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105
Tesco PLC Annual Report and Financial Statements 2013
OVERVIEW BUSINESS REVIEW PERFORMANCE REVIEW GOVERNANCE FINANCIAL STATEMENTS
Note 21 Financial instruments continued
The fair value and notional amounts of derivatives analysed by hedge type are as follows:
2013 2012
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 125 1,601 (59) 1,924 96 1,751 (68) 2,031
Cross currency swaps 890 2,749 (34) 249 818 2,686 (8) 269
Cash flow hedges
Interest rate swaps and similar instruments 560 (126) 480 – – (132) 400
Cross currency swaps 237 642 (32) 531 233 304 (41) 988
Index-linked swaps 80 833 – – 30 809 – –
Forward foreign currency contracts 43 1,138 (19) 697 23 733 (21) 1,211
Net investment hedges
Forward foreign currency contracts – – – – – – (7) 969
Cash flow hedges and net investment hedges
Cross currency swaps – – (10) 325 – – (1) 318
Derivatives not in a formal hedge relationship
Interest rate swaps and similar instruments – – – – 3 25 (1) 25
Cross currency swaps 249 (3) 89 3 146 (4) 56
Index-linked swaps 627 3,604 (539) 3,589 539 3,149 (468) 3,149
Forward foreign currency contracts 14 397 (58) 1,121 22 923 (62) 1,282
Future purchases of non-controlling interests – – – – – – (3) –
Total 2,023 11,073 (880) 9,005 1,767 10,526 (816) 10,698
The carrying value and fair value of financial assets and liabilities are as follows:
2013 2012
Carrying
value
£m
Fair
value
£m
Carrying
value
£m
Fair
value
£m
Assets
Cash and cash equivalents 2,512 2,512 2,305 2,305
Loans and advances to customers – Tesco Bank 5,559 5,581 4,403 4,440
Short-term investments 522 522 1,243 1,243
Other investments – Tesco Bank 818 818 1,526 1,524
Joint venture and associates loan receivables (Note 28) 459 459 384 384
Other receivables 17 17 10 10
Derivative financial assets:
Interest rate swaps and similar instruments 130 130 99 99
Cross currency swaps 1,129 1,129 1,054 1,054
Index-linked swaps 707 707 569 569
Forward foreign currency contracts 57 57 45 45
Total financial assets 11,910 11,932 11,638 11,673
Liabilities
Short-term borrowings:
Amortised cost (535) (535) (1,806) (1,841)
Bonds in fair value hedge relationships (225) (221) – –
Long-term borrowings:
Amortised cost (4,450) (4,899) (4,575) (4,966)
Bonds in fair value hedge relationships (5,496) (5,114) (5,202) (5,140)
Finance leases (Note 34) (128) (128) (166) (166)
Customer deposits – Tesco Bank (6,000) (5,997) (5,387) (5,410)
Deposits by banks – Tesco Bank (15) (15) (78) (78)
Derivative and other financial liabilities:
Interest rate swaps and similar instruments (185) (185) (201) (201)
Cross currency swaps (79) (79) (54) (54)
Index-linked swaps (539) (539) (468) (468)
Forward foreign currency contracts (77) (77) (90) (90)
Future purchases of non-controlling interests – – (3) (3)
Total financial liabilities (17,729) (17,789) (18,030) (18,417)
Total (5,819) (5,857) (6,392) (6,744)