Tesco 2011 Annual Report Download - page 132
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NOTE 22 FINANCIAL INSTRUMENTS CONTINUED
The fair values of financial instruments have been determined by reference to prices available from the markets on which the instruments are traded,
where they are available. Where market prices are not available, the fair value has been calculated by discounting expected future cash flows at
prevailing interest rates. The fair value of cash and cash equivalents and short-term investments is the same as their carrying value.
Financial assets and liabilities by category
The accounting classifications of each class of financial assets and liabilities as at 26 February 2011 and 27 February 2010 are as follows:
At 26 February 2011
Available-
for-sale
£m
Loans and
receivables/
other financial
liabilities
£m
Fair value
through
profit or loss
£m
Total
£m
Cash and cash equivalents – 1,870 – 1,870
Loans and advances to customers – Tesco Bank – 4,641 – 4,641
Loans and advances to banks and other financial assets – Tesco Bank – 404 – 404
Short-term investments – 1,022 – 1,022
Other investments – Tesco Bank 849 259 – 1,108
Joint venture and associates loan receivables (note 30) – 503 – 503
Other receivables – 25 – 25
Customer deposits – Tesco Bank – (5,074) – (5,074)
Deposits by banks – Tesco Bank – (36) – (36)
Short-term borrowings – (1,336) – (1,336)
Long-term borrowings – (9,541) – (9,541)
Finance leases (note 36) – (198) – (198)
Derivative financial instruments:
Interest rate swaps and similar instruments – – (84) (84)
Cross currency swaps – – 656 656
Index-linked swaps – – 57 57
Forward foreign currency contracts – – (91) (91)
Future purchases of non-controlling interests – – (106) (106)
849 (7,461) 432 (6,180)
At 27 February 2010
Available-
for-sale
£m
Loans and
receivables/
other financial
liabilities
£m
Fair value
through
profit or loss
£m
Total
£m
Cash and cash equivalents – 2,819 – 2,819
Loans and advances to customers – Tesco Bank – 4,112 – 4,112
Loans and advances to banks and other financial assets – Tesco Bank – 144 – 144
Short-term investments – 1,314 – 1,314
Other investments – Tesco Bank 604 259 – 863
Joint venture loan receivables (note 30) – 309 – 309
Customer deposits – Tesco Bank – (4,357) – (4,357)
Deposits by banks – Tesco Bank – (30) – (30)
Short-term borrowings – (1,484) – (1,484)
Long-term borrowings – (11,580) – (11,580)
Finance leases (note 36) – (209) – (209)
Derivative financial instruments:
Interest rate swaps and similar instruments – – (123) (123)
Cross currency swaps – – 956 956
Index-linked swaps – – 31 31
Forward foreign currency contracts – – (166) (166)
Future purchases of non-controlling interests – – (146) (146)
604 (8,703) 552 (7,547)
FINANCIAL STATEMENTS
128
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TESCO PLC Annual Report and Financial Statements 2011
Notes to the Group financial statements