Cover
Cover | 12 Months Ended |
Dec. 31, 2019shares | |
Cover Page [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Trading Symbol | UN |
Entity Registrant Name | UNILEVER N V |
Entity Central Index Key | 0000110390 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,460,714,804 |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
Entity Address, Country | NL |
Entity Voluntary Filers | No |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Consolidated Income Statement
Consolidated Income Statement - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | [1] | |
Profit or loss [abstract] | |||||
Turnover | € 51,980 | € 50,982 | € 53,715 | ||
Operating profit | 8,708 | 12,639 | 8,957 | ||
Which includes non-underlying item credits/(charges) of | (1,239) | 3,176 | (543) | ||
Net finance costs | (627) | (608) | (1,004) | ||
Finance income | 224 | 135 | 157 | ||
Finance costs | (821) | (718) | (683) | ||
Pensions and similar obligations | (30) | (25) | (96) | ||
Net finance cost non-underlying items | (382) | ||||
Non-underlying item net monetary gain/(loss) arising from hyperinflationary economies | 32 | 122 | |||
Share of net profit/(loss) of joint ventures and associates | 176 | 185 | 155 | ||
Which includes non-underlying item credits/(charges) of | 3 | 32 | |||
Other income/(loss) from non-current investments and associates | 22 | 18 | |||
Profit before taxation | 8,289 | 12,360 | 8,126 | ||
Taxation | (2,263) | (2,572) | (1,670) | ||
Which includes tax impact of non-underlying items of | 113 | (288) | 655 | ||
Net profit | 6,026 | 9,788 | 6,456 | ||
Attributable to: | |||||
Non-controlling interests | 401 | 419 | 433 | ||
Shareholders' equity | € 5,625 | € 9,369 | € 6,023 | ||
Combined earnings per share | |||||
Basic earnings per share (€) | € 2.15 | € 3.49 | € 2.15 | ||
Diluted earnings per share (€) | € 2.14 | € 3.48 | € 2.14 | ||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - EUR (€) € in Millions | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | [1] | |||
Statement of comprehensive income [abstract] | |||||||
Net profit | € 6,026 | € 9,788 | € 6,456 | ||||
Items that will not be reclassified to profit or loss, net of tax: | |||||||
Gains/(losses) on equity instruments measured at fair value through other comprehensive income | [2] | 29 | 51 | ||||
Remeasurement of defined benefit pension plans | 353 | (328) | 1,282 | ||||
Items that may be reclassified subsequently to profit or loss, net of tax: | |||||||
Gains/(losses) on cash flow hedges | 176 | (55) | [2] | (68) | |||
Currency retranslation gains/(losses) | (15) | (839) | (935) | ||||
Fair value gains/(losses) on financial instruments | [2] | [2] | (7) | ||||
Total comprehensive income | 6,569 | 8,617 | 6,728 | ||||
Attributable to: | |||||||
Non-controlling interests | 407 | 407 | 381 | ||||
Shareholders' equity | € 6,162 | € 8,210 | € 6,347 | ||||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | ||||||
[2] | Classification was changed in 2018 following adoption of IFRS 9. |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - EUR (€) € in Millions | Total | Called up share capital [member] | Share Premium Account [member] | Other reserves [member] | Retained profit [member] | Equity Attributable to Owners of Parent [member] | Non-controlling Interests [member] | |
Beginning balance (Previously Reported [member]) at Dec. 31, 2016 | € 16,980 | € 484 | € 134 | € (7,443) | € 23,179 | € 16,354 | € 626 | |
Beginning balance (IFRS 16 Restatement [member]) at Dec. 31, 2016 | [1] | (207) | (2) | (205) | (207) | |||
Beginning balance at Dec. 31, 2016 | [1] | 16,773 | 484 | 134 | (7,445) | 22,974 | 16,147 | 626 |
Profit or loss for the period | [1] | 6,456 | 6,023 | 6,023 | 433 | |||
Other comprehensive income net of tax: | ||||||||
Fair value gains/(losses) on financial instruments | [1],[2] | (75) | (76) | (76) | 1 | |||
Cash flow hedges | [1] | (68) | ||||||
Remeasurement of defined benefit pension plans net of tax | [1] | 1,282 | 1,282 | 1,282 | ||||
Currency retranslation gains/(losses) | [1] | (935) | (855) | (27) | (882) | (53) | ||
Total comprehensive income | [1] | 6,728 | (931) | 7,278 | 6,347 | 381 | ||
Dividends on ordinary capital | [1] | (3,916) | (3,916) | (3,916) | ||||
Repurchase of shares | [1],[3] | (5,014) | (5,014) | (5,014) | ||||
Other movements in treasury shares | [1],[4] | (204) | (30) | (174) | (204) | |||
Share-based payment credit | [1],[5] | 284 | 284 | 284 | ||||
Dividends paid to non-controlling interests | [1] | (345) | (345) | |||||
Currency retranslation gains/(losses) net of tax | [1] | (4) | (4) | (4) | ||||
Other movements in equity | [1] | (104) | (167) | (33) | (200) | 96 | ||
Ending balance at Dec. 31, 2017 | [1] | 14,198 | 484 | 130 | (13,587) | 26,413 | 13,440 | 758 |
Hyperinflation restatement to 1 January 2018 (see note 1) | [1] | 393 | 393 | 393 | ||||
Beginning balance after restatement at Dec. 31, 2017 | [1] | 14,591 | 484 | 130 | (13,587) | 26,806 | 13,833 | 758 |
Profit or loss for the period | [1] | 9,788 | 9,369 | 9,369 | 419 | |||
Other comprehensive income net of tax: | ||||||||
Gains/(losses) on equity instruments measured at fair value through other comprehensive income | [1],[2] | 51 | 51 | 51 | ||||
Cash flow hedges | [1],[2] | (55) | (56) | (56) | 1 | |||
Remeasurement of defined benefit pension plans net of tax | [1] | (328) | (330) | (330) | 2 | |||
Currency retranslation gains/(losses) | [1] | (839) | (814) | (10) | (824) | (15) | ||
Total comprehensive income | [1] | 8,617 | (819) | 9,029 | 8,210 | 407 | ||
Dividends on ordinary capital | [1] | (4,081) | (4,081) | (4,081) | ||||
Repurchase of shares | [1],[3] | (6,020) | (6,020) | (6,020) | ||||
Cancellation of treasury shares | [1],[6] | (20) | 5,069 | (5,049) | ||||
Other movements in treasury shares | [1],[4] | (253) | (8) | (245) | (253) | |||
Share-based payment credit | [1],[5] | 196 | 196 | 196 | ||||
Dividends paid to non-controlling interests | [1] | (342) | (342) | |||||
Currency retranslation gains/(losses) net of tax | [1] | (1) | (1) | (1) | ||||
Hedging gain/(loss) transferred to non-financial assets | [1] | 71 | 71 | 71 | ||||
Other movements in equity | [1],[7] | (661) | 76 | (634) | (558) | (103) | ||
Ending balance at Dec. 31, 2018 | [1] | 12,117 | 464 | 129 | (15,218) | 26,022 | 11,397 | 720 |
Impact of adopting IFRIC 23 at Dec. 31, 2018 | (38) | (38) | (38) | |||||
Beginning balance after restatement at Dec. 31, 2018 | 12,079 | 464 | 129 | (15,218) | 25,984 | 11,359 | 720 | |
Profit or loss for the period | 6,026 | 5,625 | 5,625 | 401 | ||||
Other comprehensive income net of tax: | ||||||||
Gains/(losses) on equity instruments measured at fair value through other comprehensive income | [2] | 29 | 25 | 25 | 4 | |||
Cash flow hedges | 176 | 176 | 176 | |||||
Remeasurement of defined benefit pension plans net of tax | 353 | 352 | 352 | 1 | ||||
Currency retranslation gains/(losses) | (15) | (18) | 2 | (16) | 1 | |||
Total comprehensive income | 6,569 | 183 | 5,979 | 6,162 | 407 | |||
Dividends on ordinary capital | (4,223) | (4,223) | (4,223) | |||||
Cancellation of treasury shares | [6] | (44) | 9,416 | (9,372) | ||||
Other movements in treasury shares | [4] | (167) | 64 | (231) | (167) | |||
Share-based payment credit | [5] | 151 | 151 | 151 | ||||
Dividends paid to non-controlling interests | (435) | (435) | ||||||
Currency retranslation gains/(losses) net of tax | 5 | 5 | 5 | |||||
Hedging gain/(loss) transferred to non-financial assets | 32 | 32 | 32 | |||||
Other movements in equity | (125) | (51) | (76) | (127) | 2 | |||
Ending balance at Dec. 31, 2019 | € 13,886 | € 420 | € 134 | € (5,574) | € 18,212 | € 13,192 | € 694 | |
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | |||||||
[2] | Classification was changed in 2018 following adoption of IFRS 9. | |||||||
[3] | Repurchase of shares reflects the cost of acquiring ordinary shares as part of the share buyback programmes announced on 19 April 2018 and 6 April 2017. | |||||||
[4] | Includes purchases and sales of treasury shares other than the share buyback programme, transfer from treasury shares to retained profit of share-settled schemes arising from prior years and differences between exercise and grant price of share options. | |||||||
[5] | The share-based payment credit relates to the non-cash charge recorded in operating profit in respect of the fair value of share options and awards granted to employees. | |||||||
[6] | During 2019 254,012,896 NV ordinary shares and 18,660,634 PLC ordinary shares were cancelled and in 2018 122,965,077 PLC ordinary shares were cancelled. The amount paid to repurchase these shares was initially recognised in other reserves and is transferred to retained profit on cancellation. | |||||||
[7] | 2018 includes a €662 million premium paid for purchase of the non-controlling interest in Unilever South Africa from Remgro. |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity (Parenthetical) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Premium paid for purchase of non-controlling interest in Unilever South Africa Remgro | € 662 | |
NV Member | ||
Number of shares cancelled | 254,012,896 | |
PLC Member | ||
Number of shares cancelled | 18,660,634 | 122,965,077 |
Consolidated Balance Sheet
Consolidated Balance Sheet - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | ||
Non-current assets | ||||||
Goodwill | € 18,067 | € 17,341 | [1] | € 16,881 | ||
Intangible assets | 12,962 | 12,152 | [1] | 11,520 | ||
Property, plant and equipment | 12,062 | 12,088 | [1] | 12,270 | ||
Pension asset for funded schemes in surplus | 2,422 | 1,728 | [1] | 2,173 | ||
Deferred tax assets | 1,336 | 1,152 | [1] | 1,118 | ||
Financial assets | 874 | 642 | [1] | 675 | ||
Other non-current assets | 653 | 530 | [2] | 441 | ||
Total non-current assets | 48,376 | 45,633 | [1] | 45,078 | ||
Current assets | ||||||
Inventories | 4,164 | 4,301 | [1] | 3,962 | ||
Trade and other current receivables | 6,695 | 6,482 | [1] | 5,219 | ||
Current tax assets | 397 | 472 | [1] | 488 | ||
Cash and cash equivalents | 4,185 | [3] | 3,230 | [1] | 3,317 | |
Other financial assets | 907 | 874 | [1] | 770 | ||
Assets held for sale | 82 | 119 | [1] | 3,224 | ||
Current assets | 16,430 | 15,478 | [1] | 16,980 | ||
Total assets | 64,806 | 61,111 | [1] | 62,058 | ||
Current liabilities | ||||||
Financial liabilities | 4,691 | [4],[5] | 3,613 | [1],[4],[5] | 8,378 | |
Trade payables and other current liabilities | 14,768 | 14,457 | [1] | 13,426 | ||
Current tax liabilities | 898 | 1,445 | [1] | 1,088 | ||
Provisions | 620 | 624 | [1] | 525 | ||
Liabilities held for sale | 1 | 11 | [1] | 170 | ||
Total current liabilities | 20,978 | 20,150 | [1] | 23,587 | ||
Non-current liabilities | ||||||
Financial liabilities | 23,566 | [4],[5] | 23,125 | [1],[4],[5] | 18,039 | |
Non-current tax liabilities | 182 | 174 | [1] | 118 | ||
Pensions and post-retirement healthcare liabilities: | ||||||
Funded schemes in deficit | 1,157 | 1,209 | [1] | 1,225 | ||
Unfunded schemes | 1,461 | 1,393 | [1] | 1,509 | ||
Provisions | 664 | 697 | [1] | 794 | ||
Deferred tax liabilities | 2,573 | 1,900 | [1] | 1,888 | ||
Other non-current liabilities | 339 | 346 | [1] | 700 | ||
Total non current liabilities | 29,942 | 28,844 | [1] | 24,273 | ||
Total liabilities | 50,920 | 48,994 | [1] | 47,860 | ||
Shareholders' equity | ||||||
Called up share capital | 420 | 464 | [1] | 484 | ||
Share premium account | 134 | 129 | [1] | 130 | ||
Other reserves | (5,574) | (15,218) | [1] | (13,587) | ||
Retained profit | 18,212 | 26,022 | [1] | 26,413 | ||
Total equity attributable to owners of parent | 13,192 | 11,397 | [1] | 13,440 | ||
Non-controlling interests | 694 | 720 | [1] | 758 | ||
Total equity | 13,886 | 12,117 | [1] | 14,198 | ||
Total liabilities and equity | € 64,806 | € 61,111 | [1] | € 62,058 | ||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | |||||
[2] | Restated following adoption of IFRS 16. Operating lease prepayments for land that were previously reported within other non-current assets, have now been included within leased assets. See note1 and note 24 for further details. | |||||
[3] | For the purposes of this note and note 15C, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes 13 and 14 respectively. | |||||
[4] | For the purposes of this note and note 17A, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes 13 and 14 respectively. | |||||
[5] | Includes options and other financial liabilities to acquire non-controlling interests in EAC Myanmar, USA, Japan and Italy refer to note 21. |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statement - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Statement of cash flows [abstract] | ||||||
Net profit | € 6,026 | € 9,788 | [1] | € 6,456 | [1] | |
Taxation | 2,263 | 2,572 | [1] | 1,670 | [1] | |
Share of net (profit)/loss of joint ventures/associates and other (income)/loss from non-current investments and associates | (176) | (207) | [1] | (173) | [1] | |
Net monetary (gain)/loss arising from hyperinflationary economies | (32) | (122) | [1] | [1] | ||
Net finance costs | 627 | 608 | [1] | 1,004 | [1] | |
Operating profit | 8,708 | 12,639 | [1] | 8,957 | [1] | |
Depreciation, amortisation and impairment | 1,982 | 2,216 | [1] | 2,025 | [1] | |
Changes in working capital: | (9) | (793) | [1] | (68) | [1] | |
Inventories | 313 | (471) | [1] | (104) | [1] | |
Trade and other receivables | (445) | (1,298) | [1] | (506) | [1] | |
Trade payables and other liabilities | 123 | 976 | [1] | 542 | [1] | |
Pensions and similar obligations less payments | (260) | (128) | [1] | (904) | [1] | |
Provisions less payments | 7 | 55 | [1] | 200 | [1] | |
Elimination of (profits)/losses on disposals | 60 | (4,313) | [1] | (298) | [1] | |
Non-cash charge for share-based compensation | 151 | 196 | [1] | 284 | [1] | |
Other adjustments | [2] | 2 | (260) | [1] | (153) | [1] |
Cash flow from operating activities | 10,641 | 9,612 | [1] | 10,043 | [1] | |
Income tax paid | (2,532) | (2,294) | [1] | (2,164) | [1] | |
Net cash flow from operating activities | 8,109 | 7,318 | [1] | 7,879 | [1] | |
Interest received | 146 | 110 | [1] | 154 | [1] | |
Purchase of intangible assets | (210) | (203) | [1] | (158) | [1] | |
Purchase of property, plant and equipment | (1,316) | (1,329) | [1] | (1,509) | [1] | |
Disposal of property, plant and equipment | 97 | 108 | [1] | 46 | [1] | |
Acquisition of businesses and investments in joint ventures and associates | (1,122) | (1,336) | [1] | (4,896) | [1] | |
Disposal of businesses, joint ventures and associates | 177 | 7,093 | [1] | 561 | [1] | |
Acquisition of other non-current investments | (160) | (94) | [1] | (317) | [1] | |
Disposal of other non-current investments | 55 | 151 | [1] | 251 | [1] | |
Dividends from joint ventures, associates and other non-current investments | 164 | 154 | [1] | 138 | [1] | |
(Purchase)/sale of financial assets | (68) | (10) | [1] | (149) | [1] | |
Net cash flow (used in)/from investing activities | (2,237) | 4,644 | [1] | (5,879) | [1] | |
Dividends paid on ordinary share capital | (4,209) | (4,066) | [1] | (3,916) | [1] | |
Interest paid | (694) | (571) | [1] | (574) | [1] | |
Net change in short-term borrowings | 337 | (4,026) | [1] | 2,695 | [1] | |
Additional financial liabilities | 5,911 | 10,595 | [1] | 8,851 | [1] | |
Repayment of financial liabilities | (4,912) | (6,594) | [1] | (2,604) | [1] | |
Capital element of lease payments | (435) | (481) | [1] | (497) | [1] | |
Buyback of preference shares | [1] | (448) | [1] | |||
Repurchase of shares | (6,020) | [1] | (5,014) | [1] | ||
Other movements on treasury shares | (201) | (257) | [1] | (204) | [1] | |
Other financing activities | (464) | (693) | [1] | (309) | [1] | |
Net cash flow (used in)/from financing activities | (4,667) | (12,113) | [1] | (2,020) | [1] | |
Net increase/(decrease) in cash and cash equivalents | 1,205 | (151) | [1] | (20) | [1] | |
Cash and cash equivalents at the beginning of the year | [1] | 3,090 | 3,169 | 3,198 | ||
Effect of foreign exchange rate changes | (179) | 72 | [1] | (9) | [1] | |
Cash and cash equivalents at the end of the year | € 4,116 | € 3,090 | [1] | € 3,169 | [1] | |
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | |||||
[2] | 2018 includes a non-cash credit of €277 million from early settlement of contingent consideration relating to Blueair. |
Consolidated Cash Flow Statem_2
Consolidated Cash Flow Statement (Parenthetical) € in Millions | 12 Months Ended |
Dec. 31, 2018EUR (€) | |
Blueair [member] | |
Statement [Line Items] | |
Non-cash credit from early settlement of contingent consideration | € 277 |
Accounting Information and Poli
Accounting Information and Policies | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Accounting Information and Policies | 1. Accounting information and policies The accounting policies adopted are the same as those which were applied for the previous financial year, except as set out below under the heading ‘Recent accounting developments’. Basis of consolidation The two parent companies, NV and PLC, together with their group companies, operate as a single economic entity (the Unilever Group, also referred to as Unilever or the Group). NV and PLC have the same Directors and are linked by a series of agreements, including an Equalisation Agreement, which are designed so that the positions of the shareholders of both companies are as closely as possible the same as if they held shares in a single company. The Equalisation Agreement provides that both companies adopt the same accounting principles. It also requires that dividends and other rights and benefits attaching to each ordinary share of NV, be equal in value to those rights and benefits attaching to each ordinary share of PLC, as if each such unit of capital formed part of the ordinary share capital of one and the same company. Due to the operational and contractual arrangements referred to above, NV and PLC form a single reporting entity for the purposes of presenting consolidated financial statements. Accordingly, the financial statements of Unilever are presented by both NV and PLC as their respective consolidated financial statements. Group companies included in the consolidation are those companies controlled by NV or PLC. Control exists when the Group has the power to direct the activities of an entity so as to affect the return on investment. The net assets and results of acquired businesses are included in the consolidated financial statements from their respective dates of acquisition, being the date on which the Group obtains control. The results of disposed businesses are included in the consolidated financial statements up to their date of disposal, being the date control ceases. Intra-group transactions and balances are eliminated. Companies legislation and accounting standards The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU), IFRIC Interpretations. They are also in compliance with IFRS as issued by the International Accounting Standards Board (IASB). These financial statements are prepared under the historical cost convention unless otherwise indicated . These financial statements have been prepared on a going concern basis. Refer to the going concern statement on page 78. Accounting policies Accounting policies are included in the relevant notes to the consolidated financial statements. These are presented as text highlighted in grey on pages 91 to 142. The accounting policies below are applied throughout the financial statements. Foreign currencies The consolidated financial statements are presented in euros. The functional currencies of NV and PLC are euros and sterling respectively. Items included in the financial statements of individual group companies are recorded in their respective functional currency which is the currency of the primary economic environment in which each entity operates. Foreign currency transactions in individual group companies are translated into functional currency using exchange rates at the date of the transaction. Foreign exchange gains and losses from settlement of these transactions, and from translation of monetary assets and liabilities at year-end In preparing the consolidated financial statements, the balances in individual group companies are translated from their functional currency into euros. Apart from the financial statements of group companies in hyperinflationary economies (see below), the income statement, the cash flow statement and all other movements in assets and liabilities are translated at average rates of exchange as a proxy for the transaction rate, or at the transaction rate itself if more appropriate. Assets and liabilities are translated at year-end The financial statements of group companies whose functional currency is the currency of a hyperinflationary economy are adjusted for inflation and then translated into euros using the balance sheet exchange rate. Amounts shown for prior years for comparative purposes are not modified. To determine the existence of hyperinflation, the Group assesses the qualitative and quantitative characteristics of the economic environment of the country, such as the cumulative inflation rate over the previous three years. The ordinary share capital of NV and PLC is translated in accordance with the Equalisation Agreement. The difference between the value for PLC and the value by applying the year-end page 118). The effect of exchange rate changes during the year on net assets of foreign operations is recorded in equity. For this purpose net assets include loans between group companies and any related foreign exchange contracts where settlement is neither planned nor likely to occur in the foreseeable future. The Group applies hedge accounting to certain exchange differences arising between the functional currencies of a foreign operation and NV or PLC as appropriate, regardless of whether the net investment is held directly or through an intermediate parent. Differences arising on retranslation of a financial liability designated as a foreign currency net investment hedge are recorded in equity to the extent that the hedge is effective. These differences are reported within profit or loss to the extent that the hedge is ineffective. Cumulative exchange differences arising since the date of transition to IFRS of 1 January 2004 are reported as a separate component of other reserves. In the event of disposal or part disposal of an interest in a group company either through sale or as a result of a repayment of capital, the cumulative exchange difference is recognised in the income statement as part of the profit or loss on disposal of group companies. Hyperinflationary economies The Argentinian economy was designated as hyperinflationary from 1 July 2018. As a result, application of IAS 29 ‘Financial Reporting in Hyperinflationary Economies’ has been applied to all Unilever entities whose functional currency is the Argentinian Peso for 2018 and 2019. The application of IAS 29 includes: • Adjustment of historical cost non-monetary • Adjustment of the income statement for inflation during the reporting period; • The income statement is translated at the period end foreign exchange rate instead of an average rate; and • Adjustment of the income statement to reflect the impact of inflation and exchange rate movement on holding monetary assets and liabilities in local currency. The main effects of the Group consolidated financial statements for 2019 are: • Total assets are reduced by €42 million; • Turnover is reduced by €14 million; • Operating profit is reduced by €11 million; and • Monetary gain recognised of €32 million. Critical accounting estimates and judgements The preparation of financial statements requires management to make estimates and judgements in the application of accounting policies that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and judgements are continuously evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future period affected. The following estimates are those that management believe have the most significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are: • Measurement of defined benefit obligations – the valuations of the Group’s defined benefit pension plan obligations are dependent on a number of assumptions. These include discount rates, inflation and life expectancy of scheme members. Details of these assumptions and sensitivities are in note 4B. • Measurement of consideration and assets and liabilities acquired as part of business combinations . E The following judgements are those that management believe have the most significant effect on the amounts recognised in the Group’s financial statements: • Separate presentation of items in the income statement – certain items of income or expense are presented separately as non- • Utilisation of tax losses and recognition of other deferred tax assets – The Group operates in many countries and is subject to taxes in numerous jurisdictions. Management uses judgement to assess the recoverability of tax assets such as whether there will be sufficient future taxable profits to utilise losses – see note 6B. • Likelihood of occurrence of provisions and contingent liabilities – events can occur where there is uncertainty over future obligations. Judgement is required to determine if an outflow of economic resources is probable, or possible but not probable. Where it is probable, a liability is recognised and further judgement is used to determine the level of the provision. Where it is possible but not probable, further judgement is used to determine if the likelihood is remote, in which case no disclosures are provided; if the likelihood is not remote then judgement is used to determine the contingent liability disclosed. Unilever does not have provisions and contingent liabilities for the same matters. External advice is obtained for any material cases. See notes 6A, 19 and 20. • Recognition of pension surplus – where there is an accounting surplus on a defined benefit plan, management uses judgement to determine whether the Group can realise the surplus through refunds, reductions in future combinations or a combination of both. • Recognition and measurement of IFRS 16 assets and liabilities – the Group adopted IFRS 16 on 1 January 2019 and restated all prior periods that are reported. In recognising and measuring lease assets and liabilities on the balance sheet, the Group applied judgement in determining whether each contract is or contains a lease. This included an assessment about whether the contract depends on a specified asset, whether the Group obtains substantially all the economic benefits from the use of that asset, and whether the Group has the right to direct the use of that asset. The Group also exercised judgement in determining the lease term as the non-cancellable Recent accounting developments Adopted by the group The Group applied for the first-time amendments to the following standards from 1 January 2019. Key requirements or Applicable standard changes in accounting policy Implementation progress and expected impact IFRS 16 ‘Leases’ This standard changes the recognition, measurement, presentation and disclosure of leases. In particular it requires lessees to record all leases on the balance sheet with exemptions available for low value and short-term leases. At the commencement of a lease, a lessee recognises lease payments (lease liability) and an asset representing the right to use the asset during the lease term (leased asset). Lessees subsequently reduce the lease liability when paid and recognise depreciation on the leased asset. A lease liability is remeasured upon the occurrence of certain events such as a change in the lease term or a change in an index or rate used to determine lease payments. The remeasurement normally also adjusts the leased asset. The Group has adopted IFRS 16 Leases in its reporting from 1 January 2019, applying the standard using the ‘full retrospective’ approach, and amounts relating to the years ended 31 December 2018 and 2017 have been restated in these financial statements. The Group has recognised all leases on its balance sheet upon transition to IFRS 16, except for short-term leases (less than a year) and leases for low-value assets. The impact of adopting IFRS 16 on the Group’s financial statements is further detailed in note 24. The standard has no impact on the actual cash flows of a group. However the standard requires the capitalisation, and subsequent depreciation, of costs that were previously expensed as paid which impacts disclosures of cash flows within the cash flow statement. The amounts previously expensed as operating cash outflows are instead capitalised and presented as financing cash outflows. IFRIC 23 ‘Uncertainty over income tax treatments’ This interpretation clarifies how entities should reflect uncertainties over income tax treatments. The Group applies judgement in identifying uncertainties over income tax treatments and has adjusted its uncertain tax provisions to be in line with the new criteria. The Group has elected to recognise the cumulative impact of €38 million within opening retained earnings. Amendments to IAS 19 ‘Employee Benefits’ The change requires that following plan amendments, curtailments or settlements, current service and net interest costs for the remainder of the reporting period should be calculated in line with updated actuarial assumptions. The amendment is applied prospectively. During the period the amendment had no impact on the Group financial statements. All other standards or amendments to standards that have been issued by the IASB and were effective by 1 January 2019 were not applicable or material to Unilever. New standards, amendments and interpretations of existing standards that are not yet effective and have not been early adopted by the Group The following new standards have been released but are not yet adopted by the Group. The expected impact and progress is shown below. In addition to the above, based on an initial review the Group does not currently believe adoption of the following standard/amendments will have a material impact on the consolidated results or financial position of the Group. Applicable standard Key requirements or changes in accounting policy Interest Rate Benchmark Reform – Amendments to IFRS 9, IAS 39 and IFRS 7 Effective from the year ending 31 December 2020 The amendments modify specific hedge accounting requirements so entities can continue to forecast future cash flows assuming that the interest rate benchmark will continue despite ongoing reviews of interest rate benchmark reform. As a result there is no requirement for an entity to discontinue hedge relationships or to reassess the economic relationships between hedged items and hedging instruments as a result of the uncertainties of the interest rate benchmark reform. We do not have material derivatives that refer to an interest rate benchmark so these amendments will not have a material impact on Unilever. IFRS 17 ‘Insurance Contracts’ Effective from the year ending 31 December 2022 This standard introduces a new model for accounting for insurance contracts. Work continues to review existing arrangements to determine the impact on adoption. Based on preliminary work the impact is estimated to be immaterial. All other standards or amendments to standards that have been issued by the IASB and are effective from 1 January 2020 onwards are not applicable or material to Unilever. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
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Segment Information | 2. Segment information Segmental reporting Beauty & Personal Care – primarily sales of skin cleansing (soap, shower), skin care (face, hand and body moisturisers), hair care (shampoo, conditioner, styling) and deodorants categories. Foods & Refreshment – primarily sales of ice cream, savoury (soups, bouillons, seasoning), dressings (mayonnaise, ketchup) and tea categories. Home Care – primarily sales of fabric category (washing powders and liquids, rinse conditioners) and includes a wide range of cleaning products. Revenue Turnover comprises sales of goods after the deduction of discounts, sales taxes and estimated returns. It does not include sales between group companies. Discounts given by Unilever include rebates, price reductions and incentives given to customers, promotional couponing and trade communication costs and are based on the contractual arrangements with each customer. Discounts can either be immediately deducted from the sales value on the invoice or off-invoice and settled later through credit notes when the precise amounts are known. Rebates are generally off-invoice. Amounts provided for discounts at the end of a period require estimation; historical data and accumulated experience is used to estimate the provision using the most likely amount method and in most instances the discount can be estimated using known facts with a high level of accuracy. Any differences between actual amounts settled and the amounts provided are not material and recognised in the subsequent reporting period. Customer contracts generally contain a single performance obligation and turnover is when control of the products being sold has transferred to our customer as there are no longer any unfulfilled obligations to the customer. This is generally on delivery to the customer but depending on individual customer terms, this can be at the time of dispatch, delivery or upon formal customer acceptance. This is considered the appropriate point where the performance obligations in our contracts are satisfied as Unilever no longer has control over the inventory. Our customers have the contractual right to return goods only when authorised by Unilever. At 31 December 2019, an estimate has been made of goods that will be returned and a liability has been recognised for this amount. An asset has also been recorded for the corresponding inventory that is estimated to return to Unilever using a best estimate based on accumulated experience. Some of our customers are distributors who may be able to return unsold goods in consignment arrangements. Underlying operating profit Underlying operating profit means operating profit before the impact of non-underlying Our segments are comprised of similar product categories. 9 1 9 10 5 Category Segment 2019 2018 2017 Fabric Home Care 15 % 15 % 15 % Ice cream Foods & Refreshment 13 % 13 % 13 % Hair care Beauty & Personal Care 12 % 12 % 11 % Savoury Foods & Refreshment 11 % 11 % 11 % Skin cleansing Beauty & Personal Care 10 % 10 % 10 % Deodorant s Beauty & Personal Care 8 % 8 % 8 % Skin care Beauty & Personal Care 8 % 7 % 6 % Tea Foods & Refreshment 6 % 6 % 5 % Dressings Foods & Refreshment 5 % 5 % 6 % Spreads Foods & Refreshment — 3 % 6 % Other 12 % 10 % 9 % The group operating segment information is provided based on three product areas: Beauty & Personal Care, Foods & Refreshment and Home Care € million € million € million € million Notes Beauty & Foods & Home Total 2019 Turnover 21,868 19,287 10,825 51,980 Operating profit 4,520 2,811 1,377 8,708 Non-underlying 3 440 571 228 1,239 Underlying operating profit 4,960 3,382 1,605 9,947 Share of net profit/(loss) of joint ventures and associates 1 171 4 176 Significant non-cash Within underlying operating profit: Depreciation and amortisation 693 902 369 1,964 Share-based compensation and other non-cash (b) 62 56 50 168 Within non-underlying Impairment and other non-cash (c) 105 159 46 310 2018 (Restated) (a) Turnover 20,624 20,227 10,131 50,982 Operating profit 4,165 7,287 1,187 12,639 Non-underlying 3 378 (3,711 ) 157 (3,176 ) Underlying operating profit 4,543 3,576 1,344 9,463 Share of net profit/(loss) of joint ventures and associates (1 ) 183 3 185 Significant non-cash Within underlying operating profit: Depreciation and amortisation 686 949 373 2,008 Share-based compensation and other non-cash (b) 102 102 46 250 Within non-underlying Impairment and other non-cash (c) 122 164 263 549 2017 (Restated) (a) Turnover 20,697 22,444 10,574 53,715 Operating profit 4,140 3,657 1,160 8,957 Non-underlying 3 272 121 150 543 Underlying operating profit 4,412 3,778 1,310 9,500 Share of net profit/(loss) of joint ventures and associates 8 143 4 155 Significant non-cash Within underlying operating profit: Depreciation and amortisation 641 1,059 325 2,025 Share-based compensation and other non-cash (b) 164 174 79 417 Within non-underlying Impairment and other non-cash (c) 80 191 48 319 (a) Restated following ad o (b) Other non-cash non-underlying (c) Other non-cash non-underlying The Unilever Group is not reliant on turnover from transactions with any single customer and does not receive 10% or more of its turnover from transactions with any single customer. Segment assets and liabilities are not provi d . The home countries of the Unilever Group are the Netherlands and the United Kingdom. Turnover and non-current assets for these two countries combined, for the United States (being the largest country outside the home countries) and for all other countries are: € million € million € million € million Netherlands United Others Total 2019 Turnover 3,508 8,702 39,770 51,980 Non-current (b) 4,705 13,326 25,714 43,744 2018 (Restated) (a) Turnover 3,679 8,305 38,998 50,982 Non-current (b) 4,336 12,471 25,304 42,111 2017 (Restated) (a) Turnover 3,849 8,532 41,334 53,715 Non-current (b) 4,101 12,110 24,901 41,112 (a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details. (b) For the purpose of this table, non-current assets include goodwill, intangible assets, property, plant and equipment and other non-current assets as shown on the consolidated balance sheet on page 89. Goodwill is attributed to the countries where the acquired business operated at the time of acquisition; all other assets are attributed to the countries where they were acquired. No other country had turnover or non-current Additional information by geographies Although the Group’s operations are managed by product area, we provide additional information based on geographies. The analysis of turnover by geographical area is stated on the basis of origin. € million € million € million € million Asia/ (b) The Europe Total 2019 Turnover 24,129 16,482 11,369 51,980 Operating profit 4,418 2,683 1,607 8,708 Non-underlying 439 395 405 1,239 Underlying operating profit 4,857 3,078 2,012 9,947 Share of net profit/(loss) of joint ventures and associates (5 ) 126 55 176 2018 (Restated) (a) Turnover 22,868 16,020 12,094 50,982 Operating profit 4,824 3,621 4,194 12,639 Non-underlying (437 ) (892 ) (1,847 ) (3,176 ) Underlying operating profit 4,387 2,729 2,347 9,463 Share of net profit/(loss) of joint ventures and associates — 114 71 185 2017 (Restated) (a) Turnover 23,266 17,525 12,924 53,715 Operating profit 3,847 3,120 1,990 8,957 Non-underlying 306 (23 ) 260 543 Underlying operating profit 4,153 3,097 2,250 9,500 Share of net profit/(loss) of joint ventures and associates 12 112 31 155 (a) Restated following adoption of IFRS (b) Refers to Asia, Africa, Middle East, Turkey, Russia, Ukraine and Belarus. Transactions between the Unilever Group’s geographical regions are immaterial and are carried out on an arm’s length basis. |
Operating costs and non-underly
Operating costs and non-underlying items | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Operating Costs and Non-underlying Items | 3. Operating costs and non-underlying items Operating costs Operating costs include cost of sales, brand and marketing investment and overheads. (i) Cost of sales Cost of sales includes the cost of inventories sold during the period and distribution costs. The cost of inventories are raw and packaging materials and related production costs. Distribution costs are charged to the income statement as incurred. (ii) Brand and marketing investment Brand and marketing investment include costs related to creating and maintaining brand equity and brand awareness. This includes media, advertising production, promotional materials and engagement with consumers. These costs are charged to the income statement as incurred. (iii) Overheads Overheads include staff costs associated with sales activities and central functions such as finance, human resources and research and development costs. Research and development costs are staff costs, material costs, depreciation of property, plant and equipment and other costs that are directly attributable to research and product development activities. These costs are charged to the income statement as incurred. Non-underlying These items are relevant to an understanding of our financial performance due to their nature and/or frequency of occurrence. (i) Non-underlying These are gains and losses on business disposals, acquisition and disposal-related costs, restructuring costs, impairments and one-off (ii) Non-underlying These are net monetary gain or loss arising from hyperinflationary economies and significant and unusual items in net finance cost, share of profit/ (loss) of joint ventures and associates and taxation. € million € million € million 2018 2017 2019 (Restated) (a) (Restated) (a) Turnover 51,980 50,982 53,715 Cost of sales (29,102 ) (28,703 ) (30,484 ) of which: Distribution costs (3,089 ) (3,057 ) (3,202 ) Production c (3,701 ) (3,732 ) (4,190 ) Raw and packaging materials and goods purchased for resale (20,769 ) (20,516 ) (21,587 ) Other (1,543 ) (1,398 ) (1,505 ) Gross profit 22,878 22,279 23,231 Selling and administrative expenses (12,931 ) (12,816 ) (13,731 ) of which: Brand and marketing investment (7,272 ) (7,150 ) (7,575 ) Overheads (5,659 ) (5,666 ) (6,156 ) of which: Research and development (840 ) (900 ) (900 ) Non-underlying items within operating profit before tax (1,239 ) 3,176 (543 ) Operating profit 8,708 12,639 8,957 (a) Restated following adoption of IFRS Exchange losses within operating costs are €41 million (2018: €49 million; 2017: €214 million). Non-underlying Non-underlying € million 2019 € million € million Non-underlying (1,239 ) 3176 (543 ) Acquisition and disposal-related costs (a) (132 ) 76 (159 ) Gain/(loss) on disposal of group companies (b) 70 4,331 334 Restructuring costs (c) (1,159 ) (914 ) (638 ) Impairments (d) (18 ) (208 ) — One-off items (e) — (109 ) (80 ) Tax on non-underlying items within operating profit (f) 309 (259 ) 77 Non-underlying (930 ) 2,917 (466 ) Non-underlying 35 154 (382 ) Premium paid on buyback of preference shares — — (382 ) Share of gain on disposal of Spreads business in Portugal JV 3 32 — Net monetary gain arising from hyperinflationary economies 32 122 — Tax impact of non-underlying items not in operating profit but within net profit (f) (196 ) (29 ) 578 Impact of US tax reform (g) — (29 ) 578 Taxes related to the reorganisation of our European business (175 ) — — Hyperinflation adjustment for Argentina deferred tax (21 ) — — Non-underlying (161 ) 125 196 Non-underlying items after tax (h) (1,091 ) 3,042 (270 ) Attributable to: Non-controlling (28 ) 18 (8 ) Shareholders’ equity (1,063 ) 3,024 (262 ) (a) 2018 includes a credit of €277 million from early settlement of contingent consideration relating to Blueair. (b) 2019 includes a gain of €57 million relating to the disposal of Alsa. 2018 includes a gain of €4,331 million on disposal of spreads business. 2017 includes a gain of €309 million from the sale of AdeS soy beverage business in Latin America. (c) Restructuring costs are comprised of various supply chain optimisation projects and organisational change programmes across markets all of which have been further accelerated during 2019. (d) 2019 includes a charge of €18 million relating to an impairment of goodwill for a local business classified to held for sale. 2018 includes a charge of €208 million relating to impairment of Blueair intangible asset. (e) 2018 includes a charge of €98 million for litigation matters comprised of €48 million for UK pension obligations and €50 million for legal cases in relation to investigations by national competition authorities. 2017 includes an €80 million charge for legal cases in relation to investigations by national competition authorities including those within Italy and South Africa. (f) Tax impact of non-underlying items shown in the income statement is the total of tax on non-underlying items within operating profit and the tax impact of non-underlying items not in operating profit but within net profit. (g) On 22 December 2017, HR1, formerly known as the Tax Cuts and Jobs Act was signed into law in the United States. As a result, tax benefit of €578 million was recognised in 2017, primarily due to re-measurement (h) Non-underlying items after tax is calculated as non-underlying items within operating |
Employees
Employees | 12 Months Ended |
Dec. 31, 2019 | |
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Employees | 4. Employees 4A. Staff and management costs Staff costs € million 2019 € million € million Wages and salaries (5,364 ) (5,346 ) (5,416 ) Social security costs (541 ) (571 ) (613 ) Other pension costs (334 ) (439 ) (399 ) Share-based compensation costs (151 ) (196 ) (284 ) (6,390 ) (6,552 ) (6,712 ) Average number of employees during the year ‘000 2019 ‘000 ‘000 Asia/AMET/RUB 84 88 93 The Americas 40 40 41 Europe 29 30 31 153 158 165 Key management compensation € € € Salaries and short-term employee benefits (42 ) (40 ) (34 ) Post-employment benefits – – – Share-based benefits (a) (16 ) (13 ) (26 ) (58 ) (53 ) (60 ) Of which: Executive Directors (9 ) (13 ) (17 ) Other (b) (49 ) (40 ) (43 ) Non-Executive (2 ) (2 ) (2 ) (60 ) (55 ) (62 ) (a) Share-based benefits are shown based on the expense recognised in the income statement. Share-based benefits compensation for key management on a vesting basis is €17 million (2018: €19 million; 2017: €20 million). (b) Other includes all members of the Unilever Leadership Executive, other than Executive Directors. Key management are defined as the members of Unilever Leadership Executive (ULE) and the Non-Executive 4B. Pensions and similar obligations For defined benefit plans, operating and finance costs are recognised separately in the income statement. The amount charged to operating cost in the income statement is the cost of accruing pension benefits promised to employees over the year, plus the costs of individual events such as past service benefit changes, settlements and curtailments (such events are recognised immediately in the income statement). The amount charged or credited to finance costs is a net interest expense calculated by applying the liability discount rate to the net defined benefit liability or asset. Any differences between the expected interest on assets and the return actually achieved, and any changes in the liabilities over the year due to changes in assumptions or experience within the plans, are recognised immediately in the statement of comprehensive income. The defined benefit plan surplus or deficit on the balance sheet comprises the total for each plan of the fair value of plan assets less the present value of the defined benefit liabilities (using a discount rate based on high-quality corporate bonds, or a suitable alternative where there is no active corporate bond market). All defined benefit plans are subject to regular actuarial review using the projected unit method by external consultants. The Group policy is that the most material plans, representing approximately 84% of the defined benefit liabilities, are formally valued every year. Other material plans, accounting for a further 12% of the liabilities, have their liabilities updated each year. Group policy for the remaining plans requires a full actuarial valuation at least every three years. Asset values for all plans are updated every year. For defined contribution plans, the charges to the income statement are the company contributions payable, as the company’s obligation is limited to the contributions paid into the plans. The assets and liabilities of such plans are not included in the balance sheet of the Group. Description of plans The Group increasingly operates a number of defined contribution plans, the assets of which are held in external funds. In certain countries the Group operates defined benefit pension plans based on employee pensionable remuneration and length of service. The majority of defined benefit plans are either career average, final salary or hybrid plans and operate on a funded basis with assets held in external funds The Group also provides other post-employment benefits, mainly post-employment healthcare plans in the United States. These plans are predominantly unfunded. Governance The majority of the Group’s externally funded plans are established as trusts, foundations or similar entities. The operation of these entities is governed by local regulations and practice in each country, as is the nature of the relationship between the Group and the Trustees (or equivalent) and their composition. Where Trustees (or equivalent) are in place to operate plans, they are generally required to act on behalf of the plan’s stakeholders. They are tasked with periodic reviews of the solvency of the fund in accordance with local legislation and play a role in the long-term investment and funding strategy. The Group also has an internal body, the Pensions and Equity Committee, that is responsible for setting the company’s policies and decision-making on plan matters, including but not limited to design, funding, investments, risk management and governance. Investment strategy The Group’s investment strategy in respect of its funded plans is implemented within the framework of the various statutory requirements of the territories where the plans are based. The Group has developed policy guidelines for the allocation of assets to different classes with the objective of controlling risk and maintaining the right balance between risk and long-term returns in order to limit the cost to the Group of the benefits provided. To achieve this, investments are well diversified, such that the failure of any single investment would not have a material impact on the overall level of assets. The plans continue to invest a good proportion of the assets in equities, which the Group believes offer the best returns over the long term, commensurate with an acceptable level of risk. The plans expose the Group to a number of actuarial risks such as investment risk, interest rate risk, longevity risk and, in certain markets, inflation risk. There are no unusual entity or plan-specific risks to the Group. For risk control, the pension funds also have significant investments in liability matching assets (bonds) as well as in property and other alternative assets; additionally, the Group uses derivatives to further mitigate the impact of the risks outlined above. The majority of assets are managed by a number of external fund managers with a small proportion managed in-house. Assumptions With the objective of presenting the assets and liabilities of the pensions and other post-employment benefit plans at their fair value on the balance sheet, assumptions under IAS 19 are set by reference to market conditions at the valuation date. The actuarial assumptions used to calculate the benefit liabilities vary according to the country in which the plan is situated. The following table shows the assumptions, weighted by liabilities, used to value the 96 31 December 2019 31 December 2018 Defined benefit pension plans Other post- employment benefit plans Defined benefit Other post- Discount rate 1.9 % 3.9 % 2.7 % 4.8 % Inflation 2.3 % n/a 2.5 % n/a Rate of increase in salaries 2.9 % 3.0 % 2.8 % 3.0 % Rate of increase for pensions in payment (where provided) 2.2 % n/a 2.4 % n/a Rate of increase for pensions in deferment (where provided) 2.4 % n/a 2.6 % n/a Long-term medical cost inflation n/a 5.4 % n/a 5.3 % The valuations of other post-employment benefit plans generally assume a higher initial level of medical cost inflation, which falls from 7% to the long-term rate within the next five For the UK and Netherlands pension plans, representing approximately 69 United Kingdom Netherlands 2019 2018 2019 2018 Discount rate 2.0 % 2.8 % 1.1 % 1.8 % Inflation 2.9 % 3.2 % 1.5 % 1.6 % Rate of increase in salaries 3.2 % 3.1 % 2.0 % 2.1 % Rate of increase for pensions in payment (where provided) 2.8 % 3.1 % 1.5 % 1.6 % Rate of increase for pensions in deferment (where provided) 2.8 % 3.1 % 1.5 % 1.6 % Number of years a current pensioner is expected to live beyond age 65: Men 21.6 22.1 22.6 22.5 Women 23.4 24.0 24.1 24.0 Number of years a future pensioner currently aged 45 is expected to live beyond age 65: Men 22.6 22.7 24.5 24.4 Women 24.6 25.6 26.2 26.1 Demographic assumptions, such as mortality rates, are set with having regard to the latest trends in life expectancy (including expectations of future improvements), plan experience and other relevant data. These assumptions are reviewed and updated as necessary as part of the periodic actuarial valuation of the pension plans. The years of life expectancy for 2019 above have been translated from the following tables: UK: 7.0 and “A” parameter = 0.0 ) and a 1.0% long - Netherlands: in-built The remaining defined benefit plans are considered immaterial. Their assumptions vary due to a number of factors including the currency and long-term economic conditions of the countries where they are situated. Income statement The charge to the income statement comprises: Notes € million 2019 € million € million Charged to operating profit: Defined benefit pension and other benefit plans: Current service cost (216 ) (220 ) (245 ) Employee contributions 17 17 18 Special termination benefits (5 ) (16 ) (4 ) Past service cost including (losses)/gains on curtailments 65 (41 ) 23 Settlements (2 ) – 4 Defined contribution plans (193 ) (179 ) (195 ) Total operating cost 4A (334 ) (439 ) (399 ) Finance income/(cost) 5 (30 ) (25 ) (96 ) Net impact on the income statement (before tax) (364 ) (464 ) (495 ) Statement of comprehensive income Amounts recognised in the statement of comprehensive income on the remeasurement of the net defined benefit liability. € million € million € million Return on plan assets excluding amounts included in net finance income/(cost) 2,385 (1,108 ) 1,475 Actuarial gains/(losses) arising from changes in demographic assumptions 183 42 222 Actuarial gains/(losses) arising from changes in financial assumptions (2,138 ) 611 (210 ) Experience gains/(losses) arising on pension plan and other benefit plan liabilities (12 ) 18 133 Change in asset ceiling, excluding amounts included in finance cost (37 ) – – Total of defined benefit costs recognised in other comprehensive income 381 (437 ) 1,620 Balance sheet The assets, liabilities and surplus/(deficit) position of the pension and other post-employment benefit plans at the balance sheet date were: € million 2019 € million 2018 Pension plans Other post- employment benefit plans Pension plans Other post- Fair value of assets 23,749 14 20,867 13 Present value of liabilities (23,438 ) (484 ) (21,288 ) (466 ) Computed net assets/(liabilities) 311 (470 ) (421 ) (453 ) Irrecoverable surplus (a) (37 ) — — — Net pension assets/(liabilities) 274 (470 ) (421 ) (453 ) Of which in respect of: Funded plans in surplus: Liabilities (17,772 ) — (16,182 ) — Assets 20,229 2 17,909 1 Aggregate Surplus: 2,457 2 1,727 1 Irrecoverable surplus (37 ) — — — Pension asset net of liabilities 2,420 2 1,727 1 Funded plans in deficit: Liabilities (4,657 ) (32 ) (4,149 ) (30 ) Assets 3,520 12 2,958 12 Pension liability net of assets (1,137 ) (20 ) (1,191 ) (18 ) Unfunded plans: Pension liability (1,009 ) (452 ) (957 ) (436 ) (a) A surplus is deemed recoverable to the extent that the Group can benefit economically from the surplus. Unilever assesses the maximum economic benefit available through a combination of refunds and reductions in future contributions in accordance with local legislation and individual financing arrangements with each of our funded defined benefit plans. Reconciliation of change in assets and liabilities Movements in assets during the year: The group of plans within ‘Rest of world’ category in the tables below are not materially different with respect to their risks that would require disaggregated disclosure. UK Netherlands Rest of world € million 2019 Total UK Netherlands Rest of € million 1 January 10,329 4,996 5,555 20,880 11,038 5,357 5,987 22,382 Employee contributions — — 17 17 — — 17 17 Settlements — — — — — — (1 ) (1 ) Actual return on plan assets (excluding amounts in net finance income/charge) 1,233 588 564 2,385 (459 ) (303 ) (346 ) (1,108 ) Change in asset ceiling, excluding amounts included in finance cost — — (37 ) (37 ) — — — — Interest income 292 89 192 573 274 95 182 551 Employer contributions 94 14 293 401 95 14 274 383 Benefit payments (455 ) (165 ) (588 ) (1,208 ) (472 ) (166 ) (561 ) (1,199 ) Currency retranslation 629 — 84 713 (147 ) — 12 (135 ) Others — — 2 2 — (1 ) (9 ) (10 ) 31 December 12,122 5,522 6,082 23,726 10,329 4,996 5,555 20,880 Movements in liabilities during the year: UK Netherlands Rest of world € million 2019 Total UK Netherlands Rest of € million 1 January (9,739 ) (4,664 ) (7,351 ) (21,754 ) (10,255 ) (4,913 ) (7,775 ) (22,943 ) Current service cost (104 ) (4 ) (108 ) (216 ) (109 ) (4 ) (107 ) (220 ) Special termination benefits — — (5 ) (5 ) — — (16 ) (16 ) Past service costs including (losses)/gains on curtailments 56 — 9 65 (46 ) 8 (3 ) (41 ) Settlements — — (2 ) (2 ) — — 1 1 Interest cost (276 ) (82 ) (245 ) (603 ) (254 ) (87 ) (235 ) (576 ) Actuarial gain/(loss) arising from changes in demographic assumptions 157 14 12 183 — 53 (11 ) 42 Actuarial gain/(loss) arising from changes in financial assumptions (955 ) (511 ) (672 ) (2,138 ) 351 84 176 611 Actuarial gain/(loss) arising from experience adjustments (44 ) (15 ) 47 (12 ) (45 ) 37 26 18 Benefit payments 455 165 588 1,208 472 166 561 1,199 Currency retranslation (551 ) — (77 ) (628 ) 147 — 14 161 Others — — (20 ) (20 ) — (8 ) 18 10 31 December (11,001 ) (5,097 ) (7,824 ) (23,922 ) (9,739 ) (4,664 ) (7,351 ) (21,754 ) Movements in (deficit)/surplus during the year: UK Netherlands Rest of € million 2019 Total UK Netherlands Rest of € million 1 January 590 332 (1,796 ) (874 ) 783 444 (1,788 ) (561 ) Current service cost (104 ) (4 ) (108 ) (216 ) (109 ) (4 ) (107 ) (220 ) Employee contributions — — 17 17 — — 17 17 Special termination benefits — — (5 ) (5 ) — — (16 ) (16 ) Past service costs including (losses)/gains on curtailments 56 — 9 65 (46 ) 8 (3 ) (41 ) Settlements — — (2 ) (2 ) — — — — Actual return on plan assets (excluding amounts in net finance income/charge) 1,233 588 564 2,385 (459 ) (303 ) (346 ) (1,108 ) Interest cost (276 ) (82 ) (245 ) (603 ) (254 ) (87 ) (235 ) (576 ) Interest income 292 89 192 573 274 95 182 551 Actuarial gain/(loss) arising from changes in demographic assumptions 157 14 12 183 — 53 (11 ) 42 Actuarial gain/(loss) arising from changes in financial assumptions (955 ) (511 ) (672 ) (2,138 ) 351 84 176 611 Actuarial gain/(loss) arising from experience adjustments (44 ) (15 ) 47 (12 ) (45 ) 37 26 18 Employer contributions 94 14 293 401 95 14 274 383 Benefit payments — — — — — — — — Currency retranslation 78 — 7 85 — — 26 26 Change in asset ceiling, excluding amounts included in finance cost — — (37 ) (37 ) — — — — Others — — (18 ) (18 ) — (9 ) 9 — 31 December 1,121 425 (1,742 ) (196 ) 590 332 (1,796 ) (874 ) The actual return on plan assets during 2019 was € 2,958 2,385 573 ( 557 ) Movements in irrecoverable surplus during the year: UK Netherlands Rest of € million UK Netherlands Rest of € million 1 January — — — — — — — — Change in asset ceiling, excluding amounts included in — — (37 ) (37 ) — — — — 31 December — — (37 ) (37 ) — — — — No amounts were included in finance cost in respect of irrecoverable surplus in 2019 or 2018. The duration of the principal defined benefit plan liabilities (representing 96 UK Netherlands Rest of (a) 2019 UK Netherlands Rest of (a) 2018 Duration (years) 18 19 13 7 23 17 18 12 7 23 Active members 14 % 14 % 21 % 16 % 12 % 15 % 21 % 15 % Deferred members 34 % 41 % 17 % 31 % 33 % 38 % 16 % 29 % Retired members 52 % 45 % 62 % 53 % 55 % 47 % 63 % 56 % (a) Rest of world numbers shown are weighted averages by liabilities. Plan assets The fair value of plan assets, which are reported net of fund liabilities that are not employee benefits, at the end of the reporting period for each category are as follows: The group of plans within “Rest of world” category in the tables below are not materially different with respect to their risks that would require disaggregated disclosure. € million 31 December 2019 € million UK Netherlands Rest of world 2019 UK Netherlands Rest of 2018 Total plan assets 12,122 5,522 6,105 23,749 10,329 4,996 5,542 20,867 Assets Equities total 4,173 1,831 1,752 7,756 3,182 1,594 1,505 6,281 Europe 930 517 583 2,030 731 480 451 1,662 North America 2,312 825 707 3,844 1,723 714 682 3,119 Other 931 489 462 1,882 728 400 372 1,500 Fixed income total 5,317 2,795 3,250 11,362 4,963 2,595 2,947 10,505 Government bonds 2,711 765 1,369 4,845 2,474 769 1,253 4,496 Investment grade corporate bonds 1,120 542 1,272 2,934 984 502 1,167 2,653 Other fixed income 1,486 1,488 609 3,583 1,505 1,324 527 3,356 Private equity 325 65 6 396 363 82 2 447 Property and real estate 916 491 321 1,728 852 451 276 1,579 Hedge funds 688 – 69 757 663 – 120 783 Other 454 289 415 1,158 435 293 389 1,117 Other plans – – 300 300 – – 312 312 Assets/fund (liabilities) that are not employee benefits Derivatives 249 51 (8 ) 292 (129 ) (19 ) (9 ) (157 ) The fair values of the above equity and fixed income instruments are determined based on quoted market prices in active markets. The fair value of private equity, properties, derivatives and hedge funds are not based on quoted market prices in active markets. The Group uses derivatives and other instruments to hedge some of its exposure to inflation and interest rate risk – Equity securities include Unilever securities amounting to €12 million ( 0.05 0.1 The pension assets above exclude the assets in a Special Benefits Trust amounting to €54 million (2018: €59 million) to fund pension and similar liabilities in the United States (see also note 17A on page 129 Sensitivities The sensitivity of the overall pension liabilities to changes in the weighted key assumptions are: Change in liabilities Change in assumption UK Netherlands Total Discount rate Increase by 0.5 % (8 ) % (9 ) % (8 ) % Inflation rate Increase by 0.5 % 6 % 9 % 6 % Life expectancy Increase by 1 year 5 % 5 % 5 % Long-term medical cost inflation (b) Increase by 1.0 % 0 % 0 % 3 % (b) Long-term medical cost inflation only relates to post-retirement medical plans. An equivalent decrease in each assumption would have an equal and opposite impact on liabilities. The sensitivity analyses above have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period and may not be representative of the actual change. It is based on a change in the key assumption while holding all other assumptions constant. When calculating the sensitivity to the assumption, the same method used to calculate the liability recognised in the balance sheet has been applied. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared with the previous period. Cash flow Group cash flow in respect of pensions and similar post-employment benefits comprises company contributions paid to funded plans and benefits paid by the company in respect of unfunded plans. The table below sets out these amounts: € million Estimate € million 2019 € million € million Company contributions to funded plans: Defined benefit (a) 340 244 238 954 Defined contributions 210 193 179 195 Benefits paid by the company in respect of unfunded plans: Defined benefit 150 157 144 151 Group cash flow in respect of pensions and similar benefits 700 594 561 1,300 (a) Following the conclusion of the 2019 Funding valuation of the US Unicare Pension plan, the Group will contribute $100 million into the plan plan , The Group’s funding policy is to periodically review the contributions made to the plans while taking account of local legislations. 4C. Share-based compensation plans The fair value of awards at grant date is calculated using observable market price. This value is expensed over their vesting period, with a corresponding credit to equity. The expense is reviewed and adjusted to reflect changes to the level of awards expected to vest, except where this arises from a failure to meet a market condition. Any cancellations are recognised immediately in the income statement. As at 31 December 201 9 The numbers in this note include those for Executive Directors and key management shown in note 4A on page 97. Non-Executive Directors do not participate in any of the share-based compensation plans. The charge in each of the last three years is shown below, and relates to equity-settled plans: Income statement charge € million € million € million Performance share plans (142 ) (183 ) (273 ) Other plans (9 ) (13 ) (11 ) (151 ) (196 ) (284 ) Performance share plans Performance share awards are made in respect of the Management Co-Investment Plan (MCIP). Awards for the Global Share Incentive Plan (GSIP) were last made in February 2018 and will vest in February 2021. No further GSIP awards will be made. The awards of each plan will vest of grant level, subject to the level of satisfaction of performance measures (limits for Executive Directors may vary ). The MCIP allows Unilever’s managers to invest up to 100% of their annual bonus (a minimum of 33% and maximum of 67% for Executive Directors) in shares in Unilever, and to receive a corresponding award of performance-related shares. The performance measures for MCIP are underlying sales growth, underlying EPS growth, return on invested capital and sustainability progress index for the Group. MCIP awards will vest after four years. Under the GSIP, Unilever’s managers received annual awards of NV and PLC shares. The performance measures for GSIP are underlying sales growth, underlying operating margin, and cumulative operating cash flow for the Group. There is an additional target based on relative total shareholder return for senior executives. GSIP awards will vest after three years. A summary of the status of the Performance Share Plans as at 31 December 2019, 2018 and 2017 and changes during the years ended on these dates is presented below: 2019 Number of shares 2018 shares 2017 shares Outstanding at 1 January 13,634,518 13,684,747 14,818,060 Awarded 4,538,771 6,870,882 4,962,345 Vested (6,041,011 ) (5,854,388 ) (4,723,861 ) Forfeited (994,477 ) (1,066,723 ) (1,371,797 ) Outstanding at 31 December 11,137,801 13,634,518 13,684,747 Share award value information 2019 2018 2017 Fair value per share award during the year € 48.22 € 42.44 € 42.59 Additional information At 31 December 201 9 11,944,106 8 14,595,111 To satisfy the options and awards granted, certain NV group companies hold 12,419,009 ( 8 15,010,429 9 0.14 9 0.47 8 0.5 The book value of € 640 8 704 9 635 8 700 At 31 December 201 9 nil and NV 8 nil Shares held to satisfy options and awards are accounted for in accordance with IAS 32 ‘Financial Instruments: Presentation’. All differences between the purchase price of the shares held to satisfy options and awards granted and the proceeds received for the shares, whether on exercise or lapse, are charged to reserves. Between 31 December 201 9 0 20 nil |
Net Finance Costs
Net Finance Costs | 12 Months Ended |
Dec. 31, 2019 | |
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Net Finance Costs | 5. Net finance costs Net finance costs are comprised of finance costs and finance income, including net finance costs in relation to pensions and similar obligations. Finance income includes income on cash and cash equivalents and income on other financial assets. Finance costs include interest costs in relation to financial liabilities. This includes interest on lease liabilities which represents the unwind of the discount rate applied to lease liabilities . Borrowing costs are recognised based on the effective interest method. € million € million € million 2019 2018 2017 Net finance costs Notes (Restated) (a) (Restated) (a) Finance costs (821 ) (718 ) (683 ) Bank loans and overdrafts (46 ) (44 ) (46 ) Interest on bonds and other loans (b) (617 ) (560 ) (519 ) Interest on lease liabilities (100 ) (127 ) (127 ) Dividends paid on preference shares (c) — — (4 ) Net gain/(loss) on transactions for which hedge accounting is not applied (58 ) 13 13 On foreign exchange derivatives (321 ) 144 384 Exchange difference on underlying items (d) 263 (131 ) (371 ) Finance income (e) 224 135 157 Pensions and similar obligations 4B (30 ) (25 ) (96 ) Net finance costs before non-underlying items (f) (627 ) (608 ) (622 ) Premium paid on buyback of preference shares — — (382 ) (627 ) (608 ) (1004 ) (a) Restated following adoption of IFRS (b) Interest on bonds and other loans includes the impact of interest rate derivatives that are part of hedge accounting relationships and the related recycling of results from the hedge accounting reserve. Includes an amount of €(6) million (2018: €(15) million) relating to unwinding of discount on deferred consideration for acquisitions and €Nil million (2018: €38 million) release of provision for interest on indirect tax cases in Brazil for which a federal tax amnesty has been applied. (c) Preference shares were repurchased in 2017. (d) 2019 includes €40 million (2018: Nil) finance cost due to change in functional currency in group’s operating entities in Zimbabwe from US dollar to RTGS dollar. For further details of derivatives for which hedge accounting is not applied, please refer to note 16C. (e) Includes an amount of €70 million (2018: Nil) that relates to interest on tax settlement in Brazil. (f) See note 3 for explanation of non-underlying items. |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2019 | |
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Taxation | 6. Taxation 6A. Income tax Income tax on the profit for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustments to tax payable in respect of previous years. Current tax in the consolidated income statement will differ from the income tax paid in the consolidated cash flow statement primarily because of deferred tax arising on temporary differences and payment dates for income tax occurring after the balance sheet date. Unilever is subject to taxation in the many countries in which it operates. The tax legislation of these countries differs, is often complex and is subject to interpretation by management and the government authorities. These matters of judgement give rise to the need to create provisions for tax payments that may arise in future years with respect to transactions already undertaken. Provisions are made against individual exposures and take into account the specific circumstances of each case, including the strength of technical arguments, recent case law decisions or rulings on similar issues and relevant external advice. The provision is estimated based on one of two methods, the expected value method (the sum of the probability weighted amounts in a range of possible outcomes) or the single most likely amount method, depending on which is expected to better predict the resolution of the uncertainty. € million € million € million 2019 2018 2017 Tax charge in income statement (Restated) (a) (Restated) (a) Current tax Current year (2,098 ) (2,647 ) (2,398 ) Over/(under) provided in prior years 119 (10 ) (21 ) (1,979 ) (2,657 ) (2,419 ) Deferred tax Origination and reversal of temporary differences (255 ) 5 53 Changes in tax rates (59 ) (12 ) 604 Recognition of previously unrecognised losses brought forward 30 92 92 (284 ) 85 749 (2,263 ) (2,572 ) (1,670 ) (a) Restated following adoption of IFRS The reconciliation between the computed weighted average rate of income tax expense, which is generally applicable to Unilever companies, and the actual rate of taxation charged is as follows: % % % 2018 2017 Reconciliation of effective tax rate 2019 (Restated) (a) (Restated) (a) Computed rate of tax (b) 24 25 26 Differences between computed rate of tax and effective tax rate due to: Incentive tax credits (2 ) (3 ) (4 ) Withholding tax on dividends 3 2 2 Expenses not deductible for tax purposes 1 1 1 Irrecoverable withholding tax 1 1 1 Income tax reserve adjustments – current and prior year — 1 — Transfer to/(from) unrecognised deferred tax assets (2 ) — 1 Others 1 (1 ) (1 ) Underlying effective tax rate 26 26 26 Non-underlying (c) — (1 ) 1 Premium paid on Buyback of preference shares (c) — — 1 Impact of US tax reform (c) — — (7 ) Impact of Spreads disposal (c) — (4 ) — Taxes related to the reorganisation of our European business (c) 2 — — Effective tax rate 28 21 21 (a) Restated following adoption of IFRS (b) The computed tax rate used is the average of the standard rate of tax applicable in the countries in which Unilever operates, weighted by the amount of underlying profit before taxation generated in each of those countries. For this reason, the rate may vary from year to year according to the mix of profit and related tax rates. (c) See note 3 for explanation of non-underlying Our tax rate is reduced by incentive tax credits, the benefit from preferential tax regimes that have been legislated by the countries and provinces concerned in order to promote economic development and investment. The tax rate is increased by business expenses which are not deductible for tax, such as entertainment costs and some interest expense and by irrecoverable withholding taxes on dividends paid by subsidiary companies and on other cross-border payments such as royalties and service fees, which cannot be offset against other taxes due. Uncertain tax provisions including the related interest and penalties amounted to €787 million (2018: €716 million). Whilst the potential outcomes for the tax matters giving rise to this provision are highly variable our expectation is that there will be no material change to any of the amounts provided for in the 12 months from 31 December 2019. In 2018 the effective tax rate was reduced by the impact of the spreads disposals where a significant part of the disposals benefited from the participation exemption in the Netherlands. The Group’s future tax charge and effective tax rate could be affected by several factors, including changes in tax laws and their interpretation and still to be determined tax reform proposals in the EU, Switzerland and the continuing OECD international tax reform work, as well as the impact of acquisitions, disposals and any restructuring of our businesses. In September, India announced a change in tax legislation backdated to 1 April 2019. The favourable impact for Unilever of a reduction in the tax rate to 25.17% was partially offset by the reduction in various tax incentives. 6B. Deferred tax Deferred tax is recognised using the liability method on taxable temporary differences between the tax base and the accounting base of items included in the balance sheet of the Group. Certain temporary differences are not provided for as follows: • goodwill not deductible for tax purposes; • the initial recognition of assets or liabilities that affect neither accounting nor taxable profit; and • differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted, or substantively enacted, at the year end. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. € million € million € million € million € million € million € million € million Movements in 2019 and 2018 As at Income Other As at As at (a) Income (a) Other (a) As at (a) Pensions and similar obligations 404 (81 ) (51 ) 272 316 (26 ) 114 404 Provisions and accruals 821 (73 ) 8 756 653 193 (25 ) 821 Goodwill and intangible assets (1,911 ) (31 ) (154 ) (2,096 ) (1,652 ) (154 ) (105 ) (1,911 ) Accelerated tax depreciation (679 ) 12 (18 ) (685 ) (679 ) 5 (5 ) (679 ) Tax losses 130 63 (9 ) 184 130 11 (11 ) 130 Fair value gains 155 (200 ) (5 ) (50 ) 100 58 (3 ) 155 Fair value losses 22 (2 ) (5 ) 15 24 (2 ) — 22 Share-based payments 175 (39 ) 20 156 194 (14 ) (5 ) 175 Other 77 73 11 161 86 11 (20 ) 77 Lease liability 428 (113 ) 4 319 441 2 (15 ) 428 Right of use asset (370 ) 107 (6 ) (269 ) (383 ) 1 12 (370 ) (748 ) (284 ) (205 ) (1,237 ) (770 ) 85 (63 ) (748 ) (a) Restated following adoption of IFRS At the balance sheet date, the Group had unused tax losses of €4,790 million (2018: €5,346 million) and tax credits amounting to €524 million (2018: €570 million) available for offset against future taxable profits. Deferred tax assets have not been recognised in respect of unused tax losses of €4,272 million (2018: €4,914 million) and tax credits of €497 million (2018: €570 million), as it is not probable that there will be future taxable profits within the entities against which the losses can be utilised. Of these losses € 4,108 million have expiry dates, the majority bein g 2026 . Other deductible temporary differences of €48 million (2018: €48 million) have not been recognised as a deferred tax asset. There is no expiry date for these differences. At the balance sheet date, the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognised was €2,476 million (2018: €2,681 million). No liability has been recognised in respect of these differences because the Group is in a position to control the timing of the reversal of the temporary differences, and it is probable that such differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. The following amounts, determined after appropriate offsetting, are shown in the consolidated balance sheet: € million € million € million € million € million € million Deferred tax assets and liabilities Assets 2019 Assets (a) Liabilities Liabilities (a) Total Total (a) Pensions and similar obligations 402 334 (130 ) 70 272 404 Provisions and accruals 495 578 261 243 756 821 Goodwill and intangible assets 248 41 (2,344 ) (1,952 ) (2,096 ) (1,911 ) Accelerated tax depreciation (67 ) (64 ) (618 ) (615 ) (685 ) (679 ) Tax losses 153 126 31 4 184 130 Fair value gains (14 ) 12 (36 ) 143 (50 ) 155 Fair value losses — 2 15 20 15 22 Share-based payments 31 59 125 116 156 175 Other 60 29 101 48 161 77 Lease liability 170 245 149 183 319 428 Right of use asset (142 ) (210 ) (127 ) (160 ) (269 ) (370 ) 1,336 1,152 (2,573 ) (1,900 ) (1,237 ) (748 ) Of which deferred tax to be recovered/(settled) after more than 12 months 1,030 856 (2,681 ) (2,027 ) (1,651 ) (1,171 ) (a) Restated following adoption of IFRS 6C. Tax on items recognised in equity or other comprehensive income Income tax is recognised in equity or other comprehensive income for items recognised directly in equity or other comprehensive income. Tax effects directly recognised in equity or other comprehensive income were as follows: € million € million € million € million € million € million Movements in 2019 and 2018 Before t 2019 T (charge)/ credit 2019 After tax 2019 Befor e (Restated) (a) Tax (Restated) (a) After (a) Gains/(losses) on: Equity instruments at fair value through other comprehensive income 35 (6 ) 29 51 — 51 Cash flow hedges 198 (22 ) 176 (70 ) 15 (55 ) Remeasurements of defined benefit pension plans 381 (28 ) 353 (437 ) 109 (328 ) Currency retranslation gains/(losses) (a) 6 (21 ) (15 ) (847 ) 8 (839 ) 620 (77 ) 543 (1,303 ) 132 (1,171 ) (a) Restated following adoption of IFRS |
Combined Earnings Per Share
Combined Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
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Combined Earnings Per Share | 7. Combined earnings per share The combined earnings per share calculations are based on the average number of share units representing the combined ordinary shares of NV and PLC in issue during the period, less the average number of shares held as treasury shares. In calculating diluted earnings per share and underlying earnings per share, a number of adjustments are made to the number of shares, principally, the exercise of share options by employees. Underlying earnings per share is calculated as underlying profit attributable to shareholders’ equity divided by the diluted combined average number of share units. In calculating underlying profit attributable to shareholders’ equity, net profit attributable to shareholders’ equity is adjusted to eliminate the post-tax non-underlying Earnings per share for total operations for the 12 months were as follows: € € € 2019 2018 (a) 2017 (a) Basic earnings per share 2.15 3.49 2.15 Diluted earnings per share 2.14 3.48 2.14 Underlying earnings per share 2.55 2.35 2.23 Millions of share units Calculation of average number of share units 2019 2018 2017 Average number of shares: NV 1,598.0 1,714.7 1,714.7 PLC 1,175.5 1,264.0 1,310.2 Less treasury shares held by employee share trusts and companies (157.0 ) (295.4 ) (223.3 ) Combined average number of share units – used for basic earnings per share 2,616.5 2,683.3 2,801.6 Add dilutive effect of share-based compensation plans 10.2 11.5 12.4 Diluted combined average number of share units – used for diluted and underlying earnings per share 2,626.7 2,694.8 2,814.0 € million € million € million Calculation of earnings Notes 2019 2018 (a) 2017 (a) Net profit 6,026 9,788 6,456 Non-controlling (401 ) (419 ) (433 ) Net profit attributable to shareholders’ equity – used for basic and diluted earnings per share 5,625 9,369 6,023 Post tax impact of non-underlying 3 1,063 (3,024 ) 262 Underlying profit attributable to shareholders’ equity – used for underlying earnings per share 6,688 6,345 6,285 (a) Restated following adoption of IFRS |
Dividends on Ordinary Capital
Dividends on Ordinary Capital | 12 Months Ended |
Dec. 31, 2019 | |
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Dividends on Ordinary Capital | 8. Dividends on ordinary capital Dividends are recognised on the date that the shareholder’s right to receive payment is established. This is generally the date when the dividend is declared. Dividends on ordinary capital during the year € million 2019 € € NV dividends (2,352 ) (2,262 ) (2,154 ) PLC dividends (1,871 ) (1,819 ) (1,762 ) (4,223 ) (4,081 ) (3,916 ) Four quarterly interim dividends were declared and paid during 2019 totalling €1.62 (2018: €1.52) per NV ordinary share and £1.42 (2018: £1.33) per PLC ordinary share. A f € 1,073 million (2018: € 1,003 0 €0.41 per NV ordinary share (2018: €0.39) and £0.35 per PLC ordinary share (2018: £0.34). Total dividends declared in relation to 2019 were €1.64 (2018: €1.55) per NV ordinary share and £1.43 (2018: £1.35) per PLC ordinary share. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
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Goodwill and Intangible Assets | 9. Goodwill and intangible assets Goodwill Goodwill is initially recognised based on the accounting policy for business combinations (see note 21). Goodwill is subsequently measured at cost less amounts provided for impairment. Goodwill acquired in a business combination is assessed to determine whether new cash generating units are created, and if not, is allocated to the Group’s CGUs, or groups of CGUs, that are expected to benefit from the synergies of the combination. These might not always be the same as the CGUs that include the assets and liabilities of the acquired business. Each unit or group of units to which the goodwill is allocated represents the lowest level within the Group at which the goodwill is monitored for internal management purposes, and is not larger than an operating segment. In 2019, the existing nine three three d e Intangible assets Separately purchased intangible assets are initially measured at cost, being the purchase price as at the date of acquisition. On acquisition of new interests in group companies, Unilever recognises any specifically identifiable intangible assets separately from goodwill. These intangible assets are initially measured at fair value as at the date of acquisition. Expenditure to support development of internally-produced intangible assets is recognised in profit or loss as incurred. Indefinite-life intangibles mainly comprise trademarks and brands, for which there is no foreseeable limit to the period over which they are expected to generate net cash inflows. These are considered to have an indefinite life, given the strength and durability of our brands and the level of marketing support. These assets are not amortised but are subject to a review for impairment annually, or more frequently if events or circumstances indicate this is necessary. Any impairment is charged to the income statement as it arises. Finite-life intangible assets mainly comprise software, patented and non-patented know-how ten years € million € million € million € million € million Indefinite-life Finite-life intangible assets Movements during 2019 Goodwill assets Software Other Total Cost 1 January 2019 18,502 11,247 2,689 1,103 33,541 Additions through business combinations 444 726 — 50 1,220 Disposal of businesses (2 ) (1 ) — (5 ) (8 ) Reclassification to held for sale (2 ) — — — (2 ) Additions — — 205 3 208 Disposals — — (11 ) (2 ) (13 ) Currency retranslation 313 150 108 12 583 Hyperinflationary adjustment (9 ) (1 ) — — (10 ) 31 December 2019 19,246 12,121 2,991 1,161 35,519 Accumulated amortisation and impairment 1 January 2019 (1,161 ) (212 ) (1,927 ) (748 ) (4,048 ) Amortisation/impairment for the year (18 ) — (296 ) (56 ) (370 ) Disposals of group companies — — — 5 5 Disposals — — 5 1 6 Currency retranslation — — (74 ) (9 ) (83 ) 31 December 2019 (1,179 ) (212 ) (2,292 ) (807 ) (4,490 ) Net book value 31 December 2019 (b) 18,067 11,909 699 354 31,029 € million € million € million € million € million Indefinite-life Finite-life intangible assets Movements during 2018 Goodwill assets Software Other Total Cost 1 January 2018 18,042 10,275 2,499 1,090 31,906 Hyperinflation restatement to 1 January 2018 244 25 3 — 272 Additions through business combinations 470 825 — 12 1,307 Disposal of businesses (1 ) (1 ) — — (2 ) Reclassification to held for sale (a) (227 ) (55 ) (1 ) — (283 ) Reclassification from held for sale — 9 — — 9 Additions — — 201 2 203 Disposals — — — (15 ) (15 ) Currency retranslation (151 ) 156 (15 ) 14 4 Hyperinflationary adjustment 125 13 2 — 140 31 December 2018 18,502 11,247 2,689 1,103 33,541 Accumulated amortisation and impairment 1 January 2018 (1,161 ) (14 ) (1,637 ) (693 ) (3,505 ) Hyperinflation restatement to 1 January 2018 — — (3 ) — (3 ) Amortisation/impairment for the year — (198 ) (297 ) (61 ) (556 ) Disposals — — — 14 14 Currency retranslation — — 12 (8 ) 4 Hyperinflationary adjustment — — (2 ) — (2 ) 31 December 2018 (1,161 ) (212 ) (1,927 ) (748 ) (4,048 ) Net book value 31 December 2018 (b) 17,341 11,035 762 355 29,493 (a) In 2018, was (b) Within the indefinite-life intangible assets there are three brands that have a significant carrying value: Knorr €1,816 mi l 8 8 8 Impairment We have tested goodwill and indefinite-life intangible assets for impairment. No impairment was identified, except for goodwill relating to a local business classified to held for sale. A €18 million charge has been recognised in non-underlying items within the line ‘impairments’ (See note 3 on page 96 Significant CGUs The goodwill and indefinite-life intangible assets held in the CGUs relating to Foods & Refreshment Europe, Foods & Refreshment The Americas, Beauty & Personal Care The Americas and Beauty & Personal Care Asia/AMET/RUB are considered significant within the total carrying amounts of goodwill and indefinite-life intangible assets at 31 December 2019 in terms of size, headroom and sensitivity to assumptions used . 2019 CGUs 2018 CGUs € billion Goodwill € billion Indefinite-life € billion Goodwill € billion Indefinite-life Foods & Refreshment Europe 4.1 1.7 3.9 1.6 Foods & Refreshment The Americas 4.0 2.1 3.9 2.1 Beauty & Personal Care The Americas 4.3 3.1 4.0 2.8 Beauty & Personal Care Asia/AMET/RUB 1.7 2.0 1.7 2.0 Total significant CGUs 14.1 8.9 13.5 8.5 Others (a) 4.0 3.0 3.8 2.5 Total CGUs 18.1 11.9 17.3 11.0 (a) Included within others are goodwill and intangible assets that are allocated to multiple cash generati ng The growth rates and margins for the significant CGUs are as below: For the year 2019 Foods & Refreshment Europe Foods & Refreshment The Beauty & Personal The Americas Beauty & Personal Care Asia/AMET/RUB Longer-term sustainable growth rates 1.1 % 1.7 % 1.7 % 3.9 % Average near-term nominal growth rates 1.2 % (1.2 ) % 1.6 % 5.3 % Average operating margins 16 % 15 % 21 % 22 % For the year 2018 Foods & Foods & A Beauty & Beauty & Longer-term sustainable growth rates 1.2 % 1.6 % 1.6 % 3.8 % Average near-term nominal growth rates 0.0 % 0.7 % 2.8 % 3.9 % Average operating margins 16 % 15 % 20 % 22 % Key assumptions The key assumptions used in our impairment testing are as follows: • Value in use has been calculated as the present value of projected cash flows. • The projections cover a period of five years, as we believe this to be the most appropriate timescale over which to review and consider annual performances before applying a fixed terminal value multiple to the final year cash flows. • The growth rates and margins used to estimate future performance are based on the conservative end of the range of estimates from past performance, our annual forecast and three year strategic plan extended to year four and five. • The long-term sustainable growth rates are determined as the lower of our three-year average market growth projection and World Bank’s three-year average GDP growth forecast for our markets. • A pre-tax We have performed sensitivity analyses around the base assumptions. There are no reasonably possible changes in a key assumption that would cause the carrying amount to exceed the recoverable amount. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
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Property, Plant and Equipment | 10. Property, plant and equipment The Group’s property, plant and equipment is comprised of owned assets (note 10A) and leased assets (note 10B). Property, plant and equipment is measured at cost including eligible borrowing costs less depreciation and accumulated impairment losses. Property, plant and equipment is subject to review for impairment if triggering events or circumstances indicate that this is necessary. If an indication of impairment exists, the asset’s or cash generating unit’s recoverable amount is estimated and any impairment loss is charged to the income statement as it arises. Owned assets Owned assets are initially measured at historical cost. Depreciation is provided on a straight-line basis over the expected average useful lives of the assets. Residual values are reviewed at least annually. Estimated useful lives by major class of assets are as follows: • Freehold buildings (no depreciation on freehold land) 40 years • Leasehold land and buildings 40 years (or life of lease if less) • Plant and equipment 2–20 years Leased assets The cost of a leased asset is measured as the lease liability at inception of the lease contract and other direct costs less any incentives granted by the lessor. The Group has not capitalised leases which are less than 12 months or leases of low value assets. These mainly relate to IT equipment, office equipment, furniture and fitting and other peripheral items. When a lease liability is remeasured, the related lease asset is adjusted by the same amount. Depreciation is provided on a straight-line basis from the commencement date of the lease to the end of the lease term. € million € million Property, plant and equipment 2019 2018 Owned assets 10A 10,249 10,214 Leased assets 10B 1,813 1,874 Total 12,062 12,088 10A. Owned assets Movements during 2019 € million € million € million Cost 1 January 2019 4,386 15,216 19,602 Additions through business combinations 7 28 35 Additions 175 1,141 1,316 Disposal s (72 ) (649 ) (721 ) Hyperinflationary adjustment (3 ) (28 ) (31 ) Reclassification as held for sale (63 ) (116 ) (179 ) Currency retranslation 68 252 320 31 December 201 9 4,498 15,844 20,342 Accumulated depreciation 1 January 201 9 (1,390 ) (7,998 ) (9,388 ) Depreciation charge for the year (134 ) (1,022 ) (1,156 ) Disposals 28 456 484 Hyperinflationary adjustment 5 30 35 Reclassification as held for sale 38 81 119 Currency retranslation (26 ) (161 ) (187 ) 31 December 201 9 (1,479 ) (8,614 ) (10,093 ) Net book value 31 December 201 9 (a) 3,019 7,230 10,249 Includes capital expenditures for assets under construction 78 872 950 The Group has commitments to purchase property, plant and equipment of €264 million (2018: €324 million). Movements during 2018 (Restated) (b) € million € million € million Cost 1 January 2018 4,256 14,811 19,067 Hyperinflation restatement to 1 January 2018 37 182 219 Additions through business combinations 11 31 42 Additions 236 1,087 1,323 Disposal s (97 ) (585 ) (682 ) Hyperinflationary adjustment 49 93 142 Reclassification as held for sale (17 ) (54 ) (71 ) Currency retranslation (89 ) (349 ) (438 ) 31 December 2018 4,386 15,216 19,602 Accumulated depreciation 1 January 2018 (1,345 ) (7,450 ) (8,795 ) Hyperinflation restatement to 1 January 2018 (10 ) (106 ) (116 ) Depreciation charge for the year (115 ) (1,062 ) (1,177 ) Disposals 63 514 577 Hyperinflationary adjustment (7 ) (53 ) (60 ) Reclassification as held for sale 10 33 43 Currency retranslation 14 126 140 31 December 2018 (1,390 ) (7,998 ) (9,388 ) Net book value 31 December 2018 (a) 2,996 7,218 10,214 Includes capital expenditures for assets under construction 130 956 1,086 (a) Includes € 319 302 (b) Restated following adoption of IFRS 16. Finance leases previously capitalised as p l note 10B . 10B. Leased assets Movements during 2019 € million € million € million Cost 1 January 2019 2,770 816 3,586 Additions 278 174 452 Disposals (240 ) (180 ) (420 ) Hyperinflationary adjustment 23 — 23 Currency retranslation 43 17 60 31 December 2019 2,874 827 3,701 Accumulated depreciation 1 January 2019 (1,241 ) (471 ) (1,712 ) Depreciation charge for the year (297 ) (159 ) (456 ) Disposals 154 150 304 Hyperinflationary adjustment 9 — 9 Currency retranslation (22 ) (11 ) (33 ) 31 December 2019 (1,397 ) (491 ) (1,888 ) Net book value 31 December 2019 1,477 336 1,813 Movements during 2018 (Restated) (a) € million € million € million Cost 1 January 2018 2,880 799 3,679 Additions 250 171 421 Disposals (310 ) (141 ) (451 ) Currency retranslation (50 ) (13 ) (63 ) 31 December 2018 2,770 816 3,586 Accumulated depreciation 1 January 2018 (1,275 ) (407 ) (1,682 ) Depreciation charge for the year (300 ) (183 ) (483 ) Disposals 307 114 421 Currency retranslation 27 5 32 31 December 2018 (1,241 ) (471 ) (1,712 ) Net book value 31 December 2018 1,529 345 1,874 (a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details. Our leases mainly comprise land and buildings and Plant and equipment. The Group leases land and buildings for manufacturing, warehouse facilities and office space and also sublease some of the properties under operating leases. The Group has leases for vehicles and equipment. The Group has recognised in the income statement an expense of €97 million (2018: €95 million) for short term leases and €79 million (2018: €70 million) on leases for low-value assets. During the year the Group recognised an income of €25 million (2018: €22 million) in respect of sublet properties Cash flows: million). Lease liabilities: |
Other Non-current Assets
Other Non-current Assets | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Other Non-current Assets | 11. Other non-current Joint ventures are undertakings in which the Group has an interest and which are jointly controlled by the Group and one or more other parties. Associates are undertakings where the Group has an investment in which it does not have control or joint control but can exercise significant influence. Interests in joint ventures and associates are accounted for using the equity method and are stated in the consolidated balance sheet at cost, adjusted for the movement in the Group’s share of their net assets and liabilities. The Group’s share of the profit or loss after tax of joint ventures and associates is included in the Group’s consolidated profit before taxation. Where the Group’s share of losses exceeds its interest in the equity accounted investee, the carrying amount of the investment is reduced to zero and the recognition of further losses is discontinued, except to the extent that the Group has an obligation to make payments on behalf of the investee. Biological assets are measured at fair value less costs to sell with any changes recognised in the income statement. € million € million 2019 2018 Restated (a) Interest in net assets of joint ventures 35 14 Interest in net assets of associates 37 40 Long-term trade and other receivables (b) 380 307 Fair value of biological assets 17 18 Other non-current assets (c) 184 151 653 530 (a) Restated following adoption of IFRS 16. Operating lease prepayments for land that were previously reported within other non-current assets, have now been included within leased assets. See note1 and note 24 for further details. (b) Mainly relates to indirect tax receivables where we do not have the contractual right to receive payment within 12 months. (c) Mainly relates to tax assets. € million € million Movements during 2019 and 2018 2019 2018 Joint ventures (a) 1 January 14 32 Additions — 5 Dividends received/reductions (b) (158 ) (216 ) Share of net profit/(loss) 179 190 Currency retranslation — 3 31 December 35 14 Associates (c) 1 January 40 44 Additions 1 3 Dividend received/reductions — — Share of net profit/(loss) (3 ) (5 ) Currency retranslation (1 ) (2 ) 31 December 37 40 (a) Our principal joint ventures are Unilever FIMA LDA for Portugal, the Pepsi/Lipton Partnership for the US and Pepsi Lipton International for the rest of the world. (b) 2018 includes a capital reduction in joint venture of Unilever FIMA LDA of € 64 (c) Associates as at 31 December 201 9 The joint ventures and associates have no no no 137 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
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Inventories | 12. Inventories Inventories are valued at the lower of weighted average cost and net realisable value. Cost comprises direct costs and, where appropriate, a proportion of attributable production overheads. Net realisable value is the estimated selling price less the estimated costs necessary to make the sale. € million € million Inventories 2019 2018 Raw materials and consumables 1,399 1,454 Finished goods and goods for resale 3,053 3,052 Total inventories 4,452 4,506 Provision for inventories (288 ) (205 ) 4,164 4,301 € million € million Provisions for inventories 2019 2018 1 January 205 194 Charge to income statement 153 92 Reduction/releases (71 ) (72 ) Currency translations — (7 ) Others (a) 1 (2 ) 31 December 288 205 (a) Others mainly include the amount towards the acquisition/ disposal of business and transfers. Inventories with a value of € 159 124 realisable a total expense of 363 227 recognised in inventory write downs and losses |
Trade and Other Current Receiva
Trade and Other Current Receivables | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Trade and Other Current Receivables | 13. Trade and other current receivables Trade and other current receivables are initially recognised at fair value plus any directly attributable transaction costs. Subsequently these assets are held at amortised cost, using the effective interest method and net of any impairment losses. Discounts payable to customers are shown as a reduction in trade receivables when there is a legal right and intent to settle them on a net basis. We do not consider the fair values of trade and other current receivables to be significantly different from their carrying values. Concentrations of credit risk with respect to trade receivables are limited, due to the Group’s customer base being large and diverse. Our historical experience of collecting receivables, supported by the level of default, is that credit risk is low across territories and so trade receivables are considered to be a single class of financial assets. Impairment for trade receivables are calculated for specific receivables with known or anticipated issues affecting the likelihood of recovery and for balances past due with a probability of default based on historical data as well as relevant forward-looking information. € million € million Trade and other current receivables 2019 2018 (a) Due within one year Trade receivables (b) 4,916 4,350 Prepayments and accrued income 579 690 Other receivables 1,200 1,442 6,695 6,482 (a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details. (b) 2019 includes € 698 677 million) due from KKR as a result of an arrangement following the sale of the global spreads business (excluding Southern Africa). Unilever will provide services to KKR including IT infrastructure, bookkeeping, payroll, marketing and co-packing for up to two years from completion of the disposal and KKR pays Unilever for materials sourced on its behalf. See also trade payables on page 115. Included within trade receivables are discounts due to our 2,423 3,062 The increase from 2018 is primarily driven by differences in the timing of promotional activities and the settlement of customer invoices compared to last year. Other receivables comprise financial assets of 208 299 non-financial 992 1,142 Non-financial of €584 million (2018: €690 million) € million € million Ageing of trade receivables 2019 2018 Not overdue 3,856 3,440 Past due less than three months 827 747 Past due more than three months but less than six months 186 132 Past due more than six months but less than one year 94 74 Past due more than one year 164 145 Total trade receivables 5,127 4,538 Impairment provision for trade receivables (211 ) (188 ) 4,916 4,350 The total impairment provision includes €211 million (2018: €188 million) for current trade receivables, €26 million (2018: €13 million) for other current receivables and €84 million (2018: €13 million) for non-current trade and other receivables. € million € million Impairment provision for total trade and other receivables 2019 2018 1 January 214 184 Charge to income statement 79 65 Reduction/releases (54 ) (29 ) Reclassifications (a) 86 — Currency translations (4 ) (6 ) 31 December 321 214 (a) Includes an amount transferred from provisions relating to Brazil indirect taxes. See note 19. |
Trade Payables and Other Liabil
Trade Payables and Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
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Trade Payables and Other Liabilities | 14. Trade payables and other liabilities Trade payables Trade payables are initially recognised at fair value less any directly attributable transaction costs. Trade payables are subsequently measured at amortised cost, using the effective interest method. Other liabilities Other liabilities are initially recognised at fair value less any directly attributable transaction costs. Subsequent measurement depends on the type of liability: • Accruals are subsequently measured at amortised cost, using the effective interest method. • Social security and sundry taxes are subsequently measured at amortised cost, using the effective interest method. • Deferred consideration is subsequently measured at fair value with changes in the income statement as explained below. • Others are subsequently measured either at amortised cost, using the effective interest method or at fair value, with changes being recognised in the income statement. Deferred Consideration Deferred consideration represents any payments to the sellers of a business that occur after the acquisition date. These typically comprise contingent consideration and fixed deferred consideration: • Fixed deferred consideration is a payment with a due date after acquisition that is not dependent on future conditions . • Contingent consideration is a payment which is dependent on certain conditions being met in the future and is often variable . All deferred consideration is initially recognised at fair value as at the acquisition date, which includes a present value discount. Subsequently, deferred consideration is measured to reflect the unwinding of discount on the liability, with changes recognised in finance cost within the income statement. In the balance sheet it is remeasured to reflect the latest estimate of the achievement of the conditions on which the consideration is based; changes in value other than the discount unwind are recognised as acquisition and disposal-related costs within non-underlying We do not consider the fair values of trade payables and other liabilities to be significantly different from their carrying values. € million € million Trade payables and other liabilities 2019 2018 Current: due within one year Trade payables (a) 9,190 9,121 Accruals 4,153 3,724 Social security and sundry taxes 507 498 Deferred consideration 39 14 Others 879 1,100 14,768 14,457 Non-current: Accruals 117 121 Deferred consideration 169 173 Others 53 52 339 346 Total trade payables and other liabilities 15,107 14,803 (a) 2019 includes €359 million (2018: €311 million) due to KKR as a result of an arrangement following the sale of the global spreads business (excluding Southern Africa). Unilever will provide certain services for up to two years from completion of the disposal and pays KKR for amounts collected on its behalf. See also trade receivables on page 114 Included within trade payables and other liabilities are discounts due to our customers of €1,053 million (2018: €514 million). The increase Included within others are IT and consulting services. Deferred Consideration At 31 December 201 9 includes of These contingent consideration payments are dependent on acquired businesses achieving contractually agreed financial targets (mainly relates to cumulative increases in turnover and profit before tax) and fall due up until 2024, with a maximum contractual amount of €1,140 million. Supplier financing arrangements for trade payables Some of our suppliers elect to factor some of their receivables from the Group with financial institutions. In some instances we provide suppliers and/or banks with visibility of invoices approved for payment, which helps them receive cash from the bank before the invoice due date, if they choose to do so. Payment dates and terms for Unilever do not vary based on whether the supplier chooses to factor their receivable. If a receivable is purchased by a third party bank, that third party bank does not benefit from additional security when compared to the security originally enjoyed by the supplier. The Group evaluates these arrangements to assess if the payable holds the characteristics of a trade payable or should be classified as a financial liability. At 31 December 2019 and 31 December 2018 all such liabilities were classified as trade payables. |
Capital and Funding
Capital and Funding | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Capital and Funding | 15. Capital and funding Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Internal holdings The ordinary shares numbered 1 to 2,400 (inclusive) in NV (‘Special Shares’) and deferred stock of PLC are held as to one half of each class by N.V. Elma – a subsidiary of NV – and one half by United Holdings Limited – a subsidiary of PLC. This capital is eliminated on consolidation. Share-based compensation The Group operates a number of share-based compensation plans involving options and awards of ordinary shares of NV and PLC. Full details of these plans are given in note 4C on pages 103 to 104. Other reserves Other reserves include the fair value reserve, the foreign currency translation reserve, the capital redemption reserve and treasury shares. Shares held by employee share trusts and group companies Certain PLC trusts, NV and group companies purchase and hold NV and PLC shares to satisfy performance shares granted, share options granted and other share awards (see note 4C). The assets and liabilities of these trusts and shares held by group companies are included in the consolidated financial statements. The book value of shares held is deducted from other reserves, and trusts’ borrowings are included in the Group’s liabilities. The costs of the trusts are included in the results of the Group. These shares are excluded from the calculation of earnings per share. Financial liabilities Financial liabilities are initially recognised at fair value, less any directly related transaction costs. When bonds are designated as being part of a fair value hedge relationship in those cases bonds are carried at amortised cost, adjusted for the fair value of the risk being hedged, with changes in value shown in profit and loss. Other financial liabilities, excluding derivatives, are subsequently carried at amortised cost, with the exception of: • financial liabilities which the Group has elected to measure at fair value through profit or loss; • derivative financial liabilities – see note 16 on page 121; and • contingent consideration recognised by an acquirer in a business combination to which IFRS 3 applies. Such contingent consideration is subsequently measured at fair value through profit or loss. Lease liabilities Lease liabilities are initially measured at the present value of the lease payments that are not yet paid at the start of the lease term. This is discounted using an appropriate borrowing rate determined by the Group, where none is readily available in the lease contract. The lease liability is subsequently reduced by cash payments and increased by interest costs. The lease liability is remeasured when the Group assesses that there will be a change in the amount expected to be paid during the lease term. The Group’s Treasury activities are designed to: • maintain a competitive balance sheet in line with at least A/A2 rating (see below); • secure funding at lowest costs for the Group’s operations, M&A activity and external dividend payments (see below); • protect the Group’s financial results and position from financial risks (see note 16); • maintain market risks within acceptable parameters, while optimising returns (see note 16); and • protect the Group’s financial investments, while maximising returns (see note 17) The Treasury department provides central deposit taking, funding and foreign exchange management services for the Group’s operations. The department is governed by standards and processes which are approved by Unilever Leadership Executive (ULE). In addition to guidelines and exposure limits, a system of authorities and extensive independent reporting covers all major areas of activity. Performance is monitored closely by senior management. Reviews are undertaken periodically by corporate audit. Key instruments used by the treasury department are: • short-term and long-term borrowings; • cash and cash equivalents; and • plain vanilla derivatives, including cross currency interest rate swaps and foreign exchange contracts. The Treasury department maintains a list of approved financial instruments. The use of any new instrument must be approved by the Chief Financial Officer. The use of leveraged instruments is not permitted. Unilever considers the following components of its balance sheet to be managed capital: • total equity – retained profit, other reserves, share capital, share premium, non-controlling • short-term debt – current financial liabilities (note 15C); and • long-term debt – non-current The Group manages its capital so as to safeguard its ability to continue as a going concern and to optimise returns to our shareholders through an appropriate balance of debt and equity. The capital structure of the Group is based on management’s judgement of the appropriate balance of key elements in order to meet its strategic and day-to-day Our current long-term credit rating is A+/A1 and our short-term credit rating is A1/P1. We aim to maintain a competitive balance sheet which we consider to be the equivalent of a credit rating of at least A/A2 in the long term. This provides us with: • appropriate access to the debt and equity markets; • sufficient flexibility for acquisitions; • sufficient resilience against economic and financial uncertainty while ensuring ample liquidity; and • optimal weighted average cost of capital, given the above constraints. Unilever monitors the qualitative and quantitative factors utilised by the rating agencies. This information is publicly available and is updated by the credit rating agencies on a regular basis. 15A. Share capital Issued, Issued, called up and called up and Authorised (a) fully paid (b) Authorised (a) fully paid ( b 2019 2019 201 8 201 8 Unilever N.V. € million € million € million € million NV ordinary shares of €0.16 each 480 274 480 274 NV ordinary shares of €428.57 each (shares numbered 1 to 2,400 –‘Special Shares’) 1 1 1 1 Internal holdings eliminated on consolidation (€428.57 shares) — (1 ) — (1 ) Cancellation of treasury shares (c) — (41 ) — — 481 233 481 274 Unilever PLC £ £ PLC ordinary shares of 3 1 37.0 40.8 PLC deferred stock of £1 each 0.1 0.1 Internal holding eliminated on consolidation (£1 stock) (0.1 ) (0.1 ) Cancellation of treasury shares (c) (0.6 ) (3.8 ) 36.4 37.0 € million € million Euro equivalent in millions (at £1.00 = €5.143) (d) 187 190 Unilever Group € million € million Ordinary share capital of NV 233 274 Ordinary share capital of PLC 187 190 420 464 (a) At 31 December 2019 Unilever N.V. had 3,000,000,000 (2018: 3,000,000,000) authorised ordinary shares. The requirement for a UK company to have an authorised share capital was abolished by the UK Companies Act 2006. In May 2010 Unilever PLC shareholders approved new Articles of Association to reflect this. (b) At 31 December 2019 the following quantities of shares were in issue: 1,460,714,804 of NV ordinary shares; 2,400 of NV Special Shares; 1,168,530,650 of PLC ordinary shares and 100,000 of PLC deferred stock. At 31 December 2018, 1,714,727,700 of NV ordinary shares; 2,400 of NV Special Shares; 1,187,191,284 of PLC ordinary shares and 100,000 of PLC deferred stock were in issue. (c) At 31 December 2019 254,012,896 of NV ordinary shares and (d) Conversion rate for PLC ordinary shares nominal value to euros is £1 = €5.143 (which is calculated by dividing the nominal value of NV ordinary shares by the nominal value of PLC ordinary shares). For information on the rights of shareholders of NV and PLC and the operation of the Equalisation Agreement, see the Corporate Governance report on pages 4 7 53 A nominal dividend of 6% per annum is paid on the deferred stock of PLC. 15B. Equity Basis of consolidation Unilever is the majority shareholder of all material subsidiaries and has control in all cases. Information in relation to significant subsidiaries is provided on page 142 Subsidiaries with significant non-controlling Unilever has one subsidiary company which has a material non-controlling € million € million 2019 2018 HUL balance sheet as at 31 December Restated (a) Non-current 1,030 964 Current assets 1,438 1,333 Current liabilities (1,117 ) (1,156 ) Non-current (332 ) (251 ) HUL comprehensive income for the year ended 31 December Turnover 4,937 4,527 Profit after tax 730 617 Total comprehensive income 740 576 € million € million 2019 2018 HUL cash flow for the year ended 31 December Restated (a) Net increase/(decrease) in cash and cash-equivalents 145 14 HUL non-controlling 1 January (299 ) (288 ) Share of (profit)/loss for the year ended 31 December (239 ) (203 ) Other comprehensive income (6 ) (4 ) Dividend paid to the non-controlling 218 183 Currency translation (2 ) 13 31 December (328 ) (299 ) (a) Restated following adoption of IFRS Analysis of other reserves € million € million € million Total Total Total 2019 2018 2017 (Restated) (a) (Restated) (a) Fair value reserves 7 (194 ) (189 ) Equity instrument s 123 98 — Cash flow hedges (116 ) (292 ) (236 ) Available-for-sale — — 47 Currency retranslation of group companies – see following table (4,712 ) (4,694 ) (3,879 ) Adjustment on translation of PLC’s ordinary capital at 3 1 9 p = €0.16 (148 ) (150 ) (164 ) Capital redemption reserve 37 32 32 Book value of treasury shares – see following table (703 ) (10,181 ) (9,208 ) Hedging gains/(losses) transferred to non-financial asset s 103 71 — Other (b) (158 ) (102 ) (179 ) (5,574 ) (15,218 ) (13,587 ) (a) Restated following adoption of IFRS (b) Relates to option on purchase of subsidiary for non-controlling Unilever acquired 2,678,000 (2018: 66,202,168) NV ordinary shares and 1,076,000 (2018: 65,458,433) PLC shares through purchases on the stock exchanges during the year . These are held as treasury stock 254,012,896 of NV and 18,660,634 of PLC ordinary shares that were acquired as a part of the share buyback programme in 2018 and prior years, were cancelled during the year. The total number of treasury shares held at 31 December 2019 was 8,027,879 (2018: 263,349,111) NV shares and 4,391,130 (2018: 24,334,848) PLC shares and these shares were held in connection with share-based compensation plans (see note 4C on pages 103 104 € million € million Treasury shares – movements during the year 2019 2018 1 January (10,181 ) (9,208 ) Repurchase of shares – (6,020 ) Cancellation of NV and PLC shares 9,416 5,069 Other purchases and utilisations 64 (8 ) Adjustment on translation of PLC’s ordinary capital at 3 1 9 (2 ) (14 ) 31 December (703 ) (10,181 ) € million € million 2019 2018 Currency retranslation reserve – movements during the year (Restated) (a) 1 January (4,694 ) (3,879 ) Currency retranslation of group companies net assets and liabilities during the year (341 ) (821 ) Movement in net investment hedges and exchange differences in net investments in foreign operations 326 77 Recycled to income statement (3 ) (71 ) 31 December (4,712 ) (4,694 ) (a) Restated following adoption of IFRS Statement of comprehensive income: other comprehensive income reconciliation € million € million Fair value gains/(losses) on financial instruments – movement during the year 2019 2018 1 January (194 ) (189 ) Equity instruments 25 51 Cash flow hedges 176 (56 ) 31 December 7 (194 ) Refer to the consolidated statement of comprehensive income on page 87, the consolidated statement of changes in equity on page 88, and note 6C on page 107. € million € million Remeasurement of defined benefit pension plans net of tax 2019 2018 1 January (1,499 ) (1,171 ) Movement during the year 353 (328 ) 31 December (1,146 ) (1,499 ) Refer to the consolidated statement of comprehensive income on page 87, the consolidated statement of changes in equity on page 88, note 4B from page 98 to 103 and note 6C on page 107. € million € million 2019 2018 Currency retranslation gains/(losses) – movement during the year (Restated) (a) 1 January (5,069 ) (4,230 ) Currency retranslation during the year: Other reserves (18 ) (814 ) Retained profit 2 (10 ) Non-controlling 1 (15 ) 31 December (5,084 ) (5,069 ) (a) Restated following adoption of IFRS 15C. Financial liabilities € million € million € million € million € million € million Financial liabilities (b) Current Non-current 2019 Total Current (a) Non-current (a) Total (a) Bank loans and overdrafts (c) 390 463 853 525 289 814 Bonds and other loans 3,677 21,355 25,032 2,422 20,969 23,391 Lease liabilities 383 1,536 1,919 390 1,591 1,981 Derivatives 116 154 270 127 275 402 Other financial liabilities (d) 125 58 183 149 1 150 4,691 23,566 28,257 3,613 23,125 26,738 (a) Restated following adoption of IFRS (b) For the purposes of this note and note 17A, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes 13 and 14 respectively. (c) Financial liabilities include €Nil million (2018: €5 million) of secured liabilities. (d) Includes options and other financial liabilities to acquire non-controlling interests in EAC Myanmar, USA, Japan and Italy refer to note 21. Reconciliation of liabilities arising from financing activities Non-cash Opening Business Foreign Fair Closing balance at Cash acquisitions/ exchange value Other balance at 1 January movement disposals changes changes movements 31 December Movements in 2019 and 2018 € million € million € million € million € million € million € million 2019 Bank loans and overdrafts (a) (814 ) (29 ) (1 ) (9 ) — — (853 ) Bonds and other loans (a) (23,391 ) (1,273 ) (3 ) (365 ) (1 ) 1 (25,032 ) Lease liabilities (b) (1,981 ) 452 (7 ) (25 ) — (358 ) (1,919 ) Derivatives (402 ) — — — 132 — (270 ) Other financial liabilities (a) (150 ) 30 — (8 ) — (55 ) (183 ) Total (26,738 ) (820 ) (11 ) (407 ) 131 (412 ) (28,257 ) 2018 (Restated) Bank loans and overdrafts (a) (992 ) 158 (10 ) 17 — 13 (814 ) Bonds and other loans (a) (22,709 ) (135 ) — (543 ) — (4 ) (23,391 ) Lease liabilities (b)(c) (2,118 ) 494 — 1 — (358 ) (1,981 ) Derivatives (421 ) — — — 19 — (402 ) Other financial liabilities (a) (177 ) 51 — 10 (4 ) (30 ) (150 ) Total (26,417 ) 568 (10 ) (515 ) 15 (379 ) (26,738 ) (a) These cash movements are included within the following lines in the consolidated cash flow statement: net change in short-term liabilities, additional financial liabilities and repayment of financial liabilities. The difference of €64 million (2018: €2 million) represents cash movements in overdrafts that are not included in financing cash flows. (b) Lease liabilities cash movement is included within capital element of lease payments in the consolidated cash flow statement. The difference of €17 million (2018: €13 million) represents gain or (c) Restated following adoption of IFRS 16. See note 1 and note 24 for further details. Analysis of bonds and other loans € million € million Unilever N.V. 1.625% Notes 2033 (€) 792 791 1.750% Bonds 2020 (€) 750 749 0.500% Notes 2022 (€) 747 746 1.375% Notes 2029 (€) 743 743 1.125% Bonds 2027 (€) 697 696 1.125% Bonds 2028 (€) 694 693 0.875% Notes 2025 (€) 647 647 0.500% Bonds 2025 (€) 644 642 1.375% Notes 2030 (€) 642 642 0.375% Notes 2023 (€) 599 599 1.000% Notes 2027 (€) 598 598 1.000% Notes 2023 (€) 498 497 0.000% Notes 2021 (€) 498 497 0.500% Notes 2023 (€) 498 497 0.500% Notes 2024 (€) 495 494 0.000% Notes 2020 (€) 300 300 Total NV 9,842 9,831 Unilever PLC 1.125% Notes 2022 (£) 408 386 1.375% Notes 2024 (£) 292 276 1.875% Notes 2029 (£) 290 274 1.500% Notes 2026 (£) 580 — 1.500% Notes 2039 (€) 646 — Total PLC 2,216 936 Other group companies Switzerland Other 24 10 United States 4.250% Notes 2021 ($) 892 873 5.900% Bonds 2032 ($) 883 865 2.900% Notes 2027 ($) 879 860 2.200% Notes 2022 ($) 755 738 1.800% Notes 2020 ($) 714 698 3.500% Notes 2028 ($) 703 687 4.800% Bonds 2019 ($) — 656 2.200% Notes 2019 ($) — 655 2.000% Notes 2026 ($) 616 602 1.375% Notes 2021 ($) 489 478 3.125% Notes 2023 ($) 488 477 2.100% Notes 2020 ($) 446 436 3.000% Notes 2022 ($) 444 434 3.250% Notes 2024 ($) 443 433 3.100% Notes 2025 ($) 442 432 2.600% Notes 2024 ($) 442 432 3.500% Bonds 2028 ($) 441 431 2.750% Bonds 2021 ($) 356 348 3.375% Notes 2025 ($) 309 302 7.250% Bonds 2026 ($) 260 254 6.625% Bonds 2028 ($) 206 200 5.150% Notes 2020 ($) 135 134 5.600% Bonds 2097 ($) 82 80 2.125% Notes 2029 ($) 749 — 2.600% Notes 2024 ($) 457 — Commercial paper ($) 1,276 1,070 Other countries 43 39 Total other group companies 12,974 12,624 Total bonds and other loans 25,032 23,391 Information in relation to the derivatives used to hedge bonds and other loans within a fair value hedge relationship is shown in note 16. |
Treasury Risk Management
Treasury Risk Management | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Treasury Risk Management | 16. Treasury risk management Derivatives and hedge accounting Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on their use as explained below. (i) Fair value hedges (a) Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the income statement to the extent that the hedge is effective. Ineffectiveness may occur if the critical terms do not exactly match, or if there is a value adjustment resulting from a change in credit risk (in either the Group or the counter-party to the derivative) that is not matched by the hedged item. When the relationship no longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest method. (ii) Cash flow hedges (a) Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the income statement. Ineffectiveness may occur if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is taken to the income statement immediately. (iii) Net investment hedges (a) Certain derivatives are designated as hedges of the currency risk on the Group’s investment in foreign subsidiaries. The accounting policy for these arrangements is set out in note 1. (iv) Derivatives for which hedge accounting is not applied Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these derivatives, which are carried at fair value with changes being recognised in the income statement. (a) Applying hedge accounting has not led to material ineffectiveness being recognised in the income statement for both 2019 and 2018. Fair value changes on basis spread is recorded in a separate account within equity. The Group is exposed to the following risks that arise from its use of financial instruments, the management of which is described in the following sections: • liquidity risk (see note 16A); • market risk (see note 16B); and • credit risk (see note 17B). The group’s risk management policies are established to set appropriate risk limits and controls, and to maintain adherence to these limits. These policies are in line with Unilever’s risk management framework. 16A. Management of liquidity risk Liquidity risk is the risk that the Group will face in meeting its obligations associated with its financial liabilities. The Group’s approach to managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due without incurring unacceptable losses. In doing this, management considers both normal and stressed conditions. A material and sustained shortfall in our cash flow could undermine the Group’s credit rating, impair investor confidence and also restrict the Group’s ability to raise funds. The Group maintained a cautious funding strategy. This was the result of cash delivery from the business, coupled with the proceeds from bond issuances. This cash has been invested conservatively with low risk counter-parties at maturities of less than six months. Cash flow from operating activities provides the funds to service the financing of financial liabilities on a day-to-day On 31 December 2019 Unilever had undrawn revolving 364-day 7,865 364-day The following table shows Unilever’s contractually agreed undiscounted cash flows, including expected interest payments, which are payable under financial liabilities at the balance sheet date: € million € million € million € million € million € million € million € million Net carrying amount Due Due Due Due as Due between between between between Due shown in within 1 and 2 and 3 and 4 and after balance Undiscounted cash flows Notes 1 year 2 years 3 years 4 years 5 years 5 years Total sheet 2019 Non-derivative Bank loans and overdrafts (399 ) (9 ) (289 ) (164 ) — (2 ) (863 ) (853 ) Bonds and other loans (4,169 ) (2,661 ) (2,745 ) (2,449 ) (2,454 ) (14,431 ) (28,909 ) (25,032 ) Lease liabilities (432 ) (392 ) (302 ) (242 ) (191 ) (720 ) (2,279 ) (1,919 ) Other financial liabilities (125 ) — (24 ) (31 ) (26 ) — (206 ) (183 ) Trade payables, accruals and other liabilities (14,166 ) (93 ) (13 ) (8 ) (14 ) (42 ) (14,336 ) (14,336 ) Deferred consideration (39 ) (124 ) (8 ) — (64 ) — (235 ) (208 ) (19,330 ) (3,279 ) (3,381 ) (2,894 ) (2,749 ) (15,195 ) (46,828 ) (42,531 ) Derivative financial liabilities: Interest rate derivatives: (154 ) Derivative contracts – receipts 776 164 805 37 478 957 3,217 Derivative contracts – payments (756 ) (141 ) (797 ) (17 ) (473 ) (949 ) (3,133 ) Foreign exchange derivatives: (168 ) Derivative contracts – receipts 8,783 — — — — — 8,783 Derivative contracts – payments (8,952 ) — — — — — (8,952 ) Commodity derivatives: (4 ) Derivative contracts – receipts — — — — — — — Derivative contracts – payments (4 ) — — — — — (4 ) (153 ) 23 8 20 5 8 (89 ) (326 ) Total (19,483 ) (3,256 ) (3,373 ) (2,874 ) (2,744 ) (15,187 ) (46,917 ) (42,857 ) 2018 (Restated) (a) Non-derivative Bank loans and overdrafts (529 ) (12 ) (1 ) (278 ) — — (820 ) (814 ) Bonds and other loans (2,888 ) (2,748 ) (2,572 ) (2,646 ) (2,387 ) (14,090 ) (27,331 ) (23,391 ) Lease liabilities (441 ) (391 ) (305 ) (255 ) (212 ) (806 ) (2,410 ) (1,981 ) Other financial liabilities (149 ) (1 ) — — — — (150 ) (150 ) Trade payables, accruals and other liabilities (13,945 ) (140 ) (10 ) (5 ) (4 ) (14 ) (14,118 ) (14,118 ) Deferred consideration (14 ) (79 ) (70 ) (6 ) — (45 ) (214 ) (187 ) (17,966 ) (3,371 ) (2,958 ) (3,190 ) (2,603 ) (14,955 ) (45,043 ) (40,641 ) Derivative financial liabilities: Interest rate derivatives: (276 ) Derivative contracts – receipts 67 760 163 788 37 1,406 3,221 Derivative contracts – payments (23 ) (756 ) (138 ) (797 ) (17 ) (1,423 ) (3,154 ) Foreign exchange derivatives: (192 ) Derivative contracts – receipts 17,108 — — — — — 17,108 Derivative contracts – payments (17,317 ) — — — — — (17,317 ) Commodity derivatives: (74 ) Derivative contracts – receipts — — — — — — — Derivative contracts – payments (74 ) — — — — — (74 ) (239 ) 4 25 (9 ) 20 (17 ) (216 ) (542 ) Total (18,205 ) (3,367 ) (2,933 ) (3,199 ) (2,583 ) (14,972 ) (45,259 ) (41,183 ) (a) Restated following adoption of IFRS The Group has sublet a small proportion of leased properties. Related future minimum sublease payments are €21 million (2018: €18 million). The following table shows cash flows for which cash flow hedge accounting is applied. The derivatives in the cash flow hedge relationships are expected to have an impact on profit and loss in the same periods as the cash flows occur. € million € million € million € million € million € million € million € million Due Due Due Due Net carrying Due between between between between Due amount of within 1 and 2 and 3 and 4 and after related 1 year 2 years 3 years 4 years 5 years 5 years Total derivatives (a) 2019 Foreign exchange cash inflows 2,254 — — — — — 2,254 — Foreign exchange cash outflows (2,259 ) — — — — — (2,259 ) — Interest rate swaps cash inflows 811 442 1,182 536 478 957 4,406 — Interest rate swaps cash outflows (756 ) (347 ) (1,147 ) (464 ) (473 ) (949 ) (4,136 ) (29 ) Commodity contracts cash inflows 31 — — — — — 31 31 Commodity contracts cash outflows (4 ) — — — — — (4 ) (4 ) 2018 Foreign exchange cash inflows 3,426 — — — — — 3,426 — Foreign exchange cash outflows (3,435 ) — — — — — (3,435 ) 14 Interest rate swaps cash inflows 103 795 433 1,158 525 1,406 4,420 — Interest rate swaps cash outflows (23 ) (756 ) (347 ) (1,147 ) (464 ) (1,423 ) (4,160 ) (199 ) Commodity contracts cash flows (74 ) — — — — — (74 ) (74 ) (a) See note 16C. 16B. Management of market risk Unilever’s size and operations result in it being exposed to the following market risks that arise from its use of financial instruments: • commodity price risk; • currency risk; and • interest rate risk. The above risks may affect the Group’s income and expenses, or the value of its financial instruments. The objective of the Group’s management of market risk is to maintain this risk within acceptable parameters, while optimising returns. Generally, the Group applies hedge accounting to manage the volatility in profit and loss arising from market risk. Where the Group uses hedge accounting to mitigate the above risks, it is normally implemented centrally by either the Treasury or Commodity Risk Management teams, in line with their respective frameworks and strategies. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship continues to exist between the hedged item and hedging instrument. The Group generally enters into hedge relationships where the critical terms of the hedging instrument match exactly with the hedged item, meaning that the economic relationship between the hedged item and hedging instrument is evident, so only a qualitative assessment is performed. When a qualitative assessment is not considered sufficient, for example when the critical terms of the hedging instrument do not match exactly with the hedged item, a quantitative assessment of hedge effectiveness will also be performed. The hedge ratio is set on inception for all hedge relationships and is dependent on the alignment of the critical terms of the hedging instrument to the hedged item (in most instances these are matched, so the hedge ratio is 1:1 The Group’s exposure to, and management of, these risks is explained below. It often includes derivative financial instruments, the uses of which are described in note 16C. Potential impact of risk Management policy and hedging strategy Sensitivity to the risk (i) Commodity price risk The Group is exposed to the risk of changes in commodity prices in relation to its purchase of certain raw materials. At 31 December 2019, the Group had hedged its exposure to future commodity purchases with commodity derivatives valued at €439 million (2018: €580 million). Hedges of future commodity purchases resulted in cumulative losses of €52 million (2018: losses of €25 million ) being reclassified to the income statement and losses of €28 million (2018: losses of €24 million) being recognised as a basis adjustment to inventory purchased. The Group uses commodity forwards, futures, swaps and option contracts to hedge against this risk. All commodity forward contracts hedge future purchases of raw materials and the contracts are settled either in cash or by physical delivery. The Group also hedges risk, components of commodities where it is not possible to hedge the commodity in full. This is done with reference to the contract to purchase the hedged commodity. Commodity derivatives are generally designated as hedging instruments in cash flow hedge accounting relations. All commodity derivative contracts are done in line with approvals from the Global Commodity Executive which is chaired by the Unilever Chief Supply Chain Officer (CSCO) or the Global Commodity Operating Team which is chaired by the Chief Procurement Officer. A 10% increase in commodity prices as at 31 December 2019 would have led to a €56 million gain on the commodity derivatives in the cash flow hedge reserve (2018: €51 million gain in the cash flow hedge reserve). A decrease of 10% in commodity prices on a full- Potential impact of risk Management policy and hedging strategy Sensitivity to the risk (ii) Currency risk Currency risk on sales, purchases and borrowings Because of Unilever’s global reach, it is subject to the risk that changes in foreign currency values impact the Group’s sales, purchases and borrowings. The Group manages the foreign currency risk by hedging forecasted sales and purchase transactions that are expected to occur within a maximum 12-month period through layered hedging. At 31 December 2019, the exposure to the Group from companies holding financial assets and liabilities other than in their functional currency amounted to €317 million (2018 restated for IFRS 16: €298 million). The Group manages currency exposures within prescribed limits, mainly through the use of forward foreign currency exchange contracts. Operating companies manage foreign exchange exposures within prescribed limits. The aim of the Group’s approach to management of currency risk is to leave the Group with no material residual risk. This aim has been achieved in all years presented. As an estimation of the approximate impact of the residual risk, with respect to financial instruments, the Group has calculated the impact of a 10% change in exchange rates. Impact on income statement A 10% strengthening of the foreign currencies against the respective functional currencies of group companies would have led to approximately an additional €32 million gain in the income statement (2018 restated for IFRS 16: €30 million gain). A 10% weakening of the foreign currencies against the respective functional currencies of group companies would have led to an equal but opposite effect. Currency risk on the Group’s net investments The Group is also subject to currency risk in relation to the translation of the net investments of its foreign operations into euros for inclusion in its consolidated financial statements. These net investments include Group financial loans, which are monetary items that form part of our net investment in foreign operations, of €7.6 billion (2018: €7.5 billion), of which €3.5 billion (2018: €3.3 billion) is denominated in GBP. In accordance with IAS 21, the exchange differences on these financial loans are booked through reserves. Part of the currency exposure on the Group’s investments is also managed using US$ and Swiss franc net investment hedges with a nominal value of €4.0 billion (2018: €4.4 billion) for US$ and nil (2018: €(1.3) billion) for Swiss francs. At 31 December 2019, the net exposure of the net investments in foreign currencies amounts to €22.0 billion (2018: €14.5 billion). Unilever aims to minimise this currency risk on the Group’s net investment exposure by borrowing in local currency in the operating companies themselves. In some locations, however, the Group’s ability to do this is inhibited by local regulations, lack of local liquidity or by local market conditions. Where the residual risk from these countries exceeds prescribed limits, Treasury may decide on a case-by-case basis to actively hedge the exposure. This is done either through additional borrowings in the related currency, or through the use of forward foreign exchange contracts. Where local currency borrowings, or forward contracts, are used to hedge the currency risk in relation to the Group’s net investment in foreign subsidiaries, these relationships are designated as net investment hedges for accounting purposes. Exchange risks related to the principal amounts of the US$ and Swiss franc denominated debt either form part of hedging relationships themselves, or are hedged through forward contracts. As at year end, the Group had the below notional amount of currency derivatives outstanding to which cash flow hedge accounting is applied: Currency 2019 2018 EUR* (743) (1,002) GBP (325) (548) USD 640 538 SEK (94) (136) CAD (108) (126) PLN (67) (104) Others (192) (555) Total (889) (1,933) * Euro exposure relates to group companies having non - euro functional currencies. Impact on equity – trade-related cash flow hedges A 10% strengthening of foreign currencies against the respective functional currencies of group companies hedging future trade cash flows and applying cash flow hedge accounting, would have led to €89 million loss (2018: €193 million loss). A 10% weakening of the same would have led to an equal but opposite effect. Impact on equity – net investment hedges A 10% strengthening of the euro against other currencies would have led to a €396 million (2018: €312 million) loss on the net investment hedges used to manage the currency exposure on the Group’s investments. A 10% weakening of the euro against other currencies would have led to an equal but opposite effect. Impact on equity – net investments in group companies A 10% strengthening of the euro against all other currencies would have led to a €2,203 million negative retranslation effect (2018: €1,455 million negative retranslation effect). A 10% weakening of the euro against those currencies would have led to an equal but opposite effect. In line with accepted hedge accounting treatment and our accounting policy for financial loans, the retranslation differences would be recognised in equity. Potential impact of risk Management policy and hedging strategy Sensitivity to the risk (iii) Interest rate risk (a) The Group is exposed to market interest rate fluctuations on its floating rate debt. Increases in benchmark interest rates could increase the interest cost of our floating-rate debt and increase the cost of future borrowings. The Group’s ability to manage interest costs also has an impact on reported results. The Group does not have any material floating interest bearing financial assets or any significant long-term fixed interest bearing financial assets. Consequently the Group’s interest rate risk arises mainly from financial liabilities other than lease liabilities. Taking into account the impact of interest rate swaps, at 31 December 2019, interest rates were fixed on approximately 82 of the expected financial liabilities (excluding lease liabilities) for 2020, and 73 88 77 As at 31 December 2019, the Group had USD 4,500 million (2018: USD 4,500 million) of outstanding cross currency interest rate swaps (on which cash flow hedge accounting is applied). For interest management purposes, transactions with a maturity shorter than six months from inception date are not included as fixed interest transactions. The average interest rate on short-term borrowings in 2019 was 2.5% (2018: 0.9%). Unilever’s interest rate management approach aims for an optimal balance between fixed and floating-rate interest rate exposures on expected net debt. The objective of this approach is to minimise annual interest costs after tax. This is achieved either by issuing fixed or floating-rate long-term debt, or by modifying interest rate exposure through the use of interest rate swaps. The majortiy of the Group’s existing interest rate derivatives are designated as cash flow hedges and are expected to be effective. The fair value movement of these derivatives is recognised in the income statement, along with any changes in the relevant fair value of the underlying hedged asset or liability. Impact on income statement Assuming that all other variables remain constant, a 1 .0 st A 1.0 percentage point decrease in floating interest rates on a full-year basis would have an equal but opposite effect. Impact on equity – cash flow hedges Assuming that all other variables remain constant, a 1.0 A 1.0 (a) See the weighted average amount of net debt with fixed rate interest shown in the following table. The following table shows the split in fixed and floating-rate interest exposures, taking into account the impact of interest rate swaps and cross-currency swaps: € million € million 2018 2019 (Restated) (a) Current financial liabilities (4,691 ) (3,613 ) Non-current (23,566 ) (23,125 ) Total financial liabilities (28,257 ) (26,738 ) Less: lease liabilities (1,919 ) (1,981 ) Financial liabilities (excluding lease liabilities) (26,338 ) (24,757 ) Of which: Fixed rate (weighted average amount of fixing for the following year) (22,618 ) (21,469 ) (a) Restated following adoption of IFRS 16C. Derivatives and hedging The Group does not use derivative financial instruments for speculative purposes. The uses of derivatives and the related values of derivatives are summarised in the following table. Derivatives used to hedge: € million € million € million € million € million € million € million Trade and other Current Non-Current Trade Current Non-current Total 31 December 2019 Foreign exchange derivatives Fair value hedges — — — — — — — Cash flow hedges 38 — — (38 ) — — — Hedges of net investments in foreign operations — 30 (a) — — (14 ) (a) — 16 Hedge accounting not applied 5 (10 ) (a) — (14 ) (102 ) (a) — (121 ) Cross-currency Interest rate swaps Fair value hedges — — — — — — — Cash flow hedges — 114 — — (143 ) (29 ) Hedge accounting not applied — — — — — (11 ) (11 ) Commodity contracts Cash flow hedges 31 — — (4 ) — — 27 Hedge accounting not applied — — — — — — — 74 20 114 (56 ) (116 ) (154 ) (118 ) Total assets 208 Total liabilities (326 ) (118 ) 31 December 2018 Foreign exchange derivatives Fair value hedges — — — — — — — Cash flow hedges 39 — — (25 ) — — 14 Hedges of net investments in foreign operations — 58 (a) — — (21 ) (a) — 37 Hedge accounting not applied 42 67 (a) — (41 ) (105 ) (a) — (37 ) Cross-currency Interest rate swaps Fair value hedges — — — — — — — Cash flow hedges — 69 — — — (268 ) (199 ) Hedge accounting not applied — — — — — (8 ) (8 ) Commodity contracts Cash flow hedges — — — (74 ) — — (74 ) Hedge accounting not applied 1 — — — — — 1 82 194 — (140 ) (126 ) (276 ) (266 ) Total assets 276 Total liabilities (542 ) (266 ) (a) Swaps that hedge the currency risk on intra-group loans and offset ‘Hedges of net investments in foreign operations’ are included within ‘Hedge accounting not applied’. See below for further details. Master netting or similar agreements A number of legal entities within our Group enter into derivative transactions under International Swap and Derivatives Association (ISDA) master netting agreements. In general, under such agreements the amounts owed by each counter-party on a single day in respect of all transactions outstanding in the same currency are aggregated into a single net amount that is payable by one party to the other. In certain circumstances, such as when a credit event such as a default occurs, all outstanding transactions under the agreement are terminated, the termination value is assessed and only a single net amount is payable in settlement of all transactions. The ISDA agreements do not meet the criteria for offsetting the positive and negative values in the consolidated balance sheet. This is because the Group does not have any currently legally enforceable right to offset recognised amounts, between various Group and bank affiliates, because the right to offset is enforceable only on the occurrence of future credit events such as a default. The column ‘Related amounts not set off in the balance sheet – Financial instruments’ shows the netting impact of our ISDA agreements, assuming the agreements are respected in the relevant jurisdiction. (i) Financial assets The following financial assets are subject to offsetting, enforceable master netting arrangements and similar agreements. Related amounts not set off in the balance sheet € million € million € million € million € million € million As at 31 December 2019 Gross amounts of Gross amounts set off in the Net amounts Financial Cash received Net amount Derivative financial assets 253 (45 ) 208 (130 ) (24 ) 54 As at 31 December 2018 Derivative financial assets 339 (63 ) 276 (164 ) (10 ) 102 (ii) Financial liabilities The following financial liabilities are subject to offsetting, enforceable master netting arrangements and similar agreements. Related amounts not set off in the balance sheet € million € million € million € million € million € million As at 31 December 2019 Gross amounts of Gross amounts Net amounts of financial liabilities presented Financial Cash Net amount Derivative financial liabilities (371 ) 45 (326 ) 130 — (196 ) As at 31 December 2018 Derivative financial liabilities (605 ) 63 (542 ) 164 — (378 ) |
Investment and Return
Investment and Return | 12 Months Ended |
Dec. 31, 2019 | |
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Investment and Return | 17. Investment and return Cash and cash equivalents Cash and cash equivalents in the balance sheet include deposits, investments in money market funds and highly liquid investments. To be classified as cash and cash equivalents, an asset must: • be readily convertible into cash; • have an insignificant risk of changes in value; and • have a maturity period of typically Cash and cash equivalents in the cash flow statement also include bank overdrafts and are recorded at amortised cost. Other financial assets The Group classifies its financial assets into the following measurement categories: • those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and • those to be measured at amortised cost. This classification depends on our business model for managing the financial asset and the contractual terms of the cash flows. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. All financial assets are either debt instruments or equity instruments. Debt instruments are those that provide the Group with a contractual right to receive cash or another asset. Equity instruments are those where the Group has no contractual right to receive cash or another asset. Debt instruments The subsequent measurement of debt instruments depends on the Groups business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories that debt instruments are classified as: • financial assets at amortised cost; • financial assets at fair value through other comprehensive income; or • financial assets at fair value through profit or loss. (i) Amortised cost Assets measured at amortised cost are those which are held to collect contractual cash flows on the repayment of principal or interest (SPPI). A gain or loss on a debt investment recognised at amortised cost on de-recognition or impairment is recognised in profit or loss. Interest income is recognised within finance income using the effective interest rate method. (ii) Fair value through other comprehensive income Assets that are held at fair value through other comprehensive income are those that are held to collect contractual cash flows on the repayment of principal and interest and which are held to recognise a capital gain through the sale of the asset. Movements in the carrying amount are recognised in other comprehensive income except for the recognition of impairment, interest income and foreign exchange gains or losses which are recognised in profit or loss. On de-recognition, (iii) Fair value through profit or loss Assets that do not meet the criteria for either amortised cost or fair value through other comprehensive income are measured as fair value through profit or loss. Related transaction costs are expensed as incurred. Unless they form part of a hedging relationship, these assets are held at fair value, with changes being recognised in the income statement. Interest income from these assets is included within finance income. Equity instruments The Group subsequently measures all equity instruments at fair value. Where the Group has elected to present fair value gains and losses on equity investments in other comprehensive income, there is no subsequent reclassification of fair value gains or losses to profit or loss. Dividends from these investments continue to be recognised in profit or loss. Impairment of financial assets Financial instruments classified as amortised cost and debt instruments classified as fair value through other comprehensive income are assessed for impairment. The Group assesses the probability of default of an asset at initial recognition and then whether there has been a significant increase in credit risk on an ongoing basis. To assess whether there is a significant increase in credit risk the Group compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. Macroeconomic information (such as market interest rates or growth rates) is also considered. Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the company. Impairment losses on assets classified as amortised cost are recognised in profit or loss. When a later event causes the impairment losses to decrease, the reduction in impairment loss is also recognised in profit or loss. Permanent impairment losses on debt instruments classified as fair value through other comprehensive income are recognised in profit or loss. 17A. Financial assets The Group’s Treasury function aims to protect the Group’s financial investments, while maximising returns. The fair value of financial assets is the same as the carrying amount for 2019 and 2018. The Group’s cash resources and other financial assets are shown below. € million € million € million € million € million € million Non- Non- Current current Total Current current Total Financial assets (a) 2019 2019 2019 2018 2018 2018 Cash and cash equivalents Cash at bank and in hand 2,457 — 2,457 2,174 — 2,174 Short-term deposits with maturity of less than three months 1,693 — 1,693 1,024 — 1,024 Other cash equivalents 35 — 35 32 — 32 4,185 — 4,185 3,230 — 3,230 Other financial assets Financial assets at amortised cost b) 578 220 798 382 247 629 Financial assets at fair value through other comprehensive income (c) — 266 266 154 175 329 Financial assets at fair value through profit or loss: Derivatives 20 114 134 194 — 194 Other (d) 309 274 583 144 220 364 907 874 1,781 874 642 1,516 Total 5,092 874 5,966 4,104 642 4,746 ( a) For the purposes of this note and note 15C, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes 13 and 14 respectively. (b) Current financial assets at amortised cost include short-term deposits with banks with maturities longer than three months and loans to joint venture entities. Non-current financial assets at amortised cost include judicial deposit of €136 million ments (c) Included within non-current (d) Current O F A- non-current North America, North Asia, South Asia and Europe. There were no significant changes on account of change in business model in classification of financial assets since 31 December 2018. There are no financial assets that are designated at fair value through profit or € million € million Cash and cash equivalents reconciliation to the cash flow statement 2019 2018 Cash and cash equivalents per balance sheet 4,185 3,230 Less: bank overdrafts (69 ) (140 ) Cash and cash equivalents per cash flow statement 4,116 3,090 Approximately €1 % 121 127 The remaining €3.2 billion (76%) of the Group’s cash and cash equivalents are held in foreign subsidiaries which repatriate distributable reserves on a regular basis. For most countries, this is done through dividends which are in some cases subject to withholding or distribution tax. This balance includes €146 million (2018: € 154 million , 17B. Credit risk Credit risk is the risk of financial loss to the Group if a customer or counter-party fails to meet its contractual obligations. Additional information in relation to credit risk on trade receivables is given in note 13. These risks are generally managed by local controllers. Credit risk related to the use of treasury instruments, including those held at amortised cost and at fair value through other comprehensive income, is managed on a Group basis. This risk arises from transactions with financial institutions involving cash and cash equivalents, deposits and derivative financial instruments. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. To reduce this risk, Unilever has concentrated its main activities with a limited number of counter-parties which have secure credit ratings. Individual risk limits are set for each counter-party based on financial position, credit rating and past experience. Credit limits and concentration of exposures are actively monitored by the Group’s treasury department. Netting agreements are also put in place with Unilever’s principal counter-parties. In the case of a default, these arrangements would allow Unilever to net assets and liabilities across transactions with that counter-party. To further reduce the Group’s credit exposures on derivative financial instruments, Unilever has collateral agreements with Unilever’s principal counter-parties in relation to derivative financial instruments. Under these arrangements, counter-parties are required to deposit securities and/or cash as a collateral for their obligations in respect of derivative financial instruments. At 31 December 201 9 ) Nil million million non-cash Further details in relation to the Group’s exposure to credit risk are shown in note 13 and note 16A. |
Financial Instruments Fair Valu
Financial Instruments Fair Value Risk | 12 Months Ended |
Dec. 31, 2019 | |
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Financial Instruments Fair Value Risk | 18. Financial instruments fair value risk The Group is exposed to the risks of changes in fair value of its financial assets and liabilities. The following table summarises the fair values and carrying amounts of financial instruments. € million € million € million € million Carrying Carrying Fair value Fair value amount amount 2019 2018 2019 2018 Fair values of financial assets and financial liabilities (Restated) (a) (Restated) (a) Financial assets Cash and cash equivalents 4,185 3,230 4,185 3,230 Financial assets at amortised cost 798 629 798 629 Financial assets at fair value through other comprehensive income 266 329 266 329 Financial assets at fair value through profit or loss: Derivatives 134 194 134 194 Other 583 364 583 364 5,966 4,746 5,966 4,746 Financial liabilities Bank loans and overdrafts (853 ) (816 ) (853 ) (814 ) Bonds and other loans (26,525 ) (23,691 ) (25,032 ) (23,391 ) Lease liabilities (1,919 ) (1,981 ) (1,919 ) (1,981 ) Derivatives (270 ) (402 ) (270 ) (402 ) Other financial liabilities (183 ) (150 ) (183 ) (150 ) (29,750 ) (27,040 ) (28,257 ) (26,738 ) (a) Restated following adoption of IFRS The fair value of trade receivables and payables is considered to be equal to the carrying amount of these items due to their short-term nature. The instruments that have a fair value that is different from the carrying amount are classified as Level 2 for both 2018 and 2019. Fair value hierarchy The fair values shown in notes 15C and 17A have been classified into three categories depending on the inputs used in the valuation technique. The categories used are as follows: • Level 1: quoted prices for identical instruments; • Level 2: directly or indirectly observable market inputs, other than Level 1 inputs; and • Level 3: inputs which are not based on observable market data. For assets and liabilities which are carried at fair value, the classification of fair value calculations by category is summarised below: € million € million € million € million € million € million € million € million Total fair Total fair Level 1 Level 1 Level 2 Level 2 Level 3 Level 3 value value Notes 2019 2018 2019 2018 2019 2018 2019 2018 Assets at fair value Financial assets at fair value through other comprehensive income 17A 7 160 4 5 255 164 266 329 Financial assets at fair value through profit or loss: Derivatives (a) 16C — — 208 276 — — 208 276 Other 17A 311 145 — — 272 219 583 364 Liabilities at fair value Derivatives (b) 16C — — (326 ) (542 ) — — (326 ) (542 ) Contingent consideration 14 — — — — (154 ) (142 ) (154 ) (142 ) (a) Includes €74 million (2018: €82 million) derivatives, reported within trade receivables, that hedge trading activities. (b) Includes €(56) There were no significant changes in classification of fair value of financial assets and financial liabilities since 31 December 2018. There were also no significant movements between the fair value levels since 31 December 201 8 The impact in 2019 income statement due to level 3 instruments is a loss Reconciliation of Level 3 fair value measurements of financial assets and financial liabilities is given below: € million € million Reconciliation of movements in Level 3 valuations 2019 2018 1 January 241 (101 ) Gains and losses recognised in income statement (9 ) 272 Gains and losses recognised in other comprehensive income 43 (9 ) Purchases and new issues 83 4 Sales and settlements 15 75 31 December 373 241 Significant unobservable inputs used in level 3 fair values The largest asset valued using Level 3 techniques is an executive Life Insurance of €18 million (2018: €17 million). A change in one or more of the inputs to reasonably possible alternative assumptions would not change the value significantly. The gains and losses recognised in 2018 income statement includes a credit from early settlement of contingent consideration for Blueair. Calculation of fair values The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values are consistent with those used in the year ended 31 December 201 8 Assets and liabilities carried at fair value • The fair values of quoted investments falling into Level 1 are based on current bid prices. • The fair values of unquoted financial assets at fair value through other comprehensive income and at fair value through profit or loss are based on recent trades in liquid markets, observable market rates, discounted cash flow analysis and statistical modelling techniques such as the Monte Carlo simulation. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. • Derivatives are valued using valuation techniques with market observable inputs. The models incorporate various inputs including the credit quality of counter-parties, foreign exchange spot and forward rates, interest rate curves and forward rate curves of the underlying commodities. • For listed securities where the market is not liquid, and for unlisted securities, valuation techniques are used. These include the use of recent arm’s length transactions, reference to other instruments that are substantially the same and discounted cash flow calculations. Other financial assets and liabilities (fair values for disclosure purposes only) • Cash and cash equivalents, trade and other current receivables, bank loans and overdrafts, trade payables and other current liabilities have fair values that approximate to their carrying amounts due to their short-term nature. • The fair values of listed bonds are based on their market value. • Non-listed non-current Policies and processes used in relation to the calculation of level 3 fair values Assets valued using Level 3 valuation techniques are primarily made up of long-term cash receivables and unlisted investments. Valuation techniques used are specific to the circumstances involved. Unlisted investments include €403 million (201 8 |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2019 | |
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Provisions | 19. Provisions Provisions are recog nised w € million € million Provisions 2019 2018 Due within one year 620 624 Due after one year 664 697 Total provisions 1,284 1,321 € million € million € million € million € million Brazil Movements during 2019 Restructuring Legal indirect taxes Other Total 1 January 2019 445 143 203 530 1,321 Income Statement: Charges 371 59 15 107 552 Releases (75 ) (10 ) (10 ) (62 ) (157 ) Utilisation (257 ) (38 ) (7 ) (54 ) (356 ) Reclassification (a) (18 ) (7 ) (75 ) 28 (72 ) Currency translation 4 2 2 (12 ) (4 ) 31 December 2019 470 149 128 537 1,284 (a) Includes an amount transferred to impairment provision relating to Brazil indirect tax assets. See note 13. Restructuring provisions primarily include people costs such as redundancy costs and cost of compensation where manufacturing, distribution, service or selling agreements are to be terminated. The group expects these provisions to be substantially utilised within the next few years. The Group is involved from time to time in legal and arbitration proceedings arising in the ordinary course of business. As previously disclosed, along with other consumer products companies and retail customers, Unilever is involved in a number of ongoing investigations by national competition authorities. These proceedings and investigations are at various stages and concern a variety of product markets. Where specific issues arise, provisions are made to the extent appropriate. Due to the nature of the legal cases, the timing of utilisation of these provisions is uncertain. Provisions for Brazil indirect taxes are comprised of disputes with Brazilian authorities, in particular relating to tax credits that can be taken for the PIS and COFINS indirect taxes. These provisions are separate from the matters listed as contingent liabilities in note 20; Unilever does not have provisions and contingent liabilities for the same matters. Due to the nature of disputed indirect taxes the timing of utilisation of these provisions is uncertain. Other includes provisions for indirect taxes in countries other than Brazil, interest on tax provisions and provisions for various other matters. The timing of utilisation of these provisions is uncertain. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
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Commitments and Contingent Liabilities | 20. Commitments and contingent liabilities Lease commitments are the future cash out flows from the lease contracts which are not recorded in the measurement of lease liabilities. These include potential future payments related to leases of low value assets, leases which are less than twelve months, variable leases, extension and termination options and leases not yet commenced but which we have committed to. Contingent liabilities are either possible obligations that will probably not require a transfer of economic benefits, or present obligations that may, but probably will not, require a transfer of economic benefits. It is not appropriate to make provisions for contingent liabilities, but there is a chance that they will result in an obligation in the future. Assessing the amount of liabilities that are not probable is highly judgemental so contingent liabilities are disclosed on the basis of the known maximum exposure. Commitments Lease commitments and other commitments fall due as follows: € million € million L 8 (Restated) (a ) € million commitments € million commitments Within 1 year 69 65 791 1,099 Later than 1 year but not later than 5 years 111 89 684 780 Later than 5 years 43 20 23 31 223 174 1,498 1,910 (a) Restated following adoption of IFRS Other commitments principally comprise commitments under contract to purchase materials and services. They do not include commitments to purchase property, plant and equipment, which are reported in note 10 on pages 111 to 112 Adoption of IFRS 16 On adoption of IFRS 16, previously disclosed commitments for fixed lease payments have been recognised on the balance sheet and are now excluded from lease commitments. Other lease commitments are included in the table above. All prior year numbers have been restated. Contingent liabilities Contingent liabilities are possible obligations that are not probable. They arise in respect of litigation against group companies, investigations by competition, regulatory and fiscal authorities and obligations arising under environmental legislation. In many markets, there is a high degree of complexity involved in the local tax regimes. The majority of contingent liabilities are in respect of fiscal matters in Brazil. Assessing the amount of liabilities that are not probable is highly judgemental. Contingent liabilities are disclosed on the basis of the known maximum exposure. In the case of fiscal matters the known maximum exposure is the amount included on a tax assessment. A summary of our contingent liabilities is shown in the table below: € million € million 2019 2018 Corporate reorganisation – IPI, PIS and COFINS taxes and penalties (a) 2,235 2,032 Inputs for PIS and COFINS taxes 43 52 Goodwill amortisation 184 177 Other tax assessments – approximately 600 cases 959 916 Total Brazil Tax 3,421 3,177 Other contingent liabilities 789 481 Total contingent liabilities 4,210 3,658 (a) During 2004, and in common with many other businesses operating in Brazil, one of our Brazilian subsidiaries received a notice of infringement from the Federal Revenue Service in respect of indirect taxes. The notice alleges that a 2001 reorganisation of our local corporate structure was undertaken without valid business purpose. The 2001 reorganisation was comparable with restructurings done by many companies in Brazil. The original dispute was resolved in the courts in the Group’s favour. However, in 2013 a new assessment was raised in respect of a similar matter. Additionally, during the course of 2014 and again in 2017 , and 20 19 8 The Group believes that the likelihood that the Brazilian tax authorities will ultimately prevail is low, however there can be no guarantee of success in court. In each case we believe our position is strong so they have not been provided for and are considered to be contingent liabilities. Due to the fiscal environment in Brazil the possibility of further tax assessments related to the same matters cannot be ruled out. We expect that three of our largest tax litigation cases , which represent around €1.8 billion of contingent liabilities, The contingent liabilities reported for indirect taxes relating to disputes with the Brazilian authorities are separate from the provisions listed in note 19; Unilever does not have provision and contingent liabilities for the same matters. In 2019, a tax assessment was issued in connection with UK tax audit that commenced in 2015. The total amount of the tax assessment in respect of this matter is €141 million and is included in other contingent liabilities. The UK tax authorities are reviewing the allocation of taxable income related to intangible assets and centralised services as between Unilever N.V. and Unilever PLC, and whether Unilever N.V. has a permanent establishment in the UK. These arrangements have been in place and consistently applied by Unilever for many years and have been previously reviewed and accepted by the UK tax authorities. The period of review is for the years from 2011 to 2017, and the €141 million tax assessment is in respect of an alleged Unilever N.V. permanent establishment in the UK for 2015. Unilever strongly disagrees with the positions taken by the UK tax authorities and believes that the positions as filed in UK tax returns are in accordance with the tax legislation. Given the potential impact of any adjustment on the allocation of taxable income between Unilever N.V. and Unilever PLC, with potential consequential effects for Dutch taxable income, we have filed a protective Mutual Agreement Procedure with the Dutch and UK authorities. Discussions with the UK tax authorities are ongoing and there is recognition that significant further work is required before any further tax assessments can be issued and that the issues raised overlap in whole or part and therefore require a sequenced resolution. On the basis of the tax assessment issued the maximum exposure could be up to €600 |
Acquisitions and Disposals
Acquisitions and Disposals | 12 Months Ended |
Dec. 31, 2019 | |
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Acquisitions and Disposals | 21. Acquisitions and disposals Business combinations are accounted for using the acquisition accounting method as at the acquisition date, which is the date at which control is transferred to the Group. Goodwill is measured at the acquisition date as the fair value of consideration transferred, plus non-controlling Transaction costs are expensed as incurred, within non-underlying Changes in ownership that do not result in a change of control are accounted for as equity transactions and therefore do not have any impact on goodwill. The difference between consideration and the non-controlling 2019 In 2019, the Group completed the business acquisitions and disposals as listed below. In each case 100% of the businesses were acquired unless stated otherwise. Total consideration page 135 to 136. Deal completion date Acquired/disposed business 28 January 2019 Acquired t eco-friendly the 5 February 2019 Acquired Graze, the leading healthy snacking business in the UK. The acquisition accelerates our presence in the healthy snacking and out of home markets. 1 March 2019 Sold the global Alsa baking and dessert business to Dr. Oetker. 5 April 2019 Acquired Garancia, a derma-cosmetic business in France. The acquisition strengthens our prestige portfolio in the 21 May 2019 Acquired Olly Nutrition, a US based vitamins, minerals and supplements business 28 June 2019 Acquired Fluocaril and Parogencyl oral care businesses in France and Spain. The acquisition complements our existing oral care portfolio and strengthens our distribution in the European pharmacy channel. 26 July 2019 Acquired 95% of Tatcha, a leading prestige skin care business in the US. Tatcha is a modern skin care brand with a focus on natural ingredients, product experience, premium design and packaging quality. 30 August 2019 Acquired Astrix, a personal and home care business in Bolivia that further strengthens our local market competitiveness. 1 October 2019 Acquired 70% of Lenor , expands our portf olio int o b p f d c 1 October 2019 Acquired 75% of FruFru, a healthy food business in Romania which accelerates our local presence and competitiveness in the healthy food market. As previously announced, in December 2018 the Group signed an agreement to acquire the health food drinks portfolio of GlaxoSmithKline in India, Bangladesh and 20 other predominantly Asian markets primarily to acquire the Horlicks and Boost brands. The deal is now expected to complete during the first half of 2020. The consideration is payable via a combination of €642 million cash and shares of Hindustan Unilever Limited. Based on the share price of Hindustan Unilever Limited and exchange rates at 31 December 2019, the total consideration for the acquisition was valued at approximately €5,086 million. Effect on consolidated income statement The acquisition deals completed in 2019 have contributed € 227 5 If the acquisition deals completed in 2019 had all taken place at the beginning of the year, Group revenue would have been € 52,165 8,724 2018 In 2018 the Group completed the following business acquisitions and disposals as listed below. For businesses acquired, the acquisition accounting has been finalised and subsequent changes to the provisional numbers published last year were immaterial. Deal completion date Acquired/disposed business 15 January 2018 Acquired the remaining 2% non-controlling 28 February 2018 Acquired Quala beauty & personal and home care business in Latin America. 2 July 2018 Sold the global Spreads business (excluding Southern Africa) to KKR. 2 July 2018 Sold the Spreads business in Southern Africa to Remgro plus a cash consideration of €306 million in exchange for Remgro’s 25.75% shareholding in Unilever South Africa. 27 September 2018 Acquired Adityaa Milk, an ice cream business in India. The acquisition strengthens Unilever front end distribution reach in India. 1 October 2018 Acquired 75% of Equilibra, the Italian personal care and wellbeing business. The acquisition complements Unilever’s product range through its presence in the ‘natural’ personal care segment. 1 November 2018 Acquired Betty Ice, a leading ice cream business in Romania. The acquisition enriches Unilever’s product range through local offerings and price tiers. 3 December 2018 Acquired Denny Ice, an ice cream business in Bulgaria to strengthen local product knowledge. 31 December 2018 Acquired Vegetarian Butcher, a vegetarian meat replacement, foods business in the Netherlands. The acquisition fits with Unilever’s strategy to expand its portfolio into plant-based foods responding to the growing trend of vegetarian and vegan meals . Effect on consolidated balance sheet Acquisitions The following table sets out the effect of the acquisitions in 2019, 2018 and 2017 on the consolidated balance sheet. The fair values currently used for opening balances of all acquisitions made in 2019 are provisional, with the exception of t Graze s ere Detailed information relating to goodwill is provided in note 9 on pages 108 to 110. The value of goodwill which is expected to be tax deductible is € 160 € million € million € million 2019 2018 2017 Net assets acquired 771 815 2,423 Non-controlling (25 ) (17 ) (50 ) Goodwill 421 496 2,539 Total payment for acquisition 1,167 1,294 4,912 Exchange rate gain/(loss) on cash flow hedge — (100 ) 51 Total consideration 1,167 1,194 4,963 In 2019 the net assets acquired and total payment for acquisition s € 2019 Intangible assets 787 Other non-current 37 Trade and other receivables 58 Other current assets 94 Non-current (128 ) Current liabilities (77 ) Net assets acquired 771 Non-controlling (25 ) Goodwill 421 Exchange rate gain/(loss) on cash flow hedges — Cash consideration 1,149 Deferred consideration 18 Total consideration 1,167 No contingent liabilities were acquired in the acquisitions described above . Goodwill represents the future value which the Group believes it will obtain through operational synergies and the application of acquired company ideas to existing Unilever channels and businesses. Disposals Total consideration for 2019 disposals is €169 million (2018: €7,590 million for disposals completed during that year). The following table sets out the effect of the disposals in 2019, 2018 and 2017 on the consolidated balance sheet. The results of disposed businesses are included in the consolidated financial statements up to their date of disposal. € million € million € million 2019 2018 2017 Goodwill and intangible assets 82 2,510 71 Other non-current 19 666 92 Current assets 15 261 10 Trade creditors and other payables (12 ) (107 ) (8 ) Net assets sold 104 3,330 165 (Gain)/loss on recycling of currency retranslation on disposal — (71 ) 66 Profit/(loss) on sale attributable to Unilever 65 4,331 332 Consideration 169 7,590 563 Cash 168 7,135 560 Cash balances of businesses sold 1 321 — Non-cash — 134 3 169 7,590 563 On 1 March 2019 Unilever sold the global Alsa baking and dessert business to Dr. Oetker for €155 million cash consideration. Goodwill of €27 million was allocated from the Foods & Refreshment CGUs. Profit on the disposal was €57 million, recognised as a non-underlying |
Assets and Liabilities Held for
Assets and Liabilities Held for Sale | 12 Months Ended |
Dec. 31, 2019 | |
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Assets and Liabilities Held for Sale | 22. Assets and liabilities held for sale Non-current Immediately prior to classification as held for sale, the assets or groups of assets are remeasured in accordance with the Group’s accounting policies. Subsequently, assets and disposal groups classified as held for sale are valued at the lower of book value or fair value less disposal costs. Assets held for sale are neither depreciated nor amortised. € million € million 2019 2018 Total Total Disposal groups held for sale (a) Goodwill and intangibles 3 82 Property, plant and equipment 13 19 Inventories 9 8 Trade and other receivables 1 2 Other 3 4 29 115 Property, plant and equipment held for sale (b) 53 4 Assets held for sale 82 119 Liabilities held for sale 1 11 (a) In 2018, disposal groups held for sale consists of assets mainly relating to Alsa baking and dessert business which was disposed during 2019. (b) 2019 includes manufacturing assets held for sale in various countries. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
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Related Party Transactions | 23. Related party transactions A related party is a person or entity that is related to the Group. These include both people and entities that have, or are subject to, the influence or control of the Group. The following related party balances existed with associate or joint venture businesses at 31 December: € million € million Related party balances 2019 2018 Trading and other balances due from joint ventures 123 121 Trading and other balances due from/(to) associates — — Joint ventures Sales by Unilever group companies to Unilever FIMA, LDA and Pepsi Lipton joint ventures were €108 million and €60 million in 2019 (2018: €107 million and €65 million) respectively. Sales from Unilever FIMA, LDA and from Pepsi Lipton joint ventures to Unilever group companies were €67 million and €46 million in 2019 (2018: €83 million and €51 million) respectively. Royalties and service fee paid by Unilever FIMA LDA to Unilever group companies were €15 million (2018: €16 million). Balances owed by/(to) Unilever FIMA, LDA and Pepsi Lipton joint ventures at 31 December 2019 were €128 million and €(5) million (2018: €127 million and €(6) million) respectively. Associates Langholm Capital Partners invests in private European companies with above-average longer-term growth prospects. Langholm Capital II was launched in 2009. Unilever has invested €64 million in Langholm Capital |
Restatement impact of IFRS 16
Restatement impact of IFRS 16 | 12 Months Ended |
Dec. 31, 2019 | |
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Restatement impact of IFRS 16 | 24. Restatement impact of IFRS 16 Upon adoption of IFRS 16, the Group has recognised leases on the balance sheet with a right-of-use asset and related lease liability. Refer to note 1 for a summary of accounting for leases under the new standard. The Group has restated all prior periods for the impact of IFRS 16 in line with the ‘full retrospective approach’. The Group has chosen not to recognise short-term leases, which are those less than 12 months, and leases of low-value assets on the balance sheet. Financial statement impact The following tables summarise the impact of adopting IFRS 16 on the Group’s consolidated financial statements. Only restated lines have been included in the following tables: (A) Balance sheet The Group recognised leased assets on the balance sheet representing the right to use of the underlying assets from the lease contracts. Current and non-current lease liabilities were also recognised for the present value of the lease payments due under the lease contracts. Deferred tax adjustments are due to temporary timing differences arising from the recognition of leased assets and lease liabilities. Shareholders’ equity has been restated to reflect the cumulative impact of IFRS 16 on retained earnings and currency translation adjustment as a result of IFRS 16 restatement of foreign subsidiaries. € million As at 31 December 2018 € million As at 31 December 2017 Consolidated balance sheet items As previously Adjustments Restated As previously Adjustments Restated Non-current assets Property, plant and equipment 10,347 1,741 12,088 10,411 1,859 12,270 Deferred tax assets 1,117 35 1,152 1,085 33 1,118 Other non-current assets 648 (118 ) 530 557 (116 ) 441 Total non-current assets 43,975 1,658 45,633 43,302 1,776 45,078 Current assets Trade and other current receivables 6,485 (3 ) 6,482 5,222 (3 ) 5,219 Total current assets 15,481 (3 ) 15,478 16,983 (3 ) 16,980 Total assets 59,456 1,655 61,111 60,285 1,773 62,058 Current liabilities Financial liabilities 3,235 378 3,613 7,968 410 8,378 Total current liabilities 19,772 378 20,150 23,177 410 23,587 Non-current liabilities Financial liabilities 21,650 1,475 23,125 16,462 1,577 18,039 Deferred tax liabilities 1,923 (23 ) 1,900 1,913 (25 ) 1,888 Total non-current liabilities 27,392 1,452 28,844 22,721 1,552 24,273 Total liabilities 47,164 1,830 48,994 45,898 1,962 47,860 Equity Shareholders’ equity Other reserves (15,286 ) 68 (15,218 ) (13,633 ) 46 (13,587 ) Retained profit 26,265 (243 ) 26,022 26,648 (235 ) 26,413 11,572 (175 ) 11,397 13,629 (189 ) 13,440 Total equity 12,292 (175 ) 12,117 14,387 (189 ) 14,198 Total liabilities and equity 59,456 1,655 61,111 60,285 1,773 62,058 Only impacted lines and key sub-totals are presented in the table above. (B) Income statement and statement of comprehensive income Operating profit has been restated to remove operating lease payments previously recognised and to recognise depreciation expense on the leased assets that are now recognised on the balance sheet. Interest expense on lease liabilities has been recognised within finance costs. Adjustments to taxation are due to the change in profit before taxation. Currency translation gains/losses have also been restated to reflect the foreign exchange impact of IFRS 16 on subsidiaries that do not have a euro functional currency. € million € million For the year ended 31 December 2018 For the year ended 31 December 2017 As previously Adjustments As previously Adjustments Consolidated income statement reported for IFRS 16 Restated reported for IFRS 16 Restated Operating profit 12,535 104 12,639 8,857 100 8,957 Finance costs (591 ) (127 ) (718 ) (556 ) (127 ) (683 ) Profit before taxation 12,383 (23 ) 12,360 8,153 (27 ) 8,126 Taxation (2,575 ) 3 (2,572 ) (1,667 ) (3 ) (1,670 ) Net profit 9,808 (20 ) 9,788 6,486 (30 ) 6,456 Attributable to: Shareholders’ equity 9,389 (20 ) 9,369 6,053 (30 ) 6,023 € million € million For the year ended 31 December 2018 For the year ended 31 December 2017 As previously Adjustments As previously Adjustments Consolidated statement of comprehensive income reported for IFRS 16 Restated reported for IFRS 16 Restated Net profit 9,808 (20 ) 9,788 6,486 (30 ) 6,456 Other comprehensive income Items that may be reclassified subsequently to profit or loss, net of tax: Currency retranslation gains/(losses) (861 ) 22 (839 ) (983 ) 48 (935 ) Total comprehensive income 8,615 2 8,617 6,710 18 6,728 Attributable to: Non-controlling 407 — 407 381 — 381 Shareholders’ equity 8,208 2 8,210 6,329 18 6,347 Only impacted lines and key sub-totals are presented in the tables above. (C) Cash flow statement There is no impact on overall cash flows on the Group from the adoption of IFRS 16. However, cash outflows for lease payments have been reclassified from cash flows from operating activities to cash flows used in financing activities. € million € million For the year ended 31 December 2018 For the year ended 31 December 2017 As previously Adjustments As previously Adjustments Consolidated statement of cash flows reported for IFRS 16 Restated reported for IFRS 16 Restated Net profit 9,808 (20 ) 9,788 6,486 (30 ) 6,456 Taxation 2,575 (3 ) 2,572 1,667 3 1,670 Net finance costs 481 127 608 877 127 1,004 Operating profit 12,535 104 12,639 8,857 100 8,957 Depreciation, amortisation and impairment 1,747 469 2,216 1,538 487 2,025 Eliminiation of (profits)/losses on disposal (4,299 ) (14 ) (4,313 ) (298 ) — (298 ) Other adjustments (266 ) 6 (260 ) (153 ) — (153 ) Cash flows from operating activities 9,047 565 9,612 9,456 587 10,043 Net cash flows from operating activities 6,753 565 7,318 7,292 587 7,879 Interest paid (477 ) (94 ) (571 ) (470 ) (104 ) (574 ) Capital element of finance lease rental payments (10 ) 10 — (14 ) 14 — Capital element of lease payments — (481 ) (481 ) — (497 ) (497 ) Net cash flows (used in)/from financing activities (11,548 ) (565 ) (12,113 ) (1,433 ) (587 ) (2,020 ) Only impacted lines and key sub-totals are presented in the table above. (D) Impact on earnings per share Basic and diluted earnings per share have been restated to reflect the restated net profit attributable to shareholders’ equity as per the income statement. 2018 2017 As previously As previously Combined earnings per share reported Restated reported Restated Basic earnings per share € 3.50 € 3.49 € 2.16 € 2.15 Diluted earnings per share € 3.48 € 3.48 € 2.15 € 2.14 Underlying earnings per share € 2.36 € 2.35 € 2.24 € 2.23 € million 2018 € million 2017 As previously As previously reported Restated reported Restated Net profit 9,808 9,788 6,486 6,456 Non-controlling (419 ) (419 ) (433 ) (433 ) Net profit attributable to shareholders’ equity – used for basic and diluted earnings per share 9,389 9,369 6,053 6,023 Post tax impact of non-underlying (3,024 ) (3,024 ) 262 262 Underlying profit attributable to shareholders’ equity – used for underlying earnings per share 6,365 6,345 6,315 6,285 (E) Impact on segment information Segment information for the Group’s divisions and geographical areas has been restated. Operating profit, underlying operating profit, operating margin and underlying operating margin have been restated to reflect the impact of IFRS 16 adoption on the income statement as follows: € million € million € million € million Beauty & Foods & Home Segment information Personal Care Refreshment Care Total 2018 Operating profit As previously reported 4,130 7,245 1,160 12,535 Adjustments for IFRS 16 35 42 27 104 Restated 4,165 7,287 1,187 12,639 Underlying operating profit As previously reported 4,508 3,534 1,317 9,359 Adjustments for IFRS 16 35 42 27 104 Restated 4,543 3,576 1,344 9,463 Depreciation and amortisation As previously reported 510 773 256 1,539 Adjustments for IFRS 16 176 176 117 469 Restated 686 949 373 2,008 2017 Operating profit As previously reported 4,103 3,616 1,138 8,857 Adjustments for IFRS 16 37 41 22 100 Restated 4,140 3,657 1,160 8,957 Underlying operating profit As previously reported 4,375 3,737 1,288 9,400 Adjustments for IFRS 16 37 41 23 100 Restated 4,412 3,778 1,311 9,500 Depreciation and amortisation As previously reported 488 802 248 1,538 Adjustments for IFRS 16 153 257 77 487 Restated 641 1,059 325 2,025 Regional € million Asia/AMET/RUB € million The € million € million 2018 Operating profit As previously reported 4,777 3,586 4,172 12,535 Adjustments for IFRS 16 47 35 22 104 Restated 4,824 3,621 4,194 12,639 Underlying operating profit As previously reported 4,340 2,694 2,325 9,359 Adjustments for IFRS 16 47 35 22 104 Restated 4,387 2,729 2,347 9,463 2017 Operating profit As previously reported 3,802 3,086 1,969 8,857 Adjustments for IFRS 16 45 34 21 100 Restated 3,847 3,120 1,990 8,957 Underlying operating profit As previously reported 4,108 3,063 2,229 9,400 Adjustments for IFRS 16 45 34 21 100 Restated 4,153 3,097 2,250 9,500 |
Remuneration of Auditors
Remuneration of Auditors | 12 Months Ended |
Dec. 31, 2019 | |
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Remuneration of Auditors | 25. Remuneration of auditors This note includes all amounts paid to the Group’s auditors, whether in relation to their audit of the Group or otherwise. During the year the Group (including its subsidiaries) obtained the following services from the Group auditors and its associates: € million € million € million 2019 2018 2017 Fees payable to the Group’s auditors for the audit of the consolidated and parent company accounts of Unilever N.V. and Unilever PLC (a) 5 6 4 Fees payable to the Group’s auditors for the audit of accounts of subsidiaries of Unilever N.V. and Unilever PLC pursuant to legislation (b) 12 10 10 Total statutory audit fees (c) 17 16 14 Audit-related assurance services — (d) — (d) — (d) Other taxation advisory services — (d) — (d) — (d) Services relating to corporate finance transactions — — — Other assurance services — (e) 5 (e) 5 (e) All other non-audit — (d) — (d) — (d) (a) Of which €1 million was payable to KPMG Accountants N.V. (2018: €1 million; 2017: €1 million) and €4 million was payable to KPMG LLP (2018: €5 million; 2017: €4 million). (b) Comprises fees payable to the KPMG network of independent member firms affiliated with KPMG International Cooperative for audit work on statutory financial statements and Group reporting returns of subsidiary companies. (c) Amount payable to KPMG in respect of services supplied to associated pension schemes was less than €1 million individually and in aggregate (2018: less than €1 million individually and in aggregate; 2017: less than €1 million individually and in aggregate ) (d) Amounts paid in relation to each type of service are less than €1 million individually and in aggregate (2018: less than €1 million; 2017: €1 million). (e) 2018 includes €4 million (2017: €5 million) for audits and reviews of carve-out |
Events After The Balance Sheet
Events After The Balance Sheet Date | 12 Months Ended |
Dec. 31, 2019 | |
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Events After The Balance Sheet Date | 26. Events after the balance sheet date Where events occurring after the balance sheet date provide evidence of conditions that existed at the end of the reporting period, the impact of these events is adjusted within the financial statements. Otherwise, events after the balance sheet date of a material size or nature are disclosed below. Dividend On 30 January 2020 Unilever announced a quarterly dividend with the 2019 fourth quarter results of €0.4104 per NV ordinary share and £0.3472 per PLC ordinary share. The total value of the announced dividend is €1,073 |
Significant Subsidiaries
Significant Subsidiaries | 12 Months Ended |
Dec. 31, 2019 | |
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Significant Subsidiaries | 27. Significant subsidiaries The following represents the significant subsidiaries of the Group as 31 December 2019, that principally affect the turnover, profit and net assets of the Group. The percentage of share capital is shown below represents the aggregate percentage of equity capital directly or indirectly held by NV or PLC in the company. The companies are incorporated and principally operated in the countries under which they are shown except where stated otherwise. Country Name of company NV % PLC% Argentina Unilever de Argentina S.A. 64.55 35.45 Australia Unilever Australia Limited — 100 Bangladesh Unilever Bangladesh Limited — 60.75 Brazil Unilever Brasil Ltda. 64.55 35.45 Canada Unilever Canada Inc. 64.55 35.45 China Walls (China) Co. Ltd. 100.00 — China Unilever Services (Hefei) Co Ltd 100.00 — England and Wales Unilever UK & CN Holdings Limited — 100 England and Wales Unilever U.K. Holdings Limited — 100 England and Wales Unilever UK Limited 5.61 94.39 France Unilever France S.A.S 64.54 35.45 Germany Unilever Deutschland GmbH 64.55 35.45 Germany Unilever Deutschland Holding GmbH 64.55 35.45 India Hindustan Unilever Limited — 67.18 Indonesia PT Unilever Indonesia, Tbk. 54.86 30.13 Italy Unilever Italia Mkt Operations S.R.L 100.00 — Japan Unilever Japan Customer Marketing K.K. 100.00 — Mexico Unilever de Mexico, S. de R.I. de C.V. 64.55 35.45 Netherlands Mixhold B.V. 64.55 35.45 Netherlands Unilever Finance International B.V. 100.00 — Netherlands Unilever Nederland B.V. 100.00 — Netherlands Unilever Europe B.V. 100.00 — Netherlands UNUS Holding B.V. 55.40 44.60 Pakistan Unilever Pakistan Limited — 99.27 Philippines Unilever Philippines, Inc. 64.55 35.45 Russia OOO Unilever Rus 11.89 88.11 Singapore Unilever Asia Private Limited 100.00 — South Africa Unilever South Africa (Pty) Limited 8.98 91.02 Spain Unilever Espana S.A. 100.00 — Switzerland Unilever ASCC AG 100.00 — Switzerland Unilever Finance International AG 100.00 — Switzerland Unilever Supply Chain Company AG 100.00 — Thailand Unilever Thai Trading Limited 64.55 35.45 Turkey Unilever Sanayi ve Ticaret Turk A.S 64.54 35.44 United Arab Emirates Unilever General Trading LLC — 49.00 USA Conopco, Inc. 55.40 44.60 USA Unilever Capital Corporation 55.40 44.60 USA Unilever United States, Inc. 55.40 44.60 Vietnam Unilever Vietnam International Company Limited 100.00 — Due to the inclusion of certain partnerships in the consolidated group financial statements of Unilever, para 264(b) of the German trade law grants an exemption from the duty to prepare individual statutory financial statements and management reports in accordance with the requirements for limited liability companies and to have these audited and published. |
Guarantor statements (Audited)
Guarantor statements (Audited) | 12 Months Ended |
Dec. 31, 2019 | |
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Guarantor statements (Audited) | Guarantor statements (Audited ) On 27 July 2017, Unilever N.V. and Unilever Capital Corporation (UCC) filed a US Shelf registration, which is unconditionally and fully guaranteed, jointly and severally, by Unilever N.V., Unilever PLC and Unilever United States, Inc. (UNUS) and that superseded the NV and UCC US Shelf registration filed on 30 September 2014, which was unconditionally and fully guaranteed, jointly and severally, by NV, PLC and UNUS. UCC and UNUS are each indirectly 100% owned by the Unilever parent entities (as defined below). Of the US Shelf registration, $12.35 billion of Notes were outstanding at 31 December 2019 (2018: $12.5 billion; 2017: $8.9 billion) with coupons ranging from 1.375% to 5.9%. These Notes are repayable between 5 May 2020 and 15 November 2032. Provided below are the income statements, cash flow statements and balance sheets of each of the companies discussed above, together with the income statement, cash flow statement and balance sheet of non-guarantor non-guarantor € million € million € million € million € million € million Income statement for the year ended 31 December 2019 Unilever Unilever (a) Unilever Non- Eliminations Unilever Turnover (b) — — — 51,980 — 51,980 Operating profit — 1,148 1 7,559 — 8,708 Net finance income/(costs) 2 (89 ) (492 ) (18 ) — (597 ) Pensions and similar obligations — (2 ) (22 ) (6 ) — (30 ) Other income/(losses) — — — 176 — 176 Net monetary gain arising from hyperinflationary economies — — — 32 — 32 Profit before taxation 2 1,057 (513 ) 7,743 — 8,289 Taxation — (169 ) — (2,094 ) — (2,263 ) Net profit before subsidiaries 2 888 (513 ) 5,649 — 6,026 Equity earnings of subsidiaries — 4,737 1,193 (7,026 ) 1,096 — Net profit 2 5,625 680 (1,377 ) 1,096 6,026 Attributable to: Non-controlling — — — 401 — 401 Shareholders’ equity 2 5,625 680 (1,778 ) 1,096 5,625 Other comprehensive income — (5 ) 13 535 — 543 Total comprehensive income 2 5,620 693 (842 ) 1,096 6,569 (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) For the purpose of this table, amounts exclude revenue from Group companies. € million € million € million € million € million € million Income statement for the year ended 31 December 2018 (b) Unilever Unilever (a) Unilever subsidiary Non- Eliminations Unilever Turnover ( c — — — 50,982 — 50,982 Operating profit — 1,987 (4 ) 10,656 — 12,639 Net finance income/(costs) — (105 ) (426 ) (52 ) — (583 ) Pensions and similar obligations — (2 ) (19 ) (4 ) — (25 ) Other income/(losses) — — — 207 — 207 Premium paid on buyback of preference shares — (382 ) — 382 — — Net monetary gain arising from hyperinflationary economies — — — 122 — 122 Profit before taxation — 1,498 (449 ) 11,311 — 12,360 Taxation — (199 ) — (2,373 ) — (2,572 ) Net profit before subsidiaries — 1,299 (449 ) 8,938 — 9,788 Equity earnings of subsidiaries — 8,070 1,787 (20,326 ) 10,469 — Net profit — 9,369 1,338 (11,388 ) 10,469 9,788 Attributable to: Non-controlling — — — 419 — 419 Shareholders’ equity — 9,369 1,338 (11,807 ) 10,469 9,369 Other comprehensive income — (24 ) 25 (1,172 ) — (1,171 ) Total comprehensive income — 9,345 1,363 (12,560 ) 10,469 8,617 € million € million € million € million € million € million Income statement for the year ended 31 December 2017 (b) Unilever Unilever (a) Unilever subsidiary Non- Eliminations Unilever Turnover ( c — — — 53,715 — 53,715 Operating profit — 999 (4 ) 7,962 — 8,957 Net finance income/(costs) 1 (110 ) (379 ) (38 ) — (526 ) Pensions and similar obligations — (2 ) (24 ) (70 ) — (96 ) Other income/(losses) — — — 173 — 173 Premium paid on buyback of preference shares — — — (382 ) — (382 ) Profit before taxation 1 887 (407 ) 7,645 — 8,126 Taxation — (165 ) — (1,505 ) — (1,670 ) Net profit before subsidiaries 1 722 (407 ) 6,140 — 6,456 Equity earnings of subsidiaries — 5,301 1,716 (10,298 ) 3,281 — Net profit 1 6,023 1,309 (4,158 ) 3,281 6,456 Attributable to: Non-controlling — — — 433 — 433 Shareholders’ equity 1 6,023 1,309 (4,591 ) 3,281 6,023 Other comprehensive income — (75 ) (156 ) 503 — 272 Total comprehensive income 1 5,948 1,153 (3,655 ) 3,281 6,728 (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) Restated following adoption of IFRS 16. See note 1 and note 24 for further details. (c) For the purpose of these tables, amounts exclude revenue from Group companies. € million € million € million € million € million € million Balance sheet at 31 December 2019 Unilever Unilever (a) Unilever States Inc. subsidiary guarantor Non- Eliminations Unilever Assets Non-current Goodwill and intangible assets — 3,141 — 27,888 — 31,029 Deferred tax assets — — — 1,336 — 1,336 Other non-current — 2 1 16,008 — 16,011 Amounts due from group companies 15,335 10,602 — — (25,937 ) — Net assets of subsidiaries (equity accounted) — 21,193 24,514 — (45,707 ) — 15,335 34,938 24,515 45,232 (71,644 ) 48,376 Current assets Amounts due from group companies — 15,257 822 28,799 (44,878 ) — Trade and other current receivables — 153 7 6,535 — 6,695 Current tax assets — 18 — 379 — 397 Other current assets 81 — — 9,257 — 9,338 81 15,428 829 44,970 (44,878 ) 16,430 Total assets 15,416 50,366 25,344 90,202 (116,522 ) 64,806 Liabilities Current liabilities Financial liabilities 2,435 1,049 — 1,207 — 4,691 Amounts due to group companies 2,775 24,469 1,555 16,079 (44,878 ) — Trade payables and other current liabilities 89 356 16 14,307 — 14,768 Current tax liabilities — — 9 889 — 898 Other current liabilities — — 5 616 — 621 5,299 25,874 1,585 33,098 (44,878 ) 20,978 Non-current Financial liabilities 9,789 11,009 — 2,768 — 23,566 Amounts due to group companies — — 11,325 14,612 (25,937 ) — Pensions and post-retirement healthcare liabilities: Funded schemes in deficit — 2 127 1,028 — 1,157 Unfunded schemes — 83 376 1,002 — 1,461 Other non-current — 325 6 3,427 — 3,758 9,789 11,419 11,834 22,837 (25,937 ) 29,942 Total liabilities 15,088 37,293 13,419 55,935 (70,815 ) 50,920 Shareholders’ equity 328 13,073 11,925 33,573 (45,707 ) 13,192 Non-controlling — — — 694 — 694 Total equity 328 13,073 11,925 34,267 (45,707 ) 13,886 Total liabilities and equity 15,416 50,366 25,344 90,202 (116,522 ) 64,806 (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) Restated following adoption of IFRS 16. See note 1 and note 24 for further details. € million € million € million € million € million € million Balance sheet at 31 December 2018 (b) Unilever Unilever Unilever States Inc. subsidiary guarantor Non- Eliminations Unilever Assets Non-current Goodwill and intangible assets — 3,058 — 26,435 — 29,493 Deferred tax assets — — 13 1,139 — 1,152 Other non-current — 43 2 14,943 — 14,988 Amounts due from group companies 17,211 10,379 — — (27,590 ) — Net assets of subsidiaries (equity accounted) — 22,125 22,427 — (44,552 ) — 17,211 35,605 22,442 42,517 (72,142 ) 45,633 Current assets Amounts due from group companies — 11,883 5,413 33,032 (50,328 ) — Trade and other current receivables — 156 4 6,322 — 6,482 Current tax assets — 15 — 457 — 472 Other current assets 6 7 — 8,511 — 8,524 6 12,061 5,417 48,322 (50,328 ) 15,478 Total assets 17,217 47,666 27,859 90,839 (122,470 ) 61,111 Liabilities Current liabilities Financial liabilities 2,381 35 2 1,195 — 3,613 Amounts due to group companies 4,895 25,010 3,127 17,296 (50,328 ) — Trade payables and other current liabilities 96 327 15 14,019 — 14,457 Current tax liabilities — — 72 1,373 — 1,445 Other current liabilities — 2 — 633 — 635 7,372 25,374 3,216 34,516 (50,328 ) 20,150 Non-current Financial liabilities 9,525 10,787 — 2,813 — 23,125 Amounts due to group companies — — 13,290 14,300 (27,590 ) — Pensions and post-retirement healthcare liabilities: Funded schemes in deficit — 7 136 1,066 — 1,209 Unfunded schemes — 87 388 918 — 1,393 Other non-current — 141 1 2,975 — 3,117 9,525 11,022 13,815 22,072 (27,590 ) 28,844 Total liabilities 16,897 36,396 17,031 56,588 (77,918 ) 48,994 Shareholders’ equity 320 11,270 10,828 33,531 (44,552 ) 11,397 Non-controlling — — — 720 — 720 Total equity 320 11,270 10,828 34,251 (44,552 ) 12,117 Total liabilities and equity 17,217 47,666 27,859 90,839 (122,470 ) 61,111 (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) Restated following adoption of IFRS 16. See note 1 and note 24 for further details. € million € million € million € million € million € million Balance sheet at 1 January 2018 (b) Unilever Unilever Unilever States Inc. subsidiary guarantor Non- Eliminations Unilever Assets Non-current Goodwill and intangible assets — 2,143 — 26,258 — 28,401 Deferred tax assets — 90 57 971 — 1,118 Other non-current — 33 2 15,524 — 15,559 Amounts due from group companies 17,132 7,099 — — (24,231 ) — Net assets of subsidiaries (equity accounted) — 35,744 21,532 — (57,276 ) — 17,132 45,109 21,591 42,753 (81,507 ) 45,078 Current assets Amounts due from group companies — 6,119 5,318 32,445 (43,882 ) — Trade and other current receivables — 51 3 5,165 — 5,219 Current tax assets — 57 9 422 — 488 Other current assets — 39 — 11,234 — 11,273 — 6,266 5,330 49,266 (43,882 ) 16,980 Total assets 17,132 51,375 26,921 92,019 (125,389 ) 62,058 Liabilities Current liabilities Financial liabilities 2,420 4,690 1 1,267 — 8,378 Amounts due to group companies 6,964 25,457 24 11,437 (43,882 ) — Trade payables and other current liabilities 65 215 11 13,135 — 13,426 Current tax liabilities — — — 1,088 — 1,088 Other current liabilities — 5 — 690 — 695 9,449 30,367 36 27,617 (43,882 ) 23,587 Non-current Financial liabilities 7,377 7,594 — 3,068 — 18,039 Amounts due to group companies — — 14,517 9,714 (24,231 ) — Pensions and post-retirement healthcare liabilities: Funded schemes in deficit — 8 103 1,114 — 1,225 Unfunded schemes — 93 439 977 — 1,509 Other non-current — 5 1 3,494 — 3,500 7,377 7,700 15,060 18,367 (24,231 ) 24,273 Total liabilities 16,826 38,067 15,096 45,984 (68,113 ) 47,860 Shareholders’ equity 306 13,308 11,825 45,277 (57,276 ) 13,440 Non-controlling — — — 758 — 758 Total equity 306 13,308 11,825 46,035 (57,276 ) 14,198 Total liabilities and equity 17,132 51,375 26,921 92,019 (125,389 ) 62,058 (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) Restated following adoption of IFRS 16. See note 1 and note 24 for further details. € million € million € million € million € million € million Cash flow statement for the year ended 31 December 2019 Unilever Unilever (a) Unilever subsidiary guarantor Non- Eliminations Unilever Net cash flow from/(used in) operating activities 1 1,127 (21 ) 7,002 — 8,109 Net cash flow from/(used in) investing activities 2,681 (1,887 ) 4,378 (4,720 ) (2,689 ) (2,237 ) Net cash flow from/(used in) financing activities (2,613 ) 768 (4,357 ) (1,154 ) 2,689 (4,667 ) Net increase/(decrease) in cash and cash equivalents 69 8 — 1,128 — 1,205 Cash and cash equivalents at beginning of year 6 7 (1 ) 3,078 — 3,090 Effect of foreign exchange rates 5 (15 ) — (169 ) — (179 ) Cash and cash equivalents at end of year 80 — (1 ) 4,037 — 4,116 € million € million € million € million € million € million Cash flow statement for the year ended 31 December 2018 (b) Unilever Unilever (a) Unilever States Inc. subsidiary Non- Eliminations Unilever Net cash flow from/(used in) operating activities — 952 (6 ) 6,372 — 7,318 Net cash flow from/(used in) investing activities 1,088 1,196 (63 ) 4,619 (2,196 ) 4,644 Net cash flow from/(used in) financing activities (1,097 ) (2,190 ) 69 (11,091 ) 2,196 (12,113 ) Net increase/(decrease) in cash and cash equivalents (9 ) (42 ) — (100 ) — (151 ) Cash and cash equivalents at beginning of year — 23 (1 ) 3,147 — 3,169 Effect of foreign exchange rates 15 26 — 31 — 72 Cash and cash equivalents at end of year 6 7 (1 ) 3,078 — 3,090 € million € million € million € million € million € million Cash flow statement for the year ended 31 December 2017 (b) Unilever Unilever (a) Unilever States Inc. subsidiary Non- Eliminations Unilever Net cash flow from/(used in) operating activities — 948 (40 ) 6,971 — 7,879 Net cash flow from/(used in) investing activities (3,884 ) (7,123 ) (1,062 ) 5,136 1,054 (5,879 ) Net cash flow from/(used in) financing activities 3,873 6,254 1,103 (12,196 ) (1,054 ) (2,020 ) Net increase/(decrease) in cash and cash equivalents (11 ) 79 1 (89 ) — (20 ) Cash and cash equivalents at beginning of year — 5 (2 ) 3,195 — 3,198 Effect of foreign exchange rates 11 (61 ) — 41 — (9 ) Cash and cash equivalents at end of year — 23 (1 ) 3,147 — 3,169 (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) Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Accounting Information and Po_2
Accounting Information and Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Basis of consolidation | Basis of consolidation The two parent companies, NV and PLC, together with their group companies, operate as a single economic entity (the Unilever Group, also referred to as Unilever or the Group). NV and PLC have the same Directors and are linked by a series of agreements, including an Equalisation Agreement, which are designed so that the positions of the shareholders of both companies are as closely as possible the same as if they held shares in a single company. The Equalisation Agreement provides that both companies adopt the same accounting principles. It also requires that dividends and other rights and benefits attaching to each ordinary share of NV, be equal in value to those rights and benefits attaching to each ordinary share of PLC, as if each such unit of capital formed part of the ordinary share capital of one and the same company. Due to the operational and contractual arrangements referred to above, NV and PLC form a single reporting entity for the purposes of presenting consolidated financial statements. Accordingly, the financial statements of Unilever are presented by both NV and PLC as their respective consolidated financial statements. Group companies included in the consolidation are those companies controlled by NV or PLC. Control exists when the Group has the power to direct the activities of an entity so as to affect the return on investment. The net assets and results of acquired businesses are included in the consolidated financial statements from their respective dates of acquisition, being the date on which the Group obtains control. The results of disposed businesses are included in the consolidated financial statements up to their date of disposal, being the date control ceases. Intra-group transactions and balances are eliminated. |
Companies legislation and accounting standards | Companies legislation and accounting standards The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU), IFRIC Interpretations. They are also in compliance with IFRS as issued by the International Accounting Standards Board (IASB). These financial statements are prepared under the historical cost convention unless otherwise indicated . These financial statements have been prepared on a going concern basis. Refer to the going concern statement on page 78. |
Accounting policies | Accounting policies Accounting policies are included in the relevant notes to the consolidated financial statements. These are presented as text highlighted in grey on pages 91 to 142. The accounting policies below are applied throughout the financial statements. |
Foreign currencies | Foreign currencies The consolidated financial statements are presented in euros. The functional currencies of NV and PLC are euros and sterling respectively. Items included in the financial statements of individual group companies are recorded in their respective functional currency which is the currency of the primary economic environment in which each entity operates. Foreign currency transactions in individual group companies are translated into functional currency using exchange rates at the date of the transaction. Foreign exchange gains and losses from settlement of these transactions, and from translation of monetary assets and liabilities at year-end In preparing the consolidated financial statements, the balances in individual group companies are translated from their functional currency into euros. Apart from the financial statements of group companies in hyperinflationary economies (see below), the income statement, the cash flow statement and all other movements in assets and liabilities are translated at average rates of exchange as a proxy for the transaction rate, or at the transaction rate itself if more appropriate. Assets and liabilities are translated at year-end The financial statements of group companies whose functional currency is the currency of a hyperinflationary economy are adjusted for inflation and then translated into euros using the balance sheet exchange rate. Amounts shown for prior years for comparative purposes are not modified. To determine the existence of hyperinflation, the Group assesses the qualitative and quantitative characteristics of the economic environment of the country, such as the cumulative inflation rate over the previous three years. The ordinary share capital of NV and PLC is translated in accordance with the Equalisation Agreement. The difference between the value for PLC and the value by applying the year-end page 118). The effect of exchange rate changes during the year on net assets of foreign operations is recorded in equity. For this purpose net assets include loans between group companies and any related foreign exchange contracts where settlement is neither planned nor likely to occur in the foreseeable future. The Group applies hedge accounting to certain exchange differences arising between the functional currencies of a foreign operation and NV or PLC as appropriate, regardless of whether the net investment is held directly or through an intermediate parent. Differences arising on retranslation of a financial liability designated as a foreign currency net investment hedge are recorded in equity to the extent that the hedge is effective. These differences are reported within profit or loss to the extent that the hedge is ineffective. Cumulative exchange differences arising since the date of transition to IFRS of 1 January 2004 are reported as a separate component of other reserves. In the event of disposal or part disposal of an interest in a group company either through sale or as a result of a repayment of capital, the cumulative exchange difference is recognised in the income statement as part of the profit or loss on disposal of group companies. |
Hyperinflationary economies | Hyperinflationary economies The Argentinian economy was designated as hyperinflationary from 1 July 2018. As a result, application of IAS 29 ‘Financial Reporting in Hyperinflationary Economies’ has been applied to all Unilever entities whose functional currency is the Argentinian Peso for 2018 and 2019. The application of IAS 29 includes: • Adjustment of historical cost non-monetary • Adjustment of the income statement for inflation during the reporting period; • The income statement is translated at the period end foreign exchange rate instead of an average rate; and • Adjustment of the income statement to reflect the impact of inflation and exchange rate movement on holding monetary assets and liabilities in local currency. The main effects of the Group consolidated financial statements for 2019 are: • Total assets are reduced by €42 million; • Turnover is reduced by €14 million; • Operating profit is reduced by €11 million; and • Monetary gain recognised of €32 million. |
Critical accounting estimates and judgements | Critical accounting estimates and judgements The preparation of financial statements requires management to make estimates and judgements in the application of accounting policies that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and judgements are continuously evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future period affected. The following estimates are those that management believe have the most significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are: • Measurement of defined benefit obligations – the valuations of the Group’s defined benefit pension plan obligations are dependent on a number of assumptions. These include discount rates, inflation and life expectancy of scheme members. Details of these assumptions and sensitivities are in note 4B. • Measurement of consideration and assets and liabilities acquired as part of business combinations . E The following judgements are those that management believe have the most significant effect on the amounts recognised in the Group’s financial statements: • Separate presentation of items in the income statement – certain items of income or expense are presented separately as non- • Utilisation of tax losses and recognition of other deferred tax assets – The Group operates in many countries and is subject to taxes in numerous jurisdictions. Management uses judgement to assess the recoverability of tax assets such as whether there will be sufficient future taxable profits to utilise losses – see note 6B. • Likelihood of occurrence of provisions and contingent liabilities – events can occur where there is uncertainty over future obligations. Judgement is required to determine if an outflow of economic resources is probable, or possible but not probable. Where it is probable, a liability is recognised and further judgement is used to determine the level of the provision. Where it is possible but not probable, further judgement is used to determine if the likelihood is remote, in which case no disclosures are provided; if the likelihood is not remote then judgement is used to determine the contingent liability disclosed. Unilever does not have provisions and contingent liabilities for the same matters. External advice is obtained for any material cases. See notes 6A, 19 and 20. • Recognition of pension surplus – where there is an accounting surplus on a defined benefit plan, management uses judgement to determine whether the Group can realise the surplus through refunds, reductions in future combinations or a combination of both. • Recognition and measurement of IFRS 16 assets and liabilities – the Group adopted IFRS 16 on 1 January 2019 and restated all prior periods that are reported. In recognising and measuring lease assets and liabilities on the balance sheet, the Group applied judgement in determining whether each contract is or contains a lease. This included an assessment about whether the contract depends on a specified asset, whether the Group obtains substantially all the economic benefits from the use of that asset, and whether the Group has the right to direct the use of that asset. The Group also exercised judgement in determining the lease term as the non-cancellable |
Recent accounting developments adopted by the group | Recent accounting developments Adopted by the group The Group applied for the first-time amendments to the following standards from 1 January 2019. Key requirements or Applicable standard changes in accounting policy Implementation progress and expected impact IFRS 16 ‘Leases’ This standard changes the recognition, measurement, presentation and disclosure of leases. In particular it requires lessees to record all leases on the balance sheet with exemptions available for low value and short-term leases. At the commencement of a lease, a lessee recognises lease payments (lease liability) and an asset representing the right to use the asset during the lease term (leased asset). Lessees subsequently reduce the lease liability when paid and recognise depreciation on the leased asset. A lease liability is remeasured upon the occurrence of certain events such as a change in the lease term or a change in an index or rate used to determine lease payments. The remeasurement normally also adjusts the leased asset. The Group has adopted IFRS 16 Leases in its reporting from 1 January 2019, applying the standard using the ‘full retrospective’ approach, and amounts relating to the years ended 31 December 2018 and 2017 have been restated in these financial statements. The Group has recognised all leases on its balance sheet upon transition to IFRS 16, except for short-term leases (less than a year) and leases for low-value assets. The impact of adopting IFRS 16 on the Group’s financial statements is further detailed in note 24. The standard has no impact on the actual cash flows of a group. However the standard requires the capitalisation, and subsequent depreciation, of costs that were previously expensed as paid which impacts disclosures of cash flows within the cash flow statement. The amounts previously expensed as operating cash outflows are instead capitalised and presented as financing cash outflows. IFRIC 23 ‘Uncertainty over income tax treatments’ This interpretation clarifies how entities should reflect uncertainties over income tax treatments. The Group applies judgement in identifying uncertainties over income tax treatments and has adjusted its uncertain tax provisions to be in line with the new criteria. The Group has elected to recognise the cumulative impact of €38 million within opening retained earnings. Amendments to IAS 19 ‘Employee Benefits’ The change requires that following plan amendments, curtailments or settlements, current service and net interest costs for the remainder of the reporting period should be calculated in line with updated actuarial assumptions. The amendment is applied prospectively. During the period the amendment had no impact on the Group financial statements. All other standards or amendments to standards that have been issued by the IASB and were effective by 1 January 2019 were not applicable or material to Unilever. New standards, amendments and interpretations of existing standards that are not yet effective and have not been early adopted by the Group The following new standards have been released but are not yet adopted by the Group. The expected impact and progress is shown below. In addition to the above, based on an initial review the Group does not currently believe adoption of the following standard/amendments will have a material impact on the consolidated results or financial position of the Group. Applicable standard Key requirements or changes in accounting policy Interest Rate Benchmark Reform – Amendments to IFRS 9, IAS 39 and IFRS 7 Effective from the year ending 31 December 2020 The amendments modify specific hedge accounting requirements so entities can continue to forecast future cash flows assuming that the interest rate benchmark will continue despite ongoing reviews of interest rate benchmark reform. As a result there is no requirement for an entity to discontinue hedge relationships or to reassess the economic relationships between hedged items and hedging instruments as a result of the uncertainties of the interest rate benchmark reform. We do not have material derivatives that refer to an interest rate benchmark so these amendments will not have a material impact on Unilever. IFRS 17 ‘Insurance Contracts’ Effective from the year ending 31 December 2022 This standard introduces a new model for accounting for insurance contracts. Work continues to review existing arrangements to determine the impact on adoption. Based on preliminary work the impact is estimated to be immaterial. All other standards or amendments to standards that have been issued by the IASB and are effective from 1 January 2020 onwards are not applicable or material to Unilever. |
Segment information | Segmental reporting Beauty & Personal Care – primarily sales of skin cleansing (soap, shower), skin care (face, hand and body moisturisers), hair care (shampoo, conditioner, styling) and deodorants categories. Foods & Refreshment – primarily sales of ice cream, savoury (soups, bouillons, seasoning), dressings (mayonnaise, ketchup) and tea categories. Home Care – primarily sales of fabric category (washing powders and liquids, rinse conditioners) and includes a wide range of cleaning products. Revenue Turnover comprises sales of goods after the deduction of discounts, sales taxes and estimated returns. It does not include sales between group companies. Discounts given by Unilever include rebates, price reductions and incentives given to customers, promotional couponing and trade communication costs and are based on the contractual arrangements with each customer. Discounts can either be immediately deducted from the sales value on the invoice or off-invoice and settled later through credit notes when the precise amounts are known. Rebates are generally off-invoice. Amounts provided for discounts at the end of a period require estimation; historical data and accumulated experience is used to estimate the provision using the most likely amount method and in most instances the discount can be estimated using known facts with a high level of accuracy. Any differences between actual amounts settled and the amounts provided are not material and recognised in the subsequent reporting period. Customer contracts generally contain a single performance obligation and turnover is when control of the products being sold has transferred to our customer as there are no longer any unfulfilled obligations to the customer. This is generally on delivery to the customer but depending on individual customer terms, this can be at the time of dispatch, delivery or upon formal customer acceptance. This is considered the appropriate point where the performance obligations in our contracts are satisfied as Unilever no longer has control over the inventory. Our customers have the contractual right to return goods only when authorised by Unilever. At 31 December 2019, an estimate has been made of goods that will be returned and a liability has been recognised for this amount. An asset has also been recorded for the corresponding inventory that is estimated to return to Unilever using a best estimate based on accumulated experience. Some of our customers are distributors who may be able to return unsold goods in consignment arrangements. Underlying operating profit Underlying operating profit means operating profit before the impact of non-underlying |
Operating costs and non-underlying items | Operating costs and non-underlying items Operating costs Operating costs include cost of sales, brand and marketing investment and overheads. (i) Cost of sales Cost of sales includes the cost of inventories sold during the period and distribution costs. The cost of inventories are raw and packaging materials and related production costs. Distribution costs are charged to the income statement as incurred. (ii) Brand and marketing investment Brand and marketing investment include costs related to creating and maintaining brand equity and brand awareness. This includes media, advertising production, promotional materials and engagement with consumers. These costs are charged to the income statement as incurred. (iii) Overheads Overheads include staff costs associated with sales activities and central functions such as finance, human resources and research and development costs. Research and development costs are staff costs, material costs, depreciation of property, plant and equipment and other costs that are directly attributable to research and product development activities. These costs are charged to the income statement as incurred. Non-underlying These items are relevant to an understanding of our financial performance due to their nature and/or frequency of occurrence. (i) Non-underlying These are gains and losses on business disposals, acquisition and disposal-related costs, restructuring costs, impairments and one-off (ii) Non-underlying |
Pensions and similar obligations | 4B. Pensions and similar obligations For defined benefit plans, operating and finance costs are recognised separately in the income statement. The amount charged to operating cost in the income statement is the cost of accruing pension benefits promised to employees over the year, plus the costs of individual events such as past service benefit changes, settlements and curtailments (such events are recognised immediately in the income statement). The amount charged or credited to finance costs is a net interest expense calculated by applying the liability discount rate to the net defined benefit liability or asset. Any differences between the expected interest on assets and the return actually achieved, and any changes in the liabilities over the year due to changes in assumptions or experience within the plans, are recognised immediately in the statement of comprehensive income. The defined benefit plan surplus or deficit on the balance sheet comprises the total for each plan of the fair value of plan assets less the present value of the defined benefit liabilities (using a discount rate based on high-quality corporate bonds, or a suitable alternative where there is no active corporate bond market). All defined benefit plans are subject to regular actuarial review using the projected unit method by external consultants. The Group policy is that the most material plans, representing approximately 84% of the defined benefit liabilities, are formally valued every year. Other material plans, accounting for a further 12% of the liabilities, have their liabilities updated each year. Group policy for the remaining plans requires a full actuarial valuation at least every three years. Asset values for all plans are updated every year. For defined contribution plans, the charges to the income statement are the company contributions payable, as the company’s obligation is limited to the contributions paid into the plans. The assets and liabilities of such plans are not included in the balance sheet of the Group. |
Share-based compensation plans | 4C. Share-based compensation plans The fair value of awards at grant date is calculated using observable market price. This value is expensed over their vesting period, with a corresponding credit to equity. The expense is reviewed and adjusted to reflect changes to the level of awards expected to vest, except where this arises from a failure to meet a market condition. Any cancellations are recognised immediately in the income statement. |
Net finance costs | Net finance costs Net finance costs are comprised of finance costs and finance income, including net finance costs in relation to pensions and similar obligations. Finance income includes income on cash and cash equivalents and income on other financial assets. Finance costs include interest costs in relation to financial liabilities. This includes interest on lease liabilities which represents the unwind of the discount rate applied to lease liabilities . Borrowing costs are recognised based on the effective interest method. |
Income tax | Income tax Income tax on the profit for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustments to tax payable in respect of previous years. Current tax in the consolidated income statement will differ from the income tax paid in the consolidated cash flow statement primarily because of deferred tax arising on temporary differences and payment dates for income tax occurring after the balance sheet date. Unilever is subject to taxation in the many countries in which it operates. The tax legislation of these countries differs, is often complex and is subject to interpretation by management and the government authorities. These matters of judgement give rise to the need to create provisions for tax payments that may arise in future years with respect to transactions already undertaken. Provisions are made against individual exposures and take into account the specific circumstances of each case, including the strength of technical arguments, recent case law decisions or rulings on similar issues and relevant external advice. The provision is estimated based on one of two methods, the expected value method (the sum of the probability weighted amounts in a range of possible outcomes) or the single most likely amount method, depending on which is expected to better predict the resolution of the uncertainty. |
Deferred tax | Deferred tax Deferred tax is recognised using the liability method on taxable temporary differences between the tax base and the accounting base of items included in the balance sheet of the Group. Certain temporary differences are not provided for as follows: • goodwill not deductible for tax purposes; • the initial recognition of assets or liabilities that affect neither accounting nor taxable profit; and • differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted, or substantively enacted, at the year end. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. |
Tax on items recognised in equity or other comprehensive income | Tax on items recognised in equity or other comprehensive income |
Combined earnings per share | Combined earnings per share The combined earnings per share calculations are based on the average number of share units representing the combined ordinary shares of NV and PLC in issue during the period, less the average number of shares held as treasury shares. In calculating diluted earnings per share and underlying earnings per share, a number of adjustments are made to the number of shares, principally, the exercise of share options by employees. Underlying earnings per share is calculated as underlying profit attributable to shareholders’ equity divided by the diluted combined average number of share units. In calculating underlying profit attributable to shareholders’ equity, net profit attributable to shareholders’ equity is adjusted to eliminate the post-tax non-underlying |
Dividends on ordinary capital | Dividends on ordinary capital |
Goodwill | Goodwill Goodwill is initially recognised based on the accounting policy for business combinations (see note 21). Goodwill is subsequently measured at cost less amounts provided for impairment. Goodwill acquired in a business combination is assessed to determine whether new cash generating units are created, and if not, is allocated to the Group’s CGUs, or groups of CGUs, that are expected to benefit from the synergies of the combination. These might not always be the same as the CGUs that include the assets and liabilities of the acquired business. Each unit or group of units to which the goodwill is allocated represents the lowest level within the Group at which the goodwill is monitored for internal management purposes, and is not larger than an operating segment. In 2019, the existing nine three three d e |
Intangible assets | Intangible assets Separately purchased intangible assets are initially measured at cost, being the purchase price as at the date of acquisition. On acquisition of new interests in group companies, Unilever recognises any specifically identifiable intangible assets separately from goodwill. These intangible assets are initially measured at fair value as at the date of acquisition. Expenditure to support development of internally-produced intangible assets is recognised in profit or loss as incurred. Indefinite-life intangibles mainly comprise trademarks and brands, for which there is no foreseeable limit to the period over which they are expected to generate net cash inflows. These are considered to have an indefinite life, given the strength and durability of our brands and the level of marketing support. These assets are not amortised but are subject to a review for impairment annually, or more frequently if events or circumstances indicate this is necessary. Any impairment is charged to the income statement as it arises. Finite-life intangible assets mainly comprise software, patented and non-patented know-how ten years |
Property, plant and equipment | The Group’s property, plant and equipment is comprised of owned assets (note 10A) and leased assets (note 10B). Property, plant and equipment is measured at cost including eligible borrowing costs less depreciation and accumulated impairment losses. Property, plant and equipment is subject to review for impairment if triggering events or circumstances indicate that this is necessary. If an indication of impairment exists, the asset’s or cash generating unit’s recoverable amount is estimated and any impairment loss is charged to the income statement as it arises. Owned assets Owned assets are initially measured at historical cost. Depreciation is provided on a straight-line basis over the expected average useful lives of the assets. Residual values are reviewed at least annually. Estimated useful lives by major class of assets are as follows: • Freehold buildings (no depreciation on freehold land) 40 years • Leasehold land and buildings 40 years (or life of lease if less) • Plant and equipment 2–20 years Leased assets The cost of a leased asset is measured as the lease liability at inception of the lease contract and other direct costs less any incentives granted by the lessor. The Group has not capitalised leases which are less than 12 months or leases of low value assets. These mainly relate to IT equipment, office equipment, furniture and fitting and other peripheral items. When a lease liability is remeasured, the related lease asset is adjusted by the same amount. Depreciation is provided on a straight-line basis from the commencement date of the lease to the end of the lease term. € million € million Property, plant and equipment 2019 2018 Owned assets 10A 10,249 10,214 Leased assets 10B 1,813 1,874 Total 12,062 12,088 10A. Owned assets |
Other non-current assets | Other non-current Joint ventures are undertakings in which the Group has an interest and which are jointly controlled by the Group and one or more other parties. Associates are undertakings where the Group has an investment in which it does not have control or joint control but can exercise significant influence. Interests in joint ventures and associates are accounted for using the equity method and are stated in the consolidated balance sheet at cost, adjusted for the movement in the Group’s share of their net assets and liabilities. The Group’s share of the profit or loss after tax of joint ventures and associates is included in the Group’s consolidated profit before taxation. Where the Group’s share of losses exceeds its interest in the equity accounted investee, the carrying amount of the investment is reduced to zero and the recognition of further losses is discontinued, except to the extent that the Group has an obligation to make payments on behalf of the investee. Biological assets are measured at fair value less costs to sell with any changes recognised in the income statement. |
Inventories | Inventories |
Trade and other current receivables | Trade and other current receivables |
Trade payables and Other liabilities | Trade payables Trade payables are initially recognised at fair value less any directly attributable transaction costs. Trade payables are subsequently measured at amortised cost, using the effective interest method. Other liabilities Other liabilities are initially recognised at fair value less any directly attributable transaction costs. Subsequent measurement depends on the type of liability: • Accruals are subsequently measured at amortised cost, using the effective interest method. • Social security and sundry taxes are subsequently measured at amortised cost, using the effective interest method. • Deferred consideration is subsequently measured at fair value with changes in the income statement as explained below. • Others are subsequently measured either at amortised cost, using the effective interest method or at fair value, with changes being recognised in the income statement. Deferred Consideration Deferred consideration represents any payments to the sellers of a business that occur after the acquisition date. These typically comprise contingent consideration and fixed deferred consideration: • Fixed deferred consideration is a payment with a due date after acquisition that is not dependent on future conditions . • Contingent consideration is a payment which is dependent on certain conditions being met in the future and is often variable . All deferred consideration is initially recognised at fair value as at the acquisition date, which includes a present value discount. Subsequently, deferred consideration is measured to reflect the unwinding of discount on the liability, with changes recognised in finance cost within the income statement. In the balance sheet it is remeasured to reflect the latest estimate of the achievement of the conditions on which the consideration is based; changes in value other than the discount unwind are recognised as acquisition and disposal-related costs within non-underlying |
Ordinary shares | 15. Capital and funding Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. |
Internal holdings | Internal holdings The ordinary shares numbered 1 to 2,400 (inclusive) in NV (‘Special Shares’) and deferred stock of PLC are held as to one half of each class by N.V. Elma – a subsidiary of NV – and one half by United Holdings Limited – a subsidiary of PLC. This capital is eliminated on consolidation. |
Other reserves | Other reserves Other reserves include the fair value reserve, the foreign currency translation reserve, the capital redemption reserve and treasury shares. |
Shares held by employee share trusts and group companies | Shares held by employee share trusts and group companies Certain PLC trusts, NV and group companies purchase and hold NV and PLC shares to satisfy performance shares granted, share options granted and other share awards (see note 4C). The assets and liabilities of these trusts and shares held by group companies are included in the consolidated financial statements. The book value of shares held is deducted from other reserves, and trusts’ borrowings are included in the Group’s liabilities. The costs of the trusts are included in the results of the Group. These shares are excluded from the calculation of earnings per share. |
FINANCIAL LIABILITIES | Financial liabilities Financial liabilities are initially recognised at fair value, less any directly related transaction costs. When bonds are designated as being part of a fair value hedge relationship in those cases bonds are carried at amortised cost, adjusted for the fair value of the risk being hedged, with changes in value shown in profit and loss. Other financial liabilities, excluding derivatives, are subsequently carried at amortised cost, with the exception of: • financial liabilities which the Group has elected to measure at fair value through profit or loss; • derivative financial liabilities – see note 16 on page 121; and • contingent consideration recognised by an acquirer in a business combination to which IFRS 3 applies. Such contingent consideration is subsequently measured at fair value through profit or loss. |
Derivatives and hedge accounting | Derivatives and hedge accounting Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on their use as explained below. (i) Fair value hedges (a) Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the income statement to the extent that the hedge is effective. Ineffectiveness may occur if the critical terms do not exactly match, or if there is a value adjustment resulting from a change in credit risk (in either the Group or the counter-party to the derivative) that is not matched by the hedged item. When the relationship no longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest method. (ii) Cash flow hedges (a) Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the income statement. Ineffectiveness may occur if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is taken to the income statement immediately. (iii) Net investment hedges (a) Certain derivatives are designated as hedges of the currency risk on the Group’s investment in foreign subsidiaries. The accounting policy for these arrangements is set out in note 1. (iv) Derivatives for which hedge accounting is not applied Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these derivatives, which are carried at fair value with changes being recognised in the income statement. (a) Applying hedge accounting has not led to material ineffectiveness being recognised in the income statement for both 2019 and 2018. Fair value changes on basis spread is recorded in a separate account within equity. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents in the balance sheet include deposits, investments in money market funds and highly liquid investments. To be classified as cash and cash equivalents, an asset must: • be readily convertible into cash; • have an insignificant risk of changes in value; and • have a maturity period of typically Cash and cash equivalents in the cash flow statement also include bank overdrafts and are recorded at amortised cost. |
Other financial assets | Other financial assets The Group classifies its financial assets into the following measurement categories: • those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and • those to be measured at amortised cost. This classification depends on our business model for managing the financial asset and the contractual terms of the cash flows. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. All financial assets are either debt instruments or equity instruments. Debt instruments are those that provide the Group with a contractual right to receive cash or another asset. Equity instruments are those where the Group has no contractual right to receive cash or another asset. |
Debt instruments | Debt instruments The subsequent measurement of debt instruments depends on the Groups business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories that debt instruments are classified as: • financial assets at amortised cost; • financial assets at fair value through other comprehensive income; or • financial assets at fair value through profit or loss. (i) Amortised cost Assets measured at amortised cost are those which are held to collect contractual cash flows on the repayment of principal or interest (SPPI). A gain or loss on a debt investment recognised at amortised cost on de-recognition or impairment is recognised in profit or loss. Interest income is recognised within finance income using the effective interest rate method. (ii) Fair value through other comprehensive income Assets that are held at fair value through other comprehensive income are those that are held to collect contractual cash flows on the repayment of principal and interest and which are held to recognise a capital gain through the sale of the asset. Movements in the carrying amount are recognised in other comprehensive income except for the recognition of impairment, interest income and foreign exchange gains or losses which are recognised in profit or loss. On de-recognition, (iii) Fair value through profit or loss Assets that do not meet the criteria for either amortised cost or fair value through other comprehensive income are measured as fair value through profit or loss. Related transaction costs are expensed as incurred. Unless they form part of a hedging relationship, these assets are held at fair value, with changes being recognised in the income statement. Interest income from these assets is included within finance income. |
Equity instruments | Equity instruments The Group subsequently measures all equity instruments at fair value. Where the Group has elected to present fair value gains and losses on equity investments in other comprehensive income, there is no subsequent reclassification of fair value gains or losses to profit or loss. Dividends from these investments continue to be recognised in profit or loss. |
Impairment of financial assets | Impairment of financial assets Financial instruments classified as amortised cost and debt instruments classified as fair value through other comprehensive income are assessed for impairment. The Group assesses the probability of default of an asset at initial recognition and then whether there has been a significant increase in credit risk on an ongoing basis. To assess whether there is a significant increase in credit risk the Group compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. Macroeconomic information (such as market interest rates or growth rates) is also considered. Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the company. Impairment losses on assets classified as amortised cost are recognised in profit or loss. When a later event causes the impairment losses to decrease, the reduction in impairment loss is also recognised in profit or loss. Permanent impairment losses on debt instruments classified as fair value through other comprehensive income are recognised in profit or loss. |
Provisions | Provisions recog nised w |
Commitments and contingent liabilities | Commitments and contingent liabilities Commitments |
Acquisitions and disposals | Business combinations are accounted for using the acquisition accounting method as at the acquisition date, which is the date at which control is transferred to the Group. Goodwill is measured at the acquisition date as the fair value of consideration transferred, plus non-controlling Transaction costs are expensed as incurred, within non-underlying Changes in ownership that do not result in a change of control are accounted for as equity transactions and therefore do not have any impact on goodwill. The difference between consideration and the non-controlling |
Assets and liabilities held for sale | Assets and liabilities held for sale Non-current Immediately prior to classification as held for sale, the assets or groups of assets are remeasured in accordance with the Group’s accounting policies. Subsequently, assets and disposal groups classified as held for sale are valued at the lower of book value or fair value less disposal costs. Assets held for sale are neither depreciated nor amortised. |
Related party transactions | Related party transactions |
Events after the balance sheet date | Where events occurring after the balance sheet date provide evidence of conditions that existed at the end of the reporting period, the impact of these events is adjusted within the financial statements. Otherwise, events after the balance sheet date of a material size or nature are disclosed below. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of Products and Services | Our segments are comprised of similar product categories. 9 1 9 10 5 Category Segment 2019 2018 2017 Fabric Home Care 15 % 15 % 15 % Ice cream Foods & Refreshment 13 % 13 % 13 % Hair care Beauty & Personal Care 12 % 12 % 11 % Savoury Foods & Refreshment 11 % 11 % 11 % Skin cleansing Beauty & Personal Care 10 % 10 % 10 % Deodorant s Beauty & Personal Care 8 % 8 % 8 % Skin care Beauty & Personal Care 8 % 7 % 6 % Tea Foods & Refreshment 6 % 6 % 5 % Dressings Foods & Refreshment 5 % 5 % 6 % Spreads Foods & Refreshment — 3 % 6 % Other 12 % 10 % 9 % |
Summary of Operating Results of Reportable Segments | The group operating segment information is provided based on three product areas: Beauty & Personal Care, Foods & Refreshment and Home Care € million € million € million € million Notes Beauty & Foods & Home Total 2019 Turnover 21,868 19,287 10,825 51,980 Operating profit 4,520 2,811 1,377 8,708 Non-underlying 3 440 571 228 1,239 Underlying operating profit 4,960 3,382 1,605 9,947 Share of net profit/(loss) of joint ventures and associates 1 171 4 176 Significant non-cash Within underlying operating profit: Depreciation and amortisation 693 902 369 1,964 Share-based compensation and other non-cash (b) 62 56 50 168 Within non-underlying Impairment and other non-cash (c) 105 159 46 310 2018 (Restated) (a) Turnover 20,624 20,227 10,131 50,982 Operating profit 4,165 7,287 1,187 12,639 Non-underlying 3 378 (3,711 ) 157 (3,176 ) Underlying operating profit 4,543 3,576 1,344 9,463 Share of net profit/(loss) of joint ventures and associates (1 ) 183 3 185 Significant non-cash Within underlying operating profit: Depreciation and amortisation 686 949 373 2,008 Share-based compensation and other non-cash (b) 102 102 46 250 Within non-underlying Impairment and other non-cash (c) 122 164 263 549 2017 (Restated) (a) Turnover 20,697 22,444 10,574 53,715 Operating profit 4,140 3,657 1,160 8,957 Non-underlying 3 272 121 150 543 Underlying operating profit 4,412 3,778 1,310 9,500 Share of net profit/(loss) of joint ventures and associates 8 143 4 155 Significant non-cash Within underlying operating profit: Depreciation and amortisation 641 1,059 325 2,025 Share-based compensation and other non-cash (b) 164 174 79 417 Within non-underlying Impairment and other non-cash (c) 80 191 48 319 (a) Restated following ad o (b) Other non-cash non-underlying (c) Other non-cash non-underlying |
Summary of Operating Results by Geographical Areas | The home countries of the Unilever Group are the Netherlands and the United Kingdom. Turnover and non-current assets for these two countries combined, for the United States (being the largest country outside the home countries) and for all other countries are: € million € million € million € million Netherlands United Others Total 2019 Turnover 3,508 8,702 39,770 51,980 Non-current (b) 4,705 13,326 25,714 43,744 2018 (Restated) (a) Turnover 3,679 8,305 38,998 50,982 Non-current (b) 4,336 12,471 25,304 42,111 2017 (Restated) (a) Turnover 3,849 8,532 41,334 53,715 Non-current (b) 4,101 12,110 24,901 41,112 (a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details. (b) For the purpose of this table, non-current assets include goodwill, intangible assets, property, plant and equipment and other non-current assets as shown on the consolidated balance sheet on page 89. Goodwill is attributed to the countries where the acquired business operated at the time of acquisition; all other assets are attributed to the countries where they were acquired. |
Summary of Additional Information by Geographies | The analysis of turnover by geographical area is stated on the basis of origin. € million € million € million € million Asia/ (b) The Europe Total 2019 Turnover 24,129 16,482 11,369 51,980 Operating profit 4,418 2,683 1,607 8,708 Non-underlying 439 395 405 1,239 Underlying operating profit 4,857 3,078 2,012 9,947 Share of net profit/(loss) of joint ventures and associates (5 ) 126 55 176 2018 (Restated) (a) Turnover 22,868 16,020 12,094 50,982 Operating profit 4,824 3,621 4,194 12,639 Non-underlying (437 ) (892 ) (1,847 ) (3,176 ) Underlying operating profit 4,387 2,729 2,347 9,463 Share of net profit/(loss) of joint ventures and associates — 114 71 185 2017 (Restated) (a) Turnover 23,266 17,525 12,924 53,715 Operating profit 3,847 3,120 1,990 8,957 Non-underlying 306 (23 ) 260 543 Underlying operating profit 4,153 3,097 2,250 9,500 Share of net profit/(loss) of joint ventures and associates 12 112 31 155 (a) Restated following adoption of IFRS (b) Refers to Asia, Africa, Middle East, Turkey, Russia, Ukraine and Belarus. |
Operating costs and non-under_2
Operating costs and non-underlying items (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Gross Profit and Operating Cost | € million € million € million 2018 2017 2019 (Restated) (a) (Restated) (a) Turnover 51,980 50,982 53,715 Cost of sales (29,102 ) (28,703 ) (30,484 ) of which: Distribution costs (3,089 ) (3,057 ) (3,202 ) Production c (3,701 ) (3,732 ) (4,190 ) Raw and packaging materials and goods purchased for resale (20,769 ) (20,516 ) (21,587 ) Other (1,543 ) (1,398 ) (1,505 ) Gross profit 22,878 22,279 23,231 Selling and administrative expenses (12,931 ) (12,816 ) (13,731 ) of which: Brand and marketing investment (7,272 ) (7,150 ) (7,575 ) Overheads (5,659 ) (5,666 ) (6,156 ) of which: Research and development (840 ) (900 ) (900 ) Non-underlying items within operating profit before tax (1,239 ) 3,176 (543 ) Operating profit 8,708 12,639 8,957 (a) Restated following adoption of IFRS |
Non-underlying Items | € million 2019 € million € million Non-underlying (1,239 ) 3176 (543 ) Acquisition and disposal-related costs (a) (132 ) 76 (159 ) Gain/(loss) on disposal of group companies (b) 70 4,331 334 Restructuring costs (c) (1,159 ) (914 ) (638 ) Impairments (d) (18 ) (208 ) — One-off items (e) — (109 ) (80 ) Tax on non-underlying items within operating profit (f) 309 (259 ) 77 Non-underlying (930 ) 2,917 (466 ) Non-underlying 35 154 (382 ) Premium paid on buyback of preference shares — — (382 ) Share of gain on disposal of Spreads business in Portugal JV 3 32 — Net monetary gain arising from hyperinflationary economies 32 122 — Tax impact of non-underlying items not in operating profit but within net profit (f) (196 ) (29 ) 578 Impact of US tax reform (g) — (29 ) 578 Taxes related to the reorganisation of our European business (175 ) — — Hyperinflation adjustment for Argentina deferred tax (21 ) — — Non-underlying (161 ) 125 196 Non-underlying items after tax (h) (1,091 ) 3,042 (270 ) Attributable to: Non-controlling (28 ) 18 (8 ) Shareholders’ equity (1,063 ) 3,024 (262 ) (a) 2018 includes a credit of €277 million from early settlement of contingent consideration relating to Blueair. (b) 2019 includes a gain of €57 million relating to the disposal of Alsa. 2018 includes a gain of €4,331 million on disposal of spreads business. 2017 includes a gain of €309 million from the sale of AdeS soy beverage business in Latin America. (c) Restructuring costs are comprised of various supply chain optimisation projects and organisational change programmes across markets all of which have been further accelerated during 2019. (d) 2019 includes a charge of €18 million relating to an impairment of goodwill for a local business classified to held for sale. 2018 includes a charge of €208 million relating to impairment of Blueair intangible asset. (e) 2018 includes a charge of €98 million for litigation matters comprised of €48 million for UK pension obligations and €50 million for legal cases in relation to investigations by national competition authorities. 2017 includes an €80 million charge for legal cases in relation to investigations by national competition authorities including those within Italy and South Africa. (f) Tax impact of non-underlying items shown in the income statement is the total of tax on non-underlying items within operating profit and the tax impact of non-underlying items not in operating profit but within net profit. (g) On 22 December 2017, HR1, formerly known as the Tax Cuts and Jobs Act was signed into law in the United States. As a result, tax benefit of €578 million was recognised in 2017, primarily due to re-measurement (h) Non-underlying items after tax is calculated as non-underlying items within operating |
Employees (Tables)
Employees (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of Staff Cost, Average Number of Employees and Key Management Compensation | Staff costs € million 2019 € million € million Wages and salaries (5,364 ) (5,346 ) (5,416 ) Social security costs (541 ) (571 ) (613 ) Other pension costs (334 ) (439 ) (399 ) Share-based compensation costs (151 ) (196 ) (284 ) (6,390 ) (6,552 ) (6,712 ) Average number of employees during the year ‘000 2019 ‘000 ‘000 Asia/AMET/RUB 84 88 93 The Americas 40 40 41 Europe 29 30 31 153 158 165 Key management compensation € € € Salaries and short-term employee benefits (42 ) (40 ) (34 ) Post-employment benefits – – – Share-based benefits (a) (16 ) (13 ) (26 ) (58 ) (53 ) (60 ) Of which: Executive Directors (9 ) (13 ) (17 ) Other (b) (49 ) (40 ) (43 ) Non-Executive (2 ) (2 ) (2 ) (60 ) (55 ) (62 ) (a) Share-based benefits are shown based on the expense recognised in the income statement. Share-based benefits compensation for key management on a vesting basis is €17 million (2018: €19 million; 2017: €20 million). (b) Other includes all members of the Unilever Leadership Executive, other than Executive Directors. |
Summary of Assumptions, Weighted by Liabilities for Valuation of Defined Benefit Plans | The following table shows the assumptions, weighted by liabilities, used to value the 96 31 December 2019 31 December 2018 Defined benefit pension plans Other post- employment benefit plans Defined benefit Other post- Discount rate 1.9 % 3.9 % 2.7 % 4.8 % Inflation 2.3 % n/a 2.5 % n/a Rate of increase in salaries 2.9 % 3.0 % 2.8 % 3.0 % Rate of increase for pensions in payment (where provided) 2.2 % n/a 2.4 % n/a Rate of increase for pensions in deferment (where provided) 2.4 % n/a 2.6 % n/a Long-term medical cost inflation n/a 5.4 % n/a 5.3 % The valuations of other post-employment benefit plans generally assume a higher initial level of medical cost inflation, which falls from 7% to the long-term rate within the next five For the UK and Netherlands pension plans, representing approximately 69 United Kingdom Netherlands 2019 2018 2019 2018 Discount rate 2.0 % 2.8 % 1.1 % 1.8 % Inflation 2.9 % 3.2 % 1.5 % 1.6 % Rate of increase in salaries 3.2 % 3.1 % 2.0 % 2.1 % Rate of increase for pensions in payment (where provided) 2.8 % 3.1 % 1.5 % 1.6 % Rate of increase for pensions in deferment (where provided) 2.8 % 3.1 % 1.5 % 1.6 % Number of years a current pensioner is expected to live beyond age 65: Men 21.6 22.1 22.6 22.5 Women 23.4 24.0 24.1 24.0 Number of years a future pensioner currently aged 45 is expected to live beyond age 65: Men 22.6 22.7 24.5 24.4 Women 24.6 25.6 26.2 26.1 |
Summary of Charge to Operating Profit | The charge to the income statement comprises: Notes € million 2019 € million € million Charged to operating profit: Defined benefit pension and other benefit plans: Current service cost (216 ) (220 ) (245 ) Employee contributions 17 17 18 Special termination benefits (5 ) (16 ) (4 ) Past service cost including (losses)/gains on curtailments 65 (41 ) 23 Settlements (2 ) – 4 Defined contribution plans (193 ) (179 ) (195 ) Total operating cost 4A (334 ) (439 ) (399 ) Finance income/(cost) 5 (30 ) (25 ) (96 ) Net impact on the income statement (before tax) (364 ) (464 ) (495 ) |
Summary of Amounts Recognised in Statement of Comprehensive Income on Remeasurement of Net Defined Benefit Liability | Amounts recognised in the statement of comprehensive income on the remeasurement of the net defined benefit liability. € million € million € million Return on plan assets excluding amounts included in net finance income/(cost) 2,385 (1,108 ) 1,475 Actuarial gains/(losses) arising from changes in demographic assumptions 183 42 222 Actuarial gains/(losses) arising from changes in financial assumptions (2,138 ) 611 (210 ) Experience gains/(losses) arising on pension plan and other benefit plan liabilities (12 ) 18 133 Change in asset ceiling, excluding amounts included in finance cost (37 ) – – Total of defined benefit costs recognised in other comprehensive income 381 (437 ) 1,620 |
Summary of Assets, Liabilities and Surplus/ (Deficit) Position of Pension and Other Post-Employment Benefit Plans at Balance Sheet Date | The assets, liabilities and surplus/(deficit) position of the pension and other post-employment benefit plans at the balance sheet date were: € million 2019 € million 2018 Pension plans Other post- employment benefit plans Pension plans Other post- Fair value of assets 23,749 14 20,867 13 Present value of liabilities (23,438 ) (484 ) (21,288 ) (466 ) Computed net assets/(liabilities) 311 (470 ) (421 ) (453 ) Irrecoverable surplus (a) (37 ) — — — Net pension assets/(liabilities) 274 (470 ) (421 ) (453 ) Of which in respect of: Funded plans in surplus: Liabilities (17,772 ) — (16,182 ) — Assets 20,229 2 17,909 1 Aggregate Surplus: 2,457 2 1,727 1 Irrecoverable surplus (37 ) — — — Pension asset net of liabilities 2,420 2 1,727 1 Funded plans in deficit: Liabilities (4,657 ) (32 ) (4,149 ) (30 ) Assets 3,520 12 2,958 12 Pension liability net of assets (1,137 ) (20 ) (1,191 ) (18 ) Unfunded plans: Pension liability (1,009 ) (452 ) (957 ) (436 ) (a) A surplus is deemed recoverable to the extent that the Group can benefit economically from the surplus. Unilever assesses the maximum economic benefit available through a combination of refunds and reductions in future contributions in accordance with local legislation and individual financing arrangements with each of our funded defined benefit plans. |
Summary of Movements in Assets | Movements in assets during the year: The group of plans within ‘Rest of world’ category in the tables below are not materially different with respect to their risks that would require disaggregated disclosure. UK Netherlands Rest of world € million 2019 Total UK Netherlands Rest of € million 1 January 10,329 4,996 5,555 20,880 11,038 5,357 5,987 22,382 Employee contributions — — 17 17 — — 17 17 Settlements — — — — — — (1 ) (1 ) Actual return on plan assets (excluding amounts in net finance income/charge) 1,233 588 564 2,385 (459 ) (303 ) (346 ) (1,108 ) Change in asset ceiling, excluding amounts included in finance cost — — (37 ) (37 ) — — — — Interest income 292 89 192 573 274 95 182 551 Employer contributions 94 14 293 401 95 14 274 383 Benefit payments (455 ) (165 ) (588 ) (1,208 ) (472 ) (166 ) (561 ) (1,199 ) Currency retranslation 629 — 84 713 (147 ) — 12 (135 ) Others — — 2 2 — (1 ) (9 ) (10 ) 31 December 12,122 5,522 6,082 23,726 10,329 4,996 5,555 20,880 |
Summary of Movements in Liabilities | Movements in liabilities during the year: UK Netherlands Rest of world € million 2019 Total UK Netherlands Rest of € million 1 January (9,739 ) (4,664 ) (7,351 ) (21,754 ) (10,255 ) (4,913 ) (7,775 ) (22,943 ) Current service cost (104 ) (4 ) (108 ) (216 ) (109 ) (4 ) (107 ) (220 ) Special termination benefits — — (5 ) (5 ) — — (16 ) (16 ) Past service costs including (losses)/gains on curtailments 56 — 9 65 (46 ) 8 (3 ) (41 ) Settlements — — (2 ) (2 ) — — 1 1 Interest cost (276 ) (82 ) (245 ) (603 ) (254 ) (87 ) (235 ) (576 ) Actuarial gain/(loss) arising from changes in demographic assumptions 157 14 12 183 — 53 (11 ) 42 Actuarial gain/(loss) arising from changes in financial assumptions (955 ) (511 ) (672 ) (2,138 ) 351 84 176 611 Actuarial gain/(loss) arising from experience adjustments (44 ) (15 ) 47 (12 ) (45 ) 37 26 18 Benefit payments 455 165 588 1,208 472 166 561 1,199 Currency retranslation (551 ) — (77 ) (628 ) 147 — 14 161 Others — — (20 ) (20 ) — (8 ) 18 10 31 December (11,001 ) (5,097 ) (7,824 ) (23,922 ) (9,739 ) (4,664 ) (7,351 ) (21,754 ) |
Summary of Movements in (Deficit)/Surplus | Movements in (deficit)/surplus during the year: UK Netherlands Rest of € million 2019 Total UK Netherlands Rest of € million 1 January 590 332 (1,796 ) (874 ) 783 444 (1,788 ) (561 ) Current service cost (104 ) (4 ) (108 ) (216 ) (109 ) (4 ) (107 ) (220 ) Employee contributions — — 17 17 — — 17 17 Special termination benefits — — (5 ) (5 ) — — (16 ) (16 ) Past service costs including (losses)/gains on curtailments 56 — 9 65 (46 ) 8 (3 ) (41 ) Settlements — — (2 ) (2 ) — — — — Actual return on plan assets (excluding amounts in net finance income/charge) 1,233 588 564 2,385 (459 ) (303 ) (346 ) (1,108 ) Interest cost (276 ) (82 ) (245 ) (603 ) (254 ) (87 ) (235 ) (576 ) Interest income 292 89 192 573 274 95 182 551 Actuarial gain/(loss) arising from changes in demographic assumptions 157 14 12 183 — 53 (11 ) 42 Actuarial gain/(loss) arising from changes in financial assumptions (955 ) (511 ) (672 ) (2,138 ) 351 84 176 611 Actuarial gain/(loss) arising from experience adjustments (44 ) (15 ) 47 (12 ) (45 ) 37 26 18 Employer contributions 94 14 293 401 95 14 274 383 Benefit payments — — — — — — — — Currency retranslation 78 — 7 85 — — 26 26 Change in asset ceiling, excluding amounts included in finance cost — — (37 ) (37 ) — — — — Others — — (18 ) (18 ) — (9 ) 9 — 31 December 1,121 425 (1,742 ) (196 ) 590 332 (1,796 ) (874 ) |
Movements In Irrevocable Surplus | Movements in irrecoverable surplus during the year: UK Netherlands Rest of € million UK Netherlands Rest of € million 1 January — — — — — — — — Change in asset ceiling, excluding amounts included in — — (37 ) (37 ) — — — — 31 December — — (37 ) (37 ) — — — — |
Summary of Principal Defined Benefit Liabilities and Split of Liabilities Between Different Categories of Plan Participants | The duration of the principal defined benefit plan liabilities (representing 96 UK Netherlands Rest of (a) 2019 UK Netherlands Rest of (a) 2018 Duration (years) 18 19 13 7 23 17 18 12 7 23 Active members 14 % 14 % 21 % 16 % 12 % 15 % 21 % 15 % Deferred members 34 % 41 % 17 % 31 % 33 % 38 % 16 % 29 % Retired members 52 % 45 % 62 % 53 % 55 % 47 % 63 % 56 % (a) Rest of world numbers shown are weighted averages by liabilities. |
Schedule of Fair Value of Plans Assets, Which Are Reported Net of Fund Liabilities That Are Not Employee Benefits | The fair value of plan assets, which are reported net of fund liabilities that are not employee benefits, at the end of the reporting period for each category are as follows: The group of plans within “Rest of world” category in the tables below are not materially different € million 31 December 2019 € million UK Netherlands Rest of world 2019 UK Netherlands Rest of 2018 Total plan assets 12,122 5,522 6,105 23,749 10,329 4,996 5,542 20,867 Assets Equities total 4,173 1,831 1,752 7,756 3,182 1,594 1,505 6,281 Europe 930 517 583 2,030 731 480 451 1,662 North America 2,312 825 707 3,844 1,723 714 682 3,119 Other 931 489 462 1,882 728 400 372 1,500 Fixed income total 5,317 2,795 3,250 11,362 4,963 2,595 2,947 10,505 Government bonds 2,711 765 1,369 4,845 2,474 769 1,253 4,496 Investment grade corporate bonds 1,120 542 1,272 2,934 984 502 1,167 2,653 Other fixed income 1,486 1,488 609 3,583 1,505 1,324 527 3,356 Private equity 325 65 6 396 363 82 2 447 Property and real estate 916 491 321 1,728 852 451 276 1,579 Hedge funds 688 – 69 757 663 – 120 783 Other 454 289 415 1,158 435 293 389 1,117 Other plans – – 300 300 – – 312 312 Assets/fund (liabilities) that are not employee benefits Derivatives 249 51 (8 ) 292 (129 ) (19 ) (9 ) (157 ) |
Schedule of Sensitivity of Pension Liabilities to Changes in the Weighted Key Assumptions | The sensitivity of the overall pension liabilities to changes in the weighted key assumptions are: Change in liabilities Change in assumption UK Netherlands Total Discount rate Increase by 0.5 % (8 ) % (9 ) % (8 ) % Inflation rate Increase by 0.5 % 6 % 9 % 6 % Life expectancy Increase by 1 year 5 % 5 % 5 % Long-term medical cost inflation (b) Increase by 1.0 % 0 % 0 % 3 % (b) Long-term medical cost inflation only relates to post-retirement medical plans. |
Schedule of Cash Flow in Respect of Pensions and Similar Post-employment Benefits | The table below sets out these amounts: € million Estimate € million 2019 € million € million Company contributions to funded plans: Defined benefit (a) 340 244 238 954 Defined contributions 210 193 179 195 Benefits paid by the company in respect of unfunded plans: Defined benefit 150 157 144 151 Group cash flow in respect of pensions and similar benefits 700 594 561 1,300 (a) Following the conclusion of the 2019 Funding valuation of the US Unicare Pension plan, the Group will contribute $100 million into the plan plan , |
Schedule of Income Statement Charge | The charge in each of the last three years is shown below, and relates to equity-settled plans: Income statement charge € million € million € million Performance share plans (142 ) (183 ) (273 ) Other plans (9 ) (13 ) (11 ) (151 ) (196 ) (284 ) |
Summary of Status of Performance Share Plans, Related Changes and Share Award Value Information | A summary of the status of the Performance Share Plans as at 31 December 2019, 2018 and 2017 and changes during the years ended on these dates is presented below: 2019 Number of shares 2018 shares 2017 shares Outstanding at 1 January 13,634,518 13,684,747 14,818,060 Awarded 4,538,771 6,870,882 4,962,345 Vested (6,041,011 ) (5,854,388 ) (4,723,861 ) Forfeited (994,477 ) (1,066,723 ) (1,371,797 ) Outstanding at 31 December 11,137,801 13,634,518 13,684,747 Share award value information 2019 2018 2017 Fair value per share award during the year € 48.22 € 42.44 € 42.59 |
Net Finance Costs (Tables)
Net Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of Net Finance Costs | € million € million € million 2019 2018 2017 Net finance costs Notes (Restated) (a) (Restated) (a) Finance costs (821 ) (718 ) (683 ) Bank loans and overdrafts (46 ) (44 ) (46 ) Interest on bonds and other loans (b) (617 ) (560 ) (519 ) Interest on lease liabilities (100 ) (127 ) (127 ) Dividends paid on preference shares (c) — — (4 ) Net gain/(loss) on transactions for which hedge accounting is not applied (58 ) 13 13 On foreign exchange derivatives (321 ) 144 384 Exchange difference on underlying items (d) 263 (131 ) (371 ) Finance income (e) 224 135 157 Pensions and similar obligations 4B (30 ) (25 ) (96 ) Net finance costs before non-underlying items (f) (627 ) (608 ) (622 ) Premium paid on buyback of preference shares — — (382 ) (627 ) (608 ) (1004 ) (a) Restated following adoption of IFRS (b) Interest on bonds and other loans includes the impact of interest rate derivatives that are part of hedge accounting relationships and the related recycling of results from the hedge accounting reserve. Includes an amount of €(6) million (2018: €(15) million) relating to unwinding of discount on deferred consideration for acquisitions and €Nil million (2018: €38 million) release of provision for interest on indirect tax cases in Brazil for which a federal tax amnesty has been applied. (c) Preference shares were repurchased in 2017. (d) 2019 includes €40 million (2018: Nil) finance cost due to change in functional currency in group’s operating entities in Zimbabwe from US dollar to RTGS dollar. For further details of derivatives for which hedge accounting is not applied, please refer to note 16C. (e) Includes an amount of €70 million (2018: Nil) that relates to interest on tax settlement in Brazil. (f) See note 3 for explanation of non-underlying items. |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of Tax Charge in Income Statement | € million € million € million 2019 2018 2017 Tax charge in income statement (Restated) (a) (Restated) (a) Current tax Current year (2,098 ) (2,647 ) (2,398 ) Over/(under) provided in prior years 119 (10 ) (21 ) (1,979 ) (2,657 ) (2,419 ) Deferred tax Origination and reversal of temporary differences (255 ) 5 53 Changes in tax rates (59 ) (12 ) 604 Recognition of previously unrecognised losses brought forward 30 92 92 (284 ) 85 749 (2,263 ) (2,572 ) (1,670 ) (a) Restated following adoption of IFRS |
Summary of Reconciliation of Effective Tax Rate | The reconciliation between the computed weighted average rate of income tax expense, which is generally applicable to Unilever companies, and the actual rate of taxation charged is as follows: % % % 2018 2017 Reconciliation of effective tax rate 2019 (Restated) (a) (Restated) (a) Computed rate of tax (b) 24 25 26 Differences between computed rate of tax and effective tax rate due to: Incentive tax credits (2 ) (3 ) (4 ) Withholding tax on dividends 3 2 2 Expenses not deductible for tax purposes 1 1 1 Irrecoverable withholding tax 1 1 1 Income tax reserve adjustments – current and prior year — 1 — Transfer to/(from) unrecognised deferred tax assets (2 ) — 1 Others 1 (1 ) (1 ) Underlying effective tax rate 26 26 26 Non-underlying (c) — (1 ) 1 Premium paid on Buyback of preference shares (c) — — 1 Impact of US tax reform (c) — — (7 ) Impact of Spreads disposal (c) — (4 ) — Taxes related to the reorganisation of our European business (c) 2 — — Effective tax rate 28 21 21 (a) Restated following adoption of IFRS (b) The computed tax rate used is the average of the standard rate of tax applicable in the countries in which Unilever operates, weighted by the amount of underlying profit before taxation generated in each of those countries. For this reason, the rate may vary from year to year according to the mix of profit and related tax rates. (c) See note 3 for explanation of non-underlying |
Summary of Movements in Deferred Tax Asset (Liability) | € million € million € million € million € million € million € million € million Movements in 2019 and 2018 As at Income Other As at As at (a) Income (a) Other (a) As at (a) Pensions and similar obligations 404 (81 ) (51 ) 272 316 (26 ) 114 404 Provisions and accruals 821 (73 ) 8 756 653 193 (25 ) 821 Goodwill and intangible assets (1,911 ) (31 ) (154 ) (2,096 ) (1,652 ) (154 ) (105 ) (1,911 ) Accelerated tax depreciation (679 ) 12 (18 ) (685 ) (679 ) 5 (5 ) (679 ) Tax losses 130 63 (9 ) 184 130 11 (11 ) 130 Fair value gains 155 (200 ) (5 ) (50 ) 100 58 (3 ) 155 Fair value losses 22 (2 ) (5 ) 15 24 (2 ) — 22 Share-based payments 175 (39 ) 20 156 194 (14 ) (5 ) 175 Other 77 73 11 161 86 11 (20 ) 77 Lease liability 428 (113 ) 4 319 441 2 (15 ) 428 Right of use asset (370 ) 107 (6 ) (269 ) (383 ) 1 12 (370 ) (748 ) (284 ) (205 ) (1,237 ) (770 ) 85 (63 ) (748 ) (a) Restated following adoption of IFRS |
Summary of Deferred Tax Assets and Liabilities | € million € million € million € million € million € million Deferred tax assets and liabilities Assets 2019 Assets (a) Liabilities Liabilities (a) Total Total (a) Pensions and similar obligations 402 334 (130 ) 70 272 404 Provisions and accruals 495 578 261 243 756 821 Goodwill and intangible assets 248 41 (2,344 ) (1,952 ) (2,096 ) (1,911 ) Accelerated tax depreciation (67 ) (64 ) (618 ) (615 ) (685 ) (679 ) Tax losses 153 126 31 4 184 130 Fair value gains (14 ) 12 (36 ) 143 (50 ) 155 Fair value losses — 2 15 20 15 22 Share-based payments 31 59 125 116 156 175 Other 60 29 101 48 161 77 Lease liability 170 245 149 183 319 428 Right of use asset (142 ) (210 ) (127 ) (160 ) (269 ) (370 ) 1,336 1,152 (2,573 ) (1,900 ) (1,237 ) (748 ) Of which deferred tax to be recovered/(settled) after more than 12 months 1,030 856 (2,681 ) (2,027 ) (1,651 ) (1,171 ) (a) Restated following adoption of IFRS |
Summary of Tax Effects of Components of Other Comprehensive Income | Tax effects directly recognised in equity or other comprehensive income were as follows: € million € million € million € million € million € million Movements in 2019 and 2018 Before t 2019 T (charge)/ credit 2019 After tax 2019 Befor e (Restated) (a) Tax (Restated) (a) After (a) Gains/(losses) on: Equity instruments at fair value through other comprehensive income 35 (6 ) 29 51 — 51 Cash flow hedges 198 (22 ) 176 (70 ) 15 (55 ) Remeasurements of defined benefit pension plans 381 (28 ) 353 (437 ) 109 (328 ) Currency retranslation gains/(losses) (a) 6 (21 ) (15 ) (847 ) 8 (839 ) 620 (77 ) 543 (1,303 ) 132 (1,171 ) (a) Restated following adoption of IFRS |
Combined Earnings Per Share (Ta
Combined Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of Computation of Earnings Per Share | Earnings per share for total operations for the 12 months were as follows: € € € 2019 2018 (a) 2017 (a) Basic earnings per share 2.15 3.49 2.15 Diluted earnings per share 2.14 3.48 2.14 Underlying earnings per share 2.55 2.35 2.23 Millions of share units Calculation of average number of share units 2019 2018 2017 Average number of shares: NV 1,598.0 1,714.7 1,714.7 PLC 1,175.5 1,264.0 1,310.2 Less treasury shares held by employee share trusts and companies (157.0 ) (295.4 ) (223.3 ) Combined average number of share units – used for basic earnings per share 2,616.5 2,683.3 2,801.6 Add dilutive effect of share-based compensation plans 10.2 11.5 12.4 Diluted combined average number of share units – used for diluted and underlying earnings per share 2,626.7 2,694.8 2,814.0 € million € million € million Calculation of earnings Notes 2019 2018 (a) 2017 (a) Net profit 6,026 9,788 6,456 Non-controlling (401 ) (419 ) (433 ) Net profit attributable to shareholders’ equity – used for basic and diluted earnings per share 5,625 9,369 6,023 Post tax impact of non-underlying 3 1,063 (3,024 ) 262 Underlying profit attributable to shareholders’ equity – used for underlying earnings per share 6,688 6,345 6,285 (a) Restated following adoption of IFRS |
Dividends on Ordinary Capital (
Dividends on Ordinary Capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of Dividends on Ordinary Capital | Dividends on ordinary capital during the year € million 2019 € € NV dividends (2,352 ) (2,262 ) (2,154 ) PLC dividends (1,871 ) (1,819 ) (1,762 ) (4,223 ) (4,081 ) (3,916 ) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of Movements in Goodwill and Intangible Assets | € million € million € million € million € million Indefinite-life Finite-life intangible assets Movements during 2019 Goodwill assets Software Other Total Cost 1 January 2019 18,502 11,247 2,689 1,103 33,541 Additions through business combinations 444 726 — 50 1,220 Disposal of businesses (2 ) (1 ) — (5 ) (8 ) Reclassification to held for sale (2 ) — — — (2 ) Additions — — 205 3 208 Disposals — — (11 ) (2 ) (13 ) Currency retranslation 313 150 108 12 583 Hyperinflationary adjustment (9 ) (1 ) — — (10 ) 31 December 2019 19,246 12,121 2,991 1,161 35,519 Accumulated amortisation and impairment 1 January 2019 (1,161 ) (212 ) (1,927 ) (748 ) (4,048 ) Amortisation/impairment for the year (18 ) — (296 ) (56 ) (370 ) Disposals of group companies — — — 5 5 Disposals — — 5 1 6 Currency retranslation — — (74 ) (9 ) (83 ) 31 December 2019 (1,179 ) (212 ) (2,292 ) (807 ) (4,490 ) Net book value 31 December 2019 (b) 18,067 11,909 699 354 31,029 € million € million € million € million € million Indefinite-life Finite-life intangible assets Movements during 2018 Goodwill assets Software Other Total Cost 1 January 2018 18,042 10,275 2,499 1,090 31,906 Hyperinflation restatement to 1 January 2018 244 25 3 — 272 Additions through business combinations 470 825 — 12 1,307 Disposal of businesses (1 ) (1 ) — — (2 ) Reclassification to held for sale (a) (227 ) (55 ) (1 ) — (283 ) Reclassification from held for sale — 9 — — 9 Additions — — 201 2 203 Disposals — — — (15 ) (15 ) Currency retranslation (151 ) 156 (15 ) 14 4 Hyperinflationary adjustment 125 13 2 — 140 31 December 2018 18,502 11,247 2,689 1,103 33,541 Accumulated amortisation and impairment 1 January 2018 (1,161 ) (14 ) (1,637 ) (693 ) (3,505 ) Hyperinflation restatement to 1 January 2018 — — (3 ) — (3 ) Amortisation/impairment for the year — (198 ) (297 ) (61 ) (556 ) Disposals — — — 14 14 Currency retranslation — — 12 (8 ) 4 Hyperinflationary adjustment — — (2 ) — (2 ) 31 December 2018 (1,161 ) (212 ) (1,927 ) (748 ) (4,048 ) Net book value 31 December 2018 (b) 17,341 11,035 762 355 29,493 (a) In 2018, was (b) Within the indefinite-life intangible assets there are three brands that have a significant carrying value: Knorr €1,816 mi l 8 8 8 |
Summary of Goodwill and Indefinite-life Intangible Assets Held in Significant CGUs | 2019 CGUs 2018 CGUs € billion Goodwill € billion Indefinite-life € billion Goodwill € billion Indefinite-life Foods & Refreshment Europe 4.1 1.7 3.9 1.6 Foods & Refreshment The Americas 4.0 2.1 3.9 2.1 Beauty & Personal Care The Americas 4.3 3.1 4.0 2.8 Beauty & Personal Care Asia/AMET/RUB 1.7 2.0 1.7 2.0 Total significant CGUs 14.1 8.9 13.5 8.5 Others (a) 4.0 3.0 3.8 2.5 Total CGUs 18.1 11.9 17.3 11.0 (a) Included within others are goodwill and intangible assets that are allocated to multiple cash generati ng |
Summary of Key Assumptions Used in Discounted Cash Flow Projections | For the year 2019 Foods & Refreshment Europe Foods & Refreshment The Beauty & Personal The Americas Beauty & Personal Care Asia/AMET/RUB Longer-term sustainable growth rates 1.1 % 1.7 % 1.7 % 3.9 % Average near-term nominal growth rates 1.2 % (1.2 ) % 1.6 % 5.3 % Average operating margins 16 % 15 % 21 % 22 % For the year 2018 Foods & Foods & A Beauty & Beauty & Longer-term sustainable growth rates 1.2 % 1.6 % 1.6 % 3.8 % Average near-term nominal growth rates 0.0 % 0.7 % 2.8 % 3.9 % Average operating margins 16 % 15 % 20 % 22 % |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Schedule of leased and owned assets | € million € million Property, plant and equipment 2019 2018 Owned assets 10A 10,249 10,214 Leased assets 10B 1,813 1,874 Total 12,062 12,088 |
Summary of Movements in Property, Plant and Equipment | Movements during 2019 € million € million € million Cost 1 January 2019 4,386 15,216 19,602 Additions through business combinations 7 28 35 Additions 175 1,141 1,316 Disposal s (72 ) (649 ) (721 ) Hyperinflationary adjustment (3 ) (28 ) (31 ) Reclassification as held for sale (63 ) (116 ) (179 ) Currency retranslation 68 252 320 31 December 201 9 4,498 15,844 20,342 Accumulated depreciation 1 January 201 9 (1,390 ) (7,998 ) (9,388 ) Depreciation charge for the year (134 ) (1,022 ) (1,156 ) Disposals 28 456 484 Hyperinflationary adjustment 5 30 35 Reclassification as held for sale 38 81 119 Currency retranslation (26 ) (161 ) (187 ) 31 December 201 9 (1,479 ) (8,614 ) (10,093 ) Net book value 31 December 201 9 (a) 3,019 7,230 10,249 Includes capital expenditures for assets under construction 78 872 950 The Group has commitments to purchase property, plant and equipment of €264 million (2018: €324 million). Movements during 2018 (Restated) (b) € million € million € million Cost 1 January 2018 4,256 14,811 19,067 Hyperinflation restatement to 1 January 2018 37 182 219 Additions through business combinations 11 31 42 Additions 236 1,087 1,323 Disposal s (97 ) (585 ) (682 ) Hyperinflationary adjustment 49 93 142 Reclassification as held for sale (17 ) (54 ) (71 ) Currency retranslation (89 ) (349 ) (438 ) 31 December 2018 4,386 15,216 19,602 Accumulated depreciation 1 January 2018 (1,345 ) (7,450 ) (8,795 ) Hyperinflation restatement to 1 January 2018 (10 ) (106 ) (116 ) Depreciation charge for the year (115 ) (1,062 ) (1,177 ) Disposals 63 514 577 Hyperinflationary adjustment (7 ) (53 ) (60 ) Reclassification as held for sale 10 33 43 Currency retranslation 14 126 140 31 December 2018 (1,390 ) (7,998 ) (9,388 ) Net book value 31 December 2018 (a) 2,996 7,218 10,214 Includes capital expenditures for assets under construction 130 956 1,086 (a) Includes € 319 302 (b) Restated following adoption of IFRS 16. Finance leases previously capitalised as p l note 10B . |
Summary of Detailed Information Of Movement Of Leases | Movements during 2019 € million € million € million Cost 1 January 2019 2,770 816 3,586 Additions 278 174 452 Disposals (240 ) (180 ) (420 ) Hyperinflationary adjustment 23 — 23 Currency retranslation 43 17 60 31 December 2019 2,874 827 3,701 Accumulated depreciation 1 January 2019 (1,241 ) (471 ) (1,712 ) Depreciation charge for the year (297 ) (159 ) (456 ) Disposals 154 150 304 Hyperinflationary adjustment 9 — 9 Currency retranslation (22 ) (11 ) (33 ) 31 December 2019 (1,397 ) (491 ) (1,888 ) Net book value 31 December 2019 1,477 336 1,813 Movements during 2018 (Restated) (a) € million € million € million Cost 1 January 2018 2,880 799 3,679 Additions 250 171 421 Disposals (310 ) (141 ) (451 ) Currency retranslation (50 ) (13 ) (63 ) 31 December 2018 2,770 816 3,586 Accumulated depreciation 1 January 2018 (1,275 ) (407 ) (1,682 ) Depreciation charge for the year (300 ) (183 ) (483 ) Disposals 307 114 421 Currency retranslation 27 5 32 31 December 2018 (1,241 ) (471 ) (1,712 ) Net book value 31 December 2018 1,529 345 1,874 (a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Other Non-current Assets (Table
Other Non-current Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of Other Non-current Assets | € million € million 2019 2018 Restated (a) Interest in net assets of joint ventures 35 14 Interest in net assets of associates 37 40 Long-term trade and other receivables (b) 380 307 Fair value of biological assets 17 18 Other non-current assets (c) 184 151 653 530 (a) Restated following adoption of IFRS 16. Operating lease prepayments for land that were previously reported within other non-current assets, have now been included within leased assets. See note1 and note 24 for further details. (b) Mainly relates to indirect tax receivables where we do not have the contractual right to receive payment within 12 months. (c) Mainly relates to tax assets. |
Movements in Interest in Joint Ventures and Associates | € million € million Movements during 2019 and 2018 2019 2018 Joint ventures (a) 1 January 14 32 Additions — 5 Dividends received/reductions (b) (158 ) (216 ) Share of net profit/(loss) 179 190 Currency retranslation — 3 31 December 35 14 Associates (c) 1 January 40 44 Additions 1 3 Dividend received/reductions — — Share of net profit/(loss) (3 ) (5 ) Currency retranslation (1 ) (2 ) 31 December 37 40 (a) Our principal joint ventures are Unilever FIMA LDA for Portugal, the Pepsi/Lipton Partnership for the US and Pepsi Lipton International for the rest of the world. (b) 2018 includes a capital reduction in joint venture of Unilever FIMA LDA of € 64 (c) Associates as at 31 December 201 9 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of Inventories | € million € million Inventories 2019 2018 Raw materials and consumables 1,399 1,454 Finished goods and goods for resale 3,053 3,052 Total inventories 4,452 4,506 Provision for inventories (288 ) (205 ) 4,164 4,301 |
Summary of Other Provisions for Inventories | € million € million Provisions for inventories 2019 2018 1 January 205 194 Charge to income statement 153 92 Reduction/releases (71 ) (72 ) Currency translations — (7 ) Others (a) 1 (2 ) 31 December 288 205 (a) Others mainly include the amount towards the acquisition/ disposal of business and transfers. |
Trade and Other Current Recei_2
Trade and Other Current Receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of Trade and Other Current Receivables | € million € million Trade and other current receivables 2019 2018 (a) Due within one year Trade receivables (b) 4,916 4,350 Prepayments and accrued income 579 690 Other receivables 1,200 1,442 6,695 6,482 (a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details. (b) 2019 includes € 698 677 million) due from KKR as a result of an arrangement following the sale of the global spreads business (excluding Southern Africa). Unilever will provide services to KKR including IT infrastructure, bookkeeping, payroll, marketing and co-packing for up to two years from completion of the disposal and KKR pays Unilever for materials sourced on its behalf. See also trade payables on page 115. |
Summary of Ageing of Trade Receivables | € million € million Ageing of trade receivables 2019 2018 Not overdue 3,856 3,440 Past due less than three months 827 747 Past due more than three months but less than six months 186 132 Past due more than six months but less than one year 94 74 Past due more than one year 164 145 Total trade receivables 5,127 4,538 Impairment provision for trade receivables (211 ) (188 ) 4,916 4,350 |
Summary of Impairment Provision for Trade and Other Receivables | € million € million Impairment provision for total trade and other receivables 2019 2018 1 January 214 184 Charge to income statement 79 65 Reduction/releases (54 ) (29 ) Reclassifications (a) 86 — Currency translations (4 ) (6 ) 31 December 321 214 (a) Includes an amount transferred from provisions relating to Brazil indirect taxes. See note 19. |
Trade Payables and Other Liab_2
Trade Payables and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of Trade Payables and Other Liabilities | € million € million Trade payables and other liabilities 2019 2018 Current: due within one year Trade payables (a) 9,190 9,121 Accruals 4,153 3,724 Social security and sundry taxes 507 498 Deferred consideration 39 14 Others 879 1,100 14,768 14,457 Non-current: Accruals 117 121 Deferred consideration 169 173 Others 53 52 339 346 Total trade payables and other liabilities 15,107 14,803 (a) 2019 includes €359 million (2018: €311 million) due to KKR as a result of an arrangement following the sale of the global spreads business (excluding Southern Africa). Unilever will provide certain services for up to two years from completion of the disposal and pays KKR for amounts collected on its behalf. See also trade receivables on page 114 |
Capital and Funding (Tables)
Capital and Funding (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [Line Items] | |
Summary of Share Capital | Share capital Issued, Issued, called up and called up and Authorised (a) fully paid (b) Authorised (a) fully paid ( b 2019 2019 201 8 201 8 Unilever N.V. € million € million € million € million NV ordinary shares of €0.16 each 480 274 480 274 NV ordinary shares of €428.57 each (shares numbered 1 to 2,400 –‘Special Shares’) 1 1 1 1 Internal holdings eliminated on consolidation (€428.57 shares) — (1 ) — (1 ) Cancellation of treasury shares (c) — (41 ) — — 481 233 481 274 Unilever PLC £ £ PLC ordinary shares of 3 1 37.0 40.8 PLC deferred stock of £1 each 0.1 0.1 Internal holding eliminated on consolidation (£1 stock) (0.1 ) (0.1 ) Cancellation of treasury shares (c) (0.6 ) (3.8 ) 36.4 37.0 € million € million Euro equivalent in millions (at £1.00 = €5.143) (d) 187 190 Unilever Group € million € million Ordinary share capital of NV 233 274 Ordinary share capital of PLC 187 190 420 464 (a) At 31 December 2019 Unilever N.V. had 3,000,000,000 (2018: 3,000,000,000) authorised ordinary shares. The requirement for a UK company to have an authorised share capital was abolished by the UK Companies Act 2006. In May 2010 Unilever PLC shareholders approved new Articles of Association to reflect this. (b) At 31 December 2019 the following quantities of shares were in issue: 1,460,714,804 of NV ordinary shares; 2,400 of NV Special Shares; 1,168,530,650 of PLC ordinary shares and 100,000 of PLC deferred stock. At 31 December 2018, 1,714,727,700 of NV ordinary shares; 2,400 of NV Special Shares; 1,187,191,284 of PLC ordinary shares and 100,000 of PLC deferred stock were in issue. (c) At 31 December 2019 254,012,896 of NV ordinary shares and (d) Conversion rate for PLC ordinary shares nominal value to euros is £1 = €5.143 (which is calculated by dividing the nominal value of NV ordinary shares by the nominal value of PLC ordinary shares). |
Summary Combined Financial Information in Relation to HUL | Summary financial information in relation to HUL is shown below. € million € million 2019 2018 HUL balance sheet as at 31 December Restated (a) Non-current 1,030 964 Current assets 1,438 1,333 Current liabilities (1,117 ) (1,156 ) Non-current (332 ) (251 ) HUL comprehensive income for the year ended 31 December Turnover 4,937 4,527 Profit after tax 730 617 Total comprehensive income 740 576 € million € million 2019 2018 HUL cash flow for the year ended 31 December Restated (a) Net increase/(decrease) in cash and cash-equivalents 145 14 HUL non-controlling 1 January (299 ) (288 ) Share of (profit)/loss for the year ended 31 December (239 ) (203 ) Other comprehensive income (6 ) (4 ) Dividend paid to the non-controlling 218 183 Currency translation (2 ) 13 31 December (328 ) (299 ) (a) Restated following adoption of IFRS |
Summary of Consolidated Statement of Changes in Equity: Analysis of Other Reserves | € million € million € million Total Total Total 2019 2018 2017 (Restated) (a) (Restated) (a) Fair value reserves 7 (194 ) (189 ) Equity instrument s 123 98 — Cash flow hedges (116 ) (292 ) (236 ) Available-for-sale — — 47 Currency retranslation of group companies – see following table (4,712 ) (4,694 ) (3,879 ) Adjustment on translation of PLC’s ordinary capital at 3 1 9 p = €0.16 (148 ) (150 ) (164 ) Capital redemption reserve 37 32 32 Book value of treasury shares – see following table (703 ) (10,181 ) (9,208 ) Hedging gains/(losses) transferred to non-financial asset s 103 71 — Other (b) (158 ) (102 ) (179 ) (5,574 ) (15,218 ) (13,587 ) (a) Restated following adoption of IFRS (b) Relates to option on purchase of subsidiary for non-controlling |
Summary of Treasury Shares Movements | € million € million Treasury shares – movements during the year 2019 2018 1 January (10,181 ) (9,208 ) Repurchase of shares – (6,020 ) Cancellation of NV and PLC shares 9,416 5,069 Other purchases and utilisations 64 (8 ) Adjustment on translation of PLC’s ordinary capital at 3 1 9 (2 ) (14 ) 31 December (703 ) (10,181 ) |
Summary of Currency Retranslation Reserve | € million € million 2019 2018 Currency retranslation reserve – movements during the year (Restated) (a) 1 January (4,694 ) (3,879 ) Currency retranslation of group companies net assets and liabilities during the year (341 ) (821 ) Movement in net investment hedges and exchange differences in net investments in foreign operations 326 77 Recycled to income statement (3 ) (71 ) 31 December (4,712 ) (4,694 ) (a) Restated following adoption of IFRS |
Summary of Comprehensive Income: Other Comprehensive Income Reconciliation | Statement of comprehensive income: other comprehensive income reconciliation € million € million Fair value gains/(losses) on financial instruments – movement during the year 2019 2018 1 January (194 ) (189 ) Equity instruments 25 51 Cash flow hedges 176 (56 ) 31 December 7 (194 ) Refer to the consolidated statement of comprehensive income on page 87, the consolidated statement of changes in equity on page 88, and note 6C on page 107. € million € million Remeasurement of defined benefit pension plans net of tax 2019 2018 1 January (1,499 ) (1,171 ) Movement during the year 353 (328 ) 31 December (1,146 ) (1,499 ) Refer to the consolidated statement of comprehensive income on page 87, the consolidated statement of changes in equity on page 88, note 4B from page 98 to 103 and note 6C on page 107. € million € million 2019 2018 Currency retranslation gains/(losses) – movement during the year (Restated) (a) 1 January (5,069 ) (4,230 ) Currency retranslation during the year: Other reserves (18 ) (814 ) Retained profit 2 (10 ) Non-controlling 1 (15 ) 31 December (5,084 ) (5,069 ) (a) Restated following adoption of IFRS |
Summary of Financial Liabilities | € million € million € million € million € million € million Financial liabilities (b) Current Non-current 2019 Total Current (a) Non-current (a) Total (a) Bank loans and overdrafts (c) 390 463 853 525 289 814 Bonds and other loans 3,677 21,355 25,032 2,422 20,969 23,391 Lease liabilities 383 1,536 1,919 390 1,591 1,981 Derivatives 116 154 270 127 275 402 Other financial liabilities (d) 125 58 183 149 1 150 4,691 23,566 28,257 3,613 23,125 26,738 (a) Restated following adoption of IFRS (b) For the purposes of this note and note 17A, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes 13 and 14 respectively. (c) Financial liabilities include €Nil million (2018: €5 million) of secured liabilities. (d) Includes options and other financial liabilities to acquire non-controlling interests in EAC Myanmar, USA, Japan and Italy refer to note 21. |
Reconciliation of Liabilities Arising from Financing Activities | Reconciliation of liabilities arising from financing activities Non-cash Opening Business Foreign Fair Closing balance at Cash acquisitions/ exchange value Other balance at 1 January movement disposals changes changes movements 31 December Movements in 2019 and 2018 € million € million € million € million € million € million € million 2019 Bank loans and overdrafts (a) (814 ) (29 ) (1 ) (9 ) — — (853 ) Bonds and other loans (a) (23,391 ) (1,273 ) (3 ) (365 ) (1 ) 1 (25,032 ) Lease liabilities (b) (1,981 ) 452 (7 ) (25 ) — (358 ) (1,919 ) Derivatives (402 ) — — — 132 — (270 ) Other financial liabilities (a) (150 ) 30 — (8 ) — (55 ) (183 ) Total (26,738 ) (820 ) (11 ) (407 ) 131 (412 ) (28,257 ) 2018 (Restated) Bank loans and overdrafts (a) (992 ) 158 (10 ) 17 — 13 (814 ) Bonds and other loans (a) (22,709 ) (135 ) — (543 ) — (4 ) (23,391 ) Lease liabilities (b)(c) (2,118 ) 494 — 1 — (358 ) (1,981 ) Derivatives (421 ) — — — 19 — (402 ) Other financial liabilities (a) (177 ) 51 — 10 (4 ) (30 ) (150 ) Total (26,417 ) 568 (10 ) (515 ) 15 (379 ) (26,738 ) (a) These cash movements are included within the following lines in the consolidated cash flow statement: net change in short-term liabilities, additional financial liabilities and repayment of financial liabilities. The difference of €64 million (2018: €2 million) represents cash movements in overdrafts that are not included in financing cash flows. (b) Lease liabilities cash movement is included within capital element of lease payments in the consolidated cash flow statement. The difference of €17 million (2018: €13 million) represents gain or (c) Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Summary of Analysis of Bonds and Other Loans | Analysis of bonds and other loans € million € million Unilever N.V. 1.625% Notes 2033 (€) 792 791 1.750% Bonds 2020 (€) 750 749 0.500% Notes 2022 (€) 747 746 1.375% Notes 2029 (€) 743 743 1.125% Bonds 2027 (€) 697 696 1.125% Bonds 2028 (€) 694 693 0.875% Notes 2025 (€) 647 647 0.500% Bonds 2025 (€) 644 642 1.375% Notes 2030 (€) 642 642 0.375% Notes 2023 (€) 599 599 1.000% Notes 2027 (€) 598 598 1.000% Notes 2023 (€) 498 497 0.000% Notes 2021 (€) 498 497 0.500% Notes 2023 (€) 498 497 0.500% Notes 2024 (€) 495 494 0.000% Notes 2020 (€) 300 300 Total NV 9,842 9,831 Unilever PLC 1.125% Notes 2022 (£) 408 386 1.375% Notes 2024 (£) 292 276 1.875% Notes 2029 (£) 290 274 1.500% Notes 2026 (£) 580 — 1.500% Notes 2039 (€) 646 — Total PLC 2,216 936 Other group companies Switzerland Other 24 10 United States 4.250% Notes 2021 ($) 892 873 5.900% Bonds 2032 ($) 883 865 2.900% Notes 2027 ($) 879 860 2.200% Notes 2022 ($) 755 738 1.800% Notes 2020 ($) 714 698 3.500% Notes 2028 ($) 703 687 4.800% Bonds 2019 ($) — 656 2.200% Notes 2019 ($) — 655 2.000% Notes 2026 ($) 616 602 1.375% Notes 2021 ($) 489 478 3.125% Notes 2023 ($) 488 477 2.100% Notes 2020 ($) 446 436 3.000% Notes 2022 ($) 444 434 3.250% Notes 2024 ($) 443 433 3.100% Notes 2025 ($) 442 432 2.600% Notes 2024 ($) 442 432 3.500% Bonds 2028 ($) 441 431 2.750% Bonds 2021 ($) 356 348 3.375% Notes 2025 ($) 309 302 7.250% Bonds 2026 ($) 260 254 6.625% Bonds 2028 ($) 206 200 5.150% Notes 2020 ($) 135 134 5.600% Bonds 2097 ($) 82 80 2.125% Notes 2029 ($) 749 — 2.600% Notes 2024 ($) 457 — Commercial paper ($) 1,276 1,070 Other countries 43 39 Total other group companies 12,974 12,624 Total bonds and other loans 25,032 23,391 |
Treasury Risk Management (Table
Treasury Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of Maturity Analysis for Non-derivative and Derivative Financial Liabilities | The following table shows Unilever’s contractually agreed undiscounted cash flows, including expected interest payments, which are payable under financial liabilities at the balance sheet date: € million € million € million € million € million € million € million € million Net carrying amount Due Due Due Due as Due between between between between Due shown in within 1 and 2 and 3 and 4 and after balance Undiscounted cash flows Notes 1 year 2 years 3 years 4 years 5 years 5 years Total sheet 2019 Non-derivative Bank loans and overdrafts (399 ) (9 ) (289 ) (164 ) — (2 ) (863 ) (853 ) Bonds and other loans (4,169 ) (2,661 ) (2,745 ) (2,449 ) (2,454 ) (14,431 ) (28,909 ) (25,032 ) Lease liabilities (432 ) (392 ) (302 ) (242 ) (191 ) (720 ) (2,279 ) (1,919 ) Other financial liabilities (125 ) — (24 ) (31 ) (26 ) — (206 ) (183 ) Trade payables, accruals and other liabilities (14,166 ) (93 ) (13 ) (8 ) (14 ) (42 ) (14,336 ) (14,336 ) Deferred consideration (39 ) (124 ) (8 ) — (64 ) — (235 ) (208 ) (19,330 ) (3,279 ) (3,381 ) (2,894 ) (2,749 ) (15,195 ) (46,828 ) (42,531 ) Derivative financial liabilities: Interest rate derivatives: (154 ) Derivative contracts – receipts 776 164 805 37 478 957 3,217 Derivative contracts – payments (756 ) (141 ) (797 ) (17 ) (473 ) (949 ) (3,133 ) Foreign exchange derivatives: (168 ) Derivative contracts – receipts 8,783 — — — — — 8,783 Derivative contracts – payments (8,952 ) — — — — — (8,952 ) Commodity derivatives: (4 ) Derivative contracts – receipts — — — — — — — Derivative contracts – payments (4 ) — — — — — (4 ) (153 ) 23 8 20 5 8 (89 ) (326 ) Total (19,483 ) (3,256 ) (3,373 ) (2,874 ) (2,744 ) (15,187 ) (46,917 ) (42,857 ) 2018 (Restated) (a) Non-derivative Bank loans and overdrafts (529 ) (12 ) (1 ) (278 ) — — (820 ) (814 ) Bonds and other loans (2,888 ) (2,748 ) (2,572 ) (2,646 ) (2,387 ) (14,090 ) (27,331 ) (23,391 ) Lease liabilities (441 ) (391 ) (305 ) (255 ) (212 ) (806 ) (2,410 ) (1,981 ) Other financial liabilities (149 ) (1 ) — — — — (150 ) (150 ) Trade payables, accruals and other liabilities (13,945 ) (140 ) (10 ) (5 ) (4 ) (14 ) (14,118 ) (14,118 ) Deferred consideration (14 ) (79 ) (70 ) (6 ) — (45 ) (214 ) (187 ) (17,966 ) (3,371 ) (2,958 ) (3,190 ) (2,603 ) (14,955 ) (45,043 ) (40,641 ) Derivative financial liabilities: Interest rate derivatives: (276 ) Derivative contracts – receipts 67 760 163 788 37 1,406 3,221 Derivative contracts – payments (23 ) (756 ) (138 ) (797 ) (17 ) (1,423 ) (3,154 ) Foreign exchange derivatives: (192 ) Derivative contracts – receipts 17,108 — — — — — 17,108 Derivative contracts – payments (17,317 ) — — — — — (17,317 ) Commodity derivatives: (74 ) Derivative contracts – receipts — — — — — — — Derivative contracts – payments (74 ) — — — — — (74 ) (239 ) 4 25 (9 ) 20 (17 ) (216 ) (542 ) Total (18,205 ) (3,367 ) (2,933 ) (3,199 ) (2,583 ) (14,972 ) (45,259 ) (41,183 ) (a) Restated following adoption of IFRS |
Summary of Derivative Cash Flow Hedges | The following table shows cash flows for which cash flow hedge accounting is applied. The derivatives in the cash flow hedge relationships are expected to have an impact on profit and loss in the same periods as the cash flows occur. € million € million € million € million € million € million € million € million Due Due Due Due Net carrying Due between between between between Due amount of within 1 and 2 and 3 and 4 and after related 1 year 2 years 3 years 4 years 5 years 5 years Total derivatives (a) 2019 Foreign exchange cash inflows 2,254 — — — — — 2,254 — Foreign exchange cash outflows (2,259 ) — — — — — (2,259 ) — Interest rate swaps cash inflows 811 442 1,182 536 478 957 4,406 — Interest rate swaps cash outflows (756 ) (347 ) (1,147 ) (464 ) (473 ) (949 ) (4,136 ) (29 ) Commodity contracts cash inflows 31 — — — — — 31 31 Commodity contracts cash outflows (4 ) — — — — — (4 ) (4 ) 2018 Foreign exchange cash inflows 3,426 — — — — — 3,426 — Foreign exchange cash outflows (3,435 ) — — — — — (3,435 ) 14 Interest rate swaps cash inflows 103 795 433 1,158 525 1,406 4,420 — Interest rate swaps cash outflows (23 ) (756 ) (347 ) (1,147 ) (464 ) (1,423 ) (4,160 ) (199 ) Commodity contracts cash flows (74 ) — — — — — (74 ) (74 ) (a) See note 16C. |
Summary Of Currency Derivatives Outstanding To Which Cash Flow Hedge Accounting | As at year end, the Group had the below notional amount of currency derivatives outstanding to which cash flow hedge accounting is applied: Currency 2019 2018 EUR* (743) (1,002) GBP (325) (548) USD 640 538 SEK (94) (136) CAD (108) (126) PLN (67) (104) Others (192) (555) Total (889) (1,933) * Euro exposure relates to group companies having non - euro functional currencies. |
Impact of Interest Rate Swaps and Cross-Currency Swaps | The following table shows the split in fixed and floating-rate interest exposures, taking into account the impact of interest rate swaps and cross-currency swaps: € million € million 2018 2019 (Restated) (a) Current financial liabilities (4,691 ) (3,613 ) Non-current (23,566 ) (23,125 ) Total financial liabilities (28,257 ) (26,738 ) Less: lease liabilities (1,919 ) (1,981 ) Financial liabilities (excluding lease liabilities) (26,338 ) (24,757 ) Of which: Fixed rate (weighted average amount of fixing for the following year) (22,618 ) (21,469 ) (a) Restated following adoption of IFRS |
Summary of Derivatives Used to Hedge | The Group does not use derivative financial instruments for speculative purposes. The uses of derivatives and the related values of derivatives are summarised in the following table. Derivatives used to hedge: € million € million € million € million € million € million € million Trade and other Current Non-Current Trade Current Non-current Total 31 December 2019 Foreign exchange derivatives Fair value hedges — — — — — — — Cash flow hedges 38 — — (38 ) — — — Hedges of net investments in foreign operations — 30 (a) — — (14 ) (a) — 16 Hedge accounting not applied 5 (10 ) (a) — (14 ) (102 ) (a) — (121 ) Cross-currency Interest rate swaps Fair value hedges — — — — — — — Cash flow hedges — 114 — — (143 ) (29 ) Hedge accounting not applied — — — — — (11 ) (11 ) Commodity contracts Cash flow hedges 31 — — (4 ) — — 27 Hedge accounting not applied — — — — — — — 74 20 114 (56 ) (116 ) (154 ) (118 ) Total assets 208 Total liabilities (326 ) (118 ) 31 December 2018 Foreign exchange derivatives Fair value hedges — — — — — — — Cash flow hedges 39 — — (25 ) — — 14 Hedges of net investments in foreign operations — 58 (a) — — (21 ) (a) — 37 Hedge accounting not applied 42 67 (a) — (41 ) (105 ) (a) — (37 ) Cross-currency Interest rate swaps Fair value hedges — — — — — — — Cash flow hedges — 69 — — — (268 ) (199 ) Hedge accounting not applied — — — — — (8 ) (8 ) Commodity contracts Cash flow hedges — — — (74 ) — — (74 ) Hedge accounting not applied 1 — — — — — 1 82 194 — (140 ) (126 ) (276 ) (266 ) Total assets 276 Total liabilities (542 ) (266 ) (a) Swaps that hedge the currency risk on intra-group loans and offset ‘Hedges of net investments in foreign operations’ are included within ‘Hedge accounting not applied’. See below for further details. |
Summary of Financial Assets are Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements | The following financial assets are subject to offsetting, enforceable master netting arrangements and similar agreements. Related amounts not set off in the balance sheet € million € million € million € million € million € million As at 31 December 2019 Gross amounts of Gross amounts set off in the Net amounts Financial Cash received Net amount Derivative financial assets 253 (45 ) 208 (130 ) (24 ) 54 As at 31 December 2018 Derivative financial assets 339 (63 ) 276 (164 ) (10 ) 102 |
Summary of Financial Liabilities are Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements | The following financial liabilities are subject to offsetting, enforceable master netting arrangements and similar agreements. Related amounts not set off in the balance sheet € million € million € million € million € million € million As at 31 December 2019 Gross amounts of Gross amounts Net amounts of financial liabilities presented Financial Cash Net amount Derivative financial liabilities (371 ) 45 (326 ) 130 — (196 ) As at 31 December 2018 Derivative financial liabilities (605 ) 63 (542 ) 164 — (378 ) |
Investment and Return (Tables)
Investment and Return (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Schedule of Cash Resources and Other Financial Assets | The Group’s Treasury function aims to protect the Group’s financial investments, while maximising returns. The fair value of financial assets is the same as the carrying amount for 2019 and 2018. The Group’s cash resources and other financial assets are shown below. € million € million € million € million € million € million Non- Non- Current current Total Current current Total Financial assets (a) 2019 2019 2019 2018 2018 2018 Cash and cash equivalents Cash at bank and in hand 2,457 — 2,457 2,174 — 2,174 Short-term deposits with maturity of less than three months 1,693 — 1,693 1,024 — 1,024 Other cash equivalents 35 — 35 32 — 32 4,185 — 4,185 3,230 — 3,230 Other financial assets Financial assets at amortised cost b) 578 220 798 382 247 629 Financial assets at fair value through other comprehensive income (c) — 266 266 154 175 329 Financial assets at fair value through profit or loss: Derivatives 20 114 134 194 — 194 Other (d) 309 274 583 144 220 364 907 874 1,781 874 642 1,516 Total 5,092 874 5,966 4,104 642 4,746 ( a) For the purposes of this note and note 15C, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes 13 and 14 respectively. (b) Current financial assets at amortised cost include short-term deposits with banks with maturities longer than three months and loans to joint venture entities. Non-current financial assets at amortised cost include judicial deposit of €136 million ments (c) Included within non-current (d) Current O F A- non-current North America, North Asia, South Asia and Europe. |
Schedule of Cash and Cash Equivalents Reconciliation to Cash Flow Statement | € million € million Cash and cash equivalents reconciliation to the cash flow statement 2019 2018 Cash and cash equivalents per balance sheet 4,185 3,230 Less: bank overdrafts (69 ) (140 ) Cash and cash equivalents per cash flow statement 4,116 3,090 |
Financial Instruments Fair Va_2
Financial Instruments Fair Value Risk (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Fair Values of Financial Assets and Financial Liabilities | The Group is exposed to the risks of changes in fair value of its financial assets and liabilities. The following table summarises the fair values and carrying amounts of financial instruments. € million € million € million € million Carrying Carrying Fair value Fair value amount amount 2019 2018 2019 2018 Fair values of financial assets and financial liabilities (Restated) (a) (Restated) (a) Financial assets Cash and cash equivalents 4,185 3,230 4,185 3,230 Financial assets at amortised cost 798 629 798 629 Financial assets at fair value through other comprehensive income 266 329 266 329 Financial assets at fair value through profit or loss: Derivatives 134 194 134 194 Other 583 364 583 364 5,966 4,746 5,966 4,746 Financial liabilities Bank loans and overdrafts (853 ) (816 ) (853 ) (814 ) Bonds and other loans (26,525 ) (23,691 ) (25,032 ) (23,391 ) Lease liabilities (1,919 ) (1,981 ) (1,919 ) (1,981 ) Derivatives (270 ) (402 ) (270 ) (402 ) Other financial liabilities (183 ) (150 ) (183 ) (150 ) (29,750 ) (27,040 ) (28,257 ) (26,738 ) (a) Restated following adoption of IFRS |
Summary of Assets and Liabilities Carried at Fair Value, Classification of Fair Value Calculations by Category | For assets and liabilities which are carried at fair value, the classification of fair value calculations by category is summarised below: € million € million € million € million € million € million € million € million Total fair Total fair Level 1 Level 1 Level 2 Level 2 Level 3 Level 3 value value Notes 2019 2018 2019 2018 2019 2018 2019 2018 Assets at fair value Financial assets at fair value through other comprehensive income 17A 7 160 4 5 255 164 266 329 Financial assets at fair value through profit or loss: Derivatives (a) 16C — — 208 276 — — 208 276 Other 17A 311 145 — — 272 219 583 364 Liabilities at fair value Derivatives (b) 16C — — (326 ) (542 ) — — (326 ) (542 ) Contingent consideration 14 — — — — (154 ) (142 ) (154 ) (142 ) (a) Includes €74 million (2018: €82 million) derivatives, reported within trade receivables, that hedge trading activities. (b) Includes €(56) |
Summary of Reconciliation of Movements in Level 3 Valuations | € million € million Reconciliation of movements in Level 3 valuations 2019 2018 1 January 241 (101 ) Gains and losses recognised in income statement (9 ) 272 Gains and losses recognised in other comprehensive income 43 (9 ) Purchases and new issues 83 4 Sales and settlements 15 75 31 December 373 241 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Other Provisions | € million € million Provisions 2019 2018 Due within one year 620 624 Due after one year 664 697 Total provisions 1,284 1,321 € million € million € million € million € million Brazil Movements during 2019 Restructuring Legal indirect taxes Other Total 1 January 2019 445 143 203 530 1,321 Income Statement: Charges 371 59 15 107 552 Releases (75 ) (10 ) (10 ) (62 ) (157 ) Utilisation (257 ) (38 ) (7 ) (54 ) (356 ) Reclassification (a) (18 ) (7 ) (75 ) 28 (72 ) Currency translation 4 2 2 (12 ) (4 ) 31 December 2019 470 149 128 537 1,284 (a) Includes an amount transferred to impairment provision relating to Brazil indirect tax assets. See note 13. |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Lease and Other Commitments | Lease commitments and other commitments fall due as follows: € million € million L 8 (Restated) (a ) € million commitments € million commitments Within 1 year 69 65 791 1,099 Later than 1 year but not later than 5 years 111 89 684 780 Later than 5 years 43 20 23 31 223 174 1,498 1,910 |
Summary of Contingent Liabilities | € million € million 2019 2018 Corporate reorganisation – IPI, PIS and COFINS taxes and penalties (a) 2,235 2,032 Inputs for PIS and COFINS taxes 43 52 Goodwill amortisation 184 177 Other tax assessments – approximately 600 cases 959 916 Total Brazil Tax 3,421 3,177 Other contingent liabilities 789 481 Total contingent liabilities 4,210 3,658 |
Acquisitions and Disposals (Tab
Acquisitions and Disposals (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Effect of Acquisitions on Consolidated Balance Sheet | Detailed information relating to goodwill is provided in note 9 on pages 108 to 110. The value of goodwill which is expected to be tax deductible is € 160 € million € million € million 2019 2018 2017 Net assets acquired 771 815 2,423 Non-controlling (25 ) (17 ) (50 ) Goodwill 421 496 2,539 Total payment for acquisition 1,167 1,294 4,912 Exchange rate gain/(loss) on cash flow hedge — (100 ) 51 Total consideration 1,167 1,194 4,963 In 2019 the net assets acquired and total payment for acquisition s € 2019 Intangible assets 787 Other non-current 37 Trade and other receivables 58 Other current assets 94 Non-current (128 ) Current liabilities (77 ) Net assets acquired 771 Non-controlling (25 ) Goodwill 421 Exchange rate gain/(loss) on cash flow hedges — Cash consideration 1,149 Deferred consideration 18 Total consideration 1,167 No contingent liabilities were acquired in the acquisitions described above . |
Summary of Impact of Disposals | The following table sets out the effect of the disposals in 2019, 2018 and 2017 on the consolidated balance sheet. The results of disposed businesses are included in the consolidated financial statements up to their date of disposal. € million € million € million 2019 2018 2017 Goodwill and intangible assets 82 2,510 71 Other non-current 19 666 92 Current assets 15 261 10 Trade creditors and other payables (12 ) (107 ) (8 ) Net assets sold 104 3,330 165 (Gain)/loss on recycling of currency retranslation on disposal — (71 ) 66 Profit/(loss) on sale attributable to Unilever 65 4,331 332 Consideration 169 7,590 563 Cash 168 7,135 560 Cash balances of businesses sold 1 321 — Non-cash — 134 3 169 7,590 563 |
Assets and Liabilities Held f_2
Assets and Liabilities Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Assets and Liabilities Classified as Held for Sale | € million € million 2019 2018 Total Total Disposal groups held for sale (a) Goodwill and intangibles 3 82 Property, plant and equipment 13 19 Inventories 9 8 Trade and other receivables 1 2 Other 3 4 29 115 Property, plant and equipment held for sale (b) 53 4 Assets held for sale 82 119 Liabilities held for sale 1 11 (a) In 2018, disposal groups held for sale consists of assets mainly relating to Alsa baking and dessert business which was disposed during 2019. (b) 2019 includes manufacturing assets held for sale in various countries. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Related Party Transactions | The following related party balances existed with associate or joint venture businesses at 31 December: € million € million Related party balances 2019 2018 Trading and other balances due from joint ventures 123 121 Trading and other balances due from/(to) associates — — |
Restatement impact of IFRS 16 (
Restatement impact of IFRS 16 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Schedule of Balance Sheet | (A) Balance sheet The Group recognised leased assets on the balance sheet representing the right to use of the underlying assets from the lease contracts. Current and non-current lease liabilities were also recognised for the present value of the lease payments due under the lease contracts. Deferred tax adjustments are due to temporary timing differences arising from the recognition of leased assets and lease liabilities. Shareholders’ equity has been restated to reflect the cumulative impact of IFRS 16 on retained earnings and currency translation adjustment as a result of IFRS 16 restatement of foreign subsidiaries. € million As at 31 December 2018 € million As at 31 December 2017 Consolidated balance sheet items As previously Adjustments Restated As previously Adjustments Restated Non-current assets Property, plant and equipment 10,347 1,741 12,088 10,411 1,859 12,270 Deferred tax assets 1,117 35 1,152 1,085 33 1,118 Other non-current assets 648 (118 ) 530 557 (116 ) 441 Total non-current assets 43,975 1,658 45,633 43,302 1,776 45,078 Current assets Trade and other current receivables 6,485 (3 ) 6,482 5,222 (3 ) 5,219 Total current assets 15,481 (3 ) 15,478 16,983 (3 ) 16,980 Total assets 59,456 1,655 61,111 60,285 1,773 62,058 Current liabilities Financial liabilities 3,235 378 3,613 7,968 410 8,378 Total current liabilities 19,772 378 20,150 23,177 410 23,587 Non-current liabilities Financial liabilities 21,650 1,475 23,125 16,462 1,577 18,039 Deferred tax liabilities 1,923 (23 ) 1,900 1,913 (25 ) 1,888 Total non-current liabilities 27,392 1,452 28,844 22,721 1,552 24,273 Total liabilities 47,164 1,830 48,994 45,898 1,962 47,860 Equity Shareholders’ equity Other reserves (15,286 ) 68 (15,218 ) (13,633 ) 46 (13,587 ) Retained profit 26,265 (243 ) 26,022 26,648 (235 ) 26,413 11,572 (175 ) 11,397 13,629 (189 ) 13,440 Total equity 12,292 (175 ) 12,117 14,387 (189 ) 14,198 Total liabilities and equity 59,456 1,655 61,111 60,285 1,773 62,058 Only impacted lines and key sub-totals are presented in the table above. |
Schedule of Income Statement and Statement of Comprehensive Income | € million € million For the year ended 31 December 2018 For the year ended 31 December 2017 As previously Adjustments As previously Adjustments Consolidated income statement reported for IFRS 16 Restated reported for IFRS 16 Restated Operating profit 12,535 104 12,639 8,857 100 8,957 Finance costs (591 ) (127 ) (718 ) (556 ) (127 ) (683 ) Profit before taxation 12,383 (23 ) 12,360 8,153 (27 ) 8,126 Taxation (2,575 ) 3 (2,572 ) (1,667 ) (3 ) (1,670 ) Net profit 9,808 (20 ) 9,788 6,486 (30 ) 6,456 Attributable to: Shareholders’ equity 9,389 (20 ) 9,369 6,053 (30 ) 6,023 € million € million For the year ended 31 December 2018 For the year ended 31 December 2017 As previously Adjustments As previously Adjustments Consolidated statement of comprehensive income reported for IFRS 16 Restated reported for IFRS 16 Restated Net profit 9,808 (20 ) 9,788 6,486 (30 ) 6,456 Other comprehensive income Items that may be reclassified subsequently to profit or loss, net of tax: Currency retranslation gains/(losses) (861 ) 22 (839 ) (983 ) 48 (935 ) Total comprehensive income 8,615 2 8,617 6,710 18 6,728 Attributable to: Non-controlling 407 — 407 381 — 381 Shareholders’ equity 8,208 2 8,210 6,329 18 6,347 |
Schedule of Cash Flow Statement | There is no impact on overall cash flows on the Group from the adoption of IFRS 16. However, cash outflows for lease payments have been reclassified from cash flows from operating activities to cash flows used in financing activities. € million € million For the year ended 31 December 2018 For the year ended 31 December 2017 As previously Adjustments As previously Adjustments Consolidated statement of cash flows reported for IFRS 16 Restated reported for IFRS 16 Restated Net profit 9,808 (20 ) 9,788 6,486 (30 ) 6,456 Taxation 2,575 (3 ) 2,572 1,667 3 1,670 Net finance costs 481 127 608 877 127 1,004 Operating profit 12,535 104 12,639 8,857 100 8,957 Depreciation, amortisation and impairment 1,747 469 2,216 1,538 487 2,025 Eliminiation of (profits)/losses on disposal (4,299 ) (14 ) (4,313 ) (298 ) — (298 ) Other adjustments (266 ) 6 (260 ) (153 ) — (153 ) Cash flows from operating activities 9,047 565 9,612 9,456 587 10,043 Net cash flows from operating activities 6,753 565 7,318 7,292 587 7,879 Interest paid (477 ) (94 ) (571 ) (470 ) (104 ) (574 ) Capital element of finance lease rental payments (10 ) 10 — (14 ) 14 — Capital element of lease payments — (481 ) (481 ) — (497 ) (497 ) Net cash flows (used in)/from financing activities (11,548 ) (565 ) (12,113 ) (1,433 ) (587 ) (2,020 ) |
Schedule Impact on Earnings Per Share | Basic and diluted earnings per share have been restated to reflect the restated net profit attributable to shareholders’ equity as per the income statement. 2018 2017 As previously As previously Combined earnings per share reported Restated reported Restated Basic earnings per share € 3.50 € 3.49 € 2.16 € 2.15 Diluted earnings per share € 3.48 € 3.48 € 2.15 € 2.14 Underlying earnings per share € 2.36 € 2.35 € 2.24 € 2.23 € million 2018 € million 2017 As previously As previously reported Restated reported Restated Net profit 9,808 9,788 6,486 6,456 Non-controlling (419 ) (419 ) (433 ) (433 ) Net profit attributable to shareholders’ equity – used for basic and diluted earnings per share 9,389 9,369 6,053 6,023 Post tax impact of non-underlying (3,024 ) (3,024 ) 262 262 Underlying profit attributable to shareholders’ equity – used for underlying earnings per share 6,365 6,345 6,315 6,285 |
Schedule of Segment Information | Segment information for the Group’s divisions and geographical areas has been restated. Operating profit, underlying operating profit, operating margin and underlying operating margin have been restated to reflect the impact of IFRS 16 adoption on the income statement as follows: € million € million € million € million Beauty & Foods & Home Segment information Personal Care Refreshment Care Total 2018 Operating profit As previously reported 4,130 7,245 1,160 12,535 Adjustments for IFRS 16 35 42 27 104 Restated 4,165 7,287 1,187 12,639 Underlying operating profit As previously reported 4,508 3,534 1,317 9,359 Adjustments for IFRS 16 35 42 27 104 Restated 4,543 3,576 1,344 9,463 Depreciation and amortisation As previously reported 510 773 256 1,539 Adjustments for IFRS 16 176 176 117 469 Restated 686 949 373 2,008 2017 Operating profit As previously reported 4,103 3,616 1,138 8,857 Adjustments for IFRS 16 37 41 22 100 Restated 4,140 3,657 1,160 8,957 Underlying operating profit As previously reported 4,375 3,737 1,288 9,400 Adjustments for IFRS 16 37 41 23 100 Restated 4,412 3,778 1,311 9,500 Depreciation and amortisation As previously reported 488 802 248 1,538 Adjustments for IFRS 16 153 257 77 487 Restated 641 1,059 325 2,025 Regional € million Asia/AMET/RUB € million The € million € million 2018 Operating profit As previously reported 4,777 3,586 4,172 12,535 Adjustments for IFRS 16 47 35 22 104 Restated 4,824 3,621 4,194 12,639 Underlying operating profit As previously reported 4,340 2,694 2,325 9,359 Adjustments for IFRS 16 47 35 22 104 Restated 4,387 2,729 2,347 9,463 2017 Operating profit As previously reported 3,802 3,086 1,969 8,857 Adjustments for IFRS 16 45 34 21 100 Restated 3,847 3,120 1,990 8,957 Underlying operating profit As previously reported 4,108 3,063 2,229 9,400 Adjustments for IFRS 16 45 34 21 100 Restated 4,153 3,097 2,250 9,500 |
Remuneration of Auditors (Table
Remuneration of Auditors (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Services from Auditors and its Associates | During the year the Group (including its subsidiaries) obtained the following services from the Group auditors and its associates: € million € million € million 2019 2018 2017 Fees payable to the Group’s auditors for the audit of the consolidated and parent company accounts of Unilever N.V. and Unilever PLC (a) 5 6 4 Fees payable to the Group’s auditors for the audit of accounts of subsidiaries of Unilever N.V. and Unilever PLC pursuant to legislation (b) 12 10 10 Total statutory audit fees (c) 17 16 14 Audit-related assurance services — (d) — (d) — (d) Other taxation advisory services — (d) — (d) — (d) Services relating to corporate finance transactions — — — Other assurance services — (e) 5 (e) 5 (e) All other non-audit — (d) — (d) — (d) (a) Of which €1 million was payable to KPMG Accountants N.V. (2018: €1 million; 2017: €1 million) and €4 million was payable to KPMG LLP (2018: €5 million; 2017: €4 million). (b) Comprises fees payable to the KPMG network of independent member firms affiliated with KPMG International Cooperative for audit work on statutory financial statements and Group reporting returns of subsidiary companies. (c) Amount payable to KPMG in respect of services supplied to associated pension schemes was less than €1 million individually and in aggregate (2018: less than €1 million individually and in aggregate; 2017: less than €1 million individually and in aggregate ) (d) Amounts paid in relation to each type of service are less than €1 million individually and in aggregate (2018: less than €1 million; 2017: €1 million). (e) 2018 includes €4 million (2017: €5 million) for audits and reviews of carve-out |
Significant Subsidiaries (Table
Significant Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Schedule of Significant Subsidiaries | The following represents the significant subsidiaries of the Group as 31 December 2019, that principally affect the turnover, profit and net assets of the Group. The percentage of share capital is shown below represents the aggregate percentage of equity capital directly or indirectly held by NV or PLC in the company. The companies are incorporated and principally operated in the countries under which they are shown except where stated otherwise. Country Name of company NV % PLC% Argentina Unilever de Argentina S.A. 64.55 35.45 Australia Unilever Australia Limited — 100 Bangladesh Unilever Bangladesh Limited — 60.75 Brazil Unilever Brasil Ltda. 64.55 35.45 Canada Unilever Canada Inc. 64.55 35.45 China Walls (China) Co. Ltd. 100.00 — China Unilever Services (Hefei) Co Ltd 100.00 — England and Wales Unilever UK & CN Holdings Limited — 100 England and Wales Unilever U.K. Holdings Limited — 100 England and Wales Unilever UK Limited 5.61 94.39 France Unilever France S.A.S 64.54 35.45 Germany Unilever Deutschland GmbH 64.55 35.45 Germany Unilever Deutschland Holding GmbH 64.55 35.45 India Hindustan Unilever Limited — 67.18 Indonesia PT Unilever Indonesia, Tbk. 54.86 30.13 Italy Unilever Italia Mkt Operations S.R.L 100.00 — Japan Unilever Japan Customer Marketing K.K. 100.00 — Mexico Unilever de Mexico, S. de R.I. de C.V. 64.55 35.45 Netherlands Mixhold B.V. 64.55 35.45 Netherlands Unilever Finance International B.V. 100.00 — Netherlands Unilever Nederland B.V. 100.00 — Netherlands Unilever Europe B.V. 100.00 — Netherlands UNUS Holding B.V. 55.40 44.60 Pakistan Unilever Pakistan Limited — 99.27 Philippines Unilever Philippines, Inc. 64.55 35.45 Russia OOO Unilever Rus 11.89 88.11 Singapore Unilever Asia Private Limited 100.00 — South Africa Unilever South Africa (Pty) Limited 8.98 91.02 Spain Unilever Espana S.A. 100.00 — Switzerland Unilever ASCC AG 100.00 — Switzerland Unilever Finance International AG 100.00 — Switzerland Unilever Supply Chain Company AG 100.00 — Thailand Unilever Thai Trading Limited 64.55 35.45 Turkey Unilever Sanayi ve Ticaret Turk A.S 64.54 35.44 United Arab Emirates Unilever General Trading LLC — 49.00 USA Conopco, Inc. 55.40 44.60 USA Unilever Capital Corporation 55.40 44.60 USA Unilever United States, Inc. 55.40 44.60 Vietnam Unilever Vietnam International Company Limited 100.00 — |
Guarantor statements (Audited)
Guarantor statements (Audited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Income Statement | € million € million € million € million € million € million Income statement for the year ended 31 December 2019 Unilever Unilever (a) Unilever Non- Eliminations Unilever Turnover (b) — — — 51,980 — 51,980 Operating profit — 1,148 1 7,559 — 8,708 Net finance income/(costs) 2 (89 ) (492 ) (18 ) — (597 ) Pensions and similar obligations — (2 ) (22 ) (6 ) — (30 ) Other income/(losses) — — — 176 — 176 Net monetary gain arising from hyperinflationary economies — — — 32 — 32 Profit before taxation 2 1,057 (513 ) 7,743 — 8,289 Taxation — (169 ) — (2,094 ) — (2,263 ) Net profit before subsidiaries 2 888 (513 ) 5,649 — 6,026 Equity earnings of subsidiaries — 4,737 1,193 (7,026 ) 1,096 — Net profit 2 5,625 680 (1,377 ) 1,096 6,026 Attributable to: Non-controlling — — — 401 — 401 Shareholders’ equity 2 5,625 680 (1,778 ) 1,096 5,625 Other comprehensive income — (5 ) 13 535 — 543 Total comprehensive income 2 5,620 693 (842 ) 1,096 6,569 (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) For the purpose of this table, amounts exclude revenue from Group companies. € million € million € million € million € million € million Income statement for the year ended 31 December 2018 (b) Unilever Unilever (a) Unilever subsidiary Non- Eliminations Unilever Turnover ( c — — — 50,982 — 50,982 Operating profit — 1,987 (4 ) 10,656 — 12,639 Net finance income/(costs) — (105 ) (426 ) (52 ) — (583 ) Pensions and similar obligations — (2 ) (19 ) (4 ) — (25 ) Other income/(losses) — — — 207 — 207 Premium paid on buyback of preference shares — (382 ) — 382 — — Net monetary gain arising from hyperinflationary economies — — — 122 — 122 Profit before taxation — 1,498 (449 ) 11,311 — 12,360 Taxation — (199 ) — (2,373 ) — (2,572 ) Net profit before subsidiaries — 1,299 (449 ) 8,938 — 9,788 Equity earnings of subsidiaries — 8,070 1,787 (20,326 ) 10,469 — Net profit — 9,369 1,338 (11,388 ) 10,469 9,788 Attributable to: Non-controlling — — — 419 — 419 Shareholders’ equity — 9,369 1,338 (11,807 ) 10,469 9,369 Other comprehensive income — (24 ) 25 (1,172 ) — (1,171 ) Total comprehensive income — 9,345 1,363 (12,560 ) 10,469 8,617 € million € million € million € million € million € million Income statement for the year ended 31 December 2017 (b) Unilever Unilever (a) Unilever subsidiary Non- Eliminations Unilever Turnover ( c — — — 53,715 — 53,715 Operating profit — 999 (4 ) 7,962 — 8,957 Net finance income/(costs) 1 (110 ) (379 ) (38 ) — (526 ) Pensions and similar obligations — (2 ) (24 ) (70 ) — (96 ) Other income/(losses) — — — 173 — 173 Premium paid on buyback of preference shares — — — (382 ) — (382 ) Profit before taxation 1 887 (407 ) 7,645 — 8,126 Taxation — (165 ) — (1,505 ) — (1,670 ) Net profit before subsidiaries 1 722 (407 ) 6,140 — 6,456 Equity earnings of subsidiaries — 5,301 1,716 (10,298 ) 3,281 — Net profit 1 6,023 1,309 (4,158 ) 3,281 6,456 Attributable to: Non-controlling — — — 433 — 433 Shareholders’ equity 1 6,023 1,309 (4,591 ) 3,281 6,023 Other comprehensive income — (75 ) (156 ) 503 — 272 Total comprehensive income 1 5,948 1,153 (3,655 ) 3,281 6,728 (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) Restated following adoption of IFRS 16. See note 1 and note 24 for further details. (c) For the purpose of these tables, amounts exclude revenue from Group companies. |
Balance Sheet | € million € million € million € million € million € million Balance sheet at 31 December 2019 Unilever Unilever (a) Unilever States Inc. subsidiary guarantor Non- Eliminations Unilever Assets Non-current Goodwill and intangible assets — 3,141 — 27,888 — 31,029 Deferred tax assets — — — 1,336 — 1,336 Other non-current — 2 1 16,008 — 16,011 Amounts due from group companies 15,335 10,602 — — (25,937 ) — Net assets of subsidiaries (equity accounted) — 21,193 24,514 — (45,707 ) — 15,335 34,938 24,515 45,232 (71,644 ) 48,376 Current assets Amounts due from group companies — 15,257 822 28,799 (44,878 ) — Trade and other current receivables — 153 7 6,535 — 6,695 Current tax assets — 18 — 379 — 397 Other current assets 81 — — 9,257 — 9,338 81 15,428 829 44,970 (44,878 ) 16,430 Total assets 15,416 50,366 25,344 90,202 (116,522 ) 64,806 Liabilities Current liabilities Financial liabilities 2,435 1,049 — 1,207 — 4,691 Amounts due to group companies 2,775 24,469 1,555 16,079 (44,878 ) — Trade payables and other current liabilities 89 356 16 14,307 — 14,768 Current tax liabilities — — 9 889 — 898 Other current liabilities — — 5 616 — 621 5,299 25,874 1,585 33,098 (44,878 ) 20,978 Non-current Financial liabilities 9,789 11,009 — 2,768 — 23,566 Amounts due to group companies — — 11,325 14,612 (25,937 ) — Pensions and post-retirement healthcare liabilities: Funded schemes in deficit — 2 127 1,028 — 1,157 Unfunded schemes — 83 376 1,002 — 1,461 Other non-current — 325 6 3,427 — 3,758 9,789 11,419 11,834 22,837 (25,937 ) 29,942 Total liabilities 15,088 37,293 13,419 55,935 (70,815 ) 50,920 Shareholders’ equity 328 13,073 11,925 33,573 (45,707 ) 13,192 Non-controlling — — — 694 — 694 Total equity 328 13,073 11,925 34,267 (45,707 ) 13,886 Total liabilities and equity 15,416 50,366 25,344 90,202 (116,522 ) 64,806 (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) Restated following adoption of IFRS 16. See note 1 and note 24 for further details. € million € million € million € million € million € million Balance sheet at 31 December 2018 (b) Unilever Unilever Unilever States Inc. subsidiary guarantor Non- Eliminations Unilever Assets Non-current Goodwill and intangible assets — 3,058 — 26,435 — 29,493 Deferred tax assets — — 13 1,139 — 1,152 Other non-current — 43 2 14,943 — 14,988 Amounts due from group companies 17,211 10,379 — — (27,590 ) — Net assets of subsidiaries (equity accounted) — 22,125 22,427 — (44,552 ) — 17,211 35,605 22,442 42,517 (72,142 ) 45,633 Current assets Amounts due from group companies — 11,883 5,413 33,032 (50,328 ) — Trade and other current receivables — 156 4 6,322 — 6,482 Current tax assets — 15 — 457 — 472 Other current assets 6 7 — 8,511 — 8,524 6 12,061 5,417 48,322 (50,328 ) 15,478 Total assets 17,217 47,666 27,859 90,839 (122,470 ) 61,111 Liabilities Current liabilities Financial liabilities 2,381 35 2 1,195 — 3,613 Amounts due to group companies 4,895 25,010 3,127 17,296 (50,328 ) — Trade payables and other current liabilities 96 327 15 14,019 — 14,457 Current tax liabilities — — 72 1,373 — 1,445 Other current liabilities — 2 — 633 — 635 7,372 25,374 3,216 34,516 (50,328 ) 20,150 Non-current Financial liabilities 9,525 10,787 — 2,813 — 23,125 Amounts due to group companies — — 13,290 14,300 (27,590 ) — Pensions and post-retirement healthcare liabilities: Funded schemes in deficit — 7 136 1,066 — 1,209 Unfunded schemes — 87 388 918 — 1,393 Other non-current — 141 1 2,975 — 3,117 9,525 11,022 13,815 22,072 (27,590 ) 28,844 Total liabilities 16,897 36,396 17,031 56,588 (77,918 ) 48,994 Shareholders’ equity 320 11,270 10,828 33,531 (44,552 ) 11,397 Non-controlling — — — 720 — 720 Total equity 320 11,270 10,828 34,251 (44,552 ) 12,117 Total liabilities and equity 17,217 47,666 27,859 90,839 (122,470 ) 61,111 (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) Restated following adoption of IFRS 16. See note 1 and note 24 for further details. € million € million € million € million € million € million Balance sheet at 1 January 2018 (b) Unilever Unilever Unilever States Inc. subsidiary guarantor Non- Eliminations Unilever Assets Non-current Goodwill and intangible assets — 2,143 — 26,258 — 28,401 Deferred tax assets — 90 57 971 — 1,118 Other non-current — 33 2 15,524 — 15,559 Amounts due from group companies 17,132 7,099 — — (24,231 ) — Net assets of subsidiaries (equity accounted) — 35,744 21,532 — (57,276 ) — 17,132 45,109 21,591 42,753 (81,507 ) 45,078 Current assets Amounts due from group companies — 6,119 5,318 32,445 (43,882 ) — Trade and other current receivables — 51 3 5,165 — 5,219 Current tax assets — 57 9 422 — 488 Other current assets — 39 — 11,234 — 11,273 — 6,266 5,330 49,266 (43,882 ) 16,980 Total assets 17,132 51,375 26,921 92,019 (125,389 ) 62,058 Liabilities Current liabilities Financial liabilities 2,420 4,690 1 1,267 — 8,378 Amounts due to group companies 6,964 25,457 24 11,437 (43,882 ) — Trade payables and other current liabilities 65 215 11 13,135 — 13,426 Current tax liabilities — — — 1,088 — 1,088 Other current liabilities — 5 — 690 — 695 9,449 30,367 36 27,617 (43,882 ) 23,587 Non-current Financial liabilities 7,377 7,594 — 3,068 — 18,039 Amounts due to group companies — — 14,517 9,714 (24,231 ) — Pensions and post-retirement healthcare liabilities: Funded schemes in deficit — 8 103 1,114 — 1,225 Unfunded schemes — 93 439 977 — 1,509 Other non-current — 5 1 3,494 — 3,500 7,377 7,700 15,060 18,367 (24,231 ) 24,273 Total liabilities 16,826 38,067 15,096 45,984 (68,113 ) 47,860 Shareholders’ equity 306 13,308 11,825 45,277 (57,276 ) 13,440 Non-controlling — — — 758 — 758 Total equity 306 13,308 11,825 46,035 (57,276 ) 14,198 Total liabilities and equity 17,132 51,375 26,921 92,019 (125,389 ) 62,058 (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) Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Cash Flow | € million € million € million € million € million € million Cash flow statement for the year ended 31 December 2019 Unilever Unilever (a) Unilever subsidiary guarantor Non- Eliminations Unilever Net cash flow from/(used in) operating activities 1 1,127 (21 ) 7,002 — 8,109 Net cash flow from/(used in) investing activities 2,681 (1,887 ) 4,378 (4,720 ) (2,689 ) (2,237 ) Net cash flow from/(used in) financing activities (2,613 ) 768 (4,357 ) (1,154 ) 2,689 (4,667 ) Net increase/(decrease) in cash and cash equivalents 69 8 — 1,128 — 1,205 Cash and cash equivalents at beginning of year 6 7 (1 ) 3,078 — 3,090 Effect of foreign exchange rates 5 (15 ) — (169 ) — (179 ) Cash and cash equivalents at end of year 80 — (1 ) 4,037 — 4,116 € million € million € million € million € million € million Cash flow statement for the year ended 31 December 2018 (b) Unilever Unilever (a) Unilever States Inc. subsidiary Non- Eliminations Unilever Net cash flow from/(used in) operating activities — 952 (6 ) 6,372 — 7,318 Net cash flow from/(used in) investing activities 1,088 1,196 (63 ) 4,619 (2,196 ) 4,644 Net cash flow from/(used in) financing activities (1,097 ) (2,190 ) 69 (11,091 ) 2,196 (12,113 ) Net increase/(decrease) in cash and cash equivalents (9 ) (42 ) — (100 ) — (151 ) Cash and cash equivalents at beginning of year — 23 (1 ) 3,147 — 3,169 Effect of foreign exchange rates 15 26 — 31 — 72 Cash and cash equivalents at end of year 6 7 (1 ) 3,078 — 3,090 € million € million € million € million € million € million Cash flow statement for the year ended 31 December 2017 (b) Unilever Unilever (a) Unilever States Inc. subsidiary Non- Eliminations Unilever Net cash flow from/(used in) operating activities — 948 (40 ) 6,971 — 7,879 Net cash flow from/(used in) investing activities (3,884 ) (7,123 ) (1,062 ) 5,136 1,054 (5,879 ) Net cash flow from/(used in) financing activities 3,873 6,254 1,103 (12,196 ) (1,054 ) (2,020 ) Net increase/(decrease) in cash and cash equivalents (11 ) 79 1 (89 ) — (20 ) Cash and cash equivalents at beginning of year — 5 (2 ) 3,195 — 3,198 Effect of foreign exchange rates 11 (61 ) — 41 — (9 ) Cash and cash equivalents at end of year — 23 (1 ) 3,147 — 3,169 (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) Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Accounting Information and Po_3
Accounting Information and Policies - Additional Information (Detail) € in Millions | Dec. 31, 2019EUR (€) |
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |
Cumulative impact on opening retained earnings | € 38 |
Segment Information - Summary o
Segment Information - Summary of Products and Services (Detail) - product | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Number of products individually accounted for 5% or more of revenue in each year | 9 | 9 | 10 |
Fabric [member] | Home Care [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Percentage of entity's revenue | 15.00% | 15.00% | 15.00% |
Ice Cream [member] | Foods and Refreshment [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Percentage of entity's revenue | 13.00% | 13.00% | 13.00% |
Hair Care [member] | Beauty And Personal Care [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Percentage of entity's revenue | 12.00% | 12.00% | 11.00% |
Savoury [member] | Foods and Refreshment [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Percentage of entity's revenue | 11.00% | 11.00% | 11.00% |
Skin Cleasning [member] | Beauty And Personal Care [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Percentage of entity's revenue | 10.00% | 10.00% | 10.00% |
Deodorants [member] | Beauty And Personal Care [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Percentage of entity's revenue | 8.00% | 8.00% | 8.00% |
Skin Care [member] | Beauty And Personal Care [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Percentage of entity's revenue | 8.00% | 7.00% | 6.00% |
Tea [member] | Foods and Refreshment [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Percentage of entity's revenue | 6.00% | 6.00% | 5.00% |
Dressings [member] | Foods and Refreshment [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Percentage of entity's revenue | 5.00% | 5.00% | 6.00% |
Spreads [member] | Foods and Refreshment [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Percentage of entity's revenue | 3.00% | 6.00% | |
Other [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Percentage of entity's revenue | 12.00% | 10.00% | 9.00% |
Segment Information - Summary_2
Segment Information - Summary of Operating Results of Reportable Segments (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | [1] | ||
Disclosure of Operating Segments [Line Items] | ||||||
Turnover | € 51,980 | € 50,982 | € 53,715 | |||
Operating profit | 8,708 | 12,639 | 8,957 | |||
Non-underlying items | 1,239 | (3,176) | 543 | |||
Underlying operating profit | 9,947 | 9,463 | 9,500 | |||
Share of net profit/(loss) of joint ventures and associates | 176 | 185 | 155 | |||
Significant non-cash charges within underlying operating profit: | ||||||
Depreciation and amortisation | 1,964 | 2,008 | 2,025 | |||
Share-based compensation and other non-cash charges | [2] | 168 | 250 | 417 | ||
Significant non-cash charges within non-underlying items: | ||||||
Impairment and other non-cash charges | [3] | 310 | 549 | 319 | ||
Beauty & Personal Care [member] | ||||||
Disclosure of Operating Segments [Line Items] | ||||||
Turnover | 21,868 | 20,624 | 20,697 | |||
Operating profit | 4,520 | 4,165 | 4,140 | |||
Non-underlying items | 440 | 378 | 272 | |||
Underlying operating profit | 4,960 | 4,543 | 4,412 | |||
Share of net profit/(loss) of joint ventures and associates | 1 | (1) | 8 | |||
Significant non-cash charges within underlying operating profit: | ||||||
Depreciation and amortisation | 693 | 686 | 641 | |||
Share-based compensation and other non-cash charges | [2] | 62 | 102 | 164 | ||
Significant non-cash charges within non-underlying items: | ||||||
Impairment and other non-cash charges | [3] | 105 | 122 | 80 | ||
Foods & Refreshment [member] | ||||||
Disclosure of Operating Segments [Line Items] | ||||||
Turnover | 19,287 | 20,227 | 22,444 | |||
Operating profit | 2,811 | 7,287 | 3,657 | |||
Non-underlying items | 571 | (3,711) | 121 | |||
Underlying operating profit | 3,382 | 3,576 | 3,778 | |||
Share of net profit/(loss) of joint ventures and associates | 171 | 183 | 143 | |||
Significant non-cash charges within underlying operating profit: | ||||||
Depreciation and amortisation | 902 | 949 | 1,059 | |||
Share-based compensation and other non-cash charges | [2] | 56 | 102 | 174 | ||
Significant non-cash charges within non-underlying items: | ||||||
Impairment and other non-cash charges | [3] | 159 | 164 | 191 | ||
Home Care [member] | ||||||
Disclosure of Operating Segments [Line Items] | ||||||
Turnover | 10,825 | 10,131 | 10,574 | |||
Operating profit | 1,377 | 1,187 | 1,160 | |||
Non-underlying items | 228 | 157 | 150 | |||
Underlying operating profit | 1,605 | 1,344 | 1,310 | |||
Share of net profit/(loss) of joint ventures and associates | 4 | 3 | 4 | |||
Significant non-cash charges within underlying operating profit: | ||||||
Depreciation and amortisation | 369 | 373 | 325 | |||
Share-based compensation and other non-cash charges | [2] | 50 | 46 | 79 | ||
Significant non-cash charges within non-underlying items: | ||||||
Impairment and other non-cash charges | [3] | € 46 | € 263 | € 48 | ||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | |||||
[2] | Other non-cash charges within underlying operating profit include movements in provisions from underlying activities, excluding movements arising from non-underlying activities. | |||||
[3] | Other non-cash charges within non-underlying items includes movements in restructuring provisions and certain legal provisions (in 2018 and 2017). |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of operating segments [abstract] | |
Description of revenue from customers | The Unilever Group is not reliant on turnover from transactions with any single customer and does not receive 10% or more of its turnover from transactions with any single customer. |
Description of turnover from other countries | No other country had turnover or non-current assets (as shown above) greater than 10% of the Group total. |
Segment Information - Summary_3
Segment Information - Summary of Operating Results by Geographical Areas (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | [1] | ||
Disclosure of geographical areas [line items] | ||||||
Turnover | € 51,980 | € 50,982 | € 53,715 | |||
Non-current assets | [2] | 43,744 | 42,111 | 41,112 | ||
Country of Domicile [Member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Turnover | 3,508 | 3,679 | 3,849 | |||
Non-current assets | [2] | 4,705 | 4,336 | 4,101 | ||
United States [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Turnover | 8,702 | 8,305 | 8,532 | |||
Non-current assets | [2] | 13,326 | 12,471 | 12,110 | ||
Others [Member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Turnover | 39,770 | 38,998 | 41,334 | |||
Non-current assets | [2] | € 25,714 | € 25,304 | € 24,901 | ||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | |||||
[2] | For the purpose of this table, non-current assets include goodwill, intangible assets, property, plant and equipment and other non-current assets as shown on the consolidated balance sheet on page 89. Goodwill is attributed to the countries where the acquired business operated at the time of acquisition; all other assets are attributed to the countries where they were acquired. |
Segment Information - Summary_4
Segment Information - Summary of Additional Information by Geographies (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | [1] | ||
Additional information by geographies [line items] | ||||||
Turnover | € 51,980 | € 50,982 | € 53,715 | |||
Operating profit | 8,708 | 12,639 | 8,957 | |||
Non-underlying items | 1,239 | (3,176) | 543 | |||
Underlying operating profit | 9,947 | 9,463 | 9,500 | |||
Share of net profit/(loss) of joint ventures and associates | 176 | 185 | 155 | |||
Asia/AMET/RUB [member] | ||||||
Additional information by geographies [line items] | ||||||
Turnover | [2] | 24,129 | 22,868 | 23,266 | ||
Operating profit | [2] | 4,418 | 4,824 | 3,847 | ||
Non-underlying items | [2] | 439 | (437) | 306 | ||
Underlying operating profit | [2] | 4,857 | 4,387 | 4,153 | ||
Share of net profit/(loss) of joint ventures and associates | [2] | (5) | 12 | |||
The Americas [member] | ||||||
Additional information by geographies [line items] | ||||||
Turnover | 16,482 | 16,020 | 17,525 | |||
Operating profit | 2,683 | 3,621 | 3,120 | |||
Non-underlying items | 395 | (892) | (23) | |||
Underlying operating profit | 3,078 | 2,729 | 3,097 | |||
Share of net profit/(loss) of joint ventures and associates | 126 | 114 | 112 | |||
Europe [member] | ||||||
Additional information by geographies [line items] | ||||||
Turnover | 11,369 | 12,094 | 12,924 | |||
Operating profit | 1,607 | 4,194 | 1,990 | |||
Non-underlying items | 405 | (1,847) | 260 | |||
Underlying operating profit | 2,012 | 2,347 | 2,250 | |||
Share of net profit/(loss) of joint ventures and associates | € 55 | € 71 | € 31 | |||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | |||||
[2] | Refers to Asia, Africa, Middle East, Turkey, Russia, Ukraine and Belarus. |
Operating costs and non-under_3
Operating costs and non-underlying items - Analysis of expenses recognized in Profit or loss by function (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | [1] | |
Analysis of expenses recognized in profit or loss by function [Line Items] | |||||
Turnover | € 51,980 | € 50,982 | € 53,715 | ||
Cost of sales | (29,102) | (28,703) | (30,484) | ||
Gross profit | 22,878 | 22,279 | 23,231 | ||
Selling and administrative expenses | (12,931) | (12,816) | (13,731) | ||
Non-underlying items within operating profit before tax | (1,239) | 3,176 | (543) | ||
Operating profit | 8,708 | 12,639 | 8,957 | ||
Cost of Sales [Member] | |||||
Analysis of expenses recognized in profit or loss by function [Line Items] | |||||
Distribution costs | (3,089) | (3,057) | (3,202) | ||
Production costs | (3,701) | (3,732) | (4,190) | ||
Raw and packaging materials and goods purchased for resale | (20,769) | (20,516) | (21,587) | ||
Other | (1,543) | (1,398) | (1,505) | ||
Selling and Administrative Expenses [Member] | |||||
Analysis of expenses recognized in profit or loss by function [Line Items] | |||||
Brand and marketing investment | (7,272) | (7,150) | (7,575) | ||
Overheads | (5,659) | (5,666) | (6,156) | ||
Research and development | € (840) | € (900) | € (900) | ||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Operating costs and non-under_4
Operating costs and non-underlying items - Summary of Non-underlying items Related to Gross Profit and Operating Costs (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure of non underlying items [Abstract] | |||||
Non-underlying items within operating profit before tax | € (1,239) | € 3,176 | [1] | € (543) | [1] |
Acquisition and disposal-related costs | (132) | 76 | (159) | ||
Gain/(loss) on disposal of group companies | 70 | 4,331 | 334 | ||
Restructuring costs | (1,159) | (914) | (638) | ||
Impairments | (18) | (208) | |||
One-off items | (109) | (80) | |||
Tax on non-underlying items within operating profit | 309 | (259) | 77 | ||
Non-underlying items within operating profit after tax | (930) | 2,917 | (466) | ||
Non-underlying items not in operating profit but within net profit before tax | 35 | 154 | (382) | ||
Premium paid on buyback of preference shares | (382) | ||||
Share of gain on disposal of Spreads business in Portugal JV | 3 | 32 | |||
Net monetary gain arising from hyperinflationary economies | 32 | 122 | [1] | [1] | |
Tax impact of non-underlying items not in operating profit but within net profit | (196) | (29) | 578 | ||
Impact of US tax reform | 0 | (29) | 578 | ||
Taxes related to the reorganisation of our European business | (175) | ||||
Hyperinflation adjustment for Argentina deferred tax | (21) | ||||
Non-underlying items not in operating profit but within net profit after tax | (161) | 125 | 196 | ||
Non-underlying items after tax | (1,091) | 3,042 | (270) | ||
Attributable to: | |||||
Non-controlling interest | (28) | 18 | (8) | ||
Shareholders' equity | € (1,063) | € 3,024 | [1] | € (262) | [1] |
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Operating Costs and Non-under_5
Operating Costs and Non-underlying Items - Summary of Non-underlying Items Related to Gross Profit and Operating Costs (Parenthetical) (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Non-underlying Items [Line Items] | |||
Credit from early settlement of contingent consideration | € 277 | ||
Gain on business disposal | € 57 | 4,331 | € 309 |
Impairment of intangible asset | 208 | ||
Tax benefit recognized due to Tax Cuts and Jobs Act | € 578 | ||
New US tax rate | 21.00% | ||
Impairment of goodwill | 18 | ||
Non-Current Assets Held for Sale [member] | |||
Non-underlying Items [Line Items] | |||
Impairment of goodwill | € 18 | ||
One Off Items [Member] | |||
Non-underlying Items [Line Items] | |||
Litigation charges | 98 | ||
Legal Cases in Relation to Investigations [Member] | One Off Items [Member] | |||
Non-underlying Items [Line Items] | |||
Litigation charges | 50 | € 80 | |
United Kingdom [Member] | Pension obligation [member] | One Off Items [Member] | |||
Non-underlying Items [Line Items] | |||
Litigation charges | € 48 |
Operating costs and non-under_6
Operating costs and non-underlying items - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Gross Profit And Operating Costs [Abstract] | |||
Exchange gains/(losses) | € 41 | € 49 | € 214 |
Employees - Summary of Staff Co
Employees - Summary of Staff Cost, Average and Number of Employees (Detail) Employees in Thousands, € in Millions | 12 Months Ended | ||
Dec. 31, 2019EUR (€)Employees | Dec. 31, 2018EUR (€)Employees | Dec. 31, 2017EUR (€)Employees | |
Disclosure Of Staff And Management Costs [Line Items] | |||
Wages and salaries | € (5,364) | € (5,346) | € (5,416) |
Social security costs | (541) | (571) | (613) |
Other pension costs | (334) | (439) | (399) |
Share-based compensation costs | (151) | (196) | (284) |
Gross staff costs | € (6,390) | € (6,552) | € (6,712) |
Average number of employees during the year | Employees | 153 | 158 | 165 |
Asia/AMET/RUB [member] | |||
Disclosure Of Staff And Management Costs [Line Items] | |||
Average number of employees during the year | Employees | 84 | 88 | 93 |
The Americas [member] | |||
Disclosure Of Staff And Management Costs [Line Items] | |||
Average number of employees during the year | Employees | 40 | 40 | 41 |
Europe [member] | |||
Disclosure Of Staff And Management Costs [Line Items] | |||
Average number of employees during the year | Employees | 29 | 30 | 31 |
Employees - Summary of Key Mana
Employees - Summary of Key Management Compensation (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Staff And Management Costs [Line Items] | |||
Salaries and short-term employee benefits | € (42) | € (40) | € (34) |
Post-employment benefits | 0 | ||
Share-based benefits | (16) | (13) | (26) |
Key management compensation excluding non-executive director's fee | (58) | (53) | (60) |
Non-Executive Directors' fees | (2) | (2) | (2) |
Key management compensation | (60) | (55) | (62) |
Key management personnel of entity or parent [member] | Executive Directors [Member] | |||
Disclosure Of Staff And Management Costs [Line Items] | |||
Key management compensation | (9) | (13) | (17) |
Key management personnel of entity or parent [member] | Other [Member] | |||
Disclosure Of Staff And Management Costs [Line Items] | |||
Key management compensation | € (49) | € (40) | € (43) |
Employees - Additional Informat
Employees - Additional Information (Detail) € in Millions, £ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2019EUR (€)Sk | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2017GBP (£) | |
Disclosure Of Pension Plans [Line Items] | |||||
Defined benefit liabilities | 12.00% | ||||
Actual return on plan assets | € (2,958) | € 557 | |||
Actual return on plan assets (excluding amounts in net finance income/charge) | (2,385) | 1,108 | € (1,475) | ||
Interest income | 573 | ||||
Property and leases | 1,728 | 1,579 | |||
Forecast [Member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Contribution payable to the US Unicare Pension Plan in 2020 | $ | $ 100 | ||||
Property and Leases Occupied by Unilever [Member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Property and leases | 30 | 28 | |||
Unilever securities [Member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Equity securities | € 12 | € 12 | |||
Percentage of plan assets in equity securities | 0.05% | 0.10% | |||
Pension liabilities [Member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Defined benefit liabilities | 96.00% | ||||
Special Benefits Trust [Member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Excluded plan assets | € 54 | € 59 | |||
United Kingdom [Member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Percentage of long term trend future improvements | 1.00% | ||||
2018 CMI core projections (Sk) | Sk | 7 | ||||
United Kingdom [Member] | Interest rate risk [Member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Degree of hedging of liabilities, percentage | 55.00% | ||||
United Kingdom [Member] | Inflation rate risk [member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Degree of hedging of liabilities, percentage | 55.00% | ||||
Netherlands [Member] | Interest rate risk [Member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Degree of hedging of liabilities, percentage | 32.00% | ||||
Netherlands [Member] | Inflation rate risk [member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Degree of hedging of liabilities, percentage | 20.00% | ||||
Defined Benefit Plans [Member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Current estimated group employer contributions, payable in 2016 excluding UK pension fund deficit contributions | £ | £ 600 | ||||
Other Post-Employment Benefit Plans [Member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Period of level of medical cost inflation | 5 years | ||||
Other Post-Employment Benefit Plans [Member] | Bottom of range [member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Rate of level of medical cost inflation | 7.00% | ||||
Liabilities [Member] | |||||
Disclosure Of Pension Plans [Line Items] | |||||
Defined benefit liabilities | 84.00% |
Employees - Summary of Assumpti
Employees - Summary of Assumptions, Weighted by Liabilities for Valuation of Defined Benefit Plans Which cover Approximately 96% of Total Pension Plan (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
Defined benefit pension plans [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 1.90% | 2.70% |
Inflation | 2.30% | 2.50% |
Rate of increase in salaries | 2.90% | 2.80% |
Rate of increase for pensions in payment (where provided) | 2.20% | 2.40% |
Rate of increase for pensions in deferment (where provided) | 2.40% | 2.60% |
Other Post-Employment Benefit Plans [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 3.90% | 4.80% |
Rate of increase in salaries | 3.00% | 3.00% |
Long-term medical cost inflation | 5.40% | 5.30% |
Employees - Summary of Assump_2
Employees - Summary of Assumptions for Pension Plans Representing Approximately 69% of Defined Benefit Pension Liability (Detail) - yr | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
United Kingdom [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 2.00% | 2.80% |
Inflation | 2.90% | 3.20% |
Rate of increase in salaries | 3.20% | 3.10% |
Number of years a current pensioner is expected to live beyond age 65 - Men | 21.6 | 22.1 |
Number of years a current pensioner is expected to live beyond age 65 - Women | 23.4 | 24 |
Number of years a future pensioner currently aged 45 is expected to live beyond age 65 - Men | 22.6 | 22.7 |
Number of years a future pensioner currently aged 45 is expected to live beyond age 65 - Women | 24.6 | 25.6 |
United Kingdom [Member] | Pensions in payment [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Rate of increase for pensions in payment (where provided) | 2.80% | 3.10% |
United Kingdom [Member] | Pensions in deferment [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Rate of increase for pensions in deferment (where provided) | 2.80% | 3.10% |
Netherlands [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 1.10% | 1.80% |
Inflation | 1.50% | 1.60% |
Rate of increase in salaries | 2.00% | 2.10% |
Number of years a current pensioner is expected to live beyond age 65 - Men | 22.6 | 22.5 |
Number of years a current pensioner is expected to live beyond age 65 - Women | 24.1 | 24 |
Number of years a future pensioner currently aged 45 is expected to live beyond age 65 - Men | 24.5 | 24.4 |
Number of years a future pensioner currently aged 45 is expected to live beyond age 65 - Women | 26.2 | 26.1 |
Netherlands [Member] | Pensions in payment [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Rate of increase for pensions in payment (where provided) | 1.50% | 1.60% |
Netherlands [Member] | Pensions in deferment [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Rate of increase for pensions in deferment (where provided) | 1.50% | 1.60% |
Employees - Summary of Charge t
Employees - Summary of Charge to Operating Profit (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure of defined benefit plans [abstract] | |||||
Current service cost | € (216) | € (220) | € (245) | ||
Employee contributions | 17 | 17 | 18 | ||
Special termination benefits | (5) | (16) | (4) | ||
Past service cost including (losses)/gains on curtailments | 65 | (41) | 23 | ||
Settlements | (2) | 4 | |||
Defined contribution plans | (193) | (179) | (195) | ||
Total operating cost | (334) | (439) | (399) | ||
Finance income/(cost) | (30) | (25) | [1] | (96) | [1] |
Net impact on the income statement (before tax) | € (364) | € (464) | € (495) | ||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Employees - Summary of Amounts
Employees - Summary of Amounts Recognised in Statement of Comprehensive Income on Remeasurement of Net Defined Benefit Liability (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of defined benefit plans [abstract] | |||
Return on plan assets excluding amounts included in net finance income/(cost) | € 2,385 | € (1,108) | € 1,475 |
Actuarial gains/(losses) arising from changes in demographic assumptions | 183 | 42 | 222 |
Actuarial gains/(losses) arising from changes in financial assumptions | (2,138) | 611 | (210) |
Experience gains/(losses) arising on pension plan and other benefit plan liabilities | (12) | 18 | 133 |
Change in asset ceiling, excluding amounts included in finance cost | (37) | ||
Total of defined benefit costs recognised in other comprehensive income | € 381 | € (437) | € 1,620 |
Employees - Summary of Assets,
Employees - Summary of Assets, Liabilities and Surplus/ (Deficit) Position of Pension and Other Post-Employment Benefit Plans at Balance Sheet Date (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of defined benefit plans [line items] | |||
Fair value of assets | € 23,749 | € 20,867 | |
Other Post-Employment Benefit Plans [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Computed net assets/liabilities | (470) | (453) | |
Pension asset net of liabilities | (470) | (453) | |
Other Post-Employment Benefit Plans [Member] | Aggregate Surplus [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Pension asset net of liabilities | 2 | 1 | |
Other Post-Employment Benefit Plans [Member] | Funded Pension Plans in Surplus [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Pension asset net of liabilities | 2 | 1 | |
Other Post-Employment Benefit Plans [Member] | Funded Pension Plans in Deficit [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Pension asset net of liabilities | (20) | (18) | |
Other Post-Employment Benefit Plans [Member] | Unfunded Pension Plans [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Pension asset net of liabilities | (452) | (436) | |
Assets [Member] | Other Post-Employment Benefit Plans [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Fair value of assets | 14 | 13 | |
Assets [Member] | Other Post-Employment Benefit Plans [Member] | Funded Pension Plans in Surplus [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Fair value of assets | 2 | 1 | |
Assets [Member] | Other Post-Employment Benefit Plans [Member] | Funded Pension Plans in Deficit [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Fair value of assets | 12 | 12 | |
Liabilities [Member] | Other Post-Employment Benefit Plans [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Present value of liabilities | (484) | (466) | |
Liabilities [Member] | Other Post-Employment Benefit Plans [Member] | Funded Pension Plans in Deficit [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Present value of liabilities | (32) | (30) | |
Pension Plans [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Computed net assets/liabilities | 311 | (421) | |
Irrecoverable surplus | [1] | (37) | |
Pension asset net of liabilities | 274 | (421) | |
Pension Plans [Member] | Aggregate Surplus [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Pension asset net of liabilities | 2,457 | 1,727 | |
Pension Plans [Member] | Funded Pension Plans in Surplus [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Pension asset net of liabilities | 2,420 | 1,727 | |
Pension Plans [Member] | Funded Pension Plans in Deficit [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Pension asset net of liabilities | (1,137) | (1,191) | |
Pension Plans [Member] | Unfunded Pension Plans [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Pension asset net of liabilities | (1,009) | (957) | |
Pension Plans [Member] | Assets [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Fair value of assets | 23,749 | 20,867 | |
Pension Plans [Member] | Assets [Member] | Funded Pension Plans in Surplus [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Fair value of assets | 20,229 | 17,909 | |
Pension Plans [Member] | Assets [Member] | Funded Pension Plans in Deficit [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Fair value of assets | 3,520 | 2,958 | |
Pension Plans [Member] | Liabilities [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Present value of liabilities | (23,438) | (21,288) | |
Pension Plans [Member] | Liabilities [Member] | Funded Pension Plans in Surplus [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Present value of liabilities | (17,772) | (16,182) | |
Pension Plans [Member] | Liabilities [Member] | Funded Pension Plans in Deficit [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Present value of liabilities | € (4,657) | € (4,149) | |
[1] | A surplus is deemed recoverable to the extent that the Group can benefit economically from the surplus. Unilever assesses the maximum economic benefit available through a combination of refunds and reductions in future contributions in accordance with local legislation and individual financing arrangements with each of our funded defined benefit plans. |
Employees - Summary of Movement
Employees - Summary of Movements in Assets (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of defined benefit plans [line items] | |||
Beginning balance | € 20,867 | ||
Actual return on plan assets (excluding amounts in net finance income/charge) | (2,385) | € 1,108 | € (1,475) |
Change in asset ceiling, excluding amounts included in finance cost | (37) | ||
Ending balance | 23,749 | 20,867 | |
Assets [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | 20,880 | 22,382 | |
Employee contributions | 17 | 17 | |
Settlements | (1) | ||
Actual return on plan assets (excluding amounts in net finance income/charge) | 2,385 | (1,108) | |
Change in asset ceiling, excluding amounts included in finance cost | (37) | ||
Interest income | 573 | 551 | |
Employer contributions | 401 | 383 | |
Benefit payments | (1,208) | (1,199) | |
Currency retranslation | 713 | (135) | |
Others | 2 | (10) | |
Ending balance | 23,726 | 20,880 | 22,382 |
Assets [Member] | United Kingdom [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | 10,329 | 11,038 | |
Actual return on plan assets (excluding amounts in net finance income/charge) | 1,233 | (459) | |
Interest income | 292 | 274 | |
Employer contributions | 94 | 95 | |
Benefit payments | (455) | (472) | |
Currency retranslation | 629 | (147) | |
Ending balance | 12,122 | 10,329 | 11,038 |
Assets [Member] | Netherlands [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | 4,996 | 5,357 | |
Actual return on plan assets (excluding amounts in net finance income/charge) | 588 | (303) | |
Interest income | 89 | 95 | |
Employer contributions | 14 | 14 | |
Benefit payments | (165) | (166) | |
Others | (1) | ||
Ending balance | 5,522 | 4,996 | 5,357 |
Assets [Member] | All other countries [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | 5,555 | 5,987 | |
Employee contributions | 17 | 17 | |
Settlements | (1) | ||
Actual return on plan assets (excluding amounts in net finance income/charge) | 564 | (346) | |
Change in asset ceiling, excluding amounts included in finance cost | (37) | ||
Interest income | 192 | 182 | |
Employer contributions | 293 | 274 | |
Benefit payments | (588) | (561) | |
Currency retranslation | 84 | 12 | |
Others | 2 | (9) | |
Ending balance | € 6,082 | € 5,555 | € 5,987 |
Employees - Summary of Moveme_2
Employees - Summary of Movements in Liabilities (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of defined benefit plans [line items] | |||
Current service cost | € (216) | € (220) | € (245) |
Special termination benefits | (5) | (16) | (4) |
Past service costs including (losses)/gains on curtailments | (65) | 41 | (23) |
Actuarial gain/(loss) arising from changes in demographic assumptions | (183) | (42) | (222) |
Actuarial gain/(loss) arising from changes in financial assumptions | 2,138 | (611) | 210 |
Actuarial gain/(loss) arising from experience adjustments | 12 | (18) | (133) |
Liabilities [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | (21,754) | (22,943) | |
Current service cost | (216) | (220) | |
Special termination benefits | (5) | (16) | |
Past service costs including (losses)/gains on curtailments | 65 | (41) | |
Settlements | (2) | 1 | |
Interest cost | (603) | (576) | |
Actuarial gain/(loss) arising from changes in demographic assumptions | 183 | 42 | |
Actuarial gain/(loss) arising from changes in financial assumptions | (2,138) | 611 | |
Actuarial gain/(loss) arising from experience adjustments | (12) | 18 | |
Benefit payments | 1,208 | 1,199 | |
Currency retranslation | (628) | 161 | |
Others | (20) | 10 | |
Ending balance | (23,922) | (21,754) | (22,943) |
Liabilities [Member] | United Kingdom [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | (9,739) | (10,255) | |
Current service cost | (104) | (109) | |
Past service costs including (losses)/gains on curtailments | 56 | (46) | |
Interest cost | (276) | (254) | |
Actuarial gain/(loss) arising from changes in demographic assumptions | 157 | ||
Actuarial gain/(loss) arising from changes in financial assumptions | (955) | 351 | |
Actuarial gain/(loss) arising from experience adjustments | (44) | (45) | |
Benefit payments | 455 | 472 | |
Currency retranslation | (551) | 147 | |
Ending balance | (11,001) | (9,739) | (10,255) |
Liabilities [Member] | Netherlands [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | (4,664) | (4,913) | |
Current service cost | (4) | (4) | |
Past service costs including (losses)/gains on curtailments | 8 | ||
Interest cost | (82) | (87) | |
Actuarial gain/(loss) arising from changes in demographic assumptions | 14 | 53 | |
Actuarial gain/(loss) arising from changes in financial assumptions | (511) | 84 | |
Actuarial gain/(loss) arising from experience adjustments | (15) | 37 | |
Benefit payments | 165 | 166 | |
Others | (8) | ||
Ending balance | (5,097) | (4,664) | (4,913) |
Liabilities [Member] | All other countries [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | (7,351) | (7,775) | |
Current service cost | (108) | (107) | |
Special termination benefits | (5) | (16) | |
Past service costs including (losses)/gains on curtailments | 9 | (3) | |
Settlements | (2) | 1 | |
Interest cost | (245) | (235) | |
Actuarial gain/(loss) arising from changes in demographic assumptions | 12 | (11) | |
Actuarial gain/(loss) arising from changes in financial assumptions | (672) | 176 | |
Actuarial gain/(loss) arising from experience adjustments | 47 | 26 | |
Benefit payments | 588 | 561 | |
Currency retranslation | (77) | 14 | |
Others | (20) | 18 | |
Ending balance | € (7,824) | € (7,351) | € (7,775) |
Employees - Summary of Moveme_3
Employees - Summary of Movements in (Deficit)/Surplus (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of defined benefit plans [line items] | |||
Current service cost | € (216) | € (220) | € (245) |
Special termination benefits | (5) | (16) | (4) |
Past service costs including (losses)/gains on curtailments | 65 | (41) | 23 |
Actual return on plan assets (excluding amounts in net finance income/charge) | 2,385 | (1,108) | 1,475 |
Interest income | (573) | ||
Actuarial gain/(loss) arising from changes in demographic assumptions | 183 | 42 | 222 |
Actuarial gain/(loss) arising from changes in financial assumptions | (2,138) | 611 | (210) |
Actuarial gain/(loss) arising from experience adjustments | (12) | 18 | 133 |
Liabilities net of assets [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | (874) | (561) | |
Current service cost | (216) | (220) | |
Employee contributions | 17 | 17 | |
Special termination benefits | (5) | (16) | |
Past service costs including (losses)/gains on curtailments | 65 | (41) | |
Settlements | (2) | ||
Actual return on plan assets (excluding amounts in net finance income/charge) | 2,385 | (1,108) | |
Interest cost | (603) | (576) | |
Interest income | 573 | 551 | |
Actuarial gain/(loss) arising from changes in demographic assumptions | 183 | 42 | |
Actuarial gain/(loss) arising from changes in financial assumptions | (2,138) | 611 | |
Actuarial gain/(loss) arising from experience adjustments | (12) | 18 | |
Employer contributions | 401 | 383 | |
Currency retranslation | 85 | 26 | |
Others | (18) | ||
Change in asset ceiling, excluding amounts included in finance cost | (37) | ||
Ending balance | (196) | (874) | (561) |
Liabilities net of assets [member] | United Kingdom [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | 590 | 783 | |
Current service cost | (104) | (109) | |
Past service costs including (losses)/gains on curtailments | 56 | (46) | |
Actual return on plan assets (excluding amounts in net finance income/charge) | 1,233 | (459) | |
Interest cost | (276) | (254) | |
Interest income | 292 | 274 | |
Actuarial gain/(loss) arising from changes in demographic assumptions | 157 | ||
Actuarial gain/(loss) arising from changes in financial assumptions | (955) | 351 | |
Actuarial gain/(loss) arising from experience adjustments | (44) | (45) | |
Employer contributions | 94 | 95 | |
Currency retranslation | 78 | ||
Ending balance | 1,121 | 590 | 783 |
Liabilities net of assets [member] | Netherlands [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | 332 | 444 | |
Current service cost | (4) | (4) | |
Past service costs including (losses)/gains on curtailments | 8 | ||
Actual return on plan assets (excluding amounts in net finance income/charge) | 588 | (303) | |
Interest cost | (82) | (87) | |
Interest income | 89 | 95 | |
Actuarial gain/(loss) arising from changes in demographic assumptions | 14 | 53 | |
Actuarial gain/(loss) arising from changes in financial assumptions | (511) | 84 | |
Actuarial gain/(loss) arising from experience adjustments | (15) | 37 | |
Employer contributions | 14 | 14 | |
Others | (9) | ||
Ending balance | 425 | 332 | 444 |
Liabilities net of assets [member] | All other countries [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | (1,796) | (1,788) | |
Current service cost | (108) | (107) | |
Employee contributions | 17 | 17 | |
Special termination benefits | (5) | (16) | |
Past service costs including (losses)/gains on curtailments | 9 | (3) | |
Settlements | (2) | ||
Actual return on plan assets (excluding amounts in net finance income/charge) | 564 | (346) | |
Interest cost | (245) | (235) | |
Interest income | 192 | 182 | |
Actuarial gain/(loss) arising from changes in demographic assumptions | 12 | (11) | |
Actuarial gain/(loss) arising from changes in financial assumptions | (672) | 176 | |
Actuarial gain/(loss) arising from experience adjustments | 47 | 26 | |
Employer contributions | 293 | 274 | |
Currency retranslation | 7 | 26 | |
Others | (18) | 9 | |
Change in asset ceiling, excluding amounts included in finance cost | (37) | ||
Ending balance | € (1,742) | € (1,796) | € (1,788) |
Employees - Summary of Moveme_4
Employees - Summary of Movements in Irrecoverable Surplus (Detail) - Irrecoverable Surplus [Member] € in Millions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Disclosure of defined benefit plans [line items] | |
Change in asset ceiling, excluding amounts included in finance cost | € (37) |
Ending balance | (37) |
Rest Of The World | |
Disclosure of defined benefit plans [line items] | |
Change in asset ceiling, excluding amounts included in finance cost | (37) |
Ending balance | € (37) |
Employees - Summary of Principa
Employees - Summary of Principal Defined Benefit Liabilities and Split of Liabilities Between Different Categories of Plan Participants (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
United Kingdom [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Duration (years) | 18 years | 17 years |
Netherlands [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Duration (years) | 19 years | 18 years |
All other countries [member] | ||
Disclosure of defined benefit plans [line items] | ||
Duration (years) | 13 years | 12 years |
Bottom of range [member] | ||
Disclosure of defined benefit plans [line items] | ||
Duration (years) | 7 years | 7 years |
Top of range [member] | ||
Disclosure of defined benefit plans [line items] | ||
Duration (years) | 23 years | 23 years |
Active members [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of defined benefit liabilities | 16.00% | 15.00% |
Active members [Member] | United Kingdom [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of defined benefit liabilities | 14.00% | 12.00% |
Active members [Member] | Netherlands [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of defined benefit liabilities | 14.00% | 15.00% |
Active members [Member] | All other countries [member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of defined benefit liabilities | 21.00% | 21.00% |
Deferred members [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of defined benefit liabilities | 31.00% | 29.00% |
Deferred members [Member] | United Kingdom [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of defined benefit liabilities | 34.00% | 33.00% |
Deferred members [Member] | Netherlands [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of defined benefit liabilities | 41.00% | 38.00% |
Deferred members [Member] | All other countries [member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of defined benefit liabilities | 17.00% | 16.00% |
Retired members [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of defined benefit liabilities | 53.00% | 56.00% |
Retired members [Member] | United Kingdom [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of defined benefit liabilities | 52.00% | 55.00% |
Retired members [Member] | Netherlands [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of defined benefit liabilities | 45.00% | 47.00% |
Retired members [Member] | All other countries [member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of defined benefit liabilities | 62.00% | 63.00% |
Employees - Schedule of Fair Va
Employees - Schedule of Fair Value of Plans Assets, Which Are Reported Net of Fund Liabilities That Are Not Employee Benefits (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of fair value of plan assets [line items] | ||
Total plan assets | € 23,749 | € 20,867 |
Equities total | 7,756 | 6,281 |
Fixed income total | 11,362 | 10,505 |
Private equity | 396 | 447 |
Property and real estate | 1,728 | 1,579 |
Hedge funds | 757 | 783 |
Other | 1,158 | 1,117 |
Other plans | 300 | 312 |
Derivatives | 292 | (157) |
Government Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income total | 4,845 | 4,496 |
Investment Grade Corporate Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income total | 2,934 | 2,653 |
Other fixed income [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income total | 3,583 | 3,356 |
Europe [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equities total | 2,030 | 1,662 |
North America [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equities total | 3,844 | 3,119 |
Other Countries [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equities total | 1,882 | 1,500 |
United Kingdom [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Total plan assets | 12,122 | 10,329 |
Equities total | 4,173 | 3,182 |
Fixed income total | 5,317 | 4,963 |
Private equity | 325 | 363 |
Property and real estate | 916 | 852 |
Hedge funds | 688 | 663 |
Other | 454 | 435 |
Derivatives | 249 | (129) |
United Kingdom [Member] | Government Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income total | 2,711 | 2,474 |
United Kingdom [Member] | Investment Grade Corporate Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income total | 1,120 | 984 |
United Kingdom [Member] | Other fixed income [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income total | 1,486 | 1,505 |
United Kingdom [Member] | Europe [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equities total | 930 | 731 |
United Kingdom [Member] | North America [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equities total | 2,312 | 1,723 |
United Kingdom [Member] | Other Countries [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equities total | 931 | 728 |
Netherlands [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Total plan assets | 5,522 | 4,996 |
Equities total | 1,831 | 1,594 |
Fixed income total | 2,795 | 2,595 |
Private equity | 65 | 82 |
Property and real estate | 491 | 451 |
Other | 289 | 293 |
Derivatives | 51 | (19) |
Netherlands [Member] | Government Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income total | 765 | 769 |
Netherlands [Member] | Investment Grade Corporate Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income total | 542 | 502 |
Netherlands [Member] | Other fixed income [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income total | 1,488 | 1,324 |
Netherlands [Member] | Europe [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equities total | 517 | 480 |
Netherlands [Member] | North America [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equities total | 825 | 714 |
Netherlands [Member] | Other Countries [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equities total | 489 | 400 |
All other countries [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Total plan assets | 6,105 | 5,542 |
Equities total | 1,752 | 1,505 |
Fixed income total | 3,250 | 2,947 |
Private equity | 6 | 2 |
Property and real estate | 321 | 276 |
Hedge funds | 69 | 120 |
Other | 415 | 389 |
Other plans | 300 | 312 |
Derivatives | (8) | (9) |
All other countries [member] | Government Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income total | 1,369 | 1,253 |
All other countries [member] | Investment Grade Corporate Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income total | 1,272 | 1,167 |
All other countries [member] | Other fixed income [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income total | 609 | 527 |
All other countries [member] | Europe [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equities total | 583 | 451 |
All other countries [member] | North America [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equities total | 707 | 682 |
All other countries [member] | Other Countries [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equities total | € 462 | € 372 |
Employees - Schedule of Sensiti
Employees - Schedule of Sensitivity of Pension Liabilities to Changes in the Weighted Key Assumptions (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Discount Rate [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in assumption | Increase by 0.5% |
Change in liabilities | (8.00%) |
Discount Rate [Member] | United Kingdom [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in liabilities | (8.00%) |
Discount Rate [Member] | Netherlands [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in liabilities | (9.00%) |
Inflation Rate [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in assumption | Increase by 0.5% |
Change in liabilities | 6.00% |
Inflation Rate [Member] | United Kingdom [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in liabilities | 6.00% |
Inflation Rate [Member] | Netherlands [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in liabilities | 9.00% |
Life expectancy [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in assumption | Increase by 1 year |
Change in liabilities | 5.00% |
Life expectancy [Member] | United Kingdom [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in liabilities | 5.00% |
Life expectancy [Member] | Netherlands [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in liabilities | 5.00% |
Long-Term Medical Cost Inflation [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in assumption | Increase by 1.0% |
Change in liabilities | 3.00% |
Long-Term Medical Cost Inflation [Member] | United Kingdom [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in liabilities | 0.00% |
Long-Term Medical Cost Inflation [Member] | Netherlands [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in liabilities | 0.00% |
Employees - Schedule of Cash Fl
Employees - Schedule of Cash Flow in Respect of Pensions and Similar Post-employment Benefits (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of Employee Benefit Plan [Line Items] | |||||
Group cash flow in respect of pensions and similar benefits | € 700 | € 594 | € 561 | € 1,300 | |
Funded Plans [Member] | |||||
Disclosure of Employee Benefit Plan [Line Items] | |||||
Defined benefit | [1] | 340 | 244 | 238 | 954 |
Defined contributions | 210 | 193 | 179 | 195 | |
Unfunded Plans [Member] | |||||
Disclosure of Employee Benefit Plan [Line Items] | |||||
Defined benefit | € 150 | € 157 | € 144 | € 151 | |
[1] | Following the conclusion of the 2019 Funding valuation of the US Unicare Pension plan, the Group will contribute $100 million into the plan in 2020. Deficit contributions to the US pension plan are expected to be nil for the following few years. Following the conclusion of the 2016 triennial valuation of the UK pension fund the Group, in agreement with the trustees, decided to contribute £600 million into the fund in 2017. Following conclusion of the 2019 triennial valuation of the UK pension fund, deficit contributions to this fund are expected to be nil for the next few years. |
Employees - Schedule of Charges
Employees - Schedule of Charges Related to Equity-Settled Plans (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Share Based Compensation Plans [Line Items] | |||
Income statement charge | € (151) | € (196) | € (284) |
Performance share plans [Member] | |||
Disclosure of Share Based Compensation Plans [Line Items] | |||
Income statement charge | (142) | (183) | (273) |
Other plans [Member] | |||
Disclosure of Share Based Compensation Plans [Line Items] | |||
Income statement charge | € (9) | € (13) | € (11) |
Employees - Share- based Compen
Employees - Share- based Compensation Plans - Additional Information (Detail) - EUR (€) € in Millions | 2 Months Ended | 12 Months Ended | |
Feb. 21, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of Share Based Compensation Plans [Line Items] | |||
Shares and options outstanding in respect of share-based compensation plans | 11,944,106 | 14,595,111 | |
Number of ordinary shares held by NV group companies to satisfy options granted | 12,419,009 | 15,010,429 | |
Shares acquired to called up share capital, percentage | 0.14% | ||
Percentage of called up share capital, held in connection with share plans | 0.47% | 0.50% | |
Book value of shares held in respect of share-based compensation plans eliminated on consolidation | € 640 | € 704 | |
Market value of shares held in respect of share-based compensation plans eliminated on consolidation | € 635 | € 700 | |
PLC option with exercise price above market price | 0 | 0 | |
Performance share plan : Number of shares granted between between 31/12/2018 and 21/02/2019 | 0 | ||
Performance share plan : Number of shares vested between 31/12/2018 and 21/02/2019 | 2,848,795 | ||
Performance share plan : Number of shares forfeited between 31/12/2018 and 21/02/2019 | 123,506 | ||
Executive Directors [Member] | |||
Disclosure of Share Based Compensation Plans [Line Items] | |||
Maximum percentage of annual bonus that managers are entitled to invest in shares under MCIP | 67.00% | ||
Minimum Percentage Of Annual Bonus That Managers Are Entitled To Invest In MCIP Shares | 33.00% | ||
Bottom of range [member] | |||
Disclosure of Share Based Compensation Plans [Line Items] | |||
Range of share awards percentage for performance share plans | 0.00% | ||
Top of range [member] | |||
Disclosure of Share Based Compensation Plans [Line Items] | |||
Range of share awards percentage for performance share plans | 200.00% |
Employees - Summary of Status o
Employees - Summary of Status of Performance Share Plans and Related Changes (Detail) | 12 Months Ended | ||
Dec. 31, 2019€ / shares | Dec. 31, 2018€ / shares | Dec. 31, 2017€ / shares | |
Disclosure of Share Based Compensation Plans [Line Items] | |||
Fair value per share award during the year | € 48.22 | € 42.44 | € 42.59 |
Performance share plans [Member] | |||
Disclosure of Share Based Compensation Plans [Line Items] | |||
Outstanding at 1 January | 13,634,518 | 13,684,747 | 14,818,060 |
Awarded | 4,538,771 | 6,870,882 | 4,962,345 |
Vested | (6,041,011) | (5,854,388) | (4,723,861) |
Forfeited | (994,477) | (1,066,723) | (1,371,797) |
Outstanding at 31 December | 11,137,801 | 13,634,518 | 13,684,747 |
Net Finance Cost - Summary of N
Net Finance Cost - Summary of Net Finance Costs (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Disclosure of detailed information about finance income expense [Line Items] | ||||||
Finance costs | € (821) | € (718) | [1] | € (683) | [1] | |
Bank loans and overdrafts | (46) | |||||
Interest on bonds and other loans | (617) | |||||
Interest on lease liabilities | (100) | |||||
Net gain/(loss) on transactions for which hedge accounting is not applied | (58) | |||||
Finance income | 224 | 135 | [1] | 157 | [1] | |
Pensions and similar obligations | (30) | |||||
Net finance costs before non-underlying items | (627) | |||||
Premium paid on buyback of preference shares | (382) | |||||
Net finance costs | (627) | (608) | [1] | (1,004) | [1] | |
Restated [member] | ||||||
Disclosure of detailed information about finance income expense [Line Items] | ||||||
Finance costs | [1] | (718) | (683) | |||
Bank loans and overdrafts | [1] | (44) | (46) | |||
Interest on bonds and other loans | [1] | (560) | (519) | |||
Interest on lease liabilities | [1] | (127) | (127) | |||
Dividends paid on preference shares | [1] | (4) | ||||
Net gain/(loss) on transactions for which hedge accounting is not applied | [1] | 13 | 13 | |||
Finance income | [1] | 135 | 157 | |||
Pensions and similar obligations | [1] | (25) | (96) | |||
Net finance costs before non-underlying items | [1] | (608) | (622) | |||
Premium paid on buyback of preference shares | [1] | (382) | ||||
Net finance costs | [1] | (608) | (1,004) | |||
Foreign exchange derivatives [member] | ||||||
Disclosure of detailed information about finance income expense [Line Items] | ||||||
Net gain/(loss) on transactions for which hedge accounting is not applied | (321) | |||||
Foreign exchange derivatives [member] | Restated [member] | ||||||
Disclosure of detailed information about finance income expense [Line Items] | ||||||
Net gain/(loss) on transactions for which hedge accounting is not applied | [1] | 144 | 384 | |||
Exchange Differences On Underlying Items [Member] | ||||||
Disclosure of detailed information about finance income expense [Line Items] | ||||||
Net gain/(loss) on transactions for which hedge accounting is not applied | € 263 | |||||
Exchange Differences On Underlying Items [Member] | Restated [member] | ||||||
Disclosure of detailed information about finance income expense [Line Items] | ||||||
Net gain/(loss) on transactions for which hedge accounting is not applied | [1] | € (131) | € (371) | |||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Net Finance Cost - Summary of_2
Net Finance Cost - Summary of Net Finance Costs (Parenthetical) (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | ||
Statement [Line Items] | |||||
Unwinding of discount | € 6 | € 15 | |||
Provision for interest on indirect tax | 0 | 38 | |||
Finance costs | 821 | 718 | [1] | € 683 | |
Brazil [Member] | |||||
Statement [Line Items] | |||||
Interest on tax settlement | 70 | 0 | |||
Changes In Functional Currency | |||||
Statement [Line Items] | |||||
Finance costs | € 40 | € 0 | |||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Taxation - Summary of Tax Charg
Taxation - Summary of Tax Charge in Income Statement (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | [1] | |
Current tax | |||||
Current year | € (2,098) | € (2,647) | € (2,398) | ||
Over/(under) provided in prior years | 119 | (10) | (21) | ||
Current tax expense (income) | (1,979) | (2,657) | (2,419) | ||
Deferred tax | |||||
Origination and reversal of temporary differences | (255) | 5 | 53 | ||
Changes in tax rates | (59) | (12) | 604 | ||
Recognition of previously unrecognised losses brought forward | 30 | 92 | 92 | ||
Deferred tax expense (income) | (284) | 85 | 749 | ||
Total tax expense (income) | € (2,263) | € (2,572) | € (1,670) | ||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Taxation - Summary of Reconcili
Taxation - Summary of Reconciliation of Effective Tax Rate (Detail) | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | [2] | Dec. 31, 2017 | [2] | ||
Schedule of Reconciliation of Effective Tax Rate [Line Items] | ||||||
Computed rate of tax | [1] | 24.00% | 25.00% | 26.00% | ||
Incentive tax credits | (2.00%) | (3.00%) | (4.00%) | |||
Withholding tax on dividends | 3.00% | 2.00% | 2.00% | |||
Expenses not deductible for tax purposes | 1.00% | 1.00% | 1.00% | |||
Irrecoverable withholding tax | 1.00% | 1.00% | 1.00% | |||
Income tax reserve adjustments - current and prior year | 1.00% | |||||
Transfer to/(from) unrecognised deferred tax assets | (2.00%) | 1.00% | ||||
Others | 1.00% | (1.00%) | (1.00%) | |||
Underlying effective tax rate | 26.00% | 26.00% | 26.00% | |||
Non-underlying items within operating profit | [3] | (1.00%) | 1.00% | |||
Premium paid on Buyback of preference shares | [3] | 1.00% | ||||
Impact of US tax reform | [3] | (7.00%) | ||||
Impact of Spreads disposal | [3] | (4.00%) | ||||
Taxes related to the reorganisation of our European business | [3] | 2.00% | ||||
Effective tax rate | 28.00% | 21.00% | 21.00% | |||
[1] | The computed tax rate used is the average of the standard rate of tax applicable in the countries in which Unilever operates, weighted by the amount of underlying profit before taxation generated in each of those countries. For this reason, the rate may vary from year to year according to the mix of profit and related tax rates. | |||||
[2] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | |||||
[3] | See note 3 for explanation of non-underlying items. |
Taxation - Additional Informati
Taxation - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Unused tax losses for which deferred tax asset recognised or not | € 4,790 | € 5,346 |
Unused tax credits for which deferred tax asset recognised or not | 524 | 570 |
Unused tax losses for which no deferred tax asset recognised | 4,272 | 4,914 |
Unused tax credits for which no deferred tax asset recognised | 497 | 570 |
Tax losses and credits for which deferred tax has not been recognized and which have a date to expire | 4,108 | 4,752 |
Other deductible temporary differences for which no deferred tax asset recognised | 48 | 48 |
Aggregate amount of temporary differences associated with undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognised | 2,476 | 2,681 |
Unrecognised tax provision | € 787 | € 716 |
Tax rate effect | 25.17% |
Taxation - Summary of Movements
Taxation - Summary of Movements in Deferred Tax Asset (Liability) (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax asset (liability) beginning balance | [1] | € (748) | € (770) | |
Income statement | (284) | 85 | [1] | |
Other | (205) | (63) | [1] | |
Deferred tax asset (liability) ending balance | (1,237) | (748) | [1] | |
Pensions and similar obligations [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax asset (liability) beginning balance | [1] | 404 | 316 | |
Income statement | (81) | (26) | [1] | |
Other | (51) | 114 | [1] | |
Deferred tax asset (liability) ending balance | 272 | 404 | [1] | |
Provisions and accruals [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax asset (liability) beginning balance | [1] | 821 | 653 | |
Income statement | (73) | 193 | [1] | |
Other | 8 | (25) | [1] | |
Deferred tax asset (liability) ending balance | 756 | 821 | [1] | |
Goodwill and intangible assets [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax asset (liability) beginning balance | [1] | (1,911) | (1,652) | |
Income statement | (31) | (154) | [1] | |
Other | (154) | (105) | [1] | |
Deferred tax asset (liability) ending balance | (2,096) | (1,911) | [1] | |
Accelerated tax depreciation [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax asset (liability) beginning balance | [1] | (679) | (679) | |
Income statement | 12 | 5 | [1] | |
Other | (18) | (5) | [1] | |
Deferred tax asset (liability) ending balance | (685) | (679) | [1] | |
Tax losses [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax asset (liability) beginning balance | [1] | 130 | 130 | |
Income statement | 63 | 11 | [1] | |
Other | (9) | (11) | [1] | |
Deferred tax asset (liability) ending balance | 184 | 130 | [1] | |
Fair value gains [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax asset (liability) beginning balance | [1] | 155 | 100 | |
Income statement | (200) | 58 | [1] | |
Other | (5) | (3) | [1] | |
Deferred tax asset (liability) ending balance | (50) | 155 | [1] | |
Fair value losses [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax asset (liability) beginning balance | [1] | 22 | 24 | |
Income statement | (2) | (2) | [1] | |
Other | (5) | [1] | ||
Deferred tax asset (liability) ending balance | 15 | 22 | [1] | |
Share-based payments [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax asset (liability) beginning balance | [1] | 175 | 194 | |
Income statement | (39) | (14) | [1] | |
Other | 20 | (5) | [1] | |
Deferred tax asset (liability) ending balance | 156 | 175 | [1] | |
Other [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax asset (liability) beginning balance | [1] | 77 | 86 | |
Income statement | 73 | 11 | [1] | |
Other | 11 | (20) | [1] | |
Deferred tax asset (liability) ending balance | 161 | 77 | [1] | |
Lease liability [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax asset (liability) beginning balance | [1] | 428 | 441 | |
Income statement | (113) | 2 | [1] | |
Other | 4 | (15) | [1] | |
Deferred tax asset (liability) ending balance | 319 | 428 | [1] | |
Right of use asset [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax asset (liability) beginning balance | [1] | (370) | (383) | |
Income statement | 107 | 1 | [1] | |
Other | (6) | 12 | [1] | |
Deferred tax asset (liability) ending balance | € (269) | € (370) | [1] | |
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Taxation - Summary of Deferred
Taxation - Summary of Deferred Tax Assets and Liabilities (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | [1] |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Assets | € 1,336 | € 1,152 | |||
Liabilities | (2,573) | (1,900) | |||
Total | (1,237) | (748) | € (770) | ||
More than 1 year [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Assets | 1,030 | 856 | |||
Liabilities | (2,681) | (2,027) | |||
Total | (1,651) | (1,171) | |||
Pensions and similar obligations [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Assets | 402 | 334 | |||
Liabilities | (130) | 70 | |||
Total | 272 | 404 | 316 | ||
Provisions and accruals [member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Assets | 495 | 578 | |||
Liabilities | 261 | 243 | |||
Total | 756 | 821 | 653 | ||
Goodwill and intangible assets [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Assets | 248 | 41 | |||
Liabilities | (2,344) | (1,952) | |||
Total | (2,096) | (1,911) | (1,652) | ||
Accelerated tax depreciation [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Assets | (67) | (64) | |||
Liabilities | (618) | (615) | |||
Total | (685) | (679) | (679) | ||
Tax losses [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Assets | 153 | 126 | |||
Liabilities | 31 | 4 | |||
Total | 184 | 130 | 130 | ||
Fair value gains [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Assets | (14) | 12 | |||
Liabilities | (36) | 143 | |||
Total | (50) | 155 | 100 | ||
Fair value losses [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Assets | 2 | ||||
Liabilities | 15 | 20 | |||
Total | 15 | 22 | 24 | ||
Share-based payments [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Assets | 31 | 59 | |||
Liabilities | 125 | 116 | |||
Total | 156 | 175 | 194 | ||
Other [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Assets | 60 | 29 | |||
Liabilities | 101 | 48 | |||
Total | 161 | 77 | 86 | ||
Lease liability [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Assets | 170 | 245 | |||
Liabilities | 149 | 183 | |||
Total | 319 | 428 | 441 | ||
Right of use asset [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Assets | (142) | (210) | |||
Liabilities | (127) | (160) | |||
Total | € (269) | € (370) | € (383) | ||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Taxation - Tax Effects of Compo
Taxation - Tax Effects of Components of Other Comprehensive Income (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | [1] | ||
Before tax | ||||||
Gains/(losses) on equity instruments at fair value through other comprehensive income, Before tax | € 35 | € 51 | ||||
Gains/(losses) on cash flow hedges, Before tax | 198 | (70) | ||||
Remeasurements of defined benefit pension plans, Before tax | 381 | (437) | ||||
Currency retranslation gains/(losses), Before tax | 6 | (847) | ||||
Other comprehensive income, Before tax | 620 | (1,303) | ||||
Tax (charge)/credit | ||||||
Gains/(losses) on equity instruments at fair value through other comprehensive income, Tax (charge)/credit | (6) | |||||
Gains/(losses) on cash flow hedges, Tax (charge)/credit | (22) | 15 | ||||
Remeasurements of defined benefit pension plans, Tax (charge)/credit | (28) | 109 | ||||
Currency retranslation gains/(losses),Tax (charge)/credit | (21) | 8 | ||||
Other comprehensive income, Tax (charge)/credit | (77) | 132 | ||||
After tax | ||||||
Gains/(losses) on equity instruments at fair value through other comprehensive income, After tax | [2] | 29 | 51 | |||
Gains/(losses) on cash flow hedges, After tax | 176 | (55) | [2] | € (68) | ||
Remeasurements of defined benefit pension plans, After tax | 353 | (328) | 1,282 | |||
Currency retranslation gains/(losses), After tax | (15) | (839) | € (935) | |||
Other comprehensive income, After tax | € 543 | € (1,171) | ||||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | |||||
[2] | Classification was changed in 2018 following adoption of IFRS 9. |
Combined Earnings Per Share - A
Combined Earnings Per Share - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings per share [abstract] | |
Description on diluted earnings per share and underlying earnings per share calculation | In calculating diluted earnings per share and underlying earnings per share, a number of adjustments are made to the number of shares, principally, the exercise of share options by employees. |
Combined Earnings Per Share - S
Combined Earnings Per Share - Summary of Computation of Earnings Per Share (Detail) - EUR (€) € / shares in Units, € in Millions, shares in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | [1] | |
Earnings per share [line items] | |||||
Basic earnings per share | € 2.15 | € 3.49 | € 2.15 | ||
Diluted earnings per share | 2.14 | 3.48 | 2.14 | ||
Underlying earnings per share | € 2.55 | € 2.35 | € 2.23 | ||
Less treasury shares held by employee share trusts and companies | (157) | (295.4) | (223.3) | ||
Combined average number of share units | 2,616.5 | 2,683.3 | 2,801.6 | ||
Add dilutive effect of share-based compensation plans | 10.2 | 11.5 | 12.4 | ||
Diluted combined average number of share units - used for diluted and underlying earnings per share | 2,626.7 | 2,694.8 | 2,814 | ||
Net profit | € 6,026 | € 9,788 | € 6,456 | ||
Non-controlling interests | (401) | (419) | (433) | ||
Net profit attributable to shareholders' equity - used for basic and diluted earnings per share | 5,625 | 9,369 | 6,023 | ||
Post tax impact of non-underlying items | 1,063 | (3,024) | 262 | ||
Underlying profit attributable to shareholders' equity - used for underlying earnings per share | € 6,688 | € 6,345 | € 6,285 | ||
Unilever N.V. [member] | |||||
Earnings per share [line items] | |||||
Combined average number of share units | 1,598 | 1,714.7 | 1,714.7 | ||
Unilever PLC [member] | |||||
Earnings per share [line items] | |||||
Combined average number of share units | 1,175.5 | 1,264 | 1,310.2 | ||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Dividends on Ordinary Capital -
Dividends on Ordinary Capital - Summary of Dividends on Ordinary Capital (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure of Dividends [Line Items] | |||||
Dividend on ordinary capital during the year | € (4,223) | € (4,081) | [1] | € (3,916) | [1] |
Unilever N.V. [member] | |||||
Disclosure of Dividends [Line Items] | |||||
Dividend on ordinary capital during the year | (2,352) | (2,262) | (2,154) | ||
Unilever PLC [member] | |||||
Disclosure of Dividends [Line Items] | |||||
Dividend on ordinary capital during the year | € (1,871) | € (1,819) | € (1,762) | ||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Dividends on Ordinary Capital_2
Dividends on Ordinary Capital - Additional Information (Detail) € / shares in Units, € in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2019EUR (€)€ / shares | Dec. 31, 2019£ / shares | Dec. 31, 2018€ / shares | Dec. 31, 2018£ / shares | Dec. 31, 2018EUR (€) | Dec. 31, 2019€ / shares | Dec. 31, 2019£ / shares | Dec. 31, 2018€ / shares | Dec. 31, 2018£ / shares | |
Disclosure of Dividends [Line Items] | |||||||||
Dividend declared | € | € 1,073 | ||||||||
Unilever N.V. [member] | |||||||||
Disclosure of Dividends [Line Items] | |||||||||
Dividend declared and paid during the year | € / shares | € 1.62 | € 1.52 | |||||||
Dividends declared per ordinary share | € / shares | € 0.41 | € 0.39 | € 1.64 | € 1.55 | |||||
Unilever PLC [member] | |||||||||
Disclosure of Dividends [Line Items] | |||||||||
Dividend declared and paid during the year | £ / shares | £ 1.42 | £ 1.33 | |||||||
Dividends declared per ordinary share | £ / shares | £ 0.35 | £ 0.34 | £ 1.43 | £ 1.35 | |||||
Unilever N .V. and Unilever PLC [member] | |||||||||
Disclosure of Dividends [Line Items] | |||||||||
Dividend declared | € | € 1,073 | € 1,003 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) € in Millions | 12 Months Ended | |
Dec. 31, 2019EUR (€)DivisionsGeographicalAreas | Dec. 31, 2018 | |
Disclosure of detailed information about intangible assets [line items] | ||
Number of divisions included in cash generating units | Divisions | 3 | |
Number of geographical areas included in cash generating units | GeographicalAreas | 3 | |
Number of cash generating units | 9 | |
Impairment of goodwill | € | € 18 | |
Pre-tax discount rate | 7.40% | 7.40% |
Projection period | 5 years | |
Top of range [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Amortisation period of finite-life intangible assets | ten years |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Net Book Value Goodwill and Intangible Assets (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | [1] | € 29,493 | ||
Ending balance | [1] | 31,029 | € 29,493 | |
Cost [Member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 33,541 | 31,906 | ||
Hyperinflation restatement to 1 January 2018 | 272 | |||
Additions through business combinations | 1,220 | 1,307 | ||
Disposal of businesses | (8) | (2) | ||
Reclassification to held for sale | (2) | (283) | [2] | |
Reclassification from held for sale | 9 | |||
Additions | 208 | 203 | ||
Disposals | (13) | (15) | ||
Currency retranslation | 583 | 4 | ||
Hyperinflationary adjustment | (10) | 140 | ||
Ending balance | 35,519 | 33,541 | ||
Accumulated depreciation, amortisation and impairment [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | (4,048) | (3,505) | ||
Hyperinflation restatement to 1 January 2018 | (3) | |||
Amortisation/impairment for the year | (370) | (556) | ||
Disposal of businesses | 5 | |||
Disposals | 6 | 14 | ||
Currency retranslation | (83) | 4 | ||
Hyperinflationary adjustment | (2) | |||
Ending balance | (4,490) | (4,048) | ||
Goodwill [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | [1] | 17,341 | ||
Ending balance | [1] | 18,067 | 17,341 | |
Goodwill [member] | Cost [Member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 18,502 | 18,042 | ||
Hyperinflation restatement to 1 January 2018 | 244 | |||
Additions through business combinations | 444 | 470 | ||
Disposal of businesses | (2) | (1) | ||
Reclassification to held for sale | (2) | (227) | [2] | |
Currency retranslation | 313 | (151) | ||
Hyperinflationary adjustment | (9) | 125 | ||
Ending balance | 19,246 | 18,502 | ||
Goodwill [member] | Accumulated depreciation, amortisation and impairment [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | (1,161) | (1,161) | ||
Amortisation/impairment for the year | (18) | |||
Ending balance | (1,179) | (1,161) | ||
Indefinite-life intangible assets [Member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | [1] | 11,035 | ||
Ending balance | [1] | 11,909 | 11,035 | |
Indefinite-life intangible assets [Member] | Cost [Member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 11,247 | 10,275 | ||
Hyperinflation restatement to 1 January 2018 | 25 | |||
Additions through business combinations | 726 | 825 | ||
Disposal of businesses | (1) | (1) | ||
Reclassification to held for sale | [2] | (55) | ||
Reclassification from held for sale | 9 | |||
Currency retranslation | 150 | 156 | ||
Hyperinflationary adjustment | (1) | 13 | ||
Ending balance | 12,121 | 11,247 | ||
Indefinite-life intangible assets [Member] | Accumulated depreciation, amortisation and impairment [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | (212) | (14) | ||
Amortisation/impairment for the year | (198) | |||
Ending balance | (212) | (212) | ||
Software [Member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | [1] | 762 | ||
Ending balance | [1] | 699 | 762 | |
Software [Member] | Cost [Member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 2,689 | 2,499 | ||
Hyperinflation restatement to 1 January 2018 | 3 | |||
Reclassification to held for sale | [2] | (1) | ||
Additions | 205 | 201 | ||
Disposals | (11) | |||
Currency retranslation | 108 | (15) | ||
Hyperinflationary adjustment | 2 | |||
Ending balance | 2,991 | 2,689 | ||
Software [Member] | Accumulated depreciation, amortisation and impairment [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | (1,927) | (1,637) | ||
Hyperinflation restatement to 1 January 2018 | (3) | |||
Amortisation/impairment for the year | (296) | (297) | ||
Disposals | 5 | |||
Currency retranslation | (74) | 12 | ||
Hyperinflationary adjustment | (2) | |||
Ending balance | (2,292) | (1,927) | ||
Other [Member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | [1] | 355 | ||
Ending balance | [1] | 354 | 355 | |
Other [Member] | Cost [Member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 1,103 | 1,090 | ||
Additions through business combinations | 50 | 12 | ||
Disposal of businesses | (5) | |||
Additions | 3 | 2 | ||
Disposals | (2) | (15) | ||
Currency retranslation | 12 | 14 | ||
Ending balance | 1,161 | 1,103 | ||
Other [Member] | Accumulated depreciation, amortisation and impairment [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | (748) | (693) | ||
Amortisation/impairment for the year | (56) | (61) | ||
Disposal of businesses | 5 | |||
Disposals | 1 | 14 | ||
Currency retranslation | (9) | (8) | ||
Ending balance | € (807) | € (748) | ||
[1] | Within the indefinite-life intangible assets there are three brands that have a significant carrying value: Knorr €1,816 milion (2018: €1,789 million), Carver Korea €1,509 million (2018: €1,534 million) and Hellmann’s €1,220 million (2018: €1,195 million). | |||
[2] | In 2018, Goodwill and intangibles amounting to €283 million was reclassified as held for sale in relation to the Spreads and Alsa baking and dessert businesses. |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summary of Net Book Value Goodwill and Intangible Assets (Parenthetical) (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Indefinite-life intangible assets that have significant carrying value | [1] | € 29,493 | € 31,029 |
Disposal Groups Held for Sale [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill and intangible assets reclassified as held for sale | (283) | ||
Indefinite-life intangible assets that have significant carrying value | [2] | 82 | 3 |
Knorr [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Indefinite-life intangible assets that have significant carrying value | 1,789 | 1,816 | |
Carver Korea [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Indefinite-life intangible assets that have significant carrying value | 1,534 | 1,509 | |
Hellmann's [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Indefinite-life intangible assets that have significant carrying value | € 1,195 | € 1,220 | |
[1] | Within the indefinite-life intangible assets there are three brands that have a significant carrying value: Knorr €1,816 milion (2018: €1,789 million), Carver Korea €1,509 million (2018: €1,534 million) and Hellmann’s €1,220 million (2018: €1,195 million). | ||
[2] | In 2018, disposal groups held for sale consists of assets mainly relating to Alsa baking and dessert business which was disposed during 2019. |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Summary of Goodwill and Indefinite-life Intangible Assets Held in Significant CGUs for Multiple Cash Generating Units (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | ||
Disclosure of detailed information about intangible assets [line items] | ||||||
Goodwill | € 18,067 | € 17,341 | [1] | € 16,881 | ||
Food and Refreshment [Member] | Europe [member] | ||||||
Disclosure of detailed information about intangible assets [line items] | ||||||
Goodwill | 4,100 | 3,900 | ||||
Indefinite-life intangible assets | 1,700 | 1,600 | ||||
Food and Refreshment [Member] | The Americas [member] | ||||||
Disclosure of detailed information about intangible assets [line items] | ||||||
Goodwill | 4,000 | 3,900 | ||||
Indefinite-life intangible assets | 2,100 | 2,100 | ||||
Beauty & Personal Care [member] | The Americas [member] | ||||||
Disclosure of detailed information about intangible assets [line items] | ||||||
Goodwill | 4,300 | 4,000 | ||||
Indefinite-life intangible assets | 3,100 | 2,800 | ||||
Beauty & Personal Care [member] | Asia/AMET/RUB [member] | ||||||
Disclosure of detailed information about intangible assets [line items] | ||||||
Goodwill | 1,700 | 1,700 | ||||
Indefinite-life intangible assets | 2,000 | 2,000 | ||||
Total significant CGUs | ||||||
Disclosure of detailed information about intangible assets [line items] | ||||||
Goodwill | 14,100 | 13,500 | ||||
Indefinite-life intangible assets | 8,900 | 8,500 | ||||
Others | ||||||
Disclosure of detailed information about intangible assets [line items] | ||||||
Goodwill | [2] | 4,000 | 3,800 | |||
Indefinite-life intangible assets | [2] | 3,000 | 2,500 | |||
Total CGUs | ||||||
Disclosure of detailed information about intangible assets [line items] | ||||||
Goodwill | 18,100 | 17,300 | ||||
Indefinite-life intangible assets | € 11,900 | € 11,000 | ||||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | |||||
[2] | Included within others are goodwill and intangible assets that are allocated to multiple cash generating units which are insignificant. |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets - Summary of Key Assumptions Used in Discounted Cash Flow (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Food and Refreshment [Member] | Europe [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Longer-term sustainable growth rates | 1.10% | 1.20% |
Average near-term nominal growth rates | 1.20% | 0.00% |
Average operating margins | 16.00% | 16.00% |
Food and Refreshment [Member] | The Americas [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Longer-term sustainable growth rates | 1.70% | 1.60% |
Average near-term nominal growth rates | (1.20%) | 0.70% |
Average operating margins | 15.00% | 15.00% |
Beauty & Personal Care [member] | The Americas [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Longer-term sustainable growth rates | 1.70% | 1.60% |
Average near-term nominal growth rates | 1.60% | 2.80% |
Average operating margins | 21.00% | 20.00% |
Beauty & Personal Care [member] | Asia/AMET/RUB [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Longer-term sustainable growth rates | 3.90% | 3.80% |
Average near-term nominal growth rates | 5.30% | 3.90% |
Average operating margins | 22.00% | 22.00% |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||
Total cash outflows for leases | € 534 | € 575 |
Commitments to purchase property, plant and equipment | 264 | 324 |
Short term lease expense | 97 | 95 |
Low value lease expense | 79 | 70 |
Income from sublet | € 25 | € 22 |
Freehold buildings [Member] | ||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 40 years | |
Leasehold land and buildings [Member] | ||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 40 years (or life of lease if less) | |
Plant and equipment [Member] | ||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2–20 years |
Property, Plant and Equipment_2
Property, Plant and Equipment - Summary of Detailed Information About Lease And Own Assets (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | [1] | Jan. 01, 2018 | [1] |
Property, plant and equipment [abstract] | |||||
Property, plant and equipment | € 12,062 | € 12,088 | € 12,270 | ||
Owned assets [Member] | |||||
Property, plant and equipment [abstract] | |||||
Property, plant and equipment | 10,249 | 10,214 | |||
Lease assets [Member] | |||||
Property, plant and equipment [abstract] | |||||
Property, plant and equipment | € 1,813 | € 1,874 | |||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Property, Plant and Equipment_3
Property, Plant and Equipment - Summary of Movements in Property, Plant and Equipment (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Beginning balance | [1] | € 12,088 | ||
Ending balance | 12,062 | € 12,088 | [1] | |
Owned assets [Member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Beginning balance | [1] | 10,214 | ||
Ending balance | 10,249 | 10,214 | [1] | |
Owned assets [Member] | Plant and equipment [Member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Beginning balance | [1] | 7,218 | ||
Ending balance | 7,230 | 7,218 | [1] | |
Owned assets [Member] | Land and buildings [Member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Beginning balance | [1] | 2,996 | ||
Ending balance | 3,019 | 2,996 | [1] | |
Owned assets [Member] | Cost [Member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Beginning balance | [1] | 19,602 | 19,067 | |
Hyperinflation restatement at the beginning of the year | [1] | 219 | ||
Additions through business combinations | 35 | 42 | [1] | |
Additions | 1,316 | 1,323 | [1] | |
Disposals | (721) | (682) | [1] | |
Hyperinflationary adjustment | (31) | 142 | [1] | |
Reclassification as held for sale | (179) | (71) | [1] | |
Currency retranslation | 320 | (438) | [1] | |
Ending balance | 20,342 | 19,602 | [1] | |
Owned assets [Member] | Cost [Member] | Plant and equipment [Member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Beginning balance | [1] | 15,216 | 14,811 | |
Hyperinflation restatement at the beginning of the year | [1] | 182 | ||
Additions through business combinations | 28 | 31 | [1] | |
Additions | 1,141 | 1,087 | [1] | |
Disposals | (649) | (585) | [1] | |
Hyperinflationary adjustment | (28) | 93 | [1] | |
Reclassification as held for sale | (116) | (54) | [1] | |
Currency retranslation | 252 | (349) | [1] | |
Ending balance | 15,844 | 15,216 | [1] | |
Owned assets [Member] | Cost [Member] | Land and buildings [Member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Beginning balance | [1] | 4,386 | 4,256 | |
Hyperinflation restatement at the beginning of the year | [1] | 37 | ||
Additions through business combinations | 7 | 11 | [1] | |
Additions | 175 | 236 | [1] | |
Disposals | (72) | (97) | [1] | |
Hyperinflationary adjustment | (3) | 49 | [1] | |
Reclassification as held for sale | (63) | (17) | [1] | |
Currency retranslation | 68 | (89) | [1] | |
Ending balance | 4,498 | 4,386 | [1] | |
Owned assets [Member] | Accumulated depreciation [Member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Beginning balance | [1] | (9,388) | (8,795) | |
Hyperinflation restatement at the beginning of the year | [1] | (116) | ||
Depreciation charge for the year | (1,156) | (1,177) | [1] | |
Disposals | 484 | 577 | [1] | |
Hyperinflationary adjustment | 35 | (60) | [1] | |
Reclassification as held for sale | 119 | 43 | [1] | |
Currency retranslation | (187) | 140 | [1] | |
Ending balance | (10,093) | (9,388) | [1] | |
Includes capital expenditures for assets under construction | 950 | 1,086 | [1] | |
Owned assets [Member] | Accumulated depreciation [Member] | Plant and equipment [Member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Beginning balance | [1] | (7,998) | (7,450) | |
Hyperinflation restatement at the beginning of the year | [1] | (106) | ||
Depreciation charge for the year | (1,022) | (1,062) | [1] | |
Disposals | 456 | 514 | [1] | |
Hyperinflationary adjustment | 30 | (53) | [1] | |
Reclassification as held for sale | 81 | 33 | [1] | |
Currency retranslation | (161) | 126 | [1] | |
Ending balance | (8,614) | (7,998) | [1] | |
Includes capital expenditures for assets under construction | 872 | 956 | [1] | |
Owned assets [Member] | Accumulated depreciation [Member] | Land and buildings [Member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Beginning balance | [1] | (1,390) | (1,345) | |
Hyperinflation restatement at the beginning of the year | [1] | (10) | ||
Depreciation charge for the year | (134) | (115) | [1] | |
Disposals | 28 | 63 | [1] | |
Hyperinflationary adjustment | 5 | (7) | [1] | |
Reclassification as held for sale | 38 | 10 | [1] | |
Currency retranslation | (26) | 14 | [1] | |
Ending balance | (1,479) | (1,390) | [1] | |
Includes capital expenditures for assets under construction | € 78 | € 130 | [1] | |
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Property, Plant and Equipment_4
Property, Plant and Equipment - Summary of Movements in Property, Plant and Equipment (Parenthetical) (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | |
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, net | € 12,062 | € 12,088 | [1] | € 12,270 | |
Freehold land [Member] | |||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, net | € 319 | € 302 | |||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Property, Plant and Equipment_5
Property, Plant and Equipment - Summary of Detailed Information Of Movement Of Leases (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | [1] | € 12,088 | ||
Ending balance | 12,062 | € 12,088 | [1] | |
Assets Under Lease [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | [1] | 1,874 | ||
Ending balance | 1,813 | 1,874 | [1] | |
Cost [Member] | Assets Under Lease [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | [1] | 3,586 | 3,679 | |
Additions | 452 | 421 | [1] | |
Disposals | (420) | (451) | [1] | |
Hyperinflationary adjustment | 23 | |||
Currency retranslation | 60 | (63) | [1] | |
Ending balance | 3,701 | 3,586 | [1] | |
Accumulated depreciation [Member] | Assets Under Lease [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | [1] | (1,712) | (1,682) | |
Depreciation charge for the year | (456) | (483) | [1] | |
Disposals | 304 | 421 | [1] | |
Hyperinflationary adjustment | 9 | |||
Currency retranslation | (33) | 32 | [1] | |
Ending balance | (1,888) | (1,712) | [1] | |
Land and buildings [Member] | Assets Under Lease [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | [1] | 1,529 | ||
Ending balance | 1,477 | 1,529 | [1] | |
Land and buildings [Member] | Cost [Member] | Assets Under Lease [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | [1] | 2,770 | 2,880 | |
Additions | 278 | 250 | [1] | |
Disposals | (240) | (310) | [1] | |
Hyperinflationary adjustment | 23 | |||
Currency retranslation | 43 | (50) | [1] | |
Ending balance | 2,874 | 2,770 | [1] | |
Land and buildings [Member] | Accumulated depreciation [Member] | Assets Under Lease [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | [1] | (1,241) | (1,275) | |
Depreciation charge for the year | (297) | (300) | [1] | |
Disposals | 154 | 307 | [1] | |
Hyperinflationary adjustment | 9 | |||
Currency retranslation | (22) | 27 | [1] | |
Ending balance | (1,397) | (1,241) | [1] | |
Property, plant and equipment [member] | Assets Under Lease [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | [1] | 345 | ||
Ending balance | 336 | 345 | [1] | |
Property, plant and equipment [member] | Cost [Member] | Assets Under Lease [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | [1] | 816 | 799 | |
Additions | 174 | 171 | [1] | |
Disposals | (180) | (141) | [1] | |
Hyperinflationary adjustment | 0 | |||
Currency retranslation | 17 | (13) | [1] | |
Ending balance | 827 | 816 | [1] | |
Property, plant and equipment [member] | Accumulated depreciation [Member] | Assets Under Lease [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | [1] | (471) | (407) | |
Depreciation charge for the year | (159) | (183) | [1] | |
Disposals | 150 | 114 | [1] | |
Currency retranslation | (11) | 5 | [1] | |
Ending balance | € (491) | € (471) | [1] | |
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Other Non-Current Assets - Summ
Other Non-Current Assets - Summary of Other Non-current Assets (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | [1] | Jan. 01, 2018 | [4] | |
Miscellaneous non-current assets [abstract] | ||||||
Interest in net assets of joint ventures | € 35 | € 14 | ||||
Interest in net assets of associates | 37 | 40 | ||||
Long-term trade and other receivables | [2] | 380 | 307 | |||
Fair value of biological assets | 17 | 18 | ||||
Other non-current assets | [3] | 184 | 151 | |||
Total other non-current assets | € 653 | € 530 | € 441 | |||
[1] | Restated following adoption of IFRS 16. Operating lease prepayments for land that were previously reported within other non-current assets, have now been included within leased assets. See note1 and note 24 for further details. | |||||
[2] | Mainly relates to indirect tax receivables where we do not have the contractual right to receive payment within 12 months. | |||||
[3] | Mainly relates to tax assets. | |||||
[4] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Other Non-Current Assets - Move
Other Non-Current Assets - Movements in Interest in Joint Ventures and Associates (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure Of Joint Ventures And Associates [Line Items] | ||||
Beginning balance | [1] | € 530 | ||
Ending balance | 653 | € 530 | [1] | |
Associates [member] | ||||
Disclosure Of Joint Ventures And Associates [Line Items] | ||||
Beginning balance | [2] | 40 | 44 | |
Additions | [2] | 1 | 3 | |
Share of net profit/(loss) | [2] | (3) | (5) | |
Currency retranslation | [2] | (1) | (2) | |
Ending balance | [2] | 37 | 40 | |
Joint ventures [member] | ||||
Disclosure Of Joint Ventures And Associates [Line Items] | ||||
Beginning balance | [3] | 14 | 32 | |
Additions | [3] | 5 | ||
Dividend received/reductions | [3],[4] | (158) | (216) | |
Share of net profit/(loss) | [3] | 179 | 190 | |
Currency retranslation | [3] | 3 | ||
Ending balance | [3] | € 35 | € 14 | |
[1] | Restated following adoption of IFRS 16. Operating lease prepayments for land that were previously reported within other non-current assets, have now been included within leased assets. See note1 and note 24 for further details. | |||
[2] | Associates as at 31 December 2019 primarily comprise our investments in Langholm Capital Partners. | |||
[3] | Our principal joint ventures are Unilever FIMA LDA for Portugal, the Pepsi/Lipton Partnership for the US and Pepsi Lipton International for the rest of the world. | |||
[4] | 2018 includes a capital reduction in joint venture of Unilever FIMA LDA of €64 million. |
Other Non-Current Assets - Mo_2
Other Non-Current Assets - Movements in Interest in Joint Ventures and Associates (Parenthetical) (Detail) € in Millions | 12 Months Ended |
Dec. 31, 2018EUR (€) | |
Unilever FIMA LDA [member] | Joint ventures [member] | |
Disclosure Of Joint Ventures And Associates [Line Items] | |
Capital reduction in Joint venture | € 64 |
Other Non-current Assets - Addi
Other Non-current Assets - Additional Information (Detail) | Dec. 31, 2019EUR (€) |
Miscellaneous non-current assets [abstract] | |
Contingent liabilities incurred in relation to interests in joint ventures | € 0 |
Contingent liabilities incurred in relation to interests in associates | 0 |
Capital commitments to joint ventures | € 0 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | |
Classes of current inventories [abstract] | |||||
Raw materials and consumables | € 1,399 | € 1,454 | |||
Finished goods and goods for resale | 3,053 | 3,052 | |||
Total inventories | 4,452 | 4,506 | |||
Provision for inventories | (288) | (205) | |||
Total | € 4,164 | € 4,301 | [1] | € 3,962 | |
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Inventories - Summary Reconcili
Inventories - Summary Reconciliation Of Provision For Inventories (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure Of Reconciliation Of Provision For Inventories [Line Items] | |||
Provisions for inventories beginning balance | € 205 | € 194 | |
Charge to income statement | 153 | 92 | |
Reduction/releases | (71) | (72) | |
Currency translations | (7) | ||
Others | [1] | 1 | (2) |
Provisions for inventories ending balance | € 288 | € 205 | |
[1] | Others mainly include the amount towards the acquisition/ disposal of business and transfers. |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Classes of current inventories [abstract] | ||
Inventories carried at net realisable value | € 159 | € 124 |
Total expense towards inventory write downs and losses | € 363 | € 227 |
Trade and Other Current Recei_3
Trade and Other Current Receivables - Summary of Trade and Other Current Receivables (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | [2] | Jan. 01, 2018 | [2] | |
Trade and other current receivables [abstract] | ||||||
Trade receivables | [1] | € 4,916 | € 4,350 | |||
Prepayments and accrued income | 579 | 690 | ||||
Other receivables | 1,200 | 1,442 | ||||
Total trade and other current receivables | € 6,695 | € 6,482 | € 5,219 | |||
[1] | 2019 includes €698 million (2018: €677 million) due from KKR as a result of an arrangement following the sale of the global spreads business (excluding Southern Africa). Unilever will provide services to KKR including IT infrastructure, bookkeeping, payroll, marketing and co-packing for up to two years from completion of the disposal and KKR pays Unilever for materials sourced on its behalf. See also trade payables on page 115. | |||||
[2] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Trade and Other Current Recei_4
Trade and Other Current Receivables - Summary of Trade and Other Current Receivables (Parenthetical) (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | ||
Trade and Other Current Receivables [Line Items] | ||||
Trade receivables | [1] | € 4,916 | € 4,350 | [2] |
KKR [member] | ||||
Trade and Other Current Receivables [Line Items] | ||||
Trade receivables | € 698 | € 677 | ||
[1] | 2019 includes €698 million (2018: €677 million) due from KKR as a result of an arrangement following the sale of the global spreads business (excluding Southern Africa). Unilever will provide services to KKR including IT infrastructure, bookkeeping, payroll, marketing and co-packing for up to two years from completion of the disposal and KKR pays Unilever for materials sourced on its behalf. See also trade payables on page 115. | |||
[2] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Trade and Other Current Recei_5
Trade and Other Current Receivables - Additional Information (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Trade and Other Current Receivables [Line Items] | |||||
Other receivables | € 1,200 | € 1,442 | [1] | ||
Current trade receivables | [2] | 4,916 | 4,350 | [1] | |
Impairment provision | 321 | 214 | € 184 | ||
Reclaimable sales tax | 584 | 690 | |||
Current trade receivables [member] | |||||
Trade and Other Current Receivables [Line Items] | |||||
Impairment provision | 211 | 188 | |||
Other Current Receivables [member] | |||||
Trade and Other Current Receivables [Line Items] | |||||
Impairment provision | 26 | 13 | |||
Non Current Trade And Other Receivables [Member] | |||||
Trade and Other Current Receivables [Line Items] | |||||
Impairment provision | 84 | 13 | |||
Financial asset [Member] | |||||
Trade and Other Current Receivables [Line Items] | |||||
Other receivables | 208 | 299 | |||
Non Financial Asset [Member] | |||||
Trade and Other Current Receivables [Line Items] | |||||
Other receivables | 992 | 1,142 | |||
Discounts due to customers [Member] | |||||
Trade and Other Current Receivables [Line Items] | |||||
Current trade receivables | € 2,423 | € 3,062 | |||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | ||||
[2] | 2019 includes €698 million (2018: €677 million) due from KKR as a result of an arrangement following the sale of the global spreads business (excluding Southern Africa). Unilever will provide services to KKR including IT infrastructure, bookkeeping, payroll, marketing and co-packing for up to two years from completion of the disposal and KKR pays Unilever for materials sourced on its behalf. See also trade payables on page 115. |
Trade and Other Current Recei_6
Trade and Other Current Receivables - Summary of Aging of Trade Receivables (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | ||
Aging Of Current Trade Receivables [line items] | ||||
Total trade receivables | € 5,127 | € 4,538 | ||
Less impairment provision for trade receivables | (211) | (188) | ||
Trade receivables | [1] | 4,916 | 4,350 | [2] |
Not overdue [Member] | ||||
Aging Of Current Trade Receivables [line items] | ||||
Trade receivables | 3,856 | 3,440 | ||
Past due less than three months [Member] | ||||
Aging Of Current Trade Receivables [line items] | ||||
Trade receivables | 827 | 747 | ||
Past due more than three months but less than six months [Member] | ||||
Aging Of Current Trade Receivables [line items] | ||||
Trade receivables | 186 | 132 | ||
Past due more than six months but less than one year [Member] | ||||
Aging Of Current Trade Receivables [line items] | ||||
Trade receivables | 94 | 74 | ||
Past due more than one year [Member] | ||||
Aging Of Current Trade Receivables [line items] | ||||
Trade receivables | € 164 | € 145 | ||
[1] | 2019 includes €698 million (2018: €677 million) due from KKR as a result of an arrangement following the sale of the global spreads business (excluding Southern Africa). Unilever will provide services to KKR including IT infrastructure, bookkeeping, payroll, marketing and co-packing for up to two years from completion of the disposal and KKR pays Unilever for materials sourced on its behalf. See also trade payables on page 115. | |||
[2] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Trade and Other Current Recei_7
Trade and Other Current Receivables - Summary of Impairment Provision for Trade and Other Receivables - Current and Non-Current Impairments (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Trade and other receivables [abstract] | |||
Beginning balance | € 214 | € 184 | |
Charge to income statement | 79 | 65 | |
Reduction/releases | (54) | (29) | |
Reclassifications | [1] | 86 | |
Currency translations | (4) | (6) | |
Ending balance | € 321 | € 214 | |
[1] | Includes an amount transferred from provisions relating to Brazil indirect taxes. See note 19. |
Trade Payables and Other Liab_3
Trade Payables and Other Liabilities - Summary of Trade Payables and Other Liabilities (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [2] | ||
Current: due within one year | ||||||
Trade payables | [1] | € 9,190 | € 9,121 | |||
Accruals | 4,153 | 3,724 | ||||
Social security and sundry taxes | 507 | 498 | ||||
Deferred consideration | 39 | 14 | ||||
Others | 879 | 1,100 | ||||
Trade and other current payables | 14,768 | 14,457 | [2] | € 13,426 | ||
Non-current: due after more than one year | ||||||
Accruals | 117 | 121 | ||||
Deferred consideration | 169 | 173 | ||||
Others | 53 | 52 | ||||
Non current payables | 339 | 346 | [2] | € 700 | ||
Total trade payables and other liabilities | € 15,107 | € 14,803 | ||||
[1] | 2019 includes €359 million (2018: €311 million) due to KKR as a result of an arrangement following the sale of the global spreads business (excluding Southern Africa). Unilever will provide certain services for up to two years from completion of the disposal and pays KKR for amounts collected on its behalf. See also trade receivables on page 114. | |||||
[2] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Trade Payables and Other Liab_4
Trade Payables and Other Liabilities - Summary of Trade Payables and Other Liabilities (Parenthetical) (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of trade and other payables [Line Items] | |||
Trade payables | [1] | € 9,190 | € 9,121 |
KKR [member] | |||
Disclosure of trade and other payables [Line Items] | |||
Trade payables | € 359 | € 311 | |
[1] | 2019 includes €359 million (2018: €311 million) due to KKR as a result of an arrangement following the sale of the global spreads business (excluding Southern Africa). Unilever will provide certain services for up to two years from completion of the disposal and pays KKR for amounts collected on its behalf. See also trade receivables on page 114. |
Trade Payables and Other Liab_5
Trade Payables and Other Liabilities - Additional Information (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of trade and other liabilities [line items] | ||
Deferred consideration | € 208 | € 187 |
Balance for deferred contingent consideration | 154 | 142 |
Discounts Due To Customers | 1,053 | € 514 |
Maximum possible total payment | € 1,140 |
Capital and Funding - Summary o
Capital and Funding - Summary of Share Capital (Detail) € in Millions, £ in Millions | Dec. 31, 2019EUR (€) | Dec. 31, 2019GBP (£) | Dec. 31, 2018EUR (€) | Dec. 31, 2018GBP (£) | |||
Disclosure of classes of share capital [line items] | |||||||
Issued, called up and fully paid | € 420 | € 464 | |||||
Unilever PLC [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Issued, called up and fully paid | 187 | [1] | £ 36.4 | 190 | [1] | £ 37 | |
Unilever PLC [member] | Ordinary Shares [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Issued, called up and fully paid | £ | 37 | 40.8 | |||||
Unilever PLC [member] | Deferred Stock [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Issued, called up and fully paid | £ | 0.1 | 0.1 | |||||
Unilever PLC [member] | Internal Holdings Eliminated on Consolidation [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Issued, called up and fully paid | £ | (0.1) | (0.1) | |||||
Unilever PLC [member] | Cancellation of Treasury shares [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Issued, called up and fully paid | £ | [2] | £ (0.6) | £ (3.8) | ||||
Unilever N.V. [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Issued, called up and fully paid | [3] | 233 | 274 | ||||
Authorised | [4] | 481 | 481 | ||||
Unilever N.V. [member] | Ordinary Shares [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Issued, called up and fully paid | [3] | 274 | 274 | ||||
Authorised | [4] | 480 | 480 | ||||
Unilever N.V. [member] | Ordinary Special Shares [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Issued, called up and fully paid | [3] | 1 | 1 | ||||
Authorised | [4] | 1 | 1 | ||||
Unilever N.V. [member] | Internal Holdings Eliminated on Consolidation [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Issued, called up and fully paid | [3] | (1) | (1) | ||||
Unilever N.V. [member] | Cancellation of Treasury shares [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Issued, called up and fully paid | [2],[3] | € (41) | € 0 | ||||
[1] | Conversion rate for PLC ordinary shares nominal value to euros is £1 = €5.143 (which is calculated by dividing the nominal value of NV ordinary shares by the nominal value of PLC ordinary shares). | ||||||
[2] | At 31 December 2019 254,012,896 of NV ordinary shares and 18,660,634 (2018: 122,965,077) of PLC ordinary shares that were repurchased as part of the share buyback programme in 2018 and prior years, were cancelled. | ||||||
[3] | At 31 December 2019 the following quantities of shares were in issue: 1,460,714,804 of NV ordinary shares; 2,400 of NV Special Shares; 1,168,530,650 of PLC ordinary shares and 100,000 of PLC deferred stock. At 31 December 2018, 1,714,727,700 of NV ordinary shares; 2,400 of NV Special Shares; 1,187,191,284 of PLC ordinary shares and 100,000 of PLC deferred stock were in issue. | ||||||
[4] | At 31 December 2019 Unilever N.V. had 3,000,000,000 (2018: 3,000,000,000) authorised ordinary shares. The requirement for a UK company to have an authorised share capital was abolished by the UK Companies Act 2006. In May 2010 Unilever PLC shareholders approved new Articles of Association to reflect this. |
Capital and Funding - Summary_2
Capital and Funding - Summary of Share Capital (Parenthetical) (Detail) | 12 Months Ended | |||||
Dec. 31, 2019€ / sharesshares | Dec. 31, 2018€ / sharesshares | Dec. 31, 2019£ / sharesshares | Dec. 31, 2018£ / sharesshares | Dec. 31, 2017€ / shares | Dec. 31, 2017£ / shares | |
Disclosure of classes of share capital [line items] | ||||||
Description of conversion of currency | Conversion rate for PLC ordinary shares nominal value to euros is £1 = €5.143 (which is calculated by dividing the nominal value of NV ordinary shares by the nominal value of PLC ordinary shares). | |||||
Unilever PLC [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Par value per share | £ / shares | £ 0.0311 | £ 0.0311 | £ 0.0311 | |||
Cancellation of shares | 18,660,634 | 122,965,077 | ||||
Conversion rate for ordinary shares nominal value | € / shares | € 5.143 | |||||
Unilever N.V. [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Par value per share | € / shares | € 0.16 | € 0.16 | € 0.16 | |||
Number of authorised shares | 3,000,000,000 | 3,000,000,000 | 3,000,000,000 | 3,000,000,000 | ||
Cancellation of shares | 254,012,896 | |||||
Ordinary Shares [member] | Unilever PLC [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Par value per share | € / shares | € 0.031 | € 0.0311 | ||||
Number of shares issued | 1,168,530,650 | 1,187,191,284 | 1,168,530,650 | 1,187,191,284 | ||
Ordinary Shares [member] | Unilever N.V. [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Par value per share | € / shares | € 0.16 | € 0.16 | ||||
Number of shares issued | 1,460,714,804 | 1,714,727,700 | 1,460,714,804 | 1,714,727,700 | ||
Ordinary Special Shares [member] | Unilever N.V. [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Par value per share | € / shares | € 428.57 | € 428.57 | ||||
Deferred Stock [Member] | Unilever PLC [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Par value per share | £ / shares | £ 1 | £ 1 | ||||
Number of shares issued | 100,000 | 100,000 | 100,000 | 100,000 | ||
Special Shares [Member] | Unilever N.V. [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares issued | 2,400 | 2,400 | 2,400 | 2,400 |
Capital and funding - Additiona
Capital and funding - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Unilever N.V. [member] | ||
Disclosure of classes of share capital [line items] | ||
Number of shares cancelled | 254,012,896 | |
Unilever N.V. [member] | Ordinary Shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Number of shares acquired | 2,678,000 | 66,202,168 |
Number of treasury shares held | 8,027,879 | 263,349,111 |
Unilever PLC [member] | ||
Disclosure of classes of share capital [line items] | ||
Nominal dividend paid on the deferred stock of PLC | 6.00% | |
Number of shares acquired | 1,076,000 | 65,458,433 |
Number of treasury shares held | 4,391,130 | 24,334,848 |
Number of shares cancelled | 18,660,634 | 122,965,077 |
Capital and Funding - Subsidiar
Capital and Funding - Subsidiaries With Significant Non-Controlling Interests (HUL) (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | [1] | ||||
Disclosure of classes of share capital [line items] | ||||||||
Beginning balance | [1] | € 12,117 | € 14,198 | € 16,773 | ||||
Non-current assets | 48,376 | 45,633 | [1] | € 45,078 | ||||
Current assets | 16,430 | 15,478 | [1] | 16,980 | ||||
Total current liabilities | (20,978) | (20,150) | [1] | (23,587) | ||||
Total non-current liabilities | (29,942) | (28,844) | [1] | € (24,273) | ||||
Turnover | 51,980 | 50,982 | [1] | 53,715 | [1] | |||
Profit after tax | 6,026 | 9,788 | [1] | 6,456 | [1] | |||
Other comprehensive income | 543 | (1,171) | [1] | |||||
Total comprehensive income | 6,569 | 8,617 | [1] | 6,728 | [1] | |||
Net increase/(decrease) in cash and cash-equivalents | 1,205 | (151) | [1] | (20) | [1] | |||
Ending balance | 13,886 | 12,117 | [1] | 14,198 | [1] | |||
Non-controlling Interests [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Beginning balance | [1] | 720 | 758 | 626 | ||||
Profit after tax | 401 | 419 | [1] | 433 | [1] | |||
Total comprehensive income | 407 | 407 | [1] | 381 | [1] | |||
Ending balance | 694 | 720 | [1] | 758 | [1] | |||
Subsidiaries with material non-controlling interests [member] | Hindustan Unilever Limited [Member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Non-current assets | 1,030 | 964 | [1] | |||||
Current assets | 1,438 | 1,333 | [1] | |||||
Total current liabilities | (1,117) | (1,156) | [1] | |||||
Total non-current liabilities | (332) | (251) | [1] | |||||
Turnover | 4,937 | 4,527 | [1] | |||||
Profit after tax | 730 | 617 | [1] | |||||
Total comprehensive income | 740 | 576 | [1] | |||||
Net increase/(decrease) in cash and cash-equivalents | 145 | 14 | [1] | |||||
Subsidiaries with material non-controlling interests [member] | Hindustan Unilever Limited [Member] | Non-controlling Interests [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Beginning balance | [1] | (299) | (288) | |||||
Profit after tax | (239) | (203) | [1] | |||||
Other comprehensive income | (6) | (4) | [1] | |||||
Dividend paid to the non-controlling interest | 218 | 183 | [1] | |||||
Currency translation | (2) | 13 | [1] | |||||
Ending balance | € (328) | € (299) | [1] | € (288) | [1] | |||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Capital and Funding - Summary_3
Capital and Funding - Summary of Consolidated Statement of Changes in Equity: Analysis of Other Reserves (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||||
Dec. 31, 2019 | Dec. 31, 2018 | [1] | Jan. 01, 2018 | [1] | Dec. 31, 2017 | |||
Disclosure of reserves within equity [abstract] | ||||||||
Fair value reserves | € 7 | € (194) | € (189) | [1] | ||||
Equity instruments | 123 | 98 | ||||||
Cash flow hedges | (116) | (292) | (236) | [1] | ||||
Available-for-sale financial assets | [1] | 47 | ||||||
Currency retranslation of group companies – see following table | (4,712) | (4,694) | (3,879) | [1] | ||||
Adjustment on translation of PLC's ordinary capital at 31/9p = €0.16 | (148) | (150) | (164) | [1] | ||||
Capital redemption reserve | 37 | 32 | 32 | [1] | ||||
Book value of treasury shares – see following table | (703) | (10,181) | (9,208) | [1] | ||||
Hedging gains/(losses) transferred to non-financial assets | 103 | 71 | ||||||
Other | [2] | (158) | (102) | (179) | [1] | |||
Other reserves | € (5,574) | € (15,218) | € (13,587) | € (13,587) | [1] | |||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | |||||||
[2] | Relates to option on purchase of subsidiary for non-controlling interest and hyperinflation adjustment arising on current year profit translated at closing exchange rate. |
Capital and Funding - Summary_4
Capital and Funding - Summary of Consolidated Statement of Changes in Equity: Analysis of Other Reserves (Parenthetical) (Detail) | Dec. 31, 2019€ / shares | Dec. 31, 2019£ / shares | Dec. 31, 2018€ / shares | Dec. 31, 2018£ / shares | Dec. 31, 2017€ / shares | Dec. 31, 2017£ / shares |
Unilever N.V. [member] | ||||||
Disclosure of reserves within equity [line items] | ||||||
Par value per share | € / shares | € 0.16 | € 0.16 | € 0.16 | |||
Unilever PLC [member] | ||||||
Disclosure of reserves within equity [line items] | ||||||
Par value per share | £ / shares | £ 0.0311 | £ 0.0311 | £ 0.0311 |
Capital and Funding - Summary_5
Capital and Funding - Summary of Treasury Shares Movements (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Disclosure of classes of share capital [line items] | ||||||
1 January | [1] | € (10,181) | € (9,208) | |||
Repurchase of shares | [1],[2] | (6,020) | € (5,014) | |||
Other purchases and utilisations | 64 | (8) | ||||
Adjustment on translation of PLC's ordinary capital at 31/9p = €0.16 | (148) | (150) | [1] | (164) | [1] | |
31 December | (703) | (10,181) | [1] | € (9,208) | [1] | |
Unilever PLC [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Adjustment on translation of PLC's ordinary capital at 31/9p = €0.16 | (2) | (14) | ||||
Unilever PLC [member] | Nv [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Cancellation of NV and PLC shares | € 9,416 | € 5,069 | ||||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | |||||
[2] | Repurchase of shares reflects the cost of acquiring ordinary shares as part of the share buyback programmes announced on 19 April 2018 and 6 April 2017. |
Capital and Funding - Summary_6
Capital and Funding - Summary of Currency Retranslation Reserve (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Movement in foreign currency translation reserve [abstract] | ||||
Currency retranslation reserve beginning balance | [1] | € (4,694) | € (3,879) | |
Currency retranslation of group companies net assets and liabilities during the year | (341) | (821) | [1] | |
Movement in net investment hedges and exchange differences in net investments in foreign operations | 326 | 77 | [1] | |
Recycled to income statement | (3) | (71) | [1] | |
Currency retranslation reserve ending balance | € (4,712) | € (4,694) | [1] | |
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Capital and Funding - Summary_7
Capital and Funding - Summary of Comprehensive Income: Other Comprehensive Income Reconciliation (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Disclosure of analysis of other comprehensive income by item [abstract] | ||||||
Fair value gains/(losses) beginning balance | [1] | € (194) | € (189) | |||
Equity instruments | 25 | 51 | ||||
Cash flow hedges | 176 | (56) | ||||
Fair value gains/(losses) ending balance | 7 | (194) | [1] | € (189) | [1] | |
Remeasurement of defined benefit pension plans beginning balance | (1,499) | (1,171) | ||||
Movement during the year | 353 | (328) | [1] | 1,282 | [1] | |
Remeasurement of defined benefit pension plans ending balance | (1,146) | (1,499) | (1,171) | |||
Currency retranslation gains/(losses) beginning balance | [1] | (5,069) | (4,230) | |||
Other reserves | (18) | (814) | [1] | |||
Retained profit | 2 | (10) | [1] | |||
Non-controlling interest | 1 | (15) | [1] | |||
Currency retranslation gains/(losses) ending balance | € (5,084) | € (5,069) | [1] | € (4,230) | [1] | |
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Capital and Funding - Summary_8
Capital and Funding - Summary of Financial Liabilities (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | [3] | Jan. 01, 2018 | [3] | Dec. 31, 2017 | ||
Disclosure of financial liabilities [abstract] | ||||||||
Bank loans and overdrafts, Current | [1],[2] | € 390 | € 525 | |||||
Bonds and other loans, Current | [2] | 3,677 | 2,422 | |||||
Lease liabilities,Current | [2] | 383 | 390 | |||||
Derivatives, Current | [2] | 116 | 127 | |||||
Other financial liabilities, Current | [2] | 125 | 149 | |||||
Current financial liabilities | 4,691 | [2],[4] | 3,613 | [2],[4] | € 8,378 | |||
Bank loans and overdrafts, Non-current | [1],[2] | 463 | 289 | |||||
Bonds and other loans, Non-current | [2] | 21,355 | 20,969 | |||||
Lease liabilities,Non-current | [2] | 1,536 | 1,591 | |||||
Derivatives, Non-current | [2] | 154 | 275 | |||||
Other financial liabilities, Non-current | [2] | 58 | 1 | |||||
Non-current financial liabilities | 23,566 | [2],[4] | 23,125 | [2],[4] | € 18,039 | |||
Bank loans and overdrafts | [1],[2] | 853 | 814 | |||||
Bonds and other loans | [2] | 25,032 | 23,391 | |||||
Lease liabilities | [2] | 1,919 | 1,981 | |||||
Derivatives | [2] | 270 | 402 | |||||
Other financial liabilities | [2] | 183 | 150 | |||||
Financial liabilities | € 28,257 | [2],[4] | € 26,738 | [2],[4] | € 26,417 | |||
[1] | Financial liabilities include €Nil million (2018: €5 million) of secured liabilities. | |||||||
[2] | For the purposes of this note and note 17A, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes 13 and 14 respectively. | |||||||
[3] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | |||||||
[4] | Includes options and other financial liabilities to acquire non-controlling interests in EAC Myanmar, USA, Japan and Italy refer to note 21. |
Capital and Funding - Summary_9
Capital and Funding - Summary of Financial Liabilities (Parenthetical) (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial liabilities [abstract] | ||
Secured liabilities | € 0 | € 5 |
Capital and Funding - Reconcili
Capital and Funding - Reconciliation of Liabilities Arising from Financing Activities (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | ||||
Disclosure of financial liabilities [line items] | |||||
Opening balance | € (26,738) | [1],[2],[3] | € (26,417) | ||
Cash Movement | (820) | 568 | |||
Business acquisitions/ disposals | (11) | (10) | |||
Foreign exchange changes | (407) | (515) | |||
Fair value changes | 131 | 15 | |||
Other movements | (412) | (379) | |||
Closing balance | [1],[2] | (28,257) | (26,738) | [3] | |
Bank Loans and Overdrafts [Member] | |||||
Disclosure of financial liabilities [line items] | |||||
Opening balance | [4] | (814) | (992) | ||
Cash Movement | [4] | (29) | 158 | ||
Business acquisitions/ disposals | [4] | (1) | (10) | ||
Foreign exchange changes | [4] | (9) | 17 | ||
Other movements | [4] | 0 | 13 | ||
Closing balance | [4] | (853) | (814) | ||
Bonds and Other Loans [Member] | |||||
Disclosure of financial liabilities [line items] | |||||
Opening balance | [4] | (23,391) | (22,709) | ||
Cash Movement | [4] | (1,273) | (135) | ||
Business acquisitions/ disposals | [4] | (3) | |||
Foreign exchange changes | [4] | (365) | (543) | ||
Fair value changes | [4] | (1) | |||
Other movements | [4] | 1 | (4) | ||
Closing balance | [4] | (25,032) | (23,391) | ||
Lease liabilities [member] | |||||
Disclosure of financial liabilities [line items] | |||||
Opening balance | [5] | (1,981) | (2,118) | [3] | |
Cash Movement | [5] | 452 | 494 | [3] | |
Business acquisitions/ disposals | [5] | (7) | |||
Foreign exchange changes | [5] | (25) | 1 | [3] | |
Other movements | [5] | (358) | (358) | [3] | |
Closing balance | [5] | (1,919) | (1,981) | ||
Derivatives [Member] | |||||
Disclosure of financial liabilities [line items] | |||||
Opening balance | (402) | (421) | |||
Fair value changes | 132 | 19 | |||
Closing balance | (270) | (402) | |||
Other Financials Liabilities [member] | |||||
Disclosure of financial liabilities [line items] | |||||
Opening balance | [4] | (150) | (177) | ||
Cash Movement | [4] | 30 | 51 | ||
Foreign exchange changes | [4] | (8) | 10 | ||
Fair value changes | [4] | (4) | |||
Other movements | [4] | (55) | (30) | ||
Closing balance | [4] | € (183) | € (150) | ||
[1] | For the purposes of this note and note 17A, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes 13 and 14 respectively. | ||||
[2] | Includes options and other financial liabilities to acquire non-controlling interests in EAC Myanmar, USA, Japan and Italy refer to note 21. | ||||
[3] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | ||||
[4] | These cash movements are included within the following lines in the consolidated cash flow statement: net change in short-term liabilities, additional financial liabilities and repayment of financial liabilities. The difference of €64 million (2018: €2 million) represents cash movements in overdrafts that are not included in financing cash flows. | ||||
[5] | Lease liabilities cash movement is included within capital element of lease payments in the consolidated cash flow statement. The difference of €17 million (2018: €13 million) represents gain or loss from termination and modification of lease contracts. |
Capital and Funding - Reconci_2
Capital and Funding - Reconciliation of Liabilities Arising from Financing Activities (Parenthetical) (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of financial liabilities [line items] | ||
Gain loss on termination and modifications of leases | € 17 | € 13 |
Overdrafts [member] | ||
Disclosure of financial liabilities [line items] | ||
Cash movement | € 64 | € 2 |
Capital and Funding - Summar_10
Capital and Funding - Summary of Analysis of Bonds and Other Loans (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of detailed information about borrowings [line items] | ||||
Total bonds and other loans | [1] | € 25,032 | € 23,391 | [2] |
Unilever PLC [member] | Bonds and Other Loans [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 2,216 | 936 | ||
Unilever PLC [member] | United Kingdom, Pounds [Member] | 1.875% Notes 2029 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 290 | 274 | ||
Unilever PLC [member] | United Kingdom, Pounds [Member] | 1.125% Notes 2022 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 408 | 386 | ||
Unilever PLC [member] | United Kingdom, Pounds [Member] | 1.375% Notes 2024 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 292 | 276 | ||
Unilever PLC [member] | United Kingdom, Pounds [Member] | 1.500% Notes 2026 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 580 | |||
Unilever PLC [member] | United Kingdom, Pounds [Member] | 1.500% Notes 2039 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 646 | |||
Unilever N.V. [member] | 1.625% Notes 2033 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 792 | 791 | ||
Unilever N.V. [member] | 1.750% Bonds 2020 [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 750 | 749 | ||
Unilever N.V. [member] | 0.500% Notes 2022 [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 747 | 746 | ||
Unilever N.V. [member] | 1.375% Notes 2029 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 743 | 743 | ||
Unilever N.V. [member] | 1.125% Bonds 2027 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 697 | 696 | ||
Unilever N.V. [member] | 1.125% Bonds 2028 [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 694 | 693 | ||
Unilever N.V. [member] | 0.875% Notes 2025 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 647 | 647 | ||
Unilever N.V. [member] | 0.500% Bonds 2025 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 644 | 642 | ||
Unilever N.V. [member] | 1.375% Notes 2030 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 642 | 642 | ||
Unilever N.V. [member] | 0.375% Notes 2023 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 599 | 599 | ||
Unilever N.V. [member] | 1.000% Notes 2027 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 598 | 598 | ||
Unilever N.V. [member] | 1.000% Notes 2023 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 498 | 497 | ||
Unilever N.V. [member] | 0.000% Notes 2021 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 498 | 497 | ||
Unilever N.V. [member] | 0.500% Notes 2024 [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 495 | 494 | ||
Unilever N.V. [member] | 0.500% Notes 2023 [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 498 | 497 | ||
Unilever N.V. [member] | 0.000% Notes 2020 [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 300 | 300 | ||
Unilever N.V. [member] | Bonds and Other Loans [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 9,842 | 9,831 | ||
Other Group Companies [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 12,974 | 12,624 | ||
Other Group Companies [member] | Switzerland [Member] | Other Loans [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 24 | 10 | ||
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | Commercial Paper [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 1,276 | 1,070 | ||
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 4.250% Notes 2021 [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 892 | 873 | ||
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 5.900% Bonds 2032 [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 883 | 865 | ||
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 2.900% Notes 2027 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 879 | 860 | ||
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 2.200% Notes 2022 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 755 | 738 | ||
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 1.800% Notes 2020 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 714 | 698 | ||
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 3.500% Notes 2028 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 703 | 687 | ||
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 4.800% Bonds 2019 [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 656 | |||
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 2.200% Notes 2019 [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 655 | |||
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 2.000% Notes 2026 [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 616 | 602 | ||
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 1.375% Notes 2021 [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 489 | 478 | ||
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 3.125% Notes 2023 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 488 | 477 | ||
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 2.100% Notes 2020 [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 446 | 436 | ||
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 3.000% Notes 2022 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 444 | 434 | ||
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 3.250% Notes 2024 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 443 | 433 | ||
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 3.100% Notes 2025 [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 442 | 432 | ||
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 2.600% Notes 2024 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 442 | 432 | ||
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 3.500% Bonds 2028 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 441 | 431 | ||
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 2.750% Bonds 2021 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 356 | 348 | ||
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 3.375% Notes 2025 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 309 | 302 | ||
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 7.250% Bonds 2026 [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 260 | 254 | ||
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 6.625% Bonds 2028 [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 206 | 200 | ||
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 5.150% Notes 2020 [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 135 | 134 | ||
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 5.600% Bonds 2097 [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 82 | 80 | ||
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 2.125% Notes 2029 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 749 | |||
Other Group Companies [member] | United States [member] | United States of America, Dollars [Member] | 2.600% Notes 2024 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 457 | |||
Other Group Companies [member] | Other Countries [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | € 43 | € 39 | ||
[1] | For the purposes of this note and note 17A, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes 13 and 14 respectively. | |||
[2] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Capital and Funding - Summar_11
Capital and Funding - Summary of Analysis of Bonds and Other Loans (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
1.750% Bonds 2020 [Member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.75% | 1.75% |
Borrowings maturity year | 2020 | 2020 |
0.500% Notes 2022 [Member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 0.50% | 0.50% |
Borrowings maturity year | 2022 | 2022 |
1.375% Notes 2029 [member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.375% | 1.375% |
Borrowings maturity year | 2029 | 2029 |
1.125% Bonds 2028 [Member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.125% | 1.125% |
Borrowings maturity year | 2028 | 2028 |
0.875% Notes 2025 [member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 0.875% | 0.875% |
Borrowings maturity year | 2025 | 2025 |
0.375% Notes 2023 [member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 0.375% | 0.375% |
Borrowings maturity year | 2023 | 2023 |
1.000% Notes 2027 [member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.00% | 1.00% |
Borrowings maturity year | 2027 | 2027 |
1.000% Notes 2023 [member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.00% | 1.00% |
Borrowings maturity year | 2023 | 2023 |
0.000% Notes 2021 [member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 0.00% | 0.00% |
Borrowings maturity year | 2021 | 2021 |
0.500% Notes 2024 [Member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 0.50% | 0.50% |
Borrowings maturity year | 2024 | 2024 |
0.000% Notes 2020 [Member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 0.00% | 0.00% |
Borrowings maturity year | 2020 | 2020 |
1.125% Notes 2022 [member] | Unilever PLC [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.125% | 1.125% |
Borrowings maturity year | 2022 | 2022 |
1.375% Notes 2024 [member] | Unilever PLC [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.375% | 1.375% |
Borrowings maturity year | 2024 | 2024 |
1.875% Notes 2029 [member] | Unilever PLC [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.875% | 1.875% |
Borrowings maturity year | 2029 | 2029 |
4.250% Notes 2021 [Member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 4.25% | 4.25% |
Borrowings maturity year | 2021 | 2021 |
5.900% Bonds 2032 [Member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 5.90% | 5.90% |
Borrowings maturity year | 2032 | 2032 |
2.900% Notes 2027 [member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 2.90% | 2.90% |
Borrowings maturity year | 2027 | 2027 |
2.200% Notes 2022 [member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 2.20% | 2.20% |
Borrowings maturity year | 2022 | 2022 |
1.800% Notes 2020 [member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.80% | 1.80% |
Borrowings maturity year | 2020 | 2020 |
4.800% Bonds 2019 [Member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 4.80% | 4.80% |
Borrowings maturity year | 2019 | 2019 |
2.200% Notes 2019 [Member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 2.20% | 2.20% |
Borrowings maturity year | 2019 | 2019 |
2.000% Notes 2026 [Member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 2.00% | 2.00% |
Borrowings maturity year | 2026 | 2026 |
1.375% Notes 2021 [Member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.375% | 1.375% |
Borrowings maturity year | 2021 | 2021 |
2.100% Notes 2020 [Member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 2.10% | 2.10% |
Borrowings maturity year | 2020 | 2020 |
3.100% Notes 2025 [Member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 3.10% | 3.10% |
Borrowings maturity year | 2025 | 2025 |
2.600% Notes 2024 [member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 2.60% | 2.60% |
Borrowings maturity year | 2024 | 2024 |
7.250% Bonds 2026 [Member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 7.25% | 7.25% |
Borrowings maturity year | 2026 | 2026 |
6.625% Bonds 2028 [Member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 6.625% | 6.625% |
Borrowings maturity year | 2028 | 2028 |
5.150% Notes 2020 [Member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 5.15% | 5.15% |
Borrowings maturity year | 2020 | 2020 |
5.600% Bonds 2097 [Member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 5.60% | 5.60% |
Borrowings maturity year | 2097 | 2097 |
0.500% Bonds 2025 [member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 0.50% | 0.50% |
Borrowings maturity year | 2025 | 2025 |
1.375% Notes 2030 [member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.375% | 1.375% |
Borrowings maturity year | 2030 | 2030 |
3.500% Notes 2028 [member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 3.50% | 3.50% |
Borrowings maturity year | 2028 | 2028 |
3.125% Notes 2023 [member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 3.125% | 3.125% |
Borrowings maturity year | 2023 | 2023 |
1.625% Notes 2033 [member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.625% | 1.625% |
Borrowings maturity year | 2033 | 2033 |
3.000% Notes 2022 [member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 3.00% | 3.00% |
Borrowings maturity year | 2022 | 2022 |
1.125% Bonds 2027 [member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.125% | 1.125% |
Borrowings maturity year | 2027 | 2027 |
3.250% Notes 2024 [member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 3.25% | 3.25% |
Borrowings maturity year | 2024 | 2024 |
3.500% Bonds 2028 [member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 3.50% | 3.50% |
Borrowings maturity year | 2028 | 2028 |
2.750% Bonds 2021 [member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 2.75% | 2.75% |
Borrowings maturity year | 2021 | 2021 |
3.375% Notes 2025 [member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 3.375% | 3.375% |
Borrowings maturity year | 2025 | 2025 |
0.500% Notes 2023 [Member] | Unilever N.V. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 0.50% | 0.50% |
Borrowings maturity year | 2023 | 2023 |
2.600% Notes 2024 [member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 2.60% | |
Borrowings maturity year | 2024 | |
1.500% Notes 2026 [member] | Unilever PLC [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.50% | |
Borrowings maturity year | 2026 | |
1.500% Notes 2039 [member] | Unilever PLC [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.50% | |
Borrowings maturity year | 2039 | |
2.125% Notes 2029 [member] | United States [member] | Other Group Companies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 2.125% | |
Borrowings maturity year | 2029 |
Treasury Risk Management - Addi
Treasury Risk Management - Additional Information (Detail) € in Millions, $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | [1] | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |||
Disclosure Of Treasury Risk Management [Line Items] | ||||||||
Revolving credit facility | $ | $ 7,865 | $ 7,865 | ||||||
Gain (loss) in cash flow hedge reserve | € (116) | € (292) | [1] | € (236) | ||||
Finance income (cost) | (627) | (608) | [1] | € (1,004) | ||||
Future minimum sublease payments expected to be received | € 21 | 18 | ||||||
Hedge ratio | 1:1 | |||||||
Derivative financial liabilitites | [2] | € 270 | 402 | [1] | ||||
Impact on equity - net investment in group companies [Member] | ||||||||
Disclosure Of Treasury Risk Management [Line Items] | ||||||||
Percentage of increase of key foreign currencies against domestic currency | 10.00% | |||||||
Credit exposure | € 22,000 | 14,500 | ||||||
Derivatives in cash flow hedge relationships | € 2,203 | 1,455 | ||||||
Currency risk [Member] | ||||||||
Disclosure Of Treasury Risk Management [Line Items] | ||||||||
Increase in commodity price percentage | 10.00% | |||||||
Decrease in commodity price percentage | 10.00% | |||||||
Impact of change in exchange rate | 10.00% | 10.00% | ||||||
Financial assets and liabilities other than functional currency amount | € 317 | 298 | ||||||
Percentage of increase of key foreign currencies against domestic currency | 10.00% | |||||||
Net investment in foreign operations | € 7,600 | 7,500 | ||||||
Exchange differences on translation | 3,500 | 3,300 | ||||||
Currency risk [Member] | Switzerland, Francs [Member] | ||||||||
Disclosure Of Treasury Risk Management [Line Items] | ||||||||
Net investment hedges nominal value | 0 | (1,300) | ||||||
Currency risk [Member] | Ten percentage strengthening against other currencies [member] | ||||||||
Disclosure Of Treasury Risk Management [Line Items] | ||||||||
Net investment hedges nominal value | 4,000 | 4,400 | ||||||
Impact on equity - net investment hedges | 396 | 312 | ||||||
Currency risk [Member] | Ten Percentage Increase in Commodity Price Risk [Member] | ||||||||
Disclosure Of Treasury Risk Management [Line Items] | ||||||||
Gain (loss) in cash flow hedge reserve | € 56 | 51 | ||||||
Currency risk [Member] | Impact on equity trade related cash flow hedges [member] | ||||||||
Disclosure Of Treasury Risk Management [Line Items] | ||||||||
Percentage of increase of key foreign currencies against domestic currency | 10.00% | |||||||
Currency risk [Member] | Impact on equity net investment hedges [member] | ||||||||
Disclosure Of Treasury Risk Management [Line Items] | ||||||||
Percentage of increase of key foreign currencies against domestic currency | 10.00% | |||||||
Currency risk [Member] | Ten Percent Strengthening Of Currencies Of Group Companies [Member] | ||||||||
Disclosure Of Treasury Risk Management [Line Items] | ||||||||
Foreign exchange gain | € 32 | 30 | ||||||
Currency risk [Member] | Ten Percent Weakening Of Currencies Of Group Companies [Member] | ||||||||
Disclosure Of Treasury Risk Management [Line Items] | ||||||||
Foreign exchange loss | 32 | 30 | ||||||
Impact on equity - trade-related cash flow hedges | € 89 | € 193 | ||||||
Interest rate risk [Member] | ||||||||
Disclosure Of Treasury Risk Management [Line Items] | ||||||||
Percentage Of Increase In Floating Interest Rate | 1.00% | 1.00% | ||||||
Percentage of decrease in floating interest rate | 1.00% | |||||||
Average interest rate on short term borrowings | 2.50% | 0.90% | ||||||
Credit in equity from derivatives in cash flow hedge | € 8 | € 17 | ||||||
Derivatives in cash flow hedge relationships | € 8 | € 19 | ||||||
Interest rate risk [Member] | Interest rate swap contract [member] | ||||||||
Disclosure Of Treasury Risk Management [Line Items] | ||||||||
Derivative financial liabilitites | $ | $ 4,500 | $ 4,500 | ||||||
Interest rate risk [Member] | 2019 [Member] | ||||||||
Disclosure Of Treasury Risk Management [Line Items] | ||||||||
Interest rate fixed on expected net debt | 88.00% | |||||||
Interest rate risk [Member] | 2020 [Member] | ||||||||
Disclosure Of Treasury Risk Management [Line Items] | ||||||||
Interest rate fixed on expected net debt | 82.00% | 77.00% | ||||||
Interest rate risk [Member] | 2021 [Member] | ||||||||
Disclosure Of Treasury Risk Management [Line Items] | ||||||||
Interest rate fixed on expected net debt | 73.00% | |||||||
Interest rate risk [Member] | One percentage strengthening of floating interest rate [member] | ||||||||
Disclosure Of Treasury Risk Management [Line Items] | ||||||||
Finance income (cost) | € (37) | € 33 | ||||||
Interest rate risk [Member] | One percentage weakening in floating interest rate [member] | ||||||||
Disclosure Of Treasury Risk Management [Line Items] | ||||||||
Finance income (cost) | 37 | (33) | ||||||
Commodity price risk [Member] | ||||||||
Disclosure Of Treasury Risk Management [Line Items] | ||||||||
Commodity derivatives | 439 | 580 | ||||||
Cumulative losses of future commodity purchases reclassified to income statement | 52 | 25 | ||||||
Commodity price risk [Member] | Adjustment Basis To Inventory Purchased [Member] | ||||||||
Disclosure Of Treasury Risk Management [Line Items] | ||||||||
Adjustment basis to inventory purchased | € 28 | € 24 | ||||||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | |||||||
[2] | For the purposes of this note and note 17A, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes 13 and 14 respectively. |
Treasury Risk Management - Summ
Treasury Risk Management - Summary of Maturity Analysis for Non-derivative and Derivative Financial Liabilities (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | [1] | |
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||||
Bank loans and overdrafts | € (863) | € (820) | ||
Bonds and other loans | (28,909) | (27,331) | ||
Lease liabilities | (2,279) | (2,410) | ||
Lease liabilities | [2] | (1,919) | (1,981) | |
Other financial liabilities | (206) | (150) | ||
Trade payables, accruals and other liabilities | (14,336) | (14,118) | ||
Deferred consideration | (235) | (214) | ||
Total non-derivative financial liabilities | (46,828) | (45,043) | ||
Derivative financial liabilities | (89) | (216) | ||
Derivative & Non-derivative financial liabilities | (46,917) | (45,259) | ||
Interest rate derivatives [member] | ||||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||||
Derivative contracts - receipts | 3,217 | 3,221 | ||
Derivative contracts - payments | (3,133) | (3,154) | ||
Foreign exchange derivatives [member] | ||||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||||
Derivative contracts - receipts | 8,783 | 17,108 | ||
Derivative contracts - payments | (8,952) | (17,317) | ||
Commodity Derivatives [member] | ||||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||||
Derivative contracts - payments | (4) | (74) | ||
Net carrying amount [Member] | ||||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||||
Bank loans and overdrafts | (853) | (814) | ||
Bonds and other loans | (25,032) | (23,391) | ||
Lease liabilities | (1,919) | (1,981) | ||
Other financial liabilities | (183) | (150) | ||
Trade payables, accruals and other liabilities | (14,336) | (14,118) | ||
Deferred consideration | (208) | (187) | ||
Total non-derivative financial liabilities | (42,531) | (40,641) | ||
Derivative financial liabilities | (326) | (542) | ||
Derivative & Non-derivative financial liabilities | (42,857) | (41,183) | ||
Net carrying amount [Member] | Interest rate derivatives [member] | ||||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||||
Derivative financial liabilities | (154) | (276) | ||
Net carrying amount [Member] | Foreign exchange derivatives [member] | ||||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||||
Derivative financial liabilities | (168) | (192) | ||
Net carrying amount [Member] | Commodity Derivatives [member] | ||||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||||
Derivative financial liabilities | (4) | (74) | ||
Within 1 year [Member] | ||||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||||
Bank loans and overdrafts | (399) | (529) | ||
Bonds and other loans | (4,169) | (2,888) | ||
Lease liabilities | (432) | (441) | ||
Other financial liabilities | (125) | (149) | ||
Trade payables, accruals and other liabilities | (14,166) | (13,945) | ||
Deferred consideration | (39) | (14) | ||
Total non-derivative financial liabilities | (19,330) | (17,966) | ||
Derivative financial liabilities | (153) | (239) | ||
Derivative & Non-derivative financial liabilities | (19,483) | (18,205) | ||
Within 1 year [Member] | Interest rate derivatives [member] | ||||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||||
Derivative contracts - receipts | 776 | 67 | ||
Derivative contracts - payments | (756) | (23) | ||
Within 1 year [Member] | Foreign exchange derivatives [member] | ||||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||||
Derivative contracts - receipts | 8,783 | 17,108 | ||
Derivative contracts - payments | (8,952) | (17,317) | ||
Within 1 year [Member] | Commodity Derivatives [member] | ||||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||||
Derivative contracts - payments | (4) | (74) | ||
Due between 1 and 2 years [Member] | ||||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||||
Bank loans and overdrafts | (9) | (12) | ||
Bonds and other loans | (2,661) | (2,748) | ||
Lease liabilities | (392) | (391) | ||
Other financial liabilities | (1) | |||
Trade payables, accruals and other liabilities | (93) | (140) | ||
Deferred consideration | (124) | (79) | ||
Total non-derivative financial liabilities | (3,279) | (3,371) | ||
Derivative financial liabilities | 23 | 4 | ||
Derivative & Non-derivative financial liabilities | (3,256) | (3,367) | ||
Due between 1 and 2 years [Member] | Interest rate derivatives [member] | ||||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||||
Derivative contracts - receipts | 164 | 760 | ||
Derivative contracts - payments | (141) | (756) | ||
Due between 2 and 3 years [Member] | ||||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||||
Bank loans and overdrafts | (289) | (1) | ||
Bonds and other loans | (2,745) | (2,572) | ||
Lease liabilities | (302) | (305) | ||
Other financial liabilities | (24) | |||
Trade payables, accruals and other liabilities | (13) | (10) | ||
Deferred consideration | (8) | (70) | ||
Total non-derivative financial liabilities | (3,381) | (2,958) | ||
Derivative financial liabilities | 8 | 25 | ||
Derivative & Non-derivative financial liabilities | (3,373) | (2,933) | ||
Due between 2 and 3 years [Member] | Interest rate derivatives [member] | ||||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||||
Derivative contracts - receipts | 805 | 163 | ||
Derivative contracts - payments | (797) | (138) | ||
Due between 3 and 4 years [Member] | ||||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||||
Bank loans and overdrafts | (164) | (278) | ||
Bonds and other loans | (2,449) | (2,646) | ||
Lease liabilities | (242) | (255) | ||
Other financial liabilities | (31) | |||
Trade payables, accruals and other liabilities | (8) | (5) | ||
Deferred consideration | 0 | (6) | ||
Total non-derivative financial liabilities | (2,894) | (3,190) | ||
Derivative financial liabilities | 20 | (9) | ||
Derivative & Non-derivative financial liabilities | (2,874) | (3,199) | ||
Due between 3 and 4 years [Member] | Interest rate derivatives [member] | ||||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||||
Derivative contracts - receipts | 37 | 788 | ||
Derivative contracts - payments | (17) | (797) | ||
Due between 4 and 5 years [Member] | ||||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||||
Bonds and other loans | (2,454) | (2,387) | ||
Lease liabilities | (191) | (212) | ||
Other financial liabilities | (26) | |||
Trade payables, accruals and other liabilities | (14) | (4) | ||
Deferred consideration | (64) | |||
Total non-derivative financial liabilities | (2,749) | (2,603) | ||
Derivative financial liabilities | 5 | 20 | ||
Derivative & Non-derivative financial liabilities | (2,744) | (2,583) | ||
Due between 4 and 5 years [Member] | Interest rate derivatives [member] | ||||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||||
Derivative contracts - receipts | 478 | 37 | ||
Derivative contracts - payments | (473) | (17) | ||
Later than 5 years [Member] | ||||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||||
Bank loans and overdrafts | (2) | |||
Bonds and other loans | (14,431) | (14,090) | ||
Lease liabilities | (720) | (806) | ||
Trade payables, accruals and other liabilities | (42) | (14) | ||
Deferred consideration | 0 | (45) | ||
Total non-derivative financial liabilities | (15,195) | (14,955) | ||
Derivative financial liabilities | 8 | (17) | ||
Derivative & Non-derivative financial liabilities | (15,187) | (14,972) | ||
Later than 5 years [Member] | Interest rate derivatives [member] | ||||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [Line Items] | ||||
Derivative contracts - receipts | 957 | 1,406 | ||
Derivative contracts - payments | € (949) | € (1,423) | ||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | |||
[2] | For the purposes of this note and note 17A, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes 13 and 14 respectively. |
Treasury risk management - Su_2
Treasury risk management - Summary of Currency Derivatives Outstanding (Detail) | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about hedges [line items] | |||
Derivative Instruments Outstanding | (889) | (1,933) | |
EUR [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
Derivative Instruments Outstanding | [1] | (743) | (1,002) |
GBP [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
Derivative Instruments Outstanding | (325) | (548) | |
USD [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
Derivative Instruments Outstanding | 640 | 538 | |
SEK [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
Derivative Instruments Outstanding | (94) | (136) | |
CAD [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
Derivative Instruments Outstanding | (108) | (126) | |
PLN [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
Derivative Instruments Outstanding | (67) | (104) | |
Other [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
Derivative Instruments Outstanding | (192) | (555) | |
[1] | Euro exposure relates to group companies having non - euro functional currencies. |
Treasury Risk Management - Su_3
Treasury Risk Management - Summary of Derivative Cash Flow Hedges (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Derivative Cash Flow Hedges [Line Items] | |||
Foreign exchange cash inflows | € 2,254 | € 3,426 | |
Foreign exchange cash outflows | (2,259) | (3,435) | |
Interest rate swaps cash inflows | 4,406 | 4,420 | |
Interest rate swaps cash outflows | (4,136) | (4,160) | |
Commodity contracts cash inflows | 31 | ||
Commodity contracts cash outflows | (4) | ||
Commodity contracts cash flows | (74) | ||
Within 1 year [Member] | |||
Disclosure Of Derivative Cash Flow Hedges [Line Items] | |||
Foreign exchange cash inflows | 2,254 | 3,426 | |
Foreign exchange cash outflows | (2,259) | (3,435) | |
Interest rate swaps cash inflows | 811 | 103 | |
Interest rate swaps cash outflows | (756) | (23) | |
Commodity contracts cash inflows | 31 | ||
Commodity contracts cash outflows | (4) | ||
Commodity contracts cash flows | (74) | ||
Due between 1 and 2 years [Member] | |||
Disclosure Of Derivative Cash Flow Hedges [Line Items] | |||
Interest rate swaps cash inflows | 442 | 795 | |
Interest rate swaps cash outflows | (347) | (756) | |
Due between 2 and 3 years [Member] | |||
Disclosure Of Derivative Cash Flow Hedges [Line Items] | |||
Interest rate swaps cash inflows | 1,182 | 433 | |
Interest rate swaps cash outflows | (1,147) | (347) | |
Due between 3 and 4 years [Member] | |||
Disclosure Of Derivative Cash Flow Hedges [Line Items] | |||
Interest rate swaps cash inflows | 536 | 1,158 | |
Interest rate swaps cash outflows | (464) | (1,147) | |
Due between 4 and 5 years [Member] | |||
Disclosure Of Derivative Cash Flow Hedges [Line Items] | |||
Interest rate swaps cash inflows | 478 | 525 | |
Interest rate swaps cash outflows | (473) | (464) | |
Later than 5 years [Member] | |||
Disclosure Of Derivative Cash Flow Hedges [Line Items] | |||
Interest rate swaps cash inflows | 957 | 1,406 | |
Interest rate swaps cash outflows | (949) | (1,423) | |
Net carrying amount [Member] | |||
Disclosure Of Derivative Cash Flow Hedges [Line Items] | |||
Foreign exchange cash outflows | [1] | 14 | |
Interest rate swaps cash outflows | [1] | (29) | (199) |
Commodity contracts cash inflows | [1] | 31 | |
Commodity contracts cash outflows | [1] | € (4) | |
Commodity contracts cash flows | [1] | € (74) | |
[1] | See note 16C. |
Treasury Risk Management - Impa
Treasury Risk Management - Impact of Interest Rate Swaps and Cross-Currency Swaps (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | [3] | Jan. 01, 2018 | [3] | Dec. 31, 2017 | ||
Disclosure Of Impact Of Interest Rate Swaps And Cross Currency Swaps [Line Items] | ||||||||
Current financial liabilities | € (4,691) | [1],[2] | € (3,613) | [1],[2] | € (8,378) | |||
Non-current financial liabilities | (23,566) | [1],[2] | (23,125) | [1],[2] | € (18,039) | |||
Total financial liabilities | (28,257) | [1],[2] | (26,738) | [1],[2] | € (26,417) | |||
Less: lease liabilities | [1] | (1,919) | (1,981) | |||||
Financial liabilities (excluding lease liabilities) | (26,338) | (24,757) | ||||||
Fixed and Floating Interest Rate [Member] | ||||||||
Disclosure Of Impact Of Interest Rate Swaps And Cross Currency Swaps [Line Items] | ||||||||
Current financial liabilities | (4,691) | (3,613) | ||||||
Non-current financial liabilities | (23,566) | (23,125) | ||||||
Fixed rate (weighted average amount of fixing for the following year) | € (22,618) | € (21,469) | ||||||
[1] | For the purposes of this note and note 17A, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes 13 and 14 respectively. | |||||||
[2] | Includes options and other financial liabilities to acquire non-controlling interests in EAC Myanmar, USA, Japan and Italy refer to note 21. | |||||||
[3] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Treasury Risk Management - Su_4
Treasury Risk Management - Summary of Derivatives Used to Hedge (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | |||
Disclosure of detailed information about hedges [line items] | |||||||
Financial assets | € 5,966 | € 4,746 | |||||
Financial assets | 874 | 642 | [1] | € 675 | |||
Trade payables and other liabilities | (15,107) | (14,803) | |||||
Current financial liabilities | (4,691) | [2],[3] | (3,613) | [1],[2],[3] | (8,378) | ||
Non-current financial liabilities | (23,566) | [2],[3] | (23,125) | [1],[2],[3] | € (18,039) | ||
Derivatives designated as hedges [member] | |||||||
Disclosure of detailed information about hedges [line items] | |||||||
Trade and other receivable | 74 | 82 | |||||
Financial assets | 20 | 194 | |||||
Financial assets | 114 | ||||||
Trade payables and other liabilities | (56) | (140) | |||||
Current financial liabilities | (116) | (126) | |||||
Non-current financial liabilities | (154) | (276) | |||||
Total | (118) | (266) | |||||
Derivative used to hedge [Member] | |||||||
Disclosure of detailed information about hedges [line items] | |||||||
Total financial liabilities | (326) | (542) | |||||
Financial assets | 208 | 276 | |||||
Total | (118) | (266) | |||||
Commodity contracts [Member] | Derivatives designated as hedges [member] | |||||||
Disclosure of detailed information about hedges [line items] | |||||||
Trade and other receivable | 31 | ||||||
Cash flow hedges [member] | |||||||
Disclosure of detailed information about hedges [line items] | |||||||
Financial assets | 114 | ||||||
Cash flow hedges [member] | Foreign exchange derivatives [member] | Derivatives designated as hedges [member] | |||||||
Disclosure of detailed information about hedges [line items] | |||||||
Trade and other receivable | 38 | 39 | |||||
Trade payables and other liabilities | (38) | (25) | |||||
Total | 14 | ||||||
Cash flow hedges [member] | Cross currency interest rate swaps contract [member] | Derivatives designated as hedges [member] | |||||||
Disclosure of detailed information about hedges [line items] | |||||||
Financial assets | 69 | ||||||
Non-current financial liabilities | (143) | (268) | |||||
Total | (29) | (199) | |||||
Cash flow hedges [member] | Commodity contracts [Member] | Derivatives designated as hedges [member] | |||||||
Disclosure of detailed information about hedges [line items] | |||||||
Trade payables and other liabilities | (4) | (74) | |||||
Total | 27 | (74) | |||||
Hedges of net investment in foreign operations [member] | Foreign exchange derivatives [member] | Derivatives designated as hedges [member] | |||||||
Disclosure of detailed information about hedges [line items] | |||||||
Financial assets | [4] | 30 | 58 | ||||
Current financial liabilities | [4] | (14) | (21) | ||||
Total | 16 | 37 | |||||
Hedge accounting not applied [member] | |||||||
Disclosure of detailed information about hedges [line items] | |||||||
Trade and other receivable | 1 | ||||||
Hedge accounting not applied [member] | Foreign exchange derivatives [member] | Derivatives designated as hedges [member] | |||||||
Disclosure of detailed information about hedges [line items] | |||||||
Trade and other receivable | 5 | 42 | |||||
Financial assets | [4] | (10) | 67 | ||||
Trade payables and other liabilities | (14) | (41) | |||||
Current financial liabilities | [4] | (102) | (105) | ||||
Total | (121) | (37) | |||||
Hedge accounting not applied [member] | Cross currency interest rate swaps contract [member] | Derivatives designated as hedges [member] | |||||||
Disclosure of detailed information about hedges [line items] | |||||||
Non-current financial liabilities | (11) | (8) | |||||
Total | € (11) | (8) | |||||
Hedge accounting not applied [member] | Commodity contracts [Member] | Derivatives designated as hedges [member] | |||||||
Disclosure of detailed information about hedges [line items] | |||||||
Total | € 1 | ||||||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | ||||||
[2] | For the purposes of this note and note 17A, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes 13 and 14 respectively. | ||||||
[3] | Includes options and other financial liabilities to acquire non-controlling interests in EAC Myanmar, USA, Japan and Italy refer to note 21. | ||||||
[4] | Swaps that hedge the currency risk on intra-group loans and offset ‘Hedges of net investments in foreign operations’ are included within ‘Hedge accounting not applied’. See below for further details. |
Treasury Risk Management - Su_5
Treasury Risk Management - Summary of Financial Assets are Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements (Detail) - Derivative Financial Assets [Member] - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of offsetting of financial assets [line items] | ||
Gross amounts of recognised financial assets | € 253 | € 339 |
Gross amounts of recognised financial assets set off in the balance sheet | (45) | (63) |
Net amounts of financial assets presented in the balance sheet | 208 | 276 |
Financial instruments | (130) | (164) |
Cash collateral received | (24) | (10) |
Net amount | € 54 | € 102 |
Treasury Risk Management - Su_6
Treasury Risk Management - Summary of Financial Liabilities are Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements (Detail) - Derivative financial liabilities [Member] - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of offsetting of financial liabilities [line items] | ||
Gross amounts of recognised financial liabilities | € (371) | € (605) |
Gross amounts of recognised financial liabilities set off in the balance sheet | 45 | 63 |
Net amounts of financial liabilities presented in the balance sheet | (326) | (542) |
Financial instruments | 130 | 164 |
Net amount | € (196) | € (378) |
Investment and Return - Schedul
Investment and Return - Schedule of Cash Resources and Other Financial Assets (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [2] | |||
Cash and cash equivalents | |||||||
Cash at bank and in hand | [1] | € 2,457 | € 2,174 | ||||
Short-term deposits with maturity of less than three months | [1] | 1,693 | 1,024 | ||||
Other cash equivalents | [1] | 35 | 32 | ||||
Cash and cash equivalents | 4,185 | [1] | 3,230 | [2] | € 3,317 | ||
Cash at bank and in hand | [1] | 2,457 | 2,174 | ||||
Short-term deposits with maturity of less than three months | [1] | 1,693 | 1,024 | ||||
Other cash equivalents | [1] | 35 | 32 | ||||
Cash and cash equivalents | 4,185 | [1] | 3,230 | [2] | 3,317 | ||
Other current financial assets | |||||||
Financial assets at amortised cost | [3] | 578 | 382 | ||||
Financial assets at fair value through other comprehensive income | [4] | 0 | 154 | ||||
Current financial assets at fair value through profit or loss: | |||||||
Other current financial assets | 907 | 874 | [2] | 770 | |||
Current financial assets | 5,092 | 4,104 | |||||
Other non-current financial assets | |||||||
Financial assets at amortised cost | [3] | 220 | 247 | ||||
Financial assets at fair value through other comprehensive income | [4] | 266 | 175 | ||||
Non-current financial assets at fair value through profit or loss: | |||||||
Non-current financial assets | 874 | 642 | [2] | € 675 | |||
Other financial assets | |||||||
Financial assets at amortised cost | [3] | 798 | 629 | ||||
Financial assets at fair value through other comprehensive income | [4] | 266 | 329 | ||||
Financial assets at fair value through profit or loss: | |||||||
Other financial assets | 1,781 | 1,516 | |||||
Total | 5,966 | 4,746 | |||||
Derivatives [member] | |||||||
Current financial assets at fair value through profit or loss: | |||||||
Current financial assets at fair value through profit or loss | 20 | 194 | |||||
Non-current financial assets at fair value through profit or loss: | |||||||
Non-current financial assets at fair value through profit or loss | 114 | ||||||
Financial assets at fair value through profit or loss: | |||||||
Financial assets at fair value through profit or loss | 134 | 194 | |||||
Other [member] | |||||||
Current financial assets at fair value through profit or loss: | |||||||
Current financial assets at fair value through profit or loss | [5] | 309 | 144 | ||||
Non-current financial assets at fair value through profit or loss: | |||||||
Non-current financial assets at fair value through profit or loss | [5] | 274 | 220 | ||||
Financial assets at fair value through profit or loss: | |||||||
Financial assets at fair value through profit or loss | [5] | € 583 | € 364 | ||||
[1] | For the purposes of this note and note 15C, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes 13 and 14 respectively. | ||||||
[2] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | ||||||
[3] | Current financial assets at amortised cost include short-term deposits with banks with maturities longer than three months and loans to joint venture entities. Non-current financial assets at amortised cost include judicial deposit of €136 million (2018: €128 million) and investments in bonds of €56 million (2018: €93 million). | ||||||
[4] | Included within non-current financial assets at fair value through other comprehensive income are equity investments of € 244 million (2018: €148 million). These investments are not held by Unilever for trading purposes and hence the Group has opted to recognise fair value movements through other comprehensive income. The fair value movement in 2019 of these equity investments was €31 million (2018: €(9) million). | ||||||
[5] | Current Other Financial assets at fair value through profit or loss include A- or higher rated money and capital market instruments. Included within non-current financial assets at fair value through profit or loss are assets in a trust to fund benefit obligations in the US (see also note 4B) of €54 million (2018: €59 million) and investments in a number of companies and financial institutions in North America, North Asia, South Asia and Europe. |
Investment and Return - Sched_2
Investment and Return - Schedule of Cash Resources and Other Financial Assets (Parenthetical) (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of financial assets [line items] | |||
Equity Investments included in financial assets at fair value through other comprehensive income | € 244 | € 148 | |
Movement of Equity Investments | 31 | (9) | |
Assets in trust fund benefit obligations | 54 | 59 | |
Non-current financial assets at amortised cost | [1] | 220 | 247 |
Judicial Deposit [Member] | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets at amortised cost | 136 | 128 | |
Bonds [Member] | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets at amortised cost | € 56 | € 93 | |
[1] | Current financial assets at amortised cost include short-term deposits with banks with maturities longer than three months and loans to joint venture entities. Non-current financial assets at amortised cost include judicial deposit of €136 million (2018: €128 million) and investments in bonds of €56 million (2018: €93 million). |
Investment and Return - Additio
Investment and Return - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of cash and cash equivalents [line items] | |||
Cash and cash equivalents held by central finance companies | € 1,000 | ||
Percentage of cash and cash equivalents held by central finance companies | 24.00% | ||
Cash and cash equivalents held with foreign subsidiaries | € 3,200 | ||
Percentage of cash and cash equivalents held with foreign subsidiaries | 76.00% | ||
Cash and cash equivalents held with foreign subsidiaries for general use by wider business | € 146 | € 154 | € 206 |
Description of collateral held as security | To reduce this risk, Unilever has concentrated its main activities with a limited number of counter-parties which have secure credit ratings. Individual risk limits are set for each counter-party based on financial position, credit rating and past experience. Credit limits and concentration of exposures are actively monitored by the Group’s treasury department. Netting agreements are also put in place with Unilever’s principal counter-parties. In the case of a default, these arrangements would allow Unilever to net assets and liabilities across transactions with that counter-party. To further reduce the Group’s credit exposures on derivative financial instruments, Unilever has collateral agreements with Unilever’s principal counter-parties in relation to derivative financial instruments. | ||
Collateral held permitted to be sold or repledged in absence of default by owner of collateral, at fair value | € 24 | 10 | |
Cash [Member] | |||
Disclosure of cash and cash equivalents [line items] | |||
Collateral held permitted to be sold or repledged in absence of default by owner of collateral, at fair value | 24 | 10 | |
Bond Securities [Member] | |||
Disclosure of cash and cash equivalents [line items] | |||
Collateral held permitted to be sold or repledged in absence of default by owner of collateral, at fair value | € 0 | € 0 |
Investment and Return - Sched_3
Investment and Return - Schedule of Cash and Cash Equivalents Reconciliation to Cash Flow Statement (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [2] | Dec. 31, 2017 | [2] | Dec. 31, 2016 | [2] | ||
Cash and cash equivalents if different from statement of financial position [abstract] | ||||||||||
Cash and cash equivalents per balance sheet | € 4,185 | [1] | € 3,230 | [2] | € 3,317 | |||||
Less: bank overdrafts | (69) | (140) | ||||||||
Cash and cash equivalents per cash flow statement | € 4,116 | € 3,090 | [2] | € 3,169 | € 3,198 | |||||
[1] | For the purposes of this note and note 15C, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes 13 and 14 respectively. | |||||||||
[2] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Financial Instruments - Summary
Financial Instruments - Summary of Fair Values of Financial Assets and Financial Liabilities (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [2] | Dec. 31, 2017 | |||
Financial assets | ||||||||
Cash and cash equivalents | € 4,185 | [1] | € 3,230 | [2] | € 3,317 | |||
Financial assets at amortised cost | [3] | 798 | 629 | |||||
Financial assets at fair value through other comprehensive income | [4] | 266 | 329 | |||||
Financial liabilities | ||||||||
Lease liabilities | [5] | (1,919) | (1,981) | [2] | ||||
Derivatives | [5] | (270) | (402) | [2] | ||||
Other financial liabilities | [5] | (125) | (149) | [2] | ||||
Financial liabilities | 28,257 | [5],[6] | 26,738 | [2],[5],[6] | € 26,417 | |||
Derivatives [member] | ||||||||
Financial assets at fair value through profit or loss: | ||||||||
Financial assets | 134 | 194 | ||||||
Other [member] | ||||||||
Financial assets at fair value through profit or loss: | ||||||||
Financial assets | [7] | 583 | 364 | |||||
Fair value [member] | ||||||||
Financial assets | ||||||||
Cash and cash equivalents | 4,185 | 3,230 | [2] | |||||
Financial assets at amortised cost | 798 | 629 | [2] | |||||
Financial assets at fair value through other comprehensive income | 266 | 329 | [2] | |||||
Financial assets at fair value through profit or loss: | ||||||||
Financial assets | 5,966 | 4,746 | [2] | |||||
Financial liabilities | ||||||||
Bank loans and overdrafts | (853) | (816) | [2] | |||||
Bonds and other loans | (26,525) | (23,691) | [2] | |||||
Lease liabilities | (1,919) | (1,981) | [2] | |||||
Derivatives | (270) | (402) | [2] | |||||
Other financial liabilities | (183) | (150) | [2] | |||||
Financial liabilities | (29,750) | (27,040) | [2] | |||||
Fair value [member] | Derivatives [member] | ||||||||
Financial assets at fair value through profit or loss: | ||||||||
Financial assets at fair value through profit or loss | 134 | 194 | [2] | |||||
Fair value [member] | Other [member] | ||||||||
Financial assets at fair value through profit or loss: | ||||||||
Financial assets | 583 | 364 | [2] | |||||
Carrying amount [member] | ||||||||
Financial assets | ||||||||
Cash and cash equivalents | 4,185 | 3,230 | [2] | |||||
Financial assets at amortised cost | 798 | 629 | [2] | |||||
Financial assets at fair value through other comprehensive income | 266 | 329 | [2] | |||||
Financial assets at fair value through profit or loss: | ||||||||
Financial assets | 5,966 | 4,746 | [2] | |||||
Financial liabilities | ||||||||
Bank loans and overdrafts | (853) | (814) | [2] | |||||
Bonds and other loans | (25,032) | (23,391) | [2] | |||||
Lease liabilities | (1,919) | (1,981) | [2] | |||||
Derivatives | (270) | (402) | [2] | |||||
Other financial liabilities | (183) | (150) | [2] | |||||
Financial liabilities | (28,257) | (26,738) | [2] | |||||
Carrying amount [member] | Derivatives [member] | ||||||||
Financial assets at fair value through profit or loss: | ||||||||
Financial assets at fair value through profit or loss | 134 | 194 | [2] | |||||
Carrying amount [member] | Other [member] | ||||||||
Financial assets at fair value through profit or loss: | ||||||||
Financial assets | € 583 | € 364 | [2] | |||||
[1] | For the purposes of this note and note 15C, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes 13 and 14 respectively. | |||||||
[2] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | |||||||
[3] | Current financial assets at amortised cost include short-term deposits with banks with maturities longer than three months and loans to joint venture entities. Non-current financial assets at amortised cost include judicial deposit of €136 million (2018: €128 million) and investments in bonds of €56 million (2018: €93 million). | |||||||
[4] | Included within non-current financial assets at fair value through other comprehensive income are equity investments of € 244 million (2018: €148 million). These investments are not held by Unilever for trading purposes and hence the Group has opted to recognise fair value movements through other comprehensive income. The fair value movement in 2019 of these equity investments was €31 million (2018: €(9) million). | |||||||
[5] | For the purposes of this note and note 17A, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes 13 and 14 respectively. | |||||||
[6] | Includes options and other financial liabilities to acquire non-controlling interests in EAC Myanmar, USA, Japan and Italy refer to note 21. | |||||||
[7] | Current Other Financial assets at fair value through profit or loss include A- or higher rated money and capital market instruments. Included within non-current financial assets at fair value through profit or loss are assets in a trust to fund benefit obligations in the US (see also note 4B) of €54 million (2018: €59 million) and investments in a number of companies and financial institutions in North America, North Asia, South Asia and Europe. |
Financial Instruments Fair Va_3
Financial Instruments Fair Value Risk - Summary of Assets and Liabilities Carried at Fair Value, Classification of Fair Value Calculations by Category (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of Detailed Information about Financial Instruments [Line Items] | ||||
Financial assets at fair value through other comprehensive income | [1] | € 266 | € 329 | |
Financial assets at fair value through profit or loss: | ||||
Other | 1,781 | 1,516 | ||
Derivatives | (89) | (216) | [2] | |
Fair value [member] | ||||
Disclosure of Detailed Information about Financial Instruments [Line Items] | ||||
Financial assets at fair value through other comprehensive income | 266 | 329 | [2] | |
Financial assets at fair value through profit or loss: | ||||
Derivatives | [3] | 208 | 276 | |
Other | 583 | 364 | ||
Fair value [member] | Level 1 [member] | ||||
Disclosure of Detailed Information about Financial Instruments [Line Items] | ||||
Financial assets at fair value through other comprehensive income | 7 | 160 | ||
Financial assets at fair value through profit or loss: | ||||
Other | 311 | 145 | ||
Fair value [member] | Level 2 [member] | ||||
Disclosure of Detailed Information about Financial Instruments [Line Items] | ||||
Financial assets at fair value through other comprehensive income | 4 | 5 | ||
Financial assets at fair value through profit or loss: | ||||
Derivatives | [3] | 208 | 276 | |
Fair value [member] | Level 3 [member] | ||||
Disclosure of Detailed Information about Financial Instruments [Line Items] | ||||
Financial assets at fair value through other comprehensive income | 255 | 164 | ||
Financial assets at fair value through profit or loss: | ||||
Other | 272 | 219 | ||
Fair value [member] | Financial liabilities [member] | ||||
Financial assets at fair value through profit or loss: | ||||
Derivatives | [4] | (326) | (542) | |
Contingent consideration | (154) | (142) | ||
Fair value [member] | Financial liabilities [member] | Level 2 [member] | ||||
Financial assets at fair value through profit or loss: | ||||
Derivatives | [4] | (326) | (542) | |
Fair value [member] | Financial liabilities [member] | Level 3 [member] | ||||
Financial assets at fair value through profit or loss: | ||||
Contingent consideration | € (154) | € (142) | ||
[1] | Included within non-current financial assets at fair value through other comprehensive income are equity investments of € 244 million (2018: €148 million). These investments are not held by Unilever for trading purposes and hence the Group has opted to recognise fair value movements through other comprehensive income. The fair value movement in 2019 of these equity investments was €31 million (2018: €(9) million). | |||
[2] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | |||
[3] | Includes €74 million (2018: €82 million) derivatives, reported within trade receivables, that hedge trading activities. | |||
[4] | Includes €(56) million (2018: €(140) million) derivatives, reported within trade payables, that hedge trading activities. |
Financial Instruments Fair Va_4
Financial Instruments Fair Value Risk - Summary of Assets and Liabilities Carried at Fair Value, Classification of Fair Value Calculations by Category (Parenthetical) (Detail) - Fair value [member] - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of Detailed Information about Financial Instruments [Line Items] | ||
Derivatives assets, reported within trade receivables | € 74 | € 82 |
Derivatives liabilities, reported within trade receivables | € (56) | € (140) |
Financial Instruments Fair Va_5
Financial Instruments Fair Value Risk - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | ||
Disclosure of Detailed Information about Financial Instruments [Line Items] | |||||
Assets | € 64,806 | € 61,111 | [1] | € 62,058 | |
Unlisted investments include of investment | 35 | 14 | [2] | ||
Level 3 [member] | |||||
Disclosure of Detailed Information about Financial Instruments [Line Items] | |||||
Impact in income statement due to Level 3 instruments | (9) | 272 | |||
Level 3 [member] | Unilever Ventures companies [Member] | |||||
Disclosure of Detailed Information about Financial Instruments [Line Items] | |||||
Unlisted investments include of investment | 403 | 254 | |||
Level 3 [member] | Split-Dollar Life Insurance [Member] | Fair value [member] | |||||
Disclosure of Detailed Information about Financial Instruments [Line Items] | |||||
Assets | € 18 | € 17 | |||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | ||||
[2] | Restated following adoption of IFRS 16. Operating lease prepayments for land that were previously reported within other non-current assets, have now been included within leased assets. See note1 and note 24 for further details. |
Financial Instruments Fair Va_6
Financial Instruments Fair Value Risk - Summary of Reconciliation of Movements in Level 3 Valuations (Detail) - Fair value [member] - Level 3 fair value measurements of financial assets and financial liabilities [member] - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of Fair Value Measurement of Assets [Line Items] | ||
Assets and liabilities beginning balance | € 241 | € (101) |
Gains and losses recognised in income statement | (9) | 272 |
Gains and losses recognised in other comprehensive income | 43 | (9) |
Purchases and new issues | 83 | 4 |
Sales and settlements | 15 | 75 |
Assets and liabilities ending balance | € 373 | € 241 |
Provisions - Summary of Other P
Provisions - Summary of Other Provisions (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | |
Disclosure of other provisions [abstract] | |||||
Due within one year | € 620 | € 624 | [1] | € 525 | |
Due after one year | 664 | 697 | [1] | € 794 | |
Total Provisions | € 1,284 | € 1,321 | |||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Provisions - Summary of Movemen
Provisions - Summary of Movement of Other Provisions (Detail) € in Millions | 12 Months Ended | |
Dec. 31, 2019EUR (€) | ||
Disclosure of Provisions [Line Items] | ||
Other provisions beginning balance | € 1,321 | |
Charge to income statement | 552 | |
Releases | (157) | |
Utilisation | (356) | |
Reclassification | (72) | [1] |
Currency translation | (4) | |
Other provisions ending balance | 1,284 | |
Restructuring [Member] | ||
Disclosure of Provisions [Line Items] | ||
Other provisions beginning balance | 445 | |
Charge to income statement | 371 | |
Releases | (75) | |
Utilisation | (257) | |
Reclassification | (18) | [1] |
Currency translation | 4 | |
Other provisions ending balance | 470 | |
Legal [Member] | ||
Disclosure of Provisions [Line Items] | ||
Other provisions beginning balance | 143 | |
Charge to income statement | 59 | |
Releases | (10) | |
Utilisation | (38) | |
Reclassification | (7) | [1] |
Currency translation | 2 | |
Other provisions ending balance | 149 | |
Brazil Indirect Taxes [member] | ||
Disclosure of Provisions [Line Items] | ||
Other provisions beginning balance | 203 | |
Charge to income statement | 15 | |
Releases | (10) | |
Utilisation | (7) | |
Reclassification | (75) | [1] |
Currency translation | 2 | |
Other provisions ending balance | 128 | |
Other [Member] | ||
Disclosure of Provisions [Line Items] | ||
Other provisions beginning balance | 530 | |
Charge to income statement | 107 | |
Releases | (62) | |
Utilisation | (54) | |
Reclassification | 28 | [1] |
Currency translation | (12) | |
Other provisions ending balance | € 537 | |
[1] | Includes an amount transferred to impairment provision relating to Brazil indirect tax assets. See note 13. |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Summary of Potential Future Lease Commitments and Other Commitments Fall Due (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Lease And Other Commitments [Line Items] | |||
Leases | € 223 | € 174 | [1] |
Other commitments | 1,498 | 1,910 | |
Within 1 year [Member] | |||
Disclosure Of Lease And Other Commitments [Line Items] | |||
Leases | 69 | 65 | [1] |
Other commitments | 791 | 1,099 | |
Later than 1 year but not later than 5 years [Member] | |||
Disclosure Of Lease And Other Commitments [Line Items] | |||
Leases | 111 | 89 | [1] |
Other commitments | 684 | 780 | |
Later than 5 years [Member] | |||
Disclosure Of Lease And Other Commitments [Line Items] | |||
Leases | 43 | 20 | [1] |
Other commitments | € 23 | € 31 | |
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Additional Information (Detail) € in Millions | Dec. 31, 2019EUR (€) |
United Kingdom [Member] | Issue Of Intangible Assets And Permanent Establishment [Member] | |
Disclosure of contingent liabilities [line items] | |
Tax Assessment Relating To NV Permanent Establishment in UK | € 141 |
United Kingdom [Member] | Issue Of Intangible Assets And Permanent Establishment [Member] | Top of range [member] | |
Disclosure of contingent liabilities [line items] | |
Tax Assessment Exposure Relating To NV Permanent Establishment in UK | 600 |
Brazil [member] | |
Disclosure of contingent liabilities [line items] | |
Potential tax litigation cases that will move to Judicial courts | € 1,800 |
Commitments and Contingent Li_5
Commitments and Contingent Liabilities - Summary of Contingent Liabilities (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of contingent liabilities [line items] | |||
Corporate reorganisation - IPI, PIS and COFINS taxes and penalties | [1] | € 2,235 | € 2,032 |
Other contingent liabilities | 789 | 481 | |
Total contingent liabilities | 4,210 | 3,658 | |
Brazil [member] | |||
Disclosure of contingent liabilities [line items] | |||
Corporate reorganisation - IPI, PIS and COFINS taxes and penalties | 2,235 | 2,032 | |
Inputs for PIS and COFINS taxes | 43 | 52 | |
Goodwill amortisation | 184 | 177 | |
Other tax assessments - approximately 600 cases | 959 | 916 | |
Total contingent liabilities | € 3,421 | € 3,177 | |
[1] | During 2004, and in common with many other businesses operating in Brazil, one of our Brazilian subsidiaries received a notice of infringement from the Federal Revenue Service in respect of indirect taxes. The notice alleges that a 2001 reorganisation of our local corporate structure was undertaken without valid business purpose. The 2001 reorganisation was comparable with restructurings done by many companies in Brazil. The original dispute was resolved in the courts in the Group’s favour. However, in 2013 a new assessment was raised in respect of a similar matter. Additionally, during the course of 2014 and again in 2017, 2018 and 2019 other notices of infringement were issued based on the same grounds argued in the previous assessments. The total amount of the tax assessments in respect of this matter is €2,235 million (2018: €2,032 million). The judicial process in Brazil is likely to take a number of years to conclude. |
Commitments and Contingent Li_6
Commitments and Contingent Liabilities - Summary of Contingent Liabilities (Parenthetical) (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of contingent liabilities [line items] | |||
Corporate reorganisation tax assessment | [1] | € 2,235 | € 2,032 |
Brazil [member] | |||
Disclosure of contingent liabilities [line items] | |||
Corporate reorganisation tax assessment | € 2,235 | € 2,032 | |
[1] | During 2004, and in common with many other businesses operating in Brazil, one of our Brazilian subsidiaries received a notice of infringement from the Federal Revenue Service in respect of indirect taxes. The notice alleges that a 2001 reorganisation of our local corporate structure was undertaken without valid business purpose. The 2001 reorganisation was comparable with restructurings done by many companies in Brazil. The original dispute was resolved in the courts in the Group’s favour. However, in 2013 a new assessment was raised in respect of a similar matter. Additionally, during the course of 2014 and again in 2017, 2018 and 2019 other notices of infringement were issued based on the same grounds argued in the previous assessments. The total amount of the tax assessments in respect of this matter is €2,235 million (2018: €2,032 million). The judicial process in Brazil is likely to take a number of years to conclude. |
Acquisitions and Disposals - Ad
Acquisitions and Disposals - Additional Information (Detail) - EUR (€) | Mar. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of Acquisitions and Disposals [Line Items] | ||||
Total consideration | € 1,167,000,000 | € 1,194,000,000 | ||
Revenue of acquiree | 227,000,000 | |||
Operating profit of acquiree | 5,000,000 | |||
Revenue of group if acquisition completed | 52,165,000,000 | |||
Operating profit of group if acquisition completed | 8,724,000,000 | |||
Goodwill expected to be tax deductible | 160,000,000 | |||
Contingent liabilities acquired | € 0 | |||
Description of goodwill | Goodwill represents the future value which the Group believes it will obtain through operational synergies and the application of acquired company ideas to existing Unilever channels and businesses. | |||
Profit on disposals | € 70,000,000 | 4,331,000,000 | € 334,000,000 | |
Exchange rate gain loss on cash flow hedge | 0 | (100,000,000) | 51,000,000 | |
Total consideration for the disposals | 169,000,000 | 7,590,000,000 | € 563,000,000 | |
Cash-generating units [member] | ||||
Disclosure of Acquisitions and Disposals [Line Items] | ||||
Goodwill allocated | € 27,000,000 | |||
Horlicks Group [Member] | ||||
Disclosure of Acquisitions and Disposals [Line Items] | ||||
Business acquisition consideration payable | € 5,086,000,000 | € 642,000,000 | ||
Alsa Baking And Dessert Business [member] | ||||
Disclosure of Acquisitions and Disposals [Line Items] | ||||
Consideration received | 155,000,000 | |||
Profit on disposals | € 57,000,000 |
Acquisitions and Disposals - Su
Acquisitions and Disposals - Summary of Business Acquisitions and Disposals (Detail) - EUR (€) € in Millions | Jan. 15, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 01, 2019 | Jul. 26, 2019 | Oct. 01, 2018 | Jul. 02, 2018 |
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Cash consideration payable | € 1,149 | ||||||
Carver Korea [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Acquisition of noncontrolling interest, percentage | 2.00% | ||||||
Ownership percentage | 100.00% | ||||||
Deal completion date | Jan. 15, 2018 | ||||||
Acquired/disposed business | Acquired the remaining 2% non-controlling interest of Carver Korea bringing the Group’s ownership to 100%. | ||||||
Quala beauty and personal and home care [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Feb. 28, 2018 | ||||||
Acquired/disposed business | Acquired Quala beauty & personal and home care business in Latin America. | ||||||
Global spreads business (excluding South Africa) [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Jul. 2, 2018 | ||||||
Acquired/disposed business | Sold the global Spreads business (excluding Southern Africa) to KKR. | ||||||
Adityaa Milk Ice Cream [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Sep. 27, 2018 | ||||||
Acquired/disposed business | Acquired Adityaa Milk, an ice cream business in India. The acquisition strengthens Unilever front end distribution reach in India. | ||||||
Betty Ice Cream [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Nov. 1, 2018 | ||||||
Acquired/disposed business | Acquired Betty Ice, a leading ice cream business in Romania. The acquisition enriches Unilever's product range through local offerings and price tiers. | ||||||
Denny Ice Cream [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Dec. 3, 2018 | ||||||
Acquired/disposed business | Acquired Denny Ice, an ice cream business in Bulgaria to strengthen local product knowledge. | ||||||
Spreads business in South Africa [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Cash consideration payable | € 306 | ||||||
Deal completion date | Jul. 2, 2018 | ||||||
Acquired/disposed business | Sold the Spreads business in Southern Africa to Remgro plus a cash consideration of €306 million in exchange for Remgro’s 25.75% shareholding in Unilever South Africa. | ||||||
South Africa holdings [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Acquisition percentage | 25.75% | ||||||
Equilibra [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Acquisition percentage | 75.00% | ||||||
Deal completion date | Oct. 1, 2018 | ||||||
Acquired/disposed business | Acquired 75% of Equilibra, the Italian personal care and wellbeing business. The acquisition complements Unilever’s product range through its presence in the ‘natural’ personal care segment. | ||||||
Vegetarian Butcher [Member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Dec. 31, 2018 | ||||||
Acquired/disposed business | Acquired Vegetarian Butcher, a vegetarian meat replacement, foods business in the Netherlands. The acquisition fits with Unilever’s strategy to expand its portfolio into plant-based foods responding to the growing trend of vegetarian and vegan meals | ||||||
The Laundress [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Jan. 28, 2019 | ||||||
Acquired/disposed business | Acquired the Laundress, a global premium eco-friendly laundry care business in the US. The acquisition expands our portfolio into the premium home care market. | ||||||
Graze [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Feb. 5, 2019 | ||||||
Acquired/disposed business | Acquired Graze, the leading healthy snacking business in the UK. The acquisition accelerates our presence in the healthy snacking and out of home markets. | ||||||
Alsa Baking [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Mar. 1, 2019 | ||||||
Acquired/disposed business | Sold the global Alsa baking and dessert business to Dr. Oetker. | ||||||
Garancia [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Apr. 5, 2019 | ||||||
Acquired/disposed business | Acquired Garancia, a derma-cosmetic business in France. The acquisition strengthens our prestige portfolio in the pharmacy channel. | ||||||
Olly Nurtrition [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | May 21, 2019 | ||||||
Acquired/disposed business | Acquired Olly Nutrition, a US based vitamins, minerals and supplements business that accelerates our presence and competitiveness in the wellness market. | ||||||
Fluocaril And Parogencyl [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Jun. 28, 2019 | ||||||
Acquired/disposed business | Acquired Fluocaril and Parogencyl oral care businesses in France and Spain. The acquisition complements our existing oral care portfolio and strengthens our distribution in the European pharmacy channel. | ||||||
Tatcha [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Acquisition percentage | 95.00% | ||||||
Deal completion date | Jul. 26, 2019 | ||||||
Acquired/disposed business | Acquired 95% of Tatcha, a leading prestige skin care business in the US. Tatcha is a modern skin care brand with a focus on natural ingredients, product experience, premium design and packaging quality. | ||||||
Astrix [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Deal completion date | Aug. 30, 2019 | ||||||
Acquired/disposed business | Acquired Astrix, a personal and home care business in Bolivia that further strengthens our local market competitiveness. | ||||||
Lenor [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Acquisition percentage | 70.00% | ||||||
Deal completion date | Oct. 1, 2019 | ||||||
Acquired/disposed business | Acquired 70% of Lenor, a premium skin care business based in Japan. The acquisition expands our portfolio into Japanese beauty, premium face and derma care in Japan and China. | ||||||
Deal completion date | Oct. 1, 2019 | ||||||
Frufru [member] | |||||||
Disclosure of Acquisitions and Disposals [Line Items] | |||||||
Acquisition percentage | 75.00% | ||||||
Deal completion date | Oct. 1, 2019 | ||||||
Acquired/disposed business | Acquired 75% of FruFru, a healthy food business in Romania which accelerates our local presence and competitiveness in the healthy food market. |
Acquisitions and Disposals - _2
Acquisitions and Disposals - Summary of Effect of Acquisitions on Consolidated Balance Sheet (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | [1] | ||
Disclosure of Detailed Information about Business Combination [Line Items] | ||||||
Net assets acquired | € 771 | € 815 | € 2,423 | |||
Non-controlling interest | (25) | (17) | (50) | |||
Goodwill | 18,067 | 17,341 | [1] | € 16,881 | ||
Total payment for acquisition | 1,167 | 1,294 | 4,912 | |||
Exchange rate gain/ (loss) on cash flow hedge | 0 | (100) | 51 | |||
Total consideration | 1,167 | 1,194 | 4,963 | |||
Subsidiaries [member] | ||||||
Disclosure of Detailed Information about Business Combination [Line Items] | ||||||
Goodwill | € 421 | € 496 | € 2,539 | |||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Acquisitions and Disposals - _3
Acquisitions and Disposals - Summary of Net Assets Acquired and Total Payment for Acquisition (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Dec. 31, 2017 | |
Disclosure of Detailed Information about Business Combination [Line Items] | ||||||
Intangible assets | € 787 | |||||
Other non-current assets | 37 | |||||
Trade and other receivables | 58 | |||||
Other current assets | 94 | |||||
Non-current liabilities | (128) | |||||
Current liabilities | (77) | |||||
Net assets acquired | 771 | € 815 | € 2,423 | |||
Non-controlling interest | (25) | (17) | (50) | |||
Goodwill | 18,067 | 17,341 | [1] | € 16,881 | ||
Cash consideration | 1,149 | |||||
Deferred consideration | 18 | |||||
Total consideration | 1,167 | 1,194 | 4,963 | |||
Subsidiaries [member] | ||||||
Disclosure of Detailed Information about Business Combination [Line Items] | ||||||
Goodwill | € 421 | € 496 | € 2,539 | |||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Acquisitions and Disposals - _4
Acquisitions and Disposals - Summary of Impact of Disposals (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of disposals [Abstract] | |||
Goodwill and intangible assets | € 82 | € 2,510 | € 71 |
Other non-current assets | 19 | 666 | 92 |
Current assets | 15 | 261 | 10 |
Trade creditors and other payables | (12) | (107) | (8) |
Net assets sold | 104 | 3,330 | 165 |
(Gain)/loss on recycling of currency retranslation on disposal | (71) | 66 | |
Profit/(loss) on sale attributable to Unilever | 65 | 4,331 | 332 |
Consideration | 169 | 7,590 | 563 |
Cash | 168 | 7,135 | 560 |
Cash balances of businesses sold | 1 | 321 | |
Non-cash items and deferred consideration | 134 | 3 | |
Total consideration for the disposals | € 169 | € 7,590 | € 563 |
Assets and Liabilities Held f_3
Assets and Liabilities Held for Sale - Summary of Assets and Liabilities Classified as Held for Sale (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [2] | ||
Non-current Assets Held for Sale [Line Items] | ||||||
Goodwill and intangibles | [1] | € 31,029 | € 29,493 | |||
Property, plant and equipment | 12,062 | 12,088 | [2] | € 12,270 | ||
Current assets | ||||||
Inventories | 4,164 | 4,301 | [2] | 3,962 | ||
Trade and other receivables | 6,695 | 6,482 | [2] | 5,219 | ||
Disposal groups held for sale | [3] | 29 | 115 | |||
Assets held for sale | 82 | 119 | [2] | 3,224 | ||
Liabilities held for sale | 1 | 11 | [2] | € 170 | ||
Non-Current Assets Held for Sale [member] | ||||||
Non-current Assets Held for Sale [Line Items] | ||||||
Property, plant and equipment | [4] | 53 | 4 | |||
Disposal Groups Held for Sale [member] | ||||||
Non-current Assets Held for Sale [Line Items] | ||||||
Goodwill and intangibles | [3] | 3 | 82 | |||
Property, plant and equipment | [3] | 13 | 19 | |||
Current assets | ||||||
Inventories | [3] | 9 | 8 | |||
Trade and other receivables | [3] | 1 | 2 | |||
Other | [3] | 3 | 4 | |||
Assets held for sale | 82 | 119 | ||||
Liabilities held for sale | € 1 | € 11 | ||||
[1] | Within the indefinite-life intangible assets there are three brands that have a significant carrying value: Knorr €1,816 milion (2018: €1,789 million), Carver Korea €1,509 million (2018: €1,534 million) and Hellmann’s €1,220 million (2018: €1,195 million). | |||||
[2] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | |||||
[3] | In 2018, disposal groups held for sale consists of assets mainly relating to Alsa baking and dessert business which was disposed during 2019. | |||||
[4] | 2019 includes manufacturing assets held for sale in various countries. |
Related Party Transactions - Su
Related Party Transactions - Summary of Related Party Balances Existed with Associate or Joint Venture Businesses (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Joint Ventures Where Entity is Venturer [Member] | ||
Disclosure of Transactions between Related Parties [Line Items] | ||
Trading and other balances due from joint ventures | € 123 | € 121 |
Associates [member] | ||
Disclosure of Transactions between Related Parties [Line Items] | ||
Trading and other balances due from/(to) associates | € 0 | € 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Langholm Capital II [Member] | Associates [member] | ||
Disclosure of Transactions between Related Parties [Line Items] | ||
Investments in associates | € 64 | |
Outstanding commitments made by entity, related party transactions | 11 | € 13 |
Amount received back from associate | 0 | 0.3 |
Joint ventures [member] | Unilever FIMA LDA [member] | ||
Disclosure of Transactions between Related Parties [Line Items] | ||
Sales revenue | 108 | 107 |
Sale to Unilever | 67 | 83 |
Balances owed by/(to) related party | 128 | 127 |
Royalties and service fee paid to Unilever | 15 | 16 |
Joint ventures [member] | Pepsi Lipton [Member] | ||
Disclosure of Transactions between Related Parties [Line Items] | ||
Sales revenue | 60 | 65 |
Sale to Unilever | 46 | 51 |
Balances owed by/(to) related party | € (5) | € (6) |
Restatement impact of IFRS 16 -
Restatement impact of IFRS 16 - Balance Sheet (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Dec. 31, 2017 | Dec. 31, 2016 | [1] | |||
Non-current assets | ||||||||||
Property, plant and equipment | € 12,062 | € 12,088 | [1] | € 12,270 | ||||||
Deferred tax assets | 1,336 | 1,152 | [1] | 1,118 | ||||||
Total non-current assets | 48,376 | 45,633 | [1] | 45,078 | ||||||
Current assets | ||||||||||
Total assets | 64,806 | 61,111 | [1] | 62,058 | ||||||
Current liabilities | ||||||||||
Financial liabilities | 4,691 | [2],[3] | 3,613 | [1],[2],[3] | 8,378 | |||||
Total current liabilities | 20,978 | 20,150 | [1] | 23,587 | ||||||
Non-current liabilities | ||||||||||
Financial liabilities | 23,566 | [2],[3] | 23,125 | [1],[2],[3] | 18,039 | |||||
Deferred tax liabilities | 2,573 | 1,900 | [1] | 1,888 | ||||||
Total non current liabilities | 29,942 | 28,844 | [1] | 24,273 | ||||||
Total liabilities | 50,920 | 48,994 | [1] | 47,860 | ||||||
Equity | ||||||||||
Other reserves | (5,574) | (15,218) | [1] | (13,587) | € (13,587) | [1] | ||||
Retained profit | 18,212 | 26,022 | [1] | 26,413 | ||||||
Total equity attributable to owners of parent | 13,192 | 11,397 | [1] | 13,440 | ||||||
Total equity | 13,886 | 12,117 | [1] | 14,198 | 14,198 | [1] | € 16,773 | |||
Total liabilities and equity | € 64,806 | 61,111 | [1] | € 62,058 | ||||||
IFRS 16 Restatement [member] | ||||||||||
Non-current assets | ||||||||||
Property, plant and equipment | 1,741 | 1,859 | ||||||||
Deferred tax assets | 35 | 33 | ||||||||
Other non-current assets | (118) | (116) | ||||||||
Total non-current assets | 1,658 | 1,776 | ||||||||
Current assets | ||||||||||
Trade and other current receivables | (3) | (3) | ||||||||
Current assets | (3) | (3) | ||||||||
Total assets | 1,655 | 1,773 | ||||||||
Current liabilities | ||||||||||
Financial liabilities | 378 | 410 | ||||||||
Total current liabilities | 378 | 410 | ||||||||
Non-current liabilities | ||||||||||
Financial liabilities | 1,475 | 1,577 | ||||||||
Deferred tax liabilities IFRS 16 restated | (23) | (25) | ||||||||
Total non current liabilities | 1,452 | 1,552 | ||||||||
Total liabilities | 1,830 | 1,962 | ||||||||
Equity | ||||||||||
Other reserves | 68 | 46 | ||||||||
Retained profit | (243) | (235) | ||||||||
Total equity attributable to owners of parent | (175) | (189) | ||||||||
Total equity | (175) | (189) | ||||||||
Total liabilities and equity | 1,655 | 1,773 | ||||||||
Previously stated [member] | ||||||||||
Non-current assets | ||||||||||
Property, plant and equipment | 10,347 | 10,411 | ||||||||
Deferred tax assets | 1,117 | 1,085 | ||||||||
Other non-current assets | 648 | 557 | ||||||||
Total non-current assets | 43,975 | 43,302 | ||||||||
Current assets | ||||||||||
Trade and other current receivables | 6,485 | 5,222 | ||||||||
Current assets | 15,481 | 16,983 | ||||||||
Total assets | 59,456 | 60,285 | ||||||||
Current liabilities | ||||||||||
Financial liabilities | 3,235 | 7,968 | ||||||||
Total current liabilities | 19,772 | 23,177 | ||||||||
Non-current liabilities | ||||||||||
Financial liabilities | 21,650 | 16,462 | ||||||||
Deferred tax liabilities | 1,923 | 1,913 | ||||||||
Total non current liabilities | 27,392 | 22,721 | ||||||||
Total liabilities | 47,164 | 45,898 | ||||||||
Equity | ||||||||||
Other reserves | (15,286) | (13,633) | ||||||||
Retained profit | 26,265 | 26,648 | ||||||||
Total equity attributable to owners of parent | 11,572 | 13,629 | ||||||||
Total equity | 12,292 | 14,387 | ||||||||
Total liabilities and equity | 59,456 | 60,285 | ||||||||
As Restated [Member] | ||||||||||
Non-current assets | ||||||||||
Property, plant and equipment | 12,088 | 12,270 | ||||||||
Deferred tax assets | 1,152 | 1,118 | ||||||||
Other non-current assets | 530 | 441 | ||||||||
Total non-current assets | 45,633 | 45,078 | ||||||||
Current assets | ||||||||||
Trade and other current receivables | 6,482 | 5,219 | ||||||||
Current assets | 15,478 | 16,980 | ||||||||
Total assets | 61,111 | 62,058 | ||||||||
Current liabilities | ||||||||||
Financial liabilities | 3,613 | 8,378 | ||||||||
Total current liabilities | 20,150 | 23,587 | ||||||||
Non-current liabilities | ||||||||||
Financial liabilities | 23,125 | 18,039 | ||||||||
Deferred tax liabilities | 1,900 | 1,888 | ||||||||
Total non current liabilities | 28,844 | 24,273 | ||||||||
Total liabilities | 48,994 | 47,860 | ||||||||
Equity | ||||||||||
Other reserves | (15,218) | (13,587) | ||||||||
Retained profit | 26,022 | 26,413 | ||||||||
Total equity attributable to owners of parent | 11,397 | 13,440 | ||||||||
Total equity | 12,117 | 14,198 | ||||||||
Total liabilities and equity | € 61,111 | € 62,058 | ||||||||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | |||||||||
[2] | For the purposes of this note and note 17A, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes 13 and 14 respectively. | |||||||||
[3] | Includes options and other financial liabilities to acquire non-controlling interests in EAC Myanmar, USA, Japan and Italy refer to note 21. |
Restatement impact of IFRS 16_2
Restatement impact of IFRS 16 - Income Statement and Statement of Comprehensive Income (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||||
Operating profit | € 8,708 | € 12,639 | [1] | € 8,957 | [1] | |
Finance costs | (821) | (718) | [1] | (683) | [1] | |
Profit before taxation | 8,289 | 12,360 | [1] | 8,126 | [1] | |
Taxation | 2,263 | 2,572 | [1] | 1,670 | [1] | |
Net profit | 6,026 | 9,788 | [1] | 6,456 | [1] | |
Attributable to: | ||||||
Shareholders' equity | 5,625 | 9,369 | [1] | 6,023 | [1] | |
Net profit | 6,026 | 9,788 | [1] | 6,456 | [1] | |
Items that may be reclassified subsequently to profit or loss, net of tax: | ||||||
Currency retranslation gains/(losses) | (15) | (839) | [1] | (935) | [1] | |
Total comprehensive income | 6,569 | 8,617 | [1] | 6,728 | [1] | |
Attributable to: | ||||||
Non-controlling interests | 407 | 407 | [1] | 381 | [1] | |
Shareholders' equity | € 6,162 | 8,210 | [1] | 6,347 | [1] | |
Previously stated [member] | ||||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||||
Operating profit | 12,535 | 8,857 | ||||
Finance costs | (591) | (556) | ||||
Profit before taxation | 12,383 | 8,153 | ||||
Taxation | (2,575) | (1,667) | ||||
Net profit | 9,808 | 6,486 | ||||
Attributable to: | ||||||
Shareholders' equity | 9,389 | 6,053 | ||||
Net profit | 9,808 | 6,486 | ||||
Items that may be reclassified subsequently to profit or loss, net of tax: | ||||||
Currency retranslation gains/(losses) | (861) | (983) | ||||
Total comprehensive income | 8,615 | 6,710 | ||||
Attributable to: | ||||||
Non-controlling interests | 407 | 381 | ||||
Shareholders' equity | 8,208 | 6,329 | ||||
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | IFRS 16 Restatement [member] | ||||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||||
Operating profit | 104 | 100 | ||||
Finance costs | (127) | (127) | ||||
Profit before taxation | (23) | (27) | ||||
Taxation | 3 | (3) | ||||
Net profit | (20) | (30) | ||||
Attributable to: | ||||||
Shareholders' equity | (20) | (30) | ||||
Net profit | (20) | (30) | ||||
Items that may be reclassified subsequently to profit or loss, net of tax: | ||||||
Currency retranslation gains/(losses) | 22 | 48 | ||||
Total comprehensive income | 2 | 18 | ||||
Attributable to: | ||||||
Shareholders' equity | 2 | 18 | ||||
As Restated [Member] | ||||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||||
Operating profit | 12,639 | 8,957 | ||||
Finance costs | [1] | (718) | (683) | |||
Profit before taxation | 12,360 | 8,126 | ||||
Taxation | (2,572) | (1,670) | ||||
Net profit | 9,788 | 6,456 | ||||
Attributable to: | ||||||
Shareholders' equity | 9,369 | 6,023 | ||||
Net profit | 9,788 | 6,456 | ||||
Items that may be reclassified subsequently to profit or loss, net of tax: | ||||||
Currency retranslation gains/(losses) | (839) | (935) | ||||
Total comprehensive income | 8,617 | 6,728 | ||||
Attributable to: | ||||||
Non-controlling interests | 407 | 381 | ||||
Shareholders' equity | € 8,210 | € 6,347 | ||||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Restatement impact of IFRS 16_3
Restatement impact of IFRS 16 - Cash Flow Statement (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||||
Net profit | € 6,026 | € 9,788 | [1] | € 6,456 | [1] | |
Taxation | 2,263 | 2,572 | [1] | 1,670 | [1] | |
Net finance costs | (627) | (608) | [1] | (1,004) | [1] | |
Operating profit | 8,708 | 12,639 | [1] | 8,957 | [1] | |
Depreciation, amortisation and impairment | 1,982 | 2,216 | [1] | 2,025 | [1] | |
Elimination of (profits)/losses on disposals | 60 | (4,313) | [1] | (298) | [1] | |
Other adjustments | [2] | 2 | (260) | [1] | (153) | [1] |
Cash flows from operating activities | 10,641 | 9,612 | [1] | 10,043 | [1] | |
Net cash flow from operating activities | 8,109 | 7,318 | [1] | 7,879 | [1] | |
Interest paid | (694) | (571) | [1] | (574) | [1] | |
Capital element of lease payments | (435) | (481) | [1] | (497) | [1] | |
Net cash flow (used in)/from financing activities | € (4,667) | (12,113) | [1] | (2,020) | [1] | |
Previously stated [member] | ||||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||||
Net profit | 9,808 | 6,486 | ||||
Taxation | 2,575 | 1,667 | ||||
Net finance costs | 481 | 877 | ||||
Operating profit | 12,535 | 8,857 | ||||
Depreciation, amortisation and impairment | 1,747 | 1,538 | ||||
Elimination of (profits)/losses on disposals | (4,299) | (298) | ||||
Other adjustments | (266) | (153) | ||||
Cash flows from operating activities | 9,047 | 9,456 | ||||
Net cash flow from operating activities | 6,753 | 7,292 | ||||
Interest paid | (477) | (470) | ||||
Capital element of finance lease rental payments | (10) | (14) | ||||
Net cash flow (used in)/from financing activities | (11,548) | (1,433) | ||||
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | IFRS 16 Restatement [member] | ||||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||||
Net profit | (20) | (30) | ||||
Taxation | (3) | 3 | ||||
Net finance costs | 127 | 127 | ||||
Operating profit | 104 | 100 | ||||
Depreciation, amortisation and impairment | 469 | 487 | ||||
Elimination of (profits)/losses on disposals | (14) | |||||
Other adjustments | 6 | |||||
Cash flows from operating activities | 565 | 587 | ||||
Net cash flow from operating activities | 565 | 587 | ||||
Interest paid | (94) | (104) | ||||
Capital element of finance lease rental payments | 10 | 14 | ||||
Capital element of lease payments | (481) | (497) | ||||
Net cash flow (used in)/from financing activities | (565) | (587) | ||||
As Restated [Member] | ||||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||||
Net profit | 9,788 | 6,456 | ||||
Taxation | 2,572 | 1,670 | ||||
Net finance costs | 608 | 1,004 | ||||
Operating profit | 12,639 | 8,957 | ||||
Depreciation, amortisation and impairment | 2,216 | 2,025 | ||||
Elimination of (profits)/losses on disposals | (4,313) | (298) | ||||
Other adjustments | (260) | (153) | ||||
Cash flows from operating activities | 9,612 | 10,043 | ||||
Net cash flow from operating activities | 7,318 | 7,879 | ||||
Interest paid | (571) | (574) | ||||
Capital element of lease payments | (481) | (497) | ||||
Net cash flow (used in)/from financing activities | € (12,113) | € (2,020) | ||||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | |||||
[2] | 2018 includes a non-cash credit of €277 million from early settlement of contingent consideration relating to Blueair. |
Restatement impact of IFRS 16_4
Restatement impact of IFRS 16 - Impact on Earnings Per Share (Detail) - EUR (€) € / shares in Units, € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Basic earnings per share [abstract] | |||||
Basic earnings per share | € 2.15 | € 3.49 | [1] | € 2.15 | [1] |
Diluted earnings per share | 2.14 | 3.48 | [1] | 2.14 | [1] |
Underlying earnings per share | € 2.55 | € 2.35 | [1] | € 2.23 | [1] |
Net profit | € 6,026 | € 9,788 | [1] | € 6,456 | [1] |
Non-controlling interests | 401 | 419 | [1] | 433 | [1] |
Net profit attributable to shareholders' equity - used for basic and diluted earnings per share | € 5,625 | € 9,369 | [1] | € 6,023 | [1] |
Previously stated [member] | |||||
Basic earnings per share [abstract] | |||||
Basic earnings per share | € 3.50 | € 2.16 | |||
Diluted earnings per share | 3.48 | 2.15 | |||
Underlying earnings per share | € 2.36 | € 2.24 | |||
Net profit | € 9,808 | € 6,486 | |||
Non-controlling interests | (419) | (433) | |||
Net profit attributable to shareholders' equity - used for basic and diluted earnings per share | 9,389 | 6,053 | |||
Post tax impact of non-underlying items | (3,024) | 262 | |||
Underlying profit attributable to shareholders' equity - used for underlying earnings per share | € 6,365 | € 6,315 | |||
As Restated [Member] | |||||
Basic earnings per share [abstract] | |||||
Basic earnings per share | € 3.49 | € 2.15 | |||
Diluted earnings per share | 3.48 | 2.14 | |||
Underlying earnings per share | € 2.35 | € 2.23 | |||
Net profit | € 9,788 | € 6,456 | |||
Non-controlling interests | (419) | (433) | |||
Net profit attributable to shareholders' equity - used for basic and diluted earnings per share | 9,369 | 6,023 | |||
Post tax impact of non-underlying items | (3,024) | 262 | |||
Underlying profit attributable to shareholders' equity - used for underlying earnings per share | € 6,345 | € 6,285 | |||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Restatement impact of IFRS 16_5
Restatement impact of IFRS 16 - Impact on Segment Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Operating profit | € 8,708 | € 12,639 | [1] | € 8,957 | [1] |
Underlying operating profit | 9,947 | 9,463 | [1] | 9,500 | [1] |
Depreciation and amortisation | 1,964 | 2,008 | [1] | 2,025 | [1] |
Americas [Member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Operating profit | 2,683 | 3,621 | [1] | 3,120 | [1] |
Underlying operating profit | 3,078 | 2,729 | [1] | 3,097 | [1] |
Previously stated [member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Operating profit | 12,535 | 8,857 | |||
Underlying operating profit | 9,359 | 9,400 | |||
Depreciation and amortisation | 1,539 | 1,538 | |||
Previously stated [member] | ARR [Member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Operating profit | 4,777 | 3,802 | |||
Underlying operating profit | 4,340 | 4,108 | |||
Previously stated [member] | Americas [Member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Operating profit | 3,586 | 3,086 | |||
Underlying operating profit | 2,694 | 3,063 | |||
Previously stated [member] | Europe [Member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Operating profit | 4,172 | 1,969 | |||
Underlying operating profit | 2,325 | 2,229 | |||
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | IFRS 16 Restatement [member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Operating profit | 104 | 100 | |||
Underlying operating profit | 104 | 100 | |||
Depreciation and amortisation | 469 | 487 | |||
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | IFRS 16 Restatement [member] | ARR [Member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Operating profit | 47 | 45 | |||
Underlying operating profit | 47 | 45 | |||
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | IFRS 16 Restatement [member] | Americas [Member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Operating profit | 35 | 34 | |||
Underlying operating profit | 35 | 34 | |||
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | IFRS 16 Restatement [member] | Europe [Member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Operating profit | 22 | 21 | |||
Underlying operating profit | 22 | 21 | |||
As Restated [Member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Operating profit | 12,639 | 8,957 | |||
Underlying operating profit | 9,463 | 9,500 | |||
Depreciation and amortisation | 2,008 | 2,025 | |||
As Restated [Member] | ARR [Member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Operating profit | 4,824 | 3,847 | |||
Underlying operating profit | 4,387 | 4,153 | |||
As Restated [Member] | Americas [Member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Operating profit | 3,621 | 3,120 | |||
Underlying operating profit | 2,729 | 3,097 | |||
As Restated [Member] | Europe [Member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Operating profit | 4,194 | 1,990 | |||
Underlying operating profit | 2,347 | 2,250 | |||
Beauty & Personal Care [member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Operating profit | 4,520 | 4,165 | [1] | 4,140 | [1] |
Underlying operating profit | 4,960 | 4,543 | [1] | 4,412 | [1] |
Depreciation and amortisation | 693 | 686 | [1] | 641 | [1] |
Beauty & Personal Care [member] | Previously stated [member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Operating profit | 4,130 | 4,103 | |||
Underlying operating profit | 4,508 | 4,375 | |||
Depreciation and amortisation | 510 | 488 | |||
Beauty & Personal Care [member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member] | IFRS 16 Restatement [member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Operating profit | 35 | 37 | |||
Underlying operating profit | 35 | 37 | |||
Depreciation and amortisation | 176 | 153 | |||
Beauty & Personal Care [member] | As Restated [Member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Operating profit | 4,165 | 4,140 | |||
Underlying operating profit | 4,543 | 4,412 | |||
Depreciation and amortisation | 686 | 641 | |||
Foods & Refreshment [member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Operating profit | 2,811 | 7,287 | [1] | 3,657 | [1] |
Underlying operating profit | 3,382 | 3,576 | [1] | 3,778 | [1] |
Depreciation and amortisation | 902 | 949 | [1] | 1,059 | [1] |
Foods & Refreshment [member] | Previously stated [member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Operating profit | 7,245 | 3,616 | |||
Underlying operating profit | 3,534 | 3,737 | |||
Depreciation and amortisation | 773 | 802 | |||
Foods & Refreshment [member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member] | IFRS 16 Restatement [member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Operating profit | 42 | 41 | |||
Underlying operating profit | 42 | 41 | |||
Depreciation and amortisation | 176 | 257 | |||
Foods & Refreshment [member] | As Restated [Member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Operating profit | 7,287 | 3,657 | |||
Underlying operating profit | 3,576 | 3,778 | |||
Depreciation and amortisation | 949 | 1,059 | |||
Home Care [member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Operating profit | 1,377 | 1,187 | [1] | 1,160 | [1] |
Underlying operating profit | 1,605 | 1,344 | [1] | 1,310 | [1] |
Depreciation and amortisation | € 369 | 373 | [1] | 325 | [1] |
Home Care [member] | Previously stated [member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Operating profit | 1,160 | 1,138 | |||
Underlying operating profit | 1,317 | 1,288 | |||
Depreciation and amortisation | 256 | 248 | |||
Home Care [member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member] | IFRS 16 Restatement [member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Operating profit | 27 | 22 | |||
Underlying operating profit | 27 | 23 | |||
Depreciation and amortisation | 117 | 77 | |||
Home Care [member] | As Restated [Member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Operating profit | 1,187 | 1,160 | |||
Underlying operating profit | 1,344 | 1,311 | |||
Depreciation and amortisation | € 373 | € 325 | |||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. |
Remuneration of Auditors - Summ
Remuneration of Auditors - Summary of Services from Auditors and its Associates (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of Auditors Remuneration [Line Items] | ||||
Total statutory audit fees | [1] | € 17 | € 16 | € 14 |
Audit-related assurance services | [2] | 0 | 0 | 0 |
Other taxation advisory services | [2] | 0 | 0 | 0 |
Services relating to corporate finance transactions | 0 | 0 | 0 | |
Other assurance services | [3] | 0 | 0 | 0 |
All other non-audit services | [2] | 0 | 0 | 0 |
Unilever Group [member] | ||||
Disclosure of Auditors Remuneration [Line Items] | ||||
Total statutory audit fees | [4] | 5 | 6 | 4 |
Subsidiaries [member] | ||||
Disclosure of Auditors Remuneration [Line Items] | ||||
Total statutory audit fees | [5] | € 12 | € 10 | € 10 |
[1] | Amount payable to KPMG in respect of services supplied to associated pension schemes was less than €1 million individually and in aggregate (2018: less than €1 million individually and in aggregate; 2017: less than €1 million individually and in aggregate). | |||
[2] | Amounts paid in relation to each type of service are less than €1 million individually and in aggregate (2018: less than €1 million; 2017: €1 million). | |||
[3] | 2018 includes €4 million (2017: €5 million) for audits and reviews of carve-out financial statements of the Spreads business and €1 million (2017: €Nil) for assurance work on Simplification. | |||
[4] | Of which €1 million was payable to KPMG Accountants N.V. (2018: €1 million; 2017: €1 million) and €4 million was payable to KPMG LLP (2018: €5 million; 2017: €4 million). | |||
[5] | Comprises fees payable to the KPMG network of independent member firms affiliated with KPMG International Cooperative for audit work on statutory financial statements and Group reporting returns of subsidiary companies. |
Remuneration of Auditors - Su_2
Remuneration of Auditors - Summary of Services from Auditors and its Associates (Parenthetical) (Detail) - EUR (€) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of Auditors Remuneration [Line Items] | ||||
Total statutory audit fees | [1] | € 17,000,000 | € 16,000,000 | € 14,000,000 |
Amount paid in relation to each type of non-statutory audit services | [2] | 0 | 0 | 0 |
Review of spreads carve-out accounts [member] | ||||
Disclosure of Auditors Remuneration [Line Items] | ||||
Auditor remuneration for audits and reviews of spreads carve out financial statements | 4,000,000 | 5,000,000 | ||
Work on simplification [member] | ||||
Disclosure of Auditors Remuneration [Line Items] | ||||
Assurance work on simplification | 1,000,000 | 0 | ||
Top of range [member] | ||||
Disclosure of Auditors Remuneration [Line Items] | ||||
Services supplied to associated pension schemes | 1,000,000 | 1,000,000 | 1,000,000 | |
Amount paid in relation to each type of non-statutory audit services | 1,000,000 | 1,000,000 | 1,000,000 | |
KPMG Accountants N.V. [member] | ||||
Disclosure of Auditors Remuneration [Line Items] | ||||
Total statutory audit fees | 1,000,000 | 1,000,000 | 1,000,000 | |
KPMG LLP [member] | ||||
Disclosure of Auditors Remuneration [Line Items] | ||||
Total statutory audit fees | € 4,000,000 | € 5,000,000 | € 4,000,000 | |
[1] | Amount payable to KPMG in respect of services supplied to associated pension schemes was less than €1 million individually and in aggregate (2018: less than €1 million individually and in aggregate; 2017: less than €1 million individually and in aggregate). | |||
[2] | Amounts paid in relation to each type of service are less than €1 million individually and in aggregate (2018: less than €1 million; 2017: €1 million). |
Events After The Balance Shee_2
Events After The Balance Sheet Date - Additional Information (Detail) - 3 months ended Dec. 31, 2019 € / shares in Units, € in Millions | EUR (€)€ / shares | £ / shares |
Disclosure of Non-adjusting Events after Reporting Period [Line Items] | ||
Dividend declared | € | € 1,073 | |
Major Ordinary Share Transactions [member] | Unilever N.V. [member] | ||
Disclosure of Non-adjusting Events after Reporting Period [Line Items] | ||
Dividend payables per share | € / shares | € 0.4104 | |
Major Ordinary Share Transactions [member] | Unilever PLC [member] | ||
Disclosure of Non-adjusting Events after Reporting Period [Line Items] | ||
Dividend payables per share | £ / shares | £ 0.3472 |
Significant Subsidiaries - Sche
Significant Subsidiaries - Schedule of Significant Subsidiaries (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Argentina [member] | Unilever de Argentina S.A [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Argentina |
Name of subsidiary | Unilever de Argentina S.A. |
Australia [member] | Unilever Australia Limited [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Australia |
Name of subsidiary | Unilever Australia Limited |
Brazil [member] | Unilever Brasil Ltda. [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Brazil |
Name of subsidiary | Unilever Brasil Ltda. |
Canada [member] | Unilever Canada Inc [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Canada |
Name of subsidiary | Unilever Canada Inc. |
China [member] | Walls (China) Co. Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | China |
Name of subsidiary | Walls (China) Co. Ltd. |
China [member] | Unilever Services (Hefei) Co Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | China |
Name of subsidiary | Unilever Services (Hefei) Co Ltd |
England and Wales [member] | Unilever UK & CN Holdings Limited [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | England and Wales |
Name of subsidiary | Unilever UK & CN Holdings Limited |
England and Wales [member] | Unilever UK Holdings Limited [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | England and Wales |
Name of subsidiary | Unilever U.K. Holdings Limited |
England and Wales [member] | Unilever UK Limited [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | England and Wales |
Name of subsidiary | Unilever UK Limited |
France [member] | Unilever France S.A.S [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | France |
Name of subsidiary | Unilever France S.A.S |
Germany [Member] | Unilever Deutschland GmbH [Member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Germany |
Name of subsidiary | Unilever Deutschland GmbH |
Germany [Member] | Unilever Deutschland Holding Gmbh [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Germany |
Name of subsidiary | Unilever Deutschland Holding GmbH |
India [Member] | Hindustan Unilever Limited [Member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | India |
Name of subsidiary | Hindustan Unilever Limited |
Indonesia [Member] | P T Unilever Indonesia Tbk [Member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Indonesia |
Name of subsidiary | PT Unilever Indonesia, Tbk. |
Italy [Member] | Unilever Italia Mkt Operations SRL [Member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Italy |
Name of subsidiary | Unilever Italia Mkt Operations S.R.L |
Japan [member] | Unilever Japan Customer Marketing K K [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Japan |
Name of subsidiary | Unilever Japan Customer Marketing K.K. |
Mexico [Member] | Unilever de Mexico S de R L de C V [Member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Mexico |
Name of subsidiary | Unilever de Mexico, S. de R.I. de C.V. |
Netherlands [Member] | Mixhold BV [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Netherlands |
Name of subsidiary | Mixhold B.V. |
Netherlands [Member] | Unilever Finance International B V [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Netherlands |
Name of subsidiary | Unilever Finance International B.V. |
Netherlands [Member] | Unilever Nederland B V [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Netherlands |
Name of subsidiary | Unilever Nederland B.V. |
Netherlands [Member] | UNUS Holding BV [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Netherlands |
Name of subsidiary | UNUS Holding B.V. |
Netherlands [Member] | Unilever Europe BV [Member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Netherlands |
Name of subsidiary | Unilever Europe B.V. |
Pakistan [Member] | Unilever Pakistan Limited [Member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Pakistan |
Name of subsidiary | Unilever Pakistan Limited |
Philippines [Member] | Unilever Philippines, Inc. [Member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Philippines |
Name of subsidiary | Unilever Philippines, Inc. |
Russia [member] | OOO Unilever Rus [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Russia |
Name of subsidiary | OOO Unilever Rus |
Singapore [Member] | Unilever Asia Private Limited [Member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Singapore |
Name of subsidiary | Unilever Asia Private Limited |
South Africa [Member] | Unilever South Africa (Pty) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | South Africa |
Name of subsidiary | Unilever South Africa (Pty) Limited |
Spain [member] | Unilever Espana S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Spain |
Name of subsidiary | Unilever Espana S.A. |
Switzerland [Member] | Unilever ASCC AG [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Switzerland |
Name of subsidiary | Unilever ASCC AG |
Switzerland [Member] | Unilever Finance International AG [Member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Switzerland |
Name of subsidiary | Unilever Finance International AG |
Switzerland [Member] | Unilever Supply Chain Company AG [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Switzerland |
Name of subsidiary | Unilever Supply Chain Company AG |
Thailand [Member] | Unilever Thai Trading Limited [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Thailand |
Name of subsidiary | Unilever Thai Trading Limited |
Turkey [Member] | Unilever Sanayi ve Ticaret Turk AS [Member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Turkey |
Name of subsidiary | Unilever Sanayi ve Ticaret Turk A.S |
United States [member] | Conopco, Inc [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | USA |
Name of subsidiary | Conopco, Inc. |
United States [member] | Unilever Capital Corporation [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | USA |
Name of subsidiary | Unilever Capital Corporation |
United States [member] | Unilever United States, Inc [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | USA |
Name of subsidiary | Unilever United States, Inc. |
Vietnam [member] | Unilever Vietnam International Company Limited [member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Vietnam |
Name of subsidiary | Unilever Vietnam International Company Limited |
Bangladesh | Unilever Bangladesh Limited [Member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | Bangladesh |
Name of subsidiary | Unilever Bangladesh Limited |
United Arab Emirates | Unilever General Trading LLC [Member] | |
Disclosure of subsidiaries [line items] | |
Country of Incorporation | United Arab Emirates |
Name of subsidiary | Unilever General Trading LLC |
Unilever N.V. [member] | Argentina [member] | Unilever de Argentina S.A [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 64.55% |
Unilever N.V. [member] | Brazil [member] | Unilever Brasil Ltda. [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 64.55% |
Unilever N.V. [member] | Canada [member] | Unilever Canada Inc [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 64.55% |
Unilever N.V. [member] | China [member] | Walls (China) Co. Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever N.V. [member] | China [member] | Unilever Services (Hefei) Co Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever N.V. [member] | England and Wales [member] | Unilever UK Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 5.61% |
Unilever N.V. [member] | France [member] | Unilever France S.A.S [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 64.54% |
Unilever N.V. [member] | Germany [Member] | Unilever Deutschland GmbH [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 64.55% |
Unilever N.V. [member] | Germany [Member] | Unilever Deutschland Holding Gmbh [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 64.55% |
Unilever N.V. [member] | Indonesia [Member] | P T Unilever Indonesia Tbk [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 54.86% |
Unilever N.V. [member] | Italy [Member] | Unilever Italia Mkt Operations SRL [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever N.V. [member] | Japan [member] | Unilever Japan Customer Marketing K K [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever N.V. [member] | Mexico [Member] | Unilever de Mexico S de R L de C V [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 64.55% |
Unilever N.V. [member] | Netherlands [Member] | Mixhold BV [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 64.55% |
Unilever N.V. [member] | Netherlands [Member] | Unilever Finance International B V [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever N.V. [member] | Netherlands [Member] | Unilever Nederland B V [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever N.V. [member] | Netherlands [Member] | UNUS Holding BV [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 55.40% |
Unilever N.V. [member] | Netherlands [Member] | Unilever Europe BV [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever N.V. [member] | Philippines [Member] | Unilever Philippines, Inc. [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 64.55% |
Unilever N.V. [member] | Russia [member] | OOO Unilever Rus [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 11.89% |
Unilever N.V. [member] | Singapore [Member] | Unilever Asia Private Limited [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever N.V. [member] | South Africa [Member] | Unilever South Africa (Pty) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 8.98% |
Unilever N.V. [member] | Spain [member] | Unilever Espana S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever N.V. [member] | Switzerland [Member] | Unilever ASCC AG [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever N.V. [member] | Switzerland [Member] | Unilever Finance International AG [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever N.V. [member] | Switzerland [Member] | Unilever Supply Chain Company AG [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever N.V. [member] | Thailand [Member] | Unilever Thai Trading Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 64.55% |
Unilever N.V. [member] | Turkey [Member] | Unilever Sanayi ve Ticaret Turk AS [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 64.54% |
Unilever N.V. [member] | United States [member] | Conopco, Inc [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 55.40% |
Unilever N.V. [member] | United States [member] | Unilever Capital Corporation [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 55.40% |
Unilever N.V. [member] | United States [member] | Unilever United States, Inc [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 55.40% |
Unilever N.V. [member] | Vietnam [member] | Unilever Vietnam International Company Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever PLC [member] | Argentina [member] | Unilever de Argentina S.A [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 35.45% |
Unilever PLC [member] | Australia [member] | Unilever Australia Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever PLC [member] | Brazil [member] | Unilever Brasil Ltda. [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 35.45% |
Unilever PLC [member] | Canada [member] | Unilever Canada Inc [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 35.45% |
Unilever PLC [member] | England and Wales [member] | Unilever UK & CN Holdings Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever PLC [member] | England and Wales [member] | Unilever UK Holdings Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Unilever PLC [member] | England and Wales [member] | Unilever UK Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 94.39% |
Unilever PLC [member] | France [member] | Unilever France S.A.S [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 35.45% |
Unilever PLC [member] | Germany [Member] | Unilever Deutschland GmbH [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 35.45% |
Unilever PLC [member] | Germany [Member] | Unilever Deutschland Holding Gmbh [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 35.45% |
Unilever PLC [member] | India [Member] | Hindustan Unilever Limited [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 67.18% |
Unilever PLC [member] | Indonesia [Member] | P T Unilever Indonesia Tbk [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 30.13% |
Unilever PLC [member] | Mexico [Member] | Unilever de Mexico S de R L de C V [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 35.45% |
Unilever PLC [member] | Netherlands [Member] | Mixhold BV [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 35.45% |
Unilever PLC [member] | Netherlands [Member] | UNUS Holding BV [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 44.60% |
Unilever PLC [member] | Pakistan [Member] | Unilever Pakistan Limited [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 99.27% |
Unilever PLC [member] | Philippines [Member] | Unilever Philippines, Inc. [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 35.45% |
Unilever PLC [member] | Russia [member] | OOO Unilever Rus [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 88.11% |
Unilever PLC [member] | South Africa [Member] | Unilever South Africa (Pty) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 91.02% |
Unilever PLC [member] | Thailand [Member] | Unilever Thai Trading Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 35.45% |
Unilever PLC [member] | Turkey [Member] | Unilever Sanayi ve Ticaret Turk AS [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 35.44% |
Unilever PLC [member] | United States [member] | Conopco, Inc [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 44.60% |
Unilever PLC [member] | United States [member] | Unilever Capital Corporation [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 44.60% |
Unilever PLC [member] | United States [member] | Unilever United States, Inc [member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 44.60% |
Unilever PLC [member] | Bangladesh | Unilever Bangladesh Limited [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 60.75% |
Unilever PLC [member] | United Arab Emirates | Unilever General Trading LLC [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 49.00% |
Guarantor statements (Audited_2
Guarantor statements (Audited) - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Notes [member] | |||
Supplemental Guarantor Information [line items] | |||
Borrowings outstanding amount | $ 12,350 | $ 12,500 | $ 8,900 |
Notes [member] | Bottom of range [member] | |||
Supplemental Guarantor Information [line items] | |||
Interest rate of borrowings | 1.375% | ||
Notes [member] | Top of range [member] | |||
Supplemental Guarantor Information [line items] | |||
Interest rate of borrowings | 5.90% | ||
UCC and UNUS [member] | |||
Supplemental Guarantor Information [line items] | |||
Ownership percentage | 100.00% |
Guarantor statements (Audited_3
Guarantor statements (Audited) - Income Statement (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | ||||
Disclosure of income statement [Line Items] | |||||||
Turnover | € 51,980 | € 50,982 | € 53,715 | [1] | |||
Operating profit | 8,708 | 12,639 | 8,957 | [1] | |||
Pensions and similar obligations | (30) | ||||||
Other income/(losses) | 176 | 207 | 173 | [1] | |||
Premium paid on buyback of preference shares | (382) | ||||||
Net monetary gain arising from hyperinflationary economies | 32 | 122 | [1] | ||||
Profit before taxation | 8,289 | 12,360 | 8,126 | [1] | |||
Taxation | (2,263) | (2,572) | (1,670) | [1] | |||
Net profit | 6,026 | 9,788 | 6,456 | [1] | |||
Attributable to: | |||||||
Non-controlling interests | 401 | 419 | 433 | [1] | |||
Shareholders' equity | 5,625 | 9,369 | 6,023 | [1] | |||
Other comprehensive income | 543 | (1,171) | |||||
Total comprehensive income | 6,569 | 8,617 | 6,728 | [1] | |||
Unilever Capital Corporation Subsidiary Issuer [member] | |||||||
Disclosure of income statement [Line Items] | |||||||
Net finance income/(costs) | 2 | 1 | [1] | ||||
Profit before taxation | 2 | 1 | [1] | ||||
Net profit before subsidiaries | 2 | 1 | [1] | ||||
Net profit | 2 | 1 | [1] | ||||
Attributable to: | |||||||
Shareholders' equity | 2 | 1 | [1] | ||||
Total comprehensive income | 2 | 1 | [1] | ||||
Unilever Parent Entities [member] | |||||||
Disclosure of income statement [Line Items] | |||||||
Operating profit | [2] | 1,148 | 1,987 | 999 | [1] | ||
Net finance income/(costs) | [2] | (89) | (105) | (110) | [1] | ||
Pensions and similar obligations | [2] | (2) | (2) | (2) | [1] | ||
Premium paid on buyback of preference shares | (382) | [2] | |||||
Profit before taxation | [2] | 1,057 | 1,498 | 887 | [1] | ||
Taxation | [2] | (169) | (199) | (165) | [1] | ||
Net profit before subsidiaries | [2] | 888 | 1,299 | 722 | [1] | ||
Equity earnings of subsidiaries | [2] | 4,737 | 8,070 | 5,301 | [1] | ||
Net profit | [2] | 5,625 | 9,369 | 6,023 | [1] | ||
Attributable to: | |||||||
Shareholders' equity | [2] | 5,625 | 9,369 | 6,023 | [1] | ||
Other comprehensive income | [2] | (5) | (24) | (75) | [1] | ||
Total comprehensive income | [2] | 5,620 | 9,345 | 5,948 | [1] | ||
Unilever United States Inc Subsidiary Guarantor [member] | |||||||
Disclosure of income statement [Line Items] | |||||||
Operating profit | 1 | (4) | (4) | [1] | |||
Net finance income/(costs) | (492) | (426) | (379) | [1] | |||
Pensions and similar obligations | (22) | (19) | (24) | [1] | |||
Profit before taxation | (513) | (449) | (407) | [1] | |||
Net profit before subsidiaries | (513) | (449) | (407) | [1] | |||
Equity earnings of subsidiaries | 1,193 | 1,787 | 1,716 | [1] | |||
Net profit | 680 | 1,338 | 1,309 | [1] | |||
Attributable to: | |||||||
Shareholders' equity | 680 | 1,338 | 1,309 | [1] | |||
Other comprehensive income | 13 | 25 | (156) | [1] | |||
Total comprehensive income | 693 | 1,363 | 1,153 | [1] | |||
Non-guarantor Subsidiaries [member] | |||||||
Disclosure of income statement [Line Items] | |||||||
Turnover | 51,980 | [3] | 50,982 | [4] | 53,715 | [1],[4] | |
Operating profit | 7,559 | 10,656 | 7,962 | [1] | |||
Net finance income/(costs) | (18) | (52) | (38) | [1] | |||
Pensions and similar obligations | (6) | (4) | (70) | [1] | |||
Other income/(losses) | 176 | 207 | 173 | [1] | |||
Premium paid on buyback of preference shares | 382 | (382) | [1] | ||||
Net monetary gain arising from hyperinflationary economies | 32 | 122 | |||||
Profit before taxation | 7,743 | 11,311 | 7,645 | [1] | |||
Taxation | (2,094) | (2,373) | (1,505) | [1] | |||
Net profit before subsidiaries | 5,649 | 8,938 | 6,140 | [1] | |||
Equity earnings of subsidiaries | (7,026) | (20,326) | (10,298) | [1] | |||
Net profit | (1,377) | (11,388) | (4,158) | [1] | |||
Attributable to: | |||||||
Non-controlling interests | 401 | 419 | 433 | [1] | |||
Shareholders' equity | (1,778) | (11,807) | (4,591) | [1] | |||
Other comprehensive income | 535 | (1,172) | 503 | [1] | |||
Total comprehensive income | (842) | (12,560) | (3,655) | [1] | |||
Unilever Group [member] | |||||||
Disclosure of income statement [Line Items] | |||||||
Turnover | 51,980 | [3] | 50,982 | [4] | 53,715 | [1],[4] | |
Operating profit | 8,708 | 12,639 | 8,957 | [1] | |||
Net finance income/(costs) | (597) | (583) | (526) | [1] | |||
Pensions and similar obligations | (30) | (25) | (96) | [1] | |||
Other income/(losses) | 176 | 207 | 173 | [1] | |||
Premium paid on buyback of preference shares | (382) | [1] | |||||
Net monetary gain arising from hyperinflationary economies | 32 | 122 | |||||
Profit before taxation | 8,289 | 12,360 | 8,126 | [1] | |||
Taxation | (2,263) | (2,572) | (1,670) | [1] | |||
Net profit before subsidiaries | 6,026 | 9,788 | 6,456 | [1] | |||
Net profit | 6,026 | 9,788 | 6,456 | [1] | |||
Attributable to: | |||||||
Non-controlling interests | 401 | 419 | 433 | [1] | |||
Shareholders' equity | 5,625 | 9,369 | 6,023 | [1] | |||
Other comprehensive income | 543 | (1,171) | 272 | [1] | |||
Total comprehensive income | 6,569 | 8,617 | 6,728 | [1] | |||
Eliminations [member] | |||||||
Disclosure of income statement [Line Items] | |||||||
Equity earnings of subsidiaries | 1,096 | 10,469 | 3,281 | [1] | |||
Net profit | 1,096 | 10,469 | 3,281 | [1] | |||
Attributable to: | |||||||
Shareholders' equity | 1,096 | 10,469 | 3,281 | [1] | |||
Total comprehensive income | € 1,096 | € 10,469 | € 3,281 | [1] | |||
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | ||||||
[2] | 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. | ||||||
[3] | For the purpose of this table, amounts exclude revenue from Group companies. | ||||||
[4] | For the purpose of these tables, amounts exclude revenue from Group companies. |
Guarantor statements (Audited_4
Guarantor statements (Audited) - Balance Sheet (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [2] | Dec. 31, 2017 | [2] | Dec. 31, 2016 | [2] | |||
Non-current assets | |||||||||||
Goodwill and intangible assets | [1] | € 31,029 | € 29,493 | ||||||||
Deferred tax assets | 1,336 | 1,152 | [2] | € 1,118 | |||||||
Total non-current assets | 48,376 | 45,633 | [2] | 45,078 | |||||||
Current assets | |||||||||||
Trade and other current receivables | 6,695 | 6,482 | [2] | 5,219 | |||||||
Current tax assets | 397 | 472 | [2] | 488 | |||||||
Current assets | 16,430 | 15,478 | [2] | 16,980 | |||||||
Total assets | 64,806 | 61,111 | [2] | 62,058 | |||||||
Current liabilities | |||||||||||
Financial liabilities | 4,691 | [3],[4] | 3,613 | [2],[3],[4] | 8,378 | ||||||
Trade payables and other current liabilities | 14,768 | 14,457 | [2] | 13,426 | |||||||
Current tax liabilities | 898 | 1,445 | [2] | 1,088 | |||||||
Total current liabilities | 20,978 | 20,150 | [2] | 23,587 | |||||||
Non-current liabilities | |||||||||||
Financial liabilities | 23,566 | [3],[4] | 23,125 | [2],[3],[4] | 18,039 | ||||||
Pensions and post-retirement healthcare liabilities: | |||||||||||
Funded schemes in deficit | 1,157 | 1,209 | [2] | 1,225 | |||||||
Unfunded schemes | 1,461 | 1,393 | [2] | 1,509 | |||||||
Total non current liabilities | 29,942 | 28,844 | [2] | 24,273 | |||||||
Total liabilities | 50,920 | 48,994 | [2] | 47,860 | |||||||
Shareholders' equity | 13,192 | 11,397 | [2] | 13,440 | |||||||
Non-controlling interests | 694 | 720 | [2] | 758 | |||||||
Total equity | 13,886 | 12,117 | [2] | 14,198 | € 14,198 | € 16,773 | |||||
Total liabilities and equity | 64,806 | 61,111 | [2] | 62,058 | |||||||
Unilever Capital Corporation Subsidiary Issuer [member] | |||||||||||
Non-current assets | |||||||||||
Amounts due from group companies | 15,335 | 17,211 | [2] | 17,132 | |||||||
Total non-current assets | 15,335 | 17,211 | [2] | 17,132 | |||||||
Current assets | |||||||||||
Other current assets | 81 | 6 | [2] | ||||||||
Current assets | 81 | 6 | [2] | ||||||||
Total assets | 15,416 | 17,217 | [2] | 17,132 | |||||||
Current liabilities | |||||||||||
Financial liabilities | 2,435 | 2,381 | [2] | 2,420 | |||||||
Amounts due to group companies | 2,775 | 4,895 | [2] | 6,964 | |||||||
Trade payables and other current liabilities | 89 | 96 | [2] | 65 | |||||||
Total current liabilities | 5,299 | 7,372 | [2] | 9,449 | |||||||
Non-current liabilities | |||||||||||
Financial liabilities | 9,789 | 9,525 | [2] | 7,377 | |||||||
Pensions and post-retirement healthcare liabilities: | |||||||||||
Total non current liabilities | 9,789 | 9,525 | [2] | 7,377 | |||||||
Total liabilities | 15,088 | 16,897 | [2] | 16,826 | |||||||
Shareholders' equity | 328 | 320 | [2] | 306 | |||||||
Total equity | 328 | 320 | [2] | 306 | |||||||
Total liabilities and equity | 15,416 | 17,217 | [2] | 17,132 | |||||||
Unilever Parent Entities [member] | |||||||||||
Non-current assets | |||||||||||
Goodwill and intangible assets | [5] | 3,141 | 3,058 | [2] | 2,143 | ||||||
Deferred tax assets | 90 | [5] | |||||||||
Other non-current assets | [5] | 2 | 43 | [2] | 33 | ||||||
Amounts due from group companies | [5] | 10,602 | 10,379 | [2] | 7,099 | ||||||
Net assets of subsidiaries (equity accounted) | [5] | 21,193 | 22,125 | [2] | 35,744 | ||||||
Total non-current assets | [5] | 34,938 | 35,605 | [2] | 45,109 | ||||||
Current assets | |||||||||||
Amounts due from group companies | [5] | 15,257 | 11,883 | [2] | 6,119 | ||||||
Trade and other current receivables | [5] | 153 | 156 | [2] | 51 | ||||||
Current tax assets | [5] | 18 | 15 | [2] | 57 | ||||||
Other current assets | [5] | 7 | [2] | 39 | |||||||
Current assets | [5] | 15,428 | 12,061 | [2] | 6,266 | ||||||
Total assets | [5] | 50,366 | 47,666 | [2] | 51,375 | ||||||
Current liabilities | |||||||||||
Financial liabilities | [5] | 1,049 | 35 | [2] | 4,690 | ||||||
Amounts due to group companies | [5] | 24,469 | 25,010 | [2] | 25,457 | ||||||
Trade payables and other current liabilities | [5] | 356 | 327 | [2] | 215 | ||||||
Other current liabilities | [5] | 2 | [2] | 5 | |||||||
Total current liabilities | [5] | 25,874 | 25,374 | [2] | 30,367 | ||||||
Non-current liabilities | |||||||||||
Financial liabilities | [5] | 11,009 | 10,787 | [2] | 7,594 | ||||||
Pensions and post-retirement healthcare liabilities: | |||||||||||
Funded schemes in deficit | [5] | 2 | 7 | [2] | 8 | ||||||
Unfunded schemes | [5] | 83 | 87 | [2] | 93 | ||||||
Other non-current liabilities | [5] | 325 | 141 | [2] | 5 | ||||||
Total non current liabilities | [5] | 11,419 | 11,022 | [2] | 7,700 | ||||||
Total liabilities | [5] | 37,293 | 36,396 | [2] | 38,067 | ||||||
Shareholders' equity | [5] | 13,073 | 11,270 | [2] | 13,308 | ||||||
Total equity | [5] | 13,073 | 11,270 | [2] | 13,308 | ||||||
Total liabilities and equity | [5] | 50,366 | 47,666 | [2] | 51,375 | ||||||
Unilever United States Inc Subsidiary Guarantor [member] | |||||||||||
Non-current assets | |||||||||||
Deferred tax assets | 13 | [2] | 57 | ||||||||
Other non-current assets | 1 | 2 | [2] | 2 | |||||||
Net assets of subsidiaries (equity accounted) | 24,514 | 22,427 | [2] | 21,532 | |||||||
Total non-current assets | 24,515 | 22,442 | [2] | 21,591 | |||||||
Current assets | |||||||||||
Amounts due from group companies | 822 | 5,413 | [2] | 5,318 | |||||||
Trade and other current receivables | 7 | 4 | [2] | 3 | |||||||
Current tax assets | 9 | ||||||||||
Current assets | 829 | 5,417 | [2] | 5,330 | |||||||
Total assets | 25,344 | 27,859 | [2] | 26,921 | |||||||
Current liabilities | |||||||||||
Financial liabilities | 0 | 2 | [2] | 1 | |||||||
Amounts due to group companies | 1,555 | 3,127 | [2] | 24 | |||||||
Trade payables and other current liabilities | 16 | 15 | [2] | 11 | |||||||
Current tax liabilities | 9 | 72 | [2] | ||||||||
Other current liabilities | 5 | ||||||||||
Total current liabilities | 1,585 | 3,216 | [2] | 36 | |||||||
Non-current liabilities | |||||||||||
Amounts due to group companies | 11,325 | 13,290 | [2] | 14,517 | |||||||
Pensions and post-retirement healthcare liabilities: | |||||||||||
Funded schemes in deficit | 127 | 136 | [2] | 103 | |||||||
Unfunded schemes | 376 | 388 | [2] | 439 | |||||||
Other non-current liabilities | 6 | 1 | [2] | 1 | |||||||
Total non current liabilities | 11,834 | 13,815 | [2] | 15,060 | |||||||
Total liabilities | 13,419 | 17,031 | [2] | 15,096 | |||||||
Shareholders' equity | 11,925 | 10,828 | [2] | 11,825 | |||||||
Total equity | 11,925 | 10,828 | [2] | 11,825 | |||||||
Total liabilities and equity | 25,344 | 27,859 | [2] | 26,921 | |||||||
Non-guarantor Subsidiaries [member] | |||||||||||
Non-current assets | |||||||||||
Goodwill and intangible assets | 27,888 | 26,435 | [2] | 26,258 | |||||||
Deferred tax assets | 1,336 | 1,139 | [2] | 971 | |||||||
Other non-current assets | 16,008 | 14,943 | [2] | 15,524 | |||||||
Total non-current assets | 45,232 | 42,517 | [2] | 42,753 | |||||||
Current assets | |||||||||||
Amounts due from group companies | 28,799 | 33,032 | [2] | 32,445 | |||||||
Trade and other current receivables | 6,535 | 6,322 | [2] | 5,165 | |||||||
Current tax assets | 379 | 457 | [2] | 422 | |||||||
Other current assets | 9,257 | 8,511 | [2] | 11,234 | |||||||
Current assets | 44,970 | 48,322 | [2] | 49,266 | |||||||
Total assets | 90,202 | 90,839 | [2] | 92,019 | |||||||
Current liabilities | |||||||||||
Financial liabilities | 1,207 | 1,195 | [2] | 1,267 | |||||||
Amounts due to group companies | 16,079 | 17,296 | [2] | 11,437 | |||||||
Trade payables and other current liabilities | 14,307 | 14,019 | [2] | 13,135 | |||||||
Current tax liabilities | 889 | 1,373 | [2] | 1,088 | |||||||
Other current liabilities | 616 | 633 | [2] | 690 | |||||||
Total current liabilities | 33,098 | 34,516 | [2] | 27,617 | |||||||
Non-current liabilities | |||||||||||
Financial liabilities | 2,768 | 2,813 | [2] | 3,068 | |||||||
Amounts due to group companies | 14,612 | 14,300 | [2] | 9,714 | |||||||
Pensions and post-retirement healthcare liabilities: | |||||||||||
Funded schemes in deficit | 1,028 | 1,066 | [2] | 1,114 | |||||||
Unfunded schemes | 1,002 | 918 | [2] | 977 | |||||||
Other non-current liabilities | 3,427 | 2,975 | [2] | 3,494 | |||||||
Total non current liabilities | 22,837 | 22,072 | [2] | 18,367 | |||||||
Total liabilities | 55,935 | 56,588 | [2] | 45,984 | |||||||
Shareholders' equity | 33,573 | 33,531 | [2] | 45,277 | |||||||
Non-controlling interests | 694 | 720 | [2] | 758 | |||||||
Total equity | 34,267 | 34,251 | [2] | 46,035 | |||||||
Total liabilities and equity | 90,202 | 90,839 | [2] | 92,019 | |||||||
Unilever Group [member] | |||||||||||
Non-current assets | |||||||||||
Goodwill and intangible assets | 31,029 | 29,493 | [2] | 28,401 | |||||||
Deferred tax assets | 1,336 | 1,152 | [2] | 1,118 | |||||||
Other non-current assets | 16,011 | 14,988 | [2] | 15,559 | |||||||
Total non-current assets | 48,376 | 45,633 | [2] | 45,078 | |||||||
Current assets | |||||||||||
Trade and other current receivables | 6,695 | 6,482 | [2] | 5,219 | |||||||
Current tax assets | 397 | 472 | [2] | 488 | |||||||
Other current assets | 9,338 | 8,524 | [2] | 11,273 | |||||||
Current assets | 16,430 | 15,478 | [2] | 16,980 | |||||||
Total assets | 64,806 | 61,111 | [2] | 62,058 | |||||||
Current liabilities | |||||||||||
Financial liabilities | 4,691 | 3,613 | [2] | 8,378 | |||||||
Trade payables and other current liabilities | 14,768 | 14,457 | [2] | 13,426 | |||||||
Current tax liabilities | 898 | 1,445 | [2] | 1,088 | |||||||
Other current liabilities | 621 | 635 | [2] | 695 | |||||||
Total current liabilities | 20,978 | 20,150 | [2] | 23,587 | |||||||
Non-current liabilities | |||||||||||
Financial liabilities | 23,566 | 23,125 | [2] | 18,039 | |||||||
Pensions and post-retirement healthcare liabilities: | |||||||||||
Funded schemes in deficit | 1,157 | 1,209 | [2] | 1,225 | |||||||
Unfunded schemes | 1,461 | 1,393 | [2] | 1,509 | |||||||
Other non-current liabilities | 3,758 | 3,117 | [2] | 3,500 | |||||||
Total non current liabilities | 29,942 | 28,844 | [2] | 24,273 | |||||||
Total liabilities | 50,920 | 48,994 | [2] | 47,860 | |||||||
Shareholders' equity | 13,192 | 11,397 | [2] | 13,440 | |||||||
Non-controlling interests | 694 | 720 | [2] | 758 | |||||||
Total equity | 13,886 | 12,117 | [2] | 14,198 | |||||||
Total liabilities and equity | 64,806 | 61,111 | [2] | 62,058 | |||||||
Eliminations [member] | |||||||||||
Non-current assets | |||||||||||
Amounts due from group companies | (25,937) | (27,590) | [2] | (24,231) | |||||||
Net assets of subsidiaries (equity accounted) | (45,707) | (44,552) | [2] | (57,276) | |||||||
Total non-current assets | (71,644) | (72,142) | [2] | (81,507) | |||||||
Current assets | |||||||||||
Amounts due from group companies | (44,878) | (50,328) | [2] | (43,882) | |||||||
Current assets | (44,878) | (50,328) | [2] | (43,882) | |||||||
Total assets | (116,522) | (122,470) | [2] | (125,389) | |||||||
Current liabilities | |||||||||||
Amounts due to group companies | (44,878) | (50,328) | [2] | (43,882) | |||||||
Total current liabilities | (44,878) | (50,328) | [2] | (43,882) | |||||||
Non-current liabilities | |||||||||||
Amounts due to group companies | (25,937) | (27,590) | [2] | (24,231) | |||||||
Pensions and post-retirement healthcare liabilities: | |||||||||||
Total non current liabilities | (25,937) | (27,590) | [2] | (24,231) | |||||||
Total liabilities | (70,815) | (77,918) | [2] | (68,113) | |||||||
Shareholders' equity | (45,707) | (44,552) | [2] | (57,276) | |||||||
Total equity | (45,707) | (44,552) | [2] | (57,276) | |||||||
Total liabilities and equity | € (116,522) | € (122,470) | [2] | € (125,389) | |||||||
[1] | Within the indefinite-life intangible assets there are three brands that have a significant carrying value: Knorr €1,816 milion (2018: €1,789 million), Carver Korea €1,509 million (2018: €1,534 million) and Hellmann’s €1,220 million (2018: €1,195 million). | ||||||||||
[2] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | ||||||||||
[3] | For the purposes of this note and note 17A, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes 13 and 14 respectively. | ||||||||||
[4] | Includes options and other financial liabilities to acquire non-controlling interests in EAC Myanmar, USA, Japan and Italy refer to note 21. | ||||||||||
[5] | 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. |
Guarantor Statements - Cash Flo
Guarantor Statements - Cash Flow (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Disclosure Of Cash Flow Statement [Line Items] | ||||||
Net cash flow from/(used in) operating activities | € 8,109 | € 7,318 | [1] | € 7,879 | [1] | |
Net cash flow from/(used in) investing activities | (2,237) | 4,644 | [1] | (5,879) | [1] | |
Net cash flow from/(used in) financing activities | (4,667) | (12,113) | [1] | (2,020) | [1] | |
Net increase/(decrease) in cash and cash equivalents | 1,205 | (151) | [1] | (20) | [1] | |
Cash and cash equivalents at the beginning of the year | [1] | 3,090 | 3,169 | 3,198 | ||
Effect of foreign exchange rates | (179) | 72 | [1] | (9) | [1] | |
Cash and cash equivalents at the end of the year | 4,116 | 3,090 | [1] | 3,169 | [1] | |
Unilever Capital Corporation Subsidiary Issuer [member] | ||||||
Disclosure Of Cash Flow Statement [Line Items] | ||||||
Net cash flow from/(used in) operating activities | 1 | |||||
Net cash flow from/(used in) investing activities | 2,681 | 1,088 | [1] | (3,884) | [1] | |
Net cash flow from/(used in) financing activities | (2,613) | (1,097) | [1] | 3,873 | [1] | |
Net increase/(decrease) in cash and cash equivalents | 69 | (9) | [1] | (11) | [1] | |
Cash and cash equivalents at the beginning of the year | [1] | 6 | ||||
Effect of foreign exchange rates | 5 | 15 | [1] | 11 | [1] | |
Cash and cash equivalents at the end of the year | 80 | 6 | [1] | |||
Unilever Parent Entities [member] | ||||||
Disclosure Of Cash Flow Statement [Line Items] | ||||||
Net cash flow from/(used in) operating activities | [2] | 1,127 | 952 | [1] | 948 | [1] |
Net cash flow from/(used in) investing activities | [2] | (1,887) | 1,196 | [1] | (7,123) | [1] |
Net cash flow from/(used in) financing activities | [2] | 768 | (2,190) | [1] | 6,254 | [1] |
Net increase/(decrease) in cash and cash equivalents | [2] | 8 | (42) | [1] | 79 | [1] |
Cash and cash equivalents at the beginning of the year | [2] | 7 | 23 | [1] | 5 | [1] |
Effect of foreign exchange rates | [2] | (15) | 26 | [1] | (61) | [1] |
Cash and cash equivalents at the end of the year | [2] | 7 | 23 | [1] | ||
Unilever United States Inc Subsidiary Guarantor [member] | ||||||
Disclosure Of Cash Flow Statement [Line Items] | ||||||
Net cash flow from/(used in) operating activities | (21) | (6) | [1] | (40) | [1] | |
Net cash flow from/(used in) investing activities | 4,378 | (63) | [1] | (1,062) | [1] | |
Net cash flow from/(used in) financing activities | (4,357) | 69 | [1] | 1,103 | [1] | |
Net increase/(decrease) in cash and cash equivalents | 1 | [1] | ||||
Cash and cash equivalents at the beginning of the year | [1] | (1) | (1) | (2) | ||
Cash and cash equivalents at the end of the year | (1) | (1) | [1] | (1) | [1] | |
Non-guarantor Subsidiaries [member] | ||||||
Disclosure Of Cash Flow Statement [Line Items] | ||||||
Net cash flow from/(used in) operating activities | 7,002 | 6,372 | [1] | 6,971 | [1] | |
Net cash flow from/(used in) investing activities | (4,720) | 4,619 | [1] | 5,136 | [1] | |
Net cash flow from/(used in) financing activities | (1,154) | (11,091) | [1] | (12,196) | [1] | |
Net increase/(decrease) in cash and cash equivalents | 1,128 | (100) | [1] | (89) | [1] | |
Cash and cash equivalents at the beginning of the year | [1] | 3,078 | 3,147 | 3,195 | ||
Effect of foreign exchange rates | (169) | 31 | [1] | 41 | [1] | |
Cash and cash equivalents at the end of the year | 4,037 | 3,078 | [1] | 3,147 | [1] | |
Unilever Group [member] | ||||||
Disclosure Of Cash Flow Statement [Line Items] | ||||||
Net cash flow from/(used in) operating activities | 8,109 | 7,318 | [1] | 7,879 | [1] | |
Net cash flow from/(used in) investing activities | (2,237) | 4,644 | [1] | (5,879) | [1] | |
Net cash flow from/(used in) financing activities | (4,667) | (12,113) | [1] | (2,020) | [1] | |
Net increase/(decrease) in cash and cash equivalents | 1,205 | (151) | [1] | (20) | [1] | |
Cash and cash equivalents at the beginning of the year | [1] | 3,090 | 3,169 | 3,198 | ||
Effect of foreign exchange rates | (179) | 72 | [1] | (9) | [1] | |
Cash and cash equivalents at the end of the year | 4,116 | 3,090 | [1] | 3,169 | [1] | |
Eliminations [member] | ||||||
Disclosure Of Cash Flow Statement [Line Items] | ||||||
Net cash flow from/(used in) investing activities | (2,689) | (2,196) | [1] | 1,054 | [1] | |
Net cash flow from/(used in) financing activities | € 2,689 | € 2,196 | [1] | € (1,054) | [1] | |
[1] | Restated following adoption of IFRS 16. See note 1 and note 24 for further details. | |||||
[2] | 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. |