IFRS 12 paras 23, B18-B20, commitments and contingencies relating to joint ventures

Jaguar Land Rover Automotive plc – Annual report – 31 March 2020

Industry: automotive

33 Commitments and contingencies (extract)

Stipulated within the joint venture agreement for Chery Jaguar Land Rover Automotive Co. Ltd, and subsequently amended by a change to the Articles of Association of Chery Jaguar Land Rover Automotive Co. Ltd. is a commitment for the Group to contribute a total of CNY 5,000 million of capital. Of this amount, CNY 3,475 million has been contributed as at 31 March 2020. The outstanding commitment of CNY 1,525 million translates to £174 million at the 31 March 2020 exchange rate.

At each of 31 March 2019 and 31 March 2018, the outstanding commitment was CNY 2,125 million (£243 million and £241 million at the respective period end exchange rates) restated to reflect an additional CNY 1,500 million that was committed during the year ended 31 March 2017.

The Group’s share of capital commitments of its joint venture at 31 March 2020 is £69 million (2019: £151 million, 2018: £159 million) and contingent liabilities of its joint venture at 31 March 2020 is nil (2019: nil, 2018: £1 million).