##### Table of Contents



SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
 FORM 20-F
 (Mark one)
 o
    
    REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
 OR
 ý
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 FOR
THE FISCAL YEAR ENDED 31 DECEMBER 2010
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 OR
 o
    
    SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 Date of event requiring this shell company report
 For the transition period from _______
 Commission file number 001-04547
 UNILEVER N.V.
 
 The Netherlands
 Weena 455, 3013 AL, Rotterdam, The Netherlands
 T.E. Lovell, Group Secretary
Tel: +44(0)2078225252, Fax: +44(0)2078226108
Unilever House, 100 Victoria Embankment, London EC4Y 0DY UK
  Title of each class
    
    Name of each exchange on which registeredN.V. New York registry shares each representing one ordinary share of
nominal amount of 0.16 each
    
    New York Stock Exchange
 None
 None
  The total number of outstanding shares of the issuers capital stock at the close of the period covered
by the annual report was: 1,714,727,700 ordinary shares
  ý o
  o ý
  ý o
  ý o o
  U.S. GAAP o
    
    International Financial Reporting Standards
    
    Other oas issued by the
International AccountingStandards Board  ý
 o o
  o ý




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Cautionary statement




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##### 



Form 20-F
 
 Contents
 Item 1
     Identity of Directors, Senior Management and Advisers
    
    2Item 2
     Offer Statistics and Expected Timetable
    
    2Item 3
     Key Information
    
    3Item 4
     Information on the Company
    
    7Item 4A
     Unresolved Staff Comments
    
    7Item 5
     Operating and Financial Review and Prospects
    
    7Item 6
     Directors, Senior Management and Employees
    
    12Item 7
     Major Shareholders and Related Party Transactions
    
    13Item 8
     Financial Information
    
    14Item 9
     The Offer and Listing
    
    14Item 10
     Additional Information
    
    15Item 11
     Quantitative and Qualitative Disclosures About Market Risk
    
    18Item 12
     Description of Securities Other than Equity Securities
    
    19Item 13
     Defaults, Dividend Arrearages and Delinquencies
    
    20Item 14
     Material Modifications to the Rights of Security Holders and Use of Proceeds
    
    20Item 15
     Controls and Procedures
    
    21Item 16
     Reserved
    
    21Item 17
     Financial Statements
    
    22Item 18
     Financial Statements
    
    23Item 19
     Exhibits
    
    31Exhibit 1.1Exhibit 4.2Exhibit 4.3Exhibit 4.8Exhibit 12.1Exhibit 13.1Exhibit 15.1Exhibit 15.2
 
   Unilever Annual Report on Form 20-F 2010   1




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Form 20-F
 
   
   
    
    Underlying sales growth;
    
    Underlying volume growth;
    
    Underlying operating margin (including explanation of restructuring, business disposals,
impairments and other one-off items (RDIs));
    
    Free cash flow; and
    
    Net debt.
     
 Item 1  Identity of Directors, Senior Management and Advisers
  
 Item 2  Offer Statistics and Expected Timetable
  2   Unilever Annual Report on Form 20-F 2010




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Form 20-F
 
 
 Item 3  Key Information
 A. Selected financial data
  Dividends
  Exchange rates
  2010
    
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006Year end1 = US $
    
    
    
    
    
    
    1.337
    
    
    
    1.433
    
    
    
    1.417
    
    
    
    1.471
    
    
    
    1.3171 = £
    
    
    
    
    
    
    0.862
    
    
    
    0.888
    
    
    
    0.977
    
    
    
    0.734
    
    
    
    0.671Average1 = US $
    
    
    
    
    
    
    1.326
    
    
    
    1.388
    
    
    
    1.468
    
    
    
    1.364
    
    
    
    1.2541 = £
    
    
    
    
    
    
    0.858
    
    
    
    0.891
    
    
    
    0.788
    
    
    
    0.682
    
    
    
    0.682On 28 February 2011 the exchange rates between euros and US dollars and between euros and sterling
as published in the Financial Times in London were as follows:
1.00 = US $1.375 and 1.00 =
£0.855.Noon Buying Rates in New York for cable transfers in foreign currencies as certified for customs
purposes by the Federal Reserve Bank of New York were as follows:2010
    
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006Year end1 = US $
    
    
    
    
    
    
    1.327
    
    
    
    1.433
    
    
    
    1.392
    
    
    
    1.460
    
    
    
    1.320Average1 = US $
    
    
    
    
    
    
    1.326
    
    
    
    1.394
    
    
    
    1.473
    
    
    
    1.371
    
    
    
    1.256High1 = US $
    
    
    
    
    
    
    1.454
    
    
    
    1.510
    
    
    
    1.601
    
    
    
    1.486
    
    
    
    1.333Low1 = US $
    
    
    
    
    
    
    1.196
    
    
    
    1.255
    
    
    
    1.245
    
    
    
    1.290
    
    
    
    1.186High and low exchange rate values for each of the last six months:September
    
    
    October
    
    
    November
    
    
    December
    
    
    January
    
    
    February(a)2010
    
    
    2010
    
    
    2010
    
    
    2010
    
    
    2011
    
    
    2011High1 = US $
    
    
    1.364
    
    
    
    1.407
    
    
    
    1.422
    
    
    
    1.340
    
    
    
    1.372
    
    
    1.379Low1 = US $
    
    
    1.271
    
    
    
    1.369
    
    
    
    1.304
    
    
    
    1.309
    
    
    
    1.294
    
    
    1.347
  Share capital
  B. Capitalisation and indebtedness
  C. Reasons for the offer and use of proceeds
  Unilever Annual Report on Form 20-F 2010   3




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Form 20-F
 
 D. Risk factors
  Risk factors
  Principal risk
    
    Description of riskEconomicEconomic slowdown could adversely
impact the markets in which we operate by
reducing the ability of consumers to buy
our products. If we are unable to respond
to changing consumer demand our
cashflow, turnover, profits, profit margins
and the carrying value of our brands could
be adversely affected.
    
    Unilevers business is dependent on continuing consumer demand for our brands. Reduced
consumer wealth driven by adverse economic conditions may result in our consumers becoming
unwilling or unable to purchase our products, which could adversely affect our cash flow,
turnover, profits and profit margins. In addition we have a large number of global brands, some
of which have a significant carrying value as intangible assets: adverse economic conditions may
reduce the value of those brands which could require us to impair their balance sheet value.

During economic downturns access to credit could be constrained. This could impact the
viability of our suppliers and customers and could temporarily inhibit the flow of day-to-day
cash transactions with suppliers and customers via the banks.
Adverse economic conditions may affect one or more countries within a region, or may extend
globally. The impact on our overall portfolio will depend on the severity of the economic
slowdown, the mix of countries affected and any government response to reduce the impact
such as fiscal stimulus, changes to taxation and measures to minimise unemployment.MarketsUnilever operates globally in competitive
markets where the activities of competitors
may adversely impact our market shares
and therefore place our cash flow,
turnover, profits and/or profit margins
under pressure. Further, we derive
significant revenues from Developing &
Emerging (D&E) markets which are typically
more volatile than developed markets.
Social, political and/or economic
developments could adversely impact our
business.
    
    Unilever operates globally in competitive markets where the activities of other multinational
companies, local and regional companies and customers which have a significant private label
business may adversely affect our market shares, cash flow, turnover, profits and/or profit
margins.

In 2010, more than half of Unilevers turnover came from developing and emerging
markets including Brazil, India, Indonesia, Turkey, South Africa, China, Mexico and Russia.
These markets are typically more volatile than developed markets, so we are continually
exposed to changing economic, political and social developments outside our control, any of
which could adversely affect our business. Failure to understand and respond effectively to
local market developments could put at risk our cash flow, turnover, profit and/or profit
margins.Brands and InnovationUnilever is a branded goods business and
our success is dependent on producing
superior innovations that meet the needs of
our consumers. Failure to achieve this could
damage our reputation and hence our
growth prospects and future profitability.
    
    Unilevers Mission is to help people feel good, look good and get more out of life with brands
and services that are good for them and good for others. This is achieved by designing and
delivering superior branded products/services at relevant price points to consumers across
the globe. Failure to provide sufficient funding to develop new products, lack of technical
capability in the research and development function, lack of prioritisation of projects and/or
failure by operating management to successfully and quickly roll out the products may
adversely impact our cash flow, turnover, profit and/or profit margins and may impact our
reputation.
 4   Unilever Annual Report on Form 20-F 2010




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Form 20-F
 
 Principal risk
    
    Description of riskCustomerIncreasing competitive pressure from and
consolidation of customers could adversely
impact our cash flow, turnover, profits
and/or profit margins.
    
    Maintaining successful relationships with our customers is key to ensuring our brands are
successfully presented to our consumers and are available for purchase at all times. Any
breakdown in the relationships with customers could reduce the availability to our consumers
of existing products and new product launches and therefore impact our cash flow, turnover,
profits and/or profit margins.The retail industry continues to consolidate in many of our markets. Further consolidation and
the continuing growth of discounters could increase the competitive retail environment by
increasing customers purchasing power, increasing the demand for competitive promotions
and price discounts, increase cross-border sourcing to take advantage of pricing arbitrage and
thus adversely impact our cash flow, turnover, profits and/or profit margins. Increased
competition between retailers could place pressure on retailer margins and increase the
counterparty risk to Unilever.Financial/TreasuryOur global operations expose us to
changes in liquidity, interest rates, currency
exchange rates, pensions and taxation,
which may have a negative impact on
our business.
    
    As a global organisation Unilevers asset values, earnings and cash flows are influenced by a
wide variety of currencies, interest rates, tax jurisdictions and differing taxes. If we are unable
to manage our exposures to any one, or a combination, of these factors, this could adversely
impact our cash flow, profits and/or profit margins. A material and significant shortfall in net
cash flow could undermine Unilevers credit rating, impair investor confidence and hinder our
ability to raise funds, whether through access to credit markets, commercial paper programmes,
long-term bond issuances or otherwise. In times of financial market volatility, we are also
potentially exposed to counterparty risks with banks.We are exposed to market interest rate fluctuations on our floating rate debt. Increases in
benchmark interest rates could increase the interest cost of our floating rate debt and increase
the cost of future borrowings. Our inability to manage the interest cost effectively could have
an adverse impact on our cash flow, profits and/or profit margins.Because of the breadth of our international operations we are subject to risks from changes to
the relative value of currencies which can fluctuate widely and could have a significant impact
on our assets, cash flow, turnover, profits and/or profit margins. Further, because Unilever
consolidates its financial statements in euros it is subject to exchange risks associated with the
translation of the underlying net assets of its foreign subsidiaries. We are also subject to the
imposition of exchange controls by individual countries which could limit our ability to import
materials paid by foreign currency or to remit dividends to the parent company.Certain businesses have defined benefit pension plans, most now closed to new employees,
which are exposed to movements in interest rates, fluctuating values of underlying investments
and increased life expectancy. Changes in any or all of these inputs could potentially increase
the cost to Unilever of funding the schemes and therefore have an adverse impact on
profitability and cash flow.In view of the current economic climate and deteriorating government deficit positions, tax
legislation in the countries in which we operate may be subject to change, which may have an
adverse impact on our profits.Consumer safety and sustainabilityOur industry is subject to focus on social
and environmental issues, including
sustainable development, product safety
and renewable resources. If we fail to meet
applicable standards or expectations with
respect to these issues, our reputation
could be damaged and our business
adversely affected.
    
    Unilever has developed a strong corporate reputation over many years for its focus on social and
environmental issues, including promoting sustainable renewable resources. The Unilever brand
logo is now displayed on all our products and increasingly displayed in our advertising, increasing
our external exposure. In 2010, we launched the Unilever Sustainable Living Plan that sets out
our social and environmental ambitions for the coming decade.

The environmental measures that we regard as most significant are those relating to CO2 from
energy that we use, the water we consume as part of our production processes and the
amount of waste that we generate for disposal. Failure to design products with a lower
environmental footprint could damage our reputation and hence long-term cash flow,
turnover, profits and/or profit margins. Should we fail to meet high product safety, social,
environmental and ethical standards across all our products and in all our operations and activities
it could impact our reputation, leading to the rejection of products by consumers, damage to our
brands including growth and profitability, and diversion of management time into rebuilding our
reputation.
 Unilever Annual Report on Form 20-F 2010   5




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Form 20-F
 
 Principal risk
    
    Description of riskOperationsOur input costs are subject to fluctuation and
we are reliant on efficient suppliers and
regional/global supply chains to produce and
deliver our products to our customers.
    
    Our ability to make products is dependent on securing timely and cost-effective supplies
of production materials, some of which are globally traded commodities. The price of
commodities and other key materials, labour, warehousing and distribution fluctuates
according to global economic conditions, which can have a significant impact on our product
costs. We saw commodity prices rise during the second half of 2010 and this looks set to
continue in 2011. If we are unable to increase prices to compensate for higher input costs,
this could reduce our cash flow, profits and/or profit margins. If we increase prices more
than our competitors, this could undermine our competitiveness and hence market shares.Further, two-thirds of the raw materials that we buy come from agriculture. Changing
weather patterns, water scarcity and unsustainable farming practices threaten the
long-term viability of agricultural production. A reduction in agricultural production may
limit our ability to manufacture products in the long term.We are dependent on regional and global supply chains for the supply of raw materials
and services and for the manufacture, distribution and delivery of our products. We may
be unable to respond to adverse events occurring in any part of this supply chain such
as changes in local legal and regulatory schemes, labour shortages and disruptions,
environmental and industrial accidents, bankruptcy of a key supplier or failure to
deliver supplies on time and in full, which could impact our ability to deliver orders to our
customers. Any of the foregoing could adversely impact our cash flow, turnover, profits
and/or profit margins and harm our reputation and our brands.People and talentOur success depends on attracting, developing
and retaining talented people within our
business. Any shortfall in recruitment or retention
could adversely affect our ability to deliver our
strategy and compete in our markets.
    
    Attracting, developing and retaining talented employees is essential to the delivery of our
strategy. If we fail to determine the appropriate mix of skills required to implement our strategy
and subsequently fail to recruit or develop the right number of appropriately qualified people,
or if there are high levels of staff turnover, this could adversely affect our ability to operate
successfully, and hence grow our business and effectively compete in the marketplace.Legal and regulatoryUnilever is subject to many local, regional and
global jurisdictions. Failure to comply with local
laws and regulatory regimes could expose
Unilever to litigation, penalties, fines and/or
imprisonment of its executives.
    
    Unilever is subject to local, regional and global rules, laws and regulations, covering such
diverse areas as product safety, product claims, trademarks, copyright, patents, employee
health and safety, the environment, corporate governance, listing and disclosure,
employment and taxes. Important regulatory bodies in respect of our business include the
European Commission and the US Food and Drug Administration. Failure to comply with
laws and regulations could leave Unilever open to civil and/or criminal legal challenge and,
if upheld, fines or imprisonment imposed on us or our employees. Further, our reputation
could be significantly damaged by adverse publicity relating to such a breach of laws or
regulations and such damage could extend beyond a single geography.Integration
of acquisitions,
restructuring and change managementIntegration of acquisitions and ongoing
restructuring initiatives involve significant
changes to our organisation. If we are unable to
successfully implement these changes in a timely
manner, we may not realise the expected
benefits from the restructuring.
    
    Since 2009, Unilever has announced 4.6 billion of acquisitions and our global and
regional restructuring programmes will continue in 2011. In the event that we are unable
to successfully implement these changes in a timely manner or at all, or effectively
manage third-party relationships and/or outsourced processes, we may not be able to
realise some or all of the anticipated expense reductions. In addition, because some of
the restructuring changes involve important functions, any disruption could harm the
operations of our business, our reputation and/or relationship with our employees.Other risks
    
    Unilever is exposed to varying degrees of risk and uncertainty related to other factors
including physical, environmental, political, social and terrorism risks within the
environments in which we operate, failure to complete planned divestments, taxation
risks, failure to resolve insurance matters within current estimates and changing priorities
of our boards of directors. All these risks could materially affect the Groups business, our
turnover, operating profits, net profits, net assets and liquidity. There may be risks which
are unknown to Unilever or which are currently believed to be immaterial.
 6   Unilever Annual Report on Form 20-F 2010




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Form 20-F
 
  Item 4  Information on the Company
 A. History and development of the Company
  
    
    The Unilever Group on page 3;
    
    Financial Review 2010 on pages 22 to 32;
    
    Our requirements and compliance on pages 51 to 55;
    
    Note 26 Acquisitions and disposals on pages 117 to 119; and
    
    Shareholder information on pages 139 to 142.
  B. Business overview
  
    
    The Unilever Group on page 3;
    
    Our footprint on pages 8 and 9;
    
    Laws and regulations on page 32; and
    
    Note 2 Segment information on pages 81 to 82;
    
    Simplifying the Supply Chain and Superior Service
on pages 16 and 17.
 Raw materials
  Seasonability
  Intellectual property
  C. Organisational structure
  
    
    The Unilever Group on page 3; and
    
    Principal group companies and non-current investments on pages 126 and 127.
 D. Property, plant and equipment
   
    
    Note 10 Property, plant and equipment on pages 89 and 90; and
    
    Principal Group companies and non-current investments on pages 126 and 127.
 
 Item 4A  Unresolved Staff Comments
  
 Item 5  Operating and Financial Review and Prospects
 A. Operating results
  
    
    Outlook on page 33;
    
    Financial Review 2010 on pages 22 to 32; and
    
    Currency risks on page 98.
   Unilever Annual Report on Form 20-F 2010   7




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Form 20-F
 
  Financial Review 2009
 Basis of reporting
  Group results and earnings per share
    million
    
    
     million
    
    
    %Increase/2009
    
    
    2008
    
    
    (Decrease)Turnover
    
    
    39,823
    
    
    
    40,523
    
    
    
    (1.7
    )Operating profit
    
    
    5,020
    
    
    
    7,167
    
    
    
    (30.0
    )Underlying operating profit
    
    
    5,888
    
    
    
    5,898
    
    
    
    0Net profit
    
    
    3,659
    
    
    
    5,285
    
    
    
    (31
    )Diluted EPS
    
    
    1.17
    
    
    
    1.73
    
    
    
    (32
    )
 
   8   Unilever Annual Report on Form 20-F 2010




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Form 20-F
 
  Asia, Africa and Central & Eastern Europe
  million
    
    
     million
    
    
    %Increase/2009
    
    
    2008
    
    
    (Decrease)Turnover
    
    
    14,897
    
    
    
    14,471
    
    
    
    2.9Operating profit
    
    
    1,927
    
    
    
    1,701
    
    
    
    13.3Underlying operating margin (%)
    
    
    13.9
    
    
    
    11.7
    
    
    
    2.2Underlying sales growth at constant rates (%)
    
    
    7.7Underlying volume growth (%)
    
    
    4.1Effect of price changes (%)
    
    
    3.4
 The Americas
  million
    
    
     million
    
    
    %Increase/2009
    
    
    2008
    
    
    (Decrease)Turnover
    
    
    12,850
    
    
    
    13,199
    
    
    
    (2.6
    )Operating profit
    
    
    1,843
    
    
    
    2,945
    
    
    
    (37.4
    )Underlying
operating margin (%)
    
    
    16.1
    
    
    
    15.4
    
    
    
    0.7Underlying sales growth at constant rates (%)
    
    
    4.2Underlying volume growth (%)
    
    
    2.5Effect of price changes (%)
    
    
    1.6
   Unilever Annual Report on Form 20-F 2010   9




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Form 20-F
 
  Western Europe
  million
    
    
     million
    
    
    %Increase/2009
    
    
    2008
    
    
    (Decrease)Turnover
    
    
    12,076
    
    
    
    12,853
    
    
    
    (6.0
    )Operating profit
    
    
    1,250
    
    
    
    2,521
    
    
    
    (50.4
    )Underlying operating margin (%)
    
    
    14.4
    
    
    
    16.8
    
    
    
    (2.4
    )Underlying sales growth at constant rates (%)
    
    
    (1.9
    )Underlying volume growth (%)
    
    
    (0.1
    )Effect of price changes (%)
    
    
    (1.8
    )
 Non-GAAP measures
  Underlying sales growth (USG)
   2009
    
    
    2008vs 2008
    
    
    vs 2007Underlying sales growth (%)
    
    
    3.5
    
    
    
    7.4Effect of acquisitions (%)
    
    
    0.6
    
    
    
    0.4Effect of disposals (%)
    
    
    (3.0
    )
    
    
    (1.8
    )Effect of exchange rates (%)
    
    
    (2.7
    )
    
    
    (4.8
    )Turnover growth (%)
    
    
    (1.7
    )
    
    
    0.8
  2009
    
    
    2008vs 2008
    
    
    vs 2007Underlying sales growth (%)
    
    
    7.7
    
    
    
    14.2Effect of acquisitions (%)
    
    
    0.5
    
    
    
    1.1Effect of disposals (%)
    
    
    (0.9
    )
    
    
    (0.4
    )Effect of exchange rates (%)
    
    
    (4.0
    )
    
    
    (6.2
    )Turnover growth (%)
    
    
    2.9
    
    
    
    7.8
  2009
    
    
    2008vs 2008
    
    
    vs 2007Underlying sales growth (%)
    
    
    4.2
    
    
    
    6.5Effect of acquisitions (%)
    
    
    0.7
    
    
    
    0.1Effect of disposals (%)
    
    
    (6.0
    )
    
    
    (2.9
    )Effect of exchange rates (%)
    
    
    (1.2
    )
    
    
    (5.1
    )Turnover growth (%)
    
    
    (2.6
    )
    
    
    (1.8
    )
  2009
    
    
    2008vs 2008
    
    
    vs 2007Underlying sales growth (%)
    
    
    (1.9
    )
    
    
    1.3Effect of acquisitions (%)
    
    
    0.5
    
    
    
    (0.0
    )Effect of disposals (%)
    
    
    (2.2
    )
    
    
    (2.1
    )Effect of exchange rates (%)
    
    
    (2.5
    )
    
    
    (2.8
    )Turnover growth (%)
    
    
    (6.0
    )
    
    
    (3.6
    )
 Underlying volume growth (UVG)
  2009
    
    
    2008vs 2008
    
    
    vs 2007Underlying volume growth (%)
    
    
    2.3
    
    
    
    0.1Effect of price changes (%)
    
    
    1.2
    
    
    
    7.2Underlying sales growth (%)
    
    
    3.5
    
    
    
    7.4
   10   Unilever Annual Report on Form 20-F 2010




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Form 20-F
 
  Underlying operating margin
   million
    
    
     million2009
    
    
    2008Operating profit
    
    
    5,020
    
    
    
    7,167Restructuring costs
    
    
    897
    
    
    
    868Business disposals
    
    
    (4
    )
    
    
    (2,190
    )Impairments and other one-off items
    
    
    (25
    )
    
    
    53Underlying operating profit
    
    
    5,888
    
    
    
    5,898Turnover
    
    
    39,823
    
    
    
    40,523Operating margin
    
    
    12.6
    %
    
    
    17.7
    %Underlying operating margin
    
    
    14.8
    %
    
    
    14.6
    %
 Free cash flow (FCF)
    million
    
    
     million2009
    
    
    2008Net profit
    
    
    3,659
    
    
    
    5,285Taxation
    
    
    1,257
    
    
    
    1,844Share of net profit of joint ventures/associatesand other income from non-current investments
    
    
    (489
    )
    
    
    (219
    )Net finance cost
    
    
    593
    
    
    
    257Depreciation, amortisation and impairment
    
    
    1,032
    
    
    
    1,003Changes in working capital
    
    
    1,701
    
    
    
    (161
    )Pensions and similar provisions less payments
    
    
    (1,028
    )
    
    
    (502
    )Restructuring and other provisions less payments
    
    
    (258
    )
    
    
    (62
    )Elimination of (profits)/losses on disposals
    
    
    13
    
    
    
    (2,259
    )Non-cash charge for share-based compensation
    
    
    195
    
    
    
    125Other adjustments
    
    
    58
    
    
    
    15Cash flow from operating activities
    
    
    6,733
    
    
    
    5,326Income tax paid
    
    
    (959
    )
    
    
    (1,455
    )Net capital expenditure
    
    
    (1,258
    )
    
    
    (1,099
    )Net interest and preference dividends paid
    
    
    (444
    )
    
    
    (382
    )Free cash flow
    
    
    4,072
    
    
    
    2,390
 Net debt
   million
    
    
     million2009
    
    
    2008Total financial liabilities
    
    
    (9,971
    )
    
    
    (11,205
    )Financial liabilities due within one year
    
    
    (2,279
    )
    
    
    (4,842
    )Financial liabilities due after one year
    
    
    (7,692
    )
    
    
    (6,363
    )Cash and cash equivalents as per balance sheet
    
    
    2,642
    
    
    
    2,561Cash and cash equivalents as per
cash flow statement
    
    
    2,397
    
    
    
    2,360Add bank overdrafts deducted therein
    
    
    245
    
    
    
    201Financial assets
    
    
    972
    
    
    
    632Net debt
    
    
    (6,357
    )
    
    
    (8,012
    )
 Acquisitions and disposals
  B. Liquidity and capital resources
 (i) Information regarding the Groups liquidity
  
    
    Finance and liquidity and Treasury on page 29;
    
    Liquidity management on page 98;
    
    Liquidity risk on pages 98 and 99;
    
    Capital management on page 103;
    
    Going concern on page 69;
    
    Cash flow on page 28;
    
    Consolidated cash flow statement on page 75;
    
    Note 28 Reconciliation of net profit to cash flow from operating activities on page 120;
and
    
    Note 14 Financial assets and liabilities on pages 93 to 97.
 (ii) Information regarding the type of financial instruments used, the maturity profile of debt,
currency and interest rate structure
  
    
    Note 14 Financial assets and liabilities on pages 93 to 97;
    
    Note 15 Financial instruments and treasury risk management on pages 98 to 104; and
    
    Treasury on page 29.
 (iii) Information regarding the Groups material commitments for capital expenditure
  
    
    Note 25 Commitments and contingent liabilities on pages 115 and 116; and
    
    Note 10 Property, plant and equipment on pages 89 and 90.
 C. Research and development, patent and licences, etc
   Unilever Annual Report on Form 20-F 2010   11




---



##### Table of Contents



Form 20-F
 
  D. Trend information
   
    
    Outlook on page 33; and
    
    Financial Review 2010 on pages 22 to 32;
  E. Off-balance sheet arrangements
  
    
    Off-balance sheet arrangements on page 28;
    
    Note 15 Financial instruments and treasury risk management on pages 98 to 104; and
    
    Note 25 Commitments and contingent liabilities on page 115 (last two paragraphs only).
 F. Tabular disclosure of contractual obligations
 Form
6-K is
 G. Safe harbour
 Item 6  Directors, Senior Management and Employees
 A. Directors and senior management
 (i) Name, experience and functions
  
    
    Unilever Executive on page 40,
    
    Non-Executive Directors on page 40
    
    Board of Directors on pages 40; and
    
    Our Directors and Our Committees on pages 44 to 48.
 (ii) Activities outside the issuing company
  (iii) Age
  (iv) Family relationship
  (v) Other arrangements
  
    
    Executive Directors (paragraph 4) on page 46; and
    
    Non-Executive Directors  Independence (paragraph 5) on page 45.
 B. Compensation
  
    
    Executive Directors on pages 61 and 62;
    
    The supporting policies on page 62;
    
    Our remuneration practices on pages 63 and 64;
   12   Unilever Annual Report on Form 20-F 2010




---



##### Table of Contents



Form 20-F
 
  
    
    Proposed changes from 2011 onwards on pages 64
and 65;
    
    Executive Directors remuneration in 2010 on pages 65 to 66;
    
    Non-Executive Directors on page 67;
    
    Note 29 Share-based compensation plans on pages 121 to 122;
    
    Note 4 Staff and management costs  Key management compensation on page 84; and
    
    Note 19 Pension and similar obligations on pages 107 to 111.
 C. Board practices
  
    
    Board of Directors and Unilever Executive (UEx) page 40;
    
    Appointment of Directors on page 43;
    
    Executive Directors (paragraph 2) on page 46;
    
    Non-Executive Directors on pages 44 to 46;
    
    Our Committees on pages 47 and 48;
    
    Report of the Audit Committee on pages 56 and 57; and
    
    Directors Remuneration Report on pages 61 to 67.
 D. Employees
  
    
    Note 4 Staff and management costs  Average number of employees during the year on page
84; and
    
    Employee numbers table on page 18.
  E. Share ownership
  
    
    Our remuneration practices on pages 63 and 64;
    
    Executive Directors remuneration in 2010 on pages 65 to 66;
    
    Non-Executive Directors on page 67; and
    
    Note 29 Share-based compensation plans on pages 121 and 122.
 
 Item 7  Major Shareholders and Related Party Transactions
 A. Major shareholders
  
    
    Foundation Unilever NV Trust office and Margarine Union (1930) Limited on page 50; and
    
    Analysis of shareholding on page 140.
 B. Related party transactions
 Form 6-K is
  C. Interest of experts and counsel
   Unilever Annual Report on Form 20-F 2010   13




---



##### Table of Contents



Form 20-F
 
 
 Item 8  Financial Information
 A. Consolidated statements and other financial information
   
    
    Financial statements on page 69 and pages 72 to 123 (excluding Note 31 on page 123);
    
    Legal proceedings on pages 32 and 116; and
    
    Dividend record on page 125 and Financial calendar on page 141.
 B. Significant changes
  
 Item 9  The Offer and Listing
 A. Offer and listing details
  Share prices at 31 December 2010
  NV per 0.16 ordinary share in Amsterdam
    
    
    23.30NV per 0.16 ordinary share in New York
    
    US $31.40PLC per 31/9p ordinary share in London
    
    
    £19.63PLC per 31/9p ordinary share in New York
    
    US $30.88
 Monthly high and low prices for the most recent six months
 September
    
    
    October
    
    
    November
    
    
    December
    
    
    January
    
    
    February2010
    
    
    2010
    
    
    2010
    
    
    2010
    
    
    2011
    
    
    2011NV per 0.16 ordinary share in Amsterdam (in )
    
    High    
    
    
    22.40
    
    
    
    22.05
    
    
    
    22.84
    
    
    
    24.08
    
    
    
    23.99
    
    
    22.68Low    
    
    
    21.09
    
    
    
    20.82
    
    
    
    21.17
    
    
    
    21.68
    
    
    
    21.46
    
    
    21.54NV per 0.16 ordinary share in New York (in US $)
    
    High    
    
    
    30.28
    
    
    
    30.53
    
    
    
    32.13
    
    
    
    31.76
    
    
    
    31.84
    
    
    30.53Low    
    
    
    26.97
    
    
    
    28.85
    
    
    
    28.20
    
    
    
    28.79
    
    
    
    29.26
    
    
    29.24PLC per 31/9p ordinary share in London (in £)
    
    High    
    
    
    18.66
    
    
    
    18.82
    
    
    
    19.44
    
    
    
    20.09
    
    
    
    19.94
    
    
    19.10Low    
    
    
    17.13
    
    
    
    17.58
    
    
    
    17.76
    
    
    
    17.74
    
    
    
    18.16
    
    
    17.87PLC per 31/9p ordinary share in New York (in US $)
    
    High    
    
    
    29.48
    
    
    
    29.63
    
    
    
    31.46
    
    
    
    31.07
    
    
    
    31.23
    
    
    30.10Low    
    
    
    26.74
    
    
    
    28.14
    
    
    
    27.72
    
    
    
    28.22
    
    
    
    28.87
    
    
    28.82
 14   Unilever Annual Report on Form 20-F 2010




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##### Table of Contents



Form 20-F
 
 Quarterly high and low prices for 2010 and 2009
 2010
    
    
    1st
    
    
    2nd
    
    
    3rd
    
    
    4thNV per 0.16 ordinary share in Amsterdam (in )
    
    High    
    
    
    23.00
    
    
    
    23.89
    
    
    
    24.11
    
    
    
    24.08Low    
    
    
    20.82
    
    
    
    21.17
    
    
    
    20.68
    
    
    
    20.82NV per 0.16 ordinary share in New York (in US $)
    
    High    
    
    
    33.10
    
    
    
    31.36
    
    
    
    31.03
    
    
    
    32.13Low    
    
    
    28.35
    
    
    
    26.02
    
    
    
    26.22
    
    
    
    28.20PLC per 31/9p ordinary share in London (in £)
    
    High    
    
    
    20.07
    
    
    
    20.03
    
    
    
    19.60
    
    
    
    20.09Low    
    
    
    18.08
    
    
    
    17.72
    
    
    
    16.62
    
    
    
    17.58PLC per 31/9p ordinary share in New York (in US $)
    
    High    
    
    
    32.41
    
    
    
    30.75
    
    
    
    30.26
    
    
    
    31.46Low    
    
    
    28.20
    
    
    
    25.74
    
    
    
    25.90
    
    
    
    27.72
 2009
    
    
    1st
    
    
    2nd
    
    
    3rd
    
    
    4thNV per 0.16 ordinary share in Amsterdam (in )
    
    High    
    
    
    18.11
    
    
    
    17.97
    
    
    
    19.88
    
    
    
    22.88Low    
    
    
    13.59
    
    
    
    14.42
    
    
    
    17.13
    
    
    
    19.33NV per 0.16 ordinary share in New York (in US $)
    
    High    
    
    
    25.16
    
    
    
    25.19
    
    
    
    28.86
    
    
    
    32.80Low    
    
    
    17.04
    
    
    
    18.70
    
    
    
    23.93
    
    
    
    28.36PLC per 31/9p ordinary share in London (in £)
    
    High    
    
    
    16.69
    
    
    
    15.33
    
    
    
    17.78
    
    
    
    20.15Low    
    
    
    12.30
    
    
    
    12.68
    
    
    
    14.27
    
    
    
    17.60PLC per 31/9p ordinary share in New York (in US $)
    
    High    
    
    
    24.06
    
    
    
    24.88
    
    
    
    28.68
    
    
    
    32.19Low    
    
    
    17.04
    
    
    
    18.36
    
    
    
    23.26
    
    
    
    28.29
 Annual high and low prices
 2010
    
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006NV per 0.16 ordinary share in Amsterdam (in )
    
    High    
    
    
    24.11
    
    
    
    22.88
    
    
    
    25.61
    
    
    
    25.72
    
    
    
    20.84Low    
    
    
    20.68
    
    
    
    13.59
    
    
    
    16.20
    
    
    
    18.89
    
    
    
    16.53NV per 0.16 ordinary share in New York (in US $)
    
    High    
    
    
    33.10
    
    
    
    32.80
    
    
    
    37.18
    
    
    
    37.31
    
    
    
    27.32Low    
    
    
    26.02
    
    
    
    17.04
    
    
    
    21.27
    
    
    
    24.94
    
    
    
    20.72PLC per 31/9p ordinary share in London (in £)
    
    High    
    
    
    20.09
    
    
    
    20.15
    
    
    
    19.47
    
    
    
    19.24
    
    
    
    14.28Low    
    
    
    16.62
    
    
    
    12.30
    
    
    
    12.49
    
    
    
    13.20
    
    
    
    11.25PLC per 31/9p ordinary share in New York (in US $)
    
    High    
    
    
    32.41
    
    
    
    32.19
    
    
    
    38.02
    
    
    
    38.25
    
    
    
    27.95Low    
    
    
    25.74
    
    
    
    17.04
    
    
    
    20.22
    
    
    
    25.57
    
    
    
    20.66
 B. Plan of distribution
  C. Markets
  D. Selling shareholders
  E. Dilution
  F. Expenses of the issue
  
 Item 10  Additional Information
 A. Share capital
  B. Memorandum and articles of association
  
    
    Corporate governance on pages 41 to 55; and
    
    Note 22 Share Capital on page 113.
 Unilever Annual Report on Form 20-F 2010   15




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##### Table of Contents



Form 20-F
 
 C. Material contracts
  
    
    Financial Review 2010  Acquisitions and disposals on page 29;
    
    Note 26 Acquisition and disposals  2009 and
2008 on page 118; and
    
    Our Foundation agreements on page 51.
 D. Exchange controls
   E. Taxation
 Taxation for US persons holding shares in NV
  Taxation on dividends in the Netherlands
  
    
    a corporation organised under the laws of the United States (or any territory of it) having no
permanent establishment in the Netherlands of which such shares form a part of the business
property; or
    
    any other legal person subject to United States Federal income tax with respect to
its worldwide income, having no permanent establishment in the Netherlands of which such shares
form a part of the business property,
      United States taxation on dividends
  16   Unilever Annual Report on Form 20-F 2010




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##### Table of Contents



Form 20-F
 
    Disclosure requirements for US individual holders
  Taxation on capital gains in the Netherlands
  Succession duty and gift taxes in the Netherlands
   Taxation for US persons holding shares in PLC
  United Kingdom taxation on dividends
  United States taxation on dividends
   Disclosure Requirements for US individual holders
  Unilever Annual Report on Form 20-F 2010   17




---



##### Table of Contents



Form 20-F
 
 UK taxation on capital gains
  
    
    an individual who is neither resident nor ordinarily resident in the United Kingdom; or
    
    a
company which is not resident in the United Kingdom
   UK inheritance tax
  
    
    domiciled for the purposes of the convention in the United States; and
    
    is not for the purposes
of the convention a national of the United Kingdom
  
    
    the individuals death; or
    
    on a gift of the shares during the individuals lifetime.
  F. Dividends and paying agents
  G. Statement by experts
  H. Documents on display
  Unilever Annual Report on Form 20-F 2010
  Documents on display in the United States
  I. Subsidiary information
  
 Item 11  Quantitative and Qualitative Disclosures About Market Risk
   
    
    Outlook on page 33;
    
    Note 13 Trade and other receivables on page 92;
    
    Note 14 Financial assets and liabilities on pages 93 to 97;
    
    Note 15 Financial instruments and treasury risk management on pages 98 to 104; and
    
    Note 16 Trade payables and other liabilities on page 104.
 18   Unilever Annual Report on Form 20-F 2010




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##### Table of Contents



Form 20-F
 
 
 Item 12  Description of Securities Other than Equity Securities
  D.3 Transfer Agent Fees and Charges for Unilever N.V.
   
    
    Issuance of NYSs: Up to US 5¢ per NYS issued.
    
    Cancellation of NYSs: Up to US 5¢ per NYS cancelled.
  
    
    Fees for the transfer and registration of Shares charged by the registrar and transfer agent
for the Shares in the Netherlands (i.e. upon deposit and withdrawal of Shares);
    
    Expenses incurred for converting foreign currency into US dollars;
    
    Expenses for cable, telex and fax transmissions and for delivery of securities;
    
    Taxes and duties upon the transfer of securities (i.e. when shares are deposited or withdrawn
from deposit); and
    
    Fees and expenses incurred in connection with the delivery or servicing of shares on deposit.
   D.3 Depositary Fees and Charges for Unilever PLC
  
    
    Issuance of ADSs: Up to US 5¢ per ADS issued.
    
    Cancellation of ADSs: Up to US 5¢ per ADS cancelled.
  
    
    Fees for the transfer and registration of Shares charged by the registrar and transfer agent
for the Shares in the United Kingdom (i.e., upon deposit and withdrawal of Shares);
    
    Expenses incurred for converting foreign currency into US dollars;
    
    Expenses for cable, telex and fax transmissions and for delivery of securities;
    
    Taxes and duties upon the transfer of securities (i.e. when shares are deposited or withdrawn
from deposit); and
    
    Fees and expenses incurred in connection with the delivery or servicing of shares on deposit.
   Unilever Annual Report on Form 20-F 2010   19




---



##### Table of Contents



Form 20-F
 
 D.4 Transfer Agent Payments  Fiscal Year 2010 for Unilever N.V.
  US $Reimbursement of listing fees (NYSE/NASDAQ)
    
    
    248,748.00Reimbursement of settlement infrastructure fees (including DTC feeds)
    
    
    33,674.37Reimbursement of proxy process expenses (printing, postage and distribution)
    
    
    231,782.13Tax reclaim services
    
    
    40,000.00Program-Related Expenses (that include expenses incurred from the requirements of the Sarbanes-Oxley Act of 2002)
    
    
    795,795.50
 Indirect payments
  D.4 Depositary Payments  Fiscal Year 2010 for Unilever PLC
  US $Reimbursement of listing fees (NYSE/NASDAQ)
    
    
    105,624.00Reimbursement of settlement infrastructure fees (including DTC feeds)
    
    
    21,853.74Reimbursement of proxy process expenses (printing, postage and distribution)
    
    
    258,866.16Program-Related Expenses (that include expenses incurred from the requirements of the Sarbanes-Oxley Act of 2002)
    
    
    963,656.10
 Indirect payments
  
 Item 13  Defaults, Dividend Arrearages and Delinquencies
 A. Defaults
  B. Dividend arrearages and delinquencies
  
 Item 14  Material Modifications to the Rights of Security Holders and Use of Proceeds
  20   Unilever Annual Report on Form 20-F 2010




---



##### Table of Contents



Form 20-F
 
 
 Item 15  Controls and Procedures
  Managements report on internal control over financial reporting
  
    
    Unilevers management is responsible for establishing and maintaining adequate internal
control over financial reporting for the Group;
    
    Unilevers management has used the Committee of Sponsoring Organizations of the Treadway
Commission (COSO) framework to evaluate the effectiveness of our internal control over
financial reporting. Management believes that the COSO framework is a suitable framework for
its evaluation of our internal control over financial reporting because it is free from bias,
permits reasonably consistent qualitative and quantitative measurements of internal controls,
is sufficiently complete so that those relevant factors that would alter a conclusion about
the effectiveness of internal controls are not omitted and is relevant to an evaluation of
internal control over financial reporting;
    
    Management has assessed the effectiveness of internal control over financial reporting as of
31 December 2010, and has concluded that such internal control over financial reporting is
effective; and
    
    PricewaterhouseCoopers LLP and PricewaterhouseCoopers Accountants N.V., who have audited the
consolidated financial statements of the Group for the year ended 31 December 2010, have also
audited the effectiveness of internal control over financial reporting as at 31 December 2010
and have issued an attestation report on internal control over financial reporting. For the
Auditors Report please refer to Item 18.
 
 Item 16  Reserved
 A. Audit Committee financial expert
  B. Code of Ethics
  
    
    Foundation and principles on page 38; and
    
    The United States on page 55.
 Unilever Annual Report on Form 20-F 2010   21




---



##### Table of Contents



Form 20-F
 
 C. Principal accountant fees and services
   million
    
    
     million
    
    
     million2010
    
    
    2009
    
    
    2008Audit fees(a)
    
    
    (17
    )
    
    
    (18
    )
    
    
    (21
    )Audit-related fees(b)
    
    
    (1
    )
    
    
    
    
    
    
    (1
    )Tax fees
    
    
    (1
    )
    
    
    (2
    )
    
    
    (2
    )All other fees
    
    
    (3
    )
    
    
    (1
    )
    
    
    (2
    )
 (a)
    
    Excludes 1 million of out of pocket expenses and 1 million fees paid in respect of services
supplied for associated pension schemes.(b)
    
    Includes other audit services which comprise audit and
similar work that regulations or agreements with third parties require the auditors to undertake.
 D. Exemptions from the Listing Standards for Audit Committees
  E. Purchases of equity securities by the issuer and affiliated purchasers
 Share purchases during 2010
  millionOf which, numbers of
    
    
    Maximum value thatshares purchased
    
    
    may yet be purchasedTotal number of
    
    
    Average price
    
    
    as part of publicly
    
    
    as part of publiclyshares purchased
    
    
    paid per share
    
    
    announced plans
    (a)
    
    announced plansJanuary
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    February
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    March
    
    
    59,547
    
    
    
    22.95
    
    
    
    
    
    
    
    April
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    May
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    June
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    July
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    August
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    September
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    October
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    November
    
    
    4,720,000
    
    
    
    22.37
    
    
    
    
    
    
    
    December
    
    
    4,280,000
    
    
    
    22.25
    
    
    
    
    
    
    
    Total
    
    
    9,059,547
    
    
    
    22.32
    
    
    
    
    
    
    
    
 (a)
    
    Shares were purchased to satisfy commitments to deliver shares under our share-based plans as
described in note 29 on pages 121 and 122 of the Groups Annual Report and Accounts 2010 furnished
separately on 4 March 2011 under Form 6-K and incorporated by reference.
 F. Change in Registrants Certifying Accountant
  G. Corporate governance
  
 Item 17  Financial Statements
  22   Unilever Annual Report on Form 20-F 2010




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##### Table of Contents



Form 20-F
 
 
 Item 18  Financial Statements
  Report of Independent Registered Public Accounting Firm
     Amsterdam, The Netherlands, 1 March 2011
    
    PricewaterhouseCoopers LLPPricewaterhouseCoopers Accountants N.V.
    
    London, United KingdomAs auditors of Unilever N.V.
    
    As auditors of Unilever PLCR A J Swaak RA
    
    1 March 2011
 Unilever Annual Report on Form 20-F 2010   23




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##### Table of Contents



Form 20-F
 
 Summarised presentation of the NV and PLC parts of the Group (audited)
   million
    
    
     million
    
    
     million
    
    
     million
    
    
     million
    
    
     millionNV
    
    
    NV
    
    
    NV
    
    
    PLC
    
    
    PLC
    
    
    PLCIncome statementfor the year ended 31 December
    
    2010
    
    
    2009
    
    
    2008
    
    
    2010
    
    
    2009
    
    
    2008Turnover
    
    
    23,579
    
    
    
    21,917
    
    
    
    22,108
    
    
    
    20,683
    
    
    
    17,906
    
    
    
    18,415Operating profit
    
    
    3,490
    
    
    
    2,700
    
    
    
    4,033
    
    
    
    2,849
    
    
    
    2,320
    
    
    
    3,134Net finance costs
    
    
    (103
    )
    
    
    (259
    )
    
    
    (170
    )
    
    
    (291
    )
    
    
    (334
    )
    
    
    (87
    )Share in net profit of joint ventures
    
    
    61
    
    
    
    61
    
    
    
    49
    
    
    
    59
    
    
    
    50
    
    
    
    76Share in net profit of associates
    
    
    (7
    )
    
    
    (5
    )
    
    
    (3
    )
    
    
    (2
    )
    
    
    9
    
    
    
    9Other income from non-current investments
    
    
    44
    
    
    
    350
    
    
    
    12
    
    
    
    32
    
    
    
    24
    
    
    
    76Profit before taxation
    
    
    3,485
    
    
    
    2,847
    
    
    
    3,921
    
    
    
    2,647
    
    
    
    2,069
    
    
    
    3,208Taxation
    
    
    (821
    )
    
    
    (715
    )
    
    
    (971
    )
    
    
    (713
    )
    
    
    (542
    )
    
    
    (873
    )Net profit
    
    
    2,664
    
    
    
    2,132
    
    
    
    2,950
    
    
    
    1,934
    
    
    
    1,527
    
    
    
    2,335Attributable to:Non-controlling interests
    
    
    67
    
    
    
    60
    
    
    
    16
    
    
    
    287
    
    
    
    229
    
    
    
    242Shareholders equity
    
    
    2,597
    
    
    
    2,072
    
    
    
    2,934
    
    
    
    1,647
    
    
    
    1,298
    
    
    
    2,093
 24   Unilever Annual Report on Form 20-F 2010




---



##### Table of Contents



Form 20-F
 
  million
    
    
     million
    
    
     million
    
    
     millionNV
    
    
    NV
    
    
    PLC
    
    
    PLCBalance sheetas at 31 December
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009Goodwill and intangible assets
    
    
    10,691
    
    
    
    10,984
    
    
    
    7,587
    
    
    
    6,063Property, plant and equipment
    
    
    3,732
    
    
    
    3,365
    
    
    
    4,122
    
    
    
    3,279Pension asset for funded schemes in surplus
    
    
    809
    
    
    
    700
    
    
    
    101
    
    
    
    59Deferred tax assets
    
    
    433
    
    
    
    435
    
    
    
    174
    
    
    
    303Other non-current assets
    
    
    617
    
    
    
    572
    
    
    
    417
    
    
    
    445Total non-current assets
    
    
    16,282
    
    
    
    16,056
    
    
    
    12,401
    
    
    
    10,149Inventories
    
    
    2,614
    
    
    
    2,133
    
    
    
    1,695
    
    
    
    1,445Trade and other current receivables
    
    
    2,318
    
    
    
    1,931
    
    
    
    1,817
    
    
    
    1,498Cash and cash equivalents
    
    
    1,469
    
    
    
    2,004
    
    
    
    847
    
    
    
    638Other financial assets
    
    
    574
    
    
    
    844
    
    
    
    274
    
    
    
    301Assets held for sale
    
    
    800
    
    
    
    10
    
    
    
    76
    
    
    
    7Total current assets
    
    
    7,775
    
    
    
    6,922
    
    
    
    4,709
    
    
    
    3,889Financial liabilities
    
    
    (1,793
    )
    
    
    (1,472
    )
    
    
    (483
    )
    
    
    (807
    )Trade payables and other current liabilities
    
    
    (6,398
    )
    
    
    (5,358
    )
    
    
    (4,467
    )
    
    
    (3,542
    )Provisions
    
    
    (258
    )
    
    
    (262
    )
    
    
    (150
    )
    
    
    (158
    )Liabilities associated with assets held for sale
    
    
    (57
    )
    
    
    
    
    
    
    
    
    
    
    Total current liabilities
    
    
    (8,506
    )
    
    
    (7,092
    )
    
    
    (5,100
    )
    
    
    (4,507
    )Net current assets/(liabilities)
    
    
    (731
    )
    
    
    (170
    )
    
    
    (391
    )
    
    
    (618
    )Total assets less current liabilities
    
    
    15,551
    
    
    
    15,886
    
    
    
    12,010
    
    
    
    9,531Financial liabilities due after one year
    
    
    5,035
    
    
    
    5,532
    
    
    
    2,223
    
    
    
    2,160Pensions and post-retirement healthcare liabilitiesFunded schemes in deficit
    
    
    603
    
    
    
    635
    
    
    
    478
    
    
    
    884Unfunded schemes
    
    
    1,023
    
    
    
    902
    
    
    
    876
    
    
    
    920Provisions
    
    
    591
    
    
    
    510
    
    
    
    295
    
    
    
    219Deferred tax liabilities
    
    
    745
    
    
    
    671
    
    
    
    135
    
    
    
    93Other non-current liabilities
    
    
    276
    
    
    
    185
    
    
    
    203
    
    
    
    170Non-current liabilities
    
    
    8,273
    
    
    
    8,435
    
    
    
    4,210
    
    
    
    4,446Intra-group
- NV/PLC
    
    
    (9,141
    )
    
    
    (5,727
    )
    
    
    9,141
    
    
    
    5,727Shareholders equity
    
    
    16,357
    
    
    
    13,128
    
    
    
    (1,872
    )
    
    
    (1,063
    )Non-controlling interests
    
    
    62
    
    
    
    50
    
    
    
    531
    
    
    
    421Total equity
    
    
    16,419
    
    
    
    13,178
    
    
    
    (1,341
    )
    
    
    (642
    )Total capital employed
    
    
    15,551
    
    
    
    15,886
    
    
    
    12,010
    
    
    
    9,531
 Unilever Annual Report on Form 20-F 2010   25




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##### Table of Contents



Form 20-F
 
 Guarantor statements (audited)
    million
    
    
     million
    
    
     million
    
    
     million
    
    
     million
    
    
     million
    
    
     millionUnilever
    
    
    Unilever
    
    
    
    
    
    
    UnileverCapital
    
    
    N.V.
    
    
    
    
    
    
    UnitedCorporation
    
    
    parent
    
    
    Unilever PLC
    
    
    States Inc.
    
    
    Non-Income statement
    
    subsidiary
    
    
    issuer/
    
    
    parent
    
    
    subsidiary
    
    
    guarantor
    
    
    
    
    
    
    Unileverfor the year ended 31 December 2010
    
    issuer
    
    
    guarantor
    
    
    guarantor
    
    
    guarantor
    
    
    subsidiaries
    
    
    Eliminations
    
    
    GroupTurnover
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    44,262
    
    
    
    
    
    
    
    44,262Operating profit
    
    
    
    
    
    
    342
    
    
    
    (62
    )
    
    
    (21
    )
    
    
    6,080
    
    
    
    
    
    
    
    6,339Finance income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    77
    
    
    
    
    
    
    
    77Finance costs
    
    
    (182
    )
    
    
    (143
    )
    
    
    (40
    )
    
    
    
    
    
    
    (126
    )
    
    
    
    
    
    
    (491
    )Pensions and similar obligations
    
    
    
    
    
    
    (5
    )
    
    
    
    
    
    
    (24
    )
    
    
    49
    
    
    
    
    
    
    
    20Inter-company finance costs
    
    
    184
    
    
    
    97
    
    
    
    (26
    )
    
    
    (10
    )
    
    
    (245
    )
    
    
    
    
    
    
    Dividends
    
    
    
    
    
    
    1,098
    
    
    
    1,187
    
    
    
    
    
    
    
    (2,285
    )
    
    
    
    
    
    
    Share of net profit/(loss) of joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    120
    
    
    
    
    
    
    
    120Share of net profit/(loss) of associates
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (9
    )
    
    
    
    
    
    
    (9
    )Other income from non-current investments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    76
    
    
    
    
    
    
    
    76Profit before taxation
    
    
    2
    
    
    
    1,389
    
    
    
    1,059
    
    
    
    (55
    )
    
    
    3,737
    
    
    
    
    
    
    
    6,132Taxation
    
    
    (1
    )
    
    
    (91
    )
    
    
    8
    
    
    
    434
    
    
    
    (1,884
    )
    
    
    
    
    
    
    (1,534
    )Net profit
    
    
    1
    
    
    
    1,298
    
    
    
    1,067
    
    
    
    379
    
    
    
    1,853
    
    
    
    
    
    
    
    4,598Equity earnings of subsidiaries
    
    
    
    
    
    
    3,300
    
    
    
    3,531
    
    
    
    96
    
    
    
    
    
    
    
    (6,927
    )
    
    
    Net profit
    
    
    1
    
    
    
    4,598
    
    
    
    4,598
    
    
    
    475
    
    
    
    1,853
    
    
    
    (6,927
    )
    
    
    4,598Attributable to:Non-controlling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    354
    
    
    
    
    
    
    
    354Shareholders equity
    
    
    1
    
    
    
    4,598
    
    
    
    4,598
    
    
    
    475
    
    
    
    1,499
    
    
    
    (6,927
    )
    
    
    4,244
 26   Unilever Annual Report on Form 20-F 2010




---



##### Table of Contents



Form 20-F
 
  million
    
    
     million
    
    
     million
    
    
     million
    
    
     million
    
    
     million
    
    
     millionUnilever
    
    
    Unilever
    
    
    
    
    
    
    UnileverCapital
    
    
    N.V.
    
    
    
    
    
    
    UnitedCorporation
    
    
    parent
    
    
    Unilever PLC
    
    
    States Inc.
    
    
    Non-Income statement
    
    subsidiary
    
    
    issuer/
    
    
    parent
    
    
    subsidiary
    
    
    guarantor
    
    
    
    
    
    
    Unileverfor the year ended 31 December 2009
    
    issuer
    
    
    guarantor
    
    
    guarantor
    
    
    guarantor
    
    
    subsidiaries
    
    
    Eliminations
    
    
    GroupTurnover
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    39,823
    
    
    
    
    
    
    
    39,823Operating profit
    
    
    
    
    
    
    91
    
    
    
    37
    
    
    
    (31
    )
    
    
    4,923
    
    
    
    
    
    
    
    5,020Finance income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    75
    
    
    
    
    
    
    
    75Finance costs
    
    
    (183
    )
    
    
    (159
    )
    
    
    (24
    )
    
    
    
    
    
    
    (138
    )
    
    
    
    
    
    
    (504
    )Pensions and similar obligations
    
    
    
    
    
    
    1
    
    
    
    
    
    
    
    (61
    )
    
    
    (104
    )
    
    
    
    
    
    
    (164
    )Inter-company finance costs
    
    
    185
    
    
    
    52
    
    
    
    (36
    )
    
    
    (10
    )
    
    
    (191
    )
    
    
    
    
    
    
    Dividends
    
    
    
    
    
    
    1,321
    
    
    
    1,112
    
    
    
    
    
    
    
    (2,433
    )
    
    
    
    
    
    
    Share of net profit/(loss) of joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    111
    
    
    
    
    
    
    
    111Share of net profit/(loss) of associates
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4
    
    
    
    
    
    
    
    4Other income from non-current investments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    374
    
    
    
    
    
    
    
    374Profit before taxation
    
    
    2
    
    
    
    1,306
    
    
    
    1,089
    
    
    
    (102
    )
    
    
    2,621
    
    
    
    
    
    
    
    4,916Taxation
    
    
    (1
    )
    
    
    (34
    )
    
    
    (1
    )
    
    
    (245
    )
    
    
    (976
    )
    
    
    
    
    
    
    (1,257
    )Net profit
    
    
    1
    
    
    
    1,272
    
    
    
    1,088
    
    
    
    (347
    )
    
    
    1,645
    
    
    
    
    
    
    
    3,659Equity earnings of subsidiaries
    
    
    
    
    
    
    2,387
    
    
    
    2,571
    
    
    
    643
    
    
    
    
    
    
    
    (5,601
    )
    
    
    Net profit
    
    
    1
    
    
    
    3,659
    
    
    
    3,659
    
    
    
    296
    
    
    
    1,645
    
    
    
    (5,601
    )
    
    
    3,659Attributable to:Non-controlling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    289
    
    
    
    
    
    
    
    289Shareholders equity
    
    
    1
    
    
    
    3,659
    
    
    
    3,659
    
    
    
    296
    
    
    
    1,356
    
    
    
    (5,601
    )
    
    
    3,370Income statementfor
the year ended 31 December 2008Turnover
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    40,523
    
    
    
    
    
    
    
    40,523Operating profit
    
    
    (1
    )
    
    
    381
    
    
    
    114
    
    
    
    (19
    )
    
    
    6,692
    
    
    
    
    
    
    
    7,167Finance income
    
    
    
    
    
    
    1
    
    
    
    
    
    
    
    
    
    
    
    105
    
    
    
    
    
    
    
    106Finance costs
    
    
    (167
    )
    
    
    (146
    )
    
    
    
    
    
    
    
    
    
    
    (193
    )
    
    
    
    
    
    
    (506
    )Pension and similar obligations
    
    
    
    
    
    
    1
    
    
    
    
    
    
    
    (27
    )
    
    
    169
    
    
    
    
    
    
    
    143Inter-company finance costs
    
    
    196
    
    
    
    42
    
    
    
    42
    
    
    
    (4
    )
    
    
    (276
    )
    
    
    
    
    
    
    Dividends
    
    
    
    
    
    
    1,473
    
    
    
    1,160
    
    
    
    
    
    
    
    (2,633
    )
    
    
    
    
    
    
    Share of net profit/(loss) of joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    125
    
    
    
    
    
    
    
    125Share of net profit/(loss) of associates
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6
    
    
    
    
    
    
    
    6Other income from non-current investments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    88
    
    
    
    
    
    
    
    88Profit before taxation
    
    
    28
    
    
    
    1,752
    
    
    
    1,316
    
    
    
    (50
    )
    
    
    4,083
    
    
    
    
    
    
    
    7,129Taxation
    
    
    (11
    )
    
    
    (41
    )
    
    
    (134
    )
    
    
    (619
    )
    
    
    (1,039
    )
    
    
    
    
    
    
    (1,844
    )Net profit
    
    
    17
    
    
    
    1,711
    
    
    
    1,182
    
    
    
    (669
    )
    
    
    3,044
    
    
    
    
    
    
    
    5,285Equity earnings of subsidiaries
    
    
    
    
    
    
    3,316
    
    
    
    3,845
    
    
    
    1,637
    
    
    
    
    
    
    
    (8,798
    )
    
    
    Net profit
    
    
    17
    
    
    
    5,027
    
    
    
    5,027
    
    
    
    968
    
    
    
    3,044
    
    
    
    (8,798
    )
    
    
    5,285Attributable to:Non-controlling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    258
    
    
    
    
    
    
    
    258Shareholders equity
    
    
    17
    
    
    
    5,027
    
    
    
    5,027
    
    
    
    968
    
    
    
    2,786
    
    
    
    (8,798
    )
    
    
    5,027
 Unilever Annual Report on Form 20-F 2010   27




---



##### Table of Contents



Form 20-F
 
  million
    
    
     million
    
    
     million
    
    
     million
    
    
     million
    
    
     million
    
    
     millionUnilever
    
    
    Unilever
    
    
    
    
    
    
    UnileverCapital
    
    
    N.V.
    
    
    
    
    
    
    UnitedCorporation
    
    
    parent
    
    
    Unilever PLC
    
    
    States Inc.
    
    
    Non-subsidiary
    
    
    issuer/
    
    
    parent
    
    
    subsidiary
    
    
    guarantor
    
    
    
    
    
    
    UnileverBalance sheetat 31 December 2010
    
    issuer
    
    
    guarantor
    
    
    guarantor
    
    
    guarantor
    
    
    subsidiaries
    
    
    Eliminations
    
    
    GroupGoodwill and intangible assets
    
    
    
    
    
    
    40
    
    
    
    80
    
    
    
    
    
    
    
    18,158
    
    
    
    
    
    
    
    18,278Property, plant and equipment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,854
    
    
    
    
    
    
    
    7,854Pension asset for funded schemes in surplus
    
    
    
    
    
    
    6
    
    
    
    
    
    
    
    14
    
    
    
    890
    
    
    
    
    
    
    
    910Deferred tax assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    383
    
    
    
    224
    
    
    
    
    
    
    
    607Other non-current assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,034
    
    
    
    
    
    
    
    1,034Amounts due from Group companies after one year
    
    
    2,382
    
    
    
    3,912
    
    
    
    
    
    
    
    
    
    
    
    (6,294
    )
    
    
    
    
    
    
    Net assets of subsidiaries (equity accounted)
    
    
    
    
    
    
    34,216
    
    
    
    19,255
    
    
    
    11,662
    
    
    
    (15,939
    )
    
    
    (49,194
    )
    
    
    Total non-current assets
    
    
    2,382
    
    
    
    38,174
    
    
    
    19,335
    
    
    
    12,059
    
    
    
    5,927
    
    
    
    (49,194
    )
    
    
    28,683Inventories
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,309
    
    
    
    
    
    
    
    4,309Amounts due from Group companies within one year
    
    
    
    
    
    
    1,834
    
    
    
    661
    
    
    
    1,968
    
    
    
    (4,463
    )
    
    
    
    
    
    
    Trade and other current receivables
    
    
    
    
    
    
    69
    
    
    
    
    
    
    
    6
    
    
    
    4,060
    
    
    
    
    
    
    
    4,135Current tax assets
    
    
    
    
    
    
    184
    
    
    
    29
    
    
    
    77
    
    
    
    8
    
    
    
    
    
    
    
    298Other financial assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    550
    
    
    
    
    
    
    
    550Cash and cash equivalents
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3
    )
    
    
    2,319
    
    
    
    
    
    
    
    2,316Assets held for sale
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    876
    
    
    
    
    
    
    
    876Total current assets
    
    
    
    
    
    
    2,087
    
    
    
    690
    
    
    
    2,048
    
    
    
    7,659
    
    
    
    
    
    
    
    12,484Financial liabilities
    
    
    (224
    )
    
    
    (558
    )
    
    
    (2
    )
    
    
    
    
    
    
    (1,492
    )
    
    
    
    
    
    
    (2,276
    )Amounts due to Group companies within one year
    
    
    
    
    
    
    (17,042
    )
    
    
    (4,496
    )
    
    
    (13
    )
    
    
    21,551
    
    
    
    
    
    
    
    Trade payables and other current liabilities
    
    
    (24
    )
    
    
    (150
    )
    
    
    (21
    )
    
    
    (16
    )
    
    
    (10,015
    )
    
    
    
    
    
    
    (10,226
    )Current tax liabilities
    
    
    (1
    )
    
    
    (173
    )
    
    
    (93
    )
    
    
    (6
    )
    
    
    (366
    )
    
    
    
    
    
    
    (639
    )Provisions
    
    
    
    
    
    
    (78
    )
    
    
    (48
    )
    
    
    
    
    
    
    (282
    )
    
    
    
    
    
    
    (408
    )Liabilities directly associated with non-current assets held for sale
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (57
    )
    
    
    
    
    
    
    (57
    )Total current liabilities
    
    
    (249
    )
    
    
    (18,001
    )
    
    
    (4,660
    )
    
    
    (35
    )
    
    
    9,339
    
    
    
    
    
    
    
    (13,606
    )Net current assets/liabilities
    
    
    (249
    )
    
    
    (15,914
    )
    
    
    (3,970
    )
    
    
    2,013
    
    
    
    16,998
    
    
    
    
    
    
    
    (1,122
    )Total assets less current liabilities
    
    
    2,133
    
    
    
    22,260
    
    
    
    15,365
    
    
    
    14,072
    
    
    
    22,925
    
    
    
    (49,194
    )
    
    
    27,561Financial liabilities due after one year
    
    
    1,853
    
    
    
    3,235
    
    
    
    864
    
    
    
    
    
    
    
    1,306
    
    
    
    
    
    
    
    7,258Amounts due to Group companies after one year
    
    
    
    
    
    
    4,407
    
    
    
    
    
    
    
    5,062
    
    
    
    (9,469
    )
    
    
    
    
    
    
    Pensions and post-retirement healthcare liabilitiesFunded schemes in deficit
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,081
    
    
    
    
    
    
    
    1,081Unfunded schemes
    
    
    
    
    
    
    95
    
    
    
    
    
    
    
    610
    
    
    
    1,194
    
    
    
    
    
    
    
    1,899Provisions
    
    
    
    
    
    
    21
    
    
    
    
    
    
    
    2
    
    
    
    863
    
    
    
    
    
    
    
    886Deferred tax liabilities
    
    
    
    
    
    
    13
    
    
    
    16
    
    
    
    
    
    
    
    851
    
    
    
    
    
    
    
    880Other non-current liabilities
    
    
    
    
    
    
    4
    
    
    
    
    
    
    
    119
    
    
    
    356
    
    
    
    
    
    
    
    479Total non-current liabilities
    
    
    1,853
    
    
    
    7,775
    
    
    
    880
    
    
    
    5,793
    
    
    
    (3,818
    )
    
    
    
    
    
    
    12,483Shareholders equity attributed to:NV
    
    
    
    
    
    
    
    
    
    
    16,357
    
    
    
    
    
    
    
    
    
    
    
    (16,357
    )
    
    
    PLC
    
    
    
    
    
    
    (1,872
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,872
    
    
    
    Called up share capital
    
    
    
    
    
    
    274
    
    
    
    210
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    484Share premium account
    
    
    
    
    
    
    25
    
    
    
    109
    
    
    
    106
    
    
    
    (106
    )
    
    
    
    
    
    
    134Other reserves
    
    
    6
    
    
    
    (2,787
    )
    
    
    (2,619
    )
    
    
    (619
    )
    
    
    (981
    )
    
    
    1,594
    
    
    
    (5,406
    )Retained profit
    
    
    274
    
    
    
    18,845
    
    
    
    428
    
    
    
    8,792
    
    
    
    27,237
    
    
    
    (36,303
    )
    
    
    19,273Total shareholders equity
    
    
    280
    
    
    
    14,485
    
    
    
    14,485
    
    
    
    8,279
    
    
    
    26,150
    
    
    
    (49,194
    )
    
    
    14,485Non-controlling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    593
    
    
    
    
    
    
    
    593Total equity
    
    
    280
    
    
    
    14,485
    
    
    
    14,485
    
    
    
    8,279
    
    
    
    26,743
    
    
    
    (49,194
    )
    
    
    15,078Total capital employed
    
    
    2,133
    
    
    
    22,260
    
    
    
    15,365
    
    
    
    14,072
    
    
    
    22,925
    
    
    
    (49,194
    )
    
    
    27,561
 28   Unilever Annual Report on Form 20-F 2010




---



##### Table of Contents



Form 20-F
 
  million
    
    
     million
    
    
     million
    
    
     million
    
    
     million
    
    
     million
    
    
     millionUnilever
    
    
    Unilever
    
    
    
    
    
    
    UnileverCapital
    
    
    N.V.
    
    
    
    
    
    
    UnitedCorporation
    
    
    parent
    
    
    Unilever PLC
    
    
    States Inc.
    
    
    Non-subsidiary
    
    
    issuer/
    
    
    parent
    
    
    subsidiary
    
    
    guarantor
    
    
    
    
    
    
    UnileverBalance sheet at 31 December 2009
    
    issuer
    
    
    guarantor
    
    
    guarantor
    
    
    guarantor
    
    
    subsidiaries
    
    
    Eliminations
    
    
    GroupGoodwill and intangible assets
    
    
    
    
    
    
    44
    
    
    
    26
    
    
    
    
    
    
    
    16,977
    
    
    
    
    
    
    
    17,047Property, plant and equipment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,644
    
    
    
    
    
    
    
    6,644Pension asset for funded schemes in surplus
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    35
    
    
    
    724
    
    
    
    
    
    
    
    759Deferred tax assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    495
    
    
    
    243
    
    
    
    
    
    
    
    738Other non-current assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13
    
    
    
    1,004
    
    
    
    
    
    
    
    1,017Amounts due from Group companies after one year
    
    
    3,264
    
    
    
    3,242
    
    
    
    
    
    
    
    
    
    
    
    (6,506
    )
    
    
    
    
    
    
    Net assets of subsidiaries (equity accounted)
    
    
    
    
    
    
    30,824
    
    
    
    16,709
    
    
    
    11,017
    
    
    
    (33,116
    )
    
    
    (25,434
    )
    
    
    Total non-current assets
    
    
    3,264
    
    
    
    34,110
    
    
    
    16,735
    
    
    
    11,560
    
    
    
    (14,030
    )
    
    
    (25,434
    )
    
    
    26,205Inventories
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,578
    
    
    
    
    
    
    
    3,578Amounts due from Group companies within one year
    
    
    
    
    
    
    1,668
    
    
    
    421
    
    
    
    2,015
    
    
    
    (4,104
    )
    
    
    
    
    
    
    Trade and other current receivables
    
    
    
    
    
    
    44
    
    
    
    1
    
    
    
    10
    
    
    
    3,374
    
    
    
    
    
    
    
    3,429Current tax assets
    
    
    
    
    
    
    28
    
    
    
    
    
    
    
    26
    
    
    
    119
    
    
    
    
    
    
    
    173Other financial assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    972
    
    
    
    
    
    
    
    972Cash and cash equivalents
    
    
    
    
    
    
    14
    
    
    
    
    
    
    
    (3
    )
    
    
    2,631
    
    
    
    
    
    
    
    2,642Assets held for sale
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    17
    
    
    
    
    
    
    
    17Total current assets
    
    
    
    
    
    
    1,754
    
    
    
    422
    
    
    
    2,048
    
    
    
    6,587
    
    
    
    
    
    
    
    10,811Financial liabilities
    
    
    (1,229
    )
    
    
    (33
    )
    
    
    
    
    
    
    
    
    
    
    (1,017
    )
    
    
    
    
    
    
    (2,279
    )Amounts due to Group companies within one year
    
    
    (6
    )
    
    
    (16,939
    )
    
    
    (4,157
    )
    
    
    
    
    
    
    21,102
    
    
    
    
    
    
    
    Trade payables and other current liabilities
    
    
    (37
    )
    
    
    (176
    )
    
    
    (13
    )
    
    
    (24
    )
    
    
    (8,163
    )
    
    
    
    
    
    
    (8,413
    )Current tax liabilities
    
    
    (1
    )
    
    
    (15
    )
    
    
    (69
    )
    
    
    (4
    )
    
    
    (398
    )
    
    
    
    
    
    
    (487
    )Provisions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (420
    )
    
    
    
    
    
    
    (420
    )Total current liabilities
    
    
    (1,273
    )
    
    
    (17,163
    )
    
    
    (4,239
    )
    
    
    (28
    )
    
    
    11,104
    
    
    
    
    
    
    
    (11,599
    )Net current assets/(liabilities)
    
    
    (1,273
    )
    
    
    (15,409
    )
    
    
    (3,817
    )
    
    
    2,020
    
    
    
    17,691
    
    
    
    
    
    
    
    (788
    )Total assets less current liabilities
    
    
    1,991
    
    
    
    18,701
    
    
    
    12,918
    
    
    
    13,580
    
    
    
    3,661
    
    
    
    (25,434
    )
    
    
    25,417Financial liabilities due after one year
    
    
    1,728
    
    
    
    3,213
    
    
    
    838
    
    
    
    
    
    
    
    1,913
    
    
    
    
    
    
    
    7,692Amounts due to Group companies after one year
    
    
    
    
    
    
    3,299
    
    
    
    
    
    
    
    3,256
    
    
    
    (6,555
    )
    
    
    
    
    
    
    Pensions and post-retirement healthcare liabilitiesFunded schemes in deficit
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,519
    
    
    
    
    
    
    
    1,519Unfunded schemes
    
    
    
    
    
    
    90
    
    
    
    
    
    
    
    620
    
    
    
    1,112
    
    
    
    
    
    
    
    1,822Provisions
    
    
    
    
    
    
    15
    
    
    
    
    
    
    
    2
    
    
    
    712
    
    
    
    
    
    
    
    729Deferred tax liabilities
    
    
    
    
    
    
    16
    
    
    
    15
    
    
    
    
    
    
    
    733
    
    
    
    
    
    
    
    764Other non-current liabilities
    
    
    
    
    
    
    3
    
    
    
    
    
    
    
    84
    
    
    
    268
    
    
    
    
    
    
    
    355Total non-current liabilities
    
    
    1,728
    
    
    
    6,636
    
    
    
    853
    
    
    
    3,962
    
    
    
    (298
    )
    
    
    
    
    
    
    12,881Shareholders equity attributed to:NV
    
    
    
    
    
    
    
    
    
    
    13,128
    
    
    
    
    
    
    
    
    
    
    
    (13,128
    )
    
    
    PLC
    
    
    
    
    
    
    (1,063
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,063
    
    
    
    Called up share capital
    
    
    
    
    
    
    274
    
    
    
    210
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    484Share premium account
    
    
    
    
    
    
    25
    
    
    
    106
    
    
    
    97
    
    
    
    (97
    )
    
    
    
    
    
    
    131Other reserves
    
    
    (9
    )
    
    
    (3,629
    )
    
    
    (2,271
    )
    
    
    936
    
    
    
    (1,966
    )
    
    
    1,039
    
    
    
    (5,900
    )Retained profit
    
    
    272
    
    
    
    16,458
    
    
    
    892
    
    
    
    8,585
    
    
    
    5,551
    
    
    
    (14,408
    )
    
    
    17,350Total shareholders equity
    
    
    263
    
    
    
    12,065
    
    
    
    12,065
    
    
    
    9,618
    
    
    
    3,488
    
    
    
    (25,434
    )
    
    
    12,065Non-controlling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    471
    
    
    
    
    
    
    
    471Total equity
    
    
    263
    
    
    
    12,065
    
    
    
    12,065
    
    
    
    9,618
    
    
    
    3,959
    
    
    
    (25,434
    )
    
    
    12,536Total capital employed
    
    
    1,991
    
    
    
    18,701
    
    
    
    12,918
    
    
    
    13,580
    
    
    
    3,661
    
    
    
    (25,434
    )
    
    
    25,417
 Unilever Annual Report on Form 20-F 2010   29




---



##### Table of Contents



Form 20-F
 
  million
    
    
     million
    
    
     million
    
    
     million
    
    
     million
    
    
     million
    
    
     millionUnilever
    
    
    Unilever
    
    
    
    
    
    
    UnileverCapital
    
    
    N.V.
    
    
    
    
    
    
    UnitedCorporation
    
    
    parent
    
    
    Unilever PLC
    
    
    States Inc.
    
    
    Non-Cash flow statement
    
    subsidiary
    
    
    issuer/
    
    
    parent
    
    
    subsidiary
    
    
    guarantor
    
    
    
    
    
    
    Unileverfor the year ended 31 December 2010
    
    issuer
    
    
    guarantor
    
    
    guarantor
    
    
    guarantor
    
    
    subsidiaries
    
    
    Eliminations
    
    
    GroupCash flow from operating activities
    
    
    
    
    
    
    469
    
    
    
    (22
    )
    
    
    (81
    )
    
    
    6,452
    
    
    
    
    
    
    
    6,818Income tax
    
    
    
    
    
    
    (86
    )
    
    
    4
    
    
    
    (148
    )
    
    
    (1,098
    )
    
    
    
    
    
    
    (1,328
    )Net cash flow from operating activities
    
    
    
    
    
    
    383
    
    
    
    (18
    )
    
    
    (229
    )
    
    
    5,354
    
    
    
    
    
    
    
    5,490Interest received
    
    
    184
    
    
    
    76
    
    
    
    6
    
    
    
    
    
    
    
    (385
    )
    
    
    189
    
    
    
    70Net capital expenditure
    
    
    
    
    
    
    (10
    )
    
    
    
    
    
    
    
    
    
    
    (1,691
    )
    
    
    
    
    
    
    (1,701
    )Acquisitions and disposals
    
    
    
    
    
    
    
    
    
    
    (54
    )
    
    
    
    
    
    
    (307
    )
    
    
    
    
    
    
    (361
    )Other investing activities
    
    
    1,073
    
    
    
    (9
    )
    
    
    
    
    
    
    2,564
    
    
    
    (1,059
    )
    
    
    (1,741
    )
    
    
    828Net cash flow from/(used in) investing activities
    
    
    1,257
    
    
    
    57
    
    
    
    (48
    )
    
    
    2,564
    
    
    
    (3,442
    )
    
    
    (1,552
    )
    
    
    (1,164
    )Dividends paid on ordinary share capital
    
    
    
    
    
    
    (193
    )
    
    
    138
    
    
    
    (2,276
    )
    
    
    8
    
    
    
    
    
    
    
    (2,323
    )Interest and preference dividends paid
    
    
    (198
    )
    
    
    (36
    )
    
    
    (68
    )
    
    
    (10
    )
    
    
    7
    
    
    
    (189
    )
    
    
    (494
    )Change in borrowings and finance leases
    
    
    (1,062
    )
    
    
    (96
    )
    
    
    (51
    )
    
    
    (52
    )
    
    
    (1,853
    )
    
    
    1,741
    
    
    
    (1,373
    )Share buy-back programme
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Other movement in treasury stocks
    
    
    
    
    
    
    (177
    )
    
    
    47
    
    
    
    
    
    
    
    6
    
    
    
    
    
    
    
    (124
    )Other finance activities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (295
    )
    
    
    
    
    
    
    (295
    )Net cash flow from/(used in) financing activities
    
    
    (1,260
    )
    
    
    (502
    )
    
    
    66
    
    
    
    (2,338
    )
    
    
    (2,127
    )
    
    
    1,552
    
    
    
    (4,609
    )Net increase/(decrease) in cash andcash equivalents
    
    
    (3
    )
    
    
    (62
    )
    
    
    
    
    
    
    (3
    )
    
    
    (215
    )
    
    
    
    
    
    
    (283
    )Cash and cash equivalents at the beginningof the year
    
    
    
    
    
    
    14
    
    
    
    
    
    
    
    
    
    
    
    2,383
    
    
    
    
    
    
    
    2,397Effect of foreign exchange rate changes
    
    
    3
    
    
    
    48
    
    
    
    
    
    
    
    
    
    
    
    (199
    )
    
    
    
    
    
    
    (148
    )Cash and cash equivalents at the end of the year
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3
    )
    
    
    1,969
    
    
    
    
    
    
    
    1,966Cash flow statementfor the year ended 31 December 2009Cash flow from operating activities
    
    
    13
    
    
    
    153
    
    
    
    (55
    )
    
    
    71
    
    
    
    6,551
    
    
    
    
    
    
    
    6,733Income tax
    
    
    
    
    
    
    (86
    )
    
    
    (42
    )
    
    
    (52
    )
    
    
    (779
    )
    
    
    
    
    
    
    (959
    )Net cash flow from operating activities
    
    
    13
    
    
    
    67
    
    
    
    (97
    )
    
    
    19
    
    
    
    5,772
    
    
    
    
    
    
    
    5,774Interest received
    
    
    186
    
    
    
    48
    
    
    
    13
    
    
    
    (10
    )
    
    
    27
    
    
    
    (191
    )
    
    
    73Net capital expenditure
    
    
    
    
    
    
    (6
    )
    
    
    
    
    
    
    
    
    
    
    (1,252
    )
    
    
    
    
    
    
    (1,258
    )Acquisitions and disposals
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (139
    )
    
    
    
    
    
    
    (139
    )Other investing activities
    
    
    
    
    
    
    403
    
    
    
    
    
    
    
    
    
    
    
    (292
    )
    
    
    (50
    )
    
    
    61Net cash flow from/(used in) investing activities
    
    
    186
    
    
    
    445
    
    
    
    13
    
    
    
    (10
    )
    
    
    (1,656
    )
    
    
    (241
    )
    
    
    (1,263
    )Dividends paid on ordinary share capital
    
    
    
    
    
    
    118
    
    
    
    189
    
    
    
    
    
    
    
    (2,413
    )
    
    
    
    
    
    
    (2,106
    )Interest and preference dividends paid
    
    
    (167
    )
    
    
    (142
    )
    
    
    (59
    )
    
    
    
    
    
    
    (340
    )
    
    
    191
    
    
    
    (517
    )Change in borrowings and finance leases
    
    
    (31
    )
    
    
    (612
    )
    
    
    (82
    )
    
    
    3
    
    
    
    (895
    )
    
    
    50
    
    
    
    (1,567
    )Share buy-back programme
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Other movement in treasury stocks
    
    
    
    
    
    
    131
    
    
    
    36
    
    
    
    (11
    )
    
    
    (53
    )
    
    
    
    
    
    
    103Other finance activities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (214
    )
    
    
    
    
    
    
    (214
    )Net cash flow from/(used in) financing activities
    
    
    (198
    )
    
    
    (505
    )
    
    
    84
    
    
    
    (8
    )
    
    
    (3,915
    )
    
    
    241
    
    
    
    (4,301
    )Net increase/(decrease) in cash and
cash equivalents
    
    
    1
    
    
    
    7
    
    
    
    
    
    
    
    1
    
    
    
    201
    
    
    
    
    
    
    
    210Cash and cash equivalents at the beginning 
of the year
    
    
    (3
    )
    
    
    7
    
    
    
    
    
    
    
    (4
    )
    
    
    2,360
    
    
    
    
    
    
    
    2,360Effect of foreign exchange rate changes
    
    
    2
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (175
    )
    
    
    
    
    
    
    (173
    )Cash and cash equivalents at the end of the year
    
    
    
    
    
    
    14
    
    
    
    
    
    
    
    (3
    )
    
    
    2,386
    
    
    
    
    
    
    
    2,397
 30   Unilever Annual Report on Form 20-F 2010




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##### Table of Contents



Form 20-F
 
  million
    
    
     million
    
    
     million
    
    
     million
    
    
     million
    
    
     million
    
    
     millionUnilever
    
    
    Unilever
    
    
    
    
    
    
    UnileverCapital
    
    
    N.V.
    
    
    
    
    
    
    UnitedCorporation
    
    
    parent
    
    
    Unilever PLC
    
    
    States Inc.
    
    
    Non-Cash flow statement
    
    subsidiary
    
    
    issuer/
    
    
    parent
    
    
    subsidiary
    
    
    guarantor
    
    
    
    
    
    
    Unileverfor the year ended 31 December 2008
    
    issuer
    
    
    guarantor
    
    
    guarantor
    
    
    guarantor
    
    
    subsidiaries
    
    
    Eliminations
    
    
    GroupCash flow from operating activities
    
    
    
    
    
    
    73
    
    
    
    (527
    )
    
    
    568
    
    
    
    5,212
    
    
    
    
    
    
    
    5,326Income tax
    
    
    
    
    
    
    (10
    )
    
    
    (162
    )
    
    
    (533
    )
    
    
    (750
    )
    
    
    
    
    
    
    (1,455
    )Net cash flow from operating activities
    
    
    
    
    
    
    63
    
    
    
    (689
    )
    
    
    35
    
    
    
    4,462
    
    
    
    
    
    
    
    3,871Interest received
    
    
    196
    
    
    
    3
    
    
    
    31
    
    
    
    
    
    
    
    151
    
    
    
    (276
    )
    
    
    105Net capital expenditure
    
    
    
    
    
    
    (2
    )
    
    
    
    
    
    
    2
    
    
    
    (1,099
    )
    
    
    
    
    
    
    (1,099
    )Acquisitions and disposals
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,265
    
    
    
    
    
    
    
    2,265Other investing activities
    
    
    
    
    
    
    (675
    )
    
    
    (2,665
    )
    
    
    
    
    
    
    843
    
    
    
    2,641
    
    
    
    144Net cash flow from/(used in) investing activities
    
    
    196
    
    
    
    (674
    )
    
    
    (2,634
    )
    
    
    2
    
    
    
    2,160
    
    
    
    2,365
    
    
    
    1,415Dividends paid on ordinary share capital
    
    
    
    
    
    
    297
    
    
    
    271
    
    
    
    
    
    
    
    (2,654
    )
    
    
    
    
    
    
    (2,086
    )Interest and preference dividends paid
    
    
    (166
    )
    
    
    (111
    )
    
    
    
    
    
    
    (4
    )
    
    
    (482
    )
    
    
    276
    
    
    
    (487
    )Change in borrowings and finance leases
    
    
    (34
    )
    
    
    1,490
    
    
    
    3,315
    
    
    
    
    
    
    
    (1,080
    )
    
    
    (2,641
    )
    
    
    1,050Share buy-back programme
    
    
    
    
    
    
    (1,225
    )
    
    
    (278
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,503
    )Other movement in treasury stocks
    
    
    
    
    
    
    165
    
    
    
    15
    
    
    
    (40
    )
    
    
    (37
    )
    
    
    
    
    
    
    103Other finance activities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (207
    )
    
    
    
    
    
    
    (207
    )Net cash flow from/(used in) financing activities
    
    
    (200
    )
    
    
    616
    
    
    
    3,323
    
    
    
    (44
    )
    
    
    (4,460
    )
    
    
    (2,365
    )
    
    
    (3,130
    )Net increase/(decrease) in cash and
cash equivalents
    
    
    (4
    )
    
    
    5
    
    
    
    
    
    
    
    (7
    )
    
    
    2,162
    
    
    
    
    
    
    
    2,156Cash and cash equivalents at the beginning 
of the year
    
    
    1
    
    
    
    2
    
    
    
    
    
    
    
    (2
    )
    
    
    900
    
    
    
    
    
    
    
    901Effect of foreign exchange rate changes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5
    
    
    
    (702
    )
    
    
    
    
    
    
    (697
    )Cash and cash equivalents at the end of the year
    
    
    (3
    )
    
    
    7
    
    
    
    
    
    
    
    (4
    )
    
    
    2,360
    
    
    
    
    
    
    
    2,360
 
 Item 19  Exhibits
  Unilever Annual Report on Form 20-F 2010   31




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##### Table of Contents



2




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##### Table of Contents



Unilever N.V.
 
 Unilever PLC
 Unilever PLC registered office




---



##### Table of Contents



SIGNATURES
  Unilever N.V.
 /s/ T. E. LovellT. E. LOVELL,Group Secretary




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##### Table of Contents



2010 20-F Exhibits
    
    UNILEVER NV  20-F EXHIBIT LIST
 Exhibit Number
    
    Description of Exhibit1.1
    
    Articles of Association of Unilever NV2.1
    
    Indenture dated as of August 1, 2000, among Unilever Capital Corporation, Unilever N.V., Unilever PLC, Unilever United States, Inc. and The Bank of
New York, as Trustee, relating to Guaranteed Debt Securities 12.2
    
    Trust Deed dated as of July 22, 1994, among Unilever N.V., Unilever PLC, Unilever Capital Corporation, Unilever United States, Inc. and The Law
Debenture Trust Corporation p.l.c., relating to Guaranteed Debt Securities 24.1
    
    Equalisation Agreement between Unilever N.V. and Unilever PLC 34.2
    
    Service Contracts of the Executive Directors of Unilever NV4.3
    
    Letters regarding compensation of Executive Directors of Unilever NV4.4
    
    Unilever North America 2002 Omnibus Equity Compensation Plan 44.5
    
    The Unilever NV International 1997 Executive Share Option Scheme 54.6
    
    The Unilever Long Term Incentive Plan 64.7
    
    Global Share Incentive Plan 2007 74.8
    
    The Management Co-Investment Plan8.1
    
    List of Subsidiaries 812.1
    
    Certifications of the Chief Executive Officer and Financial Director/Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 200213.1
    
    Certifications of the Chief Executive Officer and Financial Director/Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 200215.1
    
    Annual Report and Accounts sections incorporated by reference15.2
    
    Consent of PricewaterhouseCoopers Accountants N.V. and PricewaterhouseCoopers LLP
  
 1
    
    Incorporated by reference to Exhibit 2.2 of Form 20-F filed with the SEC on March 28, 2002.2
    
    Incorporated by reference to Exhibit 99.1 of Form S-8 filed with the SEC on February 27, 2003.3
    
    Incorporated by reference to Exhibit 4.1 of Form 20-F filed with the SEC on March 5, 2010.4
    
    Incorporated by reference to Exhibit 99.1 of Form S-8 filed with the SEC on February 27, 2003.5
    
    Incorporated by reference to Exhibit 4.5 of Form 20-F filed with the SEC on March 28, 2002.6
    
    Incorporated by reference to Exhibit 4.6 of Form 20-F filed with the SEC on March 28, 2002.7
    
    Incorporated by reference to Exhibit 4.7 of Form 20-F filed with the SEC on March 26, 2008.8
    
    The required information is set forth on pages 126 to 127 of the 2010 Annual Report and Accounts.