Unilever 2004 Annual Report Download - page 121
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Notes to the consolidated accounts
Unilever Group
118 Unilever Annual Report and Accounts 2004
15 Borrowings
€ million € million
2004 2003
Bank loans and overdrafts 1 583 1 834
Bonds and other loans 10 465 14 066
12 048 15 900
The repayments fall due as follows:
Within one year:
Bank loans and overdrafts 823 1 629
Bonds and other loans 4 332 5 805
Total due within one year 5 155 7 434
After one year but within two years 1 917 1 881
After two years but within three years 1 891 1 719
After three years but within four years 177 1 806
After four years but within five years 351 163
After five years: By instalments 35
Not by instalments 2 554 2 892
Total due after more than one year 6 893 8 466
Total amount repayable by instalments any of which are payable after five years 48
Secured borrowings 136 177
Of which secured against tangible fixed assets 108 120
The tables set out below and on page 119 take into account the various interest rate swaps and forward foreign currency contracts entered
into by the Group, details of which are set out in note 16 on pages 120 and 121.
The interest rate profiles of the Group’s financial liabilities analysed by principal currency are set out in the table below.
Interest rate profile and currency analysis of financial liabilities
€ million € million € million
Fixed Fixed Fixed Floating Floating
rate rate rate rate rate Total
Weighted Weighted
average average Interest
interest fixing rate for
rate period 2005
Liabilities – 2004
Euro 214 4.4% 0.8 years 2 219(a) 2.3% 2 433
Sterling 79 5.4% 1.9 years 130 4.9% 209
US dollar 5 690 6.6% 8.3 years 3 725 3.1% 9 415
Japanese yen – 452 0.1% 452
Thai baht 153 3.2% 2.7 years 123 2.8% 276
Other 434 9.8% 1.6 years 3 099 3.8% 3 533
6 570 9 748 16 318
Euro leg of currency derivatives relating to intra-group loans (4 052)
Total 12 266(b)
Liabilities – 2003
Euro 121 4.8% 1.5 years 6 262(a) 6 383
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
9 202 11 782 20 984
Euro leg of currency derivatives relating to intra-group loans (5 084)
Total 15 900
(a) Excludes euro leg of the currency derivatives relating to our intra-group loans, amounting to €4 052 million for 2004 and €5 084 million
for 2003.
(b) Includes finance lease creditors amounting to €218 million.
The average interest rate on short-term borrowings in 2004 was 3.1% (2003: 4.0%).