Tesco 2010 Annual Report Download - page 105

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Financial statements
Note 22 Financial instruments continued
The fair value and notional amounts of derivatives analysed by hedge type are as follows:
2010 2009
Asset Liability Asset Liability
Fair value Notional Fair value Notional Fair value Notional Fair value Notional
£m £m £m £m £m £m £m £m
Fair value hedges
Interest rate swaps and similar instruments 10 685 (88) 2,304 6 307 (67) 2,123
Cross currency swaps 1,130 4,513 (45) 259 1,219 3,957 (39) 825
Cash flow hedges
Interest rate swaps and similar instruments – – (40) 555 – 100 (66) 400
Cross currency swaps 129 315 (205) 1,064 227 357 (1) 171
Forward foreign currency contracts 19 483 (15) 600 101 1,762 (24) 348
Net investment hedges
Forward foreign currency contracts 19 244 (172) 1,037 92 2,623 (194) 2,767
Cross currency swaps – – (30) 124 – – – –
Future purchases of minority interests – – (105) – – – (167) –
Derivatives not in a formal hedge relationship
Interest rate swaps and similar instruments 140 1,140 (114) 1,350 1 774 (35) 3,740
Cross currency swaps 2 204 (25) 533 25 411 (47) 639
Forward foreign currency contracts 25 635 (42) 1,254 189 2,784 (154) 2,767
Future purchases of minority interests – – (41) – – – (33) –
Total 1,474 8,219 (922) 9,080 1,860 13,075 (827) 13,780
The carrying value and fair value of financial assets and liabilities are as follows:
2010 2009
Carrying Fair Carrying Fair
value value value value
Restated Restated
£m £m £m £m
Assets
Cash and cash equivalents 2,819 2,819 3,509 3,509
Loans and advances to customers – Tesco Bank 4,112 4,325 3,388 3,388
Loans and advances to banks and other financial assets – Tesco Bank 144 144 1,541 1,541
Short-term investments 1,314 1,314 1,233 1,233
Other investments – Tesco Bank 863 848 259 259
Joint venture loan receivables (note 30) 309 309 262 262
Derivative financial assets:
Interest rate swaps and similar instruments 150 150 7 7
Cross currency swaps 1,261 1,261 1,471 1,471
Forward foreign currency contracts 63 63 382 382
Total financial assets 11,035 11,233 12,052 12,052
Liabilities
Short-term borrowings:
Amortised cost (771) (770) (3,191) (3,190)
Bonds in fair value hedge relationships (713) (683) (233) (223)
Long-term borrowings:
Amortised cost (5,513) (5,617) (5,248) (5,028)
Bonds in fair value hedge relationships (6,067) (5,992) (6,947) (6,147)
Finance leases (Group as lessee – note 35) (209) (209) (243) (243)
Customer deposits – Tesco Bank (4,357) (4,357) (4,538) (4,538)
Deposits by banks – Tesco Bank (30) (30) (24) (24)
Derivative and other financial liabilities:
Interest rate swaps and similar instruments (242) (242) (168) (168)
Cross currency swaps (305) (305) (87) (87)
Forward foreign currency contracts (229) (229) (372) (372)
Future purchases of minority interests (146) (146) (200) (200)
Total financial liabilities (18,582) (18,580) (21,251) (20,220)
Total (7,547) (7,347) (9,199) (8,168)
Tesco PLC Annual Report and Financial Statements 2010 103