Tesco 2004 Annual Report Download - page 47

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TESCO PLC 45
NOTE 23 Leasing commitments
Finance leases
£m
The future minimum Þnance lease payments to which the Group was committed
at 28 February 2004 and which have been guaranteed by Tesco PLC are:
Gross rental obligations 272
Less: Þnance charges allocated to future periods (37)
235
2004 2003
£m £m
Net amounts payable are:
Within one year 69 55
Between two and Þve years 163 171
After Þve years 3
235 226
Operating leases
Land and buildings Other
2004 2003 2004 2003
£m £m £m £m
As at 28 February 2004, the Group has lease agreements for which
payments extend over a number of years. Annual commitments
under operating leases expiring:
Within one year 5321
Between two and Þve years 21102831
After Þve years 144 143 9 8
170 156 39 40
NOTE 24 Called up share capital
Ordinary shares of 5p each
Number £m
Authorised at 22 February 2003 9,632,000,000 482
Authorised during the year 
Authorised at 28 February 2004 9,632,000,000 482
Allotted, called up and fully paid:
At 22 February 2003 7,237,609,183 362
Share placing 315,000,000 16
Scrip dividend election 80,201,756 4
Share options 47,347,116 2
At 28 February 2004 7,680,158,055 384
During the Þnancial year, 315 million shares were issued as an equity share placing, for net proceeds of £773m. In addition,
127.5 million shares were issued during the year for an aggregate consideration of £254m, which comprised £158m for scrip
dividend and £96m for share options.
Between 28 February 2004 and 19 April 2004, options on 19,107 ordinary shares and 2,213,652 ordinary shares have been
exercised under the terms of the savings-related share option scheme (1981) and the executive share option schemes (1984,
1994 and 1996) respectively.
As at 28 February 2004, the Directors were authorised to purchase up to a maximum in aggregate of 723 million ordinary shares.