Unilever 2002 Annual Report Download - page 120

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Five year record 117
Unilever Group
Unilever Annual Report & Accounts and Form 20-F 2002
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. Within this mechanism,
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Monetary Union (‘EMU’) superseded the EMS on 1 January 1999 and the euro was introduced as the single European currency.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.
2002 2001 2000 1999 1998
Year end
$1 = Fl. 1.88
1 = $ 1.049 0.885 0.930 1.005
£1 = Fl. 3.12
1 = £ 0.651 0.611 0.624 0.621
Annual average
$1 = Fl. 1.98
1 = $ 0.940 0.895 0.921 1.065
£1 = Fl. 3.29
1 = £ 0.628 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:
2002 2001 2000 1999 1998
Year end
$1 = Fl. 1.88
1 = $ 1.049 0.890 0.939 1.007
Annual average
$1 = Fl. 1.97
1 = $ 0.945 0.895 0.923 1.065
High
$1 = Fl. 2.09
1 = $ 1.049 0.954 1.034 1.181
Low
$1 = Fl. 1.81
1 = $ 0.859 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
2002 2002 2002 2002 2003 2003
High:
1 = $ 0.996 0.988 1.014 1.049 1.086 1.088
Low:
1 = $ 0.969 0.971 0.990 0.993 1.036 1.071