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Unilever Annual Report & Accounts and Form 20-F 2001
NOTES TO THE CONSOLIDATED ACCOUNTS
Unilever Group
>67
Financial Statements
14 Net funds/(debt) continued
Details of specific bonds and other loans are as follows:
million million
2001 2000
NV
3.500% Bonds 2001 (Swiss Francs) –197
5.125% Notes 2001 ()–153
6.000% Notes 2001 ($) –215
6.625% Notes 2001 ($) –269
0.300% Notes 2001 (Japanese Yen) –1 358
Floating rate notes 2001 ()–1 499
Floating rate notes 2001 ($) –269
Floating rate notes 2002 ($) 2 541 2 418
Floating rate notes 2003 ()999 –
Floating rate notes 2003 ($) 564 –
Floating rate notes 2003 (Japanese Yen) 430 –
4.750% Bonds 2004 ()997 –
7.250% Bonds 2004 ($) 282 269
6.500% Bonds 2004 ()159 159
7.125% Bonds 2004 ()228 228
6.625% Notes 2005 ($) 226 215
3.375% Bonds 2005 (Swiss Francs) 337 –
5.125% Bonds 2006 ()997 –
5.125% Notes 2006 ($) 561 –
Commercial paper ()797 –
Commercial paper (£) 1 007 –
Commercial paper ($) 1 055 209
Commercial paper (Swiss Francs) 168 –
Other 433 377
Total NV 11 781 7 835
PLC
Sonia indexed note 2001 (£) –160
Floating rate notes 2001 (£) –200
Floating rate notes 2001 ($) –403
Eonia indexed note 2002 ()500 500
Floating rate notes 2002 ()1 000 999
Floating rate notes 2002 (£) 213 –
Commercial paper () – 731
Commercial paper (£) –294
Commercial paper ($) –437
5.375% Notes 2003 ()1 249 1 248
Other (a) (6) 96
Total PLC 2 956 5 068
Other group companies:
United States
Floating rate Notes 2001 ($) –6 450
6.750% Notes 2003 ($) 1 694 1 612
6.875% Notes 2005 ($) 1 694 1 612
6.150% Bonds 2006 ($) 325 306
7.125% Bonds 2010 ($) 1 977 1 881
7.000% Bonds 2017 ($) 160 151
7.250% Bonds 2026 ($) 319 303
6.625% Bonds 2028 ($) 246 233
Commercial paper ($) 838 537
Other 433 783
Other countries 184 121
Total other group companies 7 870 13 989
Total bonds and other loans 22 607 26 892
(a) The negative amount shown in 2001 relates to the exchange
difference on the currency swap used to swap certain euro
borrowings into sterling.
Unilever has the following undrawn committed facilities, established
in May 2001:
> revolving 364-day bilateral credit facilities of in aggregate
$3 020 million
> revolving 364-day notes commitments of $200 million with
the ability to issue notes with a maturity up to 364 days
> 364-day bilateral money market commitments of in aggregate
$1 775 million, under which the underwriting banks agree,
subject to certain conditions, to subscribe for notes with
maturities of up to three years
The average interest rate on short-term borrowings in 2001 was
7% (2000: 7%).
The financing needs of Unilever’s operating companies are met
using short-term overdraft facilities, substantially all of which
are uncommitted.
The interest rate profiles of the Group’s financial assets and liabilities
analysed by principal currency are set out in the table below. This
table takes into account the various interest rate swaps and forward
foreign currency contracts entered into by the Group, details of
which are set out in note 15 on page 68.
Interest rate profile and currency analysis of
financial assets and liabilities
million million million
Fixed Fixed Fixed Floating
rate rate rate rate Total
Weighted Weighted
average average
interest fixing
rate period
Assets –2001
Euro (a) 806 11.0% 1.3 years (202) 604
Sterling –334 334
US Dollar –79 79
Indian Rupee –558 558
Other –726 726
Total 806 1 495 2 301
Assets –2000
Euro 56 6.3% 0.1 years 1 168 1 224
Sterling –744 744
US Dollar –228 228
Indian Rupee –471 471
Other –606 606
Total 56 3 217 3 273
Liabilities –2001
Euro 68 6.0% 3.1 years 1 728 1 796
Sterling 1 429 7.2% 0.7 years 320 1 749
US Dollar 11 687 6.7% 5.4 years 7 288 18 975
Other 252 5.0%24.2 years 2 728 2 980
Total 13 436 12 064 25 500
Liabilities –2000
Euro 170 5.9% 1.7 years 4 403 4 573
Sterling 1 142 6.4% 1.8 years 1 392 2 534
US Dollar 14 342 6.7% 5.1 years 7 039 21 381
Other 267 5.1%23.0 years 986 1 253
Total 15 921 13 820 29 741
(a) The 11% interest rate relates to one leg of a cross-currency
interest swap of an intercompany loan; a corresponding interest
charge is included in US dollar fixed rate liabilities.