Blueprint
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF
FOREIGN ISSUER
Pursuant
to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the
month of April, 2018
UNILEVER
N.V.
(Translation
of registrant's name into English)
WEENA 455, 3013 AL, P.O. BOX 760, 3000 DK, ROTTERDAM, THE
NETHERLANDS
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports
under
cover Form 20-F or Form 40-F.
Form
20-F..X.. Form 40-F
Indicate
by check mark if the registrant is submitting the Form 6-K in
paper
as
permitted by Regulation S-T Rule 101(b)(1):_____
Indicate
by check mark if the registrant is submitting the Form 6-K in
paper
as
permitted by Regulation S-T Rule 101(b)(7):_____
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes
No ..X..
If
"Yes" is marked, indicate below the file number assigned to the
registrant
in
connection with Rule 12g3-2(b): 82- ________
Exhibit
99 attached hereto is incorporated herein by
reference.
Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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UNILEVER
N.V.
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/S/ R SOTAMAA
BY R SOTAMAA
CHIEF LEGAL OFFICER AND GROUP SECRETARY
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Date:
19 April, 2018
EXHIBIT INDEX
------------------------
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EXHIBIT
NUMBER
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EXHIBIT
DESCRIPTION
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99
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Notice
to Euronext, Amsterdam dated 19
April 2018
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Trading Statement 1st Quarter 2018
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Exhibit
99
UNILEVER TRADING STATEMENT FIRST QUARTER 2018
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A GOOD START WITH STRONG VOLUME GROWTH
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Performance highlights
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Underlying performance
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GAAP measures
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vs 2017
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vs 2017
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Underlying
sales growth (USG)(a)
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3.4%
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Turnover
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€12.6bn
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(5.2)%
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USG
excluding spreads(a)
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3.7%
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Turnover
excluding spreads
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€11.9bn
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(5.2)%
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Quarterly
dividend payable in June
2018 €0.3872
per share
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(a)
These amounts do not include any Q1 price growth in Venezuela. See
page 5 for further details.
·
Underlying sales
growth excluding spreads 3.7% with volume 3.6% and price
0.1%
·
Emerging markets
underlying sales growth 5.1% with volume 4.3% and price
0.8%
·
Share
buy-back programme of up to €6 billion to start in May
2018
·
Quarterly dividend
raised 8% to €0.3872 per share
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Paul Polman: Chief Executive Officer statement
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"The first quarter demonstrates another good volume-driven
performance across all three Divisions. The broad-based growth,
including over 4% volume growth in emerging markets, shows that the
'Connected 4 Growth' programme is working and enhancing our
long-term compounding growth model. We are further improving the
quality and speed of our global and local innovation as a result of
a more agile, consumer-facing organisation. At the same time, we
are maintaining strong delivery from our savings programmes and
expecting to complete the exit from spreads in the middle of the
year.
For the full year, we continue to expect underlying sales growth in
the 3% - 5% range and an improvement in underlying operating margin
and cash flow that keep us on track for our 2020 goals. We intend
to start a share buy-back programme of up to €6 billion in
May to return the expected after-tax proceeds from the spreads
disposal.
We are
raising the dividend by 8%, reflecting confidence in our
outlook."
19
April 2018
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FIRST QUARTER OPERATIONAL REVIEW: DIVISIONS
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First Quarter 2018
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(unaudited)
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Turnover
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USG*
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UVG
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UPG*
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€bn
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%
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%
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%
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Unilever
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12.6
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3.4
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3.4
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0.1
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Beauty
& Personal Care
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4.9
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3.9
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4.0
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(0.2)
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Home
Care
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2.6
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4.9
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4.8
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0.1
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Foods
& Refreshment
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5.1
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2.3
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2.1
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0.2
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We have previously announced agreements to sell our spreads
business. The table below provides supplementary information on our
first quarter 2018 performance excluding sales related to
spreads.
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First Quarter 2018
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(unaudited)
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Turnover
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USG*
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UVG
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UPG*
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€bn
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%
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%
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%
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Unilever
excluding spreads
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11.9
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3.7
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3.6
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0.1
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Foods
& Refreshment excluding spreads
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4.4
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2.7
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2.4
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0.3
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*
Wherever referenced in this announcement, USG and UPG do not
include any Q1 price growth in Venezuela, as explained more fully
on page 5.
See
page 22 to 23 of the Unilever Annual Report and Accounts 2017 for
definitions of USG and UPG.
Our markets:
In the
markets in which we operate growth was around 3%, similar to 2017.
We did, however, see an improvement in volumes and a lower
contribution from price growth, particularly in emerging
markets.
Unilever overall performance:
USG excluding spreads was 3.7% with an encouraging shift to
volume-led growth compared to the prior year. Across all Divisions,
this was driven by strong innovation and market development. USG
including spreads was 3.4%. Turnover decreased 5.2% to €12.6
billion, which included an adverse currency impact of (9.8)% and
1.5% from acquisitions net of disposals. Emerging markets grew by
5.1% with a strong contribution from volume, while price growth was
modest in a lower inflation environment. Developed markets grew by
1.1% despite continued price deflation in Europe and North
America.
Beauty & Personal Care
Beauty
& Personal Care grew the core with strong innovations behind
purpose-led global and local brands, while expanding the portfolio
in attractive segments and channels. This led to good volume growth
in the first quarter, continuing the improved momentum from Q4
2017.
Skin cleansing delivered strong growth helped by new premium
formats. These included aerosol mousse which delivers an improved
sensorial experience and was launched across five brands in Europe,
and the launch of Dove body polish in North America which exfoliates and
nourishes at the same time. Skin care performed well driven
by Vaseline's successful market development campaign,
Dove
Nourishing Secrets, a
naturals-inspired hand and body range, and the therapeutic
Dove
Derma Series in the United
States. Dollar Shave
Clubwas introduced to the
United Kingdom. Deodorants returned to good volume growth, helped
by innovations such as Rexona antibacterial and invisible, which offers both
odour and stain protection, but price growth was negative in highly
promotional markets. In hair care, volume-led growth was driven
by Sunsilk and Dove, helped by their successful expansion into
natural propositions with on-trend ingredients, and the
TRESemmé
premium relaunch with improved
formulation in North America and Europe.
Home Care
Home
Care increased its strong emerging market footprint with its proven
market development model and benefit-led innovations.
Growth
in laundry was driven by successfully expanding our core brands in
new, fast-growing segments, such as natural products with the
premium Omo Naturals range
in China. We are also uptrading consumers into the liquids segment
in emerging markets, for example with Surf Excel Matics in India, and into
premium formats in developed markets, such as the launch of the
new
Persil triple chamber liquid capsules in the United Kingdom.
The Comfortdetergent launch
in Indonesia had a promising start, while the roll-outs of
Surf into Central and
Eastern Europe and Omo into
Iran continued to perform well. Comfort fabric conditioners delivered
another quarter of double-digit growth, helped by rolling out the
Comfort deluxe range in the
United Kingdom and extending the successful Comfort Pure variant into India, its
22nd
market. Household care remained a strong growth contributor to Home
Care. This was helped by continued double-digit growth of
Domestos toilet blocks and
Cif creams, as well as the
launch of Sunlight dishwash
in Indonesia with improved formulation that allows 5x faster
degreasing, and Cif premium
sprays, with specialist care and cleaning, in Europe. Our water
purification business performed well, while in air purification
Blueair had a weak quarter
impacted by an improvement in ambient air quality in China, the
brand's biggest market.
Foods & Refreshment
The
Division continued to build its presence in emerging markets and
sustained a strong performance in food service channels. At the
same time, we further modernised the portfolio by responding to
consumer needs in fast-growing segments such as 'free-from', vegan,
health and wellness.
Innovations
behind our premium ice cream brands contributed to another good
start to the year. These included the launch of Magnum Core and Praline variants, which
provide our most indulgent ice cream experience yet, and the
roll-out of the successful Ben
& Jerry's non-dairy platform from the United States into
Europe. Breyers
delights'low-calorie, high-protein variants have now been
launched in 11 countries. Leaf tea continued with the positive
momentum shown in 2017, driven by strong innovations in green and
other speciality teas in India, where we extended our market
leadership, and strong performances in North Africa. The recently
acquired Pukka
Herbs
organic
herbal tea business had a very good first quarter. In foods,
Knorr delivered another
quarter of growth above the Group average, primarily driven by
cooking products in emerging markets, as well as innovations in
developed markets. These included the launch of Knorr mini meals in
Europe, snack products with natural and nutritious ingredients, and
Knorr Selects side dishes in
the United States. Hellmann'scontinued to communicate its
strong natural claims while further extending its range with the
launch of avocado and sunflower oil variants with Omega 3 and
Vitamin E in the United States. Volume growth improved, however
pricing turned negative in an increased promotional
environment.
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FIRST QUARTER OPERATIONAL REVIEW: GEOGRAPHICAL AREA
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(unaudited)
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First Quarter 2018
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Turnover
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USG
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UVG
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UPG
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€bn
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%
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%
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%
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Unilever
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12.6
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3.4
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3.4
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0.1
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Asia/AMET/RUB
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5.7
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5.9
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4.7
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1.2
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The
Americas
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3.9
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2.5
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3.6
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(1.0)
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Europe
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3.0
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-
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0.7
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(0.7)
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(unaudited)
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First Quarter 2018
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Turnover
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USG
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UVG
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UPG
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€bn
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%
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%
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%
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Developed markets
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5.1
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1.1
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2.1
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(1.0)
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Emerging markets
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7.5
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5.1
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4.3
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0.8
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North America
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2.1
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2.9
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3.6
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(0.7)
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Latin America
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1.8
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2.2
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3.7
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(1.5)
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The table below provides information on our first quarter 2018
performance excluding sales related to spreads.
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First Quarter 2018
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(unaudited)
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Turnover
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USG
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UVG
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UPG
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€bn
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%
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%
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%
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Developed
markets excluding spreads
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4.7
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1.2
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2.2
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(1.0)
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Europe
excluding spreads
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2.6
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-
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0.8
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(0.8)
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North
America excluding spreads
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2.0
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3.2
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3.7
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(0.5)
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Asia/AMET/RUB
Underlying
sales growth was driven by accelerated volume gains, while price
growth has progressively decreased over the last three quarters.
The first quarter included strong growth for laundry, ice cream and
cooking products. India continued to demonstrate broad-based volume
gains and Pakistan grew in double digits. As expected, price growth
in South Asia remained low, given price reductions in some
categories at the end of last year and benefits of the Goods and
Services Tax, which were passed on to consumers from July 2017. In
China, growth was driven by strong e-commerce sales and new product
launches but partially offset by a sharp decline in air
purification. Turkey continued to grow at double-digit rates, while
sales growth in Indonesia, South Africa and Russia was adversely
affected by challenging market and competitive
conditions.
The Americas
North America saw a quarter of strong volume growth, largely due to
a soft prior year comparator and a boost from the timing of
innovations and promotions. Skin cleansing, skin care and hair care
performed well and the new brand launch
Love, Beauty and Planet
is off to a good start.
Latin America sustained the improved volume momentum, that started
in Q4 2017, with particularly strong performances in deodorants and
hair care. Volume growth was broad-based across our five biggest
markets, while pricing turned negative in the quarter, mainly
driven by increased promotional activity in Brazil.
Europe
Markets
in Europe remained challenging. Weak consumer demand, price
deflation in several countries and a challenging retail environment
adversely affected our sales growth in the quarter, particularly in
France.
Competitive
intensity remains high in deodorants and foods, while ice cream and
skin cleansing had a good start to the year, helping our
performance in Germany and the United Kingdom.
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COMPETITION INVESTIGATIONS
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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, including those
within Italy and South Africa. These proceedings and investigations
are at various stages and concern a variety of product markets.
Where appropriate, provisions are made and contingent liabilities
disclosed in relation to such matters.
Ongoing
compliance with competition laws is of key importance to Unilever.
It is Unilever's policy to co-operate fully with competition
authorities whenever questions or issues arise. In addition, the
Group continues to reinforce and enhance its internal competition
law training and compliance programme on an ongoing
basis.
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DIVIDENDS AND SHARE BUY-BACKS
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The
Boards have determined to pay a quarterly interim dividend
for
Q1 2018
at the
following rates which are equivalent in value between the two
companies at the rate of exchange applied under the terms of the
Equalisation Agreement:
Per
Unilever N.V. ordinary
share:
€ 0.3872
Per
Unilever PLC ordinary
share:
£ 0.3341
Per
Unilever N.V. New York
share:
US$ 0.4789
Per
Unilever PLC American Depositary Receipt: US$
0.4789
The
quarterly interim dividends have been determined in euros and
converted into equivalent sterling and US dollar amounts using
exchange rates issued by WM/Reuters on 17 April 2018.
US
dollar cheques for the quarterly interim dividend will be mailed on
6 June 2018 to holders of record at the close of business on 4 May
2018. In the case of the NV New York shares, Netherlands
withholding tax will be deducted.
The
quarterly dividend calendar for the remainder of 2018 will be as
follows:
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Announcement Date
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Ex-Dividend Date
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Record Date
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Payment Date
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Quarterly
dividend - for Q1 2018
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19
April 2018
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3 May
2018
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4 May
2018
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6 June
2018
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Quarterly
dividend - for Q2 2018
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19
July
2018
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2
August 2018
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3
August 2018
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5
September 2018
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Quarterly
dividend - for Q3 2018
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18
October 2018
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1
November 2018
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2
November 2018
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5
December 2018
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A share
buy-back programme of up to €6 billion is intended to start
in May 2018.
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SEGMENT INFORMATION - DIVISIONS
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(unaudited)
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First Quarter
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Beauty & Personal
Care
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Home
Care
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Foods & Refreshment
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Total
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Turnover
(€ million)
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2017
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5,141
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2,710
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5,468
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13,319
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2018
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4,908
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2,560
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5,154
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12,622
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Change (%)
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(4.5)
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(5.5)
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(5.8)
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(5.2)
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Impact of:
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Exchange rates* (%)
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(11.2)
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(10.4)
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(8.0)
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(9.8)
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Acquisitions (%)
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3.6
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0.5
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1.0
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1.9
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Disposals (%)
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-
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-
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(0.8)
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(0.4)
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Underlying sales growth
(%)
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3.9
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4.9
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2.3
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3.4
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Price (%)*
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(0.2)
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0.1
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0.2
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0.1
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Volume (%)
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4.0
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4.8
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2.1
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3.4
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SEGMENT INFORMATION - GEOGRAPHICAL AREA
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(unaudited)
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First Quarter
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Asia /
AMET /
RUB
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The
Americas
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Europe
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Total
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Turnover
(€ million)
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2017
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5,921
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4,370
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3,028
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13,319
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2018
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5,719
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3,931
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2,972
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12,622
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Change (%)
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(3.4)
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(10.0)
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(1.8)
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(5.2)
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Impact of:
|
|
|
|
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Exchange
rates* (%)
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(11.0)
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(14.0)
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(0.8)
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(9.8)
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Acquisitions
(%)
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2.4
|
3.1
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(0.9)
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1.9
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Disposals
(%)
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-
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(1.0)
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(0.1)
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(0.4)
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|
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Underlying sales growth
(%)
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5.9
|
2.5
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-
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3.4
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Price
(%)*
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1.2
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(1.0)
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(0.7)
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0.1
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Volume
(%)
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4.7
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3.6
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0.7
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3.4
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*
Q1 underlying price growth in Venezuela has been excluded from the
Price rows in the tables above, and an equal and opposite
adjustment made in the Exchange rate rows.
The
adjustment made at Total Group level in these tables in respect of
Q1 price growth in Venezuela was 0.5%. Prior to this adjustment
being made, price growth at Total Group level would have been 0.6%
and exchange rate impact (10.3)%. The corresponding adjustments for
Foods & Refreshment were 1.4%, and for the Americas were 1.8%.
There is no adjustment in the other Divisions or other geographical
areas.
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. The reconciliation of these measures to changes in
the GAAP measure turnover is provided on page 5. Please refer to
page 22 and 23 of the Unilever Annual Report and Accounts 2017 for
definitions of these non-GAAP measures and explanations of their
relevance.
This
announcement contains inside information. This is a public
announcement pursuant to article 17 paragraph 1 of the European
Market Abuse Regulation (596/2014).
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; Unilever's ability to innovate and remain
competitive; Unilever's investment choices in its portfolio
management; inability to find sustainable solutions to support
long-term growth; the effect of climate change on Unilever's
business; customer relationships; the recruitment and retention of
talented employees; disruptions in our supply chain; the cost of
raw materials and commodities; the production of safe and high
quality products; secure and reliable IT infrastructure; successful
execution of acquisitions, divestitures and business transformation
projects; economic and political risks and natural disasters;
financial risks; failure to meet high and ethical standards; and
managing regulatory, tax and legal matters. 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. 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 2017 and the Unilever
Annual Report and Accounts 2017.
|
Media:
Media
Relations Team
|
Investors:
Investor Relations
Team
|
|
UK
or
NL
or
|
+44 79
1727 1819
+44 78
2504 9151
+31 10
217 4844
+32 494
60 4906
|
treeva.fenwick@unilever.com
louise.phillips@unilever.com
els-de.bruin@unilever.com
freek.bracke@unilever.com
|
+44 20
7822 6830
|
investor.relations@unilever.com
|
|
|
|
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|
|
|
|
There
will be a web cast of the results presentation available
at:
www.unilever.com/ourcompany/investorcentre/results/quarterlyresults/default.asp