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98 Unilever Annual Report and Accounts 2006
Financial Statements (continued)
16 Borrowings (continued)
Undrawn committed facilities
Unilever had the following undrawn committed facilities at 31 December 2006:
• revolving 364-day bilateral credit facilities of in aggregate US $4 263 million (2005: US $3 958 million) with a 364-day term out;
• revolving five-year bilateral credit facilities of in aggregate US $334 million (2005: US $334 million);
• revolving 364-day notes commitments of US $200 million (2005: US $200 million) with the ability to issue notes with a maturity up to
364 days; and
• 364-day bilateral money market commitments of in aggregate US $1 420 million (2005: US $1 725 million), under which the underwriting
banks agree, subject to certain conditions, to subscribe for notes with maturities of up to three years.
The facilities that matured in November 2006 and December 2006 have been renewed until November 2007.
Interest rate
The average interest rate on short-term borrowings in 2006 was 3.6% (2005: 3.0%).
Interest rate profile and currency analysis of financial liabilities
The interest rate profiles of the Group’s financial liabilities 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
Amount Average Weighted
of fixing interest rate average Interest
for following for following fixing rate for
year year period 2007
Liabilities – 2006
Euro(a) 1771 3.4% 4.5 years 351 4.1% 2122
Sterling 140 7.8% 20.8 years 140 5.6% 280
US dollar 3444 6.6% 12.2 years 2687 5.4% 6131
Swedish krona – 830 3.8% 830
Swiss francs – 519 2.4% 519
Japanese yen 14.0% 0.5 years 377 0.8% 378
Thai baht 139 3.2% 0.9 years 85 5.2% 224
Other 102 11.7% 3.9 years 936 7.7% 1038
5597 5925 11 522
Euroleg of currency derivatives mainly relating to intra-group loans(b) (2 723)
Total 8799(c)
Liabilities – 2005(d)
Euro(a) 1897 3.0% 4.9 years 571 2 468
Sterling 91 5.4% 0.7 years (52) 39
US dollar 3 857 6.3% 12.9 years 2 517 6 374
Japanese yen 2 4.0% 1.5 years 436 438
Thai baht 153 3.2% 1.9 years 104 257
Other 127 11.7% 4.8 years 2 913 3 040
Total 6 127 6 489 12 616(e)
(a) Euroborrowings include €124 million preference shares that provide for a fixed preference dividend.
(b) Includes the euroleg of the currency derivatives mainly relating to intra-group loans, amounting to €2 723 million for 2006. These
derivatives create an interest rate exposurein euro. However, to reconcile the liability with the balance sheet, the total value is eliminated
again. The other leg of the currency derivatives is shown in note 15 on page 95 as an asset.
(c) Includes finance lease creditors amounting to €187 million and fair value of borrowing-related derivatives (see note 17 on page 99)
amounting to €11 million.
(d) Figures for 2005 have been restated to reflect the amount of fixing and related average interest rate for the following year.
(e) Includes finance lease creditors amounting to €217 million.
Notes to the consolidated accounts Unilever Group