Realising Value Guinness Peat Group plc

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Notes to Financial Statements continued37. Derivatives and Other Financial Instruments – continuedFINANCIAL ASSETSThe Group’s financial assets are summarised below:31 December 2012£m2011*£mFinancial assets carried at amortised cost (loans and receivables):Cash and cash equivalents 322 276Cash and cash equivalents (operations held for sale – note 34) 3 7Trade receivables (note 19) 151 163Trade receivables (operations held for sale – note 34) 2 41Due from associated undertakings and joint ventures (note 19) 1 11Due from associated undertakings and joint ventures (operations held for sale – note 34) 7 2Other receivables (note 19), net of non-financial assets £14 million (2011: £11 million) 22 25Other receivables (operations held for sale – note 34) 4 1512 526Financial assets carried at fair value through the income statement:Current asset investments (note 20) 10 10Derivative financial instruments (note 21) 2 212 12Other financial assets carried at fair value through the statement of comprehensiveincome:Non-current asset investments (available-for-sale – note 15b)) 2 203Non-current asset investments (operations held for sale – note 34) 76 –78 203Total financial assets 602 741FINANCIAL LIABILITIESThe Group’s financial liabilities are summarised below:31 December 2012£m2011*£mFinancial liabilities carried at amortised cost:Trade payables (note 22) 137 154Trade payables (operations held for sale – note 34) – 25Due to associated undertakings and joint ventures (note 22) 5 10Due to associated undertakings (operations held for sale – note 34) 13 4Other financial liabilities 77 82Other financial liabilities (operations held for sale – note 34) 4 12Provisions 10 11Capital Notes (note 24) – 214Other borrowings (note 25) 305 266Other borrowings (operations held for sale – note 34) 20 45571 823Financial liabilities carried at fair value through the income statement:Derivative financial instruments (note 23) 1 3Derivatives designated as effective hedging instruments andcarried at fair value through the statement of comprehensive income:Derivative financial instruments (note 23) 6 6Total financial liabilities 578 832Other financial liabilities include other payables, other than taxation and other statutory liabilities.*Restated to include Turners & Growers Ltd.82 GUINNESS PEAT GROUP PLC
FinancialSummaryChairman’sStatementCoats BusinessReviewGovernanceFinancialStatementsCoats FinancialInformation37. Derivatives and Other Financial Instruments – continuedFAIR VALUES OF FINANCIAL ASSETS AND LIABILITIESThe fair value of the Group’s financial assets and liabilities is summarised below:31 December 2012 2011*Book value£mFair value£mBook value£mFair value£mPrimary financial instruments:Cash and cash equivalents 325 325 283 283Trade receivables 153 153 204 204Due from associated undertakings and joint ventures 8 8 13 13Other receivables 26 26 26 26Investments:Current 10 10 10 10Non-current 78 78 203 203Trade payables (137) (137) (179) (179)Due to associated undertakings and joint ventures (18) (18) (14) (14)Other financial liabilities and provisions (91) (91) (105) (105)Capital Notes – – (214) (214)Other borrowings (325) (325) (311) (311)Derivative financial instruments:Forward foreign currency contracts – – (1) (1)Other net derivative financial instruments (5) (5) (6) (6)Net financial assets/(liabilities) 24 24 (91) (91)Investments were historically held for strategic growth or trading purposes. Market values have been used as proxies for the fair valueof all listed investments and the Capital Notes. Unlisted investments are stated at fair value. For floating rate financial assets andliabilities, and for fixed rate financial assets and liabilities with a maturity of less than twelve months, it has been assumed that fairvalues are approximately the same as book values. Fair values for forward foreign currency contracts have been estimated usingapplicable forward exchange rates at the year end. The fair values of the equity options, equity swaps and the forward foreigncurrency contracts have been determined by third party institutions, based on market rates. All other fair values have been calculatedby discounting expected cash flows at prevailing interest rates.Effective-hedge gains and losses on forward foreign currency contracts used for hedging future transactions are not recognised in theincome statement until the exposure to which they relate is itself recognised. Such gains and losses are incorporated in the value of thetransaction being hedged.FAIR VALUE MEASUREMENTS RECOGNISED IN THE STATEMENT OF FINANCIAL POSITIONThe following tables provide an analysis of financial intruments that are measured subsequent to initial recognition at fair value,grouped into Levels 1 to 3 based on the degree to which the fair value is observable:Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 fair value measurements are those derived from inputs other than quoted prices that are observable for the asset or liability,either directly (i.e. as prices) or indirectly (i.e. derived from prices); and Level 3 fair value measurements are those derived from valuation techniques which include inputs for the asset or liability that arenot observable market data (unobservable inputs).*Restated to include Turners & Growers Ltd.ANNUAL REPORT 201283
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