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Consolidated statement of changes in equity - EUR (€)
€ in Millions
Total
Hyperinflation restatement to 1 January 2022
Adjusted opening balance
Total
Total
Hyperinflation restatement to 1 January 2022
Total
Adjusted opening balance
Called up share capital
Called up share capital
Adjusted opening balance
Share premium account
Share premium account
Adjusted opening balance
Unification reserve
Unification reserve
Adjusted opening balance
Other reserves
Other reserves
Adjusted opening balance
Retained profit
Retained profit
Hyperinflation restatement to 1 January 2022
Retained profit
Adjusted opening balance
Non-controlling interests
Non-controlling interests
Adjusted opening balance
Equity at beginning of period 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 gains/(losses) 166     147                 147         19  
Cash flow hedges gains/(losses) 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)        
Share capital reduction [1] 0     0         (20,626)           20,626        
Repurchase of shares [2] (3,018)     (3,018)                 (3,018)            
Movements in treasury shares [3] (48)     (48)                 95   (143)        
Share-based payment credit [4] 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 [5] 154     147         (2)       (82)   231     7  
Equity at end of period at Dec. 31, 2021 19,746 € 154 € 19,900 17,107 € 154 € 17,261 92 € 92 52,844 € 52,844 (73,364) € (73,364) (9,210) € (9,210) 46,745 € 154 € 46,899 2,639 € 2,639
Profit or loss for the period 8,269     7,642                     7,642     627  
Other comprehensive income, net of tax:                                      
Equity instruments gains/(losses) 36     45                 45         (9)  
Cash flow hedges gains/(losses) (91)     (92)                 (92)         1  
Remeasurement of defined benefit pension plans (473)     (474)                     (474)     1  
Currency retranslation gains/(losses) [6] 614     727                 240   487     (113)  
Total comprehensive income 8,355     7,848                 193   7,655     507  
Dividends on ordinary capital (4,356)     (4,356)                     (4,356)        
Repurchase of shares [2] (1,509)     (1,509)                 (1,509)            
Movements in treasury shares [3] (31)     (31)                 106   (137)        
Share-based payment credit [4] 177     177                     177        
Dividends paid to non-controlling interests (572)                                 (572)  
Hedging gain/(loss) transferred to non-financial assets (127)     (126)                 (126)         (1)  
Other movements in equity [7] (136)     (243)                 (258)   15     107  
Equity at end of period at Dec. 31, 2022 21,701     19,021     92   52,844   (73,364)   (10,804)   50,253     2,680  
Profit or loss for the period 7,140     6,487                     6,487     653  
Other comprehensive income, net of tax:                                      
Equity instruments gains/(losses) (28)     (27)                 (27)         (1)  
Cash flow hedges gains/(losses) (27)     (27)                 (27)            
Remeasurement of defined benefit pension plans (510)     (508)                     (508)     (2)  
Currency retranslation gains/(losses) [8] (1,461)     (1,335)                 (1,629)   294     (126)  
Total comprehensive income 5,114     4,590                 (1,683)   6,273     524  
Dividends on ordinary capital (4,327)     (4,327)                     (4,327)        
Cancellation of treasury shares [9] 0     0     (4)           5,282   (5,278)        
Repurchase of shares [2] (1,507)     (1,507)                 (1,507)            
Movements in treasury shares [3] (23)     (23)                 75   (98)        
Share-based payment credit [4] 212     212                     212        
Dividends paid to non-controlling interests (521)                                 (521)  
Hedging gain/(loss) transferred to non-financial assets 117     117                 117            
Other movements in equity (2)     19                 2   17     (21)  
Equity at end of period at Dec. 31, 2023 € 20,764     € 18,102     € 88   € 52,844   € (73,364)   € (8,518)   € 47,052     € 2,662  
[1]
(a)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.
[2] Repurchase of shares reflects the cost of acquiring ordinary shares as part of the share buyback programme announced on 29 April 2021 and 10 February 2022.
[3] Includes purchases and sales of treasury shares, and 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.
[4] 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.
[5] Includes a hyperinflation adjustment of €280 million and €82 million related to the Welly acquisition.
[6] Includes a hyperinflation adjustment of €514 million in relation to Argentina and Turkey.
[7] Includes the following items related to the acquisition of Nutrafol: €(269) million non-controlling interest purchase option in other reserves and €99 million non-controlling interest recognised on acquisition.
[8] Includes a hyperinflation adjustment of €308 million in relation to Argentina and Turkey.
[9] During 2023, 112,746,434 PLC ordinary shares held as treasury shares were cancelled. The amount paid to repurchase these shares was initially recognised in other reserves and is transferred to retained profit on cancellation.