Unilever 2005 Annual Report Download - page 116

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Financial Statements
Unilever Annual Report and Accounts 2005 113
Notes to the consolidated accounts
Unilever Group
19 Financial instruments (continued)
The following table shows the extent to which the Group had unrecognised gains and losses in respect of interest rate instruments at the
beginning and the end of the year. It shows the movement in the market value of these instruments during the year ended 31 December 2004.
€ million € million € million
Total net
Unrecognised gains and losses Gains Losses gains/(losses)
1 January 2004 189 (61) 128
Brought forward balance recognised in current year 89 (48) 41
Brought forward balance not recognised in current year 100 (13) 87
Current year items not recognised in current year 4 2 6
31 December 2004 104 (11) 93
Expected to be dealt with in 2005 60 (8) 52
Expected to be dealt with later 44 (3) 41
The following table shows the extent to which the Group had recognised but deferred gains and losses in respect of interest rate instruments
at the beginning and the end of the year. It also shows the amount which had been included in the income statement for the year and those
gains and losses which were expected to be reflected in the income statement in 2005 or in subsequent years.
€ million € million € million
Total net
Deferred gains and losses Gains Losses gains/(losses)
1 January 2004 – (20) (20)
Brought forward balance recognised in current year – (8) (8)
Brought forward balance not recognised in current year – (12) (12)
Current year items not recognised in current year – 1 1
31 December 2004 – (11) (11)
To be recognised in the income statement in 2005 – (5) (5)
To be recognised in the income statement later – (6) (6)
Under the Group’s foreign exchange policy, operating and financing transaction exposures, which usually have a maturity of less than one year,
were generally hedged; this was primarily achieved through the use of forward foreign exchange contracts. The market value of these
instruments at the end of 2004 represented a recognised unrealised gain of €440 million which was largely offset by recognised unrealised
losses on the underlying assets and liabilities.
€ million
Nominal amounts at 31 December 2004
Foreign exchange contracts – buy 3 329
– sell 9 171
Total 12 500
At the end of 2004, some 82% of Unilever’s total equity were denominated in the currencies of the two parent companies, euros and
pounds sterling.
20 Trade payables and other liabilities
€ million € million
Trade and other payables 2005 2004
Due within one year
Trade payables 3 988 3 729
Accruals and deferred income 2 858 2 539
Social security and sundry taxes 410 265
Finance lease creditors 64 55
Others 908 926
8 228 7 514
Due after more than one year
Accruals and deferred income 153 132
Finance lease creditors 153 163
Others 83 144
389 439
Total trade and other payables 8 617 7 953
There are no creditors due after more than five years other than finance lease creditors described in note 27 on page 127.