Unilever PLC (ULVR) - Full year results

[idpickering]

Financial and operational highlights

• Underlying sales growth of 7.0% with positive volumes, up 0.2% for the FY and 1.8% in Q4

• Turnover of €59.6 billion with (5.7)% impact from currency and (1.7)% from net disposals

• Underlying operating margin up 60bps to 16.7%, with gross margin up 200bps for the year and up 330bps in the second half

• Underlying EPS increased 1.4% with (9.6)% of adverse currency, up 11% on a constant basis

• Diluted EPS down (14.2)% against prior year that included €2.3 billion profit on disposal for the Tea business

• Strong cash conversion of 111% with free cash flow up €1.9 billion to €7.1 billion

• New €1.5 billion share buyback to commence in Q2

Dividends

The Board has declared a quarterly interim dividend for Q4 2023 of £0.3647 per Unilever PLC ordinary share or €0.4268 per Unilever PLC ordinary share at the applicable exchange rate issued by WM/Reuters on 6 February 2024.

The following amounts will be paid in respect of this quarterly interim dividend on the relevant payment date:

Per Unilever PLC ordinary share (traded on the London Stock Exchange): £0.3647

Ex div 22 Feb 24 paid 22 Mar 24.

https://www.investegate.co.uk/announcem ... ts/8027629

Also posted on Company News here; viewtopic.php?p=645493#p645493

I don't hold these but know some here do.

Ian.

[idpickering]

Obviously this is about Unilever. In my haste I mis-spelt the firm name above. I've asked that it be sorted.

Ian.

[Gerry557]

Obviously this is about Unilever. In my haste I mis-spelt the firm name above. I've asked that it be sorted.

Ian.

I hadn't noticed until you mentioned it. I don't know if my brain filled in the missing info or I'm a poor policeman.

[idpickering]

Obviously this is about Unilever. In my haste I mis-spelt the firm name above. I've asked that it be sorted.

Ian.

I hadn't noticed until you mentioned it. I don't know if my brain filled in the missing info or I'm a poor policeman.

OK. I was in the job in the 80's myself.

Back to Unilever though. The SP is up over 3% on opening.

Ian.

[pyad]

What these prelim figures do not reveal is the divs for 2023, and 2022 for comparison, important for HYPers.

If I was cynical I might conclude that this omission is because there is no increase. The 2023 payout has been held at the 2022 level of 170.72 €¢.

In pence there is tiny rise of less than 1% due to £/€ fluctuations.

[funduffer]

What these prelim figures do not reveal is the divs for 2023, and 2022 for comparison, important for HYPers.

If I was cynical I might conclude that this omission is because there is no increase. The 2023 payout has been held at the 2022 level of 170.72 €¢.

In pence there is tiny rise of less than 1% due to £/€ fluctuations.

Indeed, like many UK companies, dividend increases have been reduced or eliminated in favour of share buyback programmes. I think this is generally due to the undervaluation of UK stocks, which makes buybacks more attractive to CEO’s who may be measured on share price performance for their bonuses.

Not helpful to a HYPer.

I can think of a few in my HYP in this boat - SHEL and VTY come to mind.

FD