    issuer entities guarantor subsidiaries Eliminations Group
Net cash flow from/(used in) operating activities
   1    402    (167 ) 6,058    –    6,294
Net cash flow from/(used in) investing activities
   (1,465 ) (1,527 ) (107 ) 473    1,465    (1,161 )
Net cash flow from/(used in) financing activities
   1,460    1,073 ^(b) 274    (6,732 ) (1,465 ) (5,390 )
Net increase/(decrease) in cash and cash equivalents
   (4 ) (52 ) –    (201 ) –    (257 )
Cash and cash equivalents at beginning of year
   –    3    (3 ) 2,217    –    2,217
Effect of foreign exchange rates
   4    52    –    28    –    84
Cash and cash equivalents at end of year
   –    3    (3 ) 2,044    –    2,044

^(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.
^(b(b)⁾ Included within this balance is a cash outflow of€2,515 million to increase the Group’s ownership of Hindustan Unilever Limited from 52% to 67%. ~~Refer to the Annual Report and Accounts Note 15B for more details.~~
~~Figures have been changed to conform to the current year presentation. Such revisions are not considered material to the financial statements taken as a whole.~~
ITEM 19. EXHIBITS
Please refer to the exhibit list located immediately following the signature page for this Form 20-F as filed with the SEC.

28                Form 20-F UnileverAnnual Report on Form 20-F ~~2014~~2015

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SIGNATURES
The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorised the undersigned to sign this Annual Report on its behalf.
Unilever PLC.
(Registrant)

~~Unilever PLC~~
~~(Registrant)~~
/s/ T. E. Lovell
T. E. LOVELL,
Group Secretary
Date: ~~6 March 2015~~23 February 2016
UNILEVER PLC — 20-F EXHIBIT LIST

Exhibit Number

Description of Exhibit
1.1 Articles of Association of Unilever PLC 1
2.1 Trust Deed dated as of July 22, 1994, among Unilever N.V., Unilever PLC, Unilever Capital Corporation, Unilever United States, Inc. and The Law Debenture Trust Corporation p.l.c., relating to Guaranteed Debt Securities 2
2.2 ~~Nineteenth~~Twentieth Supplemental Trust Deed as of May ~~2, 2014,~~1, 2015, incorporating the Trust Deed as of July 22, 1994, as Amended and Restated on May ~~2, 2014~~1, 2015
2.3 Amended and Restated Indenture as of September 22, 2014, among Unilever Capital Corporation, Unilever ~~N.V.,~~N,V. Unilever PLC, Unilever United States, Inc. and The Bank of New York Mellon, as Trustee, relating to Guaranteed Debt Securities 3
2.4 Second Amended and Restated Deposit Agreement dated as of July 1, 2014 by and among Unilever PLC and Deutsche Bank Trust Company Americas, as Depositary, and the Holders and Beneficial Owners of American Depositary Shares issued thereunder 34
4.1(a) Equalisation Agreement between Unilever N.V. and Unilever PLC 45
4.1(b) Deed of Mutual Covenants 6
4.1(c) Agreement for Mutual Guarantees of Borrowing 7
4.2 Service Contracts of the Executive Directors of Unilever PLC 58
4.3 Letters regarding compensation of Executive Directors of Unilever PLC
4.4 Unilever North America Omnibus Equity Compensation as Amended and Restated as of November 1, 2012 Plan 69
4.5 The Unilever PLC International 1997 Executive Share Option Scheme 710
4.6 The Unilever Long Term Incentive Plan 811
4.7 Global Share Incentive Plan 2007 912
4.8 The Management Co-Investment Plan 1013
7.1 Calculation of Ratio of Earnings to Fixed Charges
8.1 List of Subsidiaries 1114
12.1 Certifications of the Chief Executive Officer and Financial Director/Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
13.1 Certifications of the Chief Executive Officer and Financial Director/Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
15.1 Annual Report and Accounts sections incorporated by reference
15.2 Consent of KPMG LLP and KPMG Accountants N.V.
15.3 Consent of PricewaterhouseCoopers ~~LLP~~Accountants N.V. and PricewaterhouseCoopers ~~Accountants N.V.~~LLP
Certain instruments which define rights of holders of long-term debt of the Company and its subsidiaries are not being filed because the total amount of securities authorized under each such instrument does not exceed 10% of the total consolidated assets of the Company and its subsidiaries. The Company and its subsidiaries hereby agree to furnish a copy of each such instrument to the Securities and Exchange Commission upon request.

1 Incorporated by reference to Exhibit 1.1 of Form 20-F (File No: 001-04546) filed with the SEC on March 08, 2013.

2 Incorporated by reference to Exhibit 2.2 of Form 20-F (File No: 001-04546) filed with the SEC on March 28, 2002.

33. Incorporated by reference to Exhibit 2.3 of Form 20-F (File No: 001-04546) filed with the SEC on March 6, 2015.
4 Incorporated by reference to Exhibit 99(A) of Form F-6 (File No: 333-196985) filed with the SEC on June 24, 2014.

45 Incorporated by reference to Exhibit 4.1 of Form 20-F (File No: 001-04546) filed with the SEC on March 5, 2010.
56 Incorporated by reference to Exhibit 4.1(b) of Form 20-F (File No: 001-04546) filed with the SEC on March 6, 2015.
7 Incorporated by reference to Exhibit 4.1(c) of Form 20-F (File No: 001-04546) filed with the SEC on March 6, 2015.
8 Incorporated by reference to Exhibit 4.2 of Form 20-F (File No: 001-04546) filed with the SEC on March 4, 2011.

69 Incorporated by reference to Exhibit 99.1 of Form S-8 (File No: 333-185299) filed with the SEC on December 6, 2012.

710 Incorporated by reference to Exhibit 4.5 of Form 20-F (File No: 001-04546) filed with the SEC on March 28, 2002.

811 Incorporated by reference to Exhibit 4.7 of Form 20-F (File No: 001-04546) filed with the SEC on March 28, 2002.

912 Incorporated by reference to Exhibit 4.7 of Form 20-F (File No: 001-04546) filed with the SEC on March 26, 2008.

1013 Incorporated by reference to Exhibit 4.8 of Form 20-F (File No: 001-04546) filed with the SEC on March 4, 2011.

1114 The required information is set forth on pages ~~129 and 130~~136 to 147 of the ~~2014~~2015 Annual Report and Accounts.


HOME CARE
	€ million		€ million		%			2014		2013		% Change
	2013		2012		Change
Turnover		8,946		9,057		(1.2	)
Operating profit		524		543		(3.5	)
Core operating profit		577		529		9.1
Turnover (€ million)									9,164		8,946		2.4
Operating profit (€ million)									576		524		9.9
Core operating profit (€ million)									579		577		0.3
Core operating margin (%)		6.4		5.8		0.6			6.3		6.4		(0.1	)

Underlying sales growth (%)		8.0		10.3					5.8		8.0
Underlying volume growth (%)		5.7		6.2					2.4		5.7
Effect of price changes (%)		2.1		3.9					3.4		2.1


FOODS
	2014			2013			% Change
Turnover (€ million)		12,361			13,426			(7.9	)
Operating profit (€ million)		3,607			3,064			17.7
Core operating profit (€ million)		2,305			2,377			(3.0	)
Core operating margin (%)		18.6			17.7			0.9
Underlying sales growth (%)		(0.6	)		0.3
Underlying volume growth (%)		(1.1	)		(0.6	)
Effect of price changes (%)		0.6			0.9


REFRESHMENT
	2014		2013			% Change
Turnover (€ million)		9,172		9,369			(2.1	)
Operating profit (€ million)		538		851			(36.8	)
Core operating profit (€ million)		811		856			(5.3	)
Core operating margin (%)		8.8		9.1			(0.3	)
Underlying sales growth (%)		3.8		1.1
Underlying volume growth (%)		2.0		(1.8	)
Effect of price changes (%)		1.8		2.9


8 Form 20-F		UnileverAnnual Report on Form 20-F ~~2014~~2015


TOTAL GROUP
	2013 vs 2012			2012 vs 2011			2014 vs 2013			2013 vs 2012
Underlying sales growth (%)		4.3			6.9			2.9			4.3
Effect of acquisitions (%)		–			1.8			0.4			–
Effect of disposals (%)		(1.1	)		(0.7	)		(1.3	)		(1.1	)
Effect of exchange rates (%)		(5.9	)		2.2			(4.6	)		(5.9	)
Turnover growth (%)^(a)		(3.0	)		10.5			(2.7	)		(3.0	)

PERSONAL CARE
	2013 vs 2012			2012 vs 2011			2014 vs 2013			2013 vs 2012
Underlying sales growth (%)		7.3			10.0			3.5			7.3
Effect of acquisitions (%)		–			4.4			–			–
Effect of disposals (%)		(0.2	)		(0.5	)		(0.1	)		(0.2	)
Effect of exchange rates (%)		(6.8	)		2.3			(5.0	)		(6.8	)
Turnover growth (%)^(a)		(0.2	)		17.0			(1.8	)		(0.2	)

FOODS
	2013 vs 2012			2012 vs 2011			2014 vs 2013			2013 vs 2012
Underlying sales growth (%)		0.3			1.8			(0.6	)		0.3
Effect of acquisitions (%)		–			–			–			–
Effect of disposals (%)		(3.7	)		(1.5	)		(3.6	)		(3.7	)
Effect of exchange rates (%)		(3.8	)		3.0			(3.9	)		(3.8	)
Turnover growth (%)^(a)		(7.0	)		3.3			(7.9	)		(7.0	)

HOME CARE
							2014 vs 2013			2013 vs 2012
Underlying sales growth (%)								5.8			8.0
Effect of acquisitions (%)								1.8			0.1
Effect of disposals (%)								–			–
Effect of exchange rates (%)								(4.8	)		(8.6	)
Turnover growth (%)^(a)								2.4			(1.2	)

REFRESHMENT
	2013 vs 2012			2012 vs 2011			2014 vs 2013			2013 vs 2012
Underlying sales growth (%)		1.1			6.3			3.8			1.1
Effect of acquisitions (%)		0.1			0.8			0.4			0.1
Effect of disposals (%)		–			0.7			(1.6	)		–
Effect of exchange rates (%)		(4.7	)		2.4			(4.6	)		(4.7	)
Turnover growth (%)^(a)		(3.7	)		10.5			(2.1	)		(3.7	)

HOME CARE
	2013 vs 2012			2012 vs 2011
Underlying sales growth (%)		8.0			10.3
Effect of acquisitions (%)		0.1			0.6
Effect of disposals (%)		–			(1.1	)
Effect of exchange rates (%)		(8.6	)		0.6
Turnover growth (%)^(a)		(1.2	)		10.4


~~Unilever~~ ~~Annual Report on Form 20-F 2014~~			~~Form 20-F 9~~


10 Form 20-F		UnileverAnnual Report on Form 20-F ~~2014~~2015


~~Unilever~~ ~~Annual Report on Form 20-F 2014~~			~~Form 20-F 11~~


PROVISION	CURRENT SERVICE CONTRACTS

~~PROVISION~~ NOTICE PERIOD	~~CURRENT SERVICE CONTRACTS~~

~~NOTICE PERIOD~~	•		12 months’ notice from Unilever;
	•		6 months’ notice from the Executive Director.

	This is in line with both the practice of many comparable companies and the entitlement of other senior executives in Unilever.
	The intention is that the notice period for any new Executive Directors would reflect the above policy.

EXPIRY DATE	•		Starting dates of the service contracts:

			CEO: 1 October 2008 (signed on 7 October 2008);
			CFO: 1 February 2010 (signed on 19 March 2010).
		Jean-Marc Huët resigned as CFO on 18 May 2015, with effect from 1 October 2015. The new CFO, Graeme Pitkethly, started his service contract on 1 October 2015 (signed on 16 December 2015). He will be proposed for election as Executive Director at the 2016 AGMs.
	•		Both service contracts shall end upon termination.
	•		The service agreements are available to shareholders to view at the AGMs or on request from the Company Secretary.

TERMINATION PAYMENTS	•		A payment in lieu of notice can be made of no more than one year’s base salary, fixed allowance and other benefits unless the Boards, at the proposal of the Compensation Committee (the Committee), find this manifestly unreasonable given the circumstances or unless dictated by applicable law.
	•		If applicable, the Executive Director shall be credited with 12 months’ service for the purposes of any pension schemes based on length of service.

OTHER ELEMENTS	•		Executive Directors may, at the discretion of the Boards, remain eligible to receive an annual bonus for the financial year in which they cease employment. Such annual bonus will be determined by the Committee taking into account time in employment and performance.
	•		Treatment of share awards as set out below.
	•		All-employee share arrangements will be treated in accordance with ~~HMRC approved~~HMRC-approved terms.
	•		Other payments, such as legal or other professional fees, repatriation or relocation costs and/or outplacement fees,
			may be paid if it is considered appropriate.



	‘GOOD LEAVERS’ AS DETERMINED BY THE COMMITTEE IN ACCORDANCE WITH THE PLAN RULES*	LEAVERS IN OTHER CIRCUMSTANCES*	CHANGE OF CONTROL Such circumstances include (but may not be limited to) a takeover or a merger of the Group.

INVESTMENT SHARES (MCIP)	• Investment shares are transferred in full upon termination (and are transferred to the personal representative of the Executive Director in the event of his or her death).	• Investment shares are transferred in full upon termination.	• Investment shares are transferred in full at the time of the change of control. • Alternatively, participants may be required to exchange the investment shares for equivalent shares in the acquiring company in the event of a reorganisation of the Group.

MATCHING SHARES (MCIP) AND PERFORMANCE SHARES (GSIP)	• Awards will normally vest following the end of the original performance period, taking into account performance and pro-rated for time in employment (unless the Boards on the proposal of the Committee determine otherwise). • Alternatively, the Boards may determine that awards shall vest upon termination based on performance at that time and pro-rated for time in employment (unless the Boards on the proposal of the Committee determine otherwise).	• Awards will normally lapse upon termination.	• In accordance with Dutch law, matching shares and performance shares are shares that are obtained as part of the Executive Director’s remuneration. Therefore, their value is frozen infor a period ~~for~~of four weeks before an announcement of a public offer and four weeks after the conclusion of a public offer. Any increase in value in this period has to be reclaimed by Unilever from the Executive Director upon retirement or sale of these shares, if at that time the value of the shares is higher than the value four weeks before the announcement of the public offer. • Awards will vest based on performance at the time of the change of control and the Boards, at the proposal of the Committee, have the discretion to pro-rate for time. • Alternatively, participants may be required to exchange the awards for equivalent awards over shares in the acquiring company in the event of a reorganisation of the Group.


12 Form 20-F		UnileverAnnual Report on Form 20-F ~~2014~~2015


~~Unilever~~ ~~Annual Report on Form 20-F 2014~~			~~Form 20-F 13~~


NV per€0.16 ordinary share in Amsterdam			€~~32.64~~40.11
NV per€0.16 ordinary share in New York			US ~~$39.04~~$43.32
PLC per 3¹/9p₉p ordinary share in London			£~~26.28~~29.26
PLC per 3¹/9p₉p ordinary share in New York			US ~~$40.48~~$43.12


		September 2014	October 2014	November 2014	December 2014	January 2015	February 2015	^(a)
NV per€0.16 ordinary share in Amsterdam (in€)	High	32.54	31.15	32.76	33.49	38.68	38.50
	Low	30.89	28.96	30.55	30.95	31.55	36.42
NV per€0.16 ordinary share in New York (in US $)	High	42.20	39.31	40.64	41.02	43.88	43.47
	Low	39.34	37.14	38.25	38.48	37.64	41.79
PLC per 3¹/9p ordinary share in London (in £)	High	27.29	25.48	27.06	27.29	29.52	29.14
	Low	25.52	24.06	24.75	25.42	25.73	27.49
PLC per 3¹/9p ordinary share in New York (in US $)	High	44.61	41.29	42.14	42.42	44.67	44.14
	Low	41.71	38.97	39.95	39.63	39.03	42.67


		August		September		October		November		December		January		February
		2015		2015		2015		2015		2015		2016		2016
NV per€0.16 ordinary share in	High		42.32		35.91		41.63		42.48		41.91		40.89		40.88^(a)
Amsterdam (in€)	Low		34.23		33.87		35.82		39.89		38.19		37.06		36.69^(a)
NV per€0.16 ordinary share in New York	High		46.51		40.69		46.04		45.40		44.23		44.41		44.49^(b)
(in US $)	Low		39.58		38.43		40.25		42.67		42.33		40.27		41.84^(b)
PLC per 3¹/₉p ordinary share in London	High		29.66		26.86		29.60		28.81		29.41		30.85		30.78^(a)
(in £)	Low		25.24		25.38		26.82		27.54		27.20		27.63		29.05^(a)
PLC per 3¹/₉p ordinary share in New York	High		46.07		41.10		45.72		44.60		43.96		44.27		44.42^(b)
(in US $)	Low		39.61		39.08		40.84		42.00		41.85		40.09		42.35^(b)


		1st		2nd		3rd		4th
		Quarter		Quarter		Quarter		Quarter
		2015		2015		2015		2015
NV per€0.16 ordinary share in Amsterdam (in€)	High		40.52		41.88		42.32		42.48
	Low		31.55		36.86		33.87		35.82
NV per€0.16 ordinary share in New York (in US $)	High		43.94		44.98		46.51		46.04
	Low		37.64		41.40		38.43		40.25
PLC per 3¹/₉p ordinary share in London (in £)	High		29.52		30.15		29.66		29.60
	Low		25.73		27.30		25.24		26.82
PLC per 3¹/₉p ordinary share in New York (in US $)	High		44.67		45.08		46.07		45.72
	Low		39.03		41.83		39.08		40.84


14 Form 20-F		UnileverAnnual Report on Form 20-F ~~2014~~2015


				1st Quarter 2014		2nd Quarter 2014		3rd Quarter 2014		4th Quarter 2014
NV per€0.16 ordinary share in Amsterdam (in€)			High		29.96		32.59		32.54		33.49
			Low		27.16		29.70		30.05		28.96
NV per€0.16 ordinary share in New York (in US $)			High		41.12		44.31		44.08		41.02
			Low		36.72		40.57		39.34		37.14
PLC per 3¹/9p ordinary share in London (in £)			High		25.61		27.26		27.29		27.29
			Low		23.06		25.37		25.42		24.06
PLC per 3¹/9p ordinary share in New York (in US $)			High		42.78		45.85		45.85		42.42
			Low		37.85		42.00		41.71		38.97

				1st Quarter 2013		2nd Quarter 2013		3rd Quarter 2013		4th Quarter 2013
NV per€0.16 ordinary share in Amsterdam (in€)			High		31.96		32.89		31.84		29.39
			Low		28.58		28.82		28.25		27.50
NV per€0.16 ordinary share in New York (in US $)			High		41.19		42.78		41.58		40.28
			Low		37.95		37.94		37.28		37.27
PLC per 3¹/9p ordinary share in London (in £)			High		27.84		28.85		28.20		25.48
			Low		23.78		25.16		24.30		23.19
PLC per 3¹/9p ordinary share in New York (in US $)			High		42.24		43.54		42.67		41.20
			Low		38.38		39.00		38.06		37.67
ANNUAL HIGH AND LOW PRICES
		2014		2013		2012		2011		2010
NV per€0.16 ordinary share in Amsterdam (in€)	High		33.49		32.89		29.50		26.58		24.11
	Low		27.16		27.50		24.56		21.00		20.68
NV per€0.16 ordinary share in New York (in US $)	High		44.31		42.78		38.75		35.06		33.10
	Low		36.72		37.27		30.79		29.07		26.02
PLC per 3¹/9p ordinary share in London (in £)	High		27.29		28.85		24.29		21.73		20.09
	Low		23.06		23.19		19.94		17.93		16.62
PLC per 3¹/9p ordinary share in New York (in US $)	High		45.85		43.54		39.37		34.30		32.41
	Low		37.85		37.67		31.04		28.65		25.74


~~Unilever~~ ~~Annual Report on Form 20-F 2014~~			~~Form 20-F 15~~


~~16 Form 20-F~~		~~Unilever~~ ~~Annual Report on Form 20-F 2014~~


~~Unilever~~ ~~Annual Report on Form 20-F 2014~~			~~Form 20-F 17~~


~~18 Form 20-F~~		~~Unilever~~ ~~Annual Report on Form 20-F 2014~~


~~Unilever~~ ~~Annual Report on Form 20-F 2014~~			~~Form 20-F 19~~


~~20 Form 20-F~~		~~Unilever~~ ~~Annual Report on Form 20-F 2014~~


Unilever Annual Report on Form 20-F ~~2014~~2015			Form 20-F 21


KPMG LLP		KPMG Accountants N.V.
London, United Kingdom		Amsterdam, the Netherlands

~~3 March 2015~~17 February 2016


22 Form 20-F		UnileverAnnual Report on Form 20-F ~~2014~~2015


/s/ PricewaterhouseCoopers LLP		Amsterdam, The Netherlands, 4 March 2014
London, United Kingdom		PricewaterhouseCoopers Accountants N.V.
As auditors of Unilever PLC		As auditors of Unilever N.V.
4 March 2014		Original has been signed by P J van Mierlo RA
~~4 March 2014~~


Unilever Annual Report on Form 20-F ~~2014~~2015			Form 20-F 23


24 Form 20-F		UnileverAnnual Report on Form 20-F ~~2014~~2015