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guaranteed, jointly and severally, by Unilever N.V., Unilever PLC and Unilever United States, Inc. (UNUS) and that superseded the NV and UCC US Shelf registration filed on 30 September 2014, which was unconditionally and fully guaranteed, jointly and severally, by NV, PLC and UNUS.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, $12.5 billion of Notes were outstanding at 31 December 2018 (2017: $8.9 billion; 2016: $6.3 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 2018	Unilever Capital Corporation subsidiary issuer		Unilever^(a) parent entities			Unilever United States Inc. subsidiary guarantor			Non- guarantor subsidiaries			Eliminations		Unilever Group
Turnover		—		—			—			50,982			—		50,982
Operating profit		—		1,985			(4	)		10,554			—		12,535
Net finance income/(costs)		—		(104	)		(426	)		74			—		(456	)
Pensions and similar obligations		—		(2	)		(19	)		(4	)		—		(25	)
Other income/(losses)		—		—			—			207			—		207
Premium paid on buyback of preference shares		—		(382	)		—			382			—		—
Net monetary gain arising from hyperinflationary economies		—		—			—			122			—		122

Profit before taxation		—		1,497			(449	)		11,335			—		12,383
Taxation		—		(199	)		—			(2,376	)		—		(2,575	)

Net profit before subsidiaries		—		1,298			(449	)		8,959					9,808
Equity earnings of subsidiaries		—		8,091			1,787			(20,326	)		10,448		—

Net profit		—		9,389			1,338			(11,367	)		10,448		9,808

Attributable to:
Non-controlling interests		—		—			—			419			—		419
Shareholders’ equity		—		9,389			1,338			(11,786	)		10,448		9,389

Other comprehensive income		—		(24	)		25			(1,194	)		—		(1,193	)

Total comprehensive income		—		9,365			1,363			(12,561	)		10,448		8,615

^(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
Income statement for the year ended 31 December 2017	Unilever Capital Corporation subsidiary issuer		Unilever^(a) parent entities			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 buyback 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

Other comprehensive income		—		(75	)		(156	)		455			—			224

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


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

Other comprehensive income		—		(14	)		27			(791	)		—			(778	)

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

^(a)

€ million

Balance sheet

at 31 December 2018

Unilever
Capital
Corporation
subsidiary
issuer

Unilever^(a)
parent
entities

Unilever
United
States Inc.
subsidiary
guarantor

Non-
guarantor
subsidiaries

Eliminations

Unilever
Group

Assets

Non-current assets

Goodwill and intangible assets

—

3,058

—

26,435

—

29,493

Deferred tax assets

—

1,113

—

1,117

Other non-current assets

—

13,343

—

13,365

Amounts due from group companies

17,211

10,379

—

(27,590

)

—

Net assets of subsidiaries (equity accounted)

—

22,299

22,463

—

(44,762

)

—

17,211

35,756

22,469

40,891

(72,352

)

43,975

Current assets

Amounts due from group companies

—

11,883

5,413

33,032

(50,328

)

—

Trade and other current receivables

—

155

6,326

—

6,485

Current tax assets

—

457

—

472

Other current assets

—

8,511

—

8,524

12,060

5,417

48,326

(50,328

)

15,481

Total assets

17,217

47,816

27,886

89,217

(122,680

)

59,456

Liabilities

Current liabilities

Financial liabilities

2,381

822

—

3,235

Amounts due to group companies

4,895

25,010

3,127

17,296

(50,328

)

—

Trade payables and other current liabilities

327

14,019

—

14,457

Current tax liabilities

—

1,373

—

1,445

Other current liabilities

—

633

—

635

7,372

25,369

3,216

34,143

(50,328

)

19,772

Non-current liabilities

Financial liabilities

9,525

10,767

—

1,358

—

21,650

Amounts due to group companies

—

13,290

14,300

(27,590

)

—

Pensions and post-retirement healthcare liabilities:

Funded schemes in deficit

—

136

1,066

—

1,209

Unfunded schemes

—

388

918

—

1,393

Other non-current liabilities

—

141

2,998

—

3,140

9,525

11,002

13,815

20,640

(27,590

)

27,392

Total liabilities

16,897

36,371

17,031

54,783

(77,918

)

47,164

Shareholders’ equity

320

11,445

10,855

33,714

(44,762

)

11,572

Non-controlling interests

—

720

—

720

Total equity

320

11,445

10,855

34,434

(44,762

)

12,292

Total liabilities and equity

17,217

47,816

27,886

89,217

(122,680

)

59,456

^(a)


	€ million		€ million		€ million		€ million		€ million			€ million
Balance sheet at 31 December 2017	Unilever Capital Corporation subsidiary issuer		Unilever^(a) parent entities		Unilever United States Inc. subsidiary guarantor		Non- guarantor subsidiaries		Eliminations			Unilever Group
Assets
Non-current assets
Goodwill and intangible assets		—		2,143		—		26,258		—			28,401
Deferred tax assets		—		90		48		947		—			1,085
Other non-current assets		—		6		2		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		—		51		3		5,168		—			5,222
Current tax assets		—		57		9		422		—			488
Other current assets		—		39		—		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		1		862		—			7,968
Amounts due to group companies		6,964		25,457		24		11,437		(43,882	)		—
Trade payables and other current liabilities		65		215		11		13,135		—			13,426
Current tax liabilities		—		—		—		1,088		—			1,088
Other current liabilities		—		5		—		690		—			695

		9,449		30,362		36		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		—		8		103		1,114		—			1,225
Unfunded schemes		—		93		439		977		—			1,509
Other non-current liabilities		—		5		1		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		—			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
Cash flow statement for the year ended 31 December 2018	Unilever Capital Corporation subsidiary issuer			Unilever^(a)parent entities			Unilever United States Inc. subsidiary guarantor			Non- guarantor subsidiaries			Eliminations			Unilever Group
Net cash flow from/(used in) operating activities		—			945			(6	)		5,814			—			6,753

Net cash flow from/(used in) investing activities		1,088			1,196			(63	)		4,619			(2,196	)		4,644

Net cash flow from/(used in) financing activities		(1,097	)		(2,183	)		69			(10,533	)		2,196			(11,548	)

Net increase/(decrease) in cash and cash equivalents		(9	)		(42	)		—			(100	)		—			(151	)
Cash and cash equivalents at beginning of year		—			23			(1	)		3,147			—			3,169
Effect of foreign exchange rates		15			26			—			31			—			72

Cash and cash equivalents at end of year		6			7			(1	)		3,078			—			3,090


	€ million			€ million			€ million			€ million			€ million			€ million
Cash flow statement for the year ended 31 December 2017	Unilever Capital Corporation subsidiary issuer			Unilever^(a)parent entities			Unilever United States Inc. subsidiary guarantor			Non- guarantor subsidiaries			Eliminations			Unilever 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
Cash flow statement for the year ended 31 December 2016	Unilever Capital Corporation subsidiary issuer			Unilever^(a)parent entities			Unilever United States Inc. subsidiary guarantor			Non- guarantor subsidiaries			Eliminations			Unilever 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

^(a)