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

Jaguar Land Rover Automotive plc – Annual report – 31 March 2021

Industry: automotive

34 Commitments and contingencies (extract)

Joint venture

Stipulated within the joint venture agreement for Chery Jaguar Land Rover Automotive Company Ltd, and subsequently amended by a change to the Articles of Association of Chery Jaguar Land Rover Automotive Company 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 2021. The outstanding commitment of CNY 1,525 million translates to £169 million at the 31 March 2021 exchange rate.

The Group’s share of capital commitments of its joint venture at 31 March 2021 is £42 million (2020: £69 million, 2019: £151 million) and contingent liabilities of its joint venture 31 March 2021 is £nil (2020: £nil, 2019: £nil).