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  July 2008
 
                      
UNILEVER PLC    

(Translation of registrant's name into English)
 

UNILEVER HOUSE, BLACKFRIARS, LONDON, ENGLAND
(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..X.. Form 40-F.....
 
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 ..... No .X..
 
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82- _______
 
 


Exhibit 99 attached hereto is incorporated herein by reference.
 
 

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.
 
                                                                                                                        UNILEVER PLC
                                           
                                                                                                                       /S/ S H M A Dumoulin
                                                                                                                       By  S H M A Dumoulin
                                                                                                                       Secretary
                  
                                     
Date: 31 July 2008
 
 
                                              EXHIBIT INDEX
                                              -------------
 
EXHIBIT NUMBER              EXHIBIT DESCRIPTION
99                                         Notice to London Stock Exchange dated 31 July 2008
                                             2nd Quarter Results 2008

 
Exhibit 99
  

 

INTERIM MANAGEMENT REPORT FOR HALF YEAR TO JUNE
 2008

KEY FINANCIALS
 
(unaudited)


Second
 
Quarter
 2008
€ million
Half
 Year 2008

Increase/(Decrease)


Increase/(Decrease)
Current 

rates
Current 

rates
Constant 

rates

Current 

rates
Current 

rates
Constant 

rates



Continuing operations:



10 374  
(1)
%
 
%
Turnover
19 945
(1)
%
6
 %
1 369
(5)
%
%
Operating profit
3 184
16 
%
24
 %
1 353
(4)
%
%
Pre-tax profit
3 135
14 
%
21
 %










Total operations:



978
(19)%
(12)%
Net profit
2 385
5 %
10 %
0.32
(18
)
%
(12
)
%
EPS 
(
Euros)
0.79
6
 
%
12
 
%



GOOD PERFORMANCE CONTINUES IN A CHALLENGING ENVIRONMENT. OUTLOOK CONFIRMED.
Financial
 Highlights
 of the Half Year
Operational Highlights
GROUP CHIEF EXECUTIVE
"
Our performance in the first half year has been good in what has been a challenging environment. We have delivered 7% underlying sales growth and an underlying improvement in profitability while maintaining competitiveness. The changes already implemented in the business have made us nimbler and better able to respond to the market conditions. We are doing so against 
our 
clear priorities 
of maintaining competitiveness, improving margins and investing selectively to gain market
 share
.  

Looking to the future, 
our strategy leverages 
our 
strong brands,
 broad geographic footprint and products that meet everyday needs across a wide range of price points.  
Our innovation programme focuses on opportunities in health and wellness, the use of superior technology, and rapid deployment 
in
to new markets.  
This continues to be the best route to long-term value creation
.  

For this year we confirm our outlook for delivering growth ahead of our 3-5% target range, with an underlying improvement in operating margin." 

Patrick Cescau, Group Chief Executive
 
    
    
    
    
    
    
       
31 July
 2008


UNILEVER 
SECOND
 QUARTER AND 
HALF YEAR
 RESULTS 2008

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 impairments), and use the movements in Ungeared Free Cash Flow and Return On Invested Capital to measure progress against our longer-term value creation goals. 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 note 2 to the financial statements. Further information about these measures is available on our website at 
www.unilever.com/ourcompany/investorcentre


This results announcement also represents Unilever's half-yearly report for the purposes of the Disclosure and Transparency Rules (DTR) made by the UK Financial Services Authority (DTR 4.2 - Half-yearly financial reports). In this context: (i) the condensed set of financial statements can be found on pages 8 to 16; (ii) pages 1 to 7 comprise the interim management report; and (iii) the Directors' responsibility state
ment can be found on page 17. Other than as disclosed elsewhere in this document n
o material related parties transactions have taken place in the first six months of the year.
 
 
1.  
SUMMARY OF BUSINESS PERFORMANCE FOR 
THE 
SECOND QUARTER AND 
FIRST HALF YEAR

Underlying s
ales gr
owth was
 6.8% in the second quarter, taking the half year rate to 7.0%. Prices increased by 7.4% in the second quarter and by 6.1% in the first half year.
Europe
 grew by 2.3% in both the quarter and the half year. All of the growth has come from pricing, with volumes 2.9% lower in the second quarter.  
The lower volumes largely reflect weaker ice cream sales and the expected reversal of the additional sales at the end of the first quarter ahead of price increases and systems implementations.
The 
Americas
 has sustained its momentum with growth of 5.7% in the first half year. This was achieved against a strong comparator which included the impact of additional sales ahead of the systems change in the 
US
 in June last year. In Latin America growth accelerated in both value and volume including a good performance in 
Brazil
.  
Growth in Asia Africa picked up further to 15.1% in the second quarter and is broad-based across countries with double-digit increases almost everywhere. In addition to pricing, volume growth was robust at 4.1% in the second quarter.  
At a global level, all categories grew by more than 5% in the first half year.
Advertising investment behind our brands was increased by some €100 million at constant rates of exchange in the first half year. With the benefit of higher sales, media efficiency programmes and fewer promotions, A&P as a percentage of sales was 0.7 points lower in the second quarter and 0.4 points lower in the first half year.  

Commodity costs increased by
 around
 €
60
0 million in the second quarter
 and 
by 
around €1 billion in the first half
. This 
is 
equivalent to 5.5 percentage points of sales
 in the quarter and
 4.8
 pe
r
centage
 points in the first half. Both price increases and savings from cost reduction programmes accelerated in the 
second 
quarter. As a result we were able to deliver an underlying improvement in operating margin of 0.5 percentage points in the quarter, taking the first half year improvement to 0.4 percentage points.


2. FINANCIAL COMMENTARY

2.1  
Turnover
Underlying sales growth was 6.8% in the second quarter and 7.0% in the first half year. The Euro has strengthened against most currencies and this, together with 
a small 
net impact of acquisitions and disposals, led to turnover being 1.4% lower in the second quarter and 0.5% lower in the first six months.  

2.2  
Operating profit
Operating profit was 
5
% lower than last year in the second quarter because of the stren
g
thening of the Euro and a higher level of restructuring charges. The operating margin at 13.2% was 0.5 percentage points below last year. Before the impact of restructuring and disposals there was an underlying improvement of 0.5 percentage points.  

For the half year, operating profit was 16% higher than last year and the operating margin of 16.0% was 2.3 percentage points higher, both being boosted by profits on disposals in the first quarter. Before restructuring and disposals there was an underlying improvement in operating margin of 0.4 percentage points.

2.3  
Finance costs and tax
Finance costs 
of net borrowings 
were 16% lower than last year in the quarter and in line with last year for the first six months.  

The 
effective 
tax rate was 28% in the second quarter and 25% in the first half year. This compares with 19% and 20% in the second quarter and first half of last year respectively, both of which included benefits from the favourable settlement of tax audits. The underlying tax rate, before restructuring and disposals, was 26% in the first half of this year.
 
 For the full year we expect the 
tax rate on this basis
 to be around 25%. 

2.4  
Joint ventures, associates and other income from non-current investments
Share of net profit from joint ventures and associates and other income from non-current investments for the second quarter was in line with last year at €39 million. For the first half year these contributed €92 million, which was €47 million below last year as a result of a lower level of one-time gains in the first quarter.

2.
5
  
Net profit and earnings per share
Net profit was 19% lower than last year in the second quarter, reflecting higher restructuring costs, the low tax rate in the same quarter last year and the stronger 
e
uro.

Net profit was 5% higher in the first six months with a benefit from profits on disposals, but a negative impact from the stronger 
euro
.  

Earnings per share for the first six months were €0.79 which included a net gain of €0.0
7
 from restructuring and disposals. This compares with €0.75 in the first six months of last year which included a negligible net impact from restructuring and disposals and benefited from the particularly low tax rate.

2.6  
Share buy-backs
By the end of June we had bought back 
53.6
million shares at a 
total purchase price 
of 
1.1
billion
, as part of the planned 2008 share buy-back of at least €1.5 billion
.

2.7  
Cash flow
Net cash flow from operating activities was €0.7 billion lower than last year. This was entirely due to a 
build-
up of
 working capital in the first half year. Part of this came from the effect of commodity price inflation. In addition there were a number of temporary factors 
including
 the planned build
-
up of stocks during the change programme
 and
 
calendar effects. The largely one-off nature of these, together with an intensified programme for working capital management across the business, is
 expected to result in a much improved cash flow in the second half year.

Restructuring costs were slightly higher
 than in the first half of 2007
, but this was more than offset by lower cash contributions to pension funds and favourable tax rebates.

Net capital expenditure was also slightly higher than last year.

2.8  
Balance sheet
Working capital has increased from its normal seasonal low point at the start of the year. The increase has been heightened by the 
factors referred to above in the commentary on cash flow movements

The overall funding position of the Group's pension arrangements improved slightly with net liabilities for all schemes of €1.0 billion at the end of 
the half year
, down from €1.1
 
billion at the end of 2007. 
 
Assets have redu
ced by €2.1 billion due to the fall in market values and the appreciation of the euro against the currencies of investments.
 
 Liabilities fell by €2.2 billion
,
 mainly due to the impact of higher discount rates, net of higher inflation assumptions and the strengthening of the euro.

 
3. OPERATIONAL REVIEW


3.1 
Europe

Second
 Q
uarter
 2008


Half
 
Year 2008
200
8
200
7
%
Change
%
Underlying sales growth


200
8
200
7
%
Change
%
Underlying sales growth
4 017
4 041
(0.6)
2.3
Turnover (€ million)
7 511
7 585
(1.0)
2.3









12.9
13.8


Operating Margin (%)
20.1
14.1


(3.9)
(1.7)


 
Impact of RDIs
 (%)
*
3.5
(1.5)




*  
Restructuring, business disposals and 
other items

Growth
Underlying sales growth was 2.3% in both the quarter and the half year, slightly behind the growth of our markets.
Central and 
Eastern Europe
 maintained its growth of around 10% with further growth in volumes in the second quarter and increased pricing.  
Russia
 made a particularly strong contribution.  
Western Europe
 grew b
y 1.4% in the second quarter, and by 1.3% in the first half year. Increased prices were partly offset by lower volumes in ice cream and the expected reversal of the additional sales at the end of the first quarter ahead of price increases and systems implementations.  
Germany
 grew modestly in the second quarter, with an improved performance in spreads, after a 
weak 
start to the year. Benelux had another good quarter with continued strong growth in the 
Netherlands
 across most categories, and a pick-up in 
Belgium
. In both the 
UK
 and 
Italy
, savoury and dressings contributed to solid growth. Sales in 
France
 and 
Spain
 declined in difficult trading conditions and in both countries we have lost some share to private label brands. 

Innovation
Hellmann's 
extra light
 
mayonnaise made with free range eggs is part of a campaign to promote the goodness of mayonnaise in the 
UK
France
 and 
Italy
.  
Rama
 flavoured creams have been launched in 
Germany
 and the Nordic countries. 
 
In tea, we have built further on the Rainforest Alliance certification, extended 
Lipton
 linea 
slimming teas and introduced 
Lipton 
clear green
, a new generation of healthy tea. A strong programme for 
Magnum
 ice creams included new-look 'minis' across the region, and the top-of-the-range 'temptation' introduced to several new countries. 

A new range of 
Axe
 body washes and after shave balms has been launched in the 
UK
Germany
 and 
France
 and the latest global body spray 
Axe 
dark temptation
 across the region. The new upside-down deodorants for 
Dove
 and 
Rexona
 offer the smoothest ever roll-on with less packaging material.  
Small & mighty
 concentrated detergents are 
being rolled out across the region
 under the 
Dirt is Good
 brand. As well as offering consumer convenience, these also
 have a 
markedly 
better environmental footprint.
  In oral care we have launched 
Signal 
white now
, the first instant whitening toothpaste.

Profitability
The first half year operating margin of 20.1% was 6.0 percentage points higher than last year, largely reflecting profits on disposals. Before restructuring and disposals there was an underlying improvement in margin of 1.0 percentage point. Gross margins were lower as we recovered cost increases in absolute terms but not yet sufficiently to maintain the percentage margin. However this was more than compensated by sharply lower overheads costs. 

Accelerating change
As previously announced, 
Western 
Europe
 will
 be managed as a single region under a new President, Doug Baillie
. This will 
allow the management to focus solely on driving improved performance in the region. Central and Eastern Europe 
will 
now
 be
 under the responsibility of Harish Manwani, President for Asia Africa, reflecting the priority on business building in developing and emerging markets. These changes will be reflected in the regional segmentation of Unilever's published results from the end of this year. 

In the second quarter we completed the move to a single office location in 
Italy
and announced four 
factory rationalisations and the setting up of a new multi-country organisation for 
Central Europe
.
  
The move to a single SAP system for the region continues
,
 with three quarters of our business now live and the full programme to be complete by the end of the year. In July we announced the disposal of
 the
 
Ber
t
olli 
olive oil 
business 
and three local 
bottled oil 
brands
 in 
Italy
.  
 
 
 
3.
 
The 
Americas

Second
 Quarter 2008


Half
 
Year
 2008
200
8
200
7
%
Change
%
Underlying sales growth


200
8
200
7
%
Change
%
Underlying sales growth
3 314
3 520
(5.8)
4.9
Turnover (€ million)
6 453
6 751
(4.4)
5.7









13.4
14.9


Operating Margin (%)
13.7
14.6


(1.3)
(0.7)


 
Impact of RDIs (
%)
*
(1.0)
(0.7)




*  
Restructuring, business disposals and 
other items

Growth
The good momentum in the business has been sustained
,
 with underlying sales growth of 5.7% in the first six 

months, against a strong comparator 
due to 
the additional sales ahead
 of
 the systems implementation in the 
US
 at 
the end of the second quarter last year. This held back the second quarter growth for the region as a whole by some 2 percentage points
.
In the 
US
 all of the growth is coming from price, with consumer volumes lower than a year ago.  
Before the effect of the systems implementation last year, which reverse
d
 in July, 
our own sales in 
the 
US
 grew by about 4% in both the second quarter and the first six months
, slightly ahead of the market growth rate
.
  
Canada
 had a weak second quarter.
Our growth in 
Latin America
 has been strong across all the main countries, with 13% in the second quarter taking the half year growth rate to 11%. There has been a good performance in 
Brazil
 and continued high growth in 
Mexico
 and elsewhere.  

Innovation
New ranges of 
Knorr 
bouillons, sauces and soups have been launched in 
Brazil
 and 
Argentina
 with a clear Vitality positioning, featuring healthy ingredients. Under the 
Hellmann's
 brand we have introduced an olive oil mayonnaise in the 
US
 and a new milder tasting mayonnaise made with milk in 
Brazil
 and 
Mexico
.  
Bertolli
 frozen meals in the 
US
 have been extended with a range of 'mediterranean garden' dishes.  
The latest global 
Dove
 range, 'go fresh', has been launched in the 
US
, as well as a new cream oil variant, 'sleek satin'. As in 
Europe
Axe
 has brought out body washes targeted at over 20's and the new 'dark temptation' deodorant with a novel chocolate fragrance. In Laundry the new 
Dirt is Good
 mix with improved cleaning and longer-lasting freshness has been introduced to 
Latin America
 as well as a variant of 
Surf
 with fabric conditioner. New variants of 3 times concentrated liquid detergents have been launched in the 
US
.

Profitability
The operating margin for the first half year was 13.7%, which was 0.9 percentage points lower than last year. Before 
the impact of restructuring and disposals, there was an underlying reduction in margin of 0.6 percentage points. We have fully recovered the impact of higher commodity cost
s
 in absolute terms, through a combination of savings and price increases, but this has not been enough to maintain the percentage margin.  

Accelerating change
As part of the One Unilever programme, the move to a single head office for the 
US
 business in Englewood Cliffs and the closure of the 
Greenwich
 office has been completed. At the same time, the ice cream businesses in the 
US
 and 
Canada
 have been integrated into the respective One Unilever country organisations. In 
Latin America
, the financial 
shared 
services centre has been sold to Cap
g
emini. We have also announced the disposal of olive oil sold under the 
Bertolli
 brand as part of a global agreement
, and the sale of the North American laundry business.

 
 
3.3 Asia 
Africa

Second
 Quarter 2008


Half
 
Year 2008
200
8
200
7
%
Change
%
Underlying sales growth


200
8
200
7
%
Change
%
Underlying sales growth
3 043
2 965
2.7
15.1
Turnover (€ million)
5 981
5 718
4.6
14.7









13.3
12.2


Operating Margin (%)
13.3
12.1


(0.4)
(0.5)


 
Impact of RDIs
 
(%)
*
(0.2)
(0.6)




*  
Restructuring, business disposals and 
other items

Growth
Underlying sales growth was 15.1% in the second quarter and 14.7% in the first half year. While mo
re
 of the growth in value is coming from pricing, volumes also continue to grow well, albeit at a slightly slower pace than last year
. Our
 
g
rowth continues to be very broad-based
 and is ahead of the market
. All of our top five D&E businesses in the region, and all our categories, grew at more than 10%.  

In 
India
, laundry contributed particularly strongly with good growth in all three of our brands
,
 each positioned at a different income level. The new global 
Sunsilk 
mix is driving share gain in 
India
 as elsewhere in the region.  
China
 has sustained a growth rate of over 20%, with most of this coming from higher volumes including the build of 
Clear 
shampoo.  
Indonesia
 has shown continued strong growth momentum, particular
l
y in personal care and ice cream. 
Turkey
 had another good, well balanced performance, 
however 
growth in 
South Africa
 came entirely from price, with volumes flat, largely as a result of supply chain constraints. 

Performance in 
Japan
 and 
Australia
 
was 
weak in more difficult consumer markets.

Innovation
We have launched 
Lipton
 milk tea in a number of new countries and introduced 
Lipton
 
clear green 
teas in 
Turkey
 and 
Arabia
. A strong programme for 
Cornetto
 ice cream includes a new 'choco disk' variant and we have introduced 
Magnum
 chocolate indulgence in 
China
 and 
India
. In 
Turkey
 we have launched 
Knorr
 
e
at in colour mealmakers and mayonnaise in a squeezy bottle.

Rexona
 is taking the first steps to building a market for deodorants in 
China
. New versions of 
Pond
'
s
 anti-ageing and 
skin
-
lightening creams and the new global 
Sunsilk
 range have been rolled
 
out across the region. Innovations in laundry include 
Surf
 clean and fresh, 
Surf 
Excel
 multi-chamber sachets, the improved global 
Dirt
 
is
 Good
 mix and concentrated fabric conditioners.

Profitability
The operating margin for the first six months was 13.3%, which was 1.2 percentage points higher than a year ago. Before the impact of restructuring and disposals there was an underlying improvement of 0.8 percentage points. Savings programmes and price increases have offset the impact of higher commodity costs and we have the benefit of increased scale from sales growth.  

Accelerating change
The move to a single SAP system across the region is progressing 
to plan and 
we are setting up a regional supply chain team based in 
Singapore

In the second quarter we announced the disposal of our palm oil business in 
Cote D'Ivoire
 and the acquisition of laundry soaps in the same country. We have also announced the disposal of Komili olive oil in 
Turkey
.
  Both these transactions are subject to regulatory approval.

Central and 
Eastern Europe
 
will 
be managed as part of this region. This reflects the 
focus on
 business building in these countries as part of Unilever's priority for Developing and Emerging markets. The change will be reflected in our reporting of business segments from the end of this year.  


RISK MANAGEMENT
On pages
 13 and 14 of our 2007 Report and Accounts we set out our assessment of the principal risk issues that would face the business through 2008. In our view, the nature and potential impact of such risks remains essentially unchanged
 as regards our performance over the second half of the year
. As anticipated, commodity prices 
affecting the materials we buy 
have continued to show an upward trend in the first half of the year.  
W
e will continue to monitor 
this 
closely and to manage our response through a combination of pricing
 and
 savings 
programmes
. In addition, 
there could be a further weakening of key economies. W
hilst people's essential needs for food and hygiene would remain unchanged, we could experience impact in markets as individual consumers adjust their spending patterns. We manage the associated risks 
by ensuring that our brands remain competitive through appropriate pricing, marketing 
support and relevant innovation in our
 product 
portfolio
 across 
a wide range of 
price points.
 
OTHER INFORMATION
On 10 April 2008, Unilever entered into a settlement with Mars to bring an end to all claims made by Mars concerning Unilever's distribution arrangements for the sale of impulse ice cream.  Prior to the settlement, Mars had initiated proceedings against Unilever in a number of European jurisdictions. The settlement does not imply any admission of liability on Unilever's part.  

In April 2008 Unilever received a notice from the UK Office of Fair Trading requiring the production of documents in relation to an investigation into potential co-ordination of the retail prices of products in the grocery sector. A response to the notice was provided in June 2008. It is too early to gauge whether the investigation to which the notice relates will lead to a Statement of Objections being addressed to Unilever or its subsidiaries.
In June 200
8, Unilever premises in 
Austria
Belgium
Italy
, The Netherlands and 
Spain
 were the subject of unannounced inspections by the European Commission and/or national competition authorities. The inspections were in relation to the home care and/or personal care markets. A request for information relating to alleged anti-competitive behaviour in detergents markets in the EEA was subsequently received by Unilever in July 2008. It is too early to gauge whether the investigation that has been initiated will lead to a Statement of Objections being addressed to Unilever or its subsidiaries.
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' or the negative of these terms and other similar expressions of future performance or results, including financial objectives to 2010, 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, 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 on Form 20-F. 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 wh
ich any such statement is based.
ENQUIRIES

Media:
 Media Relations Team
UK +44 20 7822 6805 
tim.johns@unilever.com
or +44 20 7822 6010 
trevor.gorin@unilever.com
NL +31 10 217 4844
 
gerbert-van.genderenstort@unilever.com

Investors:
 Investor Relations Team  
+44 20 7822 6830  
investor.relations@unilever.com
  




There will be a web cast of the results presentation available at:
www.unilever.com/ourcompany/investorcentre/results/quarterlyresults/default.asp

The results for the 
third
 quarter 2008 
and the announcement of interim dividends 
will be published on 

30 October
 2008.

C
ONDENSED FINANCIAL STATEMENTS
INCOME STATEMENT
(unaudited)

Second
 
Quarter
€ million
Half
 Year
2008
2007
Increase/

(Decrease)

2008
2007
Increase/

(Decrease)


Current rates
Constant rates



Current rates
Constant rates













Continuing operations:













10 374
10 526
(1)
%
6
 %
Turnover
19 945
20 054
(1)
%
6
 %









1 369
1 443
(5)
%
3
 %
Operating profit
3 184
2 745
16 
%
24 
%













After (charging)/crediting:




(212)
(1
10
)


Restructuring
, business disposals and other items
 (see note 3)
181
(
196
)











(55)
(70)


Net finance costs
(141)
(140)


27
44


  Finance income
51
71


(114)
(147)


  Finance costs
(259)
(278)


32
33


  Pensions and similar obligations
67
67











30
30


Share in net profit/(loss) of joint ventures
74
57


(1)
3


Share in net profit/(loss) of associates
8
51


10
6


Other income from non-current investments
10
31











1 353
1 412
 
(4)
%
4
 %
Profit before taxation
3 135
2 744
14
 %
21 
%









(375)
(259)


Taxation
(750)
(539)











978
1 153
(15)
%
(8)
%
Net profit from continuing operations
2 385
2 205
%
14 
%









-
54


Net profit/(loss) from discontinued operations
-
76











978
1 207
(19)
%
(12)
%
Net profit for the period
2 385
2 281
%
10 
%













Attributable to:




69
63


   
Minority interests
137
124


909
1 144
(21)
%
(14)
%
   
Shareholders' equity
2 248
2 157
%
10 
%













   Combined earnings per share




0.32
0.38
(14)
%
(8)
%
   
Continuing operations (Euros)
0.79
0.72
 
10 
%
16 
%
0.31
0.37
(14)
%
(8)
%
   Continuing operations - diluted (Euros)
0.77
0.70
 
10 
%
16 
%









-
0.02


  Discontinued operations (Euros)
-
0.03


-
0.01


  Discontinued operations - diluted (Euros)
-
0.02











0.32
0.40
(18)
%
(12)
%
   
Total operations (Euros)
0.79
0.75
%
12 
%
0.31
0.38
(19)
%
(12)
%
   
Total operations - diluted (Euros)
0.77
0.72
%
12 
%



 
 
STATEMENT OF RECOGNISED INCOME AND EXPENSE
(unaudited)

€ million
Half 
Year

2008
2007



Fair value gains/(losses) on financial instruments net of tax
(34)
14
Actuarial gains/(losses) on pension schemes net of tax
(126)
1 221
Currency retranslation gains/(losses) net of tax
(331)
194



Net income/(expense) recognised directly in equity
(491)
1 429



Net profit for the period
2 385
2 281



Total recognised income and expense for the period
1 894
3 710



Attributable to:


  Minority
 interests
91
131
  
Shareholders' equity
1 803
3 579





CASH FLOW STATEMENT
(unaudited)

€ million
Half 
Year

2008
2007



Operating activities


Cash flow from operating activities
885
1 661
Income tax paid
(481)
(600)
Net cash flow from operating activities
404
1 061



Investing activities


Interest received
64
62
Net capital expenditure
(491)
(444)
Acquisitions and disposals
403
72
Other investing activities
40
161
Net cash flow from/(used in) investing activities
16
(149)



Financing activities


Dividends paid on ordinary share capital
(1 194)
(1 412)
Interest and preference dividends paid
(201)
(225)
Change in financial liabilities
2 081
1 905
Share buy-back programme
(1 085)
(663)
Other movements on treasury stock
(19)
219
Other financing activities
(89)
(309)
Net cash flow from/(used in) financing activities
(507)
(485)



Net increase/(decrease) in cash and cash equivalents
(87)
427



Cash and cash equivalents at the beginning of the year
901
710



Effect of foreign exchange rate changes
(152)
23



Cash and cash equivalents at the end of period
662
1 160




 
 
BALANCE SHEET
(unaudited)

€ million
As at
30 June
2008
As at
31 December
2007
As at
30 June
2007




Non-current assets



Goodwill 
12 015
1
2 244
12 439
I
ntangible assets
4 436
4 511
4
 
741
Property, plant and equipment
6 045
6 284
6 249
Pension asset for funded schemes in surplus
1 857
2 008
2 451
Deferred tax assets
966
1 003
782
Other non-current assets
1 245
1 32
4
1 215
Total non-current assets
26 564
27 37
4
27 877




Current assets



Inventories
4 431
3 894
4 166
Trade and other current receivables
514
4 194
5 437
Current tax assets
241
367
254
Cash and cash equivalents
1 060
1 098
1 518
Other financial assets
259
216
292
Non-current assets held for sale
277
159
38
Total current assets
11 
782
9 928
11 705




Current liabilities



Financial liabilities
(5 947)
(4 166)
(5 367)
Trade payables and other current liabilities
(8
 377
)
(8 017)
(8 833)
Current tax liabilities
(457)
(395)
(614)
Provisions
(829)
(968)
(658)
Liabilities associated with non-current assets held for sale
(42)
(13)
-
Total current liabilities
(15 
652
)
(13 
559
)
(15 472)
Net current assets/(liabilities)
(3 870)
(3 631)
(3 767)
Total assets less current liabilities
22 694
23 743
24 110




Non-current liabilities



Financial liabilities due after one year
5 607
5 483
5 233
Non-current tax liabilities
231
233
226
Pensions and post-retirement healthcare benefits liabilities:



        Funded schemes in deficit
787
827
517
        Unfunded schemes
2 084
2 270
3 097
Provisions
785
694
899
Deferred tax liabilities
1 260
1 213
1 088
Other non-current liabilities
168
204
256
Total non-current liabilities
10 922
10 924
11 316




Equity



Shareholders' equity
11 344
12 387
12 245
Minority interests
428
432
549
Total equity
11 772
12 819
12 794
Total capital employed
22 694
23 743
24 110



NOTES TO THE FINANCIAL STATEMENTS
(unaudited)

1
 
  ACCOUNTING INFORMATION AND P
OLICIES
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, and have been prepared in accordance with International Accounting Standard (IAS) 34 'Interim Financial Reporting'. The basis of preparation is consistent with 
that applied for 
the year ended 31 December 200
7.

The condensed financial statements are shown at current exchange rates, while percentage year-on-year changes are shown at both current and cons
tant exchange rates to facilitate comparison.

The income statement on page 
8 and
 the statement of recognised income and expense and the cash flow statement on page 
9
 are translated at rates current in each period.
  
The balance sheet on page 
10 is
 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. Full accounts for Unilever for the year ended 31 December 200
7
 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.


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 profit, by which we mean
 the movements recorded after setting aside the impact of restructuring, disposals and impairments, on the grounds that the incidence of these items is uneven between quarterly reporting periods. We specifically avoid referring to a measure of 'underlying operating profit', since such a term might imply that we did not regard the items involved, particularly restructuring costs, as an ongoing element of our business over the longer term.  
In addition, we
 report annually against two further non-GAAP measures: Ungeared Free Cash Flow and Return on Invested Capital. Further information about these measures and their reconciliation to GAAP measures is given on on our website at 
www.unilever.com/investorcentre


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 impact of these items
, and of similar items arising within other elements of our income statement, on our reported net profit was as follows:
 

€ million

Second Quarter


Half Year
2008
2007


2008
2007



RDIs within operating profit:


(206)
(120)

   
Restructuring
(330)
(241)
(1)
6

   
Business disposals
516
36
(5)
4

   
Other one-off items
(
5
)
9
(212)
(
110
)


181
(19
6
)
58
37

Tax effect of RDIs within operating profit:
(3)
72
-
57

RDIs arising below operating profit:
24
137
(154)
(16)

Total impact of RDIs on net profit
202
13









The impact of RDIs on reported Earnings Per Share is given 
in note 
10
.


4
   
SEGMENTAL ANALYSIS BY GEOGRAPHY
On 28 February 2008 Unilever announced a number of organisational changes. As part of these changes, our operations in Central and Eastern Europe will in future be managed within an enlarged region together with those in Asia and Africa, with 
Western Europe
 becoming a standalone region. Since these changes are taking place progressively during the remainder of 2008, we are continuing to report quarterly against our structure as it applied in 2007. In our fourth quarter reporting for 2008 we will provide additional analysis of our regional results against the new structure, including restated amounts for each of the quarters of 2008, and will report on the new basis thereafter.

Continuing operations -
 
Second
 
Quarter

€ million
Europe
Americas
Asia 
Africa
Total





Turnover




   
2007
4 041
3 520
2 965
10 526
   
2008
4 017
3 314
3 043
10 374
Change
(0.6)
%
(5.8)
%
2.7 
%
(1.4)
%
Impact of:




   
Exchange rates
(2.1)
%
(9.4)
%
(10.7)
%
(7.1)
%
   
Acquisitions
1.4 
%
-
 
%
0.2 
%
0.6 
%
   
Disposals
(2.2)
%
(1.0)
%
(0.3)
%
(1.3)
%





Underlying sales growth
2.3 
%
4.9 
%
15.1 
%
6.8 
%
   
Price
5.4 
%
6.8 
%
10.6 
%
7.4 
%
   
Volume
(2.9)
%
(1.7)
%
4.1 
%
(0.5)
%





Operating profit




   
2007
557
523
363
1 443
   
2008
519
445
405
1 369
Change current rates
(6.8)
%
(14.9)
%
11.7 
%
(5.1)
%
Change constant rates
(5.0)
%
(4.3)
%
27.5 
%
3.4 
%





Operating margin




   
2007
13.8
 
%
14.9
 
%
12.2
 
%
13.7
 
%
   
2008
12.9 
%
13.4 
%
13.3 
%
13.2 
%





Includes restructuring, business disposals and other items




   
2007
(1.7)
%
(0.7)
%
(0.5)
%
(1.1)
%
   
2008
(3.9)
%
(1.3)
%
(0.4)
%
(2.0)
%



Continuing operations -
 
Half 
Year

€ million
Europe
Americas
Asia 
Africa
Total





Turnover




  2007
7 585
6 751
5 718
20 054
  2008
7 511
6 453
5 981
19 945
Change
(1.0)
%
(4.4)
%
4.6 
%
(0.5)
%
Impact of:




   
Exchange rates
(2.1)
%
(8.6)
%
(8.6)
%
(6.2)
%
   
Acquisitions
0.8 
%
 
-
 
%
0.2 
%
0.3 
%
   
Disposals
(1.9)
%
(1.0)
%
(0.3)
%
(1.2)
%





Underlying sales growth
2.3 
%
5.7 
%
14.7 
%
7.0 
%
   
Price
4.0 
%
6.3 
%
8.5 
%
6.1 
%
   
Volume
(1.6)
%
(0.6)
%
5.7 
%
0.8 
%





Operating profit




  2007
1 067
988
690
2 745
  2008
1 510
882
792
3 184
Change current rates
41.6 
%
(10.8)
%
14.9 
%
16.0 
%
Change constant rates
43.3 
%
(1.1)
%
28.3 
%
23.7 
%





Operating margin




  2007
14.1
 
%
14.6
 
%
12.1
 
%
13.7
 
%
  2008
20.1 
%
13.7 
%
13.3 
%
16.0 
%





Includes restructuring, business disposals and other items




  2007
(1.5)
%
(0.7)
%
(0.6)
%
(1.0)
%
  2008
3.5 
%
(1.0)
%
(0.2)
%
0.9 
%


 
5
   
SEGMENTAL ANALYSIS BY PRODUCT AREA
Continuing operations -
 
Second
 
Quarter

€ million

Savoury, dressings and spreads
 Ice cream 
and beverages
Personal 
care
Home care 

and 

other
Total







Turnover






  2007

3 377
2 441
2 861
1 847
10 526
  2008

3 433
2 377
2 761
1 803
10 374
Change

1.6 
%
(2.6)
%
(3.5)
%
(2.3)
%
(1.4)
%
Impact of:






   
Exchange rates

(5.7)
%
(6.3)
%
(8.7)
%
(8.4)
%
(7.1)
%
   
Acquisitions

0.2 
%
2.2 
%
-
 
%
-
 
%
0.6 
%
   
Disposals

(1.9)
%
(1.9)
%
0.1 
%
(1.3)
%
(1.3)
%
Underlying sales growth

9.6 
%
3.6 
%
5.6 
%
8.1 
%
6.8 
%







Operating profit






  2007

526
403
383
131
1 443
  2008

507
370
365
127
1 369
Change current rates

(3.5)
%
(8.1)
%
(4.7)
%
(3.1)
%
(5.1)
%
Change constant rates

3.2 
%
(2.6)
%
7.4 
%
11.4 
%
3.4 
%







Operating margin






  2007

15.5
 
%
16.5
 
%
13.4
 
%
7.1
 
%
13.7
 
%
  2008

14.8 
%
15.6 
%
13.2 
%
7.0 
%
13.2 
%



Continuing operations -
 
Half 
Year

€ million

Savoury, dressings 
and spreads
Ice cream 
and beverages
Personal 
care
Home care 

and 

other
Total







Turnover






  2007

6 752
4 055
5 610
3 637
20 054
  2008

6 859
3 999
5 481
3 606
19 945
Change

1.6 
%
(1.4)
%
(2.3)
%
(0.8)
%
(0.5)
%
Impact of:






   
Exchange rates

(5.0)
%
(6.0)
%
(7.5)
%
(6.9)
%
(6.2)
%
   
Acquisitions

0.1 
%
1.4 
%
-
 
%
-
 
%
0.3 
%
   
Disposals

(1.8)
%
(1.5)
%
(0.1)
%
(1.3)
%
(1.2)
%
Underlying sales growth

8.7 
%
5.1 
%
5.7 
%
8.0 
%
7.0 
%







Operating profit






  2007

983
517
925
320
2 745
  2008

1 422
586
880
296
3 184
Change current rates

44.7 
%
13.4 
%
(4.9)
%
(7.6)
%
16.0 
%
Change constant rates

51.7 
%
19.4 
%
3.8 
%
1.9 
%
23.7 
%







Operating margin






  2007

14.6
 
%
12.7
 
%
16.5
 
%
8.8
 
%
13.7
 
%
  2008

20.7 
%
14.7 
%
16.1 
%
8.2 
%
16.0 
%





6
   
TAXATION
The 
effective 
tax rate for 
the first half year
 was 
25
% compared with
 
20
% for
 
the first half of 2007
. The tax rate is calculated by dividing the tax charge by pre-tax profit excluding the contribution of joint ventures and associates. 


7
   
 Reconciliation of net profit to cash flow from operating activities


€ million
Half 
Year

200
8
200
7



Net profit
2 385
2 281
Taxation
750
546
Share of net profit of joint ventures/associates and other income from non-current investments
(9
2
)
(139)
Net finance costs
14
1
140
Operating profit (continuing and discontinued operations)
3 184
2 828
Depreciation, amortisation and impairment
466
464
Changes in working capital
(2 140)
(1 313)
Pensions and similar provisions less payments
(42)
(104)
Restructuring and other provisions less payments
(55)
(93)
Elimination of (profits)/losses on disposals 
(565)
(182)
Non-cash charge for share-based compensation
54
69
Other adjustments
(17)
(8)
Cash flow from operating activities
885
1 661





8
  NET DEBT

€ million
As at
30 June
2008
As at
31 December
2007



Total financial liabilities
(11 5
5
4)
(9 649)
Financial liabilities due within one year
(5 947)
(4 166)
Financial liabilities due after one year
(5 607)
(5 483)
Cash and cash equivalents as per balance sheet
1 060
1 098
Cash and cash equivalents as per cash flow statement
662
901
Add bank overdrafts deducted therein
398
197
Financial assets
259
216
Net debt
(
10 2
3
5
)
 
(8 335)



On 21 February 2008 we issued Swiss franc notes to the value of CHF 600 million (€360 million) in two tranches: CHF 250 million with an interest rate of 3.125% and maturing in January 2012, and CHF 350 million at 3.5% maturing in March 2015.  
On 21 May 2008 
we 
issued €750 million fixed rate notes with a coupon rate of 4.875%, repayable in 2013.


9
  MOVEMENTS IN EQUITY

€ million
Half Year

200
8
200
7



Equity at 1 January
12 819
11 672
Total recognised income and expense for the period
1 894
3 710
Dividends
(1 352)
(1 363)
Movement in treasury stock
(1 520)
(1 283)
Share-based payment credit
54
64
Dividends paid to minority shareholders
(95)
(97)
Currency retranslation gains/(losses) net of tax
(17)
(1)
Other movements in equity
(11)
92
Equity at the end of the period
11 772
12 794



During the 
first half year we purchased
 shares to the value of €
1.1
 
billion under the share buy-back programme announced in March 2007.


10
  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 
first half year
 
were calculated as follows:



2008
2007



Combined EPS
 
-
 Basic
Millions
 of units
Average number of combined share units 
2 828.
1
2 887
.1




€ million
Net profit attributable to shareholders' equity
2 248
2 157



Combined EPS (Euros)
0.79
0.75



Combined EPS - Diluted
Million
s of units
Adjusted average number of combined share units 
2 925.
6
2 984
.5



Combined EPS - diluted (Euros)
0.77
0.72


Impact of RDIs on Earnings Per Share



€ million
Total impact of RDIs on reported net profit 
(see note 3)
202
13



Impact of RDIs on basic earnin
g
s per share (Euros)
0.07
0.0
1

Earnings per share in US Dollars and Sterling


Combined EPS (Dollars)
1.22
0.99
Combined EPS - diluted (Dollars)
1.18
0.96



Combined EPS (Pounds)
0.62
0.50
Combined EPS - diluted (Pounds)
0.60
0.49



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
Numb
er of shares at 31 December 2007
 (net of treasury stock)

2 853.1
Net movements in shares under incentive schemes

6.0
Share buy-back

(53.6)
Number of shares at 
3
0
 
June
 
2008

2 805.5



 
11  
A
CQUISITIONS AND DISPOSALS
On 14 November 2007
 
we
 announced that
 we 
had signed a definitive agreement with McCormick & Company, Incorporated to sell 
our
 Lawry's and Adolph's branded seasoning blends and marinades business in the US and Canada for €410 million. The transaction
 is
 expected to be completed 
on or around 31 July 2008
. The combined annual 
turnover
 of the business is approximately €100 million.

Effective 1 January 2008, 
we
 entered into an expanded international partnership
 with Pepsico
 for the marketing and distribution of ready-to-drink tea products under the 
Lipton
 brand.

On 3 January 2008 
we 
completed the sale of 
the 
Boursin brand to Le Groupe Bel for €400 million. The turnover of this brand in 2007 was approximately €100 million.

On 4 February 2008 
we 
announced that 
we 
had signed an agreement to acquire Inmarko, the leading Russian ice cream 

company, for an undisclosed amount. The transaction was completed on 2 April 2008. The company had a turnover in 2007 

of approximately €115 million.

On 19 June 2008 
we 
announced that 
we 
had signed an agreement to sell 
our 
edible oil business in 
C
ô
te d'Ivoire
 together with 
our 
interests in local palm oil plantations, Palmci and PHCI. At the same time 
we 
plan to acquire the soap business of Cosmivoire, an Ivorian producer with a market presence throughout Francoph
o
ne West Africa. The dea
is subject to approval by the 
regulatory 
authorities.

On 10 July 2008 
we 
announced that 
we 
had signed an agreement to sell Komili, the market leading olive oil brand in 
Turkey
, to Ana Gida, part of the Anadolu Group, for an undisclosed amount. The transaction, which is subject to regulatory approval, is expected to be completed by the end of 2008.

On 21 July 2008 
we 
announced that 
we 
had signed an agreement with Grupo SOS for the disposal of 
our 
Bertolli olive oil and vinegar business, for a consideration of €630 million. The transaction is structured as a worldwide perpetual licence by Unilever of the 
Bertolli
 brand in respect of olive oil and premium vinegar. The transaction includes the sale of the Italian Maya, Dante and San Giorgio olive oil and seed oil businesses, as well as the factory at 
Inveruno
Italy
.
  The transaction, which is subject to regulatory approval, is expected to be completed by the end of 2008.

On 28 July 2008 
we 
announced that 
we 
had signed a definitive agreement to sell 
our 
North American laundry business in the 
US
Canada
 and 
Puerto Rico
 to Vestar Capital Partners, a leading global private equity firm
, for a face value of US $1.45 billion
. Vestar will m
e
rge the business with its existing operation, Huish Detergents Inc., to fo
r
m a new company, The Sun Products Corporation. The consideration consists of a cash payment of US $1.075 billion, together with preferred shares in the Sun Products Corporation with a face value of US $375 million, and warrants offering the opportunity to acquire up to 2.5% of the common equity of the Sun Products Corporation. The businesses to be sold include the 
all
Snuggle
Wisk
Surf
 and 
Sunlight
 fabric cleaning and fabric conditioning brands in the 
US
Canada
 and Puerto Rico, as well as Unilever's manufacturing facility in 
Baltimore
. These businesses had a combined turnover in 2007 of approximately US $1.0 billion. The transaction, which is subject to regulatory approval, is expected to be completed by the end of 2008.

1
2
   
EVENTS AFTER THE BALANCE SHEET DATE
There were no material post balance sheet events other than those mentioned elsewhere in this report. 


RESPONSIBILITIES OF DIRECTORS
The Directors confirm that this condensed consolidated set of interim financial statements has been prepared in accordance with IAS 34, and that the interim management report includes a fair review of the information required by 
DTR
 
4.2.7 and 
DTR 
4.2.8.
Unilever's Directors are listed in the Annual Report and Accounts for 2007, with the exception of the following changes:
Details of all current Directors are available on our website at 
www.unilever.com
 



By order of the Board

Patrick Cescau
    
    
         
James
 Lawrence
Group Chief Executive
    
     Chief Financial Officer

31 July 2008