REG - Unilever PLC - Q1 2024 Trading Statement

UnileverAnnouncement

25/04/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240425:nRSY9376La&default-theme=true

RNS Number : 9376L  Unilever PLC  25 April 2024

 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

 

 Outlook

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.

 

 Conference Call

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.

 

 Dividends

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

 

 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 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.

 

 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 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.

 

 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 62 191 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
(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
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) .

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  TSTMZGZDLDGGDZM