Realising Value Guinness Peat Group plc

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Notes to Financial Statements continuedAt 31 December 2012, the Group’s borrowings shown above comprised £293 million of secured borrowings (2011: £247 million) and£12 million of unsecured borrowings (2011: £19 million). Borrowings in operations held for sale at 31 December 2012 (note 34)comprised £20 million of secured borrowings (2011: £45 million) and £Nil of unsecured borrowings (2011: £Nil). Of the borrowings at31 December 2012 described here as secured, £290 million (2011: £202 million) are subject to guarantees issued by Coats and certainof its principal subsidiaries.The currency and interest rate profile of the Group’s borrowings is included in note 37 on page 89.26. Deferred Tax Liabilities2012£mGroupAt 1 January 25 29Currency translation differences (1) –Acquisition of subsidiaries – 3Reclassified to liabilities re assets held for sale – (9)Charged to the income statement 5 11Credited to reserves (4) (9)AT 31 DECEMBER 25 252011£m31 December 2012Provided£mThe Group’s net deferred tax liabilities/(assets) are analysed as follows:2012Unprovided£m2011Provided£m2011*Unprovided£mAccelerated tax depreciation 17 (2) 17 (1)Short-term timing differences (10) (10) (9) (11)Unrealised investment gains 3 – – –Revenue losses carried forward (43) (170) (47) (165)Capital losses carried forward – (273) – (282)Unremitted overseas earnings 11 – 10 –Brands 32 – 37 –Retirement benefit obligations 6 (43) 5 (43)16 (498) 13 (502)Certain deferred tax assets and liabilities have been offset. The following is the analysis of the deferred tax balances (after offset) forfinancial reporting purposes:Deferred tax assets (note 17) (9) (12)Deferred tax liabilities 25 2516 13At the year end, the Group had approximately £1.9 billion (2011: £1.9 billion) of unused tax losses available for offset against futureprofits. A deferred tax asset has been recognised in respect of £179 million (2011: £180 million) of such losses. No deferred tax assethas been recognised in respect of the remaining losses due to lack of certainty regarding the availability of future taxable income. Suchlosses are only recognised in the financial statements to the extent that it is considered more likely than not that sufficient futuretaxable profits will be available for offset.At the period end, the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries for whichdeferred tax liabilities have not been recognised is £Nil (2011: £Nil).*Restated to include additional unprovided assets.72 GUINNESS PEAT GROUP PLC
FinancialSummaryChairman’sStatementCoats BusinessReviewGovernanceFinancialStatementsCoats FinancialInformation27. Provisions31 December 2012£mProvisions are included as follows:Group2011£m2012£mCompany2011£mCurrent liabilities 46 63 – –Non-current liabilities 19 21 1 165 84 1 1GROUPOnerousleases£mPensionliabilities£mOtherprovisions£mTotal£mAt 1 January 2012 11 14 59 84Currency translation differences (1) – (1) (2)Unwinding of discount (note 6) 1 – – 1Utilised in year (2) – (130) (132)Charged to the income statement 1 6 107 114AT 31 DECEMBER 2012 10 20 35 65As previously reported, on 27 June 2012 the European General Court dismissed Coats’ appeal against the fine imposed on theCoats plc Group of €110.3 million, and that fine, together with accrued interest of €24.7 million, was settled during the year.Other provisions largely comprise reorganisation costs, which are expected to be utilised within one year, together with costs whichare expected to be substantially utilised within the next ten years, being remediation, study costs and associated legal and consultancycosts in connection with US environmental matters (see note 31) and amounts set aside to cover certain legal and regulatory claimsand other obligations arising.The currency and interest rate profile of onerous leases is included in note 37 on page 89, and the maturity of onerous leases isincluded in note 37 on page 91.Onerous leasesCOMPANY£mAt 1 January 2012 and 31 December 2012 128. Operating Lease Commitments31 December 2012£mOutstanding commitments under non-cancellableoperating leases:Group2011£m2012£mCompany2011£mPayable within one year 13 16 – –Payable between one and five years 22 29 2 2Payable after more than five years 9 12 2 344 57 4 5At the balance sheet date, the Group had contracted with tenants for receipt of the following minimum lease payments:31 December 2012£mReceivable within one year 1 2Receivable between one and five years 4 5Receivable after more than five years 3 3Operating leases relate principally to land and buildings and vehicles.2011£m8 10ANNUAL REPORT 201273
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