SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 20-F

(Mark one)

o		REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

ý		ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

o		SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to ________

UNILEVER N.V.

(Exact name of Registrant as specified in its charter)

The Netherlands
(Jurisdiction of incorporation or organization)

Weena 455, 3013 AL, Rotterdam, The Netherlands
(Address of principal executive offices)

T.E. Lovell, Group Secretary
Tel: +44(0)2078225252, Fax: +44(0)2078226108
Unilever House, 100 Victoria Embankment, London EC4Y 0DY UK
(Name, telephone number, facsimile number and address of Company Contact)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class		Name of each exchange on which registered
N.V. New York registry shares each representing one ordinary share of nominal amount of €0.16 each		New York Stock Exchange

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

The total number of outstanding shares of the issuer’s capital stock at the close of the period covered by the annual report was: 1,714,727,700 ordinary shares

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act:

Yes ý     No o

     If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934:

Yes o     No ý

     Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ý     No o

     Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.

Large Accelerated filer ý     Accelerated filer o     Non-accelerated filer o

     Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP o		International Financial Reporting Standards		Other o
		as issued by the International Accounting
		Standards Board ý

If ‘Other’ has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 o     Item 18 o

     If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):

Yes o     No ý

 

 

Cautionary statement

This document 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 Group’s Annual Report on Form 20-F for the year ended 31 December 2010 and the Annual Report and Accounts 2010. 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.

References set forth below are to certain references that include pages incorporated therein, including any page references incorporated in the incorporated material, unless specifically noted otherwise.

The following pages and sections of the Group’s Annual Report and Accounts 2010, regardless of their inclusion in any cross-reference below, are hereby specifically excluded and are not incorporated by reference into this report on Form 20-F:

•    Page 1,
•    “Operational highlights” on page 2;
•    pages 4 to 7;
•    pages 10 and 11;
•    pages 14 and 15;
•    “The best return on brand and customer investment” on page 17;
•    pages 20 and 21;
•    “Principal risk factors” on pages 33 to 37;
•    pages 58 to 60;
•    pages 70 and 71; and
•    “Additional statutory disclosures” on page 67 and pages 128 to 138.

This 20-F Report and the Group’s Annual Report and Accounts 2010 (furnished separately on 4 March 2011 under Form 6-K) contain 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, 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. Non-GAAP financial measures as reported by us may not be comparable with similarly titled amounts reported by other companies.

We report on the following Non-GAAP measures:

•		Underlying sales growth;
•		Underlying volume growth;
•		Underlying operating margin (including explanation of restructuring, business disposals, impairments and other one-off items (RDIs));
•		Free cash flow; and
•		Net debt.

The information set forth under the heading “Financial Review 2010 – Non-GAAP measures” on pages 31 to 32 of the Group’s Annual Report and Accounts 2010 furnished separately on 4 March 2011 under Form 6-K is incorporated by reference. Within these pages further information about the above measures can be found.

Unilever N.V. (NV) is a public limited company registered in the Netherlands, which has listings of shares and depositary receipts for shares on Euronext Amsterdam and of New York Registry Shares on the New York Stock Exchange. Unilever PLC (PLC) is a public limited company registered in England and Wales which has shares listed on the London Stock Exchange and, as American Depositary Receipts, on the New York Stock Exchange.

The two parent companies, NV and PLC, together with their Group companies, operate as a single economic entity (the Unilever Group, also referred to as “Unilever” or “the Group”). NV and PLC and their Group companies constitute a single reporting entity for the purposes of presenting consolidated accounts. Accordingly, the accounts of the Unilever Group are presented by both NV and PLC as their respective consolidated accounts.

This document contains references to our website. Information on our website or any other website referenced in this document is not incorporated into this document and should not be considered part of this document. We have included any website as an inactive textual reference only.

Not applicable.

Not applicable.

The information set forth under the heading “Unilever Group – Financial record” on pages 124 and 125 of the Group’s Annual Report and Accounts 2010 furnished separately on 4 March 2011 under Form 6-K is incorporated by reference.

Dividends

The information set forth under the headings “Dividend record” on page 125 and “Financial calendar” on page 141 of the Group’s Annual Report and Accounts 2010 furnished separately on 4 March 2011 under Form 6-K is incorporated by reference.

Exchange rates

Unilever reports its financial results and balance sheet position in euros. Other currencies which may significantly impact our financial statements are sterling and US dollars. Average and year end exchange rates for these two currencies for the last five years are given below.

						2010				2009				2008				2007				2006
Year end
€1 = US $							1.337				1.433				1.417				1.471				1.317
€1 = £							0.862				0.888				0.977				0.734				0.671
Average
€1 = US $							1.326				1.388				1.468				1.364				1.254
€1 = £							0.858				0.891				0.788				0.682				0.682
On 28 February 2011 the exchange rates between euros and US dollars and between euros and sterling as published in the Financial Times in London were as follows: €1.00 = US $1.375 and €1.00 = £0.855.
Noon Buying Rates in New York for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York were as follows:
						2010				2009				2008				2007				2006
Year end
€1 = US $							1.327				1.433				1.392				1.460				1.320
Average
€1 = US $							1.326				1.394				1.473				1.371				1.256
High
€1 = US $							1.454				1.510				1.601				1.486				1.333
Low
€1 = US $							1.196				1.255				1.245				1.290				1.186
High and low exchange rate values for each of the last six months:
		September				October				November				December				January				February(a)
		2010				2010				2010				2010				2011				2011
High
€1 = US $			1.364				1.407				1.422				1.340				1.372			1.379
Low
€1 = US $			1.271				1.369				1.304				1.309				1.294			1.347

(a) Through 25 February 2011

The information set forth under the heading “Note 22 Share capital” on page 113 of the Group’s Annual Report and Accounts 2010 furnished separately on 4 March 2011 under Form 6-K is incorporated by reference.

Not applicable.

Not applicable.

The information set forth under the heading “Note 15 Financial instruments and treasury risk management” on pages 98 to 104 of the Group’s Annual Report and Accounts 2010 furnished separately on 4 March 2011 under Form 6-K is incorporated by reference.

Risks and uncertainties that could cause actual results to vary from those described in this document, or that could impact on our future performance or our ability to meet our published targets, are identified below. This list is not intended to be exhaustive and there may be other risks and uncertainties that are not mentioned below that could impact our future performance or our ability to meet published targets. The risks and uncertainties discussed below should be read in conjunction with the Group’s consolidated financial statements and related notes and the portions of the Report of the Directors that are incorporated by reference from the Group’s Annual Report and Accounts 2010 (furnished separately on 4 March 2011 on Form 6-K) and other information included in or incorporated by reference in this Report on Form 20-F.

Principal risk		Description of risk
Economic
Economic slowdown could adversely impact the markets in which we operate by reducing the ability of consumers to buy our products. If we are unable to respond to changing consumer demand our cashflow, turnover, profits, profit margins and the carrying value of our brands could be adversely affected.		Unilever’s business is dependent on continuing consumer demand for our brands. Reduced consumer wealth driven by adverse economic conditions may result in our consumers becoming unwilling or unable to purchase our products, which could adversely affect our cash flow, turnover, profits and profit margins. In addition we have a large number of global brands, some of which have a significant carrying value as intangible assets: adverse economic conditions may reduce the value of those brands which could require us to impair their balance sheet value. During economic downturns access to credit could be constrained. This could impact the viability of our suppliers and customers and could temporarily inhibit the flow of day-to-day cash transactions with suppliers and customers via the banks. Adverse economic conditions may affect one or more countries within a region, or may extend globally. The impact on our overall portfolio will depend on the severity of the economic slowdown, the mix of countries affected and any government response to reduce the impact such as fiscal stimulus, changes to taxation and measures to minimise unemployment.
Markets
Unilever operates globally in competitive markets where the activities of competitors may adversely impact our market shares and therefore place our cash flow, turnover, profits and/or profit margins under pressure. Further, we derive significant revenues from Developing & Emerging (D&E) markets which are typically more volatile than developed markets. Social, political and/or economic developments could adversely impact our business.		Unilever operates globally in competitive markets where the activities of other multinational companies, local and regional companies and customers which have a significant private label business may adversely affect our market shares, cash flow, turnover, profits and/or profit margins. In 2010, more than half of Unilever’s turnover came from developing and emerging markets including Brazil, India, Indonesia, Turkey, South Africa, China, Mexico and Russia. These markets are typically more volatile than developed markets, so we are continually exposed to changing economic, political and social developments outside our control, any of which could adversely affect our business. Failure to understand and respond effectively to local market developments could put at risk our cash flow, turnover, profit and/or profit margins.
Brands and Innovation
Unilever is a branded goods business and our success is dependent on producing superior innovations that meet the needs of our consumers. Failure to achieve this could damage our reputation and hence our growth prospects and future profitability.		Unilever’s Mission is to help people feel good, look good and get more out of life with brands and services that are good for them and good for others. This is achieved by designing and delivering superior branded products/services at relevant price points to consumers across the globe. Failure to provide sufficient funding to develop new products, lack of technical capability in the research and development function, lack of prioritisation of projects and/or failure by operating management to successfully and quickly roll out the products may adversely impact our cash flow, turnover, profit and/or profit margins and may impact our reputation.

Principal risk		Description of risk
Customer
Increasing competitive pressure from and consolidation of customers could adversely impact our cash flow, turnover, profits and/or profit margins.		Maintaining successful relationships with our customers is key to ensuring our brands are successfully presented to our consumers and are available for purchase at all times. Any breakdown in the relationships with customers could reduce the availability to our consumers of existing products and new product launches and therefore impact our cash flow, turnover, profits and/or profit margins.
		The retail industry continues to consolidate in many of our markets. Further consolidation and the continuing growth of discounters could increase the competitive retail environment by increasing customers’ purchasing power, increasing the demand for competitive promotions and price discounts, increase cross-border sourcing to take advantage of pricing arbitrage and thus adversely impact our cash flow, turnover, profits and/or profit margins. Increased competition between retailers could place pressure on retailer margins and increase the counterparty risk to Unilever.
Financial/Treasury
Our global operations expose us to changes in liquidity, interest rates, currency exchange rates, pensions and taxation, which may have a negative impact on our business.		As a global organisation Unilever’s asset values, earnings and cash flows are influenced by a wide variety of currencies, interest rates, tax jurisdictions and differing taxes. If we are unable to manage our exposures to any one, or a combination, of these factors, this could adversely impact our cash flow, profits and/or profit margins. A material and significant shortfall in net cash flow could undermine Unilever’s credit rating, impair investor confidence and hinder our ability to raise funds, whether through access to credit markets, commercial paper programmes, long-term bond issuances or otherwise. In times of financial market volatility, we are also potentially exposed to counterparty risks with banks.
		We are exposed to market interest rate fluctuations on our floating rate debt. Increases in benchmark interest rates could increase the interest cost of our floating rate debt and increase the cost of future borrowings. Our inability to manage the interest cost effectively could have an adverse impact on our cash flow, profits and/or profit margins.
		Because of the breadth of our international operations we are subject to risks from changes to the relative value of currencies which can fluctuate widely and could have a significant impact on our assets, cash flow, turnover, profits and/or profit margins. Further, because Unilever consolidates its financial statements in euros it is subject to exchange risks associated with the translation of the underlying net assets of its foreign subsidiaries. We are also subject to the imposition of exchange controls by individual countries which could limit our ability to import materials paid by foreign currency or to remit dividends to the parent company.
		Certain businesses have defined benefit pension plans, most now closed to new employees, which are exposed to movements in interest rates, fluctuating values of underlying investments and increased life expectancy. Changes in any or all of these inputs could potentially increase the cost to Unilever of funding the schemes and therefore have an adverse impact on profitability and cash flow.
		In view of the current economic climate and deteriorating government deficit positions, tax legislation in the countries in which we operate may be subject to change, which may have an adverse impact on our profits.
Consumer safety and sustainability
Our industry is subject to focus on social and environmental issues, including sustainable development, product safety and renewable resources. If we fail to meet applicable standards or expectations with respect to these issues, our reputation could be damaged and our business adversely affected.		Unilever has developed a strong corporate reputation over many years for its focus on social and environmental issues, including promoting sustainable renewable resources. The Unilever brand logo is now displayed on all our products and increasingly displayed in our advertising, increasing our external exposure. In 2010, we launched the Unilever Sustainable Living Plan that sets out our social and environmental ambitions for the coming decade. The environmental measures that we regard as most significant are those relating to CO2 from energy that we use, the water we consume as part of our production processes and the amount of waste that we generate for disposal. Failure to design products with a lower environmental footprint could damage our reputation and hence long-term cash flow, turnover, profits and/or profit margins. Should we fail to meet high product safety, social, environmental and ethical standards across all our products and in all our operations and activities it could impact our reputation, leading to the rejection of products by consumers, damage to our brands including growth and profitability, and diversion of management time into rebuilding our reputation.

Principal risk		Description of risk
Operations
Our input costs are subject to fluctuation and we are reliant on efficient suppliers and regional/global supply chains to produce and deliver our products to our customers.		Our ability to make products is dependent on securing timely and cost-effective supplies of production materials, some of which are globally traded commodities. The price of commodities and other key materials, labour, warehousing and distribution fluctuates according to global economic conditions, which can have a significant impact on our product costs. We saw commodity prices rise during the second half of 2010 and this looks set to continue in 2011. If we are unable to increase prices to compensate for higher input costs, this could reduce our cash flow, profits and/or profit margins. If we increase prices more than our competitors, this could undermine our competitiveness and hence market shares.
		Further, two-thirds of the raw materials that we buy come from agriculture. Changing weather patterns, water scarcity and unsustainable farming practices threaten the long-term viability of agricultural production. A reduction in agricultural production may limit our ability to manufacture products in the long term.
		We are dependent on regional and global supply chains for the supply of raw materials and services and for the manufacture, distribution and delivery of our products. We may be unable to respond to adverse events occurring in any part of this supply chain such as changes in local legal and regulatory schemes, labour shortages and disruptions, environmental and industrial accidents, bankruptcy of a key supplier or failure to deliver supplies on time and in full, which could impact our ability to deliver orders to our customers. Any of the foregoing could adversely impact our cash flow, turnover, profits and/or profit margins and harm our reputation and our brands.
People and talent
Our success depends on attracting, developing and retaining talented people within our business. Any shortfall in recruitment or retention could adversely affect our ability to deliver our strategy and compete in our markets.		Attracting, developing and retaining talented employees is essential to the delivery of our strategy. If we fail to determine the appropriate mix of skills required to implement our strategy and subsequently fail to recruit or develop the right number of appropriately qualified people, or if there are high levels of staff turnover, this could adversely affect our ability to operate successfully, and hence grow our business and effectively compete in the marketplace.
Legal and regulatory
Unilever is subject to many local, regional and global jurisdictions. Failure to comply with local laws and regulatory regimes could expose Unilever to litigation, penalties, fines and/or imprisonment of its executives.		Unilever is subject to local, regional and global rules, laws and regulations, covering such diverse areas as product safety, product claims, trademarks, copyright, patents, employee health and safety, the environment, corporate governance, listing and disclosure, employment and taxes. Important regulatory bodies in respect of our business include the European Commission and the US Food and Drug Administration. Failure to comply with laws and regulations could leave Unilever open to civil and/or criminal legal challenge and, if upheld, fines or imprisonment imposed on us or our employees. Further, our reputation could be significantly damaged by adverse publicity relating to such a breach of laws or regulations and such damage could extend beyond a single geography.
Integration of acquisitions, restructuring and change management
Integration of acquisitions and ongoing restructuring initiatives involve significant changes to our organisation. If we are unable to successfully implement these changes in a timely manner, we may not realise the expected benefits from the restructuring.		Since 2009, Unilever has announced €4.6 billion of acquisitions and our global and regional restructuring programmes will continue in 2011. In the event that we are unable to successfully implement these changes in a timely manner or at all, or effectively manage third-party relationships and/or outsourced processes, we may not be able to realise some or all of the anticipated expense reductions. In addition, because some of the restructuring changes involve important functions, any disruption could harm the operations of our business, our reputation and/or relationship with our employees.
Other risks		Unilever is exposed to varying degrees of risk and uncertainty related to other factors including physical, environmental, political, social and terrorism risks within the environments in which we operate, failure to complete planned divestments, taxation risks, failure to resolve insurance matters within current estimates and changing priorities of our boards of directors. All these risks could materially affect the Group’s business, our turnover, operating profits, net profits, net assets and liquidity. There may be risks which are unknown to Unilever or which are currently believed to be immaterial.

Please refer also to Item 18 “Financial Statements” on pages 23 to 31 of this report.

The information set forth under the following headings of the Group’s Annual Report and Accounts 2010 furnished separately on 4 March 2011 under Form 6-K is incorporated by reference:

•		“Financial statements” on page 69 and pages 72 to 123 (excluding Note 31 on page 123);
•		“Legal proceedings” on pages 32 and 116; and
•		“Dividend record” on page 125 and “Financial calendar” on page 141.

The information set forth in “Note 32 Events after the balance sheet date” on page 123 of the Group’s Annual Report and Accounts furnished separately on 4 March 2011 under Form 6-K is incorporated by reference.

Please refer to information given on page 13 under Item 7A “Major shareholders”.

The share prices of the ordinary shares at the end of the year were as follows:

NV per €0.16 ordinary share in Amsterdam			€23.30
NV per €0.16 ordinary share in New York		US $31.40
PLC per 31/9p ordinary share in London			£19.63
PLC per 31/9p ordinary share in New York		US $30.88

						September				October				November				December				January				February
						2010				2010				2010				2010				2011				2011
NV per €0.16 ordinary share in Amsterdam (in €)		High					22.40				22.05				22.84				24.08				23.99			22.68
		Low					21.09				20.82				21.17				21.68				21.46			21.54
NV per €0.16 ordinary share in New York (in US $)		High					30.28				30.53				32.13				31.76				31.84			30.53
		Low					26.97				28.85				28.20				28.79				29.26			29.24
PLC per 31/9p ordinary share in London (in £)		High					18.66				18.82				19.44				20.09				19.94			19.10
		Low					17.13				17.58				17.76				17.74				18.16			17.87
PLC per 31/9p ordinary share in New York (in US $)		High					29.48				29.63				31.46				31.07				31.23			30.10
		Low					26.74				28.14				27.72				28.22				28.87			28.82

		2010				1st				2nd				3rd				4th
NV per €0.16 ordinary share in Amsterdam (in €)		High					23.00				23.89				24.11				24.08
		Low					20.82				21.17				20.68				20.82
NV per €0.16 ordinary share in New York (in US $)		High					33.10				31.36				31.03				32.13
		Low					28.35				26.02				26.22				28.20
PLC per 31/9p ordinary share in London (in £)		High					20.07				20.03				19.60				20.09
		Low					18.08				17.72				16.62				17.58
PLC per 31/9p ordinary share in New York (in US $)		High					32.41				30.75				30.26				31.46
		Low					28.20				25.74				25.90				27.72

		2009				1st				2nd				3rd				4th
NV per €0.16 ordinary share in Amsterdam (in €)		High					18.11				17.97				19.88				22.88
		Low					13.59				14.42				17.13				19.33
NV per €0.16 ordinary share in New York (in US $)		High					25.16				25.19				28.86				32.80
		Low					17.04				18.70				23.93				28.36
PLC per 31/9p ordinary share in London (in £)		High					16.69				15.33				17.78				20.15
		Low					12.30				12.68				14.27				17.60
PLC per 31/9p ordinary share in New York (in US $)		High					24.06				24.88				28.68				32.19
		Low					17.04				18.36				23.26				28.29

						2010				2009				2008				2007				2006
NV per €0.16 ordinary share in Amsterdam (in €)		High					24.11				22.88				25.61				25.72				20.84
		Low					20.68				13.59				16.20				18.89				16.53
NV per €0.16 ordinary share in New York (in US $)		High					33.10				32.80				37.18				37.31				27.32
		Low					26.02				17.04				21.27				24.94				20.72
PLC per 31/9p ordinary share in London (in £)		High					20.09				20.15				19.47				19.24				14.28
		Low					16.62				12.30				12.49				13.20				11.25
PLC per 31/9p ordinary share in New York (in US $)		High					32.41				32.19				38.02				38.25				27.95
		Low					25.74				17.04				20.22				25.57				20.66

Not applicable.

The information set forth under the heading “The Unilever Group” on page 3 of the Group’s Annual Report and Accounts 2010 furnished separately on 4 March 2011 under Form 6-K is incorporated by reference.

Not applicable.

Not applicable.

Not applicable.

Not applicable.

The information set forth under the following headings of the Group’s Annual Report and Accounts 2010 furnished separately on 4 March 2011 under Form 6-K is incorporated by reference.

•		“Corporate governance” on pages 41 to 55; and
•		“Note 22 Share Capital” on page 113.

The information set forth under the following headings of the Group’s Annual Report and Accounts 2010 furnished separately on 4 March 2011 under Form 6-K is incorporated by reference:

•		“Financial Review 2010 – Acquisitions and disposals” on page 29;
•		“Note 26 Acquisition and disposals – 2009 and 2008” on page 118; and
•		“Our Foundation agreements” on page 51.

Under the Netherlands Act on Financial Supervision (Wet op het financieel toezicht (Wft)) the Minister of Finance is authorised to issue regulations relating to financial transactions. To date no regulations of this type have been issued which are applicable to Unilever N.V.

There are currently no exchange controls affecting PLC shareholders.

The following notes are provided for guidance. US persons should consult their local tax advisers, particularly in connection with potential liability to pay US taxes on disposal, lifetime gift or bequest of their shares. A US person is a US individual citizen or resident, a corporation organised under the laws of the United States, or any other legal person subject to US federal income tax on its worldwide income.

As of 1 January 2007 dividends of companies in the Netherlands are in principle subject to dividend withholding tax of 15%. Where a shareholder is entitled to the benefits of the current Income Tax Convention (‘the Convention’) concluded on 18 December 1992 between the United States and the Netherlands, when dividends are paid by NV to:

•		a corporation organised under the laws of the United States (or any territory of it) having no permanent establishment in the Netherlands of which such shares form a part of the business property; or
•		any other legal person subject to United States Federal income tax with respect to its worldwide income, having no permanent establishment in the Netherlands of which such shares form a part of the business property,

these dividends qualify for a reduction of withholding tax on dividends in the Netherlands from 15% to 5% if the beneficial owner is a company which directly holds at least 10% of the voting power of NV shares and to 0% if the beneficial owner is a qualified ‘Exempt Organisation’ as defined in Article 36 of the Convention.

Where a United States person has a permanent establishment in the Netherlands, which has shares in NV forming part of its business property, dividends it receives on those shares are included in that establishment’s profit. They are subject to income tax or corporation tax in the Netherlands, as appropriate, and tax on dividends in the Netherlands will generally be applied at the full rate of 15%. This tax will be treated as foreign income tax eligible for credit against the shareholder’s United States income taxes.

Under the Convention, qualifying United States organisations that are generally exempt from United States taxes and that are constituted and operated exclusively to administer or provide pension, retirement or other employee benefits may be exempt at source from withholding tax on dividends received from a Dutch corporation. A Competent Authority Agreement between the US and Dutch Tax Authorities on 6 August 2007, published in the US as Announcement 2007-75, 2007-2 Cumulative Bulletin 540 as amended by a Competent Authority Agreement published in the United States as Announcement 2010-26, 2010-1 Cumulative Bulletin 604, describes the eligibility of these US organisations for benefits under the Convention and procedures for claiming these benefits.

A United States trust, company or organisation that is operated exclusively for religious, charitable, scientific, educational or public purposes is subject to an initial 15% withholding tax rate. Such an exempt organisation is entitled to reclaim from Tax Authorities in the Netherlands a refund of the Dutch dividend tax, if and to the extent that it is exempt from United States Federal Income Tax and it would be exempt from tax in the Netherlands if it were organised and carried on all its activities there.

If you are an NV shareholder resident in any country other than the United States or the Netherlands, any exemption from, or reduction or refund of, dividend withholding tax in the Netherlands may be governed by the ‘Tax Regulation for the Kingdom of the Netherlands’ or by the tax convention, if any, between the Netherlands and your country of residence.

If you are a United States person, the dividend (including the withheld amount) up to the amount of our earnings and profits for United States Federal income tax purposes will be ordinary dividend income. Dividends received by an individual during taxable years before 2013 will be taxed at a maximum rate of 15%, provided the individual has held the shares for more than 60 days during the 121-day period beginning 60 days before the ex-dividend date, that NV is a qualified foreign corporation and that certain other conditions are satisfied. NV is a qualified foreign corporation for this purpose. Dividends received by an individual for taxable years after 2012 will be subject to tax at ordinary income rates. The dividends are not eligible for the dividends received deduction allowed to corporations.

For US foreign tax credit purposes, the dividend is foreign source income, and withholding tax in the Netherlands is a foreign income tax that is eligible for credit against the shareholder’s United States income taxes. However, the rules governing the US foreign tax credit are complex, and additional limitations on the credit apply to individuals receiving dividends eligible for the 15% maximum tax rate on dividends described above.

Any portion of the dividend that exceeds our United States earnings and profits is subject to different rules. This portion is a tax free return of capital to the extent of your basis in our shares, and thereafter is treated as a gain on a disposition of the shares.

Under a provision of the Dividend Tax Act in the Netherlands, NV is entitled to a credit (up to a maximum of 3% of the gross dividend from which dividend tax is withheld) against the amount of dividend tax withheld before remittance to tax authorities in the Netherlands. The United States tax authority may take the position that withholding tax in the Netherlands eligible for credit should be limited accordingly.

US individuals that hold certain specified foreign financial assets, which include stock in a foreign corporation, may be subject to additional US return disclosure obligations (and related penalties for failure to disclose). Investors are encouraged to consult with their own tax advisors regarding the possible application of this disclosure requirement to their investment in the shares.

Under the Convention, if you are a United States person and you have capital gains on the sale of shares of a Dutch company, these are generally not subject to taxation by the Netherlands. An exception to this rule generally applies if you have a permanent establishment in the Netherlands and the capital gain is derived from the sale of shares which form part of that permanent establishment’s business property.

Under the Estate and Inheritance Tax Convention between the United States and the Netherlands of 15 July 1969, individual US persons who are not Dutch citizens who have shares will generally not be subject to succession duty in the Netherlands on the individual’s death, unless the shares are part of the business property of a permanent establishment situated in the Netherlands.

A gift of shares of a Dutch company by a person who is not a resident or a deemed resident of the Netherlands is generally not subject to gift tax in the Netherlands. A non-resident Netherlands citizen, however, is still treated as a resident of the Netherlands for gift tax purposes for ten years and any other non-resident person for one year after leaving the Netherlands.

The following notes are provided for guidance. US persons should consult their local tax advisers, particularly in connection with potential liability to pay US taxes on disposal, lifetime gift or bequest of their shares. A US person is a US individual citizen or resident, a corporation organised under the laws of the United States, or any other legal person subject to US federal income tax on its worldwide income.

Under United Kingdom law, income tax is not withheld from dividends paid by United Kingdom companies. Shareholders, whether resident in the United Kingdom or not, receive the full amount of the dividend actually declared.

If you are a US person, the dividend up to the amount of our earnings and profits for United States Federal income tax purposes will be ordinary dividend income. Dividends received by an individual during taxable years before 2013 will be taxed at a maximum rate of 15%, provided the individual has held the shares for more than 60 days during the 121-day period beginning 60 days before the ex-dividend date, that PLC is a qualified foreign corporation and certain other conditions are satisfied. PLC is a qualified foreign corporation for this purpose. Dividends received by an individual for taxable years after 2012 will be subject to tax at ordinary income rates. The dividend is not eligible for the dividends received deduction allowable to corporations. The dividend is foreign source income for US foreign tax credit purposes.

Any portion of the dividend that exceeds our United States earnings and profits is subject to different rules. This portion is a tax free return of capital to the extent of your basis in our shares, and thereafter is treated as a gain on a disposition of the shares.

US individuals that hold certain specified foreign financial assets, which include stock in a foreign corporation, may be subject to additional US return disclosure obligations (and related penalties for failure to disclose). Investors are encouraged to consult with their own tax advisors regarding the possible application of this disclosure requirement to their investment in the shares.

Under United Kingdom law, when you sell shares you may be liable to pay capital gains tax. However, if you are either:

•		an individual who is neither resident nor ordinarily resident in the United Kingdom; or
•		a company which is not resident in the United Kingdom

you will generally not be liable to United Kingdom tax on any capital gains made on disposal of your shares.

Two exceptions are: if the shares are held in connection with a trade or business which is conducted in the United Kingdom through a branch or an agency; and if the shares are held by an individual who has left the UK for a period of non-residence of less than five tax years having been resident for at least four of the seven tax years prior to leaving the UK.

Under the current estate and gift tax convention between the United States and the United Kingdom, ordinary shares held by an individual shareholder who is:

•		domiciled for the purposes of the convention in the United States; and
•		is not for the purposes of the convention a national of the United Kingdom

will not be subject to United Kingdom inheritance tax on:

•		the individual’s death; or
•		on a gift of the shares during the individual’s lifetime.

The exception is if the shares are part of the business property of a permanent establishment of the individual in the United Kingdom or, in the case of a shareholder who performs independent personal services, pertain to a fixed base situated in the United Kingdom.

Not applicable.

Not applicable.

The information set forth under the heading “Shareholder information” on pages 139 to 142 of the Group’s Annual Report and Accounts 2010 furnished separately on 4 March 2011 under Form 6-K is incorporated by reference.

Filed with the SEC on the SEC’s website. Printed copies are available, free of charge, upon request to Unilever PLC, Investor Relations Department, Unilever House, 100 Victoria Embankment, London EC4Y 0DY, United Kingdom.

Unilever files and furnishes reports and information with the United States SEC. Such reports and information can be inspected and copied at the SEC’s public reference facilities in Washington DC, Chicago and New York. Certain of our reports and other information that we file or furnish to the SEC are also available to the public over the internet on the SEC’s website.

Not applicable.

Please refer also to Item 3D “Risk Factors” of this report.

The information set forth under the following headings of the Group’s Annual Report and Accounts 2010 furnished separately on 4 March 2011 under Form 6-K is incorporated by reference:

•		“Outlook” on page 33;
•		“Note 13 Trade and other receivables” on page 92;
•		“Note 14 Financial assets and liabilities” on pages 93 to 97;
•		“Note 15 Financial instruments and treasury risk management” on pages 98 to 104; and
•		“Note 16 Trade payables and other liabilities” on page 104.

The Unilever Group has appointed Citibank, N.A. (‘Citibank’) as both its transfer agent and registrar pursuant to the New York Registered Share program for Unilever N.V. and as its depositary pursuant to its American Depositary Receipt program for Unilever PLC. Any fee arrangement with Citibank will therefore cover both programmes.

Although items 12.D.3 and 12.D.4 are not applicable to Unilever N.V. the following fees, charges and transfer agent payments are listed, as any fee arrangement with Citibank will cover both programmes.

Under the terms of the Transfer Agent Agreement for the Unilever N.V. New York Registered Share program, a New York Share (NYS) holder may have to pay the following service fees to the transfer agent:

•		Issuance of NYSs: Up to US 5¢ per NYS issued.
•		Cancellation of NYSs: Up to US 5¢ per NYS cancelled.

An NYS holder will also be responsible to pay certain fees and expenses incurred by the transfer agent and certain taxes and governmental charges such as:

•		Fees for the transfer and registration of Shares charged by the registrar and transfer agent for the Shares in the Netherlands (i.e. upon deposit and withdrawal of Shares);
•		Expenses incurred for converting foreign currency into US dollars;
•		Expenses for cable, telex and fax transmissions and for delivery of securities;
•		Taxes and duties upon the transfer of securities (i.e. when shares are deposited or withdrawn from deposit); and
•		Fees and expenses incurred in connection with the delivery or servicing of shares on deposit.

Transfer agent fees payable upon the issuance and cancellation of NYSs are typically paid to the transfer agent by the brokers (on behalf of their clients) receiving the newly-issued NYSs from the transfer agent and by the brokers (on behalf of their clients) delivering the NYSs to the transfer agent for cancellation. The brokers in turn charge these transaction fees to their clients.

Note that the fees and charges an investor may be required to pay may vary over time and may be changed by us and by the Transfer Agent. Notice of any changes will be given to investors.

Under the terms of the Deposit Agreement for the Unilever PLC American Depositary Shares (ADSs), an ADS holder may have to pay the following service fees to the depositary bank:

•		Issuance of ADSs: Up to US 5¢ per ADS issued.
•		Cancellation of ADSs: Up to US 5¢ per ADS cancelled.

An ADS holder will also be responsible to pay certain fees and expenses incurred by the depositary bank and certain taxes and governmental charges such as:

•		Fees for the transfer and registration of Shares charged by the registrar and transfer agent for the Shares in the United Kingdom (i.e., upon deposit and withdrawal of Shares);
•		Expenses incurred for converting foreign currency into US dollars;
•		Expenses for cable, telex and fax transmissions and for delivery of securities;
•		Taxes and duties upon the transfer of securities (i.e. when shares are deposited or withdrawn from deposit); and
•		Fees and expenses incurred in connection with the delivery or servicing of shares on deposit.

Depositary fees payable upon the issuance and cancellation of ADSs are typically paid to the depositary bank by the brokers (on behalf of their clients) receiving the newly-issued ADSs from the depositary bank and by the brokers (on behalf of their clients) delivering the ADSs to the depositary bank for cancellation. The brokers in turn charge these transaction fees to their clients.

Note that the fees and charges an investor may be required to pay may vary over time and may be changed by us and by the depositary bank. Notice of any changes will be given to investors.

In 2010, we received the following payments from Citibank, N.A., the Transfer Agent and Registrar for our New York Registered Share program:

		US $
Reimbursement of listing fees (NYSE/NASDAQ)			248,748.00
Reimbursement of settlement infrastructure fees (including DTC feeds)			33,674.37
Reimbursement of proxy process expenses (printing, postage and distribution)			231,782.13
Tax reclaim services			40,000.00
Program-Related Expenses (that include expenses incurred from the requirements of the Sarbanes-Oxley Act of 2002)			795,795.50

As part of its service to the Company, Citibank, N.A. has agreed to waive fees for the standard costs associated with the administration of the ADR Program, associated operating expenses and investor relations advice estimated to total $150,000.

In 2010, we received the following payments from Citibank, N.A., the Depositary Bank for our American Depositary Receipt program:

		US $
Reimbursement of listing fees (NYSE/NASDAQ)			105,624.00
Reimbursement of settlement infrastructure fees (including DTC feeds)			21,853.74
Reimbursement of proxy process expenses (printing, postage and distribution)			258,866.16
Program-Related Expenses (that include expenses incurred from the requirements of the Sarbanes-Oxley Act of 2002)			963,656.10

As part of its service to the Company, Citibank, N.A. has agreed to waive fees for the standard costs associated with the administration of the ADR Program, associated operating expenses and investor relations advice estimated to total US $150,000.

There has been no material default in the payment of principal, interest, a sinking or purchase fund instalments or any other material default relating to indebtedness of the Group.

There have been no arrears in payment of dividends on, and material delinquency with respect to, any class of preferred stock of any significant subsidiary of the Group.

Not applicable.

The information set forth under the headings “Report of Independent Registered Public Accounting Firm” in Item 18 of this report,“Risk management approach” on pages 38 and 39, “The United States” on page 55 and “Risk management and internal control arrangements” on page 56 of the Group’s Annual Report and Accounts 2010 furnished separately on 4 March 2011 under Form 6-K is incorporated by reference.

In accordance with the requirements of Section 404 of the US Sarbanes-Oxley Act of 2002, the following report is provided by management in respect of the Company’s internal control over financial reporting (as defined in rule 13a-15(f) or rule 15d-15(f) under the US Securities Exchange Act of 1934):

•		Unilever’s management is responsible for establishing and maintaining adequate internal control over financial reporting for the Group;
•		Unilever’s management has used the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework to evaluate the effectiveness of our internal control over financial reporting. Management believes that the COSO framework is a suitable framework for its evaluation of our internal control over financial reporting because it is free from bias, permits reasonably consistent qualitative and quantitative measurements of internal controls, is sufficiently complete so that those relevant factors that would alter a conclusion about the effectiveness of internal controls are not omitted and is relevant to an evaluation of internal control over financial reporting;
•		Management has assessed the effectiveness of internal control over financial reporting as of 31 December 2010, and has concluded that such internal control over financial reporting is effective; and
•		PricewaterhouseCoopers LLP and PricewaterhouseCoopers Accountants N.V., who have audited the consolidated financial statements of the Group for the year ended 31 December 2010, have also audited the effectiveness of internal control over financial reporting as at 31 December 2010 and have issued an attestation report on internal control over financial reporting. For the Auditors’ Report please refer to Item 18.

The information set forth under the heading “Audit Committee” on page 47 of the Group’s Annual Report and Accounts 2010 furnished separately on 4 March 2011 under Form 6-K is incorporated by reference.

The information set forth under the following headings of the Group’s Annual Report and Accounts 2010 furnished separately on 4 March 2011 under Form 6-K is incorporated by reference:

•		“Foundation and principles” on page 38; and
•		“The United States” on page 55.

The information set forth under the heading “Report of the Audit Committee” on pages 56 and 57 of the Group’s Annual Report and Accounts 2010 furnished separately on 4 March 2011 under Form 6-K is incorporated by reference.

		€ million				€ million				€ million
		2010				2009				2008
Audit fees(a)			(17	)			(18	)			(21	)
Audit-related fees(b)			(1	)			–				(1	)
Tax fees			(1	)			(2	)			(2	)
All other fees			(3	)			(1	)			(2	)

(a)		Excludes €1 million of out of pocket expenses and €1 million fees paid in respect of services supplied for associated pension schemes.
(b)		Includes other audit services which comprise audit and similar work that regulations or agreements with third parties require the auditors to undertake.

Not applicable.

€ million

Of which, numbers of

Maximum value that

shares purchased

may yet be purchased

Total number of

Average price

as part of publicly

as part of publicly

shares purchased

paid per share

announced plans

(a)

announced plans

January

–

–

–

–

February

–

–

–

–

March

59,547

€22.95

–

–

April

–

–

–

–

May

–

–

–

–

June

–

–

–

–

July

–

–

–

–

August

–

–

–

–

September

–

–

–

–

October

–

–

–

–

November

4,720,000

€22.37

–

–

December

4,280,000

€22.25

–

–

Total

9,059,547

€22.32

–

–

(a)		Shares were purchased to satisfy commitments to deliver shares under our share-based plans as described in note 29 on pages 121 and 122 of the Group’s Annual Report and Accounts 2010 furnished separately on 4 March 2011 under Form 6-K and incorporated by reference.

Not applicable.

The information set forth under the heading “Corporate governance” on pages 41 to 55 of the Group’s Annual Report and Accounts 2010 furnished separately on 4 March 2011 under Form 6-K is incorporated by reference.

The Company has responded to Item 18 in lieu of this item.

The information set forth under the heading “Financial statements” on page 69 and pages 72 to 123 (excluding Note 31 on page 123) of the Group’s Annual Report and Accounts 2010 furnished separately on 4 March 2011 under Form 6-K is incorporated by reference.

In our opinion, the consolidated income statements and the related consolidated balance sheets, consolidated cash flow statements, consolidated statements of comprehensive income and consolidated statements of changes in equity set forth under the heading “Financial Statements” on pages 72 to 123 (excluding Note 31 on page 123) of Unilever Group’s Annual Report and Accounts 2010 and the summarised presentation of the NV and PLC parts of the Group and the Guarantor financial information included in Item 18 of this Form 20-F present fairly, in all material respects, the financial position of the Unilever Group at 31 December 2010 and 31 December 2009 and the results of its operations and its cash flows for each of the three years in the period ended 31 December 2010, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and in conformity with IFRS as adopted by the European Union. Also in our opinion, the Group maintained, in all material respects, effective internal control over financial reporting as of 31 December 2010, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Group’s Directors and management are responsible for these consolidated financial statements.

The Group’s management are responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying ‘Management’s report on internal control over financial reporting’ included in Item 15 of this Form 20-F. Our responsibility is to express opinions on these consolidated financial statements and on the Group’s internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the consolidated financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall consolidated financial statements presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the consolidated financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Amsterdam, The Netherlands, 1 March 2011		PricewaterhouseCoopers LLP
PricewaterhouseCoopers Accountants N.V.		London, United Kingdom
As auditors of Unilever N.V.		As auditors of Unilever PLC
R A J Swaak RA		1 March 2011

NV and PLC and their group companies constitute a single entity for the purposes of presenting consolidated accounts. The following supplemental information shows the consolidated income statement and balance sheet of the Group analysed according to the relative legal ownership of the individual entities by NV or PLC.

		€ million				€ million				€ million				€ million				€ million				€ million
		NV				NV				NV				PLC				PLC				PLC
Income statement for the year ended 31 December		2010				2009				2008				2010				2009				2008
Turnover			23,579				21,917				22,108				20,683				17,906				18,415
Operating profit			3,490				2,700				4,033				2,849				2,320				3,134
Net finance costs			(103	)			(259	)			(170	)			(291	)			(334	)			(87	)
Share in net profit of joint ventures			61				61				49				59				50				76
Share in net profit of associates			(7	)			(5	)			(3	)			(2	)			9				9
Other income from non-current investments			44				350				12				32				24				76
Profit before taxation			3,485				2,847				3,921				2,647				2,069				3,208
Taxation			(821	)			(715	)			(971	)			(713	)			(542	)			(873	)
Net profit			2,664				2,132				2,950				1,934				1,527				2,335
Attributable to:
Non-controlling interests			67				60				16				287				229				242
Shareholders’ equity			2,597				2,072				2,934				1,647				1,298				2,093

		€ million				€ million				€ million				€ million
		NV				NV				PLC				PLC
Balance sheet as at 31 December		2010				2009				2010				2009
Goodwill and intangible assets			10,691				10,984				7,587				6,063
Property, plant and equipment			3,732				3,365				4,122				3,279
Pension asset for funded schemes in surplus			809				700				101				59
Deferred tax assets			433				435				174				303
Other non-current assets			617				572				417				445
Total non-current assets			16,282				16,056				12,401				10,149
Inventories			2,614				2,133				1,695				1,445
Trade and other current receivables			2,318				1,931				1,817				1,498
Cash and cash equivalents			1,469				2,004				847				638
Other financial assets			574				844				274				301
Assets held for sale			800				10				76				7
Total current assets			7,775				6,922				4,709				3,889
Financial liabilities			(1,793	)			(1,472	)			(483	)			(807	)
Trade payables and other current liabilities			(6,398	)			(5,358	)			(4,467	)			(3,542	)
Provisions			(258	)			(262	)			(150	)			(158	)
Liabilities associated with assets held for sale			(57	)			–				–				–
Total current liabilities			(8,506	)			(7,092	)			(5,100	)			(4,507	)
Net current assets/(liabilities)			(731	)			(170	)			(391	)			(618	)
Total assets less current liabilities			15,551				15,886				12,010				9,531
Financial liabilities due after one year			5,035				5,532				2,223				2,160
Pensions and post-retirement healthcare liabilities
Funded schemes in deficit			603				635				478				884
Unfunded schemes			1,023				902				876				920
Provisions			591				510				295				219
Deferred tax liabilities			745				671				135				93
Other non-current liabilities			276				185				203				170
Non-current liabilities			8,273				8,435				4,210				4,446
Intra-group - NV/PLC			(9,141	)			(5,727	)			9,141				5,727
Shareholders’ equity			16,357				13,128				(1,872	)			(1,063	)
Non-controlling interests			62				50				531				421
Total equity			16,419				13,178				(1,341	)			(642	)
Total capital employed			15,551				15,886				12,010				9,531