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Capital and funding (Tables)

12 Months Ended

Dec. 31, 2023

Equity and liabilities [abstract]

Summary of Share Capital

			£ million			£ million
Unilever PLC			2023			2022
PLC ordinary shares of 31/9 p each(a)			78.3			81.8

Unilever Group			€ million			€ million
Euro equivalent in millions(b)			88			92

(a)At 31 December 2023, 2,516,597,338 (2022: 2,629,243,772) of PLC ordinary shares were in issue. During the year 100,000 new shares were issued and 112,746,434 shares were cancelled.

(b)The ordinary share capital of PLC is translated using the conversion rate as at the date of Unification of £1 = €1.121.

Summary of Combined Financial Information in Relation to HUL

Summary financial information in relation to HUL is shown below.

			€ million			€ million
HUL balance sheet as at 31 December			2023			2022
Non-current assets			6,221			6,354
Current assets			2,004			1,604
Current liabilities			(1,315)			(1,258)
Non-current liabilities			(1,531)			(1,152)
HUL comprehensive income for the year ended 31 December
Turnover			6,636			6,828
Profit after tax			1,147			1,190
Total comprehensive income			937			940

			€ million			€ million
HUL cash flow for the year ended 31 December			2023			2022
Net increase/(decrease) in cash and cash-equivalents			(22)			95
HUL non-controlling interest
1 January			(2,115)			(2,146)
Share of (profit)/loss for the year ended 31 December			(437)			(454)
Other comprehensive income			(1)			(3)
Dividend paid to the non-controlling interest			405			395
Currency translation			80			97
Other movements in equity			20			(4)
31 December			(2,048)			(2,115)

Summary of Consolidated Statement of Changes in Equity: Analysis of Other Reserves

			€ million			€ million			€ million
			Total 2023			Total 2022			Total 2021
Fair value reserves – see following table			392			329			502
Currency retranslation of group companies – see following table			(7,432)			(5,803)			(6,043)
Capital redemption reserve			25			21			21
Book value of treasury shares – see following table			(207)			(282)			(388)
Repurchase of shares			(6,034)			(4,527)			(3,018)
Cancellation of PLC shares			5,282			—			—
Other(a)			(544)			(542)			(284)
			(8,518)			(10,804)			(9,210)

(a)Relates primarily to options to purchase non-controlling interest in subsidiaries.

Summary of Treasury Shares Movements

			€ million			€ million
Treasury shares – movements during the year			2023			2022
1 January			(4,809)			(3,406)
Repurchase of shares			(1,507)			(1,509)
Cancellation of PLC shares			5,282			—
Other purchases and utilisations			75			106
31 December			(959)			(4,809)

Disclosure of Currency Retranslation Reserve

			€ million			€ million
Currency retranslation reserves – movements during the year			2023			2022
1 January			(5,803)			(6,043)
Currency retranslation of group companies' net assets and liabilities during the year			(1,514)			212
Movement in net investment hedges and exchange differences in net investments in foreign operations			(115)			28
31 December			(7,432)			(5,803)

Disclosure of Fair Value Reserve

			€ million			€ million
Fair value reserves – movements during the year			2023			2022
1 January			329			502
Movements in Other comprehensive income, net of tax
Gains/(losses) on equity instruments			(27)			45
Gains/(losses) on cash flow hedges			(27)			(92)
Hedging gains/(losses) transferred to non-financial assets			117			(126)
31 December			392			329

Refer to the consolidated statement of comprehensive income on page 173, the consolidated statement of changes in equity on page 174, and note 6C on page 194.

Disclosure of Remeasurement of Defined Benefit Pension Plans Net of Tax

Remeasurement of defined benefit pension plans, net of tax

			€ million			€ million
			2023			2022
1 January			330			803
Movement during the year			(510)			(473)
31 December			(180)			330

Refer to the consolidated statement of comprehensive income on page 173, the consolidated statement of changes in equity on page 174, note 4B from pages 185 to 190 and note 6C on page 194.

Disclosure of Currency Retranslation Gains (Losses)

			€ million			€ million
			2023			2022
1 January			(5,883)			(6,497)
Currency retranslation during the year:
Other reserves			(1,629)			240
Retained profit			294			487
Non-controlling interest			(126)			(113)
31 December			(7,344)			(5,883)

Summary of Financial Liabilities

			€ million			€ million			€ million			€ million			€ million			€ million
Financial liabilities(a)			Current 2023			Non-Current 2023			Total 2023			Current 2022			Non-Current 2022			Total 2022
Bank loans and overdrafts(b)			501			5			506			508			11			519
Bonds and other loans			4,066			22,626			26,692			4,723			21,789			26,512
Lease liabilities			334			1,061			1,395			340			1,068			1,408
Derivatives			48			446			494			102			529			631
Other financial liabilities(c)			138			397			535			102			316			418
			5,087			24,535			29,622			5,775			23,713			29,488

(a)For the purposes of this note and note 17A, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes 13 and 14 respectively.

(b)Bank loans and overdrafts include €5 million (2022: €4 million) of secured liabilities.

(c)Includes options and financial liabilities to acquire non-controlling interests in the US, Myanmar, India, Italy and Hong Kong, refer to note 21.

Disclosure of Reconciliation of Liabilities Arising from Financing Activities

Reconciliation of liabilities arising from financing activities

									Non-cash movement
Movements in 2023 and 2022			Opening balance at 1 January			Cash movement			Business acquisi- tions/ disposals			Foreign exchange changes			Fair value changes			Other movements			Closing balance at 31 December
			€ million			€ million			€ million			€ million			€ million			€ million			€ million
2023
Bank loans and overdrafts(a)			(519)			(98)			(9)			130			–			(10)			(506)
Bonds and other loans(a)			(26,512)			(413)			(3)			403			(159)			(8)			(26,692)
Lease liabilities(b)			(1,408)			399			12			55			–			(453)			(1,395)
Derivatives			(631)			–			–			7			130			–			(494)
Other financial liabilities(a)			(418)			–			(44)			19			(81)			(11)			(535)
Total			(29,488)			(112)			(44)			614			(110)			(482)			(29,622)
2022
Bank loans and overdrafts(a)			(402)			(129)			–			29			–			(17)			(519)
Bonds and other loans(a)			(27,621)			1,343			–			(727)			490			3			(26,512)
Lease liabilities(b)			(1,649)			546			–			12			–			(317)			(1,408)
Derivatives			(184)			–			–			(2)			(448)			3			(631)
Other financial liabilities(a)			(277)			4			–			17			108			(270)			(418)
Total			(30,133)			1,764			–			(671)			150			(598)			(29,488)

(a)These cash movements are included within the following lines in the consolidated cash flow statement: net change in short-term borrowings, additional financial liabilities and repayment of financial liabilities. The difference of €(14) million (2022: €9 million) represents cash movements in overdrafts that are not included in financing cash flows.

(b)Lease liabilities cash movement is included within capital element of lease payments in the consolidated cash flow statement. The difference of €5 million (2022: €28 million) represents gain or loss from termination and modification of lease contracts.

Summary of Analysis of Bonds and Other Loans

Analysis of bonds and other loans

€ million			Total 2023			Total 2022
Unilever PLC
1.375% Notes 2024 (£)			288			282
1.875% Notes 2029 (£)			286			281
1.500% Notes 2026 (£)			575			563
1.500% Notes 2039 (€)			647			646
2.125% Notes 2028 (£)(a)			320			300
Total PLC			2,116			2,072
Other group companies
The Netherlands
1.625% Notes 2033 (€)			794			794
1.375% Notes 2029 (€)			746			745
1.125% Bonds 2027 (€)			698			698
1.125% Bonds 2028 (€)			697			696
0.875% Notes 2025 (€)			649			649
0.500% Bonds 2025 (€)			649			648
1.375% Notes 2030 (€)			645			644
0.375% Notes 2023 (€)			–			600
1.000% Notes 2027 (€)			599			599
1.000% Notes 2023 (€)			–			500
0.500% Notes 2023 (€)			–			500
0.500% Notes 2024 (€)			500			498
1.250% Notes 2025 (€)			1,000			999
1.750% Notes 2030 (€)			996			995
1.250% Notes 2031 (€)(a)			576			539
2.250% Notes 2034 (€)(a)			786			735
0.750% Notes 2026 (€)(a)			475			458
1.750% Notes 2028 (€)			645			645
3.250% Notes 2031 (€)			495			–
3.500% Notes 2035 (€)			496			–
United States
5.900% Bonds 2032 (US $)			897			932
2.900% Notes 2027 (US $)			897			930
3.500% Notes 2028 (US $)			716			742
2.000% Notes 2026 (US $)			629			651
3.125% Notes 2023 (US $)			–			516
3.250% Notes 2024 (US $)			452			468
3.100% Notes 2025 (US $)			450			467
2.600% Notes 2024 (US $)			451			468
3.500% Bonds 2028 (US $)			449			465
3.375% Notes 2025 (US $)			315			327
7.250% Bonds 2026 (US $)			267			276
6.625% Bonds 2028 (US $)			214			221
5.600% Bonds 2097 (US $)			83			86
2.125% Notes 2029 (US $)			762			790
2.600% Notes 2024 (US $)			453			473
1.375% Notes 2030 (US $)(a)			368			368
0.375% Notes 2023 (US $)			–			469
0.626% Notes 2024 (US $)			452			469
2.625% Notes 2051 (US $)			576			598
1.750% Notes 2031 (US $)(a)			640			644
3.300% Notes 2029 (€)			549			–
3.400% Notes 2033 (€)			694			–
4.875% Notes 2028 (US $)			630			–
5.000% Notes 2033 (US $)			714			–
Commercial Paper (US $)			1,465			2,057
Other countries
Switzerland			6			81
Others			1			–
Total other group companies			24,576			24,440
Total bonds and other loans			26,692			26,512

(a)Bonds includes €(378) million (2022: €(537)million) fair value adjustment following the fair value hedge accounting of fixed-for-floating interest rate swaps.

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