REG - Unilever PLC - 1st Quarter Results

UnileverAnnouncement

27/04/2023 07:00

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RNS Number : 6695X  Unilever PLC  27 April 2023

 

 

 

Unilever Trading Statement - First Quarter 2023

 

 Strong start to the year and continued progress against strategic priorities

 

                         First Quarter 2023
 (unaudited)             USG      Turnover   vs 2022
 Unilever                10.5%    €14.8bn    7.0%
 Beauty & Wellbeing      9.3%     €3.1bn     13.3%
 Personal Care           12.7%    €3.4bn     12.6%
 Home Care               10.2%    €3.2bn     8.6%
 Nutrition               11.9%    €3.4bn           (4.4)%
 Ice Cream               6.0%     €1.7bn     8.0%

 

First Quarter highlights

•     Underlying sales growth (USG) accelerated to 10.5%, driven by
progress against strategic priorities

•     Growth was broad-based across Business Groups and geographies

•     Price growth remained elevated at 10.7%, with an improved
quarter-on-quarter volume performance at (0.2)%

•     Turnover increased 7.0% to €14.8 billion, including a currency
impact of (0.4)% and (2.8)% from disposals net of acquisitions

•     Our billion+ Euro brands, accounting for 54% of Group turnover,
delivered underlying sales growth of 12.1%, led by strong performances from
OMO, Hellmann's, Rexona and Lux

•     Continued portfolio reshaping with the announced sale of the Suave
brand in North America

•     Third €750 million share buyback tranche, announced in March,
will complete in July 2023

•     Quarterly interim dividend for Q1 2023 is maintained at €0.4268

 

Chief Executive Officer statement

"Unilever has had a good start to the year, delivering another quarter of
strong topline growth. Underlying sales growth accelerated to 10.5%, driven by
price growth in response to continued high input cost inflation and an
improved volume performance.

We are continuing to execute well on our strategic priorities. Growth was
broad-based across the five Business Groups, underpinned by strong
performances from our billion+ Euro brands. We have stepped up both the
effectiveness of our innovation and the investment behind our brands. We
continue to shift our portfolio into higher growth spaces, with the delivery
of another quarter of double-digit sales growth in Prestige Beauty and Health
& Wellbeing, and the announced sale of Suave in North America. Our new
operating model is driving focused resource allocation, and is unlocking a
culture of bolder, faster decision-making and disciplined execution.

We remain focused on navigating through continued macroeconomic uncertainty
and are confident in our ability to deliver another year of strong growth,
which remains our first priority."

 

Alan Jope

27 April 2023

 

 

 

 

 Outlook

In a volatile and high-cost environment, we continue to carefully balance
price growth, volume and competitiveness. We will deliver another year of
strong underlying sales growth in 2023, with an improved volume performance
compared to 2022. We will continue to price and drive our cost savings
programmes in order to allow us to invest behind our brands.

Our expectation for net material inflation (NMI) for 2023 is unchanged. We
anticipate around €1.5 billion in the first half and significantly lower NMI
in the second half, with a wide range of possible outcomes, though we do not
expect cost deflation.

We now expect underlying sales growth for the full year 2023 to be at least at
the upper end of our multi-year range of

3 - 5%. Underlying price growth will remain high in the first half and soften
through the year.

Underlying operating margin in the first half will be at least 16%. We
continue to expect a modest improvement in underlying operating margin in the
full year, with another year of increased investment.

 

 

 First Quarter Review: Unilever Group

 

 (unaudited)    Turnover   USG    UVG     UPG    Acquisitions  Disposals  Currency  Turnover change
 First Quarter  €14.8bn    10.5%  (0.2)%  10.7%  0.7%          (3.5)%     (0.4)%    7.0%

 

Performance

Underlying sales growth accelerated to 10.5% in the first quarter. As
underlying price growth moderated to 10.7% from 13.3% in the fourth quarter of
2022, volumes were virtually flat at (0.2)%, driven by a step-up in volume
performance across all Business Groups.

Beauty & Wellbeing grew underlying sales by 9.3% driven by price. Volume
growth of 2.6% was helped by another quarter of double-digit growth in
Prestige Beauty and Health & Wellbeing, which now account for 5% of Group
turnover. Personal Care underlying sales were up 12.7%, driven by price and
3.0% volume growth of which the majority came from strong pipeline refill in
Deodorants. Home Care delivered 10.2% USG with a volume decline of 2.8% which
was largely caused by lower volumes in Home & Hygiene and Air Wellness.
Nutrition grew 11.9% with slightly negative volume at (1.3)% driven by Scratch
Cooking Aids. Ice Cream improved underlying sales by 6.0% despite negative UVG
of 4.1%. Volumes grew in out-of-home channels but this was more than offset by
lower in-home volumes.

Emerging markets grew underlying sales by 11.7% with price of 11.8% and volume
at (0.1)%. Latin America stepped up growth to 18.7%, led by continued strong
price growth and volumes at 0.2%. South Asia grew again double-digit through
price and volume. China returned to positive USG of 1.8% following the lifting
of pandemic-related restrictions. South East Asia grew mid-single digit, while
Turkey delivered strong volume growth in a continued hyper-inflationary
environment. Developed markets increased by 8.7%, with 8.9% from price and
(0.2)% from volume. Volumes held up better in North America than in Europe.

Turnover increased 7.0% to €14.8 billion, which included a currency impact
of (0.4)% and (2.8)% from disposals net of acquisitions. This reflected the
sale of the Tea business, which completed on 1 July 2022, and the acquisition
of Nutrafol, which completed on 7 July 2022.

 

Operating model and capital allocation

Since 1 July 2022, our simpler, more category-focused operating model for
Unilever has been in place, organised around five Business Groups and a
technology-driven backbone, Unilever Business Operations. We continue to
expect around €600 million of cost savings over the first two years, with
the majority delivered in 2023.

After completing two €750 million tranches in 2022 of our ongoing share
buyback programme of up to €3 billion, we announced a third €750 million
tranche on 17 March 2023, which will complete on or before 23 July 2023. The
quarterly interim dividend for the first quarter is maintained at €0.4268.

 

 

 Conference Call

Following the release of this trading statement on 27 April 2023 at 7:00 AM
(UK time), there will be a live 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 2023
 (unaudited)             Turnover   USG    UVG     UPG
 Unilever                €14.8bn    10.5%  (0.2)%  10.7%
 Beauty & Wellbeing      €3.1bn     9.3%   2.6%    6.5%
 Personal Care           €3.4bn     12.7%  3.0%    9.4%
 Home Care               €3.2bn     10.2%  (2.8)%  13.4%
 Nutrition               €3.4bn     11.9%  (1.3)%  13.4%
 Ice Cream               €1.7bn     6.0%   (4.1)%  10.5%

Beauty & Wellbeing

21% of Q1 turnover

 (unaudited)    Turnover  USG   UVG   UPG   Acquisitions  Disposals  Currency  Turnover change
 First Quarter  €3.1bn    9.3%  2.6%  6.5%  3.6%          (0.2)%     0.2%      13.3%

Beauty & Wellbeing underlying sales grew 9.3% with 6.5% from price and
2.6% from volume.

Hair Care grew across all regions, delivering high single-digit growth and
also returned to positive volume growth, helped by the continued rollout of
our Sunsilk relaunch. TRESemmé grew strongly and the new Clear Anti Hair Fall
in China continued to perform well.

Core Skin Care delivered mid single-digit growth, driven by strong
performances in South Asia and South East Asia which were partially offset by
double-digit decline in North Asia where sales of AHC were down. Vaseline and
Pond's delivered double-digit growth, supported by innovations with additional
consumer benefits, such as the premium Gluta-Hya serum which revitalises skin
overnight and boosts skin elasticity.

Prestige Beauty and Health & Wellbeing delivered another quarter of
double-digit growth with strong contributions from Paula's Choice, Hourglass
and Liquid IV.

Personal Care

23% of Q1 turnover

 (unaudited)    Turnover  USG    UVG   UPG   Acquisitions  Disposals  Currency  Turnover change
 First Quarter  €3.4bn    12.7%  3.0%  9.4%  -%            -%         -%        12.6%

Personal Care underlying sales grew 12.7% with 9.4% from price and 3.0% from
volume. Growth was broad-based with strong growth in Latin America, South
Asia, Europe and North America.

Deodorants grew high double-digit driven by Europe and the Americas, where
volumes were boosted by a recovery in service levels and associated pipeline
fill. Rexona accelerated its strong performance, helped by our premium and
superior 72-hour protection technology. We launched our Axe Fine Fragrance
range, which combines odour protection with fine fragrances and freshness,
contributing to double-digit growth for the brand.

Skin Cleansing grew high single-digit driven by Latin America and South Asia.
In the United States, we launched our first  Dove 24-hour Renewing
Micromoisture body wash which actively regenerates the skin's moisture for
healthy-looking skin. Lux grew double-digit, still benefiting from the
relaunch of its bars which provide a further improved skin care experience,
delivering glow and flawless complexion.

Oral Care achieved mid single-digit growth which was led by strong pricing.
Close Up grew double-digit with good performance in South Asia and Africa.

Home Care

22% of Q1 turnover

 (unaudited)    Turnover  USG    UVG     UPG    Acquisitions  Disposals  Currency  Turnover change
 First Quarter  €3.2bn    10.2%  (2.8)%  13.4%  -%            -%         (1.4)%    8.6%

Home Care underlying sales grew 10.2% driven by 13.4% price, partially offset
by negative volume of  (2.8)%. Volumes were negative in most markets as
pricing remained high.

Fabric Cleaning grew double-digit with capsules and liquids performing well as
we continued to drive premiumisation. We launched plastic-free packaging for
our capsules in France and the United Kingdom under OMO. Fabric Enhancers grew
high single-digit driven by price. Comfort grew strongly in Latin America and
Turkey.

Home & Hygiene grew mid single-digit, with double-digit price partially
offset by negative volume. Domestos grew double-digit and we launched new
Power Foams which expand once applied to eliminate germs, even in the
hardest-to-reach places. The Air Wellness business declined in the quarter as
the global market continued to slow.

Nutrition

23% of Q1 turnover

 (unaudited)    Turnover  USG    UVG     UPG    Acquisitions  Disposals  Currency  Turnover change
 First Quarter  €3.4bn    11.9%  (1.3)%  13.4%  -%            (13.6)%    (1.2)%    (4.4)%

Nutrition underlying sales grew 11.9 % with 13.4% from price and (1.3)% from
volume.

Dressings delivered another quarter of strong price-driven growth and positive
volume, led by Hellmann's with communication centered around our "Make taste
not waste" campaign.

Scratch Cooking Aids grew high single-digit. Growth in Europe and North
America was price-led with negative volume.  Africa, where we relaunched
fortified Knorr stock cubes to address iodine and zinc deficiencies, grew
double-digit with positive price and volume while North Asia declined.

Unilever Food Solutions grew double-digit as China recovered throughout the
quarter and other markets continued to deliver strong growth.

Ice Cream

11% of Q1 turnover

 (unaudited)    Turnover  USG   UVG     UPG    Acquisitions  Disposals  Currency  Turnover change
 First Quarter  €1.7bn    6.0%  (4.1)%  10.5%  -%            -%         1.9%      8.0%

Ice Cream underlying sales grew 6% with 10.5% from price, partially offset by
negative volume of (4.1)%.

In-home Ice Cream grew low single-digit but volumes declined as consumption
remained impacted across regions by the discretionary nature of the category
in a heavily inflationary environment. Out-of-home Ice Cream grew double-digit
with positive price and volume in anticipation of a good ice cream season.

Magnum grew strongly, supported by our new Starchaser and Sunlover limited
edition innovation, while the Heart brand grew mid single-digit with negative
volume. Cornetto grew double-digit, helped by the launch of limited edition
variants.

 

 

 First Quarter Review: Geographical Areas

 

                      First Quarter 2023
 (unaudited)          Turnover   USG    UVG     UPG
 Unilever             €14.8bn    10.5%  (0.2)%  10.7%
 Asia Pacific Africa  €6.8bn     9.9%   0.3%    9.5%
 The Americas         €5.2bn     11.9%  0.6%    11.2%
 Europe               €2.8bn     9.2%   (3.0)%  12.6%

 

                    First Quarter 2023
 (unaudited)        Turnover  USG    UVG     UPG
 Emerging markets   €8.8bn    11.7%  (0.1)%  11.8%
 Developed markets  €6.0bn    8.7%   (0.2)%  8.9%
 North America      €3.2bn    8.1%   0.9%    7.2%
 Latin America      €2.0bn    18.7%  0.2%    18.4%

Asia Pacific Africa

46% of Q1 turnover

Underlying sales growth was 9.9% with 9.5% from price and 0.3% from volume.

South Asia continued to grow double-digit driven by price with positive
volume. China grew low single-digit with a mix of volume and price as growth
improved throughout the quarter when Covid restrictions eased. Underlying
sales in Indonesia were broadly flat with pre-planned reductions in
stock-in-trade levels again affecting volumes. Philippines grew double-digit
while Vietnam grew mid single-digit. Turkey delivered another year of
broad-based, double-digit growth with positive volume and price in a difficult
and hyperinflationary environment. Africa grew double-digit driven by price
while volumes declined.

The Americas

36% of Q1 turnover

Underlying sales grew 8.1% in North America with 7.2% from price and 0.9% of
volume. Nutrition grew double-digit with strong price and negative volume,
driven by Dressings while Personal Care growth was led by a very strong
performance in Deodorants. Good growth in Beauty & Wellbeing was supported
by Prestige Beauty and Health & Wellbeing growing double-digit. Ice Cream
grew low single-digit with negative volume.

Underlying sales growth in Latin America grew double-digit at 18.7% with price
growth of 18.4% and positive volume growth of 0.2%. Growth was broad based
across all Business Groups. Brazil grew high double-digit with positive volume
driven by Home Care and Personal Care. In a difficult environment, we
continued to benefit from a portfolio that spans different price points which
helped deliver volume growth in Mexico and Argentina despite strong
double-digit price growth.

Europe

18% of Q1 turnover

Europe delivered strong underlying sales growth of 9.2% with 12.6% from price
and (3.0)% from volume. Personal Care, Nutrition and Beauty & Wellbeing
delivered double-digit growth, while Home Care and Ice Cream only grew
modestly as volumes declined. Growth was broad-based across countries and
helped by a softer prior year comparator. The United Kingdom, Germany and
Spain achieved double-digit growth, driven by strong performances of Nutrition
and Personal Care.

 

 

 Competition Investigations

As previously disclosed, Unilever is involved in a number of ongoing
investigations by national competition authorities, including those of France,
Portugal and South Africa. These proceedings and investigations are at
different stages and concern different 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. At the same time, we are vigorously defending
Unilever when we feel that allegations are unwarranted. The Group continues to
reinforce and enhance its internal competition law compliance programme on an
ongoing basis.

 

 

 Dividends

The Board has declared a quarterly interim dividend for Q1 2023 of £0.3783
per Unilever PLC ordinary share or €0.4268 per Unilever PLC ordinary share
at the applicable exchange rate issued by WM/Reuters on 25 April 2023.

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):  £0.3783
 Per Unilever PLC ordinary share (traded on Euronext in Amsterdam):      €0.4268
 Per Unilever PLC American Depositary Receipt:                           US$0.4702

The euro and US dollar amounts above have been determined using the applicable
exchange rates issued by WM/Reuters on 25 April 2023.

US dollar cheques for the quarterly interim dividend will be mailed on 15 June
2023 to holders of record at the close of business on 19 May 2023.

The quarterly dividend calendar for the remainder of 2023 will be as follows:

                   Announcement Date  Ex-Dividend Date  Record Date       Payment Date
 Q1 2023 Dividend  27 April 2023      18 May 2023       19 May 2023       15 June 2023
 Q2 2023 Dividend  25 July 2023       03 August 2023    04 August 2023    31 August 2023
 Q3 2023 Dividend  26 October 2023    16 November 2023  17 November 2023  08 December 2023

 

 

 

 

 Segment Information - Business Groups

 

 (unaudited)
 First Quarter                                       Beauty & Wellbeing      Personal Care  Home Care  Nutrition  Ice Cream  Total
 Turnover (€ million)
 2022                                                2,727                   3,015          2,923      3,504      1,613      13,782
 2023                                                3,089                   3,397          3,173      3,349      1,742      14,750
 Change (%)                                          13.3                    12.6           8.6        (4.4)      8.0        7.0
 Impact of:
 Acquisitions (%)                                    3.6                     -              -          -          -          0.7
 Disposals (%)                                       (0.2)                   -              -          (13.6)     -          (3.5)
 Currency-related items (%), of which:               0.2                     -              (1.4)      (1.2)      1.9        (0.4)
 Exchange rates changes (%)                          (1.1)                   (1.7)          (4.4)      (2.4)      (0.1)      (2.1)
 Extreme price growth in hyperinflationary markets*  1.3                     1.6            3.0        1.2        2.0        1.8
 Underlying sales growth (%)                         9.3                     12.7           10.2       11.9       6.0        10.5
 Price* (%)                                          6.5                     9.4            13.4       13.4       10.5       10.7
 Volume (%)                                          2.6                     3.0            (2.8)      (1.3)      (4.1)      (0.2)

* 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)
 2022                                                6,640                4,496         2,646   13,782
 2023                                                6,793                5,245         2,712   14,750
 Change (%)                                          2.3                  16.7          2.5     7.0
 Impact of:
 Acquisitions (%)                                    -                    2.1           -       0.7
 Disposals (%)                                       (3.9)                (2.3)         (4.5)   (3.5)
 Currency-related items (%), of which:               (3.1)                4.5           (1.7)   (0.4)
 Exchange rates changes (%)                          (4.9)                1.7           (1.7)   (2.1)
 Extreme price growth in hyperinflationary markets*  1.9                  2.7           -       1.8
 Underlying sales growth (%)                         9.9                  11.9          9.2     10.5
 Price* (%)                                          9.5                  11.2          12.6    10.7
 Volume (%)                                          0.3                  0.6           (3.0)   (0.2)

* 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.

 

 

  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 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 7.

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 7.

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
7.

 

 

 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 or outcomes.

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; 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 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. A number of these
risks have increased as a result of the current war in Ukraine. These
forward-looking statements speak only as of the date of this document. 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 2022 and the Unilever Annual Report and Accounts 2022.

 

 

 Enquiries

 

 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 62 375 8385   marlous-den.bieman@unilever.com
 or          '+31 61 500 8293   fleur-van.bruggen@unilever.com

After the conference call on 27 April 2023 at 8AM (UK time), the webcast of
the presentation will be available at:

www.unilever.com/investor-relations/results-and-presentations/latest-results

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