Unilever 2009 Annual Report Download - page 101
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Notes to the consolidated financial statements Unilever Group
98 Unilever Annual Report and Accounts 2009
Financial statements
12 Inventories
€ million € million
Inventories 2009 2008
Raw materials and consumables 1,298 1,437
Finished goods and goods for resale 2,280 2,452
3,578 3,889
Inventories with a value of €91million (2008: €134 million) are carried at net realisable value, this being lower than cost. During 2009,
€200 million (2008: €246 million) was charged to the income statement for damaged, obsolete and lost inventories. In 2009, €19 million
(2008: €23 million) was utilised or released to the income statement from inventory provisions taken in earlier years.
In 2009, inventories with a carrying amount of €10 million were pledged as security for certain of the Group’s borrowings (2008: €34 million).
13 Trade and other receivables
€ million € million
Trade and other receivables 2009 2008
Due within one year
Trade receivables 2,314 2,788
Prepayments and accrued income 472 380
Other receivables 643 655
3,429 3,823
Credit terms for customers are determined in individual territories. Concentrations of credit risk with respect to trade receivables are limited, due
to the Group’s customer base being large and diverse. Our historical experience of collecting receivables, supported by the level of default, is that
credit risk is low across territories and so trade receivables are considered to be a single class of financial assets. Other receivables comprise loans
and receivables of €221 million (2008: €258 million) and other non-financial assets of €422 million (2008: €397 million). We do not consider the
fair values of trade and other receivables to be significantly different from their carrying values. Balances are considered for impairment on an
individual basis rather than by reference to the extent that they become overdue.
€ million € million
Ageing of trade receivables 2009 2008
Total trade receivables 2,443 2,908
Less impairment provision for trade receivables (129) (120)
2,314 2,788
Of which:
Not overdue 1,768 2,182
Past due less than three months 443 499
Past due more than three months but less than six months 81 100
Past due more than six months but less than one year 57 52
Past due more than one year 94 75
Impairment provision for trade receivables (129) (120)
2,314 2,788
€ million € million
Impairment provision for trade and other receivables – movements during the year 2009 2008
1 January 165 176
Charged to current year income statement 27 36
Reductions/releases (40) (37)
Currency retranslation 5(10)
31 December 157 165
Other classes of assets in trade and other receivables do not include any impaired assets.