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132 Tesco PLC Annual Report and Financial Statements 2013
Note 10 Derivative financial instruments
The fair value of derivative financial instruments has been disclosed in the Company’s Balance Sheet as:
2013 2012
Asset
£m
Liability
£m
Asset
£m
Liability
£m
Current 198 (91) 19 (90)
Non-current 1,913 (694) 1,706 (620)
Total 2,111 (785) 1,725 (710)
2013 2012
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 103 1,065 – – 81 1,065 – –
Cross currency swaps 890 2,749 (34) 249 818 2,686 (8) 269
Cash flow hedges
Interest rate swaps and similar instruments – – (126) 400 – – (132) 400
Cross currency swaps 237 642 ( 31) 531 233 304 (41) 988
Index-linked swaps 80 833 – – 30 809 – –
Forward foreign currency contracts –93 (1) 72 1285 (4) 616
Derivatives not in a formal hedge
relationship*
Forward foreign currency contracts – – – – – – (7) 969
Derivatives in cash flow hedge and not
in a formal relationship**
Cross currency swaps – – (10) 325 – – (1) 318
Derivatives not in a formal hedge relationship
Index-linked swaps 603 3,089 (530) 3,589 539 3,089 (468) 3,089
Forward foreign currency contracts 198 2,630 (53) 919 23 782 (49) 1,034
Total 2,111 11,101 (785) 6,085 1,725 9,020 (710) 7,683
* These are designated as net investment hedges at Group level but for PLC financial statements are classified as ‘not in a formal hedge relationship’.
** These are designated as cash flow hedges and net investment hedges at Group level but for PLC financial statements are classified as cash flow hedges and ‘not in a formal
hedge relationship’.
Note 11 Share-based payments
The Company’s equity-settled share-based payment schemes comprise various share schemes designed to reward Executive Directors. For further
information on these schemes, including the valuation models and assumptions used, see Note 25 in the Group financial statements.
Share option schemes
The number of options and WAEP of share option schemes relating to the Company employees are:
For the year ended 23 February 2013
Savings-related
Share Option Scheme
Approved
Share Option Scheme
Unapproved
Share Option Scheme
Nil cost
share options
Options WAEP Options WAEP Options WAEP Options WAEP
Outstanding at 25 February 2012 25,912 355.62 64,330 373.06 14,368,570 385.59 16,030,275 0.00
Granted 3,189 282.00 – – – – 3,606,494 0.00
Forfeited (11,711) 348.94 (7,146) 419.80 (379,704) 419.80 (2,991,480) 0.00
Exercised – – – – – – (2,327,513) 0.00
Outstanding at 23 February 2013 17, 390 346.61 57,184 367.22 13,988,866 384.66 14,317,776 0.00
Exercisable as at 23 February 2013 3,276 410.00 28,600 314.68 11,218 ,026 375.98 5,630,056 0.00
Exercise price range (pence) –410.00 –
312.75 to
318.60 –
312.75 to
473.75 –0.00
Weighted average remaining
contractual life (years) –0.20 –2. 51 –4.74 –5.24
Notes to the Parent Company financial statements