Unilever 2015 Annual Report Download - page 120

11 OTHER NONURRENT ASSETS ONTINUED
Movements durng 2015 and 2014
 mllon
2015
 mllon
2014
Jont ventures(a)
1 January 52 57
Addtons 4 4
Dvdends receved/reductons (137) (123)
Share of net proft 117 103
urrency retranslaton 12 11
31 December 48 52
Assocates(b)
1 January 42 38
Addtons 24 2
Dvdends receved/reductons – 5
Share of net (loss)/proft (10) (5)
urrency retranslaton 3 2
31 December 59 42
(a) Our prncpal ont ventures are Unlever Jerónmo Martns for Portugal, the Peps/Lpton Partnershp for the US and Peps Lpton Internatonal for the rest of
the world
(b) Assocates as at 31 December 2015 prmarly comprse our nvestments n Langholm aptal Partners Other Unlever Ventures assets are ncluded under
‘Other non-current non-fnancal assets’ Durng the year we sold shares n an assocate (carryng value zero) for a consderaton of 110 mllon
The ont ventures and assocates have no sgnfcant contngent labltes to whch the roup s exposed, and the roup has no sgnfcant
contngent labltes n relaton to ts nterest n the ont ventures and assocates
The roup has no outstandng captal commtments to ont ventures
Outstandng balances wth ont ventures and assocates are shown n note 23 on page 134
12 INVENTORIES
Inventores are valued at the lower of weghted average cost and net realsable value ost comprses drect costs and, where
approprate, a proporton of attrbutable producton overheads Net realsable value s the estmated sellng prce less the estmated
costs necessary to make the sale
Inventores
 mllon
2015
 mllon
2014
Raw materals and consumables 1,381 1,364
Fnshed goods and goods for resale 2,954 2,804
4,335 4,168
Inventores wth a value of 100 mllon (2014 76 mllon) are carred at net realsable value, ths beng lower than cost Durng 2015,
119 mllon (2014 126 mllon) was charged to the ncome statement for damaged, obsolete and lost nventores In 2015,
123 mllon (2014120mllon) was utlsed or released to the ncome statement from nventory provsons taken n earler years
13 TRADE AND OTHER URRENT REEIVABLES
Trade and other recevables are ntally recognsed at far value plus any drectly attrbutable transacton costs Subsequently these
assets are held at amortsed cost, usng the effectve nterest method and net of any mparment losses
We do not consder the far values of trade and other recevables to be sgnfcantly dfferent from ther carryng values redt terms
for customers are determned n ndvdual terrtores oncentratons of credt rsk wth respect to trade recevables are lmted, due
to the roup’s customer base beng large and dverse Our hstorcal experence of collectng recevables, supported by the level of
default, s that credt rsk s low across terrtores and so trade recevables are consdered to be a sngle class of fnancal assets
Balances are consdered for mparment on an ndvdual bass rather than by reference to the extent that they become overdue
113Unilever Annual Report and Accounts 2015 Financial statements