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Notes to the consolidated accounts
Unilever Group
96 Unilever Annual Report & Accounts and Form 20-F 2003
14 Net funds/(debt) continued
Unilever had the following undrawn committed facilities at 31 December 2003:
• revolving 364-day bilateral credit facilities of in aggregate US $3 403 million (2002: US $3 403 million) with a 364-day term out;
• revolving 5-year bilateral credit facilities of in aggregate US $334 million (2002: US $334 million);
• revolving 364-day notes commitments of US $400 million (2002: US $400 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 $2 080 million (2002: US $2 080 million), under which the underwriting
banks agree, subject to certain conditions, to subscribe for notes with maturities of up to three years.
The facilities which matured in February 2004 have since been renewed until February 2005. In addition, operating companies have a variety of
facilities, most of which are uncommitted.
The average interest rate on short-term borrowings in 2003 was 4% (2002: 5%).
The interest rate profiles of the Group’s financial assets and liabilities analysed by principal currency are set out in the table below.
Interest rate profile and currency analysis of financial assets
€ million € million € million
Fixed Fixed Fixed Floating
rate rate rate rate Total
Weighted Weighted
average average
interest fixing
rate period
Assets – 2003
Euro(a) 1 703 5.3% 0.9 years (2) 1 701
Sterling –5050
US Dollar – 108 108
Indian Rupee – 496 496
Other – 990 990
Total 1 703 1 642 3 345
Assets – 2002(b)
Euro(a) 512 10.9% 1.4 years 556 1 068
Sterling – 123 123
US Dollar 246 10.7% 10.3 years 45 291
Indian Rupee – 568 568
Other – 1 062 1 062
Total(c) 758 2 354 3 112
(a) The fixed interest rate of 5.3% in 2003 includes one leg of a cross-currency interest rate swap of an intercompany loan of €478 million
(2002: €512 million) with a fixed rate of 12.1% (2002: 10.9%). A corresponding interest charge is included in the US Dollar fixed rate
liabilities.
(b) Amounts for 2002 have been restated. See page 94.
(c) Includes, in addition to cash and current investments, certain non-equity assets held within fixed investments.
Interest rate profile and currency analysis of financial liabilities
€ million € million € million
Fixed Fixed Fixed Floating
rate rate rate rate Total
Weighted Weighted
average average
interest fixing
rate period
Liabilities – 2003
Euro 121 4.8% 1.5 years 1 178 1 299
Sterling 79 5.4% 2.9 years (58) 21
US Dollar 8 240 6.6% 7.0 years 2 475 10 715
Thai Baht 210 3.1% 3.3 years 153 363
Other 552 5.4% 7.7 years 2 950 3 502
Total 9 202 6 698 15 900
Liabilities – 2002(d)
Euro 32 4.8% 4.7 years 107 139
Sterling 367 6.3% 1.4 years 1 017 1 384
US Dollar 11 363 6.2% 6.7 years 4 142 15 505
Thai Baht 262 3.7% 2.9 years 128 390
Other 247 5.1% 24.0 years 2 205 2 452
Total 12 271 7 599 19 870
(d) Amounts for 2002 have been restated. See page 94.