Unilever 2011 Annual Report Download - page 102

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99
16D. Derivatives and hedging continued
The use of derivatives by the Group is summarised in the following table:
€ million
Trade
and other
receivables
€ million
Other
current
financial
assets
€ million
Trade
payables
and other
liabilities
€ million
Current
financial
liabilities
€ million
Non-
current
financial
liabilities
€ million
Total
31 December 2011
Foreign exchange derivatives
Fair value hedges 9 – (4) – – 5
Cash flow hedges 22 – (19) – – 3
Hedges of net investments in foreign operations – 18 – (7) – 11
Hedge accounting not applied 22 50 (17) (92) – (37)
Cross currency swaps
Hedge accounting not applied – 31 – (2) (23) 6
Interest rate swaps
Fair value hedges – 109 – – – 109
Cash flow hedges – – (27) – – (27)
Hedge accounting not applied ––– –––
Commodity contracts
Cash flow hedges 4 – (6) – – (2)
Hedge accounting not applied 1 – – – – 1
58 208 (73) (101) (23)
Total assets 266 Total liabilities (197) 69
31 December 2010
Foreign exchange derivatives
Fair value hedges 2 – (3) – – (1)
Cash flow hedges 11 – (25) – – (14)
Hedges of net investments in foreign operations – 125 – (76) – 49
Hedge accounting not applied 8 164 (13) (197) – (38)
Cross currency swaps
Hedge accounting not applied – – – (6) (23) (29)
Interest rate swaps
Fair value hedges – 114 – – – 114
Cash flow hedges 13 – (22) – – (9)
Hedge accounting not applied – – – – (1) (1)
Commodity contracts
Cash flow hedges 59 – – – – 59
Hedge accounting not applied 1 – – – – 1
94 403 (63) (279) (24)
Total assets 497 Total liabilities (366) 131
17. Provisions
Provisions are recognised where a legal or constructive obligation exists at the balance sheet date, as a result of a past event,
where the amount of the obligation can be reliably estimated and where the outflow of economic benefit is probable.
Provisions
€ million
2011
€ million
2010
Due within one year 393 421
Due after one year 908 886
Total provisions 1,301 1,307
Movements during 2011
€ million
Restructuring
€ million
Legal
€ million
Disputed
indirect taxes
€ million
Other
€ million
Total
1 January 2011 292 165 580 270 1,307
Disposal of group companies (6) – – – (6)
Income statement:
Charges 318 38 191 94 641
Releases (46) (1) (47) (41) (135)
Utilisation (214) (120) (18) (108) (460)
Currency translation 4 (1) (52) 3 (46)
31 December 2011 348 81 654 218 1,301
Unilever Annual Report and Accounts 2011
Financial statements