Tesco 2012 Annual Report Download - page 144

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Notes to the Group financial statements
Note 33 Capital resources
The following table shows the composition of regulatory capital resources of Tesco Personal Finance PLC (‘TPF’), being the regulated entity, at the
balance sheet date:
2012
£m
2011
£m
Tier 1 capital:
Shareholders’ funds and non-controlling interests 714 761
Tier 2 capital:
Qualifying subordinated debt 375 235
Other interests 22 18
Supervisory deductions (365) (365)
Total regulatory capital 746 649
The movement of tier 1 capital during the financial year is analysed as follows:
2012
£m
2011
£m
At beginning of the year 761 576
Share capital and share premium 112 446
Profit attributable to shareholders 65 57
Other reserves 6–
Ordinary dividends (108) (162)
Increase in intangible assets (122) (156)
At end of the year 714 761
It is TPF’s policy to maintain a strong capital base, to expand it as appropriate and to utilise it efficiently throughout its activities to optimise the return
to shareholders while maintaining a prudent relationship between the capital base and the underlying risks of the business. In carrying out this policy,
TPF has regard to the supervisory requirements of the FSA. TPF has carried regulatory capital reserves in excess of its capital requirements throughout
the financial year.
Note 34 Leasing commitments
Finance lease commitments – Group as lessee
The Group has finance leases for various items of plant, equipment, fixtures and fittings. There are also a small number of buildings which are held
under finance leases. The fair value of the Group’s lease obligations approximate to their carrying value.
Future minimum lease payments under finance leases and hire purchase contracts, together with the present value of the net minimum lease
payments, are as follows:
Minimum lease payments
Present value of
minimum lease payments
2012
£m
2011
£m
2012
£m
2011
£m
Within one year 39 56 32 50
Greater than one year but less than five years 58 81 20 44
After five years 222 206 114 104
Total minimum lease payments 319 343 166 198
Less future finance charges (153) (145)
Present value of minimum lease payments 166 198
Analysed as:
Current finance lease payables 32 50
Non-current finance lease payables 134 148
166 198
140 Tesco PLC Annual Report and Financial Statements 2012