Coronavirus Update

Unilever Plc - 2019 First Half Year Results

Performance highlights (unaudited)

Underlying performance

GAAP measures



vs 2018



vs 2018

First Half






Underlying sales growth (USG) (a)






Underlying operating margin(b)



Operating margin(b)



Underlying earnings per share(b)



Earnings per share(b)



Second Quarter












Quarterly dividend payable in September 2019

€0.4104 per share


(a)    USG does not include price growth in Venezuela and Argentina. See page 6 for further details.

(b)    2018 numbers have been restated following adoption of IFRS 16. See note 1 and note 9 for more details.


First half highlights

·      Underlying sales grew 3.3% with volume 1.2% and price 2.1%

·      Emerging markets underlying sales growth 6.2% with volume 2.5% and price 3.6%

·      Turnover decreased 0.9% driven by the sale of our spreads business, partially offset by a 1.1% currency benefit

·      Underlying operating margin increased 50bps with 30bps from gross margin

·      Operating margin increased by 40bps

·      Underlying earnings per share increased 5.0%, with constant EPS up 3.0%


Alan Jope: Chief Executive Officer statement


"We have delivered consistent growth within our guided range for 2019, led by our emerging markets. Accelerating growth remains our top priority and we continue to evolve our portfolio and seek out fast growth channel and geographical opportunities, as well as address those performance hotspots where growth is falling short of our aspirations.


For the full year, we continue to expect underlying sales growth to be in the lower half of our multi-year 3-5% range, an improvement in underlying operating margin that keeps us on track for the 2020 target and another year of strong free cash flow. Our sustainable business model and portfolio of purpose-led brands are key to delivering superior long-term financial performance."