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Unilever Annual Report and Accounts 2009 103
14 Financial assets and liabilities (continued)
Interest rate profile and currency analysis of financial liabilities
The table set out below takes into account the various interest rate swaps and forward foreign currency contracts entered into by the Group,
details of which are set out in note 15 on pages 104 to 110. The interest rate profiles of the Group’s financial liabilities analysed by principal
currency are set out in the table below:
€ million € million € million
Fixed Fixed Fixed Floating Floating
rate rate rate rate rate Total
Amount Average Weighted Interest
of fixing interest rate average rate for
for following for following fixing following
year year period year
Liabilities – 2009
Euro(l) 124 5.6% 5.0 years 4,274 1.0% 4,398
Sterling 1,428 3.8% 5.7 years 1,436 0.9% 2,864
US dollar 4,391 5.1% 8.8 years 1,368 0.5% 5,759
Swiss francs 678 3.6% 3.1 years (106) 0.4% 572
Japanese yen – 451 0.3% 451
Swedish krona – 352 1.0% 352
Russian rouble – 190 10.8% 190
Chinese yuan – 186 2.3% 186
Thai baht 52 4.0% 1.9 years 124 1.3% 176
Australian dollar 25.3% 10.0 years 164 4.8% 166
Other 108 10.4% 3.4 years 638 5.6% 746
6,783 9,077 15,860
Foreign currency leg of currency derivatives relating to intra-group loans(m) (5,889)
Total 9,971(n)
Liabilities – 2008
Euro(l) 1,794 4.3% 4.8 years 2,551 2.3% 4,345
Sterling 124 6.4% 18.8 years 1,305 1.7% 1,429
US dollar 2,608 6.8% 12.8 years 4,693 1.3% 7,301
Swiss francs 668 3.6% 4.1 years (56) 1.1% 612
Japanese yen 147 1.0% 0.5 years 264 1.1% 411
Swedish krona – 654 2.6% 654
Russian rouble 50 11.7% 0.5 years 66 15.7% 116
Chinese yuan – 211 2.4% 211
Thai baht – 196 2.3% 196
Australian dollar 4 6.4% 6.6 years 162 4.5% 166
Other 16 17.0% 7.4 years 425 8.3% 441
5,411 10,471 15,882
Foreign currency leg of currency derivatives relating to intra-group loans(m) (4,677)
Total 11,205(n)
(l) Euro financial liabilities include €124 million preference shares that provide for a fixed preference dividend.
(m) Includes the foreign currency leg of the currency derivatives relating to our intra-group loans, amounting to €5,889 million
(2008: €4,677 million). These derivatives create an interest rate exposure in mainly sterling and US dollar. However to reconcile the total
liability with the balance sheet, the total value is eliminated again. The other leg of the currency derivatives is shown on page 102 as part of
the interest rate profile of financial assets.
(n) Includes finance lease creditors amounting to €212 million (2008: €207 million) and fair value of financial liability-related derivatives
amounting to €107 million (2008: €219 million).
Interest rate
The average interest rate on short-term borrowings in 2009 was 2.3% (2008: 4.2%).