---
endpoint: analytics
pattern: Consumer
status: done
latency_ms: 161187
conversation_id: 2f27fb93-54bc-469d-a5f5-13273de72c13
citations: 9
created: 2026-05-31 21:12:21Z
---

# Who are the key customers and suppliers of Unilever Indo?

# Unilever Indonesia (UNVR IJ) — Key Customers and Suppliers

Based on UNVR's most recent statutory filings (9M 2025 and FY 2025 interim reports filed on IDX) and CLSA's internal coverage notes, the customer and supplier base of PT Unilever Indonesia Tbk is highly concentrated on **(a) related-party affiliates within the global Unilever group on the supply side** and **(b) a distribution model split between modern trade and general trade channels on the customer side**, with UNVR itself acting as the principal distributor for its products.

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## Suppliers (Raw Materials & Finished Goods)

### Concentration

UNVR explicitly discloses that **no single individual supplier accounts for more than 10% of total purchases of raw materials and finished goods** [1]. Procurement is therefore granular on the third-party side, but disclosures focus on related-party (intra-Unilever group) sourcing, which is material.

### Key Related-Party Suppliers (entities under common control with parent Unilever PLC)

UNVR purchases raw materials, finished goods and other inputs from the following affiliated entities [2]:

| Related-Party Supplier | 9M 2025 Purchases (Rp mn) | FY 2024 Purchases (Rp mn) | Nature |
|---|---|---|---|
| **PT Unilever Oleochemical Indonesia** | 616,098 | 455,337 (FY24) | Oleochemicals / palm-based intermediates (largest) |
| **PT Unilever Enterprises Indonesia** | 223,358 | 343,961 (FY24) | Group services / inputs |
| **Unilever Myanmar Limited** | 13,169 | 53,794 (FY24) | Sourcing affiliate |
| **Unilever EAC Myanmar Company Limited** | 1,316 | n/a | Sourcing affiliate |
| **Unilever Asia Private Limited** | 408 | 19,303 (FY24) | Regional procurement hub (Singapore) |
| **Total related-party purchases** | **854,349 (6.89% of total)** | **872,395 (6.50% of total)** | |

Additional related-party suppliers disclosed in the notes (smaller amounts under "Others") include **Unilever Europe B.V., Unilever Thai Holdings Ltd, and Unilever Thai Trading II Limited** [2]. By FY 2025 the related-party share rose to Rp1,336.3bn, or **9.34% of total raw-material/finished-goods purchases** [9], indicating increasing intra-group sourcing — driven primarily by ramped-up purchases from PT Unilever Oleochemical Indonesia (Rp983bn in FY25 vs Rp455bn in FY24) [9].

### Raw Material Cost Profile (per CLSA)

CLSA flags that **roughly 55–60% of UNVR's COGS is US$-linked**, with **palm oil / CPO** being a key commodity input, alongside crude oil derivatives [7]. This makes the company structurally exposed to (i) IDR weakness and (ii) palm-oil price cycles — and is precisely why the intra-group **PT Unilever Oleochemical Indonesia** relationship (which provides palm-based oleochemicals) is the single largest related-party supplier.

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## Customers (Sales Channels & Distribution)

UNVR does not disclose individually named third-party customers — Indonesian FMCG distribution is fragmented — but the revenue policy notes explicitly delineate **three customer channels** [3]:

1. **Modern Trade customers** — large-format retailers (hypermarkets, supermarkets, minimarket chains). Revenue is recognised on **delivery** of goods.
2. **General Trade customers** — traditional trade (wholesalers, sub-distributors, "warungs"/mom-and-pop stores). Revenue recognised at the **agreed transfer point**.
3. **Export customers** — recognised on FOB shipping point [3].

UNVR also explicitly acts as its **own principal distributor** ("distributor utama") for its products, per its Articles of Association [4]. Distribution is therefore largely vertically integrated — third-party "customers" are predominantly trade channels rather than end-consumers.

### Customer Concentration in Trade Receivables (9M 2025)

| Receivable Class | 30-Sep-2025 (Rp mn) | 31-Dec-2024 (Rp mn) |
|---|---|---|
| Third parties (Rupiah) — Indonesia trade | 2,050,789 | 1,731,899 |
| Less: Impairment provision | (136,604) | (174,212) |
| **Trade receivables — third parties** | **1,914,185** | **1,674,140** |
| **Trade receivables — related parties** | **270,867** | **206,802** |
| **Total trade receivables** | **2,185,052** | **1,880,942** |

Third-party Rupiah receivables represent receivables from customers in Indonesia [5]; embedded within these balances are rebates and discounts due to customers of Rp1.40tn (vs Rp1.31tn at YE24) [5] — reflecting heavy promotional/trade-spending into Modern Trade chains.

### CLSA Color on Distribution Strategy (2024–25)

CLSA's research traces UNVR's go-to-market overhaul, which centers on the **Distributive Trade (DT) channel**:

- **"More stores, better stores"** initiative — expanding and improving direct coverage of outlets (on track, completed Q2 2024) [6].
- **Distributive Trade (DT) digital transformation** — digitising the general-trade distributor network (on track, completed Q1 2025) [6].
- **Customer stock reduction** — UNVR cut distributor-level inventory by ~50% from 2021 levels, switching to faster replenishment cycles to reduce channel stuffing risk [6][8].
- **Price harmonization** — narrowing price gaps across modern vs general trade [6].

These initiatives confirm that UNVR's "customers" in the operational sense are its **distributor network and modern-trade chains**, not end-consumers — and that the FY24 sales decline of 9% YoY was driven largely by deliberate channel destocking rather than end-demand collapse [6].

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## Synthesis

| Axis | Concentration Profile | Risk Read-Through |
|---|---|---|
| **Suppliers** | **Highly concentrated within the Unilever group** (~7–9% of total purchases via 8 affiliated entities); largest single related party is **PT Unilever Oleochemical Indonesia** (~Rp983bn in FY25). No single 3rd-party supplier >10% of purchases [1][9]. | Heavy intra-group transfer-pricing exposure; CPO and USD volatility are dominant external cost drivers (55–60% COGS USD-linked per CLSA) [7]. |
| **Customers** | Two-channel model — **Modern Trade** (chains) and **General Trade** (traditional trade via sub-distributors), plus export. UNVR is its **own primary distributor** [3][4]. Trade receivables of Rp2.19tn are almost entirely Indonesia domestic [5]. | Channel power increasingly with modern-trade chains (Alfamart/Indomaret-type minimarkets), reflected in Rp1.40tn of customer rebates/discounts netted off receivables [5]. |

---

**Sources**
[1] PT Unilever Indonesia Tbk — 9M 2025 Interim Report (Note 25: COGS — Related-Party Purchases), filed Q4 2025
[2] PT Unilever Indonesia Tbk — 9M 2025 Interim Report (Note 7: Related Party Transactions — list of supplying affiliates)
[3] PT Unilever Indonesia Tbk — 9M 2025 Interim Report (Note 2.o: Revenue Recognition — Modern Trade, General Trade, Export)
[4] PT Unilever Indonesia Tbk — 9M 2025 Interim Report (Note 1: Corporate Information — Company also acts as principal distributor)
[5] PT Unilever Indonesia Tbk — 9M 2025 Interim Report (Note 4: Trade Receivables breakdown)
[6] CLSA — "Unilever Indo – HLD (Challenging moments)" (13 Feb 2025) — 607950575LinqAlpha.PDF
[7] CLSA — "Unilever Indo – HLD (Holding steady)" (24 Apr 2025) — 607956782LinqAlpha.PDF
[8] CLSA — "Unilever Indo – U-PF (Hitting the skids)" (24 Oct 2024) — 607941817LinqAlpha.PDF
[9] PT Unilever Indonesia Tbk — FY 2025 Audited Financial Statements (Note 25: COGS — Related-Party Purchases)

## Citations

- [1] **UNVR Q4 2025_FINAL (1).pdf** · external
- [2] **PT Unilever Indonesia Tbk (UNVR-ID) - Interim Report for period end 30-Sep-2025 (English) - PDF** · external
- [3] **PT Unilever Indonesia Tbk (UNVR-ID) - Interim Report for period end 30-Sep-2025 (English) - PDF** · external
- [4] **PT Unilever Indonesia Tbk (UNVR-ID) - Interim Report for period end 30-Sep-2025 (English) - PDF** · external
- [5] **PT Unilever Indonesia Tbk (UNVR-ID) - Interim Report for period end 30-Sep-2025 (English) - PDF** · external
- [6] **607950575LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/02/607950575LinqAlpha.PDF>
- [7] **607956782LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/04/607956782LinqAlpha.PDF>
- [8] **607941817LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2024/10/607941817LinqAlpha.PDF>
- [9] **UNVR Q4 2025_FINAL (1).pdf** · external

