Unilever 2005 Annual Report Download - page 82

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Financial Statements
Unilever Annual Report and Accounts 2005 79
Consolidated statement of recognised income and expense
Unilever Group for the year ended 31 December
€ million € million
2005 2004
Fair value gains/(losses) net of tax:
On cash flow hedges 14 n/a
On available-for-sale financial assets –n/a
On net investment hedges 332 n/a
Actuarial gains/(losses) on pension schemes net of tax (49) (480)
Currency retranslation gains/(losses) net of tax 181 80
Net income/(expense) recognised directly in equity 478 (400)
Net profit 3 975 2 941
Total recognised income and expense 23 4 453 2 541
Attributable to:
Minority interests 249 167
Shareholders’ equity 4 204 2 374
From 1 January 2005, Unilever has adopted IAS 32 ‘Financial Instruments: Disclosure and Presentation’ and IAS 39 ‘Financial Instruments:
Recognition and Measurement’. IAS 32 requires preference shares that provide for a fixed preference dividend to be classified as borrowings
and preference dividends to be recognised in the income statement as a finance cost. IAS 39 requires unrealised fair value gains/(losses) on
certain financial instruments to be recognised in equity; when realised, these fair value gains/(losses) are recognised in the income statement.
In accordance with the transition rules for first time adoption of IFRSs, 2004 comparatives have not been restated. The impact of the adoption
of IAS 32 and IAS 39, which was all attributable to shareholders’ equity, is shown in note 23 and is summarised as follows:
€ million
Equity as at 31 December 2004 7 629
Accounting policy change – preference shares (1 502)
Accounting policy change – other financial instruments 388
Equity as restated at 1 January 2005 6 515