Unilever 2011 Annual Report Download - page 105

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102
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP continued
19. Share capital continued
Ordinary share capital
Number
of shares
authorised(a)
Authorised
2011
Authorised
2010
Nominal
value
per share
Number
of shares
issued
Issued,
called up
and
fully paid
2011
Issued,
called up
and
fully paid
2010
€ million € million € million € million
NV ordinary shares 3,000,000,000 480 480 €0.16 1,714,727,700 274 274
NV ordinary shares (shares numbered
1 to 2,400 – ‘Special Shares’) 11 €428.57 2,400 1 1
Internal holdings eliminated
on consolidation (€428.57 shares) –– (1) (1)
481 481 274 274
£ million £ million
PLC ordinary shares 31/9p 1,310,156,361 40.8 40.8
PLC deferred stock £1 stock 100,000 0.1 0.1
Internal holding eliminated
on consolidation (£1 stock) (0.1) (0.1)
40.8 40.8
Euro equivalent in millions (at £1.00 = €5.143) 210 210
(a) The requirement for a UK company to have an authorised share capital was abolished by the UK Companies Act 2006. In May 2010 shareholders approved
new Articles of Association which reflect this.
For information on the rights of shareholders of NV and PLC and the operation of the Equalisation Agreement, see Corporate
governance onpage 43.
A nominal dividend of 6% is paid on the deferred stock of PLC, which is not redeemable.
20. Commitments and contingent liabilities
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of
ownership. All other leases are classified as operating leases.
Assets held under finance leases are initially recognised at the lower of fair value at the date of commencement of the lease, and at
the present value of the minimum lease payments. Subsequent to initial recognition, these assets are accounted for in accordance
with the accounting policy relating to that specific asset. The corresponding liability is included in the balance sheet as a finance
lease obligation. Lease payments are apportioned between finance costs in the income statement and reduction of the lease
obligation so as to achieve a constant rate of interest on the remaining balance of the liability.
Lease payments under operating leases are charged to the income statement on a straight-line basis over the term of the lease.
Long-term finance lease commitments
€ million
Future
minimum
lease
payments
2011
€ million
Finance
cost
2011
€ million
Present
value
2011
€ million
Future
minimum
lease
payments
2010
€ million
Finance
cost
2010
€ million
Present
value
2010
Buildings(a) 321 139 182 336 148 188
Plant and machinery 25 3 22 21 1 20
346 142 204 357 149 208
The commitments fall due as follows:
Within 1 year 28 12 16 31 12 19
Later than 1 year but not later than 5 years 98 51 47 94 47 47
Later than 5 years 220 79 141 232 90 142
346 142 204 357 149 208
(a) All leased land is classified as operating leases.
The Group has sublet part of the leased properties under finance leases. Future minimum sublease payments of €38 million are
expected to bereceived.
Unilever Annual Report and Accounts 2011
Financial statements