Unilever 2013 Annual Report Download - page 119

15 APITAL AND FUNDIN CONTINUED
Unilever considers the following components of its balance sheet to be managed capital:
• total equity – retained profit, other reserves, share capital, share premium, non-controlling interests (note 15A and 15B);
• short-term debt – current financial liabilities (note 15C); and
• long-term debt – non-current bank loans, bonds and other loans (note 15C).
The Group manages its capital so as to safeguard its ability to continue as a going concern and to optimise returns to our shareholders
through an appropriate balance of debt and equity. The capital structure of the Group is based on management’s judgement of the
appropriate balance of key elements in order to meet its strategic and day-to-day needs. We consider the amount of capital in proportion to
risk and manage the capital structure in light of changes in economic conditions and the risk characteristics of the underlying assets.
Our current long-term credit rating is A+/A1 and our short-term credit rating is A1/P1. We aim to maintain a competitive balance sheet
which we consider to be the equivalent of a credit rating of A+/A1 in the long term. This provides us with:
• appropriate access to the debt and equity markets;
• sufficient flexibility for acquisitions;
• sufficient resilience against economic and financial uncertainty while ensuring ample liquidity; and
• optimal weighted average cost of capital, given the above constraints.
Unilever monitors the qualitative and quantitative factors utilised by the rating agencies. This information is publicly available and is
updated by the credit rating agencies on a regular basis.
Unilever will take appropriate steps in order to maintain, or if necessary adjust, its capital structure. Unilever is not subject to financial
covenants in any of its significant financing agreements.
15A. SHARE CAPITAL
Authorsed(a)
2013
Issued,
called up
and
fully pad(b)
2013
Authorised(a)
2012
Issued,
called up
and
fully paid(b)
2012
Unlever NV  mllon  mllon € million € million
NV ordinary shares of €0.16 each 480 274 480 274
NV ordinary shares of €428.57 each (shares numbered 1 to 2,400 – ‘Special Shares’) 1 1 1 1
Internal holdings eliminated on consolidation (€428.57 shares) –(1) –(1)
481 274 481 274
Unlever PL £ mllon £ million
PLC ordinary shares of 31/9p each 408 40.8
PLC deferred stock of £1 each 01 0.1
Internal holding eliminated on consolidation (£1 stock) (01) (0.1)
408 40.8
 mllon € million
Euro equivalent in millions (at £1.00 = €5.143) 210 210
Unlever roup  mllon € million
Ordinary share capital of NV 274 274
Ordinary share capital of PLC 210 210
484 484
(a) At 31 December 2013, Unilever N.V. had 3,000,000,000 (2012: 3,000,000,000) authorised ordinary shares. The requirement for a UK company to have an
authorised share capital was abolished by the UK Companies Act 2006. In May 2010 Unilever PLC shareholders approved new Articles of Association which
reflect this.
(b) At 31 December 2013, the following quantities of shares were in issue: 1,714,727,700 of NV ordinary shares; 2,400 of NV Special Shares; 1,310,156,361 of PLC
ordinary shares and 100,000 of PLC deferred stock. The same quantities were in issue at 31 December 2012.
For information on the rights of shareholders of NV and PLC and the operation of the Equalisation Agreement, see the Corporate
Governance report onpage 42.
A nominal dividend of 6% is paid on the deferred stock of PLC, which is not redeemable.
116 Unlever Annual Report and Accounts 2013Fnancal statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNILEVER GROUP CONTINUED