Unilever 2014 Annual Report Download - page 70

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11 OTHER NONURRENT ASSETS CONTINUED
Movements durng 2014 and 2013
 mllon
2014
€ million
2013
Jont ventures(a)
1 January 57 32
Additions 4 25
Dividends received/reductions (123) (100)
Share of net profit 103 105
Currency retranslation 11 (5)
31 December 52 57
Assocates(b)
1 January 38 51
Additions 2 18
Dividends received/reductions 5 (42)
Share of net (loss)/profit (5) 8
Currency retranslation 2 3
31 December 42 38
(a) Our principal joint ventures are Unilever Jerónimo Martins in Portugal, Pepsi Lipton International in the UK and the Pepsi/Lipton Partnership in the US.
(b) Associates as at 31 December 2014 primarily comprise our investments in Langholm Capital Partners. Other Unilever Ventures assets are included under
‘Other non-current non-financial assets’.
The joint ventures and associates have no significant contingent liabilities to which the Group is exposed, and the Group has no
significant contingent liabilities in relation to its interest in the joint ventures and associates.
The Group has no outstanding capital commitments to joint ventures.
Outstanding balances with joint ventures and associates are shown in note 23 on page 127.
12 INVENTORIES
Inventories are valued at the lower of weighted average cost and net realisable value. Cost comprises direct costs and, where
appropriate, a proportion of attributable production overheads. Net realisable value is the estimated selling price less the estimated
costs necessary to make the sale.
Inventores
 mllon
2014
€ million
2013
Raw materials and consumables 1,364 1,286
Finished goods and goods for resale 2,804 2,651
4,168 3,937
Inventories with a value of €76 million (2013: €204 million) are carried at net realisable value, this being lower than cost. During 2014,
€126 million (2013: €198 million) was charged to the income statement for damaged, obsolete and lost inventories. In 2014, €120 million
(2013:€155million) was utilised or released to the income statement from inventory provisions taken in earlier years.
13 TRADE AND OTHER URRENT REEIVABLES
Trade and other receivables are initially recognised at fair value plus any directly attributable transaction costs. Subsequently these
assets are held at amortised cost, using the effective interest method and net of any impairment losses.
We do not consider the fair values of trade and other receivables to be significantly different from their carrying values. Credit terms
for customers are determined in individual territories. Concentrations of credit risk with respect to trade receivables are limited, due
to the Group’s customer base being large and diverse. Our historical experience of collecting receivables, supported by the level of
default, is that credit risk is low across territories and so trade receivables are considered to be a single class of financial assets.
Balances are considered for impairment on an individual basis rather than by reference to the extent that they become overdue.
107Unilever Annual Report and Accounts 2014 Financial statements