1) Unilever reported strong top line growth in Q2 2010, with underlying sales growth of 5.7% despite a 2% decline in pricing. Volume growth was broad-based across brands, categories, and regions.
2) Unilever continues to invest heavily in brands and innovation, with the highest ever innovation rate in H1 2010. They are also expanding brands into new markets.
3) Underlying operating margin improved slightly in H1 2010, and free cash flow was strong.
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Unilever Q2 2010 results
1. Q2 2010 Results 5th August 2010 Paul Polman (CEO) – Jean-Marc Huët (CFO) James Allison (Head of IR & M&A)
2. Safe Harbour 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 ‘expects’, ‘anticipates’, ‘intends’, ‘believes’ 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 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, including, among others, competitive pricing and activities, economic slowdown, industry consolidation, access to credit markets, recruitment levels, reputational risks, commodity prices, continued availability of raw materials, prioritisation of projects, consumption levels, costs, the ability to maintain and manage key customer relationships and supply chain sources, consumer demands, currency values, interest rates, the ability to integrate acquisitions and complete planned divestitures, the ability to complete planned restructuring activities, physical risks, environmental risks, the ability to manage regulatory, tax and legal matters and resolve pending matters within current estimates, legislative, fiscal and regulatory developments, political, economic and social conditions in the geographic markets where the Group operates and new or changed priorities of the Boards. 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 the 20-F Report and the Annual Report and Accounts 2009. These forward-looking statements speak only as of the date of this document. 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.
15. Volume Growth is Broad Based Top Brands 12 / 13 Categories 11 / 11 MCOs 18 / 22
16. Q2 10: Volume Growth by Region Americas Emerging Markets Asia/AMET/CEE Western Europe
17. Q2 10: Strong Volume Shares 12-week volume share change vs. prior year bps change
18. Winning Where Markets are Toughest Market Value Share Difference Turkey Home Care Indonesia Personal Care Brazil Home Care 10% 13% 42% 45% 52% 53% Continued strengthening of our share positions
19. China: Narrowing the Gap to Market Leaders Market Value Share Difference China Savoury China Home Care China Personal Care 20% 16% 24% 22% 11% 4%
20. Q2 10: A&P Continued Investment A&P change (bps) Full year A&P will be up We will lap high comparators during Q3 and Q4 2010
25. Third Consecutive Quarter of Negative Trading Working Capital MAT Average WC % T/over Closing WC % T/over Q1 ‘09 Q2 ‘09 Q3 ‘09 Q4 ‘09 Q1 ‘10 Q2 ‘10
26. H1 10: Free Cash Flow Free Cash Flow = Net Cash Flow from Operating Activities – Net Interest – Net Capex
27. Balance Sheet Net debt at €7.6bn, up from €6.4bn at end 2009 €1.4bn adverse effect of exchange rates Pension deficit €4.0bn, from €2.6bn €1bn from lower corporate double A bond rates Cash contributions to pensions in the first half of around €350m Quarterly dividend of €0.208 per NV share
29. Strategic Framework Winning with brands and innovation Winning in the marketplace Winning with people The Compass Winning through continuous improvement
33. Winning with Brands and InnovationInnovating Category Wide: Hair TIGI “Sleek Mystique” US SunsilkRelaunch Dove Damage Expert
34. Winning with Brands and InnovationInnovation in Action - Nigeria ORAL CARE HOME CARE SAVOURY
35. Winning with Brands and InnovationQ2 10: Brands Into New Markets Sure India Lifebuoy Brazil / Bolivia / Peru / Australia
36. Winning with Brands and InnovationQ2 10: Brands Into New Markets Walls Fruttare Thailand / Malaysia / Singapore TIGI India / Brazil
37. Winning with Brands and InnovationQ2 10: Brands Into New Markets Pepsodent Philippines CIF Vietnam
38. Winning with Brands and InnovationWhite Spaces: a Growth Opportunity Key Countries
39. Reshaping the Portfolio Sara Lee completion expected in Q4’10 Disposal of Findus Italy announced Disposal of Palm Oil Plantation in Ghana Brunch brand disposal completed Du Darfst licensing under way
40. Winning in the Marketplace Customer Insight and Innovation Centre Paris Now Open. Roll-out will Continue On-Shelf Availability Continues to Improve London Leatherhead - LIVE Englewood Cliffs - LIVE Paris – LIVE +290 bps Shanghai – 2010 Singapore – 2010 Sao Paolo – 2010
41. Winning with People Organisation and Culture More agile organisation Key new roles in place Supply Chain Officer Customer Officer Marketing Officer Building capability Enterprise Support New reward system in place
46. H1 10: Free Cash Flow Net Cash Flow from Operating Activities €2.2bn €3.1bn €0.5bn €0.6bn €0.5bn €0.2bn €0.1bn €0.8bn €1.3bn €0.2bn Free Cash Flow = Net Cash Flow from Operating Activities – Net Interest – Net Capex
Notes de l'éditeur
MCO’s not growing:DACH, Italy, Nordic, Spain, Greece, CEE, Top brands not growingHealth Heart
Sure India – Deo category email / India Monthly LetterLifebuoy Brazil – SCL Category email / Brazil Monthly LetterLifebuoy Australia – GNPD database / Brazil Monthly Letter and Southern Cone
B&J CZ – Email category
Axe Poland – confirmed by Skin Cleansing category email 25 06 10Axe Malaysia – JMH spreadsheetCIF Vietnam – HHC activity plan and OTIF report MayCIF Indonesia – HHC activity plan and OTIF report May