Report & Accounts - JLT

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Notes to the Financial Statementsfor the year ended 31st December 20051. Balance sheet restatement at 1st January 2005As explained in the Accounting Policies on page 51, the Group has adopted IAS 32 and IAS 39 with effect from 1st January 2005.The table below shows the effect on the opening consolidated balance sheet at 1st January 2005 of adopting these two standards.All adjustments reflect the remeasurement to fair value at 1st January 2005.IFRS Implementation IFRS31st Dec 2004 of IAS 32 & 39 1st Jan 2005CONSOLIDATED BALANCE SHEET £’000 £’000 £’000NET OPERATING ASSETSNon current assetsGoodwill 160,101 - 160,101Intangible assets 17,191 - 17,191Property, plant and equipment 28,389 - 28,389Investments in associates 4,782 - 4,782Available-for-sale financial assets 8,323 36 8,359Derivative financial instruments - 1,656 1,656Employee benefit trust 2,566 - 2,566Deferred tax assets 61,098 - 61,098282,450 1,692 284,142Current assetsTrade and other receivables 144,413 - 144,413Derivative financial instruments - 10,597 10,597Available-for-sale financial assets 43,748 38 43,786Cash and cash equivalents 281,803 - 281,803Cash and cash equivalents 469,964 10,635 480,599Current liabilitiesBorrowings (26,132) - (26,132)Trade and other payables (415,321) - (415,321)Derivative financial instruments - (68) (68)Current tax liabilities (9,324) - (9,324)Provisions for liabilities and charges (35,821) - (35,821)(486,598) (68) (486,666)Net current assets/(liabilities) (16,634) 10,567 (6,067)Non-current liabilitiesBorrowings (751) - (751)Derivative financial instruments - (129) (129)Deferred tax liabilities (8,724) - (8,724)Retirement benefit obligations (121,013) - (121,013)Provisions for liabilities and charges (21,209) - (21,209)(151,697) (129) (151,826)114,119 12,130 126,249TOTAL EQUITYCapital and reserves attributable to the Company's equity holdersOrdinary shares 10,100 - 10,100Share premium 33,628 - 33,628Fair value & other reserves - 12,130 12,130Exchange reserves (6,617) - (6,617)Retained earnings 66,117 - 66,117Shareholders’ funds 103,228 12,130 115,358Minority interest 10,891 - 10,891114,119 12,130 126,249Financial Statements Jardine Lloyd Thompson Group plc Annual Report & Accounts 200559
Financial StatementsNotes to the Financial Statementsfor the year ended 31st December 20052. Alternative Income StatementThe format of the consolidated income statement on page 46 conforms to the requirements of IFRS. The alternative income statement setout below, which is provided by way of additional information, has been prepared on a basis that conforms more closely to the approachadopted by the Group in assessing its performance.Year to 31st December 2005Underlying Impairment Exceptionalprofit Reclassification charges items Total£’000 £’000 £’000 £’000 £’00060Fees and commissions 484,370 - - - 484,370Salaries and associated expenses (295,907) - - (1,540) (297,447)Premises (28,743) - - (1,264) (30,007)Other operating costs (82,790) 134 - 2,552 (80,104)Depreciation, amortisation and impairment charges (10,642) (912) (2,751) - (14,305)Trading profit 66,288 (778) (2,751) (252) 62,507Investment income 15,355 - - - 15,355Finance costs (6,561) - - - (6,561)Share of results of associates after tax and minority interests 2,505 - - - 2,505Gain on disposal of fixed asset investments 134 (134) - - -Amortisation of other intangibles (912) 912 - - -Profit before taxation 76,809 - (2,751) (252) 73,806Year to 31st December 2004Underlying Impairment Exceptionalprofit Reclassification charges items Total£’000 £’000 £’000 £’000 £’000Fees and commissions 468,092 - - - 468,092Salaries and associated expenses (265,814) - - (7,623) (273,437)Premises (25,266) - - (144) (25,410)Other operating costs (83,400) - - (2,331) (85,731)Depreciation, amortisation and impairment charges (9,624) (180) (1,192) - (10,996)Jardine Lloyd Thompson Group plc Annual Report & Accounts 2005Trading profit 83,988 (180) (1,192) (10,098) 72,518Investment income 13,465 - - - 13,465Finance costs (3,287) - - - (3,287)Share of results of associates after tax and minority interests 2,261 - - - 2,261Amortisation of other intangibles (180) 180 - - -Profit before taxation 96,247 - (1,192) (10,098) 84,957SEGMENT INFORMATION - PRIMARY REPORTING FORMAT2005 2004Underlying trading profit £'000 £'000Risk & Insurance 65,011 87,724Employee Benefits 13,540 12,017Head Office & Other (12,263) (15,753)66,288 83,988
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Jardine Lloyd Thompson Group plcAnn
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Chairman’s StatementChairman’s
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Chairman’s StatementChairman’s
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Chief Executive’s StatementChief
Page 9 and 10: Operational ReviewOperational Revie
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Page 23 and 24: DirectorsDirectors221 2 34 5 6Jardi
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Company AccountsNotes to the Accoun
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Advisers/Shareholder Information112
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Registered Office:6 Crutched Friars
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Report & Accounts - JLT

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