Unilever 2014 Annual Report Download - page 73

15 APITAL AND FUNDIN ONTINUED
Unlever consders the followng components of ts balance sheet to be managed captal
• total equty – retaned proft, other reserves, share captal, share premum, non-controllng nterests (note 15A and 15B)
• short-term debt – current fnancal labltes (note 15) and
• long-term debt – non-current bank loans, bonds and other loans (note 15)
The roup manages ts captal so as to safeguard ts ablty to contnue as a gong concern and to optmse returns to our shareholders
through an approprate balance of debt and equty The captal structure of the roup s 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)
2014
Issued,
called up
and
fully pad(b)
2014
Authorised(a)
2013
Issued,
called up
and
fully paid(b)
2013
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
PL ordnary shares of 31/9p each 408 408
PL deferred stock of £1 each 01 01
Internal holdng elmnated on consoldaton (£1 stock) (01) (01)
408 408
 mllon  mllon
Euro equvalent n mllons (at £100 = 5143)(c) 210 210
Unlever roup  mllon  mllon
Ordnary share captal of NV 274 274
Ordnary share captal of PL 210 210
484 484
(a) At 31 December 2014, Unlever NV had 3,000,000,000 (2013 3,000,000,000) authorsed ordnary shares The requrement for a UK company to have an authorsed
share captal was abolshed by the UK ompanes Act 2006 In May 2010 Unlever PL shareholders approved new Artcles of Assocaton to reflect ths
(b) At 31 December 2014, the followng quanttes of shares were n ssue 1,714,727,700 of NV ordnary shares 2,400 of NV Specal Shares 1,310,156,361 of PL
ordnary shares and 100,000 of PL deferred stock The same quanttes were n ssue at 31 December 2013
(c) onverson rate for PL ordnary shares nomnal value to Euro s £1 = 5143 (whch s calculated by dvdng the nomnal value of NV ordnary shares by the
nomnal value of PL ordnary shares)
For nformaton on the rghts of shareholders of NV and PL and the operaton of the Equalsaton Agreement, see the orporate
overnance report onpage 41.
A nominal dividend of 6% per annum is paid on the deferred stock of PLC, which is not redeemable.
110 Unilever Annual Report and Accounts 2014Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNILEVER GROUP CONTINUED