Unilever Consumer Care Limited

UNAUDITED FINANCIAL STATEMENT

FOR THE NINE MONTH ENDED 30 SEPTEMBER 2020

Unaudited Unaudited Audited

3 months 3 months 9 months 9 months 12 months
ended ended ended ended ended
30.09.2020 30.09.2019 30.09.2020 30.09.2019 31.12.2019
(Restated) (Restated)

941,762 1,051,042 Sales 2,776,272 3,083,849 4,474,898

(519,843) (375,297) Cost Sales (1,462,649) (1,465,630) (2,010,658)
421,919 675,745 Gross Profit 1,313,623 1,618,219 2,464,240
(249,498) (328,105) Trading Expenses (855,186) (985,568) (1,372,924)
172,421 347,640 Trading Profit 458,438 632,651 1,091,316
(11,876) (7,759) Other Income/(Expense) (20,506) (7,979) (7,182)
160,546 339,881 Profit from Operations 437,931 624,671 1,084,134
36,648 49,167 Finance income/(expense) 144,361 114,539 168,422
197,194 389,048 Profit before taxation 582,292 739,210 1,252,557
(56,483) (111,360) Income tax expenses (186,071) (223,652) (161,893)
140,711 277,688 Profit from Continuing Operations 396,222 515,558 1,090,664
- (16,500) Profit/(Loss) from discontinued operation 1 (5,413) (92,163) (104,930)
- (6,518) Profit/(Loss) from discontinued operation 2 67,587 99,321 -
140,711 254,670 Profit for the period 458,396 522,716 985,735

120,465 120,465 Paid up Ordinary Share Capital 120,465 120,465 120,465

(Face value per share of Tk. 10)

Reserves excluding Capital Reverse 1,411,612 1,128,659 1,591,679

12,046,449 12,046,449 Shareholding 12,046,449 12,046,449 12,046,449

Unilever Overseas Holdings B.V 9,875,144 - -
Setfirst Limited, UK - 9,875,144 9,875,144
ICB & ICB Unit and Mutual Funds 1,381,330 1,532,256 1,527,581
Other Local & Foreign Shareholders 789,975 639,049 643,724

Earnings per share (EPS)

11.68 23.05 Basic & Diluted (for Continuing Operation) 32.89 42.80 90.54
11.68 21.14 Basic & Diluted (for the Company) 38.05 43.39 81.83

Net Asset Value (NAV) Per Share 117.19 93.71 132.14

Net Operating Cash Flow Per Share (NOCFPS) 44.80 61.72 82.84

1. Figures for 2019 have been regrouped whenever necessary to facilitate comparison
2. The details of the published quarterly Financial Statements are available in the website of the company. The address
of the website is: https://www.unilever.com/UCL-bd.html

Chairman Managing Director Finance Director Director Company Secretary

Dated, Dhaka

27 Oct 2020
 Unilever Consumer Care Limited
Condensed Statement of Financial Position (Un-audited)
AS AT 30 SEPTEMBER 2020

Taka in '000
30 September 31 December
ASSETS
2020 2019
Non-current Assets
Property, plant and equipment 86,770 100,707
Intangible assets - 14,028
Deferred tax asset 31,062 40,451
Long Term portion of Advances, Deposits & Prepayments 8,818 -
Retirement benefit assets 3,464 3,464
130,114 158,650
Current assets
Inventories 193,344 11,501
Trade and other receivables including intercompany receivables 301,268 493,290
Current portion of Advances, Deposits and Prepayments 41,698 28,836
Cash and cash equivalents 3,688,998 3,796,022
Current assets directly related with discontinued operation - 3,117
4,225,308 4,332,766
TOTAL ASSETS 4,355,421 4,491,416
EQUITY
Capital and reserves attributable to the Company's equity holders
Share capital 120,465 120,465
Revaluation reserves 4,831 4,831
Capital reserves 166 166
General reserves 5,000 5,000
Retained earnings 1,281,316 1,461,383
TOTAL EQUITY 1,411,778 1,591,845
LIABILITIES
Current liabilities
Trade and other payables 2,833,762 2,916,905
Current tax liabilities 109,882 (17,335)
2,943,643 2,899,570
Total Liabilities 2,943,643 2,899,570
TOTAL EQUITY AND LIABILITIES 4,355,421 4,491,416
- -

Chairman Managing Finance Director Director Company Secretary

Director

Dated, Dhaka
27 Oct 2020
 Unilever Consumer Care Limited
Condensed Statement of Profit or Loss (Un-audited)
FOR THE NINE MONTH ENDED 30 SEPTEMBER 2020

Taka in '000 Taka in '000

1 Jul to 30 1 Jan to 30
1 Jul to 30 1 Jan to 30
Sep 2019 Sep 2019
Sep 2020 Sep 2020
(Restated) (Restated)
941,762 1,051,042 Revenue 2,776,272 3,083,849
(519,843) (375,297) Cost of sales (1,462,649) (1,465,630)
421,919 675,745 Gross profit 1,313,623 1,618,219
(249,498) (328,105) Operating expenses (855,186) (985,568)
172,421 347,640 Trading profit 458,438 632,651
(11,876) (7,759) Other Income/(Expenses) (20,506) (7,979)
160,546 339,881 Profit from operations 437,931 624,671
36,648 49,167 Finance Income/(Expense) 144,361 114,539
197,194 389,048 Profit before taxation 582,292 739,210
(56,483) (111,360) Income tax expense (186,071) (223,652)
140,711 277,688 Profit from Continuing Operations 396,222 515,558
- (16,500) Profit/(Loss) from discontinued operation (Pharmaceutical) (5,413) (92,162)
- (6,518) Profit/(Loss) from discontinued operation (Oral Health Care) 67,587 99,321
140,711 254,670 Profit for the period 458,396 522,716
11.68 23.05 EPS from continuing operations (Taka) 32.89 42.80
11.68 21.14 Earning per share (EPS) (Taka) 38.05 43.39
12,046,449 12,046,449 Shares used to compute EPS (Number) 12,046,449 12,046,449

Condensed Statement of Comprehensive Income (Un-audited)

Taka in '000 Taka in '000

1 Jul to 30 1 Jul to 30 1 Jan to 30 1 Jan to 30
Sep 2020 Sep 2019 Sep 2020 Sep 2019
140,711 254,670 Profit for the period 458,396 522,716
- - Other comprehensive income - (9,512)
140,711 254,670 Total comprehensive Income for the Period 458,396 513,204

Chairman Managing Director Finance Director Director Company Secretary

Dated, Dhaka

27 Oct 2020
 Unilever Consumer Care Limited
Condensed Statement of Changes in Equity (Un-audited)
AS AT 30 SEPTEMBER 2020

Taka in '000
Share Revaluation Capital General Retained Total
Capital Reserves Reserves Reserves Earnings equity

Balance at 01 January 2019 120,465 4,831 166 5,000 1,123,623 1,254,085

-
Net profit after tax transferred from Income statement 522,716 522,716
Other comprehensive income (9,512) (9,512)
Final dividend (638,465) (638,465)

Balance at 30 September 19 120,465 4,831 166 5,000 998,363 1,128,825

Balance at 01 January 2020 120,465 4,831 166 5,000 1,461,383 1,591,845

-
Net profit after tax transferred from Income statement 458,396 458,396
Final dividend (638,462) (638,462)

Balance at 30 September 2020 120,465 4,831 166 5,000 1,281,316 1,411,778

Chairman Managing Director Finance Director Director Company Secretary

Dated, Dhaka
27 Oct 2020
 Unilever Consumer Care Limited
Condensed Statement of Cash Flows (Un-audited)
FOR NINE MONTH ENDED 30 September 2020

Taka in '000
1 Jan to 30 1 Jan to 30
September 2020 September 2019

Cash Flows From Operating Activities

Cash receipts from customers 3,196,891 3,646,020
Payment for cost and expenses (2,796,451) (2,942,392)
Other income/(Expense) (9,725) (418)
Cash generated from operations 390,715 703,210

Net Interest received 198,321 53,774

Income tax paid (49,465) (14,026)
Unrealized Exchange (Gain)/Loss 106 565

148,962 40,313
Net cash from operating activities 539,677 743,523

Cash Flows From Investing Activities

Acquisition of property, plant & equipment - (13,978)
Sales proceeds of property, plant & equipment 3,363 18,069
Payment of long term loan (12,067) -

Net cash used in investing activities (8,703) 4,091

Cash Flows From Financing Activities

Dividend paid (638,462) (638,465)
Finance lease paid - (2,779)
Long term loan installment received 464
Net cash used in financing activities (637,998) (641,243)

Net increase/(decrease) in cash and cash equivalents (107,024) 106,371

Cash and cash equivalents at beginning of the year 3,796,022 3,419,507
Cash and cash equivalents at end of the year 3,688,998 3,525,878
-

Chairman Managing Director Finance Director Director Company

Secretary

Dated, Dhaka
27 Oct 2020
 Unilever Consumer Care Limited
Notes to the Financial Statements
FOR THE NINE MONTH ENDED 30 September 2020

1 There is no change in the basis for preparation and accounting policies governing this quarterly
Financial Statements from the last reporting date. Consequently, no separate note on accounting
policy are being provided for this quarterly Condensed Financial Statements. Figures for 2019 have
been regrouped whenever necessary to facilitate comparison and to comply with relevant IFRS.

30-Sep-20 31-Dec-19
2 Share capital (Ordinary shares)
Authorized
20,000,000 Shares of Tk 10 each 200,000 200,000

Issued, subscribed and fully paid - up

Issued for cash
350 Shares of Tk 10 each in 1974 4 4
4,943,949 Shares of Tk 10 each as rights issue 49,440 49,440
4,944,299 49,444 49,444
Issued for consideration other than cash
3,787,650 Shares of Tk 10 each in 1974 37,876 37,876
3,314,500 Shares of Tk 10 each as bonus issue 33,145 33,145
7,102,150 71,021 71,021
12,046,449 120,465 120,465

3 Reserves
Revaluation Reserve
Opening balance 4,831 4,831
Adjustment made on account of disposal of revalued assets - -
Closing balance 4,831 4,831

The balance represents surplus arising from the revaluation of fixed assets carried out in 1978

Capital reserve
Opening balance 166 166
Adjustment for the year - -
Closing balance 166 166

This is the balance of surplus of assets over liabilities as at 28 February 1974 after the issue of shares
there against

1 Jan to 30 Sep 1 Jan to 30 Sep

2020 2019
4 EPS, NAV per share & NOCFPS
Profit for the period 458,396 522,716
Profit from continuing operations 396,222 515,558
Net asset value 1,411,778 1,128,825
Net cash from operating activities 539,677 743,523

Number of outstanding share 12,046,449 12,046,449

Earnings per share (EPS) basic and diluted (for the company) 38.05 43.39
Earnings per share (EPS) basic and diluted (for continuing operation) 32.89 42.80
Net Asset Value (NAV) per share 117.19 93.71
Net Operating Cash Flow Per Share (NOCFPS) 44.80 61.72
5 Reconciliation of Net Operating Cash Flow
Profit after tax 458,396 522,716
Income tax expense 186,071 223,652
Finance Income/Expense (144,361) (114,539)
Profit before interest and taxes 500,106 631,830
Adjustment for:
Depreciation and amortization 13,714 17,192
(Gain)/Loss on sale of fixed assets 10,887 (8,958)
Actuarial Loss - (9,512)
Deferred Tax Asset - (3,170)

Net cash flow before changes in working capital 524,707 627,381

Changes in:
Inventory (181,843) 18,761
Trade and other receivables 131,101 221,656
Trade and other payables (83,144) (164,023)
(133,886) 76,394

Cash generated from operating activities 390,821 703,776

Interest Received 198,321 53,774

Income tax paid (49,465) (14,027)
148,856 39,747

Net cash generated by operating activities 539,677 743,523

6 Current tax liabilities 30-Sep-20 31-Dec-19

Opening Balance (17,335) (46,254)

Provision made during the period 176,683 48,547
Profit before interest and taxes 159,348 2,293
Advance tax paid during the period (49,465) (19,628)
Closing Balance 109,883 (17,335)

6.a Reconciliation of current tax expense 30-Sep-20 30-Sep-19

Profit before tax from continued operation 582,292 739,210
Loss from discontinued operation (Pharmaceuticals) (5,413) (92,162)
Profit from discontinued operation (OHC) 67,587 99,321
Profit before tax 644,467 746,369

Estimated non-deductible and others 62,266 (1,640,977)

Adjusted profit before tax 706,732 (894,608)
Income tax expense as applicable for the period 176,683 (223,652)
7 Deferred tax Assets 30-Sep-20 31-Dec-19
Carrying value of Property, Plant & Equipment 81,718 114,735
Provision for pension fund - 142
Tax Base of Property, Plant & Equipment 205,971 263,998
Taxable/ (Deductible) temporary difference (124,253) (149,121)
Actuarial gain/ (loss) recognized in other comprehensive income - (12,683)

Deferred tax at the end of the period 31,063 40,451

Deferred tax at the beginning of the year 40,451 150,625
Deferred tax expense/ (income) recognized in profit or loss 9,388 110,174

8 Advances, deposits and prepayments 30-Sep-20 31-Dec-19

Non-current portion
Long term Loan to employees 8,818 -
8,818 -
Current Portion
Long term Loan to employees 2,785 -
Advances 30,496 5,274
Deposits 1,953 21,194
Pre-payments 6,465 2,368
41,698 28,836

9 Explanations for significant deviations:

9.1 Other expense includes one-off amount of BDT 12M due to obsolete ERP system write-off post
integration with Unilever

9.2 Finance income increased by BDT 29.8M resulting from better interest rates on FDR.

9.3 Oral Health Care business has been classified as discontinued operation post integration with
Unilever and therefore, Profit or Loss Statement have been restated for 2019's figures.

9.4 Earnings Per Share (EPS) of the Company reduced by 12.3% (38.05 in 2020 vs 43.39 in 2019). This
decline has resulted from lower sales due to COVID-19, higher inflation in raw material price,
increased custom duty on the DMI from 2020 Fiscal Budget and write-off of obsolete ERP system.

9.5 Net Asset Value (NAV) as on 30th September 2020 increased by 25% compared to 2019. This has
resulted from higher profit in Q4 2019 flowing in the closing balance of Retained Earnings as on 31
December 2019 which in turn has flown in the closing balance of Retained Earnings as on 30th
September 2020.

9.6 Net Operating Cash Flow per Share (NOCFPS) dropped by 27.4% due to 1) lower sales in 2020 and 2)
early collection from the national distributor of Pharma business during closure discussion in early
2019 (Pharma business discontinued its operation during late 2018).

Chairman Managing Director Finance Director Director Company

Secretary