Full year highlights
· Turnover down (3.0)% to €49.8 billion with foreign exchange (5.9)% and net acquisitions & disposals (1.1)%
· Underlying sales growth 4.3% with volume 2.5% and price 1.8%
· Emerging markets underlying sales growth 8.7% with volume 4.8%
· Core operating margin up 40bps at 14.1% driven by gross margin up 110bps
· Advertising and promotions up 50bps an increase of around €460 million at constant currency
· Free cash flow of €3.9 billion; core earnings per share up 3% to €1.58
Fourth quarter highlights
· Underlying sales growth 4.1% with volume 2.7% and price 1.4%
· Emerging markets underlying sales growth 8.4% with volume 5.3%
Paul Polman: Chief Executive Officer statement
“2013 provides further evidence of the progress we are making in transforming Unilever into a sustainable growth
company. We have delivered another year of consistent underlying sales growth and margin expansion coupled with
strong cash flow. This has been achieved despite significant economic headwinds and highly competitive markets and
reflects the benefits of strong margin accretive innovations and active cost management.
Looking forward, we anticipate ongoing volatility in the external environment and are positioning Unilever accordingly.
Although the investments we have made over the last five years ensure that we are well placed, we are determined to
make Unilever even more agile and to fund further growth opportunities by driving out complexity and cost.
Once again, we remain focused on delivering profitable volume growth ahead of our markets, steady and sustainable
core operating margin improvement and strong cash flow.”

Our markets: Growth continued to slow in emerging markets as a result of the impact of economic uncertainty and
currency depreciation on consumer demand. Developed markets remained weak with little sign of any overall
improvement despite the more positive macro-economic indicators in recent months.
Unilever overall performance: We delivered another quarter of growth ahead of our markets. Our business in
emerging markets grew 8.4% driven by underlying volume growth of 5.3%. In developed markets we declined (1.7)%
and within this both Personal Care and Home Care reported growth.
For the full year gross margin increased 110bps to 41.2% at constant exchange rates. This reflected the impact of
margin accretive innovation, disposal of low gross margin businesses and disciplined savings programmes.
Advertising and promotions expenditure was up 50 bps, an increase of around €460m, as we invested to build our
brands for the long term. Overheads increased by 20bps primarily due to favourable one-off items in the prior year.
Core operating margin was up 40bps at 14.1%.
Personal Care
Hair care growth in the quarter was underpinned by strong performances from our global brands Dove, TRESemmé,
Sunsilk and Clear. TRESemmé benefited from launches into countries such as India and Indonesia as well as the
success of the Keratin Smooth product range. Dove Repair Expertise is now in more than 50 markets, Toni&Guy was
launched into the United States and Lux hair was relaunched in Japan and China with good initial results.
Skin cleansing growth highlights included Dove Nutrium Moisture shower gels, including the Purely Pampering
range, Lifebuoy Clini-Care10 coupled with handwashing market development activities and the launch of Lux Fine
Fragrance body wash. In skin care Vaseline Spray and Go continued to grow strongly and Dove was driven by the Dove
Men+Care face range and the new Dove facial cleansing range with DEFI technology launched in Japan. Pond’s BB+
cream made good progress whilst the Pond’s Men range in Indonesia and Thailand is leading the development of the
male segment of the market.
Deodorants grew ahead of our markets supported by the success of the Rexona Do:More campaign and the
MotionSense technology now available in both male and female versions. Axe Apollo established itself as a very
successful variant and compressed deodorants have driven growth ahead of the market whilst delivering significant
environmental benefits. Oral care saw the continuation of the successful Brush Day and Night campaign, which is now
in 15 countries, and successful innovations such as Pepsodent Germicheck+ and Zhong Hua Porcelain White.
Full year core operating margin was up 80bps entirely driven by higher gross margin.
Foods
Although spreads sales were down in the quarter, we have seen an improvement in performance throughout the year.
We saw a positive response to the Rama with Butter in Germany, Bertolli melange in Belgium, the relaunch of Flora
in the UK and the Simply Delicious clean label variants of Country Crock and I can’t believe it’s not Butter in the
United States. Nevertheless, spreads sales overall were down due to declining margarine markets. Dressings grew
on the back of market development activities.
Savoury growth was driven by cooking products with Knorr jelly bouillon steadily building penetration and baking bags
doing particularly well in Latin America with a range of new flavour variants being extended to Mexico in the quarter. A
new vitamin-A enhanced bouillon was launched in Vietnam and the successful What’s for Dinner? market
development campaign was rolled out to Belgium and the Netherlands and has now been deployed in seven markets.
The performance of soups and sauces in developed markets was weak.
Full year core operating margin was up 20bps supported by increased gross margin partially offset by higher
advertising and promotions.

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