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Treasury risk management (Tables)

12 Months Ended

Dec. 31, 2022

Treasury Risk Management [Abstract]

Summary of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities

The following table shows Unilever’s contractually agreed undiscounted cash flows, including expected interest payments, which are payable under financial liabilities at the balance sheet date:

			€ million			€ million			€ million			€ million			€ million			€ million			€ million			€ million
Undiscounted cash flows			Due within 1 year			Due between 1 and 2 years			Due between 2 and 3 years			Due between 3 and 4 years			Due between 4 and 5 years			Due after 5 years			Total			Net carrying amount as shown in balance sheet
2022
Non-derivative financial liabilities:
Bank loans and overdrafts			(529)			(5)			–			–			–			(7)			(541)			(519)
Bonds and other loans			(5,220)			(3,102)			(3,494)			(2,369)			(2,541)			(14,176)			(30,902)			(26,512)
Lease liabilities			(397)			(320)			(245)			(196)			(144)			(347)			(1,649)			(1,408)
Other financial liabilities			(104)			(27)			(290)			–			–			–			(421)			(418)
Trade payables, accruals and other liabilities			(17,166)			(74)			(28)			(16)			(12)			(38)			(17,334)			(17,334)
Deferred consideration			(79)			(96)			(14)			–			–			–			(189)			(180)
			(23,495)			(3,624)			(4,071)			(2,581)			(2,697)			(14,568)			(51,036)			(46,371)
Derivative financial liabilities:
Interest rate derivatives:																								(529)
Derivative contracts – receipts			59			59			59			59			55			249			540
Derivative contracts – payments			(106)			(159)			(142)			(133)			(114)			(483)			(1,137)
Foreign exchange derivatives:																								(217)
Derivative contracts – receipts			8,244			–			–			–			–			–			8,244
Derivative contracts – payments			(8,469)			–			–			–			–			–			(8,469)
Commodity derivatives:																								(38)
Derivative contracts – receipts			–			–			–			–			–			–			–
Derivative contracts – payments			(38)			–			–			–			–			–			(38)
			(310)			(100)			(83)			(74)			(59)			(234)			(860)			(784)
Total			(23,805)			(3,724)			(4,154)			(2,655)			(2,756)			(14,802)			(51,896)			(47,155)
2021
Non-derivative financial liabilities:
Bank loans and overdrafts			(389)			(1)			(14)			–			–			(7)			(411)			(402)
Bonds and other loans			(6,759)			(2,944)			(2,942)			(3,382)			(1,786)			(13,589)			(31,402)			(27,621)
Lease liabilities			(426)			(345)			(276)			(228)			(176)			(488)			(1,939)			(1,649)
Other financial liabilities			(106)			(33)			(25)			(199)			–			–			(363)			(277)
Trade payables, accruals and other liabilities			(14,319)			(48)			(20)			(12)			(10)			(33)			(14,442)			(14,442)
Deferred consideration			(57)			(69)			(91)			(9)			–			–			(226)			(196)
			(22,056)			(3,440)			(3,368)			(3,830)			(1,972)			(14,117)			(48,783)			(44,587)
Derivative financial liabilities:
Interest rate derivatives:																								(121)
Derivative contracts – receipts			815			56			492			45			45			986			2,439
Derivative contracts – payments			(811)			(38)			(499)			(39)			(39)			(1,043)			(2,469)
Foreign exchange derivatives:																								(113)
Derivative contracts – receipts			7,371			100			–			–			–			–			7,471
Derivative contracts – payments			(7,505)			(103)			–			–			–			–			(7,608)
Commodity derivatives:																								(1)
Derivative contracts – receipts			–			–			–			–			–			–			–
Derivative contracts – payments			(1)			–			–			–			–			–			(1)
			(131)			15			(7)			6			6			(57)			(168)			(235)
Total			(22,187)			(3,425)			(3,375)			(3,824)			(1,966)			(14,174)			(48,951)			(44,822)

Summary of Derivative Cash Flow Hedges

The following table shows cash flows for which cash flow hedge accounting is applied. The derivatives in the cash flow hedge relationships are expected to have an impact on profit and loss in the same periods as the cash flows occur.

			€ million			€ million			€ million			€ million			€ million			€ million			€ million			€ million
			Due within 1 year			Due between 1 and 2 years			Due between 2 and 3 years			Due between 3 and 4 years			Due between 4 and 5 years			Due after 5 years			Total			Net carrying amount of related derivatives(a)
2022
Foreign exchange cash inflows			3,100			–			–			–			–			–			3,100			–
Foreign exchange cash outflows			(3,180)			–			–			–			–			–			(3,180)			(48)
Interest rate swaps cash inflows			564			502			27			27			952			–			2,072			119
Interest rate swaps cash outflows			(464)			(473)			(13)			(13)			(923)			–			(1,886)			–
Commodity contracts cash inflows			6			–			–			–			–			–			6			6
Commodity contracts cash outflows			(38)			–			–			–			–			–			(38)			(38)
2021
Foreign exchange cash inflows			3,118			–			–			–			–			–			3,118			–
Foreign exchange cash outflows			(3,073)			–			–			–			–			–			(3,073)			67
Interest rate swaps cash inflows			1,170			530			473			26			26			896			3,121			–
Interest rate swaps cash outflows			(1,147)			(464)			(473)			(13)			(13)			(923)			(3,033)			(19)
Commodity contracts cash inflows			45			–			–			–			–			–			45			45
Commodity contracts cash outflows			(1)			–			–			–			–			–			(1)			(1)

(a)See note 16C.

Summary of Currency Derivatives Outstanding

												As at year end, the Group had the below notional amount of currency derivatives outstanding to which cash flow hedge accounting is applied:
												Currency			2022			2021
												EUR*			(958)			(922)
												GBP			(408)			(449)
												USD			764			699
												SEK			(103)			(98)
												CAD			(86)			(105)
												PLN			(64)			(54)
												Others			(136)			(205)
												Total			(991)			(1,134)
												* Euro exposure relates to group companies having non-euro functional currencies.

Disclosure of Outstanding Fixed to Float Interest Rate Swaps

As at 31 December 2022, the Group had the below notional amount of outstanding fixed-to-float interest rate swaps on which fair value hedge accounting is applied:
			€ million			€ million
Currency			2022			2021
EUR			2,000			–
USD			1,267			1,192
GBP			339			–
Total			3,606			1,192

Disclosure of Impact of Interest Rate Swaps and Cross-Currency Swaps

The following table shows the split in fixed and floating-rate interest exposures, taking into account the impact of interest rate swaps and
cross-currency swaps:

			€ million			€ million
			2022			2021
Current financial liabilities			(5,775)			(7,252)
Non-current financial liabilities			(23,713)			(22,881)
Total financial liabilities			(29,488)			(30,133)
Less: lease liabilities			(1,408)			(1,649)
Financial liabilities (excluding lease liabilities)			28,080			28,484
Of which:
Fixed rate (weighted average amount of fixing for the following year)			(19,594)			(20,787)

Summary of Derivatives Used to Hedge

The Group does not use derivative financial instruments for speculative purposes. The uses of derivatives and the related values of derivatives are summarised in the following table. Derivatives used to hedge:

€ million

€ million

€ million

€ million

€ million

€ million

€ million

Trade and other receivables

Current  financial assets

Non-Current financial assets

Trade payables and other liabilities

Current financial liabilities

Non-Current financial liabilities

Total

31 December 2022

Foreign exchange derivatives

Fair value hedges

–

–

–

–

–

–

–

Cash flow hedges

32

–

–

(80)

–

–

(48)

Hedges on the net investment in foreign operations

–

–

–

–

(92)

(a)

–

(92)

Hedge accounting not applied

51

163

(a)

–

(35)

(10)

(a)

–

169

Interest rate derivatives

Fair value hedges

–

–

–

–

–

(522)

(522)

Cash flow hedges

–

75

51

–

–

(7)

119

Hedge accounting not applied

–

–

–

–

–

–

–

Commodity contracts

Cash flow hedges

6

–

–

(38)

–

–

(32)

Hedge accounting not applied

–

–

–

–

–

–

–

89

238

51

(153)

(102)

(529)

(406)

Total assets

378

Total liabilities

(784)

(406)

31 December 2021

Foreign exchange derivatives

Fair value hedges

–

–

–

–

–

–

–

Cash flow hedges

100

–

–

(33)

–

–

67

Hedges on the net investment in foreign operations

–

112

(a)

–

–

–

–

112

Hedge accounting not applied

16

(47)

(a)

–

(17)

(61)

(a)

(2)

(111)

Interest rate derivatives

Fair value hedges

–

–

–

–

–

(39)

(39)

Cash flow hedges

–

11

52

–

(24)

(58)

(19)

Hedge accounting not applied

–

–

–

–

–

–

–

Commodity contracts

Cash flow hedges

45

–

–

(1)

–

–

44

Hedge accounting not applied

–

–

–

–

–

–

–

161

76

52

(51)

(85)

(99)

54

Total assets

289

Total liabilities

(235)

54

 

(a)Swaps that hedge the currency risk on intra-group loans and offset ‘Hedges of net investments in foreign operations’ are included within ‘Hedge accounting not applied’. See below for further details.

Summary of Financial Assets are Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements

The following financial assets are subject to offsetting, enforceable master netting arrangements and similar agreements.

												Related amounts not set off in the balance sheet
			€ million			€ million			€ million			€ million			€ million			€ million
As at 31 December 2022			Gross amounts of recognised financial assets			Gross amounts of recognised financial assets set off in the balance sheet			Net amounts of financial assets presented in the balance sheet			Financial instruments			Cash collateral received			Net amount
Derivative financial assets			449			(71)			378			(272)			(81)			25
As at 31 December 2021
Derivative financial assets			401			(112)			289			(107)			(27)			155

Summary of Financial Liabilities are Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements

The following financial liabilities are subject to offsetting, enforceable master netting arrangements and similar agreements.

Related amounts not set off in the balance sheet

€ million

€ million

€ million

€ million

€ million

€ million

As at 31 December 2022

Gross amounts of recognised financial liabilities

Gross amounts of recognised financial liabilities set off in the balance sheet

Net amounts of financial liabilities presented in the balance sheet

Financial instruments

Cash collateral received

Net amount

Derivative financial liabilities

(855)

71

(784)

272

–

(512)

As at 31 December 2021

Derivative financial liabilities

(347)

112

(235)

107

–

(128)

X

- Definition

The disclosure of detailed information about hedges.

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