Unilever 2005 Annual Report Download - page 172

172 Unilever Annual Report and Accounts 2005
Notes to the company accounts (continued)
Unilever N.V.
Cash at bank and in hand € million € million
2005 2004
This includes amounts for which repayment
notice is required of: 38 80
Creditors € million € million
2005 2004
Restated
Due within one year:
Bank loans and overdrafts –1
Bonds and other loans 4 548 2 148
Loans from group companies 3 328 310
Other amounts owed to group companies 18 699 14 200
Taxation and social security 20 22
Accruals and deferred income 405 173
Other 109 9
27 109 16 863
Due after more than one year:
Accruals and deferred income 56 41
Preference shares 124 –
Bonds and other loans 2 323 2 844
2 503 2 885
From 1 January 2005, Unilever N.V. has adopted FRS 25 ‘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 transitional rules for FRS 25, 2004
comparatives have not been restated.
Creditors due after 5 years amount to €870 million (Article 375.2 of
Book 2 of the Civil Code in the Netherlands).
Provisions for liabilities and charges (excluding pensions
and similar obligations)
€ million € million
2005 2004
Deferred taxation and other provisions 115 102
Of which due within one year 34 55
Preference share capital€ million
At 31 December 2004 130
FRS 25/26 adjustments (130)
At 1 January 2005 and 31 December 2005 –
Ordinary share capital
Shares numbered 1 to 2 400 are held by a subsidiary of NV and
a subsidiary of PLC, each holding 50%. Additionally, 24 603 661
(2004: 24 898 145) €0.51 ordinary shares are held by NV and other
group companies. Full details are given in note 24 to the consolidated
accounts on page 124, and note 31 on page 141.
Share premium account € million
At 31 December 2004 1 399
FRS 25/26 adjustments (1 379)
At 1 January 2005 and 31 December 2005 20
The share premium shown in the balance sheet is not available for the
issue of bonus shares or for repayment without incurring withholding
tax payable by the company. This is despite the change in the
Netherlands tax law, as a result of which dividends received from
2001 onwards by individual shareholders who are Netherlands
residents are no longer taxed.
Other reserves € million € million
2005 2004
1 January (1 379) (1 243)
Change in own shares held 58 (136)
31 December (1 321) (1 379)
Profit retained € million € million
2005 2004
Restated
Balance brought forward 8 339 7 304
FRS 21 adjustments (646) 638
Balance brought forward – restated 7 693 7 942
FRS 25/26 adjustments 412 n/a
1 January – restated 8 105 7 942
Profit for the year(a) 2 636 776
Preference dividends –(28)
Ordinary dividends – final 2003 –(638)
Ordinary dividends – interim 2004 –(346)
Ordinary dividends – final 2004 (716) –
Ordinary dividends – interim 2005 (367) –
Conversion of preference shares (199) –
Fair value adjustments for cash flow hedges 4–
Realised profit/(loss) on shares/certificates held
to meet employee share options (1) (9)
Changes in present value of net pension liability 1(4)
31 December 9 463 7 693
(a) Profit for the year as reported in 2004 was €2 118 million.
This includes intra-group dividends of €1 342 million which
under FRS 21 are not recognised until they have been
approved by shareholders at the Annual General Meeting.
This €1 342 million has now been added to the 2005 profit for
the year.
Profit retained shown in the company accounts and the notes thereto
differs from the amount shown in note 26 to the consolidated
accounts on page 126 mainly because of certain inter-company
transactions which are eliminated in the consolidated accounts.
€ million
Difference as at 31 December 2004 as previously reported 1 061
Accounting policy change 214
Difference as at 31 December 2004 as restated 1 275
Changes in equity value of the consolidated
participations (3 580)
Change in the accumulated intercompany results 3 047
Difference as at 31 December 2005 742
Contingent liabilities € million € million
2005 2004
These are not expected to give rise to any
material loss and include guarantees given
for group companies, under which amounts
outstanding at 31 December were: 5 416 6 822
Of the above, guaranteed also by PLC 3 705 5 010
The guarantees given to other companies were immaterial.
NV has issued joint and several liability undertakings, as defined in
Article 403 of Book 2 of the Civil Code in the Netherlands, for almost
all Dutch group companies. These written undertakings have been
filed with the office of the Company Registry in whose area of
jurisdiction the group company concerned has its registered office.