FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

REPORT OF FOREIGN ISSUER

Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934

For the month of November, 2009

UNILEVER N.V.

(Translation of registrant’s name into English)

WEENA 455, 3013 AL, P.O. BOX 760, 3000 DK, ROTTERDAM, THE NETHERLANDS
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F þ      Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):                    

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):                    

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o     No þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-                    

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: 12 November, 2009

2009 HALF YEAR RESULTS

	Key Financials (unaudited, at current rates)		Half Year 2009
	Turnover (€ million)				19,963					+ 0	%
	Operating profit (€ million)				2,554					- 20	%
	Operating profit before RDIs* (€ million)				2,915					- 3	%
	Net profit (€ million)				1,636					- 31	%
	Net profit before RDIs* (€ million)				1,914					- 12	%
	Earnings per share (€)				0.53					- 33	%
	Earnings per share before RDIs* (€)				0.63					- 13	%

  * RDIs: Restructuring, disposals and other one-off items

Note: operating profit in the first half of 2008 included profits on disposal of €516 million pre-tax.

First Half Highlights

•

Underlying sales growth 4.4%, with volumes up 0.2%. Turnover in line with last year after the effects of currency movements (-0.9%) and disposals/acquisitions (-3.2%).

•

Operating margin before RDIs down by 50 bps (including 30 bps of margin dilution from disposals), in line with expectations.

•

Earnings per share before RDIs down 13%, including -6% from the pensions finance charge and -3% from a higher first half tax charge.

•

Net cash flow from operating activities €1.6 billion ahead of last year with much improved working capital.

INTERIM MANAGEMENT REPORT FOR HALF YEAR TO JUNE 2009

In the following commentary we report underlying sales growth (abbreviated to ‘USG’ or ‘growth’) at constant exchange rates, excluding the effects of acquisitions and disposals. Turnover includes the impact of exchange rates, acquisitions and disposals. Unilever uses ‘constant rate’ and ‘underlying’ measures primarily for internal performance analysis and targeting purposes. We also comment on trends in operating margins before RDIs (restructuring, disposals, and other one-off items). We may also discuss net debt, for which we provide an analysis in the notes to the financial statements. Unilever believes that such measures provide additional information for shareholders on underlying business performance trends. Such measures are not defined under IFRS and are not intended to be a substitute for GAAP measures of turnover, operating margin, profit, EPS and cash flow. Please refer also to notes 2 and 3 to the financial statements.

OPERATIONAL REVIEW

			Half Year 2009
				Turnover					USG					Volume					Price
				€ m					%					%					%
	Asia Africa CEE				7,431					8.8					1.3					7.4
	Americas				6,491					5.9					0.4					5.5
	Western Europe				6,041					(1.9	)				(1.2	)				(0.7	)
	Unilever Total				19,963					4.4					0.2					4.2
	Savoury, dressings & spreads				6,544					1.4
	Ice cream & beverages				4,132					4.5
	Personal care				5,803					4.6
	Home care & other				3,484					9.9
	Unilever Total				19,963					4.4

REGIONS

Asia Africa CEE – Half year USG +8.8%, Volume +1.3%

Underlying sales have grown in all our main developing and emerging markets and in all categories. Positive volume growth resulted from innovations and increased marketing support. Overall consumer demand in our categories continued to grow during the first half of this year, but with volumes increasing at a slower rate than in the past.

We have established a regional supply chain centre, based in Singapore, and are progressively rolling out common systems across the region. We continued to invest in our priority markets of Russia and China during the first half of 2009. We have completed a new global R&D centre in Shanghai. In Russia, we completed the acquisition of Baltimor, the market leader in ketchup, on 3 July, and we have announced the construction of a new ice cream factory to support Inmarko which has grown rapidly since its acquisition last year through the first half of 2009.

The operating margin before RDIs was up by 150 bps in the first half year.

The Americas – Half year USG +5.9%, Volume +0.4%

The region has sustained a good performance. North America grew by 2.7% in the first half year, with volumes sustained at last year’s levels despite lower foodservice sales including the exit from unbranded business. Sales in Latin America have grown at around 10% in the first half year with an improving volume trend.

The integration of the US, Canada and Caribbean businesses progressed well during the first half of 2009 and Canada moved onto the US SAP platform on 1 October. Our new Customer Insight and Innovation Centre helped generate ideas for fresh ways of growing with our customers.

The operating margin before RDIs was up by 40 bps in the first half year.

Western Europe – Half year USG -1.9%, Volume -1.2%

Markets remain very challenging. Our own business showed positive volume growth in the second quarter, with an improving trend across all key countries and benefiting from good ice cream sales in the first half of the season. Net prices were lower than last year as commodity cost pressures eased and we restored price competitiveness.

We made good progress on reducing costs. This includes rationalising the supply chain, investing in more efficient production lines, leveraging our single IT system to drive regional synergies and streamlining overheads.

The operating margin before RDIs was lower by 330 bps in the first half year reflecting high commodity costs, the depreciation of sterling, and investments to reignite volume growth.

CATEGORIES

We have grown sales in all categories in the first half year, despite the economic environment. We are seeing the benefits of rolling out innovations faster across countries and regions under our strong global brands. Consumers are looking, more than ever, for good value in the products they buy, so our innovation programme places even greater emphasis on superior functional benefits, backed up by clinical proofs and strong communication. At the same time we continued to build consumption in our categories by developing new market segments and converting users from alternative products during the first half of 2009.

Savoury, dressings and spreads – Half year USG +1.4%

In spreads and dressings, we continued during the first half of 2009 the roll-out of the successful ‘goodness of margarine’ campaign, while reducing prices to reflect the easing of edible oil prices. We are re-launching our value brands in a number of countries to compete at the lower end of the market. In savoury, Knorr has grown well in the Americas and Asia Africa CEE but sales were down in Western Europe. We have implemented comprehensive 30 day action plans to address this and have seen an improving trend, particularly in Germany during the first half of 2009. The roll-out of Knorr Stockpots throughout Europe has gone well and consumption is building during the first half of 2009. In the US we have capitalised on the move to more in-home eating with successful campaigns behind Hellmann’s mayonnaise, Ragú pasta sauces and Bertolli frozen meals. This was partly offset by lower Foodservice sales, including the exit from unbranded business. Hellmann’s new ‘double whisked’ light mayonnaise is driving good growth for the brand globally.

Ice cream and beverages – Half year USG +4.5%

The good performance in the first half has been led by strong growth in Developing and Emerging markets in both ice cream and tea. In tea we benefitted from innovations behind a portfolio of brands covering all consumer income levels. We have introduced a range of herbal infusions under our value brand in Russia and a new flavour under our value brand in Poland. Growth of our premium brand Lipton has been boosted by pyramid bags, while Lipton Linea slimming teas are building well in Europe during the first half of 2009 and have recently been launched in Russia and China. We have continued during the first half of 2009 to extend distribution for ice cream brands in Asia Africa CEE and Latin America with good results. In Western Europe we saw good growth in the second quarter, and sales were up for the half year. Magnum, with the successful ‘Temptation’ variant, and Ben & Jerry’s were particularly strong.

Personal care – Half year USG +4.6%

Growth in personal care was driven by our global innovation programme, supported by strong advertising, as well as an increased focus on value across the portfolio. Skin cleansing performed well with new functional advertising for Dove bar, the roll-out of Lux Soft Skin in Latin America and campaigns that address current heightened needs for hygiene. In North America we also introduced Dove shower gels with new technology which reverses dryness. In hair care we benefited from the launch of Lux Shine in China and Japan, continued momentum during the first half of 2009 for Clear anti-dandruff shampoo in Developing and Emerging markets and good growth for Suave, our value brand in the US. We have launched a new Dove deodorant which makes underarms look and feel hair-free for longer and a new Axe body spray fragrance. The successful Signal White Now oral care range has been extended with the introduction of a mouthwash line.

Home care and other – Half year USG +9.9%

Both laundry and household cleaning have performed very well in the first half year. Growth has come from innovation supported by strong advertising and increased promotional intensity. In laundry, we have upgraded our ‘Dirt is Good’ range in key Developing and Emerging markets and launched a version for semi-automatic machines in Brazil. In Europe we are seeing good momentum during the first half of 2009 in Small & Mighty concentrated liquids and in new ‘clear and fresh’ Surf detergents. In household cleaning Cif ‘acti-fizz’ and Domestos ’24 hour protection’ continue during the first half of 2009 to do well and we have now launched Cif in India.

ADDITIONAL COMMENTARY ON THE FINANCIAL STATEMENTS – FIRST HALF YEAR

Finance costs and tax

The cost of financing net borrowings was €244 million. This was €36 million higher than last year because of a higher average level of net debt and one-off charges this year. The interest rate on borrowings was 4.6%, slightly lower than last year.

There was a net charge of €90 million for pensions financing compared with a credit of €67 million in the first half of last year.

The effective tax rate was 29.4% and the underlying tax rate, before RDIs, was 28.5%. The underlying tax rate is expected to be lower in the second half and to be around 27% for the year as a whole. As at June 2009, our longer term guidance remains around 26%.

Joint ventures, associates and other income from non-current investments

Net profit from joint ventures and associates, together with other income from non-current investments contributed €72 million. This compares with €92 million last year which included a one-time gain on the extension of the Pepsi/Lipton joint venture for ready-to-drink tea. On an underlying basis there was an increase of €4 million.

Cash Flow

Cash flow from operating activities was €1.6 billion higher than last year in the first half. Working capital improvement has been a priority for the business and the good progress made during the first half of 2009 has largely offset the normal seasonal working capital movements.

Balance sheet

Balances at the half year include the acquisition of the TIGI hair care business. The net deficit on pensions increased from €3.4 billion at the start of the year to €3.7 billion, mainly reflecting lower corporate bond rates used to discount liabilities. Changes in the level and maturity profile of financial liabilities reflect bond issues and redemptions since the start of the year. Currency changes had significant effects on goodwill and financial liabilities.

PRINCIPAL RISK FACTORS

On pages 25 to 27 of our 2008 Report and Accounts we set out our assessment of the principal risk issues that would face the business through 2009, including global economic slowdown and changing consumer demand; competitive markets and consolidation of customers; financial risks relating to liquidity, currency, interest, pensions and taxation; exposure to developing and emerging markets; input costs, supplier and supply chain reliance; safety, sustainability and environment; restructuring and changes to the way we operate; and people and talent. In our view, the nature and potential impact of such risks remains essentially unchanged as regards our performance over the second half of 2009.

COMPETITION LAW INVESTIGATIONS

As previously reported, in June 2008 the European Commission initiated an investigation into potential competition law infringements in the European Union in relation to consumer detergents. Unilever has received a number of requests for information from the European Commission regarding the investigation and has been subject to unannounced investigations at some of its premises. No statement of objections against Unilever has been issued to date. It is too early to be able reasonably to assess the outcome or to estimate the fines which the Commission may seek to impose on Unilever as a result of this investigation, if determined against Unilever. Therefore no provision has been made. However, substantial fines can be levied as a result of European Commission investigations. Fines imposed in other sectors for violations of competition rules have amounted to hundreds of millions of euros.

Unilever is, as previously reported, involved in a number of other on-going investigations by national competition authorities within the EU in relation to potential national competition law infringements, primarily in relation to the home care and personal care sectors. It is too early to be able reasonably to assess the outcome or to estimate the fines which the authorities may seek to impose on Unilever as a result of these national investigations, if determined against Unilever. Therefore no provision has been made.

CAUTIONARY STATEMENT

This announcement may contain forward-looking statements, including ‘forward-looking statements’ within the meaning of the United States Private Securities Litigation Reform Act of 1995. Words such as ‘expects’, ‘anticipates’, ‘intends’, ‘believes’, or the negative of these terms and other similar expressions of future performance or results, including any financial objectives, and their negatives are intended to identify such forward-looking statements. These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Group. They are not historical facts, nor are they guarantees of future performance. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including, among others, competitive pricing and activities, consumption levels, costs, the ability to maintain and manage key customer relationships and supply chain sources, currency values, interest rates, the ability to integrate acquisitions and complete planned divestitures, the ability to complete planned restructuring activities, physical risks, environmental risks, the ability to manage regulatory, tax and legal matters and resolve pending matters within current estimates, legislative, fiscal and regulatory developments, political, economic and social conditions in the geographic markets where the Group operates and new or changed priorities of the Boards. Further details of potential risks and uncertainties affecting the Group are described in the Group’s filings with the London Stock Exchange, Euronext Amsterdam and the US Securities and Exchange Commission, including the Annual Report and Accounts on Form 20-F. These forward-looking statements speak only as of the date of this announcement. Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

CONDENSED INTERIM FINANCIAL STATEMENTS

INCOME STATEMENT
(unaudited)

€ million		Half Year
												Increase/
			2009				2008					(Decrease)
												Current				Constant
												rates				rates
Continuing operations:
Turnover				19,963				19,945					–	%			1	%
Operating profit				2,554				3,184					(20	)%			(20	)%
Restructuring, business disposals and other items (RDIs) (see note 3)				(361	)			181
Operating profit before RDIs				2,915				3,003					(3	)%			(4	)%
Net finance costs				(334	)			(141	)
Finance income				44				51
Finance costs				(288	)			(259	)
Pensions and similar obligations				(90	)			67
Share in net profit/(loss) of joint ventures				63				74
Share in net profit/(loss) of associates				(3	)			8
Other income from non-current investments				12				10
Profit before taxation				2,292				3,135					(27	)%			(27	)%
Taxation				(656	)			(750	)
Net profit from continuing operations				1,636				2,385					(31	)%			(31	)%
Net profit/(loss) from discontinued operations				–				–
Net profit for the period				1,636				2,385					(31	)%			(31	)%
Attributable to:
Minority interests				147				137
Shareholders’ equity				1,489				2,248					(34	)%			(34	)%
Combined earnings per share
Total operations (Euros)				0.53				0.79					(33	)%			(33	)%
Total operations – diluted (Euros)				0.52				0.77					(33	)%			(33	)%

STATEMENT OF COMPREHENSIVE INCOME
(unaudited)

	€ million		Half Year
			2009				2008
	Net profit for the period			1,636				2,385
	Other comprehensive income
	Fair value gains/(losses) on financial instruments net of tax			85				(34	)
	Actuarial gains/(losses) on pension schemes net of tax			(270	)			(126	)
	Currency retranslation gains/(losses) net of tax			142				(331	)
	Total comprehensive income for the period			1,593				1,894
	Attributable to:
	Minority interests			152				91
	Shareholders’ equity			1,441				1,803

STATEMENT OF CHANGES IN EQUITY
(unaudited)

€ million		Half Year
		2009				2008
Equity at 1 January			10,372				12,819
Total comprehensive income for the period			1,593				1,894
Dividends			(1,361	)			(1,352	)
Movement in treasury stock			18				(1,520	)
Share-based payment credit			65				54
Dividends paid to minority shareholders			(70	)			(95	)
Currency retranslation gains/(losses) net of tax			(6	)			(17	)
Other movements in equity			(33	)			(11	)
Equity at the end of the period			10,578				11,772

CASH FLOW STATEMENT
(unaudited)

€ million		Half Year
		2009				2008
Operating activities
Cash flow from operating activities			2,450				885
Income tax paid			(431	)			(481	)
Net cash flow from operating activities			2,019				404
Investing activities
Interest received			38				64
Net capital expenditure			(506	)			(491	)
Acquisitions and disposals			(365	)			403
Other investing activities			(5	)			40
Net cash flow from/(used in) investing activities			(838	)			16
Financing activities
Dividends paid on ordinary share capital			(1,302	)			(1,194	)
Interest and preference dividends paid			(258	)			(201	)
Change in financial liabilities			130				2,081
Share buy-back programme			–				(1,085	)
Other movements on treasury stock			17				(19	)
Other financing activities			(43	)			(89	)
Net cash flow from/(used in) financing activities			(1,456	)			(507	)
Net increase/(decrease) in cash and cash equivalents			(275	)			(87	)
Cash and cash equivalents at the beginning of the year			2,360				901
Effect of exchange rate changes			(176	)			(152	)
Cash and cash equivalents at the end of period			1,909				662

BALANCE SHEET
(unaudited)

		As at				As at				As at
		30 June				31 December				30 June
€ million		2009				2008				2008
Non-current assets
Goodwill			12,338				11,665				12,015
Intangible assets			4,598				4,426				4,436
Property, plant and equipment			6,261				5,957				6,045
Pension asset for funded schemes in surplus			413				425				1,857
Deferred tax assets			1,083				1,068				966
Other non-current assets			1,591				1,426				1,245
Total non-current assets			26,284				24,967				26,564
Current assets
Inventories			3,759				3,889				4,431
Trade and other current receivables			4,813				3,823				5,514
Current tax assets			167				234				241
Cash and cash equivalents			2,082				2,561				1,060
Other financial assets			334				632				259
Non-current assets held for sale			13				36				277
Total current assets			11,168				11,175				11,782
Current liabilities
Financial liabilities			(2,470	)			(4,842	)			(5,947	)
Trade payables and other current liabilities			(8,428	)			(7,824	)			(8,377	)
Current tax liabilities			(408	)			(377	)			(457	)
Provisions			(698	)			(757	)			(829	)
Liabilities associated with non-current assets held for sale			–				–				(42	)
Total current liabilities			(12,004	)			(13,800	)			(15,652	)
Net current assets/(liabilities)			(836	)			(2,625	)			(3,870	)
Total assets less current liabilities			25,448				22,342				22,694
Non-current liabilities
Financial liabilities due after one year			8,826				6,363				5,607
Non-current tax liabilities			231				189				231
Pensions and post-retirement healthcare benefits liabilities:
Funded schemes in deficit			2,052				1,820				787
Unfunded schemes			2,011				1,987				2,084
Provisions			695				646				785
Deferred tax liabilities			796				790				1,260
Other non-current liabilities			259				175				168
Total non-current liabilities			14,870				11,970				10,922
Equity
Shareholders’ equity			10,085				9,948				11,344
Minority interests			493				424				428
Total equity			10,578				10,372				11,772
Total capital employed			25,448				22,342				22,694

NOTES TO THE INTERIM FINANCIAL STATEMENTS
(unaudited)

1

ACCOUNTING INFORMATION AND POLICIES

The condensed interim financial statements are based on International Financial Reporting Standards (IFRS) as adopted by the EU and IFRS as issued by the International Accounting Standards Board. The basis of preparation is consistent with the year ended 31 December 2008, except as set out below, and is in compliance with IAS 34 ‘Interim Financial Reporting’.

The condensed financial statements are shown at current exchange rates, while percentage year-on-year changes are shown at both current and constant exchange rates to facilitate comparison. The income statement on page 6, the statements of comprehensive income and movements in equity on page 7 and the cash flow statement on page 8 are translated at rates current in each period. The balance sheet on page 9 and the analysis of net debt on page 13 are translated at period-end rates of exchange.

The financial statements attached do not constitute the full financial statements within the meaning of Section 240 of the UK Companies Act 1985 and Section 434 of the UK Companies Act 2006. Full accounts for Unilever for the year ended 31 December 2008 have been delivered to the Registrar of Companies. The auditors’ report on these accounts was unqualified and did not contain a statement under Section 237(2) or Section 237(3) of the UK Companies Act 1985.

Recent accounting developments

With effect from 1 January 2009 we have implemented IAS 1 (Revised) ‘Presentation of Financial Statements’ and IFRS 8 ‘Operating Segments’. Our reportable segments under IFRS 8 are our three geographic regions, and the Group’s chief operating decision maker is the Unilever Executive (UEx). In note 4 we provide analysis of the key measure of profit, being operating profit, which is used by UEx to assess the performance of the operating segments. There are no material sales between our operating regions. Figures for the prior year have been restated to reflect the fact that our operations in Central and Eastern Europe are now managed together with those in Asia and Africa. There has been no material change in the segmental analysis of assets since the position reported at 31 December 2008. We provide additional analysis by product area on a voluntary basis in note 5.

We are currently assessing the impact of the following revised standard or interpretation. These changes are not expected to have a material impact on the Group’s results of operations, financial position or disclosures.

•		Amendments in IFRS 3 ‘Business Combinations’ and IAS 27 ‘Consolidated and Separate Financial Statements’ (effective for annual periods beginning on or after 1 July 2009) changing and updating the existing requirements or practice on accounting for partial acquisitions, step acquisitions, acquisition-related costs, contingent consideration and transactions with non-controlling interests.
•		Amendment to IAS 17 ‘Leases’ (effective for annual periods beginning on or after 1 January 2010) removing the specific guidance on classifying land as an operating lease.
•		IFRIC 16 ‘Hedges of a Net Investment in a Foreign Operation’ (effective for annual periods beginning on or after 1 October 2009).
•		IFRIC 17 ‘Distributions of Non-cash Assets to Owners’ (effective for annual periods beginning on or after 1 July 2009).
•		IFRIC 18 ‘Transfers of Assets from Customers’ (effective for annual periods beginning on or after 1 July 2009).

2

NON-GAAP MEASURES

In our financial reporting we use certain measures that are not recognised under IFRS or other generally accepted accounting principles (GAAP). We do this because we believe that these measures are useful to investors and other users of our financial statements in helping them to understand underlying business performance. Wherever we use such measures, we make clear that these are not intended as a substitute for recognised GAAP measures. Wherever appropriate and practical, we provide reconciliations to relevant GAAP measures. The principal non-GAAP measure which we apply in our quarterly reporting is underlying sales growth, which we reconcile to changes in the GAAP measure turnover in notes 4 and 5. In note 8 we reconcile net debt to the amounts reported in our balance sheet and cash flow statement. We also comment on underlying trends in operating margin, by which we mean the movements recorded after setting aside the impact of restructuring, disposals and other one-off items, on the grounds that the incidence of these items is uneven between reporting periods.

NOTES TO THE INTERIM FINANCIAL STATEMENTS
(unaudited)

3     SIGNIFICANT ITEMS WITHIN THE INCOME STATEMENT

In our income statement reporting we recognise restructuring costs, profits and losses on business disposals and certain other one-off items, which we collectively term RDIs. We disclose on the face of our income statement the total value of such items that arise within operating profit. In our operating review by geographic segment and in note 4 we highlight the impact of these items on our operating margin. The following schedule shows the impact on net profit of RDIs arising within operating profit, together with the related tax effect, and also highlights the impact of similar one-off items arising elsewhere in the income statement.

€ million

		Half Year
		2009				2008
RDIs within operating profit:
Restructuring			(361	)			(330	)
Business disposals			–				516
Impairments and other one-off items			–				(5	)
Total RDIs within operating profit			(361	)			181
Tax effect of RDIs within operating profit:			102				(3	)
RDIs arising below operating profit:			(19	)			24
Total impact of RDIs on net profit			(278	)			202

The impact of RDIs on reported Earnings Per Share is given in note 9.

4     SEGMENTAL ANALYSIS BY GEOGRAPHY

Continuing operations – Half Year

		Asia Africa								Western
€ million		CEE				Americas				Europe				Total
Turnover
2008			7,022				6,453				6,470				19,945
2009			7,431				6,491				6,041				19,963
Change			5.8 %				0.6 %				(6.6)%				0.1 %
Impact of:
Exchange rates			(2.4)%				2.8 %				(2.9)%				(0.9)%
Acquisitions			0.7 %				0.5 %				0.3 %				0.5 %
Disposals			(1.0)%				(8.1)%				(2.3)%				(3.7)%
Underlying sales growth			8.8 %				5.9 %				(1.9)%				4.4 %
Price			7.4 %				5.5 %				(0.7)%				4.2 %
Volume			1.3 %				0.4 %				(1.2)%				0.2 %
Operating profit
2008			836				882				1,466				3,184
2009			966				883				705				2,554
Operating profit before RDIs
2008			856				949				1,198				3,003
2009			1,017				977				921				2,915
Operating margin
2008			11.9 %				13.7 %				22.7 %				16.0 %
2009			13.0 %				13.6 %				11.7 %				12.8 %
Operating margin before RDIs
2008			12.2 %				14.7 %				18.5 %				15.1 %
2009			13.7 %				15.1 %				15.2 %				14.6 %

NOTES TO THE INTERIM FINANCIAL STATEMENTS
(unaudited)

5     SEGMENTAL ANALYSIS BY PRODUCT AREA

Continuing operations – Half Year

		Savoury				Ice cream								Home care
		dressings				and				Personal				and
€ million		and spreads				beverages				care				other				Total
Turnover
2008			6,859				3,999				5,481				3,606				19,945
2009			6,544				4,132				5,803				3,484				19,963
Change			(4.6)%				3.3 %				5.9 %				(3.4)%				0.1 %
Impact of:
Exchange rates			(0.5)%				(1.5)%				0.4 %				(3.1)%				(0.9)%
Acquisitions			0.2 %				0.5 %				0.8 %				0.6 %				0.5 %
Disposals			(5.6)%				(0.1)%				0.0 %				(9.8)%				(3.7)%
Underlying sales growth			1.4 %				4.5 %				4.6 %				9.9 %				4.4 %
Operating profit
2008			1,422				586				880				296				3,184
2009			857				493				901				303				2,554
Operating margin
2008			20.7 %				14.7 %				16.1 %				8.2 %				16.0 %
2009			13.1 %				11.9 %				15.5 %				8.7 %				12.8 %

6     TAXATION

The effective tax rate for the half year was 29.4% compared with 24.6% for 2008. The tax rate is calculated by dividing the tax charge by pre-tax profit excluding the contribution of joint ventures and associates.

Tax effects of components of other comprehensive income were as follows:

€ million		Half Year 2009											Half Year 2008
						Tax												Tax
		Before				(charge)/				After				Before				(charge)/				After
		tax				credit				tax				tax				credit				tax
Fair value gains/(losses) on financial instruments net of tax			133				(48	)			85				(29	)			(5	)			(34	)
Actuarial gains/(losses) on pension schemes net of tax			(373	)			103				(270	)			(150	)			24				(126	)
Currency retranslation gains/(losses) net of tax			142				–				142				(331	)			–				(331	)
Other comprehensive income			(98	)			55				(43	)			(510	)			19				(491	)

NOTES TO THE INTERIM FINANCIAL STATEMENTS
(unaudited)

7     RECONCILIATION OF NET PROFIT TO CASH FLOW FROM OPERATING ACTIVITIES

€ million		Half Year
		2009				2008
Net profit			1,636				2,385
Taxation			656				750
Share of net profit of joint ventures/associates and other income from non-current investments			(72	)			(92	)
Net finance costs			334				141
Operating profit (continuing and discontinued operations)			2,554				3,184
Depreciation, amortisation and impairment			497				466
Changes in working capital			(260	)			(2,140	)
Pensions and similar provisions less payments			(333	)			(42	)
Restructuring and other provisions less payments			(123	)			(55	)
Elimination of (profits)/losses on disposals			(2	)			(565	)
Non-cash charge for share-based compensation			65				54
Other adjustments			52				(17	)
Cash flow from operating activities			2,450				885

8     NET DEBT

		As at				As at				As at
		30 June				31 December				30 June
€ million		2009				2008				2008
Total financial liabilities			(11,296	)			(11,205	)			(11,554	)
Financial liabilities due within one year			(2,470	)			(4,842	)			(5,947	)
Financial liabilities due after one year			(8,826	)			(6,363	)			(5,607	)
Cash and cash equivalents as per balance sheet			2,082				2,561				1,060
Cash and cash equivalents as per cash flow statement			1,909				2,360				662
Add bank overdrafts deducted therein			173				201				398
Financial assets			334				632				259
Net debt			(8,880	)			(8,012	)			(10,235	)

On 12 February 2009 we issued a bond comprising two senior notes: (a) US $750 million at 3.65% maturing in 5 years and (b) US $750 million at 4.80% maturing in 10 years. On 19 March 2009 we issued senior notes of £350 million at 4.0% maturing in December 2014. On 29 May 2009 we redeemed floating rate notes of €750 million. On 11 June 2009 we issued fixed rate notes on the Eurodollar market for US $450 million at 3.125%, maturing in 2013. On 17 June 2009 we issued senior fixed rate notes for £400 million at 4.75%, maturing in 2017.

NOTES TO THE INTERIM FINANCIAL STATEMENTS
(unaudited)

9     COMBINED EARNINGS PER SHARE

The combined earnings per share calculations are based on the average number of share units representing the combined ordinary shares of NV and PLC in issue during the period, less the average number of shares held as treasury stock.

In calculating diluted earnings per share, a number of adjustments are made to the number of shares, principally the following: (i) conversion into PLC ordinary shares in the year 2038 of shares in a group company under the arrangements for the variation of the Leverhulme Trust and (ii) the exercise of share options by employees.

Earnings per share for total operations for the six months were calculated as follows:

		2009				2008
Combined EPS – Basic		Millions of units
Average number of combined share units			2,792.4				2,828.1
		€ million
Net profit attributable to shareholders’ equity			1,489				2,248
Combined EPS (Euros)			0.53				0.79
Combined EPS – Diluted		Millions of units
Adjusted average number of combined share units			2,881.5				2,925.6
Combined EPS – diluted (Euros)			0.52				0.77
Impact of RDIs on Earnings Per Share		€ million
Total impact of RDIs on reported net profit (see note 3)			(278	)			202
Impact of RDIs on basic earnings per share (Euros)			(0.10	)			0.07

The numbers of shares included in the calculation of earnings per share is an average for the period. During the period the following movements in shares have taken place:

		Millions
Number of shares at 31 December 2008 (net of treasury stock)			2,789.1
Net movements in shares under incentive schemes			7.9
Number of shares at 30 June 2009			2,797.0

10     ACQUISITIONS AND DISPOSALS

On 2 April 2009 we announced the completion of our purchase of the global TIGI professional hair product business and its supporting advanced education academies.

On 23 June 2009 we announced that we had increased our holding in our business in Vietnam to 100%, following an agreement with Vinachem who previously owned 33.3% of the business.

On 3 July 2009 we completed the acquisition of Baltimor Holding ZAO’s sauces business in Russia. The acquisition includes ketchup, mayonnaise and tomato paste business under the Baltimor, Pomo d’Oro and Vostochniy Gourmand brands – accounting for turnover of around €70 million – and a production facility at Kolpino, near St Petersburg.

On 25 September we announced that we will acquire the personal care business of Sara Lee for €1.275 billion in cash. The transaction is subject to regulatory approval and consultation with European Works Councils and is expected to be completed during the first half of 2010.

On 7 October we announced the sale of our equity interest in JohnsonDiversey. Unilever will receive US $158 million in cash together with US $250 million in senior notes, payable in cash or in kind. The transaction is conditional on debt financing and regulatory approvals and is expected to close before the year end.

NOTES TO THE INTERIM FINANCIAL STATEMENTS
(unaudited)

11     DIVIDENDS

The Boards have declared interim dividends in respect of 2009 at the following rates which are equivalent in value at the rate of exchange applied under the terms of the Equalisation Agreement between the two companies:

Per Unilever N.V. ordinary share: € 0.2695 (2008: € 0.2600)

Per Unilever PLC ordinary share: £ 0.2422 (2008: £ 0.2055)

Per Unilever N.V. New York share: US$ 0.3950 (2008: US$ 0.3320)

Per Unilever PLC American Depositary Receipt: US$ 0.3950 (2008: US$ 0.3301)

The interim dividends have been determined in Euros and converted into equivalent Sterling and US Dollar amounts using exchange rates issued by the European Central Bank on 3 November 2009.

The interim dividends will be payable as from 16 December 2009, to shareholders registered at close of business on 20 November 2009. The shares will go ex-dividend on 18 November 2009.

US dollar checks for the interim dividend will be mailed on 15 December 2009, to holders of record at the close of business on 20 November 2009. In the case of the NV New York shares, Netherlands withholding tax will be deducted.

12     EVENTS AFTER THE BALANCE SHEET DATE

There were no material post balance sheet events other than those mentioned elsewhere in this report.

13     GUARANTOR STATEMENTS

On 18 November 2008, NV and Unilever Capital Corporation (UCC) filed a US Shelf registration, which provides for the issuance of debt securities that are unconditionally and fully guaranteed, jointly and severally, by NV, PLC and Unilever United States, Inc. (UNUS). This supersedes the previous NV and UCC US Shelf registration filed on 2 October 2000, which provides for the issuance of debt securities that are unconditionally and fully guaranteed, jointly and severally, by NV, PLC and UNUS. Of the US Shelf registration, US $2.75 billion of Notes were outstanding at 31 December 2008 (2007: US $2.75 billion; 2006: US $2.75 billion) with coupons ranging from 5.90% to 7.125%. These Notes are repayable between 1 November 2010 and 15 November 2032.

Provided below are the income statements, cash flow statements and balance sheets of each of the companies discussed above, together with the income statement, cash flow statement and balance sheet of non-guarantor subsidiaries. These have been prepared under the historical cost convention, and, aside from the basis of accounting for investments at net asset value (equity accounting), comply in all material respects with International Financial Reporting Standards. The financial information in respect of Unilever N.V., Unilever PLC and Unilever United States, Inc. has been prepared with all subsidiaries accounted for on an equity basis. The financial information in respect of the non-guarantor subsidiaries has been prepared on a consolidated basis.

€ million

		Unilever				Unilever								Unilever
		Capital				N.V.				Unilever				United
		Corporation				parent				PLC				States Inc.				Non-
Income Statement		subsidiary				issuer/				parent				subsidiary				guarantor								Unilever
Six months ended 30 June 2009		issuer				guarantor				guarantor				guarantor				subsidiaries				Eliminations				Group
Continuing operations:
Turnover			-				-				-				-				19,963				-				19,963
Operating Profit			-				211				(146	)			(13	)			2,502				-				2,554
Finance income			-				-				-				-				44				-				44
Finance costs			(95	)			(73	)			(5	)			-				(115	)			-				(288	)
Pensions and similar obligations			-				(3	)			-				(34	)			(53	)			-				(90	)
Intercompany finance costs			114				25				(26	)			(68	)			(45	)			-				-
Dividends			-				158				-				731				(889	)			-				-
Share of net profit/(loss) of joint ventures			-				-				-				-				63				-				63
Share of net profit/(loss) of associates			-				-				-				-				(3	)			-				(3	)
Other income from non-current investments			-				-				-				-				12				-				12
Profit before taxation			19				318				(177	)			616				1,516				-				2,292
Taxation			(7	)			(56	)			64				(148	)			(509	)			-				(656	)
Net profit from continuing operations			12				262				(113	)			468				1,007				-				1,636
Net profit from discontinued operations			-				-				-				-				-				-				-
Equity earnings of subsidiaries			-				1,226				1,602				(342	)			-				(2,486	)			-
Net Profit			12				1,488				1,489				126				1,007				(2,486	)			1,636
Attributable to:
Minority interest			-				-				-				-				147				-				147
Shareholders’ equity			12				1,488				1,489				126				860				(2,486	)			1,489

NOTES TO THE INTERIM FINANCIAL STATEMENTS
(unaudited)

13     GUARANTOR STATEMENTS (CONTINUED)

€ million

		Unilever				Unilever								Unilever
		Capital				N.V.				Unilever				United
		Corporation				parent				PLC				States Inc.				Non-
Income Statement		subsidiary				issuer/				parent				subsidiary				guarantor								Unilever
Six months ended 30 June 2008		issuer				guarantor				guarantor				guarantor				subsidiaries				Eliminations				Group
Continuing operations:
Turnover			-				-				-				-				19,945				-				19,945
Operating Profit			-				61				67				(10	)			3,066				-				3,184
Finance income			-				53				-				-				(2	)			-				51
Finance costs			(86	)			(87	)			-				-				(86	)			-				(259	)
Pensions and similar obligations			-				(4	)			-				(16	)			87				-				67
Intercompany finance costs			91				(12	)			26				(31	)			(74	)			-				-
Dividends			-				-				38				-				(38	)			-				-
Share of net profit/(loss) of joint ventures			-				-				-				-				74				-				74
Share of net profit/(loss) of associates			-				-				-				-				8				-				8
Other income from non-current investments			-				-				-				-				10				-				10
Profit before taxation			5				11				131				(57	)			3,045				-				3,135
Taxation			(2	)			(24	)			(99	)			(114	)			(511	)			-				(750	)
Net profit from continuing operations			3				(13	)			32				(171	)			2,534				-				2,385
Net profit from discontinued operations			-				-				-				-				-				-				-
Equity earnings of subsidiaries			-				2,261				2,216				399				-				(4,876	)			-
Net Profit			3				2,248				2,248				228				2,534				(4,876	)			2,385
Attributable to:
Minority interest			-				-				-				-				137				-				137
Shareholders’ equity			3				2,248				2,248				228				2,397				(4,876	)			2,248

NOTES TO THE INTERIM FINANCIAL STATEMENTS
(unaudited)

13     GUARANTOR STATEMENTS (CONTINUED)

		€ million				€ million				€ million				€ million				€ million				€ million				€ million
		Unilever				Unilever								Unilever
		Capital				N.V.				Unilever				United
		Corporation				parent				PLC				States Inc.				Non-
Balance Sheet		subsidiary				issuer/				parent				subsidiary				guarantor								Unilever
As at 30 June 2009		issuer				guarantor				guarantor				guarantor				subsidiaries				Eliminations				Group
Goodwill and intangible assets			-				46				26				-				16,864				-				16,936
Property, plant and equipment			-				-				-				1				6,260				-				6,261
Pension asset for funded schemes in surplus			-				-				-				-				413				-				413
Deferred tax assets			-				-				-				717				366				-				1,083
Other non-current assets			-				-				-				14				1,577				-				1,591
Amounts due from group companies after one year			4,693				3,223				-				-				(7,916	)			-				-
Net assets of subsidiaries (equity accounted)			-				30,074				15,876				7,960				(34,022	)			(19,888	)			-
Total non-current assets			4,693				33,343				15,902				8,692				(16,458	)			(19,888	)			26,284
Inventories			-				-				-				-				3,759				-				3,759
Amounts due from group companies within one year			-				838				742				-				(1,580	)			-				-
Trade and other current receivables			-				117				1				9				4,686				-				4,813
Current tax assets			-				173				-				(2	)			(4	)			-				167
Other financial assets			-				-				-				-				334				-				334
Cash and cash equivalents			2				10				-				(2	)			2,072				-				2,082
Assets held for sale			-				-				-				-				13				-				13
Total current assets			2				1,138				743				5				9,280				-				11,168
Financial liabilities			(1,384	)			(45	)			-				-				(1,041	)			-				(2,470	)
Amounts due to group companies within one year			-				(17,292	)			(5,574	)			-				22,866				-				-
Trade payables and other current liabilities			(38	)			(207	)			(2	)			(11	)			(8,170	)			-				(8,428	)
Current tax liabilities			(6	)			(129	)			(95	)			(6	)			(172	)			-				(408	)
Provisions			-				(26	)			-				-				(672	)			-				(698	)
Liabilities associated with assets held for sale			-				-				-				-				-				-				-
Total current liabilities			(1,428	)			(17,699	)			(5,671	)			(17	)			12,811				-				(12,004	)
Net current assets/(liabilities)			(1,426	)			(16,561	)			(4,928	)			(12	)			22,091				-				(836	)
Total assets less current liabilities			3,267				16,782				10,974				8,680				5,633				(19,888	)			25,448
Financial liabilities due after one year			2,986				3,268				874				-				1,698				-				8 826
Amounts due to group companies after one year			-				3,089				-				846				(3,935	)			-				-
Pension and post-retirement healthcare liabilities:
Funded schemes in deficit			-				-				-				440				1,612				-				2,052
Unfunded schemes			-				84				-				681				1,246				-				2,011
Provisions			-				1				-				3				691				-				695
Deferred tax liabilities			-				97				15				-				684				-				796
Other non-current liabilities			-				158				-				142				190				-				490
Total non-current liabilities			2,986				6,697				889				2,112				2,186				-				14,870
Shareholders’ equity attributable to:
Unilever NV			-				(1,907	)			-				-				-				1,907				-
Unilever PLC			-				-				11,992				-				-				(11,992	)			-
Called up share capital			-				274				210				-				-				-				484
Share premium account			-				25				96				99				(99	)			-				121
Other reserves			(2	)			(3,841	)			(2,419	)			715				(2,242	)			1,529				(6,260	)
Retained profit			283				15,534				206				5,754				5,295				(11,332	)			15,740
Total shareholders’ equity			281				10,085				10,085				6,568				2,954				(19,888	)			10,085
Minority interests			-				-				-				-				493				-				493
Total equity			281				10,085				10,085				6,568				3,447				(19,888	)			10,578
Total capital employed			3,267				16,782				10,974				8,680				5,633				(19,888	)			25,448