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Employees (Tables)

12 Months Ended

Dec. 31, 2017

Text Block1 [Abstract]

Summary of Staff Cost, Average Number of Employees and Key Management Compensation

STAFF AND MANAGEMENT COSTS

		€ million				€ million				€ million
Staff costs		2017				2016				2015
Wages and salaries			(5,416	)			(5,347	)			(5,474	)
Social security costs			(613	)			(606	)			(606	)
Other pension costs			(399	)			(372	)			(325	)
Share-based compensation costs			(284	)			(198	)			(150	)
			(6,712	)			(6,523	)			(6,555	)
		‘000				‘000				‘000
Average number of employees during the year		2017				2016				2015
Asia/AMET/RUB			93				95				97
The Americas			41				42				42
Europe			31				32				32
			165				169				171
		€ million				€ million				€ million
Key management compensation		2017				2016				2015
Salaries and short-term employee benefits			(34	)			(31	)			(34	)
Post-employment benefits			-				(1	)			(1	)
Share-based benefits(a)			(20	)			(17	)			(30	)
			(54	)			(49	)			(65	)
Of which:Executive Directors			(14	)			(13	)			(18	)
Other(b)			(40	)			(36	)			(47	)
Non-Executive Directors’ fees			(2	)			(2	)			(2	)
			(56	)			(51	)			(67	)

^(a)  Share-based benefits are shown on a vesting basis.

^(b)  Other includes all members of the Unilever Leadership Executive, other than Executive Directors.

Summary of Assumptions, Weighted by Liabilities for Valuation of Defined Benefit Plans

The following table shows the assumptions, weighted by liabilities, used to value defined benefit plans (representing approximately 96% of total pension liabilities) and other post-employment benefits.

		31 December 2017								31 December 2016
		Defined benefit pension plans				Other       post-employment benefit plans				Defined benefit pension plans				Other post-employment benefit plans
Discount rate			2.5%				4.2%				2.6%				4.8%
Inflation			2.5%				n/a				2.5%				n/a
Rate of increase in salaries			2.8%				3.0%				2.9%				3.0%
Rate of increase for pensions in payment (where provided)			2.4%				n/a				2.4%				n/a
Rate of increase for pensions in deferment (where provided)			2.6%				n/a				2.7%				n/a
Long-term medical cost inflation			n/a				5.3%				n/a				5.3%

The valuations of other post-employment benefit plans generally assume a higher initial level of medical cost inflation, which falls from 7% to the long-term rate within the next five years. Assumed healthcare cost trend rates have a significant effect on the amounts reported for healthcare plans.

For the most important pension plans, representing approximately 68% of all defined benefit plans liabilities, the assumptions used at 31 December 2017 and 2016 were:

		United Kingdom				Netherlands
		2017		2016		2017		2016
Discount rate		2.5%		2.7%		1.8%		1.8%
Inflation		3.1%		3.2%		1.7%		1.7%
Rate of increase in salaries		3.0%		3.1%		2.2%		2.2%
Rate of increase for pensions in payment (where provided)		3.0%		3.1%		1.7%		1.7%
Rate of increase for pensions in deferment (where provided)		3.0%		3.1%		1.7%		1.7%
Number of years a current pensioner is expected to live beyond age 65:
Men		22.1		22.5		22.5		21.8
Women		24.0		24.6		24.3		24.0
Number of years a future pensioner currently aged 45 is expected to live beyond age 65:
Men		22.6		23.8		24.6		24.1
Women		25.6		26.5		26.6		26.3

Summary of Charge to Operating Profit

The charge to the income statement comprises:

										€ million				€ million				€ million
		Notes								2017				2016				2015
Charged to operating profit:
Defined benefit pension and other benefit plans:
Current service cost											(245	)			(226	)			(271	)
Employee contributions											18				17				17
Special termination benefits											(4	)			(6	)			(9	)
Past service cost including (losses)/gains on curtailments											23				32				129
Settlements											4				(2	)			6
Defined contribution plans											(195	)			(187	)			(197	)
Total operating cost			4A								(399	)			(372	)			(325	)
Finance income/(cost)			5								(96	)			(94	)			(121	)
Net impact on the income statement (before tax)											(495	)			(466	)			(446	)

Summary of Amounts Recognised in Statement of Comprehensive Income on Remeasurement of Net Defined Benefit Liability

Amounts recognised in the statement of comprehensive income on the remeasurement of the net defined benefit liability.

		€ million				€ million				€ million
		2017				2016				2015
Return on plan assets excluding amounts included in net finance income/(cost)			1,475				1,877				(254	)
Actuarial gains/(losses) arising from changes in demographic assumptions			222				(217	)			(22	)
Actuarial gains/(losses) arising from changes in financial assumptions			(210	)			(2,963	)			1,167
Experience gains/(losses) arising on pension plan and other benefit plan liabilities			133				82				233
Total of defined benefit costs recognised in other comprehensive income			1,620				(1,221	)			1,124

Summary of Assets, Liabilities and Surplus/ (Deficit) Position of Pension and Other Post-Employment Benefit Plans at Balance Sheet Date

The assets, liabilities and surplus/(deficit) position of the pension and other post-employment benefit plans at the balance sheet date were:

		€ million 2017								€ million 2016
		Pension plans				Other post- employment   benefit plans				Pension plans				Other post- employment benefit plans
Fair value of assets			22,361				21				21,162				21
Present value of liabilities			(22,420	)			(523	)			(23,751	)			(605	)
Net liabilities			(59	)			(502	)			(2,589	)			(584	)
Pension liability net of assets			(59	)			(502	)			(2,589	)			(584	)
Of which in respect of:
Funded plans in surplus:
Liabilities			(17,132	)			-				(5,833	)			-
Assets			19,302				3				6,524				3
Aggregate surplus			2,170				3				691				3
Pension asset net of liabilities			2,170				3				691				3
Funded plans in deficit:
Liabilities			(4,267	)			(35	)			(16,783	)			(36	)
Assets			3,059				18				14,638				18
Pension liability net of assets			(1,208	)			(17	)			(2,145	)			(18	)
Unfunded plans:
Pension liability			(1,021	)			(488	)			(1,135	)			(569	)

Summary of Movements in Assets

Movements in assets during the year:

		UK				Netherlands				Rest of world				€ million 2017 Total				UK				Netherlands				Rest of world				€ million 2016 Total
1 January			9,963				5,116				6,104				21,183				9,950				4,873				5,919				20,742
Employee contributions			-				1				17				18				-				-				17				17
Settlements			-				-				(8	)			(8	)			-				-				-				-
Actual return on plan assets (excluding amounts in net finance income/charge)			863				275				337				1,475				1,412				281				184				1,877
Interest income			270				91				179				540				329				120				215				664
Employer contributions			778				43				284				1,105				202				11				299				512
Benefit payments			(457	)			(169	)			(613	)			(1,239	)			(456	)			(169	)			(701	)			(1,326	)
Reclassification of benefits(a)			-				-				(1	)			(1	)			-				-				(2	)			(2	)
Currency retranslation			(379	)			-				(312	)			(691	)			(1,474	)			-				173				(1,301	)
31 December			11,038				5,357				5,987				22,382				9,963				5,116				6,104				21,183

^(a)  Certain liabilities have been reclassified as employee benefit liabilities.

Summary of Movements in Liabilities

Movements in liabilities during the year:

		UK				Netherlands				Rest of world				€ million 2017 Total				UK				Netherlands				Rest of world				€ million 2016 Total
1 January			(10,981	)			(4,877	)			(8,498	)			(24,356	)			(10,602	)			(4,443	)			(8,017	)			(23,062	)
Current service cost			(114	)			(6	)			(125	)			(245	)			(89	)			(3	)			(134	)			(226	)
Employee contributions			-				-				-				-				-				-				-				-
Special termination benefits			-				-				(4	)			(4	)			-				-				(6	)			(6	)
Past service costs including losses/(gains) on curtailments			5				12				6				23				5				4				23				32
Settlements			-				-				12				12				-				-				(2	)			(2	)
Interest cost			(286	)			(86	)			(264	)			(636	)			(347	)			(109	)			(302	)			(758	)
Actuarial gain/(loss) arising from changes in demographic assumptions			312				(96	)			6				222				23				(19	)			(221	)			(217	)
Actuarial gain/(loss) arising from changes in financial assumptions			(189	)			-				(21	)			(210	)			(1,919	)			(524	)			(520	)			(2,963	)
Actuarial gain/(loss) arising from experience adjustments			144				(37	)			26				133				29				46				7				82
Benefit payments			457				169				613				1,239				456				169				701				1,326
Reclassification of benefits(a)			-				8				-				8				-				2				-				2
Currency retranslation			397				-				474				871				1,463				-				(27	)			1,436
31 December			(10,255	)			(4,913	)			(7,775	)			(22,943	)			(10,981	)			(4,877	)			(8,498	)			(24,356	)

^(a)  Certain liabilities have been reclassified as employee benefit liabilities.

Summary of Movements in (Deficit)/Surplus

Movements in (deficit)/surplus during the year:

		UK				Netherlands				Rest of world				€ million 2017 Total				UK				Netherlands				Rest of world				€ million 2016 Total
1 January			(1,018	)			239				(2,394	)			(3,173	)			(652	)			430				(2,098	)			(2,320	)
Current service cost			(114	)			(6	)			(125	)			(245	)			(89	)			(3	)			(134	)			(226	)
Employee contributions			-				1				17				18				-				-				17				17
Special termination benefits			-				-				(4	)			(4	)			-				-				(6	)			(6	)
Past service costs including losses/(gains) on curtailments			5				12				6				23				5				4				23				32
Settlements			-				-				4				4				-				-				(2	)			(2	)
Actual return on plan assets (excluding amounts in net finance income/charge)			863				275				337				1,475				1,412				281				184				1,877
Interest cost			(286	)			(86	)			(264	)			(636	)			(347	)			(109	)			(302	)			(758	)
Interest income			270				91				179				540				329				120				215				664
Actuarial gain/(loss) arising from changes in demographic assumptions			312				(96	)			6				222				23				(19	)			(221	)			(217	)
Actuarial gain/(loss) arising from changes in financial assumptions			(189	)			-				(21	)			(210	)			(1,919	)			(524	)			(520	)			(2,963	)
Actuarial gain/(loss) arising from experience adjustments			144				(37	)			26				133				29				46				7				82
Employer contributions			778				43				284				1,105				202				11				299				512
Benefit payments			-				-				-				-				-				-				-				-
Reclassification of benefits(a)			-				8				(1	)			7				-				2				(2	)			-
Currency retranslation			18				-				162				180				(11	)			-				146				135
31 December			783				444				(1,788	)			(561	)			(1,018	)			239				(2,394	)			(3,173	)

^(a)  Certain liabilities have been reclassified as employee benefit liabilities.

Summary of Principal Defined Benefit Liabilities and Split of Liabilities Between Different Categories of Plan Participants

The duration of the defined benefit plan liabilities (representing 96% of total pension liabilities) and the split of liabilities between different categories of plan participants are:

		UK				Netherlands				Rest of world(a)				2017 Total				UK				Netherlands				Rest  of world(a)				2016 Total
Duration (years)			17				19				13				8 to 24				18				20				14				8 to 20
Active members			14%				22%				16%				18%				15%				25%				19%				20%
Deferred members			32%				30%				15%				26%				33%				30%				14%				26%
Retired members			54%				48%				69%				56%				52%				45%				67%				54%

^(a)  Rest of world numbers shown are weighted averages by liabilities.

Schedule of Fair Value of Plans Assets, Which Are Reported Net of Fund Liabilities That Are Not Employee Benefits

The fair value of plan assets, which are reported net of fund liabilities that are not employee benefits, at the end of the reporting period for each category are as follows:

		€ million 31 December 2017																€ million 31 December 2016
		UK				Netherlands				Rest of world				Pension plans Total				UK				Netherlands				Rest of world				Pension plans Total
Total plan assets			11,038				5,357				5,966				22,361				9,963				5,116				6,083				21,162
Assets
Equities total			4,538				1,876				1,909				8,323				4,418				1,831				1,884				8,133
– Europe			1,093				703				594				2,390				1,065				623				509				2,197
– North America			2,320				668				842				3,830				2,266				698				865				3,829
– Other			1,125				505				473				2,103				1,087				510				510				2,107
Fixed income total			4,210				2,500				2,954				9,664				4,727				2,665				2,890				10,282
– Government bonds			2,162				879				1,376				4,417				2,774				1,114				1,438				5,326
– Investment grade corporate bonds			1,368				485				1,207				3,060				1,361				438				1,128				2,927
– Other fixed income			680				1,136				371				2,187				592				1,113				324				2,029
Private equity			401				89				3				493				504				124				6				634
Property and real estate			810				411				246				1,467				830				410				221				1,461
Hedge funds			673								297				970				687				3				481				1,171
Other			463				427				274				1,164				246				63				282				591
Other plans											312				312				-				-				336				336
Fund liabilities that are not employee benefits
Derivatives			(57	)			54				(29	)			(32	)			(1,449	)			20				(17	)			(1,446	)

Schedule of Sensitivity of Pension Liabilities to Changes in the Weighted Key Assumptions

The sensitivity of the overall pension liabilities to changes in the weighted key assumptions are:

Change in liabilities

Change in assumption

UK

Netherlands

Total

Discount rate

Increase by 0.5%

-8%

-9%

-7%

Inflation rate

Increase by 0.5%

+7%

+9%

+6%

Life expectancy

Increase by 1 year

+4%

+4%

+4%

Long-term medical cost inflation(b)

Increase by 1.0%

0%

0%

+1%

An equivalent decrease in each assumption would have an equal and opposite impact on liabilities.

^(b)  Long-term medical cost inflation only relates to post retirement medical plans.

Schedule of Cash Flow in Respect of Pensions and Similar Post-employment Benefits

The table below sets out these amounts:

		€ million 2018				€ million 2017				€ million 2016				€ million 2015
		Estimate
Company contributions to funded plans:
Defined benefit			245				954				355				356
Defined contributions			205				195				187				197
Benefits paid by the company in respect of unfunded plans:
Defined benefit			150				151				157				157
Group cash flow in respect of pensions and similar benefits			600				1,300				699				710

Schedule of Income Statement Charge

The charge in each of the last three years is shown below, and relates to equity-settled plans:

		€ million				€ million				€ million
Income statement charge		2017				2016				2015
Performance share plans			(273	)			(185	)			(143	)
Other plans			(11	)			(13	)			(7	)
			(284	)			(198	)			(150	)

Summary of Status of Performance Share Plans, Related Changes and Share Award Value Information

A summary of the status of the Performance Share Plans as at 31 December 2017, 2016 and 2015 and changes during the years ended on these dates is presented below:

		2017 Number of shares				2016 Number of shares				2015 Number of shares
Outstanding at 1 January			14,818,060				15,979,140				17,468,291
Awarded			4,962,345				7,016,274				8,890,394
Vested			(4,723,861	)			(6,983,053	)			(8,448,454	)
Forfeited			(1,371,797	)			(1,194,301	)			(1,931,091	)
Outstanding at 31 December			13,684,747				14,818,060				15,979,140

Share award value information		2017				2016				2015
Fair value per share award during the year			€42.59				€35.43				€33.17

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