FUNMAN
4 years ago
Rating Action: Moody's affirms Unilever's A1 rating; stable outlook
30 Nov 2020
Milan, November 30, 2020 -- Moody's Investors Service ("Moody's") has today affirmed the A1 long-term issuer rating of Unilever PLC ("Unilever"), as well as the A1 senior unsecured ratings of its subsidiaries, the (P)A1 senior unsecured rating and (P)A2 subordinated rating of the MTN and shelf programmes issued by Unilever and Unilever Capital Corporation ("UCC", A1 stable) and the short-term Prime-1 (P-1) ratings for Commercial Paper issued by Unilever and UCC. The outlook on all ratings is stable. Concurrently the agency has withdrawn all the ratings on Unilever N.V.
The withdrawal of the ratings of Unilever N.V. follows the completion of the unification of the group's corporate structure, as announced by the company on 2 November, 2020 [1]. Effective November 29, Unilever N.V. has been merged into UK-based Unilever PLC, which is now the sole parent of the group. Please refer to the Moody's Investors Service Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com.
"The affirmation of the ratings reflects our view that Unilever will maintain its current financial profile, supported by its solid and predictable cash flow generation derived from its large scale and diversified business profile," says Lorenzo Re, a Moody's Vice President - Senior Analyst and lead analyst for Unilever.
A full list of affected ratings is provided at the end of the press release.
RATINGS RATIONALE
The affirmation of Unilever's A1 rating reflects the group's solid business profile, underpinned by its leading market positions, broad geographical diversification and extensive portfolio of brands. Moody's expects that the company will maintain this strong business profile, despite the challenges caused by the coronavirus pandemic, the weak economic conditions and foreign currency volatility.
The lockdown measures caused by the pandemic will continue to hurt demand for some of the company's products which have a high exposure to out-of-home consumption, but will boost other product categories related to home care and at-home eating. The overall impact is likely to remain modest, although Moody's expects that organic sales growth will slow down to between 1% and 2% in 2020 from 2.9% in 2019 and will remain modest at 2.0%-2.5% per year from 2021.
However, the group's exposure to emerging markets and to moves in foreign-currency exchange rates will add some earnings volatility and limit operating profit growth this year.
Moody's expects Unilever to maintain solid cash flow generation with funds from operations remaining stable at around €8.0 billion in 2020 and improving towards €9.0 billion in the next 24 months. As a result, Moody's expects Unilever's gross debt to EBITDA to remain broadly unchanged in 2020, at 2.7x-2.8x, and to gradually improve towards 2.5x after 2021, and funds from operations (FFO)/net debt to remain between 30%-35% in the next 24 months, which is within the thresholds for the A1 rating.
The rating reflects Unilever's prudent financial policy, including the commitment to maintain at least an A2 rating and the company's 2x net debt/underlying EBITDA maximum leverage target. The shareholder distribution policy is also consistent with the leverage target, with dividend growth reflecting profit growth, while large share buybacks are event driven, that is, aimed at distributing proceeds from asset disposals.
With regards to the corporate unification process completed in November 2020, Moody's views it as credit neutral as it has no implications for the company's credit quality nor for bondholders, which will continue to benefit from a pari passu ranking.
LIQUIDITY
Unilever's liquidity is strong, underpinned by cash and cash equivalents of €4.9 billion and short term financial investments of €1.1 billion as of June 2020, and €7 billion equivalent ($8.0 billion) availability under bilateral committed revolving credit facilities with a 364-day term out options (no lenders' consent needed), that are renewed every year. In addition, the company issued $1 billion of new bonds in September 2020. The debt maturities in the next 12 months (€4.8 billion as of June 2020) are well covered by the available cash and alternative sources of liquidity. Moody's expects the company to continue to post positive free cash flow generation (before M&A and exceptional shareholders' distributions) of €1.6 billion - €1.7 billion in 2021.
Unilever has a well-balanced debt maturity profile, with annual maturities between €2 billion - €3 billion on average.
RATIONALE FOR STABLE OUTLOOK
The stable rating outlook reflects Moody's expectation that Unilever will maintain its sound and predictable cash flow generation, underpinned by a strong brand portfolio and wide geographical diversification. Moody's expects its credit metrics to remain within the thresholds for the A1 rating, with FFO/net debt hovering around 35%.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Positive rating pressure could result if Unilever continues to improve its margins and its Moody's adjusted FFO/net debt rises towards 45%.
Negative rating pressure could build up if Unilever's FFO/net debt declines to below 30% and its Moody's-adjusted EBIT margin remains at or below 16% on a sustained basis. A deviation from the current financial policy that targets a net debt/underlying EBITDA of 2x, could also exert negative pressure on the rating.
LIST OF AFFECTED RATINGS
..Issuer: Bestfoods
Affirmation:
....Backed Senior Unsecured Regular Bond/Debenture, Affirmed A1
Outlook Action:
....Outlook, Remains Stable
..Issuer: Unilever Capital Corporation
Affirmations:
....Backed Commercial Paper, Affirmed P-1
....Backed Subordinate Shelf, Affirmed (P)A2
....Backed Senior Unsecured Shelf, Affirmed (P)A1
....Backed Senior Unsecured Medium-Term Note Program, Affirmed (P)A1
....Backed Senior Unsecured Regular Bond/Debenture, Affirmed A1
Outlook Action:
....Outlook, Remains Stable
..Issuer: Unilever Finance Netherlands B.V.
Affirmation:
....Backed Senior Unsecured Regular Bond/Debenture, Affirmed A1
Outlook Action:
....Outlook, Remains Stable
..Issuer: Unilever PLC
Affirmations:
....Commercial Paper, Affirmed P-1
....Long-term Issuer Rating, Affirmed A1
....Backed Senior Unsecured Medium-Term Note Program, Affirmed (P)A1
....Backed Senior Unsecured Regular Bond/Debenture, Affirmed A1
Outlook Action:
....Outlook, Remains Stable
..Issuer: Unilever N.V.
Withdrawals:
....Long-term Issuer Rating, Withdrawn , previously rated A1
....Senior Unsecured Commercial Paper, Withdrawn , previously rated A1
....Senior Unsecured Commercial Paper, Withdrawn , previously rated P-1
....Backed Senior Unsecured Medium-Term Note Program, Withdrawn , previously rated (P)A1
Outlook Action:
....Outlook, Changed To Rating Withdrawn From Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Consumer Packaged Goods Methodology published in February 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1202237. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.
COMPANY PROFILE
With revenue of €52 billion and €8.7 billion operating profit in 2019, Unilever is one of the largest consumer products companies worldwide. It operates in three segments: Beauty and Personal Care, Foods and Refreshment, and Home Care. Unilever has a significant global presence, with products sold in more than 190 countries, and a strong exposure to emerging markets, which represented 60% of its revenue in 2019.
REGULATORY DISCLOSURES
For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.
For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.
The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.
These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.
Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.
Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.
REFERENCES/CITATIONS
[1] Unilever press release "Unification of Unilever's Corporate Structure -- Court Approval", November 2, 2020, published on the company's website https://www.unilever.com/Images/unification-of-unilevers-corporate-structure-court-approval_tcm244-556101_en.pdf.
Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.
Lorenzo Re
Vice President - Senior Analyst
Corporate Finance Group
Moody's Italia S.r.l
Corso di Porta Romana 68
Milan 20122
Italy
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454
Ivan Palacios
Associate Managing Director
Corporate Finance Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454
Releasing Office:
Moody's Italia S.r.l
Corso di Porta Romana 68
Milan 20122
Italy
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454
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FUNMAN
5 years ago
Unilever announces ambitious new commitments for a waste-free world
07/10/2019
Seeking Alpha noted this FANTASTIC move today ... but it's almost 90 day old news. Still, it's great to see an industry giant caring ahead of the curve.
https://seekingalpha.com/news/3504117-unilever-halve-use-new-plastic?app=1#email_link
London/Rotterdam: Unilever, owner of brands including Dove, Ben & Jerry’s, Lipton and Omo has announced ambitious new commitments to reduce its plastic waste and help create a circular economy for plastics
Unilever has confirmed that by 2025 it will:
Halve its use of virgin plastic, by reducing its absolute use of plastic packaging by more than 100,000 tonnes and accelerating its use of recycled plastic.
Help collect and process more plastic packaging than it sells
This commitment makes Unilever the first major global consumer goods company to commit to an absolute plastics reduction across its portfolio.
Unilever is already on track to achieve its existing commitments to ensure all of its plastic packaging is reusable, recyclable or compostable by 2025, and to use at least 25% recycled plastic in its packaging, also by 2025.
Alan Jope, Unilever CEO, said: “Plastic has its place, but that place is not in the environment. We can only eliminate plastic waste by acting fast and taking radical action at all points in the plastic cycle.
“Our starting point has to be design, reducing the amount of plastic we use, and then making sure that what we do use increasingly comes from recycled sources. We are also committed to ensuring all our plastic packaging is reusable, recyclable or compostable.
“This demands a fundamental rethink in our approach to our packaging and products. It requires us to introduce new and innovative packaging materials and scale up new business models, like re-use and re-fill formats, at an unprecedented speed and intensity.”
Unilever’s commitment will require the business to help collect and process around 600,000 tonnes of plastic annually by 2025. This will be delivered through investment and partnerships which improve waste management infrastructure in many of the countries in which Unilever operates.
Jope added: “Our vision is a world in which everyone works together to ensure that plastic stays in the economy and out of the environment. Our plastic is our responsibility and so we are committed to collecting back more than we sell, as part of our drive towards a circular economy. This is a daunting but exciting task which will help drive global demand for recycled plastic.”
Ellen MacArthur, Founder, Ellen MacArthur Foundation, said: "Today’s announcement by Unilever is a significant step in creating a circular economy for plastic. By eliminating unnecessary packaging through innovations such as refill, reuse, and concentrates, while increasing their use of recycled plastic, Unilever is demonstrating how businesses can move away from virgin plastics. We urge others to follow their lead, so collectively we can eliminate the plastic we don’t need, innovate, so what we do need is circulated, and ultimately build an economic system where plastic packaging never becomes waste."
Since 2017, Unilever has been transforming its approach to plastic packaging through its ‘Less, Better, No’ plastic framework.
Through Less Plastic Unilever has explored new ways of packaging and delivering products - including concentrates, such as its new Cif Eco-refill which eliminates 75% of plastic, and new refill stations for shampoo and laundry detergent rolled out across shops, universities and mobile vending in South East Asia.
Better plastic has led to pioneering innovations such as the new detectable pigment being used by Axe (Lynx) and TRESemmé , which makes black plastic recyclable, as it can now be seen and sorted by recycling plant scanners, and the Lipton ‘festival bottle’ which is made of 100% recycled plastic and is collected using a deposit scheme.
As part of No plastic, Unilever has brought to the market innovations including shampoo bars, refillable toothpaste tablets, cardboard deodorant sticks and bamboo toothbrushes. It has also signed up to the Loop platform, which is exploring new ways of delivering and collecting reusable products from consumers’ homes.
As part of today’s announcement, Unilever has posted a video on its website addressing the issue of ocean plastic and committing to play its part to ‘make the blue planet, blue again’.
Notes to Editors
Unilever’s plastic packaging footprint today is around 700,000 tonnes annually (including recent acquisitions).
The company is today making two commitments:
1) Reduce our virgin plastic packaging by 50% by 2025, with one third (more than 100,000 tonnes) coming from an absolute plastic reduction.
More than 100,000 tonnes will come from an absolute reduction as the business invests in multiple use packs (reusable and/or refillable), ‘no plastic’ solutions (alternative packaging materials or naked products) and reduces the amount of plastic in existing packs (concentration). Replacing non-recycled plastic packaging with recycled plastics will account for the remaining reduction. Unilever will measure the total tonnes of virgin plastic packaging used each year vs the total tonnes of virgin plastic packaging used in 2018. As a result of this commitment, Unilever is committing to have a virgin plastic packaging footprint of no more than 350,000 tonnes by 2025.
2) Help collect and process more plastic packaging than we sell by 2025.
Unilever’s commitment will require the business to help collect and process around 600,000 tonnes of plastic annually by 2025. This is less than our current 700,000 tonnes plastic packaging footprint because it reflects the 100,000 tonnes absolute reduction we have committed to above.
Unilever will deliver this commitment by:
i) Investment and partnerships in waste collection and processing
ii) Purchasing and using recycled plastics in its packaging
iii) Participating in extended producer responsibility schemes where Unilever directly pays for the collection of its packaging
Unilever will measure the total tonnes of plastic packaging it has helped collect and process in a year vs how much plastic packaging it has used.
Over the last five years, Unilever has collaborated with many partners to collect plastic packaging, including the United Nations Development Programme, to help segregate, collect and recycle packaging across India. In addition, it has helped to establish almost 3,000 waste banks in Indonesia, offering more than 400,000 people the opportunity to recycle their waste. In Brazil, Unilever has a long-running partnership with retailer Grupo Pão de Açúcar to help collect waste through drop-off stations.
Unilever PLC
Unilever House
100 Victoria Embankment
London EC4Y 0DY
United Kingdom
Press-Office.London@Unilever.com
Unilever NV
Weena 455
3013AL Rotterdam
www.unilever.nl
+31 (0) 10 217 4000
mediarelations.rotterdam@Unilever.com
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