REG - Unilever PLC - Annual Financial Report
13/03/2025 16:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250313:nRSM6168Aa&default-theme=true
RNS Number : 6168A Unilever PLC 13 March 2025
Unilever PLC ("Unilever")
2024 Annual Financial Report Announcement
Unilever announces that the following documents are available on its website
www.unilever.com/ara (http://www.unilever.com/ara) :
Unilever Annual Report and Accounts 2024
Unilever Annual Report on Form 20-F 2024
In compliance with UK Listing Rule 6.4.1 and DTR 6.3.5, a copy of the Unilever
Annual Report and Accounts 2024 in unedited full text and a copy of the
Unilever Annual Report on Form 20-F has been submitted to the National Storage
Mechanism and will shortly be available for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)
In compliance with section 5:25m(5) Financial Markets Supervision Act the
Annual Report and Accounts 2024 was submitted to the Dutch Authority for the
Financial Markets (AFM). The AFM publishes the report in its public register.
Unilever will also file its Form 20-F for the year ended 31 December 2024,
with the US Securities and Exchange Commission today. The Form 20-F will be
available for download from www.unilever.com/ara
(http://www.unilever.com/ara) or www.sec.gov (http://www.sec.gov/) .
Attached to this announcement is the additional information for the purposes
of compliance with the Disclosure and Transparency Rules including principal
risk factors, details of related party transactions and the directors'
responsibility statement.
The unaudited 2024 Full Year and Fourth Quarter Results for the year ended 31
December 2024, which were announced on 13 February 2025, were prepared in
accordance with IAS 34.
ADDITIONAL INFORMATION
Principal Risks
Our business is subject to risks and uncertainties. On the following pages we
have identified the risks and opportunities that we regard as the most
material to Unilever's business and performance at this time.
Our principal risks include risks that could impact our business in the short
term (i.e. the next two years), medium term (i.e. the next three to ten years)
or over the longer term (i.e. beyond ten years). As part of our process to
review our principal risks, we also consider any additional risks that could
emerge in the future.
Our principal risks have been reviewed and updated as appropriate to reflect
the current and relevant risks and opportunities. We have extended the scope
of our existing Climate principal risk to consider those risks relating to
nature, of which biodiversity is a subset. We also reflect on whether we think
the level of risk associated with each of our principal risks is increasing or
decreasing. There are three principal risks where we believe there is an
increased level of risk compared with last year:
· Business Transformation: we announced the separation of the Ice
Cream business and a multi-year productivity programme to strengthen and
simplify our business. The scale and impact of the ongoing transformation
requires close monitoring.
· Legal and Regulatory: the increasing regulatory landscape, such
as with product formulations, plastic packaging, environmental compliance and
data protection, require us to continually assess the impact on our business
and take necessary action.
· Systems and Information: technology is disrupting the way we do
business, and we need to accelerate innovation to keep pace with the
developments. The cyber threat landscape has increased in the recent past and
continues to remain volatile.
The rapid advancements in generative AI capabilities heightens the risk of
misuse, leading to loss of trust and credibility as well as the risk of legal
liability. We have a task force set up to identify and take responsible action
as we continue to monitor this as an emerging risk. We recognise the
opportunities brought by AI as part of our principal risks.
We set out below certain mitigating actions that we believe could help us to
manage our principal risks. However, we may not be successful in deploying
some or all of these mitigating actions. If the circumstances in these risks
occur or are not successfully mitigated, our cash flow, operating results,
financial position, business and reputation could be materially adversely
affected. In addition, risks and uncertainties could cause actual results to
vary from those described, which may include forward-looking statements, or
could impact on our ability to meet our targets or be detrimental to our
profitability or reputation.
RISK DESCRIPTION MANAGEMENT OF RISK
CONSUMER PREFERENCE
Our success depends on the value and We monitor external market trends and
relevance of our brands and products to consumers around the world and on our collate consumer, customer and shopper
ability to innovate and remain competitive.
insights in order to develop brand strategies
and build competitive advantage. We are
Consumer tastes, preferences and behaviours are changing more rapidly than
ever before. We see a growing trend for consumers preferring brands that both focused on elevating brand experience with
meet their functional needs and have an explicit social or environmental
purpose. a particular focus on our Power Brands.
The Unmissable Brand Superiority (UBS)
Technological change is disrupting our framework provides a holistic and systematic
traditional brand communication models. Our ability to develop and deploy the way of measuring consumer perception of
right communication, both in terms of messaging content and medium is critical
to the continued strength of our brands. our brands.
We are dependent on creating innovative Our Research and Development function
products that continue to meet the needs of our consumers in times of economic actively searches for ways in which to
instability and volatility. We also need to be competitive, bringing
innovation to market with speed in areas such as personalised and premium translate the trends in consumer preference
beauty offerings, health and hygiene.
and taste into new technologies for
incorporation into future products. Our
Level of risk: No change
innovation management process converts
strategies into projects to launch new
products in the market, scale technology
across categories, and build up the multi-year
innovation pipeline. This enables us to
respond to rapidly changing consumer trends
with speed.
Our brand communication strategies are
designed to engage with consumers to build
our brand equity. We aim to connect with
consumers with relevant brand messaging
content on a continuous basis. We adapt
both the message and media to be relevant
for specific touchpoints with increasing
emphasis on digital and social platforms.
PORTFOLIO MANAGEMENT
Unilever's strategic investment choices will affect the long-term growth and Our Business Group strategies and our business plans are designed to ensure
profits of our business. that resources are prioritised towards those categories and markets having the
greatest long-term potential for Unilever.
Unilever's growth and profitability are determined by our portfolio of
Business Groups, geographies and channels and how these evolve over time. If Our acquisition and disposal activity is driven by our portfolio strategy with
Unilever does not make optimal strategic investment decisions, then a clear, defined evaluation process.
opportunities for growth and improved margin could be missed.
Level of risk: No change
CLIMATE AND NATURE
Tackling climate change-related physical In 2024, we published our updated Climate
and transitional risks and loss of nature is Transition Action Plan, which sets out new
important to increase our resilience and more ambitious decarbonisation targets for
future-proof our business. our Scope 3 emissions, and the key actions we
will take to achieve them (update on progress
Climate change is already impacting our business in various ways, although included on page 240).
there has not been a material impact during the year. As it worsens, it is
likely to increase the frequency and severity of extreme weather events such
as heat waves, hurricanes, floods or droughts.
We are decarbonising our operations through
eco-efficiency measures, transitioning to renewable energy for heating and
Government action to mitigate climate change, such as the introduction of cooling, and replacing climate harmful refrigerants.
carbon taxes, land use regulations or product composition regulations that
restrict or ban certain GHG-intensive ingredients, could also impact our
business in the short term through higher costs or reduced flexibility of
operations. We monitor trends in raw material availability
and pricing due to short-term weather impacts to ensure continued availability
of input materials and integrate weather system
Our business depends on nature, making its loss a significant risk. Intensive
agricultural practices, land conversion and rising temperatures could lead to modelling into our forecasting process.
loss of biodiversity and ecosystems. This could in turn lead to reduction in
crop yield and therefore increase in prices for scarce resources.
We monitor government policy and actions to combat climate change and take
proactive action to minimise the impact on our business.
Deforestation poses a particular risk to our business, both reputational and
to our supply chain. Land use regulations to conserve and expand forest land
could reduce land available in the short term for agricultural produce, which
could result in increase in raw material prices. We also advocate for changes to public policy frameworks consistent with the
1.5°C pathway of the Paris Agreement.
Water is a critical resource to grow agricultural produce, and for both the
manufacturing and consumer use of our products. Water scarcity can therefore To address the risk posed by water scarcity in our sourcing supply chain, we
impact our agricultural sourcing and our operations as well as reducing are working with farmers to implement regenerative agriculture practices that
consumer demand for products that require water in their use phase. use less water to grow crops. We are developing products that do not use water
in their formulas (e.g. laundry sheets) as well as investing in new products
that can work with less or no water.
Level of risk: No change
In our operations, we are implementing water stewardship programmes at
Unilever manufacturing sites located in water-stressed
locations.
PLASTIC PACKAGING
We use a significant amount of plastic to package our products. A reduction in During 2024, we restated our commitment to
the amount of virgin plastic we use and an increase in the recyclability of
our packaging are critical to delivering a sustainable business. end plastic pollution through several near-and
medium-term goals. We are working with
Both consumer and customer responses to the environmental impact of plastic partners and consumers to raise awareness
waste and emerging regulations by governments to tax or ban the use of certain
plastics requires us to find solutions to reduce the amount of plastic we use and find solutions to improve the recycling
and increase the amount of packaging which is recyclable. We are also
dependent on the work of our industry partners to create and improve recycling infrastructure for plastics. This includes
infrastructure throughout the world.
supporting infrastructure development and
optimising EPR schemes, as well as helping
Besides the overarching risk of consumer
consumers to understand disposal and
and customer acceptance of the new materials, there is a risk around finding
appropriate replacement materials that do not have trade-offs on collection methods.
functionality, performance and safety. Due to high demand and the green
premium, the cost of recycled plastic or other alternative
packaging materials could significantly increase in the foreseeable future and We are working on innovative solutions that
this could impact our business performance. In addition, we are also exposed
to higher costs as a result of taxes or fines if we are unable to comply with target a shift to new business models (reuse
plastic regulations. For instance, the Extended Producer Responsibility (EPR)
regulations in some markets adds an obligation on Unilever to and refill), new formats (concentration) and
take responsibility for the entire lifecycle of new materials (paper-based packaging).
our products, including end-of-life disposal and recycling, which could again
impact our profitability and reputation.
Driving industry-wide systemic changes
through external advocacy is also a critical pillar of our strategy. Amongst
Level of risk: No change others, we are advocating for well-designed EPR schemes
and for harmonised mandatory business rules
as co-lead of the Global Plastics Treaty. We
are continuing to work with external partners
(such as the Ellen MacArthur Foundation) to
explore and create ways to drive a circular
economy and improve downstream collection
and processing infrastructure.
CUSTOMER AND CHANNEL
Successful customer relationships are vital We build and maintain trading relationships
to our business and continued growth. across a broad spectrum of channels ranging
from centrally managed international customers through to small traders
accessed via distributors in many emerging markets.
Maintaining strong relationships with our existing customers while building
relationships with new customers is critical to our success because we believe We continually identify changing shopper
customers are the gateway to shoppers and consumers.
habits and build relationships with new customers, such as those serving the
digital
To mitigate risks and ensure sustainable growth, we aim to strengthen our commerce channel.
existing customer channels while strategically expanding into growth channels,
particularly digital commerce, which remains a critical channel for growth.
We develop joint business plans with our key
The strength of our customer relationships customers that include detailed investment
impacts our ability to land our strategic pricing and competitive trade terms. plans and customer service objectives, and
Failure to maintain strong relationships with customers could negatively
impact our terms of business with affected customers and reduce the we regularly monitor progress of key deliverables on both sides.
availability of our products to consumers.
We have developed capabilities for our customer sales team and outlet design,
Level of risk: No change which enable us to find new ways to improve customer performance and enhance
our customer relationships. We invest in data and technology to optimise order
and stock management processes for our distributive trade customers.
TALENT
A skilled workforce and agile ways of working are essential for the continued We have an integrated management development process that includes regular
success of our business. performance reviews, underpinned by a common set of leadership behaviours,
skills and competencies. We have development plans to upskill and reskill
employees for future roles and will bring in flexible talent to access new
skills.
With the rapidly changing nature of work and skills, there is a risk that our
workforce is not equipped with the skills required for the new environment.
We have targeted programmes to attract and retain top talent and we actively
monitor our performance in retaining a diverse talent pool within Unilever.
Our ability to attract, develop and retain a diverse range of skilled people
is critical if we are to compete and grow effectively. This is especially true
in our key emerging markets where there can be a high level of competition for
a limited talent pool. We regularly review our ways of working to drive speed and simplicity through
our business in order to remain agile and responsive to marketplace trends.
The loss of management or other key personnel or the inability to identify,
attract and retain qualified personnel could make it difficult to manage the
business and could adversely affect operations and financial results.
Level of risk: No change
BUSINESS OPERATIONS
Our business depends on purchasing materials, efficient manufacturing and the We have contingency plans designed to enable us to secure alternative key
timely distribution of products to our customers. material supplies at short notice, to transfer or share production between
manufacturing sites and to use substitute materials in our product
formulations and recipes.
Our supply chain network is exposed to potentially adverse events such as
geopolitical sanctions, physical disruptions, trade restrictions and tariffs
or disruptions at a key supplier, which could impact our ability to deliver We monitor ongoing geopolitical events, trade policies and assess the impact
orders to our customers. Geopolitical tensions have continued to challenge our of potential areas of concerns. We work with various functions in the business
supply chain in 2024. to manage and respond to such risks.
Maintaining manufacturing operations while adhering to changing local We have policies and procedures designed to ensure the health and safety of
regulations and meeting enhanced health and safety standards has proven our employees and the products in our facilities, and to deal with major
possible but has required significant management. incidents including business continuity and disaster recovery.
In addition, ensuring the operation of a global logistics network for both Commodity price risk is managed through forward buying of traded commodities,
input materials and finished goods continues to present challenges and other appropriate hedging mechanisms and product pricing. Trends are monitored
requires continued focus and flexibility. and modelled regularly and integrated into our forecasting process.
The cost of our products is being affected by the cost of the underlying
commodities and materials from which they are made. Fluctuations in these
costs cannot always be passed on to the consumer through pricing
and will need to be carefully managed.
Level of risk: No change
SAFE AND HIGH-QUALITY PRODUCTS
The quality and safety of our products are Our Code of Business Principles and Code
of paramount importance for our brands and our reputation. Policies sets out our commitment to conduct responsible and safe research and
innovation, to produce safe and high-quality products that meet all applicable
standards and regulation.
The increasing laws and regulations concerning product formulation and use of
ingredients of concern can lead to litigation and therefore impact financial
performance and reputation. Our product safety and quality processes and controls are comprehensive, from
product design to customer shelf. They are verified annually and regularly
monitored through performance indicators that drive improvement activities.
Our key raw material suppliers are externally certified and the materials
The risk that raw materials are accidentally or maliciously contaminated received are monitored to ensure that they meet the rigorous quality standards
throughout the supply chain or that product defects occur due to human error, that our products require. We also have stringent requirements for the design,
equipment failure or other factors cannot be excluded. manufacture and delivery of our products to ensure we consistently supply the
safe and high-quality products that our customers and consumers expect.
Labelling errors can have potentially serious consequences for both consumer
safety and brand reputation. Therefore, on-pack labelling needs to provide In the event of a marketplace incident relating to the safety of our consumers
clear and accurate ingredient information in order that consumers can make or the quality of our products, incident management teams are activated in the
informed decisions regarding the products they buy. affected business units and markets, supported by our product quality, safety
and communications experts, to ensure timely and effective action.
Level of risk: No change
We have processes in place to ensure that the
data used to generate on-pack labelling and
the final labels themselves are compliant with applicable regulations and with
relevant Unilever labelling policies in order to provide the clarity and
transparency needed for consumers.
SYSTEMS AND INFORMATION
Unilever's operations are increasingly dependent on IT systems and To reduce the impact of cyber-attacks on our
safeguarding the confidentiality, integrity of data and the management of
information. business, we are following a defence in-depth strategy, guided by industry
standards frameworks. We have many Identify, Protect, Detect, Respond, Recover
and Govern capabilities in place which are continuously being monitored and
improved.
The cyber-attack threat of unauthorised access and misuse of sensitive
information or disruption to operations continues to increase. Unilever has in
the past been, and expects to be the subject of cyber security attacks. Such
an attack inhibits our business operations in a number of ways, including We have policies covering the protection of both business and personal
disruption to sales, production information, as well as the use of IT systems and applications by our
employees. Our employees are trained to understand these requirements.
and cash flows, ultimately impacting our results.
However, none of these attacks have had a material impact during the year.
We also have a set of cyber security standards
and closely monitor their operation to protect our systems and information.
In addition, increasing digital interactions with customers, suppliers and Hardware that runs and manages core operating functions and data is fully
consumers place ever greater emphasis on the need for secure and reliable IT backed up with separate contingency systems to provide real-time backup
systems and infrastructure and careful management of the information that is operations should they ever be required.
in our possession to ensure data privacy.
We have standardised ways of hosting information on our public websites and
Level of risk: Increase have systems in place to monitor compliance with appropriate privacy laws and
regulations, and with our own policies.
We also maintain a global system for the control and reporting of access to
our critical IT systems. This is supported by an annual
programme of testing of access controls.
BUSINESS TRANSFORMATION
Successful execution of business transformation projects is key to delivering The Ice Cream separation is managed by a dedicated project team that
their intended business benefits and avoiding disruption to identifies, manages and reviews risks on an ongoing basis. They are supported
by external and internal experts from different functions such as legal, tax,
other business activities. finance to ensure timely and seamless set up of the new organisation.
In 2024, we announced the separation of our Ice Cream business and the launch The productivity programme is a multi-year programme overseen and governed by
of a major productivity programme to accelerate our Growth Action Plan (GAP). a dedicated senior management team. They ensure that the remaining
organisation design is aligned to delivering the GAP with a simpler structure
and relevant technological intervention.
As a result of the separation of Ice Cream, we recognise the heightened risk
of operational disruption that could result in higher costs and impact our
performance. Acquisitions and disposals are governed by dedicated teams including
functional specialists and the Business Groups. Specific focus areas
identified during the acquisition process are managed and mitigated during the
integration period.
We also recognise the risks in managing business continuity associated with
the productivity programme due to the pace of change and operating model,
which could disrupt our growth momentum and our ability to unlock and realise
planned benefits. The digitalisation of our business and use of AI is led by a team of
specialists together with the business, piloting projects in a phased manner.
This involves leveraging technology to drive best-in-class capabilities across
operations, and to help deliver on the innovation, projects, data management,
We are also continually engaged in acquisitions and disposals that could automation of business processes and delivery of operational excellence with
strengthen our portfolio and capabilities. Any potential challenges during speed. We are piloting AI transformation projects across all areas of our
integration could lead to financial exposure. business, supported by an AI framework that guides how we can support the
Business Groups, units and functions. These are overseen by a governing board
of experts, ensuring risks and rewards are assessed before implementation.
Continued digitalisation of our business models and processes, together with
enhancing data management capabilities, is a critical part of our
transformation. Advancements in artificial intelligence (AI) capabilities,
with the evolution of
generative AI, provides opportunities to become efficient and effective in
consumer insights, demand creation, customer and channel management, and
operations. We see these as opportunities to step up our growth, unlock
productivity and accelerate cultural transformation.
Level of risk: Increase
ECONOMIC AND POLITICAL INSTABILITY
Adverse economic conditions may affect one or more countries, regions or may The breadth of Unilever's portfolio and our geographic reach help to mitigate
extend globally. Economic and political instability impacts consumer demand our exposure to any particular localised risk. Our flexible business model
for our products, disrupts sales operations and/or impacts the profitability allows us to adapt our portfolio and respond quickly to develop new offerings
of our operations. that suit consumers' and customers' changing needs during economic downturns.
In 2024, organisations have continued to see We regularly update our forecast of business
geopolitical and economic volatility leading to significant disruption to results and cash flows and, where necessary,
supply chain and logistics, including consumer boycotts impacting parts of the
business. rebalance investment priorities.
Government actions such as trade and economic sanctions, foreign exchange or We believe that many years of exposure to
price controls can impact on the growth and profitability of our local
operations. emerging markets have given us experience
of operating and developing our business
Unilever has more than half of its turnover in emerging markets, which can successfully during periods of economic and
offer greater growth opportunities but also exposes Unilever to related
economic and political volatility. political volatility.
Level of risk: No change Trade and economic sanctions developments
are monitored, and our policies and procedures are regularly reviewed to
ensure compliance and resilience planning.
TREASURY AND TAX
Unilever is exposed to a variety of external Currency exposures are managed within
financial risks in relation to Treasury and Tax. prescribed limits and by the use of financial hedging instruments. Further,
operating companies borrow in local currency, except where inhibited by local
regulations, lack of local liquidity or local market conditions.
The relative value of currencies can fluctuate widely and could have a
significant impact on business results. Further, because Unilever consolidates
its financial statements in euros, it is subject to exchange risks associated We seek to maintain access to global debt markets through short-term and
with the long-term debt programmes. In addition, we maintain significant undrawn
committed credit facilities for general corporate purposes as disclosed in
translation of the underlying net assets and earnings of its foreign note 16A.
subsidiaries.
Group treasury regularly monitors exposure to our banks, tightening
We are also subject to the imposition of exchange controls by individual counter-party limits where appropriate. Unilever actively manages its banking
countries or economic sanctions, which could limit our ability to import exposures on a daily basis. We regularly assess and monitor counter-party risk
materials paid in foreign currency or to remit dividends to the parent in our suppliers and customers and take appropriate action to manage our
company. exposures.
A material shortfall in our cash flow could undermine Unilever's credit Our Global Tax Principles provide overarching
rating, impair investor confidence and restrict Unilever's ability to raise
funds. In times of financial crisis, there is a further risk that we may not governance and we have a process in place
be able to raise funds due to market illiquidity.
to monitor compliance with the Tax Principles. We have a Tax Risk Framework in
place which sets out the controls established to assess and monitor tax risk
for direct and indirect taxes. We monitor proposed changes in taxation
We are exposed to counter-party risks with banks, suppliers and customers, legislation and ensure these are taken into account when we consider our
which could result in financial losses. future business plans.
Tax is a complex and evolving area where laws and their interpretation are
changing regularly, leading to the risk of unexpected tax exposures.
International tax reform remains a key focus of attention.
Level of risk: No change
ETHICAL
Unilever's brands and reputation are valuable assets and the way in which we Our Code of Business Principles and our Code Policies govern the behaviour of
operate, contribute to society and engage with the world around us is always our employees. Our processes for identifying and resolving breaches of our
under scrutiny both internally and externally. Code of Business Principles and our Code Policies are clearly defined and
regularly communicated throughout Unilever. Data relating to such breaches is
reviewed by the ULE and by relevant Board Committees and helps to determine
the allocation of resources for future policy development, process
Acting in an ethical manner, consistent with the expectations of customers, improvement, training and awareness initiatives.
consumers and other stakeholders, is essential for the protection of the
reputation of Unilever and its brands.
Our Responsible Partner Policy sets out our expectations that all our business
partners must meet in order to do business with Unilever, with respect to
Our ethical approach is grounded in our commitment to embed respect for human Business Integrity & Ethics, Human Rights and the Planet.
rights throughout our business, in line with the United Nations Guiding
Principles on Business and Human Rights.
Our Human Rights Policy Statement outlines
The safety of our employees and the people our approach to embedding respect for human rights throughout our value chain.
and communities we work with is critical. Failure to meet these high standards
could impact our reputation and business results.
We have detailed safety standards and
monitor safety incidents at the highest level.
Level of risk: No change
LEGAL AND REGULATORY
Unilever is committed to complying with the laws and regulations of the
countries in which we operate. In specialist areas, the relevant teams at
Compliance with laws and regulations is global, regional or local levels are responsible for setting detailed
standards and ensuring that all employees are aware of and comply with
an essential part of Unilever's business operations. regulations and laws specific and relevant to their roles.
Unilever is subject to national and regional laws and regulations in diverse Our legal and regulatory specialists are heavily involved in monitoring and
areas such as to environmental compliance (e.g. greenwashing), product and reviewing our practices to provide reasonable assurance that we remain aware
ingredient safety, chemicals management, product claims, trademarks, of and in line with all relevant laws and legal obligations. Similarly, our
copyright, patents, competition, health and safety, data privacy, corporate litigation specialists are equipped to protect, defend and advance Unilever's
governance, anti-bribery and anticorruption, listing and disclosure, human interests in civil litigation.
rights due diligence, employment and taxes.
Intellectual property rights underpin our scalable multi-year innovations as
Changes to these laws and regulations, as well as introduction of new laws and well as our Power Brands. We strategically protect, defend and enforce our
regulations, could have a material impact on the cost of doing business. intellectual property rights (including patents and trademarks) to ensure that
our differentiated science-backed innovations and unmissably superior brands
contribute to our long-term growth and business success. We also acknowledge
others' rights and some of our operations are conducted under licenses. We are
Failure to comply could expose Unilever to civil and/or criminal enforcement not dependent on any one patent or group of patents.
actions or litigation leading to damages, fines and criminal sanctions against
us and/or our employees with possible consequences for our corporate
reputation.
Level of risk: Increase
RELATED PARTY TRANSACTIONS
JOINT VENTURES
The following related party balances existed with joint venture businesses at
31 December:
Related party balances € million € million
2024 2023
Sales to joint ventures 1,168 1,144
Purchases from joint ventures 110 134
Receivables from joint ventures 112 99
Payables to joint ventures 111 111
Loans to joint ventures 227 219
Royalties and service fees 9 19
Significant joint ventures are Unilever FIMA LDA and Gallo Worldwide LDA in
Portugal, Binzagr Unilever Distribution in the Middle East, the Pepsi Lipton
Tea Partnership in the US and Pepsi Lipton International Ltd for the rest of
the world.
ASSOCIATES
There are no trading balances due to or from associates.
DIRECTORS' RESPONSIBILITY STATEMENT
Each of the Directors confirms that, to the best of his or her knowledge:
· The Unilever Annual Report and Accounts 2024, taken as a whole,
is fair, balanced and understandable, and provides the information necessary
for shareholders to assess the Company's position and performance, business
model and strategy;
· The financial statements which have been prepared in accordance
with International Financial Reporting Standards (IFRS) as issued by the
International Accounting Standards Board (IASB), and UK-adopted international
accounting standards give a true and fair view of the assets, liabilities,
financial position and profit or loss of the Company and the undertakings
included in the consolidation taken as a whole; and
· The Management Report includes a fair review of the development
and performance of the business and the position of PLC and the undertakings
included in the consolidation taken as a whole, together with a description of
the principal risks and uncertainties that they face.
Name Function
Ian Meakins Chair and Non-Executive Director
Andrea Jung Vice-Chair / Senior Independent Director
Fernando Fernandez Chief Executive Officer
Adrian Hennah Non-Executive Director
Susan Kilsby Non-Executive Director
Ruby Lu Non-Executive Director
Judith McKenna Non-Executive Director
Nelson Peltz Non-Executive Director
Benoît Potier Non-Executive Director
Zoe Yujnovich Non-Executive Director
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, 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 deemed to be,
forward-looking statements. Words 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 or results 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 the
Group's emissions reduction and other sustainability-related targets and other
climate and sustainability matters (including actions, potential impacts and
risks and opportunities 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 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 those expressed in the
forward-looking statements included in this announcement 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 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, including the proposed separation of our Ice
Cream business; economic, social and political risks and natural disasters;
financial risks; failure to meet high and ethical standards; and managing
regulatory, tax and legal matters and practices with regard to the
interpretation and application thereof and emerging and developing ESG
reporting standards including differences in implementation of climate and
sustainability policies in the regions where the Group operates. Also see 'Our
Principal Risks' on pages 51 to 61 for additional risks and further
discussion.
The forward-looking statements are based on our beliefs, assumptions and
expectations of our future performance, taking into account all information
currently available to us. Forward-looking statements are not predictions of
future events. These beliefs, assumptions and expectations can change as a
result of many possible events or factors, not all of which are known to us.
If a change occurs, our business, financial condition, liquidity and results
of operations may vary materially from those expressed in our forward-looking
statements.
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 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. In preparing the
sustainability and climate-related information in this announcement, Unilever
has made a number of key judgements, estimations and assumptions.
Sustainability and climate data, models and methodologies are often rapidly
evolving and are not of the same accuracy as those available in the context of
other financial information. There may also be challenges in relation to
availability of sustainability and climate-related data and potential
inconsistencies. This means that sustainability and climate-related
forward-looking statements can be subject to more uncertainty than other types
of statements and therefore our actual results and developments could differ
from those expressed or implied in the sustainability and climate-related
forward-looking statements in this announcement.
13 March 2025
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 (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END ACSEXLFFEXLEBBXRecent news on Unilever
See all newsREG - Unilever PLC - Director Declaration
AnnouncementREG - Unilever PLC - Total Voting Rights
AnnouncementREG - Unilever PLC - Transaction in Own Shares
AnnouncementREG - Unilever PLC - Result of AGM
AnnouncementREG - Unilever PLC - SID and Board Committee Membership
Announcement