Unilever 2015 Annual Report Download - page 37

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€0.95
€0.88
€1.05
20152014201320122011
€1.19
€1.12
TOTAL DIVIDENDS PER SHARE
0
5
10
15
20
25
30
35
40
45
20152014201320122011
SHARES 2011-2015
NV shares (€)
PLC shares (£)
OUR FINANIAL ROWTH MODEL
We contnued to delver shareholder value n 2015 helped by an
mprovement n our markets and by applyng all levers of value creaton
FREE ASH FLOW
Free cash flow was 48 bllon compared
wth 31 bllon n 2014 Our cash
performance was underpnned by our
contnued focus on captal dscplne Our net
captal expendture of 21 bllon, or 39% of
turnover, reflects the nvestment n capacty
to support our growng busness and was
consstent wth 2014
UNDERLYIN SALES ROWTH
Underlyng sales grew 41% drven by a 21%
ncrease n underlyng volume and a 19%
rse n prce Ths was ahead of our markets
whch grew at around 3% An mprovement
n emergng markets offset contnued
weakness n Europe whch contnued to
suffer prce deflaton
ORE OPERATIN MARIN
Our core operatng margn ncreased
03 percentage ponts, largely drven by
mprovements n effcency whch saw cost
savngs of more than 1 bllon n supply
chan n 2015 Brand and marketng
nvestment has ncreased by more than
800 mllon
EARNINS PER SHARE
As a result of our operatons our core
earnngs per share rose to 182, an
ncrease of 14% Ths result reflected a
currency translaton effect of 3% At
constant exchange rates EPS grew 11%
RETURN ON INVESTED APITAL
Return on nvested captal ncreased as a
result of mproved core operatng margn
and greater captal effcency Ths was
despte an ncrease n goodwll as a result
of acqustons and currency movements
DIVIDENDS
In Aprl Unlever announced an ncrease n the quarterly
dvdend to 03020 gvng a total payout durng 2015 of 119
per share Dvdends ncreased by 6% n 2015 and have
ncreased by an average of 8% per year n the last fve years
SHARE PRIE
Our NV share prce closed 23% hgher than the pror year
whle PL shares closed 11% hgher Over the perod
2011-2015 our NV share prce has grown 70% whle our
PL share prce has grown 48% Total shareholder return,
whch ncludes both share prce and dvdend ncreases,
was 16% n 2015 and 108% over the last fve years
APITAL EFFIIENY
Workng captal and fxed asset effcency
both mproved further durng the year
Workng captal as a percentage of sales s
negatve whch means that growth n the
busness s ntrnscally cash generatve
The rato of fxed assets to sales reduced
compared wth the prevous year as the
busness grew
VALUE DRIVERS
FINANIAL RETURNS
SHAREHOLDER RETURNS
34 Unilever Annual Report and Accounts 2015Strategic Report
OUR SHAREHOLDERS
ONTINUED