Unilever 2005 Annual Report Download - page 145

142 Unilever Annual Report and Accounts 2005
Notes to the consolidated accounts
Unilever Group
32 Related party transactions
The following related party balances existed with associate or joint venture businesses at 31 December:
€ million € million
Related party balances 2005 2004
Trading and other balances due (to)/from joint ventures 85 87
Trading balances due (to)/from associates (8) 29
Joint ventures
As discussed in note 28 on page 128, Unilever completed the restructuring of its Portuguese foods business during the year. Balances owed by
FIMA at 31 December 2005 were €85 million (2004: €87 million).
In July 2004 in the UK, Unilever formed a joint venture with Arlington Science Park Ltd. and sold its property at the Colworth site for a total
consideration of €46 million.
Associates
After the sale of DiverseyLever, our institutional and industrial cleaning business, to Johnson Professional Holdings Inc. in 2002, Unilever has a
one-third equity stake in the combined JohnsonDiversey business, with an option to exit the business from 2007. At 31 December 2005 the
outstanding balance payable to JohnsonDiversey Holdings Inc. was €8 million (2004: €29 million receivable). Sales agency fees to
JohnsonDiversey were incurred of approximately €76 million in 2005 (2004: €68 million).
Langholm Capital Partners invests in private European companies with above-average longer-term growth prospects. It has invested in
Physcience, a French natural food supplements business, and Noiro, the leading company in the mass prestige personal care market in Finland.
To build business opportunities that fit our core business interests in Foods and Home and Personal Care, we have committed €97 million to
Langholm Capital Partners on a total of €242 million raised funds. At 31 December 2005 the outstanding balance with Langholm Capital
Partners was not material.
Other related parties
In 2004 Patrick Cescau, the then Chairman of Unilever PLC, and his wife purchased a house from Immobilia Transholme B.V., a group company
ultimately owned by NV, for €3 348 000 (£2 270 000). The full Boards, acting on the recommendation of the Remuneration Committee and
without the participation of Mr Cescau, gave their prior approvals to the purchase, which was made at full market value based on two
independent valuations of the property.
33 Key management personnel
For 2004 key management personnel included the Executive Directors, Non-Executive Directors and Business Presidents described on pages 68 and
69 of the 2004 Report and Accounts. Following a change in the management structure which took place in 2005 key management for 2005 for
reporting purposes became the members of the UEx together with the Non-Executive Directors described on page 49.
€ million € million
Key management compensation 2005 2004
Salaries and short-term employee benefits 13 21
Non-Executive Directors’ fees 11
Post-employment benefits 45
Other long-term benefits (all share-based) 113
Termination payments 12
20 42
Of which:
Executive Directors 16 24
Non-Executive Directors 11
Other 317
20 42
Details of the remuneration of Directors are given in the auditable part of the report of the Remuneration Committee as defined on page 69.
See also note 32 above for information on related party transactions.