Tesco 2011 Annual Report Download - page 131

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NOTE 22 FINANCIAL INSTRUMENTS CONTINUED
The fair value and notional amounts of derivatives analysed by hedge type are as follows:
2011 2010
Asset Liability Asset Liability
Fair value
£m
Notional
£m
Fair value
£m
Notional
£m
Fair value
£m
Notional
£m
Fair value
£m
Notional
£m
Fair value hedges
Interest rate swaps and similar instruments 27 1,410 (57) 1,844 10 685 (88) 2,304
Cross currency swaps 717 2,674 (28) 714 1,130 4,513 (45) 259
Cash flow hedges
Interest rate swaps and similar instruments – – (54) 455 – – (40) 555
Cross currency swaps 126 298 (151) 784 129 315 (205) 1,064
Index-linked swaps – – (8) 772 – – – –
Forward foreign currency contracts 8 346 (12) 1,269 19 483 (15) 600
Net investment hedges
Cross currency swaps – – – – – – (30) 124
Forward foreign currency contracts 19 383 (97) 952 19 244 (172) 1,037
Future purchases of non-controlling interests – – (106) – – – (105) –
Derivatives not in a formal hedge relationship
Interest rate swaps and similar instruments 1 25 (1) 25 1 145 (5) 355
Cross currency swaps 2 84 (10) 65 2 204 (25) 533
Index-linked swaps 376 2,639 (311) 2,639 139 995 (109) 995
Forward foreign currency contracts 11 523 (20) 720 25 635 (42) 1,254
Future purchases of non-controlling interests – – – – – – (41) –
Total 1,287 8,382 (855) 10,239 1,474 8,219 (922) 9,080
The carrying value and fair value of financial assets and liabilities are as follows:
2011 2010
Carrying
value
£m
Fair
value
£m
Carrying
value
£m
Fair
value
£m
Assets
Cash and cash equivalents 1,870 1,870 2,819 2,819
Loans and advances to customers – Tesco Bank 4,641 4,636 4,112 4,325
Loans and advances to banks and other financial assets – Tesco Bank 404 404 144 144
Short-term investments 1,022 1,022 1,314 1,314
Other investments – Tesco Bank 1,108 1,093 863 848
Joint venture and associates loan receivables (note 30) 503 514 309 309
Other receivables 25 25 – –
Derivative financial assets:
Interest rate swaps and similar instruments 28 28 11 11
Cross currency swaps 845 845 1,261 1,261
Index-linked swaps 376 376 139 139
Forward foreign currency contracts 38 38 63 63
Total financial assets 10,860 10,851 11,035 11,233
Liabilities
Short-term borrowings:
Amortised cost (708) (707) (771) (770)
Bonds in fair value hedge relationships (628) (614) (713) (683)
Long-term borrowings:
Amortised cost (4,584) (4,678) (5,513) (5,617)
Bonds in fair value hedge relationships (4,957) (4,915) (6,067) (5,992)
Finance leases (Group as lessee – note 36) (198) (198) (209) (209)
Customer deposits – Tesco Bank (5,074) (5,081) (4,357) (4,357)
Deposits by banks – Tesco Bank (36) (36) (30) (30)
Derivative and other financial liabilities:
Interest rate swaps and similar instruments (112) (112) 59 59
Cross currency swaps (189) (189) (305) (305)
Index-linked swaps (319) (319) (301) (301)
Forward foreign currency contracts (129) (129) (229) (229)
Future purchases of non-controlling interests (106) (106) (146) (146)
Total financial liabilities (17,040) (17,084) (18,582) (18,580)
Total (6,180) (6,233) (7,547) (7,347)
Overview Business review Governance Financial statements
TESCO PLC Annual Report and Financial Statements 2011
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