tax (4,863) (13,093)
Taxation thereon 1,021 2,392
(3,842) (1.8) (1.8) (10,701) (4.9) (4.9)
Profit attributable to
the owners of the parent 106,447 48.6 48.4 88,746 40.7 40.4
-------- ------ -------- --- ----------- ------ ----------
Jardine Lloyd Thompson Group plc
Notes to the Preliminary Results
For the year ended 31st December 2012
9. Available-for-sale financial assets
Available-for-sale financial assets are categorised according to
their nature into one of two categories:
1) Investments and deposits consist mainly of fixed term
deposits. These investments are held at fair value and are
classified between current and non-current assets according to
maturity date.
2) Other investments include securities and other investments
held for strategic purposes. These investments are held at fair
value unless a fair value cannot be accurately determined in which
case they are held at cost less any provision for impairment.
Other Investments
investments & deposits Total
GBP'000 GBP'000 GBP'000
------------ ------------ --------
At 1st January 2012 3,025 159 3,184
Exchange differences 30 (307) (277)
Additions - 14,852 14,852
Disposals/maturities - (158) (158)
Revaluation gain (included within
equity) 49 - 49
------------ ------------ --------
At 31st December 2012 3,104 14,546 17,650
------------ ------------ --------
Analysis of available-for-sale
financial assets
Current - 252 252
Non-current 3,104 14,294 17,398
------ ------- -------
At 31st December 2012 3,104 14,546 17,650
------ ------- -------
Available-for-sale investments & deposits
Fiduciary 14,165
Own funds 381
-------
At 31st December 2012 14,546
-------
Other Investments
investments & deposits Total
GBP'000 GBP'000 GBP'000
------------ ------------ ---------
At 1st January 2011 2,418 38,260 40,678
Exchange differences 21 (84) (63)
Additions - 159 159
Disposals/maturities - (38,126) (38,126)
Revaluation deficit (included within
equity) (3) (50) (53)
Provisions release 589 - 589
------------ ------------ ---------
At 31st December 2011 3,025 159 3,184
------------ ------------ ---------
Analysis of available-for-sale
financial assets
Current - 158 158
Non-current 3,025 1 3,026
------ ---- ------
At 31st December 2011 3,025 159 3,184
------ ---- ------
Available-for-sale investments & deposits
Fiduciary -
Own funds 159
----
At 31st December 2011 159
----
Jardine Lloyd Thompson Group plc
Notes to the Preliminary Results
For the year ended 31st December 2012
9. Available-for-sale financial assets cont'd
The credit quality of available-for-sale investments and
deposits can be assessed by reference to external credit ratings,
where available, or to historical information about counterparty
default rates:
2012 2011
GBP'000 GBP'000
-------- --------
AA 14,294 1
AA/A 148 -
A - 58
Other 104 100
-------- --------
Total 14,546 159
-------- --------
10. Derivative financial instruments
2012 2011
-------------------------------------- -----------------------------------
Assets Liabilities Assets Liabilities
GBP'000 GBP'000 GBP'000 GBP'000
------------------ ------------------ ------------------ ---------------
Interest rate swaps - fair value
hedges 7,738 (8,102) 6,012 -
Forward foreign exchange contracts
- cash flow hedges 22,920 (8,691) 5,919 (13,573)
------------------ ------------------ ------------------ ---------------
Total 30,658 (16,793) 11,931 (13,573)
------------------ ------------------ ------------------ ---------------
Current 9,107 (2,094) 2,986 (5,759)
Non-current 21,551 (14,699) 8,945 (7,814)
Total 30,658 (16,793) 11,931 (13,573)
------- --------- ------- ---------
The credit quality of counterparties with whom derivative
financial assets are held is assessed by reference to external
credit ratings, where available, or to historical information about
counterparty default rates:
2012 2011
GBP'000 GBP'000
-------- --------
AA 11,953 560
AA/A 1,963 6,297
A 16,742 5,074
Total 30,658 11,931
-------- --------
Maturity analysis
The table below analyses the Group's derivative financial
instruments, which will be settled on a gross basis, into relevant
maturity groupings based upon the remaining period at the balance
sheet date to contractual maturity. The amounts disclosed are the
contractual undiscounted cash flows.
Less than Greater than
1 1
year year
At 31st December 2012 GBP'000 GBP'000
---------- -------------
Forward foreign exchange contracts
Outflow (230,341) (565,808)
Inflow 241,703 587,691
---------- -------------
At 31st December 2011 GBP'000 GBP'000
---------- ----------
Forward foreign exchange contracts
Outflow (243,317) (430,813)
Inflow 241,270 430,291
---------- ----------
Jardine Lloyd Thompson Group plc
Notes to the Preliminary Results
For the year ended 31st December 2012
10. Derivative financial instruments cont'd
The Group's treasury policies are approved by the Board and are
implemented by a centralised treasury department. The treasury
department operates within a framework of policies and procedures
that establishes specific guidelines to manage currency risk,
liquidity risk and interest rate risk and the use of
counter-parties and financial instruments to manage these. The
treasury department is subject to regular internal audit.
The Group uses various derivative instruments including forward
foreign exchange contracts, interest rate swaps and from time to
time, foreign currency collars and options to manage the risks
arising from variations in currency and interest rates. Derivative
instruments purchased are primarily denominated in the currencies
of the Group's main markets.
Where forward foreign exchange contracts have been entered into
to manage currency risk, they are designated as hedges of currency
risk on specific future cash flows, and qualify as highly probable
transactions for which hedge accounting is applied. The Group
anticipates that hedge accounting requirements will continue to be
met on its foreign currency and interest rate hedging activities
and that no material ineffectiveness will arise which will result
in gains or losses being recognised through the income
statement.
The fair value of financial derivatives based upon market values
as at 31st December 2012 and designated as effective cash flow
hedges was an asset of GBP14.2 million and has been deferred in
equity (2011: liability of GBP7.6 million). Gains and Losses
arising on derivative instruments outstanding as at 31st December
2012 will be released to the income statement at various dates up
to:
a) 42 months in respect of cash flow hedges on currency denominated UK earnings.
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