One of the world's largest consumer products manufacturers with leading global market shares in its main product lines including foods and personal care. Very strong portfolio of international and local brands, supported by investments in marketing and product innovation. Wide product range and geographical diversification, with around 60% of revenues derived from emerging markets. Extensive manufacturing and distribution footprint. Exposure to volatile input costs, foreign-exchange movements, and price pressures in Europe. Discretionary cash flow generation forecasted to be over €1 billion annually. Debt leverage below debt to EBITDA of 2x, assuming debt-financed acquisitions and stable dividend payments. External funding largely reliant on the commercial paper program (40% of total debt). The stable outlook on diversified consumer goods group Unilever PLC
