Tesco 1999 Annual Report Download - page 33

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TESCO PLC ANNUAL REPORT 1999 31
Group Company
1998
1999 (restated) 1999 1998
Note 17 Creditors falling due within one year £m £m £m £m
Bank loans and overdrafts (a) (b) 811 607 1,341 1,263
Trade creditors 1,100 972 ––
Amounts owed to Group undertakings ––1,733 796
Other creditors 446 387 3–
Corporation tax (c) 236 257 –15
Other taxation and social security 92 99 ––
Accruals and deferred income (d) 177 197 21 15
Finance leases (note 22) 19 17 ––
Proposed final dividend 194 177 194 177
3,075 2,713 3,292 2,266
a) Bank deposits at subsidiary undertakings of £767m (1998 – £750m) have been offset against borrowings in the parent company
under a legal right of set-off.
b) Includes £9m (1998 – £8m) secured on various properties.
c) The corporation tax liability represents the charge for the year after deducting tax relief for capitalised interest and advance
corporation tax recoverable within one year.
d) A gain of £45m, realised in a prior year, on terminated interest rate swaps is being spread over the life of replacement swaps
entered into at the same time for similar periods. Accruals and deferred income include £6m (1998 – £5m) attributable to
these realised gains with £12m (1998 – £18m) being included in other creditors falling due after more than one year (note 18).
Group Company
1999 1998 1999 1998
Note 18 Other creditors falling due after more than one year £m £m £m £m
4% unsecured deep discount loan stock 2006 (a) 87 83 87 83
Finance leases (note 22) 825 ––
103⁄8% bonds 2002 (b) 200 200 200 200
83⁄4% bonds 2003 (c) 200 200 200 200
71⁄2% bonds 2007 (d) 325 250 325 250
51⁄8% bonds 2009 (e) 150 –150 –
E.C.S.C. loans 1998-1999 –3–3
Medium term notes (f) 226 –226 –
Other loans (g) 22 31 ––
1,218 792 1,188 736
Accruals and deferred income (note 17) 12 20 ––
1,230 812 1,188 736
a) The 4% unsecured deep discount loan stock is redeemable at a par value of £125m in 2006.
b) The 103⁄8% bonds are redeemable at a par value of £200m in 2002.
c) The 83⁄4% bonds are redeemable at a par value of £200m in 2003.
d) The 71⁄2% bonds are redeemable at a par value of £325m in 2007.
e) The 51⁄8% bonds are redeemable at a par value of £150m in 2009.
f) The medium term notes are of various maturities and include foreign currency and sterling denominated notes swapped into
floating rate sterling.
g) Secured on various properties.