Unilever Nigeria : Annual Report 2021 Unilever Nigeria Plc (PDF 2.1MB)

Annual Report 2021 Unilever Nigeria Plc

1

Unilever Nigeria Plc Annual Report

Year ended 31 December 2021

Contents

Page

Unilever Purpose and Values 3

Corporate Profile 4

Board of Directors, Officers and other Corporate Information 5

Results at a glance 6

Board Profile

Report of the Directors including Corporate Governance Report

Abridged 2021 Sustainability Report

Statement of directors' responsibilities in relation to the financial statements for the year ended 31 December 2021

Statement of Corporate Responsibility For Financial Statements for year ended 31 December 2021

Report of the audit committee to the members of Unilever Nigeria Plc

Independent auditors' report

Financial statements:

- Statement of profit or loss and other comprehensive income

7 - 10

11 - 24

25 - 29

30

31

32 33-36

37 - 38

- Statement of financial position 39

- Statement of changes in equity 40

- Statement of cash flows 41

- Notes to the financial statements

Other national disclosures:

42 - 89

- Value added statement 90

- Five year financial summary 91

2

Unilever Nigeria Plc Annual Report

Year ended 31 December 2021

Our Purpose

Our Values

3

Unilever Nigeria Plc Annual Report

Year ended 31 December 2021

Unilever Nigeria Plc. - Purpose-Led, Future-fit

Unilever Nigeria Plc. was established in 1923 as a soap manufacturing company - West Africa Soap Company- by Lord Leverhulme. It later became known as Lever Brothers Nigeria Plc. Today, it is the longest serving manufacturing organization in Nigeria.

After a series of mergers and acquisitions, the Company diversified into manufacturing and marketing of foods, home care, beauty and personal care products. These mergers and acquisitions resulted in the absorption of Lipton Nigeria Limited in 1985, Cheesebrough Industries Limited in 1988 and Unilever Nigeria Limited in 1996. The Company changed its name to Unilever Nigeria Plc. in 2001 in line with the global strategic direction of the business

The Company was quoted on the Nigerian Stock Exchange in 1973 and is a truly multi-local, multinational organization with international and local brands in her portfolio. The international brands include Close-Up, Pepsodent, LUX, Lifebuoy, Rexona and Vaseline in the Personal Care division of the business; Knorr in the Foods division; and OMO and Sunlight in the Home Care division. Other Regional and local jewels include Pears and Royco. The Company provides sources of income to tens of thousands of Nigerians who are shareholders, distributors, suppliers, service providers and employees.

Unilever Nigeria Plc. is a member of the Unilever Group, one of the world's leading consumer goods companies. One in three people around the world use Unilever brands every day. With this reach comes responsibility and opportunity. That's why we've made it our purpose to make 'Sustainable living commonplace'. To help people live well within the limits of the planet. This isn't just something we say - it steers our decisions and shapes our actions, at every level of the organization.

Unilever's focus on purpose goes back to our history and it remains integral to our future. Accordingly, we want all our brands to drive purpose, take a stand, and act, on the big social and environmental issues facing the world.

To truly make sustainable living commonplace, we are focused on taking strides that enable us to be fit for the future. We seek to anticipate the significant changes which are shaping our industry, drive increased digitization, lower cost, speed and agility while using our scale and influence to create positive change well beyond Unilever. We are actively driving for competitive, consistent, profitable and sustainable growth with quality products that are good for both people and the planet and within the reach of Nigerian mainstream consumers. We will continue to attract the very best people into a diverse, inclusive, exciting and flexible working culture.

Unilever Nigeria's confidence in Nigeria remains resolute and we are committed to continued investments, capability development and innovation with brands that are tailored to delight and satisfy the Nigerian mainstream consumers' needs and preferences.

4

Unilever Nigeria Plc Annual Report

Year ended 31 December 2021

Board of Directors, Officers and Other Corporate Information

Directors

His Majesty Nnaemeka A. Achebe CFR, mni Obi of Onitsha

Mr. Carl Cruz (Filipino)

Mr Jaime Aguilera (Spanish)

Mrs. Abiola Alabi

Ammuna Lawan Ali, OON Mr. Felix Enwemadu

Mr Michael Ikpoki

Mr. Chika Nwobi

Mr. Mutiu Sunmonu CON, FNSE Mrs. Adesola Sotande-Peters

General Counsel WA & Company Secretary Mrs. Abidemi Ademola

Registered Office

1 Billings Way Oregun

Ikeja, Lagos

Tel: [phone] & [phone]

Email: [e-mail]: www.unilevernigeria.com

Company Registration Number RC 113

Tax Identification Number (TIN) 01056346-0001

Independent Auditor KPMG Professional Services KPMG Towers

Bishop Aboyade Cole Street Victoria Island

Lagos.

Registrar and Transfer Office Greenwich Registrars and Data Solutions Ltd. 274, Murtala Muhammed Way

Alagomeji, Yaba, Lagos

Tel: [phone] & [phone]

Bankers

Access Bank	Guaranty Trust Bank
Citi Bank	Rand Merchant Bank
Coronation Bank	Stanbic IBTC Bank
Globus Bank	Standard Chartered Bank
First Bank	Sterling Bank
First City Monument Bank	United Bank for Africa
Ecobank Nigeria	Zenith Bank

-

Non-Executive Director & Chairman of the Board

- - - - - - - -

Managing Director

Non-Executive Director (Appointed w.e.f 1 January, 2021)

Non-Executive Director Independent Non-Executive Director Executive Director

-

Independent Non-Executive Director (Appointed w.e.f. 1 February, 2021) Non-Executive Director Independent Non-Executive Director Executive Director (Resigned with effect from 16 December, 2021)

5