Tesco 2014 Annual Report Download - page 103

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Note 21 Financial instruments continued
The fair value and notional amounts of derivatives analysed by hedge type are as follows:
2014 2013
Asset Liability Asset Liability
Fair value
£m
Notional
£m
Fair value
£m
Notional
£m
Fair value
£m
Notional
£m
Fair value
£m
Notional
£m
Fair value hedges
Interest rate swaps and similar instruments 71 2,057 (42) 1,492 125 1,601 (59) 1,924
Cross currency swaps 583 2,055 (25) 551 890 2,749 (34) 249
Cash flow hedges
Interest rate swaps and similar instruments 299 (110) 400 560 (126) 480
Cross currency swaps 139 287 (115) 1,605 237 642 (32) 531
Index-linked swaps 90 920 – – 80 833 – –
Forward foreign currency contracts 10 739 (62) 2,123 43 1,138 (19) 697
Cash flow hedges and net investment hedges
Cross currency swaps 10 308 – – – – (10) 325
Derivatives not in a formal hedge relationship
Interest rate swaps and similar instruments 13 2,079 – 595 – – – –
Cross currency swaps 8128 – – 249 (3) 89
Index-linked swaps 614 3,619 (515) 3,589 627 3,604 (539) 3,589
Forward foreign currency contracts 36 1,035 –181 14 397 (58) 1,121
Total 1,576 13,326 (869) 10,536 2,023 11,073 (880) 9,005
The carrying value and fair value of financial assets and liabilities are as follows:
2014 2013
Carrying
value
£m
Fair
value
£m
Carrying
value
£m
Fair
value
£m
Assets
Cash and cash equivalents 2,506 2,506 2,512 2, 512
Loans and advances to customers – Tesco Bank 6,915 6,845 5,559 5,581
Short-term investments 1,016 1,016 522 522
Other investments 1,015 1,015 818 818
Joint venture and associates loan receivables (Note 28) 255 257 459 459
Other receivables 1 1 17 17
Derivative financial assets:
Interest rate swaps and similar instruments 86 86 130 130
Cross currency swaps 740 740 1,129 1,129
Index-linked swaps 704 704 707 707
Forward foreign currency contracts 46 46 57 57
Total financial assets 13,284 13,216 11,910 11,932
Liabilities
Short-term borrowings:
Amortised cost (1,276) (1,281) (535) (535)
Bonds in fair value hedge relationships (628) (660) (225) (221)
Long-term borrowings:
Amortised cost (4,901) (5,702) (4,450) (4,899)
Bonds in fair value hedge relationships (4,287) (4,227) (5,496) (5,114)
Finance leases (Note 34) (121) (121) (128) (128)
Customer deposits – Tesco Bank (6,078) (6,044) (6,000) (5,997)
Deposits by banks – Tesco Bank (780) (780) (15) (15)
Derivative and other financial liabilities:
Interest rate swaps and similar instruments (152) (152) (185) (185)
Cross currency swaps (140) (140) (79) (79)
Index-linked swaps (515) (515) (539) (539)
Forward foreign currency contracts (62) (62) (77) (77)
Total financial liabilities (18,940) (19,684) (17,729) (17,789)
Total (5,656) (6,468) (5,819) (5,857)
100 Tesco PLC Annual Report and Financial Statements 2014
Notes to the Group financial statements continued