Tesco 2015 Annual Report Download - page 145

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Note 10 Derivative financial instruments
The fair value of derivative financial instruments has been disclosed in the Company’s Balance Sheet as:
2015 2014
Asset
£m
Liability
£m
Asset
£m
Liability
£m
Amounts falling due within one year 19 (61) 64 (130)
Amounts falling due after more than one year 1,439 (635) 1,430 (703)
Total 1,458 (696) 1,494 (833)
2015 2014
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 15 65 – – 61 1,065 – –
Cross-currency swaps 561 1,201 (11) 817 583 2,055 (25) 551
Cash flow hedges
Interest rate swaps and similar instruments – – (199) 400 – – (110) 400
Cross-currency swaps 242 311 (8) 483 139 287 (103) 782
Index-linked swaps 113 882 – – 86 860 – –
Forward foreign currency contracts 299 (1) 474 2486 (1) 196
Derivatives in cash flow hedge and not
in a formal relationship*
Cross-currency swaps – – – – 10 308 – –
Derivatives not in a formal hedge relationship
Index-linked swaps 508 3,339 (417) 3,339 583 3,354 (499) 3,339
Forward foreign currency contracts 17 1,361 (60) 1,285 30 828 (95) 2,085
Total 1,458 7, 258 (696) 6,798 1,494 9,243 (833) 7,353
* 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 28 February 2015
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 22 February 2014 9,108 332.59 19,008 315.65 9,475,594 374.24 10,714,937 0.00
Granted – – – – – – 2,771,506 0.00
Forfeited (9,108) 332.59 – – (1,954,751) 402.69 (9,229,019) 0.00
Exercised – – – – (1,368,026) 315.78 (1,436,186) 0.00
Outstanding at 28 February 2015 – – 19,008 315.65 6,152,817 378.20 2,821,238 0.00
Exercisable at 28 February 2015 – – 19,008 315.65 6,152, 817 378.20 631,436 0.00
Exercise price range (pence) – – –
312.75 to
318 .60 –
312.75 to
473.75 –0.00
Weighted average remaining contractual life (years) – – – 0.66 –2.71 –8.71
For the year ended 22 February 2014
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 24 February 2013 17,390 346.61 57,184 367. 22 13,988,866 384.66 14, 317,776 0.00
Granted 1,862 322.00 – – – – 1,978,324 0.00
Forfeited (6,292) 378.28 (38,176) 392.90 (3,577,576) 424.36 (2,550,724) 0.00
Exercised (3,852) 316.15 – – (935,696) 338.40 (3,030,439) 0.00
Outstanding at 22 February 2014 9,108 332.59 19,008 315.65 9,475,594 374.24 10,714,937 0.00
Exercisable at 22 February 2014 – – 19,008 315.65 9,475,594 374.24 4,206,723 0.00
Exercise price range (pence) – – –
312.75 to
318 .60 –
312.75 to
473.75 –0.00
Weighted average remaining contractual life (years) – – – 1.68 –3.57 –4.18
143Tesco PLC Annual Report and Financial Statements 2015
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