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Unilever Annual Report & Accounts and Form 20-F 2001
FIVE YEAR RECORD
Unilever Group
>93
Financial Statements
Exchange rates and European Economic and Monetary Union
Before 1 January 1999, the guilder was a part of the European Monetary System (‘EMS’) exchange rate mechanism known as the Exchange
Rate Mechanism (‘ERM’). Within the ERM, exchange rates fluctuated within permitted margins, fixed by central bank intervention. Under
the provisions of the Treaty on European Union negotiated at Maastricht in 1991 and signed by the then 12 member states of the European
Union in early 1992, the European Monetary Union (‘EMU’) superseded the EMS on 1 January 1999 and the euro was introduced as the
single European currency. Since this date, the euro has been the lawful currency of the EMU states. The following 11 member states
participate in the EMU and adopted the euro as their national currency with effect from 1 January 1999: Austria, Belgium, Finland,
France, Germany, Ireland, Italy, Luxembourg, The Netherlands, Portugal and Spain. Greece adopted the euro as the national currency
with effect from 1 January 2001. The legal rate of conversion between the euro and the guilder was announced on 31 December 1998
at 1.00 = Fl. 2.20371. On 1 January 1999 the exchange rate for euro to pound sterling was 1.00 = £0.706.
The information in the following table is based on exchange rates between US dollars and guilders, euros and US dollars, sterling and
guilders, and euros and sterling. These translation rates were used in preparation of the accounts.
2001 2000 1999 1998 1997
Year end
$1 = Fl. 1.88 2.03
1 = $ 0.885 0.930 1.005
£1 = Fl. 3.12 3.34
1 = £ 0.611 0.624 0.621
Annual average
$1 = Fl. 1.98 1.94
1 = $ 0.895 0.921 1.065
£1 = Fl. 3.29 3.18
1 = £ 0.622 0.609 0.659
Noon Buying Rates in New York for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of
New York were as follows:
2001 2000 1999 1998 1997
Year end
$1 = Fl. 1.88 2.03
1 = $ 0.890 0.939 1.007
Annual average
$1 = Fl. 1.97 1.95
1 = $ 0.895 0.923 1.065
High
$1 = Fl. 2.09 2.12
1 = $ 0.954 1.034 1.181
Low
$1 = Fl. 1.81 1.73
1 = $ 0.837 0.827 1.001
High and low exchange rate values for each of the last six months:
September October November December January February
2001 2001 2001 2001 2002 2002
High:
1 = $ 0.933 0.924 0.912 0.908 0.903 0.877
Low:
1 = $ 0.891 0.893 0.880 0.882 0.859 0.862