##### 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
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2009
 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
 
 S. G. Williams, Group Secretary
Tel: +44(0)2078226991, 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 the
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
  þ o
  o þ
  þ o
  o o
  þ o o
  U.S. GAAP o
    
    International Financial Reporting Standards
as issued by the International Accounting
Standards Board þ
    
    Other o
 o o
  o þ




---



##### Table of Contents



Cautionary statement




---



##### 



Contents
 Item 1  Identity of Directors, Senior Management and Advisers
    
    
    2Item 2  Offer Statistics and Expected Timetable
    
    
    2Item 3  Key Information
    
    
    2Item 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
    
    
    9Item 7  Major Shareholders and Related Party Transactions
    
    
    10Item 8  Financial Information
    
    
    10Item 9  The Offer and Listing
    
    
    11Item 10  Additional Information
    
    
    12Item 11  Quantitative and Qualitative Disclosures About Market Risk
    
    
    14Item 12  Description of Securities Other than Equity Securities
    
    
    14Item 13  Defaults, Dividend Arrearages and Delinquencies
    
    
    15Item 14  Material Modifications to the Rights of Security Holders and Use of Proceeds
    
    
    15Item 15  Controls and Procedures
    
    
    15Item 16  Reserved
    
    
    16Item 17  Financial Statements
    
    
    16Item 18  Financial Statements
    
    
    17Item 19  Exhibits
    
    
    25EX-1.1EX-4.1EX-4.2EX-4.3EX-12.1EX-13.1Ex-15.1Ex-15.2
  Unilever Annual Report on Form 20-F 2009




---



##### Table of Contents



Item 1  Identity of Directors, Senior Management and Advisers
  
 Item 2  Offer Statistics and Expected Timetable
  
 Item 3  Key Information
 A. Selected financial data
  Dividends
  2 Unilever Annual Report on Form 20-F 2009




---



##### Table of Contents



Exchange rates
  Year end
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    20051 = US $
    
    
    1.433
    
    
    
    1.417
    
    
    
    1.471
    
    
    
    1.317
    
    
    
    1.1841 = £
    
    
    0.888
    
    
    
    0.977
    
    
    
    0.734
    
    
    
    0.671
    
    
    
    0.686Average1 = US $
    
    
    1.388
    
    
    
    1.468
    
    
    
    1.364
    
    
    
    1.254
    
    
    
    1.2441 = £
    
    
    0.891
    
    
    
    0.788
    
    
    
    0.682
    
    
    
    0.682
    
    
    
    0.684
  
  Year end
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    20051 = US $
    
    
    1.433
    
    
    
    1.392
    
    
    
    1.460
    
    
    
    1.320
    
    
    
    1.184Average1 = US $
    
    
    1.394
    
    
    
    1.473
    
    
    
    1.371
    
    
    
    1.256
    
    
    
    1.245High1 = US $
    
    
    1.510
    
    
    
    1.601
    
    
    
    1.486
    
    
    
    1.333
    
    
    
    1.348Low1 = US $
    
    
    1.255
    
    
    
    1.245
    
    
    
    1.290
    
    
    
    1.186
    
    
    
    1.167
 September
    
    
    October
    
    
    November
    
    
    December
    
    
    January
    
    
    February2009
    
    
    2009
    
    
    2009
    
    
    2009
    
    
    2010
    
    
    2010High1 = US $
    
    
    1.479
    
    
    
    1.503
    
    
    
    1.509
    
    
    
    1.510
    
    
    
    1.454
    
    
    
    1.3955Low1 = US $
    
    
    1.424
    
    
    
    1.453
    
    
    
    1.466
    
    
    
    1.424
    
    
    
    1.387
    
    
    
    1.3476
 Share capital
  B. Capitalisation and indebtedness
  C. Reasons for the offer and use of proceeds
  Unilever Annual Report on Form 20-F 2009 3




---



##### Table of Contents



D. Risk factors
  Risk factors
  Principal risks
    
    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. For example, in 2008
the economic downturn adversely
impacted our business by reducing
the demand for some of our products.
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
happened in 2008 and 2009. 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.Markets
    
    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.
49% of Unilevers turnover in 2009
came from D&E 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.Unilever operates globally in
competitive markets where the
activities of competitors may
adversely impact our market shares
and therefore place our cashflow,
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.
 
 Principal risks
    
    Description of riskBrandUnilever 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 vision 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 R&D 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 2009




---



##### Table of Contents



CustomerIncreasing competitive pressure from
and consolidation of customers could
adversely impact our cashflow,
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 cashflows
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. Principal risks
    
    Description of riskConsumer and environmental safetyOur industry is subject to focus on social
and environmental issues, including
sustainable development, product safety
and renewable sources. 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 development and
utilisation of renewable
resources. The Unilever brand
logo, now displayed on all our
products and advertising,
increases our external
exposure. 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.We aim to grow our business
while reducing our
environmental impact. The
environmental measures that we
regard as most significant are
those relating to the amounts
of 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.
 Unilever Annual Report on Form 20-F 2009 5




---



##### Table of Contents



OperationsOur 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. For example,
in 2008 we saw unprecedented
increases in many of our
commodity costs, including
edible oils and crude oil. 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.
 Principal risks
    
    Description of riskRestructuring and change
management


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.
    
    In recent years Unilever has
launched global and regional
restructuring programmes to help
simplify our organisational
structure, leverage common
platforms, realise benefits from our
regional and global scale and
outsource business processes.
Implementation of such programmes
requires significant effort and
attention from management and
employees to complete to the agreed
timescale and realise the
anticipated benefits. 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 (Four)
    
    Unilever is exposed to varying
degrees of risk and uncertainty
related to other factors including
physical risks, legislative,
environmental, fiscal, tax and
regulatory developments, legal
matters, insurance and resolution of
such pending matters within current
estimates, our ability to integrate
acquisitions and complete planned
divestitures, terrorism and
economic, political and social
conditions in the environments where
we operate and new or changed
priorities of the Boards. 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 2009




---



##### Table of Contents



Item 4  Information on the Company
 A.
History and development of the Company
  
    
    The Unilever Group on page 2;
    
    Our business on pages 25 to 29;
    
    Financial Review 2009 on pages 37 to 46;
    
    Financial Review 2008 on pages 47 to 49;
    
    The Unilever Group on page 50;
    
    Note 26 Acquisitions and disposals on pages 123 and 124; and
    
    Shareholder information on pages 144 to 147.
 B. Business overview
  
    
    Our business on page 25;
    
    Our brands on pages 27 and 28;
    
    Operating environment (paragraphs 4, 5 and 6 only) on page 27;
    
    Intellectual property and Laws and regulation on page 29; and
    
    Note 2 Segment information on pages 87 to 88.
 C. Organisational structure
  
    
    The Unilever Group on page 2;
    
    Organisation on page 26 and 27; and
    
    Principal group companies and non-current investments on page 131 and 132.
 D. Property, plant and equipment
   
    
    Note 10 Property, plant and equipment on pages 95 and 96; and
    
    Principal group companies and non-current investments on pages 131 and 132.
 Item 4A  Unresolved Staff Comments
  
 Item 5  Operating and Financial Review and Prospects
 A. Operating results
  
    
    Key indicators 2009  Performance and
portfolio (first table and first  second and third paragraphs)
on page 25;
    
    Outlook on page 30;
    
    Financial Review 2009 and Financial Review 2008 on pages 37 to 49; and
    
    Currency risks on page 104.
 Unilever
Annual Report on Form
20-F 2009 7




---



##### Table of Contents



B. Liquidity and capital resources
 (i) Information regarding the Groups liquidity
  
    
    Finance and liquidity and Treasury on pages 39 and 40;
    
    Liquidity management on page 104;
    
    Liquidity risk on pages 105 and 106;
    
    Capital management on pages 109 and 110;
    
    Going concern on page 76;
    
    Cash flow on page 41;
    
    Consolidated cash flow statement on page 82;
    
    Note 28 Reconciliation of net profit to cash flow from operating activities on page 126; and
    
    Note 14 Financial assets and liabilities on pages 99 to 103.
 (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 99 to 103; and
    
    Note 15 Financial instruments and treasury risk management on pages 104 to 110.
 (iii) Information regarding the Groups material commitments for capital expenditure
  
    
    Note 25 Commitments and contingent liabilities on pages 121 to 122; and
    
    Note 10 Property, plant and equipment on pages 95 and 96.
 C. Research and development, patent and licences, etc
  D. Trend information
   
    
    Outlook on page 30;
    
    Financial Review 2009 on pages 37 to 46; and
    
    Financial Review 2008 on pages 47 to 49.
 E.
Off-balance sheet arrangements
  
    
    Off-balance sheet arrangements on page 41;
    
    Note 15 Financial instruments and treasury risk
management on pages 104 to 110; and
 
    
    Note 25 Commitments and Contingent liabilities (last
two paragraphs only) on page 121.
 F. Tabular disclosure of contractual obligations
  G. Safe harbour
   8 Unilever Annual Report on Form 20-F 2009




---



##### Table of Contents



Item 6  Directors, Senior Management and Employees
 A. Directors and senior management
 (i) Name, experience and functions
  
    
    Unilever Executive on page 24, Board of
Directors on pages 22 and 23; and Chairman and Chief Executive Officer, Executive Directors, Non-Executive Directors and
Committees on pages 52 to 54.
 (ii) Activities outside the issuing company
  (iii) Age
  (iv) Family relationship
  (v) Other arrangements
  
    
    Executive Directors (paragraph 5) on page 52; and
    
    Non-Executive Directors  Independence (paragraph 6) on page 53.
 B. Compensation
  
    
    Executive Directors on page 67;
    
    The supporting policies on page 68;
    
    Our remuneration practices on pages 69 and 70;
    
    Directors Remuneration Report on page 70;
    
    Executive Directors remuneration in 2009 on pages 71 to 72;
    
    Non-Executive Directors on page 73;
    
    Note 29 Share-based compensation plans on pages 126 to 127;
    
    Note 4 Staff and management costs  Key management compensation on page 90; and
    
    Note 19 Pension and similar obligations on pages 113 to 117.
 C. Board practices
  
    
    Board of Directors on pages 22 to 23;
    
    Appointment of Directors on page 50;
    
    Executive Directors (paragraphs 2 and 3) on page 52;
    
    Non-Executive Directors on pages 52 and 53;
    
    Committees on pages 53 and 54;
    
    Report of the Audit Committee on page 63; and
    
    Directors Remuneration Report on pages 67
to 70.
 D. Employees
  
    
    Note 4 Staff and management costs  Average number of employees during the year on page 90; and
    
    Our employees on page 28.
  E. Share ownership
  
    
    Directors Remuneration Report on page 70;
    
    Executive Directors remuneration in 2009 on pages 71 to 72;
    
    Non-Executive Directors on page 73; and
    
    Note 29 Share-based compensation plans on pages 126 and 127.
 Unilever
Annual Report on Form
20-F 2009 9




---



##### Table of Contents



Item 7  Major Shareholders and Related Party Transactions
 A. Major shareholders
  
    
    Foundation Unilever NV Trust office and
Margarine Union (1930) Limited on pages 58 and 59; and
    
    Analysis of shareholding on pages 144 and 145.
        B. Related party transactions
   C. Interest of experts and counsel
  
 Item 8  Financial Information
 A.
Consolidated statements and other financial information
 
 
    
    Financial statements on page 76 and pages 79 to 128 (excluding Note 31 on page 128);
    
    Legal proceedings on pages 29 and 122; and
    
    Dividend record on page 130 and Financial
calendar on page 146.
 B. Significant changes
  10 Unilever Annual Report on Form 20-F 2009




---



##### Table of Contents



Item 9  The Offer and Listing
 A. Offer and listing details
  Share prices at 31 December 2009
  NV per 0.16 ordinary share in Amsterdam
    
    
    22.75NV per 0.16 ordinary share in New York
    
    
    $32.33PLC per 31/9 ordinary share in London
    
    
    £19.94PLC per 31/9 ordinary share in

New York
    
    
    $31.90
 Monthly high and low prices for the most recent six months:
 September 2009
    
    
    October 2009
    
    
    November 2009
    
    
    December 2009
    
    
    January 2010
    
    
    February 2010NV per 0.16 ordinary share in Amsterdam (in )
    
    High
    
    
    19.69
    
    
    
    21.39
    
    
    
    21.61
    
    
    
    22.88
    
    
    
    22.94
    
    
    
    22.79Low
    
    
    18.80
    
    
    
    19.33
    
    
    
    20.37
    
    
    
    21.09
    
    
    
    21.81
    
    
    
    20.97NV per 0.16 ordinary share in New York (in US $)
    
    High
    
    
    28.86
    
    
    
    31.20
    
    
    
    32.11
    
    
    
    32.80
    
    
    
    32.93
    
    
    
    31.41Low
    
    
    27.00
    
    
    
    28.36
    
    
    
    30.47
    
    
    
    31.03
    
    
    
    30.58
    
    
    
    28.98PLC per 31/9 ordinary share in London (in £)
    
    High
    
    
    17.78
    
    
    
    18.72
    
    
    
    18.44
    
    
    
    20.15
    
    
    
    19.95
    
    
    
    19.47Low
    
    
    16.21
    
    
    
    17.60
    
    
    
    17.75
    
    
    
    18.21
    
    
    
    18.91
    
    
    
    18.18PLC per 31/9 ordinary share in New York (in US $)
    
    High
    
    
    28.68
    
    
    
    30.68
    
    
    
    31.01
    
    
    
    32.19
    
    
    
    32.31
    
    
    
    31.21Low
    
    
    26.71
    
    
    
    28.29
    
    
    
    29.53
    
    
    
    29.78
    
    
    
    30.52
    
    
    
    28.84Quarterly high and low prices for 2009 and 20082009
    
    
    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 31/9 ordinary share in London (in £)
    
    
    
    
    
    
    
    
    
    High
    

    
    
    16.69
    
    
    
    15.33
    
    
    
    17.78
    
    
    
    20.15Low
    

    
    
    12.30
    
    
    
    12.68
    
    
    
    14.27
    
    
    
    17.60PLC per 31/9 ordinary share in New York (in US $)
    
    
    
    
    
    
    
    
    
    High
    

    
    
    24.06
    
    
    
    24.88
    
    
    
    28.68
    
    
    
    32.19Low
    

    
    
    17.04
    
    
    
    18.36
    
    
    
    23.26
    
    
    
    28.292008
    
    
    1st
    
    
    2nd
    
    
    3rd
    
    
    4thNV per 0.16 ordinary share in Amsterdam (in )
    
    
    
    
    
    
    
    
    
    High
    

    
    
    25.61
    
    
    
    22.30
    
    
    
    20.85
    
    
    
    20.55Low
    

    
    
    19.86
    
    
    
    17.60
    
    
    
    17.10
    
    
    
    16.20NV per 0.16 ordinary share in New York (in US $)
    
    
    
    
    
    
    
    
    
    High
    

    
    
    37.18
    
    
    
    34.53
    
    
    
    30.37
    
    
    
    28.77Low
    

    
    
    29.94
    
    
    
    27.90
    
    
    
    26.81
    
    
    
    21.27PLC per 31/9 ordinary share in London (in £)
    
    
    
    
    
    
    
    
    
    High
    

    
    
    19.47
    
    
    
    17.86
    
    
    
    16.30
    
    
    
    16.01Low
    

    
    
    15.16
    
    
    
    13.85
    
    
    
    13.35
    
    
    
    12.49PLC per 31/9 ordinary share in New York (in US $)
    
    
    
    
    
    
    
    
    
    High
    

    
    
    38.02
    
    
    
    34.89
    
    
    
    30.21
    
    
    
    28.35Low
    

    
    
    29.90
    
    
    
    27.71
    
    
    
    26.15
    
    
    
    20.22
 Annual high and low prices
 2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005NV per 0.16 ordinary share in Amsterdam (in )
    
    High
    
    
    22.88
    
    
    
    25.61
    
    
    
    25.72
    
    
    
    20.84
    
    
    
    20.27Low
    
    
    13.59
    
    
    
    16.20
    
    
    
    18.89
    
    
    
    16.53
    
    
    
    16.13NV per 0.16 ordinary share in New York (in US $)
    
    High
    
    
    32.80
    
    
    
    37.18
    
    
    
    37.31
    
    
    
    27.32
    
    
    
    24.02Low
    
    
    17.04
    
    
    
    21.27
    
    
    
    24.94
    
    
    
    20.72
    
    
    
    20.89PLC per 31/9 ordinary share in London (in £)
    
    High
    
    
    20.15
    
    
    
    19.47
    
    
    
    19.24
    
    
    
    14.28
    
    
    
    13.39Low
    
    
    12.30
    
    
    
    12.49
    
    
    
    13.20
    
    
    
    11.25
    
    
    
    10.83PLC per 31/9 ordinary share in New York (in US $)
    
    High
    
    
    32.19
    
    
    
    38.02
    
    
    
    38.25
    
    
    
    27.95
    
    
    
    23.67Low
    
    
    17.04
    
    
    
    20.22
    
    
    
    25.57
    
    
    
    20.66
    
    
    
    20.34
 Unilever Annual Report on Form 20-F 2009 11




---



##### Table of Contents



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  50 to 62; and
    
    Note 22 Share capital on page 119.
 C. Material contracts
  
    
    Financial Review 2009  Acquisition and disposals on page 42;
    
    Financial Review 2008  Acquisition and disposals on page 49; and
    
    Foundation agreements on pages 56 and 57.
 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,
    12 Unilever Annual Report on Form 20-F 2009




---



##### Table of Contents



United States taxation on dividends
     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
   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;
   Unilever
Annual Report on Form
20-F 2009 13




---



##### Table of Contents



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 2009    Documents on display in the United States
 I. Subsidiary information
  
 Item 11  Quantitative and Qualitative Disclosures About Market Risk
   
    
    Outlook on page 30;
    
    Note 13 Trade and other receivables on page 98;
    
    Note 14 Financial assets and liabilities on pages 99 to 103;
    
    Note 15 Financial instruments and treasury risk management on pages 104 to 110; and
    
    Note 16 Trade payables and other liabilities on page 110.
 
 Item 12  Description of Securities Other than Equity Securities
 D.3 Transfer Agent Fees and Charges
    
    
    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).
    
    Fees and expenses incurred in connection with the delivery or servicing of shares on deposit.
 14 Unilever Annual Report on Form 20-F 2009




---



##### Table of Contents



D.4 Transfer Agent Payments  Fiscal Year 2009
  Reimbursement of listing fees (NYSE/NASDAQ):
    
    
    $ 281,140.00Reimbursement of settlement infrastructure fees (including DTC feeds):
    
    
    $ 28,336.50Reimbursement of proxy process expenses (printing, postage and distribution):
    
    
    $ 248,742.96Reimbursement of legal fees:
    
    
    $ 1,764.00Tax reclaim services:
    
    
    $ 100,000.00Program-Related Expenses (that include expenses incurred from the requirements of the Sarbanes-Oxley Act of 2002):
    
    
    $ 690,016.54
 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
  
 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 2009, 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 2009, have also
audited the effectiveness of internal control over financial reporting as at 31 December 2009
and have issued an attestation report on internal control over financial reporting. For the
Auditors Report please refer to Item 18.
 Unilever Annual Report on Form 20-F 2009 15




---



##### Table of Contents



Item 16  Reserved
 A. Audit Committee financial expert
  B. Code of Ethics
  
    
    Foundation and principles on page 35; and
    
    Requirements  the United States on page 62.
 C. Principal accountant fees and services
   million
    
    
     million
    
    
     million2009
    
    
    2008
    
    
    2007Audit fees(a)
    
    
    (18
    )
    
    
    (21
    )
    
    
    (20
    )Audit-related fees(b)
    
    
    
    
    
    
    (1
    )
    
    
    (2
    )Tax fees
    
    
    (2
    )
    
    
    (2
    )
    
    
    (2
    )All other fees
    
    
    (1
    )
    
    
    (2
    )
    
    
    (1
    )
 (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 comprises audit and similar work that regulations or
agreements with third parties requires 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
2009
  millionOf which numbers of
    
    
    Maximum value thatshares purchased
    
    
    max 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
    
    
    57,435
    
    
    

13.31
    
    
    
    
    
    
    
    April
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    May
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    June
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    July
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    August
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    September
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    October
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    November
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    December
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    
    57,435
    
    
    

13.31
    
    
    
    
    
    
    
    
 (a)
    
    Shares were also purchased to satisfy commitments to deliver
shares under our share-based plans as described in note 29 on pages
133 and 134.
 F. Change in Registrants Certifying Accountant
  G. Corporate governance
  
 Item 17  Financial Statements
  16 Unilever Annual Report on Form 20-F 2009




---



##### Table of Contents



Item 18  Financial Statements
  Report of Independent Registered Public Accounting Firm
 
   Rotterdam, The Netherlands, 2 March 2010
    
    PricewaterhouseCoopers LLPPricewaterhouseCoopers Accountants N.V.
    
    London, United KingdomAs auditors of Unilever N.V.
    
    As auditors of Unilever PLCR A J Swaak RA
    
    2 March 2010
 Unilever Annual Report on Form 20-F 2009 17




---



##### Table of Contents



Summarised presentation of the NV and PLC parts of the Group (audited)
   million
    
    
     million
    
    
     million
    
    
     million
    
    
     million
    
    
     millionNV
    
    
    NV
    
    
    NV
    
    
    PLC
    
    
    PLC
    
    
    PLCIncome statement for the year ended 31 December
    
    2009
    
    
    2008
    
    
    2007
    
    
    2009
    
    
    2008
    
    
    2007Continuing operations:Turnover
    
    
    21,917
    
    
    
    22,108
    
    
    
    24,100
    
    
    
    17,906
    
    
    
    18,415
    
    
    
    16,087Operating profit
    
    
    2,700
    
    
    
    4,033
    
    
    
    2,891
    
    
    
    2,320
    
    
    
    3,134
    
    
    
    2,354Net finance costs
    
    
    (259
    )
    
    
    (170
    )
    
    
    (249
    )
    
    
    (334
    )
    
    
    (87
    )
    
    
    (3
    )Share in net profit of joint ventures
    
    
    61
    
    
    
    49
    
    
    
    67
    
    
    
    50
    
    
    
    76
    
    
    
    35Share in net profit of associates
    
    
    (5
    )
    
    
    (3
    )
    
    
    (2
    )
    
    
    9
    
    
    
    9
    
    
    
    52Other income from non-current investments
    
    
    350
    
    
    
    12
    
    
    
    27
    
    
    
    24
    
    
    
    76
    
    
    
    12Profit before taxation
    
    
    2,847
    
    
    
    3,921
    
    
    
    2,734
    
    
    
    2,069
    
    
    
    3,208
    
    
    
    2,450Taxation
    
    
    (715
    )
    
    
    (971
    )
    
    
    (601
    )
    
    
    (542
    )
    
    
    (873
    )
    
    
    (527
    )Net profit from continuing activities
    
    
    2,132
    
    
    
    2,950
    
    
    
    2,133
    
    
    
    1,527
    
    
    
    2,335
    
    
    
    1,923Net profit from discontiuned operations
    
    
    
    
    
    
    
    
    
    
    71
    
    
    
    
    
    
    
    
    
    
    
    9Net profit
    
    
    2,132
    
    
    
    2,950
    
    
    
    2,204
    
    
    
    1,527
    
    
    
    2,335
    
    
    
    1,932Attributable to:Minority interest
    
    
    60
    
    
    
    16
    
    
    
    41
    
    
    
    229
    
    
    
    242
    
    
    
    207Shareholders equity
    
    
    2,072
    
    
    
    2,934
    
    
    
    2,163
    
    
    
    1,298
    
    
    
    2,093
    
    
    
    1,725
 18 Unilever Annual Report on Form 20-F 2009




---



##### Table of Contents



 million
    
    
     million
    
    
     million
    
    
     millionNV
    
    
    NV
    
    
    PLC
    
    
    PLCBalance sheet as at 31 December
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008Goodwill and intangible assets
    
    
    10,984
    
    
    
    10,298
    
    
    
    6,063
    
    
    
    5,793Property, plant and equipment
    
    
    3,365
    
    
    
    3,020
    
    
    
    3,279
    
    
    
    2,937Pension asset for funded schemes in surplus
    
    
    700
    
    
    
    396
    
    
    
    59
    
    
    
    29Deferred tax assets
    
    
    435
    
    
    
    598
    
    
    
    303
    
    
    
    470Other non-current assets
    
    
    572
    
    
    
    931
    
    
    
    445
    
    
    
    495Total non-current assets
    
    
    16,056
    
    
    
    15,243
    
    
    
    10,149
    
    
    
    9,724Inventories
    
    
    2,133
    
    
    
    2,228
    
    
    
    1,445
    
    
    
    1,661Trade and other current receivables
    
    
    1,931
    
    
    
    2,189
    
    
    
    1,498
    
    
    
    1,634Cash and cash equivalents
    
    
    2,004
    
    
    
    2,066
    
    
    
    638
    
    
    
    495Other financial assets
    
    
    844
    
    
    
    746
    
    
    
    301
    
    
    
    120Assets held for sale
    
    
    10
    
    
    
    21
    
    
    
    7
    
    
    
    15Total current assets
    
    
    6,922
    
    
    
    7,250
    
    
    
    3,889
    
    
    
    3,925Financial liabilities
    
    
    (1,472
    )
    
    
    (3,673
    )
    
    
    (807
    )
    
    
    (1,169
    )Trade payables and other current liabilities
    
    
    (5,358
    )
    
    
    (5,069
    )
    
    
    (3,542
    )
    
    
    (3,132
    )Provisions
    
    
    (262
    )
    
    
    (520
    )
    
    
    (158
    )
    
    
    (237
    )Liabilities associated with assets held for sale
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0Total current liabilities
    
    
    (7,092
    )
    
    
    (9,262
    )
    
    
    (4,507
    )
    
    
    (4,538
    )Net current assets/(liabilities)
    
    
    (170
    )
    
    
    (2,012
    )
    
    
    (618
    )
    
    
    (613
    )Total assets less current liabilities
    
    
    15,886
    
    
    
    13,231
    
    
    
    9,531
    
    
    
    9,111Financial liabilities due after one year
    
    
    5,532
    
    
    
    4,997
    
    
    
    2,160
    
    
    
    1,366Pensions and post-retirement healthcare liabilitiesFunded schemes in deficit
    
    
    635
    
    
    
    952
    
    
    
    884
    
    
    
    868Unfunded schemes
    
    
    902
    
    
    
    941
    
    
    
    920
    
    
    
    1,046Provisions
    
    
    510
    
    
    
    458
    
    
    
    219
    
    
    
    188Deferred tax liabilities
    
    
    671
    
    
    
    619
    
    
    
    93
    
    
    
    171Other non-current liabilities
    
    
    185
    
    
    
    240
    
    
    
    170
    
    
    
    124Non-current liabilities
    
    
    8,435
    
    
    
    8,207
    
    
    
    4,446
    
    
    
    3,763Intra-group NV/PLC
    
    
    (5,727
    )
    
    
    (6,107
    )
    
    
    5,727
    
    
    
    6,107Shareholders equity
    
    
    13,128
    
    
    
    11,091
    
    
    
    (1,063
    )
    
    
    (1,143
    )Minority interest
    
    
    50
    
    
    
    40
    
    
    
    421
    
    
    
    384Total equity
    
    
    13,178
    
    
    
    11,131
    
    
    
    (642
    )
    
    
    (759
    )Total capital employed
    
    
    15,886
    
    
    
    13,231
    
    
    
    9,531
    
    
    
    9,111
 Unilever Annual Report on Form 20-F 2009 19




---



##### Table of Contents



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 2009
    
    issuer
    
    
    guarantor
    
    
    guarantor
    
    
    guarantor
    
    
    subsidiaries
    
    
    Eliminations
    
    
    GroupContinuing operations:Turnover
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    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
    )Intercompany 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 from continuing activities
    
    
    1
    
    
    
    1,272
    
    
    
    1,088
    
    
    
    (347
    )
    
    
    1,645
    
    
    
    
    
    
    
    3,659Net profit from discontiuned operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Equity 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:Minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    289
    
    
    
    
    
    
    
    289Shareholders equity
    
    
    1
    
    
    
    3,659
    
    
    
    3,659
    
    
    
    296
    
    
    
    1,356
    
    
    
    (5,601
    )
    
    
    3,370
 20 Unilever Annual Report on Form 20-F 2009




---



##### Table of Contents



 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 2008
    
    issuer
    
    
    guarantor
    
    
    guarantor
    
    
    guarantor
    
    
    subsidiaries
    
    
    Eliminations
    
    
    GroupContinuing operations:Turnover
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    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
    
    
    
    
    
    
    
    143Intercompany 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 from continuing activities
    
    
    17
    
    
    
    1,711
    
    
    
    1,182
    
    
    
    (669
    )
    
    
    3,044
    
    
    
    
    
    
    
    5,285Net profit from discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Equity 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:Minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    258
    
    
    
    
    
    
    
    258Shareholders equity
    
    
    17
    
    
    
    5,027
    
    
    
    5,027
    
    
    
    968
    
    
    
    2,786
    
    
    
    (8,798
    )
    
    
    5,027Income statementfor the year ended 31 December 2008Continuing operations:Turnover
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    40,187
    
    
    
    
    
    
    
    40,187Operating profit
    
    
    (1
    )
    
    
    23
    
    
    
    (36
    )
    
    
    (22
    )
    
    
    5,281
    
    
    
    
    
    
    
    5,245Finance income
    
    
    
    
    
    
    4
    
    
    
    4
    
    
    
    
    
    
    
    139
    
    
    
    
    
    
    
    147Finance costs
    
    
    (182
    )
    
    
    (112
    )
    
    
    (1
    )
    
    
    
    
    
    
    (262
    )
    
    
    
    
    
    
    (557
    )Pension and similar obligations
    
    
    
    
    
    
    (6
    )
    
    
    
    
    
    
    (33
    )
    
    
    197
    
    
    
    
    
    
    
    158Intercompany finance costs
    
    
    201
    
    
    
    38
    
    
    
    48
    
    
    
    (12
    )
    
    
    (275
    )
    
    
    
    
    
    
    Dividends
    
    
    
    
    
    
    1,536
    
    
    
    1,154
    
    
    
    
    
    
    
    (2,690
    )
    
    
    
    
    
    
    Share of net profit/(loss) of joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    102
    
    
    
    
    
    
    
    102Share of net profit/(loss) of associates
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    50
    
    
    
    
    
    
    
    50Other income from non-current investments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    39
    
    
    
    
    
    
    
    39Profit before taxation
    
    
    18
    
    
    
    1,483
    
    
    
    1,169
    
    
    
    (67
    )
    
    
    2,581
    
    
    
    
    
    
    
    5,184Taxation
    
    
    (7
    )
    
    
    (91
    )
    
    
    (89
    )
    
    
    (52
    )
    
    
    (889
    )
    
    
    
    
    
    
    (1,128
    )Net profit from continuing activities
    
    
    11
    
    
    
    1,392
    
    
    
    1,080
    
    
    
    (119
    )
    
    
    1,692
    
    
    
    
    
    
    
    4,056Net profit from discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    80
    
    
    
    
    
    
    
    80Equity earnings of subsidiaries
    
    
    
    
    
    
    2,496
    
    
    
    2,808
    
    
    
    611
    
    
    
    
    
    
    
    (5,915
    )
    
    
    Net profit
    
    
    11
    
    
    
    3,888
    
    
    
    3,888
    
    
    
    492
    
    
    
    1,772
    
    
    
    (5,915
    )
    
    
    4,136Attributable to:Minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    248
    
    
    
    
    
    
    
    248Shareholders equity
    
    
    11
    
    
    
    3,888
    
    
    
    3,888
    
    
    
    492
    
    
    
    1,524
    
    
    
    (5,915
    )
    
    
    3,888
 Unilever Annual Report on Form 20-F 2009 21




---



##### Table of Contents



 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
    
    
    
    
    
    
    
    (1
    )
    
    
    
    
    
    
    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
    )
    
    
    12,065Minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    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
 22 Unilever Annual Report on Form 20-F 2009




---



##### Table of Contents



 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 2008
    
    issuer
    
    
    guarantor
    
    
    guarantor
    
    
    guarantor
    
    
    subsidiaries
    
    
    Eliminations
    
    
    GroupGoodwill and intangible assets
    
    
    
    
    
    
    51
    
    
    
    23
    
    
    
    
    
    
    
    16,017
    
    
    
    
    
    
    
    16,091Property, plant and equipment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1
    
    
    
    5,956
    
    
    
    
    
    
    
    5,957Pension asset for funded schemes in surplus
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    425
    
    
    
    
    
    
    
    425Deferred tax assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    777
    
    
    
    291
    
    
    
    
    
    
    
    1,068Other non-current assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15
    
    
    
    1,411
    
    
    
    
    
    
    
    1,426Amounts due from group companies after one year
    
    
    3,960
    
    
    
    2,919
    
    
    
    
    
    
    
    
    
    
    
    (6,879
    )
    
    
    
    
    
    
    Net assets of subsidiaries (equity accounted)
    
    
    
    
    
    
    28,829
    
    
    
    12,788
    
    
    
    9,534
    
    
    
    (30,789
    )
    
    
    (20,362
    )
    
    
    Total non-current assets
    
    
    3,960
    
    
    
    31,799
    
    
    
    12,811
    
    
    
    10,327
    
    
    
    (13,568
    )
    
    
    (20,362
    )
    
    
    24,967Inventories
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,889
    
    
    
    
    
    
    
    3,889Amounts due from group companies within one year
    
    
    
    
    
    
    2,570
    
    
    
    611
    
    
    
    
    
    
    
    (3,181
    )
    
    
    
    
    
    
    Trade and other current receivables
    
    
    
    
    
    
    61
    
    
    
    (2
    )
    
    
    5
    
    
    
    3,759
    
    
    
    
    
    
    
    3,823Current tax assets
    
    
    
    
    
    
    24
    
    
    
    
    
    
    
    80
    
    
    
    130
    
    
    
    
    
    
    
    234Other financial assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    632
    
    
    
    
    
    
    
    632Cash and cash equivalents
    
    
    (3
    )
    
    
    7
    
    
    
    
    
    
    
    (4
    )
    
    
    2,561
    
    
    
    
    
    
    
    2,561Assets held for sale
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    36
    
    
    
    
    
    
    
    36Total current assets
    
    
    (3
    )
    
    
    2,662
    
    
    
    609
    
    
    
    81
    
    
    
    7,826
    
    
    
    
    
    
    
    11,175Financial liabilities
    
    
    (1,755
    )
    
    
    (772
    )
    
    
    
    
    
    
    
    
    
    
    (2,315
    )
    
    
    
    
    
    
    (4,842
    )Amounts due to group companies within one year
    
    
    
    
    
    
    (17,181
    )
    
    
    (3,351
    )
    
    
    
    
    
    
    20,532
    
    
    
    
    
    
    
    Trade payables and other current liabilities
    
    
    (24
    )
    
    
    (153
    )
    
    
    (7
    )
    
    
    (18
    )
    
    
    (7,622
    )
    
    
    
    
    
    
    (7,824
    )Current tax liabilities
    
    
    (11
    )
    
    
    (15
    )
    
    
    (101
    )
    
    
    2
    
    
    
    (252
    )
    
    
    
    
    
    
    (377
    )Provisions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (757
    )
    
    
    
    
    
    
    (757
    )Liabilities associated with assets held for sale
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total current liabilities
    
    
    (1,790
    )
    
    
    (18,121
    )
    
    
    (3,459
    )
    
    
    (16
    )
    
    
    9,586
    
    
    
    
    
    
    
    (13,800
    )Net current assets/(liabilities)
    
    
    (1,793
    )
    
    
    (15,459
    )
    
    
    (2,850
    )
    
    
    65
    
    
    
    17,412
    
    
    
    
    
    
    
    (2,625
    )Total assets less current liabilities
    
    
    2,167
    
    
    
    16,340
    
    
    
    9,961
    
    
    
    10,392
    
    
    
    3,844
    
    
    
    (20,362
    )
    
    
    22,342Financial liabilities due after one year
    
    
    1,923
    
    
    
    3,080
    
    
    
    
    
    
    
    (2
    )
    
    
    1,362
    
    
    
    
    
    
    
    6,363Amounts due to group companies after one year
    
    
    
    
    
    
    3,089
    
    
    
    
    
    
    
    666
    
    
    
    (3,755
    )
    
    
    
    
    
    
    Pensions and post-retirement healthcare liabilitiesFunded schemes in deficit
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    449
    
    
    
    1,371
    
    
    
    
    
    
    
    1,820Unfunded schemes
    
    
    
    
    
    
    85
    
    
    
    
    
    
    
    712
    
    
    
    1,190
    
    
    
    
    
    
    
    1,987Provisions
    
    
    
    
    
    
    41
    
    
    
    
    
    
    
    3
    
    
    
    602
    
    
    
    
    
    
    
    646Deferred tax liabilities
    
    
    
    
    
    
    64
    
    
    
    13
    
    
    
    
    
    
    
    713
    
    
    
    
    
    
    
    790Other non-current liabilities
    
    
    
    
    
    
    33
    
    
    
    
    
    
    
    122
    
    
    
    209
    
    
    
    
    
    
    
    364Total non-current liabilities
    
    
    1,923
    
    
    
    6,392
    
    
    
    13
    
    
    
    1,950
    
    
    
    1,692
    
    
    
    
    
    
    
    11,970Shareholders equity attributed to:NV 
    
    
    
    
    
    
    
    
    
    
    (1,143
    )
    
    
    
    
    
    
    
    
    
    
    1,143
    
    
    
    PLC 
    
    
    
    
    
    
    
    
    
    
    11,091
    
    
    
    
    
    
    
    
    
    
    
    (11,091
    )
    
    
    Called up share capital
    
    
    
    
    
    
    
    
    
    
    274
    
    
    
    210
    
    
    
    
    
    
    
    
    
    
    
    484Share premium account
    
    
    
    
    
    
    25
    
    
    
    96
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    121Other reserves
    
    
    (1
    )
    
    
    (4,551
    )
    
    
    (1,918
    )
    
    
    (101
    )
    
    
    (2,479
    )
    
    
    2,581
    
    
    
    (6,469
    )Retained profit
    
    
    245
    
    
    
    15,343
    
    
    
    469
    
    
    
    8,543
    
    
    
    4,207
    
    
    
    (12,995
    )
    
    
    15,812Total shareholders equity
    
    
    244
    
    
    
    10,817
    
    
    
    8,869
    
    
    
    8,652
    
    
    
    1,728
    
    
    
    (20,362
    )
    
    
    9,948Minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    424
    
    
    
    
    
    
    
    424Total equity
    
    
    244
    
    
    
    10,817
    
    
    
    8,869
    
    
    
    8,652
    
    
    
    2,152
    
    
    
    (20,362
    )
    
    
    10,372Total capital employed
    
    
    2,167
    
    
    
    17,209
    
    
    
    8,882
    
    
    
    10,602
    
    
    
    3,844
    
    
    
    (20,362
    )
    
    
    22,342
 Unilever Annual Report on Form 20-F 2009 23




---



##### Table of Contents



 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 2009
    
    issuer
    
    
    guarantor
    
    
    guarantor
    
    
    guarantor
    
    
    subsidiaries
    
    
    Eliminations
    
    
    GroupCash 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 andcash 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
    
    
    
    
    
    
    
    2,397Cash flow statementfor the year ended 31 December 2008Cash 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
 24 Unilever Annual Report on Form 20-F 2009




---



##### Table of Contents



 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 2007
    
    issuer
    
    
    guarantor
    
    
    guarantor
    
    
    guarantor
    
    
    subsidiaries
    
    
    Eliminations
    
    
    GroupCash flow from operating activities
    
    
    (8
    )
    
    
    (10
    )
    
    
    (54
    )
    
    
    (67
    )
    
    
    5,327
    
    
    
    
    
    
    
    5,188Income tax
    
    
    
    
    
    
    (131
    )
    
    
    (21
    )
    
    
    (58
    )
    
    
    (1,102
    )
    
    
    
    
    
    
    (1,312
    )Net cash flow from operating activities
    
    
    (8
    )
    
    
    (141
    )
    
    
    (75
    )
    
    
    (125
    )
    
    
    4,225
    
    
    
    
    
    
    
    3,876Interest received
    
    
    201
    
    
    
    33
    
    
    
    54
    
    
    
    
    
    
    
    131
    
    
    
    (273
    )
    
    
    146Net capital expenditure
    
    
    
    
    
    
    (14
    )
    
    
    
    
    
    
    2
    
    
    
    (971
    )
    
    
    
    
    
    
    (983
    )Acquisitions and disposals
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (50
    )
    
    
    
    
    
    
    (50
    )other investing activities
    
    
    (921
    )
    
    
    1,375
    
    
    
    (84
    )
    
    
    190
    
    
    
    (706
    )
    
    
    410
    
    
    
    264Net cash flow from/(used in) investing activities
    
    
    (720
    )
    
    
    1,394
    
    
    
    (30
    )
    
    
    192
    
    
    
    (1,596
    )
    
    
    137
    
    
    
    (623
    )Dividends paid on ordinary share capital
    
    
    
    
    
    
    357
    
    
    
    232
    
    
    
    
    
    
    
    (2,771
    )
    
    
    
    
    
    
    (2,182
    )Interest and preference dividends paid
    
    
    (177
    )
    
    
    (95
    )
    
    
    (1
    )
    
    
    (12
    )
    
    
    (540
    )
    
    
    273
    
    
    
    (552
    )Change in borrowings and finance leases
    
    
    906
    
    
    
    (6
    )
    
    
    (235
    )
    
    
    
    
    
    
    1,083
    
    
    
    (410
    )
    
    
    1,338Share buy-back programme
    
    
    
    
    
    
    (1,500
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,500
    )Other movement in treasury stocks
    
    
    
    
    
    
    291
    
    
    
    105
    
    
    
    (57
    )
    
    
    103
    
    
    
    
    
    
    
    442Other finance activities
    
    
    
    
    
    
    (305
    )
    
    
    
    
    
    
    
    
    
    
    (250
    )
    
    
    
    
    
    
    (555
    )Net cash flow from/(used in) financing activities
    
    
    729
    
    
    
    (1,258
    )
    
    
    101
    
    
    
    (69
    )
    
    
    (2,375
    )
    
    
    (137
    )
    
    
    (3,009
    )Net increase/(decrease) in cash and
cash equivalents
    
    
    1
    
    
    
    (5
    )
    
    
    (4
    )
    
    
    (2
    )
    
    
    254
    
    
    
    
    
    
    
    244Cash and cash equivalents at the beginning
of the year
    
    
    
    
    
    
    7
    
    
    
    4
    
    
    
    (5
    )
    
    
    704
    
    
    
    
    
    
    
    710Effect of foreign exchange rate changes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5
    
    
    
    (58
    )
    
    
    
    
    
    
    (53
    )Cash and cash equivalents at the end of the year
    
    
    1
    
    
    
    2
    
    
    
    
    
    
    
    (2
    )
    
    
    900
    
    
    
    
    
    
    
    901
 
 Item 19  Exhibits
  Unilever Annual Report on Form 20-F 2009 25




---



##### Table of Contents



SIGNATURES
  Unilever
N.V.
 /s/ S. G. Williams

S. G. WILLIAMS,Group Secretary




---



##### Table of Contents



20-F ExhibitsUNILEVER NV
 20-F EXHIBIT LIST
  1.1
    
    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 PLC4.2
    
    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 34.5
    
    The Unilever NV International 1997 Executive Share Option Scheme 44.6
    
    The Unilever Long Term Incentive Plan 54.7
    
    Global Share Incentive Plan 2007 67.1
    
    Computation of Ratio of earnings to fixed charges and Return on invested capital 78.1
    
    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 the Form 6-K furnished to the SEC on October 23, 2000.2
    
    Incorporated by reference to Exhibit 2.2 of Form 20-F filed with the SEC on March 28, 2002.3
    
    Incorporated by reference to Exhibit 99.1 of Form S-8 filed with the SEC on February 27, 2003.4
    
    Incorporated by reference to Exhibit 4.5 of Form 20-F filed with the SEC on March 28, 2002.5
    
    Incorporated by reference to Exhibit 4.7 of Form 20-F filed with the SEC on March 28, 2002.6
    
    Incorporated by reference to Exhibit 4.7 of Form 20-F filed with the SEC on March 26, 2008.7
    
    The required information is set forth on page 130 of the Annual Report and Accounts.8
    
    The required information is set forth on pages 131 to 132 of the Annual Report and Accounts.