Unilever 2011 Annual Report Download - page 90

Download and view the complete annual report

Please find page 90 of the 2011 Unilever annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 133

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133

87
10. Property, plant and equipment continued
Included in the above is property, plant and equipment under a number of finance lease agreements, for which the book values are as
follows:
Net book value
€ million
Buildings
€ million
Plant and
equipment
€ million
Total
Cost 201 167 368
Depreciation (47) (133) (180)
31 December 2011 154 34 188
Cost 197 205 402
Depreciation (36) (160) (196)
31 December 2010 161 45 206
The Group also has commitments to capital expenditure of €514 million (2010: €409 million).
11. Other non-current assets
Joint ventures are undertakings in which the Group has an interest and which are jointly controlled by the Group and one or more
other parties. Associates are undertakings where the Group has an investment in which it does not have control or joint control but
can exercise significant influence.
Interests in joint ventures and associates are accounted for using the equity method and are stated in the consolidated balance
sheet at cost, adjusted for the movement in the Group’s share of their net assets and liabilities. The Group’s share of the profit or
loss after tax of joint ventures and associates is included in the Group’s consolidated profit before taxation.
Where the Group’s share of losses exceeds its interest in the equity accounted investee, the carrying amount of the investment is
reduced to zero and the recognition of further losses is discontinued, except to the extent that the Group has an obligation to make
payments on behalf ofthe investee.
Biological assets are measured at fair value less costs to sell with any changes recognised in the income statement.
€ million
2011
€ million
2010
Interest in net assets of joint ventures 48 44
Interest in net assets of associates 45 45
Long-term trade and other receivables(a) 171 154
Fair value of biological assets 32 34
Other non-financial assets 336 246
632 523
(a) Classified as loans and receivables.
Movements during 2011 and 2010
€ million
2011
€ million
2010
Joint ventures(b)
1 January 44 60
Additions 10 3
Dividends received/reductions (125) (148)
Share of net profit 113 120
Currency retranslation 6 9
31 December 48 44
Associates(c)
1 January 45 42
Additions 2 18
Dividends received/reductions (3) (6)
Share of net profit – (9)
Currency retranslation 1 –
31 December 45 45
(b) Our principal joint ventures are Unilever Jerónimo Martins in Portugal, Pepsi Lipton International and the Pepsi/Lipton Partnership in the US.
(c) Associates as at 31 December 2011 primarily comprise our investments in Langholm Capital Partners. Other Unilever Ventures assets are included under
‘Other non-current non-financial assets’.
Unilever Annual Report and Accounts 2011
Financial statements