Tesco plc Annual Report and Financial Statements 2008
Tesco plc Annual Report and Financial Statements 2008
Tesco plc Annual Report and Financial Statements 2008
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Notes to the Parent Company financial statements continued<br />
Note 10 Derivative financial instruments<br />
The fair value of derivative financial instruments has been disclosed in the Company’s Balance Sheet as:<br />
104<br />
<strong>Tesco</strong> PLC <strong>Annual</strong> <strong>Report</strong> <strong>and</strong><br />
<strong>Financial</strong> <strong>Statements</strong> <strong>2008</strong><br />
<strong>2008</strong> 2007<br />
Asset Liability Asset Liability<br />
£m £m £m £m<br />
Current 76 (413) 108 (64)<br />
Non-current 216 (86) – (116)<br />
Total 292 (499) 108 (180)<br />
<strong>2008</strong> 2007<br />
Asset Liability Asset Liability<br />
Fair value Notional Fair value Notional Fair value Notional Fair value Notional<br />
£m £m £m £m £m £m £m £m<br />
Fair value hedges<br />
Interest rate swaps <strong>and</strong> similar instruments 2 125 (80) 657 7 267 (69) 717<br />
Cross currency swaps 252 2,788 – – – – (45) 1,174<br />
Cash flow hedges<br />
Interest rate swaps <strong>and</strong> similar instruments – – – – – – (9) 988<br />
Forward foreign currency contracts – – – – 2 73 (25) 691<br />
Net investment hedges<br />
Forward foreign currency contracts 2 289 (218) 2,328 65 3,053 (8) 1,292<br />
Derivatives not in a formal hedge relationship<br />
Interest rate swaps <strong>and</strong> similar instruments 5 3,638 (2) 189 5 1,570 (1) 230<br />
Cross currency swaps – – (2) 204 – – – –<br />
Forward foreign currency contracts 31 1,589 (197) 2,625 29 1,236 (23) 687<br />
Total 292 8,429 (499) 6,003 108 6,199 (180) 5,779<br />
Note 11 Share-based payments<br />
<strong>Tesco</strong> PLC’s equity-settled share-based payment schemes comprise various share schemes designed to reward Executive Directors. For further information<br />
on these schemes, including the valuation models <strong>and</strong> assumptions used, see note 23 to the Group financial statements.<br />
a) Share option schemes<br />
The number of options <strong>and</strong> weighted average exercise price (WAEP) of share option schemes relating to <strong>Tesco</strong> PLC employees are:<br />
For the year ended 23 February <strong>2008</strong><br />
Savings-related Approved Unapproved Nil cost<br />
share option scheme share option scheme share option scheme share options<br />
Options WAEP Options WAEP Options WAEP Options WAEP<br />
Outst<strong>and</strong>ing at<br />
24 February 2007 42,249 223.23 53,381 280.99 11,300,347 270.90 5,810,007 0.00<br />
Granted 5,733 410.00 – – 1,888,688 473.75 5,113,574 0.00<br />
Exercised<br />
Outst<strong>and</strong>ing at<br />
(10,330) 159.00 – – (997,056) 253.25 (85,343) 0.00<br />
23 February <strong>2008</strong><br />
Exercisable as at<br />
37,652 269.29 53,381 280.99 12,191,979 303.75 10,838,238 0.00<br />
23 February <strong>2008</strong> – – 15,189 197.50 5,233,393 230.71 – –<br />
Exercise price range 164.00 to<br />
(pence)<br />
Weighted average remaining<br />
– – – 197.50 – 259.00 – –<br />
contractual life (years) – – – 5.16 – 4.33 – –<br />
www.tesco.com/annualreport08
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