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

Jaguar Land Rover Automotive plc – Annual report – 31 March 2022

Industry: automotive

33 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 2022. The outstanding commitment of CNY 1,525 million translates to £183 million at the 31 March 2022 exchange rate.

The Group’s share of capital commitments of its joint venture at 31 March 2022 is £16 million (2021: £42 million, 2020: £69 million) and contingent liabilities of its joint venture 31 March 2022 is £nil (2021, 2020: £nil).