TIDMULVR TIDM0NXN
RNS Number : 1498Q
Unilever PLC
17 October 2019
UNILEVER TRADING STATEMENT THIRD QUARTER 2019
Performance highlights
Underlying performance GAAP measures
======================================== ================================
vs 2018 vs 2018
============================ ========= ========== ========== ========
Third quarter
Underlying sales growth
(USG)(a) 2.9% Turnover EUR13.3bn 5.8%
============================= ========= ========== ========== ========
Nine months
USG(a) 3.4% Turnover EUR39.3bn 1.5%
Quarterly dividend payable in December 2019 EUR0.4104 per share
(a) Price growth in excess of 26% per year in hyperinflationary
economies is not included in these amounts. See page 7 for more
details.
Third quarter highlights
-- Underlying sales growth 2.9% with volume 1.4% and price 1.5%
-- Emerging markets underlying sales growth 5.1% with volume 2.2% and price 2.8%
-- Turnover increased 5.8% which included a positive impact of
2.3% from currency and 0.8% from acquisitions
Alan Jope: Chief Executive Officer statement
"We have maintained momentum in the quarter, with a good balance
between volume and price. Emerging markets and Home Care have been
the key growth drivers. We will step-up competitive top line
performance through innovation and portfolio evolution to serve the
faster growing geographies and channels.
We are committed to delivering superior long-term financial
performance and balanced, compound growth of the top and bottom
line through our sustainable business model. We are taking action
to remain relevant to the consumer of the future, such as setting
stretching goals on plastic use which we recently announced.
For the full year, we continue to expect underlying sales growth
to be in the lower half of our multi-year 3-5% range, an
improvement in underlying operating margin that keeps us on track
for the 2020 target and another year of strong free cash flow."
17 October 2019
THIRD QUARTER OPERATIONAL REVIEW: DIVISIONS
Third Quarter 2019 Nine Months 2019
=========================== ============================
(unaudited) Turnover USG* UVG UPG* Turnover USG* UVG UPG*
========================== ======== ==== ===== ==== ======== ==== ===== =====
EURbn % % % EURbn % % %
========================== ======== ==== ===== ==== ======== ==== ===== =====
Unilever 13.3 2.9 1.4 1.5 39.3 3.4 1.3 2.1
========================== ======== ==== ===== ==== ======== ==== ===== =====
Beauty & Personal Care 5.6 2.8 2.1 0.7 16.2 3.3 1.9 1.5
Home Care 2.7 5.4 3.2 2.1 8.1 7.0 2.9 4.0
Foods & Refreshment 5.0 1.7 (0.2) 1.9 15.0 1.5 (0.1) 1.7
======== ==== ===== ==== ======== ==== ===== =====
* Wherever referenced in this announcement, USG and UPG do not
include price growth in excess of 26% per year in hyperinflationary
economies. See pages 5 - 7 for further details.
Our markets: In Europe and North America growth remained low.
South East Asian markets continued to grow well, whilst growth in
India softened further and China slowed a little. In Latin America
the economic environment remains difficult.
Unilever overall performance: Underlying sales growth was 2.9%
with 1.4% from volume and 1.5% from price. As previously announced,
this included 30bps growth from price in hyperinflationary
economies (see page 9). Emerging markets continued to grow well at
5.1% with strong growth across South East Asia. Growth in India
remained stable and competitive in a slowing market. In Latin
America, Brazil grew modestly against a strong comparator which
included some recovery from the truckers' strike. We also lapped a
strong ice cream season in Europe.
Turnover increased 5.8% driven by sales growth, a positive
impact from acquisitions net of disposals and a positive impact
from currency.
Beauty & Personal Care
Beauty & Personal Care underlying sales grew 2.8%, with 2.1%
from volume and 0.7% from price.
Deodorants performed well, with continued success from the roll
out of the Rexona Clinical range, based on our new patented
anti-perspirant technology. In skin care, innovations including
Pond's Glow Up cream, a hybrid product across skin care and makeup,
saw good performance. Skin cleansing saw modest growth, with
negative pricing as commodity prices remained weak. Growth in
emerging markets was helped by activations such as the extension of
Clear Men into skin cleansing in China. Competitive intensity
remained high in hair care, in particular in the US and China where
we continue to focus on innovating and increasing market activity.
This includes developing on-trend new formats such as Love Beauty
and Planet's shampoo and conditioner bars, which cater to consumer
demand for reduced packaging. Our prestige brands, such as
Dermalogica, Hourglass and Living Proof, continue to perform
well.
Home Care
Home Care underlying sales grew 5.4%, with 3.2% from volume and
2.1% from price.
Home and hygiene saw strong growth momentum, with hand dishwash
a key driver both under the Sunlight brand and in white spaces like
Brazil under the Brilhante brand and China under Omo. Cif surface
cleaners grew double digit, helped by natural variants and new
concentrated eco-refills which launched in Europe. Good growth in
fabric sensations was driven by our strategy to trade up consumers
through offering products with more benefits. In India we launched
Love and Care, created for premium fabrics such as silk and fine
cottons, and in China we launched Love Home and Planet which is
performing well. Growth in fabric solutions was somewhat muted,
impacted by a strong comparator due to some recovery from the
Brazil truckers' strike in 2018 and challenging conditions in
Africa. We continue to focus on developing our markets, with liquid
formats in emerging markets a key driver. Our clean and green brand
Seventh Generation saw good performance across all channels.
Foods & Refreshment
Foods & Refreshment underlying sales grew 1.7%, with volumes
down 0.2% and pricing of 1.9%.
The volume decline was driven by ice cream due to a strong
comparator from particularly good weather in the prior year in
Europe. Overall ice cream grew slightly, with an improved
performance in the US. Tea saw modest growth driven by our ongoing
focus on premium black tea, black tea in emerging markets and fruit
and herbal variants. This growth was partially offset by subdued
consumer demand for black tea in developed markets. Herbal brand
Pukka grew well, while in India our efforts to develop the green
tea market with new Lipton variants are driving share and
penetration levels for the category.
We have returned dressings to competitive growth. Hellmann's
performed well and premium brand Sir Kensington's grew strongly,
with its mayonnaise offering supplemented by a new salad dressings
range. In savoury, Knorr continues to modernise and develop
offerings that cater to demand for more natural and convenient
products, including the launch of wet soups in France.
THIRD QUARTER OPERATIONAL REVIEW: GEOGRAPHICAL AREA
Third Quarter 2019 Nine Months 2019
============================= ===============================
(unaudited) Turnover USG* UVG UPG* Turnover USG* UVG UPG*
======================== ======== ===== ===== ===== ======== ===== ===== =======
EURbn % % % EURbn % % %
======== ===== ===== ===== ======== ===== ===== =======
Unilever 13.3 2.9 1.4 1.5 39.3 3.4 1.3 2.1
======================== ======== ===== ===== ===== ======== ===== ===== =======
Asia/AMET/RUB 6.1 5.6 3.1 2.5 18.3 6.0 2.9 3.0
The Americas 4.2 1.5 (0.2) 1.8 12.2 2.5 (0.1) 2.6
Europe 3.0 (0.3) 0.5 (0.9) 8.8 (0.5) - (0.5)
======== ===== ===== ===== ======== ===== ===== =======
Third Quarter 2019 Nine Months 2019
============================= ===============================
(unaudited) Turnover USG* UVG UPG* Turnover USG* UVG UPG*
======================== ======== ===== ===== ===== ======== ===== ===== =======
EURbn % % % EURbn % % %
======== ===== ===== ===== ======== ===== ===== =======
Emerging markets 7.8 5.1 2.2 2.8 23.4 6.1 2.4 3.6
Developed markets 5.5 (0.1) 0.3 (0.4) 15.9 (0.5) (0.3) (0.2)
======== ===== ===== ===== ======== ===== ===== =======
North America 2.4 0.3 (0.3) 0.6 7.0 0.2 (0.5) 0.6
Latin America 1.8 3.2 (0.1) 3.2 5.2 5.6 0.3 5.3
======== ===== ===== ===== ======== ===== ===== =======
* Wherever referenced in this announcement, USG and UPG do not
include price growth in excess of 26% per year in hyperinflationary
economies. See pages 5 - 7 for further details.
Asia/AMET/RUB
Underlying sales grew 5.6% with a balance between volume of 3.1%
and price of 2.5%. Good growth in South East Asia was volume
driven, with Indonesia, Vietnam and the Philippines performing
strongly across all divisions. Despite a market slowdown in India,
growth in South Asia was strong and ahead of markets. Turkey and
the Middle East grew double digit, while Africa saw a difficult
quarter in volatile economic conditions.
The Americas
Underlying sales growth in North America was positive, helped by
price growth. Momentum improved in Foods & Refreshment as
dressings returned to competitive growth. In Beauty and Personal
Care skin care grew well although performance was held back by a
decline in hair care. Seventh Generation and the e-commerce channel
continue to perform strongly.
In Latin America underlying sales growth was 3.2%. Argentina and
Venezuela remained hyperinflationary and price growth was capped in
line with the new definition. Volume decline in Argentina slowed as
we continue to outperform in difficult conditions. Momentum in
Brazil improved with marginal growth against a comparator that
included some truckers' strike recovery.
Europe
Europe declined 0.3% with volumes up 0.5% and price down 0.9% in
a retail environment that remains difficult. Eastern Europe grew
well across all divisions and we saw good growth in Italy helped by
purpose-led activations while the decline in Germany slowed. Ice
cream volumes were down as we lapped very good weather in the
previous year.
COMPETITION INVESTIGATIONS
As previously disclosed, along with other consumer products
companies and retail customers, Unilever is involved in a number of
ongoing investigations and cases by national competition
authorities, including those within Italy, Greece and South Africa.
These proceedings and investigations are at various stages and
concern a variety of product markets. Where appropriate, provisions
are made and contingent liabilities disclosed in relation to such
matters.
Ongoing compliance with competition laws is of key importance to
Unilever. It is Unilever's policy to co-operate fully with
competition authorities whenever questions or issues arise. In
addition the Group continues to reinforce and enhance its internal
competition law training and compliance programme on an ongoing
basis.
DIVIDS
The Boards have determined to pay a quarterly interim dividend
for Q3 2019 at the following rates which are equivalent in value
between the two companies at the rate of exchange applied under the
terms of the Equalisation Agreement:
Per Unilever N.V. ordinary share: EUR 0.4104
Per Unilever PLC ordinary share: GBP 0.3576
Per Unilever N.V. New York share: US$ 0.4516
Per Unilever PLC American Depositary US$ 0.4516
Receipt:
The quarterly interim dividends have been determined in euros
and converted into equivalent sterling and US dollar amounts using
exchange rates issued by WM/Reuters on 15 October 2019.
US dollar cheques for the quarterly interim dividend will be
mailed on 4 December 2019 to holders of record at the close of
business on 1 November 2019. In the case of the NV New York shares,
Netherlands withholding tax will be deducted.
The quarterly dividend calendar for the remainder of 2019 will
be as follows:
Announcement Ex-Dividend Record Date Payment Date
Date Date
================= ============= ============ ============
Q3 2019 Dividend 17 October 31 October 1 November 4 December
2019 2019 2019 2019
============= ============ ============ =============
SEGMENT INFORMATION - DIVISIONS
(unaudited)
Third Quarter Beauty & Foods & Total
Personal Home Refreshment
Care Care
========= ====== ============
Turnover (EUR million)
2018 5,209 2,511 4,809 12,529
2019 5,574 2,704 4,976 13,254
Change (%) 7.0 7.7 3.5 5.8
Impact of:
Acquisitions (%) 1.1 0.1 0.8 0.8
Disposals (%) - - (0.8) (0.3)
Currency-related items, of which: 2.9 2.1 1.7 2.3
====== ============ ======
Exchange rates changes (%) 2.1 1.4 (3.4) (0.2)
Extreme price growth in hyperinflationary
markets (%)* 0.7 0.7 5.2 2.4
====== ============ ======
Underlying sales growth (%) 2.8 5.4 1.7 2.9
=============================================== ====== ============ ======
Price* (%) 0.7 2.1 1.9 1.5
Volume (%) 2.1 3.2 (0.2) 1.4
=============================================== ========= ====== ============ ======
Nine Months Beauty & Home Foods & Total
Personal Care Refreshment
Care
========= ===== ============
Turnover (EUR million)
2018 15,230 7,507 15,990 38,727
2019 16,273 8,095 14,957 39,325
Change (%) 6.8 7.8 (6.5) 1.5
Impact of:
Acquisitions (%) 0.8 0.2 0.6 0.6
Disposals (%) - - (9.3) (3.8)
Currency-related items, of which: 2.6 0.6 0.9 1.5
===== ============ ======
Exchange rates changes (%) 2.0 (0.2) (1.7) 0.1
Extreme price growth in hyperinflationary
markets (%)* 0.6 0.8 2.6 1.4
===== ============ ======
Underlying sales growth (%) 3.3 7.0 1.5 3.4
=============================================== ===== ============ ======
Price* (%) 1.5 4.0 1.7 2.1
Volume (%) 1.9 2.9 (0.1) 1.3
=============================================== ========= ===== ============ ======
* Underlying price growth in excess of 26% per year in
hyperinflationary economies has been excluded when calculating the
price growth in the tables above, and an equal and opposite amount
is shown as extreme price growth in hyperinflationary markets.
Turnover growth is made up of distinct individual growth
components namely underlying sales, currency impact, hyperinflation
adjustment, acquisitions and disposals. Turnover growth is arrived
at by multiplying these individual components on a compounded basis
as there is a currency impact on each of the other components.
Accordingly, turnover growth is more than just the sum of the
individual components.
SEGMENT INFORMATION - GEOGRAPHICAL AREA
(unaudited)
Third Quarter Asia / The Europe Total
AMET / Americas
RUB
======== ========== =======
Turnover (EUR million)
2018 5,591 3,967 2,971 12,529
2019 6,068 4,198 2,988 13,254
Change (%) 8.5 5.8 0.6 5.8
Impact of:
Acquisitions (%) - 1.2 1.8 0.8
Disposals (%) (0.2) (0.2) (0.6) (0.3)
Currency-related items, of which: 2.9 3.2 (0.3) 2.3
======== ========== ======= ======
Exchange rates changes (%) 2.9 (4.2) (0.3) (0.2)
Extreme price growth in hyperinflationary
markets (%)* - 7.8 - 2.4
======== ========== ======= ======
Underlying sales growth (%) 5.6 1.5 (0.3) 2.9
============================================== ======== ========== ======= ======
Price* (%) 2.5 1.8 (0.9) 1.5
Volume (%) 3.1 (0.2) 0.5 1.4
============================================== ======== ========== ======= ======
Nine Months Asia / The Europe Total
AMET / Americas
RUB
======= ========= ======
Turnover (EUR million)
2018 17,327 11,896 9,504 38,727
2019 18,263 12,284 8,778 39,325
Change (%) 5.4 3.3 (7.6) 1.5
Impact of:
Acquisitions (%) - 0.8 1.5 0.6
Disposals (%) (1.6) (3.4) (8.5) (3.8)
Currency-related items, of which: 1.0 3.4 (0.1) 1.5
======= ========= ====== ======
Exchange rate changes (%) 1.0 (1.1) (0.1) 0.1
Extreme price growth in hyperinflationary
markets (%)* - 4.6 - 1.4
======= ========= ====== ======
Underlying sales growth (%) 6.0 2.5 (0.5) 3.4
============================================== ======= ========= ====== ======
Price* (%) 3.0 2.6 (0.5) 2.1
Volume (%) 2.9 (0.1) - 1.3
============================================== ======= ========= ====== ======
* Underlying price growth in excess of 26% per year in
hyperinflationary economies has been excluded when calculating the
price growth in the tables above, and an equal and opposite amount
is shown as extreme price growth in hyperinflationary markets.
NON-GAAP MEASURES
In our financial reporting we use certain measures that are not
defined by generally accepted accounting principles (GAAP) such as
IFRS. We believe this information, along with comparable GAAP
measures, is useful to investors because it provides a basis for
measuring our operating performance and our ability to retire debt
and invest in new business opportunities. Our management uses these
financial measures, along with the most directly comparable GAAP
financial measures, in evaluating our operating performance and
value creation. Non-GAAP financial measures should not be
considered in isolation from, or as a substitute for, financial
information presented in compliance with GAAP. Wherever appropriate
and practical, we provide reconciliations to relevant GAAP
measures. The non-GAAP measures used in this announcement are
underlying sales growth, underlying volume growth and underlying
price growth (see below).
Underlying sales growth (USG)
Underlying Sales Growth (USG) refers to the increase in turnover
for the period, excluding any change in turnover resulting from
acquisitions, disposals, changes in currency and price growth in
excess of 26% in hyperinflationary economies. Inflation of 26% per
year compounded over three years is one of the key indicators
within IAS 29 to assess whether an economy is deemed to be
hyperinflationary. We believe this measure provides valuable
additional information on the underlying sales performance of the
business and is a key measure used internally. The impact of
acquisitions and disposals is excluded from USG for a period of 12
calendar months from the applicable closing date. Turnover from
acquired brands that are launched in countries where they were not
previously sold is included in USG as such turnover is more
attributable to our existing sales and distribution network than
the acquisition itself. The reconciliation of changes in the GAAP
measure turnover to USG is provided on pages 5 and 6.
Prior to this quarter, USG was calculated on a different basis.
See page 9 for more details.
Underlying price growth (UPG)
Underlying price growth (UPG) is part of USG and means, for the
applicable period, the increase in turnover attributable to changes
in prices during the period. UPG therefore excludes the impact to
USG due to (i) the volume of products sold; and (ii) the
composition of products sold during the period. In determining
changes in price we exclude the impact of price growth in excess of
26% per year in hyperinflationary economies as explained in USG
above. The measures and the related turnover GAAP measure are set
out on pages 5 and 6.
Underlying volume growth (UVG)
Underlying volume growth (UVG) is part of USG and means, for the
applicable period, the increase in turnover in such period
calculated as the sum of (i) the increase in turnover attributable
to the volume of products sold; and (ii) the increase in turnover
attributable to the composition of products sold during such
period. UVG therefore excludes any impact on USG due to changes in
prices. The measures and the related turnover GAAP measure are set
out on pages 5 and 6.
CAUTIONARY STATEMENT
This announcement may contain forward-looking statements,
including 'forward-looking statements' within the meaning of the
United States Private Securities Litigation Reform Act of 1995.
Words such as 'will', 'aim', 'expects', 'anticipates', 'intends',
'looks', 'believes', 'vision', or the negative of these terms and
other similar expressions of future performance or results, and
their negatives, are intended to identify such forward-looking
statements. These forward-looking statements are based upon current
expectations and assumptions regarding anticipated developments and
other factors affecting the Unilever Group (the 'Group'). They are
not historical facts, nor are they guarantees of future
performance.
Because these forward-looking statements involve risks and
uncertainties, there are important factors that could cause actual
results to differ materially from those expressed or implied by
these forward-looking statements. Among other risks and
uncertainties, the material or principal factors which could cause
actual results to differ materially are: Unilever's global brands
not meeting consumer preferences; Unilever's ability to innovate
and remain competitive; Unilever's investment choices in its
portfolio management; inability to find sustainable solutions to
support long-term growth including to plastic packaging; the effect
of climate change on Unilever's business; significant changes or
deterioration in customer relationships; the recruitment and
retention of talented employees; disruptions in our supply chain
and distribution; increases or volatility in the cost of raw
materials and commodities; the production of safe and high quality
products; secure and reliable IT infrastructure; execution of
acquisitions, divestitures and business transformation projects;
economic, social and political risks and natural disasters;
financial risks; failure to meet high and ethical standards; and
managing regulatory, tax and legal matters. These forward-looking
statements speak only as of the date of this announcement. Except
as required by any applicable law or regulation, the Group
expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in the Group's expectations
with regard thereto or any change in events, conditions or
circumstances on which any such statement is based. Further details
of potential risks and uncertainties affecting the Group are
described in the Group's filings with the London Stock Exchange,
Euronext Amsterdam and the US Securities and Exchange Commission,
including in the Annual Report on Form 20-F 2018 and the Unilever
Annual Report and Accounts 2018.
ENQUIRIES
Media: Media Relations Team Investors: Investor
Relations Team
+44 78 2527
3767
UK +44 77 7999 lucila.zambrano@unilever.com
or 9683 JSibun@tulchangroup.com
NL +31 10 217 4844 els-de.bruin@unilever.com +44 20 7822 investor.relations@unilever.
or +32 494 60 4906 freek.bracke@unilever.com 6830 com
There will be a web cast of the results presentation available
at:
www.unilever.com/investor-relations/results-and-presentations/latest-results
TREATMENT OF HYPERINFLATIONARY ECONOMIES IN UNDERLYING SALES
GROWTH
Prior to this quarter Underlying Sales Growth (USG) excluded all
price growth from countries where the impact of consumer price
inflation (CPI) rates had escalated to extreme levels. There were
two countries where we had determined extreme levels of CPI
existed. Price growth in Venezuela has been excluded from USG since
Q4 2017 and price growth in Argentina has been excluded from USG
since Q3 2018. This approach was adopted for Argentina in 2018 as
it was considered that hyperinflationary conditions would only
exist for a short while and thus all price movements would be
related to hyperinflation.
Following a review during Q3 2019, we now consider that
hyperinflationary conditions are likely to persist for some time
and thus price growth will represent both hyperinflationary price
growth plus normal pricing actions. As a result, our definition of
USG has been updated to include price growth in Argentina and
Venezuela, and in any other markets that become hyperinflationary
in the future, up to a maximum of 26% per year (equivalent to
approximately 2% per month compounded). Inflation of 26% per year
compounded over three years is one of the key indicators within IAS
29 to assess whether an economy is deemed to be
hyperinflationary.
The change is intended to ensure our reporting provides a more
realistic representation of underlying performance. Price increases
in hyperinflationary economies reflect normal pricing actions that
relate to fluctuations in demand, changes in commodity and other
operating costs and tactical steps to drive competitiveness, in
addition to the exceptional pricing actions taken to respond to
hyperinflationary conditions. The new USG definition aims to
include these normal pricing actions but excludes the exceptional
pricing actions that give rise to the extreme impact that results
from hyperinflation.
The announcement of the change in our definition of USG,
including restatements of USG and UPG, can be found at:
https://www.unilever.com/Images/treatment-of-hyperinflationary-countries-in-underlying-sales-growth--usg-_tcm244-539994_1_en.pdf
Also, as a consequence of this change, we are providing a
breakdown of the impact of currency-related items on turnover.
Whilst previously the devaluation of the currency and all price
growth in hyperinflationary economies were grouped under "exchange
rate" (now called "currency-related items"), we are now breaking
this down between:
- exchange rate changes (including the devaluation of hyperinflationary currencies); and
- extreme price growth in hyperinflationary economies (i.e.
price growth that is not included in underlying price growth).
The following page shows this breakdown of currency-related
items for 2018 and 2019. The only restated numbers from previous
reporting is that price growth in hyperinflationary economies up to
26% has been included in underlying price growth rather than
currency-related items. Turnover is not impacted by this
restatement.
IMPACT OF CHANGE IN USG DEFINITION AND BREAKDOWN OF
CURRENCY-RELATED ITEMS
CURRENCY RELATED ITEMS OF WHICH EXCHANGE RATE CHANGES OF WHICH EXTREME PRICE GROWTH
(PREVIOUSLY CALLED EXCHANGE IN HYPERINFLATIONARY MARKETS*
RATE)
=========================================================== =========================================================== ==========================================================
TOTAL DIVISIONS GEOGRA-PHICAL UNILEVER DIVISIONS GEOGRA-PHICAL TOTAL DIVISIONS GEOGRA-PHICAL
UNILEVER AREA AREA UNILEVER AREA
========= ============== ========= ================================ ============== ========= =============================== ==============
Beauty Foods Home The Beauty Foods Home The Beauty Foods Home The
& & Care Americas & & Care Americas & & Care Americas
Personal Refreshment Personal Refreshment Personal Refreshment
Care Care Care
========= ========= ============ ======= ============== ========= ========= ============ ======= ============== ========= ========= ============ ====== ==============
2018
(%)
====== ============ ========= ========= ============ ======= ============== ========= ========= ============ ======= ============== ========= ======================= ====== ==============
2018 Previously
Q1 reported (9.8) (11.2) (8.0) (10.4) (14.0)
======
Restated (9.8) (11.2) (8.0) (10.4) (14.1) (10.3) (11.2) (9.3) (10.4) (15.6) 0.6 - 1.4 - 1.8
=================== ========= ========= ============ ======= ============== ========= ========= ============ ======= ============== ========= ========= ============ ====== ==============
2018 Previously
Q2 reported (8.2) (9.1) (6.8) (9.7) (11.7)
======
Restated (8.2) (9.1) (6.8) (9.7) (11.7) (10.0) (9.1) (10.8) (9.7) (17.0) 2.0 - 4.5 - 6.4
=================== ========= ========= ============ ======= ============== ========= ========= ============ ======= ============== ========= ========= ============ ====== ==============
2018 Previously
H1 reported (8.9) (10.2) (7.3) (10.0) (12.8)
======
Restated (8.9) (10.2) (7.3) (10.0) (12.8) (10.1) (10.2) (10.1) (10.0) (16.3) 1.3 - 3.1 - 4.2
=================== ========= ========= ============ ======= ============== ========= ========= ============ ======= ============== ========= ========= ============ ====== ==============
2018 Previously
Q3 reported (5.2) (4.4) (4.8) (7.5) (6.8)
======
Restated (5.7) (4.9) (5.2) (8.3) (8.4) (21.6) (5.0) (37.8) (8.5) (43.8) 20.2 0.1 52.5 0.3 62.9
=================== ========= ========= ============ ======= ============== ========= ========= ============ ======= ============== ========= ========= ============ ====== ==============
2018 Previously
Q4 reported (3.2) (2.8) (2.2) (5.2) (3.1)
======
Restated (3.7) (3.3) (2.6) (6.0) (4.7) (53.8) (6.7) (76.3) (7.1) (77.6) 108.3 3.6 310.3 1.2 325.8
=================== ========= ========= ============ ======= ============== ========= ========= ============ ======= ============== ========= ========= ============ ====== ==============
2018 Previously
FY reported (6.7) (7.0) (5.6) (8.3) (9.4)
Restated (7.0) (7.2) (5.8) (8.8) (10.1) (29.4) (8.1) (47.4) (9.1) (54.9) 31.7 1.0 79.1 0.4 99.3
=================== ========= ========= ============ ======= ============== ========= ========= ============ ======= ============== ========= ========= ============ ====== ==============
2019
(%)
====== ============ ========= ========= ============ ======= ============== ========= ========= ============ ======= ============== ========= ========= ============ ====== ==============
2019 Previously
Q1 reported 0.7 2.0 0.3 (1.1) 2.3
======
Restated 0.5 1.8 0.2 (1.4) 1.5 (0.3) 1.2 (0.9) (2.2) (1.0) 0.8 0.5 1.1 0.7 2.5
=================== ========= ========= ============ ======= ============== ========= ========= ============ ======= ============== ========= ========= ============ ====== ==============
2019 Previously
Q2 reported 1.3 2.5 0.8 0.2 3.8
======
Restated 1.1 2.2 0.6 (0.3) 2.9 0.1 1.6 (1.0) (1.1) (0.4) 1.0 0.5 1.6 0.8 3.3
=================== ========= ========= ============ ======= ============== ========= ========= ============ ======= ============== ========= ========= ============ ====== ==============
2019 Previously
H1 reported 1.1 2.2 0.6 (0.4) 3.1
Restated 0.8 2.0 0.4 (0.8) 2.2 (0.1) 1.4 (0.9) 1.1 (0.7) 0.9 0.5 1.3 (2.0) 2.9
=================== ========= ========= ============ ======= ============== ========= ========= ============ ======= ============== ========= ========= ============ ====== ==============
2019 Q3 2.3 2.9 1.7 2.1 3.2 (0.2) 2.1 (3.4) 1.4 (4.2) 2.4 0.7 5.2 0.7 7.8
========= ========= ============ ======= ============== ========= ========= ============ ======= ============== ========= ========= ============ ====== ==============
* Prior to Q3 2019, price growth in Argentina and Venezuela was
excluded when calculating underlying price growth with an equal and
opposite adjustment made in exchange rate impact. Argentina and
Venezuela price growth adjustment is now shown separately as
extreme price growth in hyperinflationary markets.
The impact of currency-related items is calculated by
multiplying the impact of exchange rate changes and extreme price
growth in hyperinflationary markets. Accordingly, the amounts shown
for currency-related items are different to the sum of the
individual components.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTUNRKRKBARAAA
(END) Dow Jones Newswires
October 17, 2019 02:00 ET (06:00 GMT)
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