Unilever 2013 Annual Report Download - page 116

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11 OTHER NONURRENT ASSETS CONTINUED
Movements durng 2013 and 2012
 mllon
2013
€ million
2012
Jont ventures(a)
1 January 32 48
Additions 25 –
Dividends received/reductions (100) (131)
Share of net profit 105 107
Currency retranslation (5) 8
31 December 57 32
Assocates(b)
1 January 51 45
Additions 18 7
Dividends received/reductions (42) –
Share of net profit 8(2)
Currency retranslation 31
31 December 38 51
(a) Our principal joint ventures are Unilever Jerónimo Martins in Portugal, Pepsi Lipton International and the Pepsi/Lipton Partnership in the US. We also
acquired 51% share in the newly formed IIuminage Beauty Ltd.
(b) Associates as at 31 December 2013 primarily comprise our investments in Langholm Capital Partners. During the year we partially disposed of our
investment in Langholm Capital Partners and formed a new relationship with Capvent Asia Consumer Fund Ltd. Other Unilever Ventures assets are included
under ‘Other non-current non-financial assets’.
The joint ventures and associates have no significant contingent liabilities to which the Group is exposed, and the Group has no
significant contingent liabilities in relation to its interest in the joint ventures and associates.
The Group has no outstanding capital commitments to joint ventures.
Outstanding balances with joint ventures and associates are shown in note 23 on page 133.
12 INVENTORIES
Inventories are valued at the lower of weighted average cost and net realisable value. Cost comprises direct costs and, where
appropriate, a proportion of attributable production overheads. Net realisable value is the estimated selling price less the estimated
costs necessary to make the sale.
Inventores
 mllon
2013
€ million
2012
Raw materials and consumables 1,286 1,517
Finished goods and goods for resale 2,651 2,919
3,937 4,436
Inventories with a value of €204 million (2012: €143 million) are carried at net realisable value, this being lower than cost. During 2013,
€198 million (2012: €131 million) was charged to the income statement for damaged, obsolete and lost inventories. In 2013, €155 million
(2012:€71million) was utilised or released to the income statement from inventory provisions taken in earlier years.
13 TRADE AND OTHER URRENT REEIVABLES
Trade and other receivables are initially recognised at fair value plus any directly attributable transaction costs. Subsequently these
assets are held at amortised cost, using the effective interest method and net of any impairment losses.
We do not consider the fair values of trade and other receivables to be significantly different from their carrying values. Credit terms for
customers are determined in individual territories. Concentrations of credit risk with respect to trade receivables are limited, due to
the Group’s customer base being large and diverse. Our historical experience of collecting receivables, supported by the level of
default, is that credit risk is low across territories and so trade receivables are considered to be a single class of financial assets.
Balances are considered for impairment on an individual basis rather than by reference to the extent that they become overdue.
113Unlever Annual Report and Accounts 2013 Fnancal statements