Unilever 2002 Annual Report Download - page 87

Download and view the complete annual report

Please find page 87 of the 2002 Unilever annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 156

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156

Unilever Annual Report & Accounts and Form 20-F 2002
84 Notes to the consolidated accounts
Unilever Group
14 Net funds/(debt) continued
Unilever had the following undrawn committed facilities at
31 December 2002:
•revolving 364-day bilateral credit facilities of in aggregate
US $3 403 million (2001: US $3 020 million) with a 364-day
term out;
•revolving 5 year bilateral credit facilities of in aggregate
US $334 million (2001: nil);
•revolving 364-day notes commitments of US $400 million
(2001: US $200 million) with the ability to issue notes with a
maturity up to 364 days;
•364-day bilateral money market commitments of in aggregate
US $2 080 million (2001: US $1 775 million), under which the
underwriting banks agree, subject to certain conditions, to
subscribe for notes with maturities of up to three years.
In addition, operating companies have a variety of facilities, most of
which are uncommitted.
The average interest rate on short-term borrowings in 2002 was
5% (2001: 7%).
The interest rate profiles of the Group’s financial assets and liabilities
analysed by principal currency are set out in the table below.
Interest rate profile and currency analysis of
financial assets
million million million
Fixed Fixed Fixed Floating
rate rate rate rate Total
Weighted Weighted
average average
interest fixing
rate period
Assets – 2002
Euro(b) 512 10.9% 1.4 years 670 1 182
Sterling –123 123
US Dollar 246 10.7% 10.3 years 445 691
Indian Rupee –568 568
Other –1 122 1 122
Total(a) 758 2 928 3 686
Assets – 2001
Euro(b) 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
(a) Includes certain non equity assets held within fixed investments.
(b) The fixed interest rate of 10.9% in 2002 (2001: 11.0%) relates
to one leg of a cross-currency interest rate swap of an
intercompany loan: a corresponding interest charge is included
in the US dollar fixed rate liabilities.
Interest rate profile and currency analysis of
financial liabilities
million million million
Fixed Fixed Fixed Floating
rate rate rate rate Total
Weighted Weighted
average average
interest fixing
rate period
Liabilities – 2002
Euro 32 4.8% 4.7 years 221 253
Sterling 367 6.3% 1.4 years 1 017 1 384
US Dollar 11 363 6.2% 6.7 years 4 542 15 905
Thai baht 262 3.7% 2.9 years 128 390
Other 247 5.1% 24.0 years 2 265 2 512
Total 12 271 8 173 20 444
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