basis - (1,900) - (1,900)
Reclassification (to)/from
current assets/liabilities (11) - 15 4
Utilised in the year (1,266) (5,408) (663) (7,337)
Charged to the Income
statement 995 3,116 269 4,380
Interest charge 84 - - 84
----------- -------- --------
At 31st December 2011 6,604 6,112 537 13,253
2012 2011
GBP'000 GBP'000
Analysis of total provisions:
Current - to be utilised within one year 12,241 9,001
Non-current - to be utilised in more than one year 3,889 4,252
16,130 13,253
Jardine Lloyd Thompson Group plc
Notes to the Preliminary Results
For the year ended 31st December 2012
15. Provisions for liabilities and charges cont'd
Property related provisions
The Group recognises a provision for onerous contracts when the
expected benefits to be derived from a contract are less than the
unavoidable costs of meeting the obligations under the contract.
Provision is made for the future rental cost of vacant property. In
calculating the provision required, account is taken of the
duration of the lease and any recovery of cost achievable from
subletting. Property provisions occur principally in the USA and UK
and relate to a variety of lease commitments. The longest relevant
lease terms for each country are to 2016 and 2017 respectively.
Litigation provisions
At any point in time the Group can be involved in a variety of
litigation issues. A provision is established in respect of such
issues when it is probable that the liability has been incurred and
the amount of the liability can be reasonably estimated. The Group
analyses its litigation exposures based on available information,
including external legal consultation where appropriate, to assess
its potential liability. Where appropriate the Group also provides
for the cost of defending or initiating such matters.
Where a litigation provision has been made it is stated gross of
any third party recovery. All such recoveries are included as
"other receivables" within trade and other receivables. At 31st
December 2012, in connection with certain litigation matters, the
Group's litigation provisions include an amount of GBP0.1 million
(2011: GBP0.1 million) to reflect this gross basis and the
corresponding insurance recovery has been included within trade and
other receivables. This presentation has had no effect on the
Consolidated income statement for the year ended 31st December 2012
(2011: nil).
Other
Other provisions include provisions for clawback of commission
which arises on certain types of Employee Benefit contracts.
Jardine Lloyd Thompson Group plc
Notes to the Preliminary Results
For the year ended 31st December 2012
16 Other reserves
Fair
value Total
&
Share hedging Exchange other
premium reserves reserves reserves
GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1st January 2012 99,670 (5,661) 30,131 124,140
Fair value gains/(losses)
net of tax:
- available-for-sale - 43 - 43
- cashflow hedges - 21,074 - 21,074
Currency translation differences - - (9,238) (9,238)
Net gains/(losses) recognised
directly in equity - 21,117 (9,238) 11,879
Issue of share capital 3,518 - - 3,518
Balance at 31st December
2012 103,188 15,456 20,893 139,537
Fair
value Total
&
Share hedging Exchange other
premium reserves reserves reserves
GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1st January 2011 93,577 (2,885) 38,027 128,719
Fair value losses net of
tax:
- available-for-sale - (52) - (52)
- cashflow hedges - (2,724) - (2,724)
Currency translation differences - - (7,896) (7,896)
Net losses recognised directly
in equity - (2,776) (7,896) (10,672)
Issue of share capital 6,093 - - 6,093
Balance at 31st December
2011 99,670 (5,661) 30,131 124,140
Jardine Lloyd Thompson Group plc
Notes to the Preliminary Results
For the year ended 31st December 2012
17. Cash generated from operations
2012 2011
GBP'000 GBP'000
Profit before taxation 156,790 134,479
Investment income receivable (7,361) (7,942)
Interest payable on bank loans and finance leases 7,862 7,027
Fair value gains on financial instruments (4) (92)
Net pension financing expenses/(income) 538 (1,548)
Unwinding of liability discounting 223 350
Depreciation 10,041 11,191
Amortisation of intangible assets 18,792 16,129
Amortisation of share based payments 15,902 14,598
Share of results of associate undertakings (8,271) (5,099)
Non cash exceptional items 795 8,449
Profit on disposal of businesses (235) (4,663)
Gain on disposal of property, plant and equipment (564) (147)
Losses on disposal of fixed asset investments - 1
Gains on disposal of current asset investments (2) (10)
Increase in trade and other receivables (50,366) (25,733)
(Decrease)/Increase in trade and other payables
- excluding insurance broking balances
balances (7,014) 3,547
Increase/(Decrease) in provisions for liabilities
and charges 1,620 (2,957)
Decrease in retirement benefit obligation (5,347) (5,010)
Net cash inflow from operations 133,399 142,570
18. Business combinations
Adjustments in respect of prior year acquisitions
During the year, the deferred consideration booked in respect of
acquisitions completed in previous years has been revised following
the final settlement of amounts due or the revision of estimates
based on performance conditions.
Change in
Deferred estimated Deferred
consideration Paid during deferred consideration
at the at
31st Dec 2011 period consideration 31st Dec
2012
GBP'000 GBP'000 GBP'000 GBP'000
Revisions to deferred
consideration impacting
goodwill 650 - (650) -
Revisions to deferred
consideration impacting
equity 1,272 (921) (351) -
Jardine Lloyd Thompson Group plc
Notes to the Preliminary Results
For the year ended 31st December 2012
18. Business combinations cont'd
2011 Acquisitions
During the year, the process of finalising the provisional fair
values in respect of acquisitions carried out during 2011 has been
completed.
Provisional
fair
value reported
Revised fair at Change in
value acquired 31st Dec 2011 fair value
GBP'000 GBP'000 GBP'000
Alta SA 57 519 (462)
FBD Insurance Brokers Group (141) 299 (440)
(84) 818 (902)
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