Unilever
Trading Statement - First Quarter 2024
|
Improved
volume growth led by Power Brands
|
|
First
Quarter 2024
|
(unaudited)
|
USG
|
Turnover
|
vs
2023
|
Unilever
|
4.4%
|
€15.0bn
|
1.4%
|
Beauty & Wellbeing
|
7.4%
|
€3.2bn
|
3.1%
|
Personal Care
|
4.8%
|
€3.4bn
|
0.4%
|
Home Care
|
3.1%
|
€3.2bn
|
0.6%
|
Nutrition
|
3.7%
|
€3.4bn
|
1.1%
|
Ice Cream
|
2.3%
|
€1.8bn
|
2.7%
|
First Quarter highlights
•
Underlying sales growth of 4.4%, with volume
growth increasing to 2.2%
•
All five Business Groups reporting underlying
sales growth, led by Beauty &
Wellbeing
•
Turnover increased 1.4% to €15.0 billion
with (2.0)% impact from currency and (0.9)% from
net disposals
•
Power Brands (75% of
turnover) leading growth with 6.1%
USG, driven by a 3.8% increase in
volume
•
Announced separation of Ice Cream and launch of
major productivity programme to accelerate
the Growth Action Plan
•
2024 outlook unchanged with underlying sales growth of 3% to 5% and a modest
improvement in underlying operating margin
Chief Executive Officer
statement
"Unilever delivered improved volume
growth in the first quarter. This was driven by our Power Brands
which saw underlying sales growth of 6.1%, with strong performances
from Dove, Knorr, Rexona and Sunsilk.
We are implementing the Growth
Action Plan at speed, focused on three clear priorities: delivering
higher-quality growth, creating a simpler and more productive
business, and embedding a strong performance focus. This is
underpinned by our commitment to do fewer things, better and with
greater impact.
In March, we announced the
separation of Ice Cream and the launch of a comprehensive
productivity programme. These actions will drive focus, faster
growth and reduce costs. Dedicated project teams are progressing
the work at pace.
Unilever's transformation is at an
early stage, but we have increasing confidence in our ability to
deliver sustained volume growth and positive mix as we accelerate
gross margin expansion."
Hein Schumacher
Our 2024 guidance is unchanged. We
expect underlying sales growth (USG) for 2024 to be within our
multi-year range of 3% to 5%, with an increasing contribution from
volume growth.
We are confident of delivering a
modest improvement in underlying operating margin for the full
year, reflecting higher gross margin and increased investment
behind our brands.
First
Quarter Review: Unilever Group
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Acquisitions
|
Disposals
|
Currency
|
Turnover
change
|
First Quarter
|
€15.0bn
|
4.4%
|
2.2%
|
2.2%
|
0.4%
|
(1.3)%
|
(2.0)%
|
1.4%
|
Performance
Underlying sales growth in the
quarter was 4.4%, with balanced volume and price growth. Underlying
volume growth increased to 2.2% from 1.8% in Q4 2023, while
underlying price growth of 2.2% moderated slightly from 2.8% in the
previous quarter. The Power Brands continued to perform strongly
with 6.1% underlying sales growth, underpinned by volume growth of
3.8%.
Beauty & Wellbeing grew
underlying sales by 7.4%, with volume growth of 5.6% driven by
continued double-digit growth from Health & Wellbeing and
Prestige Beauty. Personal Care grew 4.8% with 1.4% from volume
despite a particularly strong prior year comparator. Home Care
underlying sales increased 3.1%, with 4.3% volume growth more than
offsetting the negative price growth reflecting commodity cost
driven deflation in some of our markets. Nutrition grew underlying
sales by 3.7%, with volumes sequentially improving to (0.4)% from
(1.1)% in Q4. Ice Cream grew 2.3%, led by price as volumes declined
(0.9)%. As we move into the main ice cream season, Ice Cream's
performance will be supported by the operational changes that have
been made to drive improved productivity, product rationalisation
and investment behind significant innovations.
Emerging markets grew underlying
sales 5.4%, with 3.9% from volume. Latin America, Turkey and Africa
continued their momentum from 2023 and delivered strong sales
growth with positive volumes. Sales in China grew mid-single digit
with good volumes, particularly in Unilever Food Solutions. South
Asia growth was driven by volume, while input cost deflation led to
further negative price growth in India. South East Asia was
impacted by a sales decline in Indonesia, reflecting the continued,
but less material, impact of some Indonesian consumers avoiding
multinational brands in response to the geopolitical situation in
the Middle East.
Underlying sales in developed
markets grew 3.0%, with volumes almost flat at (0.3)%. North
America delivered sales growth of 3.6%, with positive volume growth
at 1.4% driven by continued strong performances of Health &
Wellbeing and Prestige Beauty. In Europe, underlying sales growth
was 4.0%, driven by price. Volume declined 1.5%, but sequentially
improved with a return to volume growth in the United Kingdom,
France and Eastern Europe, as price growth continued to moderate
from the peak in Q2 2023.
Turnover was €15.0 billion, up 1.4%
versus the prior year, including (2.0)% from currency and (0.9)%
from disposals net of acquisitions.
Capital allocation
With our full year results in
February 2024, we announced that the Board had approved a share
buyback programme of up to €1.5 billion to be conducted during
2024, which we expect to commence in the second quarter. The
quarterly interim dividend for the first quarter is maintained at
€0.4268.
Following the release of this
trading statement on 25 April 2024 at 7:00 AM (UK time), there will
be a webcast at 8:00 AM available on the website
www.unilever.com/investor-relations/results-and-presentations/latest-results.
A replay of the webcast and the
slides of the presentation will be made available after the live
meeting.
First
Quarter Review: Business Groups
|
|
First
Quarter 2024
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Unilever
|
€15.0bn
|
4.4%
|
2.2%
|
2.2%
|
Beauty & Wellbeing
|
€3.2bn
|
7.4%
|
5.6%
|
1.7%
|
Personal Care
|
€3.4bn
|
4.8%
|
1.4%
|
3.4%
|
Home Care
|
€3.2bn
|
3.1%
|
4.3%
|
(1.1)%
|
Nutrition
|
€3.4bn
|
3.7%
|
(0.4)%
|
4.1%
|
Ice Cream
|
€1.8bn
|
2.3%
|
(0.9)%
|
3.2%
|
Beauty & Wellbeing
(21% of Q1 Group turnover)
In
Beauty & Wellbeing, we are focused on three key priorities that
will drive the unmissable superiority of our brands: elevating our
core Hair Care and Skin Care brands to increase premiumisation;
fuelling the growth of Prestige Beauty and Health & Wellbeing
with selective international expansion; and continuing to
strengthen our beauty and wellbeing capabilities.
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Acquisitions
|
Disposals
|
Currency
|
Turnover
change
|
First Quarter
|
€3.2bn
|
7.4%
|
5.6%
|
1.7%
|
0.8%
|
(2.5)%
|
(2.3)%
|
3.1%
|
Beauty & Wellbeing underlying
sales grew 7.4% with 5.6% from volume and 1.7% from
price.
Hair Care delivered mid-single digit
growth with positive volume and price. Dove grew high-single digit supported
by the launch of Scalp+ Hair Therapy, which is clinically proven to
create optimal scalp health and hair density. Clear, the world's best-selling shampoo
for men, grew high-single digit helped by the continued rollout of
our patented anti-dandruff shampoo. Sunsilk grew double-digit while
TRESemmé grew high-single
digit and continued to expand its ultra-gloss Lamellar Shine
shampoos and conditioners to new markets.
Core Skin Care grew mid-single digit
with good growth in India and the United States. This growth was
partially offset by a low-single digit decline in North Asia driven
by price. Vaseline grew
double-digit with the successful rollout of Gluta Hya body care to
new markets and the launch of new variants, including our Smooth
and Glow range which offers the first body lotion with chemical
exfoliation. Following the relaunch last year, Pond's face care continued its good
momentum with high-single digit growth led by volume.
Health & Wellbeing delivered
another quarter of double-digit growth with the expansion of
Liquid IV in the United
Kingdom and strong contributions from Olly and Nutrafol. In Q1, we extended
Nutrafol into skin care
with a physician-formulated daily supplement for women designed to
address the root causes of acne. Prestige Beauty grew double-digit
led by Tatcha, Hourglass and Living Proof.
Personal Care (23% of Q1 Group turnover)
In
Personal Care, we are focused on winning with science-led brands
that deliver unmissable superiority to our consumers across
Deodorants, Skin Cleansing, and Oral Care. Our priorities include
developing superior technology and multi-year innovation platforms,
leveraging partnerships with our customers, and expanding into
premium areas and digital channels.
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Acquisitions
|
Disposals
|
Currency
|
Turnover
change
|
First Quarter
|
€3.4bn
|
4.8%
|
1.4%
|
3.4%
|
-%
|
(2.7)%
|
(1.6)%
|
0.4%
|
Personal Care underlying sales grew
4.8% with 1.4% from volume and 3.4% from price.
Deodorants grew double-digit with
high-single digit volume growth. Growth was led by strong
performances in Europe and Latin America. Dove double-digit growth was helped by
the US launch of Whole Body Deodorants with
72-hour odour control for full-body freshness. Rexona and Axe contributed strong growth with
continued momentum of our multi-year platforms, 72-hour nonstop
odour and sweat protection and our Fine Fragrance range.
Skin Cleansing was flat with
low-single digit price offset by volume declines. Q1 growth was
impacted by deflation in India and market challenges in Indonesia.
Dove grew high-single digit
with mid-single digit volume growth. In the United States, we
launched a premium range of Dove Body Wash infused with clinically
proven skin care serums including hyaluronic acid, collagen and
vitamin C.
Oral Care continued to grow
mid-single digit with positive volume and price, led by
double-digit growth in Closeup.
Home Care (21% of Q1 Group turnover)
In
Home Care, we focus on delivering for consumers who want superior
products that are sustainable and great value. We drive growth
through unmissable superiority in our biggest brands, in our key
markets and across channels. We have a resilient business that
spans price points and grows the market by premiumising and trading
consumers up to additional benefits.
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Acquisitions
|
Disposals
|
Currency
|
Turnover
change
|
First Quarter
|
€3.2bn
|
3.1%
|
4.3%
|
(1.1)%
|
-%
|
-%
|
(2.5)%
|
0.6%
|
Home Care underlying sales grew 3.1%
with 4.3% from volume and (1.1)% from price.
Fabric Cleaning grew low-single
digit with mid-single digit volume and negative price. This was led
by Europe which grew high-single digit, with a return to positive
volume growth. India and Latin America grew volume, which was
partially offset by price declines in our powders portfolio as a
result of commodity deflation. OMO grew low-single digit with
mid-single digit volume.
Home & Hygiene grew mid-single
digit with mid-single digit volume and slightly positive price.
Cif and Domestos grew double-digit with strong
volume. Following the successful launch of Domestos Power Foam in the UK in 2023,
we expanded the product to new markets and extended the range to
include specialist solutions to remove limescale and provide
long-lasting fragrance.
Nutrition (23% of Q1 Group turnover)
In
Nutrition, our strategy is to deliver consistent, competitive
growth by offering unmissably superior products through our biggest
brands. We do this by reaching more consumers and focusing on top
dishes and high consumption seasons to satisfy consumer's
preferences on taste, health and sustainability; while delivering
productivity and resilience in our supply chain.
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Acquisitions
|
Disposals
|
Currency
|
Turnover
change
|
First Quarter
|
€3.4bn
|
3.7%
|
(0.4)%
|
4.1%
|
-%
|
(0.5)%
|
(2.0)%
|
1.1%
|
Nutrition underlying sales grew 3.7%
with 4.1% from price and (0.4)% from volume. Volume sequentially
improved but was still negative in Europe, partially affected by
the impact of SKU reductions.
Dressings delivered mid-single digit
growth with positive price and volume. Hellmann's led growth supported by the
relaunch of Plant Based Mayo and the launch of 4 new variants of
Flavoured Mayo: Chipotle, Italian Herbs, Tajin, and
Truffle.
Scratch Cooking Aids grew
high-single digit. Knorr
led growth as it continued to expand its multi-year 'Eat for Good'
campaign, including superior Bouillon & Seasonings variants for
both retail and foodservice. North America grew mid-single digit
supported by the launch of ready-to-eat rice cups. Europe saw
mid-single digit price growth fully offset by a decline in volume,
while Latin America, Africa and North Asia all grew
double-digit.
Unilever Food Solutions grew
double-digit with high-single digit volume, led by strong growth in
China against a soft comparator.
Ice Cream (12% of Q1 Group turnover)
In
Ice Cream, our immediate strategic priority is to expand operating
profit and global market share. We will do this by building the
unmissable superiority of our brands, accelerating market
development in emerging markets, continuing to lead the industry on
innovation and premiumisation, and by stepping up our performance
and productivity. In March, we announced the planned separation of
Ice Cream which we expect to be completed by the end of 2025. The
separation will create a world-leading business, operating in a
highly attractive category with five of the top 10 selling global
ice cream brands.
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Acquisitions
|
Disposals
|
Currency
|
Turnover
change
|
First Quarter
|
€1.8bn
|
2.3%
|
(0.9)%
|
3.2%
|
1.7%
|
-%
|
(1.4)%
|
2.7%
|
Ice Cream underlying sales grew 2.3%
with 3.2% from price, partially offset by negative volume of
(0.9)%.
In-home Ice Cream was flat with
price offset by a decline in volume. Out-of-home Ice Cream grew
mid-single digit driven by price.
Wall's grew mid-single digit
with positive price and volume. Magnum declined low-single digit with
price growth more than offset by a volume decline. We launched a
new Magnum 'Pleasure
Express' range with 3 variants: Euphoria, Wonder, and Chill.
Ben & Jerry's and
Cornetto grew low-single
digit with positive volumes.
As we move into the main summer
season, Ice Cream has made operational changes to drive improved
productivity and investment behind our brands and
innovations.
First
Quarter Review: Geographical Areas
|
|
First
Quarter 2024
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Unilever
|
€15.0bn
|
4.4%
|
2.2%
|
2.2%
|
Asia Pacific Africa
|
€6.6bn
|
3.6%
|
2.4%
|
1.1%
|
The Americas
|
€5.5bn
|
5.8%
|
3.9%
|
1.8%
|
Europe
|
€2.9bn
|
4.0%
|
(1.5)%
|
5.5%
|
|
First
Quarter 2024
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Emerging markets
|
€9.0bn
|
5.4%
|
3.9%
|
1.4%
|
Developed markets
|
€6.0bn
|
3.0%
|
(0.3)%
|
3.3%
|
North America
|
€3.2bn
|
3.6%
|
1.4%
|
2.2%
|
Latin America
|
€2.3bn
|
9.5%
|
8.1%
|
1.3%
|
Asia Pacific Africa
(44% of Q1 Group turnover)
Underlying sales growth was 3.6%
with 2.4% from volume and 1.1% from price.
India grew 0.7% with low-single
digit volume growth partially offset by negative price. Price
reductions continued, driven by commodity deflation that primarily
impacts Fabric Cleaning and Skin Cleansing bars. China grew
mid-single digit driven by volume with a continued strong
performance in our Unilever Food Solutions business. Underlying
sales in Indonesia declined (4.7)%, reflecting the continued, but
improving, impact of some Indonesian consumers avoiding
multinational brands in response to the geopolitical situation in
the Middle East.
Turkey delivered double-digit volume
and price growth. Africa grew double-digit driven by price, with
good volumes.
The Americas (37% of Q1 Group turnover)
Underlying sales grew 3.6% in North
America with 2.2% from price and 1.4% from volume. Beauty &
Wellbeing delivered strong, volume-led growth, driven by Prestige
Beauty and Health & Wellbeing. Personal Care was flat as we
lapped a particularly strong prior year comparator. Nutrition grew
high-single digit led by mid-single digit volume. Ice Cream grew
low single-digit led by volume with slightly negative
price.
Underlying sales in Latin America
grew 9.5% with strong volume growth of 8.1% and 1.3% from price.
Growth was broad-based across all Business Groups, including
double-digit volume growth in Beauty & Wellbeing, Personal Care
and Home Care. Brazil grew high-single digit with double-digit
volume led by strong growth in Dressings and Deodorants. Mexico
grew double-digit with all Business Groups growing volume and
price. Argentina continued to perform well in a difficult
environment, with double-digit volume and price growth.
Europe (19%
of Q1 Group turnover)
Underlying sales grew 4.0% with 5.5%
from price and (1.5)% from volume. Home Care, Personal Care and
Beauty & Wellbeing delivered strong growth with good volume and
price growth. Ice Cream grew low-single digit led by price while
Nutrition declined low-single digit driven by negative volume. The
United Kingdom, France and Eastern Europe grew well with positive
volumes while volumes remained negative in Germany and the
Netherlands.
Segment
Information - Business Groups
|
(unaudited)
|
|
|
|
|
|
|
First Quarter
|
Beauty
& Wellbeing
|
Personal
Care
|
Home
Care
|
Nutrition
|
Ice
Cream
|
Total
|
Turnover (€ million)
|
|
|
|
|
|
|
2023
|
3,089
|
3,397
|
3,173
|
3,349
|
1,742
|
14,750
|
2024
|
3,187
|
3,409
|
3,191
|
3,388
|
1,788
|
14,963
|
Change (%)
|
3.1
|
0.4
|
0.6
|
1.1
|
2.7
|
1.4
|
Impact of:
|
|
|
|
|
|
|
Acquisitions (%)
|
0.8
|
-
|
-
|
-
|
1.7
|
0.4
|
Disposals (%)
|
(2.5)
|
(2.7)
|
-
|
(0.5)
|
-
|
(1.3)
|
Currency-related items (%), of
which:
|
(2.3)
|
(1.6)
|
(2.5)
|
(2.0)
|
(1.4)
|
(2.0)
|
Exchange rates changes (%)
|
(3.7)
|
(3.7)
|
(5.5)
|
(3.5)
|
(3.1)
|
(4.0)
|
Extreme price growth in hyperinflationary
markets*
|
1.4
|
2.2
|
3.2
|
1.6
|
1.8
|
2.1
|
Underlying sales growth
(%)
|
7.4
|
4.8
|
3.1
|
3.7
|
2.3
|
4.4
|
Price* (%)
|
1.7
|
3.4
|
(1.1)
|
4.1
|
3.2
|
2.2
|
Volume (%)
|
5.6
|
1.4
|
4.3
|
(0.4)
|
(0.9)
|
2.2
|
* Underlying price growth in excess
of 26% per year in hyperinflationary economies has been excluded
when calculating the price growth in the tables above, and an equal
and opposite amount is shown as extreme price growth in
hyperinflationary markets.
Turnover growth is made up of
distinct individual growth components namely underlying sales,
currency impact, acquisitions and disposals. Turnover growth is
arrived at by multiplying these individual components on a
compounded basis as there is a currency impact on each of the other
components. Accordingly, turnover growth is more than just the sum
of the individual components.
Segment
Information - Geographical Areas
|
(unaudited)
|
|
|
|
|
First Quarter
|
Asia
Pacific Africa
|
The
Americas
|
Europe
|
Total
|
Turnover (€ million)
|
|
|
|
|
2023
|
6,793
|
5,245
|
2,712
|
14,750
|
2024
|
6,612
|
5,502
|
2,849
|
14,963
|
Change (%)
|
(2.7)
|
4.9
|
5.1
|
1.4
|
Impact of:
|
|
|
|
|
Acquisitions (%)
|
-
|
1.0
|
-
|
0.4
|
Disposals (%)
|
(0.3)
|
(3.2)
|
-
|
(1.3)
|
Currency-related items (%), of
which:
|
(5.8)
|
1.4
|
1.1
|
(2.0)
|
Exchange rates changes (%)
|
(7.0)
|
(2.8)
|
1.1
|
(4.0)
|
Extreme price growth in hyperinflationary
markets*
|
1.3
|
4.2
|
-
|
2.1
|
Underlying sales growth
(%)
|
3.6
|
5.8
|
4.0
|
4.4
|
Price* (%)
|
1.1
|
1.8
|
5.5
|
2.2
|
Volume (%)
|
2.4
|
3.9
|
(1.5)
|
2.2
|
* 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.
The Board has declared a quarterly
interim dividend for Q1 2024 of £0.3674 per Unilever PLC ordinary
share or €0.4268 per Unilever PLC ordinary share at the applicable
exchange rate issued by WM/Reuters on 23 April 2024.
The following amounts will be paid
in respect of this quarterly interim dividend on the relevant
payment date:
Per Unilever PLC ordinary share
(traded on the London Stock Exchange):
|
£0.3674
|
Per Unilever PLC ordinary share
(traded on Euronext in Amsterdam):
|
€0.4268
|
Per Unilever PLC American Depositary
Receipt:
|
US$0.4556
|
The euro and US dollar amounts above
have been determined using the applicable exchange rates issued by
WM/Reuters on 23 April 2024.
US dollar cheques for the quarterly
interim dividend will be mailed on 7 June 2024 to holders of
record at the close of business on 17 May 2024.
The quarterly dividend calendar for
the remainder of 2024 will be as follows:
|
Announcement Date
|
Ex-Dividend Date
|
Record
Date
|
Payment
Date
|
Q1 2024 Dividend
|
25 April
2024
|
16 May
2024
|
17 May
2024
|
07 June
2024
|
Q2 2024 Dividend
|
25 July
2024
|
08 August
2024
|
09 August
2024
|
06
September 2024
|
Q3 2024 Dividend
|
24
October 2024
|
07
November 2024
|
08
November 2024
|
06
December 2024
|
In our financial reporting we use
certain measures that are not defined by generally accepted
accounting principles (GAAP) such as IFRS. We believe this
information, along with comparable GAAP measurements, is useful to
investors because it provides a basis for measuring our operating
performance, and our ability to retire debt and invest in new
business opportunities. Our management uses these financial
measures, along with the most directly comparable GAAP financial
measures, in evaluating our operating performance and value
creation. Non-GAAP financial measures should not be considered in
isolation from, or as a substitute for, financial information
presented in compliance with GAAP. Wherever appropriate and
practical, we provide reconciliations to relevant GAAP measures.
The non-GAAP measures used in this announcement are underlying
sales growth, underlying volume growth and underlying price growth
(see below).
Underlying sales growth
(USG)
Underlying sales growth (USG) refers
to the increase in turnover for the period, excluding any change in
turnover resulting from acquisitions, disposals, changes in
currency and price growth in excess of 26% in hyperinflationary
economies. Inflation of 26% per year compounded over three years is
one of the key indicators within IAS 29 to assess whether an
economy is deemed to be hyperinflationary. We believe this measure
provides valuable additional information on the underlying sales
performance of the business and is a key measure used internally.
The impact of acquisitions and disposals is excluded from USG for a
period of 12 calendar months from the applicable closing date.
Turnover from acquired brands that are launched in countries where
they were not previously sold is included in USG as such turnover
is more attributable to our existing sales and distribution network
than the acquisition itself. The reconciliation of changes in the
GAAP measure turnover to USG is provided on page
6.
Underlying price growth
(UPG)
Underlying price growth (UPG) is
part of USG and means, for the applicable period, the increase in
turnover attributable to changes in prices during the period. UPG
therefore excludes the impact to USG due to (i) the volume of
products sold; and (ii) the composition of products sold during the
period. In determining changes in price we exclude the impact of
price growth in excess of 26% per year in hyperinflationary
economies as explained in USG above. The measures and the related
turnover GAAP measure are set out on page 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 page 6.
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, concerning the financial condition,
results of operations and businesses of the Unilever Group (the
'Group'). All statements other than statements of historical fact
are, or may be deemed to be, forward-looking statements. Words and
terminology such as 'will', 'aim', 'expects', 'anticipates',
'intends', 'looks', 'believes', 'vision', 'ambition', 'target',
'goal', 'plan', 'potential', 'work towards', 'may', 'milestone',
'objectives', 'outlook', 'probably', 'project', 'risk', 'seek',
'continue', 'projected', 'estimate', 'achieve' or the negative of
these terms, and other similar expressions of future performance,
results, actions or events, and their negatives, are intended to
identify such forward-looking statements. Forward-looking
statements also include, but are not limited to, statements and
information regarding Unilever's acceleration of its Growth Action
Plan, Unilever's portfolio optimisation towards global or scalable
brands, the capabilities and potential of such brands, the various
aspects of the separation of Ice Cream and its future operational
model, strategy, growth potential, performance and returns,
Unilever's productivity programme, its impacts and cost savings
over the next three years and operation dis-synergies from the
separation of Ice Cream, the Group's emissions reduction targets
and other climate change related matters (including actions,
potential impacts and risks associated therewith). Forward-looking
statements can be made in writing but also may be made verbally by
directors, officers and employees of the Group (including during
management presentations) in connection with this announcement.
These forward-looking statements are based upon current beliefs,
expectations and assumptions regarding anticipated developments and
other factors affecting the Group. They are not historical facts,
nor are they guarantees of future performance or outcomes. All
forward-looking statements contained in this announcement are
expressly qualified in their entirety by the cautionary statements
contained or referred to in this section. Readers should not place
undue reliance on forward-looking statements.
Because these forward-looking
statements involve known and unknown risks and uncertainties, a
number of which may be beyond the Group's control, 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 from the forward-looking statements expressed in this
announcement are: Unilever's ability to successfully separate Ice
Cream and realise the anticipated benefits of the separation;
Unilever's ability to successfully execute and consummate its
productivity programme in line with expected costs to achieve
expected savings; Unilever's global brands not meeting consumer
preferences; Unilever's ability to innovate and remain competitive;
Unilever's investment choices in its portfolio management; the
effect of climate change on Unilever's business; Unilever's ability
to find sustainable solutions to its plastic packaging; significant
changes or deterioration in customer relationships; the recruitment
and retention of talented employees; disruptions in Unilever's
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.
The 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
intention, 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. New risks and uncertainties
arise over time, and it is not possible for us to predict those
events or how they may affect us. In addition, we cannot assess the
impact of each factor on our business or the extent to which any
factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements.
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 2023 and the Unilever Annual Report and
Accounts 2023.
Media: Media
Relations Team
|
Investors: Investor Relations Team
|
UK
|
+44 78 2527 3767
|
lucila.zambrano@unilever.com
|
investor.relations@unilever.com
|
or
|
+44 77 7999 9683
|
jonathan.sibun@teneo.com
|
|
NL
|
+31 62 191 3705
|
kiran.hofker@unilever.com
|
|
or
|
+31 61 500 8293
|
fleur-van.bruggen@unilever.com
|
|
After the conference call on 25
April 2024 at 8:00 AM (UK time), the webcast of the presentation
will be available at
www.unilever.com/investor-relations/results-and-presentations/latest-results.
This Results Presentation has been
submitted to the FCA National Storage Mechanism and is available
for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.