REG - Unilever PLC Unilever NV. - Final Results 2015 <Origin Href="QuoteRef">ULVR.L</Origin> <Origin Href="QuoteRef">UNc.AS</Origin> - Part 2
19/01/2016 07:10
- Part 2: For the preceding part double click ID:nRSS2451Ma
13.5 13.1 16.4 14.1
Core operating margin (%)
2014 13.3 14.7 16.2 14.5
2015 13.5 14.6 17.1 14.8
5 TAXATION
The effective tax rate for the year was 27.6% compared to 28.2% in 2014. The
tax rate is calculated by dividing the tax charge by pre-tax profit excluding
the contribution of joint ventures and associates.
Tax effects of components of other comprehensive income were as follows:
E million Full Year 2015 Full Year 2014
Beforetax Tax(charge)/credit Aftertax Beforetax Tax(charge)/credit AfterTax
Fair value gains/(losses) on financial instruments 82 18 100 (110) 25 (85)
Remeasurements of defined benefit pension plans net of tax 1,124 (240) 884 (1,710) 460 (1,250)
Currency retranslation gains/(losses) (510) 29 (481) (16) (9) (25)
Other comprehensive income 696 (193) 503 (1,836) 476 (1,360)
6 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
stock.
In calculating diluted earnings per share and core earnings per share, a
number of adjustments are made to the number of shares, principally: (i)
conversion into PLC ordinary shares in the year 2038 of shares in a group
company (refer below) and (ii) the exercise of share options by employees.
On 19 May 2014 Unilever PLC purchased the shares convertible to PLC ordinary
shares in 2038. Due to the repurchase the average number of combined share
units is not adjusted for these shares from 20 May 2014 to 31 December 2015.
For 2014 the adjusted average number of share units is calculated based on the
number of days the shares were dilutive during the year ended 31 December
2014.
Earnings per share for total operations for the twelve months were calculated
as follows:
2015 2014
Combined EPS - Basic
Net profit attributable to shareholders' equity (E million)Average number of combined share units (millions of units)Combined EPS - basic (E) 4,909 5,171
2,840.1 2,840.5
1.73 1.82
Combined EPS - Diluted
Net profit attributable to shareholders' equity (E million)Adjusted average number of combined share units (millions of units)Combined EPS - diluted (E) 4,909 5,171
2,855.4 2,882.6
1.72 1.79
Core EPS
Core profit attributable to shareholders' equity (see note 2) (E million)Adjusted average number of combined share units (millions of units)Core EPS - diluted (E) 5,210 4,634
2,855.4 2,882.6
1.82 1.61
In calculating core earnings per share, net profit attributable to
shareholders' equity is adjusted to eliminate the post tax impact of business
disposals, acquisition and disposal related costs, impairments, and other
one-off items.
During the period the following movements in shares have taken place:
Millions
Number of shares at 31 December 2014 (net of treasury stock) 2,836.8
Net movements in shares under incentive schemes 2.1
Number of shares at 31 December 2015 2,838.9
7 ACQUISITIONS AND DISPOSALS
In 2015 the Group completed acquisition of the businesses listed below for a
total consideration of E2,011 million (2014: E424 million for businesses
completed during that year).
Deal completion date Acquired business
1 May 2015 REN Skincare, a prestige Personal Care business with an iconic British skin care brand.
1 May 2015 Camay and Zest brands acquired from The Procter & Gamble Company. In addition a manufacturing site was acquired.
6 May 2015 Kate Somerville Skincare, a prestige Personal Care business with a leading independent skin care brand.
1 August 2015 Dermalogica, a prestige Personal Care business with the leading skin care brand in professional salons and spas. The assets acquired are principally the Dermalogica brand.
1 September 2015 Murad, the leading clinical skin care brand, part of our prestige Personal Care business.
30 September 2015 Grom, a premium Italian gelato business.
8 FINANCIAL INSTRUMENTS
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 and the fair value calculations by
category.
E million Fair value Carrying amount
As at 31 December2015 As at 31 December2014 As at 31 December2015 As at 31 December2014
Financial assets
Cash and cash equivalents 2,302 2,151 2,302 2,151
Held-to-maturity investments 144 89 144 89
Loans and receivables 303 208 303 208
Available-for-sale financial assets 641 671 641 671
Financial assets at fair value through profit and loss:
Derivatives 230 296 230 296
Other 122 122 122 122
3,742 3,537 3,742 3,537
Financial liabilities
Preference shares (132) (108) (68) (68)
Bank loans and overdrafts (1,067) (1,119) (1,064) (1,114)
Bonds and other loans (13,509) (11,417) (12,703) (10,573)
Finance lease creditors (217) (224) (195) (199)
Derivatives (124) (350) (124) (350)
Other financial liabilities (489) (418) (489) (418)
(15,538) (13,636) (14,643) (12,722)
E million Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
As at 31 December 2015 As at 31 December 2014
Assets at fair value
Other cash equivalents - 100 - - 221 -
Available-for-sale financial assets 14 180 447 15 158 498
Financial assets at fair value through profit or loss:
Derivatives(a) - 303 - - 417 -
Other 119 - 3 119 - 3
Liabilities at fair value
Derivatives(b) - (194) - - (514) -
(a) Includes E73 million (2014: E121 million) derivatives, reported within
trade receivables, that hedge trading activities.
(b) Includes E(70) million (2014: E(164) million) derivatives, reported within
trade creditors, that hedge trading activities.
There were no significant changes in classification of fair value of financial
assets and financial liabilities since 31 December 2014. There were also no
significant movements between the fair value hierarchy classifications since
31 December 2014.
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.
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 2014.
9 DIVIDENDS
The Boards have declared a quarterly interim dividend for Q4 2015 at the
following rates which are equivalent in value at the rate of exchange applied
under the terms of the Equalisation Agreement between the two companies:
Per Unilever N.V. ordinary share: E 0.3020
Per Unilever PLC ordinary share: £ 0.2300
Per Unilever N.V. New York share: US$ 0.3296
Per Unilever PLC American Depositary Receipt: US$ 0.3296
The quarterly interim dividends have been determined in euros and converted
into equivalent sterling and US dollar amounts using exchange rates issued by
the European Central Bank on 15 January 2016.
The quarterly dividend calendar for the remainder of 2016 will be as follows:
Announcement Date NV NY & PLC ADR Ex-Dividend Date NV & PLCEx-Dividend Date Record Date Payment Date
Quarterly dividend - for Q4 2015 19 January 2016 3 February 2016 4 February 2016 5 February 2016 9 March 2016
Quarterly dividend - for Q1 2016 14 April 2016 27 April 2016 28 April 2016 29 April 2016 1 June 2016
Quarterly dividend - for Q2 2016 21 July 2016 3 August 2016 4 August 2016 5 August 2016 7 September 2016
Quarterly dividend - for Q3 2016 13 October 2016 26 October 2016 27 October 2016 28 October 2016 7 December 2016
US dollar cheques for the quarterly interim dividend will be mailed on 9 March
2016 to holders of record at the close of business on 5 February 2016. In the
case of the NV New York shares, Netherlands withholding tax will be deducted.
10 EVENTS AFTER THE BALANCE SHEET DATE
There were no material post balance sheet events other than those mentioned
elsewhere in this report.
This information is provided by RNS
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