|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
amount |
|
|
|
|
|
Fair value |
|
|
|
|
Designated |
|
Fair value – |
|
Loans |
|
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
at fair |
|
hedging |
|
and |
|
Available |
|
financial |
|
|
|
|
|
|
|
|
|
|
|
|
value |
|
instruments |
|
receivables |
|
for sale |
|
liabilities |
|
Total |
|
Level 2 |
|
Level 3 |
|
Total |
|
|
At 31 December 2017 |
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
|
Financial assets measured at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign exchange contracts |
|
– |
|
25 |
|
– |
|
– |
|
– |
|
25 |
|
25 |
|
– |
|
25 |
|
|
Investments |
|
– |
|
– |
|
– |
|
21 |
|
– |
|
21 |
|
– |
|
21 |
|
21 |
|
|
Currency swaps |
|
3 |
|
– |
|
– |
|
– |
|
– |
|
3 |
|
3 |
|
– |
|
3 |
|
|
|
|
3 |
|
25 |
|
– |
|
21 |
|
– |
|
49 |
|
|
|
|
|
|
|
|
Financial liabilities measured at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition consideration |
|
(104) |
|
– |
|
– |
|
– |
|
– |
|
(104) |
|
– |
|
(104) |
|
(104) |
|
|
Forward foreign exchange contracts |
|
– |
|
(45) |
|
– |
|
– |
|
– |
|
(45) |
|
(45) |
|
– |
|
(45) |
|
|
Currency swaps |
|
(1) |
|
– |
|
– |
|
– |
|
– |
|
(1) |
|
(1) |
|
– |
|
(1) |
|
|
Interest rate swaps |
|
– |
|
(2) |
|
– |
|
– |
|
– |
|
(2) |
|
(2) |
|
– |
|
(2) |
|
|
Private placement debt |
|
– |
|
– |
|
(198) |
|
– |
|
– |
|
(198) |
|
(198) |
|
– |
|
(198) |
|
|
|
|
(105) |
|
(47) |
|
(198) |
|
– |
|
– |
|
(350) |
|
|
|
|
|
|
|
|
Financial assets not measured at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other receivables |
|
– |
|
– |
|
1,148 |
|
– |
|
– |
|
1,148 |
|
|
|
|
|
|
|
|
Cash at bank |
|
– |
|
– |
|
169 |
|
– |
|
– |
|
169 |
|
|
|
|
|
|
|
|
|
|
– |
|
– |
|
1,317 |
|
– |
|
– |
|
1,317 |
|
|
|
|
|
|
|
|
Financial liabilities not measured at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition consideration |
|
(56) |
|
– |
|
– |
|
– |
|
– |
|
(56) |
|
|
|
|
|
|
|
|
Bank overdrafts |
|
– |
|
– |
|
– |
|
– |
|
(14) |
|
(14) |
|
|
|
|
|
|
|
|
Bank loans |
|
– |
|
– |
|
– |
|
– |
|
(313) |
|
(313) |
|
|
|
|
|
|
|
|
Private placement debt |
|
– |
|
– |
|
– |
|
– |
|
(925) |
|
(925) |
|
(931) |
|
– |
|
(931) |
|
|
Trade and other payables |
|
– |
|
– |
|
– |
|
– |
|
(877) |
|
(877) |
|
|
|
|
|
|
|
|
|
|
(56) |
|
– |
|
– |
|
– |
|
(2,129) |
|
(2,185) |
|
|
|
|
|
|
|
Total acquisition consideration measured at fair value increased from $56m at 31 December 2016 to $104m at 31 December 2017 due to the addition of $72m relating to the Rotation Medical, Inc. acquisition which was partially offset by $14m of acquisition payments and a remeasurement reduction of $10m. The fair value of contingent consideration is estimated using a discounted cash flow model. The valuation model considers the present value of expected payment, discounted using a risk-adjusted discount rate. The expected payment is determined by considering the possible scenarios, which relate to the achievement of established milestones and targets, the amount to be paid under each scenario and the probability of each scenario. As a result, contingent consideration is classified as Level 3 within the fair value hierarchy.
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
amount |
|
|
|
|
|
Fair value |
|
|
|
|
Designated |
|
Fair value – |
|
Loans |
|
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
at fair |
|
hedging |
|
and |
|
Available |
|
financial |
|
|
|
|
|
|
|
|
|
|
|
|
value |
|
instruments |
|
receivables |
|
for sale |
|
liabilities |
|
Total |
|
Level 2 |
|
Level 3 |
|
Total |
|
|
At 31 December 2016 |
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
|
Financial assets measured at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign exchange contracts |
|
– |
|
45 |
|
– |
|
– |
|
– |
|
45 |
|
45 |
|
– |
|
45 |
|
|
Investments |
|
– |
|
– |
|
– |
|
25 |
|
– |
|
25 |
|
– |
|
25 |
|
25 |
|
|
Currency swaps |
|
3 |
|
– |
|
– |
|
– |
|
– |
|
3 |
|
3 |
|
– |
|
3 |
|
|
Interest rate swaps |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
|
|
|
3 |
|
45 |
|
– |
|
25 |
|
– |
|
73 |
|
|
|
|
|
|
|
|
Financial liabilities measured at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition consideration |
|
(56) |
|
– |
|
– |
|
– |
|
– |
|
(56) |
|
– |
|
(56) |
|
(56) |
|
|
Forward foreign exchange contracts |
|
– |
|
(36) |
|
– |
|
– |
|
– |
|
(36) |
|
(36) |
|
– |
|
(36) |
|
|
Currency swaps |
|
(2) |
|
– |
|
– |
|
– |
|
– |
|
(2) |
|
(2) |
|
– |
|
(2) |
|
|
Interest rate swaps |
|
– |
|
(1) |
|
– |
|
– |
|
– |
|
(1) |
|
(1) |
|
– |
|
(1) |
|
|
Private placement debt |
|
– |
|
– |
|
(199) |
|
– |
|
– |
|
(199) |
|
(199) |
|
– |
|
(199) |
|
|
|
|
(58) |
|
(37) |
|
(199) |
|
– |
|
– |
|
(294) |
|
|
|
|
|
|
|
|
Financial assets not measured at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other receivables |
|
– |
|
– |
|
1,064 |
|
– |
|
– |
|
1,064 |
|
|
|
|
|
|
|
|
Cash at bank |
|
– |
|
– |
|
100 |
|
– |
|
– |
|
100 |
|
|
|
|
|
|
|
|
|
|
– |
|
– |
|
1,164 |
|
– |
|
– |
|
1,164 |
|
|
|
|
|
|
|
|
Financial liabilities not measured at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition consideration |
|
(64) |
|
– |
|
– |
|
– |
|
– |
|
(64) |
|
|
|
|
|
|
|
|
Bank overdrafts |
|
– |
|
– |
|
– |
|
– |
|
(62) |
|
(62) |
|
|
|
|
|
|
|
|
Bank loans |
|
– |
|
– |
|
– |
|
– |
|
(457) |
|
(457) |
|
|
|
|
|
|
|
|
Private placement debt |
|
– |
|
– |
|
– |
|
– |
|
(925) |
|
(925) |
|
(935) |
|
– |
|
(935) |
|
|
Finance lease liabilities |
|
– |
|
– |
|
– |
|
– |
|
(7) |
|
(7) |
|
|
|
|
|
|
|
|
Trade and other payables |
|
– |
|
– |
|
– |
|
– |
|
(807) |
|
(807) |
|
|
|
|
|
|
|
|
|
|
(64) |
|
– |
|
– |
|
– |
|
(2,258) |
|
(2,322) |
|
|
|
|
|
|
|