Tesco 2002 Annual Report Download - page 35

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TESCO PLC 33
NOTE 21 Financial instruments continued
Hedges
As explained in the operating and financial review on pages 2 to 4, the Group hedges exposures to interest rate and currency risk.The table
below shows the amount of such gains and losses which have been included in the profit and loss account for the year and those gains and
losses which are expected to be included in next year’s or later profit and loss accounts.
All the gains and losses on the hedging instruments are expected to be matched by losses and gains on the hedged transactions or positions.
Unrecognised Total net Deferred Total net
Gains Losses gains/(losses) Gains Losses gains/(losses)
£m £m £m £m £m £m
At 24 February 2001 41 (35) 67–7
Arising in previous years and recognised in the year ended 23 February 2002 (10) 12 2 (5) – (5)
Arising in the period to be recognised in future years 38 (63) (25) – – –
At 23 February 2002 69 (86) (17) 2 – 2
Expected to be recognised in the year ended 22 February 2003 (17) 18 1 (2) – (2)
NOTE 22 Provisions for liabilities and charges
Restated
Deferred taxation
£m
At 24 February 2001 402
Amount charged in the year 38
At 23 February 2002 440
Restated
Amount provided
2002 2001
£m £m
Deferred taxation
Excess capital allowances over depreciation 432 396
Short-term timing differences 86
440 402
NOTE 23 Leasing commitments
Finance leases
£m
The future minimum finance lease payments to which the Group was committed
at 23 February 2002 and which have been guaranteed by Tesco PLC are:
Gross rental obligations 32
Less: finance charges allocated to future periods (3)
29
2002 2001
£m £m
Net amounts payable are:
Within one year 15 24
Between two and five years 14 17
29 41