Unilever 2008 Annual Report Download - page 104

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Notes to the consolidated accounts Unilever Group
Unilever Annual Report and Accounts 2008 101
Financial statements
11 Other non-current assets
€ million € million
2008 2007
Interest in net assets of joint ventures 73 150
Interest in net assets of associates 67 74
Other non-current financial assets(a):904 738
Held-to-maturity investments 472 473
Loans and receivables 913
Available-for-sale financial assets(b) 370 201
Financial assets at fair value through profit or loss 53 51
Long-term trade and other receivables(c) 171 187
Fair value of biological assets 31 37
Other non-financial assets 180 138
1 426 1 324
(a) Predominantly consist of investments in a number of companies and financial institutions in India, Europe and the US, including €146 million
(2007: €162 million) of assets in a trust to fund benefit obligations in the US (see also note 20 on page 118).
(b) 2008 includes unlisted preferred shares arising in connection with US laundry disposal (see note 26 on page 128).
(c) Classified as loans and receivables.
€ million € million
Movements during 2008 and 2007 2008 2007
Joint ventures(d)
1 January 150 57
Additions(e) – 115
Dividends received/reductions(f) (202) (122)
Share in net profit 125 102
Currency retranslation – (2)
31 December 73 150
Associates(g)
1 January 44 12
Acquisitions/(disposals) 22 31
Dividends received/reductions (22) (48)
Share in net profit 650
Currency retranslation (14) (1)
36 44
Of which: Net liabilities of JohnsonDiversey reclassified to provisions 31 30
31 December 67 74
(d) Our principal joint ventures are Unilever Jerónimo Martins in Portugal, Pepsi/Lipton International and the Pepsi/Lipton Partnership in the US.
(e) In January 2007, the reorganisation of our Portuguese businesses was completed, whereby Unilever now has a 55% share of the combined
Portuguese entity, called Unilever Jerónimo Martins. The structure of the newly formed entity is such that there is joint control and it is
therefore accounted for by Unilever as a joint venture. In December 2007 a capital contribution of €103 million was made to Pepsi/Lipton
International.
(f) In relation to the extension of the Pepsi/Lipton joint venture for ready-to-drink tea in January 2008, a reduction of €110 million in carrying
value of Pepsi/Lipton International was recorded.
(g) Associates primarily comprise our investments in JohnsonDiversey Holdings Inc., Langholm Capital Partners and Physic Ventures. Other
Unilever Ventures assets (excluding Langholm) are included under ‘Other non-current financial assets’ above.
€ million € million
Analysis of listed and unlisted investments 2008 2007
Investments listed on a recognised stock exchange 344 388
Unlisted investments 560 350
904 738
€ million € million € million
Other income from non-current investments 2008 2007 2006
Income from other non-current investments 19 19 21
Profit/(loss) on disposal(h) 69 20 9
88 39 30
(h) Includes disposal of Palmci plantations (see note 26 on page 128).
The joint ventures and associates have no significant contingent liabilities to which the Group is exposed, and the Group has no significant
contingent liabilities in relation to its interest in the joint ventures and associates.
The Group has no outstanding capital commitments to joint ventures.
Outstanding balances with joint ventures and associates are shown in note 30 on page 135.