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  • Unilever New Zealand Limited

    Annual report

    For the year ended 31 December 2017

  • Annual report

    For the year ended 31 December 2017

    Contents

    Auditor's report

    Corporate information

    Annual report

    Consolidated statement of comprehensive income

    Consolidated statement of financial position

    Consolidated statement of changes in equity

    Consolidated statement of cash flows

    Notes to the consolidated financial statements

    Unilever New Zealand Limited

    Page

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  • ndeoendent Auditor's Reoort To the shareholders of Unilever New Zealand Limited

    Report on the consolidated financial statements

    Opinion In our opInIon, tile ;,ccon1pm1yI11g consolidated

    ti11a11c1al statements ot U11ilever New Zeala11d

    L1rrnted ltl1e comp,myl ,md its subs1d1ar1es ltile

    group) or1 paqes 5 TO 23

    presenr ta111v 111 ;,II rn;,wr,al respects the Group·s

    fr11crnc1al posItIon ;,s at 37 December 2017 and

    its frm-111c1al pertorrnar1ce and casl1 tlows tor t11e

    vear ended rn1 nrnt cJate. and

    11 comply wItl1 Nr,w ZE,aland Equ1vale11ts to

    l11term1tIonal F1r1nnc1;,I Report111q Standards

    Reduced D1scloswe Reg1rne

    � Basis for opinion

    We have audited tile accor11pc1I 1yIng consolidated

    trna11c1al statements which comprise

    tile consolidated stiltcmerlt ot ti11anc1;,I posItI011

    as at 3 7 Decembe1 20 l 7.

    tile consolidated stilrnrnent of conHJrehe11sIve

    I11corne. co11sol1datcd st,1WrneI11 ot changes 111

    equity and consolldaWcJ statement ot casll

    flows tor tl1e year tlwn emJed. a11d

    notes. 111clud1ng a sLmirnc1rv o1 s1g11ificant

    account111g policies and other expl,rnatory

    1ntormat1or1

    We conducted our audit in accordance with International Standards on Auditing (New Zealand) ('ISAs (NZ)'). We

    believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

    We are independent of the group in accordance with Professional and Ethical Standard 1 (Revised) Code of

    Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance Standards Board and the

    International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA

    Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements and the

    IESBA Code.

    Our responsibilities under ISAs (NZ) are further described in the auditor's responsibilities for the audit of the

    consolidated financial statements section of our report.

    Other than in our capacity as auditor we have no relationship with, or interests in, the group.

    ·-

    l _ Other information The Directors, on behalf of the group, are responsible for the other information included in the entity's Annual

    Report. Our opinion on the consolidated financial statements does not cover any other information and we do

    not express any form of assurance conclusion thereon.

    In connection with our audit of the consolidated financial statements our responsibility is to read the other

    information and, in doing so, consider whether the other information is materially inconsistent with the

    consolidated financial statements or our knowledge obtained in the audit or otherwise appears materially

    misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this

    other information, we are required to report that fact. We have nothing to report in this regard.

  • $

    £fi Use of this independent auditor's report

    This independent auditor's report is made solely to the shareholders as a body. Our audit work has been

    undertaken so that we might state to the shareholders those matters we are required to state to them in the

    independent auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept

    or assume responsibility to anyone other than the shareholders as a body for our audit work, this independent

    auditor's report, or any of the opinions we have formed.

    A Responsibilities of the Directors for the consolidated financial statements The Directors, on behalf of the company, are responsible for:

    - the preparation and fair presentation of the consolidated financial statements in accordance with generally

    accepted accounting practice in New Zealand (being New Zealand Equivalents to International Financial

    Reporting Standards Reduced Disclosure Regime);

    - implementing necessary internal control to enable the preparation of a consolidated set of financial

    statements that is fairly presented and free from material misstatement, whether due to fraud or error; and

    - assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related

    to going concern and using the going concern basis of accounting unless they either intend to liquidate or to

    cease operations, or have no realistic alternative but to do so.

    x,l,.. Auditor's responsibilities for the audit of the consolidated financial statements

    Our objective is:

    - to obtain reasonable assurance about whether the consolidated financial statements as a whole are free

    from material misstatement, whether due to fraud or error; and

    - to issue an independent auditor's report that includes our opinion.

    Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance

    with ISAs NZ will always detect a material misstatement when it exists.

    Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate,

    they could reasonably be expected to influence the economic decisions of users taken on the basis of these

    consolidated financial statements.

    A further description of our responsibilities for the audit of these consolidated financial statements is located at

    the External Reporting Board (XRB) website at:

    http://www. xrb.govt. nz/sta n da rds-for-ass u ra nce-p ractitioners/a ud itors-responsi bi I iti es/audit-re port-7 /

    This description forms part of our independent auditor's report.

    KPMG

    Sydney

    29 March 2018

    2

  • Unilever New Zealand Limited

    Corporate information

    Company number:

    Directors:

    Shareholder:

    Registered office:

    Auditors:

    2207

    C Stiff

    J Stepto

    A Balarin

    M Woodward (resigned 22 May 2017)

    N Bangs (appointed 22 May 2017)

    Unilever Overseas Holdings B.V.

    Level 4, 103 Carlton Gore Road

    Newmarket

    Auckland 1023

    KPMG

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  • Unilever New Zealand Limited

    Annual report For the year ended 31 December 2017

    The Board of Directors present their Annual Report including the financial statements of the company for the

    year ended 31 December 2017 and the auditor's report thereon.

    The shareholders of the company have exercised their right under section 211 (3) of the Companies Act 1993

    ('the Act") and unanimously agreed that this Annual Report need not comply with any of paragraphs (a), and

    (e) to (i) of section 211 (1) of the Act.

    Signed on behalf of the

    C Stiff

    Director

    J Stepto

    Director

    29 March 2018

    of Directors:

    4

  • Unilever New Zealand Limited

    Consolidated statement of comprehensive income For the year ended 31 December 2017

    Notes 2017 2016

    $000 $000

    Revenue 4 207,869 206,170

    Other income 4 171

    Other expenses from ordinary activities 5

    Raw materials and consumables used (151,979) (152,205)

    Distribution expense (5,133) (6,184) Advertising expense (13,293) (12,181)

    Depreciation & amortisation (1,652) (1,609) Employee benefits (15,274) (14,097)

    Other (11,738) (9,885)

    Total expenses (199,069) (196,161)

    Operating profit 8,800 10,180

    Finance income 477 680

    Finance expenses (126) (78)

    Profit before income tax 9,151 10,782

    Income tax expense 8 (2,578) (2,288)

    Net profit for the year, attributable to equity holders 6,573 8.494

    Other comprehensive income

    Actuarial gains/(losses) on retirement benefits 16 (179)

    Income tax relating to components of other

    comprehensive income 8 50

    Other comprehensive income for the period, net of tax (129)

    Total comprehensive income for the year, attributable to

    equity holders 6,573 8,365

    The above statement of comprehensive income should be read in conjunction with the accompanying notes.

    5

  • Unilever New Zealand Limited

    Consolidated statement of financial position As at 31 December 2017

    Notes 2017 2016

    Current assets $000 $000

    Cash and cash equivalents 31,326 30,373

    Trade and other receivables 6 16,054 18,057

    Inventories 7 2,206 1,759

    Income tax refund due 124

    49,586 50,313

    Non-current assets

    Property, plant and equipment 9 5,324 5,775

    Intangible