|By Marketwired .||
|January 21, 2014 02:19 AM EST||
LONDON, UNITED KINGDOM and ROTTERDAM, THE NETHERLANDS -- (Marketwired) -- 01/21/14 --
2013 FULL YEAR AND FOURTH QUARTER RESULTS GOOD PROGRESS IN TOUGH MARKETS Full year highlights - Turnover down (3.0)% to EUR49.8 billion with foreign exchange (5.9)% and net acquisitions & disposals (1.1)% - Underlying sales growth 4.3% with volume 2.5% and price 1.8% - Emerging markets underlying sales growth 8.7% with volume 4.8% - Core operating margin up 40bps at 14.1% driven by gross margin up 110bps - Advertising and promotions up 50bps an increase of around EUR460 million at constant currency - Free cash flow of EUR3.9billion; core earnings per share up 3% to EUR1.58 Fourth quarter highlights - Underlying sales growth 4.1% with volume 2.7% and price 1.4% - Emerging markets underlying sales growth 8.4% with volume 5.3% Paul Polman: Chief Executive Officer statement"2013 provides further evidence of the progress we are making in transforming Unilever into a sustainable growth company. We have delivered another year of consistent underlying sales growth and margin expansion coupled with strong cash flow. This has been achieved despite significant economic headwinds and highly competitive markets and reflects the benefits of strong margin accretive innovations and active cost management. Looking forward, we anticipate ongoing volatility in the external environment and are positioning Unilever accordingly. Although the investments we have made over the last five years ensure that we are well placed, we are determined to make Unilever even more agile and to fund further growth opportunities by driving out complexity and cost. Once again, we remain focused on delivering profitable volume growth ahead of our markets, steady and sustainable core operating margin improvement and strong cash flow." Key Financials (unaudited) Full Year 2013 Current Rates Underlying Sales Growth (*) 4.3% Turnover EUR49.8bn -3.0% Operating Profit EUR7.5bn +8% Net Profit EUR5.3bn +9% Core earnings per share (*) EUR1.58 +3% Diluted earnings per share EUR1.66 +11% Quarterly dividend payable in March 2014 EUR0.269 per share (*) Underlying sales growth and core earnings per share are non-GAAP measures (see pages 5 and 6). 21 January 2014 OPERATIONAL REVIEW CATEGORIES Fourth Quarter 2013 Full Year 2013 Change in (unaudited) Turnover USG UVG UPG Turnover USG UVG UPG core operating margin EURbn % % % EURbn % % % bps Unilever 11.8 4.1 2.7 1.4 49.8 4.3 2.5 1.8 40 Total Personal 4.5 7.3 6.1 1.2 18.1 7.3 5.5 1.7 80 Care Foods 3.5 1.0 0.6 0.4 13.4 0.3 (0.6) 0.9 20 Refreshment 1.7 (1.2) (4.3) 3.3 9.4 1.1 (1.8) 2.9 (20) Home Care 2.1 6.5 4.7 1.8 8.9 8.0 5.7 2.1 60 Our markets: Growth continued to slow in emerging markets as a result of the impact of economic uncertainty and currency depreciation on consumer demand. Developed markets remained weak with little sign of any overall improvement despite the more positive macro-economic indicators in recent months. Unilever overall performance: We delivered another quarter of growth ahead of our markets. Our business in emerging markets grew 8.4% driven by underlying volume growth of 5.3%. In developed markets we declined (1.7)% and within this both Personal Care and Home Care reported growth. For the full year gross margin increased 110bps to 41.2% at constant exchange rates. This reflected the impact of margin accretive innovation, disposal of low gross margin businesses and disciplined savings programmes. Advertising and promotions expenditure was up 50 bps, an increase of around EUR460m, as we invested to build our brands for the long term. Overheads increased by 20bps primarily due to favourable one-off items in the prior year. Core operating margin was up 40bps at 14.1%. Personal Care Hair care growth in the quarter was underpinned by strong performances from our global brands Dove, TRESemme, Sunsilk and Clear. TRESemme benefited from launches into countries such as India and Indonesia as well as the success of the Keratin Smooth product range. Dove Repair Expertise is now in more than 50 markets, Toni&Guy was launched into the United States and Lux hair was relaunched in Japan and China with good initial results. Skin cleansing growth highlights included Dove Nutrium Moisture shower gels, including the Purely Pampering range, Lifebuoy Clini-Care10 coupled with handwashing market development activities and the launch of Lux Fine Fragrance body wash. In skin care Vaseline Spray and Go continued to grow strongly and Dove was driven by the Dove Men+Care face range and the new Dove facial cleansing range with DEFI technology launched in Japan. Pond's BB+ cream made good progress whilst the Pond's Men range in Indonesia and Thailand is leading the development of the male segment of the market. Deodorants grew ahead of our markets supported by the success of the Rexona Do:More campaign and the MotionSense technology now available in both male and female versions. Axe Apollo established itself as a very successful variant and compressed deodorants have driven growth ahead of the market whilst delivering significant environmental benefits. Oral care saw the continuation of the successful Brush Day and Night campaign, which is now in 15 countries, and successful innovations such as Pepsodent Germicheck+ and Zhong Hua Porcelain White. Full year core operating margin was up 80bps entirely driven by higher gross margin. Foods Although spreads sales were down in the quarter, we have seen an improvement in performance throughout the year. We saw a positive response to the Rama with Butter in Germany, Bertolli melange in Belgium, the relaunch of Flora in the UK and the Simply Delicious clean label variants of Country Crock and I can't believe it's not Butter in the United States. Nevertheless, spreads sales overall were down due to declining margarine markets. Dressings grew on the back of market development activities. Savoury growth was driven by cooking products with Knorr jelly bouillon steadily building penetration and baking bags doing particularly well in Latin America with a range of new flavour variants being extended to Mexico in the quarter. A new vitamin-A enhanced bouillon was launched in Vietnam and the successful What's for Dinner? market development campaign was rolled out to Belgium and the Netherlands and has now been deployed in seven markets. The performance of soups and sauces in developed markets was weak. Full year core operating margin was up 20bps supported by increased gross margin partially offset by higher advertising and promotions. Refreshment Refreshment underlying sales declined in the quarter mainly due to ice cream in North America where we continued to see the impact of the withdrawal of some low margin products and high levels of low-priced competition. Elsewhere we saw a good start to the summer ice cream season in southern hemisphere markets such as Brazil, helped by the relaunch of our Kibon take home ice cream range and introduction of Fruttare Mousse. Tea continued to grow driven by our recent innovations such as the improved tasting Lipton Yellow Label tea-bags with our patented tea essence technology. Lipton K-Cups were successfully launched in the United States and the Brooke Bond brand continued to drive growth in India. Ades soy drinks performance remained a significant drag on sales after the product recall earlier in the year but the Soy Force relaunch started to re-build consumer demand. Full year core operating margin was down 20bps. Although gross margin increased, it was impacted by the Ades recall and was insufficient to offset higher advertising and promotions and overheads. Home Care Laundry growth in the quarter was volume-driven, both in fabric cleaners and fabric conditioners. New concentrated Small & Mighty liquid detergents with an improved formulation and innovative pack are now available in 5 markets and Omo with a touch of Comfort Super-Sensorial range has been successfully launched in Vietnam. Fabric conditioners growth has been supported by the continued success of the Aromatherapy range in South East Asia. Household care grew double digits in the quarter helped by white space launches such as Cif and Domestos in Brazil and the continued strong momentum of the dishwash brands. Innovations such as Cif ultrafast sprays, Domestos Longer Lasting Germ Kill and Sunlight Power of 100 Lemons all contributed to the growth. Full year core operating margin was up 60bps with higher gross margin partially offset by higher advertising and promotions. OPERATIONAL REVIEW GEOGRAPHICAL AREA Fourth Quarter 2013 Full Year 2013 Change in (unaudited) Turnover USG UVG UPG Turnover USG UVG UPG core operating margin EURbn % % % EURbn % % % bps Unilever 11.8 4.1 2.7 1.4 49.8 4.3 2.5 1.8 40 Total Asia/AMET/ 4.7 6.6 4.4 2.1 20.1 7.8 5.0 2.6 20 RUB The 3.9 5.2 2.0 3.2 16.2 4.6 1.0 3.5 10 Americas Europe 3.2 (1.3) 0.9 (2.2) 13.5 (1.1) 0.4 (1.5) 70 Asia/AMET/RUB Growth improved in quarter four versus quarter three despite slowing market growth in many countries. We saw a step up in growth in Russia , Turkey, China and Indonesia. Australia rounded off the year with a fourth successive quarter of growth. Growth in other countries such as Vietnam, Thailand and South Africa remained below historical run rates as a result of the weaker markets. Full year core operating margin was up 20bps driven by a significant improvement in gross margin partially offset by increased advertising and promotions. Overheads were higher due to the one-off benefit from property sales in 2012. The Americas Latin America finished the year strongly with double digit underlying sales growth in quarter four underpinned by volume growth. The implementation of the new information system in Brazil was successfully completed. North America declined in weak markets mainly due to lower volumes in spreads and ice cream but Personal Care continued to grow ahead of the market building on a high comparator in the same period in 2012. Full year core operating margin was up 10bps with increased gross margin partially offset by higher advertising and promotions and overheads. Europe Our markets in Europe remain flat with the early signs of stabilisation in southern Europe offset by slowing growth in northern Europe. Sales performance, whilst negative, was competitive. Declines in spreads weighed on performance in Germany and the Netherlands but the United Kingdom delivered the twenty fifth successive quarter of growth. Full year core operating margin was up 70bps driven by higher gross margin and lower overheads which primarily reflect the results of restructuring activities. ADDITIONAL COMMENTARY ON THE FINANCIAL STATEMENTS - FULL YEAR Finance costs and tax The cost of financing net borrowings in 2013 was EUR397 million versus EUR390 million in 2012. The average level of net debt increased following the acquisition of additional shares in Hindustan Unilever Limited whilst interest rate movements were favourable. The average interest rate on borrowings was 3.3% and the average return on cash deposits was 2.9%. Pensions financing, restated for the impact of the revision to the accounting standard IAS 19, was a debit of EUR133 million versus a debit of EUR145 million in the prior year. The effective tax rate was 26.4%, the same as 2012. Our longer term expectation for the tax rate remains around 26%. Joint ventures, associates and other income from non-current investments Net profit from joint ventures and associates was broadly stable at EUR113 million despite higher investment behind the Lipton ready-to-drink tea brand. Income from non-current investments was higher by EUR28 million, mainly due to the low prior year comparator which contained an impairment of warrants associated with the disposal of the US laundry business. Earnings per share Core earnings per share increased by 3% to EUR1.58 for the full year, driven by the growth in core operating margin, partially offset by negative foreign exchange movements. In constant currency core earnings per share increased by 10.6%. This measure excludes the impact of business disposals, acquisition and disposal related costs, impairments and other one-off items. Fully diluted earnings per share for the full year was up 11% at EUR1.66. This included the profits on disposal of the Skippy and Wish- Bone brands partly offset by a provision for competition investigations. Pensions The net pension deficit was EUR2.0 billion at the end of December 2013 versus EUR3.3 billion as at 31 December 2012, all numbers restated for the revisions to IAS 19. The reduction in the net pension deficit reflects the impact of investment returns, in excess of the interest cost on liabilities, and cash contributions. Disposals Business disposals contributed EUR733 million to non-core profits versus EUR117 million for the full year 2012. This primarily relates to the disposal of the Skippy and Wish-Bone brands. Acquisitions and disposal related costs amounted to EUR112 million, against EUR190 million in the full year 2012. Free cash flow Free cash flow was EUR3.9 billion, slightly lower than 2012. The reduction is due to a lower inflow from working capital which is measured against a strong performance in 2012 and currency headwinds. Net capital expenditure was slightly lower than 2012 at 4.1% of turnover. Net debt Closing net debt was EUR8.5 billion versus EUR7.4 billion as at 31 December 2012. The main factor driving the increase was the impact of a EUR2.5 billion cash outflow to increase the Group's interest in Hindustan Unilever Limited from 52.48% to 67.28%. Finance and liquidity During the year the following bonds matured and were repaid: (i) US $450 million 3.125% and (ii) EUR750 million 4.875%. On 5 August 2013 we issued a 7 year EUR750 million bond at 1.75% and on 6 September we issued US $750 million 2.20% fixed rate notes due March 2019. COMPETITION INVESTIGATIONS As previously disclosed, along with other consumer products companies and retail customers, Unilever is involved in a number of ongoing investigations by national competition authorities. These proceedings and investigations are at various stages and concern a variety of product markets. In the second half of 2013 Unilever has recognised provisions of EUR120 million related to these cases, disclosed within non-core items. 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. In addition the Group continues to reinforce and enhance its internal competition law compliance programme on an ongoing basis. NON-GAAP MEASURES In our financial reporting we use certain measures that are not recognised under IFRS or other generally accepted accounting principles (GAAP). We do this because we believe that these measures are useful to investors and other users of our financial statements in helping them to understand underlying business performance. Wherever we use such measures, we make clear that these are not intended as a substitute for recognised GAAP measures. Wherever appropriate and practical, we provide reconciliations to relevant GAAP measures. Unilever uses'constant rate''underlying' and 'core' measures primarily for internal performance analysis and targeting purposes. The non-GAAP measures which we apply in our reporting are set out below. Underlying sales growth (USG) Underlying Sales Growth or "USG" refers to the increase in turnover for the period, excluding any change in turnover resulting from acquisitions, disposals and changes in currency. Acquisitions and disposals are 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 USG to changes in the GAAP measure turnover is provided in notes 3 and 4. Underlying volume growth (UVG)"Underlying Volume Growth" or "UVG" is part of USG and means, for the applicable period, the increase in turnover in such period calculated as the sum of (1) the increase in turnover attributable to the volume of products sold; and (2) the increase in turnover attributable to the composition of products sold during such period. UVG therefore excludes any impact to USG due to changes in prices. The relationship between the two measures is set out in notes 3 and 4. Free cash flow (FCF) Within the Unilever Group, free cash flow (FCF) is defined as cash flow from operating activities, less income taxes paid, net capital expenditures and net interest payments and preference dividends paid. It does not represent residual cash flows entirely available for discretionary purposes; for example, the repayment of principal amounts borrowed is not deducted from FCF. Free cash flow reflects an additional way of viewing our liquidity that we believe is useful to investors because it represents cash flows that could be used for distribution of dividends, repayment of debt or to fund our strategic initiatives, including acquisitions, if any. The reconciliation of FCF to net profit is as follows: EUR million Full Year (unaudited) 2013 2012 Net profit 5,263 4,836 Taxation 1,851 1,697 Share of net profit of joint ventures/associates and other income from non-current investments (127) (91) Net finance costs 530 535 Operating profit 7,517 6,977 Depreciation, amortisation and impairment 1,151 1,199 Changes in working capital 200 822 Pensions and similar obligations less payments (383) (369) Provisions less payments 126 (43) Elimination of (profits)/losses on disposals (725) (236) Non-cash charge for share-based compensation 228 153 Other adjustments (15) 13 Cash flow from operating activities 8,099 8,516 Income tax paid (1,805) (1,680) Net capital expenditure (2,027) (2,143) Net interest and preference dividends paid (411) (360) Free cash flow 3,856 4,333 Net cash flow (used in)/from investing activities (1,161) (755) Net cash flow (used in)/from financing activities (5,390) (6,622) Core operating profit (COP), core operating margin (COM) and non-core items COP and COM means operating profit and operating margin, respectively, before the impact of business disposals, acquisition and disposal related costs, impairments and other one-off items, which we collectively term non-core items, due to their nature and frequency of occurrence. The reconciliation of core operating profit to operating profit is as follows: EUR million Full Year (unaudited) 2013 2012 (Restated) Operating profit 7,517 6,977 Non-core items (see note 2) (501) 73 Core operating profit 7,016 7,050 Turnover 49,797 51,324 Operating margin (%) 15.1 13.6 Core operating margin (%) 14.1 13.7 Core EPS The Group also refers to core earnings per share (core EPS). In calculating core earnings, net profit attributable to shareholders' equity is adjusted to eliminate the post tax impact of non-core items. Refer to note 2 on page 12 for reconciliation of core earnings to net profit attributable to shareholders' equity. Net debt Net debt is defined as the excess of total financial liabilities, excluding trade and other payables, over cash, cash equivalents and current financial assets, excluding trade and other receivables. It is a measure that provides valuable additional information on the summary presentation of the Group's net financial liabilities and is a measure in common use elsewhere. The reconciliation of net debt to the GAAP measure total financial liabilities is as follows: EUR million As at As at 31 31 December December (unaudited) 2013 2012 Total financial liabilities (11,501) (10,221) Current financial liabilities (4,010) (2,656) Non-current financial liabilities (7,491) (7,565) Cash and cash equivalents as per balance sheet 2,285 2,465 Cash and cash equivalents as per cash flow statement 2,044 2,217 Add bank overdrafts deducted therein 241 248 Other financial assets 760 401 Net debt (8,456) (7,355) 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. 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; increasing competitive pressures; Unilever's investment choices in its portfolio management; inability to find sustainable solutions to support long-term growth; customer relationships; the recruitment and retention of talented employees; disruptions in our supply chain; the cost of raw materials and commodities; secure and reliable IT infrastructure; successful execution of acquisitions, divestitures and business transformation projects; economic and political risks and natural disasters; the debt crisis in Europe; financial risks; failure to meet high product safety and ethical standards; and managing regulatory, tax and legal matters. Further details of potential risks and uncertainties affecting the Group are described in the Group's filings with the London Stock Exchange, NYSE Euronext in Amsterdam and the US Securities and Exchange Commission, including the Group's Annual Report on Form 20-F for the year ended 31 December 2012 and Annual Report and Accounts 2012. These 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. ENQUIRIES Media: Media Relations Team UK +44 20 7822 6719 [email protected] NL +31 10 217 4844 [email protected] Investors: Investor Relations Team +44 20 7822 6830 [email protected] There will be a web cast of the results presentation available at: www.unilever.com/ourcompany/investorcentre/results/quarterlyresults/default.asp The web cast can also be viewed from the Unilever Investor Relations app which you can download from: http://itunes.apple.com/us/app/unilever-investor-centre-app/id483403509?mt=8&ign-mpt=uo%3D4 Click on, or paste the following link into your web browser, to view the associated PDF document. http://www.rns-pdf.londonstockexchange.com/rns/1090Y_1-2014-1-20.pdf This information is provided by RNS The company news service from the London Stock Exchange END
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