Unilever 2004 Annual Report Download - page 133
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130 Unilever Annual Report and Accounts 2004
Notes to the consolidated accounts
Unilever Group
19 Deferred taxation
€ million € million
2004 2003
Deferred taxation on:
Accelerated depreciation 771 859
Stock reliefs 33 31
Short-term and other timing differences (1 266) (780)
(462) 110
Less: asset balances reclassified as debtors due after more than one year 13 973 637
511 747
Movements in deferred taxation liabilities:
1 January 747
Currency retranslation 31
Disposal of group companies (8)
Profit and loss account (593)
Effect of reclassifying asset balances 336
Other movements (2)
31 December 511
Deferred tax balances in respect of pensions are reported as a separate component of the pensions balances. See note 18 on pages 122 to 129.
Deferred tax assets totalling €415 million in respect of unutilised foreign tax credits, tax losses and other timing differences have not been
recognised at 31 December 2004 as the likelihood of future economic benefits is not assured.
20 Restructuring and other provisions
Provisions are recognised when either a legal or constructive obligation, as a result of a past event, exists at the balance sheet date and where
the amount of the obligation can be reasonably estimated.
€ million € million
2004 2003
Restructuring provisions 710 445
Other provisions 638 426
Total 1 348 871
Movements in restructuring provisions:
1 January 445
Currency retranslation (17)
Disposal of group companies 24
Profit and loss account:
New charges 714
Releases (53)
Utilisation (403)
31 December 710
Movements in other provisions:
1 January 426
Currency retranslation (7)
Disposal of group companies 4
Profit and loss account
New charges 269
Releases (40)
Utilisation (14)
31 December 638
Restructuring provisions at the end of 2004 primarily relate to the Path to Growth initiatives described in note 4 on page 109, and amounted to
€0.7 billion, the cash impact of which is expected to be a cash outflow of €0.6 billion in 2005 and €0.1 billion thereafter. Other provisions
principally comprise balances held in respect of legal, environmental and other exposures. At the end of 2004, the balance includes a €169
million charge, taken in 2004, relating to the potential repayment of certain sales tax credits taken in Brazil. The cash impact of these balances
is expected to be a cash outflow of €0.1 billion in 2005, and €0.5 billion thereafter.