Unilever 2009 Annual Report Download - page 100

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Unilever Annual Report and Accounts 2009 97
11 Other non-current assets
€ million € million
2009 2008
Interest in net assets of joint ventures 60 73
Interest in net assets of associates 42 67
Other non-current financial assets(a):485 904
Held-to-maturity investments(b) –472
Loans and receivables 29
Available-for-sale financial assets(c)(d) 436 370
Financial assets at fair value through profit or loss(d) 47 53
Long-term trade and other receivables(e) 212 171
Fair value of biological assets 32 31
Other non-financial assets 186 180
1,017 1,426
(a) Predominantly consist of investments in a number of companies and financial institutions in India, Europe and the US, including €129 million
(2008: €146 million) of assets in a trust to fund benefit obligations in the US (see also note 19 on page 116).
(b) During 2009 €436 million held-to-maturity investments were reclassified as available for sale in relation to the closure of an employee savings
programme. See also note 14 on page 101.
(c) Includes unlisted preferred shares arising in connection with US laundry disposal.
(d) Methods of valuation techniques used to determine fair values are given in note 15 on page 108.
(e) Classified as loans and receivables.
€ million € million
Movements during 2009 and 2008 2009 2008
Joint ventures(f)
1 January 73 150
Additions ––
Dividends received/reductions(g) (145) (202)
Share in net profit 111 125
Currency retranslation 21 –
31 December 60 73
Associates(h)
1 January 67 44
Acquisitions/(disposals) –22
Dividends received/reductions (32) (22)
Share in net profit 46
Currency retranslation 3(14)
42 36
Of which: Net liabilities of JohnsonDiversey reclassified to provisions –31
31 December 42 67
(f) Our principal joint ventures are Unilever Jerónimo Martins in Portugal, Pepsi/Lipton International and the Pepsi/Lipton Partnership in the US.
(g) A reduction of €110 million in carrying value of Pepsi/Lipton International was recorded in relation to the extension of the Pepsi/Lipton joint
venture for ready-to-drink tea in January 2008.
(h) Associates as at 31 December 2009 primarily comprise our investment in Langholm Capital Partners. Other Unilever Ventures assets
(excluding Langholm) are included under ‘Other non-current financial assets’ above.
€ million € million
Analysis of listed and unlisted investments 2009 2008
Investments listed on a recognised stock exchange 60 344
Unlisted investments 425 560
485 904
€ million € million € million
Other income from non-current investments 2009 2008 2007
Income from other non-current investments 47 19 19
Profit/(loss) on disposal(i) 327 69 20
374 88 39
(i) For 2008 includes disposal of Palmci plantations.
For 2009 includes €327 million profit from the disposal of the majority of our equity interest in JohnsonDiversey.
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 128.