Investing for Growth

Unilever Delivering strong cash performance Stepping up free cash flow Cash conversion <90% >90% >100% 6.7 5.4 Free cash flow in €bn (average) 3.9 2013-15 2016-18 2019-21 (3.8) Negative working capital +€2bn cash WC % of turnover (4.5) (6.1) (6.1) 2013 2015 (7.2) 2017 2019 2021 Cash conversion: FCF as % of net profit before profits and losses on disposals WC ratio reflects the yearly average of inventories, trade and other current receivables less trade payables and other current liabilities 17

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