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Consolidated statement of changes in equity - EUR (€)
€ in Millions
Total
Impact of adopting IFRIC 23
1 January 2019 (restated)
Total
Total
Impact of adopting IFRIC 23
Total
1 January 2019 (restated)
Called up share capital
Called up share capital
1 January 2019 (restated)
Share premium account
Share premium account
1 January 2019 (restated)
Unification reserve
Unification reserve
1 January 2019 (restated)
Other reserves
Other reserves
1 January 2019 (restated)
Retained profit
Retained profit
Impact of adopting IFRIC 23
Retained profit
1 January 2019 (restated)
Non-controlling interests
Non-controlling interests
1 January 2019 (restated)
Beginning balance at Dec. 31, 2018 € 12,117 € (38) € 12,079 € 11,397 € (38) € 11,359 € 464 € 464 € 129 € 129 € 0 € 0 € (15,218) € (15,218) € 26,022 € (38) € 25,984 € 720 € 720
Profit or loss for the period 6,026     5,625                     5,625     401  
Other comprehensive income net of tax:                                      
Equity instruments 29     25                 25         4  
Cash flow hedges 176     176                 176         0  
Remeasurement of defined benefit pension plans 353     352                     352     1  
Currency retranslation gains/(losses) (15)     (16)                 (18)   2     1  
Total comprehensive income 6,569     6,162                 183   5,979     407  
Dividends on ordinary capital (4,223)     (4,223)                     (4,223)        
Repurchase of shares 0                                    
Cancellation of treasury shares [1] 0     0     (44)           9,416   (9,372)        
Other movements in treasury shares [2] (167)     (167)                 64   (231)        
Share-based payment credit [3] 151     151                     151        
Dividends paid to non-controlling interests (435)                                 (435)  
Currency retranslation gains/(losses) net of tax 5     5         5                    
Hedging gain/(loss) transferred to non-financial assets 32     32                 32            
Other movements in equity (125)     (127)                 (51)   (76)     2  
Ending balance at Dec. 31, 2019 13,886     13,192     420   134   0   (5,574)   18,212     694  
Profit or loss for the period 6,073     5,581                     5,581     492  
Other comprehensive income net of tax:                                      
Equity instruments 78     68                 68         10  
Cash flow hedges 60     62                 62         (2)  
Remeasurement of defined benefit pension plans 215     217                     217     (2)  
Currency retranslation gains/(losses) (2,590)     (2,378)                 (2,356)   (22)     (212)  
Total comprehensive income 3,836     3,550                 (2,226)   5,776     286  
Dividends on ordinary capital (4,300)     (4,300)                     (4,300)        
Repurchase of shares 0                                    
Issue of PLC ordinary shares as part of Unification [4] 0     0     51               (51)        
Cancellation of NV ordinary shares as part of Unification [4] 0     0     (233)   (20)           253        
Other effects of Unification [5] 0     0     (146)   73,364   (73,364)   132   14        
Other movements in treasury shares [2] 62     62                 220   (158)        
Share-based payment credit [3] 108     108                     108        
Dividends paid to non-controlling interests (559)                                 (559)  
Currency retranslation gains/(losses) net of tax 6     (6)         (6)                    
Hedging gain/(loss) transferred to non-financial assets 12     10                 10         2  
Net gain arising from Horlicks acquisition [6] 4,848     2,930                     2,930     1,918  
Other movements in equity [7] (232)     (280)                 (44)   (236)     48  
Ending balance at Dec. 31, 2020 17,655     15,266     92   73,472   (73,364)   (7,482)   22,548     2,389  
Profit or loss for the period 6,621     6,049                     6,049     572  
Other comprehensive income net of tax:                                      
Equity instruments 166     147                 147         19  
Cash flow hedges 279     276                 276         3  
Remeasurement of defined benefit pension plans 1,734     1,728                     1,728     6  
Currency retranslation gains/(losses) 1,177     1,028                 1,025   3     149  
Total comprehensive income 9,977     9,228                 1,448   7,780     749  
Dividends on ordinary capital (4,458)     (4,458)                     (4,458)        
Repurchase of shares [8] (3,018)     (3,018)                 (3,018)            
Other movements in treasury shares [2] (48)     (48)                 95   (143)        
Share-based payment credit [3] 161     161                     161        
Dividends paid to non-controlling interests (503)                                 (503)  
Hedging gain/(loss) transferred to non-financial assets (174)     (171)                 (171)         (3)  
Other movements in equity [7] 154     147         (2)       (82)   231     7  
Share capital reduction [9] 0     0         (20,626)           20,626        
Ending balance at Dec. 31, 2021 € 19,746     € 17,107     € 92   € 52,844   € (73,364)   € (9,210)   € 46,745     € 2,639  
[1] During 2019, 254,012,896 NV ordinary shares and 18,660,634 PLC ordinary shares were cancelled. The amount paid to repurchase these shares was initially recognised in other reserves and is transferred to retained profit on cancellation.
[2] Includes purchases and sales of treasury shares, other than the share buyback programme and the transfer from treasury shares to retained profit of share-settled schemes arising from prior years and differences between exercise and grant price of share options in 2019 and 2020.
[3] The share-based payment credit relates to the non-cash charge recorded against operating profit in respect of the fair value of share options and awards granted to employees.
[4] As part of Unification, NV shareholders were issued new PLC ordinary shares, all issued NV shares were cancelled. The impact is recognised in retained profit.
[5] Includes the reduction of PLC’s share capital following the cessation of the Equalisation Agreement. Prior to Unification, a conversion rate of £1= €5.143 was used in accordance with the Equalisation Agreement to translate PLC’s share capital. Following Unification, PLC’s share capital has been translated using the exchange rate at the date of Unification. To reflect the legal share capital of the PLC company, an increase to share premium of €73,364 million and a debit unification reserve for the same amount have been recorded as there is no change in the net assets of the Group. This debit is not a loss as a matter of law.
[6] Consideration for the Horlicks Acquisition included the issuance of shares in a group subsidiary, Hindustan Unilever Limited, which resulted in a net gain being recognised within equity. See note 21 for further details.
[7] 2021 includes a hyperinflation adjustment of €280 million and €82 million related to the Welly acquisition. 2020 includes €163 million paid for purchase of the non-controlling interest in Unilever Malaysia.
[8] Repurchase of shares reflects the cost of acquiring ordinary shares as part of the share buyback programme announced on 29 April 2021.
[9] Share premium has been adjusted to reflect the legal share capital of the PLC company, which reduced by £18,400 million following court approval on 15 June 2021.