Unilever Full-Year Report 2023

Highlights

• Underlying sales growth of 7.0% with positive volumes, up 0.2% for the FY and 1.8% in Q4.
• Turnover of €59.6 billion with (5.7)% impact from currency and (1.7)% from net disposals.
• Underlying operating margin up 60bps to 16.7%, with gross margin up 200bps for the year and up 330bps in the second half.
• Underlying EPS increased 1.4% with (9.6)% of adverse currency, up 11% on a constant basis
• Diluted EPS down (14.2)% against prior year that included €2.3 billion profit on disposal for the Tea business.
• Strong cash conversion of 111% with free cash flow up €1.9 billion to €7.1 billion.
• New €1.5 billion share buyback to commence in Q2.
• Progress against Growth Action plan, including:
  • • New leadership team has embedded the plan across the organization
    • 30 Power Brands (-75% of turnover) accretive to growth and margin, with underlying sales up 8.6%
    • Brand and marketing investment up 130bps to 14.3%, focused on 30 Power Brands
    • Active portfolio optimization into premium segments, announced acquisitions of K18 and Yasso and disposals of Elida Beauty, Dollar Shave Club, Suave in North America