Unilever 2015 Annual Report Download - page 123

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 (notes 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 udgement of the
approprate balance of key elements n order to meet ts strategc and day-to-day needs We consder the amount of captal n proporton
to rsk and manage the captal structure n lght of changes n economc condtons and the rsk characterstcs of the underlyng assets
Our current long-term credt ratng s A+/A1 and our short-term credt ratng s A1/P1 We am to mantan a compettve balance sheet
whch we consder to be the equvalent of a credt ratng of A+/A1 n the long term Ths provdes us wth
• approprate access to the debt and equty markets
• suffcent flexblty for acqustons
• suffcent reslence aganst economc and fnancal uncertanty whle ensurng ample lqudty and
• optmal weghted average cost of captal, gven the above constrants
Unlever montors the qualtatve and quanttatve factors utlsed by the ratng agences Ths nformaton s publcly avalable and
s updated by the credt ratng agences on a regular bass
Unlever wll take approprate steps n order to mantan, or f necessary adust, ts captal structure Unlever s not subect to fnancal
covenants n any of ts sgnfcant fnancng agreements
15A. SHARE CAPITAL
Authorsed(a)
2015
Issued,
called up
and
fully pad(b)
2015
Authorsed(a)
2014
Issued,
called up
and
fully pad(b)
2014
Unlever NV  mllon  mllon  mllon  mllon
NV ordnary shares of 016 each 480 274 480 274
NV ordnary shares of 42857 each (shares numbered 1 to 2,400 – ‘Specal Shares’) 1 1 1 1
Internal holdngs elmnated on consoldaton (42857 shares) –(1) –(1)
481 274 481 274
Unlever PL £ mllon £ mllon
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) As at 31 December 2015, Unlever NV had 3,000,000,000 (2014 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) As at 31 December 2015, 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 2014
(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 45
A nomnal dvdend of 6% per annum s pad on the deferred stock of PL
116 Unilever Annual Report and Accounts 2015Financial statements
NOTES TO THE ONSOLIDATED FINANIAL STATEMENTS
UNILEVER ROUP ONTINUED