Performance highlights (unaudited)
Underlying performance GAAP measures
vs 2018 vs 2018

Full Year
Underlying sales growth (USG)(a) 2.9% Turnover €52.0bn 2.0%
Underlying operating margin(b) 19.1% 50bps Operating margin(b) 16.8% (800)bps
Underlying earnings per share(b) €2.55 8.1% Diluted earnings per share(b) €2.14 (38.4)%
Free cash flow(b) €6.1bn €0.7bn Net profit(b) €6.0bn (38.4)%
Fourth Quarter
USG(a)
1.5% Turnover €12.6bn 4.0%
Quarterly dividend payable in March 2020 €0.4104 per share
(a) Price growth in excess of 26% per year in hyperinflationary economies is not included in these amounts. See page 29 for more details.
(b) 2018 numbers have been restated following adoption of IFRS16. See note 1 and note 9 for more details.

Full year highlights
• Underlying sales growth of 2.9% with 1.2% volume and 1.6% price
• Underlying operating margin increased 50bps with 30bps from gross margin
• Turnover increased 2.0% with a positive impact from currency and a negative impact from the spreads disposal
• Operating margin and net profit decreased due to the €4.3 billion prior year gain from the spreads disposal
• Free cash flow up €0.7 billion to €6.1 billion, helped by higher underlying operating profit which grew by €0.5 billion
• Return on invested capital was 19.2%, up from 18.1% in the prior year
• Underlying earnings per share up 8.1% including a positive impact of 2.3% from currency

Alan Jope: Chief Executive Officer statement
“In 2019 we delivered underlying sales growth of 2.9%, balanced between price and volume, a further year of good margin and earnings progression, and strong free cash flow. We saw strong growth from emerging markets and our Home Care division. Overall growth was slightly below our guided range for the year due to the slowdown we saw in the fourth quarter.
We are now stepping up execution against our fundamental drivers of growth. These are to: increase penetration by
improving brand awareness and availability; implement a more impactful innovation programme; improve our
performance in faster growing channels; drive purpose into all our brands; and fuel growth through cost savings.
We are continuing to evaluate our portfolio and have initiated a strategic review of our global tea business.
In 2020, our underlying sales growth is expected to be in the lower half of the multi-year 3-5% range and will be second-half weighted. While we expect an improvement from the fourth quarter of 2019 into the first half of 2020, first half underlying sales growth will be below 3%. The impact of the coronavirus outbreak is unknown at this time. As we near the completion of our three-year strategic plan, we expect continued improvement in underlying operating margin and another year of strong free cash flow, remaining on track for our 2020 goals.”

FULL YEAR OPERATIONAL REVIEW: DIVISIONS
Fourth Quarter 2019 Full Year 2019
(unaudited)
Turnover USG* UVG UPG* Turnover USG* UVG UPG*
Change in underlying operating margin
€bn % % % €bn % % % bps
Unilever 12.6 1.5 1.1 0.4 52.0 2.9 1.2 1.6 50
Beauty & Personal Care 5.6 0.5 1.3 (0.8) 21.9 2.6 1.7 0.9 70
Home Care 2.7 3.7 3.0 0.7 10.8 6.1 2.9 3.1
7%1%
150
Foods & Refreshment 4.3 1.4 (0.5) 1.9 19.3 1.5 (0.2) 1.7 (20)
*Wherever referenced in this announcement, USG and UPG do not include price growth in excess of 26% per year in hyperinflationary economies. See pages 6 and 29.
Our markets: There has been a significant slowdown during 2019 in South Asia and we have seen some market softening in China. While parts of Latin America have been volatile, we have seen signs of improvement in Brazil.
South East Asian markets maintained good growth while developed markets, in particular Europe, remained challenging.
Unilever overall performance: Underlying sales grew 2.9% with 1.2% from volume and 1.6% from price. Growth was
led by a strong performance in Home Care. Emerging markets grew 5.3%, driven by performance in Asia/AMET/RUB, despite a slow end to the year in West Africa, South Asia and the Middle East. Latin America returned to growth while Africa declined. Developed markets declined with Europe lapping a very strong ice cream season from the previous year. In the fourth quarter, price growth decelerated, driven by price reductions in India, significantly lower inflation in
Turkey and increased promotional spend in Europe.
Turnover increased by 2.0% which included a positive 1.5% impact of currency related items and a negative net acquisitions and disposals impact of 2.3%, mainly driven by the disposal of spreads.
Underlying operating margin improved by 50bps to 19.1%. The improvement was driven by 30bps of gross margin, a result of our 5S savings programme and positive mix while overheads contributed 20bps. We continued our zerobased-budgeting and change programmes, which are ensuring we transform our organisation to be future-fit. Brand
and marketing investment as a percentage of turnover was flat and in constant currencies investment increased €70 million, excluding spreads, with increased spend in the second half. Constant underlying earnings per share increased 5.8% and underlying earnings per share increased 8.1%, including a positive impact of 2.3% from
currencies. We delivered free cash flow of €6.1 billion and improved our cash conversion.

Beauty & Personal Care
Beauty & Personal Care underlying sales grew 2.6%, with 1.7% from volume and 0.9% from price.
Deodorants delivered broad-based growth, supported by double digit growth from Dove. We saw good performance from our Rexona Clinical range, with patented anti-perspirant technology to better serve consumer needs, as well as
Dove’s zero aluminium range. Growth in skin cleansing was held back by price reductions as a result of lower commodity costs. Dove’s growth was supported by microbiome-friendly innovations. Growth was weak in hair care with high competitive intensity in the growth hotspot of the US. In China there was continued pressure from local players. In skin care, Pond’s and Vaseline continued to perform well, with on-trend innovations such as Pond’s Glow Up cream. We expanded into white space markets with our Simple brand, which is now in 30 markets, including Turkey and the Gulf region. Oral care grew slightly and natural variants such as charcoal, aloe and clove drove growth in Smile. Prestige brands continued to deliver double digit growth, with strong performances from brands such as Dermalogica, Hourglass and Living Proof. We added to our prestige portfolio by acquiring Garancia, a French dermacosmetic brand, and Tatcha, a modern skincare brand rooted in classical Kyoto rituals.
Underlying operating margin increased by 70bps reflecting lower overheads and brand and marketing efficiencies as a result of our zero-based-budgeting programme.

Home Care
Home Care underlying sales again grew strongly delivering 6.1%, with 2.9% from volume and 3.1% from price.
Home and hygiene performed well, benefiting from our cleaner choices products such as Cif surface sprays with natural cleaning ingredients. Hand dish wash saw continued growth momentum, with good performance from Sunlight with recycled packaging, as well as white space launches in Brazil under Brilhante and in China under Omo.
Format premiumisation, in particular liquids and capsules, continues to be a growth driver in fabric solutions. Laundry brand Seventh Generation, based on renewable plant-based ingredients, grew strongly. In fabric sensations, performance was supported by ongoing market development driven growth in India, where we also launched premium detergent brand Love & Care. In China we successfully launched Love Home & Planet.

Underlying operating margin increased by 150bps driven by gross margin improvements together with lower
overheads.
Foods & Refreshment
Foods and Refreshment underlying sales grew 1.5%, with volumes down 0.2% and pricing of 1.7%.
Ice cream grew, however volumes declined due to a strong comparator from a particularly good European summer in
the prior year. Growth was supported by plant based and ‘better for you’ offerings, including Magnum vegan and Ben
& Jerry’s lighter Moophoria variants. Tea saw price-led growth, however volumes declined due to subdued consumer
demand for black tea in developed markets. We continued to focus on the growing segments of premium black tea,
black tea in emerging markets and fruit and herbal variants, with our premium herbal brand Pukka performing well.
In dressings, Hellmann’s grew, with the US business returning to growth in the second half of the year. The
Hellmann’s vegan mayonnaise variant is now on shelves in over 20 countries while Sir Kensington’s premium ranges
of mayonnaise and salad dressings have now more than doubled in size since the acquisition. Price-led growth in
savoury was supported by Knorr’s portfolio in scratch cooking and the launch of snacking ranges which address the
convenience trend. Knorr launched the “Future 50 Foods” report in partnership with the WWF, highlighting the next
generation of plant-based foods that can boost nutritional value whilst reducing environmental impact. Newlyacquired brand The Vegetarian Butcher entered a partnership with Burger King® to offer the Rebel Whopper®
across 25 countries in Europe.
Underlying operating margin decreased by 20bps driven by a reduction in gross margin.

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