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Unilever Annual Report and Accounts 2010 97
Financial statements
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 98 to 104. 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 – 2010
Euro(n) 90 6.1% 5.0 years 4,770 1.2% 4,860
Sterling 1,014 4.8% 7.3 years 2,816 1.0% 3,830
US dollar 2,838 5.3% 13.1 years 2,704 0.5% 5,542
Swiss francs 773 3.5% 2.1 years (145) 0.2% 628
Japanese yen – 551 1.2% 551
Swedish krona – 415 2.5% 415
Russian rouble – 262 5.2% 262
Chinese yuan – 200 6.4% 200
Thai baht 58 4.0% 0.9 years 148 2.0% 206
Australian dollar – 138 5.1% 138
Other 239 8.7% 2.5 years 746 6.2% 985
5,012 12,605 17,617
Foreign currency leg of currency derivatives relating to intra-group loans(o) (8,083)
Total 9,534(p)
Liabilities – 2009
Euro(n) 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 2 5.3% 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(o) (5,889)
Total 9,971(p)
(n) Euro financial liabilities include €90 million (2009: €124 million) preference shares that provide for a fixed preference dividend.
(o) Includes the foreign currency leg of the currency derivatives relating to our intra-group loans, amounting to €8,083 million
(2009: €5,889 million). These derivatives create an interest rate exposure in mainly sterling and US dollars. 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 96 as part of
the interest rate profile offinancial assets.
(p) Includes finance lease creditors amounting to €208 million (2009: €212 million) and fair value of financial liability-related derivatives amounting
to €303 million (2009: €107 million).
Interest rate
The average interest rate on short-term borrowings in 2010 was 2.4% (2009: 2.3%).