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82 Unilever Annual Report and Accounts 2007
Financial statements continued
Notes to the consolidated accounts Unilever Group
4 Staff costs
€ million € million € million
Staff costs 2007 2006 2005
Remuneration of employees (4 409) (4 377) (4 456)
Emoluments of Executive Directors (9) (8) (11)
Pensions and other post-employment benefits(a) (321) (132) (384)
Social security costs (646) (718) (702)
Share-based compensation costs (152) (120) (192)
(5 537) (5 355) (5 745)
(a) In 2006 includes gains of €266 million arising from changes in US post-retirement healthcare plans and UK pension plans.
’000 ’000 ’000
Average number of employees during the year 2007 2006 2005
Europe 44 47 51
The Americas 44 46 46
Asia Africa 87 96 115
175 189 212
5 Net ffinance costs
€ million € million € million
Finance costs 2007 2006 2005
Finance costs (550) (590) (689)
Bank loans and overdrafts (62) (93) (90)
Bonds and other loans (493) (499) (569)
Dividends paid on preference shares (7) (6) (11)
Net gain/(loss) on derivatives designated as a fair value hedge for which no hedge accounting is applied: 12 8 (19)
On interest rate swaps (1) (6) (11)
On foreign exchange derivatives 538 1 035 (798)
Exchange difference on underlying items (525) (1 021) 790
Preference shares provision(a) (7) (300) –
Finance income 147 128 129
Pensions and similar obligations(b) 158 41 (53)
(252) (721) (613)
(a) For further information please refer to note 19 on page 102.
(b) Net finance costs in respect of pensions and similar obligations are analysed in note 20 on page 106.