GUARANTOR STATEMENTS (AUDITED)

On 27 July 2017, Unilever N.V. and Unilever Capital Corporation (UCC) filed a US Shelf registration, which is unconditionally and fully guaranteed, jointly and severally, by Unilever N.V., Unilever PLC and Unilever United States, Inc. (UNUS) and that superseded the NV and UCC US Shelf registration filed on 30 September 2014, which was unconditionally and fully guaranteed, jointly and severally, by NV, PLC and UNUS. UCC and UNUS are each indirectly 100% owned by the Unilever parent entities (as defined below). Of the US Shelf registration, US$8.9 billion of Notes were outstanding at 31 December 2017 (2016: US$6.3 billion; 2015: US$5.6 billion) with coupons ranging from 1.375% to 5.9%. These Notes are repayable between 15 February 2019 and 15 November 2032.

Provided below are the income statements, cash flow statements and balance sheets of each of the companies discussed above, together with the income statement, cash flow statement and balance sheet of non-guarantor subsidiaries. These have been prepared under the historical cost convention and, aside from the basis of accounting for investments at net asset value (equity accounting), comply in all material respects with International Financial Reporting Standards. The financial information in respect of NV, PLC and UNUS has been prepared with all subsidiaries accounted for on an equity basis. Information on NV and PLC is shown collectively as Unilever parent entities. The financial information in respect of the non-guarantor subsidiaries has been prepared on a consolidated basis.


	€ million		€ million			€ million			€ million			€ million		€ million
Income statement for the year ended 31 December 2017		Unilever Capital Corporation subsidiary issuer		Unileve parent entities	r^(a)		Unilever United States Inc. subsidiary guarantor			Non- guarantor subsidiaries			Eliminations		Unilever Group
Turnover		-		-			-			53,715			-		53,715

Operating profit		-		997			(4	)		7,864			-		8,857
Net finance income/(costs)		1		(109	)		(379	)		88			-		(399	)
Pensions and similar obligations		-		(2	)		(24	)		(70	)		-		(96	)
Other income/(losses)		-		-			-			173			-		173
Premium paid on buy back of preference shares		-		-			-			(382	)		-		(382	)

Profit before taxation		1		886			(407	)		7,673			-		8,153
Taxation		-		(165	)		-			(1,502	)		-		(1,667	)

Net profit before subsidiaries		1		721			(407	)		6,171			-		6,486
Equity earnings of subsidiaries		-		5,332			1,721			(10,298	)		3,245		-
Net profit		1		6,053			1,314			(4,127	)		3,245		6,486

Attributable to:
Non-controlling interests		-		-			-			433			-		433
Shareholders’ equity		1		6,053			1,314			(4,560	)		3,245		6,053

Total comprehensive income		1		5,978			1,158			(3,672	)		3,245		6,710

^(a)

The term ‘Unilever parent entities’ includes Unilever N.V. and Unilever PLC. Though Unilever N.V. and Unilever PLC are separate legal entities, with different shareholder constituencies and separate stock exchange listings, they operate as nearly as practicable as a single economic entity. Debt securities issued by entities in the Unilever Group are fully and unconditionally guaranteed by both Unilever N.V. and Unilever PLC.


	€ million			€ million			€ million			€ million			€ million			€ million
	Unilever						Unilever
	Capital						United
		Corporation			Unilever	^(a)		States Inc.			Non-
Income statement	subsidiary			parent			subsidiary			guarantor						Unilever
for the year ended 31 December 2016	issuer			entities			guarantor			subsidiaries			Eliminations			Group
Turnover		-			-			-			52,713			-			52,713

Operating profit		-			269			(5	)		7,537			-			7,801
Net finance income/(costs)		1			(110	)		(331	)		(29	)		-			(469	)
Pensions and similar obligations		-			(3	)		(27	)		(64	)		-			(94	)
Other income/(losses)		-			-			-			231			-			231
Premium paid on buy back of preference shares		-			-			-			-			-			-

Profit before taxation		1			156			(363	)		7,675			-			7,469
Taxation		-			(114	)		-			(1,808	)		-			(1,922	)

Net profit before subsidiaries		1			42			(363	)		5,867			-			5,547
Equity earnings of subsidiaries		-			5,142			804			(4,559	)		(1,387	)		-
Net profit		1			5,184			441			1,308			(1,387	)		5,547

Attributable to:
Non-controlling interests		-			-			-			363			-			363
Shareholders’ equity		1			5,184			441			945			(1,387	)		5,184

Total comprehensive income		1			5,170			468			517			(1,387	)		4,769

	€ million			€ million			€ million			€ million			€ million			€ million
	Unilever						Unilever
	Capital						United
		Corporation			Unilever	^(a)		States Inc.			Non-
Income statement	subsidiary			parent			subsidiary			guarantor						Unilever
for the year ended 31 December 2015	issuer			entities			guarantor			subsidiaries			Eliminations			Group
Turnover		-			-			-			53,272			-			53,272

Operating profit		-			990			(5	)		6,530			-			7,515
Net finance costs		-			(103	)		(327	)		58			-			(372	)
Pensions and similar obligations		-			(3	)		(29	)		(89	)		-			(121	)
Other income		-			439			-			(241	)		-			198
Premium paid on buy back of preference shares		-			-			-			-			-			-

Profit before taxation		-			1,323			(361	)		6,258			-			7,220
Taxation		-			(461	)		(87	)		(1,413	)		-			(1,961	)

Net profit before subsidiaries		-			862			(448	)		4,845			-			5,259
Equity earnings of subsidiaries		-			4,047			690			(9,408	)		4,671			-
Net profit		-			4,909			242			(4,563	)		4,671			5,259

Attributable to:
Non-controlling interests		-			-			-			350			-			350
Shareholders’ equity		-			4,909			242			(4,913	)		4,671			4,909

Total comprehensive income		(1	)		4,922			332			(4,162	)		4,671			5,762

^(a)

€ million

Unilever

Capital

United

Corporation

Unilever

^(a)

States Inc.

Non-

subsidiary

parent

subsidiary

guarantor

Unilever

Balance sheet at 31 December 2017

issuer

entities

guarantor

subsidiaries

Eliminations

Group

Assets

Non-current assets

Goodwill and intangible assets

2,143

26,258

28,401

Deferred tax assets

947

1,085

Other non-current assets

13,808

13,816

Amounts due from group companies

17,132

7,099

(24,231

)

Net assets of subsidiaries (equity accounted)

35,933

21,568

(57,501

)

17,132

45,271

21,618

41,013

(81,732

)

43,302

Current assets

Amounts due from group companies

6,119

5,318

32,445

(43,882

)

Trade and other current receivables

5,168

5,222

Current tax assets

422

488

Other current assets

11,234

11,273

6,266

5,330

49,269

(43,882

)

16,983

Total assets

17,132

51,537

26,948

90,282

(125,614

)

60,285

Liabilities

Current liabilities

Financial liabilities

2,420

4,685

862

7,968

Amounts due to group companies

6,964

25,457

11,437

(43,882

)

Trade payables and other current liabilities

215

13,135

13,426

Current tax liabilities

1,088

Other current liabilities

690

695

9,449

30,362

27,212

(43,882

)

23,177

Non-current liabilities

Financial liabilities

7,377

7,571

1,514

16,462

Amounts due to group companies

14,517

9,714

(24,231

)

Pensions and post-retirement healthcare liabilities:

Funded schemes in deficit

103

1,114

1,225

Unfunded schemes

439

977

1,509

Other non-current liabilities

3,519

3,525

7,377

7,677

15,060

16,838

(24,231

)

22,721

Total liabilities

16,826

38,039

15,096

44,050

(68,113

)

45,898

Shareholders’ equity

306

13,498

11,852

45,474

(57,501

)

13,629

Non-controlling interests

758

Total equity

306

13,498

11,852

46,232

(57,501

)

14,387

Total liabilities and equity

17,132

51,537

26,948

90,282

(125,614

)

60,285

^(a)


	€ million		€ million			€ million		€ million		€ million			€ million
	Unilever					Unilever
	Capital					United
		Corporation		Unilever	^(a)		States Inc.		Non-
	subsidiary		parent			subsidiary		guarantor					Unilever
Balance sheet at 31 December 2016	issuer		entities			guarantor		subsidiaries		Eliminations			Group
Assets
Non-current assets
Goodwill and intangible assets		-		2,202			-		25,231		-			27,433
Deferred tax assets		-		86			-		1,268		-			1,354
Other non-current assets		-		70			2		13,686		-			13,758
Amounts due from group companies		14,931		4,569			-		-		(19,500	)		-
Net assets of subsidiaries (equity accounted)		-		39,676			20,052		-		(59,728	)		-
		14,931		46,603			20,054		40,185		(79,228	)		42,545

Current assets
Amounts due from group companies		14		2,539			5,293		33,211		(41,057	)		-
Trade and other current receivables		-		70			4		5,028		-			5,102
Current tax assets		-		90			-		227		-			317
Other current assets		-		6			-		8,459		-			8,465
		14		2,705			5,297		46,925		(41,057	)		13,884
Total assets		14,945		49,308			25,351		87,110		(120,285	)		56,429

Liabilities
Current liabilities
Financial liabilities		2,415		1,700			1		1,334		-			5,450
Amounts due to group companies		6,682		26,514			15		7,846		(41,057	)		-
Trade payables and other current liabilities		63		193			18		13,597		-			13,871
Current tax liabilities		-		-			21		823		-			844
Other current liabilities		-		4			-		387		-			391
		9,160		28,411			55		23,987		(41,057	)		20,556

Non-current liabilities
Financial liabilities		5,437		4,577			-		1,131		-			11,145
Amounts due to group companies		-		-			14,925		4,575		(19,500	)		-
Pensions and post-retirement healthcare liabilities:
Funded schemes in deficit		-		7			101		2,055		-			2,163
Unfunded schemes		-		96			513		1,095		-			1,704
Other non-current liabilities		-		-			46		3,835		-			3,881
		5,437		4,680			15,585		12,691		(19,500	)		18,893
Total liabilities		14,597		33,091			15,640		36,678		(60,557	)		39,449

Shareholders’ equity		348		16,217			9,711		49,806		(59,728	)		16,354
Non-controlling interests		-		-			-		626		-			626

Total equity		348		16,217			9,711		50,432		(59,728	)		16,980

Total liabilities and equity		14,945		49,308			25,351		87,110		(120,285	)		56,429

^(a)


	€ million			€ million			€ million			€ million			€ million			€ million
	Unilever						Unilever
	Capital						United
		Corporation			Unilever	^(a⁾		States Inc.			Non-
Cash flow statement	subsidiary			parent			subsidiary			guarantor						Unilever
for the year ended 31 December 2017	issuer			entities			guarantor			subsidiaries			Eliminations			Group

Net cash flow from/(used in) operating activities		-			941			(40	)		6,391			-			7,292

Net cash flow from/(used in) investing activities		(3,884	)		(7,123	)		(1,062	)		5,136			1,054			(5,879	)

Net cash flow from/(used in) financing activities		3,873			6,261			1,103			(11,616	)		(1,054	)		(1,433	)

Net increase/(decrease) in cash and cash equivalents		(11	)		79			1			(89	)		-			(20	)

Cash and cash equivalents at beginning of year		-			5			(2	)		3,195			-			3,198
Effect of foreign exchange rates		11			(61	)		-			41			-			(9	)
Cash and cash equivalents at end of year		-			23			(1	)		3,147			-			3,169

	€ million			€ million			€ million			€ million			€ million			€ million
	Unilever						Unilever
		Capital						United
		Corporation			Unilever	^(a)		States Inc.			Non-
Cash flow statement	subsidiary			parent			subsidiary			guarantor						Unilever
for the year ended 31 December 2016	issuer			entities			guarantor			subsidiaries			Eliminations			Group

Net cash flow from/(used in) operating activities		-			45			(177	)		7,179			-			7,047

Net cash flow from/(used in) investing activities		(1,053	)		(679	)		(783	)		(1,712	)		1,039			(3,188	)

Net cash flow from/(used in) financing activities		1,048			621			959			(4,662	)		(1,039	)		(3,073	)

Net increase/(decrease) in cash and cash equivalents		(5	)		(13	)		(1	)		805			-			786

Cash and cash equivalents at beginning of year		-			3			(1	)		2,126			-			2,128
Effect of foreign exchange rates		5			15			-			264			-			284
Cash and cash equivalents at end of year		-			5			(2	)		3,195			-			3,198

	€ million			€ million			€ million			€ million			€ million			€ million
	Unilever						Unilever
		Capital						United
		Corporation			Unilever	^(a)		States Inc.			Non-
Cash flow statement	subsidiary			parent			subsidiary			guarantor						Unilever
for the year ended 31 December 2015	issuer			entities			guarantor			subsidiaries			Eliminations			Group

Net cash flow from/(used in) operating activities		(1	)		(699	)		(140	)		8,170			-			7,330

Net cash flow from/(used in) investing activities		(1,005	)		231			(729	)		(2,955	)		919			(3,539	)

Net cash flow from/(used in) financing activities		1,000			558			871			(4,542	)		(919	)		(3,032	)

Net increase/(decrease) in cash and cash equivalents		(6	)		90			2			673			-			759

Cash and cash equivalents at beginning of year		-			5			(3	)		1,908			-			1,910
Effect of foreign exchange rates		6			(91	)		-			(456	)		-			(541	)
Cash and cash equivalents at end of year		-			4			(1	)		2,125			-			2,128

^(a)