Blueprint
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF
FOREIGN ISSUER
Pursuant
to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the
month of April, 2017
UNILEVER
N.V.
(Translation
of registrant's name into English)
WEENA 455, 3013 AL, P.O. BOX 760, 3000 DK, ROTTERDAM, THE
NETHERLANDS
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports
under
cover Form 20-F or Form 40-F.
Form
20-F..X.. Form 40-F
Indicate
by check mark if the registrant is submitting the Form 6-K in
paper
as
permitted by Regulation S-T Rule 101(b)(1):_____
Indicate
by check mark if the registrant is submitting the Form 6-K in
paper
as
permitted by Regulation S-T Rule 101(b)(7):_____
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes
No ..X..
If
"Yes" is marked, indicate below the file number assigned to the
registrant
in
connection with Rule 12g3-2(b): 82- ________
Exhibit
99 attached hereto is incorporated herein by
reference.
Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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UNILEVER
N.V.
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/S/
T.E. LOVELL
By T.E.
LOVELL
SECRETARY
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Date:
20 April 2017
EXHIBIT INDEX
------------------------
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EXHIBIT
NUMBER
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EXHIBIT
DESCRIPTION
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99
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Notice
to Euronext, Amsterdam dated 20 April 2017
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|
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Unilever
Review
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Exhibit
99
UNILEVER TRADING STATEMENT FIRST QUARTER 2017
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A
SOLID START, ON TRACK FOR 3 – 5% UNDERLYING SALES GROWTH IN
2017
|
First
quarter highlights
●
Turnover increased 6.1% to
€13.3 billion including a
positive currency impact of 2.4%
●
Underlying sales growth
2.9% with price up 3.0% and
volume down (0.1)%, USG was 3.4% excluding
spreads
●
Emerging markets underlying
sales growth 6.1% with price up
5.3% and volume up 0.8%
●
Quarterly dividend raised 12%
to €0.3585 per
share
Paul Polman: Chief Executive Officer statement
“The first quarter shows growth once more ahead of our
markets. This reflects our continued investment in both innovations
and brand support, and reconfirms the strength of our long term
sustainable compounding growth model.
The change programme ‘Connected for Growth’ which we
started implementing in the autumn last year is starting to bear
fruit and is making Unilever more agile and closer to the local
markets, unlocking both further growth and margin.
The
actions we are taking keep us on track for another year of
underlying sales growth ahead of our markets, in the 3 – 5%
range. We also expect an improvement in underlying operating margin
this year of at least 80 basis points and strong cash flow. We are
raising the dividend by 12%, reflecting the confidence in our
outlook.”
20
April 2017
FIRST QUARTER OPERATIONAL REVIEW: CATEGORIES
|
|
First
Quarter 2017
|
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
|
|
€bn
|
%
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%
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%
|
|
Unilever total
|
13.3
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2.9
|
(0.1)
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3.0
|
|
Personal
Care
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5.1
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3.1
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0.3
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2.8
|
|
Home
Care
|
2.7
|
4.1
|
1.4
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2.6
|
|
Home
Care and Personal Care
|
7.8
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3.4
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0.7
|
2.7
|
|
Foods
|
3.2
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-
|
(2.1)
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2.2
|
|
Refreshment
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2.3
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5.4
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0.4
|
5.0
|
|
Foods
and Refreshment
|
5.5
|
2.2
|
(1.1)
|
3.4
|
As part of our strategic review we announced on 6 April 2017 our
intention to either sell or demerge our spreads business. As
spreads is not a standalone category we have not historically
reported discrete spreads figures. The table below provides
supplementary information on our first quarter 2017 performance
excluding sales related to spreads.
|
|
First
Quarter 2017
|
|
Supplementary
information (unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
|
|
€bn
|
%
|
%
|
%
|
|
Unilever
total excluding spreads
|
12.6
|
3.4
|
0.3
|
3.1
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|
Foods
and Refreshment excluding spreads
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4.7
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3.5
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(0.3)
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3.8
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Foods
excluding spreads
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2.4
|
1.7
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(1.0)
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2.7
|
Our markets: Market conditions
remained challenging. In the markets in which we operate growth was
around 2% with negative volumes. Growth in India recovered from the
uncertainty experienced due to the removal of the Rs.500 and
Rs.1,000 notes in November 2016, while Brazil continued to be
adversely impacted by the economic crisis. Markets in Europe and
North America declined in the first quarter.
Unilever overall performance: Underlying sales grew 2.9% against a strong
comparator last year that included the benefits of a leap year.
Refreshment, Home Care and Personal Care grew ahead of our markets,
while sales in Foods, impacted by the later Easter this year, were
flat. Turnover grew by 6.1% to €13.3 billion, which included
a positive currency impact of 2.4% and 0.7% from acquisitions net
of disposals. Excluding our spreads business, which we have
announced our intention to exit, underlying sales growth was 3.4%
with volumes up 0.3%.
Personal Care
Personal Care continued to grow the core while expanding in
high-growth segments and building in premium positions. Oral care
had a good start to the year, supported by innovations such as the
new Signal White Now Care Correction range with blue light
technology in France. In skin, Baby Dove was introduced to the United States and the United
Kingdom and is now present in 14 markets, while the new
Lifebuoy
with Activ Silver formula for enhanced
germ-protection was rolled out across Asia. Continued growth in
deodorants was driven by new variants of dry sprays in North
America and Dove deodorants with improved formulation, making them
our most skin-friendly antiperspirant. In hair, growth was driven
by Sunsilk, helped by variants that meet the needs of Muslim
consumers and the expansion into natural propositions that has
driven increased penetration among millennials. Our prestige
business continued to perform in line with our
plans.
Home Care
Home Care delivered good growth despite a strong comparator,
enabled by continued market development and benefit-led innovations
that address emerging needs, including the growing trend towards
natural products. In laundry, growth was driven by strong
performances of the fabric conditioner Comfort in our Asian markets and the value brand
Brilhante
in Latin America that caters to
hard-pressed consumers. The roll-out of Surf into Central and Eastern Europe continued to
perform well. Household care remained a strong growth contributor
to Home Care, driven by the successful roll-out of
Domestos
toilet blocks, which have now reached
25 countries. Our acquisitions have landed well. The air
purification brand Blue Air grew strongly in China, while Seventh
Generation, the natural
proposition, was introduced to the United
Kingdom.
Foods
Foods continued to modernise the portfolio while building its
presence in emerging markets. However, underlying sales were flat
in the quarter as the category was particularly impacted by the
later Easter. Excluding spreads, underlying sales grew by 1.7%. A
good performance in savoury was led by cooking products in emerging
markets, driven by our biggest brand Knorr responding to key needs such as nutrition
deficiency or the increasing demand for time-saving meal makers.
Dressings continued to gain market share led by Hellmann’s
innovations that highlight the
naturalness of the ingredients but sales were virtually flat
against a strong comparator. Sales in spreads declined by 5.1% as a
result of the market contraction in developed countries which was
only partially offset by growth in emerging
markets.
Refreshment
Growth in ice cream was helped by strong innovations behind our
premium brands. These included the new Magnum pints that deliver the ultimate chocolate and ice
cream experience in a tub, as well as the coconut and raspberry
variants. Ben & Jerry’s
grew at double-digit rates, helped by
strong performances of the ‘Wich sandwich and the new pint
range ‘Topped’ that takes ice cream indulgence to a new
level. We have extended our less than 50 calories offering
under Solero and launched vegan and gluten-free variants
under Cornetto. In leaf tea, growth improved further as we are
increasingly seeing the benefits of our innovations in specialty
and premium tea segments. Lipton is successfully extending its presence in the
faster-growing green and matcha segments, while Brooke Bond and T2 had another quarter of strong
growth.
FIRST QUARTER OPERATIONAL REVIEW: GEOGRAPHICAL AREA
|
(unaudited)
|
First
Quarter 2017
|
|
Turnover
|
USG
|
UVG
|
UPG
|
|
|
€bn
|
%
|
%
|
%
|
|
Unilever Total
|
13.3
|
2.9
|
(0.1)
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3.0
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Asia/AMET/RUB
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5.9
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6.9
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2.2
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4.6
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The
Americas
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4.4
|
1.2
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(2.1)
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3.4
|
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Europe
|
3.0
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(2.0)
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(1.5)
|
(0.5)
|
|
(unaudited)
|
First
Quarter 2017
|
|
Turnover
|
USG
|
UVG
|
UPG
|
|
|
€bn
|
%
|
%
|
%
|
|
Developed
markets
|
5.4
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(1.5)
|
(1.2)
|
(0.3)
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Emerging
markets
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7.9
|
6.1
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0.8
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5.3
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North
America
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2.3
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(0.9)
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(1.1)
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0.2
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Latin
America
|
2.1
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3.5
|
(3.3)
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7.1
|
As part of our strategic review we announced on 6 April 2017 our
intention to either sell or demerge our spreads business. As
spreads is not a standalone category we have not historically
reported discrete spreads figures. The table below provides
supplementary information on our first quarter 2017 performance
excluding sales related to spreads.
|
|
First
Quarter 2017
|
|
Supplementary
information (unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
|
|
€bn
|
%
|
%
|
%
|
|
Developed
markets excluding spreads
|
4.9
|
(0.7)
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(0.2)
|
(0.5)
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Europe
excluding spreads
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2.6
|
(1.0)
|
(0.3)
|
(0.7)
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North
America excluding spreads
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2.1
|
(0.1)
|
0.2
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(0.3)
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Asia/AMET/RUB
Underlying sales growth improved to 6.9% as pricing has
progressively increased over the past four quarters in response to
rising commodity costs, particularly in Asia. Turkey delivered
double-digit growth, helped by improved volumes across all
categories, while growth in Africa and Russia was entirely driven
by price as a result of substantial currency devaluations.
Australia had a good start to the year while sales in China were
modestly higher with rapid growth in e-commerce partially offset by
declines in other channels.
The Americas
Latin America grew by 3.5% with volumes in decline and much lower
price growth than last year. We saw double-digit growth across most
of Latin America as our businesses demonstrated resilience by
launching new pack sizes quickly and creating demand through market
development. However sales declined in our largest market Brazil,
as consumers continued to react to the impact of the harsh economic
environment and increasingly switched to value brands. Underlying
sales declined in North America as market growth contracted in the
quarter. Deodorants, skin cleansing and ice cream showed good
growth momentum, while sales were lower in spreads and dressings as
continued share gains were insufficient to offset the market
declines in the quarter.
Europe
In Europe consumer demand remained weak and the retail environment
challenging. Promotional intensity was high leading to price
deflation in many countries apart from the United Kingdom where we
have taken price increases to recover the additional costs from the
Sterling devaluation. The margarine market contraction continued to
weigh on the overall growth, especially in the United Kingdom and
Germany. It has been an encouraging start to the year in Central
and Eastern Europe, following on from the good growth in the prior
years.COMPETITION
INVESTIGATIONS
COMPETITION INVESTIGATIONS
As
previously disclosed, along with other consumer products companies
and retail customers, Unilever is involved in a number of ongoing
investigations by national competition authorities. These
proceedings and investigations are at various stages and concern a
variety of product markets. Where appropriate, provisions are made
and contingent liabilities disclosed in relation to such
matters.
Ongoing
compliance with competition laws is of key importance to Unilever.
It is Unilever’s policy to co-operate fully with competition
authorities whenever questions or issues arise. In addition the
Group continues to reinforce and enhance its internal competition
law training and compliance programme on an ongoing
basis.
BRAZIL TAX LITIGATION
In common with many other businesses operating in Brazil, Unilever
has a number of open legal proceedings related to indirect taxes.
In Q4 2016, we noted that there had been an adverse court judgment
in respect of a Brazilian PIS and COFINS indirect tax case, which
we had included in our contingent liabilities, and that we were
likely to make a judicial deposit equating to the potential amount
owing during 2017. In Q1 2017, the Brazilian Supreme Court ruled in
favour of the taxpayer in the leading case on this matter and we
now expect this ruling to be applied to our case. As a result, it
would no longer be necessary to make a judicial deposit. Since this
matter was considered to be a contingent liability, there is no
impact on profit as a result of this development.
DIVIDENDS AND SHARE BUY BACKS
The
Boards have determined to pay a quarterly interim dividend for
Q1 2017 at the following rates
which are equivalent in value between the two companies at the rate
of exchange applied under the terms of the Equalisation
Agreement:
|
Per
Unilever N.V. ordinary share:
|
|
€
0.3585
|
|
Per
Unilever PLC ordinary share:
|
|
£
0.3021
|
|
Per
Unilever N.V. New York share:
|
|
US$
0.3828
|
|
Per
Unilever PLC American Depositary Receipt
|
|
US$
0.3828
|
The
quarterly interim dividends have been determined in euros and
converted into equivalent sterling and US dollar amounts using
exchange rates issued by WM/Reuters on 18 April 2017.
US
dollar cheques for the quarterly interim dividend will be mailed on
7 June 2017 to holders of record at the close of business on 5 May
2017. In the case of the NV New York shares, Netherlands
withholding tax will be deducted.
The
quarterly dividend calendar for the remainder of 2017 will be as
follows:
|
|
Announcement
Date
|
NV NY
and PLC ADR ex-Dividend Date
|
NV and
PLC ex-Dividend Date
|
Record
Date
|
Payment
Date
|
|
Quarterly
dividend – for Q1 2017
|
20
April 2017
|
3 May
2017
|
4 May
2017
|
5 May
2017
|
7 June
2017
|
|
Quarterly
dividend – for Q2 2017
|
20 July
2017
|
2
August 2017
|
3
August 2017
|
4
August 2017
|
6
September 2017
|
|
Quarterly
dividend – for Q3 2017
|
19
October 2017
|
1
November 2017
|
2
November 2017
|
3
November 2017
|
13
December 2017
|
As
announced on 6 April 2017, a share buy-back programme of €5
billion will be launched over the remainder of this
year.
SEGMENT INFORMATION - CATEGORIES
(unaudited)
|
First Quarter
|
Personal
Care
|
Home
Care
|
Home
Care and Personal Care
|
Foods
|
Refresh-
ment
|
Foods
and Refresh- ment
|
Total
|
|
Turnover (€
million)
|
|
|
|
|
|
|
|
|
2016
|
4,795
|
2,449
|
7,244
|
3,096
|
2,208
|
5,304
|
12,548
|
|
2017
|
5,141
|
2,710
|
7,851
|
3,149
|
2,319
|
5,468
|
13,319
|
|
Change (%)
|
7.2
|
10.7
|
8.4
|
1.7
|
5.0
|
3.1
|
6.1
|
|
Impact of:
|
|
|
|
|
|
|
|
|
Exchange
rates (%)
|
3.1
|
3.8
|
3.3
|
2.1
|
(0.3)
|
1.1
|
2.4
|
|
Acquisitions
(%)
|
1.1
|
2.8
|
1.7
|
-
|
-
|
-
|
1.0
|
|
Disposals
(%)
|
(0.2)
|
(0.3)
|
(0.2)
|
(0.3)
|
(0.1)
|
(0.2)
|
(0.2)
|
|
|
|
|
|
|
|
|
|
|
Underlying sales growth (%)
|
3.1
|
4.1
|
3.4
|
-
|
5.4
|
2.2
|
2.9
|
|
Price
(%)
|
2.8
|
2.6
|
2.7
|
2.2
|
5.0
|
3.4
|
3.0
|
|
Volume
(%)
|
0.3
|
1.4
|
0.7
|
(2.1)
|
0.4
|
(1.1)
|
(0.1)
|
SEGMENT INFORMATION – GEOGRAPHICAL AREA
(unaudited)
|
First Quarter
|
Asia
/
AMET
/
RUB
|
The
Americas
|
Europe
|
Total
|
| |
| |
|
Turnover (€
million)
|
|
|
|
|
|
|
2016
|
|
5,464
|
3,976
|
3,108
|
12,548
|
|
2017
|
|
5,921
|
4,370
|
3,028
|
13,319
|
|
Change (%)
|
|
8.4
|
9.9
|
(2.6)
|
6.1
|
|
Impact of:
|
|
|
|
|
|
|
Exchange
rates (%)
|
|
1.6
|
7.0
|
(2.2)
|
2.4
|
|
Acquisitions
(%)
|
|
-
|
1.8
|
1.6
|
1.0
|
|
Disposals
(%)
|
|
(0.3)
|
(0.2)
|
-
|
(0.2)
|
|
|
|
|
|
|
|
|
Underlying sales growth (%)
|
|
6.9
|
1.2
|
(2.0)
|
2.9
|
|
Price
(%)
|
|
4.6
|
3.4
|
(0.5)
|
3.0
|
|
Volume
(%)
|
|
2.2
|
(2.1)
|
(1.5)
|
(0.1)
|
NON-GAAP MEASURES
In our
financial reporting we use certain measures that are not defined by
generally accepted accounting principles (GAAP) such as IFRS. We
believe this information, along with comparable GAAP measurements,
is useful to investors because it provides a basis for measuring
our operating performance, and our ability to retire debt and
invest in new business opportunities. Our management uses these
financial measures, along with the most directly comparable GAAP
financial measures, in evaluating our operating performance and
value creation. Non-GAAP financial measures should not be
considered in isolation from, or as a substitute for, financial
information presented in compliance with GAAP. Wherever appropriate
and practical, we provide reconciliations to relevant GAAP
measures. The non-GAAP measures used in this announcement are
underlying sales growth, underlying volume growth and underlying
price growth. The reconciliation of these measures to changes in
the GAAP measure turnover is provided on page 5. Please refer to
page 26 and 27 of the Unilever Annual Report and Accounts 2016 for
definitions of non-GAAP measures and explanations of their
relevance.
CAUTIONARY 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,
including statements related to underlying sales growth and
underlying operating margin. Words such as ‘will’,
‘aim’, ‘expects’,
‘anticipates’, ‘intends’,
‘looks’, ‘believes’, ‘vision’,
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
Unilever Group (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. Among other risks and uncertainties,
the material or principal factors which could cause actual results
to differ materially are: Unilever's global brands not meeting
consumer preferences; Unilever's ability to innovate and remain
competitive; Unilever's investment choices in its portfolio
management; inability to find sustainable solutions to support
long-term growth; customer relationships; the recruitment and
retention of talented employees; disruptions in our supply chain;
the cost of raw materials and commodities; the production of safe
and high quality products; secure and reliable IT infrastructure;
successful execution of acquisitions, divestitures and business
transformation projects; economic and political risks and natural
disasters; the effect of climate change on Unilever's business;
financial risks; failure to meet high and ethical standards; and
managing regulatory, tax and legal matters. These forward-looking
statements speak only as of the date of this announcement. 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. 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 in the Annual Report on Form 20-F 2016 and the Unilever
Annual Report and Accounts 2016.
ENQUIRIES
|
|
|
|
|
Media: Media Relations Team
|
|
Investors: Investor Relations
Team
|
|
UK
|
+44 79
1727 1819
|
treeva.fenwick@unilever.com
|
|
+44 20
7822 6830
|
investor.relations@unilever.com
|
|
or
|
+44 78
2504 9151
|
louise.phillips@unilever.com
|
|
|
|
|
NL
|
+31 10
217 4844
|
els-de.bruin@unilever.com
|
|
|
|
|
or
|
+32 494
60 4906
|
freek.bracke@unilever.com
|
|
|
|
There
will be a web cast of the results presentation available
at:
www.unilever.com/ourcompany/investorcentre/results/quarterlyresults/default.asp