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.