Unilever 2008 Annual Report Download - page 117
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Notes to the consolidated accounts Unilever Group
114 Unilever Annual Report and Accounts 2008
Financial statements
18 Trade payables and other liabilities
€ million € million
Trade and other payables 2008 2007
Due within one year
Trade payables 3 873 3 690
Accruals 2 720 2 970
Social security and sundry taxes 341 374
Others 890 983
7 824 8 017
Due after more than one year
Accruals 102 138
Others 73 66
175 204
Total trade payables and other liabilities 7 999 8 221
The amounts shown above do not include any creditors due after more than five years. Trade payables and other liabilities are valued at historic
cost, which where appropriate approximates their amortised cost.
19 Provisions
€ million € million
Provisions 2008 2007
Due within one year
Restructuring provisions 413 518
Preference shares provision –3
Disputed indirect taxes 232 269
Other provisions 112 178
757 968
Due after one year
Restructuring provisions 91 63
Legal provisions 60 55
Disputed indirect taxes 312 422
Net liability of associate 31 30
Other provisions 152 124
646 694
Total restructuring and other provisions 1 403 1 662
€ million € million € million € million € million € million € million
Preference
Restructuring Legal shares Disputed Net liability Other
Movements during 2008 provisions provisions provision indirect taxes of associate provisions Total
1 January 2008 581 55 3 691 30 302 1 662
Disposal of group companies 178
Income statement:
New charges 343 61 – 136 – 31 571
Releases (54) (5) (3) (94) – (37) (193)
Utilisation (343) (51) – (38) – (35) (467)
Currency retranslation (24) – – (151) 1 (4) (178)
31 December 2008 504 60 – 544 31 264 1 403
Restructuring provisions primarily relate to early retirement and redundancy costs, the most significant of which relate to the formation of new
multi-country organisations and several factory closures; no projects are individually material. Legal provisions are comprised of many claims, of
which none is individually material. Further information is given in note 25 on page 126.
The provision for disputed indirect taxes is comprised of a number of small disputed items. The largest elements of the provision relate to
disputes with the Brazilian authorities. Because of the nature of the disputes, the timing of the utilisation of the provisions, and any associated
cash outflows, is uncertain. The majority of the disputed items attract an interest charge. For further information please refer to note 25 on
page 127.
No individual item within the other provisions balance is significant. Unilever expects that the issues relating to these restructuring, legal and
other provisions will be substantively resolved over the next five years.