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 mllon
2015
 mllon
2014
oodwll and ntangble assets 25,059 22,174
Other non-current assets 14,553 13,506
urrent assets 12,686 12,347
Total assets 52,298 48,027
urrent labltes 20,019 19,642
Non-current labltes 16,197 14,122
Total labltes 36,216 33,764
Shareholders’ equty 15,439 13,651
Non-controllng nterest 643 612
Total equty 16,082 14,263
Total labltes and equty 52,298 48,027
urrent assets were up by 03 bllon prmarly due to an
mproved cash balance and an ncrease n the nventores balance
at the end of the year ash and cash equvalents on the balance
sheet was 23 bllon compared wth 22 bllon at the end of
2014 losng net debt was 115 bllon whch s 16 bllon hgher
than n the pror year The ncrease reflects addtonal borrowngs
to fnance acqustons and an adverse currency mpact from the
US dollar denomnated debt
urrent labltes were 200 bllon compared wth 196 bllon
n 2014 The ncrease s due to an ncrease n trade payables
and other current labltes as a result of busness growth and
mproved payment terms
Non-current labltes were 162 bllon, up 21 bllon n 2015
Ths ncludes a 27 bllon ncrease n non-current fnancal
labltes from addtonal borrowngs and currency mpact
Penson lablty declned by 07 bllon On 27 January 2015 we
ssued 750 mllon 05% fxed rate notes due February 2022
On 28 May 2015 we ssued 750 mllon floatng rate notes due n
June 2018 and 500 mllon 10% fxed rate notes due n June 2023
On 29 July 2015 we ssued US$500 mllon 21% fxed rate notes
due on 30 July 2020 and US$500 mllon 31% fxed rate notes due
on 30 July 2025
The table below shows that penson lablty net of assets was
reduced to 23 bllon at the end of December 2015 versus
36 bllon as at 31 December 2014 The decrease prmarly
reflects the mpact of hgher dscount rates, nvestment returns
and the cash contrbutons we have made ash expendture on
pensons was 07 bllon, the same as n the pror year
 mllon
2015
1 January (3,571)
urrent servce cost (271)
Employee contrbutons 17
Actual return on plan assets (excludng nterest) (254)
Net nterest cost (121)
Actuaral gan 1,167
Employer contrbutons 513
urrency retranslaton (129)
Other movements(a) 329
31 December (2,320)
(a) Other movements relate to specal termnaton benefts, past servce costs
ncludng losses/(gans) on curtalment, settlements and reclassfcaton of
benefts For more detal see overnance and Fnancal Report note 4B on
page 102
ASH FLOW
Free cash flow for the year
was partcularly strong at
48 bllon compared wth
31 bllon n 2014 ash flow
from operatng actvtes was
94 bllon compared wth
79 bllon n 2014 The
varance s a result of strong
cash flow generated from
operatng actvtes whch
ncluded 07 bllon from
effcent workng captal
management The pror
year was also negatvely mpacted by 08 bllon tax arsng
on busness dsposals Net captal expendture remans flat
n absolute terms at 21 bllon, 39% of turnover, reflectng
contnued nvestment n capacty to support growth
 mllon
2015
 mllon
2014
Operatng proft 7,515 7,980
Deprecaton, amortsaton and mparment 1,370 1,432
hanges n workng captal 720 8
Pensons and smlar oblgatons less payments (385) (364)
Provsons less payments (94) 32
Elmnaton of (profts)/losses on dsposals 26 (1,460)
Non-cash charge for share-based compensaton 150 188
Other adustments 49 38
ash flow from operatng actvtes 9,351 7,854
Income tax pad (2,021) (2,311)
Net captal expendture (2,074) (2,045)
Net nterest and preference dvdends pad (460) (398)
Free cash flow 4,796 3,100
Net cash flow (used n)/from nvestng actvtes (3,539) (341)
Net cash flow (used n)/from fnancng actvtes (3,032) (5,190)
The net outflow from nvestng actvtes was 32 bllon hgher
than n the pror year Ths s a combnaton of current year
expendture of 19 bllon on busness acqustons (2014
03 bllon) and 02 bllon nflow receved from busness
dsposals versus 17 bllon cash nflow n the pror year
Net cash outflow from fnancng actvtes was 22 bllon
lower than n the pror year The varance was prncpally due
to hgher borrowngs n 2015 to fnance acqustons Pror year
also ncluded 09 bllon spent on the purchase of Leverhulme
estate shares
BALANE SHEET
In the year to 31 December 2015, Unlever’s combned market
captalsaton ncreased from 939 bllon to 1134 bllon
oodwll and ntangble assets ncreased by 29 bllon manly
due to busness acqustons and currency movements All materal
goodwll and ndefnte-lfe ntangble assets have been tested
for mparment wth no charge recognsed durng the year The
ncrease n other non-current assets of 10 bllon was drven
by captal expendture, currency movements and an ncrease n
penson asset values due to changes n dscount and nflaton rates
FREE CASH FLOW
€ billion
3.9
3.1
4.8
2013 2014 2015
37Unilever Annual Report and Accounts 2015 Strategic Report