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Unilever Annual Report & Accounts and Form 20-F 2000 Financial Statements
96
Unilever Annual Report & Accounts and Form 20-F 2000
Five year record
Unilever Group
Exchange rates and European Economic and Monetary Union
Before 1 January 1999, the guilder was a part of the European Monetary System (‘EMS’) exchange rate mechanism know n as the Exchange
Rate M echanism (‘ERM ’). Within the ERM, exchange rates fluctuated w ithin permitted margins, fixed by central bank intervention. Under
the provisions of the Treaty on European Union negotiated at M aastricht in 1991 and signed by the then 12 member states of the European
Union in early 1992, the European Monetary Union (‘EMU’) superseded the EMS on 1 January 1999 and the euro was introduced as the
single European currency. Since this date, the euro has been the lawful currency of the EMU states. The follow ing 11 member states
participate in the EM U and adopted the euro as their national currency with effect from 1 January 1999: Austria, Belgium, Finland, France,
Germany, Ireland, Italy, Luxembourg, The Netherlands, Portugal and Spain. Greece adopted the euro as the national currency with effect
from 1 January 2001. The legal rate of conversion between the euro and the guilder was announced on 31 December 1998 at 1.00 =
Fl. 2.20371. On 1 January 1999 the exchange rate for euro to pound sterling w as 1.00 = £0.706.
The information in the following table is based on exchange rates between US dollars and guilders, euros and US dollars, sterling and
guilders and, euros and sterling. These translation rates were used in preparation of the accounts.
1996 1997 1998 1999 2000
Year end
US$1 = Fl. 1.74 2.03 1.88
1 = US$ 1.005 0.930
£1 = Fl. 2.96 3.34 3.12
1 = £ 0.621 0.624
Annual average
US$1 = Fl. 1.68 1.94 1.98
1 = US$ 1.065 0.921
£1 = Fl. 2.62 3.18 3.29
1 = £ 0.659 0.609
Noon Buying Rates in New York for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of
New York were as follows:
1996 1997 1998 1999 2000
Year end
US$1 = Fl. 1.73 2.03 1.88
1 = US$ 1.007 0.939
Annual average
US$1 = Fl. 1.69 1.95 1.97
1 = US$ 1.065 0.923
High
US$1 = Fl. 1.76 2.12 2.09
1 = US$ 1.181 1.034
Low
US$1 = Fl. 1.61 1.73 1.81
1 = US$ 1.001 0.827