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Notes to the consolidated accounts Unilever Group
94 Unilever Annual Report and Accounts 2008
Financial statements
4 Staff costs
€ million € million € million
Staff costs 2008 2007 2006
Remuneration of employees (4 182) (4 409) (4 377)
Emoluments of Executive Directors (11) (9) (8)
Pensions and other post-employment benefits(a) (329) (321) (132)
Social security costs (627) (646) (718)
Share-based compensation costs (125) (152) (120)
(5 274) (5 537) (5 355)
(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 2008 2007 2006
Western Europe 32 35 38
The Americas 42 44 46
Asia, Africa and Central & Eastern Europe 100 96 105
174 175 189
Employee numbers for prior years have been restated following the change in our regional organisation.
5 Net finance costs
€ million € million € million
Finance costs 2008 2007 2006
Finance costs (506) (550) (590)
Bank loans and overdrafts (73) (62) (93)
Bonds and other loans (429) (493) (499)
Dividends paid on preference shares (7) (7) (6)
Net gain/(loss) on natural hedges(a) 312 8
On interest rate swaps –(1) (6)
On foreign exchange derivatives (221) 538 1 035
Exchange difference on underlying items 224 (525) (1 021)
Preference shares provision(b) –(7) (300)
Finance income 106 147 128
Pensions and similar obligations(c) 143 158 41
(257) (252) (721)
(a) For further details on natural hedges please refer to note 17 on page 111.
(b) For further information please refer to note 19 on page 114.
(c) Net finance costs in respect of pensions and similar obligations are analysed in note 20 on page 118.