Integrated

Accounting
Kathreen Aya G. Exconde
Irish Nicole Principe
Company
Profile
Unilever Philippines

2
About Us

• Unilever Philippines, Inc.

•Philippine subsidiary of Dutch multinational
company, Unilever.
• based in Bonifacio Global City in Taguig since
2016.
• a manufacturer of laundry detergents and
soaps, shampoos and hair conditioners,
toothpastes, deodorants, skin care products,
household cleaners, and toilet soaps with an
annual sales of over 40 billion pesos.
•employs over 1,000 people nationally. It is the
largest polluter in the Philippines.
•Unilever Philippines serves as part of Unilever
Group N.V.

3
Unilever Philippines Inc.
• Type: Public
• Predecessor :
 Philippine Refining Company (PRC) (1927–
1993) Unilever Philippines PRC (1993–
1997)
• Founded:
 1927; 92 years ago
• Headquarters:
 Bonifacio Global City, Taguig (since 2016),
Philippines
• Key people:
 Benjie Yap - Chairman and CEO
• Products:
 Home & Personal Care
• Food & Beverages
Revenue:
46,691,354,596
Net income: 7,509,313,003
Website: www.unilever.com.ph
4
Benjie Yap
shared
“Unilever Philippines is committed to the
Filipino people. Not only are we
optimistic about prospects for growth, but
we are also constantly on the lookout for
emerging opportunities to better serve the
market,”
5
Our Vision
to touch the lives of regular
Filipino's by providing great
value products of a high quality
standard.

• The company aims to

improve
The lifestyles of individuals and increase
their sense of wellbeing.

As well as making people look and feel

good, Unilever Philippines looks towards
the future by producing sustainable
development techniques.

It also hopes to expand its customer base

by adopting more brands, making these
brands more eco-friendly

6
Our Mission
to provide health and personal
care products, as well as food
goods, from a range of brands in
such a way to act with the
highest levels of corporate
behavior.

The company consider to be

vitally important
include
• Those of keeping the environment
clean using modern production and
transport processes, and investing in
science and technology to develop
new products as well as more efficient
development processes.

7
Corporate Structure
Responsible for ensuring adequate support for product innovation in the firm’s global
business
Organizational structure
• defines the arrangement and systems
used to build and interconnect various
organizational components, such as
offices and teams
• adapts to changes in the consumer goods
industry and global market.
Competitive Service
• At present,
• maintains a structure that addresses
corporate needs in terms of managing
product types across the world
• that suitably supports diversified global
operations.
8
The Unilever Sustainable Living Plan
Embedding sustainability

Improving Health & Well-being

• Health & hygiene
• Improving nutrition

Reducing Environmental Impact

• Greenhouse gases
• Water use
• Waste & packaging
• Sustainable sourcing
Enhancing Livelihoods
• Fairness in the workplace
• Opportunities for women
• Inclusive business
9
Our Product and Logo
Some of its largest selling brands

Axe
Dove
Knorr
Surf
Rexona
Sunsilk
Vaseline
magnum

10
11
 Procter &
Gamble
ESIDENCES
Philippines, Inc.
P & G ’s f i r s t i n t e r n a t i o n a l
presence in the Far East
History
Credits to youtube
 About Us
Procter & Gamble Philippines, Inc.

• manufactures and distributes

consumer packaged goods such
as beauty and personal care
products in Philippines.
• founded in 1920 and is based in
Makati, the Philippines. Procter
& Gamble Philippines, Inc.
operates as a subsidiary of The
Procter & Gamble Company.
•

Add a footer 14
 FR
About Us
HISTORY
• P&G started operations in the
Philippines over 80 years ago,
and P&G Philippines is now the
third oldest P&G subsidiary
globally
• all started in 1908, when two
American ex-troopers set up a
partnership under the name
Manila Refining Company,
which manufactured candle
and soap products.
• In 1935, P&G expanded its
international presence with the
acquisition of PMC, making
P&G Philippines the Company’s
first operations in the Far East,
and the second oldest P&G
subsidiary in the world, outside
of North America

Add a footer 15
 FR
Our Vision
Be, and be recognized as, the best
consumer products and services
company in the world. ”
Procter & Gamble Company
sees itself Competitive Service
• Be the best consumer • emphasis is on maintaining
products and services an effective global reach.
company • Procter & Gamble already
• Be recognized as the best fulfills this part of the
consumer products and corporate vision by
services company maintaining significant shares
• Global market operations of various markets around
the world

Add a footer 16
 Our Mission FR
“ We w i l l p r o v i d e b r a n d e d p r o d u c t s a n d s e r v i c e s o f
superior quality and value that improve the lives of the
w o r l d ’s c o n s u m e r s , n o w a n d f o r g e n e r a t i o n s to c o m e .
As a result, consumers will reward us with leadership
sales, profit and value creation, allowing our people,
our shareholders and the communities in which we live
a n d w o r k t o p r o s p e r. ”
Superiority in quality and Competitive Service
value are emphasized • Prosperity of stakeholders
• Branded products and services
supports long-term business
of superior quality and value
survival. This consideration is
• Improve the lives of the world’s included in is included
consumers, now and for in Procter & Gamble’s
generations to come corporate social
• Leadership sales, profit and responsibility.
value creation
• Prosperity of people,
shareholders and communities
Add a footer 17
 FR
Products

Add a footer 18
 Corporate Social
FR
Responsibility

Add a footer 19
Financial
Statements

20
 UNILEVER NV.ADR
Annual Income Statement
For the year ended December 31, 2016-2018
2018 2017 2016
Sales/Revenue 50,982 53,715 52,713
Cost of Good Sold Including D&A 28,769 30,004 30,229
Cost of Good Sold Excluding D&A 27,230 28,466 28,765
Depreciation & Amortization Expense 1,539 1,538 1,464
Depreciation 1,539 1,538 1,464
Amortization of Intangibles 348 365 310
Gross Income 22,213 23,711 22,484
SG&A Expense 7,216 14,311 14,456
Research & Development 900 900 978
Other SG&A 6,316 13,411 13,478
EBIT 14,997 9,400 8,028
Unusual Expense 1,218 705 144
Non Operating Income/Expense -1,112 -285 -85
Non-Operating Interest Income 135 157 115
Interest Expense 604 569 572
Gross Interest Expense 604 569 572
Pretax Income 12,198 7,998 7,342
Income Tax 2,575 1,667 1,922
Income Tax - Current Domestic 2,657 2,419 1,868
Income Tax - Deferred Domestic -82 -752 54
Equity in Affiliates 185 155 127
Consolidated Net Income 9,808 6,486 5,547
Minority Interest Expense 419 433 363
Net Income 9,389 6,053 5,184
Net Income After Extraordinaries 9,389 6,053 5,184
Net Income Available to Common 9,389 6,053 5,184
EPS (Basic) 3.5 2.16 1.83
Basic Shares Outstanding 2,683 2,802 2,840
EPS (Diluted) 3.48 2.15 1.82
Diluted Shares Outstanding 2,695 2,814 2,854
EBITDA 16,536 10,938 9,492
21
EBIT 14,997 9,400 8,028
 UNILEVER NV.ADR
Balance Sheet
December 31, 2016-2018 Liabilities & Shareholders'
Equity 2018 2017 2016
Assets 2018 2017 2016 ST Debt & Current Portion LT Debt 2,960 7,705 5,275
Cash & Short Term Investments 4,104 3,810 3,773 Short Term Debt 2,947 7,694 5,266
Cash Only 3,230 3,317 3,382 Accounts Payable 9,121 8,217 8,591
Short-Term Investments 874 493 391 Income Tax Payable 1,445 1,088 844
Total Accounts Receivable 5,820 4,867 4,915 Other Current Liabilities 6,246 6,167 5,846
Accounts Receivables, Net 4,205 3,329 3,329 Miscellaneous Current Liabilities 6,246 6,167 5,846
Accounts Receivables, Gross 4,419 3,513 3,495 Total Current Liabilities 19,772 23,177 20,556
Bad Debt/Doubtful Accounts -214 -184 -166 Long-Term Debt 21,373 16,127 11,135
Other Receivables 1,615 1,538 1,586 Long-Term Debt excl. Capitalized
Inventories 4,301 3,962 4,278 21,258 16,007 11,001
Leases
Finished Goods 2,936 2,688 2,893 Non-Convertible Debt 21,258 16,007 11,001
Raw Materials 1,365 1,274 1,385 Capitalized Lease Obligations 115 120 134
Other Current Assets 1,111 4,234 918 Provision for Risks & Charges 3,299 3,646 4,900
Prepaid Expenses 693 452 - Deferred Taxes 806 828 707
Miscellaneous Current Assets 418 3,782 918 Deferred Taxes - Credit 1,923 1,913 2,061
Total Current Assets 15,336 16,873 13,884 Deferred Taxes - Debit 1,117 1,085 1,354
Net Property, Plant & Equipment 10,365 10,428 11,724 Other Liabilities 797 1,035 797
Property, Plant & Equipment - Gross 19,942 19,415 21,258 Other Liabilities (excl. Deferred
Buildings 4,603 4,462 4,307 624 550 797
Income)
Land & Improvements - - 249 Deferred Income 173 485 -
Machinery & Equipment 15,321 14,936 15,226 Total Liabilities 47,164 45,898 39,449
Construction in Progress - - 1,425 Common Equity (Total) 11,572 13,629 16,354
Other Property, Plant & Equipment 18 17 51 Common Stock Par/Carry Value 464 484 484
Accumulated Depreciation 9,577 8,987 9,534 Additional Paid-In Capital/Capital
Buildings 1,484 1,429 1,483 129 130 134
Surplus
Machinery & Equipment 8,093 7,558 8,051 Retained Earnings 26,265 26,648 23,179
Total Investments and Advances 449 565 491 Cumulative Translation
LT Investment - Affiliate Companies 54 76 87 Adjustment/Unrealized For. Exch. -4,914 -3,927 -3,034
Other Long-Term Investments 395 489 404 Gain
Long-Term Note Receivable 452 296 611 Unrealized Gain/Loss Marketable
Intangible Assets 29,493 28,401 27,433 98 - 55
Securities
Net Goodwill 17,341 16,881 17,624 Other Appropriated Reserves -221 - -300
Net Other Intangibles 12,152 11,520 9,809
Unappropriated Reserves -68 -9,706 -
Other Assets 2,244 2,637 932
Treasury Stock -10,181 - -4,164
Deferred Charges 1,846 2,289 773
Total Shareholders' Equity 11,572 13,629 16,354 22
Tangible Other Assets 398 348 159
Accumulated Minority Interest 720 758 626
Total Assets 59,456 60,285 56,429
Total Equity 12,292 14,387 16,980
 UNILEVER NV.ADR
Annual Cash Flow Statement
For the year ended December 31, 2016-2018

Operating Activities 2018 2017 2016

Net Income before Extraordinaries 9,808 6,486 5,547
Depreciation, Depletion & Amortization 1,539 1,538 1,464
Depreciation and Depletion 1,191 - 1,154
Amortization of Intangible Assets 348 - 310
Deferred Taxes & Investment Tax Credit -82 -752 54
Deferred Taxes -82 -752 54
Other Funds -3,061 380 303
Funds from Operations 8,204 7,652 7,368
Changes in Working Capital -1,187 -68 -30
Receivables -1,298 -506 142
Inventories -471 -104 190
Accounts Payable 976 542 -281
Other Assets/Liabilities -394 - -81
Net Operating Cash Flow 7,017 7,584 7,338

Investing Activities
Capital Expenditures -1,532 -1,667 -2,036
Capital Expenditures (Fixed Assets) -1,329 -1,509 -1,804
Capital Expenditures (Other Assets) -203 -158 -232
Net Assets from Acquisitions -1,336 -4,896 -1,731
Sale of Fixed Assets & Businesses 7,201 607 188
Purchase/Sale of Investments -10 -66 -35
Purchase of Investments -10 -317 -208
Sale/Maturity of Investments - 251 173
Other Uses -94 -149 -
Other Sources 151 - 135
Net Investing Cash Flow 4,380 -6,171 -3,479

Financing Activities
Cash Dividends Paid - Total -4,066 -3,916 -3,609
Common Dividends -4,066 -3,916 -3,609
Change in Capital Stock -6,277 -5,666 -257
Repurchase of Common & Preferred Stk. -6,277 -5,666 -257
Issuance/Reduction of Debt, Net -35 8,928 1,781
Change in Current Debt -4,026 2,695 268
Change in Long-Term Debt -10 -14 -35
Reduction in Long-Term Debt -10 -14 -35
Other Funds -1,170 -779 -978 23
Other Uses -1,170 -779 -978
Net Financing Cash Flow -11,548 -1,433 -3,063
24
25
 Procter &
Gamble
ESIDENCES
Philippines, Inc.
Financial
Statements
 PROCTER AND GAMBLE
Annual Income Statement
For the year ended December 31, 2016-2018
In millions

2018 2017 2016

Sales/Revenue 66,832 65,058 65,299
Cost of Goods Sold (COGS) incl. D&A 33,449 31,942 32,191
COGS excluding D&A 30,615 29,146 29,219
Depreciation & Amortization Expense 2,834 2,796 2,972
Depreciation 2,532 2,471 2,584
Amortization of Intangibles 302 325 388
Gross Income 33,383 33,116 33,108
SG&A Expense 18,601 18,559 18,521
Research & Development 1,908 1,874 1,879
Other SG&A 16,693 16,685 16,642
EBIT 14,782 14,557 14,587
Unusual Expense 1,071 665 1,042
Non Operating Income/Expense -126 -335 222
Non-Operating Interest Income 247 171 182
Interest Expense 506 471 580
Gross Interest Expense 506 471 580
Pretax Income 13,326 13,257 13,369
Income Tax 3,465 3,063 3,342
Income Tax - Current Domestic 4,178 1,772 1,897
Income Tax - Current Foreign 1,131 1,243 1,483
Income Tax - Deferred Domestic -1,989 28 33
Income Tax - Deferred Foreign 145 20 -71
Consolidated Net Income 9,861 10,194 10,027
Minority Interest Expense 111 85 96
Net Income 9,750 10,109 9,931
 PROCTER AND GAMBLE
Balance Sheet
December 31, 2016-2018
in millions
Assets 2018 2017 2016 Liabilities & Shareholders' Equity 2018 2017 2016
Cash & Short Term Investments 11,850 15,137 13,348 ST Debt & Current Portion LT Debt 10,423 13,554 11,653
Cash Only 2,569 5,569 7,102 Short Term Debt 8,651 11,878 8,893
Current Portion of Long Term Debt 1,772 1,676 2,760
Short-Term Investments 9,281 9,568 6,246 Accounts Payable 10,344 9,632 9,325
Total Accounts Receivable 4,686 4,594 4,373 Income Tax Payable 268 449 397
Accounts Receivables, Net 4,686 4,594 4,373 Other Current Liabilities 7,202 6,575 9,395
Accounts Receivables, Gross 4,686 4,594 4,373 Accrued Payroll 1,298 1,344 1,457
Miscellaneous Current Liabilities 5,904 5,231 7,938
Inventories 4,738 4,624 4,716
Finished Goods 2,815 2,787 2,965
Total Current Liabilities 28,237 30,210 30,770
Long-Term Debt 20,863 18,038 18,945
Work in Progress 588 529 563 Long-Term Debt excl. Capitalized Leases 20,778 18,000 18,916
Raw Materials 1,335 1,308 1,188 Non-Convertible Debt 20,778 18,000 18,916
Other Current Assets 2,046 2,139 11,345 Capitalized Lease Obligations 85 38 29
Provision for Risks & Charges 9,498 7,384 9,521
Miscellaneous Current Assets 2,046 2,139 11,345
Deferred Taxes 6,163 8,126 9,113
Total Current Assets 23,320 26,494 33,782 Deferred Taxes - Credit 6,163 8,126 9,113
Net Property, Plant & Equipment 20,600 19,893 19,385 Other Liabilities 666 870 804
Property, Plant & Equipment - Other Liabilities (excl. Deferred Income) 666 870 804
41,847 40,148 39,866 Total Liabilities 65,427 64,628 69,153
Gross Preferred Stock (Carrying Value) 967 1,006 1,038
Buildings 7,188 6,943 6,885 Non-Redeemable Preferred Stock 967 1,006 1,038
Land & Improvements 841 765 769 Common Equity (Total) 51,326 54,178 56,303
Machinery & Equipment 30,595 29,505 29,506 Common Stock Par/Carry Value 4,009 4,009 4,009
Additional Paid-In Capital/Capital Surplus 63,846 63,641 63,714
Construction in Progress 3,223 2,935 2,706
Retained Earnings 98,641 96,124 87,953
Accumulated Depreciation 21,247 20,255 20,481 ESOP Debt Guarantee -1,204 -1,249 -1,290
Total Investments and Advances 141 132 28 Cumulative Translation Adjustment/Unrealized
-7,272 -7,263 -7,502
Other Long-Term Investments 141 132 28 For. Exch. Gain
Unrealized Gain/Loss Marketable Securities -173 -25 34
Intangible Assets 69,077 68,886 68,877 Other Appropriated Reserves -7,304 -7,344 -8,439
Net Goodwill 45,175 44,699 44,350 Treasury Stock -99,217 -93,715 -82,176
Net Other Intangibles 23,902 24,187 24,527 Total Shareholders' Equity 52,293 55,184 57,341
Other Assets 5,172 5,001 5,064 Accumulated Minority Interest 590 594 642
Tangible Other Assets 5,172 5,001 5,064Total Equity 52,883 55,778 57,983
Total Assets 118,310 120,406 127,136 Liabilities & Shareholders' Equity 118,310 120,406 127,136
 PROCTER AND GAMBLE
Annual Cash Flow Statement
For the year ended December 31, 2016-2018
In millions
Operating Activities 2018 2017 2016
Net Income before Extraordinaries 9,861 15,411 10,604
Depreciation, Depletion & Amortization 2,834 2,796 2,972
Depreciation and Depletion 2,532 2,471 2,584
Amortization of Intangible Assets 302 325 388
Deferred Taxes & Investment Tax Credit -1,844 -601 -815
Deferred Taxes -1,844 -601 -815
Other Funds 565 -4,572 850
Funds from Operations 11,416 13,034 13,611
Changes in Working Capital 3,451 -281 1,824
Receivables -177 -322 35
Inventories -188 71 116
Accounts Payable 1,385 -149 1,285
Other Assets/Liabilities 2,431 119 388
Net Operating Cash Flow 14,867 12,753 15,435

Investing Activities
Capital Expenditures (Fixed Assets) -3,717 -3,384 -3,314
Net Assets from Acquisitions -109 -16 -329
Sale of Fixed Assets & Businesses 269 571 432
Purchase/Sale of Investments 46 -3,381 -1,368
Purchase of Investments -3,909 -4,869 -2,815
Sale/Maturity of Investments 3,955 1,488 1,447
Other Uses 0 -475 0
Net Investing Cash Flow -3,511 -6,685 -4,579

Financing Activities
Cash Dividends Paid - Total -7,310 -7,236 -7,436
Common Dividends -7,057 -6,989 -7,181
Preferred Dividends -253 -247 -255
Change in Capital Stock -5,827 -2,731 -3,062
Repurchase of Common & Preferred Stk. -7,004 -5,204 -5,734
Sale of Common & Preferred Stock 1,177 2,473 2,672
Other Proceeds from Sale of Stock 1,177 2,473 2,672
Issuance/Reduction of Debt, Net -1,238 1,399 1,285
Change in Current Debt -3,437 2,727 -418
Change in Long-Term Debt 2,199 -1,328 1,703
Issuance of Long-Term Debt 5,072 3,603 3,916
Reduction in Long-Term Debt -2,873 -4,931 -2,213
Net Financing Cash Flow -14,375 -8,568 -9,213
Financial
Statement
Analysis
Horizontal and Vertical
Analysis

30
 UNILEVER NV.ADR
Comparative Income Statement(Horizontal Analysis)
For the year ended December 31, 2016-2017
Income Tax 1,667 1,922 -255 -13.27

Increase Income Tax - Current Domestic 2,419 1,868 551 29.50

2017 2016 Percent
(Decrease) Income Tax - Deferred Domestic -752 54 -806 -1492.59
Sales/Revenue 53,715 52,713 1,002 1.90
Equity in Affiliates 155 127 28 22.05
Cost of Good Sold
30,004 30,229 -225 -0.74 Consolidated Net Income 6,486 5,547 939 16.93
Including D&A
Cost of Good Sold Minority Interest Expense 433 363 70 19.28
28,466 28,765 -299 -1.04
Excluding D&A
Depreciation & Net Income 6,053 5,184 869 16.76
1,538 1,464 74 5.05
Amortization Expense Net Income After
6,053 5,184 869 16.76
Depreciation 1,538 1,464 74 5.05 Extraordinaries
Net Income Available to
Amortization of 6,053 5,184 869 16.76
365 310 55 17.74 Common
Intangibles
EPS (Basic) 2.16 1.83 0 18.03
Gross Income 23,711 22,484 1,227 5.46
Basic Shares Outstanding 2,802 2,840 -38 -1.34
SG&A Expense 14,311 14,456 -145 -1.00
EPS (Diluted) 2.15 1.82 0 18.13
Research & Development 900 978 -78 -7.98
Diluted Shares Outstanding 2,814 2,854 -40 -1.40
Other SG&A 13,411 13,478 -67 -0.50
EBITDA 10,938 9,492 1,446 15.23
EBIT 9,400 8,028 1,372 17.09
EBIT 9,400 8,028 1,372 17.09
Unusual Expense 705 144 561 389.58
Non Operating
-285 -85 -200 235.29
Income/Expense
Non-Operating Interest
157 115 42 36.52
Income
Interest Expense 569 572 -3 -0.52
Gross Interest Expense 569 572 -3 -0.52
Pretax Income 7,998 7,342 656 8.93 31
 UNILEVER NV.ADR
Comparative Income Statement(Horizontal Analysis)
For the year ended December 31, 2017-2018
Income Tax 2,575 1,667 908 54.47

Increase Percen Income Tax - Current Domestic 2,657 2,419 238 9.84
2018 2017
(Decrease) t Income Tax - Deferred Domestic -82 -752 670 -89.10
50,98253,715 -2,733 -5.09 Equity in Affiliates 185 155 30 19.35
Sales/Revenue
Cost of Good Sold Including
28,76930,004 -1,235 -4.12 Consolidated Net Income 9,808 6,486 3,322 51.22
D&A
Cost of Good Sold Excluding Minority Interest Expense 419 433 -14 -3.23
27,23028,466 -1,236 -4.34
D&A
Net Income 9,389 6,053 3,336 55.11
Depreciation & Amortization
1,539 1,538 1 0.07 Net Income After
Expense 9,389 6,053 3,336 55.11
Extraordinaries
Depreciation 1,539 1,538 1 0.07
Net Income Available to
Amortization of Intangibles 348 365 -17 -4.66 Common 9,389 6,053 3,336 55.11

Gross Income 22,21323,711 -1,498 -6.32 EPS (Basic) 3.5 2.16 1 62.04
Basic Shares Outstanding 2,683 2,802 -119 -4.25
SG&A Expense 7,216 14,311 -7,095 -49.58
EPS (Diluted) 3.48 2.15 1 61.86
Research & Development 900 900 0 0.00
Diluted Shares Outstanding 2,695 2,814 -119 -4.23
Other SG&A 6,316 13,411 -7,095 -52.90
EBITDA 16,536 10,938 5,598 51.18
EBIT 14,997 9,400 5,597 59.54
EBIT 14,997 9,400 5,597 59.54
Unusual Expense 1,218 705 513 72.77
Non Operating
-1,112 -285 -827 290.18
Income/Expense
Non-Operating Interest
135 157 -22 -14.01
Income
Interest Expense 604 569 35 6.15
Gross Interest Expense 604 569 35 6.15
32
Pretax Income 12,198 7,998 4,200 52.51
 UNILEVER NV.ADR
Annual Income Statement

For the year ended December 31, 2016-2018

% 2018-2017 % 2017-2018
Sales/Revenue 1.90 -5.09
Cost of Good Sold Including
-0.74 -4.12
D&A Net Income After
Cost of Good Sold Excluding
-1.04 -4.34 Extraordinaries 16.76 55.11
D&A
Net Income Available to
Depreciation & Amortization
Expense
5.05 0.07 Common 16.76 55.11
Depreciation 5.05 0.07 EPS (Basic) 18.03 62.04
Amortization of Intangibles 17.74 -4.66
Gross Income 5.46 -6.32
Basic Shares Outstanding -1.34 -4.25
SG&A Expense -1.00 -49.58 EPS (Diluted) 18.13 61.86
Research & Development -7.98 0.00
Other SG&A -0.50 -52.90
Diluted Shares Outstanding -1.40 -4.23
EBIT 17.09 59.54
Unusual Expense
EBITDA 15.23 51.18
389.58 72.77
Non Operating
Income/Expense
235.29 290.18 EBIT 17.09 59.54
Non-Operating Interest Income 36.52 -14.01
Interest Expense -0.52 6.15
Gross Interest Expense -0.52 6.15
Pretax Income 8.93 52.51
Income Tax -13.27 54.47
Income Tax - Current
29.50 9.84
Domestic
Income Tax - Deferred
-1492.59 -89.10
Domestic
Equity in Affiliates 22.05 19.35
Consolidated Net Income 16.93 51.22
33
Minority Interest Expense 19.28 -3.23
Net Income 16.76 55.11
 UNILEVER NV.ADR
Comparative Balance Sheet(Horizontal Analysis)
December 31, 2016-2017

Assets 2017 2016 Increase (Decrease) Percent

Cash & Short Term
3,810 3,773 37 0.98
Investments
Cash Only 3,317 3,382 -65 -1.92

Short-Term Investments 493 391 102 26.09

Total Accounts
4,867 4,915 -48 -0.98
Receivable
Accounts Receivables, Buildings 1,429 1,483 -54 -3.64
3,329 3,329 0 0.00
Net
Accounts Receivables, Machinery &
3,513 3,495 18 0.52 7,558 8,051 -493 -6.12
Gross Equipment
Bad Debt/Doubtful
-184 -166 -18 10.84 Total Investments and
Accounts 565 491 74 15.07
Advances
Other Receivables 1,538 1,586 -48 -3.03

3,962 4,278 -316 -7.39

LT Investment -
Inventories 76 87 -11 -12.64
Affiliate Companies
Finished Goods 2,688 2,893 -205 -7.09
Other Long-Term
Raw Materials 1,274 1,385 -111 -8.01 489 404 85 21.04
Investments
Other Current Assets 4,234 918 3,316 361.22 Long-Term Note
296 611 -315 -51.55
Receivable
Prepaid Expenses 452 0 452 0.00
Miscellaneous Current
3,782 918 2,864 311.98 Intangible Assets 28,401 27,433 968 3.53
Assets
Total Current Assets 16,873 13,884 2,989 21.53 16,881 17,624 -743 -4.22
Net Goodwill
Net Property, Plant &
10,428 11,724 -1,296 -11.05
Equipment
Property, Plant & Net Other Intangibles 11,520 9,809 1,711 17.44
19,415 21,258 -1,843 -8.67
Equipment - Gross
Buildings 4,462 4,307 155 3.60 Other Assets 2,637 932 1,705 182.94
Land & Improvements 0 249 -249 -100.00
Deferred Charges 2,289 773 1,516 196.12
Machinery & Equipment 14,936 15,226 -290 -1.90

Construction in Progress 0 1,425 -1,425 -100.00 Tangible Other Assets 348 159 189 118.87
Other Property, Plant &
17 51 -34 -66.67
Equipment Total Assets 60,285 56,429 3,856 6.83
Accumulated
8,987 9,534 -547 -5.74
Depreciation 34
Liabilities &
Shareholders' Equity
ST Debt & Current
7,705 5,275 2,430 46.07
Portion LT Debt
Short Term Debt 7,694 5,266 2,428 46.11

Accounts Payable 8,217 8,591 -374 -4.35

Income Tax Payable 1,088 844 244 28.91

Other Current Common Equity
6,167 5,846 321 5.49 13,629 16,354 -2,725 -16.66
Liabilities (Total)
Miscellaneous Common Stock
6,167 5,846 321 5.49 484 484 0 0.00
Current Liabilities Par/Carry Value
Total Current Additional Paid-In
23,177 20,556 2,621 12.75
Liabilities Capital/Capital 130 134 -4 -2.99
Long-Term Debt 16,127 11,135 4,992 44.83 Surplus
Retained Earnings 26,648 23,179 3,469 14.97
Long-Term Debt
excl. Capitalized 16,007 11,001 5,006 45.50 Cumulative
Leases Translation
-3,927 -3,034 -893 29.43
Non-Convertible Adjustment/Unrealiz
16,007 11,001 5,006 45.50 ed For. Exch. Gain
Debt
Capitalized Lease Unrealized
120 134 -14 -10.45 Gain/Loss
Obligations 0 55 -55 -100.00
Provision for Risks & Marketable
3,646 4,900 -1,254 -25.59 Securities
Charges
Other Appropriated
Deferred Taxes 828 707 121 17.11 0 -300 300 -100.00
Reserves
Deferred Taxes - Unappropriated
1,913 2,061 -148 -7.18 -9,706 0 -9,706 0.00
Credit Reserves
Deferred Taxes - Treasury Stock 0 -4,164 4,164 -100.00
1,085 1,354 -269 -19.87
Debit
Total Shareholders'
13,629 16,354 -2,725 -16.66
Other Liabilities 1,035 797 238 29.86 Equity
Accumulated
Other Liabilities 758 626 132 21.09
550 797 -247 -30.99 Minority Interest
(excl. Deferred
Income) Total Equity 14,387 16,980 -2,593 -15.27
Deferred Income 485 0 485 0.00 Liabilities &
60,285 56,429 3,856 6.83
Shareholders' Equity
Total Liabilities 45,898 39,449 6,449 16.35 35
 Net Property, Plant
10,365 10,428 -63 -0.60
& Equipment
UNILEVER NV.ADR Property, Plant &
19,942 19,415 527 2.71
Comparative Balance Sheet(Horizontal Analysis) Equipment - Gross
Buildings 4,603 4,462 141 3.16
December 31, 2017-2018
Land &
0 0 0 0.00
Improvements
Increase Machinery &
Assets 2018 2017 Percent 15,321 14,936 385 2.58
(Decrease) Equipment
Cash & Short Term Construction in
4,104 3,810 294 7.72 0 0 0 0.00
Investments Progress
Cash Only 3,230 3,317 -87 -2.62 Other Property,
18 17 1 5.88
Plant & Equipment
Short-Term
874 493 381 77.28 Accumulated
Investments 9,577 8,987 590 6.57
Total Accounts Depreciation
5,820 4,867 953 19.58
Receivable Buildings 1,484 1,429 55 3.85
Accounts Machinery &
4,205 3,329 876 26.31 8,093 7,558 535 7.08
Receivables, Net
Equipment
Accounts
4,419 3,513 906 25.79 Total Investments
Receivables, Gross 449 565 -116 -20.53
Bad Debt/Doubtful and Advances
-214 -184 -30 16.30
Accounts LT Investment -
54 76 -22 -28.95
Other Receivables 1,615 1,538 77 5.01 Affiliate Companies
Other Long-Term
395 489 -94 -19.22
Inventories 4,301 3,962 339 8.56 Investments
Long-Term Note
Finished Goods 2,936 2,688 248 9.23 452 296 156 52.70
Receivable
Raw Materials 1,365 1,274 91 7.14 Intangible Assets 29,493 28,401 1,092 3.84
Net Goodwill 17,341 16,881 460 2.72
Other Current Assets 1,111 4,234 -3,123 -73.76
Net Other
12,152 11,520 632 5.49
Prepaid Expenses 693 452 241 0.00 Intangibles
Miscellaneous
Other Assets 2,244 2,637 -393 -14.90
418 3,782 -3,364 -88.95
Current Assets Deferred Charges 1,846 2,289 -443 -19.35
Total Current Assets 15,336 16,873 -1,537 -9.11 Tangible Other
398 348 50 14.37 36
Assets
Total Assets 59,456 60,285 -829 -1.38
ST Debt & Current
2,960 7,705 -4,745 -61.58
Portion LT Debt
Short Term Debt 2,947 7,694 -4,747 -61.70
Common Equity
Accounts Payable 9,121 8,217 904 11.00 11,572 13,629 -2,057 -15.09
(Total)
Common Stock
Income Tax Payable 1,445 1,088 357 32.81 464 484 -20 -4.13
Par/Carry Value
Other Current Additional Paid-In
6,246 6,167 79 1.28 Capital/Capital 129 130 -1 -0.77
Liabilities
Miscellaneous Surplus
6,246 6,167 79 1.28
Current Liabilities Retained Earnings 26,265 26,648 -383 -1.44
Total Current
19,772 23,177 -3,405 -14.69 Cumulative
Liabilities
Translation
21,373 16,127 5,246 32.53 -4,914 -3,927 -987 25.13
Long-Term Debt Adjustment/Unrealiz
Long-Term Debt ed For. Exch. Gain
excl. Capitalized 21,258 16,007 5,251 32.80 Unrealized
Leases Gain/Loss
98 0 98 0.00
Non-Convertible Marketable
21,258 16,007 5,251 32.80 Securities
Debt
Capitalized Lease Other Appropriated
115 120 -5 -4.17 -221 0 -221 0.00
Obligations Reserves
Provision for Risks &
3,299 3,646 -347 -9.52 Unappropriated
Charges -68 -9,706 9,638 -99.30
Reserves
Deferred Taxes 806 828 -22 -2.66
Treasury Stock -10,181 0 -10,181 0.00
Deferred Taxes -
1,923 1,913 10 0.52 Total Shareholders'
Credit 11,572 13,629 -2,057 -15.09
Deferred Taxes - Equity
1,117 1,085 32 2.95 Accumulated
Debit 720 758 -38 -5.01
Minority Interest
Other Liabilities 797 1,035 -238 -23.00
Total Equity 12,292 14,387 -2,095 -14.56
Other Liabilities
(excl. Deferred 624 550 74 13.45 Liabilities &
59,456 60,285 -829 -1.38
Income) Shareholders' Equity
Deferred Income 173 485 -312 -64.33 37
Total Liabilities 47,164 45,898 1,266 2.76
 UNILEVER NV.ADR
Balance Sheet(Vertical Analysis)
December 31, 2016-2018
Net Property, Plant &
10,365 17.43 10,428 17.30 11,724 20.78
Equipment
Percen Percen Percen Property, Plant &
19,942 33.54 19,415 32.21 21,258 37.67
Assets 2018 2017 2016 Equipment - Gross
t t t
Cash & Short Term Buildings 4,603 7.74 4,462 7.40 4,307 7.63
4,104 6.90 3,810 6.32 3,773 6.69
Investments Land & Improvements 0 0.00 0 0.00 249 0.44
Cash Only 3,230 5.43 3,317 5.50 3,382 5.99 Machinery & Equipment 15,321 25.77 14,936 24.78 15,226 26.98
Short-Term Construction in Progress 0 0.00 0 0.00 1,425 2.53
874 1.47 493 0.82 391 0.69
Investments Other Property, Plant &
18 0.03 17 0.03 51 0.09
Total Accounts Equipment
5,820 9.79 4,867 8.07 4,915 8.71
Receivable Accumulated
9,577 16.11 8,987 14.91 9,534 16.90
Accounts Receivables, Depreciation
4,205 7.07 3,329 5.52 3,329 5.90
Net Buildings 1,484 2.50 1,429 2.37 1,483 2.63
Accounts Receivables,
4,419 7.43 3,513 5.83 3,495 6.19 Machinery & Equipment 8,093 13.61 7,558 12.54 8,051 14.27
Gross
Bad Debt/Doubtful Total Investments and
-214 -0.36 -184 -0.31 -166 -0.29 449 0.76 565 0.94 491 0.87
Accounts Advances
LT Investment - Affiliate
Other Receivables 1,615 2.72 1,538 2.55 1,586 2.81 54 0.09 76 0.13 87 0.15
Companies
Other Long-Term
Inventories 4,301 7.23 3,962 6.57 4,278 7.58 395 0.66 489 0.81 404 0.72
Investments
Long-Term Note
Finished Goods 2,936 4.94 2,688 4.46 2,893 5.13 452 0.76 296 0.49 611 1.08
Receivable
Intangible Assets 29,493 49.60 28,401 47.11 27,433 48.62
Raw Materials 1,365 2.30 1,274 2.11 1,385 2.45
Net Goodwill 17,341 29.17 16,881 28.00 17,624 31.23
Other Current Assets 1,111 1.87 4,234 7.02 918 1.63 Net Other Intangibles 12,152 20.44 11,520 19.11 9,809 17.38
Other Assets 2,244 3.77 2,637 4.37 932 1.65
Prepaid Expenses 693 1.17 452 0.75 0 0.00
Deferred Charges 1,846 3.10 2,289 3.80 773 1.37
Miscellaneous Current
418 0.70 3,782 6.27 918 1.63 Tangible Other Assets 398 0.67 348 0.58 159 0.28
Assets
Total Current Assets 15,336 25.79 16,873 27.99 13,884 24.60 Total Assets 59,456 100.00 60,285 100.00 56,429 100.00
38
Liabilities & Shareholders'
Equityv 2018 Percent 2017 Percent 2016 Percent
ST Debt & Current
2,960 4.98 7,705 12.78 5,275 9.35
Portion LT Debt

Short Term Debt 2,947 4.96 7,694 12.76 5,266 9.33

Accounts Payable 9,121 15.34 8,217 13.63 8,591 15.22

Income Tax Payable 1,445 2.43 1,088 1.80 844 1.50

Other Current
6,246 10.51 6,167 10.23 5,846 10.36
Liabilities
Common Equity
Miscellaneous 11,572 19.46 13,629 22.61 16,354 28.98
6,246 10.51 6,167 10.23 5,846 10.36 (Total)
Current Liabilities
Common Stock
464 0.78 484 0.80 484 0.86
Total Current Par/Carry Value
19,772 33.25 23,177 38.45 20,556 36.43 Additional Paid-In
Liabilities
Capital/Capital 129 0.22 130 0.22 134 0.24
Long-Term Debt 21,373 35.95 16,127 26.75 11,135 19.73 Surplus
Retained Earnings 26,265 44.18 26,648 44.20 23,179 41.08
Long-Term Debt
excl. Capitalized 21,258 35.75 16,007 26.55 11,001 19.50 Cumulative
Leases Translation
-4,914 -8.26 -3,927 -6.51 -3,034 -5.38
Non-Convertible Adjustment/Unrealiz
21,258 35.75 16,007 26.55 11,001 19.50 ed For. Exch. Gain
Debt
Unrealized Gain/Loss
Capitalized Lease Marketable 98 0.16 0 0.00 55 0.10
115 0.19 120 0.20 134 0.24
Obligations Securities
Provision for Risks & Other Appropriated
3,299 5.55 3,646 6.05 4,900 8.68 -221 -0.37 0 0.00 -300 -0.53
Charges Reserves
Unappropriated
-68 -0.11 -9,706 -16.10 0 0.00
Deferred Taxes 806 1.36 828 1.37 707 1.25 Reserves
Treasury Stock -10,181 -17.12 0 0.00 -4,164 -7.38
Deferred Taxes -
1,923 3.23 1,913 3.17 2,061 3.65 Total Shareholders'
Credit 11,572 19.46 13,629 22.61 16,354 28.98
Equity
Deferred Taxes - Accumulated
1,117 1.88 1,085 1.80 1,354 2.40 720 1.21 758 1.26 626 1.11
Debit Minority Interest
Total Equity 12,292 20.67 14,387 23.86 16,980 30.09
Other Liabilities 797 1.34 1,035 1.72 797 1.41
Liabilities &
Other Liabilities 59,456 100 60,285 100 56,429 100
Shareholders' Equity
(excl. Deferred 624 1.05 550 0.91 797 1.41
Income)

Deferred Income 173 0.29 485 0.80 0 0.00

Total Liabilities 47,164 79.33 45,898 76.14 39,449 69.91

39
 UNILEVER NV.ADR
Annual Income Statement(Vertical Analysis)
For the year ended December 31, 2016-2018

Percen Percen
2018 2017 Percent 2016
t t
50,98
100 53,715 100 52,713 100
Sales/Revenue 2 Perce Percen Perce
Cost of Good Sold Including 28,76 2018 2017 2016
56.43 30,004 55.86 30,229 57.35 nt t nt
D&A 9 Income Tax 2,575 5.05 1,667 3.10 1,922 3.65
Cost of Good Sold Excluding 27,23
53.41 28,466 52.99 28,765 54.57 Income Tax - Current
D&A 0 2,657 5.21 2,419 4.50 1,868 3.54
Domestic
Depreciation & Amortization
1,539 3.02 1,538 2.86 1,464 2.78 Income Tax - Deferred
Expense -82 -0.16 -752 -1.40 54 0.10
Domestic
Depreciation 1,539 3.02 1,538 2.86 1,464 2.78 Equity in Affiliates 185 0.36 155 0.29 127 0.24
Amortization of Intangibles 348 0.68 365 0.68 310 0.59 Consolidated Net Income 9,80819.24 6,486 12.07 5,54710.52
22,21
Gross Income 43.57 23,711 44.14 22,484 42.65 Minority Interest Expense 419 0.82 433 0.81 363 0.69
3
Net Income 9,38918.42 6,053 11.27 5,184 9.83
SG&A Expense 7,216 14.15 14,311 26.64 14,456 27.42 Net Income After
9,38918.42 6,053 11.27 5,184 9.83
Research & Development 900 1.77 900 1.68 978 1.86 Extraordinaries
Net Income Available to
Other SG&A 6,316 12.39 13,411 24.97 13,478 25.57 Common 9,38918.42 6,053 11.27 5,184 9.83
14,99
EBIT 29.42 9,400 17.50 8,028 15.23 EPS (Basic) 3.5 0.01 2.16 0.00 1.83 0.00
7
Basic Shares Outstanding 2,683 5.26 2,802 5.22 2,840 5.39
Unusual Expense 1,218 2.39 705 1.31 144 0.27
EPS (Diluted) 3.48 0.01 2.15 0.00 1.82 0.00
Non Operating
-1,112 -2.18 -285 -0.53 -85 -0.16 Diluted Shares 2,695 5.29 2,814 5.24 2,854 5.41
Income/Expense Outstanding
Non-Operating Interest 16,53
135 0.26 157 0.29 115 0.22 EBITDA 32.43 10,938 20.36 9,49218.01
Income 6
Interest Expense 604 1.18 569 1.06 572 1.09 14,99
EBIT 29.42 9,400 17.50 8,02815.23
Gross Interest Expense 604 1.18 569 1.06 572 1.09 7
40
12,19
Pretax Income 23.93 7,998 14.89 7,342 13.93
 Procter &
Gamble
ESIDENCES
Philippines, Inc.
Horizontal &
Vertical Analysis
 PROCTER AND GAMBLE
Comparative Income Statement(Horizontal Analysis)
For the year ended December 31, 2016-2017
In millions
2017 2016 Increase (Decrease) Percent
Sales/Revenue 65,058 65,299 -241 -0.37
Cost of Goods Sold (COGS) incl. D&A 31,942 32,191 -249 -0.77
COGS excluding D&A 29,146 29,219 -73 -0.25
Depreciation & Amortization Expense 2,796 2,972 -176 -5.92
Depreciation 2,471 2,584 -113 -4.37
Amortization of Intangibles 325 388 -63 -16.24
Gross Income 33,116 33,108 8 0.02
SG&A Expense 18,559 18,521 38 0.21
Research & Development 1,874 1,879 -5 -0.27
Other SG&A 16,685 16,642 43 0.26
EBIT 14,557 14,587 -30 -0.21
Unusual Expense 665 1,042 -377 -36.18
Non Operating Income/Expense -335 222 -557 -250.90
Non-Operating Interest Income 171 182 -11 -6.04
Interest Expense 471 580 -109 -18.79
Gross Interest Expense 471 580 -109 -18.79
Pretax Income 13,257 13,369 -112 -0.84
Income Tax 3,063 3,342 -279 -8.35
Income Tax - Current Domestic 1,772 1,897 -125 -6.59
Income Tax - Current Foreign 1,243 1,483 -240 -16.18
Income Tax - Deferred Domestic 28 33 -5 -15.15
Income Tax - Deferred Foreign 20 -71 91 -128.17
Consolidated Net Income 10,194 10,027 167 1.67
Minority Interest Expense 85 96 -11 -11.46
Net Income 10,109 9,931 178 1.79
 PROCTER & GAMBLE
Comparative Income Statement(Horizontal Analysis)
For the year ended December 31, 2017-2018
in millions
2018 2017 Increase (Decrease) Percent
Sales/Revenue 66,832 65,058 1,774 2.73
Cost of Goods Sold (COGS) incl. D&A 33,449 31,942
1,507 4.72
COGS excluding D&A 30,615 29,146 1,469 5.04
Depreciation & Amortization Expense 2,834 2,796
38 1.36
Depreciation 2,532 2,471 61 2.47
Amortization of Intangibles 302 325 -23 -7.08
Gross Income 33,383 33,116 267 0.81
SG&A Expense 18,601 18,559 42 0.23
Research & Development 1,908 1,874 34 1.81
Other SG&A 16,693 16,685 8 0.05
EBIT 14,782 14,557 225 1.55
Unusual Expense 1,071 665 406 61.05
Non Operating Income/Expense -126 -335 209 -62.39
Non-Operating Interest Income 247 171 76 44.44
Interest Expense 506 471 35 7.43
Gross Interest Expense 506 471 35 7.43
Pretax Income 13,326 13,257 69 0.52
Income Tax 3,465 3,063 402 13.12
Income Tax - Current Domestic 4,178 1,772 2,406 135.78
Income Tax - Current Foreign 1,131 1,243 -112 -9.01
Income Tax - Deferred Domestic -1,989 28 -2,017 -7203.57
Income Tax - Deferred Foreign 145 20 125 625.00
Consolidated Net Income 9,861 10,194 -333 -3.27
Minority Interest Expense 111 85 26 30.59
Net Income 9,750 10,109 -359 -3.55
 PROCTER AND GAMBLE
Comparative Income Statement(Vertical Analysis)
For the year ended December 31, 2016-2018
in millions
2018 Percent 2017 Percent 2016 Percent
Sales/Revenue 66,832 100 65,058 100 65,299 100
Cost of Goods Sold (COGS) incl. D&A 33,449 50.05 31,942 49.10 32,191 49.30
COGS excluding D&A 30,615 45.81 29,146 44.80 29,219 44.75
Depreciation & Amortization Expense 2,834 4.24 2,796 4.30 2,972 4.55
Depreciation 2,532 3.79 2,471 3.80 2,584 3.96
Amortization of Intangibles 302 0.45 325 0.50 388 0.59
Gross Income 33,383 49.95 33,116 50.90 33,108 50.70
SG&A Expense 18,601 27.83 18,559 28.53 18,521 28.36
Research & Development 1,908 2.85 1,874 2.88 1,879 2.88
Other SG&A 16,693 24.98 16,685 25.65 16,642 25.49
EBIT 14,782 22.12 14,557 22.38 14,587 22.34
Unusual Expense 1,071 1.60 665 1.02 1,042 0.16
Non Operating Income/Expense -126 -0.19 -335 -0.51 222 0.34
Non-Operating Interest Income 247 0.37 171 0.26 182 0.28
Interest Expense 506 0.76 471 0.72 580 0.89
Gross Interest Expense 506 0.76 471 0.72 580 0.89
Pretax Income 13,326 19.94 13,257 20.38 13,369 20.47
Income Tax 3,465 5.18 3,063 4.71 3,342 5.12
Income Tax - Current Domestic 4,178 6.25 1,772 2.72 1,897 2.91
Income Tax - Current Foreign 1,131 1.69 1,243 1.91 1,483 2.27
Income Tax - Deferred Domestic -1,989 -5.95 28 0.04 33 0.05
Income Tax - Deferred Foreign 145 0.22 20 0.03 -71 -0.11
Consolidated Net Income 9,861 14.75 10,194 15.67 10,027 15.36
Minority Interest Expense 111 0.17 85 0.13 96 0.15
Net Income 9,750 14.59 10,109 15.54 9,931 15.21
 PROCTER AND GAMBLE
Comparative Balance Sheet(Horizontal Analysis)
December 31, 2016-2017
In millions
Increase Liabilities & Shareholders' Equity
2017 2016 Increase (Decrease) Percent
Assets 2017 2016 Percent
(Decrease)
ST Debt & Current Portion LT Debt 13,554 11,653 1,901 16.31
Cash & Short Term Investments 15,137 13,348 1,789 13.40 Short Term Debt 11,878 8,893 2,985 33.57
Cash Only 5,569 7,102 -1,533 -21.59 Current Portion of Long Term Debt 1,676 2,760 -1,084 -39.28
Short-Term Investments 9,568 6,246 3,322 53.19 Accounts Payable 9,632 9,325 307 3.29
Income Tax Payable 449 397 52 13.10
Total Accounts Receivable 4,594 4,373 221 5.05 Other Current Liabilities 6,575 9,395 -2,820 -30.02
Accounts Receivables, Net 4,594 4,373 221 5.05 Accrued Payroll 1,344 1,457 -113 -7.76
Miscellaneous Current Liabilities 5,231 7,938 -2,707 -34.10
Accounts Receivables, Gross 4,594 4,373 221 5.05
Total Current Liabilities 30,210 30,770 -560 -1.82
Inventories 4,624 4,716 -92 -1.95
Long-Term Debt 18,038 18,945 -907 -4.79
Finished Goods 2,787 2,965 -178 -6.00 Long-Term Debt excl. Capitalized Leases
18,000 18,916 -916 -4.84
Work in Progress 529 563 -34 -6.04
Non-Convertible Debt 18,000 18,916 -916 -4.84
Raw Materials 1,308 1,188 120 10.10 Capitalized Lease Obligations 38 29 9 31.03
Other Current Assets 2,139 11,345 -9,206 -81.15 Provision for Risks & Charges 7,384 9,521 -2,137 -22.45
Deferred Taxes 8,126 9,113 -987 -10.83
Miscellaneous Current Assets 2,139 11,345 -9,206 -81.15 Deferred Taxes - Credit 8,126 9,113 -987 -10.83
Total Current Assets 26,494 33,782 -7,288 -21.57 Other Liabilities 870 804 66 8.21
Other Liabilities (excl. Deferred Income)
Net Property, Plant & Equipment 19,893 19,385 508 2.62 870 804 66 8.21
Property, Plant & Equipment - 40,148 39,866 282 0.71 Total Liabilities 64,628 69,153 -4,525 -6.54
Gross Preferred Stock (Carrying Value) 1,006 1,038 -32 -3.08
Non-Redeemable Preferred Stock 1,006 1,038 -32 -3.08
Buildings 6,943 6,885 58 0.84
Common Equity (Total) 54,178 56,303 -2,125 -3.77
Land & Improvements 765 769 -4 -0.52 Common Stock Par/Carry Value 4,009 4,009 0 0.00
Machinery & Equipment 29,505 29,506 -1 0.00 Additional Paid-In Capital/Capital Surplus
63,641 63,714 -73 -0.11
Construction in Progress 2,935 2,706 229 8.46 Retained Earnings 96,124 87,953 8,171 9.29
Accumulated Depreciation 20,255 20,481 -226 -1.10 ESOP Debt Guarantee -1,249 -1,290 41 -3.18
Cumulative Translation
Total Investments and Advances 132 28 104 371.43 Adjustment/Unrealized For. Exch. Gain -7,263 -7,502 239 -3.19
Other Long-Term Investments 132 28 104 371.43
Unrealized Gain/Loss Marketable Securities
Intangible Assets 68,886 68,877 9 0.01 -7,344 -8,439 1,095 -12.98

Net Goodwill 44,699 44,350 349 0.79 Other Appropriated Reserves -93,715 -82,176 -11,539 14.04
Common Equity / Total Assets 55,184 57,341 -2,157 -3.76
Net Other Intangibles 24,187 24,527 -340 -1.39 Total Shareholders' Equity / Total Assets
594 642 -48 -7.48
Other Assets 5,001 5,064 -63 -1.24
Accumulated Minority Interest 55,778 57,983 -2,205 -3.80
Tangible Other Assets 5,001 5,064 -63 -1.24
Total Equity 120,406 127,136 -6,730 -5.29
Total Assets 120,406 127,136 -6,730 -5.29 Liabilities & Shareholders' Equity
120,406 127,136 -6,730 -5.29
 PROCTER AND GAMBLE
Comparative Balance Sheet(Horizontal Analysis)
December 31, 2017-2018
In millions
Assets 2018 2017 Increase (Decrease) Percent Liabilities & Shareholders' Equity 2018 2017 Increase (Decrease) Percent
ST Debt & Current Portion LT Debt 10,423 13,554 -3,131 -23.10
Cash & Short Term Investments 11,850 15,137 -3,287 -21.72
Short Term Debt 8,651 11,878 -3,227 -27.17
Cash Only 2,569 5,569 -3,000 -53.87 Current Portion of Long Term Debt 1,772 1,676 96 5.73
Short-Term Investments 9,281 9,568 -287 -3.00 Accounts Payable 10,344 9,632 712 7.39
Total Accounts Receivable 4,686 4,594 92 2.00 Income Tax Payable 268 449 -181 -40.31

Accounts Receivables, Net Other Current Liabilities 7,202 6,575 627 9.54
4,686 4,594 92 2.00
Accrued Payroll 1,298 1,344 -46 -3.42
Accounts Receivables, Gross 4,686 4,594 92 2.00
Miscellaneous Current Liabilities 5,904 5,231 673 12.87
Inventories 4,738 4,624 114 2.47 Total Current Liabilities 28,237 30,210 -1,973 -6.53
Finished Goods 2,815 2,787 28 1.00 Long-Term Debt 20,863 18,038 2,825 15.66
Work in Progress 588 529 59 11.15 Long-Term Debt excl. Capitalized Leases 20,778 18,000 2,778 15.43

Raw Materials Non-Convertible Debt 20,778 18,000 2,778 15.43

1,335 1,308 27 2.06
Capitalized Lease Obligations 85 38 47 123.68
Other Current Assets 2,046 2,139 -93 -4.35
Provision for Risks & Charges 9,498 7,384 2,114 28.63
Miscellaneous Current Assets 2,046 2,139 -93 -4.35 Deferred Taxes 6,163 8,126 -1,963 -24.16
Total Current Assets 23,320 26,494 -3,174 -11.98 Deferred Taxes - Credit 6,163 8,126 -1,963 -24.16

Net Property, Plant & Equipment Other Liabilities 666 870 -204 -23.45
20,600 19,893 707 3.55
Other Liabilities (excl. Deferred Income) 666 870 -204 -23.45
Property, Plant & Equipment - Gross 41,847 40,148 1,699 4.23
Total Liabilities 65,427 64,628 799 1.24
Buildings 7,188 6,943 245 3.53 Preferred Stock (Carrying Value) 967 1,006 -39 -3.88
Land & Improvements 841 765 76 9.93 Non-Redeemable Preferred Stock 967 1,006 -39 -3.88
Machinery & Equipment Common Equity (Total) 51,326 54,178 -2,852 -5.26
30,595 29,505 1,090 3.69
Common Stock Par/Carry Value 4,009 4,009 0 0.00
Construction in Progress 3,223 2,935 288 9.81
Additional Paid-In Capital/Capital Surplus 63,846 63,641 205 0.32
Accumulated Depreciation 21,247 20,255 992 4.90
Retained Earnings 98,641 96,124 2,517 2.62
Total Investments and Advances 141 132 9 6.82 ESOP Debt Guarantee -1,204 -1,249 45 -3.60
Other Long-Term Investments 141 132 9 6.82 Cumulative Translation Adjustment/Unrealized -7,272 -7,263 -9 0.12
For. Exch. Gain
Intangible Assets 69,077 68,886 191 0.28
Unrealized Gain/Loss Marketable Securities -173 -25 -148 592.00
Net Goodwill 45,175 44,699 476 1.06
Other Appropriated Reserves -7,304 -7,344 40 -0.54
Net Other Intangibles 23,902 24,187 -285 -1.18 Treasury Stock -99,217 -93,715 -5,502 5.87
Other Assets 5,172 5,001 171 3.42 Total Shareholders' Equity 52,293 55,184 -2,891 -5.24
Tangible Other Assets Accumulated Minority Interest 590 594 -4 -0.67
5,172 5,001 171 3.42
Total Equity 52,883 55,778 -2,895 -5.19
Total Assets 118,310 120,406 -2,096 -1.74 Liabilities & Shareholders' Equity 118,310 120,406 -2,096 -1.74
 PROCTER AND GAMBLE
Comparative Balance Sheet(Vertical Analysis)
December 31, 2016-2018
In millions
Percen Liabilities & Shareholders'
Assets 2018 Percent 2017 2016 Percent Equity 2018 Percent 2017 Percent 2016 Percent
t
ST Debt & Current Portion LT Debt 10,423 8.81 13,554 11.26 11,653 9.17
Cash & Short Term 11,850 15,137 13,348
Short Term Debt 8,651 7.31 11,878 9.86 8,893 6.99
Investments 10.02 12.57 10.50
Current Portion of Long Term Debt 1,772 1.50 1,676 1.39 2,760 2.17
Cash Only 2,569 2.17 5,569 4.63 7,102 5.59 Accounts Payable 10,344 8.74 9,632 8.00 9,325 7.33
Short-Term Investments 9,281 7.84 9,568 7.95 6,246 4.91 Income Tax Payable 268 0.23 449 0.37 397 0.31
Total Accounts 4,686 4,594 4,373 Other Current Liabilities 7,202 6.09 6,575 5.46 9,395 7.39
Receivable 3.96 3.82 3.44 Accrued Payroll 1,298 1.10 1,344 1.12 1,457 1.15
Accounts Receivables, 4,686 4,594 4,373 Miscellaneous Current Liabilities 5,904 4.99 5,231 4.34 7,938 6.24
Net 3.96 3.82 3.44 Total Current Liabilities 28,237 23.87 30,210 25.09 30,770 24.20
Accounts Receivables, 4,686 4,594 4,373 Long-Term Debt 20,863 17.63 18,038 14.98 18,945 14.90
Gross 3.96 3.82 3.44 Long-Term Debt excl. Capitalized
Inventories 4,738 4,624 4,716 20,778 17.56 18,000 14.95 18,916 14.88
4.00 3.84 3.71 Leases
Non-Convertible Debt 20,778 17.56 18,000 14.95 18,916 14.88
Finished Goods 2,815 2.38 2,787 2.31 2,965 2.33
Capitalized Lease Obligations 85 0.07 38 0.03 29 0.02
Work in Progress 588 0.50 529 0.44 563 0.44 Provision for Risks & Charges 9,498 8.03 7,384 6.13 9,521 7.49
Raw Materials 1,335 1.13 1,308 1.09 1,188 0.93 Deferred Taxes 6,163 5.21 8,126 6.75 9,113 7.17
Other Current Assets 2,046 1.73 2,139 1.78 11,345 8.92 Deferred Taxes - Credit 6,163 5.21 8,126 6.75 9,113 7.17
Miscellaneous Current 2,046 2,139 11,345 Other Liabilities 666 0.56 870 0.72 804 0.63
Assets 1.73 1.78 8.92 Other Liabilities (excl. Deferred
666 0.56 870 0.72 804 0.63
Income)
Total Current Assets 23,320 19.71 26,494 22.00 33,782 26.57 Total Liabilities 65,427 55.30 64,628 53.68 69,153 54.39
Net Property, Plant & 20,600 19,893 19,385 Preferred Stock (Carrying Value)
Equipment 17.41 16.52 15.25 967 0.82 1,006 0.84 1,038 0.82
Property, Plant & 41,847 40,148 39,866 Non-Redeemable Preferred Stock 967 0.82 1,006 0.84 1,038 0.82
Equipment - Gross 35.37 33.34 31.36 Common Equity (Total) 51,326 43.38 54,178 45.00 56,303 44.29
Buildings 7,188 6,943 6,885 Common Stock Par/Carry Value 4,009 3.39 4,009 3.33 4,009 3.15
6.08 5.77 5.42
Additional Paid-In Capital/Capital
Land & Improvements 841 0.71 765 0.64 769 0.60 63,846 53.97 63,641 52.86 63,714 50.11
Surplus
Machinery & Equipment 30,595 25.86 29,505 24.50 29,506 23.21 Retained Earnings 98,641 83.38 96,124 79.83 87,953 69.18
Construction in Progress 3,223 2,935 2,706 ESOP Debt Guarantee -1,204 -1.02 -1,249 -1.04 -1,290 -1.01
2.72 2.44 2.13
Cumulative Translation
Accumulated 21,247 20,255 20,481 Adjustment/Unrealized For. Exch. -7,272 -6.15 -7,263 -6.03 -7,502 -5.90
Depreciation 17.96 16.82 16.11 Gain
Total Investments and 141 132 28 Unrealized Gain/Loss Marketable
-173 -0.15 -25 -0.02 34 0.03
Advances 0.12 0.11 0.02 Securities
Other Appropriated Reserves -7,304 -6.17 -7,344 -6.10 -8,439 -6.64
Other Long-Term 141 132 28
Treasury Stock -99,217 -83.86 -93,715 -77.83 -82,176 -64.64
Investments 0.12 0.11 0.02
Total Shareholders' Equity
Ratio
Analysis
Analysis and
Recommendation

48
 RATIO ANALYSIS RATIO ANALYSIS RATIO ANALYSIS
SPREADSHEET 2018 SPREADSHEET 2017 SPREADSHEET 2016

BALANCE SHEET RATIOS: BALANCE SHEET RATIOS: BALANCE SHEET RATIOS:

Stability (Staying Power) Stability (Staying Power) Stability (Staying Power)
1 Current 1 Current 1 Current
Current $ Current $ Current $
Assets 15,336.00 Assets 16,873.00 Assets 13,884.00
0.78 0.73 0.60
Current $ Current $ Current $
Liabilities 19,772.00 Liabilities 23,177.00 Liabilities 23,177.00
2 Quick 2 Quick 2 Quick
Cash + Accts. $ Cash + Accts. $ Cash + Accts. $
Rec. 11,035.00 Rec. 12,911.00 Rec. 9,606.00
0.52 0.56 0.47
Current $ Current $ Current $
Liabilities 21,258.00 Liabilities 23,177.00 Liabilities 20,556.00
3 Debt-to-Worth 3 Debt-to-Worth 3 Debt-to-Worth
Total $ Total $ Total $
47,164.00
Liabilities 23,177.00
Liabilities 47,164.00
Liabilities
0.79 0.38 0.79
$ $ $
Net Worth 59,456.00 Net Worth 60,285.00 Net Worth 59,456.00

INCOME STATEMENT RATIOS: INCOME STATEMENT RATIOS: INCOME STATEMENT RATIOS:

Profitability Profitability Profitability
(Earning Power) (Earning Power) (Earning Power)
4 Gross Margin 4 Gross Margin 4 Gross Margin
$ $ $
Gross Profit 22,213.00 Gross Profit 23,711.00 Gross Profit 22,484.00
0.44 0.44 0.43
$ $ $
Sales 50,982.00 Sales 53,715.00 Sales 52,713.00
5 Net Margin 5 Net Margin 5 Net Margin
$ $ $
Net Profit Net Profit Net Profit
12,198.00 7,998.00 7,342.00
Before Tax 0.24 Before Tax 0.15 Before Tax 0.14
$ $ $ 49
Sales 50,982.00 Sales 53,715.00 Sales 52,713.00
ASSET MANAGEMENT RATIOS: ASSET MANAGEMENT RATIOS: ASSET MANAGEMENT RATIOS:
Overall Efficiency Ratios Overall Efficiency Ratios Overall Efficiency Ratios
6 Sales-to-Assets 6 Sales-to-Assets 6 Sales-to-Assets
Sales $ 50,982.00 Sales $ 53,715.00 Sales $ 52,713.00
0.86 0.89 0.93
Total Assets $ 59,456.00 Total Assets $ 60,285.00 Total Assets $ 56,429.00

7 Return on Assets 7 Return on Assets 7 Return on Assets

Net Profit Before $ 12,198.00 Net Profit Before $ 7,998.00 Net Profit Before $ 7,342.00
Tax 0.21 Tax 0.13 Tax 0.13
Total Assets $ 59,456.00 Total Assets $ 60,285.00 Total Assets $ 56,429.00

8 Return on Investment 8 Return on Investment 8 Return on Investment

Net Profit Before $ 12,198.00 Net Profit Before $ 7,998.00 Net Profit Before $ 7,342.00
Tax 0.99 Tax 0.13 Tax 0.12
Net Worth $ 12,292.00 Net Worth $ 60,285.00 Net Worth $ 59,456.00

ASSET MANAGEMENT RATIOS: ASSET MANAGEMENT RATIOS: ASSET MANAGEMENT RATIOS:

Working Capital Cycle Ratios Working Capital Cycle Ratios Working Capital Cycle Ratios
9 Inventory Turnover 9 Inventory Turnover 9 Inventory Turnover
Cost of Goods Sold $ 27,230.00 Cost of Goods Sold $ 28,466.00 Cost of Goods Sold $ 30,229.00
6.33 7.18 7.07
Inventory $ 4,301.00 Inventory $ 3,962.00 Inventory $ 4,278.00

# Inventory Turn-Days # Inventory Turn-Days # Inventory Turn-Days

360 $ 360.00 360 $ 360.00 360 $ 360.00
56.86 50.11 50.95
Inventory Turnover $ 6.33 Inventory Turnover $ 7.18 Inventory Turnover $ 7.07

# Accounts Receivable Turnover # Accounts Receivable Turnover # Accounts Receivable Turnover

Sales $ 50,982.00 Sales $ 53,715.00 Sales $ 52,713.00
8.76 11.04 10.72
Accounts $ 5,820.00 Accounts $ 4,867.00 Accounts $ 4,915.00
Receivable Receivable Receivable
# Accounts Receivable Turn-Days # Accounts Receivable Turn-Days # Accounts Receivable Turn-Days
360 $ 360.00 360 $ 360.00 360 $ 360.00
41.10 32.62 33.57
Accts. Rec. $ 8.76 Accts. Rec. $ 11.04 Accts. Rec. $ 10.72
Turnover Turnover Turnover
# Accounts Payable Turnover # Accounts Payable Turnover # Accounts Payable Turnover
Cost of Goods Sold $ 27,230.00 Cost of Goods Sold $ 28,466.00 Cost of Goods Sold $ 30,229.00
2.99 3.46 3.52
Accounts Payable $ 9,121.00 Accounts Payable $ 8,217.00 Accounts Payable $ 8,591.00

# Average Payment Period # Average Payment Period # Average Payment Period

360 $ 360.00 360 $ 360.00 360 $ 360.00
120.59 103.92 102.31
Accts. Pay. $ 2.99 Accts. Pay. $ 3.46 Accts. Pay. $ 3.52
Turnover Turnover Turnover
50
BALANCE SHEET RATIOS: 2018 2017 2016 ASSET MANAGEMENT RATIOS: 2018 2017 2016
6 Sales-to-Assets
Sales 0.86 0.89 0.93
Total Assets
1 Current
7 Return on Assets
Current Assets 0.78 0.73 0.60 Net Profit Before Tax 0.21 0.13 0.13
Total Assets
Current Liabilities 8 Return on Investment
Net Profit Before Tax 0.21 0.13 0.12
2 Quick
Net Worth
Cash + Accts. Rec. 0.52 0.56 0.47 ASSET MANAGEMENT RATIOS:
9 Inventory Turnover
Current Liabilities Cost of Goods Sold 6.33 7.18 7.07
Inventory
3 Debt-to-Worth
10 Inventory Turn-Days
Total Liabilities 0.79 0.38 0.79 360 56.86 50.11 50.95
Inventory Turnover
Net Worth 11 Accounts Receivable Turnover
Sales 8.76 11.04 10.72
INCOME STATEMENT RATIOS:
Accounts Receivable
4 Gross Margin 12 Accounts Receivable Turn-Days
360 41.10 32.62 33.57
Gross Profit 0.44 0.44 0.43
Accts. Rec. Turnover
Sales 13 Accounts Payable Turnover
Cost of Goods Sold 2.99 3.46 3.52
5 Net Margin Accounts Payable
14 Average Payment Period
Net Profit Before Tax 0.24 0.15 0.14
360 120.59 103.92 102.31
Sales Accts. Pay. Turnover
51
 Procter &
Gamble
ESIDENCES
Philippines, Inc.
Ratio Analysis
Liquidity Ratio FR

• Current Ratio= Current Asset 23320 = 0.83

Current Liabilities 28237

• Acid Test Ratio= (4686 + 4594) /2 =

• Cash + Marketable Securities + Accounts Receivable 49.94
Current Liabilities 3449/360

• Collection Period= Average Accounts Receivable

14419 + 9281 + 4686 = 1.01
Cost of Sales/360 28237

(4738 + 4624) /2 = 50.3

• Days to sell Inventory= Average Inventory
Cost of Sales/360 3449 / 360

Add a footer 53
 FR
Capital structure & Solvency
Ratio

• Total Debt to Equity Ratio =

Total Liabilities
65427 = 1.24
Shareholders Equity 52883

• Long term-Debt to Equity Ratio = 37190 = 0.70

Long term Liabilities 52883
Shareholders Equity

• Time Interest Earned = EBIT

Interest Expense 14782 = 29.21
506
Add a footer 54
 FR

Return on Investment
Net income + Interest Expense x (1- Tax 9750 + 506 x (1-30%) = 0.03
• Return on Asset = Rate)
118310 + 120406 /2
Average Total Asset

9750 = 0.18
• Return on Common Equity = Net income 52883 + 55778 /2
Shareholders Equity

33383 = 0.50
• Gross Profit Margin = Gross Profit 66832
Sales
9750 = 0.15
• Net Profit Margin = Net Income 66832
Sales

55
Asset Utilization FR
• Cash Turnover = Sales 9750 = 0.56
Average Cash 14419 + 20706 /2
• Accounts Receivable Turnover = Sales
Average Accounts Receivable
9750 = 2.10
4686 + 4594 /2
• Inventory Turnover = Sales
Average Inventory 33449 = 7.15
4738 + 4624 /2
• Working Capital Turnover = Sales
Working Capital 9750 = -2.26
• Property Plant and Equipment -4917 + - 3716 /2
Turnover = Sales 9750 = 0.48
Average Property, Plant &
70600+ 19893 /2
Equipment
• Total Asset Turnover =
Sales 9750 = 0.08
Average Total Asset 118310 + 120406 /2

56
RECOMMENDATION
& CONCLUSION
Unilever Corporation
Procter & Gamble
Corporation
 Comparative Balance Sheet(Horizontal Analysis)
Unilever P&G Unilever P&G
Assets % 2018-2017 % 2017-2016
Cash & Short Term Investments 7.72 -21.72 0.98 13.40
Cash Only -2.62 -53.87 -1.92 -21.59
Short-Term Investments 77.28 -3.00 26.09 53.19
Total Accounts Receivable 19.58 2.00 -0.98 5.05
Accounts Receivables, Net 26.31 2.00 0.00 5.05
Accounts Receivables, Gross 25.79 2.00 0.52 5.05
Inventories 8.56 2.47 -7.39 -1.95
Finished Goods 9.23 1.00 -7.09 -6.00
Raw Materials 7.14 11.15 -8.01 10.10
Other Current Assets -73.76 2.06 361.22 -81.15
Miscellaneous Current Assets -88.95 -4.35 311.98 -81.15
Total Current Assets -9.11 -11.98 21.53 -21.57
Net Property, Plant & Equipment -0.60 3.55 -11.05 -311.04
Property, Plant & Equipment - Gross 2.71 4.23 -8.67 0.71
Buildings 3.16 3.53 3.60 0.84
Land & Improvements 0.00 9.93 -100.00 -0.52
Machinery & Equipment 2.58 3.69 -1.90 0.00
Construction in Progress 0.00 9.81 -100.00 8.46
Accumulated Depreciation 6.57 4.90 -5.74 -1.10
Other Long-Term Investments -19.22 0.28 21.04 371.43
Intangible Assets 3.84 0.28 3.53 0.01
Net Goodwill 2.72 1.06 -4.22 0.79
Net Other Intangibles 5.49 -1.18 17.44 -1.39
Other Assets -14.90 3.42 182.94 -1.24
Tangible Other Assets 14.37 3.42 118.87 -1.24
Total Assets -1.38 -1.74 6.83 -5.29
Liabilities & Shareholders' Equity
ST Debt & Current Portion LT Debt -61.58 -23.10 46.07 -23.10
Short Term Debt -61.70 -27.17 46.11 -27.17
Accounts Payable 11.00 7.39 -4.35 -58.89
Income Tax Payable 32.81 -40.31 28.91 -71.72
Other Current Liabilities 1.28 9.54 5.49 57.58
Miscellaneous Current Liabilities 1.28 12.87 5.49 -34.10
Total Current Liabilities -14.69 -6.53 12.75 -1.82
Long-Term Debt 32.53 15.66 44.83 -4.79
Long-Term Debt excl. Capitalized Leases 32.80 15.43 45.50 -4.84
Non-Convertible Debt 32.80 15.43 45.50 -4.84
Capitalized Lease Obligations -4.17 123.68 -10.45 -8.45
Deferred Taxes -2.66 -24.16 17.11 -70.85
Deferred Taxes - Credit 0.52 -24.16 -7.18 29.73
Other Liabilities -23.00 -23.45 29.86 8.21
Other Liabilities (excl. Deferred Income) 13.45 -23.45 -30.99 8.21
Total Liabilities 2.76 1.24 16.35 -6.54
Common Equity (Total) -15.09 -5.26 -16.66 -3.77
Additional Paid-In Capital/Capital Surplus -0.77 0.32 -2.99 0.00
Retained Earnings -1.44 2.62 14.97 -0.11
Cumulative Translation Adjustment/Unrealized
25.13 0.12 29.43 9.29
For. Exch. Gain
Other Appropriated Reserves 0.00 -0.54 -100.00 14.04
Total Shareholders' Equity -15.09 -5.24 -16.66 -7.48
Accumulated Minority Interest -5.01 -0.67 21.09 -3.80
Total Equity -14.56 -5.19 -15.27 -5.29
Liabilities & Shareholders' Equity -1.38 -1.74 6.83 -5.29
 Annual Income Statement
Horizontal Analysis
2018-2017 2017-2016
Unilever P&G Unilever P&G
Sales/Revenue -5.09 2.73 1.90 -0.37
Cost of Goods Sold (COGS) incl. D&A
-4.12 4.72 -0.74 -0.77
COGS excluding D&A -4.34 5.04 -1.04 -0.25
Depreciation & Amortization Expense
0.07 1.36 5.05 -5.92
Depreciation 0.07 2.47 5.05 -4.37
Amortization of Intangibles -4.66 -7.08 17.74 -16.24
Gross Income -6.32 0.81 5.46 0.02
SG&A Expense -49.58 0.23 -1.00 0.21
Research & Development 0.00 1.81 -7.98 -0.27
Other SG&A -52.90 0.05 -0.50 0.26
EBIT 59.54 1.55 17.09 -0.21
Unusual Expense 72.77 61.05 389.58 -36.18
Non Operating Income/Expense 290.18 -62.39 235.29 -250.90
Non-Operating Interest Income -14.01 44.44 36.52 -6.04
Interest Expense 6.15 7.43 -0.52 -18.79
Gross Interest Expense 6.15 7.43 -0.52 -18.79
Pretax Income 52.51 0.52 8.93 -0.84
Income Tax 54.47 13.12 -13.27 -8.35
Income Tax - Current Domestic 9.84 135.78 29.50 -6.59
Consolidated Net Income 51.22 -3.27 16.93 1.67
Minority Interest Expense -3.23 30.59 19.28 -11.46
Net Income 55.11 -3.55 16.76 1.79
Net Income Available to Common 55.11 -2.66 16.76 -0.88
EPS (Basic) 62.04 -34.35 18.03 51.49
Basic Shares Outstanding -4.25 -2.66 -1.34 -3.74
EPS (Diluted) 61.86 -34.35 18.13 51.49
Diluted Shares Outstanding -4.23 -3.03 -1.40 -3.66
EBITDA 51.18 1.52 15.23 -1.17
EBIT 59.54 1.55 17.09 -0.21
Vertical
Analysis
 Comparative Balance Sheet(Vertical Analysis)
Unilever P&G Unilever P&G Unilever P&G
Assets 2018 2017 2016
Cash & Short Term Investments 6.90 10.02 6.32 12.6 6.69 10.50
Cash Only 5.43 2.17 5.50 4.63 5.99 5.59
Short-Term Investments 1.47 7.84 0.82 7.95 0.69 4.91
Total Accounts Receivable 9.79 3.96 8.07 3.82 8.21 3.44
Accounts Receivables, Net 7.07 3.96 5.52 3.82 5.90 3.44
Accounts Receivables, Gross 7.43 3.96 5.83 3.82 6.19 3.44
Inventories 7.23 4.00 6.57 3.84 7.58 3.71
Finished Goods 4.94 2.38 4.46 2.31 5.13 2.33
Raw Materials 2.30 1.13 2.11 1.09 2.45 0.93
Other Current Assets 1.87 1.73 7.02 1.78 1.63 8.92
Miscellaneous Current Assets 0.70 1.73 6.27 1.78 1.63 8.92
Total Current Assets 25.79 19.71 27.99 22.00 24.60 26.57
Net Property, Plant & Equipment 1.17 17.41 17.30 16.52 20.78 15.25
Property, Plant & Equipment - Gross 17.43 35.37 32.21 33.34 37.67 31.36
Buildings 7.74 6.08 7.40 5.77 7.63 5.42
Land & Improvements 0.00 0.71 0.00 0.64 0.44 0.60
Machinery & Equipment 25.77 25.86 24.78 24.50 26.96 23.21
Construction in Progress 0.00 2.72 0.00 2.44 2.53 2.13
Accumulated Depreciation 16.11 17.96 14.91 16.82 16.90 16.11
Total Investments and Advances 0.76 0.12 0.94 0.11 0.87 0.02
Other Long-Term Investments 0.66 0.12 0.81 0.11 0.72 0.02
Intangible Assets 49.60 58.39 47.11 57.21 48.62 54.18
Net Goodwill 29.17 38.18 28.00 37.12 31.23 34.88
Net Other Intangibles 20.44 20.20 19.11 20.09 17.38 19.29
Other Assets 3.77 4.37 4.37 4.15 1.65 3.98
Tangible Other Assets 0.67 4.37 0.58 4.15 0.28 3.98
Total Assets 100.00 100.00 100.00 100.00 100.00 100.00
 Unilever P&G Unilever P&G Unilever P&G
Liabilities & Shareholders' Equity 2018 2017 2016
ST Debt & Current Portion LT Debt 4.98 8.81 12.78 11.26 9.35 9.17
Short Term Debt 4.96 7.31 12.78 9.86 9.33 6.99
Accounts Payable 15.34 8.74 13.63 8.00 15.22 7.33
Income Tax Payable 2.43 0.23 1.80 0.37 1.50 0.31
Other Current Liabilities 10.51 6.09 10.23 5.46 10.36 7.39
Miscellaneous Current Liabilities 10.51 4.99 10.23 4.34 10.36 6.24
Total Current Liabilities 33.25 23.87 38.45 25.09 36.43 24.20
Long-Term Debt 35.96 17.63 26.75 14.98 19.73 14.90

Long-Term Debt excl. Capitalized Leases 35.75 17.56 26.55 14.95 19.50 14.88
Capitalized Lease Obligations 0.19 0.07 0.2 0.03 0.24 0.02
Provision for Risks & Charges 5.55 8.03 6.50 6.13 8.68 7.49
Deferred Taxes 1.36 5.21 1.37 6.75 1.25 7.17
Other Liabilities 13.34 0.56 1.72 0.72 1.41 0.63
Total Liabilities 79.33 79.33 76.14 53.68 69.91 54.39
Common Equity (Total) 19.46 43.38 22.61 45.00 28.98 44.29
Common Stock Par/Carry Value 0.78 3.39 0.80 3.33 0.86 3.15

Additional Paid-In Capital/Capital Surplus 0.22 53.97 0.22 52.86 0.24 50.11
Retained Earnings 44.18 83.38 44.20 79.83 41.08 69.18
Unrealized Gain/Loss Marketable
0.16 -0.15 0.00 -0.02 0.10 0.03
Securities
Other Appropriated Reserves -0.37 -6.17 0.00 -6.10 -0.53 -6.64
Treasury Stock -17.12 -83.86 0.00 -77.83 -7.38 -64.64
Total Shareholders' Equity 19.46 44.20 22.61 45.83 28.98 45.10
Accumulated Minority Interest 1.21 0.50 1.26 0.49 1.11 0.50
Total Equity 20.67 44.70 23.86 46.32 30.09 45.61
Liabilities & Shareholders' Equity 100.00 100.00 100.00 100.00 100.00 100.00
 Comparative Income Statement(Vertical Analysis)
Unilever P&G Unilever P&G Unilever P&G
2018 2017 2016
Sales/Revenue 100.00 100.00 100.00 100.00 100.00 100.00
Cost of Goods Sold (COGS) incl. D&A 56.43 50.05 55.56 49.10 57.35 49.30
COGS excluding D&A 53.41 45.81 52.99 44.80 54.57 44.75
Depreciation & Amortization Expense 3.02 4.24 2.86 4.30 2.78 4.55
Amortization of Intangibles 0.68 0.45 0.68 0.50 0.59 0.59
Gross Income 43.57 49.95 44.14 50.90 42.65 50.70
SG&A Expense 14.15 27.83 26.64 28.53 27.42 28.36
Research & Development 1.77 2.85 1.68 2.88 1.86 2.88
Other SG&A 12.39 24.98 24.97 25.65 25.57 25.49
EBIT 29.42 22.12 17.5 22.38 15.23 22.34
Unusual Expense 2.39 1.60 1.31 1.02 0.27 0.16
Non Operating Income/Expense -2.18 -0.19 -0.53 -0.51 -0.16 0.34
Non-Operating Interest Income 0.26 0.37 0.29 0.26 0.22 0.28
Interest Expense 1.18 0.76 1.06 0.72 1.09 0.89
Pretax Income 23.93 19.94 14.89 20.38 13.93 20.47
Income Tax 5.05 5.18 3.1 4.71 3.65 5.12
Income Tax - Current Domestic 5.21 6.25 4.5 2.72 3.54 2.91
Income Tax - Deferred Domestic -0.16 -5.95 -1.4 0.04 0.1 0.05
Consolidated Net Income 19.24 14.75 12.07 15.67 10.52 15.36
Minority Interest Expense 0.82 0.17 0.81 0.13 0.69 0.15
Net Income 18.42 14.59 11.27 15.54 9.83 15.21
Basic Shares Outstanding 5.26 3.78 5.22 3.99 5.39 4.13
Diluted Shares Outstanding 5.29 3.98 5.24 4.21 5.41 4.36
EBITDA 32.43 26.36 20.36 26.67 18.01 26.89
EBIT 29.42 22.12 17.5 22.38 15.23 22.34
Ratio Analysis
BALANCE SHEET RATIOS: Unilever P&G ASSET MANAGEMENT RATIOS: Unilever FR
P&G

6 Sales-to-Assets
Sales 0.86 0.50
1 Current
Total Assets
Current Assets 0.78 0.83
Current Liabilities 7 Return on Assets
Net Profit Before Tax 0.21 0.03
2 Quick
Total Assets
Cash + Accts. Rec. 0.52 1.01
8 Return on Investment
Current Liabilities
Net Profit Before Tax 0.21 0.18
Net Worth
3 Debt-to-Worth
Total Liabilities 0.79 1.24 ASSET MANAGEMENT RATIOS:
Net Worth 9 Inventory Turn-Days
360 56.86 50.38
INCOME STATEMENT RATIOS:
Inventory Turnover

4 Gross Margin 10 Accounts Receivable Turn-Days

Gross Profit 0.44 0.50 360 41.10 49.94
Sales Accts. Rec. Turnover
5 Net Margin
Net Profit Before Tax 0.24 0.15
Sales
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Conclusion
&
Recommendation
Unilever &
P&G Corporation
 FR
Income Statement (Robinsons Retail Holdings Inc. & Puregold Price
Club Inc.)

• P&G is weak in controlling its operating expenses accounting for a 1.36% share of sales
compared to Unilever’s minimal 0.07% spending to operating expenses.

• P&G’s 4.72% cost of goods sold is high.

• Unilever’s net income (55.11%) is higher than Robinsons net income (4.32%)

Recommendation
• P&G’s management must find ways on how to reduce its operating expenses.
• Much effort must be given to reduce the cost of production of P&G.
Conclusion
• Interpreting the data, we could say that in overall, Unilever performs better than
P&G. Unilever is more efficient in controlling its cost of production, thereby,
reporting a higher gross profit rate.

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Statement of Financial Position (Unilever Corporation &
Procter & Gamble Company) FR
Accounts Change Opinion Why?
Cash and Short-term Decrease(Both) Favourable Cash increments on top of
Investments the optimum cash balance
would be an excess cash,
an idle resource and
would generate a
business return

Accounts Receivable Increase(Both) Unfavourable Would mean investments

are extended through a
credit line, increase in the
occurrence of
uncollectible accounts

Inventories Increase(Both) Unfavourable • An increase in inventory

indicates an amount
released from inventory
investment which could
not be used to generate
earnings.

Accounts Payable Increase(Both) Favourable An increase in accounts

payable means more
resources entrusted by
suppliers to the business
Liquidity Ratios
FR
Capital Structure
• Current Ratio: • Total Debt to Equity Ratio:
• Unilever: 0.78:1 • Unilever: 0.79:1
• P&G: 0.83:1 • P&G: 1.24:1
• Acid Test Ratio:
• Robinsons:0.52:1  The Debt to Equity Ratio indicates the
• Puregold: 1.01:1 portion of funds provided by long-term
creditors in comparison to the owners. In
 The Short term financial position of both Unilever it is only 0.79 and in P&G it is
the company is unsatisfactory because 1.24. It shows that the long-term
the current ratios and acid test ratio are solvency is satisfactory at P&G while
less than the ideal ratio of 1. Unilever has unsatisfactory.

Profitability Ratios
• Gross Margin:
• Unilever: 44%  The Gross Profit Ratio of P&G is greater than Unilever
• P&G: 50% of 6% which reflects an increase in sales price of goods
• Profit Margin: sold.
• Unilever: 24%  The Profit Margin of Unilever has increased by 9%
• P&G: 15% than P&G which indicates an improvement in the
• Return on Equity: profitability of the firm.
• Unilever: 21%  The Return on Equity has also increased by 3% that
• P&G: 18% indicates the shareholder’s funds are being utilized
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Thank You. Godbless!

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