Delivering sustainable business performance

Unilever Caribbean Limited Annual Report and Accounts 2022

Our Purpose

UNILEVER CARIBBEAN LIMITED HAS A CLEAR PURPOSE - TO MAKE SUSTAINABLE LIVING COMMONPLACE. WE BELIEVE THIS IS THE BEST WAY TO CREATE LONG TERM VALUE FOR ALL OUR STAKEHOLDERS, ESPECIALLY IN A VOLATILE AND UNCERTAIN WORLD.

Our Vision

OUR PURPOSE INSPIRES OUR VISION - TO ACCELERATE GROWTH IN OUR BUSINESS, WHILE REDUCING OUR ENVIRONMENTAL FOOTPRINT AND INCREASING OUR POSITIVE SOCIAL IMPACT. WE WANT OUR BUSINESS TO GROW BUT WE RECOGNISE THAT GROWTH AT THE EXPENSE OF PEOPLE OR THE ENVIRONMENT IS BOTH UNACCEPTABLE AND COMMERCIALLY UNSUSTAINABLE. SUSTAINABLE GROWTH IS THE ONLY ACCEPTABLE MODEL FOR OUR BUSINESS.

OUR PURPOSE AND VISION COMBINE A COMMERCIAL IMPERATIVE TO SUCCEED AGAINST COMPETITION GLOBALLY AND LOCALLY, WITH THE CHANGING ATTITUDES AND EXPECTATIONS OF CONSUMERS.

Our People

WITHOUT TALENTED AND COMMITTED EMPLOYEES, WE COULD NEVER DELIVER ON OUR AMBITIONS.

OUR PEOPLE HAVE BEEN OUR ABSOLUTE PRIORITY THROUGHOUT 2022, AND BECAUSE OF THEM WE'VE BEEN ABLE TO MEET THE NEEDS OF CONSUMERS AND GROW OUR BUSINESS.

Unilever Caribbean Limited Annual Report and Accounts 2022

Contents

THE YEAR IN REVIEW

Five-Year Financial Review

2

Financial Highlights

3

Our Strategy

4

Chairman's Report

8

Board of Directors

10

Governance Report

12

Report of the Audit Committee

14

Managing Director's Review

16

Leadership Team

18

Management Discussion and Analysis

19

Directors' Report

21

FINANCIAL STATEMENTS

Statement of Management Responsibilities

24

Independent Auditors' Report

25

Statement of Financial Position

28

Statement of Profit or Loss

29

Statement of Comprehensive Income

30

Statement of Changes in Equity

31

Statement of Cash Flows

32

Notes to the Financial Statements

33

1

THE YEAR IN REVIEW

OUR ANNUAL REPORT AND ACCOUNTS 2022:

We have chosen a new, simpler format for our 2022 Annual Report and Accounts because we are keen to drive economies through our reporting process, one that combines the statutory information along with a full narrative to provide a holistic and concise communication about how our strategy, governance, performance and prospects drive value creation for our stakeholders, and consistent, competitive, profitable and responsible growth for Unilever Caribbean Limited and our shareholders.

ONLINE

This annual report can be downloaded at https://www.unilever.tt/investor-relations/

Layout: Paria Publishing Co. Ltd.

Printing: The Office Authority Ltd.

2

Unilever Caribbean Limited Annual Report and Accounts 2022

Five-Year Financial Review

Earnings (Loss) & Dividends Per Share (cents)

Operating Margin & Return on Capital

Employed (Percent)

800

642

E.P.S.

719

700

D.P.S.

600

450

500

percent

cents

400

225

280

300

71

200

0

37

100

60

0

-100

-200

-289

-300

2018

2019

2020

2021

2022

10

7%

9%

1%

5

6%

4%

1%

0

0%

-5

1%

-10

-15

ROCE

-20

Operating Margin

-25

-30

-35

-36%

-35%

-40

2018

2019

2020

2021

2022

2022

2021

2020

2019

2018

Operating Performance

Turnover (TT$000)

(Loss) earnings before interest and tax (TT$000) Profit (loss) before taxation (TT$000)

Taxation (TT$000)

Profit (loss) after taxation (TT$000)

Profit (loss) from discontinued operations, net of tax (TT$000)

Profit (loss) for the year (TT$000) Return on stockholders' equity Return on capital employed Operating margin

256,146

233,186

290,009

284,548

317,815

(1,754)

19,877

21,464

(103,280)

4,534

5,375

24,633

24,949

(99,065)

7,847

4,394

(7,702)

(6,342)

23,548

(1,490)

9,769

16,931

18,607

(75,517)

6,357

-

171,881

-

(418)

162,167

9,769

188,812

18,607

(75,935)

168,524

2.9%

39.6%

6.4%

-29.2%

45.3%

-0.5%

3.8%

6.4%

-34.7%

1.0%

-0.7%

8.5%

7.4%

-36.3%

1.4%

Liquidity Indicators

Current ratio

Net current assets (TT$000)

3.7

4.2

2.5

1.8

2.8

254,055

372,200

145,771

124,594

239,014

Capital Structure and Long-Term Solvency Ratios

Stated capital (TT$000)

26,244

26,244

26,244

26,244

26,244

Capital reserves (TT$000)

-

36,568

36,568

35,643

35,643

Dividends (TT$000)

73,483

118,097

15,746

-

59,049

Retained earnings (TT$000)

311,319

414,131

228,775

198,346

309,722

Total stockholders' funds (TT$000)

337,563

476,943

291,587

260,233

371,609

Total liabilities (TT$000)

127,196

165,495

144,987

202,146

193,834

Capital employed (TT$000)

371,732

524,641

336,234

297,291

432,951

Earnings and Dividends

Earnings (loss) per share (TT¢) DPS (TT¢)

37

719

71

(289)

642

280

450

60

-

225

Market Indicators

Price earnings ratio

34.86

2.25

23.48

(7.96)

3.58

Dividend cover

0.13

1.60

1.18

0.00

2.85

Dividend yield (%)

21.71

27.78

3.60

0.00

9.79

Share price at 31 December (TT$)

12.90

16.20

16.65

23.00

22.99

Net asset value per share unit

12.86

18.17

11.11

9.92

14.16

Unilever Caribbean Limited Annual Report and Accounts 2022

3

Financial Highlights

THE YEAR IN REVIEW

TURNOVER

9.8%

2021: -19.6%

OPERATING LOSS (% OF TURNOVER)

-0.7%

2021: 8.5%

PROFIT BEFORE TAX (% OF TURNOVER)

2.1%

2021: 10.6%

EARNINGS PER SHARE

TT$0.37

2021: TT$7.19

TOTAL DIVIDEND PER SHARE

TT$2.80

2021: TT$4.50

TOTAL SHAREHOLDERS' RETURN

-3.1%

2021: 24.3%

RETURN ON CAPITAL EMPLOYED

-0.5%

2021: 3.8%

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Unilever Caribbean Ltd. published this content on 27 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2023 14:16:21 UTC.