Unilever Caribbean : 10 Nov 2022 – Unilever Caribbean Limited – Unaudited Financial Statements for the Nine Months ended September 30, 2022

Unilever Caribbean Limited

Unaudited Financial Statements

for the Third Quarter ended 30 September 2022

Expressed in Trinidad & Tobago Dollars

CHAIRMAN'S REVIEW

During the third quarter of 2022, the Company continued its strong momentum on the topline results. Market conditions remained mostly unchanged from what the Company had been facing during the first half of the year, as Supply Chain disruptions across the globe continued to cause supply constraints and cost

SUMMARY STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Unaudited 3 months ended Unaudited 9 months ended	Audited
30 Sep 2022	30 Sep 2021	30 Sep 2022	30 Sep 2021	31 Dec 2021
$'000	$'000	$'000	$'000	$'000

inflation due to the ongoing global events. The company recorded a profit after tax for the quarter of $13.1 million, bringing the year to date to $0.5 million.

Revenue grew 34% for the quarter, and 17% for the year to date, to $68.3 and $196.9 million respectively. This revenue growth to date was primarily driven by a robust performance in the local market across all categories, but most notably in Home Care. The export markets showed a strong rebound -in the Home Care and Foods categories.

Profitability this quarter was negatively affected by the ongoing heavy commodity inflation, as well as unanticipated additional increases in freight cost. Nonetheless, excluding the one-off restructuring, the Company still enjoyed a good comparative performance, despite this pressure on cost, managing to grow its operating profit for the quarter from $3.6 million in the prior year to $8.8 million, and from $19.3 million to $25.5 million for the year to date.

The Company will continue to push for growth in all its markets in order to maintain the current momentum, while it continues to focus on its transition into a more future-fit organisation.

Rodrigo Sotomayor

Chairman

SUMMARY STATEMENT OF FINANCIAL POSITION

Unaudited as at	Audited
30 Sep 2022	30 Sep 21	31 Dec 21
$'000	$'000	$'000

Continuing operations

Revenue

Cost of sales

Gross profit

Selling and distribution costs Administrative expenses

Impairment (loss)/reversal on trade receivables Gain on disposal of plant and equipment

Operating profit

Restructuring cost

Operating profit/(loss) after restructuring

Finance expense

Other income

Profit before taxation

Taxation expense

Profit for the period Discontinued operations

Profit from discontinued operations, net of tax Profit for the period

Other comprehensive income

68,330	50,962	196,864	167,844	233,186
(41,550)	(26,503)	(111,592)	(87,148)	(127,208)
26,780	24,459	85,272	80,696	105,978
(14,469)	(15,892)	(48,565)	(48,135)	(62,936)
(4,356)	(4,960)	(13,179)	(13,516)	(17,615)
(38)	37	358	224	18
943	-	1,595	-	-
8,860	3,644	25,481	19,269	25,445
8,726	-	(29,104)	-	(5,568)
17,586	3,644	(3,623)	19,269	19,877
(131)	(81)	(290)	(285)	(635)
1,914	1,412	6,285	2,700	5,391
19,369	4,975	2,372	21,684	24,633
(6,295)	(1,360)	(1,900)	(7,376)	(7,702)
13,074	3,615	472	14,308	16,931
-	2,244	-	7,057	171,881
13,074	5,859	472	21,365	188,812

ASSETS

Non-current assets

Property, plant and equipment Retirement benefit asset Deferred tax asset

Current assets

Inventories

Taxation recoverable

6,996	67,030	8,943
147,263	112,560	137,039
9,159	6,393	6,459
163,418	185,983	152,441
33,879	27,578	26,808
7,575	9,563	7,575

Re-measurements of defined benefit asset/liability Related tax

Total comprehensive income for the period Earnings per share - continuing operations Earnings per share - discontinued operations Total earnings per share

-	-	-	-	25,055
-	-	-	-	(7,516)
13,074	5,859	472	21,365	206,351
0.50	0.14	0.02	0.54	0.65
0.00	0.08	0.00	0.27	6.54
0.50	0.22	0.02	0.81	7.19

Trade and other receivables

Due from related companies

Cash at bank and in hand

Assets held for sale

Total assets

EQUITY AND LIABILITIES

EQUITY

Stated capital

Property revaluation surplus

Retained earnings

Total equity

LIABILITIES

Non-current liabilities

Retirement and termination benefit obligation

Lease liabilities Deferred tax liabilities

Current liabilities

Trade and other payables Lease liabilities Provisions for other liabilities Due to related companies

Liabilities directly associated with the assets held for sale

Total liabilities

Total equity and liabilities

Jean-Marc Director

104,008	110,971	102,948
70,454	43,199	176,388
87,105	79,376	118,132
58,013	3,053	58,146
361,034	273,740	489,997
524,452	459,723	642,438
26,244	26,244	26,244
36,568	36,568	36,568
301,755	229,145	414,131
364,567	291,957	476,943
807	8,886	6,989
2,245	751	605
43,374	36,403	40,104
46,426	46,040	47,698
64,533	62,838	63,400
1,478	1,496	4,170
11,818	5,447	15,750
32,681	51,945	31,528
2,949	-	2,949
113,459	121,726	117,797
159,885	167,766	165,495
524,452	459,723	642,438

Nicholas Director

SUMMARY STATEMENT OF CASH FLOWS

	Unaudited 3 months ended	Unaudited 9 months ended	Audited
	30 Sep 2022	30 Sep 2021	30 Sep 2022	30 Sep 2021	31 Dec 2021
	$'000	$'000	$'000	$'000	$'000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation
Continuing operations	19,369	4,975	2,372	21,684	24,633
Discontinued operations	-	3,089	-	10,696	175,119
Adjustment for items not affecting working capital	(14,104)	696	(15,472)	1,332	(161,120)
Operating profit/(loss) before working capital changes	5,265	8,760	(13,100)	33,712	38,632
Net (decrease)/increase in working capital	(9,996)	3,118	98,067	(6,211)	(141,990)
Cash flows (used in)/generated from operating	(4,731)	11,878	84,967	27,501	(103,358)
activities
(438)	(492)	(1,727)	(1,505)	(645)
Taxation & interest paid
Net cash (used in)/generated from operating	(5,169)	11,386	83,240	25,996	(104,003)
activities
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received	69	-	108	-	7
Purchase of plant and equipment	-	-	-	(96)	(96)
Proceeds from sale of property, plant and equipment	953	-	1,726	2,466	2,466
Proceeds from sale of discontinued operations	-	-	-	-	169,846
Net cash generated from investing activities	1,022	-	1,834	2,370	172,223
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid	-	(5,249)	(112,848)	(20,995)	(20,995)
Payment of lease liabilities	(1,085)	(1,127)	(3,253)	(3,379)	(4,477)
Net cash flows used in financing activities	(1,085)	(6,376)	(116,101)	(24,374)	(25,472)
(Decrease)/increase in cash and cash equivalents	(5,232)	5,010	(31,027)	3,992	42,748
Cash and cash equivalents at beginning of period	92,337	74,366	118,132	75,384	75,384

NOTES TO THE SUMMARY FINANCIAL STATEMENTS

1. Basis of preparation - These summary financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standard Board (IASB).
2. Significant accounting policies - The principal accounting policies applied in the preparation of these summary financial statements are consistent with those disclosed in the audited financial statements as at and for the year ended December 31, 2021, and have been consistently applied to all periods presented, unless otherwise stated.
3. Discontinued operations - 2021 has been re-presented to reflect only the continuing operations as a basis for suitable comparison. The details of the discontinued operations are presented in the table below.

		Unaudited	Audited
		3 months	9 months
		ended	ended
		30 Sep 2021	30 Sep 2021 31 Dec 2021
Discontinued operations	$'000	$'000	$'000
Revenue	7,806	30,150	30,150
Cost of sales		(3,185)	(13,578)	(13,578)
Gross profit	4,621	16,572	16,572
Selling and distribution costs		(1,532)	(5,876)	(5,876)
Operating profit	3,089	10,696	10,696
Taxation expense		(845)	(3,639)	(3,238)
Results from operating activities, net of tax		2,244	7,057	7,458
Gain on sale of discontinued operations		-	-	164,423
Profit for the period		2,244	7,057	171,881

Cash and cash equivalents at end of period	87,105	79,376	87,105	79,376	118,132
Represented by:	87,105
Cash at bank and in hand	79,376	87,105	79,376	118,132

SUMMARY STATEMENT OF CHANGES IN EQUITY

		Property
	Stated	Revaluation	Retained	Total
	Capital	Surplus	Earnings	Equity
	$'000	$'000	$'000	$'000
Balance as at 1 January, 2022	26,244	36,568	414,131	476,943
Total comprehensive income for the period	-	-	472	472
Dividends paid	-	-	(112,848)	(112,848)
Balance as at 30 September, 2022	26,244	36,568	301,755	364,567
Balance as at 1 January, 2021	26,244	36,568	228,775	291,587
Total comprehensive income for the period	-	-	21,365	21,365
Dividends paid			(20,995)	(20,995)
Balance as at 30 September, 2021	26,244	36,568	229,145	291,957
Balance as at 1 January, 2021	26,244	36,568	228,775	291,587
Total comprehensive income for the period	-	-	206,351	206,351
Dividends paid	-	-	(20,995)	(20,995)
Balance as at 31 December, 2021	26,244	36,568	414,131	476,943