G4S Annual Report and Accounts 2011

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Overview Strategic review Performance Notes to the parent company financial statements continued (b) Tangible fixed assets Land and buildings £m Equipment and vehicles £m Cost At 1 January 2011 3 12 15 Additions at cost – 4 4 Disposals at cost (3) (4) (7) At 31 December 2011 – 12 12 Total £m Depreciation At 1 January 2011 (1) (2) (3) On disposals 1 2 3 At 31 December 2011 – – – Net book value At 31 December 2011 – 12 12 At 31 December 2010 2 10 12 The net book value of land and buildings comprises short leasehold buildings (under 50 years). (c) Fixed asset investments The following are included in the net book value of fixed asset investments: Total Subsidiary undertakings £m Shares at cost: At 1 January 2011 2,548 Additions 2,885 Impairments (139) Disposals (2,243) At 31 December 2011 3,051 The impairment within the carrying value of investments in the year is primarily due to a reduction in the net asset value of certain subsidiary undertakings. The impairment has been offset by dividend income received from these subsidiary undertakings. The net effect of the dividend income and impairment loss is a £12m credit to the profit and loss account. In January 2011 certain investments with a book value of £2,243m were sold to G4S Corporate Services Limited, a wholly owned subsidiary of G4S plc. The disposals formed part of a wider reorganisation of the UK holding company legal structure. G4S plc made a gain of £1,078m on the disposals. Full details of significant investments held by the parent company and the group are detailed in note 45 to the consolidated financial statements. (d) Debtors Amounts owed by group undertakings 3,141 1,932 Other debtors 19 36 Prepayments and accrued income – 3 Derivative financial instruments at fair value 120 96 Total debtors 3,280 2,067 2011 £m 2010 £m Included within derivative financial instruments at fair value is £106m due after more than one year (2010: £85m). See note (g) for further details. Included in other debtors is £3m (2010: £4m) with regard to deferred tax comprised as follows: 2011 £m 2010 £m Accelerated capital allowances – (1) Employee benefits 1 2 Changes in fair value of hedging derivatives 2 3 Total deferred tax 3 4 128 G4S plc Annual Report and Accounts 2011
Governance Financial statements Shareholder information (d) Debtors continued The reconciliation of deferred tax balances is as follows: At 1 January 2011 4 Credited to profit and loss 1 Charged to equity in relation to changes in fair value of hedging derivatives (2) At 31 December 2011 3 Total £m (e) Borrowings (unsecured) The unsecured borrowings are in the following currencies: Sterling 419 651 Euro 204 252 US dollar 828 867 Total unsecured borrowings 1,451 1,770 2011 £m 2010 £m The payment profile of the unsecured borrowings is as follows: Repayable within one year – 80 Repayable within two to five years 509 750 Repayable after five years 942 940 Total unsecured borrowings 1,451 1,770 2011 £m 2010 £m Undrawn committed facilities mature as follows: Within one year 480 – Within two to five years 287 552 Total undrawn committed facilities 767 552 2011 £m 2010 £m Borrowings consist of £271m of floating rate bank loans (2010: £617m) and £1,180m of fixed rate loan notes (2010: £1,153m). Bank overdrafts, bank loans, loan notes issued in July 2008 and May 2009 are stated at amortised cost. The loan notes issued in March 2007 are stated at amortised cost recalculated at an effective interest rate current at the balance sheet date as they are part of a fair value hedge relationship. The directors believe the fair value of the company’s bank overdrafts, bank loans and the loan notes issued in March 2007, calculated from market prices, approximates to their book value. US$265m (£171m) of the loan notes issued in July 2008 have a fair value market gain of £40m (2010: £39m). The fair value of the remaining notes approximates to their book value. Borrowing at floating rates exposes the company to cash flow interest rate risk. The management of this risk is detailed in note (h). There were no financial liabilities upon which no interest is paid. (f) Other creditors Amounts falling due within one year: Trade creditors – 4 Amounts owed to group undertakings 2,849 1,574 Other taxation and social security costs – 2 Other creditors 1 5 Accruals and deferred income 32 39 Derivative financial instruments at fair value 5 10 Total creditors – amounts falling due within one year 2,887 1,634 2011 £m 2010 £m Amounts falling due after more than one year: Derivative financial instruments at fair value 4 6 G4S plc Annual Report and Accounts 2011 129
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G4S Annual Report and Accounts 2011

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