Tesco 2015 Annual Report Download - page 121
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Note 21 Financial instruments continued
Fair value measurement
The following table presents the Group’s financial assets and liabilities that are measured at fair value at 28 February 2015, by level of fair value hierarchy:
• quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
• inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly
(thatis, derived from prices) (Level 2); and
• inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).
At 28 February 2015
Level 1
£m
Level 2
£m
Level 3
£m
Total
£m
Assets
Available-for-sale financial assets 828 –112 940
Derivative financial instruments:
Interest rate swaps and similar instruments –29 –29
Cross-currency swaps –812 –812
Index-linked swaps –699 –699
Forward foreign currency contracts –159 –159
Total assets 828 1,699 112 2,639
Liabilities
Derivative financial instruments:
Interest rate swaps and similar instruments –(285) –(285)
Cross-currency swaps –(182) –(182)
Index-linked swaps –(474) –(474)
Forward foreign currency contracts –(94) –(94)
Total liabilities –(1,035) –(1,035)
Total 828 664 112 1,604
At 22 February 2014
Level 1
£m
Level 2
£m
Level 3
£m
Total
£m
Assets
Available-for-sale financial assets 850 –96 946
Derivative financial instruments:
Interest rate swaps and similar instruments –86 –86
Cross-currency swaps –740 –740
Index-linked swaps –704 –704
Forward foreign currency contracts –46 –46
Total assets 850 1,576 96 2,522
Liabilities
Derivative financial instruments:
Interest rate swaps and similar instruments –(152) –(152)
Cross-currency swaps –(140) –(140)
Index-linked swaps –(515) –(515)
Forward foreign currency contracts –(62) –(62)
Total liabilities – (869) –(869)
Total 850 707 96 1,653
The following table presents the changes in Level 3 instruments for the year ending 28 February 2015:
2015
£m
2014
£m
At beginning of the year 96 –
Gains/(losses) recognised in finance costs in the Group Income Statement ––
Gains/(losses) recognised in the Group Statement of Changes in Equity (16) –
Purchase of non-controlling interests 32 96
At end of the year 112 96
During the financial year, £nil (2014: £nil) of Level 2 assets were transferred to Level 1 and there were no transfers into or out of Level 3 fair value measurements.
In the second half of the year, the Group invested an additional £32m in Lazada, an online retailer.
119Tesco PLC Annual Report and Financial Statements 2015
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