Tesco 2005 Annual Report Download - page 51

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Note 18 Creditors falling due within one year
Group Company
2005 2004 2005 2004
restated†
£m £m £m £m
Bank loans and overdrafts (a) (b) (c) 471 775 329 552
Trade creditors 2,819 2,434 – –
Amounts owed to Group undertakings – – 1,957 1,189
Corporation tax 221 308 101 6
Other taxation and social security 221 190 2 3
Other creditors 1,229 1,040 331 323
Amounts payable to joint ventures and associates 29 10 – –
Accruals and deferred income (d) 660 320 16 13
Finance leases (note 23) (e) 669––
Dividends 416 370 416 370
6,072 5,516 3,152 2,456
†Prior year comparatives have been restated (see note 1).
(a) Bank deposits in subsidiary undertakings of £119m (2004 – £217m) have been offset against borrowings in the parent company under a legal right of set-off.
(b) Floating rate liabilities bear interest at rates based on relevant national LIBOR equivalents. The weighted average rate of interest payable on these
amounts at the year end is approximately 3.9%.
(c) Includes £9m of loans from joint ventures and associates.
(d) Accruals and deferred income includes £163m (2004 – £211m) attributable to realised gains on terminated interest rate swaps.
(e) Finance leases bear interest at a weighted average rate of approximately 5.7%.
Note 19 Creditors falling due after more than one year
Group Company
2005 2004 2005 2004
£m £m £m £m
4% unsecured deep discount loan stock 2006 (a) 116 110 116 110
Finance leases (note 23) 25 166 – –
6% 150m GBP Medium Term Note (MTN) 2006 150 150 150 150
0.7% 50bn JPY MTN 2006 285 285 285 285
71⁄2% 325m GBP MTN 2007 325 325 325 325
6% 250m GBP MTN 2008 250 250 250 250
51⁄4% 500m EUR MTN 2008 345 345 345 345
51⁄8% 350m GBP MTN 2009 350 350 350 350
65⁄8% 150m GBP MTN 2010 150 150 150 150
43⁄4% 750m EUR MTN 2010 528 528 528 528
4% RPI GBP MTN 2016 (b) 226 220 226 220
51⁄2% 350m GBP MTN 2019 350 350 350 350
3.322% LPI GBP MTN 2025 (c) 228 221 228 221
6% 200m GBP MTN 2029 200 200 200 200
51⁄2% 200m GBP MTN 2033 200 200 200 200
Other MTNs (d) 334 266 334 266
Other loans (e) 449 230 – –
4,511 4,346 4,037 3,950
Other creditors 20 22 – –
4,531 4,368 4,037 3,950
All MTNs are redeemable at par value in the year stated, except as set out below:
(a) The 4% unsecured deep discount loan stock is redeemable at a par value of £125m in 2006.
(b) The 4% RPI MTN is redeemable at a par value of £226m, indexed for increases in the RPI over the life of the MTN, in 2016.
(c) The 3.322% LPI MTN is redeemable at a par value of £228m, indexed for increases in the RPI over the life of the MTN, in 2025.
The maximum indexation of the principal in any one year is 5%, with a minimum of 0%.
(d) These MTNs are of various maturities and include foreign currency and sterling denominated notes swapped into floating rate sterling.
(e) Various amortising bank loans maturing in 2007, 2008 and 2022. Tesco PLC 49