Migración e interculturalidad desde una perspectiva psicosocial

Operating lease commitments – Group as lessee

Future minimum rentals payable under non-cancellable operating leases are as follows:

2013

£m 2012£m

Within one year 1,404 1,289

Greater than one year but less than five years 4,999 4,797

After five years 10,867 11,237

Total minimum lease payments 17,270 17,323

Future minimum rentals payable under non-cancellable operating leases after five years are analysed further as follows:

2013

£m 2012£m

Greater than five years but less than ten years 4,756 4,667

Greater than ten years but less than fifteen years 3,128 3,245

After fifteen years 2,983 3,325

Total minimum lease payments – after five years 10,867 11,237

Future minimum rentals payable under non-cancellable operating leases associated with the discontinued operations in the US are excluded from the above tables (2012: £709m). See Note 7 for further details on discontinued operations.

Operating lease payments represent rentals payable by the Group for certain of its retail, distribution and office properties and other assets such as motor vehicles. The leases have varying terms, purchase options, escalation clauses and renewal rights.

The Group has lease break options on certain sale and leaseback transactions, which are exercisable if an existing option to buy back leased assets at market value at a specified date is also exercised, no commitment has been included in respect of the buy-back option as the option is at the Group’s discretion. The Group is not obliged to pay lease rentals after that date, therefore minimum lease payments exclude those falling after the buy-back date.

Operating lease commitments with joint ventures and associates

Since 1988 the Group has entered into several joint ventures and sold and leased back properties to and from these joint ventures. In addition, the Group also entered into property sale and leaseback transactions with an associate in this financial year. The terms of these sale and leasebacks vary, however, common factors include: the sale of the properties to the joint venture at market value; options within the lease for the Group to repurchase the properties at market value; market rent reviews; and 20 to 30 full-year lease terms. The Group reviews the substance as well as the form of the arrangements when determining the classification of leases as operating or finance. All of the leases under these arrangements are operating leases.

Operating lease receivables – Group as lessor

The Group both rents out its properties and also sublets various leased buildings under operating leases. At the balance sheet date, the following future minimum lease payments are contractually receivable from tenants:

2013

£m 2012£m

Within one year 258 241

Greater than one year but less than five years 348 398

After five years 260 297

notes 23 February 2013 £m 25 February 2012 £m Non-current assets Investments 5 14,540 13,675

Derivative financial instruments 10 1,913 1,706

16,453 15,381 Current assets

Derivative financial instruments 10 198 19

Debtors 6 12,017 8,807

Current asset investments 7 522 1,289

Cash and cash equivalents 5 –

12,742 10,115 Creditors – amounts falling due within one year

Borrowings 9 (292) (1,437)

Derivative financial instruments 10 (91) (90)

Other creditors 8 (8,218) (5,708)

(8,601) (7,235)

Net current assets 4,141 2,880

Total assets less current liabilities 20,594 18,261

Creditors – amounts falling due after more than one year

Borrowings 9 (9,436) (9,433)

Derivative financial instruments 10 (694) (620)

(10,130) (10,053)

Net assets 10,464 8,208

Capital and reserves

Called up share capital 13 403 402

Share premium 14 5,020 4,964

Profit and loss reserve 14 5,041 2,842

Total equity 10,464 8,208

The notes on pages 127 to 134 form part of these financial statements.

Philip Clarke Laurie McIlwee

Directors

The Parent Company financial statements on pages 126 to 134 were authorised for issue by the Directors on 1 May 2013 and are subject to the approval of the shareholders at the Annual General Meeting on 28 June 2013.

Tesco PLC

R VI EW B U S IN E S S R EVI EW P E RF O RM A N C E RE V IE W G O V E R NAN C E FI NAN C IAL S TA T EM EN Basis of preparation

The Parent Company financial statements have been prepared on a going concern basis using the historical cost convention modified for the revaluation of certain financial instruments and in accordance with generally accepted accounting principles (‘UK GAAP’) and the Companies Act 2006.

The financial year represents the 52 weeks to 23 February 2013 (prior financial year 52 weeks to 25 February 2012).

A summary of the Company’s significant accounting policies is set out below.

Exemptions

The Directors have taken advantage of the exemption available under Section 408 of the Companies Act 2006 and not presented a Profit and Loss Account for the Company alone.

The Company has taken advantage of the FRS 29 ‘Financial Instruments: Disclosures’, exemption and not provided derivative financial instrument disclosures of the Company alone.

The Company has also taken advantage of the exemption from preparing a Cash Flow Statement under the terms of FRS 1 ‘Cash Flow Statement’. The cash flows of the Company are included in the Tesco Group financial statements.

The Company is also exempt under the terms of FRS 8 ‘Related Parties’ from disclosing related party transactions with entities that are part of the Tesco Group.

Current asset investments

Current asset investments relate to money market deposits which are recognised initially at fair value, and subsequently at amortised cost. All income from these investments is included in the Profit and Loss Account as interest receivable and similar income.

Investments in subsidiaries and joint ventures

Investments in subsidiaries and joint ventures are stated at cost less, where appropriate, provisions for impairment.

Foreign currencies

Assets and liabilities that are denominated in foreign currencies are translated into Pounds Sterling at the exchange rates prevailing at the balance sheet date of the financial year.

Share-based payments

The fair value of employee share option plans is calculated at the grant date using the Black-Scholes model. The resulting cost is charged to the Profit and Loss Account over the vesting period. The value of the charge is adjusted to reflect expected and actual levels of vesting.

Where the Company awards shares or options to employees of subsidiary entities, this is treated as a capital contribution.

Financial instruments

Financial assets and financial liabilities are recognised on the Company’s Balance Sheet when the Company becomes a party to the contractual provisions of the instrument.

Debtors

Debtors are recognised initially at fair value, and subsequently at amortised cost using the effective interest rate method, less provision for impairment.

Financial liabilities and equity instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that gives a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded as the proceeds received, net of direct issue costs.

Borrowings

Interest-bearing bank loans and overdrafts are initially recognised at the value of the amount received, net of attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any differences between cost and redemption value being recognised in the Company Profit and Loss Account over the period of the borrowings on an effective interest basis.

Other creditors

Other creditors are recognised initially at fair value, and subsequently at amortised cost using the effective interest rate method.

Derivative financial instruments and hedge accounting The Company uses derivative financial instruments to hedge its exposure to foreign exchange and interest rate risks arising from operating, financing and investing activities. The Company does not hold or issue derivative financial instruments for trading purposes. Derivative financial instruments are recognised and stated at fair value. Where derivatives do not qualify for hedge accounting, any gains or losses on remeasurement are immediately recognised in the Company Profit and Loss Account. Where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the hedge relationship and the items being hedged.

In order to qualify for hedge accounting, the Company is required to document from inception, the relationship between the item being hedged and the hedging instrument. The Company is also required to document and demonstrate an assessment of the relationship between the hedged item and the hedging instrument, which shows that the hedge will be highly effective on an ongoing basis. This effectiveness testing is performed at each reporting date to ensure that the hedge remains highly effective.

Derivative financial instruments with maturity dates of more than one year from the balance sheet date are disclosed as falling due after more than one year.

Fair value hedging

Derivative financial instruments are classified as fair value hedges when they hedge the Company’s exposure to changes in the fair value of a recognised asset or liability. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the Company Profit and Loss Account, together with any changes in the fair value of the hedged item that is attributable to the hedged risk. Cash flow hedging

Derivative financial instruments are classified as cash flow hedges when they hedge the Company’s exposure to variability in cash flows that are either attributable to a particular risk associated with a recognised asset or liability, or a highly probable forecasted transaction.

The effective element of any gain or loss from remeasuring the derivative instrument is recognised directly in equity.

The associated cumulative gain or loss is removed from equity and recognised in the Company Profit and Loss Account in the same period during which the hedged transaction affects the Company Profit and Loss Account. The classification of the effective portion when recognised in the Company Profit and Loss Account is the same as the classification of the hedged transaction. Any element of the remeasurement criteria of the derivative instrument which does not meet the criteria for an effective hedge is recognised immediately in the Company Profit and Loss Account.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, no longer qualifies for hedge accounting or is de-designated. At that point in time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecasted transaction occurs or the original hedged item affects the Company Profit and Loss Account. If a forecasted hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is transferred to the Company Profit and Loss Account.

Pensions

The Company participates in the Tesco PLC Pension Scheme and cannot identify its share of the underlying assets and liabilities of the scheme. Accordingly, as permitted by FRS 17 ‘Retirement Benefits’, the Company has accounted for the scheme as a defined contribution scheme, and the charge for the period is based upon the cash contributions payable.

Taxation

Corporation tax payable is provided on the taxable profit for the year, using the tax rates enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date and would give rise to an obligation to pay more or less tax in the future.

Deferred tax assets are recognised to the extent that they are recoverable. They are regarded as recoverable to the extent that on the basis of all available evidence, it is regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on a non-discontinued basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws that have been substantively enacted by the balance sheet date.

R VI EW B U S IN E S S R EVI EW P E RF O RM A N C E RE V IE W G O V E R NAN C E FI NAN C IAL S TA T EM EN