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RNS Number : 9255G Unilever PLC 14 March 2024
Unilever PLC ("Unilever")
2023 Annual Financial Report Announcement
Unilever announces that the following documents are available on its website
at www.unilever.com/ara (http://www.unilever.com/ara)
Unilever Annual Report and Accounts 2023
Unilever Annual Report on Form 20-F 2023
In compliance with Listing Rule 9.6.1 and DTR 6.3.5, a copy of the Unilever
Annual Report and Accounts 2023 in unedited full text and a copy of the
Unilever Annual Report on Form 20-F has been submitted to the National Storage
Mechanism and will shortly be available for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) .
In compliance with section 5:25m(5) Financial Markets Supervision Act the
Annual Report and Accounts 2023 was submitted to the Dutch Authority for the
Financial Markets (AFM). The AFM publishes the report in its public register.
Unilever will also file its Form 20-F for the year ended 31 December 2023,
with the US Securities and Exchange Commission today. The Form 20-F will be
available for download from www.unilever.com/ara (http://www.unilever.com/ara)
or www.sec.gov (http://www.sec.gov)
Attached to this announcement is the additional information for the purposes
of compliance with the Disclosure and Transparency Rules including principal
risk factors, details of related party transactions and the directors'
responsibility statement.
The unaudited 2023 Full Year and Fourth Quarter Results for the year ended 31
December 2023, which were announced on 8 February 2024, were prepared in
accordance with IAS 34.
ADDITIONAL INFORMATION
Principal Risks
Our business is subject to risks and uncertainties. On the following pages we
have identified the risks that we regard as the most material to Unilever's
business and performance at this time.
Our principal risks include risks that could impact our business in the short
term (i.e. the next two years), medium term (i.e. the next three to ten years)
or over the longer term (i.e. beyond ten years). As part of our process to
review our principal risks, we also consider any additional risks that could
emerge in the future.
Our principal risks have remained consistent with previous years. We also
reflect on whether we think the level of risk associated with each of our
principal risks is increasing or decreasing. There are three principal risks
where we believe there is an increased level of risk compared with last year:
· Consumer preference: consumer choices and the manner in which
they shop is rapidly evolving requiring us to be ahead of our competition.
· Climate change: this risk has further intensified during 2023, as
actions to address global warming are not moving at the pace anticipated and
there has been an increase in physical climate risks seen by increased
flooding and droughts together with the ongoing global energy crisis.
· Systems and information: technology is disrupting the way we do
business and we need to accelerate innovation to keep pace with the
developments. The cyber threat landscape has increased in the recent past and
continues to remain volatile.
Biodiversity loss continues to be monitored as an emerging risk. A loss of
forests and soil due to potential physical and regulatory risks could make
future harvests more difficult and expensive in the long-term (see pages 51 to
53). Refer to our Climate Transition Action Plan: Annual Progress Report
(pages 43 to 47) for steps taken to improve biodiversity. Technological
advancements such as artificial intelligence, machine learning and augmented
reality are disrupting the way we do business and connect with consumers. We
do not consider this as a principal risk yet but do acknowledge that it is
both a risk and an opportunity. We have an executive-level task force set up
to identify the risks, opportunities and, at the same time, take responsible
action to keep pace with technology.
We set out below certain mitigating actions that we believe help us to manage
our principal risks. However, we may not be successful in deploying some or
all of these mitigating actions. If the circumstances in these risks occur or
are not successfully mitigated, our cash flow, operating results, financial
position, business and reputation could be materially adversely affected.
In addition, risks and uncertainties could cause actual results to vary from
those described, which may include forward-looking statements, or could impact
on our ability to meet our targets or be detrimental to our profitability
or reputation.
RISK DESCRIPTION MANAGEMENT OF RISK
CONSUMER PREFERENCE
Our success depends on the value and relevance of our brands and products to We monitor external market trends and collate consumer, customer and shopper
consumers around the world and on our ability to innovate and remain insights in order to develop brand strategies and build competitive advantage.
competitive. We are focused on developing superior products with a particular focus on our
Power Brands.
Consumer tastes, preferences and behaviours are changing more rapidly than
ever before. We see a growing trend for consumers preferring brands which both Our Research and Development function actively searches for ways in which to
meet their functional needs and have an explicit social or environmental translate the trends in consumer preference and taste into new technologies
purpose. for incorporation into future products. Our innovation management process
converts strategies into projects to launch new products in the market, scale
technology across categories, and build up the multi-year innovation pipeline.
This enables us to respond to rapidly changing consumer trends with speed.
Technological change is disrupting our traditional brand communication models.
Our ability to develop and deploy the right communication, both in terms of
messaging content and medium is critical to the continued strength of our
brands. Our brand communication strategies are designed to optimise digital
communication opportunities. We develop and customise brand messaging content
specifically to ensure that our brand messages reach our target consumers,
including social purpose where appropriate.
We are dependent on creating innovative products that continue to meet the
needs of our consumers in times of economic instability and volatility. We
also need to be competitive, bringing innovation to market with speed in areas
such as personalised and premium beauty offerings, health, and hygiene.
Level of risk: Increase
PORTFOLIO MANAGEMENT
Unilever's strategic investment choices will affect the long-term growth and Our Business Group strategies and our business plans are designed to ensure
profits of our business. that resources are prioritised towards those categories and markets having
the greatest long-term potential for Unilever.
Unilever's growth and profitability are determined by our portfolio of
Business Groups, geographies and channels and how these evolve over time. If Our acquisition and disposal activity is driven by our portfolio strategy
Unilever does not make optimal strategic investment decisions, then with a clear, defined evaluation process.
opportunities for growth and improved margin could be missed.
Level of risk: No change
CLIMATE CHANGE
Climate change and governmental actions to reduce such change may disrupt our We monitor climate change and in 2021 we published our Climate Transition
operations and/or reduce consumer demand for our products. Action Plan (update on progress in 2023 included on pages 43 to 47 of the
Annual Report).
Climate change is already impacting our business in various ways. Government
action to reduce climate change - such as the introduction of a carbon tax, We are developing products with a lower carbon footprint, decarbonising our
land use regulations or product composition regulations which restrict or ban operations through eco-efficiency measures, powering our factories with
certain GHG-intensive ingredients - could impact our business through higher renewable electricity, and replacing climate-harmful refrigerants. We invest
costs or reduced flexibility of operations. in new products and formulations so that our products work with less water,
poor quality water, or no water. We integrate weather system modelling
into our forecasting process to consider the impact on raw material
availability and pricing.
Physical environment risks such as water scarcity could impact our operations
or reduce demand for our products that require water during consumer use.
Increased frequency of extreme weather events such as high temperatures,
hurricanes or floods could cause increased incidence of disruption to our We also monitor government policy and actions to combat climate change and
supply chain, manufacturing and distribution network. If we do not take advocate for changes to public policy frameworks consistent with the 1.5°C
action, climate change could result in increased costs, reduced profit and ambition of the Paris Agreement.
reduced growth.
Level of risk: Increase
PLASTIC PACKAGING
We use a significant amount of plastic to package our products. A reduction in We are committed to reducing the amount of post-consumer plastic packaging
the amount of virgin plastic we use, the use of recycled plastic and an waste going to landfill. We have committed to ensuring 100% of our plastic
increase in the recyclability of our packaging are critical to our future packaging is reusable, recyclable or compostable by 2025 and are working with
success. partners and consumers to raise awareness and find solutions to improve the
recycling infrastructure for plastics. This includes supporting infrastructure
development and optimising EPR schemes, as well as helping consumers to
understand disposal and collection methods.
Both consumer and customer responses to the environmental impact of plastic
waste and emerging regulations by governments to tax or ban the use of certain
plastics requires us to find solutions to reduce the amount of plastic we use,
increase recycling post-consumer use and source recycled plastic for use in Work continues to progress in the main themes for rigid packaging (e.g.
our packaging. We are also dependent on the work of our industry partners to recyclable pumps, recyclable tubes). For flexibles, we continue to explore
create and improve recycling infrastructure throughout the world. new material developments, to support improving our recyclability profile. We
aim to halve our use of virgin plastic by both reducing usage and accelerating
use of recycled plastic through the redesign of products and increasing our
use of post-consumer recycled materials.
There is a risk around finding appropriate replacement materials, but also due
to high demand, the cost of recycled plastic or other alternative packaging
materials could significantly increase in the foreseeable future and this
could impact our business performance. We could also be exposed to higher We are working on innovative solutions through new business models. We aim to
costs as a result of taxes or fines if we are unable to comply with plastic collect and process more plastic packaging than we sell, enabled through
regulations, which would again impact our profitability and reputation. driving systematic change in circular thinking at an industry level working
with partners such as the Ellen MacArthur Foundation.
Level of risk: No change
CUSTOMER AND CHANNEL
Successful customer relationships and expanding in channels of the future are We build and maintain trading relationships across a broad spectrum of
vital to our business and continued growth. channels ranging from centrally managed multinational customers through to
small traders accessed via distributors in many emerging markets. We identify
changing shopper habits and build relationships with new customers, such as
those serving the digital commerce channel.
Maintaining strong relationships with our existing customers and building
relationships with new customers who have built new technology-enabled
business models to serve changing shopper habits are necessary to ensure our
brands are well presented to our consumers and available for purchase at all We develop joint business plans with our key customers that include detailed
times. Digital commerce continues to be a critical channel for growth. investment plans and customer service objectives and we regularly monitor
progress.
The strength of our customer relationships also affects our ability to obtain
pricing and competitive trade terms. Failure to maintain strong relationships We have developed capabilities for customer sales and outlet design which
with customers could negatively impact our terms of business with affected enable us to find new ways to improve customer performance and enhance our
customers and reduce the availability of our products to consumers. customer relationships. We invest in technology to optimise order and stock
management processes for our distributive trade customers.
Level of risk: No change
TALENT
A skilled workforce and agile ways of working are essential for the continued We have an integrated management development process which includes regular
success of our business. performance reviews underpinned by a common set of leadership behaviours,
skills and competencies. We have development plans to upskill and reskill
employees for future roles and will bring in flexible talent to access new
skills.
With the rapidly changing nature of work and skills, there is a risk that our
workforce is not equipped with the skills required for the new environment.
We have targeted programmes to attract and retain top talent and we actively
monitor our performance in retaining a diverse talent pool within Unilever.
Our ability to attract, develop and retain a diverse range of skilled people
is critical if we are to compete and grow effectively. This is especially
true in our key emerging markets where there can be a high level
of competition for a limited talent pool. We regularly review our ways of working to drive speed and simplicity through
our business in order to remain agile and responsive to marketplace trends.
A move to more agile ways of working is ongoing to unlock internal capacity
The loss of management or other key personnel or the inability to identify, and prioritise work based on growth and impact.
attract and retain qualified personnel could make it difficult to manage the
business and could adversely affect operations and financial results.
Level of risk: No change
BUSINESS OPERATIONS
Our business depends on purchasing materials, efficient manufacturing and We have contingency plans designed to enable us to secure alternative key
the timely distribution of products to our customers. material supplies at short notice, to transfer or share production between
manufacturing sites and to use substitute materials in our product
formulations and recipes.
Our supply chain network is exposed to potentially adverse events such as
geopolitical sanctions, physical disruptions, environmental and industrial
accidents, trade restrictions or disruptions at a key supplier, which could We have policies and procedures designed to ensure the health and safety of
impact our ability to deliver orders to our customers. Geopolitical tensions our employees and the products in our facilities, and to deal with major
have continued to challenge the continuity and cost of our supply chain incidents including business continuity and disaster recovery.
in 2023.
Commodity price risk is managed through forward buying of traded commodities,
Maintaining manufacturing operations whilst adhering to changing local other appropriate hedging mechanisms and product pricing. Trends are
regulations and meeting enhanced health and safety standards has proven monitored and modelled regularly and integrated into our forecasting process.
possible but has required significant management. In addition, ensuring the
operation of a global logistics network for both input materials and finished
goods continues to present challenges and requires continued focus
and flexibility.
The cost of our products is being affected by the cost of the underlying
commodities and materials from which they are made. Fluctuations in these
costs cannot always be passed on to the consumer through pricing and will need
to be carefully managed.
Level of risk: No change
SAFE AND HIGH-QUALITY PRODUCTS
The quality and safety of our products are of paramount importance for our Our product quality processes and controls are comprehensive, from product
brands and our reputation. design to customer shelf. They are verified annually and regularly monitored
through performance indicators that drive improvement activities. Our key raw
material suppliers are externally certified and the materials received are
monitored to ensure that they meet the rigorous quality standards that our
The risk that raw materials are accidentally or maliciously contaminated products require. We also have stringent requirements for the design,
throughout the supply chain or that product defects occur due to human error, manufacture and delivery of our products, to ensure we consistently supply the
equipment failure or other factors cannot be excluded. safe and high-quality products which our customers and consumers expect.
Labelling errors can have potentially serious consequences for both consumer In the event of a marketplace incident relating to the safety of our consumers
safety and brand reputation. Therefore, on-pack labelling needs to provide or the quality of our products, incident management teams are activated in the
clear and accurate ingredient information in order that consumers can make affected business units and markets, supported by our product quality, science
informed decisions regarding the products they buy. and communications experts, to ensure timely and effective action.
Level of risk: No change We have processes in place to ensure that the data used to generate on-pack
labelling and the final labels themselves are compliant with applicable
regulations and with relevant Unilever labelling policies in order to provide
the clarity and transparency needed for consumers.
SYSTEMS AND INFORMATION
Unilever's operations are increasingly dependent on IT systems and To reduce the impact of cyber-attacks on our business, we are following a
safeguarding the confidentiality, integrity of data and the management of defence in-depth strategy, guided by industry standards frameworks. We have
information. many Protect, Detect and Respond capabilities in place which are continuously
being monitored and improved.
The cyber-attack threat of unauthorised access and misuse of sensitive
information or disruption to operations continues to increase with the level We have policies covering the protection of both business and personal
of incidents rising year-on-year. Such an attack could inhibit our business information, as well as the use of IT systems and applications by our
operations in a number of ways, including disruption to sales, production and employees. Our employees are trained to understand these requirements.
cash flows, ultimately impacting our results.
We also have a set of IT security standards and closely monitor their
In addition, increasing digital interactions with customers, suppliers and operation to protect our systems and information. Hardware that runs and
consumers place ever greater emphasis on the need for secure and reliable IT manages core operating data is fully backed up with separate contingency
systems and infrastructure and careful management of the information that is systems to provide real-time backup operations should they ever be required.
in our possession to ensure data privacy.
We have standardised ways of hosting information on our public websites and
Level or risk: Increase have systems in place to monitor compliance with appropriate privacy laws and
regulations, and with our own policies.
We also maintain a global system for the control and reporting of access to
our critical IT systems. This is supported by an annual programme of testing
of access controls.
BUSINESS TRANSFORMATION
Successful execution of business transformation projects is key to All acquisitions, disposals and global organisational transformation projects
delivering their intended business benefits and avoiding disruption to are sponsored by a member of the ULE. All such projects have steering groups
other business activities. in place led by a senior executive and regular progress updates are provided
to the ULE and Board (where relevant). Sound project disciplines are used in
all transformation projects and these projects are resourced by dedicated and
appropriately qualified personnel.
We are in the second year of a significant organisational transformation,
operating through five new Business Groups, with some key changes still to be
delivered. We are also continually engaged in major change projects, including
acquisitions and disposals. These changes drive continuous improvement in our The digitalisation of our business is led by a dedicated specialist team
business and strengthen our portfolio and capabilities. Continued together with representatives from all parts of the business to ensure an
digitalisation of our business models and processes, together with enhancing integrated and holistic approach.
data management capabilities, is a critical part of our transformation.
A significant part of it involves use of technology for better data management
We have an extensive programme of transformation projects. Failure to execute and automation of business processes. New ways of working are being developed
such initiatives successfully could result in under-delivery of the expected to manage this new business model.
benefits and there could be a significant impact on the value of the business.
Unilever also monitors the volume of change programmes under way in an effort
Level of risk: No change to stagger the impact on current operations and to ensure minimal disruption.
ECONOMIC AND POLITICAL INSTABILITY
Adverse economic conditions may affect one or more countries, regions or may The breadth of Unilever's portfolio and our geographic reach help to mitigate
extend globally. Unilever operates around the world and is exposed to economic our exposure to any particular localised risk. Our flexible business model
and political instability that may reduce consumer demand for our products, allows us to adapt our portfolio and respond quickly to develop new offerings
disrupt sales operations and/or impact the profitability of our operations. that suit consumers' and customers' changing needs during economic downturns.
In 2023, organisations have continued to see geopolitical and economic We regularly update our forecast of business results and cash flows and, where
volatility leading to significant disruption and cost inflation impacting necessary, rebalance investment priorities.
parts of the business. Further potential trade and economic sanctions risk
global supply chain disruption and deep recession. Risks associated with the
global energy crisis are leading to significantly higher energy prices and
could disrupt our operations. We believe that many years of exposure to emerging markets have given us
experience of operating and developing our business successfully during
periods of economic and political volatility.
Government actions such as trade and economic sanctions, foreign exchange or
price controls can impact on the growth and profitability of our local
operations.
Unilever has more than half of its turnover in emerging markets which can
offer greater growth opportunities but also exposes Unilever to related
economic and political volatility.
Level of risk: No change
TREASURY AND TAX
Unilever is exposed to a variety of external financial risks in relation to Currency exposures are managed within prescribed limits and by the use of
Treasury and Tax. financial hedging instruments. Further, operating companies borrow in local
currency except where inhibited by local regulations, lack of local liquidity
or local market conditions.
The relative value of currencies can fluctuate widely and could have a
significant impact on business results. Further, because Unilever
consolidates its financial statements in euros it is subject to exchange We seek to maintain access to global debt markets through short-term and
risks associated with the translation of the underlying net assets long-term debt programmes. In addition, we maintain significant undrawn
and earnings of its foreign subsidiaries. committed credit facilities for general corporate purposes as disclosed in
note 16A.
We are also subject to the imposition of exchange controls by individual
countries which could limit our ability to import materials paid in foreign Group treasury regularly monitors exposure to our banks, tightening
currency or to remit dividends to the parent company. counter-party limits where appropriate. Unilever actively manages its banking
exposures on a daily basis. We regularly assess and monitor counter-party risk
in our suppliers and customers and take appropriate action to manage our
exposures.
A material shortfall in our cash flow could undermine Unilever's credit
rating, impair investor confidence and restrict Unilever's ability to raise
funds. In times of financial crisis, there is a further risk that we may
not be able to raise funds due to market illiquidity. Our Global Tax Principles provide overarching governance and we have a process
in place to monitor compliance with the Tax Principles. We have a Tax Risk
Framework in place which sets out the controls established to assess and
monitor tax risk for direct and indirect taxes. We monitor proposed changes in
We are exposed to counter-party risks with banks, suppliers and customers, taxation legislation and ensure these are taken into account when we consider
which could result in financial losses. our future business plans.
Tax is a complex and evolving area where laws and their interpretation are
changing regularly, leading to the risk of unexpected tax exposures.
International tax reform remains a key focus of attention.
Level of risk: No change
ETHICAL
Unilever's brands and reputation are valuable assets and the way in which we Our Code of Business Principles and our Code Policies govern the behaviour of
operate, contribute to society and engage with the world around us is always our employees, suppliers, distributors and other third parties who work with
under scrutiny both internally and externally. us. Our processes for identifying and resolving breaches of our Code of
Business Principles and our Code Policies are clearly defined and regularly
communicated throughout Unilever. Data relating to such breaches is reviewed
by the ULE and by relevant Board Committees and helps to determine the
Acting in an ethical manner, consistent with the expectations of customers, allocation of resources for future policy development, process improvement,
consumers and other stakeholders, is essential for the protection of the training and awareness initiatives.
reputation of Unilever and its brands.
Our Responsible Partner Policy helps us to improve the lives of the people in
A key element of our ethical approach to business is to reduce inequality and our supply chains by ensuring human rights are protected and makes a healthy
promote fairness. Our activities touch the lives of millions of people and it and safe workplace a mandatory requirement for our business partners. We have
is our responsibility to protect their rights and help them live well. detailed safety standards and monitor safety incidents at the highest level.
The safety of our employees and the people and communities we work with is Through our Brands with Purpose agenda, a number of our brands are taking
critical. Failure to meet these high standards could result in damage to action on societal issues such as fairness and equality.
Unilever's corporate reputation and business results.
Level of risk: No change
LEGAL AND REGULATORY
Compliance with laws and regulations is an essential part of Unilever's Unilever is committed to complying with the laws and regulations of the
business operations. countries in which we operate. In specialist areas the relevant teams at
global, regional or local levels are responsible for setting detailed
standards and ensuring that all employees are aware of and comply with
regulations and laws specific and relevant to their roles.
Unilever is subject to national and regional laws and regulations in such
diverse areas as regulations relating to environmental compliance (e.g.
greenwashing), product safety, product claims, trademarks, copyright, patents,
competition, health and safety, data privacy, corporate governance, listing Our legal and regulatory specialists are heavily involved in monitoring and
and disclosure, employment and taxes. reviewing our practices to provide reasonable assurance that we remain aware
of and in line with all relevant laws and legal obligations.
Failure to comply with laws and regulations could expose Unilever to civil
and/or criminal actions leading to damages, fines and criminal sanctions
against us and/or our employees with possible consequences for our corporate
reputation.
Changes to laws and regulations could have a material impact on the cost of
doing business.
Level of risk: No change
RELATED PARTY TRANSACTIONS
JOINT VENTURES
The following related party balances existed with joint venture businesses at
31 December 2023:
Related party balances € million € million
2023 2022
Sales to joint ventures 1144 1,158
Purchases from joint ventures 134 134
Receivables from joint ventures 99 78
Payables to joint ventures 111 33
Loans to joint ventures 219 226
Royalties and service fees 19 22
Significant joint ventures are Unilever FIMA LDA in Portugal, Binzagr Unilever
Distribution in the Middle East, the Pepsi Lipton Tea Partnership in the US
and Pepsi Lipton International Ltd for the rest of the world.
ASSOCIATES
There are no trading balances due to or from associates.
Langholm Capital II was launched in 2009 and liquidated during 2023. Unilever
had invested €65 million in Langholm II, and all outstanding balances and
commitments have been closed.
DIRECTORS' RESPONSIBILITY STATEMENT
Each of the Directors confirms that, to the best of his or her knowledge:
· The Unilever Annual Report and Accounts 2023, taken as a whole,
is fair, balanced and understandable, and provides the information necessary
for shareholders to assess the Company's position and performance, business
model and strategy;
· The financial statements which have been prepared in accordance
with international financial reporting standards (IFRS) as issued by the
International Accounting Standards Board (IASB), and UK-adopted international
accounting standards give a true and fair view of the assets, liabilities,
financial position and profit or loss of the Company and the undertakings
included in the consolidation taken as a whole; and
· The Strategic Report includes a fair review of the development
and performance of the business and the position of PLC and the undertakings
included in the consolidation taken as a whole, together with a description of
the principal risks and uncertainties that they face.
Name Function
Ian Meakins Chairman and Non-Executive Director
Andrea Jung Vice-Chairman / Senior Independent Director
Hein Schumacher Chief Executive Officer
Fernando Fernandez Chief Financial Officer
Judith Hartmann Non-Executive Director
Adrian Hennah Non-Executive Director
Susan Kilsby Non-Executive Director
Ruby Lu Non-Executive Director
Strive Masiyiwa Non-Executive Director
Youngme Moon Non-Executive Director
Nelson Peltz Non-Executive Director
Nils Andersen Non-Executive Director
Judith McKenna Non-Executive Director
Cautionary Statement
This announcement may contain forward-looking statements, including
'forward-looking statements' within the meaning of the United States Private
Securities Litigation Reform Act of 1995, concerning the financial condition,
results of operations and businesses of the Unilever Group (the 'Group'). All
statements other than statements of historical fact are, or may deemed to be,
forward-looking statements. Words such as 'will', 'aim', 'expects',
'anticipates', 'intends', 'looks', 'believes', 'vision', 'ambition', 'target',
'goal', 'plan', 'potential', 'work towards', 'may', 'milestone', 'objectives',
'outlook', 'probably', 'project', 'risk', 'seek', 'continue', 'projected',
'estimate', 'achieve' or the negative of these terms, and other similar
expressions of future performance or results and their negatives, are intended
to identify such forward-looking statements. Forward-looking statements also
include, but are not limited to, statements and information regarding the
Group's emissions reduction 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 expectations and assumptions
regarding anticipated developments and other factors affecting the Group. They
are not historical facts, nor are they guarantees of future performance or
outcomes. All forward-looking statements contained in this announcement are
expressly qualified in their entirety by the cautionary statements contained
or referred to in this section. Readers should not place undue reliance on
forward-looking statements.
Because these forward-looking statements involve known and unknown risks and
uncertainties, a number of which may be beyond the Group's control, there are
important factors that could cause actual results to differ materially from
those expressed or implied by these forward-looking statements. Among other
risks and uncertainties, the material or principal factors which could cause
actual results to differ materially from those expressed in the
forward-looking statements included in this announcement are: Unilever's
global brands not meeting consumer preferences; Unilever's ability to innovate
and remain competitive; Unilever's investment choices in its portfolio
management; the effect of climate change on Unilever's business; Unilever's
ability to find sustainable solutions to its plastic packaging; significant
changes or deterioration in customer relationships; the recruitment and
retention of talented employees; disruptions in Unilever's supply chain and
distribution; increases or volatility in the cost of raw materials and
commodities; the production of safe and high quality products; secure and
reliable IT infrastructure; execution of acquisitions, divestitures and
business transformation projects; economic, social and political risks and
natural disasters; financial risks; failure to meet high and ethical
standards; and managing regulatory, tax and legal matters. Also see "Our
Principal Risks" on pages 70-78 for additional risks and further discussion.
The forward-looking statements are based on our beliefs, assumptions and
expectations of our future performance, taking into account all information
currently available to us. Forward-looking statements are not predictions of
future events. These beliefs, assumptions, and expectations can change as a
result of many possible events or factors, not all of which are known to us.
If a change occurs, our business, financial condition, liquidity and results
of operations may vary materially from those expressed in our forward-looking
statements.
The forward-looking statements speak only as of the date of this announcement.
Except as required by any applicable law or regulation, the Group expressly
disclaims any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect any
change in the Group's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is based. New
risks and uncertainties arise over time, and it is not possible for us to
predict those events or how they may affect us. In addition, we cannot assess
the impact of each factor on our business or the extent to which any factor,
or combination of factors, may cause actual results to differ materially from
those contained in any forward-looking statements.
14 March 2024
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