Unilever 2003 Annual Report Download - page 97

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Notes to the consolidated accounts
Unilever Group
94 Unilever Annual Report & Accounts and Form 20-F 2003
13 Debtors continued
The following information is required by schedule 210.12-09 under Regulation S-X of the United States Securities and Exchange Commission:
€ million € million € million
2003 2002 2001
Provision for doubtful debtors
Movements during the year:
1 January 294 328 307
Charged to profit and loss account 38 155 96
Charged to other accounts(a) (24) (24) 13
Reductions (29) (165) (88)
31 December 279 294 328
(a) Includes currency retranslation of opening balances.
14 Net funds/(debt)
€ million € million
2003 2002
Restated
Current investments
Listed 91 62
Unlisted 1 400 1 164
1 491 1 226
Cash at bank and in hand
On call and in hand 1 304 1 028
Repayment notice required 550 650
1 854 1 678
Borrowings
Bank loans and overdrafts (1 834) (1 844)
Bonds and other loans (14 066) (18 026)
(15 900) (19 870)
Total net funds/(debt) (12 555) (16 966)
Current investments include government securities and A- or higher rated money and capital market instruments.
An amount of €20 million (2002: €13 million) is included in cash at bank with repayment notice required. This relates to cash collateral
deposited as required by a forward purchase contract with a counterparty bank to buy 10 000 000 PLC shares at 559p per share in November
2006. Further details are given in note 15 on page 98.
€ million € million
2003 2002
Restated
Borrowings – additional details
The repayments fall due as follows:
Within one year:
Bank loans and overdrafts 1 629 1 514
Bonds and other loans 5 805 7 423
Total due within one year 7 434 8 937
After one year but within two years 1 881 1 734
After two years but within three years 1 719 2 047
After three years but within four years 1 806 1 807
After four years but within five years 163 1 807
After five years: By instalments 5–
Not by instalments 2 892 3 538
Total due after more than one year 8 466 10 933
Total amount repayable by instalments any of which are payable after five years 82
Secured borrowings 177 44
Of which secured against tangible fixed assets 120 6
During 2003 Unilever changed its accounting policy for the presentation of securities held as collateral in respect of derivative financial
instruments. Until 2002 Unilever presented such collateral under cash on call and in hand and under bonds and other loans respectively.
Because, in normal circumstances, Unilever has to return the securities in the same form as the original security received, and Unilever does not
retain the benefit of any dividends or interest on those securities, they are not presented as assets and liabilities of the Group. As a result, both
cash on call and in hand and bonds and other loans at 31 December 2002 have been reduced by €574 million.