Unilever 2005 Annual Report Download - page 109
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106 Unilever Annual Report and Accounts 2005
Notes to the consolidated accounts
Unilever Group
17 Cash and cash equivalents and other financial assets (continued)
Interest rate profile and currency analysis of financial assets
The table set out below 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 19 on pages 110 and 111.
The interest rate profiles of the Group’s financial assets analysed by principal currency are set out in the table below:
€ million € million € million
Fixed Fixed Fixed Floating Floating
rate rate rate rate rate Total
Weighted Weighted
average average Interest
interest fixing rate for
rate period 2006
Assets – 2005
Euro – 650 2.8% 650
Sterling –574.6% 57
US dollar –944.8% 94
Indian rupee – 346 6.6% 346
Other – 967 6.9% 967
Total – 2 114 2 114(a)
Assets – 2004
Euro 180 9.1%(b) 0.4 years 4 925(c) 5 105
Sterling – 81 81
US dollar – 140 140
Indian rupee – 413 413
Other – 916 916
180 6 475 6 655
Euro leg of currency derivatives relating to intra-group loans(c) (4 052)
Total 2 603
(a) Includes fair value of borrowing-related derivatives amounting to €250 million. For further information please refer to note 19 on
pages 110 to 112.
(b) The fixed interest rate of 9.1% in 2004 includes one leg of a cross-currency interest rate swap of an intercompany loan of €146 million
with a fixed rate of 10.8%. A corresponding interest charge is included in the US dollar fixed rate liabilities.
(c) Includes the euro leg of the currency derivatives relating to intra-group loans, amounting to €4 052 million for 2004. These derivatives
create a euro interest rate exposure. However, to reconcile the assets with the balance sheet, the total value is eliminated again. The other
leg of the currency derivatives is shown in note 18 as a liability.
18 Borrowings
€ million € million
Borrowings 2005 2004
Bank loans and overdrafts (1 456) (1 583)
Bonds and other loans
At amortised cost (8 609) (10 465)
Subject to fair value hedge accounting (2 210) n/a
Preference shares(a) (124) n/a
(12 399) (12 048)
(a) From 1 January 2005, Unilever has adopted IAS 32 ‘Financial Instruments: Disclosure and Presentation’ which requires preference shares
that provide for a fixed preference dividend to be classified as borrowings. In accordance with the transition rules for IAS 32, amounts for
2004 have not been restated. Details of the preference shares at 31 December 2004 are included in note 24 on page 124.