FY09 net income was above J.P. Morgan’s expectations but in line with market expectations: Unilever reported FY09 net income of Rp3.04 trillion, up 26.5% Y/Y. The reported results were above (113.1%) J.P. Morgan’s forecast of Rp2.69 trillion but in line with (104.9% above) the consensus forecast of Rp2.90 trillion. Revenue growth was 17.1% and the operating margin rose by 107bp. Much of the strong performance was driven by the 4Q09 performance.
Driven by the strong revenue growth and margin expansion: 4Q09 results were driven by the strong revenue growth of 23.9% Y/Y compared with the 14.9% growth in 9M09. This could be due to the stocking up by consumers/retailers in anticipation of a short-term price war. In addition, gross margin rose by 618bp due to lower input cost and rupiah appreciation. Despite the price war creating lower selling prices, the price decline was not as high as the decline in cost. An excellent SGA control resulted in 796bp increase in operating margin.
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