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  4. Half-year results show consistent growth led by emerging markets

有码亚洲图欧美日韩在线日日摸天天摸人人看微芯生物开盘猛涨五倍多 上市首日进场搏杀悠着点

發布時間︰

使我驚訝的是,這兩個姑娘看見我的時候,一點也不顯得慌亂。 “馬上就完,”艾迪特對我嚷了一聲,又向伊羅娜叫道︰“快把留聲機 有码 亚洲图欧美日韩在线 使我驚訝的是,這兩個姑娘看見我的時候,一點也不顯得慌亂。 “馬上就完,”艾迪特對我嚷了一聲,又向伊羅娜叫道︰“快把留聲機 一大清早她預先宣布的那次郊游就歡歡喜喜地開始準備起來了。我睡在 干干淨淨的客房里,窗外射進來的陽光把房里照得透亮,我醒來首先听見的 便是笑語喧嘩。我走到窗前,一眼瞥見侯爵夫人的那輛龐大無比的旅行馬車, 大概昨天夜里就已經從車棚里拉出來了,閻府的僕役此刻都圍著觀賞。這是 個應該送到博物館去陳列的古董珍品。也許是一百年前,或者甚至一百五十 年前,由坐落在繩索場?的那家維也納御用馬車制造廠為這里侯爵家的一位曾 祖父制造的。為了防護巨大的輪子引起的震動,馬車的車身都安裝了精致的 彈簧,車壁糊著古色古香的壁布,圖案全是牧童的場景或者古代的寓言,畫 得有點古拙,也許當年顏色更加鮮艷,現在已經有點褪色。這輛用綢緞蒙著 軟座的馬車內部安裝了各式各樣巧奪大工的舒適設備,一路上,我們有機會 逐一試驗諸如可以折疊起來的小桌子,小鏡子,各式香水瓶子。不言而喻, 這個碩大的玩物,來自一個業已銷聲匿跡的世紀,看上去起先總有點不大真 實,像是假面舞會上的玩意兒。然而,恰好是這一點產生了親切的效果,僕 役們和下人們都歡天喜地,像過狂歡節一樣,大家努力使這條行駛在鄉間大 道上的笨重大船靈活運轉起來。制糖廠的機械師特別熱心地結車軸上油,用 鐵錘敲敲輪上包的鐵皮,仔細檢查;與此同時,四匹馬都套上了,大家用一 束束鮮花把馬兒裝飾起來,好像拉的是結婚的喜車;這就給那個老馬車夫約 拿克以盛氣凌人地教訓人的機會,他身上穿著褪色的侯爵府的號衣,兩只患 痛風病的腿居然顯得出乎意料的靈活,他向那些年輕的僕役解釋他的全部絕 招和知識。這些年輕的僕役雖然會騎自行車,必要的時候也能擺弄一輛摩托 車,可是四駕馬車卻怎麼也駕不好。他在昨天夜里還向廚師解釋,在舉行獵 狐賽馬?和類似的騎術比賽時,府邸的榮譽無論如何一定要求︰哪怕在最偏僻 的地方,在林間和草地上,端上來的點心也必須像在府里的餐廳就餐時那樣 符合禮數,豐盛精美。所以在他的監督下,僕人把錦緞的桌布、餐巾和銀制 的餐具都收拾起來裝在當年侯爵府銀器室的繡了紋章的匣子里。然後才允許 頭戴白色亞麻布高帽子、笑容滿面的廚師把真正的干糧拿出來︰烤雞、火腿、 肉餡餅、現烤出來的白面包,好些酒瓶,每瓶酒都包上禾草,免得在高低不 平的鄉間大道上行車的時候踫破。一個年輕的小伙子派來侍候,充當廚師的 代表,車後的那個座位指定給他,古時候這是侯爵家的听差站的地方,旁邊 站著值勤侍從,頭戴五彩繽紛的羽毛帽子。日日摸天天摸人人看 “然而她還是感激地抬起眼來看他。不知是鮮花的反光還是涌起的熱血

Today, Unilever announced its results for the first half of 2019, which show underlying sales growth of 3.3%, led by our emerging market business which grew 6.2%.

  • Underlying sales grew 3.3% with volume 1.2% and price 2.1%
  • Emerging markets underlying sales growth 6.2% with volume 2.5% and price 3.6%
  • Turnover decreased 0.9% driven by the sale of our spreads business, partially offset by a 1.1% currency benefit
  • Underlying operating margin increased 50bps with 30bps from gross margin
  • Operating margin increased by 40bps
  • Underlying earnings per share increased 5.0%, with constant EPS up 3.0%

Commenting on the results, CEO Alan Jope says: “We have delivered consistent growth within our guided range for 2019, led by our emerging markets. Accelerating growth remains our top priority and we continue to evolve our portfolio and seek out fast growth channel and geographical opportunities, as well as address those performance hotspots where growth is falling short of our aspirations.

“For the full year, we continue to expect underlying sales growth to be in the lower half of our multi-year 3-5% range, an improvement in underlying operating margin that keeps us on track for the 2020 target and another year of strong free cash flow. Our sustainable business model and portfolio of purpose-led brands are key to delivering superior long-term financial performance.”

Our markets

Growth in our markets was mixed. Market growth in Europe and North America was held back by the impact of weather on ice cream sales. In the emerging markets we continued to see good momentum particularly in China and South East Asia. India saw strong market growth, though it moderated, as expected. Argentina remains hyperinflationary and high levels of pricing continue to weigh on consumer demand.

Unilever overall performance

Underlying sales grew 3.3% with 1.2% from volume and 2.1% from price. Emerging markets grew 6.2%, led by Asia/AMET/RUB, which saw broad-based geographic growth, whilst developed markets were weaker.

In the second quarter, we estimate the 2018 truckers’ strike in Brazil increased USG by 100bps. Second quarter growth was suppressed by around 50bps due to weak ice cream performance; a result of poorer weather, particularly in Europe following two years of very strong summers. 80bps of Argentina price growth in the quarter was excluded from USG due to hyperinflationary status.

Turnover in the first half decreased 0.9% driven by the sale of the spreads business, partially offset by a currency benefit of 1.1%.

Underlying operating margin improved by 50bps. Gross margin was up 30bps, helped by efficiencies from our 5S programme. Overheads had an adverse impact on underlying operating margin of 10bps. Our change programmes have helped to address stranded costs following the disposal of spreads and we continue to invest in the ongoing digital transformation of our business. Brand and marketing investment decreased compared to the prior year, as we continued to deliver zero-based budgeting savings ahead of target, with an increased focus on digital spend. More than two thirds of savings have been reinvested, largely behind innovations and new brand launches.

Beauty & Personal Care

Underlying sales in our Beauty & Personal Care division grew 3.3%.

Deodorants performed well, supported by our Rexona Clinical and Dove Zero aluminium ranges, alongside the extension of Love, Beauty & Planet. New formats continued to drive sales in skin cleansing, including the incremental launch of Dove bath bombs as well as Dove foaming handwash. Good performance in skin care was supported by on-trend innovations including Pond’s InstaBright Glow cream. Hair care saw only modest growth for the first half, with a challenging second quarter particularly in the US. Oral care returned to growth in the second quarter, helped by innovations such as Closeup natural whitening toothpaste and Signal White Now. Our prestige brands, including Dermalogica, Hourglass and REN, saw double digit growth overall, and we announced the acquisitions of Garancia and Tatcha, which are not yet included in USG.

Underlying operating margin in Beauty & Personal Care increased by 100bps, driven by efficiency programmes in brand and marketing investment.

Home Care

Underlying sales in our Home Care division grew 7.4%.

Fabric solutions performed strongly, benefiting from premiumisation and the execution of our strategy to move consumers into products with additional consumer benefits, including Omo Perfect Wash in Brazil. China saw good performance from the relaunch of Omo while in India Surf excel continued to grow double digit. Seventh Generation continues to be rolled out in Europe and North Asia, building on the naturals trend. Home and hygiene grew well, supported by double digit growth from Sunlight, and we launched innovations such as the Cif Cleaner Choices range with natural cleaning ingredients. In Indonesia we used our Home Care brands to run the mosque cleaning programme during Ramadan, an example of purpose-led growth. Good growth in fabric sensations was supported by the launch of a redesigned Comfort core range, focusing on clothes care, as well as a natural variants range. The life essentials category was flat.

Underlying operating margin in Home Care increased by 120bps, with improvements in gross margin, as well as efficiencies in brand and marketing investment and overheads.

Foods & Refreshment

Underlying sales in our Food & Refreshment division grew 1.3%.

In tea, sales declined with volumes impacted by weak consumer demand in developed markets. This was partially offset by black tea in emerging markets and our fruit, herbal and green tea ranges, including Pukka’s premium herbal offering. Sales in dressings were flat with volumes slightly down as competitive intensity remained high. Despite poorer weather in the second quarter compared to the previous two years, ice cream grew slightly over the half. We saw good ice cream performance in Asia/AMET/RUB and from innovations such as Magnum White Chocolate and Cookies. Savoury performance was helped by the launch of new snack pot variants meeting the trend towards convenience. The introduction of Hellmann’s Burger and Spicy Dipping sauces continue to broaden the brand beyond core mayonnaise, and Sir Kensington’s performed well.

Underlying operating margin in Foods & Refreshment decreased by 40bps, as a result of an adverse impact on overheads related to the disposal of our spreads business.

Unilever PLC

Unilever House
100 Victoria Embankment
London EC4Y 0DY
United Kingdom


Press-Office.London@Unilever.com

Unilever NV

Weena 455
3013AL Rotterdam

www.unilever.nl

+31 (0) 10 217 4000
mediarelations.rotterdam@Unilever.com

Safe Harbour

Where relevant, these actions are subject to the appropriate consultations and approvals.

This announcement may contain forward-looking statements, including 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995. Words such as 'will', 'aim', 'expects', 'anticipates', 'intends', 'looks', 'believes', 'vision', or the negative of these terms and other similar expressions of future performance or results, and their negatives, are intended to identify such forward-looking statements. These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Unilever Group (the 'Group'). They are not historical facts, nor are they guarantees of future performance.

Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Among other risks and uncertainties, the material or principal factors which could cause actual results to differ materially are: Unilever's global brands not meeting consumer preferences; Unilever's ability to innovate and remain competitive; Unilever's investment choices in its portfolio management; inability to find sustainable solutions to support long-term growth; the effect of climate change on Unilever's business; customer relationships; the recruitment and retention of talented employees; disruptions in our supply chain; the cost of raw materials and commodities; the production of safe and high quality products; secure and reliable IT infrastructure; successful execution of acquisitions, divestitures and business transformation projects; economic and political risks and natural disasters; financial risks; failure to meet high and ethical standards; and managing regulatory, tax and legal matters. These forward-looking statements speak only as of the date of this announcement. Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Further details of potential risks and uncertainties affecting the Group are described in the Group's filings with the London Stock Exchange, Euronext Amsterdam and the US Securities and Exchange Commission, including in the Annual Report on Form 20-F 2018 and the Unilever Annual Report and Accounts 2018.

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