Tesco 1998 Annual Report Download - page 34

Download and view the complete annual report

Please find page 34 of the 1998 Tesco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 45

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45

3 2
Note 22 Called up share capital
Authorised: 1998 and 1997
Allotted, issued and fully paid:
Issued at 22 February 1997
Scrip dividend election
Share options exercised
Shares issued in consideration of purchase of UK businesses
Issued at 28 February 1998
During the year, 25m shares were issued for an aggregate consideration of £98m, which comprised £17m for scrip dividend, £76m
for share options and £5m for the purchase of UK businesses (note 31).
Between 28 February 1998 and 20 April 1998, options on 339,867 ordinary shares and 937,164 ordinary shares have been exercised
under the terms of the savings-related share option scheme (1981) and the executive share option scheme (1984) respectively.
As at 28 February 1998 the directors were authorised to purchase up to a maximum in aggregate of 220,025,561 ordinary shares.
Number
2,710,000,000
2,174,926,996
4,639,480
19,647,770
1,041,370
2,200,255,616
£m
136
109
–
1
–
110
Ordinary shares of 5p each
Note 21 Leasing commitments
a)Finance leases
The future minimum finance lease payments to which the Group was committed at 28 February 1998 and which have been
guaranteed by Tesco PLC are:
Gross rental obligations
Less finance charges allocated to future periods
£m
50
8
42
b)Operating leases
Group commitments during the 52 weeks to 27 February 1999, in terms of lease agreements expiring, are as follows:
Within one year
Between one and five years
After five years
1998
£m
4
8
127
139
1997
£m
2
10
121
133
Net amounts payable are:
Within one year
Between one and five years
After five years
1998
£m
17
24
1
42
1997
£m
21
47
8
76
Notes to the financial statements
c o n t i n u e d