联合利华2014年报 2014 annual report

ⅠA Brief Overview of the CompanyIntroduction to UnileverLife partnersWith more than 400 brands focused on health and wellbeing, no company touches so many people’s lives in so many different ways.Our portfolio ranges from nutritionally balanced foods to indulgent ice creams, affordable soaps, luxurious shampoos and everyday household care products. We produce world-leading brands including Lipton, Knorr, Dove, Axe, Hellmann’s and Omo, alongside trusted local names such as Blue Band, Pureit and Suave.Responsible businessSince Unilever was established in the 1890s, brands with a social mission have been at the core of our business, and now corporate responsibility underpins our strategy.In 2010 we launched the Unilever Sustainable Living Plan – a set of targets designed to help us deliver our objective of growing our business while minimising our impact on the environment.To embed sustainability into every stage of the life cycle of our products, we’re working with our suppliers to support responsible approaches to agriculture. We’re also learning from NGOs and other organisations, recognising that building a truly sustainable business is not something we can do without expert advice.We believe that as a business we have a responsibility to our consumers and to the communities in which we have a presence. Around the world we invest in local economies and develop people’s skills inside and outside of Unilever. And through our business and brands, we run a range of programmes to promote hygiene, nutrition, empowerment and environmental awareness.Impact & innovationWe realise innovation is key to our progress, and through cutting-edge science we’re constantly enhancing our brands, improving their nutritional properties, taste, fragrance, or functionality.We invest nearly €1 billion every year in research and development, and have established laboratories around the world where our scientists explore new thinking and techniques, applying their expertise to our products.Consumer research plays a vital role in this process. Our unrivalled global reach allows us to get closer to consumers in local markets, ensuring we understand their diverse needs and priorities.About our brandsFrom long-established names like Lifebuoy, Sunlight and Pond’s to new innovations such as the Pureit affordable water purifier, our range of brands is as diverse as our worldwide consumer base.Unilever has more than 400 brands, 12 of which generate sales in excess of €1 billion a year.Many of these brands have long-standing, strong social missions,including Lifebuoy’s drive to promote hygiene through handwashing with soap, and Dove’s campaign for real beauty.We’ve also won a wealth of advertising industry honours at the prestigious Cannes Advertising Awards, including being named 2010’s Advertiser of the Year.ⅡThe Business Strategies of the CompanySupplier partner codeThe CodeUnilever’s Supplier Code states that:∙There shall be compliance with all applicable laws and regulations of the country where operations are undertaken.∙There shall be respect for human rights, and no employee shall suffer harassment, physical or mental punishment, or other forms of abuse.∙Wages and working hours will, as a minimum, comply with all applicable wage and hour laws, and rules and regulations, including minimum wage, overtime and maximum hours in the country concerned.∙There shall be no use of forced or compulsory labour, and employees shall be free to leave employment after reasonable notice.∙There shall be no use of child labour, and specifically there will be compliance with relevant International Labour Organization(ILO) standards.∙There shall be respect for the right of employees to freedom of association and recognition of employees’ rights to collective bargaining, where allowable by law.∙Safe and healthy working conditions will be provided for all employees.∙Operations will be carried out with care for the environment and will include compliance with all relevant legislation in thecountry concerned.∙All products and services will be delivered to meet the quality and safety criteria specified in relevant contract elements, and will be safe for their intended use.∙Business will be conducted with integrity. There will be no payments, services, gifts, entertainment or other advantages offered or given to any Unilever employee or third party which are intended toinfluence the way in which the Unilever employee or third party goes about his or her duties. Similarly, Unilever will not offer or give such payments, services, gifts, entertainment or other advantages to any supplier which are intended to influence the way in which the supplier goes about his or her duties. There will be no actual or attempted money laundering.∙Unilever's direct suppliers will take responsibility to require adherence to the principals of this Supplier Code from their direct suppliers and exercise diligence in verifying that these principles are being adhered to in their supply chains.Ⅲ The Company and ChinaUnilever's global R & D Center ( Shanghai)As the Unilever six global R & D centers, Unilever Research Centre ( Shanghai) covers an area of about 30000 square meters, investment amounted to 50000000 euros, appointment from 15 countries around the world more than 450 R & D personnel.Unilever's global R & D Center ( Shanghai) was incorporated into the Unilever global consumption system, so that its food and personal care product development can supplement each other, promote" China R & D" results in the global focus of strategic market application. The R & D center falls to become China to become Unilever's global R & D base and regional management center to lay a solid foundation, but also fully illustrated Unilever to China to become its innovation center of confidence.Unilever Shanghai R & D center broadens the Unilever in food, household and personal care products in the field of business scope. By identifying the direction ( Define ), ingredients found (Discover), formula design ( Design ) and product development ( Deploy ) "4D" mode of research and development to complete the entire process. To establish the molecular structure of the material, organic chemistry and traditional Chinese medicine mainly to the research direction, focus on the development of Chinese herbal medicine and natural activity of basic research, the goal is to natural active matter into the Unilever production of food, beverages, condiments and personal care products, in order to enhance their health care functions, and in product innovation at the same time ensure its security and stability.Benefit from different scientific culture, Unilever research centers around the world to establish a wide range of scientific research network. As Unilever's global R & D system six only have basic research development center, Unilever Shanghai R & D center 's goal is for China and the world, to create a better, more people can really improve the life of the product.Unilever Shanghai R & D center is a vibrant innovation center. Here, brought together the world's talent and the latest, most advanced technology research and development, have great originality" open study"mode," China R & D" products to people all over the world take" life vitality"Ⅳ The Prospect of the CompanyOur principlesCode of business principlesStandard of conductWe conduct our operations with honesty, integrity and openness, and with respect for the human rights and interests of our employees. We shall similarly respect the legitimate interests of those with whom we have relationships.Obeying the lawUnilever companies and our employees are required to comply with the laws and regulations of the countries in which we operate.EmployeesUnilever is committed to diversity in a working environment where there is mutual trust and respect and where everyone feels responsible for the performance and reputation of our company. We will recruit, employ and promote employees on the sole basis of the qualifications and abilities needed for the work to be performed. We are committed to safe and healthy working conditions for all employees. We will not use any form of forced, compulsory or child labour. We are committed to working with employees to develop and enhance each individual’s skills and capabilities. We respect the dignity of the individual and the right of employees to freedomof association. We will maintain good communications with employees through company based information and consultation procedures.ConsumersUnilever is committed to providing branded products and services which consistently offer value in terms of price and quality, and which are safe for their intended use. Products and services will be accurately and properly labelled, advertised and communicated.ShareholdersUnilever will conduct its operations in accordance with internationally accepted principles of good corporate governance. We will provide timely, regular and reliable information on our activities, structure, financial situation and performance to all shareholders.Business partnersUnilever is committed to establishing mutually beneficial relations with our suppliers, customers and business partners. In our business dealings we expect our partners to adhere to business principles consistent with our own.Community involvementUnilever strives to be a trusted corporate citizen and, as an integral part of society, to fulfil our responsibilities to the societies and communities in which we operate.Public activitiesUnilever companies are encouraged to promote and defend their legitimate business interests. Unilever will co-operate with governments and otherorganisations, both directly and through bodies such as trade associations, in the development of proposed legislation and other regulations which may affect legitimate business interests. Unilever neither supports political parties nor contributes to the funds of groups whose activities are calculated to promote party interests.The environmentUnilever is committed to making continuous improvements in the management of our environmental impact and to the longer-term goal of developing a sustainable business. Unilever will work in partnership with others to promote environmental care, increase understanding of environmental issues and disseminate good practice.InnovationIn our scientific innovation to meet consumer needs we will respect the concerns of our consumers and of society. We will work on the basis of sound science, applying rigorous standards of product safety.CompetitionUnilever believes in vigorous yet fair competition and supports the development of appropriate competition laws. Unilever companies and employees will conduct their operations in accordance with the principles of fair competition and all applicable regulations.Business integrityUnilever does not give or receive, whether directly or indirectly, bribes or other improper advantages for business or financial gain. No employee may offer, give or receive any gift or payment which is, or may be construed as being, a bribe. Any demand for, or offer of, a bribe must be rejectedimmediately and reported to management. Unilever accounting records and supporting documents must accurately describe and reflect the nature of the underlying transactions. No undisclosed or unrecorded account, fund or asset will be established or maintained.Conflicts of interestsAll Unilever employees are expected to avoid personal activities and financial interests which could conflict with their responsibilities to the company. Unilever employees must not seek gain for themselves or others through misuse of their positions.Compliance - monitoring - reportingCompliance with these principles is an essential element in our business success. The Unilever Board is responsible for ensuring these principles are applied throughout Unilever. The Chief Executive Officer is responsible for implementing these principles and is supported in this by the Corporate Code Committee chaired by the Chief Legal Officer. Members of the Committee are the Group Secretary, the Chief Auditor, the SVP HR and the SVP Communications. The Global Code Officer is Secretary to the Committee. The Committee presents quarterly updates to the Corporate Responsibility and Reputation and the Audit Committee,half-yearly reports to the Unilever Executive and an annual report to the Board.Day to day responsibility is delegated to all senior management of the regions, categories, functions, and operating companies. They are responsible for implementing these principles, if necessary through more detailed guidance tailored to local needs, and are supported in this by Regional Code Committees comprising the Regional General Counsel together with representatives from all relevant functions and categories.Assurance of compliance is given and monitored each year. Compliance with the Code is subject to review by the Board supported by the Corporate Responsibility and Reputation Committee and for financial and accounting issues the Audit Committee.Any breaches of the Code must be reported in accordance with the procedures specified by the Chief Legal Officer. The Board of Unilever will not criticise management for any loss of business resulting from adherence to these principles and other mandatory policies and instructions. The Board of Unilever expects employees to bring to their attention, or to that of senior management, any breach or suspected breach of these principles. Provision has been made for employees to be able to report in confidence and no employee will suffer as a consequence of doing so.Our visionA clear directionThe four pillars of our vision set out the long term direction for the company – where we want to go and how we are going to get there:∙We work to create a better future every day∙We help people feel good, look good and get more out of life with brands and services that are good for them and good for others.∙We will inspire people to take small everyday actions that can add up to a big difference for the world.∙We will develop new ways of doing business with the aim of doubling the size of our company while reducing our environmental impact.We've always believed in the power of our brands to improve the quality of people’s lives and in doing the right thing. As our business grows, so do our responsibilities. We recognise that global challenges such as标准文案climate change concern us all. Considering the wider impact of our actions is embedded in our values and is a fundamental part of who we are.大全。

UnileverCompany ProfilePublication Date: 19 Mar 2010AmericasEurope, Middle East & AfricaAsia Pacific245 5th Avenue119 Farringdon RoadLevel 46London4th Floor2 Park StreetEC1R 3DASydney, NSW 2000New Y ork, NY 10016United KingdomUSAAustraliat: +1 212 686 7400t: +44 20 7551 9000t: +61 2 8705 6900f: +1 212 686 2626f: +44 20 7551 9090f: +61 2 8088 7405e: euroinfo@e: apinfo@e: usinfo@ABOUT DATAMONITORDatamonitor is a leading business information company specializing in industry analysis.Through its proprietary databases and wealth of expertise, Datamonitor provides clients with unbiased expert analysis and in depth forecasts for six industry sectors: Healthcare, Technology, Automotive, Energy, Consumer Markets, and Financial Services.The company also advises clients on the impact that new technology and eCommerce will have on their businesses. Datamonitor maintains its headquarters in London, and regional offices in New Y ork, Frankfurt, and Hong Kong.The company serves the world's largest 5000 companies. Datamonitor's premium reports are based on primary research with industry panels and consumers. We gather information on market segmentation, market growth and pricing, competitors and products. Our experts then interpret this data to produce detailed forecasts and actionable recommendations, helping you create new business opportunities and ideas.Our series of company, industry and country profiles complements our premium products, providing top-level information on 10,000 companies, 2,500 industries and 50 countries.While they do not contain the highly detailed breakdowns found in premium reports, profiles give you the most important qualitative and quantitative summary information you need - including predictions and forecasts.All Rights Reserved.No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, Datamonitor plc.The facts of this profile are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that Datamonitor delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such Datamonitor can accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect. Unilever Page 2TABLE OF CONTENTSCompany Overview (4)Key Facts (4)SWOT Analysis.....................................................................................................5UnileverPage 3T ABLE OF CONTENTSCOMPANY OVERVIEWUnilever is one of the world's leading fast moving consumer goods companies. It offers products across foods, home and personal care categories.The group primarily operates in Europe, the Americas, Asia and Africa. It is headquartered in London, the UK, and employs about 163,000people.The group recorded revenues of E39,823 million ($55,538.4 million) during the financial year ended December 2009 (FY2009), a decrease of 1.7% compared to FY2008.The operating profit of the group was E5,020 million ($7,001 million) during FY2009, a decrease of 30% compared to FY2008.The net profit was E3,370 million ($4,699.9 million) in FY2009, a decrease of 33% compared to FY2008.KEY FACTSUnileverHead Office Unilever House100 Victoria EmbankmentLondon EC4Y 0DYGBR44 20 7822 5252Phone 44 20 7822 5951Fax Web Address39,823.0Revenue / turnover (EUR Mn)December Financial Year End163,000EmployeesUL New York TickerULNew York Ticker UnileverPage 4Company OverviewSWOT ANAL YSISUnilever manufactures and markets fast-moving consumer goods.The group operates through subsidiaries in Europe, the Americas, Asia and Africa. Unilever has a strong portfolio of over 400 global brands spanning across 14 categories of home, personal care and foods products.The large scale operations provide Unilever with cost advantages along with operational efficiencies. However, increasing competition and weak economic situation could adversely affect the group's market share and margins.StrengthsWeaknessesDiversified revenue streamsWeak liquidity positionLarge scale of operationsUnfunded employee post retirement benefitsStrong portfolio of brandsWeak performance in Western EuropeStrong focus R&D activitiesFocus on sustainabilityOpportunitiesThreatsFocus on developing and emergingDampened consumer demandeconomies Intense competitionDivesture of non-core business activities Government regulationsGrowing out of home eating marketStrengthsDiversified revenue streamsThe group has diversified revenue streams, both in terms of its product portfolio and geographical reach. Unilever generates revenues through four product categories: savory dressings and spreads; ice creams and beverages; personal care; and home care and other operations. In FY2009, savory, dressings and spreads contributed 33.3% of total revenues; personal care (29.7%); ice cream and beverages 19.5%; and homecare and other operations 17.5%.Moreover, the group generates revenues from markets in over 170 countries. In FY2009, the group reported 15.9% of its revenue from the US; 8.5% from the Netherlands/United Kingdom; and 49% from emerging markets like Brazil, India, Indonesia, Turkey, South Africa, China, Mexico and Russia; and the remaining 26.6% from all other countries across the world. A diversified product portfolio and revenue stream not only shields the group against uncertain economic climate in a specific market or demand fluctuations in certain product categories (by dispersing its business risks), but also enables it to tap opportunities available in new as well as existing markets.Unilever Page 5Large scale of operationsUnilever operates with large scale of operations. It is a leading FMCG company operating 270 manufacturing facilities across six continents. Its products are sold under 400 brand names across 14 categories of home, personal care and foods products. Unilever's global scale of operation has enabled it to achieve leadership positions, typically number one or number two, across product categories, in several markets. For example, in Foods, it holds the global number one position in savory and dressings, spreads, tea-based beverages and ice cream. In home care, it holds the global number two position in laundry, with a number one position in many developing and emerging markets. In personal care, it holds the global number one position in mass skin care and deodorants, and the number two position in hair care.Further, the company is dependent on the regional and global supply chains for the procurement of raw materials and for the manufacture, distribution and delivery of its products. Following different style of supply chain methods depending upon the situation would provide the company with economies of scales. Moreover, large scale provides Unilever with cost advantages along with operational efficiencies.Strong portfolio of brandsUnilever has an extensive portfolio of 400 strong brands spanning across 14 categories of home, personal care and food products.Thirteen of its brands have accounted for a global turnover in excess of E23,000 million ($32,076.5 million).These are Axe/Lynx, Blue Band, Dove, Flora/Becel, Heartbrand, Hellmann’s, Knorr, Lipton, Lux, Omo, Rexona, Sunsilk and Surf. Further, the top 25 brands account for over 70% of the group’s total sales.Most of Unilever's brands are global leaders in their respective segments. In the food segment, Knorr is its biggest brand with a strong presence in over 80 countries. It is Unilever's leading brand with annual sales of over E3,000 million ($4,414 million). Unilever is the world's largest ice cream manufacturer, and owns brands like Magnum, Cornetto, Carte d'Or and Solero, and Ben & Jerry's and Breyers in the US.The brands strength of the company is vindicated from the fact that more than 2 billion consumers worldwide use the company’s products on any day. Unilever is also the second biggest advertiser in the world. Strong portfolio of well-established brands positioned to meet the needs of its consumers across a variety of price points, which allows it to compete effectively in its key categories and countries.Strong focus on research and development (R&D) activitiesUnilever has a strong orientation towards research and development process.The group has combined its R&D on foods, home and personal care into a single research organization in 2008. Further, the group invests significant amount of its resources on R&D activities.The R&D expenditure of Unilever stood at E891 million (approximately $1,242.6 million), and E927 million (approximately $1,292.8 million) for the financial year 2009 and 2008 respectively.The group spent around 2.3% of its revenue on R&D for the past five year period. As a result, the group was able to concentrate on bigger innovations and rolled them out faster around the world. For instance, in 2009, the group Unilever Page 6launched Dove Minimising Deodorant in 37 markets; Signal White Now in 21 markets and Knorr Stockpots in 12 markets; Clear shampoo is now in 35 markets. In the same year, Unilever also released a new deodorant product (form of roll on and spray) in the UK. A strong orientation towards R&D activities enables the group to launch new products frequently and also introduce variants of existing products.Focus on sustainabilityUnilever maintains strong focus on environmental related issues.The strong focus on sustainable issue helped the group to maintain its sector leading position on the Dow Jones Sustainability Indexes for the previous 11 year period.The group has been reducing the environmental impact of its own factories and supporting its agricultural suppliers. For instance by 2008, Unilever achieved a 41% reduction in CO2 emission from its factories since 1995.The group sources all its key agricultural raw materials (which form 50% of its raw materials) on a sustainable basis.Through its Sustainable Agriculture Program, the group plans to cover criteria such as reducing fertilizer and pesticide use, conserving water, promoting biodiversity and using less energy. Unilever also started using palm oil in both food and home and personal care products. For this, Unilever has already purchased GreenPalm certificates covering 185,000 tons of palm oil, accounting for around 15% of its total needs.The strong focus on environmental issues would foster strong relationships with its suppliers and also improves its brand image.WeaknessesWeak liquidity positionThe group has recorded a weak liquidity position in the previous financial year. For FY2009, the group’s current assets stood at E10,811 million ($15,077.4 million) as compared to the current liabilities of E11,599 million ($16,176.3 million), resulting in a current asset ratio of 93.2%, indicating less amount of resource to cover its short term liabilities. Further, the group’s cash and cash equivalents stood at E2,642 million ($3,684.6 million), which is sufficient to cover only its short term borrowings of E2,279 million ($3,178.4 million), leaving no cash for other working capital needs. Further, the majority of the current assets of the group are tied up in inventories and current receivables, which forms 70% of its total current assets, which will take comparatively higher time to liquidate.This all indicates that the group’s liquidity position is significantly weak, which could result in improper working capital management and negatively impact the group's operational efficiency and its growth initiatives.Unfunded employee post retirement benefitsThe group provides pension benefits and other post-retirement health and life insurance benefits to employees. During FY2009, the group incurred a total of E1,204 million ($1,679.1 million) for the Unilever Page 7pension and post retirement benefit expenses.The group also paid a total of E1,367 million (approximately $1,906.5 million) for the pension and post retirement benefit plans during FY2008.At the end of December 2009, the group's projected pension and post-retirement benefit obligations stood at E16,995 million ($23,701.7 million) as compared to the planned assets of E14,413 million (approximately $20,100 million), resulting in an unfunded status of E2,582 million (approximately $3,600.9 million), representing 77% of the group’s net profit in FY2009. Sizeable unfunded post retirement benefits would force the group to make periodic cash contributions towards bridging the gap, which would reduce cash available for growth plans.Weak performance in Western EuropeUnilever has registered weak performance in Western Europe.The revenues and operating profit of the group from this region has shown significant decline in the previous financial year. In FY2009, revenues from Western Europe declined at a rate of 6.1% to reach E12,076 million ($16,841.6 million).The operating profit declined significantly, in spite of significant income received from business disposals in 2008.The operating profit fell by 50.4% from E2,521 million ($3,515.9 million) in 2008 to E1,250 million ($1,743.3 million) in 2009.The underlying performance of the group in Western Europe could put additional pressure on its performance in other regions. OpportunitiesFocus on developing and emerging economiesUnilever has been active in D&E economies through its subsidiaries in Asia-Pacific, Africa, the Middle East, Turkey, and Latin America region.These regions currently contribute approximately 49% to Unilever's turnover in 2009. Further, the group expects to increase its revenue form D&E economies. Moreover, in 2008, the group also decided to shift a large chunk of its innovation and R&D resources to Asia including India and China.The move is expected to create competitive global research centers in Asian countries to expand its business operations in the D&E economies.D&E economies are expected to account for 90% of the world's population by 2010, and this is expected to drive demand for fast moving consumer goods. For instance, the Indian FMCG sector is expected to grow 4-fold from $25 billion sales in 2008 to $95 billion by 2018.The growth would be attributable to the rising income and increasing demand. Similarly, the Chinese FMCG market is also expected to growth at a rate of 15% a year in the next five year period (2009–13).With strong presence and leadership position across these markets, Unilever could exploit the growing market conditions.Divesture of non-core business activitiesUnilever divested its interest in many of the non core business areas. For example, in December 2008, Unilever sold its edible oil business and oil palm plantations, Palmci and PHCI, in Cote d'Ivoire. Unilever Page 8These divestments are part of Unilever's plans to dispose of non-strategic business operations. Further in October 2009, the group announced to reduce its equity interest in JohnsonDiversey (a leading provider of commercial cleaning, sanitation and hygiene solutions) from 33% to 4%. In December 2009, Unilever sold its media planning and buying business for Greater China to PHD, part of the Omnicom Media Group.With the proceeds of these divestments, the group plans to increase its focus on the consumer business. Further, the divesture of non-core businesses will enable the group to concentrate on activities such as research, innovation, sales and marketing, and increase their energies on matters that directly affect their competitive positioning.This strategic action would fulfill the group's aim of delivering consistent and competitive sales growth and improving its operating margins.Growing out of home eating marketThe global food-services industry is expected to register strong growth in the coming period.The industry is projected to reach $2.2 trillion in revenues by 2015, primarily because of the growing food market outside home. In the US, more than half of food expenditure now happens outside the home. In Europe, this figure is as high as one third and, in Hong Kong, 2.5 meals out of every three are eaten away from home.Unilever Foodsolutions, a food service business of Unilever, operates in 65 countries worldwide. The Unilever Foodsolutions umbrella is home to global Unilever Foods brands like Knorr, Hellmann's, Lipton, Heart, Slim-Fast, Becel and Flora. Unilever Foodsolutions is also focusing on canteens and quick-service restaurants. It started to work with quick-service restaurants by enabling them to provide healthier options for consumers, such as Hellmann's Extra Light Mayonnaise and Becel portions.Therefore, the group with its Unilever Foodsolutions business is well positioned to tap the global out of home eating market.ThreatsDampened consumer demandUnilever’s business is dependent on continuing consumer demand for its products and brands.The economic downturn adversely impacted its business by reducing the demand for some of its products. Further, the current economic climate is forcing shoppers to watch their expense and look for cheaper options of discounted brands or own label merchandise.This is leading to discounters like Aldi, Lidl and Netto taking an increasing proportion of the market from the major supermarkets and stores, which has a direct effect on sales of the major brands.Further, the branded goods suppliers like Unilever is facing pressure from the big retail chains like T esco.These big retailers, for sustaining their revenue growths and margins, are promoting their own-labels.Though, the organization is working hard to handle all these external pressures, the lower consumer spending across the regions would affect its performance. Further, the dent in the Unilever Page 9disposable income of consumers is making it increasingly difficult for branded product manufacturers like Unilever to maintain their sales volume and revenue growth.Intense competitionUnilever operates in the fiercely competitive personal care and home care markets. For example, in mature markets such as the US, France, Germany and the UK, hair care sales are suffering stagnation due to heavy competition, and manufacturers will need to offer value-added attributes in order to gain share. Declining prices, coupled with rising demand for discounts from the trade partners, is putting pressure on margins. In some emerging markets, Unilever is losing the price-advantage it once enjoyed in home and personal care products to companies such as Reckitt & Benckiser and Procter & Gamble. In two other key markets including India and Spain, the company faced intense competition from low-cost local competitors.In the foods segment, Unilever faces stiff competition from Nestle and Groupe Danone in its key markets. Nestle is one of the leading producers of food products in North America and Europe, both key markets for Unilever. Nestle's enlarged Dreyers (ice cream) business poses a serious threat to Unilever's share in the ice cream market.The group primarily faces competition from other major players such as Johnson & Johnson, Colgate Palmolive, L'Oreal, Shiseido, Beiersdorf, Kao Corporation and Clorox. Increasing competition could adversely affect Unilever's market share and margins.Government regulationsSeveral consumer protection groups are voicing concerns over the presence of harmful chemical ingredients in cosmetic products. A recent study showed that about one-third of cosmetic products contain carcinogens. Due to increasing public pressure, the US Food and Drug Administration (FDA) are expected to impose stringent quality norms on cosmetic products. New regulations may delay launch of new products and result in higher product development expenditure.At the European Union level, the European Commission has published a draft regulation for the Registration, Evaluation and Authorization of Chemicals (REACH), along with restrictions applicable to the chemical substances, and has set up a European Chemicals Agency. REACH focuses on the 30,000 chemical substances introduced into the market before 1981 and manufactured or imported in quantities of more than one ton per year, on which hazard information has not been sufficiently well examined by the current system. REACH, which came into effect recently, could impose new liabilities or increase operating expenses, either of which could result in a decline in profitability. Unilever Page 10Copyright of Unilever SWOT Analysis is the property of Datamonitor Plc and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use.。

评析联合利华公司的绩效管理第一篇：评析联合利华公司的绩效管理评析联合利华公司的绩效管理所谓绩效管理，是指各级管理者和员工为了达到组织目标共同参与的绩效计划制定、绩效辅导沟通、绩效考核评价、绩效结果应用、绩效目标提升的持续循环过程，绩效管理的目的是持续提升个人、部门和组织的绩效。

联合利华集团是由荷兰人造奶油公司和英国Lever Brothers香皂公司于 1929年合并而成。

总部设于荷兰鹿特丹和英国伦敦，分别负责食品及洗剂用品事业的经营。

在全球75个国家设有庞大事业网络，拥有500家子公司，员工总数近30万人，是全球第二大消费用品制造商，年营业额超过美金400亿元，是全世界获利最佳的公司之一。

联合利华的业务和分支机构遍布全球，例如，联合利华的个人用品业务单位在30多个国家销售洗发香波和护手霜一类的产品。

由于业务和经营区域的复杂性以及每个国家的环境和消费者的需求均不相同，所以联合利华在公司内部不得不采取高度分权的管理模式。

在高度分权的原则指引下，联合利华没有为其业务单位建立统一的标准。

此外，处于同样的原因，联合利华也没有建立可共享的、统一的信息系统，而是使用了多种系统和程序。

例如，公司仅要求各业务单位按照统一格式制定战略规划；每个月，公司将一盘关于新的全球广告计划的录相带发到所有相关国家，但仅要求每种全球性产品尽可能只采用一家广告代理商而已。

在这种分权管理模式下，负责一国业务单位的总裁在决定接受还是拒绝母公司经理的建议方面拥有广泛的权力。

综合了各种资料的整合与分析，我对联合利华有了一个绩效总结：1.个人和直属经理之间要充分的坦诚与信任2.个人和直属经理要充分表达在绩效方面的观点3.理解团队整体的绩效, 以及个人绩效会对团队整体成绩产生的影响4.在日常的工作中, 直属经理应该适时的提供激励性的, 纠正性的反馈5.建议邀请其他人员提供反馈职业计划虽然每一个产品业务单位都有自己的特点，但是联合利华还是试图在它们之间创造有价值的协调。

2014T he Yale EndowmentContents1.Introduction22.The Yale Endowment33.Investment Policy44.Spending Policy175.Investment Performance206.Management and Oversight22Front cover:Window of Sterling Memorial Library, east façade.Right:View of Yale Law School rooftop.Yale’s Endowment generated a 20.2 percent return in fiscal 2014, pro-ducing an investment gain of $4.0 billion. Over the past ten years, the Endowment grew from $12.7 billion to $23.9 billion. With annual net ten-year investment returns of 11.0 percent, the Endowment’s perform-ance exceeded its benchmark and outpaced institutional fund indices. For each of the past ten years, Yale’s ten-year record ranked first in the Cambridge Associates universe. The Yale Endowment’s twenty-year record of 13.9 percent per annum produced a 2014 Endowment value of nearly seven times the 1994 value. For each of the past ten years, Yale’s twenty-year record ranked first in the Cambridge Associates universe. Yale’s excel-lent long-term record stems from disciplined and diversified asset alloca-tion policies and superior active management results.Spending from the Endowment grew during the last decade from$502 million to $1.0 billion, an annual growth rate of approximately 8 per-cent. Next year, spending will amount to $1.1 billion, or 34 percent of pro-jected revenues. Yale’s spending and investment policies provide substan-tial levels of cash flow to the operating budget for current scholars while preserving Endowment purchasing power for future generations.Introduction12Endowment Growth Outpaces Inflation 1950–2014$2$4$6$8$10$12$14$16$18$20$22$24$261950195519601965197019751980198519901995200020052010Fiscal YearB i l l i o n s1950 Endowment InflatedEndowment Market ValuePost-1950 Endowment Gifts Inflated3Totaling $23.9 billion on June 30, 2014, the Yale Endowment contains thousands of funds with various purposes and restrictions. Approximately 84 percent of funds constitute true endowment, gifts restricted by donors to provide long-term funding for designated purposes. The remaining funds represent quasi-endowment, monies that the Yale Corporation chooses to invest and treat as endowment.Donors frequently specify a particular purpose for gifts, creatingendowments to fund professorships, teaching, and lectureships (24 per-cent); scholarships, fellowships, and prizes (17 percent); maintenance (4 percent); books (3 percent); and miscellaneous specific purposes (27 percent). Twenty-five percent of funds are unrestricted. Twenty-two percent of the Endowment benefits the overall University, with remaining funds focused on specific units, including the Faculty of Arts and Sciences (37 percent), the professional schools (26 percent), the library (7 per-cent), and other entities (7 percent).Although distinct in purpose or restriction, Endowment fundsare commingled in an investment pool and tracked with unit accounting much like a large mutual fund. Endowment gifts of cash, securities, or property are valued and exchanged for units that represent a claim on a portion of the total investment portfolio.In fiscal 2014 the Endowment provided $1.0 billion, or 33 percent,of the University’s $3.1 billion operating income. Other major sources of revenues were medical services of $700 million (22 percent); grants andcontracts of $671 million (22 percent); net tuition, room, and board of$291 million (9 percent); gifts of $148 million (5 percent); and other income and transfers of $265 million (9 percent).The Yale Endowment2Endowment Fund AllocationFiscal Year 2014Operating Budget RevenueFiscal Year 2014UnrestrictedMiscellaneous Specific PurposesProfessorshipsScholarshipsMaintenance BooksEEndowmentGrants and ContractsMedical ServicesTuition, Room and BoardGiftsOther Income and TransfersOYale’s portfolio is structured using a combination of academic theory and informed market judgment. The theoretical framework relies on mean-variance analysis, an approach developed by Nobel laureates James Tobin and Harry Markowitz, both of whom conducted work on this important portfolio management tool at Yale’s Cowles Foundation. Using statistical techniques to combine expected returns, variances, and covariances of investment assets, Yale employs mean-variance analysis to estimate expected risk and return profiles of various asset allocation alternatives and to test sensitivity of results to changes in input assumptions.Because investment management involves as much art as science,qualitative considerations play an extremely important role in portfolio decisions. The definition of an asset class is quite subjective, requiring precise distinctions where none exist. Returns, risks, and correlations are di∞cult to forecast. Historical data provide a guide, but must be modified to recognize structural changes and compensate for anomalous periods.Quantitative measures have di∞culty incorporating factors such as market liquidity or the influence of significant, low-probability events. In spite of the operational challenges, the rigor required in conducting mean-variance analysis brings an important perspective to the asset allocation process.The combination of quantitative analysis and market judgmentemployed by Yale produces the following portfolio:June 2014 June 2014Asset Class Actual Target Absolute Return 17.4%20.0%Domestic Equity 3.9 6.0Fixed Income 4.9 5.0Foreign Equity 11.513.0Natural Resources 8.28.0Private Equity 33.031.0Real Estate 17.617.0Cash3.50.0The target mix of assets produces an expected real (after inflation) long-term growth rate of 6.3 percent with risk (standard deviation of returns)of 15.0 percent. Because actual holdings di≠er from target levels, the ac-tual allocation produces a portfolio expected to grow at 6.2 percent with risk of 14.8 percent. The University’s measure of inflation is based on a basket of goods and services specific to higher education that tends to exceed the Consumer Price Index by approximately one percentage point.At its June 2014 meeting, Yale’s Investment Committee adopted changes to the University’s policy portfolio allocations. The Committee approved an increase in the foreign equity target from 11 percent to 13percent, funded by a 2 percentage point decrease in the real estate target.Investment Policy345Over the longer term, Yale seeks to allocate approximately one-half of the portfolio to the illiquid asset classes of private equity, real estate, and nat-ural resources. The Endowment has made significant progress in reduc-ing illiquidity over the past several years.Providing resources for current operations and preserving thepurchasing power of assets dictate investing for high returns, causing the Endowment to be biased toward equity. The University’s vulnerability to inflation further directs the Endowment away from fixed income and toward equity instruments. Hence, 95 percent of the Endowment is tar-geted for investment in assets expected to produce equity-like returns,through holdings of domestic and international securities, absolute return strategies, real estate, natural resources, and private equity.Over the past two decades, Yale dramatically reduced theEndowment’s dependence on domestic marketable securities by reallo-cating assets to nontraditional asset classes. In 1994, 38 percent of the Endowment was committed to U.S. stocks and bonds. Today, target allocations call for 11 percent in domestic marketable securities, while the diversifying assets of foreign equity, natural resources, private equity,absolute return, and real estate dominate the Endowment, representing 89 percent of the target portfolio.The heavy allocation to nontraditional asset classes stems fromtheir return potential and diversifying power. Today’s actual and target portfolios have significantly higher expected returns than the 1994 port-folio with only modestly greater volatility. Alternative assets, by their very nature, tend to be less e∞ciently priced than traditional marketable secu-rities, providing an opportunity to exploit market ine∞ciencies through active management. The Endowment’s long time horizon is well suited to exploit illiquid, less e∞cient markets such as venture capital, leveragedbuyouts, oil and gas, timber, and real estate.Sterling Memorial Library viewed from Cross Campus.6PresidentPeter SaloveyOn October 13, 2013, Yale formally installed the University’s twenty-third President, Peter Salovey, who took o ∞ce on July 1. President Salovey is the Chris Argyris Professor of Psychology and holds secondary faculty appointments in the schools of Management and Public Health, the Institution for Social and Policy Studies, and the Sociology department.Prior to becoming President, Salovey served as the Provost of Yale University from 2008 to 2013. As Provost, Salovey facilitated strategic planning and ad-vanced initiatives such as enhancing career development and mentoring opportunities for all Yale faculty mem-bers, promoting faculty diversity, creat-ing the O ∞ce of Academic Integrity,establishing the University-wide Committee on Sexual Misconduct,developing the West Campus, and over-seeing the University’s budget during the global financial crisis.Salovey’s other leadership roles at Yale include chair of the Department ofPsychology (2000 to 2003), Dean of the Graduate School of Arts and Sciences (2003 to 2004), and Dean of Yale College (2004 to 2008).After receiving an a.b.(psychology)and a.m.(sociology) from Stanford University in 1980 with departmental honors and university distinction,Salovey earned a ph.d.at Yale in psy-chology in 1986. Since joining the Yale faculty in 1986, he has studied the con-nection between human emotion and health behavior and played key roles in multiple Yale programs including the Health, Emotion, and BehaviorLaboratory (now called the Center for Emotional Intelligence), the Center for Interdisciplinary Research on aids , andthe Cancer Prevention and ControlResearch Program. In addition to teach-ing and mentoring scores of graduate students, Salovey won both the William Clyde DeVane Medal for Distinguished Scholarship and Teaching in Yale College and the Lex Hixon ’63 Prize for Teaching Excellence in the Social Sciences.With John D. Mayer, Salovey developed the concept of “Emotional Intelligence,” which posits that just as people differ considerably in intellectual abilities, they also have a wide range of measurable emotional skills that pro-foundly a≠ect their thinking and action.As President, Salovey is committed to making Yale more unified, more accessi-ble, more innovative, and more excellent.Chris ArgyrisChris Argyris, a renowned scholar of orga-nizational behavior, joined the Yale faculty in 1951, serving as the Beach Professor of Administrative Sciences and as chair of the Administrative Sciences department. He was a member of the Yale faculty for twenty years and was instrumental in the creation of the Yale School of Management. In 2001,Argyris was honored with an endowed fac-ulty position at Yale established in his name.Current Yale LeadersWoodbridge Hall, O∞ce of the President.7ProvostBenjamin PolakBenjamin Polak, the William C. Brainard Professor of Economics, was appointed Provost of Yale University in January 2013. He joined the Yale faculty in 1994after receiving a b.a.from Cambridge University, an m.a.in history fromNorthwestern University, and a ph.d.in economics from Harvard University.Prior to joining Yale, Polak was a junior fellow at the Harvard Society of Fellows and a visiting professor in the initial year of the New Economics School inMoscow. He holds a joint appointment in Yale’s Department of Economics and at the Yale School of Management. He was chair of the Department ofEconomics from 2010 until he assumed his current role. Polak is an expert on decision theory, game theory, and eco-nomic history. He is the recipient of multiple graduate teaching and advising prizes, as well as the William Clyde DeVane Medal for DistinguishedScholarship and Teaching in Yale College and the Lex Hixon ’63 Prize for Teaching Excellence in the Social Sciences.After the President, the Provost is Yale’s chief educational and administra-tive o ∞cer. The O ∞ce of the Provost oversees academic policies and activities university-wide and the Provost is an ex-o ∞cio member of every faculty and governing board and of all committees concerned with educational policy or faculty appointments. The Provost has direct oversight of all academic supportunits, holds institutional responsibility for the allocation of resources, and chairs the University Budget Committee. In collaboration with the Vice President for Finance and Business Operations, the Provost presents the University’s annual operating and capital budgets to the President and to the Yale Corporation.William C. BrainardIn 2008 a professorship was established in honor of Yale economist and former provost William C. Brainard by his friends and colleagues. Brainard, the Arthur M. Okun Professor Emeritus of Economics, is a spe-cialist in economic theory, macroeconomics,and monetary theory and has taught at the University since 1962. Brainard’s seminal paper “Uncertainty and the E≠ectiveness of Monetary Policy” (1967), analyzing how the conduct of policy should be a≠ected by uncer-tainty about its impact, is still widely cited by policy makers.Warner House, O∞ce of the Provost.8Dean of the Faculty of Artsand SciencesTamar Szabó GendlerIn May 2014, President Peter Salovey announced the creation of a Deanship to lead the Faculty of Arts and Sciences (fas ). On July 1, Tamar Szabó Gendler became the inaugural Dean of fas , with responsibility for faculty recruitment,appointment, tenure, and promotion. Gendler is the Vincent J. Scully Professor of Philosophy, Professor of Psychology and Cognitive Science, and Deputy Provost for Humanities andInitiatives. She received a b.a.in human-ities, mathematics, and philosophy from Yale College in 1987 and a ph.d.in phi-losophy from Harvard in 1996. After a decade teaching at Syracuse University and Cornell University, she returned to Yale as a Professor of Philosophy and as chair of the Cognitive Science Program.In 2010 she became chair of the Depart-ment of Philosophy. Gendler’s work lies at the intersection of philosophy and psychology.Vincent J. ScullyVincent J. Scully, Sterling ProfessorEmeritus of the History of Art, was born in New Haven and received his b.a.(1940),m.a.(1947), and ph.d.(1949) from Yale.Scully began teaching at the University in 1947, becoming one of the nation’s most recognized scholars in the history of artand architecture. Scully has argued fervently that the principles of modernism are incom-patible with communal values. The Vincent J. Scully Professorship was established by Archimedes Associates from the Class of 1958, a group of Yale alumni who formed an innovative investment fund in 1968 with the goal of endowing a chair at their alma mater.Hall of Graduate Studies.On July 1, 2014, Lynn Cooley wasappointed as the Dean of the GraduateSchool of Arts and Sciences. The Deanof the Graduate School advances gradu-ate student preparation for scholarly andother professions, as well as focusing onthe campus experience for graduateOn July 1, 2014, Jonathan Hollowaybecame the Dean of Yale College. He willhave a key role in leading the expansionof Yale College and the formation of twoShe∞eld-Sterling-Strathcona Hall,910Yale’s seven asset classes are defined by di≠erences in their expected response to economic conditions, such as economic growth, price infla-tion, or changes in interest rates, and are weighted in the Endowment portfolio by considering their risk-adjusted returns and correlations. The University combines the asset classes in such a way as to provide the highest expected return for a given level of risk, subject to fundamental diversification and liquidity constraints.In July 1990, Yale became the first institutional investor to define absolute return strategies as a distinct asset class, beginning with a target alloca-tion of 15.0 percent. Designed to provide significant diversification to the Endowment, absolute return investments are expected to generate high long-term real returns by exploiting market ine∞ c iencies. The portfolio is invested in two broad categories: event-driven strategies and value-driven strategies. Event-driven strategies rely on a very specific corporate event,such as a merger, spin-o≠, or bankruptcy restructuring, to achieve a tar-get price. Value-driven strategies involve hedged positions in assets or securities with prices that diverge from their underlying economic value.Today, the absolute return portfolio is targeted to be 20.0 percent of the Endowment, below the average educational institution’s allocation of 23.3percent to such strategies. Absolute return strategies are expected to gen-erate a real return of 5.3 percent with risk of 12.9 percent. The Barclays 9to 12 Month Treasury Index serves as the portfolio benchmark.Unlike traditional marketable securities, absolute return invest-ments have historically provided returns largely independent of overall market moves. Over the past twenty years, the portfolio exceeded expec-tations, returning 10.6 percent per year with low correlation to domestic stock and bond markets.Equity owners reasonably expect to receive returns superior to those pro-duced by less risky assets such as bonds and cash. Domestic equity repre-sents a large, liquid, and heavily researched market. While the average educational institution invests 19.3 percent of assets in domestic equities,Yale’s target allocation to this asset class is only 6.0 percent. The domestic equity portfolio has an expected real return of 6.0 percent with a standard deviation of 20.0 percent. The Wilshire 5000 Index serves as the portfolio benchmark.Despite recognizing that the U.S. equity market is highly e∞cient,Yale elects to pursue active management strategies, aspiring to outper-form the market index by a few percentage points, net of fees, annually.Because superior stock selection provides the most consistent and reliable opportunity for generating attractive returns, the University favors man-agers with exceptional bottom-up, fundamental research capabilities.Managers searching for out-of-favor securities often find stocks that are cheap in relation to fundamental measures such as asset value, future earnings, or cash flow. Over the past twenty years, Yale’s domestic equity portfolio has posted returns of 14.5 percent per year.Asset Class CharacteristicsDomestic EquityAbsolute Return11Fixed income assets generate stable flows of income, providing more cer-tain nominal cash flow than any other Endowment asset class. The bond portfolio exhibits a low covariance with other asset classes and serves as a hedge against financial accidents or periods of unanticipated deflation.While educational institutions typically maintain a substantial allocation to fixed income instruments, averaging 9.3 percent, Yale’s target allocation to fixed income and cash is only 5.0 percent of the Endowment. Bonds have an expected real return of 2.0 percent with risk of 8.0 percent. The Barclays Capital 1 to 3 Year U.S. Treasury Index serves as the portfolio benchmark.Yale is not particularly attracted to fixed income assets, as they have the lowest expected returns of the seven asset classes that make up the Endowment. In addition, the government bond market is arguably the most e∞ciently priced asset class, o≠ering few opportunities to add significant value through active management. Based on skepticism of active fixed income strategies and belief in the e∞cacy of a highly struc-tured approach to bond portfolio management, the Investments O∞ce chooses to manage Endowment bonds internally. Though averse to mar-ket timing strategies, credit risk, and call options, Yale manages to add value consistently in its management of the bond portfolio. Over the past twenty years, the fixed income portfolio has generated returns of 5.7 per-cent per annum.Foreign equity investments give the Endowment exposure to the global economy, providing diversification and the opportunity to earn outsized returns through active management. Yale allocates 5.0 percent of its port-folio to foreign developed markets and 3.0 percent to emerging markets.In addition, Yale dedicates 5.0 percent of the portfolio to opportunistic foreign positions, with the expectation that holdings will be concentrated in markets that o≠er the most compelling long-term opportunities, par-ticularly China, India, and Brazil. Yale’s foreign equity target allocation of 13.0 percent stands below the average endowment’s allocation of 22.0 per-cent. Expected real returns for emerging and opportunistic equities are 7.5percent with a risk level of 22.5 percent, while developed equities are expected to return 6.0 percent with risk of 20.0 percent. The portfolio is measured against a composite benchmark of (a) developed markets,measured by the Morgan Stanley Capital International (MSCI) Europe,Australasia, and Far East (EAFE) Investable Market Index; (b) emerging markets, measured by a blend of the MSCI Emerging Markets Investable Market Index and the MSCI China A-Share Index; and (c) opportunistic investments, measured by a custom blended index.Yale’s investment approach to foreign equities emphasizes activemanagement designed to uncover attractive opportunities and exploit market ine∞ciencies. As in domestic equity, Yale favors managers with strong fundamental research capabilities. Capital allocation to individual managers takes into consideration the country allocation of the foreign equity portfolio, the degree of confidence that Yale possesses in a manag-er, and the appropriate size for a particular strategy. In addition, Yaleattempts to exploit mispricings in countries, sectors, and styles by allocat-ing capital to the most compelling opportunities. The twenty-year return of Yale’s foreign equity portfolio is 14.0 percent per year.Fixed IncomeForeign EquityEquity investments in natural resources—oil and gas, timberland, and metals and mining—share common investment characteristics: protection against unanticipated global inflation, high and visible current cash flow,and opportunities to exploit ine∞ciencies. At the portfolio level, natural resource investments provide attractive return prospects and significant diversification. Yale has an 8.0 percent long-term policy allocation to nat-ural resources with expected real returns of 6.3 percent and risk of 20.5percent. Yale’s current natural resources allocation is roughly in line with that of the average endowment.Superior operators have demonstrated the ability to generateexcess returns over a market cycle. Over the past twenty years, Yale’s oil and gas, timber, and mining portfolio has generated an impressive 18.1percent per annum.Private equity o≠ers extremely attractive long-term risk-adjusted returns,stemming from the University’s strong stable of value-adding managers that exploit market ine∞ciencies. Yale’s private equity portfolio includes investments in venture capital and leveraged buyout partnerships. The University’s target allocation to private equity of 31.0 percent far exceeds the 10.0 percent actual allocation of the average educational institution. In aggregate, the private equity portfolio is expected to generate real returns of 10.5 percent with risk of 26.8 percent.Yale’s private equity program, one of the first of its kind, isregarded as among the best in the institutional investment community and the University is frequently cited as a role model by other investors.Yale’s private equity strategy emphasizes partnerships with firms that pursue a value-added approach to investing. Such firms work closely with portfolio companies to create fundamentally more valuable entities, rely-ing only secondarily on financial engineering to generate returns.Investments are made with an eye toward long-term relationships—gen-erally, a commitment is expected to be the first of several—and toward the close alignment of the interests of general and limited partners. Over the past twenty years, the private equity program has earned 36.1 percent per annum.Investments in real estate provide meaningful diversification to theEndowment. A steady flow of income with equity upside creates a natural hedge against unanticipated inflation without sacrificing expected return.Yale’s 17.0 percent policy allocation significantly exceeds the average endowment’s commitment of 4.2 percent. Expected real returns are 6.0percent with risk of 17.5 percent.While real estate markets sometimes produce dramatically cyclicalreturns, pricing ine∞ciencies in the asset class and opportunities to add value allow superior managers to generate excess returns over long time horizons. Over the past twenty years, the portfolio has returned 13.5 per-cent per annum.Private Equity12Natural ResourcesReal EstateYaleEducational University Institution Mean Absolute Return 17.4% 23.3% Domestic Equity 3.9 19.3Fixed Income 4.9 9.3 Foreign Equity 11.5 22.0 Natural Resources 8.28.5Private Equity 33.0 10.0 Real Estate 17.6 4.2 Cash3.53.5Data as of June 30, 201413Asset AllocationsSaybrook Dining Hall, viewed from Branford Court.Upon the resignation of Kingman Brewster, Provost Hanna Holborn Gray became Acting President of Yale, serving from May 1977 through June 1978. Gray from Harvard University in 1957. Afterteaching at Bryn Mawr, Harvard, andthe University of Chicago, Gray wasappointed Dean of the College of Artsand Sciences and Professor of Historyat Northwestern University in 1972.In 1974 she was elected Provost ofGray left Yale to become President ofthe University of Chicago. She served inthat role from 1978 through 1993 and isnow President Emeritus and Harry PrattJudson Distinguished Service Professorof History Emeritus.Saybrook College courtyard.Hanna Holborn Gray1977 - 197814Schmidt’s presidency saw much fac-ulty dissension because of attempts to restructure the Faculty of Arts and Sciences and balance the budget.Schmidt stepped down in 1992 to join the Edison Project, a private education initiative.baseball’s National League, an ironic position for a lifelong fan of the Boston Red Sox. He later became the Commis-sioner of Major League Baseball.Giamatti is remembered for cultivat-ing education at all levels and emphasiz-ing the central role of education in socie-ty, as well as advancing the well-being Harkness Tower.for the Study of Frontiers and Borders.Lamar has served as the Sterling Profes-sor Emeritus of History since 1994.norm for undergraduates, and planningand opening Yale-nus College inSingapore as a model of liberal artseducation for Asia.After serving as Yale’s President fortwenty years, Levin stepped down in2013. In April 2014 Levin became theChief Executive O∞cer of Coursera, a 16The spending rule is at the heart of fiscal discipline for an endowed insti-tution. Spending policies define an institution’s compromise between the conflicting goals of providing support for current operations and preserv-ing purchasing power of endowment assets. The spending rule must be clearly defined and consistently applied for the concept of budget balance to have meaning.The Endowment spending policy, which allocates Endowmentearnings to operations, balances the competing objectives of providing a stable flow of income to the operating budget and protecting the real value of the Endowment over time. The spending policy manages the trade-o≠ between these two objectives by combining a long-term spend-ing rate target with a smoothing rule, which adjusts spending in anygiven year gradually in response to changes in Endowment market value.The target spending rate approved by the Yale Corporation cur-rently stands at 5.25 percent. According to the smoothing rule, Endow-ment spending in a given year sums to 80 percent of the previous year’s spending and 20 percent of the targeted long-term spending rate applied to the fiscal year-end market value two years prior. The spending amount determined by the formula is adjusted for inflation and constrained so that the calculated rate is at least 4.5 percent, and not more than 6.0 per-cent, of the Endowm ent’s inflation-adjusted market value two years prior.The smoothing rule and the diversified nature of the Endowment are designed to mitigate the impact of short-term market volatility on the flow of funds to support Yale’s operations.Spending Policy417Swensen House, the Berkeley College Master’s residence.。

北京时间5月7日早间消息，美国团购网站Groupon周二发布的第一财季财报显示，由于向电子商务领域的转型增加了开支，导致该公司亏损较一年前有所扩大。

在截至3月31日的第一财季内，Groupon亏损3780万美元，折合每股亏损0.06美元。

该公司当季实现营收7.576亿美元。

去年同期，Groupon每股亏损0.01美元，实现营收6.014亿美元。

不计一次性项目，Groupon每股亏损为0.01美元。

分析师此前平均预计，该公司当季每股亏损0.03美元，营收为7.401亿美元。

Groupon第一财季营业费用从去年同期的3.578亿美元增长到4.056亿美元。

Groupon 当季还收购了在线时尚零售商Ideeli和韩国活动票务供应商Ticket Monster。

Groupon当季总交易额为18.2亿美元，同比增长29%。

该公司称，其移动交易已经占到当季总交易的54%，当季移动应用下载量也超过1000万次。

财报发布后，Groupon股价在盘后交易中下跌5.5%。

该公司预计第二财季将实现收支平衡，营收预计在7.25亿至7.75亿美元之间。

分析师预计，该公司第二财季每股收益为0.03美元，营收为7.576亿美元。

2014年中国直销业绩报告作者：来源：《知识经济·中国直销》2015年第02期《知识经济·中国直销》杂志一直致力于在每年年初联合世界直销（中国）研究中心独家推出中国直销企业业绩报告，并对业绩背后的企业发展战略做深入解读，以供业界参考。

自2008年开始，这一榜单的发布已经持续8年，其间经历了很多波折和考验，但《知识经济·中国直销》杂志依然坚持为奋斗在中国直销行业的各界人士提供尽可能真实、有效、有意义的行业报告，关注中国直销行业每一年的发展和进程。

该报告的每一个数据，本刊均征集了三个以上的来源互相佐证，并征求大量世界直销（中国）研究中心专家委员的意见判断，以选取最可能靠近真实的数据呈现给行业。

在此感谢业界朋友对这份报告制作过程中的理解和帮助。

根据最新的数据统计显示，2014年度，中国49家获牌直销企业一共创造了1599.15亿元业绩，相比2013年的1286.65亿元，增长了24.3%（见表2）。

这一数据有力地表明了中国直销行业正在稳步发展，并以每年大幅的增长空间，向着全球第一直销市场迈进。

2014年中国直销业绩表现截至2015年1月10日，我国共拥有49家正式获得直销经营许可证的企业，其中有46家企业已经开展直销业务，他们在2014年创造了总计1599.15亿元的业绩，比2013年的1286.65亿元净增312.5亿元，增长率达到24.3%。

这46家直销企业的平均业绩为34.76亿元，相对于2013年的32.99亿元上涨1.77亿元。

从业绩数据分析中可以看到，虽然目前中国直销业绩仍是外资巨头领跑，但是内资企业也逐步迎头赶上，有两家内资企业业绩增长迅猛，已经进入行业巨头行列，内外资势力的差距在显著缩小。

（参见表2）2014年，安利（中国）虽然相比2013年业绩微降2个百分点，但仍然以287亿元的业绩遥遥领先，跟随其后的完美（中国）、无限极（中国）依旧排名第二、三位，均实现了30%左右的高增长率。

Introduction to UnileverMarch 2010Contents•Vision3-4•Geographic reach5-6•Categories and brands7-9•Management & organisation10-11•Social responsibility12•Winning with Brands and Innovation13-20•Winning in the Market Place21-24•Winning through Continuous Improvement25•Winning with People26•Local roots with global scale27•The D&E opportunity28-34•Financial performance35•Commitment to shareholder value36•Legal structure, governance and shares 37-43•Contact information44Safe harbour statementThis document 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 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, economic slowdown, industry consolidation, access to credit markets, recruitment levels, reputational risks, commodity prices, continued availability of raw materials, prioritization of projects, 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 20-F Report and the Annual Report and Accounts 2009. These forward-looking statements speak only as of the date of this document. 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.Our visionWe are a successful, growing,sustainable businessWe work to create a better future every day.We help people feel good, look good and getmore out of life with brands and services that are good for them and good for others.We will inspire people to take small everyday actions that can add up to a big differencefor the world.We will develop new ways of doing business that will allow us to double the size of our company while reducing our environmentalimpact.New VisionWhere we will win New Vision40bn2xBehaviour•Focus on our consumers •Focus on our customers •Employee engagement •Community supportHow we will win•Grow everywhere•Winning with Brands and Innovation•Winning in the Market Place •Winning through Continuous Improvement•Winning with People1 in2 households in the world have a Unilever brand at home160 million times a day, in 170 countries, people use our products at key moments of their dayBalanced scale across geographiesAmericas €13bn 32% SalesWestern Europe€12bn30% SalesAsia AMET CEE€15bn38% Sales“Our deep roots in local cultures and markets a round the world give us our strong relationship with consumers and are the foundation for future growth. We will bring our wealth of knowledge and international expertise to the service of local consumers -a truly multi-local multinational”-extract from Unilever’s Corporate purposeLeading Category PositionsLocal Strength●Oral Care●Household CleaningWorld Number 2●Laundry●Daily Hair CareWorld Number 1●Savoury●Dressings●Tea●Ice Cream●Spreads●Deodorants●Mass SkinWith a broad based portfolioSavoury, Dressings & SCCBeverages and Ice CreamHome Care Personal Care33% Sales 19% Sales18% Sales30%SalesBig global brandsTop 25 brands =around ¾of Unilever’s salesChief Executive OfficerPresidentAsia Africa &CE EuropePresidentCategoriesPresidentAmericasChief HROfficerA global management teamNon-Executive Chairman Michael Polk Harish Manwani Vindi Banga Sandy Ogg Jean-Marc HuëtPaul Polman Michael TreschowPresidentWestern EuropeDoug BaillieChief R&DOfficerGeneviève BergerChiefFinanceOfficerPier LuigiSigismondiChief SCOfficerCategoriesDeliver global platformsResponsible for:Brand developmentInnovationResearch and Development Accountable for:Medium/long term market shareBrand health Innovation metrics Category value creationRegions and Categories Clear, distinct, complementary rolesRegionsExecute on the groundResponsible for:Managing the businessDeploying brands and innovationsCustomer managementAccountable for:Growth Profit Cash flowsShort term market sharesTo succeed also requires, we believe, the highest standards of corporate behaviour towards everyone we work with, the communities we touch, andthe environment on which we have an impactCorporate responsibilityUnilever has led the food industry category of the Dow Jones Sustainability Indexes (DJSI) for the past 11 years.•Eco-efficiency –reducing the impacts of our operations •Eco-innovation –reducing the impacts of our products •Sustainability programmes in agriculture and water •Our Code of Business Principles •Supporting local communitiesWinning with Brands and InnovationR&D -The engine that drives profitable growth •6 major R&Dcenters•Stronger links with Marketing •Investment in patents & clinical trial expertise •Open innovation•Leverage science across our categories•GenesisprojectsR&DSpray Technology DeodorantsStructured Oils and EmulsionsHair TechnologySkin Mildness and MoisturizingProduct Processing e.g. Ice CreamScience of TeaSome examples:Winning with Brands and InnovationR&D –Science and Technology StrengthsGenesisPrioritisation: from a multitude oftechnologies to identify the mostdisruptive+ Consumer needsand Category needsGENESIS-Projects >€50mincremental Sales-Starting in 2011-Cross-category Winning with Brands and InnovationR&D –Genesis projectsBouillon jellyproprietary technologyMaking foods healthierA unique slimming tea twice as rich in catechinsto help maintain yoursilhouetteDriving sustainabilityStronger functional claimsNutritionFamily Goodness brings betternutrition for familygrowth.For better taste and with less fatDetergent concentration technology for less water, less transport, higher marginsAn unrivalled multi-sensorial experienceusing cold roller technologyMagnum TemptationDelicious light mayonnaise with only3% fat.With unique citrus fibre technologyHellmann’s LightDove NutriumComfort Fresh Technology ReleaseSuperior moisturisationin a liquidComfort with breakthroughtechnology“Do the moves to release thefreshness”Dove Go Fresh50 marketsNew Lipton Pyramid TeaAxe TwistHellmann’s with citrus fibre64 markets 38 markets40 marketsWinning with Brands and Innovation Bigger, better, faster innovationsPremiumMid tierFamilyValueWinning with Brands and InnovationAppeal to more consumers across needs and price pointsIce creamStork PktWillow ICBINB! LightVitaliteStork SB Ow n Label ButterCountry Life Block ICBINB!Kerrygold BlockUtterly Butterly Other Dairy Crest (inc Uniq)Flora ButteryOw n Label Health SpreadsKerrygoldGoldFlora E x Light & DietFlora OriginalFlora Light Flora Low /No SaltCountry Life SpreadableKerrygold Spreadable Flora Om ega 3 Plus Ow n Label Spreadable ButterClover StandardBertolli Standard Anchor SpreadableLurpak Spreadable Ow n Label Diet Health Flora Pro-Activ Light Benecol Buttery Flora Pro-Activ OliveBenecolFlora Pro-Activ E xtra LightPlaying the full piano:Average Unit Price Margarine UKBlue bar = Unilever brandPremiumMassEconomyWinning with Brands and InnovationAppeal to more consumers across needs and price pointsUnilever manages a number of partnerships globallyUnilever has unparalleled reach across the store, bringing unique ‘shopper insight’to our partnership with customersWinning in the Market PlaceCustomer Insight and Innovation Center Roll OutMCO UK/IreGo-LiveJan 2010Winning in the Market Place Market DevelopmentMore UsersConsumptionPenetrationMore UsageMore Benefits (trading up)Winning through Continuous ImprovementVirtuous Circle of Volume GrowthVolume growth givescost leverageRe-invest in compellingmixesPortfolio choices prioritise high margin attractive businessAmplified by savings and value improvementConstantly improve consumer value equationInnovation creates new added value businessPeople are the heart of our businessHarnessing, developing and rewarding their skills, energy and commitment isour priorityUnilever is one of the world’s most culturally diverse companies, withtop leadership from 20 nationsMore than 35% of managers worldwide arewomenWinning with PeopleLocal rootsGlobal scaleLocal roots with global scale•Global portfolio of brands and categories •Dedicated R&D investment •Shared values and standards of behaviour•Understanding of the local consumer •Brands and products across a wide range of income levels •Critical mass on the ground •Corporate reputation with local stakeholders and talent poolOur heritage and local expertise mean that D&E is in our DNALeveraging our scale brings us advantages over local competition1bn new consumers in next 10 years based onpopulation and income growthConsumer spending is growing faster in D&E than inthe developed worldRising per capita income gives disproportionate growth in per capita consumption for UnilevercategoriesThe D&E opportunityThe D&E pyramid …0.92.52.5AffluentAspiringStriving Population in 2009(billions)Have lotsAspiringNot yet…rapidly evolving into a diamond2020+ 0.9+ 0.4-0.52.92.01.8ChangeSource: Unilever estimates2.52.50.9Billions of people in D&E countries2009Market development opportunityPer Capita Consumption (US $ per year )Source : EuromonitorDetergents1.42.21.912.116.622.9India China Indonesia Brazil Germany USAShampoo0.31.01.15.46.77.5India China Indonesia Brazil USA GermanyIce Cream0.20.92.85.034.650.9India Indonesia China Brazil Germany USASkin care0.33.20.810.926.936.6India China Indonesia Brazil USA GermanyD&E MarketsNew consumersTrading consumers upConsumer penetrationConversion in foods1 billion newconsumers inthe next 10yearsLoose LeafTeaStandardteabagsPyramidteabagsRe-closablemulti-usesachetsDeo ministicks Mini cubesPackaged food opportunityA major driver of Unilever’s growthWestern Europe 38%North America 23%D&E 36%% 2004 SalesOther developed 3%D&E underlying sales growth c. 9% p.a. since early 1990sD&E 44%NorthAmerica 21%Western32%Western Europe 30%North America 18%D&E 50%Other Developed 2%% 2009 Sales14.815.114.515.2Unilever DevelopedMarkets D&E D&E ExclChina/RussiaD&E Growth is Profitable2009 Operating margin beforeRDIs** Restructuring, disposals and one-off itemsUnilever Financial Performance(*) Continuing operations(**) Restructuring, disposals and one-off itemsTotal Unilever200420052006200720082009€bnTurnover 37.238.439.640.240.539.8Operating Profit4.05.15.45.27.2 5.0Operating Profit before RDIs** 5.85.9 5.9Net Profit*2.73.3 3.74.15.3 3.7Earnings per share* €0.871.071.191.32 1.79 1.21Earnings per share before RDIs** € 1.391.43 1.33Net Cash Flow from operating activities5.5 4.4 4.5 3.93.95.8Commitment to shareholder value“…our road to sustainable, profitable growth, creating long term value for our shareholders, our people, and our business partners”extract from Unilever’s Corporate purpose Unilever measures its Total Shareholder Return, over a 3 year rolling period, amongst a peergroup of 20 other companies.Peer group in 2009•Avon •Beiersdorf •Cadbury Schweppes •Clorox •Coca-Cola •Colgate •Danone •Heinz •Kao •Kraft •Kimberley Clark•Lion•L’Oréal•Nestlé•Orkla•Pepsico•Procter&Gamble•Reckitt Benckiser•Sara Lee•ShiseidoUnilever’s TSR position relative to the peergroup over a rolling 3 year period7142119992000200120022003200420052006200720082009Unilever was formed in 1930 from two companies:It was a full business merger, operating as a single business entity Two separate legal parent companies were maintained:-Unilever NV (Netherlands) and Unilever PLC (UK).This works through an equalisation agreement and other contracts between the two companiesLegal structure, governance and sharesMargarine Unie (Netherlands)Lever Brothers(UK)Unilever NV and PLC have separate legal identities but operate as a single entityNV share holdersPLC shareholders DirectorsNV PLCEqualisation‘One Unilever’Operating UnitsUnilever firmly believes in maintaining high standards ofCorporate GovernanceThese have evolved in response to developments in Europe (UK Combined Code, Dutch Corporate Governance Code) and the US (Sarbanes Oxley, NYSE listing rules)Unilever operates a unified board: the boards of NV and PLC comprise the same directorsThere is a majority of independent, non-executive directors on the board. The Chairman is non-executiveThe boards have ultimate responsibility for the business as a wholeDetails of current arrangements can be found in the report and accounts in the investor centre at Unilever NV ordinary shares or certificates (depositary receipts) are listed on the stock exchanges in Amsterdam and as New York shares on the New York Stock Exchange. Unilever PLC ordinary shares are listed on the London Stock Exchange and as American Depositary Receipts in New York. Each ADR represents 1 underlying ordinary PLC share.There are 1 714 727 700 NV ordinary shares in issue, each with a nominal value of€0.16.There are 1 310 156 361 PLC ordinary shares in issue, each with a nominal value of 31/9 pence.The equalisation agreement between NV and PLC is such that each NV ordinary share has the same rights and benefits as each PLC ordinary share.The combined share count excluding treasury stock, for calculating basic EPS, was2,804 million at the end of 2009.Further information can be found in the investor centre at Notes:*Relates to interim and final dividends per ordinary shareFinal 2008 dividends subject to AGM approval US dividends based on exchange rate on 4 Feb 2009Exchange Share TickerCash payment per share –2009*Amsterdam Unilever NV UNA €0.7795London Unilever PLC ULVR £0.6441New YorkUnilever NV NY UN $1.0867Unilever PLC NY UL $1.0047(*) This includes the final dividend of 2008 and the interim dividend for 2009.As agreed at the 2009 AGM’s, Unilever has moved to the payment of quarterly dividends with effect from 1st January 2010.During 2010, four quarterly dividends will be paid.Share listings and ownership Share listings as a percentage ofidentified capitalNV NY9%PLC 39%NV 48%PLC ADR4%Share ownership by country at theend of 2009Netherlands8%USA22%UK31% Other39%Taxation on dividends for US residentsThis information is intended to provide general guidance only. Actual tax treatments will depend on specific circumstances. US residents should consulttheir local tax advisers.The information shown is generally applicable to a typical US resident.Further information can be found in the Unilever Annual Report &Accounts,available on the investor centre at Share Unilever NV (Netherlands)Unilever PLC(UK)Local withholding tax US tax Effective tax on dividends15% eligible for credit Against US income taxMax 15%Max 15%NoneMax 15%Max 15%Further information and contact detailsThe IR team can be contacted by telephone as follows:+ 44 (0) 20 7822 6830Or by e-mail at:investor.relations@The shareholder centre at gives information on how to purchase Unilever stock.More information on Unilever is available at 。

1930年至2001年联合利华公司始建于1930年1月1日，由安约翰内斯·尤尔根斯，塞缪尔范登伯和威廉的赫尔姆杆，第二子爵莱弗尔梅的。

利华兄弟和荷兰人造黄油生产人造黄油Unie（安东·尤尔根Margarinefabrieken NV和塞缪尔范登伯 1927年合并了）的，英国soapmaker 的操作合并取得了良好的商业意识，以棕榈油为人造黄油，主要原材料和肥皂，可以更有效地在大批量进口。

棕榈油最初的收获是从英国西非，从新闻报道看到在英国发现工人在国外的有利条件。

[7]1911年，该公司收到75万公顷的森林特许权在比利时刚果，大多以南班顿杜，强迫劳动制度的运作。

[8]附属利华兄弟公司被评为“ Huileries 刚果贝尔盖“。

在三十年代大萧条期间，Huileries大幅下降为聚集的油坚果的费用，而比利时刚果政府大力增加税收。

这导致社会动荡，在1931年，这是作为革命攀，最终超过400的攀部落成员被打死。

[9]在20世纪30年代联合利华的业务增长，并在非洲和拉丁美洲推出新的企业。

联合利华在1972年购买了一＆W餐厅的加拿大部门，但出售通过管理层收购其股份在1996年7月前一个＆W食品加拿大首席执行官杰斐逊研究穆尼服务。

[10]到1980肥皂和食用油脂贡献利润只有40％，相比与原来的90％。

1984年，公司购买的品牌布鲁克债券（制造商PG提示茶）。

联合利华在1987年加强了其在世界护肤品市场的地位，通过收购Chesebrough 池塘（从合并Chesebrough制造和旁氏护肤霜），制造商RAGU ，旁氏，水色净，指甲油Cutex，和凡士林。

[11]于1989年，联合利华收购卡文克莱化妆品，法贝格，伊丽莎白·雅顿，但后者后来被出售（2000年）的FFI香水。

联合利华在1996年购买了海伦柯蒂斯工业，使该公司在美国洗发水和除臭剂市场“一个强大的新的存在”。

[11]购买联合利华带来的倜傥和娴熟的护发产品品牌和学位除臭剂品牌。

麦考林2014年第一季度财务报告麦考林发布了截至3月31日的2014财年第一季度财报。

报告显示，麦考林第一季度净营收为1920万美元，比去年同期的2100万美元下滑8.5%；净亏损为580万美元，与去年同期的净亏损420万美元相比有所扩大。

主要业绩：-麦考林第一季度净营收为1920万美元，比去年同期的2100万美元下滑8.5%；-麦考林第一季度毛利润为820万美元，比去年同期的810万美元增长1.1%；-麦考林第一季度毛利率为42.7%，相比之下去年同期为38.6%；-麦考林第一季度净亏损为580万美元，与去年同期的净亏损420万美元相比有所扩大。

麦考林2013财年第一季度净亏损中计入了600万美元的非循环收入。

财务分析：总净营收：麦考林第一季度总净营收为1920万美元，比去年同期的2100万美元下滑8.5%。

麦考林总净营收的下滑，主要是由于来自公司电子商务渠道的净营收下滑，以及由于来自公司旗下特许经营店铺的净营收下滑。

麦考林第一季度来自于电子商务渠道的净营收为320万美元，比去年同期的570万美元下滑43.5%。

麦考林电子商务渠道净营收的下滑，主要由于网站的销售额继续大幅下滑，以及由于来自对手服装品牌的竞争压力加大。

麦考林第一季度来自于呼叫中心的净营收为1070万美元，比去年同期的970万美元增长9.9%。

麦考林呼叫中心净营收的增长，主要由于医疗和美容产品的订单增加。

麦考林第一季度来自于直接运营店铺的净营收为460万美元，比去年同期的310万美元增长45.9%。

麦考林直接运营店铺净营收的增长，主要由于第一季度中的店铺平均销售额有所增长，但被直接运营店铺的平均数量从去年同期的65家减少至55家所部分抵消。

麦考林第一季度来自于特许经营店铺的净营收为70万美元，比去年同期的240万美元下滑70.3%。

麦考林特许经营店铺净营收的下滑，主要由于店铺平均销售额的减少，以及第一季度中特许经营店铺的平均数量从去年同期的263家减少至152家。