Unilever 2011 Annual Report Download - page 110

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107
22. Assets and liabilities held for sale
Non-current assets and groups of assets and liabilities which comprise disposal groups, are classified as ‘held for sale’ when all of
the following criteria are met: a decision has been made to sell; the assets are available for sale immediately; the assets are being
actively marketed; and a sale has been agreed or is expected to be concluded within twelve months of the balance sheet date.
Immediately prior to classification as held for sale, the assets or groups of assets are remeasured in accordance with the Group’s
accounting policies. Subsequently, assets and disposal groups classified as held for sale are valued at the lower of book value or
fair value less disposal costs. Assets held for sale are not depreciated.
€ million
2011
€ million
2010
Disposal group held for sale on acquisition
Assets –702
Liabilities –(30)
–672
Other disposal groups held for sale
Goodwill and intangibles 982
Property, plant and equipment –63
Inventories –53
Trade and other receivables –1
9199
Non-current assets held for sale
Property, plant and equipment 12 20
On 6 December 2010, the Group acquired the Sanex brand as part of the acquisition of Sara Lee’s Personal Care business. The
European Competition Authority’s approval of the acquisition was contingent on the divestiture of the Sanex brand in the European
Economic Area. The divestiture was completed in the first half of 2011.
23. Related party transactions
A related party is a person or entity that is related to the Group. These include both people and entities that have, or are subject to
the influence or control of the Group.
The following related party balances existed with associate or joint venture businesses at 31 December:
Related party balances
€ million
2011
€ million
2010
Trading and other balances due from joint ventures 243 233
Trading and other balances due from/(to) associates ––
Joint ventures
Sales by Unilever group companies to Unilever Jerónimo Martins and Pepsi Lipton International were €100 million and €11 million in
2011 (2010: €83 million and €12 million) respectively. Sales from Jerónimo Martins to Unilever group companies were €45 million in
2011 (2010: €43 million). Balances owed by/(to) Unilever Jerónimo Martins andPepsi Lipton International at 31 December 2011 were
€244 million and €0.7 million (2010: €233 million and €0.3million) respectively.
Associates
Langholm Capital Partners invests in private European companies with above-average longer-term growth prospects. Since the
Langholm I Fund was launched in 2002, Unilever has invested €83 million in Langholm I, with an outstanding commitment at the end of
2011 of €2 million. Unileverhas received back a total of €130 million in cash from its investment in Langholm I.
Langholm Capital Partners II was launched in 2009 Unilever has invested €25 million in Langholm II, with an outstanding commitment
at the end of 2011 of €50 million.
Physic Ventures is an early stage venture capital fund based in San Francisco, focusing on consumer-driven health, wellness and
sustainable living. Unilever has invested €44 million in Physic Ventures since the launch of the fund in 2007. At 31 December 2011 the
outstanding commitment withPhysic Ventures was €26 million.
Unilever Annual Report and Accounts 2011
Financial statements