Tesco 2004 Annual Report Download - page 43

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TESCO PLC 41
NOTE 19 Creditors falling due after more than one year continued
(a) The 4% unsecured deep discount loan stock is redeemable at a par value of £125m in 2006.
(b) The 6% bonds are redeemable at par value of £150m in 2006.
(c) The 71Ú2% bonds are redeemable at a par value of £325m in 2007.
(d) The 6% bonds are redeemable at a par value of £250m in 2008.
(e) The 51Ú8% bonds are redeemable at a par value of £350m in 2009.
(f) The 65Ú8% bonds are redeemable at a par value of £150m in 2010.
(g) The 4% RPI bonds are redeemable at a par value of £220m, indexed for increases in the
RPI over the life of the bond, in 2016.
(h) The 51Ú2% medium term notes are redeemable at a par value of £350m in 2019.
(i) The 3.322% LPI bonds are redeemable at a par value of £221m, indexed for increases in the
RPI over the life of the bond, in 2025.The maximum indexation of the principal in any one
year is 5%, with a minimum of 0%.
(j) The 6% bonds are redeemable at a par value of £200m in 2029.
(k) The 51Ú2% medium term notes are redeemable at a par value of £200m in 2033.
(l) The medium term notes are of various maturities and include foreign currency and sterling
denominated notes swapped into ßoating rate sterling. Swaps to sterling were disposed of
during the year and new GBP swaps relating to the 500m Euro medium term notes 2008
and 750m Euro medium term notes 2010 were transacted. A new 20bn Yen medium term
note valued at £98m was issued during the year.
(m) Various bank loans maturing in 2005 and 2008.
NOTE 20 Net debt
Group Company
2004 2003 2004 2003
£m £m £m £m
Due within one year: Bank and other loans 775 1,286 552 1,162
Finance leases 69 55
Due within one to two years: Bank and other loans 126 30 25 30
Finance leases 69 55
Due within two to Þve years: Bank and other loans 1,730 1,115 1,601 1,024
Finance leases 94 116
Due otherwise than by
instalments after Þve years: Bank and other loans 2,324 2,718 2,324 2,718
Due wholly or in part by
instalments after Þve years: Finance leases 3
Gross debt 5,190 5,375 4,502 4,934
Less: Cash at bank and in hand 670 399
Money market investments and deposits 430 239 99
Net debt 4,090 4,737 4,403 4,934