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1、Disclaimer This is a PDF version of the Unilever Annual Report and Accounts 2019 and is an exact copy of the printed document provided to Unilevers shareholders. Certain sections of the Unilever Annual Report and Accounts 2019 have been audited. These are on pages 87 to 152, and those parts noted as
2、 audited within the Directors Remuneration Report on pages 66 to 72. The maintenance and integrity of the Unilever website is the responsibility of the Directors; the work carried out by the auditors does not involve consideration of these matters. Accordingly, the auditors accept no responsibility
3、for any changes that may have occurred to the financial statements since they were initially placed on the website. Legislation in the United Kingdom and the Netherlands governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Except whe
4、re you are a shareholder, this material is provided for information purposes only and is not, in particular, intended to confer any legal rights on you. This Annual Report and Accounts does not constitute an invitation to invest in Unilever shares. Any decisions you make in reliance on this informat
5、ion are solely your responsibility. The information is given as of the dates specified, is not updated, and any forward-looking statements are made subject to the reservations specified in the cautionary statement on the inside back cover of this PDF. Unilever accepts no responsibility for any infor
6、mation on other websites that may be accessed from this site by hyperlinks. Unilever Annual Report and Accounts 2019 Purpose-led, future-fit Unilever Annual Report and Accounts 2019 This document is made up of the Strategic Report, the Governance Report, the Financial Statements and Notes, and Addit
7、ional Information for US Listing Purposes. The Unilever Group consists of Unilever N.V. (NV) and Unilever PLC (PLC) together with the companies they control. The terms “Unilever”, the “Group”, “we”, “our” and “us” refer to the Unilever Group. Our Strategic Report, pages 1 to 46, contains information
8、 about us, how we create value and how we run our business. It includes our strategy, business model, market outlook and key performance indicators, as well as our approach to sustainability and risk. The Strategic Report is only part of the Annual Report and Accounts 2019. The Strategic Report has
9、been approved by the Boards and signed on their behalf by Ritva Sotamaa Group Secretary. Our Governance Report, pages 47 to 77 contains detailed corporate governance information, our Committee reports and how we remunerate our Directors. Our Financial Statements and Notes are on pages 78 to 142. Pag
10、es 1 to 162 constitute the Unilever Annual Report and Accounts 2019 for UK and Dutch purposes, which we may also refer to as this Annual Report and Accounts throughout this document. The Directors Report of PLC on pages 47 to 59, 78 (Statement of Directors responsibilities), 108 (Dividends on ordina
11、ry capital), 121 to 127 (Treasury Risk Management), 148 and 152 (Post balance sheet events) and 160 (Branch disclosure) has been approved by the PLC Board and signed on its behalf by Ritva Sotamaa Group Secretary. The Strategic Report, together with the Governance Report, constitutes the report of t
12、he Directors within the meaning of Article 2:391 of the Dutch Civil Code and has been approved by the NV Board and signed on its behalf by Ritva Sotamaa Group Secretary. Pages 163 to 178 are included as Additional Information for US Listing Purposes. Online You can find more information about Unilev
13、er online at For further information on our sustainability activities and performance visit The Unilever Annual Report and Accounts 2019 (and the Additional Information for US Listing Purposes) along with other relevant documents can be downloaded at In this report Strategic Report How our strategy
14、is delivering value for our stakeholders At a glance2 Chairmans introduction 4 Our Board of Directors5 Chief Executive Officers Q to be the worlds best marketing company; and to be an organisation that stands as a beacon for diversity and inclusion. Seeing Unilever recognised in 2019, therefore, as
15、a leader in multiple external benchmarks, including the GlobeScan Sustainability Leaders Survey (for the ninth consecutive year); the Worlds Most Effective Marketing Company; and as recipient of the prestigious Catalyst Award (for the company which has done most to accelerate the progress of women t
16、hrough workplace inclusion), were all special moments as well as a spur to increase our efforts still further in these important areas. Where do you feel the company could have done better? In markets as dynamic and fast-moving as ours, speed is essential, both in seizing opportunities to meet chang
17、ing consumer preferences but also in responding when our business is under competitive challenge. While we do this well on many occasions and in many parts of the world, we havent yet developed the consistency of response that I am looking for everywhere, and this was apparent in 2019. We made some
18、important organisational changes during the year including flattening our market structure under a newly created Chief Operating Officer position which I am confident will help to make Unilever a faster and even more operationally effective business. As far as our global Divisions are concerned, whi
19、le it was an excellent year as mentioned for Home Care, our Beauty building our presence in faster-growing retail channels, like e-commerce; ensuring that more and more of our brands have a clearly articulated purpose that resonate with consumers; and driving our savings programmes further to help f
20、uel the many growth opportunities we have. The second relates to our portfolio. We have made significant changes over recent years, acquiring businesses in new parts of the market and disposing of businesses such as Spreads. The overall effect has been to improve Unilevers exposure to faster growing
21、 markets, those that offer better long-term prospects for value creation. We will continue that process, evaluating our portfolio rigorously against a range of exacting criteria. It is in that context that we have announced a strategic review of our global tea business, which has a large footprint i
22、n the slower growing black tea segment and a history of being dilutive to Unilevers overall growth and margin. We will explore all options, with an open mind and with the intention of sharing the conclusions of the review by the middle of 2020. How are you planning to take forward Unilevers commitme
23、nt to social and environmental sustainability? Under the Unilever Sustainable Living Plan (USLP) we have developed an enviable reputation for leadership on these issues. We now mean to build on that, not least because many of the challenges the world faces like the climate crisis or growing inequali
24、ty are becoming ever more pressing. We will do this by embedding sustainability in a new purpose-led, future-fit Unilever Compass strategy, and in two principal ways. First, we will continue to use our size and scale to help drive change through our extended value chain. A great example last year wa
25、s the ambitious commitment we made to address the issue of plastic packaging by halving our use of virgin plastic and by helping to collect and process more plastic packaging than we sell, both by 2025. Second, we will make our product brands even more prominent vehicles for driving social and envir
26、onmental change. Many of our brands already do this, to great effect, but we now intend to make it an integral feature of every brand. We know that it works and that it also helps to drive growth. Last year, our most purposeful brands grew faster than the rest of the portfolio. Unilevers brands touc
27、h the lives of two and a half billion people every day so the opportunity for us to influence behaviour and drive positive change is enormous. I am very proud of all the women and men of Unilever and the millions more we partner with throughout the value chain who work so hard every day to bring the
28、se commitments to life and who are determined to show that Unilever can remain a force for good in the world. Unilever Annual Report and Accounts 20196 Strategic Report Our executive management team is responsible for the day-to-day running of the business and the execution of our strategy, making s
29、ure were purpose-led and future-fit. Unilever Leadership Executive (ULE) Hanneke Faber President, Foods inclusion of smallholders in our value chain particularly in countries such as Indonesia to help them increase crop productivity and diversify income; and simplifying our approach to sourcing. Des
30、pite our efforts over the past decade, commodity-driven deforestation remains a serious challenge in many parts of the world. We cannot solve deforestation without wholesale transformation of supply chains towards more sustainable models of production. This is why we are working with governments, ot
31、her businesses, civil society and local communities to tackle the causes of deforestation. Rethinking plastic While plastic does have a role to play in the economy, it does not belong in the environment. Its impact has rightly become a huge concern. With consumer expectations and legislation changin
32、g fast, we have to rethink both the design of our products and our business model to build a circular economy one where we not only use less plastic, but where the plastic we do use can be reused, recycled or composted. Since 2010, our total waste footprint per consumer use has reduced by 32% partly
33、 through better product design and recycling infrastructure. But we need to do more, and more quickly. So in October 2019, we announced a new ambition to halve the use of virgin plastic in our packaging by 2025 and to collect and process more plastic packaging than we sell by 2025. This will mean ex
34、ploring new product designs that use more refills, recycled materials, or no plastic at all. And it will mean continuing to invest in infrastructure expanding our partnerships with waste management companies like Veolia and with household recycling services like Wecyclers in Nigeria. Were already ma
35、king progress. In 2019, nine of our brands registered their interest in participating in a pilot of the TerraCycle Loop refill and reuse scheme in the US and France, with five already launched on the platform. And, were bringing more recycled plastic into more of our product packaging, while explori
36、ng other options such as glass jars for Knorr soups and sustainable paper for Carte dOr ice creams. Innovation with others, plays a big part. For example, were working with Ioniqa, a Dutch start-up, to develop a technology that breaks down plastic to make it more recyclable. And were investing in so
37、lutions through Circulate Capitals Ocean Fund, for example, which is working to reduce plastic pollution in South and South East Asia. Protecting nature through sustainable sourcing We use many different raw materials to make our products. Sustainable sourcing and sustainable agriculture are vital t
38、o maintaining the supply of these natural resources while also feeding the worlds growing population. Our Sustainable Agriculture Code lays out standards for the suppliers of our biggest commodities such as palm oil, soy, paper and board as well as crops such as sugar, tea and vegetables to farm in
39、ways that sustain the soil, use less water and fertiliser, protect biodiversity and improve peoples livelihoods. In 2010 we set a target to source all our raw materials sustainably. 62% of all agricultural raw materials were sustainably sourced in 2019, compared to 14% in 2010. For the 12 key ingred
40、ients that make up around two-thirds of our total volume of agricultural raw materials, 88% were sustainably sourced. Pushing for system change The radical changes needed can only be made through co-operation across borders and between boardroom tables. So were working closely with organisations suc
41、h as the Ellen MacArthur Foundation to push towards a circular economy. And were lending our voice to calls for connected approaches, such as the Nature Based Solutions Manifesto for natural solutions to climate change. We are all in this together, and we still have much to do. See page 22 for detai
42、ls on our progress against key USLP targets and pages 40 to 45 for more on how we manage risks and opportunities from climate change and plastic packaging. 100% grid electricity from renewables on 5 continents 19Unilever Annual Report and Accounts 2019 Customers With our many customers, from e-comme
43、rce marketplaces to family-owned stores, were pioneering new ways of selling to grow both our business and theirs. Stakeholder review continued The changing world of our customers We partner with 25 million retail sales outlets in our distribution chain in over 100 countries, with 60% in developing
44、and emerging markets. We work closely with our customers to grow both their sales and ours while spreading the positive impact of our purpose-led brands. This could mean collaborating on a new product launch or purpose campaign, or recommending the right range of products based on our consumer insig
45、hts. The retail world is changing fast. People no longer just shop in one place theyre using a variety of channels, both online and off, and expect a seamless experience throughout. In developing and emerging markets, were seeing a move towards e-commerce and convenience stores and in the developed
46、world, towards these as well as discount channels. So, its becoming even more important to adopt a successful multi-channel approach offering the right products at the right prices in the right places. Reinventing retail Were evolving how we sell to make sure we have the right presence in growing ch
47、annels such as health both supply chain optimisation projects to improve gross margin and organisational change projects to reduce overheads. Supply chain activities were concentrated in the manufacturing and logistics networks, particularly in Europe and the Americas. Change projects in the markets
48、 were focused on transforming the organisation to make it future-fit and digitally enabled, as well as reducing the overhead base in businesses impacted by the spreads disposal. Highlights for the year ended Beauty most were related to the ongoing restructuring programme. Operating Profit increased
49、by 355 million. Foods underlying volume growth; underlying price growth; non-underlying items; underlying earnings per share; underlying operating profit and underlying operating margin; underlying effective tax rate; constant underlying earnings per share; free cash flow; return on assets; net debt; and return on invested capital. 27Unilever Annual Report and Accounts 2019 Financial review continued Underlying sales growth Underlying Sales Growth (USG) refers to the increase in turnover for the period, excluding any chang