Tesco 2003 Annual Report Download - page 34

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32 TESCO PLC
NOTE 7 Net interest payable
2003 2002
£m £m £m £m
Interest receivable and similar income on money market
investments and deposits 65 66
Less interest payable on:
Short-term bank loans and overdrafts repayable within five years (104) (101)
Finance charges payable on finance leases (5) (4)
4% unsecured deep discount loan stock 2006 (a) (10) (9)
4% RPI bonds 2016 (b) (12) (15)
3.322% LPI bonds 2025 (c) (10) (4)
103⁄8% bonds 2002 – (19)
83⁄4% bonds 2003 (17) (17)
6% bonds 2006 (9) (8)
71⁄2% bonds 2007 (24) (24)
6% bonds 2008 (15) (9)
51⁄8% bonds 2009 (18) (18)
65⁄8% bonds 2010 (10) (10)
6% bonds 2029 (12) (12)
0.7% Yen bonds 2006 (d) (13) (8)
51⁄4% Euro bonds 2008 (13) –
43⁄4% Euro bonds 2010 (4) –
51⁄2% bonds 2033 (2) –
51⁄2% bonds 2019 (4) –
Other bonds (d) (7) (7)
Interest capitalised 62 63
Share of interest of joint ventures and associates (18) (17)
(245) (219)
(180) (153)
(a) Interest payable on the 4% unsecured deep discount loan stock 2006 includes £5m (2002 – £5m) of discount amortisation.
(b) Interest payable on the RPI bonds includes £2m (2002 – £7m) of RPI related amortisation.
(c) Interest payable on the LPI bonds 2025 includes £1m (2002 – £2m) of RPI related amortisation.
(d) 2002 comparative has been separated out in line with detailed disclosure this year.
NOTE 8 Taxation
2003 2002
(a) Analysis of charge in year £m £m
Current tax:
UK corporation tax at 30.0% (2002 – 30.0%) 382 348
Prior year items (56) (29)
Overseas taxation 88
Share of joint ventures and associates 19 9
353 336
Deferred tax: (note 21)
Origination and reversal of timing differences (i) 54 35
Prior year items 10 –
Share of joint ventures and associates (2) –
62 35
Tax on profit on ordinary activities 415 371
(i) The total charge for the year of £54m includes a £2m (2002 – £3m) debit to fixed assets.
notes to the financial statements continued