Tesco 2012 Annual Report Download - page 128
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Notes to the Group financial statements
Note 21 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 25 February 2012 and 26 February 2011 are as follows:
At 25 February 2012
Available-
for-sale
£m
Loans and
receivables/
other financial
liabilities
£m
Fair value
through
profit or loss
£m
Total
£m
Cash and cash equivalents 35 2,270 – 2,305
Loans and advances to customers – Tesco Bank – 4,403 – 4,403
Short-term investments – 1,243 – 1,243
Other investments – Tesco Bank 1,267 259 – 1,526
Joint venture and associates loan receivables (Note 28) – 384 – 384
Other receivables – 10 – 10
Customer deposits – Tesco Bank – (5,387) – (5,387)
Deposits by banks – Tesco Bank – (78) – (78)
Short-term borrowings – (1,806) – (1,806)
Long-term borrowings – (9,777) – (9,777)
Finance leases (Note 34) – (166) – (166)
Derivative financial instruments:
Interest rate swaps and similar instruments – – (102) (102)
Cross currency swaps – – 1,000 1,000
Index-linked swaps – – 101 101
Forward foreign currency contracts – – (45) (45)
Future purchases of non-controlling interests – – (3) (3)
1,302 (8,645) 951 (6,392)
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 170 2,258 – 2,428
Loans and advances to customers – Tesco Bank – 4,641 – 4,641
Short-term investments – 1,022 – 1,022
Other investments – Tesco Bank 679 259 – 938
Joint venture and associates loan receivables (Note 28) – 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 34) –(198) –(198)
Derivative financial instruments:
Interest rate swaps and similar instruments – – (84) (84)
Cross currency swaps ––656656
Index-linked swaps – – 57 57
Forward foreign currency contracts – – (91) (91)
Future purchases of non-controlling interests – – (106) (106)
849 (7,477) 432 (6,196)
* See Note 1 Accounting policies for details of reclassifications.
124 Tesco PLC Annual Report and Financial Statements 2012