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v3.19.2

Impact of Adoption of IFRS 16 (Tables) | 6 Months Ended
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Jun. 30, 2019
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Schedule of Balance Sheet | The Group recognised right-of-use assets on the balance sheet representing the right to use of the underlying assets from the lease contracts. Current and non-current lease liabilities were also recognised for the present value of the lease payments due under the lease contracts. Deferred tax adjustments are due to temporary timing differences arising from the recognition of right-of-use assets and lease liabilities. Shareholder’s equity has been restated to reflect the cumulative impact of IFRS 16 on retained earnings and currency translation adjustment as a result of IFRS 16 restatement of foreign subsidiaries.
|  | As at 31 December 2018 |  |  | As at 30 June 2018 |
€ million |  | As previously reported |  |  | Restatement |  |  | Restated |  |  | As previously reported |  |  | Restatement |  |  | Restated |
Balance sheet |
Property, plant and equipment |  |  | 10,347 |  |  |  | 1,741 |  |  |  | 12,088 |  |  |  | 10,050 |  |  |  | 1,861 |  |  |  | 11,911 |
Deferred tax assets |  |  | 1,117 |  |  |  | 35 |  |  |  | 1,152 |  |  |  | 1,000 |  |  |  | 34 |  |  |  | 1,034 |
Other non-current assets |  |  | 648 |  |  |  | (118 | ) |  |  | 530 |  |  |  | 619 |  |  |  | (117 | ) |  |  | 502 |
Trade and other current receivables |  |  | 6,485 |  |  |  | (3 | ) |  |  | 6,482 |  |  |  | 6,821 |  |  |  | (3 | ) |  |  | 6,818 |
Total assets |  |  | 59,456 |  |  |  | 1,655 |  |  |  | 61,111 |  |  |  | 63,182 |  |  |  | 1,775 |  |  |  | 64,957 |
Current financial liabilities |  |  | 3,235 |  |  |  | 378 |  |  |  | 3,613 |  |  |  | 10,670 |  |  |  | 410 |  |  |  | 11,080 |
Non-current financial liabilities |  |  | 21,650 |  |  |  | 1,475 |  |  |  | 23,125 |  |  |  | 18,951 |  |  |  | 1,568 |  |  |  | 20,519 |
Deferred tax liability |  |  | 1,923 |  |  |  | (23 | ) |  |  | 1,900 |  |  |  | 1,966 |  |  |  | (24 | ) |  |  | 1,942 |
Total liabilities |  |  | 47,164 |  |  |  | 1,830 |  |  |  | 48,994 |  |  |  | 50,881 |  |  |  | 1,954 |  |  |  | 52,835 |
Other reserves |  |  | (15,286 | ) |  |  | 68 |  |  |  | (15,218 | ) |  |  | (16,768 | ) |  |  | 58 |  |  |  | (16,710 | )
Retained profit |  |  | 26,265 |  |  |  | (243 | ) |  |  | 26,022 |  |  |  | 27,737 |  |  |  | (237 | ) |  |  | 27,500 |
Total equity |  |  | 12,292 |  |  |  | (175 | ) |  |  | 12,117 |  |  |  | 12,301 |  |  |  | (179 | ) |  |  | 12,122 |
Total liabilities and equity |  |  | 59,456 |  |  |  | 1,655 |  |  |  | 61,111 |  |  |  | 63,182 |  |  |  | 1,775 |  |  |  | 64,957 |
Schedule of Income Statement and Statement of Comprehensive Income | Operating profit has been restated to remove operating lease payments previously recognised and to recognise depreciation expense on the right-of-use assets that are now recognised on the balance sheet. Interest expense on lease liabilities has been recognised within finance costs. Adjustments to taxation are due to the change in profit before taxation. Currency translation gains/losses have also been restated to reflect the foreign exchange impact of IFRS 16 on subsidiaries that do not have a euro functional currency.
€ million |  | First Half 2018 |
| As previously reported |  |  | Adjustments for IFRS 16 |  |  | Restated |
Income statement |  |  |  |  |  |  |  |  |  |  |  |
Operating profit |  |  | 4,474 |  |  |  | 55 |  |  |  | 4,529 |
Finance costs |  |  | (272 | ) |  |  | (65 | ) |  |  | (337 | )
Profit before taxation |  |  | 4,339 |  |  |  | (10 | ) |  |  | 4,329 |
Taxation |  |  | (1,102 | ) |  |  | 2 |  |  |  | (1,100 | )
Net profit |  |  | 3,237 |  |  |  | (8 | ) |  |  | 3,229 |
Attributable to: Shareholder’s equity |  |  | 3,039 |  |  |  | (8 | ) |  |  | 3,031 |
Statement of comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Net profit |  |  | 3,237 |  |  |  | (8 | ) |  |  | 3,229 |
Currency retranslation gains/(losses) |  |  | (767 | ) |  |  | 12 |  |  |  | (755 | )
Total comprehensive income |  |  | 2,644 |  |  |  | 4 |  |  |  | 2,648 |
Attributable to: Shareholder’s equity |  |  | 2,459 |  |  |  | 4 |  |  |  | 2,463 |
Schedule of Cash Flow Statement | There is no impact on overall cash flows on the Group from the adoption of IFRS 16. However, cash outflows for lease payments have been reclassified from cash flows from operating activities to cash flows used in financing activities.
€ million |  | First Half 2018 |
| As previously reported |  |  | Adjustments for IFRS 16 |  |  | Restated |
Cash flow statement |
Net profit |  |  | 3,237 |  |  |  | (8 | ) |  |  | 3,229 |
Taxation |  |  | 1,102 |  |  |  | (2 | ) |  |  | 1,100 |
Net finance costs |  |  | 223 |  |  |  | 65 |  |  |  | 288 |
Operating profit |  |  | 4,474 |  |  |  | 55 |  |  |  | 4,529 |
Depreciation, amortisation and impairment |  |  | 983 |  |  |  | 245 |  |  |  | 1,228 |
Elimination of (profits)/losses on disposals |  |  | 32 |  |  |  | (16 | ) |  |  | 16 |
Net cash flow from operating activities |  |  | 2,406 |  |  |  | 284 |  |  |  | 2,690 |
Interest paid |  |  | (191 | ) |  |  | (48 | ) |  |  | (239 | )
Change in financial liabilities |  |  | 4,486 |  |  |  | (236 | ) |  |  | 4,250 |
Net cash flow (used in)/from financing activities |  |  | (395 | ) |  |  | (284 | ) |  |  | (679 | )
Schedule Impact on Earnings Per Share | Basic and diluted earnings per share have been restated to reflect the restated net profit attributable to shareholders’ equity as per the income statement.
|  | First Half 2018 |
|  | As previously reported |  |  | Restated |
Combined EPS – Basic |  |  |  |  |  |  |  |
Net profit attributable to shareholders’ equity (€ million) |  |  | 3,039 |  |  |  | 3,031 |
Average number of combined share units (millions of units) |  |  | 2,727.3 |  |  |  | 2,727.3 |
Combined EPS – basic (€) |  |  | 1.11 |  |  |  | 1.11 |
Combined EPS – Diluted |  |  |  |  |  |  |  |
Net profit attributable to shareholders’ equity (€ million) |  |  | 3,039 |  |  |  | 3,031 |
Adjusted average number of combined share units (millions of units) |  |  | 2,737.3 |  |  |  | 2,737.3 |
Combined EPS – diluted (€) |  |  | 1.11 |  |  |  | 1.11 |
Schedule of Segment Information | Segment information for the Group’s divisions and geographical areas has been restated. Operating profit, underlying operating profit, operating margin and underlying operating margin have been restated to reflect the impact of IFRS 16 adoption on the income statement for the six months to 30 June 2018 as follows:
First Half 2018 |  | Beauty & Personal Care |  |  | Home Care |  |  | Foods & Refreshment |  |  | Total |
Operating profit (€ million) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2018 as previously reported |  |  | 2,037 |  |  |  | 638 |  |  |  | 1,799 |  |  |  | 4,474 |
Adjustments for IFRS 16 |  |  | 19 |  |  |  | 13 |  |  |  | 23 |  |  |  | 55 |
2018 after restatement |  |  | 2,056 |  |  |  | 651 |  |  |  | 1,822 |  |  |  | 4,529 |
Underlying operating profit (€ million) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2018 as previously reported |  |  | 2,201 |  |  |  | 633 |  |  |  | 2,078 |  |  |  | 4,912 |
Adjustments for IFRS 16 |  |  | 19 |  |  |  | 13 |  |  |  | 23 |  |  |  | 55 |
2018 after restatement |  |  | 2,220 |  |  |  | 646 |  |  |  | 2,101 |  |  |  | 4,967 |
Operating margin (%) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2018 as previously reported |  |  | 20.2 |  |  |  | 12.6 |  |  |  | 16.0 |  |  |  | 17.0 |
2018 after restatement |  |  | 20.4 |  |  |  | 12.9 |  |  |  | 16.2 |  |  |  | 17.2 |
Underlying operating margin (%) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2018 as previously reported |  |  | 21.8 |  |  |  | 12.5 |  |  |  | 18.5 |  |  |  | 18.6 |
2018 after restatement |  |  | 22.0 |  |  |  | 12.8 |  |  |  | 18.7 |  |  |  | 18.8 |
First Half 2018 |  | Asia / AMET / RUB |  |  | The Americas |  |  | Europe |  |  | Total |
Operating profit (€ million) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2018 as previously reported |  |  | 2,248 |  |  |  | 1,156 |  |  |  | 1,070 |  |  |  | 4,474 |
Adjustments for IFRS 16 |  |  | 27 |  |  |  | 17 |  |  |  | 11 |  |  |  | 55 |
2018 after restatement |  |  | 2,275 |  |  |  | 1,173 |  |  |  | 1,081 |  |  |  | 4,529 |
Underlying operating profit (€ million) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2018 as previously reported |  |  | 2,317 |  |  |  | 1,333 |  |  |  | 1,262 |  |  |  | 4,912 |
Adjustments for IFRS 16 |  |  | 27 |  |  |  | 17 |  |  |  | 11 |  |  |  | 55 |
2018 after restatement |  |  | 2,344 |  |  |  | 1,350 |  |  |  | 1,273 |  |  |  | 4,967 |
Operating margin (%) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2018 as previously reported |  |  | 19.2 |  |  |  | 14.3 |  |  |  | 16.4 |  |  |  | 17.0 |
2018 after restatement |  |  | 19.4 |  |  |  | 14.5 |  |  |  | 16.5 |  |  |  | 17.2 |
Underlying operating margin (%) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2018 as previously reported |  |  | 19.7 |  |  |  | 16.5 |  |  |  | 19.3 |  |  |  | 18.6 |
2018 after restatement |  |  | 20.0 |  |  |  | 16.7 |  |  |  | 19.5 |  |  |  | 18.8 |

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