REG - Unilever PLC Unilever NV. - Final Results <Origin Href="QuoteRef">ULVR.L</Origin> <Origin Href="QuoteRef">UNc.AS</Origin> - Part 2
28/01/2015 01:37
- Part 2: For the preceding part double click ID:nRST5716Ca
2014 13.3 20.8 16.0 16.5
Core operating margin (%)
2013 13.3 14.3 14.9 14.1
2014 13.3 14.7 16.2 14.5
Additional geographical information
Fourth Quarter 2014 Fourth Quarter 2013
Turnover USG UVG UPG Turnover USG UVG UPG
Em % % % Em % % %
Unilever Total 12,094 2.1 (0.4) 2.5 11,806 4.1 2.7 1.4
Developed markets 5,036 (0.7) - (0.6) 5,069 (1.7) (0.8) (0.8)
Emerging markets 7,058 4.1 (0.6) 4.7 6,737 8.4 5.3 2.9
Full Year 2014 Full Year 2013
Turnover USG UVG UPG Turnover USG UVG UPG
Em % % % Em % % %
Unilever Total 48,436 2.9 1.0 1.9 49,797 4.3 2.5 1.8
Developed markets 20,807 (0.8) 0.5 (1.3) 21,540 (1.3) (0.5) (0.8)
Emerging markets 27,629 5.7 1.3 4.3 28,257 8.7 4.8 3.7
Fourth Quarter 2014 Fourth Quarter 2013
Turnover USG UVG UPG Turnover USG UVG UPG
Em % % % Em % % %
The Americas 4,065 6.2 - 6.3 3,934 5.2 2.0 3.2
North America 1,883 2.0 1.2 0.8 1,838 (2.4) (3.4) 0.9
Latin America 2,182 9.5 (0.9) 10.6 2,096 12.1 6.7 5.1
Full Year 2014 Full Year 2013
Turnover USG UVG UPG Turnover USG UVG UPG
Em % % % Em % % %
The Americas 15,514 5.4 0.7 4.7 16,206 4.6 1.0 3.5
North America 7,477 0.1 0.7 (0.6) 7,953 (1.5) (2.0) 0.5
Latin America 8,037 10.2 0.7 9.5 8,253 10.7 4.1 6.3
5 TAXATION
The effective tax rate for the year was 28.2% compared to 26.4% in 2013. 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 2014 Full Year 2013
Beforetax Tax(charge)/credit Aftertax Beforetax Tax(charge)/credit AfterTax
Fair value gains/(losses) on financial instruments (110) 25 (85) 121 (15) 106
Actuarial gains/(losses) on pension schemes (1,710) 460 (1,250) 942 (245) 697
Currency retranslation gains/(losses) (16) (9) (25) (980) (19) (999)
Other comprehensive income (1,836) 476 (1,360) 83 (279) (196)
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 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:
2014 2013
Combined EPS - Basic
Net profit attributable to shareholders' equity (E million)Average number of combined share units (millions of units)Combined EPS - basic (E) 5,171 4,842
2,840.5 2,838.1
1.82 1.71
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) 5,171 4,842
2,882.6 2,924.0
1.79 1.66
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) 4,634 4,607
2,882.6 2,924.0
1.61 1.58
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 2013 (net of treasury stock) 2,840.0
Net movements in shares under incentive schemes (3.2)
Number of shares at 31 December 2014 2,836.8
7 ACQUISITIONS AND DISPOSALS
On 7 March 2014 the Group acquired a 55% equity stake in the Qinyuan Group, a
leading Chinese water purification business for an undisclosed amount.
On 1 April 2014 the Group completed the sale of its meat snacks business,
including the Bifi and Peperami brands, to Jack Link's, for an undisclosed
amount.
On 30 June 2014 the Group completed the sale of its global Ragu and Bertolli
pasta sauce business to Mizkan Group for a total cash consideration of
approximately US $2.15 billion.
On 2 December 2014 the Group announced that it has acquired the Talenti Gelato
& Sorbetto business for an undisclosed amount.
On 22 December 2014 the Group announced the purchase of the Camay brand
globally and the Zest brand outside of North America and the Caribbean from
The Procter & Gamble Company. The transaction, for an undisclosed amount, is
expected to close during the first half of 2015 subject to necessary
regulatory approvals.
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 December2014 As at 31 December2013 As at 31 December2014 As at 31 December2013
Financial assets
Cash and cash equivalents 2,151 2,285 2,151 2,285
Held-to-maturity investments 89 75 89 75
Loans and receivables 208 104 208 104
Available-for-sale financial assets 670 760 670 760
Financial assets at fair value through profit and loss:
Derivatives 296 294 296 294
Other 122 32 122 32
3,536 3,550 3,536 3,550
Financial liabilities
Preference shares (108) (114) (68) (68)
Bank loans and overdrafts (1,119) (1,067) (1,114) (1,067)
Bonds and other loans (11,417) (10,162) (10,573) (9,594)
Finance lease creditors (224) (217) (199) (204)
Derivatives (350) (299) (350) (299)
Other financial liabilities (418) (269) (418) (269)
(13,636) (12,128) (12,722) (11,501)
E million Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
As at 31 December 2014 As at 31 December 2013
Assets at fair value
Other cash equivalents - 221 - - 91 -
Available-for-sale financial assets 14 158 498 8 276 476
Financial assets at fair value through profit or loss:
Derivatives(a) - 417 - - 376 -
Other 119 - 3 25 - 7
Liabilities at fair value
Derivatives(b) - (514) - - (395) -
(a) Includes E121 million (2013: E82 million) derivatives, reported within
trade receivables, that hedge trading activities.
(b) Includes E(164) million (2013: E(96) 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 2013. There were also no
significant movements between the fair value hierarchy classifications since
31 December 2013.
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 2013.
9 DIVIDENDS
The Boards have declared a quarterly interim dividend for Q4 2014 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 0.2850
Per Unilever PLC ordinary share: £ 0.2177
Per Unilever N.V. New York share: US$ 0.3303
Per Unilever PLC American Depositary Receipt: US$ 0.3303
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 16 January 2015.
The quarterly dividend calendar for the remainder of 2015 will be as follows:
Announcement Date NV NY & PLC ADR Ex-Dividend Date NV & PLC Record Date Payment Date
Ex-Dividend Date
Quarterly dividend - 20 January 2015 4 February 2015 5 February 2015 6 February 2015 11 March 2015
for Q4 2014
Quarterly dividend - 16 April 2015 22 April 2015 23 April 2015 24 April 2015 3 June 2015
for Q1 2015
Quarterly dividend - 23 July 2015 5 August 2015 6 August 2015 7 August 2015 9 September 2015
for Q2 2015
Quarterly dividend - 15 October 2015 28 October 2015 29 October 2015 30 October 2015 9 December 2015
for Q3 2015
US dollar cheques for the quarterly interim dividend will be mailed on 11
March 2015 to holders of record at the close of business on 6 February 2015.
In the case of the NV New York shares, Netherlands withholding tax will be
deducted.
10 PURCHASE OF ESTATE SHARES CONVERTIBLE TO UNILEVER SHARES IN 2038
The first Viscount Leverhulme was the founder of the company which became
Unilever PLC. When he died in 1925, he left in his will a large number of
Unilever PLC shares in various trusts. When the will trusts were varied in
1983, the interests of the beneficiaries of his will were also preserved. Four
classes of special shares were created in Margarine Union (1930) Limited, a
subsidiary of Unilever PLC. One of these classes of shares ('Estate shares')
has rights that enable it to be converted at the end of the year 2038 to
70,875,000 Unilever PLC ordinary shares. Before this date these shares have no
rights to dividends nor do they allow early conversion. There are 20,000
Estate shares with a nominal value of £0.01 each.
On 19 May 2014 Unilever PLC purchased all of the Estate shares for a cash
consideration of £715 million. The resulting loss of E880 million, being the
difference between the nominal value and amount paid, has been recorded in
retained profit.
11 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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