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"value": "Note 1 Accounting policies, judgements and estimates General information Tesco PLC (the Company) is a public limited company incorporated and domiciled in England and Wales under the Companies Act 2006 (Registration number 445790). The address of the registered office is Tesco House, Shire Park, Kestrel Way, Welwyn Garden City, AL7 1GA, UK . The main activities of the Company and its subsidiaries (together, the Group) are those of retailing and retail banking and insurance services. Basis of preparation The consolidated Group financial statements have been prepared in accordance with UK-adopted IFRS. The consolidated Group financial statements are presented in Pounds Sterling, generally rounded to the nearest million. They are prepared on the historical cost basis, except for certain financial instruments, share-based payments and pension assets that have been measured at fair value. The Directors have, at the time of approving the financial statements, a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future, which reflects a period of 18 months from the date of approval of the financial statements, and have concluded that there are no material uncertainties relating to going concern. Thus they continue to adopt the going concern basis of accounting in preparing the consolidated Group financial statements. The scenarios considered as part of the going concern assessment are consistent with those used in the Longer term viability statement. Further information on the Group\u2019s strong liquidity position is given in the Group review of performance, Summary of total indebtedness section, and information on committed facilities is provided in Note 27. Unless otherwise stated, the accounting policies set out below have been applied consistently to all periods presented in these consolidated Group financial statements. New standards, interpretations and amendments effective in the current financial year have not had a material impact on the consolidated Group financial statements. The Group has not applied any standards, interpretations or amendments that have been issued but are not yet effective. IFRS 17 \u2018Insurance contracts\u2019 will become effective in the consolidated Group financial statements for the financial year ending 24 February 2024. IFRS 17 will principally impact the Group\u2019s subsidiary, Tesco Underwriting Limited (TU), which provides the insurance underwriting service for a number of the Group\u2019s general insurance products. The simplified premium allocation approach will be applied to all material insurance groups issued and reinsurance groups purchased subsequent to the acquisition of TU in May 2021. For contract groups issued prior to the acquisition date, the general model will be applied to the associated acquired claims liabilities. The presentation of some of the line items in the balance sheet and income statement may also change as a result of IFRS 17 adoption. The Group will adopt IFRS 17 retrospectively and comparatives will be restated from a transition date of 27 February 2022, with an immaterial transition adjustment to the opening equity balance at that date. The impact of the following is still under assessment: \u2013 IFRS 16 amendments \u2018Lease liability in a sale and leaseback\u2019, which will become effective in the consolidated Group financial statements for the financial year ending 22 February 2025, subject to UK endorsement. Other standards, interpretations and amendments issued but not yet effective are not expected to have a material impact on the consolidated Group financial statements. Basis of consolidation The consolidated Group financial statements consist of the financial statements of the ultimate Parent Company (Tesco PLC), all entities controlled by the Company (its subsidiaries) and the Group\u2019s share of its interests in joint ventures and associates. The financial year represents the 52 weeks ended 25 February 2023 (prior financial year 52 weeks ended 26 February 2022). For the UK and the Republic of Ireland (UK & ROI), the results are for the 52 weeks ended 25 February 2023 (prior financial year 52 weeks ended 26 February 2022). For all other operations, the results are for the calendar year ended 28 February 2023 (prior calendar year ended 28 February 2022). Subsidiaries Subsidiaries are consolidated in the Group\u2019s financial statements from the date that control commences until the date that control ceases. Intragroup balances and any unrealised gains and losses or income and expenses arising from intragroup transactions are eliminated in preparing the consolidated financial statements. Joint ventures and associates The Group\u2019s share of the results of joint ventures and associates is included in the Group income statement and Group statement of comprehensive income/(loss) using the equity method of accounting. Investments in joint ventures and associates are carried in the Group balance sheet at cost plus post-acquisition changes in the Group\u2019s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill. If the Group\u2019s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the Group does not recognise further losses, unless it has incurred obligations to do so or made payments on behalf of the joint venture or associate. Dividends received from joint ventures or associates with nil carrying value are recognised in the Group income statement as part of the Group\u2019s share of post-tax profits/(losses) of joint ventures and associates. Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the Group\u2019s interest in the entity. Revenue Revenue is income arising from the sale of goods and services in the ordinary course of the Group\u2019s activities, net of value added taxes. Revenue is recognised when performance obligations are satisfied and control has transferred to the customer. For the majority of revenue streams, there is a low level of judgement applied in determining the transaction price or the timing of transfer of control. Sale of goods The sale of goods represents the vast majority of the Group\u2019s revenue. For goods sold in store, revenue is recognised at the point of sale. For online or wholesale sales of goods, revenue is recognised on collection by, or delivery to, the customer. Revenue is reduced by a provision for expected returns (refund liability). An asset and corresponding adjustment to cost of sales is recognised for the Group\u2019s right to recover goods from customers. Clubcard (customer loyalty programme) Clubcard points issued by Tesco when a customer purchases goods are a separate performance obligation providing a material right to a future discount. The total transaction price (sales price of goods) is allocated to the Clubcard points and the goods sold based on their relative standalone selling prices, with the Clubcard points standalone price based on the value of the points to the customer, adjusted for expected redemption rates (breakage). The amount allocated to Clubcard points is deferred as a contract liability within trade and other payables. Note 1 Accounting policies, judgements and estimates continued Revenue is recognised as the points are redeemed by the customer. Revenue related to breakage is recognised in line with redemptions, subject to the variable consideration constraint (i.e. provided it is highly probable not to result in a significant reversal of the cumulative revenue recognised), with the remainder recognised on expiry of the points. Financial services Revenue consists of interest, fees and income from the provision of retail banking and insurance. Interest income on financial assets that are measured at amortised cost is determined using the effective interest rate method. Calculation of the effective interest rate takes into account fees receivable that are an integral part of the instrument\u2019s yield, premiums or discounts on acquisition or issue, early redemption fees and transaction costs. Interest income is calculated on the gross carrying amount of a financial asset unless the financial asset is impaired, in which case interest income is calculated on the amortised cost, after allowance for expected credit losses (ECLs). The majority of the fees in respect of services (credit card interchange fees, late payment and ATM revenue) are recognised at the point in time at which the transaction with the customer takes place and the service is performed. For services performed over time, payment is generally due monthly in line with the satisfaction of performance obligations. Refer to the Insurance section below for insurance revenue. Commercial income Consistent with standard industry practice, the Group has agreements with suppliers whereby volume-related allowances, promotional and marketing allowances and various other fees and discounts are received in connection with the purchase of goods for resale from those suppliers. Most of the income received from suppliers relates to adjustments to a core cost price of a product, and as such is considered part of the purchase price for that product. Sometimes receipt of the income is conditional on the Group performing specified actions or satisfying certain performance conditions associated with the purchase of the product. These include achieving agreed purchases or sales volume targets and providing promotional or marketing materials and activities or promotional product positioning. While there is no standard industry definition, these amounts receivable from suppliers in connection with the purchase of goods for resale are generally termed commercial income. Commercial income is recognised when earned by the Group, which occurs when all obligations conditional for earning income have been discharged, and the income can be measured reliably based on the terms of the contract. The income is recognised as a credit within cost of sales. Where the income earned relates to inventories which are held by the Group at the reporting date, the income is included within the cost of those inventories, and recognised in cost of sales upon sale of those inventories. Amounts due relating to commercial income are recognised within trade and other receivables, except in cases where the Group currently has a legally enforceable right of set-off and intends to offset amounts due from suppliers against amounts owed to those suppliers, in which case only the net amount receivable or payable is recognised. Accrued commercial income is recognised within accrued income when commercial income earned has not been invoiced at the reporting date. Finance income Finance income, excluding income arising from financial services, is recognised in the period to which it relates using the effective interest rate method. Finance costs Borrowing costs are recognised in the Group income statement in finance costs, excluding those arising from financial services, in the period in which they occur. For Tesco Bank, finance cost on financial liabilities is determined using the effective interest rate method and is recognised in cost of sales. Business combinations and goodwill The Group accounts for all business combinations by applying the acquisition method. All acquisition-related costs are expensed. On acquisition, the assets (including intangible assets), liabilities and contingent liabilities of an acquired entity are measured at their fair values. Non-controlling interests are stated at the non-controlling interests\u2019 proportion of the fair values of the assets and liabilities recognised. Goodwill arising on consolidation represents the excess of the consideration transferred over the net fair value of the Group\u2019s share of the net assets, liabilities and contingent liabilities of the acquired subsidiary, joint venture or associate and the fair value of the non-controlling interest in the acquiree. If the consideration is less than the fair value of the Group\u2019s share of the net assets, liabilities and contingent liabilities of the acquired entity (i.e. a bargain purchase), the difference is credited to the Group income statement in the period of acquisition. At the acquisition date of a subsidiary, goodwill acquired is recognised as an asset and is allocated to each of the cash- generating units or groups of cash-generating units expected to benefit from the business combination\u2019s synergies and to the lowest level at which management monitors the goodwill. Goodwill arising on the acquisition of joint ventures and associates is included within the carrying value of the investment. On disposal of a subsidiary, joint venture or associate, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Where the Group obtains control of a joint venture or associate, the Group\u2019s previously held interest in the acquired entity is remeasured to its acquisition date fair value and the resulting gain or loss, if any, is recognised in the Group income statement. Cloud software licence agreements Licence agreements to use cloud software are treated as service contracts and expensed in the Group income statement, unless the Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. In such cases, the licence agreement is capitalised as software within intangible assets. Costs to configure or customise a cloud software licence are expensed alongside the related service contract in the Group income statement, unless they create a separately identifiable resource controlled by the Group, in which case they are capitalised. Intangible assets Intangible assets, such as software, acquired customer relationships and pharmacy licences, are measured initially at acquisition cost or costs incurred to develop the asset. Intangible assets acquired in a business combination are recognised at fair value at the acquisition date. Following initial recognition, intangible assets with finite useful lives are carried at cost less accumulated amortisation and accumulated impairment losses. They are amortised on a straight-line basis over their estimated useful lives of three to 10 years for software and up to 10 years for customer relationships. Intangible assets with indefinite useful lives, such as pharmacy licences, are not amortised and are carried at cost less accumulated impairment losses. Research costs are expensed as incurred. Development expenditure incurred on an individual project is capitalised only if specific criteria are met. Property, plant and equipment Property, plant and equipment is carried at cost less accumulated depreciation and any recognised impairment in value. Property, plant and equipment is depreciated on a straight-line basis to its residual value over its anticipated useful economic life: \u2013 freehold buildings \u2013 10 to 40 years; and \u2013 fixtures and fittings, office equipment and motor vehicles \u2013 three to 20 years. Impairment of non-financial assets Goodwill is reviewed for impairment at least annually by assessing the recoverable amount of each cash-generating unit, or group of cash- generating units, to which the goodwill relates. For all other non- financial assets (including other intangible assets, property, plant and equipment, right of use assets and investment property) the Group performs impairment testing where there are indicators of impairment. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs of disposal, and value in use. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Goodwill impairments are not subsequently reversed. Where an impairment loss on other non-financial assets subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately as a credit to the Group income statement. Inventories Inventories comprise goods and development properties held for resale. Inventories are valued at the lower of cost and net realisable value using the weighted average cost basis. Directly attributable costs and incomes (including applicable commercial income) are included in the cost of inventories. Cash and cash equivalents Cash and cash equivalents in the Group balance sheet consist of cash at bank and on hand, credit and debit card receivables, demand deposits with banks and short-term highly liquid investments with an original maturity of three months or less, for example short-term deposits, loans and advances to banks, commercial paper and certificates of deposit. Cash and cash equivalents in the Group cash flow statement also include overdrafts repayable on demand as they form an integral part of the Group\u2019s cash management. Non-current assets held for sale and discontinued operations Non-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of carrying amount and fair value less costs to sell. The net results of discontinued operations are presented separately in the Group income statement (and the comparatives restated). Leases The Group assesses whether a contract is, or contains, a lease at inception of the contract. A lease conveys the right to direct the use and obtain substantially all of the economic benefits of an identified asset for a period of time in exchange for consideration. The Group as a lessee A right of use asset and corresponding lease liability are recognised at commencement of the lease. The lease liability is measured at the present value of the lease payments, discounted at the rate implicit in the lease, or if that cannot be readily determined, at the lessee\u2019s incremental borrowing rate specific to the term, country, currency and start date of the lease. Lease payments include: fixed payments; variable lease payments dependent on an index or rate, initially measured using the index or rate at commencement; the exercise price under a purchase option if the Group is reasonably certain to exercise; penalties for early termination if the lease term reflects the Group exercising a break option; and payments in an optional renewal period if the Group is reasonably certain to exercise an extension option or not exercise a break option. The lease liability is subsequently measured at amortised cost using the effective interest rate method. It is remeasured, with a corresponding adjustment to the right of use asset, when there is a change in future lease payments resulting from a rent review, change in an index or rate such as inflation, or change in the Group\u2019s assessment of whether it is reasonably certain to exercise a purchase, extension or break option. The right of use asset is initially measured at cost, comprising: the initial lease liability; any lease payments already made less any lease incentives received; initial direct costs; and any dilapidation or restoration costs. The right of use asset is subsequently depreciated on a straight-line basis over the shorter of the lease term or the useful life of the underlying asset. The right of use asset is tested for impairment if there are any indicators of impairment. Leases of low value assets (value when new less than \u00a35,000) and short-term leases of 12 months or less are expensed to the Group income statement, as are variable payments dependent on performance or usage, \u2018out of contract\u2019 payments and non-lease service components. The Group as a lessor Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Where the Group is an intermediate lessor, the sublease classification is assessed with reference to the head lease right of use asset. Amounts due from lessees under finance leases are recorded as receivables at the amount of the Group\u2019s net investment in the lease. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment in the lease. Rental income from operating leases is recognised on a straight-line basis over the term of the lease. Sale and leaseback A sale and leaseback transaction is where the Group sells an asset and immediately reacquires the use of the asset by entering into a lease with the buyer. A sale occurs when control of the underlying asset passes to the buyer. A lease liability is recognised, the associated property, plant and equipment asset is derecognised, and a right of use asset is recognised at the proportion of the carrying value relating to the right retained. Any gain or loss arising relates to the rights transferred to the buyer. In the Group cash flow statement, sale and leaseback proceeds received are classified as investing cash flows, unless the proceeds exceed the fair value of the asset sold, in which case the excess proceeds are classified as financing cash flows. Property buybacks A property buyback is where a property that is currently leased is bought back from the landlord. Property buybacks that are a direct purchase of the underlying asset, outside of a corporate wrapper, are viewed as the modification of the lease to include a purchase option, followed by the immediate exercise of that purchase option. The lease liability is settled and the right of use asset forms part of the cost of the property, plant and equipment acquired, and no gain or loss is recognised in the Group income statement from the property buyback. Note 1 Accounting policies, judgements and estimates continued Property buybacks inside a corporate wrapper (such as a special purpose vehicle or joint venture structure) that do not meet the definition of a business combination are asset acquisitions. The cost of the asset acquisition includes the cash consideration paid and the carrying values of pre-existing lease contracts and any previously held interests. No gain or loss is recognised in the Group income statement from the property buyback. In the Group cash flow statement, property buyback net proceeds paid are classified as investing cash flows, unless the proceeds exceed the incremental asset purchased (difference between property, plant and equipment recognised and right of use asset derecognised), in which case the excess proceeds are classified as financing cash flows. Post-employment obligations For defined benefit plans, obligations are measured at discounted present value (using the projected unit credit method) and plan assets are recorded at fair value. The operating and financing costs of such plans are recognised separately in the Group income statement; service costs are spread systematically over the expected service lives of employees and financing costs are recognised in the periods in which they arise. Actuarial gains and losses are recognised immediately in the Group statement of comprehensive income/(loss). Payments to defined contribution schemes are recognised as an expense as they fall due. Share-based payments The fair value of employee share option plans, which are equity- settled, is calculated at the grant date using the Black-Scholes model. The resulting cost is charged to the Group income statement over the vesting period. The value of the charge is adjusted to reflect expected and actual levels of vesting. Taxation The tax expense included in the Group income statement consists of current and deferred tax. Current tax is the expected tax payable on the taxable income for the financial year, using tax rates enacted or substantively enacted by the balance sheet date. Tax expense is recognised in the Group income statement except to the extent that it relates to items recognised in the Group statement of comprehensive income/(loss) or directly in the Group statement of changes in equity, in which case it is recognised in the Group statement of comprehensive income/(loss) or directly in the Group statement of changes in equity, respectively. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised based on the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the Group income statement, except when it relates to items charged or credited directly to the Group statement of changes in equity or the Group statement of comprehensive income/(loss), in which case the deferred tax is also recognised in equity, or other comprehensive income, respectively. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the assets to be recovered. Deferred tax assets and liabilities are offset against each other when there is a legally enforceable right to set off current tax assets against current tax liabilities and they relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend to settle current tax assets and liabilities on a net basis. Tax provisions are recognised for uncertain tax positions where a risk of an additional tax liability has been identified and it is probable that the Group will be required to settle that tax. Measurement is dependent on management\u2019s expectation of the outcome of decisions by tax authorities in the various tax jurisdictions in which the Group operates. This is assessed on a case-by-case basis using in-house tax experts, professional firms and previous experience. Refer to Note 6. Foreign currencies The consolidated financial statements are presented in Pounds Sterling, which is the ultimate Parent Company\u2019s functional currency. Transactions in foreign currencies are translated to the functional currency at the exchange rate on the date of the transaction. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated to the functional currency at the rates prevailing at the balance sheet date. Exchange differences are recognised in the Group income statement in the period in which they arise, apart from exchange differences on transactions entered into to hedge certain foreign currency risks, and exchange differences on monetary items forming part of the net investment in a foreign operation. The assets and liabilities of the Group\u2019s foreign operations are translated into Pounds Sterling at exchange rates prevailing at the balance sheet date. Profits and losses are translated at average exchange rates for the relevant accounting periods. Exchange differences arising are recognised in the Group statement of comprehensive income/(loss) and are included in the Group\u2019s translation reserve. Such translation differences are recognised as income or expenses in the period in which the operation is disposed of. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Financial instruments Financial assets and financial liabilities are recognised in the Group balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are classified as either fair value through profit or loss, fair value through other comprehensive income, or amortised cost. Classification and subsequent remeasurement depends on the Group\u2019s business model for managing the financial asset and its cash flow characteristics. Financial assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortised cost. All other financial assets are measured at fair value. Trade receivables Trade receivables are non interest-bearing and are recognised initially at fair value, or at transaction price if there is not a significant financing component. They are subsequently held at amortised cost using the effective interest rate method, less allowance for ECLs. Investments Investments in debt instruments at amortised cost are measured at amortised cost, using the effective interest rate method less allowance for ECLs. Gains and losses on investments in debt instruments held at fair value through other comprehensive income are recognised directly in other comprehensive income, except for impairment gains and losses, interest income and foreign exchange gains and losses, which are recognised in the Group income statement. When the debt instrument is derecognised, cumulative amounts in other comprehensive income are reclassified to the Group income statement. Investments in equity instruments have been irrevocably designated at fair value through other comprehensive income. Gains and losses arising from changes in fair value are recognised directly in other comprehensive income, and are not subsequently reclassified to the Group income statement, including on derecognition. Impairment losses are not recognised separately from other changes in fair value. Dividends are recognised in the Group income statement when the Group\u2019s right to receive payment is established. Property fund and other investments held at fair value through profit or loss are measured at fair value, with changes in fair value recognised in the Group income statement. Short-term investments Short-term investments are liquid financial assets which have an original maturity of 12 months or less. Short-term investments are typically readily available for conversion to cash, but do not meet the criteria for classification as cash equivalents because either their maturity is greater than three months, for example short-term deposits, reverse repurchase agreements, commercial paper and certificates of deposit, or the risk of changes in value is more than insignificant, for example money market funds. Loans and advances to customers Loans and advances are initially recognised at fair value plus directly related transaction costs. Subsequent to initial recognition, these assets are carried at amortised cost using the effective interest method less any allowance for ECLs. Impairment of financial assets The Group assesses on a forward-looking basis the ECLs associated with its financial assets carried at amortised cost and fair value through other comprehensive income. The ECLs are updated at each reporting date to reflect changes in credit risk. The three-stage model for impairment has been applied to loans and advances to customers, investments in debt instruments at amortised cost, investments in debt instruments at fair value through other comprehensive income, short-term investments and loan receivables from joint ventures and associates. The credit risk is determined through modelling a range of possible outcomes for different loss scenarios, using reasonable and supportable information about past events, current conditions and forecasts of future events and economic conditions and taking into account the time value of money. A 12-month ECL is recognised, unless the credit risk on the financial asset increases significantly after initial recognition, when the lifetime ECL is recognised. The expected lifetime of a financial asset is generally the contractual term. For trade receivables, contract assets and lease receivables, the Group applies the simplified approach permitted by IFRS 9 \u2018Financial instruments\u2019, with lifetime ECLs recognised from initial recognition of the receivable. These assets are grouped, based on shared credit risk characteristics and days past due, with ECLs for each grouping determined based on the Group\u2019s historical credit loss experience, adjusted for factors specific to each receivable, general economic conditions and expected changes in forecast conditions. No ECL is recognised for loans and advances to banks due to the short-term nature of these balances, the frequency of origination and settlement of balances and taking account of collateral held. Interest-bearing borrowings Interest-bearing bank loans and overdrafts are initially recorded at fair value, net of attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between proceeds and redemption value being recognised in the Group income statement over the period of the borrowings on an effective interest basis. Trade payables Trade payables are non interest-bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Equity instruments Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs. Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its exposure to foreign exchange, inflation, interest rate and commodity risks arising from operating, financing and investing activities. The Group 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 Group income statement. Where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the hedge relationship and the item being hedged. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge, the nature of the risks being hedged and the economic relationship between the item being hedged and the hedging instrument, including whether the change in cash flows of the hedged item and hedging instrument are expected to offset each other. As permitted under IFRS 9, the Group has elected to continue to apply the existing hedge accounting requirements of IAS 39 \u2018Financial instruments: Recognition and measurement\u2019 for its portfolio hedge accounting until a new macro hedge accounting standard is implemented. Derivative financial instruments with maturity dates of more than one year from the reporting date are disclosed as non-current. Fair value hedging Derivative financial instruments are classified as fair value hedges when they hedge the Group\u2019s exposure to changes in the fair value of a recognised asset or liability. Changes in the fair value of derivatives that are designated as fair value hedges are recognised in the Group income statement within finance income or costs, together with any changes in the fair value of the hedged item that is attributable to the hedged risk. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item is amortised to the Group income statement over the remaining period to maturity. Cash flow hedging Derivative financial instruments are classified as cash flow hedges when they hedge the Group\u2019s exposure to variability in cash flows that is 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 designated as the hedging instrument is recognised directly in other comprehensive income and accumulated in the hedging reserve. Any cost of hedging, such as the change in fair value related to forward points and currency basis adjustment, is separately accumulated in the cost of hedging reserve. The ineffective element is recognised immediately in the Group income statement within finance income or costs. Note 1 Accounting policies, judgements and estimates continued Where the hedged item subsequently results in the recognition of a non-financial asset such as inventory, the amounts accumulated in the hedging reserve and cost of hedging reserve are included in the initial cost of the asset. For all other cash flow hedges, the amounts accumulated in the hedging reserve and cost of hedging reserve are recognised in the Group income statement when the hedged item or transaction affects the Group income statement. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised or no longer meets the Group\u2019s risk management objective. The cumulative gain or loss in the hedging reserve and cost of hedging reserve remains until the forecast transaction occurs or the original hedged item affects the Group income statement. If a forecast hedged transaction is no longer expected to occur, the cumulative gain or loss in the hedging reserve and cost of hedging reserve is reclassified to the Group income statement. Net investment hedging Financial instruments are classified as net investment hedges when they hedge the Group\u2019s net investment in an overseas operation. The effective element of any foreign exchange gain or loss from remeasuring the instrument is recognised directly in other comprehensive income and accumulated in the translation reserve in equity. Any ineffective element is recognised immediately in the Group income statement. Gains and losses accumulated in the translation reserve are reclassified to the Group income statement when the foreign operation is disposed of. Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the Group balance sheet when there is a current legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. Provisions Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. Provisions for onerous contracts are recognised when the Group believes that the unavoidable costs of meeting or exiting the contract exceed the economic benefits expected to be received under the contract. Supplier financing arrangements Suppliers can choose whether to access supplier financing arrangements, which are provided by different third-party banks in different countries. Commercial requirements, including payment terms or the price paid for goods, do not depend on whether a supplier chooses to access such arrangements. The arrangements support the Group\u2019s suppliers by giving them the option to access funding early, often at a lower cost than they could obtain themselves. Under the arrangements, suppliers may choose to access payment early rather than on the Group\u2019s normal payment terms, at a funding cost to the supplier that is set by the provider banks but based on Tesco\u2019s credit risk and the appropriate country risk premium. If suppliers choose not to access early payment, the provider banks pay the suppliers on the Group\u2019s normal payment terms. The Group pays the provider banks on the Group\u2019s normal payment terms, regardless of whether the supplier has chosen to access funding early. Management reviews supplier financing arrangements to determine the appropriate presentation of balances outstanding as trade payables or borrowings, dependent on the nature of each arrangement. Factors considered in determining the appropriate presentation include the commercial rationale for the arrangement, impact on the Group\u2019s working capital positions, credit enhancements or other benefits provided to the bank and recourse exposures. Balances outstanding under current supplier financing arrangements are classified as trade payables, and cash flows are included in operating cash flows, since the financing arrangements are agreed between the supplier and the banks, and the Group does not provide additional credit enhancement nor obtain any working capital benefit from the arrangements. Refer to Note 19. Insurance Prior to the acquisition of TU on 4 May 2021, the Group generated commission from the sale and service of motor and home insurance policies underwritten by TU. Following the acquisition, these amounts represent intercompany transactions which are fully eliminated in the Group income statement. The Group also generated commission from the sale and service of motor and home insurance policies underwritten by a third-party underwriter until August 2021, when the Group brought in-house the writing of home and motor insurance policies which were previously underwritten through its broker panel. Commission was based on commission rates which were independent of the profitability of underlying insurance policies. Similar commission income is also generated from the sale of white label insurance products underwritten by other third-party providers. This commission income is recognised on a net basis as such policies are sold. In the case of some commission income on insurance policies managed and underwritten by a third party, the Group recognises commission income from policy renewals as such policies are sold. This is when the Group has satisfied all of its performance obligations in relation to the policy sold and it is considered highly probable that a significant reversal in the amount of revenue recognised will not occur in future periods. This calculation takes into account both estimates of future renewal volumes and renewal commission rates. A contract asset is recognised in relation to this revenue. This is unwound over the remainder of the contract with the customer, in this case being the third-party insurance provider. The end policyholders have the right to cancel an insurance policy at any time. Therefore, a contract liability is recognised for the amount of any expected refunds due and the revenue recognised in relation to these sales is reduced accordingly. This contract refund liability is estimated using prior experience of customer refunds. The appropriateness of the assumptions used in this calculation is reassessed at each reporting date. Classification of insurance contracts Contracts under which the Group accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder or other beneficiary if a specified uncertain future event (the insured event) adversely affects the policyholder or other beneficiary are classified as insurance contracts. These contracts remain insurance contracts until all rights and obligations are extinguished or expire. Insurance contracts may also transfer some financial risk. Insurance income Gross written premiums comprise premiums on contracts entered into during the year, irrespective of whether they relate in whole or in part to a later accounting period, and exclude tax and levies. The earned portion of premiums written is recognised as revenue. Premiums are earned from the date of attachment of risk, over the indemnity period, based on the pattern of risks underwritten. Insurance claims Claims and claims handling expenses are recognised as incurred, based on the estimated cost of settling all liabilities arising on events occurring up to the balance sheet date. Reinsurance The Group cedes reinsurance in the normal course of business for the purpose of limiting its net loss potential through the diversification of its risks. Reinsurance arrangements, including quota share, excess of loss and adverse development cover contracts, do not relieve the Group from its direct obligations to its policyholders. Only contracts that give rise to a significant transfer of insurance risk are accounted for as reinsurance contracts. Amounts recoverable under such contracts are generally recognised in the same year as the related claim. Contracts that do not transfer significant insurance risk (i.e. financial reinsurance) are accounted for as financial instruments. Reinsurance assets include balances due from reinsurance companies for reinsurance claims. Amounts recoverable from reinsurers are estimated in a manner consistent with the outstanding claims provision or settled claims associated with the reinsured policy. The earned portion of reinsurance premiums (insurance premium income ceded to reinsurers) is recognised as reinsurance premium expense. The provision for unearned reinsurance premiums comprises the element of reinsurance premiums relating to services to be received in future years. Amounts recoverable under reinsurance contracts are assessed for impairment at each year-end date. Such assets are deemed impaired if there is objective evidence, as a result of an event that occurred after initial recognition, that the Group may not recover all amounts due and that the event has a reliably measurable impact on the amounts that the Group will receive from the reinsurer. Provision for outstanding claims The provision for outstanding claims represents the Group\u2019s estimate of the ultimate cost of settling all claims incurred but unpaid at the reporting date whether reported or not, and related internal and external claims handling expenses. Claims outstanding are assessed by reviewing individual claims data and making an allowance for claims incurred but not yet reported, adjusted for the effect of both internal and external foreseeable events, such as changes in claims handling procedures, inflation, judicial trends, substantively enacted legislative changes and past experience and trends. Reinsurance and other recoveries are assessed in a manner similar to the claims outstanding and presented separately as assets. Unearned premium and unexpired risk provision The provision for unearned premiums comprises the proportion of gross premiums written, which is estimated to be earned in the following or subsequent accounting periods, calculated separately for each insurance contract using the daily pro rata method, adjusted if necessary to reflect any variation in the incidence of risk during the period covered by the contract. Where the value of expected claims and expenses attributable to unexpired periods of policies in force exceeds the unearned premium provision, a further provision is made, calculated by reference to classes of business which are managed together. Alternative performance measures (APMs) In the reporting of financial information, the Directors have adopted various APMs. Refer to the Glossary for a full list of the Group\u2019s APMs, including comprehensive definitions, their purpose, reconciliations to IFRS measures and details of any changes to APMs. Judgements and sources of estimation uncertainty The preparation of the consolidated Group financial statements requires management to make judgements, estimates and assumptions in applying the Group\u2019s accounting policies to determine the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis, with revisions to accounting estimates applied prospectively. Critical accounting judgements Critical judgements, apart from those involving estimations, that are applied in the preparation of the consolidated Group financial statements are discussed below: Leases Management exercises judgement in determining the likelihood of exercising break or extension options in determining the lease term. Break and extension options are included to provide operational flexibility should the economic outlook for an asset be different to expectations, and hence at commencement of the lease, break or extension options are not typically considered reasonably certain to be exercised, unless there is a valid business reason otherwise. The discount rate used to calculate the lease liability is the rate implicit in the lease, if it can be readily determined, or the lessee\u2019s incremental borrowing rate if not. Management uses the rate implicit in the lease where the lessor is a related party (such as leases from joint ventures) and the lessee\u2019s incremental borrowing rate for all other leases. Incremental borrowing rates are determined monthly and depend on the term, country, currency and start date of the lease. The incremental borrowing rate is determined based on a series of inputs including: the risk-free rate based on government bond rates; a country-specific risk adjustment; a credit risk adjustment based on Tesco bond yields; and an entity-specific adjustment where the entity risk profile is different to that of the Group. Refer to Note 12 for additional disclosures relating to leases. Joint ventures and associates The Group has assessed the nature of its joint arrangements under IFRS 11 \u2018Joint arrangements\u2019 and determined them to be joint ventures. These assessments required the exercise of judgement as set out in Note 13. APMs \u2013 Adjusting items Adjusting items relate to certain costs or incomes that derive from events or transactions that fall within the normal activities of the Group but which, individually or, if of a similar type, in aggregate, are excluded from the Group\u2019s APMs by virtue of their size and nature in order to provide a helpful alternative perspective of the year-on-year trends, performance and position of the Group\u2019s trading business that is more comparable over time. This alternative view is consistent with how management views the business, and how it is reported internally to the Board and Executive Committee for performance analysis, planning, reporting, decision-making and incentive-setting purposes. Management exercises judgement in determining the adjustments to apply to IFRS measurements, and this assessment covers the nature of the item, cause of occurrence and the scale of impact of that item on reported performance and individual financial statement line items, as well as consistency with prior periods. Reversals of previous adjusting items are assessed based on the same criteria to ensure an even-handed treatment of gains and losses. The amount and timing of adjusting items can be unpredictable and subject to a higher level of scrutiny by users of the accounts. Adjusting items can include, but are not limited to: litigation costs; impairment charges and reversals; property transactions such as disposals; amortisation of acquired intangibles; changes in uncertain tax positions; restructuring and redundancy costs; profits or losses on disposal of businesses; net pension finance income/(costs); and fair value remeasurements of financial instruments. The tax effect of such items is also classified as adjusting. The Group income statement is presented in a columnar format to enable users of the accounts to see the Group\u2019s performance before adjusting items, the adjusting items, and the statutory total on a line-by-line basis. An analysis of the adjusting items included in the Group income statement, together with the impact of these items on the Group cash flow statement, is disclosed in Note 4. Refer to pages 207 to 212 for further details on the Group\u2019s APMs. Note 1 Accounting policies, judgements and estimates continued Key sources of estimation uncertainty The key assumptions about the future, and other key sources of estimation uncertainty at the reporting period end, that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below: Post-employment benefit obligations The present value of post-employment benefit obligations is determined on an actuarial basis using various assumptions, including the discount rate, inflation rate and mortality assumptions. Any changes in these assumptions will impact the carrying amount as well as the net pension finance cost/(income). Key assumptions and sensitivities for post-employment benefit obligations are disclosed in Note 29. Impairment of non-financial assets The Group evaluates goodwill and non-current assets for impairment as set out in Note 14. The key assumptions and estimates to which the recoverable amounts are most sensitive, the methodology for calculating them and sensitivities are also disclosed in Note 14. Tesco Bank ECL measurement The measurement of ECLs for Tesco Bank financial assets requires the use of complex models and significant assumptions about future macroeconomic conditions and credit behaviour, such as the likelihood of customers defaulting and the resulting losses. Key assumptions and sensitivities for Tesco Bank ECLs are disclosed in Note 27. Other significant estimates Other estimates for which management believes there is a limited risk of a material change in the amounts recognised or disclosed in the next financial year are discussed below: Commercial income Management is required to make estimates in determining the amount and timing of recognition of commercial income for some transactions with suppliers. In determining the amount of volume- related allowances recognised in any period, management estimates the probability that the Group will meet contractual target volumes, based on historical and forecast performance. There is limited estimation involved in recognising income for promotional and other allowances. Management assesses its performance against the obligations conditional on earning the income, with the income recognised either over time as the obligations are met, or recognised at the point when all obligations are met, dependent on the contractual requirements. Commercial income is recognised as a credit within cost of sales. Where the income earned relates to inventories which are held by the Group at period ends, the income is included within the cost of those inventories, and recognised in cost of sales upon sale of those inventories. Management views that the cost of inventories sold (which is inclusive of commercial income) provides a consistent and complete measure of the Group income statement impact of the overall supplier relationships. Management considers the best indicator of the estimation undertaken is by reference to commercial income balances not settled at the balance sheet date, and has therefore provided additional disclosures of commercial income amounts reflected in the Group balance sheet. Refer to Note 20 for commercial income disclosures. Clubcard points breakage Clubcard points breakage is the proportion of points that are not expected to be redeemed by customers. Management estimates breakage based on historical experience of customer redemptions, adjusted for any factors which may impact future redemption rates such as scheme changes or expected future trends in customer behaviour. Changes in breakage estimates would change the Clubcard contract liability (deferred revenue) on balance sheet (see Note 19) and the timing of revenue recognised in relation to Clubcard points. Contingent liabilities Contingent liabilities are possible obligations whose existence will be confirmed only on the occurrence or non-occurrence of uncertain future events outside the Group\u2019s control, or present obligations that are not recognised because it is not probable that a settlement will be required or the value of such a payment cannot be reliably estimated. The Group does not recognise contingent liabilities but discloses them. Refer to Note 34 for the disclosures. ",
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"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
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"fact-669": {
"value": "Note 1 Accounting policies, judgements and estimates General information Tesco PLC (the Company) is a public limited company incorporated and domiciled in England and Wales under the Companies Act 2006 (Registration number 445790). The address of the registered office is Tesco House, Shire Park, Kestrel Way, Welwyn Garden City, AL7 1GA, UK . The main activities of the Company and its subsidiaries (together, the Group) are those of retailing and retail banking and insurance services. Basis of preparation The consolidated Group financial statements have been prepared in accordance with UK-adopted IFRS. The consolidated Group financial statements are presented in Pounds Sterling, generally rounded to the nearest million. They are prepared on the historical cost basis, except for certain financial instruments, share-based payments and pension assets that have been measured at fair value. The Directors have, at the time of approving the financial statements, a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future, which reflects a period of 18 months from the date of approval of the financial statements, and have concluded that there are no material uncertainties relating to going concern. Thus they continue to adopt the going concern basis of accounting in preparing the consolidated Group financial statements. The scenarios considered as part of the going concern assessment are consistent with those used in the Longer term viability statement. Further information on the Group\u2019s strong liquidity position is given in the Group review of performance, Summary of total indebtedness section, and information on committed facilities is provided in Note 27. Unless otherwise stated, the accounting policies set out below have been applied consistently to all periods presented in these consolidated Group financial statements. New standards, interpretations and amendments effective in the current financial year have not had a material impact on the consolidated Group financial statements. The Group has not applied any standards, interpretations or amendments that have been issued but are not yet effective. IFRS 17 \u2018Insurance contracts\u2019 will become effective in the consolidated Group financial statements for the financial year ending 24 February 2024. IFRS 17 will principally impact the Group\u2019s subsidiary, Tesco Underwriting Limited (TU), which provides the insurance underwriting service for a number of the Group\u2019s general insurance products. The simplified premium allocation approach will be applied to all material insurance groups issued and reinsurance groups purchased subsequent to the acquisition of TU in May 2021. For contract groups issued prior to the acquisition date, the general model will be applied to the associated acquired claims liabilities. The presentation of some of the line items in the balance sheet and income statement may also change as a result of IFRS 17 adoption. The Group will adopt IFRS 17 retrospectively and comparatives will be restated from a transition date of 27 February 2022, with an immaterial transition adjustment to the opening equity balance at that date. The impact of the following is still under assessment: \u2013 IFRS 16 amendments \u2018Lease liability in a sale and leaseback\u2019, which will become effective in the consolidated Group financial statements for the financial year ending 22 February 2025, subject to UK endorsement. Other standards, interpretations and amendments issued but not yet effective are not expected to have a material impact on the consolidated Group financial statements. Basis of consolidation The consolidated Group financial statements consist of the financial statements of the ultimate Parent Company (Tesco PLC), all entities controlled by the Company (its subsidiaries) and the Group\u2019s share of its interests in joint ventures and associates. The financial year represents the 52 weeks ended 25 February 2023 (prior financial year 52 weeks ended 26 February 2022). For the UK and the Republic of Ireland (UK & ROI), the results are for the 52 weeks ended 25 February 2023 (prior financial year 52 weeks ended 26 February 2022). For all other operations, the results are for the calendar year ended 28 February 2023 (prior calendar year ended 28 February 2022). Subsidiaries Subsidiaries are consolidated in the Group\u2019s financial statements from the date that control commences until the date that control ceases. Intragroup balances and any unrealised gains and losses or income and expenses arising from intragroup transactions are eliminated in preparing the consolidated financial statements. Joint ventures and associates The Group\u2019s share of the results of joint ventures and associates is included in the Group income statement and Group statement of comprehensive income/(loss) using the equity method of accounting. Investments in joint ventures and associates are carried in the Group balance sheet at cost plus post-acquisition changes in the Group\u2019s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill. If the Group\u2019s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the Group does not recognise further losses, unless it has incurred obligations to do so or made payments on behalf of the joint venture or associate. Dividends received from joint ventures or associates with nil carrying value are recognised in the Group income statement as part of the Group\u2019s share of post-tax profits/(losses) of joint ventures and associates. Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the Group\u2019s interest in the entity. Revenue Revenue is income arising from the sale of goods and services in the ordinary course of the Group\u2019s activities, net of value added taxes. Revenue is recognised when performance obligations are satisfied and control has transferred to the customer. For the majority of revenue streams, there is a low level of judgement applied in determining the transaction price or the timing of transfer of control. Sale of goods The sale of goods represents the vast majority of the Group\u2019s revenue. For goods sold in store, revenue is recognised at the point of sale. For online or wholesale sales of goods, revenue is recognised on collection by, or delivery to, the customer. Revenue is reduced by a provision for expected returns (refund liability). An asset and corresponding adjustment to cost of sales is recognised for the Group\u2019s right to recover goods from customers. Clubcard (customer loyalty programme) Clubcard points issued by Tesco when a customer purchases goods are a separate performance obligation providing a material right to a future discount. The total transaction price (sales price of goods) is allocated to the Clubcard points and the goods sold based on their relative standalone selling prices, with the Clubcard points standalone price based on the value of the points to the customer, adjusted for expected redemption rates (breakage). The amount allocated to Clubcard points is deferred as a contract liability within trade and other payables. Note 1 Accounting policies, judgements and
estimates continued
Revenue is recognised as the points are redeemed by the customer.
Revenue related to breakage is recognised in line with redemptions,
subject to the variable consideration constraint (i.e. provided it is
highly probable not to result in a significant reversal of the
cumulative revenue recognised), with the remainder recognised on
expiry of the points.
Financial services
Revenue consists of interest, fees and income from the provision of
retail banking and insurance.
Interest income on financial assets that are measured at amortised
cost is determined using the effective interest rate method.
Calculation of the effective interest rate takes into account fees
receivable that are an integral part of the instrument\u2019s yield,
premiums or discounts on acquisition or issue, early redemption
fees and transaction costs. Interest income is calculated on the
gross carrying amount of a financial asset unless the financial asset
is impaired, in which case interest income is calculated on the
amortised cost, after allowance for expected credit losses (ECLs).
The majority of the fees in respect of services (credit card
interchange fees, late payment and ATM revenue) are recognised at
the point in time at which the transaction with the customer takes
place and the service is performed. For services performed over
time, payment is generally due monthly in line with the satisfaction
of performance obligations.
Refer to the Insurance section below for insurance revenue.
Commercial income
Consistent with standard industry practice, the Group has
agreements with suppliers whereby volume-related allowances,
promotional and marketing allowances and various other fees and
discounts are received in connection with the purchase of goods for
resale from those suppliers. Most of the income received from
suppliers relates to adjustments to a core cost price of a product,
and as such is considered part of the purchase price for that
product. Sometimes receipt of the income is conditional on the
Group performing specified actions or satisfying certain
performance conditions associated with the purchase of the
product. These include achieving agreed purchases or sales volume
targets and providing promotional or marketing materials and
activities or promotional product positioning. While there is no
standard industry definition, these amounts receivable from
suppliers in connection with the purchase of goods for resale are
generally termed commercial income.
Commercial income is recognised when earned by the Group, which
occurs when all obligations conditional for earning income have been
discharged, and the income can be measured reliably based on the
terms of the contract. The income is recognised as a credit within
cost of sales. Where the income earned relates to inventories which
are held by the Group at the reporting date, the income is included
within the cost of those inventories, and recognised in cost of sales
upon sale of those inventories.
Amounts due relating to commercial income are recognised within
trade and other receivables, except in cases where the Group
currently has a legally enforceable right of set-off and intends to
offset amounts due from suppliers against amounts owed to those
suppliers, in which case only the net amount receivable or payable is
recognised. Accrued commercial income is recognised within
accrued income when commercial income earned has not been
invoiced at the reporting date.
Finance income
Finance income, excluding income arising from financial services, is
recognised in the period to which it relates using the effective
interest rate method.
Finance costs
Borrowing costs are recognised in the Group income statement in
finance costs, excluding those arising from financial services, in the
period in which they occur. For Tesco Bank, finance cost on financial
liabilities is determined using the effective interest rate method and
is recognised in cost of sales.
Business combinations and goodwill
The Group accounts for all business combinations by applying the
acquisition method. All acquisition-related costs are expensed.
On acquisition, the assets (including intangible assets), liabilities and
contingent liabilities of an acquired entity are measured at their fair
values. Non-controlling interests are stated at the non-controlling
interests\u2019 proportion of the fair values of the assets and liabilities
recognised.
Goodwill arising on consolidation represents the excess of the
consideration transferred over the net fair value of the Group\u2019s
share of the net assets, liabilities and contingent liabilities of the
acquired subsidiary, joint venture or associate and the fair value of
the non-controlling interest in the acquiree. If the consideration is
less than the fair value of the Group\u2019s share of the net assets,
liabilities and contingent liabilities of the acquired entity (i.e. a bargain
purchase), the difference is credited to the Group income statement
in the period of acquisition.
At the acquisition date of a subsidiary, goodwill acquired is
recognised as an asset and is allocated to each of the cash-
generating units or groups of cash-generating units expected to
benefit from the business combination\u2019s synergies and to the lowest
level at which management monitors the goodwill. Goodwill arising
on the acquisition of joint ventures and associates is included within
the carrying value of the investment. On disposal of a subsidiary, joint
venture or associate, the attributable amount of goodwill is included
in the determination of the profit or loss on disposal.
Where the Group obtains control of a joint venture or associate, the
Group\u2019s previously held interest in the acquired entity is remeasured
to its acquisition date fair value and the resulting gain or loss, if any,
is recognised in the Group income statement.
Cloud software licence agreements
Licence agreements to use cloud software are treated as service
contracts and expensed in the Group income statement, unless
the Group has both a contractual right to take possession of the
software at any time without significant penalty, and the ability to run
the software independently of the host vendor. In such cases, the
licence agreement is capitalised as software within intangible assets.
Costs to configure or customise a cloud software licence are
expensed alongside the related service contract in the Group
income statement, unless they create a separately identifiable
resource controlled by the Group, in which case they are capitalised.
Intangible assets
Intangible assets, such as software, acquired customer relationships
and pharmacy licences, are measured initially at acquisition cost
or costs incurred to develop the asset. Intangible assets acquired in
a business combination are recognised at fair value at the
acquisition date.
Following initial recognition, intangible assets with finite useful lives
are carried at cost less accumulated amortisation and accumulated
impairment losses. They are amortised on a straight-line basis over
their estimated useful lives of three to 10 years for software and up
to 10 years for customer relationships. Intangible assets with
indefinite useful lives, such as pharmacy licences, are not amortised
and are carried at cost less accumulated impairment losses.
Research costs are expensed as incurred. Development expenditure
incurred on an individual project is capitalised only if specific
criteria are met.
Property, plant and equipment
Property, plant and equipment is carried at cost less accumulated
depreciation and any recognised impairment in value. Property, plant
and equipment is depreciated on a straight-line basis to its residual
value over its anticipated useful economic life:
\u2013 freehold buildings \u2013 10 to 40 years; and
\u2013 fixtures and fittings, office equipment and motor vehicles \u2013 three
to 20 years.
Impairment of non-financial assets
Goodwill is reviewed for impairment at least annually by assessing the
recoverable amount of each cash-generating unit, or group of cash-
generating units, to which the goodwill relates. For all other non-
financial assets (including other intangible assets, property, plant
and equipment, right of use assets and investment property) the
Group performs impairment testing where there are indicators of
impairment. Where the asset does not generate cash flows that
are independent from other assets, the Group estimates the
recoverable amount of the cash-generating unit to which the
asset belongs.
The recoverable amount is the higher of fair value less costs of
disposal, and value in use. When the recoverable amount is less
than the carrying amount, an impairment loss is recognised
immediately in the Group income statement.
Goodwill impairments are not subsequently reversed. Where an
impairment loss on other non-financial assets subsequently
reverses, the carrying amount of the asset (or cash-generating unit)
is increased to the revised estimate of the recoverable amount, but
so that the increased carrying amount does not exceed the carrying
amount that would have been determined if no impairment loss had
been recognised for the asset (or cash-generating unit) in prior
years. A reversal of an impairment loss is recognised immediately as
a credit to the Group income statement.
Inventories
Inventories comprise goods and development properties held for
resale. Inventories are valued at the lower of cost and net realisable
value using the weighted average cost basis. Directly attributable
costs and incomes (including applicable commercial income) are
included in the cost of inventories.
Cash and cash equivalents
Cash and cash equivalents in the Group balance sheet consist of
cash at bank and on hand, credit and debit card receivables, demand
deposits with banks and short-term highly liquid investments with an
original maturity of three months or less, for example short-term
deposits, loans and advances to banks, commercial paper and
certificates of deposit. Cash and cash equivalents in the Group cash
flow statement also include overdrafts repayable on demand as they
form an integral part of the Group\u2019s cash management.
Non-current assets held for sale and discontinued
operations
Non-current assets (or disposal groups) are classified as assets held
for sale when their carrying amount is to be recovered principally
through a sale transaction and a sale is considered highly probable.
They are stated at the lower of carrying amount and fair value less
costs to sell.
The net results of discontinued operations are presented separately
in the Group income statement (and the comparatives restated).
Leases
The Group assesses whether a contract is, or contains, a lease at
inception of the contract. A lease conveys the right to direct the use
and obtain substantially all of the economic benefits of an identified
asset for a period of time in exchange for consideration.
The Group as a lessee
A right of use asset and corresponding lease liability are recognised
at commencement of the lease.
The lease liability is measured at the present value of the lease
payments, discounted at the rate implicit in the lease, or if that
cannot be readily determined, at the lessee\u2019s incremental borrowing
rate specific to the term, country, currency and start date of the
lease. Lease payments include: fixed payments; variable lease
payments dependent on an index or rate, initially measured using
the index or rate at commencement; the exercise price under a
purchase option if the Group is reasonably certain to exercise;
penalties for early termination if the lease term reflects the Group
exercising a break option; and payments in an optional renewal
period if the Group is reasonably certain to exercise an extension
option or not exercise a break option.
The lease liability is subsequently measured at amortised cost
using the effective interest rate method. It is remeasured, with a
corresponding adjustment to the right of use asset, when there is a
change in future lease payments resulting from a rent review, change
in an index or rate such as inflation, or change in the Group\u2019s
assessment of whether it is reasonably certain to exercise a
purchase, extension or break option.
The right of use asset is initially measured at cost, comprising: the
initial lease liability; any lease payments already made less any lease
incentives received; initial direct costs; and any dilapidation or
restoration costs. The right of use asset is subsequently depreciated
on a straight-line basis over the shorter of the lease term or the
useful life of the underlying asset. The right of use asset is tested
for impairment if there are any indicators of impairment.
Leases of low value assets (value when new less than \u00a35,000)
and short-term leases of 12 months or less are expensed to the
Group income statement, as are variable payments dependent on
performance or usage, \u2018out of contract\u2019 payments and non-lease
service components.
The Group as a lessor
Leases are classified as finance leases whenever the terms of the
lease transfer substantially all the risks and rewards of ownership to
the lessee. All other leases are classified as operating leases. Where
the Group is an intermediate lessor, the sublease classification is
assessed with reference to the head lease right of use asset.
Amounts due from lessees under finance leases are recorded as
receivables at the amount of the Group\u2019s net investment in the
lease. Finance lease income is allocated to accounting periods so
as to reflect a constant periodic rate of return on the Group\u2019s net
investment in the lease. Rental income from operating leases is
recognised on a straight-line basis over the term of the lease.
Sale and leaseback
A sale and leaseback transaction is where the Group sells an asset
and immediately reacquires the use of the asset by entering into a
lease with the buyer. A sale occurs when control of the underlying
asset passes to the buyer. A lease liability is recognised, the
associated property, plant and equipment asset is derecognised, and
a right of use asset is recognised at the proportion of the carrying
value relating to the right retained. Any gain or loss arising relates to
the rights transferred to the buyer.
In the Group cash flow statement, sale and leaseback proceeds
received are classified as investing cash flows, unless the proceeds
exceed the fair value of the asset sold, in which case the excess
proceeds are classified as financing cash flows.
Property buybacks
A property buyback is where a property that is currently leased is
bought back from the landlord. Property buybacks that are a direct
purchase of the underlying asset, outside of a corporate wrapper,
are viewed as the modification of the lease to include a purchase
option, followed by the immediate exercise of that purchase option.
The lease liability is settled and the right of use asset forms part of
the cost of the property, plant and equipment acquired, and no
gain or loss is recognised in the Group income statement from the
property buyback.
Note 1 Accounting policies, judgements and
estimates continued
Property buybacks inside a corporate wrapper (such as a special
purpose vehicle or joint venture structure) that do not meet the
definition of a business combination are asset acquisitions. The cost
of the asset acquisition includes the cash consideration paid and the
carrying values of pre-existing lease contracts and any previously
held interests. No gain or loss is recognised in the Group income
statement from the property buyback.
In the Group cash flow statement, property buyback net proceeds
paid are classified as investing cash flows, unless the proceeds
exceed the incremental asset purchased (difference between
property, plant and equipment recognised and right of use asset
derecognised), in which case the excess proceeds are classified
as financing cash flows.
Post-employment obligations
For defined benefit plans, obligations are measured at discounted
present value (using the projected unit credit method) and plan
assets are recorded at fair value.
The operating and financing costs of such plans are recognised
separately in the Group income statement; service costs are spread
systematically over the expected service lives of employees and
financing costs are recognised in the periods in which they arise.
Actuarial gains and losses are recognised immediately in the Group
statement of comprehensive income/(loss).
Payments to defined contribution schemes are recognised as an
expense as they fall due.
Share-based payments
The fair value of employee share option plans, which are equity-
settled, is calculated at the grant date using the Black-Scholes
model. The resulting cost is charged to the Group income statement
over the vesting period. The value of the charge is adjusted to reflect
expected and actual levels of vesting.
Taxation
The tax expense included in the Group income statement consists of
current and deferred tax.
Current tax is the expected tax payable on the taxable income for
the financial year, using tax rates enacted or substantively enacted
by the balance sheet date. Tax expense is recognised in the Group
income statement except to the extent that it relates to items
recognised in the Group statement of comprehensive income/(loss)
or directly in the Group statement of changes in equity, in which
case it is recognised in the Group statement of comprehensive
income/(loss) or directly in the Group statement of changes in
equity, respectively.
Deferred tax is provided using the balance sheet liability method,
providing for temporary differences between the carrying amounts
of assets and liabilities for financial reporting purposes and the
amounts used for taxation purposes.
Deferred tax is calculated at the tax rates that are expected to apply
in the period when the liability is settled or the asset realised based
on the tax rates that have been enacted or substantively enacted by
the balance sheet date. Deferred tax is charged or credited in the
Group income statement, except when it relates to items charged or
credited directly to the Group statement of changes in equity or the
Group statement of comprehensive income/(loss), in which case the
deferred tax is also recognised in equity, or other comprehensive
income, respectively.
Deferred tax assets are recognised to the extent that it is probable
that taxable profits will be available against which deductible
temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each
balance sheet date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow all or
part of the assets to be recovered.
Deferred tax assets and liabilities are offset against each other when
there is a legally enforceable right to set off current tax assets
against current tax liabilities and they relate to income taxes levied by
the same taxation authority on either the same taxable entity or
different taxable entities which intend to settle current tax assets
and liabilities on a net basis.
Tax provisions are recognised for uncertain tax positions where a risk
of an additional tax liability has been identified and it is probable that
the Group will be required to settle that tax. Measurement is
dependent on management\u2019s expectation of the outcome of
decisions by tax authorities in the various tax jurisdictions in which
the Group operates. This is assessed on a case-by-case basis using
in-house tax experts, professional firms and previous experience.
Refer to Note 6.
Foreign currencies
The consolidated financial statements are presented in Pounds
Sterling, which is the ultimate Parent Company\u2019s functional currency.
Transactions in foreign currencies are translated to the functional
currency at the exchange rate on the date of the transaction.
At each balance sheet date, monetary assets and liabilities that are
denominated in foreign currencies are retranslated to the functional
currency at the rates prevailing at the balance sheet date. Exchange
differences are recognised in the Group income statement in the
period in which they arise, apart from exchange differences on
transactions entered into to hedge certain foreign currency risks,
and exchange differences on monetary items forming part of the net
investment in a foreign operation.
The assets and liabilities of the Group\u2019s foreign operations are
translated into Pounds Sterling at exchange rates prevailing at the
balance sheet date. Profits and losses are translated at average
exchange rates for the relevant accounting periods. Exchange
differences arising are recognised in the Group statement of
comprehensive income/(loss) and are included in the Group\u2019s
translation reserve. Such translation differences are recognised
as income or expenses in the period in which the operation is
disposed of.
Goodwill and fair value adjustments arising on the acquisition of a
foreign entity are treated as assets and liabilities of the foreign entity
and translated at the closing rate.
Financial instruments
Financial assets and financial liabilities are recognised in the Group
balance sheet when the Group becomes a party to the contractual
provisions of the instrument. Financial assets are classified as either
fair value through profit or loss, fair value through other
comprehensive income, or amortised cost. Classification and
subsequent remeasurement depends on the Group\u2019s business
model for managing the financial asset and its cash flow
characteristics. Financial assets that are held for collection of
contractual cash flows, where those cash flows represent solely
payments of principal and interest, are measured at amortised cost.
All other financial assets are measured at fair value.
Trade receivables
Trade receivables are non interest-bearing and are recognised
initially at fair value, or at transaction price if there is not a significant
financing component. They are subsequently held at amortised cost
using the effective interest rate method, less allowance for ECLs.
Investments
Investments in debt instruments at amortised cost are measured at
amortised cost, using the effective interest rate method less
allowance for ECLs.
Gains and losses on investments in debt instruments held at fair
value through other comprehensive income are recognised
directly in other comprehensive income, except for impairment
gains and losses, interest income and foreign exchange gains and
losses, which are recognised in the Group income statement.
When the debt instrument is derecognised, cumulative amounts
in other comprehensive income are reclassified to the Group
income statement.
Investments in equity instruments have been irrevocably designated
at fair value through other comprehensive income. Gains and losses
arising from changes in fair value are recognised directly in other
comprehensive income, and are not subsequently reclassified to the
Group income statement, including on derecognition. Impairment
losses are not recognised separately from other changes in fair
value. Dividends are recognised in the Group income statement
when the Group\u2019s right to receive payment is established.
Property fund and other investments held at fair value through profit
or loss are measured at fair value, with changes in fair value
recognised in the Group income statement.
Short-term investments
Short-term investments are liquid financial assets which have an
original maturity of 12 months or less. Short-term investments are
typically readily available for conversion to cash, but do not meet the
criteria for classification as cash equivalents because either their
maturity is greater than three months, for example short-term
deposits, reverse repurchase agreements, commercial paper and
certificates of deposit, or the risk of changes in value is more than
insignificant, for example money market funds.
Loans and advances to customers
Loans and advances are initially recognised at fair value plus directly
related transaction costs. Subsequent to initial recognition, these
assets are carried at amortised cost using the effective interest
method less any allowance for ECLs.
Impairment of financial assets
The Group assesses on a forward-looking basis the ECLs associated
with its financial assets carried at amortised cost and fair value
through other comprehensive income. The ECLs are updated at
each reporting date to reflect changes in credit risk.
The three-stage model for impairment has been applied to loans and
advances to customers, investments in debt instruments at
amortised cost, investments in debt instruments at fair value
through other comprehensive income, short-term investments and
loan receivables from joint ventures and associates. The credit risk is
determined through modelling a range of possible outcomes for
different loss scenarios, using reasonable and supportable
information about past events, current conditions and forecasts of
future events and economic conditions and taking into account the
time value of money. A 12-month ECL is recognised, unless the credit
risk on the financial asset increases significantly after initial
recognition, when the lifetime ECL is recognised. The expected
lifetime of a financial asset is generally the contractual term.
For trade receivables, contract assets and lease receivables, the
Group applies the simplified approach permitted by IFRS 9 \u2018Financial
instruments\u2019, with lifetime ECLs recognised from initial recognition of
the receivable. These assets are grouped, based on shared credit
risk characteristics and days past due, with ECLs for each grouping
determined based on the Group\u2019s historical credit loss experience,
adjusted for factors specific to each receivable, general economic
conditions and expected changes in forecast conditions.
No ECL is recognised for loans and advances to banks due to the
short-term nature of these balances, the frequency of origination
and settlement of balances and taking account of collateral held.
Interest-bearing borrowings
Interest-bearing bank loans and overdrafts are initially recorded at
fair value, net of attributable transaction costs. Subsequent to initial
recognition, interest-bearing borrowings are stated at amortised
cost with any difference between proceeds and redemption value
being recognised in the Group income statement over the period of
the borrowings on an effective interest basis.
Trade payables
Trade payables are non interest-bearing and are recognised initially
at fair value and subsequently measured at amortised cost using the
effective interest method.
Equity instruments
Equity instruments issued by the Group are recorded at the
proceeds received, net of direct issue costs.
Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge its
exposure to foreign exchange, inflation, interest rate and commodity
risks arising from operating, financing and investing activities.
The Group 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 Group income statement. Where derivatives qualify for hedge
accounting, recognition of any resultant gain or loss depends on the
nature of the hedge relationship and the item being hedged.
At inception of designated hedging relationships, the Group
documents the risk management objective and strategy for
undertaking the hedge, the nature of the risks being hedged and
the economic relationship between the item being hedged and the
hedging instrument, including whether the change in cash flows of
the hedged item and hedging instrument are expected to offset
each other.
As permitted under IFRS 9, the Group has elected to continue
to apply the existing hedge accounting requirements of IAS 39
\u2018Financial instruments: Recognition and measurement\u2019 for its
portfolio hedge accounting until a new macro hedge accounting
standard is implemented.
Derivative financial instruments with maturity dates of more than
one year from the reporting date are disclosed as non-current.
Fair value hedging
Derivative financial instruments are classified as fair value hedges
when they hedge the Group\u2019s exposure to changes in the fair
value of a recognised asset or liability. Changes in the fair value of
derivatives that are designated as fair value hedges are recognised
in the Group income statement within finance income or costs,
together with any changes in the fair value of the hedged item that
is attributable to the hedged risk.
If the hedge no longer meets the criteria for hedge accounting, the
adjustment to the carrying amount of a hedged item is amortised to
the Group income statement over the remaining period to maturity.
Cash flow hedging
Derivative financial instruments are classified as cash flow hedges
when they hedge the Group\u2019s exposure to variability in cash flows
that is 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 designated as the hedging instrument
is recognised directly in other comprehensive income and
accumulated in the hedging reserve. Any cost of hedging, such as the
change in fair value related to forward points and currency basis
adjustment, is separately accumulated in the cost of hedging
reserve. The ineffective element is recognised immediately in the
Group income statement within finance income or costs.
Note 1 Accounting policies, judgements and
estimates continued
Where the hedged item subsequently results in the recognition of a
non-financial asset such as inventory, the amounts accumulated in
the hedging reserve and cost of hedging reserve are included in the
initial cost of the asset. For all other cash flow hedges, the amounts
accumulated in the hedging reserve and cost of hedging reserve are
recognised in the Group income statement when the hedged item or
transaction affects the Group income statement.
Hedge accounting is discontinued when the hedging instrument
expires or is sold, terminated or exercised or no longer meets the
Group\u2019s risk management objective. The cumulative gain or loss in
the hedging reserve and cost of hedging reserve remains until the
forecast transaction occurs or the original hedged item affects the
Group income statement.
If a forecast hedged transaction is no longer expected to occur, the
cumulative gain or loss in the hedging reserve and cost of hedging
reserve is reclassified to the Group income statement.
Net investment hedging
Financial instruments are classified as net investment hedges when
they hedge the Group\u2019s net investment in an overseas operation.
The effective element of any foreign exchange gain or loss from
remeasuring the instrument is recognised directly in other
comprehensive income and accumulated in the translation reserve
in equity. Any ineffective element is recognised immediately in the
Group income statement. Gains and losses accumulated in the
translation reserve are reclassified to the Group income statement
when the foreign operation is disposed of.
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount
reported in the Group balance sheet when there is a current legally
enforceable right to offset the recognised amounts and there is an
intention to settle on a net basis or realise the asset and settle the
liability simultaneously.
Provisions
Provisions are measured at the present value of the expenditures
expected to be required to settle the obligation using a pre-tax
discount rate that reflects current market assessments of the time
value of money and the risks specific to the obligation. The increase
in the provision due to passage of time is recognised as interest
expense. Provisions for onerous contracts are recognised when the
Group believes that the unavoidable costs of meeting or exiting the
contract exceed the economic benefits expected to be received
under the contract.
Supplier financing arrangements
Suppliers can choose whether to access supplier financing
arrangements, which are provided by different third-party banks
in different countries. Commercial requirements, including payment
terms or the price paid for goods, do not depend on whether a
supplier chooses to access such arrangements. The arrangements
support the Group\u2019s suppliers by giving them the option to
access funding early, often at a lower cost than they could
obtain themselves.
Under the arrangements, suppliers may choose to access payment
early rather than on the Group\u2019s normal payment terms, at a
funding cost to the supplier that is set by the provider banks but
based on Tesco\u2019s credit risk and the appropriate country risk
premium. If suppliers choose not to access early payment, the
provider banks pay the suppliers on the Group\u2019s normal payment
terms. The Group pays the provider banks on the Group\u2019s normal
payment terms, regardless of whether the supplier has chosen to
access funding early.
Management reviews supplier financing arrangements to determine
the appropriate presentation of balances outstanding as trade
payables or borrowings, dependent on the nature of each
arrangement. Factors considered in determining the appropriate
presentation include the commercial rationale for the arrangement,
impact on the Group\u2019s working capital positions, credit
enhancements or other benefits provided to the bank and
recourse exposures.
Balances outstanding under current supplier financing arrangements
are classified as trade payables, and cash flows are included in
operating cash flows, since the financing arrangements are agreed
between the supplier and the banks, and the Group does not provide
additional credit enhancement nor obtain any working capital benefit
from the arrangements. Refer to Note 19.
Insurance
Prior to the acquisition of TU on 4 May 2021, the Group generated
commission from the sale and service of motor and home insurance
policies underwritten by TU. Following the acquisition, these
amounts represent intercompany transactions which are fully
eliminated in the Group income statement. The Group also
generated commission from the sale and service of motor and home
insurance policies underwritten by a third-party underwriter until
August 2021, when the Group brought in-house the writing of home
and motor insurance policies which were previously underwritten
through its broker panel. Commission was based on commission
rates which were independent of the profitability of underlying
insurance policies. Similar commission income is also generated from
the sale of white label insurance products underwritten by other
third-party providers. This commission income is recognised on a
net basis as such policies are sold.
In the case of some commission income on insurance policies
managed and underwritten by a third party, the Group recognises
commission income from policy renewals as such policies are sold.
This is when the Group has satisfied all of its performance obligations
in relation to the policy sold and it is considered highly probable that
a significant reversal in the amount of revenue recognised will not
occur in future periods. This calculation takes into account both
estimates of future renewal volumes and renewal commission rates.
A contract asset is recognised in relation to this revenue. This is
unwound over the remainder of the contract with the customer,
in this case being the third-party insurance provider.
The end policyholders have the right to cancel an insurance policy at
any time. Therefore, a contract liability is recognised for the amount
of any expected refunds due and the revenue recognised in relation
to these sales is reduced accordingly. This contract refund liability is
estimated using prior experience of customer refunds. The
appropriateness of the assumptions used in this calculation is
reassessed at each reporting date.
Classification of insurance contracts
Contracts under which the Group accepts significant insurance risk
from another party (the policyholder) by agreeing to compensate the
policyholder or other beneficiary if a specified uncertain future event
(the insured event) adversely affects the policyholder or other
beneficiary are classified as insurance contracts. These contracts
remain insurance contracts until all rights and obligations are
extinguished or expire. Insurance contracts may also transfer
some financial risk.
Insurance income
Gross written premiums comprise premiums on contracts entered
into during the year, irrespective of whether they relate in whole or
in part to a later accounting period, and exclude tax and levies.
The earned portion of premiums written is recognised as revenue.
Premiums are earned from the date of attachment of risk, over the
indemnity period, based on the pattern of risks underwritten.
Insurance claims
Claims and claims handling expenses are recognised as incurred,
based on the estimated cost of settling all liabilities arising on events
occurring up to the balance sheet date.
Reinsurance
The Group cedes reinsurance in the normal course of business for
the purpose of limiting its net loss potential through the
diversification of its risks. Reinsurance arrangements, including
quota share, excess of loss and adverse development cover
contracts, do not relieve the Group from its direct obligations to its
policyholders. Only contracts that give rise to a significant transfer of
insurance risk are accounted for as reinsurance contracts. Amounts
recoverable under such contracts are generally recognised in the
same year as the related claim. Contracts that do not transfer
significant insurance risk (i.e. financial reinsurance) are accounted
for as financial instruments.
Reinsurance assets include balances due from reinsurance
companies for reinsurance claims. Amounts recoverable from
reinsurers are estimated in a manner consistent with the
outstanding claims provision or settled claims associated with the
reinsured policy. The earned portion of reinsurance premiums
(insurance premium income ceded to reinsurers) is recognised as
reinsurance premium expense. The provision for unearned
reinsurance premiums comprises the element of reinsurance
premiums relating to services to be received in future years.
Amounts recoverable under reinsurance contracts are assessed for
impairment at each year-end date. Such assets are deemed
impaired if there is objective evidence, as a result of an event that
occurred after initial recognition, that the Group may not recover all
amounts due and that the event has a reliably measurable impact on
the amounts that the Group will receive from the reinsurer.
Provision for outstanding claims
The provision for outstanding claims represents the Group\u2019s
estimate of the ultimate cost of settling all claims incurred but
unpaid at the reporting date whether reported or not, and related
internal and external claims handling expenses. Claims outstanding
are assessed by reviewing individual claims data and making an
allowance for claims incurred but not yet reported, adjusted for the
effect of both internal and external foreseeable events, such as
changes in claims handling procedures, inflation, judicial trends,
substantively enacted legislative changes and past experience and
trends. Reinsurance and other recoveries are assessed in a manner
similar to the claims outstanding and presented separately as assets.
Unearned premium and unexpired risk provision
The provision for unearned premiums comprises the proportion of
gross premiums written, which is estimated to be earned in the
following or subsequent accounting periods, calculated separately
for each insurance contract using the daily pro rata method,
adjusted if necessary to reflect any variation in the incidence of risk
during the period covered by the contract. Where the value of
expected claims and expenses attributable to unexpired periods of
policies in force exceeds the unearned premium provision, a further
provision is made, calculated by reference to classes of business
which are managed together.
Alternative performance measures (APMs)
In the reporting of financial information, the Directors have adopted
various APMs. Refer to the Glossary for a full list of the Group\u2019s
APMs, including comprehensive definitions, their purpose,
reconciliations to IFRS measures and details of any changes to APMs.
Judgements and sources of estimation uncertainty
The preparation of the consolidated Group financial statements
requires management to make judgements, estimates and
assumptions in applying the Group\u2019s accounting policies to
determine the reported amounts of assets, liabilities, income and
expenses. The estimates and associated assumptions are based on
historical experience and various other factors that are believed to
be reasonable under the circumstances. Actual results may differ
from these estimates. The estimates and underlying assumptions are
reviewed on an ongoing basis, with revisions to accounting estimates
applied prospectively.
Critical accounting judgements
Critical judgements, apart from those involving estimations, that are
applied in the preparation of the consolidated Group financial
statements are discussed below:
Leases
Management exercises judgement in determining the likelihood of
exercising break or extension options in determining the lease term.
Break and extension options are included to provide operational
flexibility should the economic outlook for an asset be different to
expectations, and hence at commencement of the lease, break or
extension options are not typically considered reasonably certain to
be exercised, unless there is a valid business reason otherwise.
The discount rate used to calculate the lease liability is the rate
implicit in the lease, if it can be readily determined, or the lessee\u2019s
incremental borrowing rate if not. Management uses the rate implicit
in the lease where the lessor is a related party (such as leases from
joint ventures) and the lessee\u2019s incremental borrowing rate for all
other leases. Incremental borrowing rates are determined monthly
and depend on the term, country, currency and start date of the
lease. The incremental borrowing rate is determined based on a
series of inputs including: the risk-free rate based on government
bond rates; a country-specific risk adjustment; a credit risk
adjustment based on Tesco bond yields; and an entity-specific
adjustment where the entity risk profile is different to that of
the Group.
Refer to Note 12 for additional disclosures relating to leases.
Joint ventures and associates
The Group has assessed the nature of its joint arrangements under
IFRS 11 \u2018Joint arrangements\u2019 and determined them to be joint
ventures. These assessments required the exercise of judgement
as set out in Note 13.
APMs \u2013 Adjusting items
Adjusting items relate to certain costs or incomes that derive from
events or transactions that fall within the normal activities of the
Group but which, individually or, if of a similar type, in aggregate,
are excluded from the Group\u2019s APMs by virtue of their size and
nature in order to provide a helpful alternative perspective of the
year-on-year trends, performance and position of the Group\u2019s
trading business that is more comparable over time. This alternative
view is consistent with how management views the business, and
how it is reported internally to the Board and Executive Committee
for performance analysis, planning, reporting, decision-making and
incentive-setting purposes.
Management exercises judgement in determining the adjustments to
apply to IFRS measurements, and this assessment covers the nature
of the item, cause of occurrence and the scale of impact of that
item on reported performance and individual financial statement
line items, as well as consistency with prior periods. Reversals of
previous adjusting items are assessed based on the same criteria to
ensure an even-handed treatment of gains and losses. The amount
and timing of adjusting items can be unpredictable and subject to a
higher level of scrutiny by users of the accounts. Adjusting items can
include, but are not limited to: litigation costs; impairment charges
and reversals; property transactions such as disposals; amortisation
of acquired intangibles; changes in uncertain tax positions;
restructuring and redundancy costs; profits or losses on disposal
of businesses; net pension finance income/(costs); and fair value
remeasurements of financial instruments. The tax effect of such
items is also classified as adjusting.
The Group income statement is presented in a columnar format
to enable users of the accounts to see the Group\u2019s performance
before adjusting items, the adjusting items, and the statutory total
on a line-by-line basis. An analysis of the adjusting items included in
the Group income statement, together with the impact of these
items on the Group cash flow statement, is disclosed in Note 4.
Refer to pages 207 to 212 for further details on the Group\u2019s APMs.
Note 1 Accounting policies, judgements and
estimates continued
Key sources of estimation uncertainty
The key assumptions about the future, and other key sources of
estimation uncertainty at the reporting period end, that may have a
significant risk of causing a material adjustment to the carrying
amount of assets and liabilities within the next financial year are
discussed below:
Post-employment benefit obligations
The present value of post-employment benefit obligations is
determined on an actuarial basis using various assumptions,
including the discount rate, inflation rate and mortality assumptions.
Any changes in these assumptions will impact the carrying amount
as well as the net pension finance cost/(income). Key assumptions
and sensitivities for post-employment benefit obligations are
disclosed in Note 29.
Impairment of non-financial assets
The Group evaluates goodwill and non-current assets for impairment
as set out in Note 14. The key assumptions and estimates to which
the recoverable amounts are most sensitive, the methodology for
calculating them and sensitivities are also disclosed in Note 14.
Tesco Bank ECL measurement
The measurement of ECLs for Tesco Bank financial assets requires
the use of complex models and significant assumptions about future
macroeconomic conditions and credit behaviour, such as the
likelihood of customers defaulting and the resulting losses.
Key assumptions and sensitivities for Tesco Bank ECLs are
disclosed in Note 27.
Other significant estimates
Other estimates for which management believes there is a limited
risk of a material change in the amounts recognised or disclosed in
the next financial year are discussed below:
Commercial income
Management is required to make estimates in determining the
amount and timing of recognition of commercial income for some
transactions with suppliers. In determining the amount of volume-
related allowances recognised in any period, management estimates
the probability that the Group will meet contractual target volumes,
based on historical and forecast performance. There is limited
estimation involved in recognising income for promotional and
other allowances.
Management assesses its performance against the obligations
conditional on earning the income, with the income recognised
either over time as the obligations are met, or recognised at the
point when all obligations are met, dependent on the contractual
requirements. Commercial income is recognised as a credit within
cost of sales. Where the income earned relates to inventories which
are held by the Group at period ends, the income is included within
the cost of those inventories, and recognised in cost of sales upon
sale of those inventories. Management views that the cost of
inventories sold (which is inclusive of commercial income) provides a
consistent and complete measure of the Group income statement
impact of the overall supplier relationships.
Management considers the best indicator of the estimation
undertaken is by reference to commercial income balances not
settled at the balance sheet date, and has therefore provided
additional disclosures of commercial income amounts reflected in
the Group balance sheet. Refer to Note 20 for commercial income
disclosures.
Clubcard points breakage
Clubcard points breakage is the proportion of points that are not
expected to be redeemed by customers. Management estimates
breakage based on historical experience of customer redemptions,
adjusted for any factors which may impact future redemption rates
such as scheme changes or expected future trends in customer
behaviour. Changes in breakage estimates would change the
Clubcard contract liability (deferred revenue) on balance sheet (see
Note 19) and the timing of revenue recognised in relation to Clubcard
points.
Contingent liabilities
Contingent liabilities are possible obligations whose existence will be
confirmed only on the occurrence or non-occurrence of uncertain
future events outside the Group\u2019s control, or present obligations
that are not recognised because it is not probable that a settlement
will be required or the value of such a payment cannot be reliably
estimated. The Group does not recognise contingent liabilities but
discloses them. Refer to Note 34 for the disclosures.
Note 2 Segmental reporting The Group\u2019s operating segments are determined based on the Group\u2019s internal reporting to the Chief Operating Decision Maker (CODM). The CODM has been determined to be the Group Chief Executive, with support from the Executive Committee, as the function primarily responsible for the allocation of resources to segments and assessment of performance of the segments. The principal activities of the Group are presented in the following segments: \u2013 Retailing and associated activities (Retail) in: \u2013 UK & ROI \u2013 the United Kingdom and Republic of Ireland; and \u2013 Central Europe \u2013 Czech Republic, Hungary and Slovakia. \u2013 Retail banking and insurance services through Tesco Bank in the UK (Tesco Bank). This presentation reflects how the Group\u2019s operating performance is reviewed internally by management. The CODM uses adjusted operating profit, as reviewed at monthly Executive Committee meetings, as the key measure of the segments\u2019 results as it reflects the segments\u2019 trading performance that aids comparability over time for the financial year under evaluation. Adjusted operating profit is a consistent measure within the Group as defined within the Glossary. Refer to Note 4 for adjusting items. Inter-segment revenue between the segments is not material. Income statement The segment results and the reconciliation of the segment measures to the respective statutory items included in the Group income statement are as follows: 52 weeks ended 25 February 2023 At constant exchange rates UK & ROI \u00a3m Central Europe \u00a3m Total Retail at constant exchange \u00a3m Tesco Bank \u00a3m Total at constant exchange \u00a3m Foreign exchange \u00a3m Total at actual exchange \u00a3m Continuing operations Revenue 60,214 4,468 64,682 1,106 65,788 (26) 65,762 Less: Fuel sales (7,877) (222) (8,099) \u2013 (8,099) (7) (8,106) APM: Sales 52,337 4,246 56,583 1,106 57,689 (33) 57,656 Adjusted operating profit 2,307 174 2,481 143 2,624 6 2,630 Adjusting items (Note 4) (1,058) (33) (1,091) (11) (1,102) (3) (1,105) Operating profit 1,249 141 1,390 132 1,522 3 1,525 Adjusted operating margin 3.8% 3.9% 3.8% 12.9% 4.0% 4.0% 52 weeks ended 25 February 2023 At actual exchange rates UK & ROI \u00a3m Central Europe \u00a3m Total Retail \u00a3m Tesco Bank \u00a3m Total at actual exchange \u00a3m Continuing operations Revenue 60,246 4,410 64,656 1,106 65,762 Less: Fuel sales (7,877) (229) (8,106) \u2013 (8,106) APM: Sales 52,369 4,181 56,550 1,106 57,656 Adjusted operating profit 2,307 180 2,487 143 2,630 Adjusting items (Note 4) (1,058) (36) (1,094) (11) (1,105) Operating profit 1,249 144 1,393 132 1,525 Adjusted operating margin 3.8% 4.1% 3.8% 12.9% 4.0% Share of post-tax profits of joint ventures and associates 8 Finance income 85 Finance costs (618) Profit before tax 1,000 Tesco Bank revenue of \u00a31,106m (2022: \u00a3922m) comprises interest and similar revenues of \u00a3540m (2022: \u00a3473m), fees and commissions revenue of \u00a3257m (2022: \u00a3210m) and insurance revenue of \u00a3309m (2022: \u00a3239m). For insurance, refer to Note 24. 52 weeks ended 26 February 2022 At actual exchange rates UK & ROI \u00a3m Central Europe \u00a3m Total Retail \u00a3m Tesco Bank \u00a3m Total at actual exchange \u00a3m Continuing operations Revenue 56,404 4,018 60,422 922 61,344 Less: Fuel sales (6,420) (156) (6,576) \u2013 (6,576) APM: Sales 49,984 3,862 53,846 922 54,768 Adjusted operating profit 2,481 168 2,649 176 2,825 Adjusting items (Note 4) (290) 25 (265) \u2013 (265) Operating profit 2,191 193 2,384 176 2,560 Adjusted operating margin 4.4% 4.2% 4.4% 19.1% 4.6% Share of post-tax profits of joint ventures and associates 15 Finance income 9 Finance costs (551) Profit before tax 2,033 Note 2 Segmental reporting continued Balance sheet The following tables showing segment assets and liabilities exclude those balances that make up net debt (cash and cash equivalents, short-term investments, joint venture loans, bank and other borrowings, lease liabilities, derivative financial instruments and net debt of the disposal group). With the exception of lease liabilities which have been allocated to each segment, and Tesco Bank net debt, all other components of net debt have been included within the unallocated segment to reflect how these balances are managed. Intercompany transactions have been eliminated other than intercompany transactions with Tesco Bank in net debt. At 25 February 2023 UK & ROI \u00a3m Central Europe \u00a3m Tesco Bank \u00a3m Unallocated \u00a3m Total continuing operations \u00a3m Discontinued operations \u00a3m Total \u00a3m Goodwill and other intangible assets 4,715 37 623 - 5,375 - 5,375 Property, plant and equipment and investment property 15,346 1,468 72 - 16,886 - 16,886 Right of use assets 5,057 433 10 - 5,500 - 5,500 Investments in joint ventures and associates 93 - - - 93 - 93 Non-current other investments 218 - 1,121 - 1,339 - 1,339 Non-current trade and other receivables (a) 44 2 25 - 71 - 71 Non-current loans and advances to customers - - 3,029 - 3,029 - 3,029 Non-current reinsurance assets - - 145 - 145 - 145 Post-employment benefit surplus 6 - - - 6 - 6 Deferred tax assets 3 22 57 - 82 - 82 Non-current assets (b) 25,482 1,962 5,082 - 32,526 - 32,526 Inventories and current trade and other receivables (c) 3,118 358 243 - 3,719 - 3,719 Current loans and advances to customers - - 4,052 - 4,052 - 4,052 Current reinsurance assets - - 72 - 72 - 72 Current other investments 6 - 347 - 353 - 353 Total trade and other payables (8,986) (595) (390) - (9,971) - (9,971) Total customer deposits and deposits from banks - - (6,750) - (6,750) - (6,750) Total insurance contract provisions - - (605) - (605) - (605) Total provisions (494) (36) (30) - (560) - (560) Deferred tax liabilities (74) (45) - - (119) - (119) Net current tax 52 (16) 9 - 45 - 45 Post-employment benefit deficit (400) - - - (400) - (400) Assets of the disposal group and non-current assets classified as held for sale 25 169 - - 194 16 210 Net debt (including Tesco Bank) (d) (7,036) (553) 151 (2,890) (10,328) (14) (10,342) Net assets 11,693 1,244 2,181 (2,890) 12,228 2 12,230 (a) Excludes non-current loans to joint ventures of \u00a38m (2022: \u00a39m), which form part of net debt. (b) Excludes derivative financial instruments of \u00a3873m (2022: \u00a3942m), which form part of net debt. (c) Excludes net interest and other receivables of \u00a38m (2022: \u00a31m), and current loans to joint ventures of \u00a398m (2022: \u00a396m), both forming part of net debt. (d) Refer to Note 32. Net debt at 25 February 2023 includes net debt of the disposal group classified as held for sale of \u00a3(14)m (2022: \u00a3(14)m). At 26 February 2022 UK & ROI \u00a3m Central Europe \u00a3m Tesco Bank \u00a3m Unallocated \u00a3m Total continuing operations \u00a3m Discontinued operations \u00a3m Total \u00a3m Goodwill and other intangible assets 4,700 31 629 \u2013 5,360 \u2013 5,360 Property, plant and equipment and investment property 15,552 1,462 68 \u2013 17,082 \u2013 17,082 Right of use assets 5,355 354 11 \u2013 5,720 \u2013 5,720 Investments in joint ventures and associates 85 1 \u2013 \u2013 86 \u2013 86 Non-current other investments 12 \u2013 1,241 \u2013 1,253 \u2013 1,253 Non-current trade and other receivables (a) 91 \u2013 59 \u2013 150 \u2013 150 Non-current loans and advances to customers \u2013 \u2013 3,141 \u2013 3,141 \u2013 3,141 Non-current reinsurance assets \u2013 \u2013 184 \u2013 184 \u2013 184 Post-employment benefit surplus 3,150 \u2013 \u2013 \u2013 3,150 \u2013 3,150 Deferred tax assets 2 19 64 \u2013 85 \u2013 85 Non-current assets (b) 28,947 1,867 5,397 \u2013 36,211 \u2013 36,211 Inventories and current trade and other receivables (c) 2,981 285 239 \u2013 3,505 \u2013 3,505 Current loans and advances to customers \u2013 \u2013 3,349 \u2013 3,349 \u2013 3,349 Current reinsurance assets \u2013 \u2013 61 \u2013 61 \u2013 61 Current other investments \u2013 \u2013 226 \u2013 226 \u2013 226 Total trade and other payables (8,343) (535) (356) \u2013 (9,234) \u2013 (9,234) Total customer deposits and deposits from banks \u2013 \u2013 (6,379) \u2013 (6,379) \u2013 (6,379) Total insurance contract provisions \u2013 \u2013 (650) \u2013 (650) \u2013 (650) Total provisions (401) (28) (37) \u2013 (466) \u2013 (466) Deferred tax liabilities (869) (41) \u2013 \u2013 (910) \u2013 (910) Net current tax 90 (11) 3 \u2013 82 \u2013 82 Post-employment benefit deficit (303) \u2013 \u2013 \u2013 (303) \u2013 (303) Assets of the disposal group and non-current assets classified as held for sale 20 310 \u2013 \u2013 330 38 368 Net debt (including Tesco Bank) (d) (7,350) (474) 300 (2,678) (10,202) (14) (10,216) Net assets 14,772 1,373 2,153 (2,678) 15,620 24 15,644 Refer to previous table for footnotesOther segment information
52 weeks ended 25 February 2023
UK & ROI
\u00a3m
Central
Europe
\u00a3m
Tesco
Bank
\u00a3m
Total
\u00a3m
Capital expenditure (including acquisitions through business combinations):
Property, plant and equipment
(a)(b)
1,176
104
14
1,294
Goodwill and other intangible assets
(c)
259
12
37
308
Depreciation and amortisation:
Property, plant and equipment (788)
(84)
(10)
(882)
Right of use assets (500)
(37)
(2)
(539)
Investment property (1)
\u2013
\u2013
(1)
Other intangible assets (226)
(10)
(42)
(278)
Impairment
(d)
:
(Loss) on financial assets (5)
(1)
(61)
(67)
(a) Includes \u00a3248m related to obtaining control of The Tesco Dorney Limited Partnership (2022: \u00a3584m related to obtaining control of The Tesco Sarum Limited Partnership). Refer to Note 33 for
further details.
(b) Includes \u00a342m (2022: \u00a31m) of property, plant and equipment acquired through business combinations.
(c) Includes \u00a331m (2022: \u00a338m) of goodwill and other intangible assets acquired through business combinations.
(d) Excludes impairment of other non-current assets. Refer to Note 14.
52 weeks ended 26 February 2022
UK & ROI
\u00a3m
Central
Europe
\u00a3m
Tesco
Bank
\u00a3m
Total
\u00a3m
Capital expenditure (including acquisitions through business combinations):
Property, plant and equipment
(a)(b)
1,485
89
14
1,588
Goodwill and other intangible assets
(c)
186
10
71
267
Depreciation and amortisation:
Property, plant and equipment (792)
(90)
(11)
(893)
Right of use assets (500)
(35)
(2)
(537)
Investment property (1)
\u2013
\u2013
(1)
Other intangible assets (224)
(11)
(52)
(287)
Impairment
(d)
:
(Loss)/reversal on financial assets 10
(1)
30
39
Refer to previous table for footnotes.
Note 2 Segmental reporting continued
Cash flow statement
The following tables provide a split of cash flows between Retail continuing operations, Tesco Bank and Group discontinued operations.
Retail
Bank
Discontinued
operations
Tesco
Group
52 weeks ended 25 February 2023
Before
adjusting
items
\u00a3m
Adjusting
items
\u00a3m
Retail
Total
\u00a3m
Before
adjusting
items
\u00a3m
Adjusting
items
\u00a3m
Tesco
Bank
Total
\u00a3m
Total
\u00a3m
Total
\u00a3m
Operating profit/(loss) 2,487
(1,094)
1,393
143
(11)
132
(9)
1,516
Depreciation and amortisation 1,570
76
1,646
54
\u2013
54
\u2013
1,700
ATM net income (16)
-
(16)
16
\u2013
16
\u2013
\u2013
(Profit)/loss arising on sale of property, plant and equipment, investment property,
intangible assets, assets held for sale and early termination of leases
13
(91)
(78)
\u2013
\u2013
\u2013
2
(76)
(Profit)/loss arising from sale of other investments \u2013
\u2013
\u2013
3
\u2013
3
\u2013
3
Net impairment loss on property, plant and equipment, right of use assets, intangible
assets and investment property
\u2013
982
982
\u2013
\u2013
\u2013
\u2013
982
Net remeasurement loss on non-current assets held for sale \u2013
14
14
\u2013
\u2013
\u2013
9
23
Other defined benefit pension scheme payments (23)
\u2013
(23)
\u2013
\u2013
\u2013
\u2013
(23)
Share-based payments 64
\u2013
64
(5)
\u2013
(5)
\u2013
59
Tesco Bank fair value movements included in operating profit/(loss) \u2013
\u2013
\u2013
70
\u2013
70
\u2013
70
Cash flows generated from operations excluding working capital 4,095
(113)
3,982
281
(11)
270
2
4,254
(Increase)/decrease in working capital 468
52
520
(271)
(3)
(274)
(3)
243
Cash generated from/(used in) operations 4,563
(61)
4,502
10
(14)
(4)
(1)
4,497
Interest paid (643)
\u2013
(643)
(9)
\u2013
(9)
\u2013
(652)
Corporation tax paid (107)
\u2013
(107)
(17)
\u2013
(17)
1
(123)
Net cash generated from/(used in) operating activities*
3,813
(61)
3,752
(16)
(14)
(30)
\u2013
3,722
Proceeds from sale of property, plant and equipment, investment property,
intangible assets and assets classified as held for sale
6
335
341
1
\u2013
1
\u2013
342
Purchase of property, plant and equipment, investment property and other long-
term assets \u2013 property buybacks
(14)
(40)
(54)
\u2013
\u2013
-
\u2013
(54)
Purchase of property, plant and equipment, investment property and other long-
term assets \u2013 other capital expenditure
(902)
\u2013
(902)
(15)
\u2013
(15)
\u2013
(917)
Purchase of intangible assets (241)
\u2013
(241)
(38)
\u2013
(38)
\u2013
(279)
Acquisition of subsidiaries, net of cash acquired (66)
\u2013
(66)
(5)
\u2013
(5)
\u2013
(71)
Increase in loans to joint ventures and associates (1)
\u2013
(1)
\u2013
\u2013
-
\u2013
(1)
Investments in joint ventures and associates (10)
\u2013
(10)
\u2013
\u2013
-
\u2013
(10)
Net (investments in)/proceeds from sale of short-term investments 451
\u2013
451
\u2013
\u2013
-
\u2013
451
Proceeds from sale of other investments 1
\u2013
1
229
\u2013
229
\u2013
230
Purchase of other investments (206)
\u2013
(206)
(323)
\u2013
(323)
\u2013
(529)
Dividends received from joint ventures and associates 14
\u2013
14
\u2013
\u2013
-
\u2013
14
Dividends received from Tesco Bank 54
\u2013
54
(54)
\u2013
(54)
\u2013
\u2013
Interest received 70
\u2013
70
\u2013
\u2013
\u2013
\u2013
70
Cash inflows from derivative financial instruments 54
\u2013
54
\u2013
\u2013
\u2013
\u2013
54
Cash outflows from derivative financial instruments (6)
\u2013
(6)
\u2013
\u2013
\u2013
\u2013
(6)
Net cash generated from/(used in) investing activities* (796)
295
(501)
(205)
\u2013
(205)
\u2013
(706)
Own shares purchased for cancellation (781)
\u2013
(781)
\u2013
\u2013
\u2013
\u2013
(781)
Own shares purchased for share schemes (86)
\u2013
(86)
\u2013
\u2013
\u2013
\u2013
(86)
Repayment of capital element of obligations under leases (589)
\u2013
(589)
(4)
\u2013
(4)
\u2013
(593)
Cash outflows exceeding the incremental increase in assets in a property buyback (21)
\u2013
(21)
\u2013
\u2013
\u2013
\u2013
(21)
Repayment of borrowings (608)
\u2013
(608)
(101)
\u2013
(101)
\u2013
(709)
Cash inflows from derivative financial instruments 232
\u2013
232
\u2013
\u2013
\u2013
\u2013
232
Cash outflows from derivative financial instruments (365)
\u2013
(365)
(6)
\u2013
(6)
\u2013
(371)
Dividends paid to equity holders (858)
(1)
(859)
\u2013
\u2013
\u2013
\u2013
(859)
Net cash generated from/(used in) financing activities* (3,076)
(1)
(3,077)
(111)
\u2013
(111)
\u2013
(3,188)
Net increase/(decrease) in cash and cash equivalents (59)
233
174
(332)
(14)
(346)
\u2013
(172)
Cash and cash equivalents at the beginning of the year
1,771
Effect of foreign exchange rate changes
(34)
Cash and cash equivalents at the end of the year
1,565
* Refer to page 211 for the reconciliation of the APM: Retail free cash flow.
Retail Bank Discontinued operations Tesco Group 52 weeks ended 26 February 2022 Before adjusting items \u00a3m Adjusting items \u00a3m Retail Total \u00a3m Before adjusting items \u00a3m Adjusting items \u00a3m Tesco Bank Total \u00a3m Total \u00a3m Total \u00a3m Operating profit/(loss) 2,649 (265) 2,384 176 \u2013 176 (51) 2,509 Depreciation and amortisation 1,577 76 1,653 65 \u2013 65 \u2013 1,718 ATM net income (14) \u2013 (14) 14 \u2013 14 \u2013 \u2013 (Profit)/loss arising on sale of property, plant and equipment, investment property, intangible assets, assets held for sale and early termination of leases 5 (128) (123) \u2013 \u2013 \u2013 \u2013 (123) (Profit)/loss arising on sale of joint ventures and associates \u2013 (15) (15) (10) \u2013 (10) \u2013 (25) (Profit)/loss arising on sale of subsidiaries \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 23 23 Net impairment loss on property, plant and equipment, right of use assets, intangible assets and investment property \u2013 115 115 \u2013 \u2013 \u2013 \u2013 115 Net remeasurement (gain)/loss on non-current assets held for sale \u2013 6 6 \u2013 \u2013 \u2013 (3) 3 Adjustment for non-cash element of pensions charge 7 \u2013 7 \u2013 \u2013 \u2013 \u2013 7 Other defined benefit pension scheme payments (19) \u2013 (19) \u2013 \u2013 \u2013 \u2013 (19) Share-based payments 63 \u2013 63 3 \u2013 3 \u2013 66 Tesco Bank fair value movements included in operating profit/(loss) \u2013 \u2013 \u2013 (28) \u2013 (28) \u2013 (28) Cash flows generated from operations excluding working capital 4,268 (211) 4,057 220 \u2013 220 (31) 4,246 (Increase)/decrease in working capital 501 (105) 396 (54) (8) (62) 28 362 Cash generated from/(used in) operations 4,769 (316) 4,453 166 (8) 158 (3) 4,608 Interest paid (644) \u2013 (644) (5) \u2013 (5) (1) (650) Corporation tax paid (195) \u2013 (195) (4) \u2013 (4) (2) (201) Net cash generated from/(used in) operating activities* 3,930 (316) 3,614 157 (8) 149 (6) 3,757 Proceeds from sale of property, plant and equipment, investment property, intangible assets and assets classified as held for sale \u2013 308 308 1 \u2013 1 \u2013 309 Purchase of property, plant and equipment, investment property and other long- term assets \u2013 property buybacks (37) (43) (80) \u2013 \u2013 \u2013 \u2013 (80) Purchase of property, plant and equipment, investment property and other long- term assets \u2013 other capital expenditure (854) \u2013 (854) (14) \u2013 (14) (1) (869) Purchase of intangible assets (196) \u2013 (196) (33) \u2013 (33) \u2013 (229) Disposal of subsidiaries, net of cash disposed \u2013 117 117 \u2013 \u2013 \u2013 44 161 Acquisition of subsidiaries, net of cash acquired \u2013 \u2013 \u2013 (48) \u2013 (48) \u2013 (48) Proceeds from sale of joint ventures and associates \u2013 15 15 \u2013 \u2013 \u2013 \u2013 15 Increase in loans to joint ventures and associates (4) \u2013 (4) \u2013 \u2013 \u2013 \u2013 (4) Investments in joint ventures and associates (11) \u2013 (11) \u2013 \u2013 \u2013 \u2013 (11) Net (investments in)/proceeds from sale of short-term investments (1,067) \u2013 (1,067) \u2013 \u2013 \u2013 \u2013 (1,067) Proceeds from sale of other investments 2 \u2013 2 272 \u2013 272 \u2013 274 Purchase of other investments (1) \u2013 (1) (220) \u2013 (220) \u2013 (221) Dividends received from joint ventures and associates 22 \u2013 22 10 \u2013 10 \u2013 32 Dividends received from Tesco Bank 87 \u2013 87 (87) \u2013 (87) \u2013 \u2013 Interest received 3 \u2013 3 \u2013 \u2013 \u2013 \u2013 3 Net cash generated from/(used in) investing activities* (2,056) 397 (1,659) (119) \u2013 (119) 43 (1,735) Own shares purchased for cancellation (278) \u2013 (278) \u2013 \u2013 \u2013 \u2013 (278) Own shares purchased for share schemes (144) \u2013 (144) \u2013 \u2013 \u2013 \u2013 (144) Repayment of capital element of obligations under leases (571) \u2013 (571) (4) \u2013 (4) (2) (577) Increase in borrowings 394 \u2013 394 \u2013 \u2013 \u2013 \u2013 394 Repayment of borrowings (754) \u2013 (754) (21) \u2013 (21) \u2013 (775) Cash inflows from derivative financial instruments 798 \u2013 798 \u2013 \u2013 \u2013 \u2013 798 Cash outflows from derivative financial instruments (921) \u2013 (921) \u2013 \u2013 \u2013 \u2013 (921) Dividends paid to equity holders (704) (27) (731) \u2013 \u2013 \u2013 \u2013 (731) Net cash generated from/(used in) financing activities* (2,180) (27) (2,207) (25) \u2013 (25) (2) (2,234) Net increase/(decrease) in cash and cash equivalents (306) 54 (252) 13 (8) 5 35 (212) Cash and cash equivalents at the beginning of the year 1,971 Effect of foreign exchange rate changes 12 Cash and cash equivalents at the end of the year 1,771 Refer to previous table for footnote. Note 3 Operating expenses Auditor\u2019s remuneration 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Fees payable to the Company\u2019s auditor and its associates for the audit of the Company and Group financial statements 3.6 2.8 The audit of the accounts of the Company\u2019s subsidiaries 9.7 8.9 Total audit services 13.3 11.7 Audit-related assurance services 1.2 0.9 Non-audit services 0.2 0.6 Total non-audit services 1.4 1.5 Total auditor\u2019s remuneration 14.7 13.2 Audit-related assurance services of \u00a31.2m (2022: \u00a30.9m) comprise: review of the Group\u2019s interim report \u00a30.5m (2022: \u00a30.5m) and other services \u00a30.7m (2022: \u00a30.4m). In addition to the amounts shown above, the auditor received fees of \u00a30.3m (2022: \u00a30.3m) for the audit of the main Group pension schemes, and fees of \u00a30.3m (2022: \u00a30.2m) for the audit of joint ventures. Non-audit services are subject to approval by the Chief Audit and Risk Officer and the Audit Committee. Additional information on the non-audit services provided by the auditor is provided in the Audit Committee report on page 76, including how objectivity and independence is safeguarded. Note 3 Operating expenses continued Employment costs, including Directors\u2019 remuneration Continuing operations Notes 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Wages and salaries 6,516 6,410 Social security costs 519 493 Post-employment defined benefits 29 24 40 Post-employment defined contributions 29 375 361 Share-based payments expense 28 112 122 Termination benefits 110 40 Total 7,656 7,466 Post-employment defined contribution charges include \u00a3143m (2022: \u00a3136m) of salaries paid as pension contributions. The table below shows the average number of employees by segment during the financial year. Average number of employees Average number of full-time equivalents Continuing operations 2023 2022 2023 2022 UK & ROI 309,366 326,218 196,911 204,974 Central Europe 23,971 24,935 21,998 22,895 Tesco Bank 3,589 3,591 3,397 3,354 Total 336,926 354,744 222,306 231,223 Note 4 Adjusting items Group income statement Refer to Note 1 for further details regarding the assessment of items as adjusting. 52 weeks ended 25 February 2023 Profit/(loss) for the year included the following adjusting items: Cost of sales \u00a3m Administrative expenses \u00a3m Total adjusting items included within operating profit \u00a3m Share of joint venture and associates profits/(losses) \u00a3m Finance income/ (costs) \u00a3m Taxation \u00a3m Adjusting items included within discontinued operations \u00a3m Total adjusting items \u00a3m Property transactions (a) 36 55 91 \u2013 \u2013 29 \u2013 120 Net impairment (loss)/reversal of non- current assets (b) (965) (17) (982) \u2013 \u2013 129 \u2013 (853) Fair value less cost of disposal movements on assets held for sale \u2013 (14) (14) \u2013 \u2013 1 \u2013 (13) Restructuring (c) (107) (31) (138) \u2013 \u2013 26 \u2013 (112) Disposal of Asia operations (d) - 2 2 \u2013 \u2013 \u2013 \u2013 2 ATM business rates refund (e) 7 - 7 \u2013 \u2013 (1) \u2013 6 Release of onerous contract provision (f) \u2013 5 5 \u2013 \u2013 \u2013 \u2013 5 Amortisation of acquired intangible assets (g) \u2013 (76) (76) \u2013 \u2013 14 \u2013 (62) Net pension finance income (h) \u2013 \u2013 \u2013 \u2013 80 (15) \u2013 65 Fair value remeasurements of financial instruments (h) \u2013 \u2013 \u2013 \u2013 (51) 12 \u2013 (39) Total adjusting items from continuing operations (1,029) (76) (1,105) \u2013 29 195 \u2013 (881) Adjusting items relating to discontinued operations (i) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (9) (9) Total adjusting items (1,029) (76) (1,105) - 29 195 (9) (890) (a) The Group disposed of surplus properties that generated a profit before tax of \u00a391m (2022: \u00a3128m). \u00a337m relates to the disposal of mall properties in Central Europe and associated store sale and leasebacks (2022: \u00a3nil). Refer to Notes 7 and 12 for further details. Taxation includes \u00a363m deferred tax credit on lease simplifications relating to property joint venture structures. (b) Refer to Note 14 for further details on net impairment (loss)/reversal of non-current assets. Includes \u00a3(7)m of impairment relating to the acquisition of The Tesco Dorney Limited Partnership (refer to Note 33). (c) Provisions relating to operational restructuring changes announced as part of \u2018Save to invest\u2019, a multi-year programme. The total cost of the programme to date is \u00a3(182)m. Future cost savings will not be reported within adjusting items. (d) \u00a34m relates to software licence fee income (2022: \u00a326m) from services provided to CP Group as part of the Transitional Services Agreement relating to the sale of Asia. \u00a3(2)m relates to payment of outstanding employer tax liabilities as part of the disposal of Asia. Costs and income in relation to the disposal of Asia have been recognised in adjusting items in previous years. (e) Ruling that Tesco Group is due a refund of business rates relating to external facing ATMs in stores. Similar refunds have been recognised through adjusting items in previous years. (f) Release of onerous contract provisions in ROI that had been charged through adjusting items in previous years. (g) Amortisation of acquired intangibles relates to historical inorganic business combinations and does not reflect the Group\u2019s ongoing trading performance. (h) Net pension finance income and fair value remeasurements of financial instruments are included within adjusting items, as they can fluctuate significantly due to external market factors that are outside management\u2019s control. Refer to Note 5 for details of finance income and costs. (i) Refer to Note 7 for explanation of adjusting items relating to discontinued operations. 52 weeks ended 26 February 2022 Profit/(loss) for the year included the following adjusting items: Cost of sales \u00a3m Administrative expenses \u00a3m Total adjusting items included within operating profit \u00a3m Share of joint venture and associates profits/(losses) \u00a3m Finance income/ (costs) \u00a3m Taxation \u00a3m Adjusting items included within discontinued operations \u00a3m Total adjusting items \u00a3m Property transactions 1 127 128 \u2013 \u2013 (21) \u2013 107 Net impairment (loss)/reversal of non- current assets (140) 25 (115) \u2013 \u2013 (26) \u2013 (141) Fair value less cost of disposal movements on assets held for sale \u2013 (6) (6) \u2013 \u2013 \u2013 \u2013 (6) Restructuring provisions (37) (7) (44) \u2013 \u2013 8 \u2013 (36) Asia licence fee \u2013 26 26 \u2013 \u2013 (5) \u2013 21 Litigation costs \u2013 (193) (193) \u2013 \u2013 \u2013 \u2013 (193) Disposal of China associate \u2013 15 15 \u2013 \u2013 \u2013 \u2013 15 Amortisation of acquired intangible assets \u2013 (76) (76) \u2013 \u2013 (7) \u2013 (83) Net pension finance costs \u2013 \u2013 \u2013 \u2013 (22) 6 \u2013 (16) Fair value remeasurements of financial instruments \u2013 \u2013 \u2013 \u2013 123 (19) \u2013 104 Release of tax provisions \u2013 \u2013 \u2013 \u2013 \u2013 56 \u2013 56 Total adjusting items from continuing operations (176) (89) (265) \u2013 101 (8) \u2013 (172) Adjusting items relating to discontinued operations \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (38) (38) Total adjusting items (176) (89) (265) \u2013 101 (8) (38) (210) Group cash flow statement The table below shows the impact of adjusting items on the Group cash flow statement: Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Property transactions (a) \u2013 \u2013 335 308 \u2013 \u2013 Poland sale proceeds and costs \u2013 \u2013 \u2013 122 \u2013 \u2013 Litigation costs \u2013 (312) \u2013 \u2013 \u2013 \u2013 Acquisition of property joint venture \u2013 \u2013 (40) (43) \u2013 \u2013 Booker integration cash payments \u2013 (18) \u2013 \u2013 \u2013 \u2013 Settlement of claims for customer redress in Tesco Bank (4) (8) \u2013 \u2013 \u2013 \u2013 Disposal of China associate \u2013 \u2013 \u2013 15 \u2013 \u2013 ATM business rates refund (b) 5 14 \u2013 \u2013 \u2013 \u2013 Special dividend \u2013 \u2013 \u2013 \u2013 (1) (27) Disposal of Asia operations (2) \u2013 \u2013 (5) \u2013 \u2013 Restructuring (c) (74) \u2013 \u2013 \u2013 \u2013 \u2013 Total continuing operations (75) (324) 295 397 (1) (27) Cash flows from discontinued operations \u2013 (1) \u2013 44 \u2013 \u2013 Total (75) (325) 295 441 (1) (27) (a) Property transactions include \u00a343m proceeds (2022: \u00a3109m) relating to the sale of stores in Poland not included in the sale of the corporate business. \u00a3203m proceeds (2022: \u00a3nil) relate to the disposal of mall properties in Central Europe and the associated store sale and leasebacks. Refer to Notes 7 and 12 for further details. (b) Amounts received in the year with respect to the ruling that Tesco Group is due a refund of business rates relating to external facing ATMs in stores. (c) Cash outflows relating to operational restructuring changes as part of the multi-year \u2018Save to invest\u2019 programme. Note 5 Finance income and costs Continuing operations Notes 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Finance income Interest receivable and similar income 78 4 Interest receivable on other investments 3 \u2013 Finance income receivable on net investment in leases 4 5 Total finance income 85 9 Finance costs GBP MTNs and loans (160) (161) EUR MTNs (53) (42) USD bonds (18) (5) Finance charges payable on lease liabilities (373) (405) Other interest payable (43) (39) Total finance costs before adjusting items (647) (652) Fair value remeasurements of financial instruments* (51) 123 Net pension finance income/(cost) 29 80 (22) Total finance costs (618) (551) Net finance costs (533) (542) * Fair value remeasurements of financial instruments included \u00a370m gain (2022: \u00a3nil) relating to the repurchase of long-dated bonds.Note 6 Taxation
Recognised in the Group income statement
Continuing operations
52 weeks
2023
\u00a3m
52 weeks
2022
\u00a3m
Current tax (credit)/charge
UK corporation tax 202
201
Overseas tax 78
69
Adjustments in respect of prior years 19
(55)
299
215
Deferred tax (credit)/charge
Origination and reversal of temporary differences (18)
216
Adjustments in respect of prior years (35)
1
Change in tax rate 1
78
(52)
295
Total income tax (credit)/charge 247
510
Reconciliation of effective tax charge
Continuing operations
52 weeks
2023
\u00a3m
52 weeks
2022
\u00a3m
Profit/(loss) before tax 1,000
2,033
Tax credit/(charge) at 19.0% (2022: 19.0%) (190)
(386)
Effect of:
Non-qualifying depreciation* (5)
(7)
Expenses not deductible (21)
(57)
Property items taxed on a different basis to accounting entries 33
7
Impairment of non-current assets (87)
(43)
Banking surcharge tax (5)
(13)
Differences in overseas taxation rates 11
10
Adjustments in respect of prior years 16
54
Share of losses of joint ventures and associates 2
3
Change in tax rate (1)
(78)
Total income tax credit/(charge) (247)
(510)
Effective tax rate 24.7%
25.1%
* This figure has been reduced by the tax effect of the super-deduction of \u00a330m (2022: \u00a323m) in respect of tax relief for fixed assets.
Reconciliation of effective tax charge on adjusted profit before tax
Continuing operations
52 weeks
2023
\u00a3m
52 weeks
2022
\u00a3m
Profit/(loss) before tax 1,000
2,033
Add: Adjusting items 1,076
164
Adjusted profit before tax 2,076
2,197
Tax credit/(charge) at 19.0% (2022: 19.0%) (394)
(417)
Effect of:
Non-qualifying depreciation
(a)
(5)
(7)
Expenses not deductible (21)
(32)
Property items taxed on a different basis to accounting entries \u2013
(1)
Banking surcharge tax (5)
(13)
Differences in overseas taxation rates 10
10
Adjustments in respect of prior years (3)
(2)
Share of profits of joint ventures and associates 2
3
Change in tax rate
(b)
(26)
(43)
Total income tax credit/(charge) before adjusting items (442)
(502)
Adjusted effective tax rate 21.3%
22.8%
(a) This figure has been reduced by the tax effect of the super-deduction of \u00a330m (2022: \u00a323m) in respect of tax relief for fixed assets.
(b) Change in tax rate includes \u00a331m (2022: \u00a319m) in relation to provision of deferred tax at 25% (2022: 25%) on assets qualifying for super-deductions.
Tax on items credited directly to the Group statement of changes in equity
Continuing operations
52 weeks
2023
\u00a3m
52 weeks
2022
\u00a3m
Current tax credit/(charge) on:
Share-based payments 6
1
Deferred tax credit/(charge) on:
Share-based payments (11)
14
Total tax on items credited/(charged) to the Group statement of changes in equity (5)
15
Tax relating to components of the Group statement of comprehensive income/(loss)
Continuing operations
52 weeks
2023
\u00a3m
52 weeks
2022
\u00a3m
Current tax credit/(charge) on:
Pensions 124
124
Deferred tax credit/(charge) on:
Pensions 719
(1,030)
Fair value movement on financial assets at fair value through other comprehensive income 11
5
Fair value movements on cash flow hedges 20
(22)
Total tax on items credited/(charged) to the Group statement of comprehensive income/(loss) 874
(923)
Deferred tax
The following are the major deferred tax (liabilities)/assets recognised by the Group and movements thereon during the current and prior
financial years, measured using the tax rates that are expected to apply when the liability is settled or the asset realised based on the tax rates
that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised when it is probable sufficient
taxable profits will be available to utilise deductible temporary differences or unused tax losses. This assessment is based on the Group\u2019s three-
year long-term plan which is updated and approved annually by the Board and is consistent with the Group\u2019s longer-term viability statement and
impairment assessments.
Property-
related
items
(a)
\u00a3m
Acquired
intangibles
\u00a3m
Post-
employment
benefits
(b)
\u00a3m
Share-based
payments
\u00a3m
Short-term
timing
differences
\u00a3m
Tax losses
\u00a3m
Financial
instruments
\u00a3m
Total
\u00a3m
At 27 February 2021 (125)
(98)
582
31
69
3
42
504
(Charge)/credit to the Group income statement
(227)
(10)
(1)
(6)
(24)
2
(29)
(295)
(Charge)/credit to the Group statement of
changes in equity
\u2013
\u2013
\u2013
14
\u2013
\u2013
\u2013
14
(Charge)/credit to the Group statement of
comprehensive income/(loss)
\u2013
\u2013
(1,030)
\u2013
\u2013
\u2013
(17)
(1,047)
Foreign exchange and other movements \u2013
\u2013
(2)
\u2013
\u2013
1
\u2013
(1)
At 26 February 2022 (352)
(108)
(451)
39
45
6
(4)
(825)
(Charge)/credit to the Group income statement
(80)
15
(13)
11
14
140
(35)
52
(Charge)/credit to the Group statement of
changes in equity
\u2013
\u2013
\u2013
(11)
\u2013
\u2013
\u2013
(11)
(Charge)/credit to the Group statement of
comprehensive income/(loss)
\u2013
\u2013
719
\u2013
\u2013
\u2013
31
750
Foreign exchange and other movements (2)
(2)
\u2013
\u2013
1
\u2013
\u2013
(3)
At 25 February 2023 (434)
(95)
255
39
60
146
(8)
(37)
(a) Property-related items include a deferred tax liability on rolled-over gains of \u00a3421m (2022: \u00a3423m), deferred tax assets on capital losses of \u00a3242m (2022: \u00a3248m) and deferred tax assets on IFRS 16
balances of \u00a3235m (2022: \u00a3238m). The remaining balance relates to accelerated tax depreciation.
(b) The deferred tax asset on retirement benefits includes a deferred tax asset of \u00a3155m (2022: \u00a3275m) arising from a one-off contribution of \u00a32.5bn paid in December 2020 on which tax deductions
are spread over 4 years, with the remaining balance related to the pension schemes in deficit. Refer to Note 29 for further details.
The following is the analysis of the deferred tax balances after offset:
2023
\u00a3m
2022
\u00a3m
Deferred tax assets 82
85
Deferred tax liabilities (119)
(910)
(37)
(825)
Unrecognised deferred tax assets and liabilities
Deferred tax assets in relation to continuing operations have not been recognised in respect of the following items, because it is not probable
that future taxable profits will be available against which the Group can utilise the benefits:
2023
\u00a3m
2022
\u00a3m
Deductible temporary differences 45
47
Tax losses 186
178
231
225
As at 25 February 2023, the Group has unused trading tax losses from continuing operations of \u00a31,177m (2022: \u00a3590m) available for offset against
future profits. A deferred tax asset has been recognised in respect of \u00a3584m (2022: \u00a326m) of such losses, with \u00a3571m (2022: \u00a312m) arising in the
UK and \u00a313m (2022: \u00a314m) in other jurisdictions. No deferred tax asset has been recognised in respect of the remaining overseas trading tax losses
of \u00a3593m (2022: \u00a3564m) due to the unpredictability of future profit streams, with \u00a3552m (2022: \u00a3527m) arising in the Netherlands, \u00a334m (2022:
\u00a333m) in Germany and \u00a37m (2022: \u00a34m) in other jurisdictions. Capital losses of \u00a395m in ROI (2022: \u00a391m) have not been recognised as it is not
expected they will be utilised. There are no losses that will expire included in unrecognised losses. A deferred tax asset has not been recognised in
respect of deductible temporary differences of \u00a345m (2022: \u00a347m) as it is not expected they will be utilised. There is no expiry date for these
temporary differences.
No deferred tax liability is recognised on temporary differences of \u00a34.3bn (2022: \u00a34bn) relating to the unremitted earnings of overseas
subsidiaries and joint ventures as the Group is able to control the timing of the reversal of these temporary differences and it is probable that
they will not reverse in the foreseeable future. The deferred tax on unremitted earnings at 25 February 2023 is estimated to be \u00a36m (2022: \u00a35m)
which relates to taxes payable on repatriation and dividend withholding taxes levied by overseas tax jurisdictions. UK tax legislation relating to
company distributions provides for exemption from tax for most repatriated profits, subject to certain exceptions.
Note 6 Taxation continued Changes in tax law or its interpretation The Group operates in a number of territories and so the Group\u2019s profits are subject to tax in many jurisdictions. The Group monitors income tax developments in these territories which could affect the Group\u2019s tax liabilities. The Group notes recent developments in relation to the OECD Inclusive Framework on Base Erosion and Profit Shifting but does not expect it to have a material impact on the Group\u2019s tax charge. Note 7 Discontinued operations and assets classified as held for sale Assets and liabilities of the disposal group and non-current assets classified as held for sale 2023 \u00a3m 2022 \u00a3m Assets of the disposal group (a) 11 11 Non-current assets classified as held for sale (b) 199 357 Total assets of the disposal group and non-current assets classified as held for sale 210 368 Liabilities of the disposal group (a) (14) (14 Total net assets of the disposal group and non-current assets classified as held for sale 196 354 (a) The disposal group as at 25 February 2023, including \u00a3(14)m of net debt (2022: \u00a3(14)m), relates to residual properties and leases with respect to the Group\u2019s operation in Poland. Balances as at 26 February 2022 were also with respect to the Group\u2019s operation in Poland. (b) The assets classified as held for sale consist mainly of properties in the UK, Poland and Central Europe due to be sold within one year. Due to the individual nature of each property, fair values are classified as Level 3 within the fair value hierarchy. Assets classified as held for sale During the year the Group sold 17 malls and one retail park in Central Europe, leasing back 17 stores within those sites. Net proceeds from the sal and leaseback transaction were \u00a3203m. As the sale and leaseback proceeds did not exceed the fair value of the stores sold, the proceeds are presented in the \u2018investing\u2019 category in the Group cash flow statement. The profit on disposal was \u00a337m. Refer to Note 4. Refer to Note 12 for details on the leaseback of the stores. Discontinued operations Income statement of discontinued operations 2023 2022 Total \u00a3m Poland \u00a3m Other \u00a3m Total \u00a3m Revenue \u2013 32 \u2013 32 Operating costs \u2013 (34) \u2013 (34 Adjusted operating profit/(loss) \u2013 (2) \u2013 (2 Adjusted profit/(loss) after tax \u2013 (2) \u2013 (2 Loss on disposal of Poland \u2013 (23) \u2013 (23 Homeplus (Korea) claims settlement (a) \u2013 \u2013 (33) (33 Other adjusting items (b)(c) (9) 3 4 7 Tax on adjusting items \u2013 \u2013 11 11 Total adjusting items (9) (20) (18) (38 Total profit/(loss) after tax of discontinued operations (9) (22) (18) (40 (a) \u00a3(33)m in the prior year relates to the claims settlement from Homeplus (Korea) purchasers. (b) Other adjusting items of \u00a3(9)m in the current year includes \u00a3(9)m fair value remeasurement of non-current assets classified as held for sale, \u00a3(2)m loss on disposal of surplus properties, both relating to Poland and \u00a32m income relating to the disposal of Korea. (c) Other adjusting items of \u00a37m in the prior year includes \u00a34m reversal of accruals relating to legal costs and \u00a33m fair value remeasurement of non-current assets classified as held for sale. Cash flow statement 2023 2022 \u00a3m \u00a3m Net cash flows from operating activities \u2013 (6) Net cash flows from investing activities \u2013 43 Net cash flows from financing activities \u2013 (2 Net cash flows from discontinued operations \u2013 3 Note 8 Dividends 2023 2022 Pence/share \u00a3m Pence/share \u00a3m Paid prior financial year final dividend (a) 7.70 574 5.95 458 Paid interim dividend (b) 3.85 284 3.20 246 Amounts recognised through equity as distributions to owners 11.55 858 9.15 704 Paid 2021 special dividend 50.93 1 50.93 27 Dividends paid in the financial year 859 731 Proposed final dividend at financial year end 7.05 516 7.70 588 (a) Excludes \u00a37m prior financial year final dividend waived (2022: \u00a32m) and includes the write-back of unclaimed dividend of \u00a35m (2022: \u00a3nil). (b) Excludes \u00a32m interim dividend waived (2022: \u00a31m). The proposed final dividend was approved by the Board of Directors on 12 April 2023 and is subject to the approval of shareholders at the AGM. The proposed dividend has not been included as a liability as at 25 February 2023. It will be paid on 23 June 2023 to shareholders who are on the Register of members at close of business on 12 May 2023. A dividend reinvestment plan (DRIP) is available to shareholders who would prefer to invest their dividends in the shares of the Company. For those shareholders electing to receive the DRIP, the last date for receipt of a new election is 2 June 2023. The Group has a share forfeiture programme following the completion of a tracing and notification exercise to any shareholders who have not had contact with Tesco PLC over the past 12 years, in accordance with the provisions set out in the Company\u2019s Articles of Association. \u00a3nil (2022: \u00a3nil) of unclaimed dividends in relation to these shares have been adjusted for in retained earnings. Refer to Note 30 for further details. Note 9 Earnings/(losses) per share and diluted earnings/(losses) per share For the 52 weeks ended 25 February 2023 there were 67 million (2022: 88 million) potentially dilutive share options and awards. As the Group has recognised a profit for the year from its continuing operations, dilutive effects have been considered in calculating diluted earnings per share. 52 weeks ended 25 February 2023 52 weeks ended 26 February 2022 Basic Potentially dilutive share options and awards Diluted Basic Potentially dilutive share options and awards Diluted Profit/(loss) (\u00a3m) Continuing operations* 754 \u2013 754 1,521 \u2013 1,521 Discontinued operations (9) \u2013 (9) (40) \u2013 (40) Total 745 \u2013 745 1,481 \u2013 1,481 Weighted average number of shares (millions) 7,415 67 7,482 7,658 88 7,746 Earnings/(losses) per share (pence) Continuing operations 10.17 (0.09) 10.08 19.86 (0.22) 19.64 Discontinued operations (0.12) \u2013 (0.12) (0.52) \u2013 (0.52) Total 10.05 (0.09) 9.96 19.34 (0.22) 19.12 * Excludes profits/(losses) from non-controlling interests of \u00a3(1)m (2022: \u00a32m). APM: Adjusted diluted earnings/(losses) per share Continuing operations Notes 52 weeks 2023 52 weeks 2022 Profit/(loss) before tax (\u00a3m) 1,000 2,033 Less: Adjusting items (\u00a3m) 4 1,076 164 Adjusted profit before tax (\u00a3m) 2,076 2,197 Adjusted profit before tax attributable to the owners of the parent (\u00a3m)* 2,077 2,195 Taxation on adjusted profit before tax attributable to the owners of the parent (\u00a3m) 6 (442) (502) Adjusted profit after tax attributable to the owners of the parent (\u00a3m) 1,635 1,693 Basic weighted average number of shares (millions) 7,415 7,658 Adjusted basic earnings per share (pence) 22.05 22.11 Diluted weighted average number of shares (millions) 7,482 7,746 Adjusted diluted earnings per share (pence) 21.85 21.86 * Excludes profit/(losses) before tax attributable to non-controlling interests of \u00a3(1)m (2022: \u00a32m). Note 10 Goodwill and other intangible assets Goodwill \u00a3m Software (a) \u00a3m Customer relationships \u00a3m Other intangible assets (b) \u00a3m Total \u00a3m Cost At 26 February 2022 4,739 1,901 718 396 7,754 Foreign currency translation 16 14 \u2013 4 34 Additions \u2013 274 \u2013 3 277 Acquired through business combinations 30 \u2013 \u2013 1 31 Reclassification \u2013 20 \u2013 (20) \u2013 Disposals \u2013 (175) \u2013 \u2013 (175) At 25 February 2023 4,785 2,034 718 384 7,921 Accumulated amortisation and impairment losses At 26 February 2022 448 1,344 300 302 2,394 Foreign currency translation 10 15 \u2013 \u2013 25 Amortisation charge for the year (c) \u2013 200 76 2 278 Impairment losses (d) \u2013 28 \u2013 \u2013 28 Reversal of impairment losses (d) \u2013 (5) \u2013 (2) (7) Disposals \u2013 (172) \u2013 \u2013 (172) At 25 February 2023 458 1,410 376 302 2,546 Net carrying value At 25 February 2023 4,327 624 342 82 5,375 At 26 February 2022 4,291 557 418 94 5,360 (a) Software includes \u00a3455m (2022: \u00a3396m) net carrying value of internally generated development costs. (b) Other intangible assets include pharmacy licences with a net carrying value of \u00a336m (2022: \u00a333m) and various other individually immaterial balances. (c) Of the \u00a378m (2022: \u00a378m) amortisation of customer relationships and other intangible assets, \u00a376m (2022: \u00a376m) has been included within adjusting items. \u00a375m (2022: \u00a375m) of this balance arises from amortisation of intangible assets recognised upon the Booker acquisition and \u00a31m (2022: \u00a31m) relates to the amortisation of intangible assets recognised upon the acquisition of Best Food Logistics. (d) Refer to Note 14. Note 10 Goodwill and other intangible assets continued
Goodwill
\u00a3m
Software
(a)
\u00a3m
Customer
relationships
\u00a3m
Other
intangible
assets
(b)
\u00a3m
Total
\u00a3m
Cost
At 27 February 2021 4,719
1,837
718
395
7,669
Foreign currency translation \u2013
1
\u2013
1
2
Additions \u2013
227
\u2013
2
229
Acquired through business combinations 20
18
\u2013
\u2013
38
Disposals \u2013
(182)
\u2013
(2)
(184)
At 26 February 2022 4,739
1,901
718
396
7,754
Accumulated amortisation and impairment losses
At 27 February 2021 448
1,305
224
299
2,276
Foreign currency translation \u2013
2
\u2013
\u2013
2
Amortisation charge for the year
(c)
\u2013
209
76
2
287
Impairment losses
(d)
\u2013
17
\u2013
1
18
Reversal of impairment losses
(d)
\u2013
(7)
\u2013
(1)
(8)
Reclassification \u2013
(2)
\u2013
2
\u2013
Disposals \u2013
(180)
\u2013
(1)
(181)
At 26 February 2022 448
1,344
300
302
2,394
Refer to previous table for footnotes.
Note 11 Property, plant and equipment
2023
2022
Land and
buildings
\u00a3m
Other
(a)
\u00a3m
Total
\u00a3m
Land and
buildings
\u00a3m
Other
(a)
\u00a3m
Total
\u00a3m
Cost
Opening balance 21,977
5,649
27,626
21,653
5,743
27,396
Foreign currency translation 204
65
269
(76)
(15)
(91)
Additions
(b)(c)
591
661
1,252
992
595
1,587
Acquired through business combinations 42
\u2013
42
\u2013
1
1
Reclassification 3
(4)
(1)
(72)
\u2013
(72)
Transfers to assets classified as held for sale (85)
(5)
(90)
(446)
(17)
(463)
Disposals (82)
(522)
(604)
(74)
(658)
(732)
Closing balance 22,650
5,844
28,494
21,977
5,649
27,626
Accumulated depreciation and impairment losses
Opening balance 6,814
3,752
10,566
6,554
3,897
10,451
Foreign currency translation 75
45
120
(25)
(10)
(35)
Depreciation charge for the year 434
448
882
426
467
893
Impairment losses
(d)
686
141
827
417
89
506
Reversal of impairment losses
(d)
(168)
(19)
(187)
(324)
(43)
(367)
Reclassification 1
\u2013
1
\u2013
\u2013
\u2013
Transfers to assets classified as held for sale (32)
(2)
(34)
(163)
(6)
(169)
Disposals (30)
(513)
(543)
(71)
(642)
(713)
Closing balance 7,780
3,852
11,632
6,814
3,752
10,566
Net carrying value
(e)
14,870
1,992
16,862
15,163
1,897
17,060
Construction in progress included above
(f)
109
278
387
97
212
309
(a) Other assets consist of fixtures and fittings with a net carrying value of \u00a31,496m (2022: \u00a31,387m), office equipment with a net carrying value of \u00a3201m (2022: \u00a3200m) and motor vehicles with a net
carrying value of \u00a3295m (2022: \u00a3310m). Depreciation charge for the year is \u00a3(292)m (2022: \u00a3(310)m), \u00a3(71)m (2022: \u00a3(78)m) and \u00a3(85)m (2022: \u00a3(79)m), respectively.
(b) Includes \u00a3248m of land and buildings related to obtaining control of The Tesco Dorney Limited Partnership, which was impaired by \u00a3(7)m on acquisition (2022: \u00a3584m of land and buildings related
to obtaining control of The Tesco Sarum Limited Partnership, which was impaired by \u00a3(62)m on acquisition). Refer to Note 33.
(c) Includes \u00a329m (2022: \u00a337m) relating to other property buyback transactions.
(d) Refer to Note 14.
(e) Includes \u00a32,814m (2022: \u00a32,231m) of assets pledged as security for secured bonds (refer to Note 21) and \u00a3783m (2022: \u00a3914m) of property held as security in favour of the Tesco PLC Pension
Scheme (refer to Note 29).
(f) Construction in progress does not include land.
Note 12 Leases
Group as lessee
Lease liabilities represent rentals payable by the Group for certain retail, distribution and office properties and other assets such as motor
vehicles. The leases have varying terms, purchase options, escalation clauses and renewal rights. Purchase options and renewal rights, where
they occur, are at market value. Escalation clauses are in line with market practices and include inflation-linked, fixed rates, resets to market
rents and hybrids of these.
On 6 October 2022, the Group obtained control of The Tesco Dorney Limited Partnership (2022: The Tesco Sarum Limited Partnership on 17
December 2021), previously accounted for as a joint venture, through the acquisition of the other partner\u2019s 50% interest, at which point the
associated property leases from the joint venture became intercompany leases. Refer to Note 33 for further details.
Right of use assets
2023
2022
Land and
buildings
\u00a3m
Other
\u00a3m
Total
\u00a3m
Land and
buildings
\u00a3m
Other
\u00a3m
Total
\u00a3m
Net carrying value
Opening balance 5,634
86
5,720
5,866
85
5,951
Additions (including sale and leaseback transactions)
(a)
378
64
442
544
39
583
Acquired through business combinations 4
-
4
\u2013
\u2013
\u2013
Depreciation charge for the year (501)
(38)
(539)
(497)
(40)
(537)
Impairment losses
(b)
(394)
-
(394)
(195)
\u2013
(195)
Reversal of impairment losses
(b)
72
-
72
234
\u2013
234
Derecognition on acquisition of property joint venture
(c)
(198)
-
(198)
(243)
\u2013
(243)
Other movements
(d)
392
1
393
(75)
2
(73)
Closing balance 5,387
113
5,500
5,634
86
5,720
(a) Includes \u00a370m of land under an external lease related to obtaining control of The Tesco Dorney Limited Partnership. Refer to Note 33.
(b) Refer to Note 14.
(c) Refer to Note 33.
(d) Other movements include lease terminations, modifications and reassessments, foreign exchange, reclassifications between asset classes and entering into finance subleases.
Lease liabilities
The following tables show the discounted lease liabilities included in the Group balance sheet and a maturity analysis of the contractual
undiscounted lease payments:
2023
\u00a3m
2022
\u00a3m
Current 595
547
Non-current 7,132
7,411
Total lease liabilities 7,727
7,958
Maturity analysis \u2013 contractual undiscounted lease payments
2023
\u00a3m
2022
\u00a3m
Within one year 944
934
Greater than one year but less than two years 901
911
Greater than two years but less than three years 878
863
Greater than three years but less than four years 856
840
Greater than four years but less than five years 824
820
Greater than five years but less than ten years 3,383
3,407
Greater than ten years but less than fifteen years 2,035
2,223
After fifteen years 1,076
1,517
Total undiscounted lease payments 10,897
11,515
A reconciliation of the Group\u2019s opening to closing lease liabilities balance is presented in Note 32.
Amounts recognised in the Group income statement
Continuing operations
52 weeks
2023
\u00a3m
52 weeks
2022
\u00a3m
Interest on lease liabilities 373
405
Variable payment expenses not included in lease liabilities 1
\u2013
Expenses relating to short-term leases 24
26
Expenses relating to leases of low value assets (excluding amounts already included in short-term leases above) 1
1
Sale and leaseback
During the year the Group sold 17 malls and one retail park in Central Europe, leasing back 17 stores within those sites. Refer to Note 7 for details
on the net proceeds and profit from the transaction. The stores are being leased back over a 15-year lease term at below-market rentals with
options to extend, and the store leases have resulted in lease liability additions of \u00a336m. The sale and leaseback transaction allows the Group to
relinquish control over the malls while continuing to operate the stores within those sites.
Amounts recognised in the Group cash flow statement
52 weeks
2023
\u00a3m
52 weeks
2022
\u00a3m
Total cash outflow for leases* 966
982
* Includes \u00a36m (2022: \u00a35m) related to Tesco Bank.
Future possible cash outflows not included in the lease liability
Some leases contain break clauses or extension options to provide operational flexibility. Potential future undiscounted lease payments not
included in the reasonably certain lease term, and hence not included in lease liabilities, total \u00a39.1bn (2022: \u00a39.5bn).
Future increases or decreases in rentals linked to an index or rate are not included in the lease liability until the change in cash flows takes effect.
Approximately 76% (2022: 75%) of the Group\u2019s lease liabilities are subject to inflation-linked rentals, of which 86% (2022: 87%) have inflation caps,
with a weighted average cap of 3.4% (2022: 4.1%). A further 16% (2022: 16%) are subject to rent reviews. Rental changes linked to inflation or rent
reviews typically occur on an annual or five-yearly basis. Of the inflation-linked leases with caps, 30% (2022: 29%) of the lease liability value was
hedged through index-linked swaps (refer to Note 27).
The Group is committed to payments totalling \u00a3110m (2022: \u00a354m) in relation to leases that have been signed but have not yet commenced.
Note 12 Leases continued Group as lessor The Group leases out owned properties and sublets leased properties under operating and finance leases. Such properties include malls, mall units, stores, units within stores, distribution centres and residential properties. Amounts recognised in the Group income statement Continuing operations 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Finance lease \u2013 interest income (a) 4 5 Operating lease \u2013 rental income (b) 90 90 (a) Includes \u00a34m (2022: \u00a34m) of sublease interest income. (b) Includes \u00a323m (2022: \u00a320m) of sublease rental income. Finance lease payments receivable The finance lease receivable (net investment in the lease) included in the Group balance sheet is \u00a336m (2022: \u00a381m). The movement in the year is primarily driven by the derecognition of finance lease receivables following the acquisition of The Tesco Dorney Limited Partnership. Refer to Note 33. Operating lease payments receivable maturity analysis 2023 \u00a3m 2022 \u00a3m Within one year 61 68 Greater than one year but less than two years 77 87 Greater than two years but less than three years 56 67 Greater than three years but less than four years 40 49 Greater than four years but less than five years 27 33 Greater than five years but less than ten years 49 58 Greater than ten years but less than fifteen years 20 23 After fifteen years 42 49 Total undiscounted operating lease payments receivable 372 434 Note 13 Group entities The Group consists of the ultimate Parent Company, Tesco PLC, and a number of subsidiaries, joint ventures and associates held directly or indirectly by Tesco PLC. See pages 199 to 203 for a complete list of Group entities. Subsidiaries The accounting year ends of the subsidiaries consolidated in these financial statements are on or around 25 February 2023. Unconsolidated structured entities In prior years, the Group sponsored a number of structured entities. The Group led the formation of the entities and its name appears in the name of the entities and/or on the debt issued by the entities. The structured entities were set up to finance property purchases by some of the UK property joint ventures in which the Group typically holds a 50% equity interest. The structured entities obtain debt financing from third-party investors and lend the funds to these joint ventures, who use the funds to purchase the properties. The liabilities of the UK property joint ventures include the loans due to these structured entities. The Group\u2019s exposure to the structured entities is limited to the extent of the Group\u2019s interests in the joint ventures. The liabilities of the structured entities are non-recourse to the Group. The Group concluded that it does not control, and therefore should not consolidate, these structured entities since it does not have power over the relevant activities of the structured entities, or exposure to variable returns from these entities. Consolidated structured entities The Group has a number of securitisation structured entities established in connection with Tesco Bank\u2019s credit card securitisation transactions as well as financing structured entities controlled as a result of the acquisition of UK property joint ventures. Although none of the equity of these entities is owned by the Group, the Group has rights to variable returns from its involvement with these entities and has the ability to affect those returns through its power over them under contractual agreements. As such, these entities are effectively controlled by the Group, and are therefore accounted for as subsidiaries of the Group. The securitisation structured entities have financial year ends of 31 December. The management accounts of these entities are used to consolidate the results to 25 February 2023 within these financial statements. The financial year ends of the financing structured entities align to the Group financial year end. Interests in joint ventures and associates Principal joint ventures and associates The Group\u2019s principal joint ventures and associates are: Nature of relationship Business activity Share of issued share capital, loan capital and debt securities Country of incorporation Principal area of operation Included in \u2018UK property joint ventures\u2019: The Tesco Coral Limited Partnership Joint venture Property investment 50% England United Kingdom The Tesco Blue Limited Partnership Joint venture Property investment 50% England United Kingdom The Tesco Passaic Limited Partnership Joint venture Property investment 50% England United Kingdom The Tesco Navona Limited Partnership Joint venture Property investment 50% England United Kingdom The Arena Unit Trust Joint venture Property investment 50% Jersey United Kingdom Included in \u2018Other joint ventures and associates\u2019: Tesco Mobile Limited Joint venture Telecommunications 50% England United Kingdom Booker India Limited Joint venture Retail 49% India India Trent Hypermarket Private Limited Joint venture Retail 50% India India The accounting period end dates of the joint ventures and associates consolidated in these financial statements range from 31 December 2022
to 25 February 2023. The accounting period end dates of joint ventures differ from those of the Group for commercial reasons and depend
upon the requirements of the joint venture partner as well as those of the Group. The accounting period end dates of the associates are
different from those of the Group as they depend upon the requirements of the parent companies of those entities.
There are no significant restrictions on the ability of joint ventures and associates to transfer funds to the parents, other than those imposed by
the Companies Act 2006 or equivalent local regulations.
The UK property joint ventures involve the Group partnering with third parties in carrying out some property investments in order to enhance
returns from property and access funding, while reducing risks associated with sole ownership. These property investments generally cover
shopping centres and standalone stores. The Group enters into leases for some or all of the properties held in the joint ventures. These leases
provide the Group with some rights over alterations and adjacent land developments. In some cases the Group has the ability to substitute
properties in the joint ventures with alternative properties of similar value, subject to strict eligibility criteria. In other cases, the Group carries out
property management activities for third-party rentals of shopping centre units.
The property investment activities are carried out in separate entities, usually partnerships or limited liability companies. The Group has assessed
its ability to direct the relevant activities of these entities and any impact on Group returns and concluded that the entities qualify as joint
ventures since decisions regarding them require the unanimous consent of both equity holders. This assessment included not only rights within
the joint venture agreements, but also any rights within other contractual arrangements between the Group and the entities.
The Group made a number of judgements in arriving at this determination, the key ones being:
\u2013 since the provisions of the joint venture agreements require the relevant decisions impacting investor returns to be either unanimously agreed
by both joint venturers at the same time, or in some cases to be agreed sequentially by each venturer at different stages, there is joint decision
making within the joint venture;
\u2013 since the Group\u2019s leases are priced at fair value, and any rights embedded in the leases are consistent with market practice, they do not
provide the Group with additional control over the joint ventures nor do they infer an obligation by the Group to fund the settlement of
liabilities of the joint ventures;
\u2013 any options to purchase the other joint venturers\u2019 equity stakes are priced at market value, and only exercisable at future dates, hence they
do not provide control to the Group at the current time;
\u2013 where the Group has a right to substitute properties in the joint ventures, the rights are strictly limited and are at fair value, hence do not
provide control to the Group; and
\u2013 where the Group carries out property management activities for third-party rentals in shopping centres, these additional activities are
controlled through joint venture agreements or lease agreements, and do not provide the Group with additional powers over the joint venture.
During the current financial year, the Group obtained control of The Tesco Dorney Limited Partnership, which was previously accounted for as a
joint venture, through the acquisition of the other partner\u2019s 50% interest. Refer to Note 33 for further details.
Summarised financial information for joint ventures and associates
The summarised financial information below reflects the amounts presented in the financial statements of the relevant joint ventures and
associates, and not the Group\u2019s share of those amounts. These amounts have been adjusted to conform to the Group\u2019s accounting policies
where required. The summarised financial information for UK property joint ventures has been aggregated in order to provide useful information
to users without excessive detail, since these entities have similar characteristics and risk profiles largely based on their nature of activities and
geographic market.
UK property joint ventures
2023
\u00a3m
2022
\u00a3m
Summarised balance sheet
Non-current assets
(a)
2,032
2,480
Current assets (excluding cash and cash equivalents) 8
31
Cash and cash equivalents 21
37
Current liabilities
(b)
(287)
(316)
Non-current liabilities
(b)
(2,277)
(2,907)
Net liabilities (503)
(675)
Summarised income statement
Revenue 203
232
Profit/(loss) after tax
(c)
\u2013
\u2013
(a) The non-current asset balances of UK property joint ventures are reflected at historical depreciated cost to conform to the Group\u2019s accounting policies. The aggregate fair values in the financial
statements of the UK property joint ventures are \u00a32,988m (2022: \u00a33,666m).
(b) The current and non-current liabilities of UK property joint ventures largely comprise loan balances of \u00a3(2,248)m (2022: \u00a3(2,733)m) and derivative swap balances of \u00a3(287)m (2022: \u00a3(435)m) entered
into to hedge the cash flow variability exposures of the joint ventures.
(c) Profit/(loss) after tax includes \u00a365m (2022: \u00a320m) of interest cost.
Note 13 Group entities continued
UK property joint ventures
2023
\u00a3m
2022
\u00a3m
Reconciliation to carrying amounts:
Opening balance \u2013
\u2013
Share of profits/(losses)* 12
20
Dividends received from joint ventures and associates (12)
(20)
Closing balance \u2013
\u2013
Group\u2019s share in ownership 50%
50%
Group\u2019s share of net liabilities (252)
(338)
Deferred property profits offset against carrying amounts (60)
(60)
Cumulative unrecognised losses* 168
179
Cumulative unrecognised hedge reserves* 144
219
Carrying amount \u2013
\u2013
* The share of profit for the year for UK property joint ventures related to \u00a312m (2022: \u00a320m) dividends received from joint ventures with \u00a3nil carrying amounts (2022: \u00a3nil). \u00a312m of profit (2022:
\u00a311m) and \u00a375m of increase (2022: \u00a349m of decrease) in the fair values of derivatives arising from these entities have been included in cumulative unrecognised losses and cumulative
unrecognised hedge reserves, respectively.
As at 25 February 2023, the Group had \u00a3106m (2022: \u00a3105m) loans to UK property joint ventures.
Other joint ventures and associates
The Group also has interests in a number of individually immaterial joint ventures and associates excluding UK property joint ventures.
Joint ventures
2023
\u00a3m
2022
\u00a3m
Aggregate carrying amount of individually immaterial joint ventures 93
86
Group\u2019s share of profits/(losses) for the year (4)
(5)
The aggregate carrying amount and Group\u2019s share of profit/(losses) for the year of associates are immaterial.
Note 14 Impairment of non-current assets
Impairment losses and reversals
No impairment of goodwill was recognised in the current year (2022: \u00a3nil).
The table below summarises the Group\u2019s pre-tax impairment losses and reversals on other non-current assets, aggregated by segment due to
the large number of individually immaterial store cash-generating units. This includes any losses recognised immediately prior to classifying an
asset or disposal group as held for sale but excludes all impairments post classification as held for sale. There were no impairment losses or
reversals in the year (2022: \u00a3nil) with respect to investments in joint ventures and associates and no impairments in other non-current assets in
Tesco Bank (2022: \u00a3nil). All impairment losses and reversals are classified as adjusting items.
UK & ROI
Central Europe
Total
Net
52 weeks ended 25 February 2023
Impairment
loss
\u00a3m
Impairment
reversal
\u00a3m
Impairment
loss
\u00a3m
Impairment
reversal
\u00a3m
Impairment
loss
\u00a3m
Impairment
reversal
\u00a3m
Impairment
(loss)/reversal
\u00a3m
Group balance sheet
Other intangible assets
(28)
6
\u2013
1
(28)
7
(21)
Property, plant and equipment
(779)
181
(48)
6
(827)
187
(640)
Right of use assets
(373)
65
(21)
7
(394)
72
(322)
Investment property
(1)
2
\u2013
\u2013
(1)
2
1
Total impairment (loss)/reversal of other non-current assets (1,181)
254
(69)
14
(1,250)
268
(982)
Group income statement
Cost of sales
(1,155)
245
(69)
14
(1,224)
259
(965)
Administrative expenses
(26)
9
\u2013
-
(26)
9
(17)
Total impairment (loss)/reversal from continuing operations (1,181)
254
(69)
14
(1,250)
268
(982)
UK & ROI
Central Europe
Total
Net
52 weeks ended 26 February 2022
Impairment
loss
\u00a3m
Impairment
reversal
\u00a3m
Impairment
loss
\u00a3m
Impairment
reversal
\u00a3m
Impairment
loss
\u00a3m
Impairment
reversal
\u00a3m
Impairment
(loss)/reversal
\u00a3m
Group balance sheet
Other intangible assets
(17)
8
(1)
\u2013
(18)
8
(10)
Property, plant and equipment
(496)
319
(10)
48
(506)
367
(139)
Right of use assets
(183)
228
(12)
6
(195)
234
39
Investment property
(6)
1
\u2013
\u2013
(6)
1
(5)
Total impairment (loss)/reversal of other non-current assets (702)
556
(23)
54
(725)
610
(115)
Group income statement
Cost of sales
(682)
536
(19)
25
(701)
561
(140)
Administrative expenses
(20)
20
(4)
29
(24)
49
25
Total impairment (loss)/reversal from continuing operations (702)
556
(23)
54
(725)
610
(115)
The net impairment loss in UK & ROI includes an impairment loss of \u00a37m in the UK in respect of the Group obtaining control of The Tesco Dorney
Limited Partnership (2022: \u00a362m impairment loss in UK & ROI in respect of the Group obtaining control of The Tesco Sarum Limited Partnership).
Refer to Note 33 for further details.
The majority of the net impairment charge relates to increased discount rates due to increases in government bond rates as a result of the prevailing
macroeconomic uncertainty. See the Key assumptions and sensitivity section of this note for applicable discount rates. Property fair values in the
UK have also decreased due to the weakening of the property investment market in the last six months, which has led to increased yields.
The remaining other non-current assets impairment losses and reversals for the Group largely reflect normal fluctuations expected from
store-level performance, as well as any specific store closures.
Net carrying value of non-current assets
The net carrying values of other non-current assets and the recoverable amounts of impaired other non-current assets for which an impairment
loss has been recognised or reversed have been aggregated by segment due to the large number of individually immaterial store cash-generating
units. The amounts below exclude assets or disposal groups classified as held for sale.
At 25 February 2023
UK & ROI
\u00a3m
Central Europe
\u00a3m
Tesco Bank
\u00a3m
Total
\u00a3m
Net carrying value
Other intangible assets 888
37
123
1,048
Property, plant and equipment 15,331
1,459
72
16,862
Right of use assets 5,057
433
10
5,500
Investment property 15
9
\u2013
24
Other non-current assets 21,291
1,938
205
23,434
Goodwill
(a)
3,827
\u2013
500
4,327
Investments in joint ventures and associates
(b)
93
\u2013
\u2013
93
Net carrying value of non-current assets 25,211
1,938
705
27,854
Recoverable amount of impaired other non-current assets for which an impairment
loss has been recognised or reversed, supported by:
Value in use 3,657
140
\u2013
3,797
Fair value less costs of disposal
(c)
1,984
169
\u2013
2,153
5,641
309
\u2013
5,950
(a) Goodwill of \u00a34,327m (2022: \u00a34,291m) consists of UK \u00a33,793m (2022: \u00a33,788m), ROI \u00a334m (2022: \u00a33m) and Tesco Bank \u00a3500m (2022: \u00a3500m).
(b) The carrying value of the Group\u2019s investments includes Trent Hypermarket Private Limited \u00a355m (2022: \u00a355m).
(c) Due to the individual nature of each property, fair values are classified as Level 3 within the fair value hierarchy.
At 26 February 2022
UK & ROI
\u00a3m
Central Europe
\u00a3m
Tesco Bank
\u00a3m
Total
\u00a3m
Net carrying value
Other intangible assets 909
31
129
1,069
Property, plant and equipment 15,538
1,454
68
17,060
Right of use assets 5,355
354
11
5,720
Investment property 14
8
\u2013
22
Other non-current assets 21,816
1,847
208
23,871
Goodwill
(a)
3,791
\u2013
500
4,291
Investments in joint ventures and associates
(b)
85
1
\u2013
86
Net carrying value of non-current assets 25,692
1,848
708
28,248
Recoverable amount of impaired other non-current assets for which an impairment
loss has been recognised or reversed, supported by:
Value in use 2,534
78
\u2013
2,612
Fair value less costs of disposal
(c)
1,456
51
\u2013
1,507
3,990
129
\u2013
4,119
Refer to previous table for footnotes.
Impairment methodology
Cash-generating units
The Group treats each store as a separate cash-generating unit for impairment testing of other intangible assets, property, plant and equipment,
right of use assets and investment property. The Group allocates goodwill to groups of cash-generating units, where each country represents a
group of cash-generating units for the Group\u2019s retail operations, as this represents the lowest level at which goodwill is monitored by
management. Tesco Bank and dunnhumby each represent separate cash-generating units.
The recoverable amount of each store cash-generating unit is the higher of its value in use and its fair value less costs of disposal. The
recoverable amount of a group of cash-generating units to which goodwill has been allocated is determined based on value in use calculations.
Central assets such as distribution centres and associated costs are allocated to store cash-generating units based on level of use, estimated
with reference to sales. Urban fulfilment centres and associated costs that are part of a store are included in the store cash\u2013generating unit.
Standalone customer fulfilment centres and associated costs are each treated as a separate cash-generating unit.
Value in use
Retail
Estimates for value in use calculations include discount rates, long-term growth rates, expected changes to future cash flows, including volumes
and prices, and the probabilities assigned to cash flow scenarios. Estimates are based on past experience and expectations of future changes in
the market, including the prevailing economic climate and global economy, competitor activity, market dynamics, changing customer behaviours,
structural challenges facing retail and the resilience afforded by the Group\u2019s operational scale.
Cash flow projections are based on the Group\u2019s three-year internal forecasts, the results of which are reviewed by the Board. The forecasts
include best estimate assumptions on inflation, which differ by both country and revenue and cost categories. The forecasts are extrapolated to
five years based on management\u2019s expectations, and beyond five years based on estimated long-term average growth rates. Long-term growth
rates for the Retail business are based on inflation forecasts by recognised bodies. Cash flow forecasts are allocated to store-level cash-
generating units based on their relative current year actual sales performance, after adjusting for one-off cash flows affecting particular stores.
Note 14 Impairment of non-current assets continued
The Group applies an expected cash flow approach by probability-weighting different cash flow scenarios. The greatest probability weighting
is applied to the cash flows derived from the three-year internal forecasts. Additional scenarios take account of the risks presented by a
macroeconomic downturn, higher levels of operating costs and climate change, consistent with the viability statement scenarios (see the
Longer term viability statement in the Strategic report) as well as an upside scenario. The viability statement scenarios reflect \u2018severe but
plausible\u2019 risks which are adjusted for impairment testing in order to reflect management\u2019s best estimate of future economic conditions,
including any reasonably possible upside to the three-year internal forecasts.
In addition to the climate change scenario included within the probability-weighted cash flows, the Group incorporates other climate change
related assumptions into the impairment modelling, including, but not limited to, investments in technology to aid the Group\u2019s net zero
commitments, the costs associated with replacing assets with more environmentally-friendly alternatives, and assumptions over the cash flow
profile of the Group\u2019s fuel business.
Management estimates discount rates using pre-tax rates that reflect the market assessment as at the balance sheet date of the time value of
money and the risks specific to the cash-generating units. The pre-tax discount rates are derived from the Group\u2019s post-tax weighted average
cost of capital, as adjusted for the specific risks relating to each geographical region and on a nominal basis. Risk-free rates are based on
government bond rates in each geographical region and equity risk premia and equity beta are based on forecasts by recognised bodies.
The Group uses the capital asset pricing model to calculate the cost of equity.
Tesco Bank goodwill
Tesco Bank value in use is calculated by discounting equity cash flows, defined as the excess above the regulatory requirement. Cash flow
projections are based on the Bank\u2019s three-year internal forecasts, approved by the Board. The forecasts are extrapolated to five years based
on management\u2019s expectations and beyond five years based on estimated long-term average growth rates. The long-term growth rate is based
on inflation and GDP growth forecasts by recognised bodies. The discount rate is the cost of equity of Tesco Bank. Risk-free rates, equity risk
premia and the equity beta are derived from recognised bodies.
Fair value less costs of disposal
Fair values of owned properties are determined with regard to the market rent for the stores or for alternative uses with investment yields
appropriate to reflect the physical characteristics of the property, location, infrastructure, redevelopment potential and other factors. In some
cases, fair values include residual valuations where stores may be viable for redevelopment. Fair values of leased properties are determined
with regard to the discounted market rent for the property over the remaining period of the lease, reflecting the condition and location of the
property and the local rental market, adjusted for a suitable void period. Fair values of the Group\u2019s properties were determined with the
assistance of independent professional valuers where appropriate. Costs of disposal are estimated based on past experience in each
geographical region.
Investments in joint ventures and associates
The recoverable values of investments in joint ventures and associates are estimated taking into account forecast cash flows, equity valuations of
comparable entities and/or recent transactions for comparable businesses.
Key assumptions and sensitivity
Key assumptions
For value in use calculations, the key assumptions to which the recoverable amounts are most sensitive are discount rates, long-term growth
rates and future cash flows (incorporating sales volumes, prices and costs). For fair value less costs of disposal calculations, the key assumption is
property fair values.
The discount rates and long-term growth rates for each group of cash-generating units to which goodwill has been allocated are:
UK
ROI
Tesco Bank
2023
%
2022
%
2023
%
2022
%
2023
%
2022
%
Pre-tax discount rates 8.6 - 8.8
6.4 \u2013 7.8
7.4
5.4
16.0
13.7
Post-tax discount rates 6.5 - 6.6
4.8 \u2013 5.8
6.5
4.7
12.0
10.8
Long-term growth rates 2.0
1.9
2.0
1.9
1.7
1.6
The discount rates and long-term growth rates for the Group\u2019s portfolio of store cash-generating units, aggregated by segment due to the large
number of individually immaterial store cash-generating units, are:
UK & ROI
Central Europe
2023
%
2022
%
2023
%
2022
%
Pre-tax discount rates 7.4 - 8.6
5.4 \u2013 7.8
8.0 - 16.8
5.7 \u2013 11.3
Post-tax discount rates 6.5
4.7 \u2013 5.8
6.3 \u2013 11.1
4.5 \u2013 8.8
Long-term growth rates 2.0
1.9
2.0 \u2013 3.2
2.0 \u2013 3.0
Sensitivity
The Group has carried out sensitivity analyses on the reasonably possible changes in key assumptions in the impairment tests for (a) each group
of cash-generating units to which goodwill has been allocated and (b) for its portfolio of store cash-generating units. Management has extended
the reasonably possible movements in the future cash flows and property fair values sensitivities disclosed given the level of volatility seen in
these inputs since the previous year end, driven by the wider macroeconomic environment.
(a) Except for Tesco Bank goodwill, neither a reasonably possible increase of 1.0%pt in discount rates, a 10.0% decrease in future cash flows nor
a 1.0%pt decrease in long-term growth rates would indicate impairment in any group of cash-generating units to which goodwill has been
allocated.
For Tesco Bank, the following table shows the assumptions adopted and the amount by which these assumption values would have to change to make the recoverable amount equal to the carrying value, the headroom sensitivity, and the impact of reasonably possible changes to these assumptions: Key assumption Assumption value Headroom sensitivity Reasonably possible change Impact on impairment \u00a3m Post-tax discount rates* 12.0% Increase of 0.3%pt Increase of 1.0%pt (114) Annual equity cash flows Variable Decrease of 4.3% Decrease of 10.0% (71) Long-term growth rates 1.7% Decrease of 0.4%pt Decrease of 1.0%pt (72) (b) While there is not a significant risk of an adjustment to the carrying amount of any one store cash-generating unit that would be material to the Group as a whole in the next financial year, the table below summarises the reasonably possible changes in key assumptions which most impact the impairment of the Group\u2019s entire portfolio of store cash-generating units, presented in aggregate due to the large number of individually immaterial store cash-generating units. The impairment is not highly sensitive to the probability weightings assigned to the cash flow scenarios. Key assumption Reasonably possible change Impact on impairment 2023 \u00a3m Post-tax discount rates* Increase of 1.0%pt for each geographic region Increase (479) Decrease of 1.0%pt for each geographic region Decrease 434 Future cash flows Increase of 10.0% for each geographic region Decrease 279 Decrease of 10.0% for each geographic region Increase (321) Long-term growth rates Increase of 1.0%pt for each geographic region Decrease 273 Decrease of 1.0%pt for each geographic region Increase (267) Property fair values Increase of 10.0% for each geographic region Decrease 205 Decrease of 10.0% for each geographic region Increase (217) * Sensitivities are applied to post-tax discount rates used to derive the pre-tax discount rates. Note 15 Other investments 2023 2022 At amortised cost (a) \u00a3m Fair value through profit/loss \u00a3m Fair value through other comprehensive income \u00a3m Total \u00a3m At amortised cost (a) \u00a3m Fair value through profit/loss \u00a3m Fair value through other comprehensive income \u00a3m Total \u00a3m Investments in debt instruments \u2013 Retail (b) 210 - - 210 - - - - Investments in debt instruments \u2013 Bank 883 - 565 1,448 857 - 585 1,442 Investments in equity instruments \u2013 Retail \u2013 - 14 14 - - 12 12 Property fund and other investments \u2013 Bank (c) \u2013 20 - 20 - 25 - 25 Other investments 1,093 20 579 1,692 857 25 597 1,479 Of which: Current 303 1 49 353 75 - 151 226 Non-current 790 19 530 1,339 782 25 446 1,253 1,093 20 579 1,692 857 25 597 1,479 (a) The allowances for expected credit losses in the year are immaterial (2022: immaterial). Refer to Note 27. (b) Includes \u00a3210m (2022: \u00a3nil) of secured bond assets of which \u00a3199m relates to the purchase of debt held in UK property joint ventures. (c) Includes \u00a319m (2022: \u00a323m) of property fund investments which were recognised following the acquisition of Tesco Underwriting Limited. Note 16 Inventories 2023 \u00a3m 2022 \u00a3m Goods held for resale 2,507 2,336 Development properties 3 3 2,510 2,339 Goods held for resale are net of commercial income. Refer to Note 20. Cost of inventories from continuing operations recognised as an expense for the 52 weeks ended 25 February 2023 was \u00a348,822m (52 weeks ended 26 February 2022: \u00a345,136m). Inventory losses and provisions from continuing operations recognised as an expense for the 52 weeks ended 25 February 2023 were \u00a31,220m (52 weeks ended 26 February 2022: \u00a31,002m). Note 17 Trade and other receivables 2023 \u00a3m 2022 \u00a3m Trade receivables 531 457 Prepayments 133 135 Accrued income (a) 223 211 Other receivables 374 478 Amounts owed by joint ventures and associates (Note 31) (b) 133 141 Total trade and other receivables 1,394 1,422 Of which: Current 1,315 1,263 Non-current 79 159 1,394 1,422 (a) Accrued income includes contract assets of \u00a332m (2022: \u00a351m) primarily relating to commission income on insurance policies managed and underwritten by a third party. The expected credit loss was immaterial as at 25 February 2023 (2022: immaterial). (b) Expected credit losses on amounts owed by joint ventures and associates are not material. Note 17 Trade and other receivables continued Trade receivables include commercial income. Refer to Note 20. Trade receivables are generally non interest-bearing. Credit terms vary by country and the nature of the debt, ranging from seven to 60 days. The tables below present the ageing of receivables and related allowances for expected credit losses: At 25 February 2023 Not past due \u00a3m Up to six months past due \u00a3m Six to 12 months past due \u00a3m Greater than 12 months past due \u00a3m Total \u00a3m Trade receivables 505 53 7 9 574 Other receivables 339 19 16 19 393 Trade and other receivables 844 72 23 28 967 Allowance for expected credit losses: At the beginning of the year (22) (4) (5) (25) (56) Increase in allowance, including recoveries, charged to the Group income statement (2) (2) (1) (1) (6) At the end of the year (24) (6) (6) (26) (62) At 26 February 2022 Not past due \u00a3m Up to six months past due \u00a3m Six to 12 months past due \u00a3m Greater than 12 months past due \u00a3m Total \u00a3m Trade receivables 430 52 4 6 492 Other receivables 442 34 4 19 499 Trade and other receivables 872 86 8 25 991 Allowance for expected credit losses: At the beginning of the year (22) (11) (6) (30) (69) Decrease in allowance, including recoveries, released to the Group income statement \u2013 7 1 1 9 Amounts written off \u2013 \u2013 \u2013 4 4 At the end of the year (22) (4) (5) (25) (56) Note 18 Cash and cash equivalents and short-term investments Cash and cash equivalents 2023 \u00a3m 2022 \u00a3m Cash at bank and on hand 2,426 2,322 Short-term deposits 39 23 Cash and cash equivalents in the Group balance sheet 2,465 2,345 Bank overdrafts (900) (574) Cash and cash equivalents in the Group cash flow statement 1,565 1,771 Short-term investments 2023 \u00a3m 2022 \u00a3m Money market funds, deposits and similar instruments 1,628 2,076 Cash and cash equivalents includes \u00a387m (2022: \u00a384m) of restricted amounts mainly relating to the Group\u2019s pension schemes and employee benefit trusts. Note 19 Trade and other payables 2023 \u00a3m 2022 \u00a3m Trade payables 6,359 5,641 Other taxation and social security 399 411 Other payables 1,886 1,905 Amounts payable to joint ventures and associates (Note 31) 7 9 Accruals 877 827 Contract liabilities 443 441 Total trade and other payables 9,971 9,234 Of which: Current 9,818 9,181 Non-current 153 53 9,971 9,234 Trade and other payables are net of commercial income. Refer to Note 20. Contract liabilities represent consideration received for performance obligations not yet satisfied, predominantly in relation to Clubcard points. The majority of the revenue deferred at the current financial year end will be recognised in the following financial year. Trade payables include \u00a3687m (2022: \u00a3935m) that suppliers have chosen to early-fund under supplier financing arrangements. Refer to Note 1. Amounts in trade payables that are overdue for payment to the provider are immaterial. Note 20 Commercial income
Below are the commercial income balances included within inventories and trade and other receivables, or netted against trade and other
payables. Amounts received in advance of income being earned are included in accruals.
2023
\u00a3m
2022
\u00a3m
Current assets
Inventories (18)
(15)
Trade and other receivables
Trade/other receivables 67
68
Accrued income 127
124
Current liabilities
Trade and other payables
Trade payables 112
112
Accruals (5)
\u2013
Note 21 Borrowings
Borrowings are classified as current and non-current based on their scheduled repayment date, and not their maturity date. Repayments of
principal amounts are classified as current if the repayment is scheduled to be made within one year of the balance sheet date.
Par value Maturity
2023
\u00a3m
2022
\u00a3m
Bank loans and overdrafts
(a)
\u2013
\u2013
928
605
Tesco Bank Senior MREL Notes
(b)
\u00a3145m
Jul 2025
137
244
Secured bonds
(c)
5.5457% Secured Bond \u00a3235m
Feb 2029
225
251
6.067% Secured Bond \u00a3200m
Feb 2029
195
194
SONIA + 1.3193% Secured Bond \u00a350m
Feb 2029
49
48
6.0517% Secured Bond \u00a3266m
Oct 2039
337
568
5.6611% Secured Bond \u00a3289m
Oct 2041 378
579
5.4111% Secured Bond \u00a3187m
Jul 2044
158
\u2013
LPI and RPI-linked bonds
(d)
3.322% LPI MTN \u00a3392m
Nov 2025
396
377
1.982% RPI MTN \u00a3346m
Mar 2036
349
312
Sustainability-linked bonds
(e)
1.875% MTN \u00a3400m
Nov 2028
398
398
0.375% MTN \u20ac750m
Jul 2029
523
576
Fixed bonds
5% MTN \u00a371m
Mar 2023
75
77
1.375% MTN \u20ac750m
Oct 2023
651
634
2.5% MTN \u20ac473m
Jul 2024
424
403
2.5% MTN \u00a3400m
May 2025
378
397
0.875% MTN \u20ac750m
May 2026
663
630
6% MTN \u00a338m
Dec 2029
43
44
2.75% MTN \u00a3450m
Apr 2030
359
414
5.5% MTN \u00a367m
Jan 2033
78
79
6.15% USD Bond $355m
Nov 2037
366
338
4.875% MTN \u00a314m
Mar 2042
14
14
5.125% MTN \u20ac235m
Apr 2047
213
203
5.2% MTN \u00a314m
Mar 2057
14
14
7,351
7,399
Of which:
Current
1,770
725
Non-current
5,581
6,674
7,351
7,399
(a) Bank loans and overdrafts includes \u00a3900m (2022: \u00a3574m) of bank overdrafts. \u00a3895m (2022: \u00a3567m) is held under a notional pooling arrangement which does not meet the criteria to be presented
net of cash on the balance sheet. Refer to Note 18.
(b) These notes are 3.5% Tesco Bank MREL compliant senior debt and were issued on 25 July 2019. The scheduled redemption date is July 2024. During the year there was a partial redemption by
Tesco Bank of its issued MREL debt.
(c) The bonds are secured by a charge over the property, plant and equipment held within The Tesco Property Limited Partnership, The Tesco Atrato Limited Partnership, The Tesco Sarum Limited
Partnership and The Tesco Dorney Limited Partnership respectively, all of which are 100% owned subsidiaries of Tesco PLC. The carrying amount of assets pledged as security for secured bonds
is \u00a3802m, \u00a31,065m, \u00a3708m and \u00a3239m (2022: \u00a3818m, \u00a3892m, \u00a3521m and \u00a3nil), respectively. \u00a351m (2022: \u00a350m) is the total principal repayment due within the next 12 months and the remainder is
payable in quarterly instalments until the maturity date.
(d) These bonds are redeemable at par, indexed for increases in the RPI over the life of the MTN. However, for the LPI-linked bond, the maximum indexation of the principal in any one year is 5%, with
a minimum of 0%. For the RPI-linked bond, refer to Note 27.
(e) These are sustainability-linked bonds referencing the Group\u2019s KPI for Group Greenhouse Gas (GHG) Emissions reduction (Scope 1 and 2, in tCO
2
e). The Sustainability Performance Target they are
linked to is to reduce the Group GHG Emissions by 60% by 2025 with respect to a 2015/16 baseline.
Note 22 Provisions
Property
provisions
\u00a3m
Restructuring
provisions
\u00a3m
Legal and
regulatory
provisions
\u00a3m
Operational
insurance
provisions
\u00a3m
Other
provisions
\u00a3m
Total
\u00a3m
At 26 February 2022 213
44
44
135
30
466
Foreign currency translation 1
1
\u2013
1
1
4
Reclassifications \u2013
\u2013
10
\u2013
(10)
\u2013
Amount released in the year (21)
(8)
(3)
(23)
(5)
(60)
Amount provided in the year 37
147
7
91
8
290
Amount utilised in the year (11)
(78)
(4)
(46)
(4)
(143)
Unwinding of discount 3
\u2013
\u2013
\u2013
\u2013
3
At 25 February 2023 222
106
54
158
20
560
The balances are analysed as follows:
2023
\u00a3m
2022
\u00a3m
Current 366
283
Non-current 194
183
560
466
Provisions are discounted based on the relevant risk-free rate and are risk-adjusted through adjusting the cash flow estimates. Refer to Note 14
for details of how risk-free rates are derived. Where material, provisions are discounted based on country-specific nominal risk-free rates, with a
weighted average risk-free rate of 3.8% (2022: 1.6%).
Property provisions
Property provisions comprise onerous contracts related to unprofitable stores and vacant properties, decommissioning provisions and
remediation works and dilapidations provisions.
Dilapidations are recognised where there is a present obligation to repair and restore leased properties to their preoccupancy state at the end
of the lease term. The provision is based on best estimates for individual properties, with reference to previous experience and size of leased
property, or specific agreements with the landlord where relevant. The term is measured in accordance with the outstanding length of leases or
the expected timing of specific obligations.
Onerous contract provisions are recognised where the unavoidable costs of meeting the obligations under the contract exceed the economic
benefits expected to be received under it. The timing of provisions is determined by reference to the contract giving rise to the obligations.
Decommissioning provisions reflect the Group\u2019s long-term obligation for site-level environmental remediation works, arising from government
regulations and changing consumer habits. The extent and cost of future environmental remediation represents a best estimate applied across
the property portfolio based on past experience, the extent of remediation work required and the expected timing of activity, for which there is a
high level of uncertainty.
Amounts provided in the year primarily relate to decommissioning and amounts released in the year primarily relate to releases of dilapidation
and similar remediation provisions.
The expected undiscounted ageing of property provisions as at 25 February 2023:
Current
\u00a3m
1 to 5 years
\u00a3m
6 to 10 years
\u00a3m
11 to 15 years
\u00a3m
Over 15 years
\u00a3m
Total
\u00a3m
Property provisions 38
46
23
17
247
371
Restructuring provisions
Restructuring provisions of \u00a3106m, primarily relating to expected employee costs, are expected to be fully utilised in the following financial year to
24 February 2024. The provision is calculated in line with the expected settlement costs of impacted employees and excludes future operating costs.
Legal and regulatory provisions
Legal and regulatory provisions contain balances in relation to either ongoing or expected legal proceedings against the Group, or for costs
associated with regulatory matters and/or breaches. Due to the nature of legal and regulatory matters, including unpredictable timings of legal
cases or regulatory investigations, there is often uncertainty as to if or when provisions will be fully utilised.
This balance consists of various individually immaterial provisions.
Operational insurance provisions
Insurance provisions relate to outstanding liabilities from public and employer\u2019s liability and third-party motor claims across the Group\u2019s trading
operations, separate to the Tesco Underwriting insurance balances in Note 24. Provisions relate to claims arising from incidents reported prior
to the reporting date, including an allowance for those currently incurred but not reported. Amounts are measured considering claims history,
including claims volume and average cost of claims, with assessment and projection by third-party actuaries. Releases in the year primarily relate
to improved estimates of future outflows from revised actuarial valuations. The balance as at the financial year end is expected to be materially
utilised within three years from the reporting date.
Other provisions
Other provisions amounts primarily relate to a Tesco Bank expected credit loss provision recognised under IFRS 9 which exceeds the gross
carrying amount of the related financial asset, primarily loans to customers. Further information on expected credit losses can be found within
Note 27. The remaining balance relates to individually immaterial provisions that do not fall into any of the other categories.
Note 23 Loans and advances to customers
Tesco Bank has loans and advances to customers, split by maturity, as follows:
2023
\u00a3m
2022
\u00a3m
Repayable on demand or at short notice \u2013
2
Within three months 4,151
3,561
Greater than three months but less than one year 178
161
Greater than one year but less than five years 2,667
2,718
After five years 546
537
7,542
6,979
Expected credit loss allowance for loans and advances to customers
(461)
(489)
Loans and advances to customers 7,081
6,490
Of which:
Current
4,052
3,349
Non-current
3,029
3,141
7,081
6,490
At 25 February 2023, \u00a32.9bn (2022: \u00a33.0bn) of the credit card portfolio had its beneficial interest assigned to a securitisation special purpose
entity, Delamare Cards Receivables Trustee Limited, for use as collateral in securitisation transactions. The total encumbered portion of this
portfolio is \u00a31.1bn (2022: \u00a31.2bn).
At 25 February 2023, Delamare Cards MTN Issuer PLC had \u00a31.8bn (2022: \u00a31.8bn) notes in issue in relation to securitisation transactions.
At 25 February 2023, \u00a31.6bn (2022: \u00a31.4bn) of the class A retained credit card-backed notes are held within their single collateral pool.
Fair value hedge adjustments
Fair value hedge adjustments amounting to a liability of \u00a375m (2022: liability of \u00a330m) are in respect of fixed rate personal loans. These
adjustments are largely offset by derivatives, which are used to manage interest rate risk and are designated as fair value hedges of loans and
advances to customers.
Refer to Note 27 for allowance for expected credit losses disclosures.
Note 24 Insurance
Balances in this note relate to the Group\u2019s subsidiary, Tesco Underwriting Limited (TU), part of the Tesco Bank operating segment.
Insurance profit/(loss)
52 weeks
2023
\u00a3m
52 weeks
2022
\u00a3m
Gross insurance premium income 309
239
Insurance premium income ceded to reinsurers (139)
(105)
Current year claims paid (140)
(104)
Change in prior year claims provision 100
52
Additional liabilities arising during the year (135)
(98)
Insurance claims incurred (175)
(150)
Reinsurers\u2019 share of claims incurred* 90
62
Net insurance claims (85)
(88)
Net insurance profit/(loss) 85
46
* Includes \u00a320m (2022: \u00a33m) related to reinsurance quota share commission and profit commission.
Insurance contract provisions and reinsurance assets
The following tables show the breakdown of the Group\u2019s insurance contract provisions and reinsurance assets:
2023
2022
Gross
\u00a3m
Reinsurance
\u00a3m
Net
\u00a3m
Gross
\u00a3m
Reinsurance
\u00a3m
Net
\u00a3m
Unearned premiums 174
(73)
101
156
(64)
92
Claims 431
(144)
287
494
(181)
313
Total insurance contract provisions 605
(217)
388
650
(245)
405
Of which:
Current 570
(72)
498
623
(61)
562
Non-current 35
(145)
(110)
27
(184)
(157)
Note 24 Insurance continued
Gross insurance provisions, unlike reinsurance assets, are classified as current or non-current based on contractual rights to defer settlement
for at least 12 months after the reporting period, rather than expected timing of settlement. See Note 27 for the expected cash outflows in
relation to these balances.
2023
2022
Analysis of movement in insurance contract provisions
Gross
\u00a3m
Reinsurance
\u00a3m
Net
\u00a3m
Gross
\u00a3m
Reinsurance
\u00a3m
Net
\u00a3m
Opening balance 650
(245)
405
\u2013
\u2013
\u2013
Acquired through business combinations \u2013
\u2013
\u2013
650
(247)
403
Claims (paid)/recovered through insurers (259)
108
(151)
(171)
66
(105)
Movement in claims outstanding 196
(71)
125
156
(59)
97
Changes in provisions for unearned premiums 18
(9)
9
15
(5)
10
Closing balance 605
(217)
388
650
(245)
405
Analysis of movement in provision for gross unearned premiums
2023
\u00a3m
2022
\u00a3m
Opening balance 156
\u2013
Acquired through business combinations \u2013
141
Premiums written during the year 327
254
Less: premiums earned during the year (309)
(239)
Closing balance 174
156
2023
2022
Analysis of movement in outstanding claims
Gross
\u00a3m
Salvage and
subrogation
recoveries
\u00a3m
Net
\u00a3m
Gross
\u00a3m
Salvage and
subrogation
recoveries
\u00a3m
Net
\u00a3m
Opening balance 494
(22)
472
\u2013
\u2013
\u2013
Acquired through business combinations \u2013
\u2013
\u2013
509
(16)
493
Current period claims 309
(34)
275
213
(20)
193
Change in prior year claims (113)
13
(100)
(57)
14
(43)
Current year claims paid (140)
\u2013
(140)
(104)
\u2013
(104)
Prior year claims paid (119)
\u2013
(119)
(67)
\u2013
(67)
Closing balance 431
(43)
388
494
(22)
472
Funds withheld
Funds withheld of \u00a3123m (2022: \u00a3115m), included within trade and other payables, represent the balance due to reinsurers arising from Quota
Share arrangements, by which a fixed proportion of both premiums and losses are ceded to third-party reinsurers as part of the overall
reinsurance protection strategy.
Process used to determine assumptions
The nature of insurance makes it very difficult to predict with certainty the likely outcome of any particular claim and the ultimate cost of notified
claims. Each notified claim is assessed on a separate, case\u2010by\u2010case basis with due regard to the claim circumstances and historical evidence of
the size of similar claims and provisions are based on information currently available. However, the ultimate liabilities may vary as a result of
subsequent developments.
Sources of data
The sources of data used as inputs for the assumptions are internal, using detailed studies that are carried out at least annually to ensure that
the assumptions are consistent with observable market prices or other published information. When there is insufficient information to make a
reliable best estimate of claims development, suitable benchmark assumptions are used.
Methods
The cost of outstanding claims and the incurred but not reported (IBNR) claims provisions are estimated using various statistical methods, which
extrapolate the development of paid and incurred claims, average cost per claim and ultimate claim numbers for each accident period based
upon observed development of earlier periods, with reference to suitable benchmarks. The key methods are:
\u2013 development factor methods, which use historical data to estimate the paid and incurred to date as proportions of the ultimate claim cost;
\u2013 individual claim assessment methods, which use claim\u2010specific details for large individual claims to estimate the ultimate claim cost; and
\u2013 benchmarking methods, which use the experience of comparable, more mature classes, or market data to estimate the cost of claims.
To the extent that these methods use historical claims development information, they also assume that the historical claims development
pattern will occur again in the future, after allowing (where possible) for instances where this might not be the case, such as changing economic
or legal trends.
Recoveries
The provisions are initially estimated at a gross level and a separate calculation is carried out to estimate the size of reinsurance recoveries.
The Group is covered by a variety of excess of loss reinsurance programmes. The methods used by the Group take into account historical data,
specific details for individual large claims and details of the reinsurance programme to assess the expected size of reinsurance recoveries.
Recoveries through salvage and subrogation are estimated and recorded separately based on a combination of suitable benchmark assumptions
and the observed development to date.
Ogden rate
The majority of claims are not discounted as they are expected to settle within four years or less. For long-term personal injury claims the
personal injury discount rate (Ogden rate) is used. For claims provisions in relation to periodic payments orders, a long-term expected investment
return is used as the discount rate. This is set by the Ministry of Justice and is used by the courts to calculate lump sum personal injury payments.
Reserves are assessed at the current rate of (0.25)%.
Analysis of claims development \u2013 gross of reinsurance and net of salvage and subrogation recoveries
Accident year
(a)(b)
Estimate of gross ultimate claim costs
2013
\u00a3m
2014
\u00a3m
2015
\u00a3m
2016
\u00a3m
2017
\u00a3m
2018
\u00a3m
2019
\u00a3m
2020
\u00a3m
2021
\u00a3m
2022
\u00a3m
2023
\u00a3m
Total
\u00a3m
At end of accident year 391
349
327
371
304
317
282
220
224
48
41
\u2013
One year later 388
353
343
372
299
297
288
209
204
278
\u2013
\u2013
Two years later 373
379
343
335
269
268
271
184
\u2013
\u2013
\u2013
\u2013
Three years later 383
353
323
325
258
271
235
\u2013
\u2013
\u2013
\u2013
\u2013
Four years later 363
360
311
323
253
259
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Five years later 360
347
305
309
251
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Six years later 361
350
305
304
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Seven years later 360
343
306
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Eight years later 360
345
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Nine years later 360
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Current estimate of cumulative claims 360
345
306
304
251
259
235
184
204
278
41
2,767
Cumulative payments to date (349)
(328)
(299)
(291)
(248)
(239)
(204)
(137)
(138)
(162)
(9)
(2,404)
Claims outstanding prior to 2013 accident year \u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
18
Current gross claims provision 11
17
7
13
3
20
31
47
66
116
32
381
Provision for claims handling costs
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
5
Fair value adjustment to claims outstanding
provisions as a result of TU acquisition
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2
Total gross claims outstanding provisions \u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
388
(a) The information in the above claims development table covers the period from which the earliest material claim arose in TU for which there is still uncertainty about the amount and timing of the
claims payments and therefore reflects claims development in respect of claims arising prior to the acquisition of TU in 2021.
(b) TU changed its reporting date from 31 December to 28 February during 2022. However, accident years remained consistent with a calendar year. Consequently, the first development year from
2022 onwards represents only two months of claims development.
Analysis of claims development \u2013 net of reinsurance and net of salvage and subrogation recoveries
Accident year
(a)(b)
Estimate of ultimate claim costs
2013
\u00a3m
2014
\u00a3m
2015
\u00a3m
2016
\u00a3m
2017
\u00a3m
2018
\u00a3m
2019
\u00a3m
2020
\u00a3m
2021
\u00a3m
2022
\u00a3m
2023
\u00a3m
Total
\u00a3m
At end of accident year 379
336
320
310
276
259
236
144
127
37
32
\u2013
One year later 380
338
327
319
270
259
255
125
119
171
\u2013
\u2013
Two years later 368
349
331
302
252
233
244
109
\u2013
\u2013
\u2013
\u2013
Three years later 371
343
315
292
242
247
222
\u2013
\u2013
\u2013
\u2013
\u2013
Four years later 359
339
306
292
239
236
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Five years later 355
338
301
287
239
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Six years later 356
340
301
287
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Seven years later 355
334
301
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Eight years later 353
335
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Nine years later 350
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Current estimate of cumulative claims 350
335
301
287
239
236
222
109
119
171
32
2,401
Cumulative payments to date (347)
(323)
(295)
(280)
(236)
(220)
(197)
(96)
(84)
(94)
(4)
(2,176)
Claims outstanding prior to 2013 accident year \u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
12
Current net claims provision 3
12
6
7
3
16
25
13
35
77
28
237
Provision for claims handling costs
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
5
Fair value adjustment to claims outstanding
provisions as a result of TU acquisition
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2
Total net claims \u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
244
Refer to previous table for footnotes.
Note 25 Customer deposits and deposits from banks
2023
\u00a3m
2022
\u00a3m
Customer deposits 5,770
5,327
Deposits from banks 980
1,052
6,750
6,379
Of which:
Current 4,485
4,729
Non-current 2,265
1,650
6,750
6,379
Deposits from banks include balances of \u00a3906m (2022: \u00a3902m) drawn under the Bank of England\u2019s Term Funding Scheme with incentives for
small and medium-sized enterprises (TFSME). Also included are balances of \u00a374m (2022: \u00a3150m) which have been sold under sale and
repurchase agreements.
Note 26 Financial instruments
The Group recognises the following financial instruments on its balance sheet. The Group\u2019s exposure to the risks associated with its financial
assets and liabilities is discussed in Note 27.
At 25 February 2023 Notes
At amortised
cost
\u00a3m
At fair value
through profit
or loss
\u00a3m
At fair value
through other
comprehensive
income
\u00a3m
Total
\u00a3m
Financial assets
Cash and cash equivalents 18
2,433
32
\u2013
2,465
Short-term investments 18
968
660
\u2013
1,628
Trade receivables 17
531
\u2013
\u2013
531
Other receivables 17
374
\u2013
\u2013
374
Joint ventures and associates loan receivables 31
106
\u2013
\u2013
106
Loans and advances to customers 23
7,081
\u2013
\u2013
7,081
Other investments 15
1,093
20
579
1,692
Derivative financial instruments:
Interest rate swaps
\u2013
123
\u2013
123
Cross-currency swaps
\u2013
211
\u2013
211
Index-linked swaps
\u2013
551
\u2013
551
Foreign currency forward contracts
\u2013
41
\u2013
41
Diesel forward contracts
\u2013
4
\u2013
4
12,586
1,642
579
14,807
Financial liabilities
Trade payables 19
(6,359)
\u2013
\u2013
(6,359)
Other payables 19
(1,886)
\u2013
\u2013
(1,886)
Accruals 19
(877)
\u2013
\u2013
(877)
Borrowings 21
(7,351)
\u2013
\u2013
(7,351)
Customer deposits 25
(5,770)
\u2013
\u2013
(5,770)
Deposits from banks 25
(980)
\u2013
\u2013
(980)
Lease liabilities 12
(7,727)
\u2013
\u2013
(7,727)
Derivative financial instruments:
Interest rate swaps
\u2013
(159)
\u2013
(159)
Cross-currency swaps
\u2013
(141)
\u2013
(141)
Foreign currency forward contracts
\u2013
(72)
\u2013
(72)
Diesel forward contracts
\u2013
(15)
\u2013
(15)
(30,950)
(387)
\u2013
(31,337)
At 26 February 2022 Notes
At amortised
cost
\u00a3m
At fair value
through profit
or loss
\u00a3m
At fair value
through other
comprehensive
income
\u00a3m
Total
\u00a3m
Financial assets
Cash and cash equivalents 18
2,319
26
\u2013
2,345
Short-term investments* 18
906
1,170
\u2013
2,076
Trade receivables 17
457
\u2013
\u2013
457
Other receivables 17
478
\u2013
\u2013
478
Joint ventures and associates loan receivables 31
105
\u2013
\u2013
105
Loans and advances to customers 23
6,490
\u2013
\u2013
6,490
Other investments 15
857
25
597
1,479
Derivative financial instruments:
Interest rate swaps
\u2013
55
\u2013
55
Cross-currency swaps
\u2013
223
\u2013
223
Index-linked swaps
\u2013
666
\u2013
666
Foreign currency forward contracts
\u2013
44
\u2013
44
Diesel forward contracts
\u2013
23
\u2013
23
11,612
2,232
597
14,441
Financial liabilities
Trade payables 19
(5,641)
\u2013
\u2013
(5,641)
Other payables 19
(1,905)
\u2013
\u2013
(1,905)
Accruals 19
(827)
\u2013
\u2013
(827)
Borrowings 21
(7,399)
\u2013
\u2013
(7,399)
Customer deposits 25
(5,327)
\u2013
\u2013
(5,327)
Deposits from banks 25
(1,052)
\u2013
\u2013
(1,052)
Lease liabilities 12
(7,958)
\u2013
\u2013
(7,958)
Derivative financial instruments:
Interest rate swaps
\u2013
(273)
\u2013
(273)
Cross-currency swaps
\u2013
(85)
\u2013
(85)
Foreign currency forward contracts
\u2013
(25)
\u2013
(25)
(30,109)
(383)
\u2013
(30,492)
* Comparatives have been re-presented for reclassification of certain short-term investments from amortised cost to fair value through profit or loss.
The expected maturity of financial assets and liabilities is not considered to be materially different to their current and non-current classification.
The fair value of assets and liabilities measured at amortised cost and at fair value are shown below.
Fair value of financial assets and liabilities measured at amortised cost
The table excludes cash and cash equivalents, short-term investments, trade receivables/payables, other receivables/payables, accruals and
deposits from banks where the carrying values approximate fair value. The levels in the table refer to the fair value measurement.
2023
2022
Level
Carrying
value
\u00a3m
Fair
value
\u00a3m
Carrying
value
\u00a3m
Fair
value
\u00a3m
Financial assets measured at amortised cost
Loans and advances to customers 3
7,081
7,058
6,490
6,566
Investments in debt instruments at amortised cost
(a)
1 and 2
1,093
1,097
857
867
Joint ventures and associates loan receivables
(b)
2
106
111
105
126
Financial liabilities measured at amortised cost
Borrowings
Amortised cost
(a)
1
(5,227)
(5,496)
(5,057)
(5,942)
Bonds in fair value hedge relationships 1
(2,124)
(2,167)
(2,342)
(2,401)
Customer deposits 3
(5,770)
(5,640)
(5,327)
(5,296)
(a) These are principally Level 1 instruments.
(b) Joint ventures and associates loan receivables carrying amounts of \u00a3106m (2022: \u00a3105m) are presented in the Group balance sheet net of deferred profits of \u00a338m (2022: \u00a338m) historically arising
from the sale of property assets to joint ventures.
Note 26 Financial instruments continued
Fair value measurement by level of fair value hierarchy
The following table presents the Group\u2019s financial assets and liabilities that are measured at fair value, by level of fair value hierarchy:
\u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
\u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or
indirectly (that is, derived from prices) (Level 2); and
\u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).
Level 2 assets are valued by discounting future cash flows using externally sourced market yield curves, including interest rate curves and
foreign exchange rates from highly liquid markets. For Level 3 assets and liabilities, uncollateralised derivatives are valued as per Level 2 but
include certain data sources which are significantly less liquid; unlisted investments are valued based on less observable inputs such as
recent funding rounds .
At 25 February 2023
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Assets
Investments at fair value through other comprehensive income 565
\u2013
14
579
Short-term investments at fair value through profit or loss 660
\u2013
\u2013
660
Cash and cash equivalents at fair value through profit or loss \u2013
32
\u2013
32
Investments at fair value through profit or loss \u2013
\u2013
20
20
Derivative financial instruments:
Interest rate swaps \u2013
123
\u2013
123
Cross-currency swaps \u2013
41
170
211
Index-linked swaps \u2013
119
432
551
Foreign currency forward contracts \u2013
41
\u2013
41
Diesel forward contracts \u2013
4
\u2013
4
Total assets 1,225
360
636
2,221
Liabilities
Derivative financial instruments:
Interest rate swaps \u2013
(73)
(86)
(159)
Cross-currency swaps \u2013
(4)
(137)
(141)
Foreign currency forward contracts \u2013
(72)
\u2013
(72)
Diesel forward contracts \u2013
(15)
\u2013
(15)
Total liabilities \u2013
(164)
(223)
(387)
Net assets/(liabilities) 1,225
196
413
1,834
At 26 February 2022
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Assets
Investments at fair value through other comprehensive income 585
\u2013
12
597
Short-term investments at fair value through profit or loss* 1,170
\u2013
\u2013
1,170
Cash and cash equivalents at fair value through profit or loss \u2013
26
\u2013
26
Investments at fair value through profit or loss \u2013
23
2
25
Derivative financial instruments:
Interest rate swaps \u2013
55
\u2013
55
Cross-currency swaps \u2013
25
198
223
Index-linked swaps \u2013
115
551
666
Foreign currency forward contracts \u2013
44
\u2013
44
Diesel forward contracts \u2013
23
\u2013
23
Total assets 1,755
311
763
2,829
Liabilities
Derivative financial instruments:
Interest rate swaps \u2013
(273)
\u2013
(273)
Cross-currency swaps \u2013
(85)
\u2013
(85)
Foreign currency forward contracts \u2013
(25)
\u2013
(25)
Total liabilities \u2013
(383)
\u2013
(383)
Net assets/(liabilities) 1,755
(72)
763
2,446
* Comparatives have been re-presented for reclassification of certain short-term investments from amortised cost to fair value through profit or loss.
During the financial year, there were no transfers (2022: no transfers) between Level 1 and Level 2 fair value measurements.
Level 3 Instruments
During the financial year, there were \u00a3nil (2022: \u00a3nil) of transfers from Level 3 to Level 2 and \u00a3nil (2022: \u00a3nil) transfer from Level 3 to Level 1. There
were \u00a318m of transfers of unlisted investments (2022: \u00a3nil) and \u00a3(223)m of derivative liabilities (2022: derivative assets of \u00a3749m) to Level 3 from
Level 2 and \u00a3nil (2022: \u00a3nil) to Level 3 from Level 1.
As part of financial risk management, the Group holds certain uncollateralised derivative financial instruments, including interest rate and
inflation swaps, cross-currency swaps and forward contracts. These are valued using relevant inputs which are considered observable (Level 2),
such as forward rates and foreign exchange rates from available market data. Unobservable inputs (Level 3) relate to the funding valuation
adjustment (FVA), which is the estimate of the adjustment to the fair value that a market participant would make to account for funding costs.
These are calculated on the future valuation of the derivative, based on the best estimate available to management of suitable relevant cost of
funds. A 10 basis points increase in the cost of funds would increase the FVA by \u00a311m (2022: \u00a318m).
The following table presents the changes in Level 3 instruments:
2023 2022
Uncollateralised
derivatives
\u00a3m
Unlisted
investments
\u00a3m
Uncollateralised
derivatives
\u00a3m
Unlisted
investments
\u00a3m
At the beginning of the year 749
14
\u2013
11
Gains/(losses) recognised in finance costs* (114)
\u2013
\u2013
\u2013
Gains/(losses) recognised in other comprehensive income not reclassified to the
income statement
\u2013
2
\u2013
4
Gains/(losses) recognised in other comprehensive income that may subsequently
be reclassified to the income statement
6
\u2013
\u2013
\u2013
Additions \u2013
\u2013
\u2013
1
Disposals (39)
\u2013
\u2013
(2)
Transfers of assets/(liabilities) into Level 3 (223)
18
749
\u2013
At the end of the year 379
34
749
14
* All gains or losses are unrealised.
Offsetting of financial assets and liabilities
The following tables show those financial assets and liabilities subject to offsetting, enforceable master netting arrangements and
similar agreements:
Related amounts not offset in
the Group balance sheet
At 25 February 2023
Gross amounts of
recognised
financial assets/
(liabilities)
\u00a3m
Gross amounts of
financial assets/
(liabilities) offset
in the Group
balance sheet
\u00a3m
Net amounts
included
in the Group
balance sheet
\u00a3m
Financial
instruments
\u00a3m
Collateral
(received)/
pledged
\u00a3m
Net amount
\u00a3m
Financial assets
Derivative financial instruments 930
\u2013
930
(142)
(104)
684
Trade receivables 601
(70)
531
\u2013
\u2013
531
Total assets 1,531
(70)
1,461
(142)
(104)
1,215
Financial liabilities
Derivative financial instruments (387)
\u2013
(387)
142
\u2013
(245)
Trade payables (6,429)
70
(6,359)
\u2013
\u2013
(6,359)
Repurchases, securities lending and similar agreements (74)
\u2013
(74)
\u2013
74
\u2013
Total liabilities (6,890)
70
(6,820)
142
74
(6,604)
Related amounts not offset in
the Group balance sheet
At 26 February 2022
Gross amounts of
recognised
financial assets/
(liabilities)
\u00a3m
Gross amounts of
financial assets/
(liabilities) offset in
the Group
balance sheet
\u00a3m
Net amounts
included
in the Group
balance sheet
\u00a3m
Financial
instruments
\u00a3m
Collateral
(received)/
pledged
\u00a3m
Net amount
\u00a3m
Financial assets
Derivative financial instruments 1,011
\u2013
1,011
(246)
(18)
747
Trade receivables 526
(69)
457
\u2013
\u2013
457
Total assets 1,537
(69)
1,468
(246)
(18)
1,204
Financial liabilities
Derivative financial instruments (383)
\u2013
(383)
246
\u2013
(137)
Trade payables (5,710)
69
(5,641)
\u2013
\u2013
(5,641)
Repurchases, securities lending and similar agreements (150)
\u2013
(150)
\u2013
150
\u2013
Total liabilities (6,243)
69
(6,174)
246
150
(5,778)
For the financial assets and liabilities subject to enforceable master netting arrangements above, each agreement between the Group and the
counterparty allows for net settlement of the relevant financial assets and liabilities when both elect to settle on a net basis. In the absence of
such an election, financial assets and liabilities will be settled on a gross basis. However, each party to the master netting agreement or similar
agreement will have the option to settle all such amounts on a net basis in the event of default of the other party.
Note 27 Financial risk management
The Group\u2019s financial risk management is carried out under policies approved and authority delegated by the Board of Directors, including
parameters for risk management across the Group. The financial risk management in relation to Retail is carried out by a central treasury
department. Tesco Bank has a separate formal structure for reporting, monitoring and managing its financial risks appropriate to the nature of its
business as a regulated financial institution.
The main financial risks faced by the Group, including Retail and Tesco Bank, and the management of these risks are set out below and include
market risk (foreign exchange, interest rate, inflation and commodity prices), credit risk, liquidity risk, capital risk and insurance risk. Additional
information on the management of the financial risks specifically relating to Tesco Bank is also set out on page 170.
Tesco Group
(a) Market risk
Foreign exchange risk management
Description of risks
Management policy
Hedging strategy
Transactional exposure that arises
from the cost of future purchases of
goods, where those purchases are
denominated in a currency other than
the functional currency of the
purchasing company.
The Group\u2019s policy is to hedge currency exposure that
could significantly impact the Group income statement
with a minimum (20%) and maximum (80%) hedge level
of forecast uncommitted exposure within at least the
next 12 months.
Foreign currency forward contracts or purchased
currency options, which are designated as cash flow
hedges. These are denominated in the same currency
as the highly probable future sales and purchases,
which are expected to occur within a maximum 24-
month period, and the hedge ratio is determined
to be 1:1.
Translation exposure that arises from
exchange rate movements in
connection with translating the Group\u2019s
foreign subsidiaries\u2019 revenue and
expenses, assets and liabilities into
Pound Sterling.
Translation risk related to foreign subsidiaries is not
actively hedged, however to reduce this exposure in
relation to the net assets of foreign subsidiaries, net
investment hedging is undertaken.
Euro-denominated borrowings are used to hedge the
exposure of a portion of the Group\u2019s net investments in
overseas operations which have a Euro functional
currency, against changes in value due to changes in
foreign exchange rates. The Group has established a
hedge ratio of 1:1, as the underlying risk of the hedging
instrument is identical to the hedged risk component.
Loans to and from subsidiaries in
currencies other than in the entity\u2019s
functional currency.
The Group\u2019s policy is that 100% of the foreign exchange
risk is hedged.
Foreign currency derivatives and borrowings in
matching currencies, which are not formally designated
as accounting hedges as gains and losses will naturally
offset in the income statement.
Debt issued in a currency other than
Pound Sterling.
The Group\u2019s policy is to swap 100% of the foreign
currency debt back to Pound Sterling, unless there are
appropriate matching foreign currency assets.
Cross-currency swaps, which are designated as fair
value hedges.
Residual exposure is present arising largely from cash and cash equivalents balances that are not in the functional currency of the entity holding
these balances. The Group income statement impact of foreign currency exchange rate movements on these residual balances is disclosed in the
sensitivity table on page 164.
Interest rate risk management
Description of risks
Management policy
Hedging strategy
Debt issued at variable interest rates as
well as cash deposits and short-term
investments, giving rise to cash flow risk,
and debt issued at fixed interest rates
giving rise to fair value risk.
The Group\u2019s policy is to manage interest rate risk in
total balance sheet debt (including senior unsecured
debt, lease liabilities, cash and cash equivalents and
investments) to a range of 55%-85% fixed.
Interest rate swap contracts are used to fix interest
rates on senior unsecured debt or investments issued
at floating rates, creating a fair value hedge; and for
senior unsecured debt or investments issued at fixed
rates to generate variable interest exposure, creating a
cashflow hedge. The terms of the swap contracts
match the terms of the borrowings or investments
including notional amounts and maturity, interest
settlement and interest rate reset dates, and the
Group has established a hedge ratio of 1:1 for the
hedging relationships as the underlying risk of the
derivative contract is identical to that of the
hedged item.
Different repricing dates of the assets
and liabilities in Tesco Bank\u2019s banking
activities and unexpected changes to
the yield curve, giving rise to volatility in
earnings and economic value of these
assets and liabilities.
Tesco Bank has established limits for risk appetite and
stress tests are performed using sensitivity to
fluctuations in underlying interest rates in order to
monitor this risk. Tesco Bank also use the capital at risk
approach, which assesses the sensitivity of a reduction
in the Bank\u2019s capital to movements in interest rates.
The scenarios considered include both parallel and
non-parallel movements of the yield curve and have
been designed to assess impacts across a suitable
range of severe but plausible movements in
interest rates.
Tesco Bank uses interest rate swap contracts as fair
value hedges, to swap fixed rate exposures of
investment securities, loans and advances to
customers and customer deposits, back to a
benchmark floating rate where no existing offset is
available.
The table below shows the interest rate risk profile for the Group\u2019s financial instruments:
2023
2022
Fixed
\u00a3m
Floating
\u00a3m
Total
\u00a3m
Fixed
\u00a3m
Floating
\u00a3m
Total
\u00a3m
Cash and cash equivalents \u2013
2,465
2,465
\u2013
2,345
2,345
Short-term investments \u2013
1,628
1,628
\u2013
2,076
2,076
Investments in debt instruments at amortised cost 617
476
1,093
518
339
857
Investments at fair value through other comprehensive income 570
9
579
590
7
597
Investments at fair value through profit or loss 20
\u2013
20
25
\u2013
25
Joint ventures and associates loan receivables 106
\u2013
106
105
\u2013
105
Lease liabilities (7,727)
\u2013
(7,727)
(7,958)
\u2013
(7,958)
Bank and other borrowings (6,054)
(1,297)
(7,351)
(6,465)
(934)
(7,399)
Loans and advances to customers 3,314
3,767
7,081
3,293
3,197
6,490
Customer deposits (5,770)
\u2013
(5,770)
(5,327)
\u2013
(5,327)
Deposits from banks \u2013
(980)
(980)
\u2013
(1,052)
(1,052)
Derivative effect:
Interest rate swaps 190
(190)
\u2013
(729)
729
\u2013
Cross-currency swaps 959
(959)
\u2013
895
(895)
\u2013
Index-linked swaps (346)
346
\u2013
(310)
310
\u2013
Total (14,121)
5,265
(8,856)
(15,363)
6,122
(9,241)
Percentage of interest-bearing debt at fixed rate
75%
66%
Weighted average rate of interest paid on senior unsecured
debt, excluding joint ventures and associates
3.87%
2.34%
Inflation risk management
Description of risks
Management policy
Hedging strategy
Index-linked debt, where the principal is
indexed to increase/decrease in line
with RPI or LPI.
The Group\u2019s policy is to hedge inflation in total balance
sheet debt (including index-linked bonds and RPI-linked
lease liabilities) on a portfolio basis alongside its interest
rate risk management. Interest and inflation risk in total
balance sheet debt are managed to a combined target
of 50% fixed, with a tolerance of 15%, where RPI-linked
rents are considered to be floating.
LPI-linked debt, where the principal is indexed to RPI,
with an annual maximum increase of 5% and a
minimum of 0% is hedged 100% using derivative
contracts swapping it to be fixed.
Refer to Note 12 for information on the Group\u2019s exposure to inflation-linked leases.
Commodity risk management
Description of risks
Management policy
Hedging strategy
Changes in commodity prices largely
relating to diesel for own use.
The Group policy is to hedge a minimum of 50% of the
forecast uncommitted exposure within the next 12
months.
Forward derivative contracts which are designated as
cash flow hedges are used to hedge future purchases
of diesel for own use. These are denominated in the
same currency and volume as the forecast purchases
and the hedge ratio is determined to be 1:1.
Financial instruments not qualifying for hedge accounting
The Group\u2019s policy does not permit use of derivatives for trading purposes. However, some derivatives do not qualify for hedge accounting, or are
specifically not designated as a hedge where gains and losses on the hedging instrument and the hedged item naturally offset in the Group income
statement. These instruments include index-linked swaps, interest rate swaps, cross-currency swaps and foreign currency forward contracts.
Note 27 Financial risk management continued
Sensitivity analysis
The impact on the financial statements of the Group, including Retail and Tesco Bank, from foreign currency, inflation, interest rate and
commodity price volatility is discussed below.
The analysis excludes the impact of movements in market variables on the carrying value of pension and other post-employment benefit
obligations and on the retranslation of overseas net assets. However, it does include the foreign exchange sensitivity resulting from local entity
non-functional currency financial instruments.
The sensitivity analysis has been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and
derivatives portfolio, and the proportion of financial instruments in foreign currencies are all constant and on the basis of the hedge designations
in place at 25 February 2023. It should be noted that the sensitivity analysis reflects the impact on income and equity due to financial instruments
held at the balance sheet date. It does not reflect any change in sales or costs that may result from changing interest or exchange rates.
The following assumptions were made in calculating the sensitivity analysis:
\u2013 the sensitivity of interest payable to movements in interest rates is calculated on net floating rate exposures on debt, deposits and derivative
instruments with no sensitivity assumed for RPI-linked borrowings, which have been swapped to fixed rates;
\u2013 changes in the carrying value of derivative financial instruments designated as fair value hedges against movements in interest rates or foreign
exchange rates have an immaterial effect on the Group income statement and equity due to compensating adjustments in the carrying value
of debt;
\u2013 changes in the carrying value of financial instruments designated as net investment hedges against movements in foreign exchange rates are
recorded directly in the Group statement of comprehensive income/(loss);
\u2013 all other changes in the carrying value of derivative financial instruments designated as hedging instruments are fully effective with no impact
on the Group income statement; and
\u2013 the floating leg of any swap or any floating rate debt is treated as not having any interest rate already set, therefore a change in interest rates
affects a full 12-month period for the interest payable portion of the sensitivity calculations.
Using the above assumptions, the following table shows the quantitative effect on the Group income statement and the Group statement of
changes in equity that would result, at the balance sheet date, from changes in interest rates, inflation rates, currency exchange rates and
commodity prices that are reasonably possible for major currencies where there have recently been significant movements:
2023
2022
Income
gain/(loss)
\u00a3m
Equity
gain/(loss)
\u00a3m
Income
gain/(loss)
\u00a3m
Equity
gain/(loss)
\u00a3m
1% increase in interest rates (2022: 1%) (48)
3
12
4
5% appreciation of the Euro (2022: 10%) (11)
(79)
(19)
(123)
10% appreciation of the US Dollar (2022: 10%) 34
118
(11)
69
50 basis points parallel upward shift in the forward inflation curve (2022: 100 basis points) 101
\u2013
337
\u2013
10% increase in commodity prices (2022: 10%)* 1
13
1
9
* Relating to diesel prices only, where derivatives are used to hedge risk.
A decrease in interest rates and commodity prices, depreciation of foreign currencies and downward shift in the forward inflation curve would
have the opposite effect to the impact in the table above.
The impact on the Group income statement resulting from changes in foreign exchange rates against GBP in relation to financial instruments
(excluding those arising on consolidation) is minimal as Group policy dictates that all material income statement foreign exchange exposures
are hedged.
In prior years, the Group entered into a number of derivative index-linked contracts with external counterparties, to economically hedge a
proportion of the Group\u2019s exposure to index-linked lease liabilities with its joint ventures. These are specifically not designated as accounting
hedges, but are economic hedges. However, the gains and losses on the hedging instrument and hedged item do not naturally offset in the Group
income statement. This mismatch arises due to different accounting outcomes of IFRS 9 and IFRS 16, which results in a timing difference.
The impact on the Group statement of comprehensive income/(loss) from changing exchange rates results from the revaluation of financial
liabilities used as net investment hedges. The impact on the Group statement of comprehensive income/(loss) will largely be offset by the
revaluation in equity of the hedged assets in the Group statement of changes in equity.
Derivatives and hedging exposures
Derivatives are used to hedge exposure to market risks, some of which are economic hedges and others are formally designated hedging
instruments with hedge accounting applied. The main sources of hedge ineffectiveness are the effects of the counterparties\u2019 and the Group\u2019s
own credit risk on the fair value of derivatives.
The fair value and notional amounts of derivatives analysed by hedge type are shown on page 165.
2023
2022
Asset
Liability
Asset
Liability
Fair value
\u00a3m
Notional
\u00a3m
Fair value
\u00a3m
Notional
\u00a3m
Fair value
\u00a3m
Notional
\u00a3m
Fair value
\u00a3m
Notional
\u00a3m
Fair value hedges
Interest rate swaps 122
2,692
(147)
2,552
53
2,994
(65)
1,386
Cross-currency swaps \u2013
\u2013
(137)
662
\u2013
\u2013
(85)
630
Cash flow hedges
Interest rate swaps \u2013
\u2013
(3)
50
\u2013
\u2013
(11)
50
Index-linked swaps 240
738
\u2013
\u2013
230
683
\u2013
\u2013
Foreign currency forward contracts 30
1,091
(58)
1,352
33
1,264
(8)
435
Diesel forward contracts 4
14
(13)
119
23
65
\u2013
\u2013
Derivatives not in a formal hedge
relationship
Interest rate swaps 1
38
(9)
696
2
86
(197)
58
Cross-currency swaps 211
822
(4)
100
223
845
\u2013
15
Index-linked swaps 311
2,074
\u2013
\u2013
436
2,574
\u2013
\u2013
Foreign currency forward contracts 11
821
(14)
539
11
750
(17)
844
Diesel forward contracts \u2013
2
(2)
13
\u2013
\u2013
\u2013
\u2013
Total 930
8,292
(387)
6,083
1,011
9,261
(383)
3,418
The following table sets out the maturity profile and average interest rates and foreign currency exchange rates of the hedging instruments used
in the Group\u2019s hedging strategies:
2023
2022
Maturity profile
Up to
one year
One to
five years
More than
five years
Up to
one year
One to
five years
More than
five years
Notional amount (\u00a3m)
Fair value hedges
Interest rate swaps \u2013 GBP 1,366
2,663
553
852
2,296
602
Interest rate swaps \u2013 EUR
662
\u2013
\u2013
\u2013
630
\u2013
Cross currency swaps (GBP: EUR)*
\u2013
\u2013
662
\u2013
\u2013
630
Cash flow hedges
Index-linked swaps \u2013
392
346
\u2013
373
310
Interest rate swaps
\u2013
\u2013
50
\u2013
\u2013
50
Average net interest rate (pay)/receive
Fair value hedges
Interest rate swaps \u2013 GBP (1.78)%
(1.43)%
(3.40)%
0.14%
0.49%
(0.01)%
Interest rate swaps \u2013 EUR
(1.81)%
\u2013
\u2013
\u2013
0.82%
\u2013
Cross currency swaps (GBP: EUR)*
\u2013
\u2013
(4.65)%
\u2013
\u2013
(1.17)%
Cash flow hedges
Index-linked swaps \u2013
(4.23)%
(4.21)%
\u2013
(4.23)%
(4.21)%
Interest rate swaps
\u2013
\u2013
(4.46)%
\u2013
\u2013
(4.46)%
* Average exchange rate for cross-currency swaps (GBP:EUR) is 1.13 (2022: 1.13).
At 25 February 2023, foreign currency forward contracts, designated as cash flow hedges, equivalent to \u00a32.4bn were outstanding (2022: \u00a31.7bn).
These forward contracts are largely in relation to purchases of Euros (notional \u20ac0.4bn) (2022: notional \u20ac0.7bn) and US Dollars (notional $1.1bn)
(2022: notional $0.9bn) with varying maturities up to July 2024.
For the above currencies the rates ranged from Euro/GBP 1.107 to 1.181 (2022: 1.082 to 1.195) and USD/GBP from 1.102 to 1.264 (2022: 1.319 to 1.419).
Forward commodity contracts hedging diesel purchases for own use as at 25 February 2023 had a GBP notional of \u00a3148m (2022: \u00a365m) at a rate
of \u00a3494 to \u00a3980 (2022: \u00a3267 to \u00a3571) per tonne.
The notional and fair values of these contracts is shown in the table above.
The following table sets out the details of the hedged exposures covered by the Group\u2019s fair value hedges:
2023
2022
Balance sheet
classification
Carrying amount
assets/(liabilities)
\u00a3m
Accumulated
amounts of fair
value adjustments
on hedged item
assets/(liabilities)
\u00a3m
Changes in fair
value for
calculating
hedge
ineffectiveness
\u00a3m
Carrying amount
assets/(liabilities)
\u00a3m
Accumulated
amounts of fair
value adjustments
on hedged item
assets/(liabilities)
\u00a3m
Changes in fair
value for
calculating hedge
ineffectiveness
\u00a3m
Interest rate risk
Fixed-rate loans Loans and
advances to
customers
2,393
(75)
(44)
3,384
(30)
(37)
Fixed-rate savings Customer
deposits
(695)
2
1
(1,481)
\u2013
\u2013
Fixed-rate investment securities
Investments in
debt instruments
at amortised cost
406
(44)
(33)
504
(11)
(22)
Fixed-rate bonds* Borrowings
(2,605)
198
(141)
(2,796)
40
(101)
* The accumulated amount of fair value adjustments remaining in the Group balance sheet for hedged items that have ceased to be adjusted for hedging gains and losses was \u00a3(82)m for fixed-rate
bonds (2022: \u00a3(101)m).
Note 27 Financial risk management continued
The following table sets out information regarding the change in value of the hedged item used in calculating hedge ineffectiveness as well as the
impacts on the hedging reserve for cash flow hedge designations:
2023
2022
Hedging instrument
Change in
value of hedging
instrument for
calculating
hedge
ineffectiveness
\u00a3m
Change in value
of hedged item
for calculating
hedge
ineffectiveness
\u00a3m
Cumulative
impact on
hedging reserve
(a)
\u00a3m
Change in
value of hedging
instrument for
calculating hedge
ineffectiveness
\u00a3m
Change in value
of hedged item
for calculating
hedge
ineffectiveness
\u00a3m
Cumulative
impact on hedging
reserve
(a)
\u00a3m
Interest rate/inflation risk
Index\u2011linked bonds Index-linked swaps
9
24
42
72
(72)
90
Borrowings Interest rate swaps
8
(8)
8
(17)
17
1
Foreign currency risk
Trade payables Foreign currency
forward contracts
47
(47)
(25)
50
(50)
16
Commodity risk
Trade payables Diesel forward
contracts
7
(7)
(10)
12
(12)
23
Interest rate/foreign currency risk
MTNs
(b)
Cross-currency swaps
\u2013
\u2013
34
\u2013
\u2013
36
(a) Excludes deferred tax.
(b) This is a discontinued hedge.
The following table sets out information regarding the effectiveness of hedging relationships designated by the Group, as well as the impacts on
profit or loss and other comprehensive income:
2023
2022
Line item in Group
income statement
that includes hedge
ineffectiveness
Hedge
ineffectiveness
recognised
in profit or loss
\u00a3m
Hedge
ineffectiveness
recognised
in profit or loss
\u00a3m
Fair value hedges \u2013 interest rate risk
Borrowings Finance income
4
1
The following table presents a reconciliation by risk category of the cash flow hedge and cost of hedging reserves and an analysis of other
comprehensive income in relation to hedge accounting:
Interest rate/inflation risk
Interest rate/
foreign currency risk
Foreign currency/commodity risk
Index-linked swaps
\u00a3m
Interest rate swaps
\u00a3m
Cross-currency swaps
\u00a3m
Foreign currency
forward contracts
(a)
\u00a3m
Diesel forward
contracts
(a)
\u00a3m
Hedging reserve
(b)
\u00a3m
At 27 February 2021 57
15
36
6
(24)
90
Net fair value gains/(losses) 26
17
\u2013
(5)
39
77
Amount reclassified to finance income/(cost)
in Group income statement
(6)
(33)
(6)
\u2013
\u2013
(45)
Amount reclassified to inventories \u2013
\u2013
\u2013
18
12
30
Tax (9)
2
(3)
(4)
(8)
(22)
At 26 February 2022 68
1
27
15
19
130
Net fair value gains/(losses) 9
8
\u2013
47
7
71
Amount reclassified to finance income/(cost)
in Group income statement
(54)
(2)
(2)
(3)
\u2013
(61)
Amount reclassified to inventories \u2013
\u2013
\u2013
(87)
(40)
(127)
Tax 11
(2)
\u2013
4
7
20
At 25 February 2023 34
5
25
(24)
(7)
33
(a) Net fair value gains/(losses) relates to inventory cash flow hedges of \u00a354m (2022: \u00a333m) and other cash flow hedges of \u00a3nil (2022: \u00a31m).
(b) The Group\u2019s cost of hedging reserve is \u00a3nil (2022: \u00a3nil).
Net investment hedges
The details of the hedging instruments and movements in cumulative impact on net investment hedges in other comprehensive income are set
out below:
Nominal amount of hedging
instrument
\u00a3m
Nominal amount of hedged
item
\u00a3m
Cumulative impact on net
investment hedges
(a)
\u00a3m
At 27 February 2021 (1,300)
1,300
(1,012)
Change in value for calculating ineffectiveness 40
(40)
40
Reclassified to Group income statement
(b)
\u2013
\u2013
243
At 26 February 2022 (1,260)
1,260
(729)
Change in value for calculating ineffectiveness (65)
65
(65)
At 25 February 2023 (1,325)
1,325
(794)
(a) As at 25 February 2023 the discontinued hedge balance is \u00a3(765)m (2022: \u00a3(765)m).
(b) In the prior year there was a reclassification to the income statement from the translation reserve of \u00a3243m relating to the disposal of the Group\u2019s operation in Poland.
Net investment hedge ineffectiveness was \u00a3nil (2022: \u00a3nil) during the year.
During the current financial year, currency movements increased the net value, after the effects of hedging, of the Group\u2019s overseas assets
by \u00a3120m (2022: decrease by \u00a339m). The Group also ensures that each subsidiary is appropriately hedged in respect of its non-functional
currency assets.
(b) Credit risk
Description of risk
Management policy
Measurement
A counterparty will not meet its
obligations leading to a financial loss for
the Group. This arises from cash and
cash equivalents, short-term
investments, trade receivables, other
receivables, joint venture and associate
loan receivables, loans and advances to
customers, reinsurance assets, other
investments, and derivative financial
instruments.
For cash and cash equivalents, short-term
investments, other investments and derivative financial
instruments:
The Group holds positions with an approved list of
investment-grade rated counterparties.
Counterparty credit limits are set to minimise the
concentration of risk and are set taking into account
the type and value of the specific financial asset.
For trade receivables, other receivables, joint venture
and associate loan receivables, loans and advances to
customers and reinsurance assets:
The Group\u2019s credit risk is managed with various
mitigating controls including credit checks, credit
insurance and master netting agreements. Due to
the nature of the Retail and Tesco Bank businesses,
there is little concentration of risk due to the large
number of customers which are spread across wide
geographical areas.
The Group monitors the exposure, credit rating,
outlook and credit default swap levels of these
counterparties on a regular basis.
Counterparty credit limits are reviewed every six
months (every two years at Tesco Bank), and may
be updated throughout the financial year.
Refer to page 171 for information on the expected
credit losses of these assets.
Maximum exposure to credit risk
The maximum exposure to credit risk at the end of the reporting period reflects the carrying amount of each class of financial assets, including
loan commitments which are not recognised on the balance sheet. Joint ventures and associates loan receivables in the table below are gross of
deferred profits historically arising from the sale of property assets to joint ventures (refer to Note 31). The Group\u2019s maximum exposure to credit
risk is \u00a327.1bn (2022: \u00a326.8bn).
The net counterparty exposure under derivative contracts is \u00a30.7bn (2022: \u00a30.7bn).
The Group\u2019s maximum gross exposure to credit risk is analysed below by class of financial instrument, including for financial instruments that are
not subject to ECL i.e. derivative financial instruments and cash balances with central banks:
2023
\u00a3m
2022
\u00a3m
Cash and cash equivalents
(a)
2,465
2,345
Short-term investments 1,628
2,076
Trade receivables 531
457
Other receivables 374
478
Joint ventures and associates loan receivables 144
143
Loans and advances to customers 7,081
6,490
Other investments 1,692
1,479
Derivative financial assets:
Interest rate swaps 123
55
Cross-currency swaps 211
223
Index-linked swaps 551
666
Foreign currency forward contracts 41
44
Diesel forward contracts 4
23
Off balance sheet:
Loan commitments
(b)
12,212
12,363
Maximum exposure to credit risk 27,057
26,842
(a) Cash balances with central banks of \u00a31.6bn (2022: \u00a31.5bn) are included within cash and cash equivalents.
(b) Loan commitments represents the undrawn amount contractually committed by Tesco Bank.
Note 27 Financial risk management continued
Counterparty credit rating
The table below provides details of financial assets by long-term credit rating of investment-grade rated counterparties:
2023
2022
Rating AAA AA A BBB Total
AAA AA A BBB Total
Money market funds, deposits and
similar instruments
660
200
468
300
1,628
1,170
350
481
75
2,076
Investments in debt instruments at
amortised cost
(a)
486
57
339
199
1,081
529
92
236
\u2013
857
Investments at fair value through other
comprehensive income
(b)
94
84
233
154
565
133
95
238
119
585
Investments at fair value through profit
or loss
(c)
\u2013
1
\u2013
\u2013
1
\u2013
2
\u2013
\u2013
2
Derivative financial assets:
Interest rate swaps \u2013
121
2
\u2013
123
\u2013
45
10
\u2013
55
Cross-currency swaps \u2013
\u2013
186
25
211
\u2013
\u2013
221
2
223
Index-linked swaps \u2013
\u2013
120
431
551
\u2013
\u2013
115
551
666
Foreign currency forward contracts \u2013
\u2013
31
10
41
\u2013
2
36
5
43
Diesel forward contracts \u2013
\u2013
\u2013
4
4
\u2013
\u2013
14
10
24
(a) Excludes \u00a312m (2022: nil) of investments in debt instruments that do not have a credit rating.
(b) Excludes \u00a314m (2022: \u00a312m) of investments in equity instruments that do not have a credit rating.
(c) Excludes \u00a319m (2022: \u00a323m) of property fund investments that do not have a credit rating.
The low credit risk exemption has been applied to cash and cash equivalents, money market funds, deposits and similar investments, investments
in debt instruments at fair value through other comprehensive income (FVOCI), investments at fair value through profit or loss (FVPL) and
investments in debt instruments at amortised cost, except those investments held in Tesco Bank, as these are held with counterparties with
investment-grade ratings (BBB or above) or are short-term in nature. The expected credit loss is immaterial.
Expected credit losses
The Group applies either the simplified approach or the three-stage model for expected credit losses, depending on the nature of the financial
asset. Refer to Note 1 for further detail.
The Group\u2019s financial assets are written off when the balance is known not to be recoverable or the Group is time-barred from recovering a
balance under local legislation.
The expected credit losses for Retail are immaterial. Gross loans to related parties of \u00a3144m (2022: \u00a3143m) are presented net of loss allowances
of \u00a3nil (2022: \u00a3nil) and deferred profits of \u00a338m (2022: \u00a338m) on the Group balance sheet. The ECL is determined by multiplying together the
probability of default (PD), exposure at default (EAD) and the loss given default (LGD) for the relevant time period and for each specific loan and by
discounting back to the balance sheet date.
For details of credit risk relating to reinsurance assets and the expected credit losses on loans and advances to customers and investments held
in Tesco Bank, refer to the separate section on Tesco Bank financial risk factors on page 173.
(c) Liquidity risk
Description of risk Management policy
Measurement
Difficulty in meeting the obligations
associated with the Group\u2019s financial
liabilities.
The Group finances its liquidity position and its
operations by a combination of retained profits,
disposals of assets, debt capital market issuance,
commercial paper, bank borrowings and leases. The
policy is to maintain a prudent level of cash together
with sufficient committed bank facilities to meet
liquidity needs as they arise, to maintain a smooth debt
profile and ensure maturing senior unsecured debt will
not exceed \u00a31.5bn in any 12-month period.
Liquidity risk is continuously monitored by short-term
and long-term cash flow forecasts.
The Group is investment-grade rated with all three major credit rating agencies and retains access to capital markets so that maturing debt may
be refinanced as it falls due.
2023
2022
Short-term
rating
Long-term
rating Outlook
Short-term
rating
Long-term
rating Outlook
Rating agency
Fitch F3
BBB\u2013
Stable
F3
BBB\u2013
Stable
Moody\u2019s P\u20133
Baa3
Stable
P\u20133
Baa3
Stable
Standard & Poor\u2019s A\u20133
BBB\u2013
Stable
A\u20133
BBB\u2013
Stable
The Group has a \u00a315.0bn Euro Medium Term Note programme, of which \u00a33.8bn was in issue at 25 February 2023 (2022: \u00a33.9bn), plus \u00a30.4bn
equivalent of USD-denominated notes issued under Rule 144A documentation (2022: \u00a30.3bn).
Borrowing facilities
The Group has the following undrawn committed facilities available at 25 February 2023, in respect of which all conditions precedent had been
met as at that date:
2023
\u00a3m
2022
\u00a3m
Expiring in less than one year 38
38
Expiring between one and two years 200
200
Expiring in more than two years 2,500
2,500
Total 2,738
2,738
During the current financial year, the multicurrency \u00a32.5bn revolving facility was renegotiated and extended for three years, maturing in 2025. The
cost of the facility is linked to three ESG targets and includes the use of risk-free rates rather than SONIA. All three targets were met during the
financial year ending 25 February 2023, leading to a reduction in the interest rate loan margin.
In addition, Tesco Bank has a separate \u00a3200m committed repurchase facility, maturing in 2024.
Both facilities incur commitment fees at market rates and would provide funding at floating rates. There were no withdrawals from the facilities
during the year.
Maturities of financial liabilities
The following is an analysis of the undiscounted contractual cash flows payable under financial liabilities and derivative liabilities, taking into
account contractual terms that provide the counterparty a choice of when (the earliest date) an amount is repaid by the Group. The potential
cash outflow is considered acceptable as it is offset by financial assets.
The undiscounted cash flows will differ from both the carrying values and fair values. Floating-rate interest and inflation is estimated using the
prevailing rate at the balance sheet date. Cash flows in foreign currencies are translated using spot rates at the balance sheet date.
At 25 February 2023
Due within
1 year
\u00a3m
Due between
1 and 2
years
\u00a3m
Due between
2 and 3
years
\u00a3m
Due between
3 and 4
years
\u00a3m
Due between
4 and 5
years
\u00a3m
Due beyond
5 years
\u00a3m
Non-derivative financial liabilities
Bank and other borrowings (1,685)
(618)
(893)
(728)
(71)
(3,654)
Interest payments on borrowings (192)
(175)
(159)
(131)
(122)
(891)
Customer deposits (4,593)
(935)
(160)
(29)
(119)
\u2013
Deposits from banks (124)
(142)
(814)
\u2013
\u2013
\u2013
Lease liabilities (944)
(901)
(878)
(856)
(824)
(6,494)
Trade payables (6,359)
\u2013
\u2013
\u2013
\u2013
\u2013
Other payables (1,740)
(31)
(62)
(21)
(2)
(30)
Accruals (877)
\u2013
\u2013
\u2013
\u2013
\u2013
Derivative financial liabilities
Net settled derivative contracts \u2013 receipts 51
34
31
8
17
30
Net settled derivative contracts \u2013 payments (82)
(44)
(19)
(48)
(15)
(22)
Gross settled derivative contracts \u2013 receipts 1,788
80
9
116
2
667
Gross settled derivative contracts \u2013 payments (1,899)
(115)
(40)
(147)
(30)
(708)
Total on balance sheet (16,656)
(2,847)
(2,985)
(1,836)
(1,164)
(11,102)
Off balance sheet
Contractual lending commitments (12,212)
\u2013
\u2013
\u2013
\u2013
\u2013
Total (28,868)
(2,847)
(2,985)
(1,836)
(1,164)
(11,102)
At 26 February 2022
Due within
1 year
\u00a3m
Due between
1 and 2
years
\u00a3m
Due between
2 and 3
years
\u00a3m
Due between
3 and 4
years
\u00a3m
Due between
4 and 5
years
\u00a3m
Due beyond
5 years
\u00a3m
Non-derivative financial liabilities
Bank and other borrowings (625)
(757)
(708)
(896)
(701)
(3,720)
Interest payments on borrowings (199)
(197)
(179)
(161)
(134)
(999)
Customer deposits (4,677)
(444)
(160)
(24)
(25)
\u2013
Deposits from banks (163)
(17)
(115)
(805)
\u2013
\u2013
Lease liabilities (934)
(911)
(863)
(840)
(820)
(7,147)
Trade payables (5,641)
\u2013
\u2013
\u2013
\u2013
\u2013
Other payables (1,863)
(11)
\u2013
(1)
(1)
(29)
Accruals (827)
\u2013
\u2013
\u2013
\u2013
\u2013
Derivative financial liabilities
Net settled derivative contracts \u2013 receipts 4
9
4
3
\u2013
\u2013
Net settled derivative contracts \u2013 payments (18)
(65)
(148)
(8)
(7)
(10)
Gross settled derivative contracts \u2013 receipts* 1,282
3
3
3
3
662
Gross settled derivative contracts \u2013 payments* (1,295)
(21)
(20)
(18)
(17)
(729)
Total on balance sheet (14,956)
(2,411)
(2,186)
(2,747)
(1,702)
(11,972)
Off balance sheet
Contractual lending commitments (12,363)
\u2013
\u2013
\u2013
\u2013
\u2013
Total (27,319)
(2,411)
(2,186)
(2,747)
(1,702)
(11,972)
* Comparatives have been re-presented on a gross basis and include derivatives of \u00a31,955m which were previously presented net within receipts and payments.
Note 27 Financial risk management continued The Group is not subject to covenants in relation to its facilities and borrowings. There is an element of seasonality in the Group\u2019s operations, however the overall impact on liquidity is not considered significant. (d) Other risks Risk Description of risk Management policy Measurement Capital risk Ability to continue as a going concern in order to provide returns to shareholders and benefits for other stakeholders, while protecting and strengthening the Group balance sheet through the appropriate balance of debt and equity funding. The Group manages its capital structure (net debt plus equity) and makes adjustments to it: \u2013 in light of changes to economic conditions and the strategic objectives of the Group. \u2013 through dividend payments to shareholders, buying back shares and cancelling them or issuing new shares. During the current financial year, the Group completed the share buyback programme and cancelled these shares (refer to Note 30). \u2013 by raising finance in the public debt markets and borrowing centrally and locally from financial institutions, using a variety of capital market instruments and borrowing facilities to meet the requirements of each local business. Refer to Note 32 for the value of the Net debt, and the Group statement of changes in equity for the value of the Group\u2019s equity. Operational insurance risk The Group is inadequately protected from liabilities arising from unforeseen events in its operations. The Group purchased assets, earnings and combined liability protection from the open insurance market for higher value losses only. The risk not transferred to the insurance market is retained within the Group with some cover being provided by the Group\u2019s captive insurance company, ELH Insurance Limited in Guernsey, which is consolidated in the Group financial statements, covering assets, earnings and combined liability. Refer to Note 22 for details on operational insurance provisions. Tesco Bank Information on the management of the financial risks specifically relating to Tesco Bank, which is additional to the information provided for the Group overall, is set out below: (a) Capital risk Description of risk Management policy Tesco Bank, including TU, has insufficient capital resources to support its plan and meet minimum capital requirements. Tesco Bank It is Tesco Bank\u2019s policy to maintain a strong capital base, to expand it as appropriate and to utilise it efficiently throughout its activities to optimise the return to shareholders while maintaining a prudent relationship between the capital base and the underlying risks of the business. In carrying out this policy, Tesco Bank has regard to the supervisory requirements of the Prudential Regulation Authority (PRA). Insurance capital Solvency II (SII) came into force on 1 January 2016. It provides a framework for managing and measuring the risks and the solvency position for all insurance companies in the EU. Following the UK\u2019s departure from the EU, the SII framework continues to be applied in the UK and its requirements are applicable to TU. TU assesses its Solvency Capital Requirement (SCR) using a Partial Internal Model for capital which was approved by the PRA in 2020. TU models a range of stress and scenario tests that are published in its annual Solvency and Financial Condition Report. These show that TU\u2019s capital position is resilient to a range of possible scenarios. TU also maintains a capital contingency plan supported by its direct shareholder, Tesco Personal Finance plc. Tesco Bank capital resources
The following table analyses the regulatory capital resources of Tesco Personal Finance Group PLC (TPFG), being the regulated entity at the
balance sheet date:
2023
\u00a3m
2022
\u00a3m
Common equity tier 1 capital:
Shareholders\u2019 funds and non-controlling interests, net of tier 1 regulatory adjustments 1,548
1,528
Tier 2 capital:
Qualifying subordinated debt 235
235
Other interests \u2013
\u2013
Total tier 2 regulatory adjustments (42)
(42)
Total regulatory capital 1,741
1,721
IFRS 9 became effective for annual periods beginning on or after 1 January 2018 and is reflected in the Tesco Bank disclosures. Tesco Bank has
elected to use the transitional arrangements available under Article 473a of the Capital Requirements Regulations (CRR). These arrangements
allow the IFRS 9 impact on capital to be phased in over a period of five years. On 27 June 2020, the CRR was further amended to accelerate
specific CRR2 measures and implement a new IFRS 9 transitional relief calculation which applies additional relief to increases in expected credit
losses (ECL) provisions arising as a result of the COVID-19 pandemic.
The resulting impact is the IFRS 9 transitional arrangements have been extended by two years and a new modified calculation has been introduced.
Insurance capital
Available capital has remained above the SCR requirement during the period to 25 February 2023 and capital coverage of TU\u2019s SCR at the end of
February 2023 was 159.0% (2022: 151.0%) (unaudited).
During the year, the Group was compliant with the externally imposed capital requirements.
(b) Liquidity risk
Description of risk
Management policy
The risk that Tesco Bank has insufficient liquidity resources to
meet its obligations as they fall due. Funding risk is the risk
that Tesco Bank does not have sufficiently stable and diverse
sources of funding.
Tesco Bank, including TU, operates within a liquidity risk management policy framework
(LRMP) to ensure that sufficient funds are available at all times to meet demands from
depositors, to fund agreed advances, to meet other commitments as and when they fall
due, and to ensure risk appetite is met.
Liquidity and funding risks are assessed through the individual liquidity adequacy
assessment process on at least an annual basis. Formal limits are set within the LRMP to
maintain liquidity risk exposures within the liquidity risk appetite set by Tesco Bank\u2019s Board
of Directors and key liquidity measures are monitored on a regular basis. Tesco Bank
maintains a conservative liquidity and funding profile to confirm that it is able to meet
its financial obligations under normal and stressed market conditions.
The table below shows information about the timing of cash outflows in relation to insurance claims liabilities, net of salvage and subrogation
recoveries, based on current best estimates. The estimated phasing is based on current estimates and the actual timing of future settlement
cash flows may differ from that disclosed below:
2023
2022
\u00a3m %
\u00a3m %
Due within one year 101
26
83
18
Due between two and five years 162
42
194
41
Due beyond five years 125
32
195
41
Total outstanding claims, net of salvage and subrogation recoveries 388
100
472
100
(c) Credit risk
Description of risk
Management policy
Retail customer or counterparty to a wholesale transaction
will fail to meet its obligations in accordance with
contractually agreed terms and Tesco Bank will incur losses
as a result.
Credit risk principally arises from the Bank\u2019s retail lending
activities but also from the placement of surplus funds with
other banks and money market funds, investments in
transferable securities and interest rate and foreign exchange
derivatives.
In addition, credit risk arises from contractual arrangements
with third parties where payments and commissions are due
to the Bank for short periods of time.
To minimise the potential exposure to bad debts that are outside risk appetite, processes,
systems and limits have been established that cover the end-to-end retail credit risk
customer life cycle. These include credit scoring, affordability, credit policies and guides,
and monitoring and reporting. The Bank is also exposed to wholesale credit risk primarily
through its treasury activities.
Controls and risk mitigants include daily monitoring of exposures, investing in
counterparties with investment-grade ratings, restricting the amount that can be invested
with one counterparty and credit-rating mitigation techniques. Assessment of the
expected credit loss (ECL) on loans and advances to customers has taken into account a
range of macroeconomic scenarios.
Reinsurance assets are subject to annual impairment assessment based on the credit
ratings of the existing reinsurers which are monitored by TU\u2019s Reinsurance Committee.
Note 27 Financial risk management continued Maximum exposure to credit risk The table below presents Tesco Bank\u2019s maximum exposure to credit risk i.e. total gross exposure, by stages and by class of financial instruments. For financial assets, the balances are based on gross carrying amounts. For loan commitments, the amounts represent the amounts for which Tesco Bank is contractually committed: Stage 1 Stage 2 Stage 3 Total At 25 February 2023 \u00a3m Not past due \u00a3m <30 days past due \u00a3m >30 days past due \u00a3m Total \u00a3m \u00a3m \u00a3m Loans and advances to customers 5,792 1,559 40 24 1,623 202 7,617 Investments at FVOCI 565 \u2013 \u2013 \u2013 \u2013 \u2013 565 Investments in debt instruments at amortised cost 883 \u2013 \u2013 \u2013 \u2013 \u2013 883 Loan commitments \u2013 loans and advances to customers (a) 11,508 690 6 \u2013 696 8 12,212 Total gross exposure 18,748 2,249 46 24 2,319 210 21,277 Loss allowance Loans and advances to customers (a) 57 258 19 14 291 113 461 Investments at FVOCI (b) 1 \u2013 \u2013 \u2013 \u2013 \u2013 1 Investments in debt instruments at amortised cost \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total loss allowance 58 258 19 14 291 113 462 Net exposure Loans and advances to customers 5,735 1,301 21 10 1,332 89 7,156 Investments at FVOCI 564 \u2013 \u2013 \u2013 \u2013 \u2013 564 Investments in debt instruments at amortised cost 883 \u2013 \u2013 \u2013 \u2013 \u2013 883 Total net exposure 7,182 1,301 21 10 1,332 89 8,603 Coverage Loans and advances to customers 1% 17% 48% 58% 18% 56% 6% (a) The loss allowance in respect of loan commitments in relation to credit card products is included within the total loss allowance for loans and advances to customers above to the extent that it is below the gross carrying amount of loans and advances to customers. Where the loss allowance exceeds the gross carrying amount, any excess is included within provisions. (b) The loss allowance for investments at FVOCI is not recognised in the carrying amount of the investments as the carrying amount is their fair value. Stage 1 Stage 2 Stage 3 Total At 26 February 2022 \u00a3m Not past due \u00a3m <30 days past due \u00a3m >30 days past due \u00a3m Total \u00a3m \u00a3m \u00a3m Loans and advances to customers 5,973 797 22 16 835 201 7,009 Investments at FVOCI 585 \u2013 \u2013 \u2013 \u2013 \u2013 585 Investments in debt instruments at amortised cost 857 \u2013 \u2013 \u2013 \u2013 \u2013 857 Loan commitments \u2013 loans and advances to customers (a) 12,029 325 2 1 328 6 12,363 Total gross exposure 19,444 1,122 24 17 1,163 207 20,814 Loss allowance Loans and advances to customers (a) 95 247 9 10 266 128 489 Investments at FVOCI (b) 1 \u2013 \u2013 \u2013 \u2013 \u2013 1 Investments in debt instruments at amortised cost \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total loss allowance 96 247 9 10 266 128 490 Net exposure Loans and advances to customers 5,878 550 13 6 569 73 6,520 Investments at FVOCI 584 \u2013 \u2013 \u2013 \u2013 \u2013 584 Investments in debt instruments at amortised cost 857 \u2013 \u2013 \u2013 \u2013 \u2013 857 Total net exposure 7,319 550 13 6 569 73 7,961 Coverage Loans and advances to customers 2% 31% 41% 63% 32% 64% 7% Refer to previous table for footnotes. For reinsurance assets the maximum exposure to credit risk is their carrying amount. Refer to page 176 for the credit rating of the reinsurers. Expected credit losses (ECL) The ECL is determined by multiplying together the probability of default (PD), exposure at default (EAD) and loss given default (LGD) for the relevant time period and for each asset category and by discounting back to the balance sheet date. The ECL calculation and the measurement of significant deterioration in credit risk both incorporate forward-looking information using a range of macroeconomic scenarios, with key variables being the Bank of England base rate, unemployment rate and gross domestic product. The key economic variables are based on historical patterns observed over a range of economic cycles. The tables below present the reconciliations of ECL allowances on loans and advances to customers:
2023
At 25 February 2023
Stage 1
\u00a3m
Stage 2
\u00a3m
Stage 3
\u00a3m
Total
\u00a3m
Gross exposure 5,792
1,623
202
7,617
Loan commitments 11,508
696
8
12,212
Total exposure 17,300
2,319
210
19,829
Allowance for expected credit losses
At 26 February 2022 (95)
(266)
(128)
(489)
Transfers:
Transfers from stage 1 to stage 2 21
(21)
\u2013
\u2013
Transfers from stage 2 to stage 1 (20)
20
\u2013
\u2013
Transfers to stage 3 3
21
(24)
\u2013
Transfers from stage 3 (1)
(2)
3
\u2013
Movements recognised in the Group income statement:
Net remeasurement following transfer of stage 8
(27)
(54)
(73)
New financial assets originated (25)
(63)
(7)
(95)
Financial assets derecognised during the current financial year 6
5
3
14
Changes in risk parameters and other movements 48
41
(11)
78
Other movements:
Write-offs and asset disposals \u2013
2
105
107
Transfers to provisions for liabilities and charges (2)
(1)
-
(3)
At 25 February 2023 (57)
(291)
(113)
(461)
Reconciliation to Group balance sheet
Gross exposure 5,792
1,623
202
7,617
Allowance for expected credit losses
(57)
(291)
(113)
(461)
5,735
1,332
89
7,156
Fair value adjustment
(75)
Carrying value at 25 February 2023
7,081
2022
At 26 February 2022
Stage 1
\u00a3m
Stage 2
\u00a3m
Stage 3
\u00a3m
Total
\u00a3m
Gross exposure 5,973
835
201
7,009
Loan commitments 12,029
328
6
12,363
Total exposure 18,002
1,163
207
19,372
Allowance for expected credit losses
At 27 February 2021 (131)
(341)
(153)
(625)
Transfers:
Transfers from stage 1 to stage 2 19
(19)
\u2013
\u2013
Transfers from stage 2 to stage 1 (45)
45
\u2013
\u2013
Transfers to stage 3 5
38
(43)
\u2013
Transfers from stage 3 (2)
(3)
5
\u2013
Movements recognised in the Group income statement:
Net remeasurement following transfer of stage 34
(12)
(58)
(36)
New financial assets originated (21)
(9)
(4)
(34)
Financial assets derecognised during the current financial year 15
16
3
34
Changes in risk parameters and other movements 36
24
(10)
50
Other movements:
Write-offs and asset disposals \u2013
2
132
134
Transfers to provisions for liabilities and charges (5)
(7)
\u2013
(12)
At 26 February 2022 (95)
(266)
(128)
(489)
Reconciliation to Group balance sheet
Gross exposure 5,973
835
201
7,009
Allowance for expected credit losses
(95)
(266)
(128)
(489)
5,878
569
73
6,520
Fair value adjustment
(30)
Carrying value at 26 February 2022
6,490
Note 27 Financial risk management continued
Tesco Bank defines four classifications of credit quality for all credit exposures: high, satisfactory, low and below standard. Credit exposures are
segmented according to the probability of default (PD), with credit impaired reflecting a PD of 100%.
At 25 February 2023
12-month PD
%
Stage 1
\u00a3m
Stage 2
\u00a3m
Stage 3
\u00a3m
Total
\u00a3m
Loans and advances to customers:
High quality \u22643.02
5,598
742
\u2013
6,340
Satisfactory quality >3.03 - 11.10
186
610
\u2013
796
Low quality and below standard \u226511.11
8
271
\u2013
279
Credit impaired 100
\u2013
\u2013
202
202
5,792
1,623
202
7,617
At 26 February 2022
12-month PD
%
Stage 1
\u00a3m
Stage 2
\u00a3m
Stage 3
\u00a3m
Total
\u00a3m
Loans and advances to customers:
High quality \u22643.02
5,666
300
\u2013
5,966
Satisfactory quality >3.03 \u2013 11.10
288
390
\u2013
678
Low quality and below standard \u226511.11
19
145
\u2013
164
Credit impaired 100
\u2013
\u2013
201
201
5,973
835
201
7,009
Default
An account is deemed to have defaulted when Tesco Bank considers that a customer is in significant financial difficulty and that the customer
meets certain quantitative and qualitative criteria regarding their ability to make contractual payments when due. This includes instances where:
\u2013 the customer makes a declaration of significant financial difficulty;
\u2013 the customer or third-party agency communicates that it is probable that the customer will enter bankruptcy or another form of financial
restructure such as insolvency or repossession;
\u2013 the account has been transferred to recoveries and the relationship is terminated;
\u2013 an account\u2019s contractual payments are more than 90 days past due; or
\u2013 where the customer is deceased.
A loan deemed uncollectable is written off against the related provision after all of the necessary procedures have been completed and the
amount of the loss has been determined. Tesco Bank may write off loans that are still subject to enforcement activity. The outstanding
contractual amount of such assets written off was \u00a3115m (2022: \u00a3110m).
Significant increase in credit risk
At each reporting date, the change in credit risk of the financial asset is observed using a set of quantitative and qualitative criteria, together
with a backstop based on arrears status. For each financial asset, Tesco Bank compares the lifetime PD at the reporting date with the lifetime
PD that was expected at the reporting date at initial recognition (PD threshold). Tesco Bank has established PD thresholds for each type of
product which vary depending on initial term and term remaining. A number of qualitative criteria are in place such as: forbearance offered to
customers in financial difficulty; risk-based pricing post-origination; credit indebtedness; credit limit decrease; and pre-delinquency information.
As a backstop, Tesco Bank considers that if an account\u2019s contractual payments are more than 30 days past due then a significant increase in
credit risk has taken place.
Tesco Bank has commissioned four scenarios from its third-party provider: a Base scenario; an Upside scenario; and two different Downside
scenarios. The Base scenario assumes the continuation of war in Ukraine affecting energy prices and inflation, with GDP not expected to return to
pre-pandemic levels until Q2 2025. The scenario projects cost-of-living pressures continuing, real disposable income declining and
unemployment peaking at 5.7% by Q4 2024. The Upside scenario sees a dissipation in global supply chain disruption and a peak unemployment
rate of 4.4% in 2024, while Downside scenario 1 assumes a 7.3% unemployment peak by 2025. Downside scenario 2 postulates spikes in energy
prices, higher inflation and further deprecation of Sterling against the US Dollar, with subsequent GDP declines and a 9.6% unemployment peak in
2025. These scenarios are also reviewed to ensure an unbiased estimate of ECL by ensuring the credit loss distribution under a larger number of
scenarios is adequately captured using these four scenarios and their respective weightings. The Base, Upside, Downside 1 and Downside 2
scenarios have been assigned weighting of 40%, 30%, 25% and 5% respectively.
The economic scenarios used include the following ranges of key indicators:
As at 25 February 2023 (five-year average)
Base
40%
Upside
30%
Downside 1
25%
Downside 2
5%
Bank of England base rate
(a)
3.8%
3.0%
4.7%
5.8%
Gross domestic product
(b)
1.0%
1.5%
0.4%
(0.1)%
Unemployment rate 5.2%
4.2%
6.5%
8.4%
Unemployment rate peak in year 5.4%
4.2%
6.8%
8.9%
As at 26 February 2022 (five-year average)
Base
40%
Upside
30%
Downside 1
25%
Downside 2
5%
Bank of England base rate
(a)
1.0%
1.2%
0.7%
0.4%
Gross domestic product
(b)
1.8%
2.2%
1.5%
1.2%
Unemployment rate 4.1%
3.9%
4.9%
6.3%
Unemployment rate peak in year 4.2%
3.9%
5.1%
6.7%
(a) Simple average.
(b) Annual growth rates.
Key assumptions and sensitivity
The key assumptions to which the Tesco Bank ECL is most sensitive are macroeconomic factors, probability of default (PD), loss given default
(LGD), PD threshold (staging) and expected lifetime (revolving credit facilities). The table below sets out the changes in the ECL allowance that
would arise from reasonably possible changes in these assumptions from those used in Tesco Bank\u2019s calculations as at 25 February 2023 and
excludes specific management overlays which are discussed further below:
Impact on the loss allowance
Key assumption Reasonably possible change
2023
\u00a3m
2022
\u00a3m
Closing ECL allowance 461
489
Macroeconomic factors (100% weighted) Upside scenario (59)
(27)
Base scenario (11)
(13)
Downside scenario 1 65
31
Downside scenario 2 161
110
Probability of default Increase of 10% (2022: 2.5%) 32
6
Decrease of 10% (2022: 2.5%) (31)
(6)
Loss given default Increase of 2.5% 10
7
Decrease of 2.5% (10)
(7)
Probability of default threshold (staging) Increase of 20% (9)
(9)
Decrease of 20% 13
13
Expected lifetime (revolving credit facility) Increase of 1 year 3
11
Decrease of 1 year (5)
(10)
Despite stability in the performance of the underlying portfolio, the increased risk from a high inflationary environment and cost-of-living crisis
creates uncertainty on future loss projections and the current model outputs. As a result, Tesco Bank has recognised certain specific
management overlays, to address the prevailing downside risks and ensure the potential impacts of future stress are adequately provided for,
detailed below:
Overlay Description of adjustment
2023
\u00a3m
2022
\u00a3m
Underestimation risk Risk that the beneficial impact of recent credit loss trends incorporated
into credit risk models are transitive and may reverse due to the
uncertain economic climate
68
\u2013
Cost of living A portion of Tesco Bank\u2019s customers may be more impacted by cost-of-
living pressures, with deterioration in their ability to repay unsecured
lending balances
22
75
Consumer spending In respect of the beneficial modelling impact of lower consumer
spending through the pandemic
\u2013
113
Emergence of customer defaults The emergence of defaults will be more aligned with previous economic
downturns
\u2013
19
War in Ukraine Further potential inflationary pressures on cost of living \u2013
6
Total overlays 90
213
Forbearance
Tesco Bank could be exposed to unacceptable levels of bad debt and also suffer reputational damage if it did not provide adequate support to
customers who are experiencing financial difficulties. Forbearance is relief granted by a lender to assist customers in financial difficulty, through
arrangements which temporarily allow the customer to pay an amount other than the contractual amounts due. These temporary arrangements
may be initiated by the customer or Tesco Bank where financial distress would prevent repayment within the original terms and conditions of the
contract. The main aim of forbearance is to support customers in returning to a position where they are able to meet their contractual obligations.
Tesco Bank has adopted the definition of forbearance in the European Banking Authority\u2019s (EBA) final draft Implementing Technical Standards (ITS)
of July 2014 and reports all accounts meeting this definition, providing for them appropriately.
Tesco Bank has well defined forbearance policies and processes. A number of forbearance options are made available to customers. These
routinely, but not exclusively, include the following:
\u2013 arrangements to repay arrears over a period of time, by making payments above the contractual amount, that ensure the loan is repaid within
the original repayment term; and
\u2013 short-term concessions, where the borrower is allowed to make reduced repayments (or in exceptional circumstances, no repayments) on a
temporary basis to assist with short-term financial hardship.
Gross loans and
advances subject to
forbearance programmes
Forbearance programmes as a
proportion of total loans and
advances by category
Proportion of forbearance
programmes covered by allowance
for expected credit losses
2023
\u00a3m
2022
\u00a3m
2023
%
2022
%
2023
%
2022
%
Credit cards 102
106
3
3
49
51
Loans 30
39
1
1
31
47
(d) Insurance risk
Description of risk
Management policy
Risks accepted through the provision of insurance products
in return for a premium, exposed through the wholly-owned
subsidiary of Tesco Bank, TU. These risks may or may not
occur as expected and the amount and timing of these risks
are uncertain and determined by events outside of the
Group\u2019s control (e.g. flood or vehicular accident).
TU operates a separate risk framework with dedicated risk and compliance teams and a
suite of TU risk policies to ensure that the TU insurance portfolio is operating within agreed
risk appetite.
Note 27 Financial risk management continued
Types of insurance risk
Risks Description of risks Mitigation
Underwriting Policies not priced correctly due to underestimating
the frequency and/or severity of the claims and/or
that payments are required under conditions that
were not anticipated.
The Group has large numbers of policyholders with homogeneous
exposures such as car and home policies. Products are priced
based on the Group\u2019s knowledge using past exposures, historical
losses
(
lus
an
a
ro
riate
allowance
for
IBNR
losses)
and
external
data sources, with the appropriate adjustments to reflect
anticipated future market conditions and expenses.
Claims reserving
Estimates of insurance liabilities prove to be
insufficient through inaccurate forecasting, adverse
random variation and additional expenses.
The aim of the reserving policy is to provide estimates of
insurance liabilities that are accurate and reliable across each line
of business and are consistent over the time period required to
settle all the claims. Provisions are monitored on an ongoing basis
by a Reserving Committee and the TU Board, and an annual
independent review is undertaken.
Claims management
Claims management risk may arise in the event of
inaccurate or incomplete case reserving or
settlement, poor customer service, claims fraud,
ineffective or inefficient claim processes or
excessive costs of handling claims.
The Group\u2019s approach to claims management focuses upon
creating a successful balance between satisfying the needs of the
customer against control of the overall cost of the provision of
the service that meets those needs in agreement with its service
provider. Customers include both the insured as well as others
that believe the insured has breached a duty of care.
Reinsurance
Reinsurance contracts, placed to reduce exposure
to specific risks, event and accumulations, fail to
perform as planned and do not reduce the gross
cost of claims in terms of the limits purchased,
by risks not being appropriately covered, by
reinsurance bad debts or by there not being gaps
in the programme.
The reinsurance programme is subject to considerable scenario
planning and approved by the Reinsurance Committee and the
TU Board. All reinsurers in the reinsurance programme have a
minimum credit rating of A.
Concentration of insurance risk
Concentration of insurance risk may exist where a particular event or series of events could impact significantly upon the Group\u2019s liabilities. Such
concentrations may arise from a single insurance contract or through a small number of related contracts. The following are key categories of
concentration risks that might result in significant impacts to the Group:
Category Description Mitigation
High-severity,
low-frequency event
concentrations
High-severity, low-frequency events (e.g. natural
disasters)
re
resent
a
material
risk
as
the
occurrence
of such an event would have a significant adverse
impact on TU\u2019s cash flows and profitability.
Making appropriate allowance within the price calculated by
underwriters and by purchasing a reinsurance programme that
limits the impact of these events, using non-proportional
reinsurance treaties to manage retention levels and the limits
of protection.
Geographic and
demographic
concentrations
Material geographical concentrations of risk exist
in property portfolios such that natural disasters
(e.g. floods) may give rise to a large number of
material damage and business interruption claims.
The Group only writes policies in the UK. TU models its
ex
osure
to
this risk to estimate its probable maximum loss and purchases
reinsurance to significantly reduce its exposure to such events.
Economic conditions The insurance portfolio exposes a potential
accumulation of different risks in the event of difficult
economic conditions or more challenging points in
the underwriting cycle.
The Group aims to ensure it charges the right premium for the
business underwritten and it focuses on maintaining prices in
such difficult market conditions. It also monitors claims closely
to identify any that may be exaggerated or fraudulent.
Total aggregate
exposure
The total aggregate exposure that the Group is
prepared to accept in relation to concentrations
of risk.
The exposures are monitored on a regular basis by reviewing
reports which show the key aggregations to which the Group is
exposed and by using a number of modelling tools to monitor
aggregation and simulate catastrophe losses in order to measure
the effectiveness of the reinsurance programmes, and to quantify
the net exposure. Additional stress and scenario tests are run
using these models during the year.
TU has carried out sensitivity analyses on the reasonably possible changes in its key business drivers, including interest yields, expenses and gross
loss ratio, as well as executing the stress and scenario testing programme on the insurance risk as part of their contingency planning. These do
not indicate a material impact to the Group\u2019s overall financial position and performance.
Note 28 Share-based payments
The table below shows amounts charged to the Group income statement in respect of share-based payments:
2023
\u00a3m
2022
\u00a3m
Income statement
Equity-settled share-based payment charge
101
109
Cash-settled National Insurance contributions
11
13
112
122
The table below shows amounts included in the Group cash flow statement in relation to share-based payments and own shares purchased for
share schemes:
2023
\u00a3m
2022
\u00a3m
Share-based payment charge included in operating profit/(loss)
(112)
(122)
Share-based payments non-cash movement
59
66
Increase/(decrease) in trade and other payables*
53
56
Included in Group operating cash flows
\u2013
\u2013
Cash paid to purchase own shares including related fees and taxes
(134)
(191)
Cash received from employees exercising SAYE options
48
47
Included in Group financing cash flows
(86)
(144)
* Shares withheld from employees in order to settle their tax liability and National Insurance.
The table below presents the components of share-based payments recognised in the Group statement of changes in equity:
2023 2022
\u00a3m \u00a3m
(Increase)/decrease in own shares held*
157
139
Shares delivered to employees
(157)
(139)
Cash received from employees exercising SAYE options
48
47
Share-based payments charge to the income statement
101
109
Movements in shares withheld to settle employee tax
4
\u2013
Other movements
3
(5)
Increase/(decrease) to retained earnings
(1)
12
Included in the Group statement of changes in equity
156
151
* Decrease in own shares held is the gross amount of shares that the employees are entitled to receive.
Note 28 Share-based payments continued
Share option, share bonus and incentive schemes
The Company had 10 share option schemes and four discretionary share award schemes in operation during the financial year, all of which are
equity-settled schemes:
Arrangement
Participants Term
Vesting requirements
Savings-related option schemes
The Savings-related
Share Option
Scheme (1981)
UK colleagues Three or five years.
The options are capable of being exercised at the end of
the term at a subscription price of not less than 80% of
the average of the middle-market quotations of an
Ordinary share over the three dealing days immediately
preceding the offer date.
The Irish Savings-
related Share Option
Scheme (2000)
ROI colleagues Three or five years.
The Savings-related
Share Option
Scheme (2021)
UK colleagues Three or five years.
The International
Savings-related
Share Option
Scheme (2021)
ROI colleagues Three or five years.
The Booker Group
PLC Savings-Related
Share Option Plan
(2008) (Booker
SAYE)
(a)
Booker colleagues Three years.
The options over Tesco Shares are capable of being
exercised at the end of the term at a subscription price
equivalent to not less than 80% of the average of the
middle-market quotations of a Booker Share over the
three dealing days immediately preceding the offer date.
Discretionary option schemes
(b)
The Executive
Incentive Plan (2014)
Selected senior
executives
Granted as a proportion of annual bonus following
the completion of a required service period,
normally exercisable between three and 10 years
from the date of grant for nil consideration.
Dependent on the achievement of corporate
performance, individual targets and continuous
employment.
The Group Bonus
Plan
Selected senior
executives and
senior managers
Granted as a proportion of annual bonus following
the completion of a required service period and is
normally exercisable between three and 10 years
from the date of grant for nil consideration. No
further options will be granted under this scheme.
The Performance
Share Plan (2011)
Selected senior
executives and
senior managers
Normally exercisable between the vesting date(s)
set at grant and 10 years from the date of grant
for nil consideration. No further options will be
granted under this scheme.
Conditional upon the achievement of specified
performance targets over a three-year period and/or
continuous employment.
The Long Term
Incentive Plan (2015)
Selected senior
executives and
senior managers
Normally exercisable between the vesting date(s)
set at grant and 10 years from the date of grant
for nil consideration.
The Booker Group
PLC Performance
Share Plan (2008)
(Booker PSP and
CSOP)
(a)
Selected Booker
senior colleagues
(Booker)
Normally exercisable between the third
anniversary of the original date of grant and 10
years from the date of grant for nil consideration.
No further options will be granted under this
scheme.
Conditional upon the achievement of specified
performance targets over a three-year period and
continuous employment. Company Share Option Plan
options (CSOP options) which are linked to the Booker
PSP options are exercisable at a subscription price
equivalent to the market value of the Booker Shares at
the time of grant.
Discretionary share award schemes
(c)
The Performance
Share Plan (2011) and
the Long Term
Incentive Plan (2021)
Selected senior
executives and
senior managers
Awards made under these plans will normally vest
on the vesting date(s) set on the date of the
award for nil consideration.
Conditional on the achievement of specified
performance targets over a three-year performance
period and/or continuous employment.
The Group Bonus
Plan and the
Deferred Bonus Plan
(2019)
Selected senior
executives and
senior managers
Granted based on a percentage of salary, which is
determined by the achievement of corporate and
individual performance targets. The fair value of
shares awarded under these schemes is their
market value on the date of award. Expected
dividends are not incorporated into the fair value.
Conditional on completion of continuous employment
and achievement of corporate and individual
performance targets.
(a) Following completion of the acquisition of Booker Group PLC by Tesco PLC, Booker colleagues elected to roll over their existing options over Booker Shares under the Booker SAYE into equivalent
options over Ordinary shares in Tesco PLC (Tesco Shares), and Booker senior colleagues elected to roll over their existing Booker PSP and Booker CSOP Options over Booker Shares into equivalent
options over Tesco Shares.
(b) The Executive Directors participate in short-term bonus and long-term incentive schemes designed to align their interests with those of shareholders. Full details of these schemes can be found
in the Directors\u2019 remuneration report.
(c) Until 2017, nil-cost options were awarded to selected senior executives using the Group Bonus Plan and Performance Share Plan, and conditional share awards were granted to selected senior
executives and senior managers. Since 2018, conditional share awards have been granted to all eligible colleagues.
The following tables reconcile the number of share options outstanding and the weighted average exercise price (WAEP):
For the 52 weeks ended 25 February 2023
Savings-related
Share Option Schemes
Irish Savings and International
Savings-related
Share Option Schemes
Nil cost
Share Option Schemes
Booker Group PLC Savings
Related Share Option Plan
Booker Group PLC
Performance Share
Plan Scheme
Options WAEP Options WAEP Options WAEP Options WAEP Options WAEP
Outstanding at 26 February 2022 160,485,413
208.34
6,801,511
212.23
2,012,486
\u2013
10,417
152.01
541,516
\u2013
Granted 69,276,094
182.00
2,012,450
182.00
99,189
\u2013
\u2013
\u2013
\u2013
\u2013
Forfeited (28,999,777)
216.86
(1,278,338)
214.54
\u2013
\u2013
(10,417)
152.01
(43,288)
\u2013
Exercised (24,725,935)
188.54
(811,416)
187.99
\u2013
\u2013
\u2013
\u2013
(131,589)
\u2013
Outstanding at 25 February 2023 176,035,795
199.35
6,724,207
205.67
2,111,675
\u2013
\u2013
\u2013
366,639
\u2013
Exercise price range (pence)
168.00 to
242.00
168.00 to
260.00
\u2013
\u2013
\u2013
Weighted average remaining
contractual life (years)*
2.83
2.53
3.22
\u2013
\u2013
Exercisable at 25 February 2023 73,974
188.23
840
188.00
2,111,675
\u2013
\u2013
\u2013
366,639
\u2013
Exercise price range (pence)
188.00 to
190.00
188.00 to
188.00
\u2013
\u2013
\u2013
Weighted average remaining
contractual life (years)*
\u2013
\u2013
3.22
\u2013
\u2013
* Contractual life represents the period from award to the scheme end date. Certain schemes may be exercised later than vesting date at the discretion of the individual.
Share options were exercised on a regular basis throughout the financial year. The average share price during the 52 weeks ended 25 February
2023 was 248.40p (2022: 254.05p).
For the 52 weeks ended 26 February 2022
Savings-related
Share Option Schemes
Irish Savings and International
Savings-related
Share Option Schemes
Nil cost
Share Option Schemes
Booker Group PLC Savings
Related Share Option Plan
Booker Group PLC
Performance Share
Plan Scheme
Options WAEP Options WAEP Options WAEP Options WAEP Options WAEP
Outstanding at 27 February 2021 166,407,076
193.86
7,586,269
194.35
7,217,383
\u2013
686,755
152.58
860,757
\u2013
Granted 37,771,601
242.00
1,440,203
260.00
217,095
\u2013
\u2013
\u2013
\u2013
\u2013
Forfeited (17,812,002)
200.19
(1,212,568)
191.82
\u2013
\u2013
(151,253)
151.93
(68,551)
\u2013
Exercised (25,881,262)
169.98
(1,012,393)
170.70
(5,421,992)
\u2013
(525,085)
152.78
(250,690)
\u2013
Outstanding at 26 February 2022 160,485,413
208.34
6,801,511
212.23
2,012,486
\u2013
10,417
152.01
541,516
\u2013
Exercise price range (pence)
151.00 to
242.00
168.00 to
260.00
\u2013
137.45 to
152.78
\u2013
Weighted average remaining
contractual life (years)*
2.68
2.59
4.22
0.49
\u2013
Exercisable at 26 February 2022 2,014,843
189.58
78,774
189.57
2,012,486
\u2013
2,171
149.09
541,516
\u2013
Exercise price range (pence)
151.00 to
190.00
168.00 to
190.00
\u2013
137.45 to
152.78
\u2013
Weighted average remaining
contractual life (years)*
0.42
0.42
4.22
0.41
\u2013
Refer to previous table for footnote.
The fair value of savings-related share options schemes is estimated at the date of grant using the Black-Scholes option pricing model. The
following table gives the assumptions applied to the options granted in the respective periods shown. No assumption has been made to
incorporate the effects of expected early exercise.
2023
SAYE
2022
SAYE
Expected dividend yield (%) 4.96-5.43
4.10\u20134.17
Expected volatility (%) 22.25-22.53
21.79-21.89
Risk-free interest rate (%) 3.54-3.59
1.38-1.39
Expected life of option (years) 3 or 5
3 or 5
Weighted average fair value of options granted (pence) 46.32
38.52
Probability of forfeiture (%) 7-9
7-10
Share price (pence) 202.35
268.50
Weighted average exercise price (pence) 182.00
242.00
Volatility is a measure of the amount by which a price is expected to fluctuate during a period. The measure of volatility used in the Group\u2019s
option pricing models is the annualised standard deviation of the continuously compounded rates of return on the share over a period of time.
In estimating the future volatility of the Company\u2019s share price, the Board considers the historical volatility of the share price over the most recent
period that is generally commensurate with the expected term of the option, taking into account the remaining contractual life of the option.
Note 28 Share-based payments continued
The number and weighted average fair value (WAFV) of share bonuses granted during the financial year were:
2023
2022
Number
of shares
WAFV
pence
Number
of shares
WAFV
pence
Group Bonus Plan and Deferred Bonus Plan 19,076,406
265.58
10,713,313
232.25
Performance Share Plan and Long Term Incentive Plan 22,817,391
254.91
41,639,089
240.31
Joining award* \u2013
\u2013
2,336,887
223.35
* Joining award granted during the financial year to Executive Directors under Listing Requirement 9.4.2.
Note 29 Post-employment benefits
Pensions
The Group operates a variety of post-employment benefit arrangements, covering both funded and unfunded defined benefit schemes and
defined contribution schemes.
Defined contribution
Defined contribution schemes are open to all Tesco employees in the UK.
Under the Group\u2019s defined contribution pension schemes, employees of the Group pay contributions to an independently administered fund,
into which the Group also pays contributions based upon a fixed percentage of the employee\u2019s contributions. The Group has no further payment
obligations once its contributions have been paid. Contributions paid for defined contribution schemes in continuing operations of \u00a3375m (2022:
\u00a3361m) have been recognised in the Group income statement. This includes \u00a3143m (2022: \u00a3136m) of salaries paid as pension contributions.
Defined benefit schemes
The Group has a defined benefit pension deficit of \u00a3400m (2022: \u00a3303m deficit), and a defined benefit pension surplus of \u00a36m (2022: \u00a33,150m),
comprising a number of schemes. The most significant schemes are for the Group\u2019s employees in the UK and ROI, which are closed to future
accrual. The defined benefit pension deficit in the UK represents 102% of the net Group deficit. In the prior year, the defined benefit pension
surplus in the UK represented 103% of the net Group surplus.
United Kingdom
The principal plan within the Group is the Tesco PLC Pension Scheme (the Scheme), the assets of which are held as a segregated fund and
administered by the Trustee.
The Scheme is established under trust law and has a corporate trustee (the Trustee) that is required to run the Scheme in accordance with the
Scheme\u2019s Trust Deed and Rules and to comply with all relevant legislation. Responsibility for governance of the Scheme lies with the Trustee.
The Trustee is a company whose directors comprise:
1. representatives of the Group;
2. independent trustees; and
3. representatives of the Scheme participants, in accordance with its articles of association and UK pension law.
Scheme funding
The Group considers two measures of the pension surplus/deficit. The accounting position is shown on the Group balance sheet. The funding
position, calculated at the triennial funding valuation, is used to agree contributions made to the schemes. The two measures will vary because
they are for different purposes, and are calculated at different dates and in different ways. The key calculation difference is that the funding
position considers the expected returns of scheme assets when calculating the liability, whereas the accounting, position calculated under IAS 19
discounts liabilities based on corporate bond yields.
The most recent completed triennial funding valuation of the Scheme was performed as at 31 March 2022 using the projected unit credit method.
The funding position was a surplus of \u00a30.9bn. The Scheme remained in a funding surplus as at 25 February 2023.
Subsequent to this triennial funding valuation it was agreed that no further pension deficit contributions would be required, with contributions
next expected to be assessed at the 31 March 2025 triennial review. The Group was paying \u00a325m per annum to meet expenses of the Scheme,
including the Pension Protection Fund levy. This expense payment fell to \u00a317m per annum from October 2022. In addition the market value of
assets held as security in favour of the Scheme is at least \u00a3775m (2022: \u00a3775m).
The most recent Booker Pension Scheme triennial funding valuation showed a funding deficit of \u00a3139m at 31 March 2022, with agreed
contributions of \u00a317m per annum until the end of 2028. The most recent Budgens Pension Scheme triennial funding valuation showed a funding
surplus of \u00a30.4m at 31 March 2021. No contributions were required for the Budgens Scheme.
IFRIC 14
For schemes in an accounting surplus position, these surpluses are recognised on the balance sheet in line with IFRIC 14, as the Group has an
unconditional legal right to any future economic benefits by way of future refunds following a gradual settlement.
Maturity profile of the defined benefit obligation
The estimated duration of the Scheme defined benefit obligation is an indicator of the weighted average term of benefit payments after
discounting. For the Scheme this is 18 years.
Around 39% of the undiscounted benefits are due to be paid beyond 30 years\u2019 time, with the last payments expected to be over 80 years from
now. The estimated undiscounted benefit payments expected to be paid out over the life of the Scheme are shown below.
The defined benefit obligation held by the Scheme is broken down as follows:
%
Deferred members 77
Current pensioners 23
Risks
The Group bears a number of risks in relation to the Scheme, which are described below:
Risk
Description of risk
Mitigation
Investment
The Scheme\u2019s defined benefit
obligation is calculated using a
discount rate set with reference to
corporate bond yields. If the return on
the Scheme\u2019s assets underperform
this rate, the accounting deficit
will increase.
If the Scheme\u2019s assets underperform
the expected return for the funding
valuation, this may require additional
contributions to be made by the
Group.
The Trustee and the Group regularly monitor the funding position and operate a
diversified investment strategy.
The Trustee and the Group take a balanced approach to investment risk and have a
long-term plan to significantly reduce the investment risk within the Scheme.
The Trustee considers climate risk as one of the key investment risks faced by the
Scheme and has set up a Responsible Investment Committee to consider climate-
related issues relating to the Scheme.
The Scheme has also made a commitment to aim for investments to be net zero by 2050.
Further details on the metrics, targets and actions taken in relation to climate risk can be
seen in the Scheme\u2019s Climate Change Report.
Inflation
The Scheme\u2019s defined benefit
obligation is linked to inflation. A higher
rate of expected long-term inflation
will therefore lead to higher liabilities,
both for the IAS 19 and funding liability.
If the Scheme\u2019s funding liability
increases, this may require additional
contributions to be made by
the Group.
As part of the investment strategy, the Trustee aims to mitigate this risk through
investment in a liability-driven investment (LDI) portfolio.
The portfolio invests in assets which increase in value as inflation expectations increase.
This mitigates the impact of any adverse movement in long-term inflation expectations.
The Scheme\u2019s holdings are designed to hedge against inflation risk for most of the
funded liabilities.
Additionally, changes to future benefits were introduced in June 2012 to reduce the
Scheme\u2019s exposure to inflation risk by changing the basis for calculating the rate of
increase in pensions to CPI (previously RPI).
Interest rate
A decrease in corporate bond yields in
isolation is expected to increase the
accounting deficit. Similarly, a
decrease in gilt yields in isolation is
expected to have an adverse impact
on the funding position of the Scheme.
This may lead to additional
contributions being made by the
Group.
As part of the investment strategy, the Trustee aims to mitigate this risk through
investment in an LDI portfolio.
The portfolio invests in assets which increase in value as interest rates decrease. The
Scheme\u2019s holdings are designed to hedge against interest rate risk for most of the
funded liabilities.
Because the aim of the portfolio is to mitigate risk for the funding position,
ineffectiveness in hedging for the accounting deficit can arise where corporate bond
and gilt yields diverge. This is partially offset by the Scheme\u2019s holdings in corporate
bonds.
Using an LDI portfolio means a rise in interest rates can lead to collateral calls. The
Trustee and the Group regularly monitor and manage the level of liquidity to ensure it
remains appropriate.
Life expectancy
The Scheme\u2019s obligations are to
provide benefits for the life of the
member and so increases in life
expectancy will lead to a higher
defined benefit obligation.
To reduce this risk, changes to future benefits were introduced in June 2012 to increase
the age at which members can take their full pension by around two years.
The Trustee and the Group regularly monitor the impact of changes in longevity on the
Scheme defined benefit obligation.
70+66-7061-6556-6051-5546-5041-4536-4031-3526-3021-2516-2011-156-101-5
0
1
2
3
4
5
\u00a3bn
Deferred members
Current pensioners
Years
Note 29 Post-employment benefits continued
The operations and audit pensions committee was set up in 2015 to further strengthen the Scheme\u2019s Trustee governance and provide greater
oversight and stronger internal control over the Group\u2019s risks. The Group pensions committee was also set up in 2018 to provide an additional
layer of governance and risk management. Further mitigation of the risks is provided by external advisors and the Trustee who considers the
funding position, fund performance and impacts of any regulatory changes.
Scheme principal assumptions
Financial assumptions
The principal assumptions, on a weighted average basis, used by external actuaries to value the defined benefit obligation of the Scheme were as
follows:
2023
%
2022
%
Discount rate 4.9
2.8
Price inflation 3.0
3.3
Rate of increase in deferred pensions* 2.6
2.9
Rate of increase in pensions in payment*
Benefits accrued before 1 June 2012 2.9
3.1
Benefits accrued after 1 June 2012 2.5
2.8
* In excess of any guaranteed minimum pension (GMP) element.
Discount rate
The discount rate for the Scheme is determined by reference to market yields of high-quality corporate bonds of suitable currency and term to
the Scheme cash flows and extrapolated based on the trend observable in corporate bond yields.
Inflation
The inflation assumption is used to determine increases in pensions linked to RPI and CPI inflation within sections of the Scheme, subject to
relevant maximum and minimum increases.
RPI inflation is derived by reference to the difference between fixed-interest and index-linked long-term government bonds. To account for the
premium that investors are willing to pay to mitigate the risk that inflation is higher than expected, the inflation assumption incorporates an
inflation risk premium. CPI inflation is set by reference to RPI.
The Group uses a bifurcated approach to pre- and post-2030 assumptions, reflecting the impact of the RPI reforms from 2030 onwards.
In consultation with external actuaries, the inflation risk premium has been set at 0.3% p.a. pre-2030 and 0.5% p.a. post-2030, which is a
weighted average of 0.43% (2022: 0.42%). The CPI differential has been set as 1.0% p.a. pre-2030 and 0.1% p.a. post-2030, which is a weighted
average of 0.48% lower than RPI (2022: 0.39%).
Mortality assumptions
The Trustee\u2019s actuary conducted a mortality analysis of the Scheme as part of the triennial funding valuation process. Subsequent to this analysis,
the Group adopted the best estimate assumptions for the calculation of the defined benefit obligation for the main UK scheme.
The mortality assumptions used are based on tables that have been projected to 2018 with CMI 2020 improvements. In addition, the allowance
for future mortality improvements from 2018 has been updated to be in line with CMI 2021, with a long-term improvement rate of 1.25% p.a. and a
10% weighting applied to both 2020 and 2021 data, reflecting the expectation that the COVID-19 pandemic has had an impact on future life
expectancies.
The base tables used in calculating the mortality assumptions are different for various categories of members, as shown below:
Pensioner Non-Pensioner
Male Staff 96% of SAPS S3 Normal Heavy 100% of SAPS S3 Normal Heavy
Senior Manager 112% of SAPS S3 Normal Light 113% of SAPS S3 Normal Light
Female Staff 105% of SAPS S3 Normal Heavy 109% of SAPS S3 Normal Heavy
Senior Manager 87% of SAPS S3 All Middle 87% of SAPS S3 All Middle
The following table illustrates the expectation of life of an average member retiring at age 65 at the balance sheet date and a member reaching
age 65 at the balance sheet date +25 years. A comparison between the two retiree dates illustrates the expected improvements in mortality
over the next 25 years.
2023
Years
2022
Years
Retiring at the balance sheet date at age 65: Male 20.0
20.8
Female 22.5
22.4
Retiring at the balance sheet date +25 years at age 65: Male 21.4
22.1
Female 24.2
24.1
Sensitivity analysis of significant actuarial assumptions
The sensitivity of significant assumptions upon the Scheme defined benefit obligation are detailed below:
2023
2022
Financial assumptions \u2013 Increase/(decrease) in UK defined benefit obligation
Discount rate
\u00a3m
Inflation rate
\u00a3m
Discount rate
\u00a3m
Inflation rate
\u00a3m
Impact of 0.1% increase of the assumption (213)
201
(404)
367
Impact of 0.1% decrease of the assumption 226
(201)
404
(349)
Impact of 1.0% increase of the assumption (1,921)
2,147
(3,467)
3,889
Impact of 1.0% decrease of the assumption 2,498
(1,783)
4,732
(3,173)
Mortality assumptions \u2013 Increase/(decrease) in UK defined benefit obligation
2023
\u00a3m
2022
\u00a3m
Impact of 1 year increase in longevity 364
697
Impact of 1 year decrease in longevity (402)
(715)
The sensitivities reflect the range of recent assumption movements and illustrate that the financial assumption sensitivities do not move in a
linear fashion. Movements in the defined benefit obligation from discount rate and inflation rate changes may be partially offset by
movements in assets.
Overseas
The Group operates defined benefit schemes in ROI. An external actuary, using the projected unit credit method, carried out the latest
assessment of the ROI schemes as at 25 February 2023. At the financial year end, the accounting deficit relating to ROI was \u00a3nil (2022: \u00a397m).
Post-employment benefits other than pensions
The Group operates a scheme offering post-retirement healthcare benefits. The cost of providing these benefits has been accounted for on a
similar basis to that used for defined benefit pension schemes.
The accounting deficit as at 25 February 2023 of \u00a34m (2022: \u00a36m) was determined in accordance with the advice of external actuaries.
During the current financial year, \u00a3nil (2022: \u00a3nil) has been charged to the Group income statement and \u00a3nil (2022: \u00a3nil) of benefits were paid.
Plan assets
The Group\u2019s pension schemes hold assets that both provide returns and mitigate risk, including the volatility of future pension payments.
The table below shows a breakdown of the combined investments held by the Group\u2019s schemes:
2023
2022
Quoted
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m %
Quoted
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m %
Equities
UK 32
\u2013
32
\u2013
136
\u2013
136
1
Europe 76
\u2013
76
1
691
\u2013
691
3
Rest of the world 516
\u2013
516
4
3,492
\u2013
3,492
16
624
\u2013
624
5
4,319
\u2013
4,319
20
Bonds
Government 363
\u2013
363
3
1,394
\u2013
1,394
6
Corporates \u2013 investment grade 570
\u2013
570
4
3,376
\u2013
3,376
15
Corporates \u2013 non-investment grade 211
\u2013
211
2
1,123
\u2013
1,123
5
1,144
\u2013
1,144
9
5,893
\u2013
5,893
26
Property
UK 2
1,094
1,096
8
94
1,514
1,608
7
Rest of the world 2
567
569
4
7
550
557
2
4
1,661
1,665
12
101
2,064
2,165
9
Alternative assets
Hedge funds \u2013
64
64
\u2013
\u2013
311
311
1
Private equity \u2013
1,032
1,032
8
\u2013
1,509
1,509
7
Other 162
1,793
1,955
15
218
1,779
1,997
9
162
2,889
3,051
23
218
3,599
3,817
17
LDI portfolio 8,173
(2,491)
5,682
44
5,163
(4)
5,159
23
Cash 859
\u2013
859
7
1,037
\u2013
1,037
5
Total fair value of plan assets 10,966
2,059
13,025
100
16,731
5,659
22,390
100
Quoted assets are those with a quoted price in an active market. Unquoted assets are valued in accordance with IFRS 13, using the most
appropriate level within the fair value hierarchy based on the specifics of the asset class, and in line with industry standard guidelines, including
the RICS methodology for property and the IPEV guidelines for private equity.
The LDI portfolio consists of assets, including gilts and index-linked gilts, cash and money market funds of the value of \u00a38,376m (2022: \u00a38,986m)
and associated repurchase agreements and swaps of \u00a3(2,694)m (2022: \u00a3(3,827)m). Other alternative assets include infrastructure and private
credit investments. Other derivatives are included in the asset category to which they relate, reflecting the underlying nature and exposure of the
derivative. The fall in fair value is attributable to the increase in gilt yields during the year.
The plan assets include \u00a3240m (2022: \u00a3244m) relating to property used by the Group. Group property with net carrying value of \u00a3783m
(2022: \u00a3914m) (refer to Note 11) and a value to the Scheme of at least \u00a3775m (2022: \u00a3775m) is held as security in favour of the Scheme.
Note 29 Post-employment benefits continued
Movement in the Group pension surplus/(deficit) during the financial year
Fair value of plan assets
Defined benefit obligation
Net defined benefit surplus/(deficit)
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Opening balance 22,390
20,082
(19,543)
(21,304)
2,847
(1,222)
Current service cost \u2013
\u2013
(24)
(39)
(24)
(39)
Settlement charge
(a)
\u2013
\u2013
\u2013
(1)
\u2013
(1)
Finance income/(cost) 607
391
(527)
(413)
80
(22)
Included in the Group income statement 607
391
(551)
(453)
56
(62)
Remeasurement gain/(loss):
Financial assumptions gain/(loss) \u2013
\u2013
7,652
1,881
7,652
1,881
Demographic assumptions gain/(loss) \u2013
\u2013
(228)
21
(228)
21
Experience gain/(loss) \u2013
\u2013
(1,244)
(212)
(1,244)
(212)
Return on plan assets excluding finance income (9,518)
2,385
\u2013
\u2013
(9,518)
2,385
Foreign currency translation 15
(9)
(18)
13
(3)
4
Included in the Group statement of comprehensive
income/(loss)
(9,503)
2,376
6,162
1,703
(3,341)
4,079
Member contributions \u2013
2
\u2013
(2)
\u2013
\u2013
Employer contributions 24
33
\u2013
\u2013
24
33
Additional employer contributions 20
16
\u2013
\u2013
20
16
Benefits paid (513)
(502)
516
505
3
3
Scheme settlement \u2013
(8)
\u2013
8
\u2013
\u2013
Other movements (469)
(459)
516
511
47
52
Closing balance 13,025
22,390
(13,416)
(19,543)
(391)
2,847
Withholding tax on surplus
(b)
(3)
\u2013
Closing balance, net of withholding tax
(394)
2,847
Consisting of:
Schemes in deficit
(400)
(303)
Schemes in surplus
(c)
6
3,150
Deferred tax asset/(liability)
100
(726)
Surplus/(deficit) in schemes at the end of the year,
net of deferred tax
(294)
2,121
(a) Settlement charge on Londis Scheme buy-out in 2022.
(b) Recognised through other comprehensive income in remeasurements of defined benefit pension schemes.
(c) In 2023, schemes in surplus in the UK are presented on the balance sheet net of a 35% withholding tax.
Note 30 Share capital and other reserves
Share capital
2023
2022
Ordinary shares of 6 \u2153p each
Ordinary shares of 6 \u2153p each
Number \u00a3m
Number \u00a3m
Allotted, called-up and fully paid:
At the beginning of the year 7,637,986,531
484
7,731,707,820
490
Shares cancelled (319,645,336)
(21)
(93,721,289)
(6)
At the end of the year 7,318,341,195
463
7,637,986,531
484
No shares were issued during the current financial year in relation to share options.
The Group has a share forfeiture programme, following the completion of a tracing and notification exercise to any shareholders who have not
had contact with the Company over the past 12 years, in accordance with the provisions set out in the Company\u2019s Articles of Association.
Under the share forfeiture programme, the shares and dividends associated with shares of untraced members are forfeited, with the resulting
proceeds transferred to the Group to use for good causes in line with the Group\u2019s corporate responsibility strategy. During the current financial
year, the Group received \u00a3nil (2022: \u00a3nil) proceeds from sale of untraced shares and \u00a35m (2022: \u00a3nil) write-back of unclaimed dividends, which
are reflected in share premium and retained earnings, respectively.
As at 25 February 2023, the Directors were authorised, on behalf of the Company, to purchase up to a maximum in aggregate of 762.0 million
(2022: 773.2 million) Ordinary shares until the conclusion of the 2023 AGM.
The holders of Ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at general
meetings of the Company.
Other reserves
The table below sets out the movements in other reserves:
Capital
redemption
reserve
\u00a3m
Hedging
reserve*
\u00a3m
Translation
reserve
\u00a3m
Own
shares
held
\u00a3m
Merger
reserve
\u00a3m
Total
\u00a3m
At 26 February 2022 22
130
202
(365)
3,090
3,079
Other comprehensive income/(loss)
Retranslation of net assets of overseas subsidiaries, joint ventures and
associates, net of hedging instruments
\u2013
\u2013
120
\u2013
\u2013
120
Gains/(losses) on cash flow hedges \u2013
63
\u2013
\u2013
\u2013
63
Cash flow hedges reclassified and reported in the Group income statement \u2013
(61)
\u2013
\u2013
\u2013
(61)
Tax relating to components of other comprehensive income (Note 6) \u2013
22
\u2013
\u2013
\u2013
22
Total other comprehensive income/(loss) \u2013
24
120
\u2013
\u2013
144
Inventory cash flow hedge movements
(Gains)/losses transferred to the cost of inventory \u2013
(127)
\u2013
\u2013
\u2013
(127)
Total inventory cash flow hedge movements \u2013
(127)
\u2013
\u2013
\u2013
(127)
Transactions with owners
Own shares purchased for cancellation \u2013
\u2013
\u2013
(758)
\u2013
(758)
Own shares cancelled 21
\u2013
\u2013
795
\u2013
816
Own shares purchased for share schemes \u2013
\u2013
\u2013
(188)
\u2013
(188)
Share\u2013based payments (Note 28) \u2013
\u2013
\u2013
157
\u2013
157
Total transactions with owners 21
\u2013
\u2013
6
\u2013
27
At 25 February 2023 43
27
322
(359)
3,090
3,123
* Movements in cost of hedging reserve is \u00a3nil (2022: \u00a3nil) and balance at 25 February 2023 is \u00a3nil (2022: \u00a3nil).
Capital
redemption
reserve
\u00a3m
Hedging
reserve*
\u00a3m
Translation
reserve
\u00a3m
Own
shares
held
\u00a3m
Merger
reserve
\u00a3m
Total
\u00a3m
At 27 February 2021 16
90
175
(188)
3,090
3,183
Other comprehensive income/(loss)
Retranslation of net assets of overseas subsidiaries, joint ventures and
associates, net of hedging instruments
\u2013
\u2013
(39)
\u2013
\u2013
(39)
Movements in foreign exchange reserve and net investment hedging on
subsidiary disposed, reclassified and reported in the Group income
statement
\u2013
\u2013
66
\u2013
\u2013
66
Gains/(losses) on cash flow hedges \u2013
77
\u2013
\u2013
\u2013
77
Cash flow hedges reclassified and reported in the Group income statement \u2013
(45)
\u2013
\u2013
\u2013
(45)
Tax relating to components of other comprehensive income (Note 6) \u2013
(22)
\u2013
\u2013
\u2013
(22)
Total other comprehensive income/(loss) \u2013
10
27
\u2013
\u2013
37
Inventory cash flow hedge movements
(Gains)/losses transferred to the cost of inventory \u2013
30
\u2013
\u2013
\u2013
30
Total inventory cash flow hedge movements \u2013
30
\u2013
\u2013
\u2013
30
Transactions with owners
Own shares purchased for cancellation \u2013
\u2013
\u2013
(301)
\u2013
(301)
Own shares cancelled 6
\u2013
\u2013
264
\u2013
270
Own shares purchased for share schemes \u2013
\u2013
\u2013
(279)
\u2013
(279)
Share\u2013based payments (Note 28) \u2013
\u2013
\u2013
139
\u2013
139
Total transactions with owners 6
\u2013
\u2013
(177)
\u2013
(171)
At 26 February 2022 22
130
202
(365)
3,090
3,079
Refer to previous table for footnote.
Own shares held
The own shares held represents shares in Tesco PLC purchased from the market and held by the Tesco International Employee Benefit Trust to
satisfy share awards under the Group\u2019s share scheme plans (refer to Note 28), and shares purchased for cancellation as part of the share buyback
programme. Shares purchased for cancellation are included in own shares held until cancellation, at which point the consideration is transferred to
retained earnings, and the nominal value of the shares is transferred from share capital to the capital redemption reserve. Own shares held can
include equity elements of forward contracts where the Group has an obligation to purchase its own shares.
The table below presents the reconciliation of own shares purchased for cancellation between the Group statement of changes in equity and the
Group cash flow statement:
2023 2022
Own shares purchased for cancellation \u00a3m \u00a3m
Included in the Group statement of changes in equity
(a)(b)
(758)
(301)
Payments in relation to prior year financial liabilities (23)
\u2013
Outstanding amount recognised as financial liabilities
(c)
\u2013
23
Included in the Group cash flow statement
(d)
(781)
(278)
(a) 319.6 million (2022: 93.7 million) shares were cancelled, representing 4.4% of the called-up share capital as at 25 February 2023 (2022: 1.2%). This includes 4.8 million shares purchased not yet
cancelled as at 26 February 2022 with total consideration of \u00a314m. The total consideration of \u00a3795m (2022: \u00a3264m), including expenses of \u00a39m (2022: \u00a31m), was charged to retained earnings.
(b) During the financial year, the aggregate nominal value of shares cancelled and transferred to the capital redemption reserve was \u00a321m (2021: \u00a36m).
(c) Shares to be delivered under a share repurchase agreement with an external bank, included in other payables.
(d) 314.8 million (2022: 98.5 million) shares purchased at an average price of \u00a32.48 per share (2022: \u00a32.82).
Note 30 Share capital and other reserves continued
The table below presents the reconciliation of own shares purchased for share schemes between the Group statement of changes in equity and
the Group cash flow statement:
2023 2022
Own shares purchased for share schemes \u00a3m \u00a3m
Included in the Group statement of changes in equity (188)
(279)
Payments in relation to prior year financial liabilities (50)
-
Outstanding amount recognised as financial liabilities* 55
50
Shares withheld to settle employee tax 49
38
Cash received from employees exercising SAYE options 48
47
Included in the Group cash flow statement (86)
(144)
* A financial liability of \u00a355m (2022: \u00a350m) in respect of shares to be delivered under a share repurchase agreement with an external bank is included in other payables.
The number of Ordinary shares held by the Tesco International Employee Benefit Trust at 25 February 2023 was 55.6 million (2022: 49.9 million).
This represents 0.76% of called-up share capital at the end of the year (2022: 0.65%).
Capital redemption reserve
The capital redemption reserve relates to the repurchase and cancellation of shares of the Company. During the financial year, the aggregate
nominal value of shares cancelled and transferred to the capital redemption reserve was \u00a321m (2022: \u00a36m).
Merger reserve
The merger reserve represents the difference between the market value and nominal value of shares issued for the acquisition of Booker on
2 March 2018.
Note 31 Related party transactions
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed
in this note. Transactions between the Group and its joint ventures and associates are disclosed below:
Transactions
Joint ventures
2023
\u00a3m
2022
\u00a3m
Sales to related parties 599
501
Purchases from related parties 122
111
Dividends received 14
32
Injection of equity funding 10
11
Sales to related parties consist of service/management fees and loan interest.
Transactions between the Group and the Group\u2019s pension plans are disclosed in Note 29.
Balances
Joint ventures
2023
\u00a3m
2022
\u00a3m
Amounts owed to related parties (7)
(9)
Amounts owed by related parties 27
36
Lease liabilities payable to related parties
(a)
(1,950)
(2,335)
Loans to related parties (net of deferred profits)
(b)
106
105
(a) Lease liabilities payable to related parties represent leases entered into by the Group for properties held by joint ventures. Refer to Note 13 for further details.
(b) Loans to related parties of \u00a3106m (2022: \u00a3105m) are presented net of deferred profits of \u00a338m (2022: \u00a338m), historically arising from the sale of property assets to joint ventures.
Refer to Note 13 for further details. For loans to related parties, a 12-month expected credit loss (ECL) allowance is recorded on initial recognition. In the current and prior financial years, the ECL
allowance was immaterial.
Amounts owed to and owed by related parties are measured at amortised cost and the carrying values approximate fair value. The undiscounted
cash flow amounts owed to related parties are due within one year and do not differ from the amounts included in the table above.
There were no transactions or balances held with associates in the current or prior financial year.
A number of the Group\u2019s subsidiaries are members of one or more partnerships to whom the provisions of the Partnerships (Accounts)
Regulations 2008 apply. The financial statements for those partnerships have been consolidated into these financial statements pursuant to
Regulation 7 of the Regulations.
Transactions with key management personnel
Members of the Board of Directors and Executive Committee of Tesco PLC are deemed to be key management personnel.
Cost of key management personnel compensation for the financial year was as follows:
2023
\u00a3m
2022
\u00a3m
Salaries and short-term benefits 23
21
Pensions and cash in lieu of pensions 1
2
Share-based payments 21
24
Joining costs and loss of office costs \u2013
2
45
49
Attributable to:
The Board of Directors (including Non-executive Directors) 13
11
Executive Committee (members not on the Board of Directors) 32
38
45
49
During the year, 7,730,565 (2022: 8,946,423) performance shares and 2,807,091 (2022: 1,178,795) bonus shares were granted to key management
personnel under the Performance Share Plan and Deferred Bonus Plan 2019, respectively. Vesting will be conditional on the achievement of
specified performance targets over a three-year performance period and/or continuous employment. The cost of these awards will be spread
over the vesting period.
Of the key management personnel who had transactions with Tesco Bank during the financial year, the following balances were held at the
financial year end:
Credit card, mortgage and
personal loan balances
Current and saving
deposit accounts
Number of key
management
personnel \u00a3m
Number of key
management
personnel \u00a3m
At 25 February 2023 6
\u2013
6
1
At 26 February 2022 5
\u2013
4
\u2013
Note 32 Analysis of changes in net debt
Net debt, as defined in the Glossary, excludes the net debt of Tesco Bank but includes that of discontinued operations. Balances and movements
in respect of the total Group and Tesco Bank are presented to allow reconciliation between the Group balance sheet and the Group cash flow
statement.
2023 2022
Group Bank Retail Group Bank Retail
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank and other borrowings, excluding overdrafts (6,451)
(375)
(6,076)
(6,825)
(481)
(6,344)
Lease liabilities (7,727)
(23)
(7,704)
(7,958)
(26)
(7,932)
Net financing derivatives 472
(9)
481
553
(6)
559
Share purchase obligations (55)
\u2013
(55)
(73)
\u2013
(73)
Liabilities from financing activities (13,761)
(407)
(13,354)
(14,303)
(513)
(13,790)
Cash and cash equivalents in the balance sheet 2,465
444
2,021
2,345
789
1,556
Overdrafts* (900)
\u2013
(900)
(574)
\u2013
(574)
Cash and cash equivalents (including overdrafts) in the
cash flow statement
1,565
444
1,121
1,771
789
982
Short-term investments 1,628
\u2013
1,628
2,076
\u2013
2,076
Joint venture loans 106
\u2013
106
105
\u2013
105
Interest and other receivables 8
\u2013
8
1
\u2013
1
Net operating and investing derivatives 71
114
(43)
75
24
51
Net debt of disposal group (14)
\u2013
(14)
(14)
\u2013
(14)
Less: Share purchase obligations 55
\u2013
55
73
\u2013
73
Net debt APM
(10,493)
(10,516)
* Overdraft balances are included within borrowings in the Group balance sheet, and within cash and cash equivalents in the Group cash flow statement. Refer to Note 18.
Note 32 Analysis of changes in net debt continued
A reconciliation between movements in Net debt and the Group cash flow statement is presented below:
2023
\u00a3m
2022
\u00a3m
Opening Net debt (10,516)
(11,955)
Change in liabilities from Group financing activities 2,327
1,359
Less: Change in cash flows arising from share purchase obligations (886)
(278)
Less: Change in cash flows from Tesco Bank financing activities (111)
(25)
Change in Net debt from financing activities 1,330
1,056
Net increase/(decrease) in Retail cash and cash equivalents including overdrafts* 173
(221)
Interest paid on components of Net debt 643
645
Interest received on components of Net debt (70)
(3)
Net increase/(decrease) in short-term investments (451)
1,067
Net increase/(decrease) in joint venture loans 1
4
Change in cash flows from operating and investing derivatives (48)
\u2013
Other changes in Net debt from cash flow activities 248
1,492
Retail net interest charge on components of Net debt (558)
(632)
Retail fair value and foreign exchange movements of Net debt (254)
199
Retail other non-cash movements (697)
(492)
Acquisitions and disposals (46)
(184)
Change in Net debt from non-cash movements (1,555)
(1,109)
Closing Net debt (10,493)
(10,516)
* Net increase/(decrease) in Retail cash and cash equivalents including overdrafts includes \u00a3nil (2022: \u00a335m) movement in cash and cash equivalents of discontinued operations and \u00a3(1)m (2022:
\u00a3(4)m) intragroup funding and intercompany transactions.
The table below sets out the movements in liabilities arising from financing activities:
Bank and other
borrowings, excluding
overdrafts
\u00a3m
Lease liabilities
\u00a3m
Net financing
derivatives
(a)
\u00a3m
Share purchase
obligations
(b)
\u00a3m
Liabilities from Group
financing activities
(c)
\u00a3m
At 26 February 2022 (6,825)
(7,958)
553
(73)
(14,303)
Cash flows arising from financing activities 709
593
139
886
2,327
Cash flows arising from operating activities:
Interest paid 241
373
44
\u2013
658
Non-cash movements:
Fair value gains/(losses) 199
\u2013
(170)
\u2013
29
Foreign exchange (160)
(45)
\u2013
\u2013
(205)
Interest income/(charge) (227)
(373)
(55)
\u2013
(655)
Acquisitions and disposals
(d)
(388)
381
(39)
\u2013
(46)
Lease additions, terminations,
modifications and reassessments
\u2013
(698)
\u2013
\u2013
(698)
Share purchase agreements \u2013
\u2013
\u2013
(868)
(868)
At 25 February 2023 (6,451)
(7,727)
472
(55)
(13,761)
(a) Net financing derivatives comprise those derivatives which hedge the Group\u2019s exposures in respect of lease liabilities and borrowings. Net operating and investing derivatives, which form part of
the Group\u2019s Net debt APM, are not included.
(b) Share purchase obligations form part of the liabilities arising from the Group\u2019s financing activities, but do not form part of Net debt. Cash flows arising from financing activities exclude \u00a3(29)m
(2022: \u00a3(191)m) cash outflows relating to other cancellable arrangements and \u00a348m (2022: \u00a347m) cash received from employees exercising SAYE options.
(c) Liabilities from Group financing activities are represented to include liabilities from share purchase obligations of \u00a3(55)m (2022: \u00a3(73)m) and exclude net operating and investing derivatives of \u00a371m
(2022: \u00a375m).
(d) Acquisitions and disposals include a derecognition of \u00a3385m of lease liabilities and an increase of \u00a3(384)m in borrowings and \u00a3(39)m in net financing derivatives from the acquisition of The Tesco
Dorney Limited Partnership. Refer to Note 33.
Bank and other
borrowings, excluding
overdrafts
\u00a3m
Lease liabilities
\u00a3m
Net financing derivatives
(a)
\u00a3m
Share purchase
obligations
(b)
\u00a3m
Liabilities from Group
financing activities
(c)
\u00a3m
At 27 February 2021 (6,736)
(8,402)
521
\u2013
(14,617)
Cash flows arising from financing activities 381
577
123
278
1,359
Cash flows arising from operating activities:
Interest paid 202
405
36
\u2013
643
Non-cash movements:
Fair value gains/(losses) 82
\u2013
(30)
\u2013
52
Foreign exchange 61
14
\u2013
\u2013
75
Interest income/(charge) (209)
(405)
(33)
\u2013
(647)
Acquisitions and disposals (606)
355
(64)
\u2013
(315)
Lease additions, terminations,
modifications and reassessments
\u2013
(492)
\u2013
\u2013
(492)
Share purchase agreements \u2013
\u2013
\u2013
(351)
(351)
Discontinued operations \u2013
(10)
\u2013
\u2013
(10)
At 26 February 2022 (6,825)
(7,958)
553
(73)
(14,303)
Refer to previous table for footnotes.
Note 33 Acquisitions
Acquisition of property joint venture \u2013 The Tesco Dorney Limited Partnership
On 6 October 2022, the Group obtained control of The Tesco Dorney Limited Partnership (the partnership), previously accounted for as a joint
venture, through the acquisition of the other partner\u2019s 50% interest for \u00a340m. The Group paid \u00a312m stamp duty on the acquisition. The
partnership had bond and derivative liabilities, and long-leased four stores and three mixed-use sites anchored by stores which the partnership
previously leased to the Group. The Group in turn subleases certain commercial units and residential accommodation to third parties. The
acquisition, which has been treated as an asset acquisition, increased the Group\u2019s owned and leased property portfolio and borrowings,
replacing the Group\u2019s associated right of use assets and lease liabilities.
The table below sets out the values to the Group in respect of obtaining control of the partnership:
Notes \u00a3m
Property, plant and equipment 11
248
Right of use assets 12
70
Cash and cash equivalents
12
Other working capital
(3)
Borrowings 32
(384)
Derivative liabilities 32
(39)
Total assets and liabilities acquired
(96)
Consideration paid
40
Stamp duty paid
12
Derecognition of the Group\u2019s lease liabilities with the partnership 32
(385)
Derecognition of the Group\u2019s right of use assets with the partnership 12
198
Derecognition of the Group\u2019s finance lease receivable
39
Total cost*
(96)
* The carrying value of the pre-existing joint venture interest was \u00a3nil.
The Group recognised the following gains and losses as an adjusting item within cost of sales in the Group income statement. The related tax
charge on acquisition of \u00a329m has also been classified as an adjusting item. Refer to Note 4 for further details.
Notes \u00a3m
Impairment of property, plant and equipment acquired 14
(7)
Total adjusting gain/(loss) within cost of sales
(7)
Taxation \u2013 adjusting item 4
(29)
Total adjusting gain/(loss) after taxation
(36)
Note 34 Commitments and contingencies Capital commitments At 25 February 2023, there were commitments for capital expenditure contracted for, but not incurred, of \u00a3200m (2022: \u00a3193m), principally relating to store development. Subsidiary audit exemptions The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of section 479A of the Act. Name Company number Name Company number Name Company number Booker Group Limited 5145685 Tapesilver Limited 5205362 Tesco Gateshead Property Limited 8312532 Booker Wholesale Holdings Limited 5137980 Tesco Aqua (GP) Limited 5721654 Tesco Maintenance Limited 6003554 Buttoncase Limited 5298861 Tesco Atrato (1LP) Limited 6969529 Tesco Mobile Communications Limited 4780729 Dillons Newsagents Limited 140624 Tesco Atrato (GP) Limited 6969536 Tesco Mobile Services Limited 4780734 Giant Booker Limited 65519 Tesco Blue (3LP) Limited 10127682 Tesco Navona (1LP) Limited 7459436 Launchgrain Limited 5260856 Tesco Brislington Limited 10701640 Tesco Passaic (1LP) Limited 7121667 Makro Holding Limited 4310463 Tesco Bury Limited 3854371 Tesco Property Partner (GP No.2) Limited 5179150 Makro Properties Limited 1273672 Tesco Distribution Holding Limited 3193655 Tesco Property Partner (GP) Limited 4945955 Oakwood Distribution Limited 5721635 Tesco Dorney (1LP) Limited 8255488 Tesco Property Partner (No.1) Limited 4945945 Spen Hill Developments Limited 4827219 Tesco Dorney (GP) Limited 8255493 Tesco Red (GP) Limited 5721630 Spen Hill Management Limited 2460426 Tesco Family Dining Limited 8514605 Tesco Sarum (1LP) Limited 7849948 Spen Hill Properties (Holdings) PLC 2412674 Tesco Food Sourcing Limited 7502096 Tesco Sarum (GP) Limited 7849882 Spen Hill Regeneration Limited 6418300 Tesco Freetime Limited 4345023 Tesco TLB Properties Limited 3159425 T & S Stores Limited 1228935 Tesco Fuchsia (3LP) Limited 10127851 Tesco PLC will guarantee all outstanding liabilities that these subsidiaries are subject to as at the financial year ended 25 February 2023 in accordance with section 479C of the Act, as amended by the Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012. In addition, Tesco PLC will guarantee any contingent and prospective liabilities that these subsidiaries are subject to. Tesco Bank At 25 February 2023, Tesco Bank had contractual lending commitments totalling \u00a312.2bn (2022: \u00a312.4bn). The contractual amounts represent the amounts that would be at risk should the available facilities be fully drawn upon and not the amounts at risk at the reporting date. Contingent liabilities As previously reported, Tesco Stores Limited (TSL) (along with all the major supermarkets) has received claims from current and former hourly- paid store colleagues alleging that they do work of equal value to that of colleagues working in its distribution centres and that differences in terms and conditions relating to pay are not objectively justifiable (the Equal Pay Claims). The claimants are seeking the differential between the pay terms looking back, and equivalence of pay terms moving forward. As at the date of this disclosure, there are approximately 42,000 claims against TSL, with the number of claims expected to continue to increase as the litigation progresses. UK equal pay law provides that an employee is entitled to the same terms in relation to pay as those of a comparator of the opposite sex in the same employment if they are employed to do work of equal value. The legislation achieves this by implying a clause into the contract of employment, which has the effect of importing into the employee\u2019s contract the more favourable term(s) of the comparator. Equal pay claims are typically heard in three stages and the claimants have to win at every stage in order to succeed. The first stage is comparability, which is effectively a technical gateway to the claims proceeding. The claimants have to show that there is a valid basis in law for comparing their pay and the pay of any comparator. One of the legal bases here is that pay terms are set by the same body. Following a European court ruling on this, TSL has made a concession on comparability. The second and third stages are an equal value assessment and the consideration of TSL\u2019s material factor defences (non-discriminatory reasons for differentials in pay terms) to any claims which succeed at the equal value assessment stage. Completion of these two stages is a lengthy process and likely to take many years with hearings and appeals a part of that process. A final date is impossible to predict with any certainty and any final decision may be delayed further by any final appeals. At present, the total number of Equal Pay Claims that may be received, the merits, and likely outcome of those claims and of TSL\u2019s defences to them, and the potential impact on the Group, are subject to various and substantial uncertainties. There are multiple factual and legal defences to these claims and the Group intends to defend them vigorously, while at the same time taking appropriate steps to mitigate the risks. The Group therefore cannot make an assessment of the likely outcome of the litigation, or the potential quantum of its liability or the potential impact on the Group at this stage. Depending on the outcome at the various stages of the Equal Pay Claims, and dependent on the number of any ultimately successful claims, the potential quantum of its liability could be material. There are a number of other contingent liabilities that arise in the normal course of business, which if realised, are not expected to result in a material liability to the Group. Note 35 Events after the reporting period On 27 February, the Group issued a \u20ac500m and a \u00a3250m bond, maturing 2031 and 2035 respectively. There were no other events after the reporting period requiring disclosure. ",
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"fact-821": {
"value": "General information Tesco PLC (the Company) is a public limited company incorporated and domiciled in England and Wales under the Companies Act 2006 (Registration number 445790). The address of the registered office is Tesco House, Shire Park, Kestrel Way, Welwyn Garden City, AL7 1GA, UK . The main activities of the Company and its subsidiaries (together, the Group) are those of retailing and retail banking and insurance services. Basis of preparation The consolidated Group financial statements have been prepared in accordance with UK-adopted IFRS. The consolidated Group financial statements are presented in Pounds Sterling,",
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},
"fact-650": {
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"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-6": {
"value": " Tesco House, Shire Park, Kestrel Way, Welwyn Garden City, AL7 1GA, UK ",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-5": {
"value": "The main activities of the Company and its subsidiaries (together, the Group) are those of retailing and retail banking and insurance services",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-672": {
"value": "Basis of preparation The consolidated Group financial statements have been prepared in accordance with UK-adopted IFRS. The consolidated Group financial statements are presented in Pounds Sterling, generally rounded to the nearest million. They are prepared on the historical cost basis, except for certain financial instruments, share-based payments and pension assets that have been measured at fair value. The Directors have, at the time of approving the financial statements, a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future, which reflects a period of 18 months from the date of approval of the financial statements, and have concluded that there are no material uncertainties relating to going concern. Thus they continue to adopt the going concern basis of accounting in preparing the consolidated Group financial statements. The scenarios considered as part of the going concern assessment are consistent with those used in the Longer term viability statement. Further information on the Group\u2019s strong liquidity position is given in the Group review of performance, Summary of total indebtedness section, and information on committed facilities is provided in Note 27. Unless otherwise stated, the accounting policies set out below have been applied consistently to all periods presented in these consolidated Group financial statements. New standards, interpretations and amendments effective in the current financial year have not had a material impact on the consolidated Group financial statements. The Group has not applied any standards, interpretations or amendments that have been issued but are not yet effective. IFRS 17 \u2018Insurance contracts\u2019 will become effective in the consolidated Group financial statements for the financial year ending 24 February 2024. IFRS 17 will principally impact the Group\u2019s subsidiary, Tesco Underwriting Limited (TU), which provides the insurance underwriting service for a number of the Group\u2019s general insurance products. The simplified premium allocation approach will be applied to all material insurance groups issued and reinsurance groups purchased subsequent to the acquisition of TU in May 2021. For contract groups issued prior to the acquisition date, the general model will be applied to the associated acquired claims liabilities. The presentation of some of the line items in the balance sheet and income statement may also change as a result of IFRS 17 adoption. The Group will adopt IFRS 17 retrospectively and comparatives will be restated from a transition date of 27 February 2022, with an immaterial transition adjustment to the opening equity balance at that date. The impact of the following is still under assessment: \u2013 IFRS 16 amendments \u2018Lease liability in a sale and leaseback\u2019, which will become effective in the consolidated Group financial statements for the financial year ending 22 February 2025, subject to UK endorsement. Other standards, interpretations and amendments issued but not yet effective are not expected to have a material impact on the consolidated Group financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-727": {
"value": "The consolidated Group financial statements have been prepared in accordance with UK-adopted IFRS. The consolidated Group financial statements are presented in Pounds Sterling, generally rounded to the nearest million.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-728": {
"value": "The Directors have, at the time of approving the financial statements, a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future, which reflects a period of 18 months from the date of approval of the financial statements, and have concluded that there are no material uncertainties relating to going concern. Thus they continue to adopt the going concern basis of accounting in preparing the consolidated Group financial statements. The scenarios considered as part of the going concern assessment are consistent with those used in the Longer term viability statement. Further information on the Group\u2019s strong liquidity position is given in the Group review of performance, Summary of total indebtedness section, and information on committed facilities is provided in Note 27. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-775": {
"value": "New standards, interpretations and amendments effective in the current financial year have not had a material impact on the consolidated Group financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-776": {
"value": "The Group has not applied any standards, interpretations or amendments that have been issued but are not yet effective. IFRS 17 \u2018Insurance contracts\u2019 will become effective in the consolidated Group financial statements for the financial year ending 24 February 2024. IFRS 17 will principally impact the Group\u2019s subsidiary, Tesco Underwriting Limited (TU), which provides the insurance underwriting service for a number of the Group\u2019s general insurance products. The simplified premium allocation approach will be applied to all material insurance groups issued and reinsurance groups purchased subsequent to the acquisition of TU in May 2021. For contract groups issued prior to the acquisition date, the general model will be applied to the associated acquired claims liabilities. The presentation of some of the line items in the balance sheet and income statement may also change as a result of IFRS 17 adoption. The Group will adopt IFRS 17 retrospectively and comparatives will be restated from a transition date of 27 February 2022, with an immaterial transition adjustment to the opening equity balance at that date. The impact of the following is still under assessment: \u2013 IFRS 16 amendments \u2018Lease liability in a sale and leaseback\u2019, which will become effective in the consolidated Group financial statements for the financial year ending 22 February 2025, subject to UK endorsement. Other standards, interpretations and amendments issued but not yet effective are not expected to have a material impact on the consolidated Group financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-673": {
"value": "Basis of consolidation
The consolidated Group financial statements consist of the financial
statements of the ultimate Parent Company (Tesco PLC), all entities
controlled by the Company (its subsidiaries) and the Group\u2019s share
of its interests in joint ventures and associates.
The financial year represents the 52 weeks ended 25 February 2023
(prior financial year 52 weeks ended 26 February 2022). For the UK
and the Republic of Ireland (UK & ROI), the results are for the 52
weeks ended 25 February 2023 (prior financial year 52 weeks ended
26 February 2022). For all other operations, the results are for the
calendar year ended 28 February 2023 (prior calendar year ended
28 February 2022).
Subsidiaries
Subsidiaries are consolidated in the Group\u2019s financial
statements from the date that control commences until the
date that control ceases.
Intragroup balances and any unrealised gains and losses or income
and expenses arising from intragroup transactions are eliminated in
preparing the consolidated financial statements.
Joint ventures and associates
The Group\u2019s share of the results of joint ventures and associates
is included in the Group income statement and Group statement
of comprehensive income/(loss) using the equity method of
accounting. Investments in joint ventures and associates are carried
in the Group balance sheet at cost plus post-acquisition changes
in the Group\u2019s share of the net assets of the entity, less any
impairment in value. The carrying values of investments in joint
ventures and associates include acquired goodwill. If the Group\u2019s
share of losses in a joint venture or associate equals or exceeds its
investment in the joint venture or associate, the Group does not
recognise further losses, unless it has incurred obligations to do
so or made payments on behalf of the joint venture or associate.
Dividends received from joint ventures or associates with nil
carrying value are recognised in the Group income statement as
part of the Group\u2019s share of post-tax profits/(losses) of joint
ventures and associates.
Unrealised gains arising from transactions with joint ventures and
associates are eliminated to the extent of the Group\u2019s interest
in the entity.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-729": {
"value": "Subsidiaries Subsidiaries are consolidated in the Group\u2019s financial statements from the date that control commences until the date that control ceases. Intragroup balances and any unrealised gains and losses or income and expenses arising from intragroup transactions are eliminated in preparing the consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-777": {
"value": "Joint ventures and associates The Group\u2019s share of the results of joint ventures and associates is included in the Group income statement and Group statement of comprehensive income/(loss) using the equity method of accounting. Investments in joint ventures and associates are carried in the Group balance sheet at cost plus post-acquisition changes in the Group\u2019s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill. If the Group\u2019s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the Group does not recognise further losses, unless it has incurred obligations to do so or made payments on behalf of the joint venture or associate. Dividends received from joint ventures or associates with nil carrying value are recognised in the Group income statement as part of the Group\u2019s share of post-tax profits/(losses) of joint ventures and associates. Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the Group\u2019s interest in the entity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-805": {
"value": "Joint ventures and associates The Group\u2019s share of the results of joint ventures and associates is included in the Group income statement and Group statement of comprehensive income/(loss) using the equity method of accounting. Investments in joint ventures and associates are carried in the Group balance sheet at cost plus post-acquisition changes in the Group\u2019s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill. If the Group\u2019s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the Group does not recognise further losses, unless it has incurred obligations to do so or made payments on behalf of the joint venture or associate. Dividends received from joint ventures or associates with nil carrying value are recognised in the Group income statement as part of the Group\u2019s share of post-tax profits/(losses) of joint ventures and associates. Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the Group\u2019s interest in the entity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-730": {
"value": "Joint ventures and associates The Group\u2019s share of the results of joint ventures and associates is included in the Group income statement and Group statement of comprehensive income/(loss) using the equity method of accounting. Investments in joint ventures and associates are carried in the Group balance sheet at cost plus post-acquisition changes in the Group\u2019s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill. If the Group\u2019s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the Group does not recognise further losses, unless it has incurred obligations to do so or made payments on behalf of the joint venture or associate. Dividends received from joint ventures or associates with nil carrying value are recognised in the Group income statement as part of the Group\u2019s share of post-tax profits/(losses) of joint ventures and associates. Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the Group\u2019s interest in the entity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-671": {
"value": "Revenue Revenue is income arising from the sale of goods and services in the ordinary course of the Group\u2019s activities, net of value added taxes. Revenue is recognised when performance obligations are satisfied and control has transferred to the customer. For the majority of revenue streams, there is a low level of judgement applied in determining the transaction price or the timing of transfer of control. Sale of goods The sale of goods represents the vast majority of the Group\u2019s revenue. For goods sold in store, revenue is recognised at the point of sale. For online or wholesale sales of goods, revenue is recognised on collection by, or delivery to, the customer. Revenue is reduced by a provision for expected returns (refund liability). An asset and corresponding adjustment to cost of sales is recognised for the Group\u2019s right to recover goods from customers. Clubcard (customer loyalty programme) Clubcard points issued by Tesco when a customer purchases goods are a separate performance obligation providing a material right to a future discount. The total transaction price (sales price of goods) is allocated to the Clubcard points and the goods sold based on their relative standalone selling prices, with the Clubcard points standalone price based on the value of the points to the customer, adjusted for expected redemption rates (breakage). The amount allocated to Clubcard points is deferred as a contract liability within trade and other payables. Revenue is recognised as the points are redeemed by the customer. Revenue related to breakage is recognised in line with redemptions, subject to the variable consideration constraint (i.e. provided it is highly probable not to result in a significant reversal of the cumulative revenue recognised), with the remainder recognised on expiry of the points. Financial services Revenue consists of interest, fees and income from the provision of retail banking and insurance. Interest income on financial assets that are measured at amortised cost is determined using the effective interest rate method. Calculation of the effective interest rate takes into account fees receivable that are an integral part of the instrument\u2019s yield, premiums or discounts on acquisition or issue, early redemption fees and transaction costs. Interest income is calculated on the gross carrying amount of a financial asset unless the financial asset is impaired, in which case interest income is calculated on the amortised cost, after allowance for expected credit losses (ECLs). The majority of the fees in respect of services (credit card interchange fees, late payment and ATM revenue) are recognised at the point in time at which the transaction with the customer takes place and the service is performed. For services performed over time, payment is generally due monthly in line with the satisfaction of performance obligations. Refer to the Insurance section below for insurance revenue. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-731": {
"value": "Clubcard (customer loyalty programme) Clubcard points issued by Tesco when a customer purchases goods are a separate performance obligation providing a material right to a future discount. The total transaction price (sales price of goods) is allocated to the Clubcard points and the goods sold based on their relative standalone selling prices, with the Clubcard points standalone price based on the value of the points to the customer, adjusted for expected redemption rates (breakage). The amount allocated to Clubcard points is deferred as a contract liability within trade and other payables. Revenue is recognised as the points are redeemed by the customer. Revenue related to breakage is recognised in line with redemptions, subject to the variable consideration constraint (i.e. provided it is highly probable not to result in a significant reversal of the cumulative revenue recognised), with the remainder recognised on expiry of the points. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-732": {
"value": "Interest income on financial assets that are measured at amortised cost is determined using the effective interest rate method. Calculation of the effective interest rate takes into account fees receivable that are an integral part of the instrument\u2019s yield, premiums or discounts on acquisition or issue, early redemption fees and transaction costs. Interest income is calculated on the gross carrying amount of a financial asset unless the financial asset is impaired, in which case interest income is calculated on the amortised cost, after allowance for expected credit losses (ECLs). Finance income Finance income, excluding income arising from financial services, is recognised in the period to which it relates using the effective interest rate method. Finance costs Borrowing costs are recognised in the Group income statement in finance costs, excluding those arising from financial services, in the period in which they occur. For Tesco Bank, finance cost on financial liabilities is determined using the effective interest rate method and is recognised in cost of sales. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-733": {
"value": "The majority of the fees in respect of services (credit card interchange fees, late payment and ATM revenue) are recognised at the point in time at which the transaction with the customer takes place and the service is performed. For services performed over time, payment is generally due monthly in line with the satisfaction of performance obligations. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-674": {
"value": "Commercial income Consistent with standard industry practice, the Group has agreements with suppliers whereby volume-related allowances, promotional and marketing allowances and various other fees and discounts are received in connection with the purchase of goods for resale from those suppliers. Most of the income received from suppliers relates to adjustments to a core cost price of a product, and as such is considered part of the purchase price for that product. Sometimes receipt of the income is conditional on the Group performing specified actions or satisfying certain performance conditions associated with the purchase of the product. These include achieving agreed purchases or sales volume targets and providing promotional or marketing materials and activities or promotional product positioning. While there is no standard industry definition, these amounts receivable from suppliers in connection with the purchase of goods for resale are generally termed commercial income. Commercial income is recognised when earned by the Group, which occurs when all obligations conditional for earning income have been discharged, and the income can be measured reliably based on the terms of the contract. The income is recognised as a credit within cost of sales. Where the income earned relates to inventories which are held by the Group at the reporting date, the income is included within the cost of those inventories, and recognised in cost of sales upon sale of those inventories. Amounts due relating to commercial income are recognised within trade and other receivables, except in cases where the Group currently has a legally enforceable right of set-off and intends to offset amounts due from suppliers against amounts owed to those suppliers, in which case only the net amount receivable or payable is recognised. Accrued commercial income is recognised within accrued income when commercial income earned has not been invoiced at the reporting date. ",
"dimensions": {
"concept": "tescoplc:DescriptionOfAccountingPolicyForCommercialIncome",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-675": {
"value": "Finance income Finance income, excluding income arising from financial services, is recognised in the period to which it relates using the effective interest rate method. Finance costs Borrowing costs are recognised in the Group income statement in finance costs, excluding those arising from financial services, in the period in which they occur. For Tesco Bank, finance cost on financial liabilities is determined using the effective interest rate method and is recognised in cost of sales. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-807": {
"value": "Finance costs Borrowing costs are recognised in the Group income statement in finance costs, excluding those arising from financial services, in the period in which they occur. For Tesco Bank, finance cost on financial liabilities is determined using the effective interest rate method and is recognised in cost of sales. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-778": {
"value": "Finance costs Borrowing costs are recognised in the Group income statement in finance costs, excluding those arising from financial services, in the period in which they occur. For Tesco Bank, finance cost on financial liabilities is determined using the effective interest rate method and is recognised in cost of sales. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-779": {
"value": "Business combinations and goodwill The Group accounts for all business combinations by applying the acquisition method. All acquisition-related costs are expensed. On acquisition, the assets (including intangible assets), liabilities and contingent liabilities of an acquired entity are measured at their fair values. Non-controlling interests are stated at the non-controlling interests\u2019 proportion of the fair values of the assets and liabilities recognised. Goodwill arising on consolidation represents the excess of the consideration transferred over the net fair value of the Group\u2019s share of the net assets, liabilities and contingent liabilities of the acquired subsidiary, joint venture or associate and the fair value of the non-controlling interest in the acquiree. If the consideration is less than the fair value of the Group\u2019s share of the net assets, liabilities and contingent liabilities of the acquired entity (i.e. a bargain purchase), the difference is credited to the Group income statement in the period of acquisition. At the acquisition date of a subsidiary, goodwill acquired is recognised as an asset and is allocated to each of the cash- generating units or groups of cash-generating units expected to benefit from the business combination\u2019s synergies and to the lowest level at which management monitors the goodwill. Goodwill arising on the acquisition of joint ventures and associates is included within the carrying value of the investment. On disposal of a subsidiary, joint venture or associate, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Where the Group obtains control of a joint venture or associate, the Group\u2019s previously held interest in the acquired entity is remeasured to its acquisition date fair value and the resulting gain or loss, if any, is recognised in the Group income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-734": {
"value": "Business combinations and goodwill The Group accounts for all business combinations by applying the acquisition method. All acquisition-related costs are expensed. On acquisition, the assets (including intangible assets), liabilities and contingent liabilities of an acquired entity are measured at their fair values. Non-controlling interests are stated at the non-controlling interests\u2019 proportion of the fair values of the assets and liabilities recognised. Goodwill arising on consolidation represents the excess of the consideration transferred over the net fair value of the Group\u2019s share of the net assets, liabilities and contingent liabilities of the acquired subsidiary, joint venture or associate and the fair value of the non-controlling interest in the acquiree. If the consideration is less than the fair value of the Group\u2019s share of the net assets, liabilities and contingent liabilities of the acquired entity (i.e. a bargain purchase), the difference is credited to the Group income statement in the period of acquisition. At the acquisition date of a subsidiary, goodwill acquired is recognised as an asset and is allocated to each of the cash- generating units or groups of cash-generating units expected to benefit from the business combination\u2019s synergies and to the lowest level at which management monitors the goodwill. Goodwill arising on the acquisition of joint ventures and associates is included within the carrying value of the investment. On disposal of a subsidiary, joint venture or associate, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Where the Group obtains control of a joint venture or associate, the Group\u2019s previously held interest in the acquired entity is remeasured to its acquisition date fair value and the resulting gain or loss, if any, is recognised in the Group income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-677": {
"value": "Business combinations and goodwill The Group accounts for all business combinations by applying the acquisition method. All acquisition-related costs are expensed. On acquisition, the assets (including intangible assets), liabilities and contingent liabilities of an acquired entity are measured at their fair values. Non-controlling interests are stated at the non-controlling interests\u2019 proportion of the fair values of the assets and liabilities recognised. Goodwill arising on consolidation represents the excess of the consideration transferred over the net fair value of the Group\u2019s share of the net assets, liabilities and contingent liabilities of the acquired subsidiary, joint venture or associate and the fair value of the non-controlling interest in the acquiree. If the consideration is less than the fair value of the Group\u2019s share of the net assets, liabilities and contingent liabilities of the acquired entity (i.e. a bargain purchase), the difference is credited to the Group income statement in the period of acquisition. At the acquisition date of a subsidiary, goodwill acquired is recognised as an asset and is allocated to each of the cash- generating units or groups of cash-generating units expected to benefit from the business combination\u2019s synergies and to the lowest level at which management monitors the goodwill. Goodwill arising on the acquisition of joint ventures and associates is included within the carrying value of the investment. On disposal of a subsidiary, joint venture or associate, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Where the Group obtains control of a joint venture or associate, the Group\u2019s previously held interest in the acquired entity is remeasured to its acquisition date fair value and the resulting gain or loss, if any, is recognised in the Group income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-806": {
"value": "Business combinations and goodwill The Group accounts for all business combinations by applying the acquisition method. All acquisition-related costs are expensed. On acquisition, the assets (including intangible assets), liabilities and contingent liabilities of an acquired entity are measured at their fair values. Non-controlling interests are stated at the non-controlling interests\u2019 proportion of the fair values of the assets and liabilities recognised. Goodwill arising on consolidation represents the excess of the consideration transferred over the net fair value of the Group\u2019s share of the net assets, liabilities and contingent liabilities of the acquired subsidiary, joint venture or associate and the fair value of the non-controlling interest in the acquiree. If the consideration is less than the fair value of the Group\u2019s share of the net assets, liabilities and contingent liabilities of the acquired entity (i.e. a bargain purchase), the difference is credited to the Group income statement in the period of acquisition. At the acquisition date of a subsidiary, goodwill acquired is recognised as an asset and is allocated to each of the cash- generating units or groups of cash-generating units expected to benefit from the business combination\u2019s synergies and to the lowest level at which management monitors the goodwill. Goodwill arising on the acquisition of joint ventures and associates is included within the carrying value of the investment. On disposal of a subsidiary, joint venture or associate, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Where the Group obtains control of a joint venture or associate, the Group\u2019s previously held interest in the acquired entity is remeasured to its acquisition date fair value and the resulting gain or loss, if any, is recognised in the Group income statement. Cloud Intangible assets Intangible assets, such as software, acquired customer relationships and pharmacy licences, are measured initially at acquisition cost or costs incurred to develop the asset. Intangible assets acquired in a business combination are recognised at fair value at the acquisition date. Following initial recognition, intangible assets with finite useful lives are carried at cost less accumulated amortisation and accumulated impairment losses. They are amortised on a straight-line basis over their estimated useful lives of three to 10 years for software and up to 10 years for customer relationships. Intangible assets with indefinite useful lives, such as pharmacy licences, are not amortised and are carried at cost less accumulated impairment losses. Research costs are expensed as incurred. Development expenditure incurred on an individual project is capitalised only if specific criteria are met. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-678": {
"value": "Cloud software licence agreements Licence agreements to use cloud software are treated as service contracts and expensed in the Group income statement, unless the Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. In such cases, the licence agreement is capitalised as software within intangible assets. Costs to configure or customise a cloud software licence are expensed alongside the related service contract in the Group income statement, unless they create a separately identifiable resource controlled by the Group, in which case they are capitalised. ",
"dimensions": {
"concept": "tescoplc:DescriptionOfAccountingPolicyForCloudSoftwareLicenceAgreements",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-676": {
"value": "Intangible assets Intangible assets, such as software, acquired customer relationships and pharmacy licences, are measured initially at acquisition cost or costs incurred to develop the asset. Intangible assets acquired in a business combination are recognised at fair value at the acquisition date. Following initial recognition, intangible assets with finite useful lives are carried at cost less accumulated amortisation and accumulated impairment losses. They are amortised on a straight-line basis over their estimated useful lives of three to 10 years for software and up to 10 years for customer relationships. Intangible assets with indefinite useful lives, such as pharmacy licences, are not amortised and are carried at cost less accumulated impairment losses. Research costs are expensed as incurred. Development expenditure incurred on an individual project is capitalised only if specific criteria are met. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-822": {
"value": "Research costs are expensed as incurred. Development expenditure incurred on an individual project is capitalised only if specific criteria are met. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-735": {
"value": "Property, plant and equipment Property, plant and equipment is carried at cost less accumulated depreciation and any recognised impairment in value. Property, plant and equipment is depreciated on a straight-line basis to its residual value over its anticipated useful economic life: \u2013 freehold buildings \u2013 10 to 40 years; and \u2013 fixtures and fittings, office equipment and motor vehicles \u2013 three to 20 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-679": {
"value": "Property, plant and equipment Property, plant and equipment is carried at cost less accumulated depreciation and any recognised impairment in value. Property, plant and equipment is depreciated on a straight-line basis to its residual value over its anticipated useful economic life: \u2013 freehold buildings \u2013 10 to 40 years; and \u2013 fixtures and fittings, office equipment and motor vehicles \u2013 three to 20 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-808": {
"value": "Impairment of non-financial assets Goodwill is reviewed for impairment at least annually by assessing the recoverable amount of each cash-generating unit, or group of cash- generating units, to which the goodwill relates. For all other non- financial assets (including other intangible assets, property, plant and equipment, right of use assets and investment property) the Group performs impairment testing where there are indicators of impairment. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs of disposal, and value in use. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Goodwill impairments are not subsequently reversed. Where an impairment loss on other non-financial assets subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately as a credit to the Group income statement. Impairment of financial assets The Group assesses on a forward-looking basis the ECLs associated with its financial assets carried at amortised cost and fair value through other comprehensive income. The ECLs are updated at each reporting date to reflect changes in credit risk. The three-stage model for impairment has been applied to loans and advances to customers, investments in debt instruments at amortised cost, investments in debt instruments at fair value through other comprehensive income, short-term investments and loan receivables from joint ventures and associates. The credit risk is determined through modelling a range of possible outcomes for different loss scenarios, using reasonable and supportable information about past events, current conditions and forecasts of future events and economic conditions and taking into account the time value of money. A 12-month ECL is recognised, unless the credit risk on the financial asset increases significantly after initial recognition, when the lifetime ECL is recognised. The expected lifetime of a financial asset is generally the contractual term. For trade receivables, contract assets and lease receivables, the Group applies the simplified approach permitted by IFRS 9 \u2018Financial instruments\u2019, with lifetime ECLs recognised from initial recognition of the receivable. These assets are grouped, based on shared credit risk characteristics and days past due, with ECLs for each grouping determined based on the Group\u2019s historical credit loss experience, adjusted for factors specific to each receivable, general economic conditions and expected changes in forecast conditions. No ECL is recognised for loans and advances to banks due to the short-term nature of these balances, the frequency of origination and settlement of balances and taking account of collateral held. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-680": {
"value": "Impairment of non-financial assets Goodwill is reviewed for impairment at least annually by assessing the recoverable amount of each cash-generating unit, or group of cash- generating units, to which the goodwill relates. For all other non- financial assets (including other intangible assets, property, plant and equipment, right of use assets and investment property) the Group performs impairment testing where there are indicators of impairment. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs of disposal, and value in use. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Goodwill impairments are not subsequently reversed. Where an impairment loss on other non-financial assets subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately as a credit to the Group income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-681": {
"value": "Inventories Inventories comprise goods and development properties held for resale. Inventories are valued at the lower of cost and net realisable value using the weighted average cost basis. Directly attributable costs and incomes (including applicable commercial income) are included in the cost of inventories. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-682": {
"value": "Cash and cash equivalents Cash and cash equivalents in the Group balance sheet consist of cash at bank and on hand, credit and debit card receivables, demand deposits with banks and short-term highly liquid investments with an original maturity of three months or less, for example short-term deposits, loans and advances to banks, commercial paper and certificates of deposit. Cash and cash equivalents in the Group cash flow statement also include overdrafts repayable on demand as they form an integral part of the Group\u2019s cash management. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-683": {
"value": "Non-current assets held for sale and discontinued operations Non-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of carrying amount and fair value less costs to sell. The net results of discontinued operations are presented separately in the Group income statement (and the comparatives restated). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-736": {
"value": "Non-current assets held for sale and discontinued operations Non-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of carrying amount and fair value less costs to sell. The net results of discontinued operations are presented separately in the Group income statement (and the comparatives restated). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-809": {
"value": "Non-current assets held for sale and discontinued operations Non-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of carrying amount and fair value less costs to sell. The net results of discontinued operations are presented separately in the Group income statement (and the comparatives restated). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-684": {
"value": "Leases The Group assesses whether a contract is, or contains, a lease at inception of the contract. A lease conveys the right to direct the use and obtain substantially all of the economic benefits of an identified asset for a period of time in exchange for consideration. The Group as a lessee A right of use asset and corresponding lease liability are recognised at commencement of the lease. The lease liability is measured at the present value of the lease payments, discounted at the rate implicit in the lease, or if that cannot be readily determined, at the lessee\u2019s incremental borrowing rate specific to the term, country, currency and start date of the lease. Lease payments include: fixed payments; variable lease payments dependent on an index or rate, initially measured using the index or rate at commencement; the exercise price under a purchase option if the Group is reasonably certain to exercise; penalties for early termination if the lease term reflects the Group exercising a break option; and payments in an optional renewal period if the Group is reasonably certain to exercise an extension option or not exercise a break option. The lease liability is subsequently measured at amortised cost using the effective interest rate method. It is remeasured, with a corresponding adjustment to the right of use asset, when there is a change in future lease payments resulting from a rent review, change in an index or rate such as inflation, or change in the Group\u2019s assessment of whether it is reasonably certain to exercise a purchase, extension or break option. The right of use asset is initially measured at cost, comprising: the initial lease liability; any lease payments already made less any lease incentives received; initial direct costs; and any dilapidation or restoration costs. The right of use asset is subsequently depreciated on a straight-line basis over the shorter of the lease term or the useful life of the underlying asset. The right of use asset is tested for impairment if there are any indicators of impairment. Leases of low value assets (value when new less than \u00a35,000) and short-term leases of 12 months or less are expensed to the Group income statement, as are variable payments dependent on performance or usage, \u2018out of contract\u2019 payments and non-lease service components. The Group as a lessor Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Where the Group is an intermediate lessor, the sublease classification is assessed with reference to the head lease right of use asset. Amounts due from lessees under finance leases are recorded as receivables at the amount of the Group\u2019s net investment in the lease. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment in the lease. Rental income from operating leases is recognised on a straight-line basis over the term of the lease. Sale and leaseback A sale and leaseback transaction is where the Group sells an asset and immediately reacquires the use of the asset by entering into a lease with the buyer. A sale occurs when control of the underlying asset passes to the buyer. A lease liability is recognised, the associated property, plant and equipment asset is derecognised, and a right of use asset is recognised at the proportion of the carrying value relating to the right retained. Any gain or loss arising relates to the rights transferred to the buyer. In the Group cash flow statement, sale and leaseback proceeds received are classified as investing cash flows, unless the proceeds exceed the fair value of the asset sold, in which case the excess proceeds are classified as financing cash flows. Property buybacks A property buyback is where a property that is currently leased is bought back from the landlord. Property buybacks that are a direct purchase of the underlying asset, outside of a corporate wrapper, are viewed as the modification of the lease to include a purchase option, followed by the immediate exercise of that purchase option. The lease liability is settled and the right of use asset forms part of the cost of the property, plant and equipment acquired, and no gain or loss is recognised in the Group income statement from the property buyback. Property buybacks inside a corporate wrapper (such as a special purpose vehicle or joint venture structure) that do not meet the definition of a business combination are asset acquisitions. The cost of the asset acquisition includes the cash consideration paid and the carrying values of pre-existing lease contracts and any previously held interests. No gain or loss is recognised in the Group income statement from the property buyback. In the Group cash flow statement, property buyback net proceeds paid are classified as investing cash flows, unless the proceeds exceed the incremental asset purchased (difference between property, plant and equipment recognised and right of use asset derecognised), in which case the excess proceeds are classified as financing cash flows. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-685": {
"value": "Post-employment obligations For defined benefit plans, obligations are measured at discounted present value (using the projected unit credit method) and plan assets are recorded at fair value. The operating and financing costs of such plans are recognised separately in the Group income statement; service costs are spread systematically over the expected service lives of employees and financing costs are recognised in the periods in which they arise. Actuarial gains and losses are recognised immediately in the Group statement of comprehensive income/(loss). Payments to defined contribution schemes are recognised as an expense as they fall due. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-686": {
"value": "Share-based payments The fair value of employee share option plans, which are equity- settled, is calculated at the grant date using the Black-Scholes model. The resulting cost is charged to the Group income statement over the vesting period. The value of the charge is adjusted to reflect expected and actual levels of vesting. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-687": {
"value": "Taxation The tax expense included in the Group income statement consists of current and deferred tax. Current tax is the expected tax payable on the taxable income for the financial year, using tax rates enacted or substantively enacted by the balance sheet date. Tax expense is recognised in the Group income statement except to the extent that it relates to items recognised in the Group statement of comprehensive income/(loss) or directly in the Group statement of changes in equity, in which case it is recognised in the Group statement of comprehensive income/(loss) or directly in the Group statement of changes in equity, respectively. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised based on the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the Group income statement, except when it relates to items charged or credited directly to the Group statement of changes in equity or the Group statement of comprehensive income/(loss), in which case the deferred tax is also recognised in equity, or other comprehensive income, respectively. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the assets to be recovered. Deferred tax assets and liabilities are offset against each other when there is a legally enforceable right to set off current tax assets against current tax liabilities and they relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend to settle current tax assets and liabilities on a net basis. Tax provisions are recognised for uncertain tax positions where a risk of an additional tax liability has been identified and it is probable that the Group will be required to settle that tax. Measurement is dependent on management\u2019s expectation of the outcome of decisions by tax authorities in the various tax jurisdictions in which the Group operates. This is assessed on a case-by-case basis using in-house tax experts, professional firms and previous experience. Refer to Note 6. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-737": {
"value": "Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised based on the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the Group income statement, except when it relates to items charged or credited directly to the Group statement of changes in equity or the Group statement of comprehensive income/(loss), in which case the deferred tax is also recognised in equity, or other comprehensive income, respectively. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the assets to be recovered. Deferred tax assets and liabilities are offset against each other when there is a legally enforceable right to set off current tax assets against current tax liabilities and they relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend to settle current tax assets and liabilities on a net basis. Tax provisions are recognised for uncertain tax positions where a risk of an additional tax liability has been identified and it is probable that the Group will be required to settle that tax. Measurement is dependent on management\u2019s expectation of the outcome of decisions by tax authorities in the various tax jurisdictions in which the Group operates. This is assessed on a case-by-case basis using in-house tax experts, professional firms and previous experience. Refer to Note 6. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-688": {
"value": "Foreign currencies The consolidated financial statements are presented in Pounds Sterling, which is the ultimate Parent Company\u2019s functional currency. Transactions in foreign currencies are translated to the functional currency at the exchange rate on the date of the transaction. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated to the functional currency at the rates prevailing at the balance sheet date. Exchange differences are recognised in the Group income statement in the period in which they arise, apart from exchange differences on transactions entered into to hedge certain foreign currency risks, and exchange differences on monetary items forming part of the net investment in a foreign operation. The assets and liabilities of the Group\u2019s foreign operations are translated into Pounds Sterling at exchange rates prevailing at the balance sheet date. Profits and losses are translated at average exchange rates for the relevant accounting periods. Exchange differences arising are recognised in the Group statement of comprehensive income/(loss) and are included in the Group\u2019s translation reserve. Such translation differences are recognised as income or expenses in the period in which the operation is disposed of. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-740": {
"value": "The consolidated financial statements are presented in Pounds Sterling, which is the ultimate Parent Company\u2019s functional currency. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-780": {
"value": "Financial instruments Financial assets and financial liabilities are recognised in the Group balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are classified as either fair value through profit or loss, fair value through other comprehensive income, or amortised cost. Classification and subsequent remeasurement depends on the Group\u2019s business model for managing the financial asset and its cash flow characteristics. Financial assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortised cost. All other financial assets are measured at fair value. Trade receivables Trade receivables are non interest-bearing and are recognised initially at fair value, or at transaction price if there is not a significant financing component. They are subsequently held at amortised cost using the effective interest rate method, less allowance for ECLs. Investments Investments in debt instruments at amortised cost are measured at amortised cost, using the effective interest rate method less allowance for ECLs. Gains and losses on investments in debt instruments held at fair value through other comprehensive income are recognised directly in other comprehensive income, except for impairment gains and losses, interest income and foreign exchange gains and losses, which are recognised in the Group income statement. When the debt instrument is derecognised, cumulative amounts in other comprehensive income are reclassified to the Group income statement. Investments in equity instruments have been irrevocably designated at fair value through other comprehensive income. Gains and losses arising from changes in fair value are recognised directly in other comprehensive income, and are not subsequently reclassified to the Group income statement, including on derecognition. Impairment losses are not recognised separately from other changes in fair value. Dividends are recognised in the Group income statement when the Group\u2019s right to receive payment is established. Property fund and other investments held at fair value through profit or loss are measured at fair value, with changes in fair value recognised in the Group income statement. Short-term investments Short-term investments are liquid financial assets which have an original maturity of 12 months or less. Short-term investments are typically readily available for conversion to cash, but do not meet the criteria for classification as cash equivalents because either their maturity is greater than three months, for example short-term deposits, reverse repurchase agreements, commercial paper and certificates of deposit, or the risk of changes in value is more than insignificant, for example money market funds. Loans and advances to customers Loans and advances are initially recognised at fair value plus directly related transaction costs. Subsequent to initial recognition, these assets are carried at amortised cost using the effective interest method less any allowance for ECLs. Impairment of financial assets The Group assesses on a forward-looking basis the ECLs associated with its financial assets carried at amortised cost and fair value through other comprehensive income. The ECLs are updated at each reporting date to reflect changes in credit risk. The three-stage model for impairment has been applied to loans and advances to customers, investments in debt instruments at amortised cost, investments in debt instruments at fair value through other comprehensive income, short-term investments and loan receivables from joint ventures and associates. The credit risk is determined through modelling a range of possible outcomes for different loss scenarios, using reasonable and supportable information about past events, current conditions and forecasts of future events and economic conditions and taking into account the time value of money. A 12-month ECL is recognised, unless the credit risk on the financial asset increases significantly after initial recognition, when the lifetime ECL is recognised. The expected lifetime of a financial asset is generally the contractual term. For trade receivables, contract assets and lease receivables, the Group applies the simplified approach permitted by IFRS 9 \u2018Financial instruments\u2019, with lifetime ECLs recognised from initial recognition of the receivable. These assets are grouped, based on shared credit risk characteristics and days past due, with ECLs for each grouping determined based on the Group\u2019s historical credit loss experience, adjusted for factors specific to each receivable, general economic conditions and expected changes in forecast conditions. No ECL is recognised for loans and advances to banks due to the short-term nature of these balances, the frequency of origination and settlement of balances and taking account of collateral held. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-689": {
"value": "Financial instruments Financial assets and financial liabilities are recognised in the Group balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are classified as either fair value through profit or loss, fair value through other comprehensive income, or amortised cost. Classification and subsequent remeasurement depends on the Group\u2019s business model for managing the financial asset and its cash flow characteristics. Financial assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortised cost. All other financial assets are measured at fair value. Trade receivables Trade receivables are non interest-bearing and are recognised initially at fair value, or at transaction price if there is not a significant financing component. They are subsequently held at amortised cost using the effective interest rate method, less allowance for ECLs. Investments Investments in debt instruments at amortised cost are measured at amortised cost, using the effective interest rate method less allowance for ECLs. Gains and losses on investments in debt instruments held at fair value through other comprehensive income are recognised directly in other comprehensive income, except for impairment gains and losses, interest income and foreign exchange gains and losses, which are recognised in the Group income statement. When the debt instrument is derecognised, cumulative amounts in other comprehensive income are reclassified to the Group income statement. Investments in equity instruments have been irrevocably designated at fair value through other comprehensive income. Gains and losses arising from changes in fair value are recognised directly in other comprehensive income, and are not subsequently reclassified to the Group income statement, including on derecognition. Impairment losses are not recognised separately from other changes in fair value. Dividends are recognised in the Group income statement when the Group\u2019s right to receive payment is established. Property fund and other investments held at fair value through profit or loss are measured at fair value, with changes in fair value recognised in the Group income statement. Short-term investments Short-term investments are liquid financial assets which have an original maturity of 12 months or less. Short-term investments are typically readily available for conversion to cash, but do not meet the criteria for classification as cash equivalents because either their maturity is greater than three months, for example short-term deposits, reverse repurchase agreements, commercial paper and certificates of deposit, or the risk of changes in value is more than insignificant, for example money market funds. Loans and advances to customers Loans and advances are initially recognised at fair value plus directly related transaction costs. Subsequent to initial recognition, these assets are carried at amortised cost using the effective interest method less any allowance for ECLs. Impairment of financial assets The Group assesses on a forward-looking basis the ECLs associated with its financial assets carried at amortised cost and fair value through other comprehensive income. The ECLs are updated at each reporting date to reflect changes in credit risk. The three-stage model for impairment has been applied to loans and advances to customers, investments in debt instruments at amortised cost, investments in debt instruments at fair value through other comprehensive income, short-term investments and loan receivables from joint ventures and associates. The credit risk is determined through modelling a range of possible outcomes for different loss scenarios, using reasonable and supportable information about past events, current conditions and forecasts of future events and economic conditions and taking into account the time value of money. A 12-month ECL is recognised, unless the credit risk on the financial asset increases significantly after initial recognition, when the lifetime ECL is recognised. The expected lifetime of a financial asset is generally the contractual term. For trade receivables, contract assets and lease receivables, the Group applies the simplified approach permitted by IFRS 9 \u2018Financial instruments\u2019, with lifetime ECLs recognised from initial recognition of the receivable. These assets are grouped, based on shared credit risk characteristics and days past due, with ECLs for each grouping determined based on the Group\u2019s historical credit loss experience, adjusted for factors specific to each receivable, general economic conditions and expected changes in forecast conditions. No ECL is recognised for loans and advances to banks due to the short-term nature of these balances, the frequency of origination and settlement of balances and taking account of collateral held. Interest-bearing borrowings Interest-bearing bank loans and overdrafts are initially recorded at fair value, net of attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between proceeds and redemption value being recognised in the Group income statement over the period of the borrowings on an effective interest basis. Trade payables Trade payables are non interest-bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Equity instruments Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs. Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its exposure to foreign exchange, inflation, interest rate and commodity risks arising from operating, financing and investing activities. The Group 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 Group income statement. Where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the hedge relationship and the item being hedged. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge, the nature of the risks being hedged and the economic relationship between the item being hedged and the hedging instrument, including whether the change in cash flows of the hedged item and hedging instrument are expected to offset each other. As permitted under IFRS 9, the Group has elected to continue to apply the existing hedge accounting requirements of IAS 39 \u2018Financial instruments: Recognition and measurement\u2019 for its portfolio hedge accounting until a new macro hedge accounting standard is implemented. Derivative financial instruments with maturity dates of more than one year from the reporting date are disclosed as non-current. Fair value hedging Derivative financial instruments are classified as fair value hedges when they hedge the Group\u2019s exposure to changes in the fair value of a recognised asset or liability. Changes in the fair value of derivatives that are designated as fair value hedges are recognised in the Group income statement within finance income or costs, together with any changes in the fair value of the hedged item that is attributable to the hedged risk. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item is amortised to the Group income statement over the remaining period to maturity. Cash flow hedging Derivative financial instruments are classified as cash flow hedges when they hedge the Group\u2019s exposure to variability in cash flows that is 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 designated as the hedging instrument is recognised directly in other comprehensive income and accumulated in the hedging reserve. Any cost of hedging, such as the change in fair value related to forward points and currency basis adjustment, is separately accumulated in the cost of hedging reserve. The ineffective element is recognised immediately in the Group income statement within finance income or costs. Where the hedged item subsequently results in the recognition of a non-financial asset such as inventory, the amounts accumulated in the hedging reserve and cost of hedging reserve are included in the initial cost of the asset. For all other cash flow hedges, the amounts accumulated in the hedging reserve and cost of hedging reserve are recognised in the Group income statement when the hedged item or transaction affects the Group income statement. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised or no longer meets the Group\u2019s risk management objective. The cumulative gain or loss in the hedging reserve and cost of hedging reserve remains until the forecast transaction occurs or the original hedged item affects the Group income statement. If a forecast hedged transaction is no longer expected to occur, the cumulative gain or loss in the hedging reserve and cost of hedging reserve is reclassified to the Group income statement. Net investment hedging Financial instruments are classified as net investment hedges when they hedge the Group\u2019s net investment in an overseas operation. The effective element of any foreign exchange gain or loss from remeasuring the instrument is recognised directly in other comprehensive income and accumulated in the translation reserve in equity. Any ineffective element is recognised immediately in the Group income statement. Gains and losses accumulated in the translation reserve are reclassified to the Group income statement when the foreign operation is disposed of. Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the Group balance sheet when there is a current legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-738": {
"value": "Trade receivables Trade receivables are non interest-bearing and are recognised initially at fair value, or at transaction price if there is not a significant financing component. They are subsequently held at amortised cost using the effective interest rate method, less allowance for ECLs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-810": {
"value": "Investments Investments in debt instruments at amortised cost are measured at amortised cost, using the effective interest rate method less allowance for ECLs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHeldtomaturityInvestmentsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-739": {
"value": "Investments Investments in debt instruments at amortised cost are measured at amortised cost, using the effective interest rate method less allowance for ECLs. Gains and losses on investments in debt instruments held at fair value through other comprehensive income are recognised directly in other comprehensive income, except for impairment gains and losses, interest income and foreign exchange gains and losses, which are recognised in the Group income statement. When the debt instrument is derecognised, cumulative amounts in other comprehensive income are reclassified to the Group income statement. Investments in equity instruments have been irrevocably designated at fair value through other comprehensive income. Gains and losses arising from changes in fair value are recognised directly in other comprehensive income, and are not subsequently reclassified to the Group income statement, including on derecognition. Impairment losses are not recognised separately from other changes in fair value. Dividends are recognised in the Group income statement when the Group\u2019s right to receive payment is established. Property fund and other investments held at fair value through profit or loss are measured at fair value, with changes in fair value recognised in the Group income statement. Short-term investments Short-term investments are liquid financial assets which have an original maturity of 12 months or less. Short-term investments are typically readily available for conversion to cash, but do not meet the criteria for classification as cash equivalents because either their maturity is greater than three months, for example short-term deposits, reverse repurchase agreements, commercial paper and certificates of deposit, or the risk of changes in value is more than insignificant, for example money market funds. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-811": {
"value": "Property fund and other investments held at fair value through profit or loss are measured at fair value, with changes in fair value recognised in the Group income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-741": {
"value": "Loans and advances to customers Loans and advances are initially recognised at fair value plus directly related transaction costs. Subsequent to initial recognition, these assets are carried at amortised cost using the effective interest method less any allowance for ECLs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-742": {
"value": "Impairment of financial assets The Group assesses on a forward-looking basis the ECLs associated with its financial assets carried at amortised cost and fair value through other comprehensive income. The ECLs are updated at each reporting date to reflect changes in credit risk. The three-stage model for impairment has been applied to loans and advances to customers, investments in debt instruments at amortised cost, investments in debt instruments at fair value through other comprehensive income, short-term investments and loan receivables from joint ventures and associates. The credit risk is determined through modelling a range of possible outcomes for different loss scenarios, using reasonable and supportable information about past events, current conditions and forecasts of future events and economic conditions and taking into account the time value of money. A 12-month ECL is recognised, unless the credit risk on the financial asset increases significantly after initial recognition, when the lifetime ECL is recognised. The expected lifetime of a financial asset is generally the contractual term. For trade receivables, contract assets and lease receivables, the Group applies the simplified approach permitted by IFRS 9 \u2018Financial instruments\u2019, with lifetime ECLs recognised from initial recognition of the receivable. These assets are grouped, based on shared credit risk characteristics and days past due, with ECLs for each grouping determined based on the Group\u2019s historical credit loss experience, adjusted for factors specific to each receivable, general economic conditions and expected changes in forecast conditions. No ECL is recognised for loans and advances to banks due to the short-term nature of these balances, the frequency of origination and settlement of balances and taking account of collateral held. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-782": {
"value": "Interest-bearing borrowings Interest-bearing bank loans and overdrafts are initially recorded at fair value, net of attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between proceeds and redemption value being recognised in the Group income statement over the period of the borrowings on an effective interest basis. Trade payables Trade payables are non interest-bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-743": {
"value": "Interest-bearing borrowings Interest-bearing bank loans and overdrafts are initially recorded at fair value, net of attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between proceeds and redemption value being recognised in the Group income statement over the period of the borrowings on an effective interest basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-744": {
"value": "Trade payables Trade payables are non interest-bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-812": {
"value": "Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its exposure to foreign exchange, inflation, interest rate and commodity risks arising from operating, financing and investing activities. The Group 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 Group income statement. Where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the hedge relationship and the item being hedged. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge, the nature of the risks being hedged and the economic relationship between the item being hedged and the hedging instrument, including whether the change in cash flows of the hedged item and hedging instrument are expected to offset each other. As permitted under IFRS 9, the Group has elected to continue to apply the existing hedge accounting requirements of IAS 39 \u2018Financial instruments: Recognition and measurement\u2019 for its portfolio hedge accounting until a new macro hedge accounting standard is implemented. Derivative financial instruments with maturity dates of more than one year from the reporting date are disclosed as non-current. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-781": {
"value": "Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its exposure to foreign exchange, inflation, interest rate and commodity risks arising from operating, financing and investing activities. The Group 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 Group income statement. Where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the hedge relationship and the item being hedged. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge, the nature of the risks being hedged and the economic relationship between the item being hedged and the hedging instrument, including whether the change in cash flows of the hedged item and hedging instrument are expected to offset each other. As permitted under IFRS 9, the Group has elected to continue to apply the existing hedge accounting requirements of IAS 39 \u2018Financial instruments: Recognition and measurement\u2019 for its portfolio hedge accounting until a new macro hedge accounting standard is implemented. Derivative financial instruments with maturity dates of more than one year from the reporting date are disclosed as non-current. Fair value hedging Derivative financial instruments are classified as fair value hedges when they hedge the Group\u2019s exposure to changes in the fair value of a recognised asset or liability. Changes in the fair value of derivatives that are designated as fair value hedges are recognised in the Group income statement within finance income or costs, together with any changes in the fair value of the hedged item that is attributable to the hedged risk. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item is amortised to the Group income statement over the remaining period to maturity. Cash flow hedging Derivative financial instruments are classified as cash flow hedges when they hedge the Group\u2019s exposure to variability in cash flows that is 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 designated as the hedging instrument is recognised directly in other comprehensive income and accumulated in the hedging reserve. Any cost of hedging, such as the change in fair value related to forward points and currency basis adjustment, is separately accumulated in the cost of hedging reserve. The ineffective element is recognised immediately in the Group income statement within finance income or costs. Where the hedged item subsequently results in the recognition of a non-financial asset such as inventory, the amounts accumulated in the hedging reserve and cost of hedging reserve are included in the initial cost of the asset. For all other cash flow hedges, the amounts accumulated in the hedging reserve and cost of hedging reserve are recognised in the Group income statement when the hedged item or transaction affects the Group income statement. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised or no longer meets the Group\u2019s risk management objective. The cumulative gain or loss in the hedging reserve and cost of hedging reserve remains until the forecast transaction occurs or the original hedged item affects the Group income statement. If a forecast hedged transaction is no longer expected to occur, the cumulative gain or loss in the hedging reserve and cost of hedging reserve is reclassified to the Group income statement. Net investment hedging Financial instruments are classified as net investment hedges when they hedge the Group\u2019s net investment in an overseas operation. The effective element of any foreign exchange gain or loss from remeasuring the instrument is recognised directly in other comprehensive income and accumulated in the translation reserve in equity. Any ineffective element is recognised immediately in the Group income statement. Gains and losses accumulated in the translation reserve are reclassified to the Group income statement when the foreign operation is disposed of. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-745": {
"value": "Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its exposure to foreign exchange, inflation, interest rate and commodity risks arising from operating, financing and investing activities. The Group 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 Group income statement. Where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the hedge relationship and the item being hedged. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge, the nature of the risks being hedged and the economic relationship between the item being hedged and the hedging instrument, including whether the change in cash flows of the hedged item and hedging instrument are expected to offset each other. As permitted under IFRS 9, the Group has elected to continue to apply the existing hedge accounting requirements of IAS 39 \u2018Financial instruments: Recognition and measurement\u2019 for its portfolio hedge accounting until a new macro hedge accounting standard is implemented. Derivative financial instruments with maturity dates of more than one year from the reporting date are disclosed as non-current. Fair value hedging Derivative financial instruments are classified as fair value hedges when they hedge the Group\u2019s exposure to changes in the fair value of a recognised asset or liability. Changes in the fair value of derivatives that are designated as fair value hedges are recognised in the Group income statement within finance income or costs, together with any changes in the fair value of the hedged item that is attributable to the hedged risk. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item is amortised to the Group income statement over the remaining period to maturity. Cash flow hedging Derivative financial instruments are classified as cash flow hedges when they hedge the Group\u2019s exposure to variability in cash flows that is 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 designated as the hedging instrument is recognised directly in other comprehensive income and accumulated in the hedging reserve. Any cost of hedging, such as the change in fair value related to forward points and currency basis adjustment, is separately accumulated in the cost of hedging reserve. The ineffective element is recognised immediately in the Group income statement within finance income or costs. Where the hedged item subsequently results in the recognition of a non-financial asset such as inventory, the amounts accumulated in the hedging reserve and cost of hedging reserve are included in the initial cost of the asset. For all other cash flow hedges, the amounts accumulated in the hedging reserve and cost of hedging reserve are recognised in the Group income statement when the hedged item or transaction affects the Group income statement. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised or no longer meets the Group\u2019s risk management objective. The cumulative gain or loss in the hedging reserve and cost of hedging reserve remains until the forecast transaction occurs or the original hedged item affects the Group income statement. If a forecast hedged transaction is no longer expected to occur, the cumulative gain or loss in the hedging reserve and cost of hedging reserve is reclassified to the Group income statement. Net investment hedging Financial instruments are classified as net investment hedges when they hedge the Group\u2019s net investment in an overseas operation. The effective element of any foreign exchange gain or loss from remeasuring the instrument is recognised directly in other comprehensive income and accumulated in the translation reserve in equity. Any ineffective element is recognised immediately in the Group income statement. Gains and losses accumulated in the translation reserve are reclassified to the Group income statement when the foreign operation is disposed of. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-746": {
"value": "Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the Group balance sheet when there is a current legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-690": {
"value": "Provisions Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. Provisions for onerous contracts are recognised when the Group believes that the unavoidable costs of meeting or exiting the contract exceed the economic benefits expected to be received under the contract. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-691": {
"value": "Supplier financing arrangements Suppliers can choose whether to access supplier financing arrangements, which are provided by different third-party banks in different countries. Commercial requirements, including payment terms or the price paid for goods, do not depend on whether a supplier chooses to access such arrangements. The arrangements support the Group\u2019s suppliers by giving them the option to access funding early, often at a lower cost than they could obtain themselves. Under the arrangements, suppliers may choose to access payment early rather than on the Group\u2019s normal payment terms, at a funding cost to the supplier that is set by the provider banks but based on Tesco\u2019s credit risk and the appropriate country risk premium. If suppliers choose not to access early payment, the provider banks pay the suppliers on the Group\u2019s normal payment terms. The Group pays the provider banks on the Group\u2019s normal payment terms, regardless of whether the supplier has chosen to access funding early. Management reviews supplier financing arrangements to determine the appropriate presentation of balances outstanding as trade payables or borrowings, dependent on the nature of each arrangement. Factors considered in determining the appropriate presentation include the commercial rationale for the arrangement, impact on the Group\u2019s working capital positions, credit enhancements or other benefits provided to the bank and recourse exposures. Balances outstanding under current supplier financing arrangements are classified as trade payables, and cash flows are included in operating cash flows, since the financing arrangements are agreed between the supplier and the banks, and the Group does not provide additional credit enhancement nor obtain any working capital benefit from the arrangements. Refer to Note 19. ",
"dimensions": {
"concept": "tescoplc:DescriptionOfAccountingPolicyForSupplierFinancingArrangements",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-692": {
"value": "Insurance Prior to the acquisition of TU on 4 May 2021, the Group generated commission from the sale and service of motor and home insurance policies underwritten by TU. Following the acquisition, these amounts represent intercompany transactions which are fully eliminated in the Group income statement. The Group also generated commission from the sale and service of motor and home insurance policies underwritten by a third-party underwriter until August 2021, when the Group brought in-house the writing of home and motor insurance policies which were previously underwritten through its broker panel. Commission was based on commission rates which were independent of the profitability of underlying insurance policies. Similar commission income is also generated from the sale of white label insurance products underwritten by other third-party providers. This commission income is recognised on a net basis as such policies are sold. In the case of some commission income on insurance policies managed and underwritten by a third party, the Group recognises commission income from policy renewals as such policies are sold. This is when the Group has satisfied all of its performance obligations in relation to the policy sold and it is considered highly probable that a significant reversal in the amount of revenue recognised will not occur in future periods. This calculation takes into account both estimates of future renewal volumes and renewal commission rates. A contract asset is recognised in relation to this revenue. This is unwound over the remainder of the contract with the customer, in this case being the third-party insurance provider. The end policyholders have the right to cancel an insurance policy at any time. Therefore, a contract liability is recognised for the amount of any expected refunds due and the revenue recognised in relation to these sales is reduced accordingly. This contract refund liability is estimated using prior experience of customer refunds. The appropriateness of the assumptions used in this calculation is reassessed at each reporting date. Classification of insurance contracts Contracts under which the Group accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder or other beneficiary if a specified uncertain future event (the insured event) adversely affects the policyholder or other beneficiary are classified as insurance contracts. These contracts remain insurance contracts until all rights and obligations are extinguished or expire. Insurance contracts may also transfer some financial risk. Insurance income Gross written premiums comprise premiums on contracts entered into during the year, irrespective of whether they relate in whole or in part to a later accounting period, and exclude tax and levies. The earned portion of premiums written is recognised as revenue. Premiums are earned from the date of attachment of risk, over the indemnity period, based on the pattern of risks underwritten. Insurance claims Claims and claims handling expenses are recognised as incurred, based on the estimated cost of settling all liabilities arising on events occurring up to the balance sheet date. Reinsurance The Group cedes reinsurance in the normal course of business for the purpose of limiting its net loss potential through the diversification of its risks. Reinsurance arrangements, including quota share, excess of loss and adverse development cover contracts, do not relieve the Group from its direct obligations to its policyholders. Only contracts that give rise to a significant transfer of insurance risk are accounted for as reinsurance contracts. Amounts recoverable under such contracts are generally recognised in the same year as the related claim. Contracts that do not transfer significant insurance risk (i.e. financial reinsurance) are accounted for as financial instruments. Reinsurance assets include balances due from reinsurance companies for reinsurance claims. Amounts recoverable from reinsurers are estimated in a manner consistent with the outstanding claims provision or settled claims associated with the reinsured policy. The earned portion of reinsurance premiums (insurance premium income ceded to reinsurers) is recognised as reinsurance premium expense. The provision for unearned reinsurance premiums comprises the element of reinsurance premiums relating to services to be received in future years. Amounts recoverable under reinsurance contracts are assessed for impairment at each year-end date. Such assets are deemed impaired if there is objective evidence, as a result of an event that occurred after initial recognition, that the Group may not recover all amounts due and that the event has a reliably measurable impact on the amounts that the Group will receive from the reinsurer. Provision for outstanding claims The provision for outstanding claims represents the Group\u2019s estimate of the ultimate cost of settling all claims incurred but unpaid at the reporting date whether reported or not, and related internal and external claims handling expenses. Claims outstanding are assessed by reviewing individual claims data and making an allowance for claims incurred but not yet reported, adjusted for the effect of both internal and external foreseeable events, such as changes in claims handling procedures, inflation, judicial trends, substantively enacted legislative changes and past experience and trends. Reinsurance and other recoveries are assessed in a manner similar to the claims outstanding and presented separately as assets. Unearned premium and unexpired risk provision The provision for unearned premiums comprises the proportion of gross premiums written, which is estimated to be earned in the following or subsequent accounting periods, calculated separately for each insurance contract using the daily pro rata method, adjusted if necessary to reflect any variation in the incidence of risk during the period covered by the contract. Where the value of expected claims and expenses attributable to unexpired periods of policies in force exceeds the unearned premium provision, a further provision is made, calculated by reference to classes of business which are managed together.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-747": {
"value": "Reinsurance The Group cedes reinsurance in the normal course of business for the purpose of limiting its net loss potential through the diversification of its risks. Reinsurance arrangements, including quota share, excess of loss and adverse development cover contracts, do not relieve the Group from its direct obligations to its policyholders. Only contracts that give rise to a significant transfer of insurance risk are accounted for as reinsurance contracts. Amounts recoverable under such contracts are generally recognised in the same year as the related claim. Contracts that do not transfer significant insurance risk (i.e. financial reinsurance) are accounted for as financial instruments. Reinsurance assets include balances due from reinsurance companies for reinsurance claims. Amounts recoverable from reinsurers are estimated in a manner consistent with the outstanding claims provision or settled claims associated with the reinsured policy. The earned portion of reinsurance premiums (insurance premium income ceded to reinsurers) is recognised as reinsurance premium expense. The provision for unearned reinsurance premiums comprises the element of reinsurance premiums relating to services to be received in future years. Amounts recoverable under reinsurance contracts are assessed for impairment at each year-end date. Such assets are deemed impaired if there is objective evidence, as a result of an event that occurred after initial recognition, that the Group may not recover all amounts due and that the event has a reliably measurable impact on the amounts that the Group will receive from the reinsurer. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-693": {
"value": "Alternative performance measures (APMs) In the reporting of financial information, the Directors have adopted various APMs. Refer to the Glossary for a full list of the Group\u2019s APMs, including comprehensive definitions, their purpose, reconciliations to IFRS measures and details of any changes to APMs.",
"dimensions": {
"concept": "tescoplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-694": {
"value": "Judgements and sources of estimation uncertainty The preparation of the consolidated Group financial statements requires management to make judgements, estimates and assumptions in applying the Group\u2019s accounting policies to determine the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis, with revisions to accounting estimates applied prospectively. Critical accounting judgements Critical judgements, apart from those involving estimations, that are applied in the preparation of the consolidated Group financial statements are discussed below: Leases Management exercises judgement in determining the likelihood of exercising break or extension options in determining the lease term. Break and extension options are included to provide operational flexibility should the economic outlook for an asset be different to expectations, and hence at commencement of the lease, break or extension options are not typically considered reasonably certain to be exercised, unless there is a valid business reason otherwise. The discount rate used to calculate the lease liability is the rate implicit in the lease, if it can be readily determined, or the lessee\u2019s incremental borrowing rate if not. Management uses the rate implicit in the lease where the lessor is a related party (such as leases from joint ventures) and the lessee\u2019s incremental borrowing rate for all other leases. Incremental borrowing rates are determined monthly and depend on the term, country, currency and start date of the lease. The incremental borrowing rate is determined based on a series of inputs including: the risk-free rate based on government bond rates; a country-specific risk adjustment; a credit risk adjustment based on Tesco bond yields; and an entity-specific adjustment where the entity risk profile is different to that of the Group. Refer to Note 12 for additional disclosures relating to leases. Joint ventures and associates The Group has assessed the nature of its joint arrangements under IFRS 11 \u2018Joint arrangements\u2019 and determined them to be joint ventures. These assessments required the exercise of judgement as set out in Note 13. APMs \u2013 Adjusting items Adjusting items relate to certain costs or incomes that derive from events or transactions that fall within the normal activities of the Group but which, individually or, if of a similar type, in aggregate, are excluded from the Group\u2019s APMs by virtue of their size and nature in order to provide a helpful alternative perspective of the year-on-year trends, performance and position of the Group\u2019s trading business that is more comparable over time. This alternative view is consistent with how management views the business, and how it is reported internally to the Board and Executive Committee for performance analysis, planning, reporting, decision-making and incentive-setting purposes. Management exercises judgement in determining the adjustments to apply to IFRS measurements, and this assessment covers the nature of the item, cause of occurrence and the scale of impact of that item on reported performance and individual financial statement line items, as well as consistency with prior periods. Reversals of previous adjusting items are assessed based on the same criteria to ensure an even-handed treatment of gains and losses. The amount and timing of adjusting items can be unpredictable and subject to a higher level of scrutiny by users of the accounts. Adjusting items can include, but are not limited to: litigation costs; impairment charges and reversals; property transactions such as disposals; amortisation of acquired intangibles; changes in uncertain tax positions; restructuring and redundancy costs; profits or losses on disposal of businesses; net pension finance income/(costs); and fair value remeasurements of financial instruments. The tax effect of such items is also classified as adjusting. The Group income statement is presented in a columnar format to enable users of the accounts to see the Group\u2019s performance before adjusting items, the adjusting items, and the statutory total on a line-by-line basis. An analysis of the adjusting items included in the Group income statement, together with the impact of these items on the Group cash flow statement, is disclosed in Note 4. Refer to pages 207 to 212 for further details on the Group\u2019s APMs. Key sources of estimation uncertainty The key assumptions about the future, and other key sources of estimation uncertainty at the reporting period end, that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below: Post-employment benefit obligations The present value of post-employment benefit obligations is determined on an actuarial basis using various assumptions, including the discount rate, inflation rate and mortality assumptions. Any changes in these assumptions will impact the carrying amount as well as the net pension finance cost/(income). Key assumptions and sensitivities for post-employment benefit obligations are disclosed in Note 29. Impairment of non-financial assets The Group evaluates goodwill and non-current assets for impairment as set out in Note 14. The key assumptions and estimates to which the recoverable amounts are most sensitive, the methodology for calculating them and sensitivities are also disclosed in Note 14. Tesco Bank ECL measurement The measurement of ECLs for Tesco Bank financial assets requires the use of complex models and significant assumptions about future macroeconomic conditions and credit behaviour, such as the likelihood of customers defaulting and the resulting losses. Key assumptions and sensitivities for Tesco Bank ECLs are disclosed in Note 27. Other significant estimates Other estimates for which management believes there is a limited risk of a material change in the amounts recognised or disclosed in the next financial year are discussed below: Commercial income Management is required to make estimates in determining the amount and timing of recognition of commercial income for some transactions with suppliers. In determining the amount of volume- related allowances recognised in any period, management estimates the probability that the Group will meet contractual target volumes, based on historical and forecast performance. There is limited estimation involved in recognising income for promotional and other allowances. Management assesses its performance against the obligations conditional on earning the income, with the income recognised either over time as the obligations are met, or recognised at the point when all obligations are met, dependent on the contractual requirements. Commercial income is recognised as a credit within cost of sales. Where the income earned relates to inventories which are held by the Group at period ends, the income is included within the cost of those inventories, and recognised in cost of sales upon sale of those inventories. Management views that the cost of inventories sold (which is inclusive of commercial income) provides a consistent and complete measure of the Group income statement impact of the overall supplier relationships. Management considers the best indicator of the estimation undertaken is by reference to commercial income balances not settled at the balance sheet date, and has therefore provided additional disclosures of commercial income amounts reflected in the Group balance sheet. Refer to Note 20 for commercial income disclosures. Clubcard points breakage Clubcard points breakage is the proportion of points that are not expected to be redeemed by customers. Management estimates breakage based on historical experience of customer redemptions, adjusted for any factors which may impact future redemption rates such as scheme changes or expected future trends in customer behaviour. Changes in breakage estimates would change the Clubcard contract liability (deferred revenue) on balance sheet (see Note 19) and the timing of revenue recognised in relation to Clubcard points. Contingent liabilities Contingent liabilities are possible obligations whose existence will be confirmed only on the occurrence or non-occurrence of uncertain future events outside the Group\u2019s control, or present obligations that are not recognised because it is not probable that a settlement will be required or the value of such a payment cannot be reliably estimated. The Group does not recognise contingent liabilities but discloses them. Refer to Note 34 for the disclosures. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-783": {
"value": "APMs \u2013 Adjusting items Adjusting items relate to certain costs or incomes that derive from events or transactions that fall within the normal activities of the Group but which, individually or, if of a similar type, in aggregate, are excluded from the Group\u2019s APMs by virtue of their size and nature in order to provide a helpful alternative perspective of the year-on-year trends, performance and position of the Group\u2019s trading business that is more comparable over time. This alternative view is consistent with how management views the business, and how it is reported internally to the Board and Executive Committee for performance analysis, planning, reporting, decision-making and incentive-setting purposes. Management exercises judgement in determining the adjustments to apply to IFRS measurements, and this assessment covers the nature of the item, cause of occurrence and the scale of impact of that item on reported performance and individual financial statement line items, as well as consistency with prior periods. Reversals of previous adjusting items are assessed based on the same criteria to ensure an even-handed treatment of gains and losses. The amount and timing of adjusting items can be unpredictable and subject to a higher level of scrutiny by users of the accounts. Adjusting items can include, but are not limited to: litigation costs; impairment charges and reversals; property transactions such as disposals; amortisation of acquired intangibles; changes in uncertain tax positions; restructuring and redundancy costs; profits or losses on disposal of businesses; net pension finance income/(costs); and fair value remeasurements of financial instruments. The tax effect of such items is also classified as adjusting. The Group income statement is presented in a columnar format to enable users of the accounts to see the Group\u2019s performance before adjusting items, the adjusting items, and the statutory total on a line-by-line basis. An analysis of the adjusting items included in the Group income statement, together with the impact of these items on the Group cash flow statement, is disclosed in Note 4. Refer to pages 207 to 212 for further details on the Group\u2019s APMs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-748": {
"value": "Key sources of estimation uncertainty The key assumptions about the future, and other key sources of estimation uncertainty at the reporting period end, that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below: Post-employment benefit obligations The present value of post-employment benefit obligations is determined on an actuarial basis using various assumptions, including the discount rate, inflation rate and mortality assumptions. Any changes in these assumptions will impact the carrying amount as well as the net pension finance cost/(income). Key assumptions and sensitivities for post-employment benefit obligations are disclosed in Note 29. Impairment of non-financial assets The Group evaluates goodwill and non-current assets for impairment as set out in Note 14. The key assumptions and estimates to which the recoverable amounts are most sensitive, the methodology for calculating them and sensitivities are also disclosed in Note 14. Tesco Bank ECL measurement The measurement of ECLs for Tesco Bank financial assets requires the use of complex models and significant assumptions about future macroeconomic conditions and credit behaviour, such as the likelihood of customers defaulting and the resulting losses. Key assumptions and sensitivities for Tesco Bank ECLs are disclosed in Note 27. ",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-784": {
"value": "Key sources of estimation uncertainty The key assumptions about the future, and other key sources of estimation uncertainty at the reporting period end, that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below: Post-employment benefit obligations The present value of post-employment benefit obligations is determined on an actuarial basis using various assumptions, including the discount rate, inflation rate and mortality assumptions. Any changes in these assumptions will impact the carrying amount as well as the net pension finance cost/(income). Key assumptions and sensitivities for post-employment benefit obligations are disclosed in Note 29. Impairment of non-financial assets The Group evaluates goodwill and non-current assets for impairment as set out in Note 14. The key assumptions and estimates to which the recoverable amounts are most sensitive, the methodology for calculating them and sensitivities are also disclosed in Note 14. Tesco Bank ECL measurement The measurement of ECLs for Tesco Bank financial assets requires the use of complex models and significant assumptions about future macroeconomic conditions and credit behaviour, such as the likelihood of customers defaulting and the resulting losses. Key assumptions and sensitivities for Tesco Bank ECLs are disclosed in Note 27. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-785": {
"value": "Contingent liabilities Contingent liabilities are possible obligations whose existence will be confirmed only on the occurrence or non-occurrence of uncertain future events outside the Group\u2019s control, or present obligations that are not recognised because it is not probable that a settlement will be required or the value of such a payment cannot be reliably estimated. The Group does not recognise contingent liabilities but discloses them. Refer to Note 34 for the disclosures. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-823": {
"value": "Note 2 Segmental reporting
The Group\u2019s operating segments are determined based on the Group\u2019s internal reporting to the Chief Operating Decision Maker (CODM).
The CODM has been determined to be the Group Chief Executive, with support from the Executive Committee, as the function primarily
responsible for the allocation of resources to segments and assessment of performance of the segments.
The principal activities of the Group are presented in the following segments:
\u2013 Retailing and associated activities (Retail) in:
\u2013 UK & ROI \u2013 the United Kingdom and Republic of Ireland; and
\u2013 Central Europe \u2013 Czech Republic, Hungary and Slovakia.
\u2013 Retail banking and insurance services through Tesco Bank in the UK (Tesco Bank).
This presentation reflects how the Group\u2019s operating performance is reviewed internally by management.
The CODM uses adjusted operating profit, as reviewed at monthly Executive Committee meetings, as the key measure of the segments\u2019 results
as it reflects the segments\u2019 trading performance that aids comparability over time for the financial year under evaluation. Adjusted operating
profit is a consistent measure within the Group as defined within the Glossary. Refer to Note 4 for adjusting items. Inter-segment revenue
between the segments is not material.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-695": {
"value": "Note 2 Segmental reporting The Group\u2019s operating segments are determined based on the Group\u2019s internal reporting to the Chief Operating Decision Maker (CODM). The CODM has been determined to be the Group Chief Executive, with support from the Executive Committee, as the function primarily responsible for the allocation of resources to segments and assessment of performance of the segments. The principal activities of the Group are presented in the following segments: \u2013 Retailing and associated activities (Retail) in: \u2013 UK & ROI \u2013 the United Kingdom and Republic of Ireland; and \u2013 Central Europe \u2013 Czech Republic, Hungary and Slovakia. \u2013 Retail banking and insurance services through Tesco Bank in the UK (Tesco Bank). This presentation reflects how the Group\u2019s operating performance is reviewed internally by management. The CODM uses adjusted operating profit, as reviewed at monthly Executive Committee meetings, as the key measure of the segments\u2019 results as it reflects the segments\u2019 trading performance that aids comparability over time for the financial year under evaluation. Adjusted operating profit is a consistent measure within the Group as defined within the Glossary. Refer to Note 4 for adjusting items. Inter-segment revenue between the segments is not material. Income statement The segment results and the reconciliation of the segment measures to the respective statutory items included in the Group income statement are as follows: 52 weeks ended 25 February 2023 At constant exchange rates UK & ROI \u00a3m Central Europe \u00a3m Total Retail at constant exchange \u00a3m Tesco Bank \u00a3m Total at constant exchange \u00a3m Foreign exchange \u00a3m Total at actual exchange \u00a3m Continuing operations Revenue 60,214 4,468 64,682 1,106 65,788 (26) 65,762 Less: Fuel sales (7,877) (222) (8,099) \u2013 (8,099) (7) (8,106) APM: Sales 52,337 4,246 56,583 1,106 57,689 (33) 57,656 Adjusted operating profit 2,307 174 2,481 143 2,624 6 2,630 Adjusting items (Note 4) (1,058) (33) (1,091) (11) (1,102) (3) (1,105) Operating profit 1,249 141 1,390 132 1,522 3 1,525 Adjusted operating margin 3.8% 3.9% 3.8% 12.9% 4.0% 4.0% 52 weeks ended 25 February 2023 At actual exchange rates UK & ROI \u00a3m Central Europe \u00a3m Total Retail \u00a3m Tesco Bank \u00a3m Total at actual exchange \u00a3m Continuing operations Revenue 60,246 4,410 64,656 1,106 65,762 Less: Fuel sales (7,877) (229) (8,106) \u2013 (8,106) APM: Sales 52,369 4,181 56,550 1,106 57,656 Adjusted operating profit 2,307 180 2,487 143 2,630 Adjusting items (Note 4) (1,058) (36) (1,094) (11) (1,105) Operating profit 1,249 144 1,393 132 1,525 Adjusted operating margin 3.8% 4.1% 3.8% 12.9% 4.0% Share of post-tax profits of joint ventures and associates 8 Finance income 85 Finance costs (618) Profit before tax 1,000 Tesco Bank revenue of \u00a31,106m (2022: \u00a3922m) comprises interest and similar revenues of \u00a3540m (2022: \u00a3473m), fees and commissions revenue of \u00a3257m (2022: \u00a3210m) and insurance revenue of \u00a3309m (2022: \u00a3239m). For insurance, refer to Note 24. 52 weeks ended 26 February 2022 At actual exchange rates UK & ROI \u00a3m Central Europe \u00a3m Total Retail \u00a3m Tesco Bank \u00a3m Total at actual exchange \u00a3m Continuing operations Revenue 56,404 4,018 60,422 922 61,344 Less: Fuel sales (6,420) (156) (6,576) \u2013 (6,576) APM: Sales 49,984 3,862 53,846 922 54,768 Adjusted operating profit 2,481 168 2,649 176 2,825 Adjusting items (Note 4) (290) 25 (265) \u2013 (265) Operating profit 2,191 193 2,384 176 2,560 Adjusted operating margin 4.4% 4.2% 4.4% 19.1% 4.6% Share of post-tax profits of joint ventures and associates 15 Finance income 9 Finance costs (551) Profit before tax 2,033 Note 2 Segmental reporting continued
Balance sheet
The following tables showing segment assets and liabilities exclude those balances that make up net debt (cash and cash equivalents, short-term
investments, joint venture loans, bank and other borrowings, lease liabilities, derivative financial instruments and net debt of the disposal group).
With the exception of lease liabilities which have been allocated to each segment, and Tesco Bank net debt, all other components of net debt
have been included within the unallocated segment to reflect how these balances are managed. Intercompany transactions have been eliminated
other than intercompany transactions with Tesco Bank in net debt.
At 25 February 2023
UK & ROI
\u00a3m
Central
Europe
\u00a3m
Tesco
Bank
\u00a3m
Unallocated
\u00a3m
Total
continuing
operations
\u00a3m
Discontinued
operations
\u00a3m
Total
\u00a3m
Goodwill and other intangible assets 4,715
37
623
-
5,375
-
5,375
Property, plant and equipment and investment property 15,346
1,468
72
-
16,886
-
16,886
Right of use assets 5,057
433
10
-
5,500
-
5,500
Investments in joint ventures and associates 93
-
-
-
93
-
93
Non-current other investments 218
-
1,121
-
1,339
-
1,339
Non-current trade and other receivables
(a)
44
2
25
-
71
-
71
Non-current loans and advances to customers -
-
3,029
-
3,029
-
3,029
Non-current reinsurance assets -
-
145
-
145
-
145
Post-employment benefit surplus 6
-
-
-
6
-
6
Deferred tax assets 3
22
57
-
82
-
82
Non-current assets
(b)
25,482
1,962
5,082
-
32,526
-
32,526
Inventories and current trade and other receivables
(c)
3,118
358
243
-
3,719
-
3,719
Current loans and advances to customers -
-
4,052
-
4,052
-
4,052
Current reinsurance assets -
-
72
-
72
-
72
Current other investments 6
-
347
-
353
-
353
Total trade and other payables (8,986)
(595)
(390)
-
(9,971)
-
(9,971)
Total customer deposits and deposits from banks -
-
(6,750)
-
(6,750)
-
(6,750)
Total insurance contract provisions -
-
(605)
-
(605)
-
(605)
Total provisions (494)
(36)
(30)
-
(560)
-
(560)
Deferred tax liabilities (74)
(45)
-
-
(119)
-
(119)
Net current tax 52
(16)
9
-
45
-
45
Post-employment benefit deficit (400)
-
-
-
(400)
-
(400)
Assets of the disposal group and non-current assets
classified as held for sale
25
169
-
-
194
16
210
Net debt (including Tesco Bank)
(d)
(7,036)
(553)
151
(2,890)
(10,328)
(14)
(10,342)
Net assets 11,693
1,244
2,181
(2,890)
12,228
2
12,230
(a) Excludes non-current loans to joint ventures of \u00a38m (2022: \u00a39m), which form part of net debt.
(b) Excludes derivative financial instruments of \u00a3873m (2022: \u00a3942m), which form part of net debt.
(c) Excludes net interest and other receivables of \u00a38m (2022: \u00a31m), and current loans to joint ventures of \u00a398m (2022: \u00a396m), both forming part of net debt.
(d) Refer to Note 32. Net debt at 25 February 2023 includes net debt of the disposal group classified as held for sale of \u00a3(14)m (2022: \u00a3(14)m).
At 26 February 2022
UK & ROI
\u00a3m
Central
Europe
\u00a3m
Tesco
Bank
\u00a3m
Unallocated
\u00a3m
Total
continuing
operations
\u00a3m
Discontinued
operations
\u00a3m
Total
\u00a3m
Goodwill and other intangible assets 4,700
31
629
\u2013
5,360
\u2013
5,360
Property, plant and equipment and investment property 15,552
1,462
68
\u2013
17,082
\u2013
17,082
Right of use assets 5,355
354
11
\u2013
5,720
\u2013
5,720
Investments in joint ventures and associates 85
1
\u2013
\u2013
86
\u2013
86
Non-current other investments 12
\u2013
1,241
\u2013
1,253
\u2013
1,253
Non-current trade and other receivables
(a)
91
\u2013
59
\u2013
150
\u2013
150
Non-current loans and advances to customers \u2013
\u2013
3,141
\u2013
3,141
\u2013
3,141
Non-current reinsurance assets \u2013
\u2013
184
\u2013
184
\u2013
184
Post-employment benefit surplus 3,150
\u2013
\u2013
\u2013
3,150
\u2013
3,150
Deferred tax assets 2
19
64
\u2013
85
\u2013
85
Non-current assets
(b)
28,947
1,867
5,397
\u2013
36,211
\u2013
36,211
Inventories and current trade and other receivables
(c)
2,981
285
239
\u2013
3,505
\u2013
3,505
Current loans and advances to customers \u2013
\u2013
3,349
\u2013
3,349
\u2013
3,349
Current reinsurance assets \u2013
\u2013
61
\u2013
61
\u2013
61
Current other investments \u2013
\u2013
226
\u2013
226
\u2013
226
Total trade and other payables (8,343)
(535)
(356)
\u2013
(9,234)
\u2013
(9,234)
Total customer deposits and deposits from banks \u2013
\u2013
(6,379)
\u2013
(6,379)
\u2013
(6,379)
Total insurance contract provisions \u2013
\u2013
(650)
\u2013
(650)
\u2013
(650)
Total provisions (401)
(28)
(37)
\u2013
(466)
\u2013
(466)
Deferred tax liabilities (869)
(41)
\u2013
\u2013
(910)
\u2013
(910)
Net current tax 90
(11)
3
\u2013
82
\u2013
82
Post-employment benefit deficit (303)
\u2013
\u2013
\u2013
(303)
\u2013
(303)
Assets of the disposal group and non-current assets
classified as held for sale
20
310
\u2013
\u2013
330
38
368
Net debt (including Tesco Bank)
(d)
(7,350)
(474)
300
(2,678)
(10,202)
(14)
(10,216)
Net assets 14,772
1,373
2,153
(2,678)
15,620
24
15,644
Refer to previous table for footnotes.
Other segment information 52 weeks ended 25 February 2023 UK & ROI \u00a3m Central Europe \u00a3m Tesco Bank \u00a3m Total \u00a3m Capital expenditure (including acquisitions through business combinations): Property, plant and equipment(a)(b) 1,176 104 14 1,294 Goodwill and other intangible assets(c) 259 12 37 308 Depreciation and amortisation: Property, plant and equipment (788) (84) (10) (882) Right of use assets (500) (37) (2) (539) Investment property (1) \u2013 \u2013 (1) Other intangible assets (226) (10) (42) (278) Impairment(d) : (Loss) on financial assets (5) (1) (61) (67) (a) Includes \u00a3248m related to obtaining control of The Tesco Dorney Limited Partnership (2022: \u00a3584m related to obtaining control of The Tesco Sarum Limited Partnership). Refer to Note 33 for further details. (b) Includes \u00a342m (2022: \u00a31m) of property, plant and equipment acquired through business combinations. (c) Includes \u00a331m (2022: \u00a338m) of goodwill and other intangible assets acquired through business combinations. (d) Excludes impairment of other non-current assets. Refer to Note 14. 52 weeks ended 26 February 2022 UK & ROI \u00a3m Central Europe \u00a3m Tesco Bank \u00a3m Total \u00a3m Capital expenditure (including acquisitions through business combinations): Property, plant and equipment(a)(b) 1,485 89 14 1,588 Goodwill and other intangible assets(c) 186 10 71 267 Depreciation and amortisation: Property, plant and equipment (792) (90) (11) (893) Right of use assets (500) (35) (2) (537) Investment property (1) \u2013 \u2013 (1) Other intangible assets (224) (11) (52) (287) Impairment(d): (Loss)/reversal on financial assets 10 (1) 30 39 Refer to previous table for footnotes. Note 2 Segmental reporting continued Cash flow statement The following tables provide a split of cash flows between Retail continuing operations, Tesco Bank and Group discontinued operations. Retail Bank Discontinued operations Tesco Group 52 weeks ended 25 February 2023 Before adjusting items \u00a3m Adjusting items \u00a3m Retail Total \u00a3m Before adjusting items \u00a3m Adjusting items \u00a3m Tesco Bank Total \u00a3m Total \u00a3m Total \u00a3m Operating profit/(loss) 2,487 (1,094) 1,393 143 (11) 132 (9) 1,516 Depreciation and amortisation 1,570 76 1,646 54 \u2013 54 \u2013 1,700 ATM net income (16) - (16) 16 \u2013 16 \u2013 \u2013 (Profit)/loss arising on sale of property, plant and equipment, investment property, intangible assets, assets held for sale and early termination of leases 13 (91) (78) \u2013 \u2013 \u2013 2 (76) (Profit)/loss arising from sale of other investments \u2013 \u2013 \u2013 3 \u2013 3 \u2013 3 Net impairment loss on property, plant and equipment, right of use assets, intangible assets and investment property \u2013 982 982 \u2013 \u2013 \u2013 \u2013 982 Net remeasurement loss on non-current assets held for sale \u2013 14 14 \u2013 \u2013 \u2013 9 23 Other defined benefit pension scheme payments (23) \u2013 (23) \u2013 \u2013 \u2013 \u2013 (23) Share-based payments 64 \u2013 64 (5) \u2013 (5) \u2013 59 Tesco Bank fair value movements included in operating profit/(loss) \u2013 \u2013 \u2013 70 \u2013 70 \u2013 70 Cash flows generated from operations excluding working capital 4,095 (113) 3,982 281 (11) 270 2 4,254 (Increase)/decrease in working capital 468 52 520 (271) (3) (274) (3) 243 Cash generated from/(used in) operations 4,563 (61) 4,502 10 (14) (4) (1) 4,497 Interest paid (643) \u2013 (643) (9) \u2013 (9) \u2013 (652) Corporation tax paid (107) \u2013 (107) (17) \u2013 (17) 1 (123) Net cash generated from/(used in) operating activities* 3,813 (61) 3,752 (16) (14) (30) \u2013 3,722 Proceeds from sale of property, plant and equipment, investment property, intangible assets and assets classified as held for sale 6 335 341 1 \u2013 1 \u2013 342 Purchase of property, plant and equipment, investment property and other long- term assets \u2013 property buybacks (14) (40) (54) \u2013 \u2013 - \u2013 (54) Purchase of property, plant and equipment, investment property and other long- term assets \u2013 other capital expenditure (902) \u2013 (902) (15) \u2013 (15) \u2013 (917) Purchase of intangible assets (241) \u2013 (241) (38) \u2013 (38) \u2013 (279) Acquisition of subsidiaries, net of cash acquired (66) \u2013 (66) (5) \u2013 (5) \u2013 (71) Increase in loans to joint ventures and associates (1) \u2013 (1) \u2013 \u2013 - \u2013 (1) Investments in joint ventures and associates (10) \u2013 (10) \u2013 \u2013 - \u2013 (10) Net (investments in)/proceeds from sale of short-term investments 451 \u2013 451 \u2013 \u2013 - \u2013 451 Proceeds from sale of other investments 1 \u2013 1 229 \u2013 229 \u2013 230 Purchase of other investments (206) \u2013 (206) (323) \u2013 (323) \u2013 (529) Dividends received from joint ventures and associates 14 \u2013 14 \u2013 \u2013 - \u2013 14 Dividends received from Tesco Bank 54 \u2013 54 (54) \u2013 (54) \u2013 \u2013 Interest received 70 \u2013 70 \u2013 \u2013 \u2013 \u2013 70 Cash inflows from derivative financial instruments 54 \u2013 54 \u2013 \u2013 \u2013 \u2013 54 Cash outflows from derivative financial instruments (6) \u2013 (6) \u2013 \u2013 \u2013 \u2013 (6) Net cash generated from/(used in) investing activities* (796) 295 (501) (205) \u2013 (205) \u2013 (706) Own shares purchased for cancellation (781) \u2013 (781) \u2013 \u2013 \u2013 \u2013 (781) Own shares purchased for share schemes (86) \u2013 (86) \u2013 \u2013 \u2013 \u2013 (86) Repayment of capital element of obligations under leases (589) \u2013 (589) (4) \u2013 (4) \u2013 (593) Cash outflows exceeding the incremental increase in assets in a property buyback (21) \u2013 (21) \u2013 \u2013 \u2013 \u2013 (21) Repayment of borrowings (608) \u2013 (608) (101) \u2013 (101) \u2013 (709) Cash inflows from derivative financial instruments 232 \u2013 232 \u2013 \u2013 \u2013 \u2013 232 Cash outflows from derivative financial instruments (365) \u2013 (365) (6) \u2013 (6) \u2013 (371) Dividends paid to equity holders (858) (1) (859) \u2013 \u2013 \u2013 \u2013 (859) Net cash generated from/(used in) financing activities* (3,076) (1) (3,077) (111) \u2013 (111) \u2013 (3,188) Net increase/(decrease) in cash and cash equivalents (59) 233 174 (332) (14) (346) \u2013 (172) Cash and cash equivalents at the beginning of the year 1,771 Effect of foreign exchange rate changes (34) Cash and cash equivalents at the end of the year 1,565 * Refer to page 211 for the reconciliation of the APM: Retail free cash flow. Retail Bank Discontinued operations Tesco Group 52 weeks ended 26 February 2022 Before adjusting items \u00a3m Adjusting items \u00a3m Retail Total \u00a3m Before adjusting items \u00a3m Adjusting items \u00a3m Tesco Bank Total \u00a3m Total \u00a3m Total \u00a3m Operating profit/(loss) 2,649 (265) 2,384 176 \u2013 176 (51) 2,509 Depreciation and amortisation 1,577 76 1,653 65 \u2013 65 \u2013 1,718 ATM net income (14) \u2013 (14) 14 \u2013 14 \u2013 \u2013 (Profit)/loss arising on sale of property, plant and equipment, investment property, intangible assets, assets held for sale and early termination of leases 5 (128) (123) \u2013 \u2013 \u2013 \u2013 (123) (Profit)/loss arising on sale of joint ventures and associates \u2013 (15) (15) (10) \u2013 (10) \u2013 (25) (Profit)/loss arising on sale of subsidiaries \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 23 23 Net impairment loss on property, plant and equipment, right of use assets, intangible assets and investment property \u2013 115 115 \u2013 \u2013 \u2013 \u2013 115 Net remeasurement (gain)/loss on non-current assets held for sale \u2013 6 6 \u2013 \u2013 \u2013 (3) 3 Adjustment for non-cash element of pensions charge 7 \u2013 7 \u2013 \u2013 \u2013 \u2013 7 Other defined benefit pension scheme payments (19) \u2013 (19) \u2013 \u2013 \u2013 \u2013 (19) Share-based payments 63 \u2013 63 3 \u2013 3 \u2013 66 Tesco Bank fair value movements included in operating profit/(loss) \u2013 \u2013 \u2013 (28) \u2013 (28) \u2013 (28) Cash flows generated from operations excluding working capital 4,268 (211) 4,057 220 \u2013 220 (31) 4,246 (Increase)/decrease in working capital 501 (105) 396 (54) (8) (62) 28 362 Cash generated from/(used in) operations 4,769 (316) 4,453 166 (8) 158 (3) 4,608 Interest paid (644) \u2013 (644) (5) \u2013 (5) (1) (650) Corporation tax paid (195) \u2013 (195) (4) \u2013 (4) (2) (201) Net cash generated from/(used in) operating activities* 3,930 (316) 3,614 157 (8) 149 (6) 3,757 Proceeds from sale of property, plant and equipment, investment property, intangible assets and assets classified as held for sale \u2013 308 308 1 \u2013 1 \u2013 309 Purchase of property, plant and equipment, investment property and other long- term assets \u2013 property buybacks (37) (43) (80) \u2013 \u2013 \u2013 \u2013 (80) Purchase of property, plant and equipment, investment property and other long- term assets \u2013 other capital expenditure (854) \u2013 (854) (14) \u2013 (14) (1) (869) Purchase of intangible assets (196) \u2013 (196) (33) \u2013 (33) \u2013 (229) Disposal of subsidiaries, net of cash disposed \u2013 117 117 \u2013 \u2013 \u2013 44 161 Acquisition of subsidiaries, net of cash acquired \u2013 \u2013 \u2013 (48) \u2013 (48) \u2013 (48) Proceeds from sale of joint ventures and associates \u2013 15 15 \u2013 \u2013 \u2013 \u2013 15 Increase in loans to joint ventures and associates (4) \u2013 (4) \u2013 \u2013 \u2013 \u2013 (4) Investments in joint ventures and associates (11) \u2013 (11) \u2013 \u2013 \u2013 \u2013 (11) Net (investments in)/proceeds from sale of short-term investments (1,067) \u2013 (1,067) \u2013 \u2013 \u2013 \u2013 (1,067) Proceeds from sale of other investments 2 \u2013 2 272 \u2013 272 \u2013 274 Purchase of other investments (1) \u2013 (1) (220) \u2013 (220) \u2013 (221) Dividends received from joint ventures and associates 22 \u2013 22 10 \u2013 10 \u2013 32 Dividends received from Tesco Bank 87 \u2013 87 (87) \u2013 (87) \u2013 \u2013 Interest received 3 \u2013 3 \u2013 \u2013 \u2013 \u2013 3 Net cash generated from/(used in) investing activities* (2,056) 397 (1,659) (119) \u2013 (119) 43 (1,735) Own shares purchased for cancellation (278) \u2013 (278) \u2013 \u2013 \u2013 \u2013 (278) Own shares purchased for share schemes (144) \u2013 (144) \u2013 \u2013 \u2013 \u2013 (144) Repayment of capital element of obligations under leases (571) \u2013 (571) (4) \u2013 (4) (2) (577) Increase in borrowings 394 \u2013 394 \u2013 \u2013 \u2013 \u2013 394 Repayment of borrowings (754) \u2013 (754) (21) \u2013 (21) \u2013 (775) Cash inflows from derivative financial instruments 798 \u2013 798 \u2013 \u2013 \u2013 \u2013 798 Cash outflows from derivative financial instruments (921) \u2013 (921) \u2013 \u2013 \u2013 \u2013 (921) Dividends paid to equity holders (704) (27) (731) \u2013 \u2013 \u2013 \u2013 (731) Net cash generated from/(used in) financing activities* (2,180) (27) (2,207) (25) \u2013 (25) (2) (2,234) Net increase/(decrease) in cash and cash equivalents (306) 54 (252) 13 (8) 5 35 (212) Cash and cash equivalents at the beginning of the year 1,971 Effect of foreign exchange rate changes 12 Cash and cash equivalents at the end of the year 1,771 Refer to previous table for footnote",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-749": {
"value": "Income statement
The segment results and the reconciliation of the segment measures to the respective statutory items included in the Group income statement
are as follows:
52 weeks ended 25 February 2023
At constant exchange rates
UK & ROI
\u00a3m
Central
Europe
\u00a3m
Total Retail at
constant
exchange
\u00a3m
Tesco
Bank
\u00a3m
Total at
constant
exchange
\u00a3m
Foreign
exchange
\u00a3m
Total
at actual
exchange
\u00a3m
Continuing operations
Revenue 60,214
4,468
64,682
1,106
65,788
(26)
65,762
Less: Fuel sales (7,877)
(222)
(8,099)
\u2013
(8,099)
(7)
(8,106)
APM: Sales 52,337
4,246
56,583
1,106
57,689
(33)
57,656
Adjusted operating profit 2,307
174
2,481
143
2,624
6
2,630
Adjusting items (Note 4) (1,058)
(33)
(1,091)
(11)
(1,102)
(3)
(1,105)
Operating profit 1,249
141
1,390
132
1,522
3
1,525
Adjusted operating margin 3.8%
3.9%
3.8%
12.9%
4.0%
4.0%
52 weeks ended 25 February 2023
At actual exchange rates
UK & ROI
\u00a3m
Central
Europe
\u00a3m
Total Retail
\u00a3m
Tesco
Bank
\u00a3m
Total
at actual
exchange
\u00a3m
Continuing operations
Revenue 60,246
4,410
64,656
1,106
65,762
Less: Fuel sales (7,877)
(229)
(8,106)
\u2013
(8,106)
APM: Sales 52,369
4,181
56,550
1,106
57,656
Adjusted operating profit 2,307
180
2,487
143
2,630
Adjusting items (Note 4) (1,058)
(36)
(1,094)
(11)
(1,105)
Operating profit 1,249
144
1,393
132
1,525
Adjusted operating margin 3.8%
4.1%
3.8%
12.9%
4.0%
Share of post-tax profits of joint ventures and associates
8
Finance income
85
Finance costs
(618)
Profit before tax
1,000
Tesco Bank revenue of \u00a31,106m (2022: \u00a3922m) comprises interest and similar revenues of \u00a3540m (2022: \u00a3473m), fees and commissions revenue of
\u00a3257m (2022: \u00a3210m) and insurance revenue of \u00a3309m (2022: \u00a3239m). For insurance, refer to Note 24.
52 weeks ended 26 February 2022
At actual exchange rates
UK & ROI
\u00a3m
Central
Europe
\u00a3m
Total Retail
\u00a3m
Tesco
Bank
\u00a3m
Total
at actual
exchange
\u00a3m
Continuing operations
Revenue 56,404
4,018
60,422
922
61,344
Less: Fuel sales (6,420)
(156)
(6,576)
\u2013
(6,576)
APM: Sales 49,984
3,862
53,846
922
54,768
Adjusted operating profit 2,481
168
2,649
176
2,825
Adjusting items (Note 4) (290)
25
(265)
\u2013
(265)
Operating profit 2,191
193
2,384
176
2,560
Adjusted operating margin 4.4%
4.2%
4.4%
19.1%
4.6%
Share of post-tax profits of joint ventures and associates
15
Finance income
9
Finance costs
(551)
Profit before tax
2,033
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-786": {
"value": "Tesco Bank revenue of \u00a31,106m (2022: \u00a3922m) comprises interest and similar revenues of \u00a3540m (2022: \u00a3473m), fees and commissions revenue of \u00a3257m (2022: \u00a3210m) and insurance revenue of \u00a3309m (2022: \u00a3239m). For insurance, refer to Note 24. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-750": {
"value": "Other segment information 52 weeks ended 25 February 2023 UK & ROI \u00a3m Central Europe \u00a3m Tesco Bank \u00a3m Total \u00a3m Capital expenditure (including acquisitions through business combinations): Property, plant and equipment(a)(b) 1,176 104 14 1,294 Goodwill and other intangible assets(c) 259 12 37 308 Depreciation and amortisation: Property, plant and equipment (788) (84) (10) (882) Right of use assets (500) (37) (2) (539) Investment property (1) \u2013 \u2013 (1) Other intangible assets (226) (10) (42) (278) Impairment(d) : (Loss) on financial assets (5) (1) (61) (67) (a) Includes \u00a3248m related to obtaining control of The Tesco Dorney Limited Partnership (2022: \u00a3584m related to obtaining control of The Tesco Sarum Limited Partnership). Refer to Note 33 for further details. (b) Includes \u00a342m (2022: \u00a31m) of property, plant and equipment acquired through business combinations. (c) Includes \u00a331m (2022: \u00a338m) of goodwill and other intangible assets acquired through business combinations. (d) Excludes impairment of other non-current assets. Refer to Note 14. 52 weeks ended 26 February 2022 UK & ROI \u00a3m Central Europe \u00a3m Tesco Bank \u00a3m Total \u00a3m Capital expenditure (including acquisitions through business combinations): Property, plant and equipment(a)(b) 1,485 89 14 1,588 Goodwill and other intangible assets(c) 186 10 71 267 Depreciation and amortisation: Property, plant and equipment (792) (90) (11) (893) Right of use assets (500) (35) (2) (537) Investment property (1) \u2013 \u2013 (1) Other intangible assets (224) (11) (52) (287) Impairment(d): (Loss)/reversal on financial assets 10 (1) 30 39 Refer to previous table for footnotes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-813": {
"value": "Note 3 Operating expenses Auditor\u2019s remuneration 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Fees payable to the Company\u2019s auditor and its associates for the audit of the Company and Group financial statements 3.6 2.8 The audit of the accounts of the Company\u2019s subsidiaries 9.7 8.9 Total audit services 13.3 11.7 Audit-related assurance services 1.2 0.9 Non-audit services 0.2 0.6 Total non-audit services 1.4 1.5 Total auditor\u2019s remuneration 14.7 13.2 Audit-related assurance services of \u00a31.2m (2022: \u00a30.9m) comprise: review of the Group\u2019s interim report \u00a30.5m (2022: \u00a30.5m) and other services \u00a30.7m (2022: \u00a30.4m). In addition to the amounts shown above, the auditor received fees of \u00a30.3m (2022: \u00a30.3m) for the audit of the main Group pension schemes, and fees of \u00a30.3m (2022: \u00a30.2m) for the audit of joint ventures. Non-audit services are subject to approval by the Chief Audit and Risk Officer and the Audit Committee. Additional information on the non-audit services provided by the auditor is provided in the Audit Committee report on page 76, including how objectivity and independence is safeguarded. Employment costs, including Directors\u2019 remuneration Continuing operations Notes 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Wages and salaries 6,516 6,410 Social security costs 519 493 Post-employment defined benefits 29 24 40 Post-employment defined contributions 29 375 361 Share-based payments expense 28 112 122 Termination benefits 110 40 Total 7,656 7,466 Post-employment defined contribution charges include \u00a3143m (2022: \u00a3136m) of salaries paid as pension contributions. The table below shows the average number of employees by segment during the financial year. Average number of employees Average number of full-time equivalents Continuing operations 2023 2022 2023 2022 UK & ROI 309,366 326,218 196,911 204,974 Central Europe 23,971 24,935 21,998 22,895 Tesco Bank 3,589 3,591 3,397 3,354 Total 336,926 354,744 222,306 231,223 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-751": {
"value": "Auditor\u2019s remuneration 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Fees payable to the Company\u2019s auditor and its associates for the audit of the Company and Group financial statements 3.6 2.8 The audit of the accounts of the Company\u2019s subsidiaries 9.7 8.9 Total audit services 13.3 11.7 Audit-related assurance services 1.2 0.9 Non-audit services 0.2 0.6 Total non-audit services 1.4 1.5 Total auditor\u2019s remuneration 14.7 13.2 Audit-related assurance services of \u00a31.2m (2022: \u00a30.9m) comprise: review of the Group\u2019s interim report \u00a30.5m (2022: \u00a30.5m) and other services \u00a30.7m (2022: \u00a30.4m). In addition to the amounts shown above, the auditor received fees of \u00a30.3m (2022: \u00a30.3m) for the audit of the main Group pension schemes, and fees of \u00a30.3m (2022: \u00a30.2m) for the audit of joint ventures. Non-audit services are subject to approval by the Chief Audit and Risk Officer and the Audit Committee. Additional information on the non-audit services provided by the auditor is provided in the Audit Committee report on page 76, including how objectivity and independence is safeguarded. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-752": {
"value": "Employment costs, including Directors\u2019 remuneration
Continuing operations Notes
52 weeks
2023
\u00a3m
52 weeks
2022
\u00a3m
Wages and salaries
6,516
6,410
Social security costs
519
493
Post-employment defined benefits 29
24
40
Post-employment defined contributions 29
375
361
Share-based payments expense 28
112
122
Termination benefits
110
40
Total
7,656
7,466
Post-employment defined contribution charges include \u00a3143m (2022: \u00a3136m) of salaries paid as pension contributions.
The table below shows the average number of employees by segment during the financial year.
Average number
of employees
Average number of
full-time equivalents
Continuing operations 2023 2022
2023 2022
UK & ROI 309,366
326,218
196,911
204,974
Central Europe 23,971
24,935
21,998
22,895
Tesco Bank 3,589
3,591
3,397
3,354
Total 336,926
354,744
222,306
231,223
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-787": {
"value": "Employment costs, including Directors\u2019 remuneration Continuing operations Notes 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Wages and salaries 6,516 6,410 Social security costs 519 493 Post-employment defined benefits 29 24 40 Post-employment defined contributions 29 375 361 Share-based payments expense 28 112 122 Termination benefits 110 40 Total 7,656 7,466 Post-employment defined contribution charges include \u00a3143m (2022: \u00a3136m) of salaries paid as pension contributions. Note 29 Post-employment benefits Pensions The Group operates a variety of post-employment benefit arrangements, covering both funded and unfunded defined benefit schemes and defined contribution schemes. Defined contribution Defined contribution schemes are open to all Tesco employees in the UK. Under the Group\u2019s defined contribution pension schemes, employees of the Group pay contributions to an independently administered fund, into which the Group also pays contributions based upon a fixed percentage of the employee\u2019s contributions. The Group has no further payment obligations once its contributions have been paid. Contributions paid for defined contribution schemes in continuing operations of \u00a3375m (2022: \u00a3361m) have been recognised in the Group income statement. This includes \u00a3143m (2022: \u00a3136m) of salaries paid as pension contributions. Defined benefit schemes The Group has a defined benefit pension deficit of \u00a3400m (2022: \u00a3303m deficit), and a defined benefit pension surplus of \u00a36m (2022: \u00a33,150m), comprising a number of schemes. The most significant schemes are for the Group\u2019s employees in the UK and ROI, which are closed to future accrual. The defined benefit pension deficit in the UK represents 102% of the net Group deficit. In the prior year, the defined benefit pension surplus in the UK represented 103% of the net Group surplus. United Kingdom The principal plan within the Group is the Tesco PLC Pension Scheme (the Scheme), the assets of which are held as a segregated fund and administered by the Trustee. The Scheme is established under trust law and has a corporate trustee (the Trustee) that is required to run the Scheme in accordance with the Scheme\u2019s Trust Deed and Rules and to comply with all relevant legislation. Responsibility for governance of the Scheme lies with the Trustee. The Trustee is a company whose directors comprise: 1. representatives of the Group; 2. independent trustees; and 3. representatives of the Scheme participants, in accordance with its articles of association and UK pension law. Scheme funding The Group considers two measures of the pension surplus/deficit. The accounting position is shown on the Group balance sheet. The funding position, calculated at the triennial funding valuation, is used to agree contributions made to the schemes. The two measures will vary because they are for different purposes, and are calculated at different dates and in different ways. The key calculation difference is that the funding position considers the expected returns of scheme assets when calculating the liability, whereas the accounting, position calculated under IAS 19 discounts liabilities based on corporate bond yields. The most recent completed triennial funding valuation of the Scheme was performed as at 31 March 2022 using the projected unit credit method. The funding position was a surplus of \u00a30.9bn. The Scheme remained in a funding surplus as at 25 February 2023. Subsequent to this triennial funding valuation it was agreed that no further pension deficit contributions would be required, with contributions next expected to be assessed at the 31 March 2025 triennial review. The Group was paying \u00a325m per annum to meet expenses of the Scheme, including the Pension Protection Fund levy. This expense payment fell to \u00a317m per annum from October 2022. In addition the market value of assets held as security in favour of the Scheme is at least \u00a3775m (2022: \u00a3775m). The most recent Booker Pension Scheme triennial funding valuation showed a funding deficit of \u00a3139m at 31 March 2022, with agreed contributions of \u00a317m per annum until the end of 2028. The most recent Budgens Pension Scheme triennial funding valuation showed a funding surplus of \u00a30.4m at 31 March 2021. No contributions were required for the Budgens Scheme. IFRIC 14 For schemes in an accounting surplus position, these surpluses are recognised on the balance sheet in line with IFRIC 14, as the Group has an unconditional legal right to any future economic benefits by way of future refunds following a gradual settlement. Maturity profile of the defined benefit obligation The estimated duration of the Scheme defined benefit obligation is an indicator of the weighted average term of benefit payments after discounting. For the Scheme this is 18 years. Around 39% of the undiscounted benefits are due to be paid beyond 30 years\u2019 time, with the last payments expected to be over 80 years from now. The estimated undiscounted benefit payments expected to be paid out over the life of the Scheme are shown below. The defined benefit obligation held by the Scheme is broken down as follows: % Deferred members 77 Current pensioners 23 Risks The Group bears a number of risks in relation to the Scheme, which are described below: Risk Description of risk Mitigation Investment The Scheme\u2019s defined benefit obligation is calculated using a discount rate set with reference to corporate bond yields. If the return on the Scheme\u2019s assets underperform this rate, the accounting deficit will increase. If the Scheme\u2019s assets underperform the expected return for the funding valuation, this may require additional contributions to be made by the Group. The Trustee and the Group regularly monitor the funding position and operate a diversified investment strategy. The Trustee and the Group take a balanced approach to investment risk and have a long-term plan to significantly reduce the investment risk within the Scheme. The Trustee considers climate risk as one of the key investment risks faced by the Scheme and has set up a Responsible Investment Committee to consider climate- related issues relating to the Scheme. The Scheme has also made a commitment to aim for investments to be net zero by 2050. Further details on the metrics, targets and actions taken in relation to climate risk can be seen in the Scheme\u2019s Climate Change Report. Inflation The Scheme\u2019s defined benefit obligation is linked to inflation. A higher rate of expected long-term inflation will therefore lead to higher liabilities, both for the IAS 19 and funding liability. If the Scheme\u2019s funding liability increases, this may require additional contributions to be made by the Group. As part of the investment strategy, the Trustee aims to mitigate this risk through investment in a liability-driven investment (LDI) portfolio. The portfolio invests in assets which increase in value as inflation expectations increase. This mitigates the impact of any adverse movement in long-term inflation expectations. The Scheme\u2019s holdings are designed to hedge against inflation risk for most of the funded liabilities. Additionally, changes to future benefits were introduced in June 2012 to reduce the Scheme\u2019s exposure to inflation risk by changing the basis for calculating the rate of increase in pensions to CPI (previously RPI). Interest rate A decrease in corporate bond yields in isolation is expected to increase the accounting deficit. Similarly, a decrease in gilt yields in isolation is expected to have an adverse impact on the funding position of the Scheme. This may lead to additional contributions being made by the Group. As part of the investment strategy, the Trustee aims to mitigate this risk through investment in an LDI portfolio. The portfolio invests in assets which increase in value as interest rates decrease. The Scheme\u2019s holdings are designed to hedge against interest rate risk for most of the funded liabilities. Because the aim of the portfolio is to mitigate risk for the funding position, ineffectiveness in hedging for the accounting deficit can arise where corporate bond and gilt yields diverge. This is partially offset by the Scheme\u2019s holdings in corporate bonds. Using an LDI portfolio means a rise in interest rates can lead to collateral calls. The Trustee and the Group regularly monitor and manage the level of liquidity to ensure it remains appropriate. Life expectancy The Scheme\u2019s obligations are to provide benefits for the life of the member and so increases in life expectancy will lead to a higher defined benefit obligation. To reduce this risk, changes to future benefits were introduced in June 2012 to increase the age at which members can take their full pension by around two years. The Trustee and the Group regularly monitor the impact of changes in longevity on the Scheme defined benefit obligation. 70+66-7061-6556-6051-5546-5041-4536-4031-3526-3021-2516-2011-156-101-5 0 1 2 3 4 5 \u00a3bn Deferred members Current pensioners Years Note 29 Post-employment benefits continued The operations and audit pensions committee was set up in 2015 to further strengthen the Scheme\u2019s Trustee governance and provide greater oversight and stronger internal control over the Group\u2019s risks. The Group pensions committee was also set up in 2018 to provide an additional layer of governance and risk management. Further mitigation of the risks is provided by external advisors and the Trustee who considers the funding position, fund performance and impacts of any regulatory changes. Scheme principal assumptions Financial assumptions The principal assumptions, on a weighted average basis, used by external actuaries to value the defined benefit obligation of the Scheme were as follows: 2023 % 2022 % Discount rate 4.9 2.8 Price inflation 3.0 3.3 Rate of increase in deferred pensions* 2.6 2.9 Rate of increase in pensions in payment* Benefits accrued before 1 June 2012 2.9 3.1 Benefits accrued after 1 June 2012 2.5 2.8 * In excess of any guaranteed minimum pension (GMP) element. Discount rate The discount rate for the Scheme is determined by reference to market yields of high-quality corporate bonds of suitable currency and term to the Scheme cash flows and extrapolated based on the trend observable in corporate bond yields. Inflation The inflation assumption is used to determine increases in pensions linked to RPI and CPI inflation within sections of the Scheme, subject to relevant maximum and minimum increases. RPI inflation is derived by reference to the difference between fixed-interest and index-linked long-term government bonds. To account for the premium that investors are willing to pay to mitigate the risk that inflation is higher than expected, the inflation assumption incorporates an inflation risk premium. CPI inflation is set by reference to RPI. The Group uses a bifurcated approach to pre- and post-2030 assumptions, reflecting the impact of the RPI reforms from 2030 onwards. In consultation with external actuaries, the inflation risk premium has been set at 0.3% p.a. pre-2030 and 0.5% p.a. post-2030, which is a weighted average of 0.43% (2022: 0.42%). The CPI differential has been set as 1.0% p.a. pre-2030 and 0.1% p.a. post-2030, which is a weighted average of 0.48% lower than RPI (2022: 0.39%). Mortality assumptions The Trustee\u2019s actuary conducted a mortality analysis of the Scheme as part of the triennial funding valuation process. Subsequent to this analysis, the Group adopted the best estimate assumptions for the calculation of the defined benefit obligation for the main UK scheme. The mortality assumptions used are based on tables that have been projected to 2018 with CMI 2020 improvements. In addition, the allowance for future mortality improvements from 2018 has been updated to be in line with CMI 2021, with a long-term improvement rate of 1.25% p.a. and a 10% weighting applied to both 2020 and 2021 data, reflecting the expectation that the COVID-19 pandemic has had an impact on future life expectancies. The base tables used in calculating the mortality assumptions are different for various categories of members, as shown below: Pensioner Non-Pensioner Male Staff 96% of SAPS S3 Normal Heavy 100% of SAPS S3 Normal Heavy Senior Manager 112% of SAPS S3 Normal Light 113% of SAPS S3 Normal Light Female Staff 105% of SAPS S3 Normal Heavy 109% of SAPS S3 Normal Heavy Senior Manager 87% of SAPS S3 All Middle 87% of SAPS S3 All Middle The following table illustrates the expectation of life of an average member retiring at age 65 at the balance sheet date and a member reaching age 65 at the balance sheet date +25 years. A comparison between the two retiree dates illustrates the expected improvements in mortality over the next 25 years. 2023 Years 2022 Years Retiring at the balance sheet date at age 65: Male 20.0 20.8 Female 22.5 22.4 Retiring at the balance sheet date +25 years at age 65: Male 21.4 22.1 Female 24.2 24.1 Sensitivity analysis of significant actuarial assumptions The sensitivity of significant assumptions upon the Scheme defined benefit obligation are detailed below: 2023 2022 Financial assumptions \u2013 Increase/(decrease) in UK defined benefit obligation Discount rate \u00a3m Inflation rate \u00a3m Discount rate \u00a3m Inflation rate \u00a3m Impact of 0.1% increase of the assumption (213) 201 (404) 367 Impact of 0.1% decrease of the assumption 226 (201) 404 (349) Impact of 1.0% increase of the assumption (1,921) 2,147 (3,467) 3,889 Impact of 1.0% decrease of the assumption 2,498 (1,783) 4,732 (3,173) Mortality assumptions \u2013 Increase/(decrease) in UK defined benefit obligation 2023 \u00a3m 2022 \u00a3m Impact of 1 year increase in longevity 364 697 Impact of 1 year decrease in longevity (402) (715) The sensitivities reflect the range of recent assumption movements and illustrate that the financial assumption sensitivities do not move in a linear fashion. Movements in the defined benefit obligation from discount rate and inflation rate changes may be partially offset by movements in assets. Overseas The Group operates defined benefit schemes in ROI. An external actuary, using the projected unit credit method, carried out the latest assessment of the ROI schemes as at 25 February 2023. At the financial year end, the accounting deficit relating to ROI was \u00a3nil (2022: \u00a397m). Post-employment benefits other than pensions The Group operates a scheme offering post-retirement healthcare benefits. The cost of providing these benefits has been accounted for on a similar basis to that used for defined benefit pension schemes. The accounting deficit as at 25 February 2023 of \u00a34m (2022: \u00a36m) was determined in accordance with the advice of external actuaries. During the current financial year, \u00a3nil (2022: \u00a3nil) has been charged to the Group income statement and \u00a3nil (2022: \u00a3nil) of benefits were paid. Plan assets The Group\u2019s pension schemes hold assets that both provide returns and mitigate risk, including the volatility of future pension payments. The table below shows a breakdown of the combined investments held by the Group\u2019s schemes: 2023 2022 Quoted \u00a3m Unquoted \u00a3m Total \u00a3m % Quoted \u00a3m Unquoted \u00a3m Total \u00a3m % Equities UK 32 \u2013 32 \u2013 136 \u2013 136 1 Europe 76 \u2013 76 1 691 \u2013 691 3 Rest of the world 516 \u2013 516 4 3,492 \u2013 3,492 16 624 \u2013 624 5 4,319 \u2013 4,319 20 Bonds Government 363 \u2013 363 3 1,394 \u2013 1,394 6 Corporates \u2013 investment grade 570 \u2013 570 4 3,376 \u2013 3,376 15 Corporates \u2013 non-investment grade 211 \u2013 211 2 1,123 \u2013 1,123 5 1,144 \u2013 1,144 9 5,893 \u2013 5,893 26 Property UK 2 1,094 1,096 8 94 1,514 1,608 7 Rest of the world 2 567 569 4 7 550 557 2 4 1,661 1,665 12 101 2,064 2,165 9 Alternative assets Hedge funds \u2013 64 64 \u2013 \u2013 311 311 1 Private equity \u2013 1,032 1,032 8 \u2013 1,509 1,509 7 Other 162 1,793 1,955 15 218 1,779 1,997 9 162 2,889 3,051 23 218 3,599 3,817 17 LDI portfolio 8,173 (2,491) 5,682 44 5,163 (4) 5,159 23 Cash 859 \u2013 859 7 1,037 \u2013 1,037 5 Total fair value of plan assets 10,966 2,059 13,025 100 16,731 5,659 22,390 100 Quoted assets are those with a quoted price in an active market. Unquoted assets are valued in accordance with IFRS 13, using the most appropriate level within the fair value hierarchy based on the specifics of the asset class, and in line with industry standard guidelines, including the RICS methodology for property and the IPEV guidelines for private equity. The LDI portfolio consists of assets, including gilts and index-linked gilts, cash and money market funds of the value of \u00a38,376m (2022: \u00a38,986m) and associated repurchase agreements and swaps of \u00a3(2,694)m (2022: \u00a3(3,827)m). Other alternative assets include infrastructure and private credit investments. Other derivatives are included in the asset category to which they relate, reflecting the underlying nature and exposure of the derivative. The fall in fair value is attributable to the increase in gilt yields during the year. The plan assets include \u00a3240m (2022: \u00a3244m) relating to property used by the Group. Group property with net carrying value of \u00a3783m (2022: \u00a3914m) (refer to Note 11) and a value to the Scheme of at least \u00a3775m (2022: \u00a3775m) is held as security in favour of the Scheme. Note 29 Post-employment benefits continued Movement in the Group pension surplus/(deficit) during the financial year Fair value of plan assets Defined benefit obligation Net defined benefit surplus/(deficit) 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Opening balance 22,390 20,082 (19,543) (21,304) 2,847 (1,222) Current service cost \u2013 \u2013 (24) (39) (24) (39) Settlement charge(a) \u2013 \u2013 \u2013 (1) \u2013 (1) Finance income/(cost) 607 391 (527) (413) 80 (22) Included in the Group income statement 607 391 (551) (453) 56 (62) Remeasurement gain/(loss): Financial assumptions gain/(loss) \u2013 \u2013 7,652 1,881 7,652 1,881 Demographic assumptions gain/(loss) \u2013 \u2013 (228) 21 (228) 21 Experience gain/(loss) \u2013 \u2013 (1,244) (212) (1,244) (212) Return on plan assets excluding finance income (9,518) 2,385 \u2013 \u2013 (9,518) 2,385 Foreign currency translation 15 (9) (18) 13 (3) 4 Included in the Group statement of comprehensive income/(loss) (9,503) 2,376 6,162 1,703 (3,341) 4,079 Member contributions \u2013 2 \u2013 (2) \u2013 \u2013 Employer contributions 24 33 \u2013 \u2013 24 33 Additional employer contributions 20 16 \u2013 \u2013 20 16 Benefits paid (513) (502) 516 505 3 3 Scheme settlement \u2013 (8) \u2013 8 \u2013 \u2013 Other movements (469) (459) 516 511 47 52 Closing balance 13,025 22,390 (13,416) (19,543) (391) 2,847 Withholding tax on surplus(b) (3) \u2013 Closing balance, net of withholding tax (394) 2,847 Consisting of: Schemes in deficit (400) (303) Schemes in surplus(c) 6 3,150 Deferred tax asset/(liability) 100 (726) Surplus/(deficit) in schemes at the end of the year, net of deferred tax (294) 2,121 (a) Settlement charge on Londis Scheme buy-out in 2022. (b) Recognised through other comprehensive income in remeasurements of defined benefit pension schemes. (c) In 2023, schemes in surplus in the UK are presented on the balance sheet net of a 35% withholding tax. ",
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"value": "Note 4 Adjusting items Group income statement Refer to Note 1 for further details regarding the assessment of items as adjusting. 52 weeks ended 25 February 2023 Profit/(loss) for the year included the following adjusting items: Cost of sales \u00a3m Administrative expenses \u00a3m Total adjusting items included within operating profit \u00a3m Share of joint venture and associates profits/(losses) \u00a3m Finance income/ (costs) \u00a3m Taxation \u00a3m Adjusting items included within discontinued operations \u00a3m Total adjusting items \u00a3m Property transactions (a) 36 55 91 \u2013 \u2013 29 \u2013 120 Net impairment (loss)/reversal of non- current assets (b) (965) (17) (982) \u2013 \u2013 129 \u2013 (853) Fair value less cost of disposal movements on assets held for sale \u2013 (14) (14) \u2013 \u2013 1 \u2013 (13) Restructuring (c) (107) (31) (138) \u2013 \u2013 26 \u2013 (112) Disposal of Asia operations (d) - 2 2 \u2013 \u2013 \u2013 \u2013 2 ATM business rates refund (e) 7 - 7 \u2013 \u2013 (1) \u2013 6 Release of onerous contract provision (f) \u2013 5 5 \u2013 \u2013 \u2013 \u2013 5 Amortisation of acquired intangible assets (g) \u2013 (76) (76) \u2013 \u2013 14 \u2013 (62) Net pension finance income (h) \u2013 \u2013 \u2013 \u2013 80 (15) \u2013 65 Fair value remeasurements of financial instruments (h) \u2013 \u2013 \u2013 \u2013 (51) 12 \u2013 (39) Total adjusting items from continuing operations (1,029) (76) (1,105) \u2013 29 195 \u2013 (881) Adjusting items relating to discontinued operations (i) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (9) (9) Total adjusting items (1,029) (76) (1,105) - 29 195 (9) (890) (a) The Group disposed of surplus properties that generated a profit before tax of \u00a391m (2022: \u00a3128m). \u00a337m relates to the disposal of mall properties in Central Europe and associated store sale and leasebacks (2022: \u00a3nil). Refer to Notes 7 and 12 for further details. Taxation includes \u00a363m deferred tax credit on lease simplifications relating to property joint venture structures. (b) Refer to Note 14 for further details on net impairment (loss)/reversal of non-current assets. Includes \u00a3(7)m of impairment relating to the acquisition of The Tesco Dorney Limited Partnership (refer to Note 33). (c) Provisions relating to operational restructuring changes announced as part of \u2018Save to invest\u2019, a multi-year programme. The total cost of the programme to date is \u00a3(182)m. Future cost savings will not be reported within adjusting items. (d) \u00a34m relates to software licence fee income (2022: \u00a326m) from services provided to CP Group as part of the Transitional Services Agreement relating to the sale of Asia. \u00a3(2)m relates to payment of outstanding employer tax liabilities as part of the disposal of Asia. Costs and income in relation to the disposal of Asia have been recognised in adjusting items in previous years. (e) Ruling that Tesco Group is due a refund of business rates relating to external facing ATMs in stores. Similar refunds have been recognised through adjusting items in previous years. (f) Release of onerous contract provisions in ROI that had been charged through adjusting items in previous years. (g) Amortisation of acquired intangibles relates to historical inorganic business combinations and does not reflect the Group\u2019s ongoing trading performance. (h) Net pension finance income and fair value remeasurements of financial instruments are included within adjusting items, as they can fluctuate significantly due to external market factors that are outside management\u2019s control. Refer to Note 5 for details of finance income and costs. (i) Refer to Note 7 for explanation of adjusting items relating to discontinued operations. 52 weeks ended 26 February 2022 Profit/(loss) for the year included the following adjusting items: Cost of sales \u00a3m Administrative expenses \u00a3m Total adjusting items included within operating profit \u00a3m Share of joint venture and associates profits/(losses) \u00a3m Finance income/ (costs) \u00a3m Taxation \u00a3m Adjusting items included within discontinued operations \u00a3m Total adjusting items \u00a3m Property transactions 1 127 128 \u2013 \u2013 (21) \u2013 107 Net impairment (loss)/reversal of non- current assets (140) 25 (115) \u2013 \u2013 (26) \u2013 (141) Fair value less cost of disposal movements on assets held for sale \u2013 (6) (6) \u2013 \u2013 \u2013 \u2013 (6) Restructuring provisions (37) (7) (44) \u2013 \u2013 8 \u2013 (36) Asia licence fee \u2013 26 26 \u2013 \u2013 (5) \u2013 21 Litigation costs \u2013 (193) (193) \u2013 \u2013 \u2013 \u2013 (193) Disposal of China associate \u2013 15 15 \u2013 \u2013 \u2013 \u2013 15 Amortisation of acquired intangible assets \u2013 (76) (76) \u2013 \u2013 (7) \u2013 (83) Net pension finance costs \u2013 \u2013 \u2013 \u2013 (22) 6 \u2013 (16) Fair value remeasurements of financial instruments \u2013 \u2013 \u2013 \u2013 123 (19) \u2013 104 Release of tax provisions \u2013 \u2013 \u2013 \u2013 \u2013 56 \u2013 56 Total adjusting items from continuing operations (176) (89) (265) \u2013 101 (8) \u2013 (172) Adjusting items relating to discontinued operations \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (38) (38) Total adjusting items (176) (89) (265) \u2013 101 (8) (38) (210) Group cash flow statement The table below shows the impact of adjusting items on the Group cash flow statement: Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Property transactions (a) \u2013 \u2013 335 308 \u2013 \u2013 Poland sale proceeds and costs \u2013 \u2013 \u2013 122 \u2013 \u2013 Litigation costs \u2013 (312) \u2013 \u2013 \u2013 \u2013 Acquisition of property joint venture \u2013 \u2013 (40) (43) \u2013 \u2013 Booker integration cash payments \u2013 (18) \u2013 \u2013 \u2013 \u2013 Settlement of claims for customer redress in Tesco Bank (4) (8) \u2013 \u2013 \u2013 \u2013 Disposal of China associate \u2013 \u2013 \u2013 15 \u2013 \u2013 ATM business rates refund (b) 5 14 \u2013 \u2013 \u2013 \u2013 Special dividend \u2013 \u2013 \u2013 \u2013 (1) (27) Disposal of Asia operations (2) \u2013 \u2013 (5) \u2013 \u2013 Restructuring (c) (74) \u2013 \u2013 \u2013 \u2013 \u2013 Total continuing operations (75) (324) 295 397 (1) (27) Cash flows from discontinued operations \u2013 (1) \u2013 44 \u2013 \u2013 Total (75) (325) 295 441 (1) (27) (a) Property transactions include \u00a343m proceeds (2022: \u00a3109m) relating to the sale of stores in Poland not included in the sale of the corporate business. \u00a3203m proceeds (2022: \u00a3nil) relate to the disposal of mall properties in Central Europe and the associated store sale and leasebacks. Refer to Notes 7 and 12 for further details. (b) Amounts received in the year with respect to the ruling that Tesco Group is due a refund of business rates relating to external facing ATMs in stores. (c) Cash outflows relating to operational restructuring changes as part of the multi-year \u2018Save to invest\u2019 programme. ",
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"value": "Note 5 Finance income and costs Continuing operations Notes 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Finance income Interest receivable and similar income 78 4 Interest receivable on other investments 3 \u2013 Finance income receivable on net investment in leases 4 5 Total finance income 85 9 Finance costs GBP MTNs and loans (160) (161) EUR MTNs (53) (42) USD bonds (18) (5) Finance charges payable on lease liabilities (373) (405) Other interest payable (43) (39) Total finance costs before adjusting items (647) (652) Fair value remeasurements of financial instruments* (51) 123 Net pension finance income/(cost) 29 80 (22) Total finance costs (618) (551) Net finance costs (533) (542) * Fair value remeasurements of financial instruments included \u00a370m gain (2022: \u00a3nil) relating to the repurchase of long-dated bonds. ",
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"value": "Note 5 Finance income and costs Continuing operations Notes 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Finance income Interest receivable and similar income 78 4 Interest receivable on other investments 3 \u2013 Finance income receivable on net investment in leases 4 5 Total finance income 85 9 Finance costs GBP MTNs and loans (160) (161) EUR MTNs (53) (42) USD bonds (18) (5) Finance charges payable on lease liabilities (373) (405) Other interest payable (43) (39) Total finance costs before adjusting items (647) (652) Fair value remeasurements of financial instruments* (51) 123 Net pension finance income/(cost) 29 80 (22) Total finance costs (618) (551) Net finance costs (533) (542) * Fair value remeasurements of financial instruments included \u00a370m gain (2022: \u00a3nil) relating to the repurchase of long-dated bonds.",
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"value": "Note 5 Finance income and costs Continuing operations Notes 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Finance income Interest receivable and similar income 78 4 Interest receivable on other investments 3 \u2013 Finance income receivable on net investment in leases 4 5 Total finance income 85 9 Finance costs GBP MTNs and loans (160) (161) EUR MTNs (53) (42) USD bonds (18) (5) Finance charges payable on lease liabilities (373) (405) Other interest payable (43) (39) Total finance costs before adjusting items (647) (652) Fair value remeasurements of financial instruments* (51) 123 Net pension finance income/(cost) 29 80 (22) Total finance costs (618) (551) Net finance costs (533) (542) * Fair value remeasurements of financial instruments included \u00a370m gain (2022: \u00a3nil) relating to the repurchase of long-dated bonds.",
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"value": "Note 5 Finance income and costs Continuing operations Notes 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Finance income Interest receivable and similar income 78 4 Interest receivable on other investments 3 \u2013 Finance income receivable on net investment in leases 4 5 Total finance income 85 9 Finance costs GBP MTNs and loans (160) (161) EUR MTNs (53) (42) USD bonds (18) (5) Finance charges payable on lease liabilities (373) (405) Other interest payable (43) (39) Total finance costs before adjusting items (647) (652) Fair value remeasurements of financial instruments* (51) 123 Net pension finance income/(cost) 29 80 (22) Total finance costs (618) (551) Net finance costs (533) (542) * Fair value remeasurements of financial instruments included \u00a370m gain (2022: \u00a3nil) relating to the repurchase of long-dated bonds.",
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"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-788": {
"value": "Note 5 Finance income and costs Continuing operations Notes 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Finance income Interest receivable and similar income 78 4 Interest receivable on other investments 3 \u2013 Finance income receivable on net investment in leases 4 5 Total finance income 85 9 Finance costs GBP MTNs and loans (160) (161) EUR MTNs (53) (42) USD bonds (18) (5) Finance charges payable on lease liabilities (373) (405) Other interest payable (43) (39) Total finance costs before adjusting items (647) (652) Fair value remeasurements of financial instruments* (51) 123 Net pension finance income/(cost) 29 80 (22) Total finance costs (618) (551) Net finance costs (533) (542) * Fair value remeasurements of financial instruments included \u00a370m gain (2022: \u00a3nil) relating to the repurchase of long-dated bonds.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-753": {
"value": "Note 5 Finance income and costs Continuing operations Notes 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Finance income Interest receivable and similar income 78 4 Interest receivable on other investments 3 \u2013 Finance income receivable on net investment in leases 4 5 Total finance income 85 9 Finance costs GBP MTNs and loans (160) (161) EUR MTNs (53) (42) USD bonds (18) (5) Finance charges payable on lease liabilities (373) (405) Other interest payable (43) (39) Total finance costs before adjusting items (647) (652) Fair value remeasurements of financial instruments* (51) 123 Net pension finance income/(cost) 29 80 (22) Total finance costs (618) (551) Net finance costs (533) (542) * Fair value remeasurements of financial instruments included \u00a370m gain (2022: \u00a3nil) relating to the repurchase of long-dated bonds.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-698": {
"value": "Note 6 Taxation Recognised in the Group income statement Continuing operations 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Current tax (credit)/charge UK corporation tax 202 201 Overseas tax 78 69 Adjustments in respect of prior years 19 (55) 299 215 Deferred tax (credit)/charge Origination and reversal of temporary differences (18) 216 Adjustments in respect of prior years (35) 1 Change in tax rate 1 78 (52) 295 Total income tax (credit)/charge 247 510 Reconciliation of effective tax charge Continuing operations 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Profit/(loss) before tax 1,000 2,033 Tax credit/(charge) at 19.0% (2022: 19.0%) (190) (386) Effect of: Non-qualifying depreciation* (5) (7) Expenses not deductible (21) (57) Property items taxed on a different basis to accounting entries 33 7 Impairment of non-current assets (87) (43) Banking surcharge tax (5) (13) Differences in overseas taxation rates 11 10 Adjustments in respect of prior years 16 54 Share of losses of joint ventures and associates 2 3 Change in tax rate (1) (78) Total income tax credit/(charge) (247) (510) Effective tax rate 24.7% 25.1% * This figure has been reduced by the tax effect of the super-deduction of \u00a330m (2022: \u00a323m) in respect of tax relief for fixed assets. Reconciliation of effective tax charge on adjusted profit before tax Continuing operations 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Profit/(loss) before tax 1,000 2,033 Add: Adjusting items 1,076 164 Adjusted profit before tax 2,076 2,197 Tax credit/(charge) at 19.0% (2022: 19.0%) (394) (417) Effect of: Non-qualifying depreciation (a) (5) (7) Expenses not deductible (21) (32) Property items taxed on a different basis to accounting entries \u2013 (1) Banking surcharge tax (5) (13) Differences in overseas taxation rates 10 10 Adjustments in respect of prior years (3) (2) Share of profits of joint ventures and associates 2 3 Change in tax rate (b) (26) (43) Total income tax credit/(charge) before adjusting items (442) (502) Adjusted effective tax rate 21.3% 22.8% (a) This figure has been reduced by the tax effect of the super-deduction of \u00a330m (2022: \u00a323m) in respect of tax relief for fixed assets. (b) Change in tax rate includes \u00a331m (2022: \u00a319m) in relation to provision of deferred tax at 25% (2022: 25%) on assets qualifying for super-deductions. Tax on items credited directly to the Group statement of changes in equity Continuing operations 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Current tax credit/(charge) on: Share-based payments 6 1 Deferred tax credit/(charge) on: Share-based payments (11) 14 Total tax on items credited/(charged) to the Group statement of changes in equity (5) 15 Tax relating to components of the Group statement of comprehensive income/(loss) Continuing operations 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Current tax credit/(charge) on: Pensions 124 124 Deferred tax credit/(charge) on: Pensions 719 (1,030) Fair value movement on financial assets at fair value through other comprehensive income 11 5 Fair value movements on cash flow hedges 20 (22) Total tax on items credited/(charged) to the Group statement of comprehensive income/(loss) 874 (923) Deferred tax The following are the major deferred tax (liabilities)/assets recognised by the Group and movements thereon during the current and prior financial years, measured using the tax rates that are expected to apply when the liability is settled or the asset realised based on the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised when it is probable sufficient taxable profits will be available to utilise deductible temporary differences or unused tax losses. This assessment is based on the Group\u2019s three- year long-term plan which is updated and approved annually by the Board and is consistent with the Group\u2019s longer-term viability statement and impairment assessments. Property- related items(a) \u00a3m Acquired intangibles \u00a3m Post- employment benefits(b) \u00a3m Share-based payments \u00a3m Short-term timing differences \u00a3m Tax losses \u00a3m Financial instruments \u00a3m Total \u00a3m At 27 February 2021 (125) (98) 582 31 69 3 42 504 (Charge)/credit to the Group income statement (227) (10) (1) (6) (24) 2 (29) (295) (Charge)/credit to the Group statement of changes in equity \u2013 \u2013 \u2013 14 \u2013 \u2013 \u2013 14 (Charge)/credit to the Group statement of comprehensive income/(loss) \u2013 \u2013 (1,030) \u2013 \u2013 \u2013 (17) (1,047) Foreign exchange and other movements \u2013 \u2013 (2) \u2013 \u2013 1 \u2013 (1) At 26 February 2022 (352) (108) (451) 39 45 6 (4) (825) (Charge)/credit to the Group income statement (80) 15 (13) 11 14 140 (35) 52 (Charge)/credit to the Group statement of changes in equity \u2013 \u2013 \u2013 (11) \u2013 \u2013 \u2013 (11) (Charge)/credit to the Group statement of comprehensive income/(loss) \u2013 \u2013 719 \u2013 \u2013 \u2013 31 750 Foreign exchange and other movements (2) (2) \u2013 \u2013 1 \u2013 \u2013 (3) At 25 February 2023 (434) (95) 255 39 60 146 (8) (37) (a) Property-related items include a deferred tax liability on rolled-over gains of \u00a3421m (2022: \u00a3423m), deferred tax assets on capital losses of \u00a3242m (2022: \u00a3248m) and deferred tax assets on IFRS 16 balances of \u00a3235m (2022: \u00a3238m). The remaining balance relates to accelerated tax depreciation. (b) The deferred tax asset on retirement benefits includes a deferred tax asset of \u00a3155m (2022: \u00a3275m) arising from a one-off contribution of \u00a32.5bn paid in December 2020 on which tax deductions are spread over 4 years, with the remaining balance related to the pension schemes in deficit. Refer to Note 29 for further details. The following is the analysis of the deferred tax balances after offset: 2023 \u00a3m 2022 \u00a3m Deferred tax assets 82 85 Deferred tax liabilities (119) (910) (37) (825) Unrecognised deferred tax assets and liabilities Deferred tax assets in relation to continuing operations have not been recognised in respect of the following items, because it is not probable that future taxable profits will be available against which the Group can utilise the benefits: 2023 \u00a3m 2022 \u00a3m Deductible temporary differences 45 47 Tax losses 186 178 231 225 As at 25 February 2023, the Group has unused trading tax losses from continuing operations of \u00a31,177m (2022: \u00a3590m) available for offset against future profits. A deferred tax asset has been recognised in respect of \u00a3584m (2022: \u00a326m) of such losses, with \u00a3571m (2022: \u00a312m) arising in the UK and \u00a313m (2022: \u00a314m) in other jurisdictions. No deferred tax asset has been recognised in respect of the remaining overseas trading tax losses of \u00a3593m (2022: \u00a3564m) due to the unpredictability of future profit streams, with \u00a3552m (2022: \u00a3527m) arising in the Netherlands, \u00a334m (2022: \u00a333m) in Germany and \u00a37m (2022: \u00a34m) in other jurisdictions. Capital losses of \u00a395m in ROI (2022: \u00a391m) have not been recognised as it is not expected they will be utilised. There are no losses that will expire included in unrecognised losses. A deferred tax asset has not been recognised in respect of deductible temporary differences of \u00a345m (2022: \u00a347m) as it is not expected they will be utilised. There is no expiry date for these temporary differences. No deferred tax liability is recognised on temporary differences of \u00a34.3bn (2022: \u00a34bn) relating to the unremitted earnings of overseas subsidiaries and joint ventures as the Group is able to control the timing of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future. The deferred tax on unremitted earnings at 25 February 2023 is estimated to be \u00a36m (2022: \u00a35m) which relates to taxes payable on repatriation and dividend withholding taxes levied by overseas tax jurisdictions. UK tax legislation relating to company distributions provides for exemption from tax for most repatriated profits, subject to certain exceptions. Changes in tax law or its interpretation The Group operates in a number of territories and so the Group\u2019s profits are subject to tax in many jurisdictions. The Group monitors income tax developments in these territories which could affect the Group\u2019s tax liabilities. The Group notes recent developments in relation to the OECD Inclusive Framework on Base Erosion and Profit Shifting but does not expect it to have a material impact on the Group\u2019s tax charge. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-754": {
"value": "Deferred tax The following are the major deferred tax (liabilities)/assets recognised by the Group and movements thereon during the current and prior financial years, measured using the tax rates that are expected to apply when the liability is settled or the asset realised based on the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised when it is probable sufficient taxable profits will be available to utilise deductible temporary differences or unused tax losses. This assessment is based on the Group\u2019s three- year long-term plan which is updated and approved annually by the Board and is consistent with the Group\u2019s longer-term viability statement and impairment assessments. Property- related items(a) \u00a3m Acquired intangibles \u00a3m Post- employment benefits(b) \u00a3m Share-based payments \u00a3m Short-term timing differences \u00a3m Tax losses \u00a3m Financial instruments \u00a3m Total \u00a3m At 27 February 2021 (125) (98) 582 31 69 3 42 504 (Charge)/credit to the Group income statement (227) (10) (1) (6) (24) 2 (29) (295) (Charge)/credit to the Group statement of changes in equity \u2013 \u2013 \u2013 14 \u2013 \u2013 \u2013 14 (Charge)/credit to the Group statement of comprehensive income/(loss) \u2013 \u2013 (1,030) \u2013 \u2013 \u2013 (17) (1,047) Foreign exchange and other movements \u2013 \u2013 (2) \u2013 \u2013 1 \u2013 (1) At 26 February 2022 (352) (108) (451) 39 45 6 (4) (825) (Charge)/credit to the Group income statement (80) 15 (13) 11 14 140 (35) 52 (Charge)/credit to the Group statement of changes in equity \u2013 \u2013 \u2013 (11) \u2013 \u2013 \u2013 (11) (Charge)/credit to the Group statement of comprehensive income/(loss) \u2013 \u2013 719 \u2013 \u2013 \u2013 31 750 Foreign exchange and other movements (2) (2) \u2013 \u2013 1 \u2013 \u2013 (3) At 25 February 2023 (434) (95) 255 39 60 146 (8) (37) (a) Property-related items include a deferred tax liability on rolled-over gains of \u00a3421m (2022: \u00a3423m), deferred tax assets on capital losses of \u00a3242m (2022: \u00a3248m) and deferred tax assets on IFRS 16 balances of \u00a3235m (2022: \u00a3238m). The remaining balance relates to accelerated tax depreciation. (b) The deferred tax asset on retirement benefits includes a deferred tax asset of \u00a3155m (2022: \u00a3275m) arising from a one-off contribution of \u00a32.5bn paid in December 2020 on which tax deductions are spread over 4 years, with the remaining balance related to the pension schemes in deficit. Refer to Note 29 for further details. The following is the analysis of the deferred tax balances after offset: 2023 \u00a3m 2022 \u00a3m Deferred tax assets 82 85 Deferred tax liabilities (119) (910) (37) (825) Unrecognised deferred tax assets and liabilities Deferred tax assets in relation to continuing operations have not been recognised in respect of the following items, because it is not probable that future taxable profits will be available against which the Group can utilise the benefits: 2023 \u00a3m 2022 \u00a3m Deductible temporary differences 45 47 Tax losses 186 178 231 225 As at 25 February 2023, the Group has unused trading tax losses from continuing operations of \u00a31,177m (2022: \u00a3590m) available for offset against future profits. A deferred tax asset has been recognised in respect of \u00a3584m (2022: \u00a326m) of such losses, with \u00a3571m (2022: \u00a312m) arising in the UK and \u00a313m (2022: \u00a314m) in other jurisdictions. No deferred tax asset has been recognised in respect of the remaining overseas trading tax losses of \u00a3593m (2022: \u00a3564m) due to the unpredictability of future profit streams, with \u00a3552m (2022: \u00a3527m) arising in the Netherlands, \u00a334m (2022: \u00a333m) in Germany and \u00a37m (2022: \u00a34m) in other jurisdictions. Capital losses of \u00a395m in ROI (2022: \u00a391m) have not been recognised as it is not expected they will be utilised. There are no losses that will expire included in unrecognised losses. A deferred tax asset has not been recognised in respect of deductible temporary differences of \u00a345m (2022: \u00a347m) as it is not expected they will be utilised. There is no expiry date for these temporary differences. No deferred tax liability is recognised on temporary differences of \u00a34.3bn (2022: \u00a34bn) relating to the unremitted earnings of overseas subsidiaries and joint ventures as the Group is able to control the timing of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future. The deferred tax on unremitted earnings at 25 February 2023 is estimated to be \u00a36m (2022: \u00a35m) which relates to taxes payable on repatriation and dividend withholding taxes levied by overseas tax jurisdictions. UK tax legislation relating to company distributions provides for exemption from tax for most repatriated profits, subject to certain exceptions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-795": {
"value": "Note 7 Discontinued operations and assets classified as held for sale Assets and liabilities of the disposal group and non-current assets classified as held for sale 2023 \u00a3m 2022 \u00a3m Assets of the disposal group (a) 11 11 Non-current assets classified as held for sale (b) 199 357 Total assets of the disposal group and non-current assets classified as held for sale 210 368 Liabilities of the disposal group (a) (14) (14 ) Total net assets of the disposal group and non-current assets classified as held for sale 196 354 (a) The disposal group as at 25 February 2023, including \u00a3(14)m of net debt (2022: \u00a3(14)m), relates to residual properties and leases with respect to the Group\u2019s operation in Poland. Balances as at 26 February 2022 were also with respect to the Group\u2019s operation in Poland. (b) The assets classified as held for sale consist mainly of properties in the UK, Poland and Central Europe due to be sold within one year. Due to the individual nature of each property, fair values are classified as Level 3 within the fair value hierarchy. Assets classified as held for sale During the year the Group sold 17 malls and one retail park in Central Europe, leasing back 17 stores within those sites. Net proceeds from the sal e and leaseback transaction were \u00a3203m. As the sale and leaseback proceeds did not exceed the fair value of the stores sold, the proceeds are presented in the \u2018investing\u2019 category in the Group cash flow statement. The profit on disposal was \u00a337m. Refer to Note 4. Refer to Note 12 for details on the leaseback of the stores. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-700": {
"value": "Note 7 Discontinued operations and assets classified as held for sale Assets and liabilities of the disposal group and non-current assets classified as held for sale 2023 \u00a3m 2022 \u00a3m Assets of the disposal group (a) 11 11 Non-current assets classified as held for sale (b) 199 357 Total assets of the disposal group and non-current assets classified as held for sale 210 368 Liabilities of the disposal group (a) (14) (14 ) Total net assets of the disposal group and non-current assets classified as held for sale 196 354 (a) The disposal group as at 25 February 2023, including \u00a3(14)m of net debt (2022: \u00a3(14)m), relates to residual properties and leases with respect to the Group\u2019s operation in Poland. Balances as at 26 February 2022 were also with respect to the Group\u2019s operation in Poland. (b) The assets classified as held for sale consist mainly of properties in the UK, Poland and Central Europe due to be sold within one year. Due to the individual nature of each property, fair values are classified as Level 3 within the fair value hierarchy. Assets classified as held for sale During the year the Group sold 17 malls and one retail park in Central Europe, leasing back 17 stores within those sites. Net proceeds from the sal e and leaseback transaction were \u00a3203m. As the sale and leaseback proceeds did not exceed the fair value of the stores sold, the proceeds are presented in the \u2018investing\u2019 category in the Group cash flow statement. The profit on disposal was \u00a337m. Refer to Note 4. Refer to Note 12 for details on the leaseback of the stores. Discontinued operations Income statement of discontinued operations 2023 2022 Total \u00a3m Poland \u00a3m Other \u00a3m Total \u00a3m Revenue \u2013 32 \u2013 32 Operating costs \u2013 (34) \u2013 (34 ) Adjusted operating profit/(loss) \u2013 (2) \u2013 (2 ) Adjusted profit/(loss) after tax \u2013 (2) \u2013 (2 ) Loss on disposal of Poland \u2013 (23) \u2013 (23 ) Homeplus (Korea) claims settlement (a) \u2013 \u2013 (33) (33 ) Other adjusting items (b)(c) (9) 3 4 7 Tax on adjusting items \u2013 \u2013 11 11 Total adjusting items (9) (20) (18) (38 ) Total profit/(loss) after tax of discontinued operations (9) (22) (18) (40 ) (a) \u00a3(33)m in the prior year relates to the claims settlement from Homeplus (Korea) purchasers. (b) Other adjusting items of \u00a3(9)m in the current year includes \u00a3(9)m fair value remeasurement of non-current assets classified as held for sale, \u00a3(2)m loss on disposal of surplus properties, both relating to Poland and \u00a32m income relating to the disposal of Korea. (c) Other adjusting items of \u00a37m in the prior year includes \u00a34m reversal of accruals relating to legal costs and \u00a33m fair value remeasurement of non-current assets classified as held for sale. Cash flow statement 2023 2022 \u00a3m \u00a3m Net cash flows from operating activities \u2013 (6) Net cash flows from investing activities \u2013 43 Net cash flows from financing activities \u2013 (2 ) Net cash flows from discontinued operations \u2013 3 5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-755": {
"value": "Discontinued operations Income statement of discontinued operations 2023 2022 Total \u00a3m Poland \u00a3m Other \u00a3m Total \u00a3m Revenue \u2013 32 \u2013 32 Operating costs \u2013 (34) \u2013 (34 ) Adjusted operating profit/(loss) \u2013 (2) \u2013 (2 ) Adjusted profit/(loss) after tax \u2013 (2) \u2013 (2 ) Loss on disposal of Poland \u2013 (23) \u2013 (23 ) Homeplus (Korea) claims settlement (a) \u2013 \u2013 (33) (33 ) Other adjusting items (b)(c) (9) 3 4 7 Tax on adjusting items \u2013 \u2013 11 11 Total adjusting items (9) (20) (18) (38 ) Total profit/(loss) after tax of discontinued operations (9) (22) (18) (40 ) (a) \u00a3(33)m in the prior year relates to the claims settlement from Homeplus (Korea) purchasers. (b) Other adjusting items of \u00a3(9)m in the current year includes \u00a3(9)m fair value remeasurement of non-current assets classified as held for sale, \u00a3(2)m loss on disposal of surplus properties, both relating to Poland and \u00a32m income relating to the disposal of Korea. (c) Other adjusting items of \u00a37m in the prior year includes \u00a34m reversal of accruals relating to legal costs and \u00a33m fair value remeasurement of non-current assets classified as held for sale. Cash flow statement 2023 2022 \u00a3m \u00a3m Net cash flows from operating activities \u2013 (6) Net cash flows from investing activities \u2013 43 Net cash flows from financing activities \u2013 (2 ) Net cash flows from discontinued operations \u2013 3 5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-699": {
"value": "Note 8 Dividends 2023 2022 Pence/share \u00a3m Pence/share \u00a3m Paid prior financial year final dividend (a) 7.70 574 5.95 458 Paid interim dividend (b) 3.85 284 3.20 246 Amounts recognised through equity as distributions to owners 11.55 858 9.15 704 Paid 2021 special dividend 50.93 1 50.93 27 Dividends paid in the financial year 859 731 Proposed final dividend at financial year end 7.05 516 7.70 588 (a) Excludes \u00a37m prior financial year final dividend waived (2022: \u00a32m) and includes the write-back of unclaimed dividend of \u00a35m (2022: \u00a3nil). (b) Excludes \u00a32m interim dividend waived (2022: \u00a31m). The proposed final dividend was approved by the Board of Directors on 12 April 2023 and is subject to the approval of shareholders at the AGM. The proposed dividend has not been included as a liability as at 25 February 2023. It will be paid on 23 June 2023 to shareholders who are on the Register of members at close of business on 12 May 2023. A dividend reinvestment plan (DRIP) is available to shareholders who would prefer to invest their dividends in the shares of the Company. For those shareholders electing to receive the DRIP, the last date for receipt of a new election is 2 June 2023. The Group has a share forfeiture programme following the completion of a tracing and notification exercise to any shareholders who have not had contact with Tesco PLC over the past 12 years, in accordance with the provisions set out in the Company\u2019s Articles of Association. \u00a3nil (2022: \u00a3nil) of unclaimed dividends in relation to these shares have been adjusted for in retained earnings. Refer to Note 30 for further details. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-793": {
"value": "0.1155",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-794": {
"value": "0.0915",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2021-02-28T00:00:00/2022-02-27T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-791": {
"value": "0.0705",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-792": {
"value": "516000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-790": {
"value": "0.077",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2021-02-28T00:00:00/2022-02-27T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-789": {
"value": "588000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2021-02-28T00:00:00/2022-02-27T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-701": {
"value": "Note 9 Earnings/(losses) per share and diluted earnings/(losses) per share For the 52 weeks ended 25 February 2023 there were 67 million (2022: 88 million) potentially dilutive share options and awards. As the Group has recognised a profit for the year from its continuing operations, dilutive effects have been considered in calculating diluted earnings per share. 52 weeks ended 25 February 2023 52 weeks ended 26 February 2022 Basic Potentially dilutive share options and awards Diluted Basic Potentially dilutive share options and awards Diluted Profit/(loss) (\u00a3m) Continuing operations* 754 \u2013 754 1,521 \u2013 1,521 Discontinued operations (9) \u2013 (9) (40) \u2013 (40) Total 745 \u2013 745 1,481 \u2013 1,481 Weighted average number of shares (millions) 7,415 67 7,482 7,658 88 7,746 Earnings/(losses) per share (pence) Continuing operations 10.17 (0.09) 10.08 19.86 (0.22) 19.64 Discontinued operations (0.12) \u2013 (0.12) (0.52) \u2013 (0.52) Total 10.05 (0.09) 9.96 19.34 (0.22) 19.12 * Excludes profits/(losses) from non-controlling interests of \u00a3(1)m (2022: \u00a32m). APM: Adjusted diluted earnings/(losses) per share Continuing operations Notes 52 weeks 2023 52 weeks 2022 Profit/(loss) before tax (\u00a3m) 1,000 2,033 Less: Adjusting items (\u00a3m) 4 1,076 164 Adjusted profit before tax (\u00a3m) 2,076 2,197 Adjusted profit before tax attributable to the owners of the parent (\u00a3m)* 2,077 2,195 Taxation on adjusted profit before tax attributable to the owners of the parent (\u00a3m) 6 (442) (502) Adjusted profit after tax attributable to the owners of the parent (\u00a3m) 1,635 1,693 Basic weighted average number of shares (millions) 7,415 7,658 Adjusted basic earnings per share (pence) 22.05 22.11 Diluted weighted average number of shares (millions) 7,482 7,746 Adjusted diluted earnings per share (pence) 21.85 21.86 * Excludes profit/(losses) before tax attributable to non-controlling interests of \u00a3(1)m (2022: \u00a32m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
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},
"fact-702": {
"value": "Note 10 Goodwill and other intangible assets Goodwill \u00a3m Software (a) \u00a3m Customer relationships \u00a3m Other intangible assets (b) \u00a3m Total \u00a3m Cost At 26 February 2022 4,739 1,901 718 396 7,754 Foreign currency translation 16 14 \u2013 4 34 Additions \u2013 274 \u2013 3 277 Acquired through business combinations 30 \u2013 \u2013 1 31 Reclassification \u2013 20 \u2013 (20) \u2013 Disposals \u2013 (175) \u2013 \u2013 (175) At 25 February 2023 4,785 2,034 718 384 7,921 Accumulated amortisation and impairment losses At 26 February 2022 448 1,344 300 302 2,394 Foreign currency translation 10 15 \u2013 \u2013 25 Amortisation charge for the year (c) \u2013 200 76 2 278 Impairment losses (d) \u2013 28 \u2013 \u2013 28 Reversal of impairment losses (d) \u2013 (5) \u2013 (2) (7) Disposals \u2013 (172) \u2013 \u2013 (172) At 25 February 2023 458 1,410 376 302 2,546 Net carrying value At 25 February 2023 4,327 624 342 82 5,375 At 26 February 2022 4,291 557 418 94 5,360 (a) Software includes \u00a3455m (2022: \u00a3396m) net carrying value of internally generated development costs. (b) Other intangible assets include pharmacy licences with a net carrying value of \u00a336m (2022: \u00a333m) and various other individually immaterial balances. (c) Of the \u00a378m (2022: \u00a378m) amortisation of customer relationships and other intangible assets, \u00a376m (2022: \u00a376m) has been included within adjusting items. \u00a375m (2022: \u00a375m) of this balance arises from amortisation of intangible assets recognised upon the Booker acquisition and \u00a31m (2022: \u00a31m) relates to the amortisation of intangible assets recognised upon the acquisition of Best Food Logistics. (d) Refer to Note 14. Goodwill \u00a3m Software(a) \u00a3m Customer relationships \u00a3m Other intangible assets(b) \u00a3m Total \u00a3m Cost At 27 February 2021 4,719 1,837 718 395 7,669 Foreign currency translation \u2013 1 \u2013 1 2 Additions \u2013 227 \u2013 2 229 Acquired through business combinations 20 18 \u2013 \u2013 38 Disposals \u2013 (182) \u2013 (2) (184) At 26 February 2022 4,739 1,901 718 396 7,754 Accumulated amortisation and impairment losses At 27 February 2021 448 1,305 224 299 2,276 Foreign currency translation \u2013 2 \u2013 \u2013 2 Amortisation charge for the year(c) \u2013 209 76 2 287 Impairment losses(d) \u2013 17 \u2013 1 18 Reversal of impairment losses(d) \u2013 (7) \u2013 (1) (8) Reclassification \u2013 (2) \u2013 2 \u2013 Disposals \u2013 (180) \u2013 (1) (181) At 26 February 2022 448 1,344 300 302 2,394 Refer to previous table for footnotes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
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},
"fact-796": {
"value": "Note 10 Goodwill and other intangible assets Goodwill \u00a3m Software (a) \u00a3m Customer relationships \u00a3m Other intangible assets (b) \u00a3m Total \u00a3m Cost At 26 February 2022 4,739 1,901 718 396 7,754 Foreign currency translation 16 14 \u2013 4 34 Additions \u2013 274 \u2013 3 277 Acquired through business combinations 30 \u2013 \u2013 1 31 Reclassification \u2013 20 \u2013 (20) \u2013 Disposals \u2013 (175) \u2013 \u2013 (175) At 25 February 2023 4,785 2,034 718 384 7,921 Accumulated amortisation and impairment losses At 26 February 2022 448 1,344 300 302 2,394 Foreign currency translation 10 15 \u2013 \u2013 25 Amortisation charge for the year (c) \u2013 200 76 2 278 Impairment losses (d) \u2013 28 \u2013 \u2013 28 Reversal of impairment losses (d) \u2013 (5) \u2013 (2) (7) Disposals \u2013 (172) \u2013 \u2013 (172) At 25 February 2023 458 1,410 376 302 2,546 Net carrying value At 25 February 2023 4,327 624 342 82 5,375 At 26 February 2022 4,291 557 418 94 5,360 (a) Software includes \u00a3455m (2022: \u00a3396m) net carrying value of internally generated development costs. (b) Other intangible assets include pharmacy licences with a net carrying value of \u00a336m (2022: \u00a333m) and various other individually immaterial balances. (c) Of the \u00a378m (2022: \u00a378m) amortisation of customer relationships and other intangible assets, \u00a376m (2022: \u00a376m) has been included within adjusting items. \u00a375m (2022: \u00a375m) of this balance arises from amortisation of intangible assets recognised upon the Booker acquisition and \u00a31m (2022: \u00a31m) relates to the amortisation of intangible assets recognised upon the acquisition of Best Food Logistics. (d) Refer to Note 14. Goodwill \u00a3m Software(a) \u00a3m Customer relationships \u00a3m Other intangible assets(b) \u00a3m Total \u00a3m Cost At 27 February 2021 4,719 1,837 718 395 7,669 Foreign currency translation \u2013 1 \u2013 1 2 Additions \u2013 227 \u2013 2 229 Acquired through business combinations 20 18 \u2013 \u2013 38 Disposals \u2013 (182) \u2013 (2) (184) At 26 February 2022 4,739 1,901 718 396 7,754 Accumulated amortisation and impairment losses At 27 February 2021 448 1,305 224 299 2,276 Foreign currency translation \u2013 2 \u2013 \u2013 2 Amortisation charge for the year(c) \u2013 209 76 2 287 Impairment losses(d) \u2013 17 \u2013 1 18 Reversal of impairment losses(d) \u2013 (7) \u2013 (1) (8) Reclassification \u2013 (2) \u2013 2 \u2013 Disposals \u2013 (180) \u2013 (1) (181) At 26 February 2022 448 1,344 300 302 2,394 Refer to previous table for footnotes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
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"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
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},
"fact-756": {
"value": "Note 10 Goodwill and other intangible assets Goodwill \u00a3m Software (a) \u00a3m Customer relationships \u00a3m Other intangible assets (b) \u00a3m Total \u00a3m Cost At 26 February 2022 4,739 1,901 718 396 7,754 Foreign currency translation 16 14 \u2013 4 34 Additions \u2013 274 \u2013 3 277 Acquired through business combinations 30 \u2013 \u2013 1 31 Reclassification \u2013 20 \u2013 (20) \u2013 Disposals \u2013 (175) \u2013 \u2013 (175) At 25 February 2023 4,785 2,034 718 384 7,921 Accumulated amortisation and impairment losses At 26 February 2022 448 1,344 300 302 2,394 Foreign currency translation 10 15 \u2013 \u2013 25 Amortisation charge for the year (c) \u2013 200 76 2 278 Impairment losses (d) \u2013 28 \u2013 \u2013 28 Reversal of impairment losses (d) \u2013 (5) \u2013 (2) (7) Disposals \u2013 (172) \u2013 \u2013 (172) At 25 February 2023 458 1,410 376 302 2,546 Net carrying value At 25 February 2023 4,327 624 342 82 5,375 At 26 February 2022 4,291 557 418 94 5,360 (a) Software includes \u00a3455m (2022: \u00a3396m) net carrying value of internally generated development costs. (b) Other intangible assets include pharmacy licences with a net carrying value of \u00a336m (2022: \u00a333m) and various other individually immaterial balances. (c) Of the \u00a378m (2022: \u00a378m) amortisation of customer relationships and other intangible assets, \u00a376m (2022: \u00a376m) has been included within adjusting items. \u00a375m (2022: \u00a375m) of this balance arises from amortisation of intangible assets recognised upon the Booker acquisition and \u00a31m (2022: \u00a31m) relates to the amortisation of intangible assets recognised upon the acquisition of Best Food Logistics. (d) Refer to Note 14. Goodwill \u00a3m Software(a) \u00a3m Customer relationships \u00a3m Other intangible assets(b) \u00a3m Total \u00a3m Cost At 27 February 2021 4,719 1,837 718 395 7,669 Foreign currency translation \u2013 1 \u2013 1 2 Additions \u2013 227 \u2013 2 229 Acquired through business combinations 20 18 \u2013 \u2013 38 Disposals \u2013 (182) \u2013 (2) (184) At 26 February 2022 4,739 1,901 718 396 7,754 Accumulated amortisation and impairment losses At 27 February 2021 448 1,305 224 299 2,276 Foreign currency translation \u2013 2 \u2013 \u2013 2 Amortisation charge for the year(c) \u2013 209 76 2 287 Impairment losses(d) \u2013 17 \u2013 1 18 Reversal of impairment losses(d) \u2013 (7) \u2013 (1) (8) Reclassification \u2013 (2) \u2013 2 \u2013 Disposals \u2013 (180) \u2013 (1) (181) At 26 February 2022 448 1,344 300 302 2,394 Refer to previous table for footnotes. ",
"dimensions": {
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"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
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"fact-703": {
"value": "Note 11 Property, plant and equipment 2023 2022 Land and buildings \u00a3m Other(a) \u00a3m Total \u00a3m Land and buildings \u00a3m Other (a) \u00a3m Total \u00a3m Cost Opening balance 21,977 5,649 27,626 21,653 5,743 27,396 Foreign currency translation 204 65 269 (76) (15) (91) Additions(b)(c) 591 661 1,252 992 595 1,587 Acquired through business combinations 42 \u2013 42 \u2013 1 1 Reclassification 3 (4) (1) (72) \u2013 (72) Transfers to assets classified as held for sale (85) (5) (90) (446) (17) (463) Disposals (82) (522) (604) (74) (658) (732) Closing balance 22,650 5,844 28,494 21,977 5,649 27,626 Accumulated depreciation and impairment losses Opening balance 6,814 3,752 10,566 6,554 3,897 10,451 Foreign currency translation 75 45 120 (25) (10) (35) Depreciation charge for the year 434 448 882 426 467 893 Impairment losses(d) 686 141 827 417 89 506 Reversal of impairment losses(d) (168) (19) (187) (324) (43) (367) Reclassification 1 \u2013 1 \u2013 \u2013 \u2013 Transfers to assets classified as held for sale (32) (2) (34) (163) (6) (169) Disposals (30) (513) (543) (71) (642) (713) Closing balance 7,780 3,852 11,632 6,814 3,752 10,566 Net carrying value (e) 14,870 1,992 16,862 15,163 1,897 17,060 Construction in progress included above (f) 109 278 387 97 212 309 (a) Other assets consist of fixtures and fittings with a net carrying value of \u00a31,496m (2022: \u00a31,387m), office equipment with a net carrying value of \u00a3201m (2022: \u00a3200m) and motor vehicles with a net carrying value of \u00a3295m (2022: \u00a3310m). Depreciation charge for the year is \u00a3(292)m (2022: \u00a3(310)m), \u00a3(71)m (2022: \u00a3(78)m) and \u00a3(85)m (2022: \u00a3(79)m), respectively. (b) Includes \u00a3248m of land and buildings related to obtaining control of The Tesco Dorney Limited Partnership, which was impaired by \u00a3(7)m on acquisition (2022: \u00a3584m of land and buildings related to obtaining control of The Tesco Sarum Limited Partnership, which was impaired by \u00a3(62)m on acquisition). Refer to Note 33. (c) Includes \u00a329m (2022: \u00a337m) relating to other property buyback transactions. (d) Refer to Note 14. (e) Includes \u00a32,814m (2022: \u00a32,231m) of assets pledged as security for secured bonds (refer to Note 21) and \u00a3783m (2022: \u00a3914m) of property held as security in favour of the Tesco PLC Pension Scheme (refer to Note 29). (f) Construction in progress does not include land.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-704": {
"value": "Note 12 Leases Group as lessee Lease liabilities represent rentals payable by the Group for certain retail, distribution and office properties and other assets such as motor vehicles. The leases have varying terms, purchase options, escalation clauses and renewal rights. Purchase options and renewal rights, where they occur, are at market value. Escalation clauses are in line with market practices and include inflation-linked, fixed rates, resets to market rents and hybrids of these. On 6 October 2022, the Group obtained control of The Tesco Dorney Limited Partnership (2022: The Tesco Sarum Limited Partnership on 17 December 2021), previously accounted for as a joint venture, through the acquisition of the other partner\u2019s 50% interest, at which point the associated property leases from the joint venture became intercompany leases. Refer to Note 33 for further details. Right of use assets 2023 2022 Land and buildings \u00a3m Other \u00a3m Total \u00a3m Land and buildings \u00a3m Other \u00a3m Total \u00a3m Net carrying value Opening balance 5,634 86 5,720 5,866 85 5,951 Additions (including sale and leaseback transactions)(a) 378 64 442 544 39 583 Acquired through business combinations 4 - 4 \u2013 \u2013 \u2013 Depreciation charge for the year (501) (38) (539) (497) (40) (537) Impairment losses(b) (394) - (394) (195) \u2013 (195) Reversal of impairment losses(b) 72 - 72 234 \u2013 234 Derecognition on acquisition of property joint venture(c) (198) - (198) (243) \u2013 (243) Other movements(d) 392 1 393 (75) 2 (73) Closing balance 5,387 113 5,500 5,634 86 5,720 (a) Includes \u00a370m of land under an external lease related to obtaining control of The Tesco Dorney Limited Partnership. Refer to Note 33. (b) Refer to Note 14. (c) Refer to Note 33. (d) Other movements include lease terminations, modifications and reassessments, foreign exchange, reclassifications between asset classes and entering into finance subleases. Lease liabilities The following tables show the discounted lease liabilities included in the Group balance sheet and a maturity analysis of the contractual undiscounted lease payments: 2023 \u00a3m 2022 \u00a3m Current 595 547 Non-current 7,132 7,411 Total lease liabilities 7,727 7,958 Maturity analysis \u2013 contractual undiscounted lease payments 2023 \u00a3m 2022 \u00a3m Within one year 944 934 Greater than one year but less than two years 901 911 Greater than two years but less than three years 878 863 Greater than three years but less than four years 856 840 Greater than four years but less than five years 824 820 Greater than five years but less than ten years 3,383 3,407 Greater than ten years but less than fifteen years 2,035 2,223 After fifteen years 1,076 1,517 Total undiscounted lease payments 10,897 11,515 A reconciliation of the Group\u2019s opening to closing lease liabilities balance is presented in Note 32. Amounts recognised in the Group income statement Continuing operations 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Interest on lease liabilities 373 405 Variable payment expenses not included in lease liabilities 1 \u2013 Expenses relating to short-term leases 24 26 Expenses relating to leases of low value assets (excluding amounts already included in short-term leases above) 1 1 Sale and leaseback During the year the Group sold 17 malls and one retail park in Central Europe, leasing back 17 stores within those sites. Refer to Note 7 for details on the net proceeds and profit from the transaction. The stores are being leased back over a 15-year lease term at below-market rentals with options to extend, and the store leases have resulted in lease liability additions of \u00a336m. The sale and leaseback transaction allows the Group to relinquish control over the malls while continuing to operate the stores within those sites. Amounts recognised in the Group cash flow statement 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Total cash outflow for leases* 966 982 * Includes \u00a36m (2022: \u00a35m) related to Tesco Bank. Future possible cash outflows not included in the lease liability Some leases contain break clauses or extension options to provide operational flexibility. Potential future undiscounted lease payments not included in the reasonably certain lease term, and hence not included in lease liabilities, total \u00a39.1bn (2022: \u00a39.5bn). Future increases or decreases in rentals linked to an index or rate are not included in the lease liability until the change in cash flows takes effect. Approximately 76% (2022: 75%) of the Group\u2019s lease liabilities are subject to inflation-linked rentals, of which 86% (2022: 87%) have inflation caps, with a weighted average cap of 3.4% (2022: 4.1%). A further 16% (2022: 16%) are subject to rent reviews. Rental changes linked to inflation or rent reviews typically occur on an annual or five-yearly basis. Of the inflation-linked leases with caps, 30% (2022: 29%) of the lease liability value was hedged through index-linked swaps (refer to Note 27). The Group is committed to payments totalling \u00a3110m (2022: \u00a354m) in relation to leases that have been signed but have not yet commenced. Group as lessor The Group leases out owned properties and sublets leased properties under operating and finance leases. Such properties include malls, mall units, stores, units within stores, distribution centres and residential properties. Amounts recognised in the Group income statement Continuing operations 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Finance lease \u2013 interest income (a) 4 5 Operating lease \u2013 rental income (b) 90 90 (a) Includes \u00a34m (2022: \u00a34m) of sublease interest income. (b) Includes \u00a323m (2022: \u00a320m) of sublease rental income. Finance lease payments receivable The finance lease receivable (net investment in the lease) included in the Group balance sheet is \u00a336m (2022: \u00a381m). The movement in the year is primarily driven by the derecognition of finance lease receivables following the acquisition of The Tesco Dorney Limited Partnership. Refer to Note 33. Operating lease payments receivable maturity analysis 2023 \u00a3m 2022 \u00a3m Within one year 61 68 Greater than one year but less than two years 77 87 Greater than two years but less than three years 56 67 Greater than three years but less than four years 40 49 Greater than four years but less than five years 27 33 Greater than five years but less than ten years 49 58 Greater than ten years but less than fifteen years 20 23 After fifteen years 42 49 Total undiscounted operating lease payments receivable 372 434 ",
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"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
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"fact-705": {
"value": "Note 13 Group entities The Group consists of the ultimate Parent Company, Tesco PLC, and a number of subsidiaries, joint ventures and associates held directly or indirectly by Tesco PLC. See pages 199 to 203 for a complete list of Group entities. Interests in joint ventures and associates Principal joint ventures and associates The Group\u2019s principal joint ventures and associates are: Nature of relationship Business activity Share of issued share capital, loan capital and debt securities Country of incorporation Principal area of operation Included in \u2018UK property joint ventures\u2019: The Tesco Coral Limited Partnership Joint venture Property investment 50% England United Kingdom The Tesco Blue Limited Partnership Joint venture Property investment 50% England United Kingdom The Tesco Passaic Limited Partnership Joint venture Property investment 50% England United Kingdom The Tesco Navona Limited Partnership Joint venture Property investment 50% England United Kingdom The Arena Unit Trust Joint venture Property investment 50% Jersey United Kingdom Included in \u2018Other joint ventures and associates\u2019: Tesco Mobile Limited Joint venture Telecommunications 50% England United Kingdom Booker India Limited Joint venture Retail 49% India India Trent Hypermarket Private Limited Joint venture Retail 50% India India The accounting period end dates of the joint ventures and associates consolidated in these financial statements range from 31 December 2022 to 25 February 2023. The accounting period end dates of joint ventures differ from those of the Group for commercial reasons and depend upon the requirements of the joint venture partner as well as those of the Group. The accounting period end dates of the associates are different from those of the Group as they depend upon the requirements of the parent companies of those entities. There are no significant restrictions on the ability of joint ventures and associates to transfer funds to the parents, other than those imposed by the Companies Act 2006 or equivalent local regulations. The UK property joint ventures involve the Group partnering with third parties in carrying out some property investments in order to enhance returns from property and access funding, while reducing risks associated with sole ownership. These property investments generally cover shopping centres and standalone stores. The Group enters into leases for some or all of the properties held in the joint ventures. These leases provide the Group with some rights over alterations and adjacent land developments. In some cases the Group has the ability to substitute properties in the joint ventures with alternative properties of similar value, subject to strict eligibility criteria. In other cases, the Group carries out property management activities for third-party rentals of shopping centre units. The property investment activities are carried out in separate entities, usually partnerships or limited liability companies. The Group has assessed its ability to direct the relevant activities of these entities and any impact on Group returns and concluded that the entities qualify as joint ventures since decisions regarding them require the unanimous consent of both equity holders. This assessment included not only rights within the joint venture agreements, but also any rights within other contractual arrangements between the Group and the entities. The Group made a number of judgements in arriving at this determination, the key ones being: \u2013 since the provisions of the joint venture agreements require the relevant decisions impacting investor returns to be either unanimously agreed by both joint venturers at the same time, or in some cases to be agreed sequentially by each venturer at different stages, there is joint decision making within the joint venture; \u2013 since the Group\u2019s leases are priced at fair value, and any rights embedded in the leases are consistent with market practice, they do not provide the Group with additional control over the joint ventures nor do they infer an obligation by the Group to fund the settlement of liabilities of the joint ventures; \u2013 any options to purchase the other joint venturers\u2019 equity stakes are priced at market value, and only exercisable at future dates, hence they do not provide control to the Group at the current time; \u2013 where the Group has a right to substitute properties in the joint ventures, the rights are strictly limited and are at fair value, hence do not provide control to the Group; and \u2013 where the Group carries out property management activities for third-party rentals in shopping centres, these additional activities are controlled through joint venture agreements or lease agreements, and do not provide the Group with additional powers over the joint venture. During the current financial year, the Group obtained control of The Tesco Dorney Limited Partnership, which was previously accounted for as a joint venture, through the acquisition of the other partner\u2019s 50% interest. Refer to Note 33 for further details. Summarised financial information for joint ventures and associates The summarised financial information below reflects the amounts presented in the financial statements of the relevant joint ventures and associates, and not the Group\u2019s share of those amounts. These amounts have been adjusted to conform to the Group\u2019s accounting policies where required. The summarised financial information for UK property joint ventures has been aggregated in order to provide useful information to users without excessive detail, since these entities have similar characteristics and risk profiles largely based on their nature of activities and geographic market. UK property joint ventures 2023 \u00a3m 2022 \u00a3m Summarised balance sheet Non-current assets (a) 2,032 2,480 Current assets (excluding cash and cash equivalents) 8 31 Cash and cash equivalents 21 37 Current liabilities(b) (287) (316) Non-current liabilities(b) (2,277) (2,907) Net liabilities (503) (675) Summarised income statement Revenue 203 232 Profit/(loss) after tax(c) \u2013 \u2013 (a) The non-current asset balances of UK property joint ventures are reflected at historical depreciated cost to conform to the Group\u2019s accounting policies. The aggregate fair values in the financial statements of the UK property joint ventures are \u00a32,988m (2022: \u00a33,666m). (b) The current and non-current liabilities of UK property joint ventures largely comprise loan balances of \u00a3(2,248)m (2022: \u00a3(2,733)m) and derivative swap balances of \u00a3(287)m (2022: \u00a3(435)m) entered into to hedge the cash flow variability exposures of the joint ventures. (c) Profit/(loss) after tax includes \u00a365m (2022: \u00a320m) of interest cost. UK property joint ventures 2023 \u00a3m 2022 \u00a3m Reconciliation to carrying amounts: Opening balance \u2013 \u2013 Share of profits/(losses)* 12 20 Dividends received from joint ventures and associates (12) (20) Closing balance \u2013 \u2013 Group\u2019s share in ownership 50% 50% Group\u2019s share of net liabilities (252) (338) Deferred property profits offset against carrying amounts (60) (60) Cumulative unrecognised losses* 168 179 Cumulative unrecognised hedge reserves* 144 219 Carrying amount \u2013 \u2013 * The share of profit for the year for UK property joint ventures related to \u00a312m (2022: \u00a320m) dividends received from joint ventures with \u00a3nil carrying amounts (2022: \u00a3nil). \u00a312m of profit (2022: \u00a311m) and \u00a375m of increase (2022: \u00a349m of decrease) in the fair values of derivatives arising from these entities have been included in cumulative unrecognised losses and cumulative unrecognised hedge reserves, respectively. As at 25 February 2023, the Group had \u00a3106m (2022: \u00a3105m) loans to UK property joint ventures. Other joint ventures and associates The Group also has interests in a number of individually immaterial joint ventures and associates excluding UK property joint ventures. Joint ventures 2023 \u00a3m 2022 \u00a3m Aggregate carrying amount of individually immaterial joint ventures 93 86 Group\u2019s share of profits/(losses) for the year (4) (5) The aggregate carrying amount and Group\u2019s share of profit/(losses) for the year of associates are immaterial.",
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"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
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},
"fact-815": {
"value": "Note 13 Group entities The Group consists of the ultimate Parent Company, Tesco PLC, and a number of subsidiaries, joint ventures and associates held directly or indirectly by Tesco PLC. See pages 199 to 203 for a complete list of Group entities. Subsidiaries The accounting year ends of the subsidiaries consolidated in these financial statements are on or around 25 February 2023. Unconsolidated structured entities In prior years, the Group sponsored a number of structured entities. The Group led the formation of the entities and its name appears in the name of the entities and/or on the debt issued by the entities. The structured entities were set up to finance property purchases by some of the UK property joint ventures in which the Group typically holds a 50% equity interest. The structured entities obtain debt financing from third-party investors and lend the funds to these joint ventures, who use the funds to purchase the properties. The liabilities of the UK property joint ventures include the loans due to these structured entities. The Group\u2019s exposure to the structured entities is limited to the extent of the Group\u2019s interests in the joint ventures. The liabilities of the structured entities are non-recourse to the Group. The Group concluded that it does not control, and therefore should not consolidate, these structured entities since it does not have power over the relevant activities of the structured entities, or exposure to variable returns from these entities. Consolidated structured entities The Group has a number of securitisation structured entities established in connection with Tesco Bank\u2019s credit card securitisation transactions as well as financing structured entities controlled as a result of the acquisition of UK property joint ventures. Although none of the equity of these entities is owned by the Group, the Group has rights to variable returns from its involvement with these entities and has the ability to affect those returns through its power over them under contractual agreements. As such, these entities are effectively controlled by the Group, and are therefore accounted for as subsidiaries of the Group. The securitisation structured entities have financial year ends of 31 December. The management accounts of these entities are used to consolidate the results to 25 February 2023 within these financial statements. The financial year ends of the financing structured entities align to the Group financial year end. Interests in joint ventures and associates Principal joint ventures and associates The Group\u2019s principal joint ventures and associates are: Nature of relationship Business activity Share of issued share capital, loan capital and debt securities Country of incorporation Principal area of operation Included in \u2018UK property joint ventures\u2019: The Tesco Coral Limited Partnership Joint venture Property investment 50% England United Kingdom The Tesco Blue Limited Partnership Joint venture Property investment 50% England United Kingdom The Tesco Passaic Limited Partnership Joint venture Property investment 50% England United Kingdom The Tesco Navona Limited Partnership Joint venture Property investment 50% England United Kingdom The Arena Unit Trust Joint venture Property investment 50% Jersey United Kingdom Included in \u2018Other joint ventures and associates\u2019: Tesco Mobile Limited Joint venture Telecommunications 50% England United Kingdom Booker India Limited Joint venture Retail 49% India India Trent Hypermarket Private Limited Joint venture Retail 50% India India The accounting period end dates of the joint ventures and associates consolidated in these financial statements range from 31 December 2022 to 25 February 2023. The accounting period end dates of joint ventures differ from those of the Group for commercial reasons and depend upon the requirements of the joint venture partner as well as those of the Group. The accounting period end dates of the associates are different from those of the Group as they depend upon the requirements of the parent companies of those entities. There are no significant restrictions on the ability of joint ventures and associates to transfer funds to the parents, other than those imposed by the Companies Act 2006 or equivalent local regulations. The UK property joint ventures involve the Group partnering with third parties in carrying out some property investments in order to enhance returns from property and access funding, while reducing risks associated with sole ownership. These property investments generally cover shopping centres and standalone stores. The Group enters into leases for some or all of the properties held in the joint ventures. These leases provide the Group with some rights over alterations and adjacent land developments. In some cases the Group has the ability to substitute properties in the joint ventures with alternative properties of similar value, subject to strict eligibility criteria. In other cases, the Group carries out property management activities for third-party rentals of shopping centre units. The property investment activities are carried out in separate entities, usually partnerships or limited liability companies. The Group has assessed its ability to direct the relevant activities of these entities and any impact on Group returns and concluded that the entities qualify as joint ventures since decisions regarding them require the unanimous consent of both equity holders. This assessment included not only rights within the joint venture agreements, but also any rights within other contractual arrangements between the Group and the entities. The Group made a number of judgements in arriving at this determination, the key ones being: \u2013 since the provisions of the joint venture agreements require the relevant decisions impacting investor returns to be either unanimously agreed by both joint venturers at the same time, or in some cases to be agreed sequentially by each venturer at different stages, there is joint decision making within the joint venture; \u2013 since the Group\u2019s leases are priced at fair value, and any rights embedded in the leases are consistent with market practice, they do not provide the Group with additional control over the joint ventures nor do they infer an obligation by the Group to fund the settlement of liabilities of the joint ventures; \u2013 any options to purchase the other joint venturers\u2019 equity stakes are priced at market value, and only exercisable at future dates, hence they do not provide control to the Group at the current time; \u2013 where the Group has a right to substitute properties in the joint ventures, the rights are strictly limited and are at fair value, hence do not provide control to the Group; and \u2013 where the Group carries out property management activities for third-party rentals in shopping centres, these additional activities are controlled through joint venture agreements or lease agreements, and do not provide the Group with additional powers over the joint venture. During the current financial year, the Group obtained control of The Tesco Dorney Limited Partnership, which was previously accounted for as a joint venture, through the acquisition of the other partner\u2019s 50% interest. Refer to Note 33 for further details. Summarised financial information for joint ventures and associates The summarised financial information below reflects the amounts presented in the financial statements of the relevant joint ventures and associates, and not the Group\u2019s share of those amounts. These amounts have been adjusted to conform to the Group\u2019s accounting policies where required. The summarised financial information for UK property joint ventures has been aggregated in order to provide useful information to users without excessive detail, since these entities have similar characteristics and risk profiles largely based on their nature of activities and geographic market. UK property joint ventures 2023 \u00a3m 2022 \u00a3m Summarised balance sheet Non-current assets (a) 2,032 2,480 Current assets (excluding cash and cash equivalents) 8 31 Cash and cash equivalents 21 37 Current liabilities(b) (287) (316) Non-current liabilities(b) (2,277) (2,907) Net liabilities (503) (675) Summarised income statement Revenue 203 232 Profit/(loss) after tax(c) \u2013 \u2013 (a) The non-current asset balances of UK property joint ventures are reflected at historical depreciated cost to conform to the Group\u2019s accounting policies. The aggregate fair values in the financial statements of the UK property joint ventures are \u00a32,988m (2022: \u00a33,666m). (b) The current and non-current liabilities of UK property joint ventures largely comprise loan balances of \u00a3(2,248)m (2022: \u00a3(2,733)m) and derivative swap balances of \u00a3(287)m (2022: \u00a3(435)m) entered into to hedge the cash flow variability exposures of the joint ventures. (c) Profit/(loss) after tax includes \u00a365m (2022: \u00a320m) of interest cost. UK property joint ventures 2023 \u00a3m 2022 \u00a3m Reconciliation to carrying amounts: Opening balance \u2013 \u2013 Share of profits/(losses)* 12 20 Dividends received from joint ventures and associates (12) (20) Closing balance \u2013 \u2013 Group\u2019s share in ownership 50% 50% Group\u2019s share of net liabilities (252) (338) Deferred property profits offset against carrying amounts (60) (60) Cumulative unrecognised losses* 168 179 Cumulative unrecognised hedge reserves* 144 219 Carrying amount \u2013 \u2013 * The share of profit for the year for UK property joint ventures related to \u00a312m (2022: \u00a320m) dividends received from joint ventures with \u00a3nil carrying amounts (2022: \u00a3nil). \u00a312m of profit (2022: \u00a311m) and \u00a375m of increase (2022: \u00a349m of decrease) in the fair values of derivatives arising from these entities have been included in cumulative unrecognised losses and cumulative unrecognised hedge reserves, respectively. As at 25 February 2023, the Group had \u00a3106m (2022: \u00a3105m) loans to UK property joint ventures. Other joint ventures and associates The Group also has interests in a number of individually immaterial joint ventures and associates excluding UK property joint ventures. Joint ventures 2023 \u00a3m 2022 \u00a3m Aggregate carrying amount of individually immaterial joint ventures 93 86 Group\u2019s share of profits/(losses) for the year (4) (5) The aggregate carrying amount and Group\u2019s share of profit/(losses) for the year of associates are immaterial.",
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"value": "Subsidiaries The accounting year ends of the subsidiaries consolidated in these financial statements are on or around 25 February 2023. ",
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"fact-825": {
"value": "Interests in joint ventures and associates Principal joint ventures and associates The Group\u2019s principal joint ventures and associates are: Nature of relationship Business activity Share of issued share capital, loan capital and debt securities Country of incorporation Principal area of operation Included in \u2018UK property joint ventures\u2019: The Tesco Coral Limited Partnership Joint venture Property investment 50% England United Kingdom The Tesco Blue Limited Partnership Joint venture Property investment 50% England United Kingdom The Tesco Passaic Limited Partnership Joint venture Property investment 50% England United Kingdom The Tesco Navona Limited Partnership Joint venture Property investment 50% England United Kingdom The Arena Unit Trust Joint venture Property investment 50% Jersey United Kingdom Included in \u2018Other joint ventures and associates\u2019: Tesco Mobile Limited Joint venture Telecommunications 50% England United Kingdom Booker India Limited Joint venture Retail 49% India India Trent Hypermarket Private Limited Joint venture Retail 50% India India The accounting period end dates of the joint ventures and associates consolidated in these financial statements range from 31 December 2022 to 25 February 2023. The accounting period end dates of joint ventures differ from those of the Group for commercial reasons and depend upon the requirements of the joint venture partner as well as those of the Group. The accounting period end dates of the associates are different from those of the Group as they depend upon the requirements of the parent companies of those entities. There are no significant restrictions on the ability of joint ventures and associates to transfer funds to the parents, other than those imposed by the Companies Act 2006 or equivalent local regulations. The UK property joint ventures involve the Group partnering with third parties in carrying out some property investments in order to enhance returns from property and access funding, while reducing risks associated with sole ownership. These property investments generally cover shopping centres and standalone stores. The Group enters into leases for some or all of the properties held in the joint ventures. These leases provide the Group with some rights over alterations and adjacent land developments. In some cases the Group has the ability to substitute properties in the joint ventures with alternative properties of similar value, subject to strict eligibility criteria. In other cases, the Group carries out property management activities for third-party rentals of shopping centre units. The property investment activities are carried out in separate entities, usually partnerships or limited liability companies. The Group has assessed its ability to direct the relevant activities of these entities and any impact on Group returns and concluded that the entities qualify as joint ventures since decisions regarding them require the unanimous consent of both equity holders. This assessment included not only rights within the joint venture agreements, but also any rights within other contractual arrangements between the Group and the entities. The Group made a number of judgements in arriving at this determination, the key ones being: \u2013 since the provisions of the joint venture agreements require the relevant decisions impacting investor returns to be either unanimously agreed by both joint venturers at the same time, or in some cases to be agreed sequentially by each venturer at different stages, there is joint decision making within the joint venture; \u2013 since the Group\u2019s leases are priced at fair value, and any rights embedded in the leases are consistent with market practice, they do not provide the Group with additional control over the joint ventures nor do they infer an obligation by the Group to fund the settlement of liabilities of the joint ventures; \u2013 any options to purchase the other joint venturers\u2019 equity stakes are priced at market value, and only exercisable at future dates, hence they do not provide control to the Group at the current time; \u2013 where the Group has a right to substitute properties in the joint ventures, the rights are strictly limited and are at fair value, hence do not provide control to the Group; and \u2013 where the Group carries out property management activities for third-party rentals in shopping centres, these additional activities are controlled through joint venture agreements or lease agreements, and do not provide the Group with additional powers over the joint venture. During the current financial year, the Group obtained control of The Tesco Dorney Limited Partnership, which was previously accounted for as a joint venture, through the acquisition of the other partner\u2019s 50% interest. Refer to Note 33 for further details. Summarised financial information for joint ventures and associates The summarised financial information below reflects the amounts presented in the financial statements of the relevant joint ventures and associates, and not the Group\u2019s share of those amounts. These amounts have been adjusted to conform to the Group\u2019s accounting policies where required. The summarised financial information for UK property joint ventures has been aggregated in order to provide useful information to users without excessive detail, since these entities have similar characteristics and risk profiles largely based on their nature of activities and geographic market. UK property joint ventures 2023 \u00a3m 2022 \u00a3m Summarised balance sheet Non-current assets (a) 2,032 2,480 Current assets (excluding cash and cash equivalents) 8 31 Cash and cash equivalents 21 37 Current liabilities(b) (287) (316) Non-current liabilities(b) (2,277) (2,907) Net liabilities (503) (675) Summarised income statement Revenue 203 232 Profit/(loss) after tax(c) \u2013 \u2013 (a) The non-current asset balances of UK property joint ventures are reflected at historical depreciated cost to conform to the Group\u2019s accounting policies. The aggregate fair values in the financial statements of the UK property joint ventures are \u00a32,988m (2022: \u00a33,666m). (b) The current and non-current liabilities of UK property joint ventures largely comprise loan balances of \u00a3(2,248)m (2022: \u00a3(2,733)m) and derivative swap balances of \u00a3(287)m (2022: \u00a3(435)m) entered into to hedge the cash flow variability exposures of the joint ventures. (c) Profit/(loss) after tax includes \u00a365m (2022: \u00a320m) of interest cost. Note 13 Group entities continued UK property joint ventures 2023 \u00a3m 2022 \u00a3m Reconciliation to carrying amounts: Opening balance \u2013 \u2013 Share of profits/(losses)* 12 20 Dividends received from joint ventures and associates (12) (20) Closing balance \u2013 \u2013 Group\u2019s share in ownership 50% 50% Group\u2019s share of net liabilities (252) (338) Deferred property profits offset against carrying amounts (60) (60) Cumulative unrecognised losses* 168 179 Cumulative unrecognised hedge reserves* 144 219 Carrying amount \u2013 \u2013 * The share of profit for the year for UK property joint ventures related to \u00a312m (2022: \u00a320m) dividends received from joint ventures with \u00a3nil carrying amounts (2022: \u00a3nil). \u00a312m of profit (2022: \u00a311m) and \u00a375m of increase (2022: \u00a349m of decrease) in the fair values of derivatives arising from these entities have been included in cumulative unrecognised losses and cumulative unrecognised hedge reserves, respectively. As at 25 February 2023, the Group had \u00a3106m (2022: \u00a3105m) loans to UK property joint ventures. Other joint ventures and associates The Group also has interests in a number of individually immaterial joint ventures and associates excluding UK property joint ventures. Joint ventures 2023 \u00a3m 2022 \u00a3m Aggregate carrying amount of individually immaterial joint ventures 93 86 Group\u2019s share of profits/(losses) for the year (4) (5) The aggregate carrying amount and Group\u2019s share of profit/(losses) for the year of associates are immaterial. ",
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"fact-797": {
"value": "Interests in joint ventures and associates Principal joint ventures and associates The Group\u2019s principal joint ventures and associates are: Nature of relationship Business activity Share of issued share capital, loan capital and debt securities Country of incorporation Principal area of operation Included in \u2018UK property joint ventures\u2019: The Tesco Coral Limited Partnership Joint venture Property investment 50% England United Kingdom The Tesco Blue Limited Partnership Joint venture Property investment 50% England United Kingdom The Tesco Passaic Limited Partnership Joint venture Property investment 50% England United Kingdom The Tesco Navona Limited Partnership Joint venture Property investment 50% England United Kingdom The Arena Unit Trust Joint venture Property investment 50% Jersey United Kingdom Included in \u2018Other joint ventures and associates\u2019: Tesco Mobile Limited Joint venture Telecommunications 50% England United Kingdom Booker India Limited Joint venture Retail 49% India India Trent Hypermarket Private Limited Joint venture Retail 50% India India The accounting period end dates of the joint ventures and associates consolidated in these financial statements range from 31 December 2022 to 25 February 2023. The accounting period end dates of joint ventures differ from those of the Group for commercial reasons and depend upon the requirements of the joint venture partner as well as those of the Group. The accounting period end dates of the associates are different from those of the Group as they depend upon the requirements of the parent companies of those entities. There are no significant restrictions on the ability of joint ventures and associates to transfer funds to the parents, other than those imposed by the Companies Act 2006 or equivalent local regulations. The UK property joint ventures involve the Group partnering with third parties in carrying out some property investments in order to enhance returns from property and access funding, while reducing risks associated with sole ownership. These property investments generally cover shopping centres and standalone stores. The Group enters into leases for some or all of the properties held in the joint ventures. These leases provide the Group with some rights over alterations and adjacent land developments. In some cases the Group has the ability to substitute properties in the joint ventures with alternative properties of similar value, subject to strict eligibility criteria. In other cases, the Group carries out property management activities for third-party rentals of shopping centre units. The property investment activities are carried out in separate entities, usually partnerships or limited liability companies. The Group has assessed its ability to direct the relevant activities of these entities and any impact on Group returns and concluded that the entities qualify as joint ventures since decisions regarding them require the unanimous consent of both equity holders. This assessment included not only rights within the joint venture agreements, but also any rights within other contractual arrangements between the Group and the entities. The Group made a number of judgements in arriving at this determination, the key ones being: \u2013 since the provisions of the joint venture agreements require the relevant decisions impacting investor returns to be either unanimously agreed by both joint venturers at the same time, or in some cases to be agreed sequentially by each venturer at different stages, there is joint decision making within the joint venture; \u2013 since the Group\u2019s leases are priced at fair value, and any rights embedded in the leases are consistent with market practice, they do not provide the Group with additional control over the joint ventures nor do they infer an obligation by the Group to fund the settlement of liabilities of the joint ventures; \u2013 any options to purchase the other joint venturers\u2019 equity stakes are priced at market value, and only exercisable at future dates, hence they do not provide control to the Group at the current time; \u2013 where the Group has a right to substitute properties in the joint ventures, the rights are strictly limited and are at fair value, hence do not provide control to the Group; and \u2013 where the Group carries out property management activities for third-party rentals in shopping centres, these additional activities are controlled through joint venture agreements or lease agreements, and do not provide the Group with additional powers over the joint venture. During the current financial year, the Group obtained control of The Tesco Dorney Limited Partnership, which was previously accounted for as a joint venture, through the acquisition of the other partner\u2019s 50% interest. Refer to Note 33 for further details. Summarised financial information for joint ventures and associates The summarised financial information below reflects the amounts presented in the financial statements of the relevant joint ventures and associates, and not the Group\u2019s share of those amounts. These amounts have been adjusted to conform to the Group\u2019s accounting policies where required. The summarised financial information for UK property joint ventures has been aggregated in order to provide useful information to users without excessive detail, since these entities have similar characteristics and risk profiles largely based on their nature of activities and geographic market. UK property joint ventures 2023 \u00a3m 2022 \u00a3m Summarised balance sheet Non-current assets (a) 2,032 2,480 Current assets (excluding cash and cash equivalents) 8 31 Cash and cash equivalents 21 37 Current liabilities(b) (287) (316) Non-current liabilities(b) (2,277) (2,907) Net liabilities (503) (675) Summarised income statement Revenue 203 232 Profit/(loss) after tax(c) \u2013 \u2013 (a) The non-current asset balances of UK property joint ventures are reflected at historical depreciated cost to conform to the Group\u2019s accounting policies. The aggregate fair values in the financial statements of the UK property joint ventures are \u00a32,988m (2022: \u00a33,666m). (b) The current and non-current liabilities of UK property joint ventures largely comprise loan balances of \u00a3(2,248)m (2022: \u00a3(2,733)m) and derivative swap balances of \u00a3(287)m (2022: \u00a3(435)m) entered into to hedge the cash flow variability exposures of the joint ventures. (c) Profit/(loss) after tax includes \u00a365m (2022: \u00a320m) of interest cost. Note 13 Group entities continued UK property joint ventures 2023 \u00a3m 2022 \u00a3m Reconciliation to carrying amounts: Opening balance \u2013 \u2013 Share of profits/(losses)* 12 20 Dividends received from joint ventures and associates (12) (20) Closing balance \u2013 \u2013 Group\u2019s share in ownership 50% 50% Group\u2019s share of net liabilities (252) (338) Deferred property profits offset against carrying amounts (60) (60) Cumulative unrecognised losses* 168 179 Cumulative unrecognised hedge reserves* 144 219 Carrying amount \u2013 \u2013 * The share of profit for the year for UK property joint ventures related to \u00a312m (2022: \u00a320m) dividends received from joint ventures with \u00a3nil carrying amounts (2022: \u00a3nil). \u00a312m of profit (2022: \u00a311m) and \u00a375m of increase (2022: \u00a349m of decrease) in the fair values of derivatives arising from these entities have been included in cumulative unrecognised losses and cumulative unrecognised hedge reserves, respectively. As at 25 February 2023, the Group had \u00a3106m (2022: \u00a3105m) loans to UK property joint ventures. Other joint ventures and associates The Group also has interests in a number of individually immaterial joint ventures and associates excluding UK property joint ventures. Joint ventures 2023 \u00a3m 2022 \u00a3m Aggregate carrying amount of individually immaterial joint ventures 93 86 Group\u2019s share of profits/(losses) for the year (4) (5) The aggregate carrying amount and Group\u2019s share of profit/(losses) for the year of associates are immaterial.",
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"fact-706": {
"value": "Note 14 Impairment of non-current assets Impairment losses and reversals No impairment of goodwill was recognised in the current year (2022: \u00a3nil). The table below summarises the Group\u2019s pre-tax impairment losses and reversals on other non-current assets, aggregated by segment due to the large number of individually immaterial store cash-generating units. This includes any losses recognised immediately prior to classifying an asset or disposal group as held for sale but excludes all impairments post classification as held for sale. There were no impairment losses or reversals in the year (2022: \u00a3nil) with respect to investments in joint ventures and associates and no impairments in other non-current assets in Tesco Bank (2022: \u00a3nil). All impairment losses and reversals are classified as adjusting items. UK & ROI Central Europe Total Net 52 weeks ended 25 February 2023 Impairment loss \u00a3m Impairment reversal \u00a3m Impairment loss \u00a3m Impairment reversal \u00a3m Impairment loss \u00a3m Impairment reversal \u00a3m Impairment (loss)/reversal \u00a3m Group balance sheet Other intangible assets (28) 6 \u2013 1 (28) 7 (21) Property, plant and equipment (779) 181 (48) 6 (827) 187 (640) Right of use assets (373) 65 (21) 7 (394) 72 (322) Investment property (1) 2 \u2013 \u2013 (1) 2 1 Total impairment (loss)/reversal of other non-current assets (1,181) 254 (69) 14 (1,250) 268 (982) Group income statement Cost of sales (1,155) 245 (69) 14 (1,224) 259 (965) Administrative expenses (26) 9 \u2013 - (26) 9 (17) Total impairment (loss)/reversal from continuing operations (1,181) 254 (69) 14 (1,250) 268 (982) UK & ROI Central Europe Total Net 52 weeks ended 26 February 2022 Impairment loss \u00a3m Impairment reversal \u00a3m Impairment loss \u00a3m Impairment reversal \u00a3m Impairment loss \u00a3m Impairment reversal \u00a3m Impairment (loss)/reversal \u00a3m Group balance sheet Other intangible assets (17) 8 (1) \u2013 (18) 8 (10) Property, plant and equipment (496) 319 (10) 48 (506) 367 (139) Right of use assets (183) 228 (12) 6 (195) 234 39 Investment property (6) 1 \u2013 \u2013 (6) 1 (5) Total impairment (loss)/reversal of other non-current assets (702) 556 (23) 54 (725) 610 (115) Group income statement Cost of sales (682) 536 (19) 25 (701) 561 (140) Administrative expenses (20) 20 (4) 29 (24) 49 25 Total impairment (loss)/reversal from continuing operations (702) 556 (23) 54 (725) 610 (115) The net impairment loss in UK & ROI includes an impairment loss of \u00a37m in the UK in respect of the Group obtaining control of The Tesco Dorney Limited Partnership (2022: \u00a362m impairment loss in UK & ROI in respect of the Group obtaining control of The Tesco Sarum Limited Partnership). Refer to Note 33 for further details. The majority of the net impairment charge relates to increased discount rates due to increases in government bond rates as a result of the prevailing macroeconomic uncertainty. See the Key assumptions and sensitivity section of this note for applicable discount rates. Property fair values in the UK have also decreased due to the weakening of the property investment market in the last six months, which has led to increased yields. The remaining other non-current assets impairment losses and reversals for the Group largely reflect normal fluctuations expected from store-level performance, as well as any specific store closures. Net carrying value of non-current assets The net carrying values of other non-current assets and the recoverable amounts of impaired other non-current assets for which an impairment loss has been recognised or reversed have been aggregated by segment due to the large number of individually immaterial store cash-generating units. The amounts below exclude assets or disposal groups classified as held for sale. At 25 February 2023 UK & ROI \u00a3m Central Europe \u00a3m Tesco Bank \u00a3m Total \u00a3m Net carrying value Other intangible assets 888 37 123 1,048 Property, plant and equipment 15,331 1,459 72 16,862 Right of use assets 5,057 433 10 5,500 Investment property 15 9 \u2013 24 Other non-current assets 21,291 1,938 205 23,434 Goodwill(a) 3,827 \u2013 500 4,327 Investments in joint ventures and associates (b) 93 \u2013 \u2013 93 Net carrying value of non-current assets 25,211 1,938 705 27,854 Recoverable amount of impaired other non-current assets for which an impairment loss has been recognised or reversed, supported by: Value in use 3,657 140 \u2013 3,797 Fair value less costs of disposal(c) 1,984 169 \u2013 2,153 5,641 309 \u2013 5,950 (a) Goodwill of \u00a34,327m (2022: \u00a34,291m) consists of UK \u00a33,793m (2022: \u00a33,788m), ROI \u00a334m (2022: \u00a33m) and Tesco Bank \u00a3500m (2022: \u00a3500m). (b) The carrying value of the Group\u2019s investments includes Trent Hypermarket Private Limited \u00a355m (2022: \u00a355m). (c) Due to the individual nature of each property, fair values are classified as Level 3 within the fair value hierarchy. At 26 February 2022 UK & ROI \u00a3m Central Europe \u00a3m Tesco Bank \u00a3m Total \u00a3m Net carrying value Other intangible assets 909 31 129 1,069 Property, plant and equipment 15,538 1,454 68 17,060 Right of use assets 5,355 354 11 5,720 Investment property 14 8 \u2013 22 Other non-current assets 21,816 1,847 208 23,871 Goodwill(a) 3,791 \u2013 500 4,291 Investments in joint ventures and associates (b) 85 1 \u2013 86 Net carrying value of non-current assets 25,692 1,848 708 28,248 Recoverable amount of impaired other non-current assets for which an impairment loss has been recognised or reversed, supported by: Value in use 2,534 78 \u2013 2,612 Fair value less costs of disposal(c) 1,456 51 \u2013 1,507 3,990 129 \u2013 4,119 Refer to previous table for footnotes. Impairment methodology Cash-generating units The Group treats each store as a separate cash-generating unit for impairment testing of other intangible assets, property, plant and equipment, right of use assets and investment property. The Group allocates goodwill to groups of cash-generating units, where each country represents a group of cash-generating units for the Group\u2019s retail operations, as this represents the lowest level at which goodwill is monitored by management. Tesco Bank and dunnhumby each represent separate cash-generating units. The recoverable amount of each store cash-generating unit is the higher of its value in use and its fair value less costs of disposal. The recoverable amount of a group of cash-generating units to which goodwill has been allocated is determined based on value in use calculations. Central assets such as distribution centres and associated costs are allocated to store cash-generating units based on level of use, estimated with reference to sales. Urban fulfilment centres and associated costs that are part of a store are included in the store cash\u2013generating unit. Standalone customer fulfilment centres and associated costs are each treated as a separate cash-generating unit. Value in use Retail Estimates for value in use calculations include discount rates, long-term growth rates, expected changes to future cash flows, including volumes and prices, and the probabilities assigned to cash flow scenarios. Estimates are based on past experience and expectations of future changes in the market, including the prevailing economic climate and global economy, competitor activity, market dynamics, changing customer behaviours, structural challenges facing retail and the resilience afforded by the Group\u2019s operational scale. Cash flow projections are based on the Group\u2019s three-year internal forecasts, the results of which are reviewed by the Board. The forecasts include best estimate assumptions on inflation, which differ by both country and revenue and cost categories. The forecasts are extrapolated to five years based on management\u2019s expectations, and beyond five years based on estimated long-term average growth rates. Long-term growth rates for the Retail business are based on inflation forecasts by recognised bodies. Cash flow forecasts are allocated to store-level cash- generating units based on their relative current year actual sales performance, after adjusting for one-off cash flows affecting particular stores. Note 14 Impairment of non-current assets continued The Group applies an expected cash flow approach by probability-weighting different cash flow scenarios. The greatest probability weighting is applied to the cash flows derived from the three-year internal forecasts. Additional scenarios take account of the risks presented by a macroeconomic downturn, higher levels of operating costs and climate change, consistent with the viability statement scenarios (see the Longer term viability statement in the Strategic report) as well as an upside scenario. The viability statement scenarios reflect \u2018severe but plausible\u2019 risks which are adjusted for impairment testing in order to reflect management\u2019s best estimate of future economic conditions, including any reasonably possible upside to the three-year internal forecasts. In addition to the climate change scenario included within the probability-weighted cash flows, the Group incorporates other climate change related assumptions into the impairment modelling, including, but not limited to, investments in technology to aid the Group\u2019s net zero commitments, the costs associated with replacing assets with more environmentally-friendly alternatives, and assumptions over the cash flow profile of the Group\u2019s fuel business. Management estimates discount rates using pre-tax rates that reflect the market assessment as at the balance sheet date of the time value of money and the risks specific to the cash-generating units. The pre-tax discount rates are derived from the Group\u2019s post-tax weighted average cost of capital, as adjusted for the specific risks relating to each geographical region and on a nominal basis. Risk-free rates are based on government bond rates in each geographical region and equity risk premia and equity beta are based on forecasts by recognised bodies. The Group uses the capital asset pricing model to calculate the cost of equity. Tesco Bank goodwill Tesco Bank value in use is calculated by discounting equity cash flows, defined as the excess above the regulatory requirement. Cash flow projections are based on the Bank\u2019s three-year internal forecasts, approved by the Board. The forecasts are extrapolated to five years based on management\u2019s expectations and beyond five years based on estimated long-term average growth rates. The long-term growth rate is based on inflation and GDP growth forecasts by recognised bodies. The discount rate is the cost of equity of Tesco Bank. Risk-free rates, equity risk premia and the equity beta are derived from recognised bodies. Fair value less costs of disposal Fair values of owned properties are determined with regard to the market rent for the stores or for alternative uses with investment yields appropriate to reflect the physical characteristics of the property, location, infrastructure, redevelopment potential and other factors. In some cases, fair values include residual valuations where stores may be viable for redevelopment. Fair values of leased properties are determined with regard to the discounted market rent for the property over the remaining period of the lease, reflecting the condition and location of the property and the local rental market, adjusted for a suitable void period. Fair values of the Group\u2019s properties were determined with the assistance of independent professional valuers where appropriate. Costs of disposal are estimated based on past experience in each geographical region. Investments in joint ventures and associates The recoverable values of investments in joint ventures and associates are estimated taking into account forecast cash flows, equity valuations of comparable entities and/or recent transactions for comparable businesses. Key assumptions and sensitivity Key assumptions For value in use calculations, the key assumptions to which the recoverable amounts are most sensitive are discount rates, long-term growth rates and future cash flows (incorporating sales volumes, prices and costs). For fair value less costs of disposal calculations, the key assumption is property fair values. The discount rates and long-term growth rates for each group of cash-generating units to which goodwill has been allocated are: UK ROI Tesco Bank 2023 % 2022 % 2023 % 2022 % 2023 % 2022 % Pre-tax discount rates 8.6 - 8.8 6.4 \u2013 7.8 7.4 5.4 16.0 13.7 Post-tax discount rates 6.5 - 6.6 4.8 \u2013 5.8 6.5 4.7 12.0 10.8 Long-term growth rates 2.0 1.9 2.0 1.9 1.7 1.6 The discount rates and long-term growth rates for the Group\u2019s portfolio of store cash-generating units, aggregated by segment due to the large number of individually immaterial store cash-generating units, are: UK & ROI Central Europe 2023 % 2022 % 2023 % 2022 % Pre-tax discount rates 7.4 - 8.6 5.4 \u2013 7.8 8.0 - 16.8 5.7 \u2013 11.3 Post-tax discount rates 6.5 4.7 \u2013 5.8 6.3 \u2013 11.1 4.5 \u2013 8.8 Long-term growth rates 2.0 1.9 2.0 \u2013 3.2 2.0 \u2013 3.0 Sensitivity The Group has carried out sensitivity analyses on the reasonably possible changes in key assumptions in the impairment tests for (a) each group of cash-generating units to which goodwill has been allocated and (b) for its portfolio of store cash-generating units. Management has extended the reasonably possible movements in the future cash flows and property fair values sensitivities disclosed given the level of volatility seen in these inputs since the previous year end, driven by the wider macroeconomic environment. (a) Except for Tesco Bank goodwill, neither a reasonably possible increase of 1.0%pt in discount rates, a 10.0% decrease in future cash flows nor a 1.0%pt decrease in long-term growth rates would indicate impairment in any group of cash-generating units to which goodwill has been allocated. For Tesco Bank, the following table shows the assumptions adopted and the amount by which these assumption values would have to
change to make the recoverable amount equal to the carrying value, the headroom sensitivity, and the impact of reasonably possible
changes to these assumptions:
Key assumption Assumption value Headroom sensitivity
Reasonably possible
change
Impact on impairment
\u00a3m
Post-tax discount rates* 12.0%
Increase of 0.3%pt
Increase of 1.0%pt
(114)
Annual equity cash flows Variable
Decrease of 4.3%
Decrease of 10.0%
(71)
Long-term growth rates 1.7%
Decrease of 0.4%pt
Decrease of 1.0%pt
(72)
(b) While there is not a significant risk of an adjustment to the carrying amount of any one store cash-generating unit that would be material
to the Group as a whole in the next financial year, the table below summarises the reasonably possible changes in key assumptions which
most impact the impairment of the Group\u2019s entire portfolio of store cash-generating units, presented in aggregate due to the large
number of individually immaterial store cash-generating units. The impairment is not highly sensitive to the probability weightings
assigned to the cash flow scenarios.
Key assumption Reasonably possible change Impact on impairment
2023
\u00a3m
Post-tax discount rates* Increase of 1.0%pt for each geographic region Increase (479)
Decrease of 1.0%pt for each geographic region Decrease 434
Future cash flows Increase of 10.0% for each geographic region Decrease 279
Decrease of 10.0% for each geographic region Increase (321)
Long-term growth rates Increase of 1.0%pt for each geographic region Decrease 273
Decrease of 1.0%pt for each geographic region Increase (267)
Property fair values Increase of 10.0% for each geographic region Decrease 205
Decrease of 10.0% for each geographic region Increase (217)
* Sensitivities are applied to post-tax discount rates used to derive the pre-tax discount rates.
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"value": "Note 15 Other investments 2023 2022 At amortised cost (a) \u00a3m Fair value through profit/loss \u00a3m Fair value through other comprehensive income \u00a3m Total \u00a3m At amortised cost (a) \u00a3m Fair value through profit/loss \u00a3m Fair value through other comprehensive income \u00a3m Total \u00a3m Investments in debt instruments \u2013 Retail (b) 210 - - 210 - - - - Investments in debt instruments \u2013 Bank 883 - 565 1,448 857 - 585 1,442 Investments in equity instruments \u2013 Retail \u2013 - 14 14 - - 12 12 Property fund and other investments \u2013 Bank (c) \u2013 20 - 20 - 25 - 25 Other investments 1,093 20 579 1,692 857 25 597 1,479 Of which: Current 303 1 49 353 75 - 151 226 Non-current 790 19 530 1,339 782 25 446 1,253 1,093 20 579 1,692 857 25 597 1,479 (a) The allowances for expected credit losses in the year are immaterial (2022: immaterial). Refer to Note 27. (b) Includes \u00a3210m (2022: \u00a3nil) of secured bond assets of which \u00a3199m relates to the purchase of debt held in UK property joint ventures. (c) Includes \u00a319m (2022: \u00a323m) of property fund investments which were recognised following the acquisition of Tesco Underwriting Limited. ",
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"value": "Note 16 Inventories 2023 \u00a3m 2022 \u00a3m Goods held for resale 2,507 2,336 Development properties 3 3 2,510 2,339 Goods held for resale are net of commercial income. Refer to Note 20. Cost of inventories from continuing operations recognised as an expense for the 52 weeks ended 25 February 2023 was \u00a348,822m (52 weeks ended 26 February 2022: \u00a345,136m). Inventory losses and provisions from continuing operations recognised as an expense for the 52 weeks ended 25 February 2023 were \u00a31,220m (52 weeks ended 26 February 2022: \u00a31,002m). ",
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"fact-798": {
"value": "Note 17 Trade and other receivables 2023 \u00a3m 2022 \u00a3m Trade receivables 531 457 Prepayments 133 135 Accrued income (a) 223 211 Other receivables 374 478 Amounts owed by joint ventures and associates (Note 31) (b) 133 141 Total trade and other receivables 1,394 1,422 Of which: Current 1,315 1,263 Non-current 79 159 1,394 1,422 (a) Accrued income includes contract assets of \u00a332m (2022: \u00a351m) primarily relating to commission income on insurance policies managed and underwritten by a third party. The expected credit loss was immaterial as at 25 February 2023 (2022: immaterial). (b) Expected credit losses on amounts owed by joint ventures and associates are not material. Note 17 Trade and other receivables continued Trade receivables include commercial income. Refer to Note 20. Trade receivables are generally non interest-bearing. Credit terms vary by country and the nature of the debt, ranging from seven to 60 days. The tables below present the ageing of receivables and related allowances for expected credit losses: At 25 February 2023 Not past due \u00a3m Up to six months past due \u00a3m Six to 12 months past due \u00a3m Greater than 12 months past due \u00a3m Total \u00a3m Trade receivables 505 53 7 9 574 Other receivables 339 19 16 19 393 Trade and other receivables 844 72 23 28 967 Allowance for expected credit losses: At the beginning of the year (22) (4) (5) (25) (56) Increase in allowance, including recoveries, charged to the Group income statement (2) (2) (1) (1) (6) At the end of the year (24) (6) (6) (26) (62) At 26 February 2022 Not past due \u00a3m Up to six months past due \u00a3m Six to 12 months past due \u00a3m Greater than 12 months past due \u00a3m Total \u00a3m Trade receivables 430 52 4 6 492 Other receivables 442 34 4 19 499 Trade and other receivables 872 86 8 25 991 Allowance for expected credit losses: At the beginning of the year (22) (11) (6) (30) (69) Decrease in allowance, including recoveries, released to the Group income statement \u2013 7 1 1 9 Amounts written off \u2013 \u2013 \u2013 4 4 At the end of the year (22) (4) (5) (25) (56) ",
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"fact-709": {
"value": "Note 17 Trade and other receivables 2023 \u00a3m 2022 \u00a3m Trade receivables 531 457 Prepayments 133 135 Accrued income (a) 223 211 Other receivables 374 478 Amounts owed by joint ventures and associates (Note 31) (b) 133 141 Total trade and other receivables 1,394 1,422 Of which: Current 1,315 1,263 Non-current 79 159 1,394 1,422 (a) Accrued income includes contract assets of \u00a332m (2022: \u00a351m) primarily relating to commission income on insurance policies managed and underwritten by a third party. The expected credit loss was immaterial as at 25 February 2023 (2022: immaterial). (b) Expected credit losses on amounts owed by joint ventures and associates are not material. Note 17 Trade and other receivables continued Trade receivables include commercial income. Refer to Note 20. Trade receivables are generally non interest-bearing. Credit terms vary by country and the nature of the debt, ranging from seven to 60 days. The tables below present the ageing of receivables and related allowances for expected credit losses: At 25 February 2023 Not past due \u00a3m Up to six months past due \u00a3m Six to 12 months past due \u00a3m Greater than 12 months past due \u00a3m Total \u00a3m Trade receivables 505 53 7 9 574 Other receivables 339 19 16 19 393 Trade and other receivables 844 72 23 28 967 Allowance for expected credit losses: At the beginning of the year (22) (4) (5) (25) (56) Increase in allowance, including recoveries, charged to the Group income statement (2) (2) (1) (1) (6) At the end of the year (24) (6) (6) (26) (62) At 26 February 2022 Not past due \u00a3m Up to six months past due \u00a3m Six to 12 months past due \u00a3m Greater than 12 months past due \u00a3m Total \u00a3m Trade receivables 430 52 4 6 492 Other receivables 442 34 4 19 499 Trade and other receivables 872 86 8 25 991 Allowance for expected credit losses: At the beginning of the year (22) (11) (6) (30) (69) Decrease in allowance, including recoveries, released to the Group income statement \u2013 7 1 1 9 Amounts written off \u2013 \u2013 \u2013 4 4 At the end of the year (22) (4) (5) (25) (56) ",
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"fact-830": {
"value": "(a) Accrued income includes contract assets of \u00a332m (2022: \u00a351m) primarily relating to commission income on insurance policies managed and underwritten by a third party. The expected credit loss was immaterial as at 25 February 2023 (2022: immaterial). (b) Expected credit losses on amounts owed by joint ventures and associates are not material. Trade receivables include commercial income. Refer to Note 20. Trade receivables are generally non interest-bearing. Credit terms vary by country and the nature of the debt, ranging from seven to 60 days. The tables below present the ageing of receivables and related allowances for expected credit losses: At 25 February 2023 Not past due \u00a3m Up to six months past due \u00a3m Six to 12 months past due \u00a3m Greater than 12 months past due \u00a3m Total \u00a3m Trade receivables 505 53 7 9 574 Other receivables 339 19 16 19 393 Trade and other receivables 844 72 23 28 967 Allowance for expected credit losses: At the beginning of the year (22) (4) (5) (25) (56) Increase in allowance, including recoveries, charged to the Group income statement (2) (2) (1) (1) (6) At the end of the year (24) (6) (6) (26) (62) At 26 February 2022 Not past due \u00a3m Up to six months past due \u00a3m Six to 12 months past due \u00a3m Greater than 12 months past due \u00a3m Total \u00a3m Trade receivables 430 52 4 6 492 Other receivables 442 34 4 19 499 Trade and other receivables 872 86 8 25 991 Allowance for expected credit losses: At the beginning of the year (22) (11) (6) (30) (69) Decrease in allowance, including recoveries, released to the Group income statement \u2013 7 1 1 9 Amounts written off \u2013 \u2013 \u2013 4 4 At the end of the year (22) (4) (5) (25) (56) Tesco Bank has loans and advances to customers, split by maturity, as follows: 2023 \u00a3m 2022 \u00a3m Repayable on demand or at short notice \u2013 2 Within three months 4,151 3,561 Greater than three months but less than one year 178 161 Greater than one year but less than five years 2,667 2,718 After five years 546 537 7,542 6,979 Expected credit loss allowance for loans and advances to customers (461) (489) Loans and advances to customers 7,081 6,490 Of which: Current 4,052 3,349 Non-current 3,029 3,141 7,081 6,490 At 25 February 2023, \u00a32.9bn (2022: \u00a33.0bn) of the credit card portfolio had its beneficial interest assigned to a securitisation special purpose entity, Delamare Cards Receivables Trustee Limited, for use as collateral in securitisation transactions. The total encumbered portion of this portfolio is \u00a31.1bn (2022: \u00a31.2bn). At 25 February 2023, Delamare Cards MTN Issuer PLC had \u00a31.8bn (2022: \u00a31.8bn) notes in issue in relation to securitisation transactions. At 25 February 2023, \u00a31.6bn (2022: \u00a31.4bn) of the class A retained credit card-backed notes are held within their single collateral pool. Expected credit losses The Group applies either the simplified approach or the three-stage model for expected credit losses, depending on the nature of the financial asset. Refer to Note 1 for further detail. The Group\u2019s financial assets are written off when the balance is known not to be recoverable or the Group is time-barred from recovering a balance under local legislation. The expected credit losses for Retail are immaterial. Gross loans to related parties of \u00a3144m (2022: \u00a3143m) are presented net of loss allowances of \u00a3nil (2022: \u00a3nil) and deferred profits of \u00a338m (2022: \u00a338m) on the Group balance sheet. The ECL is determined by multiplying together the probability of default (PD), exposure at default (EAD) and the loss given default (LGD) for the relevant time period and for each specific loan and by discounting back to the balance sheet date. For details of credit risk relating to reinsurance assets and the expected credit losses on loans and advances to customers and investments held in Tesco Bank, refer to the separate section on Tesco Bank financial risk factors on page 173. Expected credit losses (ECL) The ECL is determined by multiplying together the probability of default (PD), exposure at default (EAD) and loss given default (LGD) for the relevant time period and for each asset category and by discounting back to the balance sheet date. The ECL calculation and the measurement of significant deterioration in credit risk both incorporate forward-looking information using a range of macroeconomic scenarios, with key variables being the Bank of England base rate, unemployment rate and gross domestic product. The key economic variables are based on historical patterns observed over a range of economic cycles. The tables below present the reconciliations of ECL allowances on loans and advances to customers: 2023 At 25 February 2023 Stage 1 \u00a3m Stage 2 \u00a3m Stage 3 \u00a3m Total \u00a3m Gross exposure 5,792 1,623 202 7,617 Loan commitments 11,508 696 8 12,212 Total exposure 17,300 2,319 210 19,829 Allowance for expected credit losses At 26 February 2022 (95) (266) (128) (489) Transfers: Transfers from stage 1 to stage 2 21 (21) \u2013 \u2013 Transfers from stage 2 to stage 1 (20) 20 \u2013 \u2013 Transfers to stage 3 3 21 (24) \u2013 Transfers from stage 3 (1) (2) 3 \u2013 Movements recognised in the Group income statement: Net remeasurement following transfer of stage 8 (27) (54) (73) New financial assets originated (25) (63) (7) (95) Financial assets derecognised during the current financial year 6 5 3 14 Changes in risk parameters and other movements 48 41 (11) 78 Other movements: Write-offs and asset disposals \u2013 2 105 107 Transfers to provisions for liabilities and charges (2) (1) - (3) At 25 February 2023 (57) (291) (113) (461) Reconciliation to Group balance sheet Gross exposure 5,792 1,623 202 7,617 Allowance for expected credit losses (57) (291) (113) (461) 5,735 1,332 89 7,156 Fair value adjustment (75) Carrying value at 25 February 2023 7,081 2022 At 26 February 2022 Stage 1 \u00a3m Stage 2 \u00a3m Stage 3 \u00a3m Total \u00a3m Gross exposure 5,973 835 201 7,009 Loan commitments 12,029 328 6 12,363 Total exposure 18,002 1,163 207 19,372 Allowance for expected credit losses At 27 February 2021 (131) (341) (153) (625) Transfers: Transfers from stage 1 to stage 2 19 (19) \u2013 \u2013 Transfers from stage 2 to stage 1 (45) 45 \u2013 \u2013 Transfers to stage 3 5 38 (43) \u2013 Transfers from stage 3 (2) (3) 5 \u2013 Movements recognised in the Group income statement: Net remeasurement following transfer of stage 34 (12) (58) (36) New financial assets originated (21) (9) (4) (34) Financial assets derecognised during the current financial year 15 16 3 34 Changes in risk parameters and other movements 36 24 (10) 50 Other movements: Write-offs and asset disposals \u2013 2 132 134 Transfers to provisions for liabilities and charges (5) (7) \u2013 (12) At 26 February 2022 (95) (266) (128) (489) Reconciliation to Group balance sheet Gross exposure 5,973 835 201 7,009 Allowance for expected credit losses (95) (266) (128) (489) 5,878 569 73 6,520 Fair value adjustment (30) Carrying value at 26 February 2022 6,490 Note 27 Financial risk management continued Tesco Bank defines four classifications of credit quality for all credit exposures: high, satisfactory, low and below standard. Credit exposures are segmented according to the probability of default (PD), with credit impaired reflecting a PD of 100%. At 25 February 2023 12-month PD % Stage 1 \u00a3m Stage 2 \u00a3m Stage 3 \u00a3m Total \u00a3m Loans and advances to customers: High quality \u22643.02 5,598 742 \u2013 6,340 Satisfactory quality >3.03 - 11.10 186 610 \u2013 796 Low quality and below standard \u226511.11 8 271 \u2013 279 Credit impaired 100 \u2013 \u2013 202 202 5,792 1,623 202 7,617 At 26 February 2022 12-month PD % Stage 1 \u00a3m Stage 2 \u00a3m Stage 3 \u00a3m Total \u00a3m Loans and advances to customers: High quality \u22643.02 5,666 300 \u2013 5,966 Satisfactory quality >3.03 \u2013 11.10 288 390 \u2013 678 Low quality and below standard \u226511.11 19 145 \u2013 164 Credit impaired 100 \u2013 \u2013 201 201 5,973 835 201 7,009 Default An account is deemed to have defaulted when Tesco Bank considers that a customer is in significant financial difficulty and that the customer meets certain quantitative and qualitative criteria regarding their ability to make contractual payments when due. This includes instances where: \u2013 the customer makes a declaration of significant financial difficulty; \u2013 the customer or third-party agency communicates that it is probable that the customer will enter bankruptcy or another form of financial restructure such as insolvency or repossession; \u2013 the account has been transferred to recoveries and the relationship is terminated; \u2013 an account\u2019s contractual payments are more than 90 days past due; or \u2013 where the customer is deceased. A loan deemed uncollectable is written off against the related provision after all of the necessary procedures have been completed and the amount of the loss has been determined. Tesco Bank may write off loans that are still subject to enforcement activity. The outstanding contractual amount of such assets written off was \u00a3115m (2022: \u00a3110m). Significant increase in credit risk At each reporting date, the change in credit risk of the financial asset is observed using a set of quantitative and qualitative criteria, together with a backstop based on arrears status. For each financial asset, Tesco Bank compares the lifetime PD at the reporting date with the lifetime PD that was expected at the reporting date at initial recognition (PD threshold). Tesco Bank has established PD thresholds for each type of product which vary depending on initial term and term remaining. A number of qualitative criteria are in place such as: forbearance offered to customers in financial difficulty; risk-based pricing post-origination; credit indebtedness; credit limit decrease; and pre-delinquency information. As a backstop, Tesco Bank considers that if an account\u2019s contractual payments are more than 30 days past due then a significant increase in credit risk has taken place. Tesco Bank has commissioned four scenarios from its third-party provider: a Base scenario; an Upside scenario; and two different Downside scenarios. The Base scenario assumes the continuation of war in Ukraine affecting energy prices and inflation, with GDP not expected to return to pre-pandemic levels until Q2 2025. The scenario projects cost-of-living pressures continuing, real disposable income declining and unemployment peaking at 5.7% by Q4 2024. The Upside scenario sees a dissipation in global supply chain disruption and a peak unemployment rate of 4.4% in 2024, while Downside scenario 1 assumes a 7.3% unemployment peak by 2025. Downside scenario 2 postulates spikes in energy prices, higher inflation and further deprecation of Sterling against the US Dollar, with subsequent GDP declines and a 9.6% unemployment peak in 2025. These scenarios are also reviewed to ensure an unbiased estimate of ECL by ensuring the credit loss distribution under a larger number of scenarios is adequately captured using these four scenarios and their respective weightings. The Base, Upside, Downside 1 and Downside 2 scenarios have been assigned weighting of 40%, 30%, 25% and 5% respectively. The economic scenarios used include the following ranges of key indicators: As at 25 February 2023 (five-year average) Base 40% Upside 30% Downside 1 25% Downside 2 5% Bank of England base rate(a) 3.8% 3.0% 4.7% 5.8% Gross domestic product(b) 1.0% 1.5% 0.4% (0.1)% Unemployment rate 5.2% 4.2% 6.5% 8.4% Unemployment rate peak in year 5.4% 4.2% 6.8% 8.9% As at 26 February 2022 (five-year average) Base 40% Upside 30% Downside 1 25% Downside 2 5% Bank of England base rate(a) 1.0% 1.2% 0.7% 0.4% Gross domestic product(b) 1.8% 2.2% 1.5% 1.2% Unemployment rate 4.1% 3.9% 4.9% 6.3% Unemployment rate peak in year 4.2% 3.9% 5.1% 6.7% (a) Simple average. (b) Annual growth rates. Key assumptions and sensitivity The key assumptions to which the Tesco Bank ECL is most sensitive are macroeconomic factors, probability of default (PD), loss given default (LGD), PD threshold (staging) and expected lifetime (revolving credit facilities). The table below sets out the changes in the ECL allowance that would arise from reasonably possible changes in these assumptions from those used in Tesco Bank\u2019s calculations as at 25 February 2023 and excludes specific management overlays which are discussed further below: Impact on the loss allowance Key assumption Reasonably possible change 2023 \u00a3m 2022 \u00a3m Closing ECL allowance 461 489 Macroeconomic factors (100% weighted) Upside scenario (59) (27) Base scenario (11) (13) Downside scenario 1 65 31 Downside scenario 2 161 110 Probability of default Increase of 10% (2022: 2.5%) 32 6 Decrease of 10% (2022: 2.5%) (31) (6) Loss given default Increase of 2.5% 10 7 Decrease of 2.5% (10) (7) Probability of default threshold (staging) Increase of 20% (9) (9) Decrease of 20% 13 13 Expected lifetime (revolving credit facility) Increase of 1 year 3 11 Decrease of 1 year (5) (10) Despite stability in the performance of the underlying portfolio, the increased risk from a high inflationary environment and cost-of-living crisis creates uncertainty on future loss projections and the current model outputs. As a result, Tesco Bank has recognised certain specific management overlays, to address the prevailing downside risks and ensure the potential impacts of future stress are adequately provided for, detailed below: Overlay Description of adjustment 2023 \u00a3m 2022 \u00a3m Underestimation risk Risk that the beneficial impact of recent credit loss trends incorporated into credit risk models are transitive and may reverse due to the uncertain economic climate 68 \u2013 Cost of living A portion of Tesco Bank\u2019s customers may be more impacted by cost-of- living pressures, with deterioration in their ability to repay unsecured lending balances 22 75 Consumer spending In respect of the beneficial modelling impact of lower consumer spending through the pandemic \u2013 113 Emergence of customer defaults The emergence of defaults will be more aligned with previous economic downturns \u2013 19 War in Ukraine Further potential inflationary pressures on cost of living \u2013 6 Total overlays 90 213 Forbearance Tesco Bank could be exposed to unacceptable levels of bad debt and also suffer reputational damage if it did not provide adequate support to customers who are experiencing financial difficulties. Forbearance is relief granted by a lender to assist customers in financial difficulty, through arrangements which temporarily allow the customer to pay an amount other than the contractual amounts due. These temporary arrangements may be initiated by the customer or Tesco Bank where financial distress would prevent repayment within the original terms and conditions of the contract. The main aim of forbearance is to support customers in returning to a position where they are able to meet their contractual obligations. Tesco Bank has adopted the definition of forbearance in the European Banking Authority\u2019s (EBA) final draft Implementing Technical Standards (ITS) of July 2014 and reports all accounts meeting this definition, providing for them appropriately. Tesco Bank has well defined forbearance policies and processes. A number of forbearance options are made available to customers. These routinely, but not exclusively, include the following: \u2013 arrangements to repay arrears over a period of time, by making payments above the contractual amount, that ensure the loan is repaid within the original repayment term; and \u2013 short-term concessions, where the borrower is allowed to make reduced repayments (or in exceptional circumstances, no repayments) on a temporary basis to assist with short-term financial hardship. Gross loans and advances subject to forbearance programmes Forbearance programmes as a proportion of total loans and advances by category Proportion of forbearance programmes covered by allowance for expected credit losses 2023 \u00a3m 2022 \u00a3m 2023 % 2022 % 2023 % 2022 % Credit cards 102 106 3 3 49 51 Loans 30 39 1 1 31 47 ",
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"value": "Note 18 Cash and cash equivalents and short-term investments Cash and cash equivalents 2023 \u00a3m 2022 \u00a3m Cash at bank and on hand 2,426 2,322 Short-term deposits 39 23 Cash and cash equivalents in the Group balance sheet 2,465 2,345 Bank overdrafts (900) (574) Cash and cash equivalents in the Group cash flow statement 1,565 1,771 Short-term investments 2023 \u00a3m 2022 \u00a3m Money market funds, deposits and similar instruments 1,628 2,076 Cash and cash equivalents includes \u00a387m (2022: \u00a384m) of restricted amounts mainly relating to the Group\u2019s pension schemes and employee benefit trusts. ",
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"value": "Cash and cash equivalents includes \u00a387m (2022: \u00a384m) of restricted amounts mainly relating to the Group\u2019s pension schemes and employee benefit trusts. ",
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"value": "Note 19 Trade and other payables 2023 \u00a3m 2022 \u00a3m Trade payables 6,359 5,641 Other taxation and social security 399 411 Other payables 1,886 1,905 Amounts payable to joint ventures and associates (Note 31) 7 9 Accruals 877 827 Contract liabilities 443 441 Total trade and other payables 9,971 9,234 Of which: Current 9,818 9,181 Non-current 153 53 9,971 9,234 Trade and other payables are net of commercial income. Refer to Note 20. Contract liabilities represent consideration received for performance obligations not yet satisfied, predominantly in relation to Clubcard points. The majority of the revenue deferred at the current financial year end will be recognised in the following financial year. Trade payables include \u00a3687m (2022: \u00a3935m) that suppliers have chosen to early-fund under supplier financing arrangements. Refer to Note 1. Amounts in trade payables that are overdue for payment to the provider are immaterial. ",
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"value": "Note 19 Trade and other payables 2023 \u00a3m 2022 \u00a3m Trade payables 6,359 5,641 Other taxation and social security 399 411 Other payables 1,886 1,905 Amounts payable to joint ventures and associates (Note 31) 7 9 Accruals 877 827 Contract liabilities 443 441 Total trade and other payables 9,971 9,234 Of which: Current 9,818 9,181 Non-current 153 53 9,971 9,234 ",
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"fact-712": {
"value": "Note 20 Commercial income Below are the commercial income balances included within inventories and trade and other receivables, or netted against trade and other payables. Amounts received in advance of income being earned are included in accruals. 2023 \u00a3m 2022 \u00a3m Current assets Inventories (18) (15) Trade and other receivables Trade/other receivables 67 68 Accrued income 127 124 Current liabilities Trade and other payables Trade payables 112 112 Accruals (5) \u2013 ",
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"fact-760": {
"value": "Note 21 Borrowings Borrowings are classified as current and non-current based on their scheduled repayment date, and not their maturity date. Repayments of principal amounts are classified as current if the repayment is scheduled to be made within one year of the balance sheet date. Par value Maturity 2023 \u00a3m 2022 \u00a3m Bank loans and overdrafts(a) \u2013 \u2013 928 605 Tesco Bank Senior MREL Notes(b) \u00a3145m Jul 2025 137 244 Secured bonds(c) 5.5457% Secured Bond \u00a3235m Feb 2029 225 251 6.067% Secured Bond \u00a3200m Feb 2029 195 194 SONIA + 1.3193% Secured Bond \u00a350m Feb 2029 49 48 6.0517% Secured Bond \u00a3266m Oct 2039 337 568 5.6611% Secured Bond \u00a3289m Oct 2041 378 579 5.4111% Secured Bond \u00a3187m Jul 2044 158 \u2013 LPI and RPI-linked bonds(d) 3.322% LPI MTN \u00a3392m Nov 2025 396 377 1.982% RPI MTN \u00a3346m Mar 2036 349 312 Sustainability-linked bonds(e) 1.875% MTN \u00a3400m Nov 2028 398 398 0.375% MTN \u20ac750m Jul 2029 523 576 Fixed bonds 5% MTN \u00a371m Mar 2023 75 77 1.375% MTN \u20ac750m Oct 2023 651 634 2.5% MTN \u20ac473m Jul 2024 424 403 2.5% MTN \u00a3400m May 2025 378 397 0.875% MTN \u20ac750m May 2026 663 630 6% MTN \u00a338m Dec 2029 43 44 2.75% MTN \u00a3450m Apr 2030 359 414 5.5% MTN \u00a367m Jan 2033 78 79 6.15% USD Bond $355m Nov 2037 366 338 4.875% MTN \u00a314m Mar 2042 14 14 5.125% MTN \u20ac235m Apr 2047 213 203 5.2% MTN \u00a314m Mar 2057 14 14 7,351 7,399 Of which: Current 1,770 725 Non-current 5,581 6,674 7,351 7,399 (a) Bank loans and overdrafts includes \u00a3900m (2022: \u00a3574m) of bank overdrafts. \u00a3895m (2022: \u00a3567m) is held under a notional pooling arrangement which does not meet the criteria to be presented net of cash on the balance sheet. Refer to Note 18. (b) These notes are 3.5% Tesco Bank MREL compliant senior debt and were issued on 25 July 2019. The scheduled redemption date is July 2024. During the year there was a partial redemption by Tesco Bank of its issued MREL debt. (c) The bonds are secured by a charge over the property, plant and equipment held within The Tesco Property Limited Partnership, The Tesco Atrato Limited Partnership, The Tesco Sarum Limited Partnership and The Tesco Dorney Limited Partnership respectively, all of which are 100% owned subsidiaries of Tesco PLC. The carrying amount of assets pledged as security for secured bonds is \u00a3802m, \u00a31,065m, \u00a3708m and \u00a3239m (2022: \u00a3818m, \u00a3892m, \u00a3521m and \u00a3nil), respectively. \u00a351m (2022: \u00a350m) is the total principal repayment due within the next 12 months and the remainder is payable in quarterly instalments until the maturity date. (d) These bonds are redeemable at par, indexed for increases in the RPI over the life of the MTN. However, for the LPI-linked bond, the maximum indexation of the principal in any one year is 5%, with a minimum of 0%. For the RPI-linked bond, refer to Note 27. (e) These are sustainability-linked bonds referencing the Group\u2019s KPI for Group Greenhouse Gas (GHG) Emissions reduction (Scope 1 and 2, in tCO2e). The Sustainability Performance Target they are linked to is to reduce the Group GHG Emissions by 60% by 2025 with respect to a 2015/16 baseline.",
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"fact-713": {
"value": "Note 21 Borrowings Borrowings are classified as current and non-current based on their scheduled repayment date, and not their maturity date. Repayments of principal amounts are classified as current if the repayment is scheduled to be made within one year of the balance sheet date. Par value Maturity 2023 \u00a3m 2022 \u00a3m Bank loans and overdrafts(a) \u2013 \u2013 928 605 Tesco Bank Senior MREL Notes(b) \u00a3145m Jul 2025 137 244 Secured bonds(c) 5.5457% Secured Bond \u00a3235m Feb 2029 225 251 6.067% Secured Bond \u00a3200m Feb 2029 195 194 SONIA + 1.3193% Secured Bond \u00a350m Feb 2029 49 48 6.0517% Secured Bond \u00a3266m Oct 2039 337 568 5.6611% Secured Bond \u00a3289m Oct 2041 378 579 5.4111% Secured Bond \u00a3187m Jul 2044 158 \u2013 LPI and RPI-linked bonds(d) 3.322% LPI MTN \u00a3392m Nov 2025 396 377 1.982% RPI MTN \u00a3346m Mar 2036 349 312 Sustainability-linked bonds(e) 1.875% MTN \u00a3400m Nov 2028 398 398 0.375% MTN \u20ac750m Jul 2029 523 576 Fixed bonds 5% MTN \u00a371m Mar 2023 75 77 1.375% MTN \u20ac750m Oct 2023 651 634 2.5% MTN \u20ac473m Jul 2024 424 403 2.5% MTN \u00a3400m May 2025 378 397 0.875% MTN \u20ac750m May 2026 663 630 6% MTN \u00a338m Dec 2029 43 44 2.75% MTN \u00a3450m Apr 2030 359 414 5.5% MTN \u00a367m Jan 2033 78 79 6.15% USD Bond $355m Nov 2037 366 338 4.875% MTN \u00a314m Mar 2042 14 14 5.125% MTN \u20ac235m Apr 2047 213 203 5.2% MTN \u00a314m Mar 2057 14 14 7,351 7,399 Of which: Current 1,770 725 Non-current 5,581 6,674 7,351 7,399 (a) Bank loans and overdrafts includes \u00a3900m (2022: \u00a3574m) of bank overdrafts. \u00a3895m (2022: \u00a3567m) is held under a notional pooling arrangement which does not meet the criteria to be presented net of cash on the balance sheet. Refer to Note 18. (b) These notes are 3.5% Tesco Bank MREL compliant senior debt and were issued on 25 July 2019. The scheduled redemption date is July 2024. During the year there was a partial redemption by Tesco Bank of its issued MREL debt. (c) The bonds are secured by a charge over the property, plant and equipment held within The Tesco Property Limited Partnership, The Tesco Atrato Limited Partnership, The Tesco Sarum Limited Partnership and The Tesco Dorney Limited Partnership respectively, all of which are 100% owned subsidiaries of Tesco PLC. The carrying amount of assets pledged as security for secured bonds is \u00a3802m, \u00a31,065m, \u00a3708m and \u00a3239m (2022: \u00a3818m, \u00a3892m, \u00a3521m and \u00a3nil), respectively. \u00a351m (2022: \u00a350m) is the total principal repayment due within the next 12 months and the remainder is payable in quarterly instalments until the maturity date. (d) These bonds are redeemable at par, indexed for increases in the RPI over the life of the MTN. However, for the LPI-linked bond, the maximum indexation of the principal in any one year is 5%, with a minimum of 0%. For the RPI-linked bond, refer to Note 27. (e) These are sustainability-linked bonds referencing the Group\u2019s KPI for Group Greenhouse Gas (GHG) Emissions reduction (Scope 1 and 2, in tCO2e). The Sustainability Performance Target they are linked to is to reduce the Group GHG Emissions by 60% by 2025 with respect to a 2015/16 baseline.",
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"fact-799": {
"value": "Note 22 Provisions Property provisions \u00a3m Restructuring provisions \u00a3m Legal and regulatory provisions \u00a3m Operational insurance provisions \u00a3m Other provisions \u00a3m Total \u00a3m At 26 February 2022 213 44 44 135 30 466 Foreign currency translation 1 1 \u2013 1 1 4 Reclassifications \u2013 \u2013 10 \u2013 (10) \u2013 Amount released in the year (21) (8) (3) (23) (5) (60) Amount provided in the year 37 147 7 91 8 290 Amount utilised in the year (11) (78) (4) (46) (4) (143) Unwinding of discount 3 \u2013 \u2013 \u2013 \u2013 3 At 25 February 2023 222 106 54 158 20 560 The balances are analysed as follows: 2023 \u00a3m 2022 \u00a3m Current 366 283 Non-current 194 183 560 466 Provisions are discounted based on the relevant risk-free rate and are risk-adjusted through adjusting the cash flow estimates. Refer to Note 14 for details of how risk-free rates are derived. Where material, provisions are discounted based on country-specific nominal risk-free rates, with a weighted average risk-free rate of 3.8% (2022: 1.6%). Property provisions Property provisions comprise onerous contracts related to unprofitable stores and vacant properties, decommissioning provisions and remediation works and dilapidations provisions. Dilapidations are recognised where there is a present obligation to repair and restore leased properties to their preoccupancy state at the end of the lease term. The provision is based on best estimates for individual properties, with reference to previous experience and size of leased property, or specific agreements with the landlord where relevant. The term is measured in accordance with the outstanding length of leases or the expected timing of specific obligations. Onerous contract provisions are recognised where the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The timing of provisions is determined by reference to the contract giving rise to the obligations. Decommissioning provisions reflect the Group\u2019s long-term obligation for site-level environmental remediation works, arising from government regulations and changing consumer habits. The extent and cost of future environmental remediation represents a best estimate applied across the property portfolio based on past experience, the extent of remediation work required and the expected timing of activity, for which there is a high level of uncertainty. Amounts provided in the year primarily relate to decommissioning and amounts released in the year primarily relate to releases of dilapidation and similar remediation provisions. The expected undiscounted ageing of property provisions as at 25 February 2023: Current \u00a3m 1 to 5 years \u00a3m 6 to 10 years \u00a3m 11 to 15 years \u00a3m Over 15 years \u00a3m Total \u00a3m Property provisions 38 46 23 17 247 371 Restructuring provisions Restructuring provisions of \u00a3106m, primarily relating to expected employee costs, are expected to be fully utilised in the following financial year to 24 February 2024. The provision is calculated in line with the expected settlement costs of impacted employees and excludes future operating costs. Legal and regulatory provisions Legal and regulatory provisions contain balances in relation to either ongoing or expected legal proceedings against the Group, or for costs associated with regulatory matters and/or breaches. Due to the nature of legal and regulatory matters, including unpredictable timings of legal cases or regulatory investigations, there is often uncertainty as to if or when provisions will be fully utilised. This balance consists of various individually immaterial provisions. Operational insurance provisions Insurance provisions relate to outstanding liabilities from public and employer\u2019s liability and third-party motor claims across the Group\u2019s trading operations, separate to the Tesco Underwriting insurance balances in Note 24. Provisions relate to claims arising from incidents reported prior to the reporting date, including an allowance for those currently incurred but not reported. Amounts are measured considering claims history, including claims volume and average cost of claims, with assessment and projection by third-party actuaries. Releases in the year primarily relate to improved estimates of future outflows from revised actuarial valuations. The balance as at the financial year end is expected to be materially utilised within three years from the reporting date. Other provisions Other provisions amounts primarily relate to a Tesco Bank expected credit loss provision recognised under IFRS 9 which exceeds the gross carrying amount of the related financial asset, primarily loans to customers. Further information on expected credit losses can be found within Note 27. The remaining balance relates to individually immaterial provisions that do not fall into any of the other categories. Note 34 Commitments and contingencies Capital commitments At 25 February 2023, there were commitments for capital expenditure contracted for, but not incurred, of \u00a3200m (2022: \u00a3193m), principally relating to store development. Subsidiary audit exemptions The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of section 479A of the Act. Name Company number Name Company number Name Company number Booker Group Limited 5145685 Tapesilver Limited 5205362 Tesco Gateshead Property Limited 8312532 Booker Wholesale Holdings Limited 5137980 Tesco Aqua (GP) Limited 5721654 Tesco Maintenance Limited 6003554 Buttoncase Limited 5298861 Tesco Atrato (1LP) Limited 6969529 Tesco Mobile Communications Limited 4780729 Dillons Newsagents Limited 140624 Tesco Atrato (GP) Limited 6969536 Tesco Mobile Services Limited 4780734 Giant Booker Limited 65519 Tesco Blue (3LP) Limited 10127682 Tesco Navona (1LP) Limited 7459436 Launchgrain Limited 5260856 Tesco Brislington Limited 10701640 Tesco Passaic (1LP) Limited 7121667 Makro Holding Limited 4310463 Tesco Bury Limited 3854371 Tesco Property Partner (GP No.2) Limited 5179150 Makro Properties Limited 1273672 Tesco Distribution Holding Limited 3193655 Tesco Property Partner (GP) Limited 4945955 Oakwood Distribution Limited 5721635 Tesco Dorney (1LP) Limited 8255488 Tesco Property Partner (No.1) Limited 4945945 Spen Hill Developments Limited 4827219 Tesco Dorney (GP) Limited 8255493 Tesco Red (GP) Limited 5721630 Spen Hill Management Limited 2460426 Tesco Family Dining Limited 8514605 Tesco Sarum (1LP) Limited 7849948 Spen Hill Properties (Holdings) PLC 2412674 Tesco Food Sourcing Limited 7502096 Tesco Sarum (GP) Limited 7849882 Spen Hill Regeneration Limited 6418300 Tesco Freetime Limited 4345023 Tesco TLB Properties Limited 3159425 T & S Stores Limited 1228935 Tesco Fuchsia (3LP) Limited 10127851 Tesco PLC will guarantee all outstanding liabilities that these subsidiaries are subject to as at the financial year ended 25 February 2023 in accordance with section 479C of the Act, as amended by the Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012. In addition, Tesco PLC will guarantee any contingent and prospective liabilities that these subsidiaries are subject to. Tesco Bank At 25 February 2023, Tesco Bank had contractual lending commitments totalling \u00a312.2bn (2022: \u00a312.4bn). The contractual amounts represent the amounts that would be at risk should the available facilities be fully drawn upon and not the amounts at risk at the reporting date. Contingent liabilities As previously reported, Tesco Stores Limited (TSL) (along with all the major supermarkets) has received claims from current and former hourly- paid store colleagues alleging that they do work of equal value to that of colleagues working in its distribution centres and that differences in terms and conditions relating to pay are not objectively justifiable (the Equal Pay Claims). The claimants are seeking the differential between the pay terms looking back, and equivalence of pay terms moving forward. As at the date of this disclosure, there are approximately 42,000 claims against TSL, with the number of claims expected to continue to increase as the litigation progresses. UK equal pay law provides that an employee is entitled to the same terms in relation to pay as those of a comparator of the opposite sex in the same employment if they are employed to do work of equal value. The legislation achieves this by implying a clause into the contract of employment, which has the effect of importing into the employee\u2019s contract the more favourable term(s) of the comparator. Equal pay claims are typically heard in three stages and the claimants have to win at every stage in order to succeed. The first stage is comparability, which is effectively a technical gateway to the claims proceeding. The claimants have to show that there is a valid basis in law for comparing their pay and the pay of any comparator. One of the legal bases here is that pay terms are set by the same body. Following a European court ruling on this, TSL has made a concession on comparability. The second and third stages are an equal value assessment and the consideration of TSL\u2019s material factor defences (non-discriminatory reasons for differentials in pay terms) to any claims which succeed at the equal value assessment stage. Completion of these two stages is a lengthy process and likely to take many years with hearings and appeals a part of that process. A final date is impossible to predict with any certainty and any final decision may be delayed further by any final appeals. At present, the total number of Equal Pay Claims that may be received, the merits, and likely outcome of those claims and of TSL\u2019s defences to them, and the potential impact on the Group, are subject to various and substantial uncertainties. There are multiple factual and legal defences to these claims and the Group intends to defend them vigorously, while at the same time taking appropriate steps to mitigate the risks. The Group therefore cannot make an assessment of the likely outcome of the litigation, or the potential quantum of its liability or the potential impact on the Group at this stage. Depending on the outcome at the various stages of the Equal Pay Claims, and dependent on the number of any ultimately successful claims, the potential quantum of its liability could be material. There are a number of other contingent liabilities that arise in the normal course of business, which if realised, are not expected to result in a material liability to the Group. ",
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},
"fact-714": {
"value": "Note 22 Provisions Property provisions \u00a3m Restructuring provisions \u00a3m Legal and regulatory provisions \u00a3m Operational insurance provisions \u00a3m Other provisions \u00a3m Total \u00a3m At 26 February 2022 213 44 44 135 30 466 Foreign currency translation 1 1 \u2013 1 1 4 Reclassifications \u2013 \u2013 10 \u2013 (10) \u2013 Amount released in the year (21) (8) (3) (23) (5) (60) Amount provided in the year 37 147 7 91 8 290 Amount utilised in the year (11) (78) (4) (46) (4) (143) Unwinding of discount 3 \u2013 \u2013 \u2013 \u2013 3 At 25 February 2023 222 106 54 158 20 560 The balances are analysed as follows: 2023 \u00a3m 2022 \u00a3m Current 366 283 Non-current 194 183 560 466 Provisions are discounted based on the relevant risk-free rate and are risk-adjusted through adjusting the cash flow estimates. Refer to Note 14 for details of how risk-free rates are derived. Where material, provisions are discounted based on country-specific nominal risk-free rates, with a weighted average risk-free rate of 3.8% (2022: 1.6%). Property provisions Property provisions comprise onerous contracts related to unprofitable stores and vacant properties, decommissioning provisions and remediation works and dilapidations provisions. Dilapidations are recognised where there is a present obligation to repair and restore leased properties to their preoccupancy state at the end of the lease term. The provision is based on best estimates for individual properties, with reference to previous experience and size of leased property, or specific agreements with the landlord where relevant. The term is measured in accordance with the outstanding length of leases or the expected timing of specific obligations. Onerous contract provisions are recognised where the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The timing of provisions is determined by reference to the contract giving rise to the obligations. Decommissioning provisions reflect the Group\u2019s long-term obligation for site-level environmental remediation works, arising from government regulations and changing consumer habits. The extent and cost of future environmental remediation represents a best estimate applied across the property portfolio based on past experience, the extent of remediation work required and the expected timing of activity, for which there is a high level of uncertainty. Amounts provided in the year primarily relate to decommissioning and amounts released in the year primarily relate to releases of dilapidation and similar remediation provisions. The expected undiscounted ageing of property provisions as at 25 February 2023: Current \u00a3m 1 to 5 years \u00a3m 6 to 10 years \u00a3m 11 to 15 years \u00a3m Over 15 years \u00a3m Total \u00a3m Property provisions 38 46 23 17 247 371 Restructuring provisions Restructuring provisions of \u00a3106m, primarily relating to expected employee costs, are expected to be fully utilised in the following financial year to 24 February 2024. The provision is calculated in line with the expected settlement costs of impacted employees and excludes future operating costs. Legal and regulatory provisions Legal and regulatory provisions contain balances in relation to either ongoing or expected legal proceedings against the Group, or for costs associated with regulatory matters and/or breaches. Due to the nature of legal and regulatory matters, including unpredictable timings of legal cases or regulatory investigations, there is often uncertainty as to if or when provisions will be fully utilised. This balance consists of various individually immaterial provisions. Operational insurance provisions Insurance provisions relate to outstanding liabilities from public and employer\u2019s liability and third-party motor claims across the Group\u2019s trading operations, separate to the Tesco Underwriting insurance balances in Note 24. Provisions relate to claims arising from incidents reported prior to the reporting date, including an allowance for those currently incurred but not reported. Amounts are measured considering claims history, including claims volume and average cost of claims, with assessment and projection by third-party actuaries. Releases in the year primarily relate to improved estimates of future outflows from revised actuarial valuations. The balance as at the financial year end is expected to be materially utilised within three years from the reporting date. Other provisions Other provisions amounts primarily relate to a Tesco Bank expected credit loss provision recognised under IFRS 9 which exceeds the gross carrying amount of the related financial asset, primarily loans to customers. Further information on expected credit losses can be found within Note 27. The remaining balance relates to individually immaterial provisions that do not fall into any of the other categories. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-715": {
"value": "Note 23 Loans and advances to customers Tesco Bank has loans and advances to customers, split by maturity, as follows: 2023 \u00a3m 2022 \u00a3m Repayable on demand or at short notice \u2013 2 Within three months 4,151 3,561 Greater than three months but less than one year 178 161 Greater than one year but less than five years 2,667 2,718 After five years 546 537 7,542 6,979 Expected credit loss allowance for loans and advances to customers (461) (489) Loans and advances to customers 7,081 6,490 Of which: Current 4,052 3,349 Non-current 3,029 3,141 7,081 6,490 At 25 February 2023, \u00a32.9bn (2022: \u00a33.0bn) of the credit card portfolio had its beneficial interest assigned to a securitisation special purpose entity, Delamare Cards Receivables Trustee Limited, for use as collateral in securitisation transactions. The total encumbered portion of this portfolio is \u00a31.1bn (2022: \u00a31.2bn). At 25 February 2023, Delamare Cards MTN Issuer PLC had \u00a31.8bn (2022: \u00a31.8bn) notes in issue in relation to securitisation transactions. At 25 February 2023, \u00a31.6bn (2022: \u00a31.4bn) of the class A retained credit card-backed notes are held within their single collateral pool. Fair value hedge adjustments Fair value hedge adjustments amounting to a liability of \u00a375m (2022: liability of \u00a330m) are in respect of fixed rate personal loans. These adjustments are largely offset by derivatives, which are used to manage interest rate risk and are designated as fair value hedges of loans and advances to customers. Refer to Note 27 for allowance for expected credit losses disclosures. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-816": {
"value": "At 25 February 2023, \u00a32.9bn (2022: \u00a33.0bn) of the credit card portfolio had its beneficial interest assigned to a securitisation special purpose entity, Delamare Cards Receivables Trustee Limited, for use as collateral in securitisation transactions. The total encumbered portion of this portfolio is \u00a31.1bn (2022: \u00a31.2bn). At 25 February 2023, Delamare Cards MTN Issuer PLC had \u00a31.8bn (2022: \u00a31.8bn) notes in issue in relation to securitisation transactions. At 25 February 2023, \u00a31.6bn (2022: \u00a31.4bn) of the class A retained credit card-backed notes are held within their single collateral pool. Offsetting of financial assets and liabilities The following tables show those financial assets and liabilities subject to offsetting, enforceable master netting arrangements and similar agreements: Related amounts not offset in the Group balance sheet At 25 February 2023 Gross amounts of recognised financial assets/ (liabilities) \u00a3m Gross amounts of financial assets/ (liabilities) offset in the Group balance sheet \u00a3m Net amounts included in the Group balance sheet \u00a3m Financial instruments \u00a3m Collateral (received)/ pledged \u00a3m Net amount \u00a3m Financial assets Derivative financial instruments 930 \u2013 930 (142) (104) 684 Trade receivables 601 (70) 531 \u2013 \u2013 531 Total assets 1,531 (70) 1,461 (142) (104) 1,215 Financial liabilities Derivative financial instruments (387) \u2013 (387) 142 \u2013 (245) Trade payables (6,429) 70 (6,359) \u2013 \u2013 (6,359) Repurchases, securities lending and similar agreements (74) \u2013 (74) \u2013 74 \u2013 Total liabilities (6,890) 70 (6,820) 142 74 (6,604) Related amounts not offset in the Group balance sheet At 26 February 2022 Gross amounts of recognised financial assets/ (liabilities) \u00a3m Gross amounts of financial assets/ (liabilities) offset in the Group balance sheet \u00a3m Net amounts included in the Group balance sheet \u00a3m Financial instruments \u00a3m Collateral (received)/ pledged \u00a3m Net amount \u00a3m Financial assets Derivative financial instruments 1,011 \u2013 1,011 (246) (18) 747 Trade receivables 526 (69) 457 \u2013 \u2013 457 Total assets 1,537 (69) 1,468 (246) (18) 1,204 Financial liabilities Derivative financial instruments (383) \u2013 (383) 246 \u2013 (137) Trade payables (5,710) 69 (5,641) \u2013 \u2013 (5,641) Repurchases, securities lending and similar agreements (150) \u2013 (150) \u2013 150 \u2013 Total liabilities (6,243) 69 (6,174) 246 150 (5,778) For the financial assets and liabilities subject to enforceable master netting arrangements above, each agreement between the Group and the counterparty allows for net settlement of the relevant financial assets and liabilities when both elect to settle on a net basis. In the absence of such an election, financial assets and liabilities will be settled on a gross basis. However, each party to the master netting agreement or similar agreement will have the option to settle all such amounts on a net basis in the event of default of the other party. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-716": {
"value": "Note 24 Insurance Balances in this note relate to the Group\u2019s subsidiary, Tesco Underwriting Limited (TU), part of the Tesco Bank operating segment. Insurance profit/(loss) 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Gross insurance premium income 309 239 Insurance premium income ceded to reinsurers (139) (105) Current year claims paid (140) (104) Change in prior year claims provision 100 52 Additional liabilities arising during the year (135) (98) Insurance claims incurred (175) (150) Reinsurers\u2019 share of claims incurred* 90 62 Net insurance claims (85) (88) Net insurance profit/(loss) 85 46 * Includes \u00a320m (2022: \u00a33m) related to reinsurance quota share commission and profit commission. Insurance contract provisions and reinsurance assets The following tables show the breakdown of the Group\u2019s insurance contract provisions and reinsurance assets: 2023 2022 Gross \u00a3m Reinsurance \u00a3m Net \u00a3m Gross \u00a3m Reinsurance \u00a3m Net \u00a3m Unearned premiums 174 (73) 101 156 (64) 92 Claims 431 (144) 287 494 (181) 313 Total insurance contract provisions 605 (217) 388 650 (245) 405 Of which: Current 570 (72) 498 623 (61) 562 Non-current 35 (145) (110) 27 (184) (157) Note 24 Insurance continued Gross insurance provisions, unlike reinsurance assets, are classified as current or non-current based on contractual rights to defer settlement for at least 12 months after the reporting period, rather than expected timing of settlement. See Note 27 for the expected cash outflows in relation to these balances. 2023 2022 Analysis of movement in insurance contract provisions Gross \u00a3m Reinsurance \u00a3m Net \u00a3m Gross \u00a3m Reinsurance \u00a3m Net \u00a3m Opening balance 650 (245) 405 \u2013 \u2013 \u2013 Acquired through business combinations \u2013 \u2013 \u2013 650 (247) 403 Claims (paid)/recovered through insurers (259) 108 (151) (171) 66 (105) Movement in claims outstanding 196 (71) 125 156 (59) 97 Changes in provisions for unearned premiums 18 (9) 9 15 (5) 10 Closing balance 605 (217) 388 650 (245) 405 Analysis of movement in provision for gross unearned premiums 2023 \u00a3m 2022 \u00a3m Opening balance 156 \u2013 Acquired through business combinations \u2013 141 Premiums written during the year 327 254 Less: premiums earned during the year (309) (239) Closing balance 174 156 2023 2022 Analysis of movement in outstanding claims Gross \u00a3m Salvage and subrogation recoveries \u00a3m Net \u00a3m Gross \u00a3m Salvage and subrogation recoveries \u00a3m Net \u00a3m Opening balance 494 (22) 472 \u2013 \u2013 \u2013 Acquired through business combinations \u2013 \u2013 \u2013 509 (16) 493 Current period claims 309 (34) 275 213 (20) 193 Change in prior year claims (113) 13 (100) (57) 14 (43) Current year claims paid (140) \u2013 (140) (104) \u2013 (104) Prior year claims paid (119) \u2013 (119) (67) \u2013 (67) Closing balance 431 (43) 388 494 (22) 472 Funds withheld Funds withheld of \u00a3123m (2022: \u00a3115m), included within trade and other payables, represent the balance due to reinsurers arising from Quota Share arrangements, by which a fixed proportion of both premiums and losses are ceded to third-party reinsurers as part of the overall reinsurance protection strategy. Process used to determine assumptions The nature of insurance makes it very difficult to predict with certainty the likely outcome of any particular claim and the ultimate cost of notified claims. Each notified claim is assessed on a separate, case\u2010by\u2010case basis with due regard to the claim circumstances and historical evidence of the size of similar claims and provisions are based on information currently available. However, the ultimate liabilities may vary as a result of subsequent developments. Sources of data The sources of data used as inputs for the assumptions are internal, using detailed studies that are carried out at least annually to ensure that the assumptions are consistent with observable market prices or other published information. When there is insufficient information to make a reliable best estimate of claims development, suitable benchmark assumptions are used. Methods The cost of outstanding claims and the incurred but not reported (IBNR) claims provisions are estimated using various statistical methods, which extrapolate the development of paid and incurred claims, average cost per claim and ultimate claim numbers for each accident period based upon observed development of earlier periods, with reference to suitable benchmarks. The key methods are: \u2013 development factor methods, which use historical data to estimate the paid and incurred to date as proportions of the ultimate claim cost; \u2013 individual claim assessment methods, which use claim\u2010specific details for large individual claims to estimate the ultimate claim cost; and \u2013 benchmarking methods, which use the experience of comparable, more mature classes, or market data to estimate the cost of claims. To the extent that these methods use historical claims development information, they also assume that the historical claims development pattern will occur again in the future, after allowing (where possible) for instances where this might not be the case, such as changing economic or legal trends. Recoveries The provisions are initially estimated at a gross level and a separate calculation is carried out to estimate the size of reinsurance recoveries. The Group is covered by a variety of excess of loss reinsurance programmes. The methods used by the Group take into account historical data, specific details for individual large claims and details of the reinsurance programme to assess the expected size of reinsurance recoveries. Recoveries through salvage and subrogation are estimated and recorded separately based on a combination of suitable benchmark assumptions and the observed development to date. Ogden rate The majority of claims are not discounted as they are expected to settle within four years or less. For long-term personal injury claims the personal injury discount rate (Ogden rate) is used. For claims provisions in relation to periodic payments orders, a long-term expected investment return is used as the discount rate. This is set by the Ministry of Justice and is used by the courts to calculate lump sum personal injury payments. Reserves are assessed at the current rate of (0.25)%. Analysis of claims development \u2013 gross of reinsurance and net of salvage and subrogation recoveries Accident year(a)(b) Estimate of gross ultimate claim costs 2013 \u00a3m 2014 \u00a3m 2015 \u00a3m 2016 \u00a3m 2017 \u00a3m 2018 \u00a3m 2019 \u00a3m 2020 \u00a3m 2021 \u00a3m 2022 \u00a3m 2023 \u00a3m Total \u00a3m At end of accident year 391 349 327 371 304 317 282 220 224 48 41 \u2013 One year later 388 353 343 372 299 297 288 209 204 278 \u2013 \u2013 Two years later 373 379 343 335 269 268 271 184 \u2013 \u2013 \u2013 \u2013 Three years later 383 353 323 325 258 271 235 \u2013 \u2013 \u2013 \u2013 \u2013 Four years later 363 360 311 323 253 259 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Five years later 360 347 305 309 251 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Six years later 361 350 305 304 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Seven years later 360 343 306 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Eight years later 360 345 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Nine years later 360 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Current estimate of cumulative claims 360 345 306 304 251 259 235 184 204 278 41 2,767 Cumulative payments to date (349) (328) (299) (291) (248) (239) (204) (137) (138) (162) (9) (2,404) Claims outstanding prior to 2013 accident year \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 18 Current gross claims provision 11 17 7 13 3 20 31 47 66 116 32 381 Provision for claims handling costs \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 5 Fair value adjustment to claims outstanding provisions as a result of TU acquisition \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2 Total gross claims outstanding provisions \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 388 (a) The information in the above claims development table covers the period from which the earliest material claim arose in TU for which there is still uncertainty about the amount and timing of the claims payments and therefore reflects claims development in respect of claims arising prior to the acquisition of TU in 2021. (b) TU changed its reporting date from 31 December to 28 February during 2022. However, accident years remained consistent with a calendar year. Consequently, the first development year from 2022 onwards represents only two months of claims development. Analysis of claims development \u2013 net of reinsurance and net of salvage and subrogation recoveries Accident year(a)(b) Estimate of ultimate claim costs 2013 \u00a3m 2014 \u00a3m 2015 \u00a3m 2016 \u00a3m 2017 \u00a3m 2018 \u00a3m 2019 \u00a3m 2020 \u00a3m 2021 \u00a3m 2022 \u00a3m 2023 \u00a3m Total \u00a3m At end of accident year 379 336 320 310 276 259 236 144 127 37 32 \u2013 One year later 380 338 327 319 270 259 255 125 119 171 \u2013 \u2013 Two years later 368 349 331 302 252 233 244 109 \u2013 \u2013 \u2013 \u2013 Three years later 371 343 315 292 242 247 222 \u2013 \u2013 \u2013 \u2013 \u2013 Four years later 359 339 306 292 239 236 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Five years later 355 338 301 287 239 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Six years later 356 340 301 287 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Seven years later 355 334 301 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Eight years later 353 335 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Nine years later 350 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Current estimate of cumulative claims 350 335 301 287 239 236 222 109 119 171 32 2,401 Cumulative payments to date (347) (323) (295) (280) (236) (220) (197) (96) (84) (94) (4) (2,176) Claims outstanding prior to 2013 accident year \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 12 Current net claims provision 3 12 6 7 3 16 25 13 35 77 28 237 Provision for claims handling costs \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 5 Fair value adjustment to claims outstanding provisions as a result of TU acquisition \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2 Total net claims \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 244 Refer to previous table for footnotes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-761": {
"value": "Insurance profit/(loss) 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Gross insurance premium income 309 239 Insurance premium income ceded to reinsurers (139) (105) Current year claims paid (140) (104) Change in prior year claims provision 100 52 Additional liabilities arising during the year (135) (98) Insurance claims incurred (175) (150) Reinsurers\u2019 share of claims incurred* 90 62 Net insurance claims (85) (88) Net insurance profit/(loss) 85 46 * Includes \u00a320m (2022: \u00a33m) related to reinsurance quota share commission and profit commission. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-800": {
"value": "Insurance profit/(loss) 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Gross insurance premium income 309 239 Insurance premium income ceded to reinsurers (139) (105) Current year claims paid (140) (104) Change in prior year claims provision 100 52 Additional liabilities arising during the year (135) (98) Insurance claims incurred (175) (150) Reinsurers\u2019 share of claims incurred* 90 62 Net insurance claims (85) (88) Net insurance profit/(loss) 85 46 * Includes \u00a320m (2022: \u00a33m) related to reinsurance quota share commission and profit commission. Insurance contract provisions and reinsurance assets The following tables show the breakdown of the Group\u2019s insurance contract provisions and reinsurance assets: 2023 2022 Gross \u00a3m Reinsurance \u00a3m Net \u00a3m Gross \u00a3m Reinsurance \u00a3m Net \u00a3m Unearned premiums 174 (73) 101 156 (64) 92 Claims 431 (144) 287 494 (181) 313 Total insurance contract provisions 605 (217) 388 650 (245) 405 Of which: Current 570 (72) 498 623 (61) 562 Non-current 35 (145) (110) 27 (184) (157) Gross insurance provisions, unlike reinsurance assets, are classified as current or non-current based on contractual rights to defer settlement for at least 12 months after the reporting period, rather than expected timing of settlement. See Note 27 for the expected cash outflows in relation to these balances. 2023 2022 Analysis of movement in insurance contract provisions Gross \u00a3m Reinsurance \u00a3m Net \u00a3m Gross \u00a3m Reinsurance \u00a3m Net \u00a3m Opening balance 650 (245) 405 \u2013 \u2013 \u2013 Acquired through business combinations \u2013 \u2013 \u2013 650 (247) 403 Claims (paid)/recovered through insurers (259) 108 (151) (171) 66 (105) Movement in claims outstanding 196 (71) 125 156 (59) 97 Changes in provisions for unearned premiums 18 (9) 9 15 (5) 10 Closing balance 605 (217) 388 650 (245) 405 Analysis of movement in provision for gross unearned premiums 2023 \u00a3m 2022 \u00a3m Opening balance 156 \u2013 Acquired through business combinations \u2013 141 Premiums written during the year 327 254 Less: premiums earned during the year (309) (239) Closing balance 174 156 2023 2022 Analysis of movement in outstanding claims Gross \u00a3m Salvage and subrogation recoveries \u00a3m Net \u00a3m Gross \u00a3m Salvage and subrogation recoveries \u00a3m Net \u00a3m Opening balance 494 (22) 472 \u2013 \u2013 \u2013 Acquired through business combinations \u2013 \u2013 \u2013 509 (16) 493 Current period claims 309 (34) 275 213 (20) 193 Change in prior year claims (113) 13 (100) (57) 14 (43) Current year claims paid (140) \u2013 (140) (104) \u2013 (104) Prior year claims paid (119) \u2013 (119) (67) \u2013 (67) Closing balance 431 (43) 388 494 (22) 472 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-817": {
"value": "Insurance profit/(loss) 52 weeks 2023 \u00a3m 52 weeks 2022 \u00a3m Gross insurance premium income 309 239 Insurance premium income ceded to reinsurers (139) (105) Current year claims paid (140) (104) Change in prior year claims provision 100 52 Additional liabilities arising during the year (135) (98) Insurance claims incurred (175) (150) Reinsurers\u2019 share of claims incurred* 90 62 Net insurance claims (85) (88) Net insurance profit/(loss) 85 46 * Includes \u00a320m (2022: \u00a33m) related to reinsurance quota share commission and profit commission. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-762": {
"value": "Insurance contract provisions and reinsurance assets The following tables show the breakdown of the Group\u2019s insurance contract provisions and reinsurance assets: 2023 2022 Gross \u00a3m Reinsurance \u00a3m Net \u00a3m Gross \u00a3m Reinsurance \u00a3m Net \u00a3m Unearned premiums 174 (73) 101 156 (64) 92 Claims 431 (144) 287 494 (181) 313 Total insurance contract provisions 605 (217) 388 650 (245) 405 Of which: Current 570 (72) 498 623 (61) 562 Non-current 35 (145) (110) 27 (184) (157) Gross insurance provisions, unlike reinsurance assets, are classified as current or non-current based on contractual rights to defer settlement for at least 12 months after the reporting period, rather than expected timing of settlement. See Note 27 for the expected cash outflows in relation to these balances. 2023 2022 Analysis of movement in insurance contract provisions Gross \u00a3m Reinsurance \u00a3m Net \u00a3m Gross \u00a3m Reinsurance \u00a3m Net \u00a3m Opening balance 650 (245) 405 \u2013 \u2013 \u2013 Acquired through business combinations \u2013 \u2013 \u2013 650 (247) 403 Claims (paid)/recovered through insurers (259) 108 (151) (171) 66 (105) Movement in claims outstanding 196 (71) 125 156 (59) 97 Changes in provisions for unearned premiums 18 (9) 9 15 (5) 10 Closing balance 605 (217) 388 650 (245) 405 Analysis of movement in provision for gross unearned premiums 2023 \u00a3m 2022 \u00a3m Opening balance 156 \u2013 Acquired through business combinations \u2013 141 Premiums written during the year 327 254 Less: premiums earned during the year (309) (239) Closing balance 174 156 2023 2022 Analysis of movement in outstanding claims Gross \u00a3m Salvage and subrogation recoveries \u00a3m Net \u00a3m Gross \u00a3m Salvage and subrogation recoveries \u00a3m Net \u00a3m Opening balance 494 (22) 472 \u2013 \u2013 \u2013 Acquired through business combinations \u2013 \u2013 \u2013 509 (16) 493 Current period claims 309 (34) 275 213 (20) 193 Change in prior year claims (113) 13 (100) (57) 14 (43) Current year claims paid (140) \u2013 (140) (104) \u2013 (104) Prior year claims paid (119) \u2013 (119) (67) \u2013 (67) Closing balance 431 (43) 388 494 (22) 472 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReinsuranceExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-763": {
"value": "Note 25 Customer deposits and deposits from banks 2023 \u00a3m 2022 \u00a3m Customer deposits 5,770 5,327 Deposits from banks 980 1,052 6,750 6,379 Of which: Current 4,485 4,729 Non-current 2,265 1,650 6,750 6,379 Deposits from banks include balances of \u00a3906m (2022: \u00a3902m) drawn under the Bank of England\u2019s Term Funding Scheme with incentives for small and medium-sized enterprises (TFSME). Also included are balances of \u00a374m (2022: \u00a3150m) which have been sold under sale and repurchase agreements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-717": {
"value": "Note 25 Customer deposits and deposits from banks 2023 \u00a3m 2022 \u00a3m Customer deposits 5,770 5,327 Deposits from banks 980 1,052 6,750 6,379 Of which: Current 4,485 4,729 Non-current 2,265 1,650 6,750 6,379 Deposits from banks include balances of \u00a3906m (2022: \u00a3902m) drawn under the Bank of England\u2019s Term Funding Scheme with incentives for small and medium-sized enterprises (TFSME). Also included are balances of \u00a374m (2022: \u00a3150m) which have been sold under sale and repurchase agreements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-801": {
"value": "Also included are balances of \u00a374m (2022: \u00a3150m) which have been sold under sale and repurchase agreements. Offsetting of financial assets and liabilities The following tables show those financial assets and liabilities subject to offsetting, enforceable master netting arrangements and similar agreements: Related amounts not offset in the Group balance sheet At 25 February 2023 Gross amounts of recognised financial assets/ (liabilities) \u00a3m Gross amounts of financial assets/ (liabilities) offset in the Group balance sheet \u00a3m Net amounts included in the Group balance sheet \u00a3m Financial instruments \u00a3m Collateral (received)/ pledged \u00a3m Net amount \u00a3m Financial assets Derivative financial instruments 930 \u2013 930 (142) (104) 684 Trade receivables 601 (70) 531 \u2013 \u2013 531 Total assets 1,531 (70) 1,461 (142) (104) 1,215 Financial liabilities Derivative financial instruments (387) \u2013 (387) 142 \u2013 (245) Trade payables (6,429) 70 (6,359) \u2013 \u2013 (6,359) Repurchases, securities lending and similar agreements (74) \u2013 (74) \u2013 74 \u2013 Total liabilities (6,890) 70 (6,820) 142 74 (6,604) Related amounts not offset in the Group balance sheet At 26 February 2022 Gross amounts of recognised financial assets/ (liabilities) \u00a3m Gross amounts of financial assets/ (liabilities) offset in the Group balance sheet \u00a3m Net amounts included in the Group balance sheet \u00a3m Financial instruments \u00a3m Collateral (received)/ pledged \u00a3m Net amount \u00a3m Financial assets Derivative financial instruments 1,011 \u2013 1,011 (246) (18) 747 Trade receivables 526 (69) 457 \u2013 \u2013 457 Total assets 1,537 (69) 1,468 (246) (18) 1,204 Financial liabilities Derivative financial instruments (383) \u2013 (383) 246 \u2013 (137) Trade payables (5,710) 69 (5,641) \u2013 \u2013 (5,641) Repurchases, securities lending and similar agreements (150) \u2013 (150) \u2013 150 \u2013 Total liabilities (6,243) 69 (6,174) 246 150 (5,778) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-832": {
"value": "Note 26 Financial instruments The Group recognises the following financial instruments on its balance sheet. The Group\u2019s exposure to the risks associated with its financial assets and liabilities is discussed in Note 27. At 25 February 2023 Notes At amortised cost \u00a3m At fair value through profit or loss \u00a3m At fair value through other comprehensive income \u00a3m Total \u00a3m Financial assets Cash and cash equivalents 18 2,433 32 \u2013 2,465 Short-term investments 18 968 660 \u2013 1,628 Trade receivables 17 531 \u2013 \u2013 531 Other receivables 17 374 \u2013 \u2013 374 Joint ventures and associates loan receivables 31 106 \u2013 \u2013 106 Loans and advances to customers 23 7,081 \u2013 \u2013 7,081 Other investments 15 1,093 20 579 1,692 Derivative financial instruments: Interest rate swaps \u2013 123 \u2013 123 Cross-currency swaps \u2013 211 \u2013 211 Index-linked swaps \u2013 551 \u2013 551 Foreign currency forward contracts \u2013 41 \u2013 41 Diesel forward contracts \u2013 4 \u2013 4 12,586 1,642 579 14,807 Financial liabilities Trade payables 19 (6,359) \u2013 \u2013 (6,359) Other payables 19 (1,886) \u2013 \u2013 (1,886) Accruals 19 (877) \u2013 \u2013 (877) Borrowings 21 (7,351) \u2013 \u2013 (7,351) Customer deposits 25 (5,770) \u2013 \u2013 (5,770) Deposits from banks 25 (980) \u2013 \u2013 (980) Lease liabilities 12 (7,727) \u2013 \u2013 (7,727) Derivative financial instruments: Interest rate swaps \u2013 (159) \u2013 (159) Cross-currency swaps \u2013 (141) \u2013 (141) Foreign currency forward contracts \u2013 (72) \u2013 (72) Diesel forward contracts \u2013 (15) \u2013 (15) (30,950) (387) \u2013 (31,337) At 26 February 2022 Notes At amortised cost \u00a3m At fair value through profit or loss \u00a3m At fair value through other comprehensive income \u00a3m Total \u00a3m Financial assets Cash and cash equivalents 18 2,319 26 \u2013 2,345 Short-term investments* 18 906 1,170 \u2013 2,076 Trade receivables 17 457 \u2013 \u2013 457 Other receivables 17 478 \u2013 \u2013 478 Joint ventures and associates loan receivables 31 105 \u2013 \u2013 105 Loans and advances to customers 23 6,490 \u2013 \u2013 6,490 Other investments 15 857 25 597 1,479 Derivative financial instruments: Interest rate swaps \u2013 55 \u2013 55 Cross-currency swaps \u2013 223 \u2013 223 Index-linked swaps \u2013 666 \u2013 666 Foreign currency forward contracts \u2013 44 \u2013 44 Diesel forward contracts \u2013 23 \u2013 23 11,612 2,232 597 14,441 Financial liabilities Trade payables 19 (5,641) \u2013 \u2013 (5,641) Other payables 19 (1,905) \u2013 \u2013 (1,905) Accruals 19 (827) \u2013 \u2013 (827) Borrowings 21 (7,399) \u2013 \u2013 (7,399) Customer deposits 25 (5,327) \u2013 \u2013 (5,327) Deposits from banks 25 (1,052) \u2013 \u2013 (1,052) Lease liabilities 12 (7,958) \u2013 \u2013 (7,958) Derivative financial instruments: Interest rate swaps \u2013 (273) \u2013 (273) Cross-currency swaps \u2013 (85) \u2013 (85) Foreign currency forward contracts \u2013 (25) \u2013 (25) (30,109) (383) \u2013 (30,492) * Comparatives have been re-presented for reclassification of certain short-term investments from amortised cost to fair value through profit or loss. The expected maturity of financial assets and liabilities is not considered to be materially different to their current and non-current classification. The following table presents the Group\u2019s financial assets and liabilities that are measured at fair value, by level of fair value hierarchy: \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). Level 2 assets are valued by discounting future cash flows using externally sourced market yield curves, including interest rate curves and foreign exchange rates from highly liquid markets. For Level 3 assets and liabilities, uncollateralised derivatives are valued as per Level 2 but include certain data sources which are significantly less liquid; unlisted investments are valued based on less observable inputs such as recent funding rounds . At 25 February 2023 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets Investments at fair value through other comprehensive income 565 \u2013 14 579 Short-term investments at fair value through profit or loss 660 \u2013 \u2013 660 Cash and cash equivalents at fair value through profit or loss \u2013 32 \u2013 32 Investments at fair value through profit or loss \u2013 \u2013 20 20 Derivative financial instruments: Interest rate swaps \u2013 123 \u2013 123 Cross-currency swaps \u2013 41 170 211 Index-linked swaps \u2013 119 432 551 Foreign currency forward contracts \u2013 41 \u2013 41 Diesel forward contracts \u2013 4 \u2013 4 Total assets 1,225 360 636 2,221 Liabilities Derivative financial instruments: Interest rate swaps \u2013 (73) (86) (159) Cross-currency swaps \u2013 (4) (137) (141) Foreign currency forward contracts \u2013 (72) \u2013 (72) Diesel forward contracts \u2013 (15) \u2013 (15) Total liabilities \u2013 (164) (223) (387) Net assets/(liabilities) 1,225 196 413 1,834 At 26 February 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets Investments at fair value through other comprehensive income 585 \u2013 12 597 Short-term investments at fair value through profit or loss* 1,170 \u2013 \u2013 1,170 Cash and cash equivalents at fair value through profit or loss \u2013 26 \u2013 26 Investments at fair value through profit or loss \u2013 23 2 25 Derivative financial instruments: Interest rate swaps \u2013 55 \u2013 55 Cross-currency swaps \u2013 25 198 223 Index-linked swaps \u2013 115 551 666 Foreign currency forward contracts \u2013 44 \u2013 44 Diesel forward contracts \u2013 23 \u2013 23 Total assets 1,755 311 763 2,829 Liabilities Derivative financial instruments: Interest rate swaps \u2013 (273) \u2013 (273) Cross-currency swaps \u2013 (85) \u2013 (85) Foreign currency forward contracts \u2013 (25) \u2013 (25) Total liabilities \u2013 (383) \u2013 (383) Net assets/(liabilities) 1,755 (72) 763 2,446 * Comparatives have been re-presented for reclassification of certain short-term investments from amortised cost to fair value through profit or loss. During the financial year, there were no transfers (2022: no transfers) between Level 1 and Level 2 fair value measurements. Level 3 Instruments During the financial year, there were \u00a3nil (2022: \u00a3nil) of transfers from Level 3 to Level 2 and \u00a3nil (2022: \u00a3nil) transfer from Level 3 to Level 1. There were \u00a318m of transfers of unlisted investments (2022: \u00a3nil) and \u00a3(223)m of derivative liabilities (2022: derivative assets of \u00a3749m) to Level 3 from Level 2 and \u00a3nil (2022: \u00a3nil) to Level 3 from Level 1. As part of financial risk management, the Group holds certain uncollateralised derivative financial instruments, including interest rate and inflation swaps, cross-currency swaps and forward contracts. These are valued using relevant inputs which are considered observable (Level 2), such as forward rates and foreign exchange rates from available market data. Unobservable inputs (Level 3) relate to the funding valuation adjustment (FVA), which is the estimate of the adjustment to the fair value that a market participant would make to account for funding costs. These are calculated on the future valuation of the derivative, based on the best estimate available to management of suitable relevant cost of funds. A 10 basis points increase in the cost of funds would increase the FVA by \u00a311m (2022: \u00a318m). The following table presents the changes in Level 3 instruments: 2023 2022 Uncollateralised derivatives \u00a3m Unlisted investments \u00a3m Uncollateralised derivatives \u00a3m Unlisted investments \u00a3m At the beginning of the year 749 14 \u2013 11 Gains/(losses) recognised in finance costs* (114) \u2013 \u2013 \u2013 Gains/(losses) recognised in other comprehensive income not reclassified to the income statement \u2013 2 \u2013 4 Gains/(losses) recognised in other comprehensive income that may subsequently be reclassified to the income statement 6 \u2013 \u2013 \u2013 Additions \u2013 \u2013 \u2013 1 Disposals (39) \u2013 \u2013 (2) Transfers of assets/(liabilities) into Level 3 (223) 18 749 \u2013 At the end of the year 379 34 749 14 * All gains or losses are unrealised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-818": {
"value": "Note 26 Financial instruments The Group recognises the following financial instruments on its balance sheet. The Group\u2019s exposure to the risks associated with its financial assets and liabilities is discussed in Note 27. At 25 February 2023 Notes At amortised cost \u00a3m At fair value through profit or loss \u00a3m At fair value through other comprehensive income \u00a3m Total \u00a3m Financial assets Cash and cash equivalents 18 2,433 32 \u2013 2,465 Short-term investments 18 968 660 \u2013 1,628 Trade receivables 17 531 \u2013 \u2013 531 Other receivables 17 374 \u2013 \u2013 374 Joint ventures and associates loan receivables 31 106 \u2013 \u2013 106 Loans and advances to customers 23 7,081 \u2013 \u2013 7,081 Other investments 15 1,093 20 579 1,692 Derivative financial instruments: Interest rate swaps \u2013 123 \u2013 123 Cross-currency swaps \u2013 211 \u2013 211 Index-linked swaps \u2013 551 \u2013 551 Foreign currency forward contracts \u2013 41 \u2013 41 Diesel forward contracts \u2013 4 \u2013 4 12,586 1,642 579 14,807 Financial liabilities Trade payables 19 (6,359) \u2013 \u2013 (6,359) Other payables 19 (1,886) \u2013 \u2013 (1,886) Accruals 19 (877) \u2013 \u2013 (877) Borrowings 21 (7,351) \u2013 \u2013 (7,351) Customer deposits 25 (5,770) \u2013 \u2013 (5,770) Deposits from banks 25 (980) \u2013 \u2013 (980) Lease liabilities 12 (7,727) \u2013 \u2013 (7,727) Derivative financial instruments: Interest rate swaps \u2013 (159) \u2013 (159) Cross-currency swaps \u2013 (141) \u2013 (141) Foreign currency forward contracts \u2013 (72) \u2013 (72) Diesel forward contracts \u2013 (15) \u2013 (15) (30,950) (387) \u2013 (31,337) At 26 February 2022 Notes At amortised cost \u00a3m At fair value through profit or loss \u00a3m At fair value through other comprehensive income \u00a3m Total \u00a3m Financial assets Cash and cash equivalents 18 2,319 26 \u2013 2,345 Short-term investments* 18 906 1,170 \u2013 2,076 Trade receivables 17 457 \u2013 \u2013 457 Other receivables 17 478 \u2013 \u2013 478 Joint ventures and associates loan receivables 31 105 \u2013 \u2013 105 Loans and advances to customers 23 6,490 \u2013 \u2013 6,490 Other investments 15 857 25 597 1,479 Derivative financial instruments: Interest rate swaps \u2013 55 \u2013 55 Cross-currency swaps \u2013 223 \u2013 223 Index-linked swaps \u2013 666 \u2013 666 Foreign currency forward contracts \u2013 44 \u2013 44 Diesel forward contracts \u2013 23 \u2013 23 11,612 2,232 597 14,441 Financial liabilities Trade payables 19 (5,641) \u2013 \u2013 (5,641) Other payables 19 (1,905) \u2013 \u2013 (1,905) Accruals 19 (827) \u2013 \u2013 (827) Borrowings 21 (7,399) \u2013 \u2013 (7,399) Customer deposits 25 (5,327) \u2013 \u2013 (5,327) Deposits from banks 25 (1,052) \u2013 \u2013 (1,052) Lease liabilities 12 (7,958) \u2013 \u2013 (7,958) Derivative financial instruments: Interest rate swaps \u2013 (273) \u2013 (273) Cross-currency swaps \u2013 (85) \u2013 (85) Foreign currency forward contracts \u2013 (25) \u2013 (25) (30,109) (383) \u2013 (30,492) * Comparatives have been re-presented for reclassification of certain short-term investments from amortised cost to fair value through profit or loss. The expected maturity of financial assets and liabilities is not considered to be materially different to their current and non-current classification. The fair value of assets and liabilities measured at amortised cost and at fair value are shown below. The following table presents the Group\u2019s financial assets and liabilities that are measured at fair value, by level of fair value hierarchy: \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). Level 2 assets are valued by discounting future cash flows using externally sourced market yield curves, including interest rate curves and foreign exchange rates from highly liquid markets. For Level 3 assets and liabilities, uncollateralised derivatives are valued as per Level 2 but include certain data sources which are significantly less liquid; unlisted investments are valued based on less observable inputs such as recent funding rounds . At 25 February 2023 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets Investments at fair value through other comprehensive income 565 \u2013 14 579 Short-term investments at fair value through profit or loss 660 \u2013 \u2013 660 Cash and cash equivalents at fair value through profit or loss \u2013 32 \u2013 32 Investments at fair value through profit or loss \u2013 \u2013 20 20 Derivative financial instruments: Interest rate swaps \u2013 123 \u2013 123 Cross-currency swaps \u2013 41 170 211 Index-linked swaps \u2013 119 432 551 Foreign currency forward contracts \u2013 41 \u2013 41 Diesel forward contracts \u2013 4 \u2013 4 Total assets 1,225 360 636 2,221 Liabilities Derivative financial instruments: Interest rate swaps \u2013 (73) (86) (159) Cross-currency swaps \u2013 (4) (137) (141) Foreign currency forward contracts \u2013 (72) \u2013 (72) Diesel forward contracts \u2013 (15) \u2013 (15) Total liabilities \u2013 (164) (223) (387) Net assets/(liabilities) 1,225 196 413 1,834 At 26 February 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets Investments at fair value through other comprehensive income 585 \u2013 12 597 Short-term investments at fair value through profit or loss* 1,170 \u2013 \u2013 1,170 Cash and cash equivalents at fair value through profit or loss \u2013 26 \u2013 26 Investments at fair value through profit or loss \u2013 23 2 25 Derivative financial instruments: Interest rate swaps \u2013 55 \u2013 55 Cross-currency swaps \u2013 25 198 223 Index-linked swaps \u2013 115 551 666 Foreign currency forward contracts \u2013 44 \u2013 44 Diesel forward contracts \u2013 23 \u2013 23 Total assets 1,755 311 763 2,829 Liabilities Derivative financial instruments: Interest rate swaps \u2013 (273) \u2013 (273) Cross-currency swaps \u2013 (85) \u2013 (85) Foreign currency forward contracts \u2013 (25) \u2013 (25) Total liabilities \u2013 (383) \u2013 (383) Net assets/(liabilities) 1,755 (72) 763 2,446 * Comparatives have been re-presented for reclassification of certain short-term investments from amortised cost to fair value through profit or loss. During the financial year, there were no transfers (2022: no transfers) between Level 1 and Level 2 fair value measurements. Level 3 Instruments During the financial year, there were \u00a3nil (2022: \u00a3nil) of transfers from Level 3 to Level 2 and \u00a3nil (2022: \u00a3nil) transfer from Level 3 to Level 1. There were \u00a318m of transfers of unlisted investments (2022: \u00a3nil) and \u00a3(223)m of derivative liabilities (2022: derivative assets of \u00a3749m) to Level 3 from Level 2 and \u00a3nil (2022: \u00a3nil) to Level 3 from Level 1. As part of financial risk management, the Group holds certain uncollateralised derivative financial instruments, including interest rate and inflation swaps, cross-currency swaps and forward contracts. These are valued using relevant inputs which are considered observable (Level 2), such as forward rates and foreign exchange rates from available market data. Unobservable inputs (Level 3) relate to the funding valuation adjustment (FVA), which is the estimate of the adjustment to the fair value that a market participant would make to account for funding costs. These are calculated on the future valuation of the derivative, based on the best estimate available to management of suitable relevant cost of funds. A 10 basis points increase in the cost of funds would increase the FVA by \u00a311m (2022: \u00a318m). The following table presents the changes in Level 3 instruments: 2023 2022 Uncollateralised derivatives \u00a3m Unlisted investments \u00a3m Uncollateralised derivatives \u00a3m Unlisted investments \u00a3m At the beginning of the year 749 14 \u2013 11 Gains/(losses) recognised in finance costs* (114) \u2013 \u2013 \u2013 Gains/(losses) recognised in other comprehensive income not reclassified to the income statement \u2013 2 \u2013 4 Gains/(losses) recognised in other comprehensive income that may subsequently be reclassified to the income statement 6 \u2013 \u2013 \u2013 Additions \u2013 \u2013 \u2013 1 Disposals (39) \u2013 \u2013 (2) Transfers of assets/(liabilities) into Level 3 (223) 18 749 \u2013 At the end of the year 379 34 749 14 * All gains or losses are unrealised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-802": {
"value": "Note 26 Financial instruments The Group recognises the following financial instruments on its balance sheet. The Group\u2019s exposure to the risks associated with its financial assets and liabilities is discussed in Note 27. At 25 February 2023 Notes At amortised cost \u00a3m At fair value through profit or loss \u00a3m At fair value through other comprehensive income \u00a3m Total \u00a3m Financial assets Cash and cash equivalents 18 2,433 32 \u2013 2,465 Short-term investments 18 968 660 \u2013 1,628 Trade receivables 17 531 \u2013 \u2013 531 Other receivables 17 374 \u2013 \u2013 374 Joint ventures and associates loan receivables 31 106 \u2013 \u2013 106 Loans and advances to customers 23 7,081 \u2013 \u2013 7,081 Other investments 15 1,093 20 579 1,692 Derivative financial instruments: Interest rate swaps \u2013 123 \u2013 123 Cross-currency swaps \u2013 211 \u2013 211 Index-linked swaps \u2013 551 \u2013 551 Foreign currency forward contracts \u2013 41 \u2013 41 Diesel forward contracts \u2013 4 \u2013 4 12,586 1,642 579 14,807 Financial liabilities Trade payables 19 (6,359) \u2013 \u2013 (6,359) Other payables 19 (1,886) \u2013 \u2013 (1,886) Accruals 19 (877) \u2013 \u2013 (877) Borrowings 21 (7,351) \u2013 \u2013 (7,351) Customer deposits 25 (5,770) \u2013 \u2013 (5,770) Deposits from banks 25 (980) \u2013 \u2013 (980) Lease liabilities 12 (7,727) \u2013 \u2013 (7,727) Derivative financial instruments: Interest rate swaps \u2013 (159) \u2013 (159) Cross-currency swaps \u2013 (141) \u2013 (141) Foreign currency forward contracts \u2013 (72) \u2013 (72) Diesel forward contracts \u2013 (15) \u2013 (15) (30,950) (387) \u2013 (31,337) At 26 February 2022 Notes At amortised cost \u00a3m At fair value through profit or loss \u00a3m At fair value through other comprehensive income \u00a3m Total \u00a3m Financial assets Cash and cash equivalents 18 2,319 26 \u2013 2,345 Short-term investments* 18 906 1,170 \u2013 2,076 Trade receivables 17 457 \u2013 \u2013 457 Other receivables 17 478 \u2013 \u2013 478 Joint ventures and associates loan receivables 31 105 \u2013 \u2013 105 Loans and advances to customers 23 6,490 \u2013 \u2013 6,490 Other investments 15 857 25 597 1,479 Derivative financial instruments: Interest rate swaps \u2013 55 \u2013 55 Cross-currency swaps \u2013 223 \u2013 223 Index-linked swaps \u2013 666 \u2013 666 Foreign currency forward contracts \u2013 44 \u2013 44 Diesel forward contracts \u2013 23 \u2013 23 11,612 2,232 597 14,441 Financial liabilities Trade payables 19 (5,641) \u2013 \u2013 (5,641) Other payables 19 (1,905) \u2013 \u2013 (1,905) Accruals 19 (827) \u2013 \u2013 (827) Borrowings 21 (7,399) \u2013 \u2013 (7,399) Customer deposits 25 (5,327) \u2013 \u2013 (5,327) Deposits from banks 25 (1,052) \u2013 \u2013 (1,052) Lease liabilities 12 (7,958) \u2013 \u2013 (7,958) Derivative financial instruments: Interest rate swaps \u2013 (273) \u2013 (273) Cross-currency swaps \u2013 (85) \u2013 (85) Foreign currency forward contracts \u2013 (25) \u2013 (25) (30,109) (383) \u2013 (30,492) * Comparatives have been re-presented for reclassification of certain short-term investments from amortised cost to fair value through profit or loss. The expected maturity of financial assets and liabilities is not considered to be materially different to their current and non-current classification. The fair value of assets and liabilities measured at amortised cost and at fair value are shown below. Fair value of financial assets and liabilities measured at amortised cost The table excludes cash and cash equivalents, short-term investments, trade receivables/payables, other receivables/payables, accruals and deposits from banks where the carrying values approximate fair value. The levels in the table refer to the fair value measurement. 2023 2022 Level Carrying value \u00a3m Fair value \u00a3m Carrying value \u00a3m Fair value \u00a3m Financial assets measured at amortised cost Loans and advances to customers 3 7,081 7,058 6,490 6,566 Investments in debt instruments at amortised cost (a) 1 and 2 1,093 1,097 857 867 Joint ventures and associates loan receivables(b) 2 106 111 105 126 Financial liabilities measured at amortised cost Borrowings Amortised cost(a) 1 (5,227) (5,496) (5,057) (5,942) Bonds in fair value hedge relationships 1 (2,124) (2,167) (2,342) (2,401) Customer deposits 3 (5,770) (5,640) (5,327) (5,296) (a) These are principally Level 1 instruments. (b) Joint ventures and associates loan receivables carrying amounts of \u00a3106m (2022: \u00a3105m) are presented in the Group balance sheet net of deferred profits of \u00a338m (2022: \u00a338m) historically arising from the sale of property assets to joint ventures. The following table presents the Group\u2019s financial assets and liabilities that are measured at fair value, by level of fair value hierarchy: \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). Level 2 assets are valued by discounting future cash flows using externally sourced market yield curves, including interest rate curves and foreign exchange rates from highly liquid markets. For Level 3 assets and liabilities, uncollateralised derivatives are valued as per Level 2 but include certain data sources which are significantly less liquid; unlisted investments are valued based on less observable inputs such as recent funding rounds . At 25 February 2023 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets Investments at fair value through other comprehensive income 565 \u2013 14 579 Short-term investments at fair value through profit or loss 660 \u2013 \u2013 660 Cash and cash equivalents at fair value through profit or loss \u2013 32 \u2013 32 Investments at fair value through profit or loss \u2013 \u2013 20 20 Derivative financial instruments: Interest rate swaps \u2013 123 \u2013 123 Cross-currency swaps \u2013 41 170 211 Index-linked swaps \u2013 119 432 551 Foreign currency forward contracts \u2013 41 \u2013 41 Diesel forward contracts \u2013 4 \u2013 4 Total assets 1,225 360 636 2,221 Liabilities Derivative financial instruments: Interest rate swaps \u2013 (73) (86) (159) Cross-currency swaps \u2013 (4) (137) (141) Foreign currency forward contracts \u2013 (72) \u2013 (72) Diesel forward contracts \u2013 (15) \u2013 (15) Total liabilities \u2013 (164) (223) (387) Net assets/(liabilities) 1,225 196 413 1,834 At 26 February 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets Investments at fair value through other comprehensive income 585 \u2013 12 597 Short-term investments at fair value through profit or loss* 1,170 \u2013 \u2013 1,170 Cash and cash equivalents at fair value through profit or loss \u2013 26 \u2013 26 Investments at fair value through profit or loss \u2013 23 2 25 Derivative financial instruments: Interest rate swaps \u2013 55 \u2013 55 Cross-currency swaps \u2013 25 198 223 Index-linked swaps \u2013 115 551 666 Foreign currency forward contracts \u2013 44 \u2013 44 Diesel forward contracts \u2013 23 \u2013 23 Total assets 1,755 311 763 2,829 Liabilities Derivative financial instruments: Interest rate swaps \u2013 (273) \u2013 (273) Cross-currency swaps \u2013 (85) \u2013 (85) Foreign currency forward contracts \u2013 (25) \u2013 (25) Total liabilities \u2013 (383) \u2013 (383) Net assets/(liabilities) 1,755 (72) 763 2,446 * Comparatives have been re-presented for reclassification of certain short-term investments from amortised cost to fair value through profit or loss. During the financial year, there were no transfers (2022: no transfers) between Level 1 and Level 2 fair value measurements. Level 3 Instruments During the financial year, there were \u00a3nil (2022: \u00a3nil) of transfers from Level 3 to Level 2 and \u00a3nil (2022: \u00a3nil) transfer from Level 3 to Level 1. There were \u00a318m of transfers of unlisted investments (2022: \u00a3nil) and \u00a3(223)m of derivative liabilities (2022: derivative assets of \u00a3749m) to Level 3 from Level 2 and \u00a3nil (2022: \u00a3nil) to Level 3 from Level 1. As part of financial risk management, the Group holds certain uncollateralised derivative financial instruments, including interest rate and inflation swaps, cross-currency swaps and forward contracts. These are valued using relevant inputs which are considered observable (Level 2), such as forward rates and foreign exchange rates from available market data. Unobservable inputs (Level 3) relate to the funding valuation adjustment (FVA), which is the estimate of the adjustment to the fair value that a market participant would make to account for funding costs. These are calculated on the future valuation of the derivative, based on the best estimate available to management of suitable relevant cost of funds. A 10 basis points increase in the cost of funds would increase the FVA by \u00a311m (2022: \u00a318m). The following table presents the changes in Level 3 instruments: 2023 2022 Uncollateralised derivatives \u00a3m Unlisted investments \u00a3m Uncollateralised derivatives \u00a3m Unlisted investments \u00a3m At the beginning of the year 749 14 \u2013 11 Gains/(losses) recognised in finance costs* (114) \u2013 \u2013 \u2013 Gains/(losses) recognised in other comprehensive income not reclassified to the income statement \u2013 2 \u2013 4 Gains/(losses) recognised in other comprehensive income that may subsequently be reclassified to the income statement 6 \u2013 \u2013 \u2013 Additions \u2013 \u2013 \u2013 1 Disposals (39) \u2013 \u2013 (2) Transfers of assets/(liabilities) into Level 3 (223) 18 749 \u2013 At the end of the year 379 34 749 14 * All gains or losses are unrealised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-718": {
"value": "Note 26 Financial instruments The Group recognises the following financial instruments on its balance sheet. The Group\u2019s exposure to the risks associated with its financial assets and liabilities is discussed in Note 27. At 25 February 2023 Notes At amortised cost \u00a3m At fair value through profit or loss \u00a3m At fair value through other comprehensive income \u00a3m Total \u00a3m Financial assets Cash and cash equivalents 18 2,433 32 \u2013 2,465 Short-term investments 18 968 660 \u2013 1,628 Trade receivables 17 531 \u2013 \u2013 531 Other receivables 17 374 \u2013 \u2013 374 Joint ventures and associates loan receivables 31 106 \u2013 \u2013 106 Loans and advances to customers 23 7,081 \u2013 \u2013 7,081 Other investments 15 1,093 20 579 1,692 Derivative financial instruments: Interest rate swaps \u2013 123 \u2013 123 Cross-currency swaps \u2013 211 \u2013 211 Index-linked swaps \u2013 551 \u2013 551 Foreign currency forward contracts \u2013 41 \u2013 41 Diesel forward contracts \u2013 4 \u2013 4 12,586 1,642 579 14,807 Financial liabilities Trade payables 19 (6,359) \u2013 \u2013 (6,359) Other payables 19 (1,886) \u2013 \u2013 (1,886) Accruals 19 (877) \u2013 \u2013 (877) Borrowings 21 (7,351) \u2013 \u2013 (7,351) Customer deposits 25 (5,770) \u2013 \u2013 (5,770) Deposits from banks 25 (980) \u2013 \u2013 (980) Lease liabilities 12 (7,727) \u2013 \u2013 (7,727) Derivative financial instruments: Interest rate swaps \u2013 (159) \u2013 (159) Cross-currency swaps \u2013 (141) \u2013 (141) Foreign currency forward contracts \u2013 (72) \u2013 (72) Diesel forward contracts \u2013 (15) \u2013 (15) (30,950) (387) \u2013 (31,337) At 26 February 2022 Notes At amortised cost \u00a3m At fair value through profit or loss \u00a3m At fair value through other comprehensive income \u00a3m Total \u00a3m Financial assets Cash and cash equivalents 18 2,319 26 \u2013 2,345 Short-term investments* 18 906 1,170 \u2013 2,076 Trade receivables 17 457 \u2013 \u2013 457 Other receivables 17 478 \u2013 \u2013 478 Joint ventures and associates loan receivables 31 105 \u2013 \u2013 105 Loans and advances to customers 23 6,490 \u2013 \u2013 6,490 Other investments 15 857 25 597 1,479 Derivative financial instruments: Interest rate swaps \u2013 55 \u2013 55 Cross-currency swaps \u2013 223 \u2013 223 Index-linked swaps \u2013 666 \u2013 666 Foreign currency forward contracts \u2013 44 \u2013 44 Diesel forward contracts \u2013 23 \u2013 23 11,612 2,232 597 14,441 Financial liabilities Trade payables 19 (5,641) \u2013 \u2013 (5,641) Other payables 19 (1,905) \u2013 \u2013 (1,905) Accruals 19 (827) \u2013 \u2013 (827) Borrowings 21 (7,399) \u2013 \u2013 (7,399) Customer deposits 25 (5,327) \u2013 \u2013 (5,327) Deposits from banks 25 (1,052) \u2013 \u2013 (1,052) Lease liabilities 12 (7,958) \u2013 \u2013 (7,958) Derivative financial instruments: Interest rate swaps \u2013 (273) \u2013 (273) Cross-currency swaps \u2013 (85) \u2013 (85) Foreign currency forward contracts \u2013 (25) \u2013 (25) (30,109) (383) \u2013 (30,492) * Comparatives have been re-presented for reclassification of certain short-term investments from amortised cost to fair value through profit or loss. The expected maturity of financial assets and liabilities is not considered to be materially different to their current and non-current classification. The fair value of assets and liabilities measured at amortised cost and at fair value are shown below. Fair value of financial assets and liabilities measured at amortised cost The table excludes cash and cash equivalents, short-term investments, trade receivables/payables, other receivables/payables, accruals and deposits from banks where the carrying values approximate fair value. The levels in the table refer to the fair value measurement. 2023 2022 Level Carrying value \u00a3m Fair value \u00a3m Carrying value \u00a3m Fair value \u00a3m Financial assets measured at amortised cost Loans and advances to customers 3 7,081 7,058 6,490 6,566 Investments in debt instruments at amortised cost (a) 1 and 2 1,093 1,097 857 867 Joint ventures and associates loan receivables(b) 2 106 111 105 126 Financial liabilities measured at amortised cost Borrowings Amortised cost(a) 1 (5,227) (5,496) (5,057) (5,942) Bonds in fair value hedge relationships 1 (2,124) (2,167) (2,342) (2,401) Customer deposits 3 (5,770) (5,640) (5,327) (5,296) (a) These are principally Level 1 instruments. (b) Joint ventures and associates loan receivables carrying amounts of \u00a3106m (2022: \u00a3105m) are presented in the Group balance sheet net of deferred profits of \u00a338m (2022: \u00a338m) historically arising from the sale of property assets to joint ventures. Note 26 Financial instruments continued Fair value measurement by level of fair value hierarchy The following table presents the Group\u2019s financial assets and liabilities that are measured at fair value, by level of fair value hierarchy: \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). Level 2 assets are valued by discounting future cash flows using externally sourced market yield curves, including interest rate curves and foreign exchange rates from highly liquid markets. For Level 3 assets and liabilities, uncollateralised derivatives are valued as per Level 2 but include certain data sources which are significantly less liquid; unlisted investments are valued based on less observable inputs such as recent funding rounds . At 25 February 2023 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets Investments at fair value through other comprehensive income 565 \u2013 14 579 Short-term investments at fair value through profit or loss 660 \u2013 \u2013 660 Cash and cash equivalents at fair value through profit or loss \u2013 32 \u2013 32 Investments at fair value through profit or loss \u2013 \u2013 20 20 Derivative financial instruments: Interest rate swaps \u2013 123 \u2013 123 Cross-currency swaps \u2013 41 170 211 Index-linked swaps \u2013 119 432 551 Foreign currency forward contracts \u2013 41 \u2013 41 Diesel forward contracts \u2013 4 \u2013 4 Total assets 1,225 360 636 2,221 Liabilities Derivative financial instruments: Interest rate swaps \u2013 (73) (86) (159) Cross-currency swaps \u2013 (4) (137) (141) Foreign currency forward contracts \u2013 (72) \u2013 (72) Diesel forward contracts \u2013 (15) \u2013 (15) Total liabilities \u2013 (164) (223) (387) Net assets/(liabilities) 1,225 196 413 1,834 At 26 February 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets Investments at fair value through other comprehensive income 585 \u2013 12 597 Short-term investments at fair value through profit or loss* 1,170 \u2013 \u2013 1,170 Cash and cash equivalents at fair value through profit or loss \u2013 26 \u2013 26 Investments at fair value through profit or loss \u2013 23 2 25 Derivative financial instruments: Interest rate swaps \u2013 55 \u2013 55 Cross-currency swaps \u2013 25 198 223 Index-linked swaps \u2013 115 551 666 Foreign currency forward contracts \u2013 44 \u2013 44 Diesel forward contracts \u2013 23 \u2013 23 Total assets 1,755 311 763 2,829 Liabilities Derivative financial instruments: Interest rate swaps \u2013 (273) \u2013 (273) Cross-currency swaps \u2013 (85) \u2013 (85) Foreign currency forward contracts \u2013 (25) \u2013 (25) Total liabilities \u2013 (383) \u2013 (383) Net assets/(liabilities) 1,755 (72) 763 2,446 * Comparatives have been re-presented for reclassification of certain short-term investments from amortised cost to fair value through profit or loss. During the financial year, there were no transfers (2022: no transfers) between Level 1 and Level 2 fair value measurements. Level 3 Instruments During the financial year, there were \u00a3nil (2022: \u00a3nil) of transfers from Level 3 to Level 2 and \u00a3nil (2022: \u00a3nil) transfer from Level 3 to Level 1. There were \u00a318m of transfers of unlisted investments (2022: \u00a3nil) and \u00a3(223)m of derivative liabilities (2022: derivative assets of \u00a3749m) to Level 3 from Level 2 and \u00a3nil (2022: \u00a3nil) to Level 3 from Level 1. As part of financial risk management, the Group holds certain uncollateralised derivative financial instruments, including interest rate and inflation swaps, cross-currency swaps and forward contracts. These are valued using relevant inputs which are considered observable (Level 2), such as forward rates and foreign exchange rates from available market data. Unobservable inputs (Level 3) relate to the funding valuation adjustment (FVA), which is the estimate of the adjustment to the fair value that a market participant would make to account for funding costs. These are calculated on the future valuation of the derivative, based on the best estimate available to management of suitable relevant cost of funds. A 10 basis points increase in the cost of funds would increase the FVA by \u00a311m (2022: \u00a318m). The following table presents the changes in Level 3 instruments: 2023 2022 Uncollateralised derivatives \u00a3m Unlisted investments \u00a3m Uncollateralised derivatives \u00a3m Unlisted investments \u00a3m At the beginning of the year 749 14 \u2013 11 Gains/(losses) recognised in finance costs* (114) \u2013 \u2013 \u2013 Gains/(losses) recognised in other comprehensive income not reclassified to the income statement \u2013 2 \u2013 4 Gains/(losses) recognised in other comprehensive income that may subsequently be reclassified to the income statement 6 \u2013 \u2013 \u2013 Additions \u2013 \u2013 \u2013 1 Disposals (39) \u2013 \u2013 (2) Transfers of assets/(liabilities) into Level 3 (223) 18 749 \u2013 At the end of the year 379 34 749 14 * All gains or losses are unrealised. Offsetting of financial assets and liabilities The following tables show those financial assets and liabilities subject to offsetting, enforceable master netting arrangements and similar agreements: Related amounts not offset in the Group balance sheet At 25 February 2023 Gross amounts of recognised financial assets/ (liabilities) \u00a3m Gross amounts of financial assets/ (liabilities) offset in the Group balance sheet \u00a3m Net amounts included in the Group balance sheet \u00a3m Financial instruments \u00a3m Collateral (received)/ pledged \u00a3m Net amount \u00a3m Financial assets Derivative financial instruments 930 \u2013 930 (142) (104) 684 Trade receivables 601 (70) 531 \u2013 \u2013 531 Total assets 1,531 (70) 1,461 (142) (104) 1,215 Financial liabilities Derivative financial instruments (387) \u2013 (387) 142 \u2013 (245) Trade payables (6,429) 70 (6,359) \u2013 \u2013 (6,359) Repurchases, securities lending and similar agreements (74) \u2013 (74) \u2013 74 \u2013 Total liabilities (6,890) 70 (6,820) 142 74 (6,604) Related amounts not offset in the Group balance sheet At 26 February 2022 Gross amounts of recognised financial assets/ (liabilities) \u00a3m Gross amounts of financial assets/ (liabilities) offset in the Group balance sheet \u00a3m Net amounts included in the Group balance sheet \u00a3m Financial instruments \u00a3m Collateral (received)/ pledged \u00a3m Net amount \u00a3m Financial assets Derivative financial instruments 1,011 \u2013 1,011 (246) (18) 747 Trade receivables 526 (69) 457 \u2013 \u2013 457 Total assets 1,537 (69) 1,468 (246) (18) 1,204 Financial liabilities Derivative financial instruments (383) \u2013 (383) 246 \u2013 (137) Trade payables (5,710) 69 (5,641) \u2013 \u2013 (5,641) Repurchases, securities lending and similar agreements (150) \u2013 (150) \u2013 150 \u2013 Total liabilities (6,243) 69 (6,174) 246 150 (5,778) For the financial assets and liabilities subject to enforceable master netting arrangements above, each agreement between the Group and the counterparty allows for net settlement of the relevant financial assets and liabilities when both elect to settle on a net basis. In the absence of such an election, financial assets and liabilities will be settled on a gross basis. However, each party to the master netting agreement or similar agreement will have the option to settle all such amounts on a net basis in the event of default of the other party. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-831": {
"value": "The Group recognises the following financial instruments on its balance sheet. The Group\u2019s exposure to the risks associated with its financial assets and liabilities is discussed in Note 27. At 25 February 2023 Notes At amortised cost \u00a3m At fair value through profit or loss \u00a3m At fair value through other comprehensive income \u00a3m Total \u00a3m Financial assets Cash and cash equivalents 18 2,433 32 \u2013 2,465 Short-term investments 18 968 660 \u2013 1,628 Trade receivables 17 531 \u2013 \u2013 531 Other receivables 17 374 \u2013 \u2013 374 Joint ventures and associates loan receivables 31 106 \u2013 \u2013 106 Loans and advances to customers 23 7,081 \u2013 \u2013 7,081 Other investments 15 1,093 20 579 1,692 Derivative financial instruments: Interest rate swaps \u2013 123 \u2013 123 Cross-currency swaps \u2013 211 \u2013 211 Index-linked swaps \u2013 551 \u2013 551 Foreign currency forward contracts \u2013 41 \u2013 41 Diesel forward contracts \u2013 4 \u2013 4 12,586 1,642 579 14,807 Financial liabilities Trade payables 19 (6,359) \u2013 \u2013 (6,359) Other payables 19 (1,886) \u2013 \u2013 (1,886) Accruals 19 (877) \u2013 \u2013 (877) Borrowings 21 (7,351) \u2013 \u2013 (7,351) Customer deposits 25 (5,770) \u2013 \u2013 (5,770) Deposits from banks 25 (980) \u2013 \u2013 (980) Lease liabilities 12 (7,727) \u2013 \u2013 (7,727) Derivative financial instruments: Interest rate swaps \u2013 (159) \u2013 (159) Cross-currency swaps \u2013 (141) \u2013 (141) Foreign currency forward contracts \u2013 (72) \u2013 (72) Diesel forward contracts \u2013 (15) \u2013 (15) (30,950) (387) \u2013 (31,337) At 26 February 2022 Notes At amortised cost \u00a3m At fair value through profit or loss \u00a3m At fair value through other comprehensive income \u00a3m Total \u00a3m Financial assets Cash and cash equivalents 18 2,319 26 \u2013 2,345 Short-term investments* 18 906 1,170 \u2013 2,076 Trade receivables 17 457 \u2013 \u2013 457 Other receivables 17 478 \u2013 \u2013 478 Joint ventures and associates loan receivables 31 105 \u2013 \u2013 105 Loans and advances to customers 23 6,490 \u2013 \u2013 6,490 Other investments 15 857 25 597 1,479 Derivative financial instruments: Interest rate swaps \u2013 55 \u2013 55 Cross-currency swaps \u2013 223 \u2013 223 Index-linked swaps \u2013 666 \u2013 666 Foreign currency forward contracts \u2013 44 \u2013 44 Diesel forward contracts \u2013 23 \u2013 23 11,612 2,232 597 14,441 Financial liabilities Trade payables 19 (5,641) \u2013 \u2013 (5,641) Other payables 19 (1,905) \u2013 \u2013 (1,905) Accruals 19 (827) \u2013 \u2013 (827) Borrowings 21 (7,399) \u2013 \u2013 (7,399) Customer deposits 25 (5,327) \u2013 \u2013 (5,327) Deposits from banks 25 (1,052) \u2013 \u2013 (1,052) Lease liabilities 12 (7,958) \u2013 \u2013 (7,958) Derivative financial instruments: Interest rate swaps \u2013 (273) \u2013 (273) Cross-currency swaps \u2013 (85) \u2013 (85) Foreign currency forward contracts \u2013 (25) \u2013 (25) (30,109) (383) \u2013 (30,492) At 25 February 2023 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets Investments at fair value through other comprehensive income 565 \u2013 14 579 Short-term investments at fair value through profit or loss 660 \u2013 \u2013 660 Cash and cash equivalents at fair value through profit or loss \u2013 32 \u2013 32 Investments at fair value through profit or loss \u2013 \u2013 20 20 Derivative financial instruments: Interest rate swaps \u2013 123 \u2013 123 Cross-currency swaps \u2013 41 170 211 Index-linked swaps \u2013 119 432 551 Foreign currency forward contracts \u2013 41 \u2013 41 Diesel forward contracts \u2013 4 \u2013 4 Total assets 1,225 360 636 2,221 Liabilities Derivative financial instruments: Interest rate swaps \u2013 (73) (86) (159) Cross-currency swaps \u2013 (4) (137) (141) Foreign currency forward contracts \u2013 (72) \u2013 (72) Diesel forward contracts \u2013 (15) \u2013 (15) Total liabilities \u2013 (164) (223) (387) Net assets/(liabilities) 1,225 196 413 1,834 At 26 February 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets Investments at fair value through other comprehensive income 585 \u2013 12 597 Short-term investments at fair value through profit or loss* 1,170 \u2013 \u2013 1,170 Cash and cash equivalents at fair value through profit or loss \u2013 26 \u2013 26 Investments at fair value through profit or loss \u2013 23 2 25 Derivative financial instruments: Interest rate swaps \u2013 55 \u2013 55 Cross-currency swaps \u2013 25 198 223 Index-linked swaps \u2013 115 551 666 Foreign currency forward contracts \u2013 44 \u2013 44 Diesel forward contracts \u2013 23 \u2013 23 Total assets 1,755 311 763 2,829 Liabilities Derivative financial instruments: Interest rate swaps \u2013 (273) \u2013 (273) Cross-currency swaps \u2013 (85) \u2013 (85) Foreign currency forward contracts \u2013 (25) \u2013 (25) Total liabilities \u2013 (383) \u2013 (383) Net assets/(liabilities) 1,755 (72) 763 2,446 * Comparatives have been re-presented for reclassification of certain short-term investments from amortised cost to fair value through profit or loss. At 25 February 2023 Due within 1 year \u00a3m Due between 1 and 2 years \u00a3m Due between 2 and 3 years \u00a3m Due between 3 and 4 years \u00a3m Due between 4 and 5 years \u00a3m Due beyond 5 years \u00a3m Non-derivative financial liabilities Bank and other borrowings (1,685) (618) (893) (728) (71) (3,654) Interest payments on borrowings (192) (175) (159) (131) (122) (891) Customer deposits (4,593) (935) (160) (29) (119) \u2013 Deposits from banks (124) (142) (814) \u2013 \u2013 \u2013 Lease liabilities (944) (901) (878) (856) (824) (6,494) Trade payables (6,359) \u2013 \u2013 \u2013 \u2013 \u2013 Other payables (1,740) (31) (62) (21) (2) (30) Accruals (877) \u2013 \u2013 \u2013 \u2013 \u2013 Derivative financial liabilities Net settled derivative contracts \u2013 receipts 51 34 31 8 17 30 Net settled derivative contracts \u2013 payments (82) (44) (19) (48) (15) (22) Gross settled derivative contracts \u2013 receipts 1,788 80 9 116 2 667 Gross settled derivative contracts \u2013 payments (1,899) (115) (40) (147) (30) (708) Total on balance sheet (16,656) (2,847) (2,985) (1,836) (1,164) (11,102) Off balance sheet Contractual lending commitments (12,212) \u2013 \u2013 \u2013 \u2013 \u2013 Total (28,868) (2,847) (2,985) (1,836) (1,164) (11,102) At 26 February 2022 Due within 1 year \u00a3m Due between 1 and 2 years \u00a3m Due between 2 and 3 years \u00a3m Due between 3 and 4 years \u00a3m Due between 4 and 5 years \u00a3m Due beyond 5 years \u00a3m Non-derivative financial liabilities Bank and other borrowings (625) (757) (708) (896) (701) (3,720) Interest payments on borrowings (199) (197) (179) (161) (134) (999) Customer deposits (4,677) (444) (160) (24) (25) \u2013 Deposits from banks (163) (17) (115) (805) \u2013 \u2013 Lease liabilities (934) (911) (863) (840) (820) (7,147) Trade payables (5,641) \u2013 \u2013 \u2013 \u2013 \u2013 Other payables (1,863) (11) \u2013 (1) (1) (29) Accruals (827) \u2013 \u2013 \u2013 \u2013 \u2013 Derivative financial liabilities Net settled derivative contracts \u2013 receipts 4 9 4 3 \u2013 \u2013 Net settled derivative contracts \u2013 payments (18) (65) (148) (8) (7) (10) Gross settled derivative contracts \u2013 receipts* 1,282 3 3 3 3 662 Gross settled derivative contracts \u2013 payments* (1,295) (21) (20) (18) (17) (729) Total on balance sheet (14,956) (2,411) (2,186) (2,747) (1,702) (11,972) Off balance sheet Contractual lending commitments (12,363) \u2013 \u2013 \u2013 \u2013 \u2013 Total (27,319) (2,411) (2,186) (2,747) (1,702) (11,972) * Comparatives have been re-presented on a gross basis and include derivatives of \u00a31,955m which were previously presented net within receipts and payments. The table below sets out the movements in liabilities arising from financing activities: Bank and other borrowings, excluding overdrafts \u00a3m Lease liabilities \u00a3m Net financing derivatives(a) \u00a3m Share purchase obligations (b) \u00a3m Liabilities from Group financing activities(c) \u00a3m At 26 February 2022 (6,825) (7,958) 553 (73) (14,303) Cash flows arising from financing activities 709 593 139 886 2,327 Cash flows arising from operating activities: Interest paid 241 373 44 \u2013 658 Non-cash movements: Fair value gains/(losses) 199 \u2013 (170) \u2013 29 Foreign exchange (160) (45) \u2013 \u2013 (205) Interest income/(charge) (227) (373) (55) \u2013 (655) Acquisitions and disposals (d) (388) 381 (39) \u2013 (46) Lease additions, terminations, modifications and reassessments \u2013 (698) \u2013 \u2013 (698) Share purchase agreements \u2013 \u2013 \u2013 (868) (868) At 25 February 2023 (6,451) (7,727) 472 (55) (13,761) (a) Net financing derivatives comprise those derivatives which hedge the Group\u2019s exposures in respect of lease liabilities and borrowings. Net operating and investing derivatives, which form part of the Group\u2019s Net debt APM, are not included. (b) Share purchase obligations form part of the liabilities arising from the Group\u2019s financing activities, but do not form part of Net debt. Cash flows arising from financing activities exclude \u00a3(29)m (2022: \u00a3(191)m) cash outflows relating to other cancellable arrangements and \u00a348m (2022: \u00a347m) cash received from employees exercising SAYE options. (c) Liabilities from Group financing activities are represented to include liabilities from share purchase obligations of \u00a3(55)m (2022: \u00a3(73)m) and exclude net operating and investing derivatives of \u00a371m (2022: \u00a375m). (d) Acquisitions and disposals include a derecognition of \u00a3385m of lease liabilities and an increase of \u00a3(384)m in borrowings and \u00a3(39)m in net financing derivatives from the acquisition of The Tesco Dorney Limited Partnership. Refer to Note 33. Bank and other borrowings, excluding overdrafts \u00a3m Lease liabilities \u00a3m Net financing derivatives (a) \u00a3m Share purchase obligations(b) \u00a3m Liabilities from Group financing activities (c) \u00a3m At 27 February 2021 (6,736) (8,402) 521 \u2013 (14,617) Cash flows arising from financing activities 381 577 123 278 1,359 Cash flows arising from operating activities: Interest paid 202 405 36 \u2013 643 Non-cash movements: Fair value gains/(losses) 82 \u2013 (30) \u2013 52 Foreign exchange 61 14 \u2013 \u2013 75 Interest income/(charge) (209) (405) (33) \u2013 (647) Acquisitions and disposals (606) 355 (64) \u2013 (315) Lease additions, terminations, modifications and reassessments \u2013 (492) \u2013 \u2013 (492) Share purchase agreements \u2013 \u2013 \u2013 (351) (351) Discontinued operations \u2013 (10) \u2013 \u2013 (10) At 26 February 2022 (6,825) (7,958) 553 (73) (14,303) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
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"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
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"value": "Fair value of financial assets and liabilities measured at amortised cost The table excludes cash and cash equivalents, short-term investments, trade receivables/payables, other receivables/payables, accruals and deposits from banks where the carrying values approximate fair value. The levels in the table refer to the fair value measurement. 2023 2022 Level Carrying value \u00a3m Fair value \u00a3m Carrying value \u00a3m Fair value \u00a3m Financial assets measured at amortised cost Loans and advances to customers 3 7,081 7,058 6,490 6,566 Investments in debt instruments at amortised cost (a) 1 and 2 1,093 1,097 857 867 Joint ventures and associates loan receivables(b) 2 106 111 105 126 Financial liabilities measured at amortised cost Borrowings Amortised cost(a) 1 (5,227) (5,496) (5,057) (5,942) Bonds in fair value hedge relationships 1 (2,124) (2,167) (2,342) (2,401) Customer deposits 3 (5,770) (5,640) (5,327) (5,296) (a) These are principally Level 1 instruments. (b) Joint ventures and associates loan receivables carrying amounts of \u00a3106m (2022: \u00a3105m) are presented in the Group balance sheet net of deferred profits of \u00a338m (2022: \u00a338m) historically arising from the sale of property assets to joint ventures. The following table presents the Group\u2019s financial assets and liabilities that are measured at fair value, by level of fair value hierarchy: \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). Level 2 assets are valued by discounting future cash flows using externally sourced market yield curves, including interest rate curves and foreign exchange rates from highly liquid markets. For Level 3 assets and liabilities, uncollateralised derivatives are valued as per Level 2 but include certain data sources which are significantly less liquid; unlisted investments are valued based on less observable inputs such as recent funding rounds . At 25 February 2023 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets Investments at fair value through other comprehensive income 565 \u2013 14 579 Short-term investments at fair value through profit or loss 660 \u2013 \u2013 660 Cash and cash equivalents at fair value through profit or loss \u2013 32 \u2013 32 Investments at fair value through profit or loss \u2013 \u2013 20 20 Derivative financial instruments: Interest rate swaps \u2013 123 \u2013 123 Cross-currency swaps \u2013 41 170 211 Index-linked swaps \u2013 119 432 551 Foreign currency forward contracts \u2013 41 \u2013 41 Diesel forward contracts \u2013 4 \u2013 4 Total assets 1,225 360 636 2,221 Liabilities Derivative financial instruments: Interest rate swaps \u2013 (73) (86) (159) Cross-currency swaps \u2013 (4) (137) (141) Foreign currency forward contracts \u2013 (72) \u2013 (72) Diesel forward contracts \u2013 (15) \u2013 (15) Total liabilities \u2013 (164) (223) (387) Net assets/(liabilities) 1,225 196 413 1,834 At 26 February 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets Investments at fair value through other comprehensive income 585 \u2013 12 597 Short-term investments at fair value through profit or loss* 1,170 \u2013 \u2013 1,170 Cash and cash equivalents at fair value through profit or loss \u2013 26 \u2013 26 Investments at fair value through profit or loss \u2013 23 2 25 Derivative financial instruments: Interest rate swaps \u2013 55 \u2013 55 Cross-currency swaps \u2013 25 198 223 Index-linked swaps \u2013 115 551 666 Foreign currency forward contracts \u2013 44 \u2013 44 Diesel forward contracts \u2013 23 \u2013 23 Total assets 1,755 311 763 2,829 Liabilities Derivative financial instruments: Interest rate swaps \u2013 (273) \u2013 (273) Cross-currency swaps \u2013 (85) \u2013 (85) Foreign currency forward contracts \u2013 (25) \u2013 (25) Total liabilities \u2013 (383) \u2013 (383) Net assets/(liabilities) 1,755 (72) 763 2,446 * Comparatives have been re-presented for reclassification of certain short-term investments from amortised cost to fair value through profit or loss. During the financial year, there were no transfers (2022: no transfers) between Level 1 and Level 2 fair value measurements. Level 3 Instruments During the financial year, there were \u00a3nil (2022: \u00a3nil) of transfers from Level 3 to Level 2 and \u00a3nil (2022: \u00a3nil) transfer from Level 3 to Level 1. There were \u00a318m of transfers of unlisted investments (2022: \u00a3nil) and \u00a3(223)m of derivative liabilities (2022: derivative assets of \u00a3749m) to Level 3 from Level 2 and \u00a3nil (2022: \u00a3nil) to Level 3 from Level 1. As part of financial risk management, the Group holds certain uncollateralised derivative financial instruments, including interest rate and inflation swaps, cross-currency swaps and forward contracts. These are valued using relevant inputs which are considered observable (Level 2), such as forward rates and foreign exchange rates from available market data. Unobservable inputs (Level 3) relate to the funding valuation adjustment (FVA), which is the estimate of the adjustment to the fair value that a market participant would make to account for funding costs. These are calculated on the future valuation of the derivative, based on the best estimate available to management of suitable relevant cost of funds. A 10 basis points increase in the cost of funds would increase the FVA by \u00a311m (2022: \u00a318m). The following table presents the changes in Level 3 instruments: 2023 2022 Uncollateralised derivatives \u00a3m Unlisted investments \u00a3m Uncollateralised derivatives \u00a3m Unlisted investments \u00a3m At the beginning of the year 749 14 \u2013 11 Gains/(losses) recognised in finance costs* (114) \u2013 \u2013 \u2013 Gains/(losses) recognised in other comprehensive income not reclassified to the income statement \u2013 2 \u2013 4 Gains/(losses) recognised in other comprehensive income that may subsequently be reclassified to the income statement 6 \u2013 \u2013 \u2013 Additions \u2013 \u2013 \u2013 1 Disposals (39) \u2013 \u2013 (2) Transfers of assets/(liabilities) into Level 3 (223) 18 749 \u2013 At the end of the year 379 34 749 14 * All gains or losses are unrealised. ",
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"fact-826": {
"value": "Level 2 assets are valued by discounting future cash flows using externally sourced market yield curves, including interest rate curves and foreign exchange rates from highly liquid markets. For Level 3 assets and liabilities, uncollateralised derivatives are valued as per Level 2 but include certain data sources which are significantly less liquid; unlisted investments are valued based on less observable inputs such as recent funding rounds ",
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"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
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"fact-719": {
"value": "Note 27 Financial risk management The Group\u2019s financial risk management is carried out under policies approved and authority delegated by the Board of Directors, including parameters for risk management across the Group. The financial risk management in relation to Retail is carried out by a central treasury department. Tesco Bank has a separate formal structure for reporting, monitoring and managing its financial risks appropriate to the nature of its business as a regulated financial institution. The main financial risks faced by the Group, including Retail and Tesco Bank, and the management of these risks are set out below and include market risk (foreign exchange, interest rate, inflation and commodity prices), credit risk, liquidity risk, capital risk and insurance risk. Additional information on the management of the financial risks specifically relating to Tesco Bank is also set out on page 170. Tesco Group (a) Market risk Foreign exchange risk management Description of risks Management policy Hedging strategy Transactional exposure that arises from the cost of future purchases of goods, where those purchases are denominated in a currency other than the functional currency of the purchasing company. The Group\u2019s policy is to hedge currency exposure that could significantly impact the Group income statement with a minimum (20%) and maximum (80%) hedge level of forecast uncommitted exposure within at least the next 12 months. Foreign currency forward contracts or purchased currency options, which are designated as cash flow hedges. These are denominated in the same currency as the highly probable future sales and purchases, which are expected to occur within a maximum 24- month period, and the hedge ratio is determined to be 1:1. Translation exposure that arises from exchange rate movements in connection with translating the Group\u2019s foreign subsidiaries\u2019 revenue and expenses, assets and liabilities into Pound Sterling. Translation risk related to foreign subsidiaries is not actively hedged, however to reduce this exposure in relation to the net assets of foreign subsidiaries, net investment hedging is undertaken. Euro-denominated borrowings are used to hedge the exposure of a portion of the Group\u2019s net investments in overseas operations which have a Euro functional currency, against changes in value due to changes in foreign exchange rates. The Group has established a hedge ratio of 1:1, as the underlying risk of the hedging instrument is identical to the hedged risk component. Loans to and from subsidiaries in currencies other than in the entity\u2019s functional currency. The Group\u2019s policy is that 100% of the foreign exchange risk is hedged. Foreign currency derivatives and borrowings in matching currencies, which are not formally designated as accounting hedges as gains and losses will naturally offset in the income statement. Debt issued in a currency other than Pound Sterling. The Group\u2019s policy is to swap 100% of the foreign currency debt back to Pound Sterling, unless there are appropriate matching foreign currency assets. Cross-currency swaps, which are designated as fair value hedges. Residual exposure is present arising largely from cash and cash equivalents balances that are not in the functional currency of the entity holding these balances. The Group income statement impact of foreign currency exchange rate movements on these residual balances is disclosed in the sensitivity table on page 164. Interest rate risk management Description of risks Management policy Hedging strategy Debt issued at variable interest rates as well as cash deposits and short-term investments, giving rise to cash flow risk, and debt issued at fixed interest rates giving rise to fair value risk. The Group\u2019s policy is to manage interest rate risk in total balance sheet debt (including senior unsecured debt, lease liabilities, cash and cash equivalents and investments) to a range of 55%-85% fixed. Interest rate swap contracts are used to fix interest rates on senior unsecured debt or investments issued at floating rates, creating a fair value hedge; and for senior unsecured debt or investments issued at fixed rates to generate variable interest exposure, creating a cashflow hedge. The terms of the swap contracts match the terms of the borrowings or investments including notional amounts and maturity, interest settlement and interest rate reset dates, and the Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the derivative contract is identical to that of the hedged item. Different repricing dates of the assets and liabilities in Tesco Bank\u2019s banking activities and unexpected changes to the yield curve, giving rise to volatility in earnings and economic value of these assets and liabilities. Tesco Bank has established limits for risk appetite and stress tests are performed using sensitivity to fluctuations in underlying interest rates in order to monitor this risk. Tesco Bank also use the capital at risk approach, which assesses the sensitivity of a reduction in the Bank\u2019s capital to movements in interest rates. The scenarios considered include both parallel and non-parallel movements of the yield curve and have been designed to assess impacts across a suitable range of severe but plausible movements in interest rates. Tesco Bank uses interest rate swap contracts as fair value hedges, to swap fixed rate exposures of investment securities, loans and advances to customers and customer deposits, back to a benchmark floating rate where no existing offset is available. The table below shows the interest rate risk profile for the Group\u2019s financial instruments: 2023 2022 Fixed \u00a3m Floating \u00a3m Total \u00a3m Fixed \u00a3m Floating \u00a3m Total \u00a3m Cash and cash equivalents \u2013 2,465 2,465 \u2013 2,345 2,345 Short-term investments \u2013 1,628 1,628 \u2013 2,076 2,076 Investments in debt instruments at amortised cost 617 476 1,093 518 339 857 Investments at fair value through other comprehensive income 570 9 579 590 7 597 Investments at fair value through profit or loss 20 \u2013 20 25 \u2013 25 Joint ventures and associates loan receivables 106 \u2013 106 105 \u2013 105 Lease liabilities (7,727) \u2013 (7,727) (7,958) \u2013 (7,958) Bank and other borrowings (6,054) (1,297) (7,351) (6,465) (934) (7,399) Loans and advances to customers 3,314 3,767 7,081 3,293 3,197 6,490 Customer deposits (5,770) \u2013 (5,770) (5,327) \u2013 (5,327) Deposits from banks \u2013 (980) (980) \u2013 (1,052) (1,052) Derivative effect: Interest rate swaps 190 (190) \u2013 (729) 729 \u2013 Cross-currency swaps 959 (959) \u2013 895 (895) \u2013 Index-linked swaps (346) 346 \u2013 (310) 310 \u2013 Total (14,121) 5,265 (8,856) (15,363) 6,122 (9,241) Percentage of interest-bearing debt at fixed rate 75% 66% Weighted average rate of interest paid on senior unsecured debt, excluding joint ventures and associates 3.87% 2.34% Inflation risk management Description of risks Management policy Hedging strategy Index-linked debt, where the principal is indexed to increase/decrease in line with RPI or LPI. The Group\u2019s policy is to hedge inflation in total balance sheet debt (including index-linked bonds and RPI-linked lease liabilities) on a portfolio basis alongside its interest rate risk management. Interest and inflation risk in total balance sheet debt are managed to a combined target of 50% fixed, with a tolerance of 15%, where RPI-linked rents are considered to be floating. LPI-linked debt, where the principal is indexed to RPI, with an annual maximum increase of 5% and a minimum of 0% is hedged 100% using derivative contracts swapping it to be fixed. Refer to Note 12 for information on the Group\u2019s exposure to inflation-linked leases. Commodity risk management Description of risks Management policy Hedging strategy Changes in commodity prices largely relating to diesel for own use. The Group policy is to hedge a minimum of 50% of the forecast uncommitted exposure within the next 12 months. Forward derivative contracts which are designated as cash flow hedges are used to hedge future purchases of diesel for own use. These are denominated in the same currency and volume as the forecast purchases and the hedge ratio is determined to be 1:1. Financial instruments not qualifying for hedge accounting The Group\u2019s policy does not permit use of derivatives for trading purposes. However, some derivatives do not qualify for hedge accounting, or are specifically not designated as a hedge where gains and losses on the hedging instrument and the hedged item naturally offset in the Group income statement. These instruments include index-linked swaps, interest rate swaps, cross-currency swaps and foreign currency forward contracts. Note 27 Financial risk management continued Sensitivity analysis The impact on the financial statements of the Group, including Retail and Tesco Bank, from foreign currency, inflation, interest rate and commodity price volatility is discussed below. The analysis excludes the impact of movements in market variables on the carrying value of pension and other post-employment benefit obligations and on the retranslation of overseas net assets. However, it does include the foreign exchange sensitivity resulting from local entity non-functional currency financial instruments. The sensitivity analysis has been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and derivatives portfolio, and the proportion of financial instruments in foreign currencies are all constant and on the basis of the hedge designations in place at 25 February 2023. It should be noted that the sensitivity analysis reflects the impact on income and equity due to financial instruments held at the balance sheet date. It does not reflect any change in sales or costs that may result from changing interest or exchange rates. The following assumptions were made in calculating the sensitivity analysis: \u2013 the sensitivity of interest payable to movements in interest rates is calculated on net floating rate exposures on debt, deposits and derivative instruments with no sensitivity assumed for RPI-linked borrowings, which have been swapped to fixed rates; \u2013 changes in the carrying value of derivative financial instruments designated as fair value hedges against movements in interest rates or foreign exchange rates have an immaterial effect on the Group income statement and equity due to compensating adjustments in the carrying value of debt; \u2013 changes in the carrying value of financial instruments designated as net investment hedges against movements in foreign exchange rates are recorded directly in the Group statement of comprehensive income/(loss); \u2013 all other changes in the carrying value of derivative financial instruments designated as hedging instruments are fully effective with no impact on the Group income statement; and \u2013 the floating leg of any swap or any floating rate debt is treated as not having any interest rate already set, therefore a change in interest rates affects a full 12-month period for the interest payable portion of the sensitivity calculations. Using the above assumptions, the following table shows the quantitative effect on the Group income statement and the Group statement of changes in equity that would result, at the balance sheet date, from changes in interest rates, inflation rates, currency exchange rates and commodity prices that are reasonably possible for major currencies where there have recently been significant movements: 2023 2022 Income gain/(loss) \u00a3m Equity gain/(loss) \u00a3m Income gain/(loss) \u00a3m Equity gain/(loss) \u00a3m 1% increase in interest rates (2022: 1%) (48) 3 12 4 5% appreciation of the Euro (2022: 10%) (11) (79) (19) (123) 10% appreciation of the US Dollar (2022: 10%) 34 118 (11) 69 50 basis points parallel upward shift in the forward inflation curve (2022: 100 basis points) 101 \u2013 337 \u2013 10% increase in commodity prices (2022: 10%)* 1 13 1 9 * Relating to diesel prices only, where derivatives are used to hedge risk. A decrease in interest rates and commodity prices, depreciation of foreign currencies and downward shift in the forward inflation curve would have the opposite effect to the impact in the table above. The impact on the Group income statement resulting from changes in foreign exchange rates against GBP in relation to financial instruments (excluding those arising on consolidation) is minimal as Group policy dictates that all material income statement foreign exchange exposures are hedged. In prior years, the Group entered into a number of derivative index-linked contracts with external counterparties, to economically hedge a proportion of the Group\u2019s exposure to index-linked lease liabilities with its joint ventures. These are specifically not designated as accounting hedges, but are economic hedges. However, the gains and losses on the hedging instrument and hedged item do not naturally offset in the Group income statement. This mismatch arises due to different accounting outcomes of IFRS 9 and IFRS 16, which results in a timing difference. The impact on the Group statement of comprehensive income/(loss) from changing exchange rates results from the revaluation of financial liabilities used as net investment hedges. The impact on the Group statement of comprehensive income/(loss) will largely be offset by the revaluation in equity of the hedged assets in the Group statement of changes in equity. Derivatives and hedging exposures Derivatives are used to hedge exposure to market risks, some of which are economic hedges and others are formally designated hedging instruments with hedge accounting applied. The main sources of hedge ineffectiveness are the effects of the counterparties\u2019 and the Group\u2019s own credit risk on the fair value of derivatives. The fair value and notional amounts of derivatives analysed by hedge type are shown on page 165. 2023 2022 Asset Liability Asset Liability Fair value \u00a3m Notional \u00a3m Fair value \u00a3m Notional \u00a3m Fair value \u00a3m Notional \u00a3m Fair value \u00a3m Notional \u00a3m Fair value hedges Interest rate swaps 122 2,692 (147) 2,552 53 2,994 (65) 1,386 Cross-currency swaps \u2013 \u2013 (137) 662 \u2013 \u2013 (85) 630 Cash flow hedges Interest rate swaps \u2013 \u2013 (3) 50 \u2013 \u2013 (11) 50 Index-linked swaps 240 738 \u2013 \u2013 230 683 \u2013 \u2013 Foreign currency forward contracts 30 1,091 (58) 1,352 33 1,264 (8) 435 Diesel forward contracts 4 14 (13) 119 23 65 \u2013 \u2013 Derivatives not in a formal hedge relationship Interest rate swaps 1 38 (9) 696 2 86 (197) 58 Cross-currency swaps 211 822 (4) 100 223 845 \u2013 15 Index-linked swaps 311 2,074 \u2013 \u2013 436 2,574 \u2013 \u2013 Foreign currency forward contracts 11 821 (14) 539 11 750 (17) 844 Diesel forward contracts \u2013 2 (2) 13 \u2013 \u2013 \u2013 \u2013 Total 930 8,292 (387) 6,083 1,011 9,261 (383) 3,418 The following table sets out the maturity profile and average interest rates and foreign currency exchange rates of the hedging instruments used in the Group\u2019s hedging strategies: 2023 2022 Maturity profile Up to one year One to five years More than five years Up to one year One to five years More than five years Notional amount (\u00a3m) Fair value hedges Interest rate swaps \u2013 GBP 1,366 2,663 553 852 2,296 602 Interest rate swaps \u2013 EUR 662 \u2013 \u2013 \u2013 630 \u2013 Cross currency swaps (GBP: EUR)* \u2013 \u2013 662 \u2013 \u2013 630 Cash flow hedges Index-linked swaps \u2013 392 346 \u2013 373 310 Interest rate swaps \u2013 \u2013 50 \u2013 \u2013 50 Average net interest rate (pay)/receive Fair value hedges Interest rate swaps \u2013 GBP (1.78)% (1.43)% (3.40)% 0.14% 0.49% (0.01)% Interest rate swaps \u2013 EUR (1.81)% \u2013 \u2013 \u2013 0.82% \u2013 Cross currency swaps (GBP: EUR)* \u2013 \u2013 (4.65)% \u2013 \u2013 (1.17)% Cash flow hedges Index-linked swaps \u2013 (4.23)% (4.21)% \u2013 (4.23)% (4.21)% Interest rate swaps \u2013 \u2013 (4.46)% \u2013 \u2013 (4.46)% * Average exchange rate for cross-currency swaps (GBP:EUR) is 1.13 (2022: 1.13). At 25 February 2023, foreign currency forward contracts, designated as cash flow hedges, equivalent to \u00a32.4bn were outstanding (2022: \u00a31.7bn). These forward contracts are largely in relation to purchases of Euros (notional \u20ac0.4bn) (2022: notional \u20ac0.7bn) and US Dollars (notional $1.1bn) (2022: notional $0.9bn) with varying maturities up to July 2024. For the above currencies the rates ranged from Euro/GBP 1.107 to 1.181 (2022: 1.082 to 1.195) and USD/GBP from 1.102 to 1.264 (2022: 1.319 to 1.419). Forward commodity contracts hedging diesel purchases for own use as at 25 February 2023 had a GBP notional of \u00a3148m (2022: \u00a365m) at a rate of \u00a3494 to \u00a3980 (2022: \u00a3267 to \u00a3571) per tonne. The notional and fair values of these contracts is shown in the table above. The following table sets out the details of the hedged exposures covered by the Group\u2019s fair value hedges: 2023 2022 Balance sheet classification Carrying amount assets/(liabilities) \u00a3m Accumulated amounts of fair value adjustments on hedged item assets/(liabilities) \u00a3m Changes in fair value for calculating hedge ineffectiveness \u00a3m Carrying amount assets/(liabilities) \u00a3m Accumulated amounts of fair value adjustments on hedged item assets/(liabilities) \u00a3m Changes in fair value for calculating hedge ineffectiveness \u00a3m Interest rate risk Fixed-rate loans Loans and advances to customers 2,393 (75) (44) 3,384 (30) (37) Fixed-rate savings Customer deposits (695) 2 1 (1,481) \u2013 \u2013 Fixed-rate investment securities Investments in debt instruments at amortised cost 406 (44) (33) 504 (11) (22) Fixed-rate bonds* Borrowings (2,605) 198 (141) (2,796) 40 (101) * The accumulated amount of fair value adjustments remaining in the Group balance sheet for hedged items that have ceased to be adjusted for hedging gains and losses was \u00a3(82)m for fixed-rate bonds (2022: \u00a3(101)m). Note 27 Financial risk management continued The following table sets out information regarding the change in value of the hedged item used in calculating hedge ineffectiveness as well as the impacts on the hedging reserve for cash flow hedge designations: 2023 2022 Hedging instrument Change in value of hedging instrument for calculating hedge ineffectiveness \u00a3m Change in value of hedged item for calculating hedge ineffectiveness \u00a3m Cumulative impact on hedging reserve(a) \u00a3m Change in value of hedging instrument for calculating hedge ineffectiveness \u00a3m Change in value of hedged item for calculating hedge ineffectiveness \u00a3m Cumulative impact on hedging reserve (a) \u00a3m Interest rate/inflation risk Index\u2011linked bonds Index-linked swaps 9 24 42 72 (72) 90 Borrowings Interest rate swaps 8 (8) 8 (17) 17 1 Foreign currency risk Trade payables Foreign currency forward contracts 47 (47) (25) 50 (50) 16 Commodity risk Trade payables Diesel forward contracts 7 (7) (10) 12 (12) 23 Interest rate/foreign currency risk MTNs(b) Cross-currency swaps \u2013 \u2013 34 \u2013 \u2013 36 (a) Excludes deferred tax. (b) This is a discontinued hedge. The following table sets out information regarding the effectiveness of hedging relationships designated by the Group, as well as the impacts on profit or loss and other comprehensive income: 2023 2022 Line item in Group income statement that includes hedge ineffectiveness Hedge ineffectiveness recognised in profit or loss \u00a3m Hedge ineffectiveness recognised in profit or loss \u00a3m Fair value hedges \u2013 interest rate risk Borrowings Finance income 4 1 The following table presents a reconciliation by risk category of the cash flow hedge and cost of hedging reserves and an analysis of other comprehensive income in relation to hedge accounting: Interest rate/inflation risk Interest rate/ foreign currency risk Foreign currency/commodity risk Index-linked swaps \u00a3m Interest rate swaps \u00a3m Cross-currency swaps \u00a3m Foreign currency forward contracts (a) \u00a3m Diesel forward contracts(a) \u00a3m Hedging reserve (b) \u00a3m At 27 February 2021 57 15 36 6 (24) 90 Net fair value gains/(losses) 26 17 \u2013 (5) 39 77 Amount reclassified to finance income/(cost) in Group income statement (6) (33) (6) \u2013 \u2013 (45) Amount reclassified to inventories \u2013 \u2013 \u2013 18 12 30 Tax (9) 2 (3) (4) (8) (22) At 26 February 2022 68 1 27 15 19 130 Net fair value gains/(losses) 9 8 \u2013 47 7 71 Amount reclassified to finance income/(cost) in Group income statement (54) (2) (2) (3) \u2013 (61) Amount reclassified to inventories \u2013 \u2013 \u2013 (87) (40) (127) Tax 11 (2) \u2013 4 7 20 At 25 February 2023 34 5 25 (24) (7) 33 (a) Net fair value gains/(losses) relates to inventory cash flow hedges of \u00a354m (2022: \u00a333m) and other cash flow hedges of \u00a3nil (2022: \u00a31m). (b) The Group\u2019s cost of hedging reserve is \u00a3nil (2022: \u00a3nil). Net investment hedges The details of the hedging instruments and movements in cumulative impact on net investment hedges in other comprehensive income are set out below: Nominal amount of hedging instrument \u00a3m Nominal amount of hedged item \u00a3m Cumulative impact on net investment hedges(a) \u00a3m At 27 February 2021 (1,300) 1,300 (1,012) Change in value for calculating ineffectiveness 40 (40) 40 Reclassified to Group income statement(b) \u2013 \u2013 243 At 26 February 2022 (1,260) 1,260 (729) Change in value for calculating ineffectiveness (65) 65 (65) At 25 February 2023 (1,325) 1,325 (794) (a) As at 25 February 2023 the discontinued hedge balance is \u00a3(765)m (2022: \u00a3(765)m). (b) In the prior year there was a reclassification to the income statement from the translation reserve of \u00a3243m relating to the disposal of the Group\u2019s operation in Poland. Net investment hedge ineffectiveness was \u00a3nil (2022: \u00a3nil) during the year. During the current financial year, currency movements increased the net value, after the effects of hedging, of the Group\u2019s overseas assets by \u00a3120m (2022: decrease by \u00a339m). The Group also ensures that each subsidiary is appropriately hedged in respect of its non-functional currency assets. (b) Credit risk Description of risk Management policy Measurement A counterparty will not meet its obligations leading to a financial loss for the Group. This arises from cash and cash equivalents, short-term investments, trade receivables, other receivables, joint venture and associate loan receivables, loans and advances to customers, reinsurance assets, other investments, and derivative financial instruments. For cash and cash equivalents, short-term investments, other investments and derivative financial instruments: \u2013 The Group holds positions with an approved list of investment-grade rated counterparties. \u2013 Counterparty credit limits are set to minimise the concentration of risk and are set taking into account the type and value of the specific financial asset. For trade receivables, other receivables, joint venture and associate loan receivables, loans and advances to customers and reinsurance assets: \u2013 The Group\u2019s credit risk is managed with various mitigating controls including credit checks, credit insurance and master netting agreements. Due to the nature of the Retail and Tesco Bank businesses, there is little concentration of risk due to the large number of customers which are spread across wide geographical areas. The Group monitors the exposure, credit rating, outlook and credit default swap levels of these counterparties on a regular basis. Counterparty credit limits are reviewed every six months (every two years at Tesco Bank), and may be updated throughout the financial year. Refer to page 171 for information on the expected credit losses of these assets. Maximum exposure to credit risk The maximum exposure to credit risk at the end of the reporting period reflects the carrying amount of each class of financial assets, including loan commitments which are not recognised on the balance sheet. Joint ventures and associates loan receivables in the table below are gross of deferred profits historically arising from the sale of property assets to joint ventures (refer to Note 31). The Group\u2019s maximum exposure to credit risk is \u00a327.1bn (2022: \u00a326.8bn). The net counterparty exposure under derivative contracts is \u00a30.7bn (2022: \u00a30.7bn). The Group\u2019s maximum gross exposure to credit risk is analysed below by class of financial instrument, including for financial instruments that are not subject to ECL i.e. derivative financial instruments and cash balances with central banks: 2023 \u00a3m 2022 \u00a3m Cash and cash equivalents (a) 2,465 2,345 Short-term investments 1,628 2,076 Trade receivables 531 457 Other receivables 374 478 Joint ventures and associates loan receivables 144 143 Loans and advances to customers 7,081 6,490 Other investments 1,692 1,479 Derivative financial assets: Interest rate swaps 123 55 Cross-currency swaps 211 223 Index-linked swaps 551 666 Foreign currency forward contracts 41 44 Diesel forward contracts 4 23 Off balance sheet: Loan commitments(b) 12,212 12,363 Maximum exposure to credit risk 27,057 26,842 (a) Cash balances with central banks of \u00a31.6bn (2022: \u00a31.5bn) are included within cash and cash equivalents. (b) Loan commitments represents the undrawn amount contractually committed by Tesco Bank. Note 27 Financial risk management continued Counterparty credit rating The table below provides details of financial assets by long-term credit rating of investment-grade rated counterparties: 2023 2022 Rating AAA AA A BBB Total AAA AA A BBB Total Money market funds, deposits and similar instruments 660 200 468 300 1,628 1,170 350 481 75 2,076 Investments in debt instruments at amortised cost(a) 486 57 339 199 1,081 529 92 236 \u2013 857 Investments at fair value through other comprehensive income(b) 94 84 233 154 565 133 95 238 119 585 Investments at fair value through profit or loss (c) \u2013 1 \u2013 \u2013 1 \u2013 2 \u2013 \u2013 2 Derivative financial assets: Interest rate swaps \u2013 121 2 \u2013 123 \u2013 45 10 \u2013 55 Cross-currency swaps \u2013 \u2013 186 25 211 \u2013 \u2013 221 2 223 Index-linked swaps \u2013 \u2013 120 431 551 \u2013 \u2013 115 551 666 Foreign currency forward contracts \u2013 \u2013 31 10 41 \u2013 2 36 5 43 Diesel forward contracts \u2013 \u2013 \u2013 4 4 \u2013 \u2013 14 10 24 (a) Excludes \u00a312m (2022: nil) of investments in debt instruments that do not have a credit rating. (b) Excludes \u00a314m (2022: \u00a312m) of investments in equity instruments that do not have a credit rating. (c) Excludes \u00a319m (2022: \u00a323m) of property fund investments that do not have a credit rating. The low credit risk exemption has been applied to cash and cash equivalents, money market funds, deposits and similar investments, investments in debt instruments at fair value through other comprehensive income (FVOCI), investments at fair value through profit or loss (FVPL) and investments in debt instruments at amortised cost, except those investments held in Tesco Bank, as these are held with counterparties with investment-grade ratings (BBB or above) or are short-term in nature. The expected credit loss is immaterial. Expected credit losses The Group applies either the simplified approach or the three-stage model for expected credit losses, depending on the nature of the financial asset. Refer to Note 1 for further detail. The Group\u2019s financial assets are written off when the balance is known not to be recoverable or the Group is time-barred from recovering a balance under local legislation. The expected credit losses for Retail are immaterial. Gross loans to related parties of \u00a3144m (2022: \u00a3143m) are presented net of loss allowances of \u00a3nil (2022: \u00a3nil) and deferred profits of \u00a338m (2022: \u00a338m) on the Group balance sheet. The ECL is determined by multiplying together the probability of default (PD), exposure at default (EAD) and the loss given default (LGD) for the relevant time period and for each specific loan and by discounting back to the balance sheet date. For details of credit risk relating to reinsurance assets and the expected credit losses on loans and advances to customers and investments held in Tesco Bank, refer to the separate section on Tesco Bank financial risk factors on page 173. (c) Liquidity risk Description of risk Management policy Measurement Difficulty in meeting the obligations associated with the Group\u2019s financial liabilities. The Group finances its liquidity position and its operations by a combination of retained profits, disposals of assets, debt capital market issuance, commercial paper, bank borrowings and leases. The policy is to maintain a prudent level of cash together with sufficient committed bank facilities to meet liquidity needs as they arise, to maintain a smooth debt profile and ensure maturing senior unsecured debt will not exceed \u00a31.5bn in any 12-month period. Liquidity risk is continuously monitored by short-term and long-term cash flow forecasts. The Group is investment-grade rated with all three major credit rating agencies and retains access to capital markets so that maturing debt may be refinanced as it falls due. 2023 2022 Short-term rating Long-term rating Outlook Short-term rating Long-term rating Outlook Rating agency Fitch F3 BBB\u2013 Stable F3 BBB\u2013 Stable Moody\u2019s P\u20133 Baa3 Stable P\u20133 Baa3 Stable Standard & Poor\u2019s A\u20133 BBB\u2013 Stable A\u20133 BBB\u2013 Stable The Group has a \u00a315.0bn Euro Medium Term Note programme, of which \u00a33.8bn was in issue at 25 February 2023 (2022: \u00a33.9bn), plus \u00a30.4bn equivalent of USD-denominated notes issued under Rule 144A documentation (2022: \u00a30.3bn). Borrowing facilities The Group has the following undrawn committed facilities available at 25 February 2023, in respect of which all conditions precedent had been met as at that date: 2023 \u00a3m 2022 \u00a3m Expiring in less than one year 38 38 Expiring between one and two years 200 200 Expiring in more than two years 2,500 2,500 Total 2,738 2,738 During the current financial year, the multicurrency \u00a32.5bn revolving facility was renegotiated and extended for three years, maturing in 2025. The cost of the facility is linked to three ESG targets and includes the use of risk-free rates rather than SONIA. All three targets were met during the financial year ending 25 February 2023, leading to a reduction in the interest rate loan margin. In addition, Tesco Bank has a separate \u00a3200m committed repurchase facility, maturing in 2024. Both facilities incur commitment fees at market rates and would provide funding at floating rates. There were no withdrawals from the facilities during the year. Maturities of financial liabilities The following is an analysis of the undiscounted contractual cash flows payable under financial liabilities and derivative liabilities, taking into account contractual terms that provide the counterparty a choice of when (the earliest date) an amount is repaid by the Group. The potential cash outflow is considered acceptable as it is offset by financial assets. The undiscounted cash flows will differ from both the carrying values and fair values. Floating-rate interest and inflation is estimated using the prevailing rate at the balance sheet date. Cash flows in foreign currencies are translated using spot rates at the balance sheet date. At 25 February 2023 Due within 1 year \u00a3m Due between 1 and 2 years \u00a3m Due between 2 and 3 years \u00a3m Due between 3 and 4 years \u00a3m Due between 4 and 5 years \u00a3m Due beyond 5 years \u00a3m Non-derivative financial liabilities Bank and other borrowings (1,685) (618) (893) (728) (71) (3,654) Interest payments on borrowings (192) (175) (159) (131) (122) (891) Customer deposits (4,593) (935) (160) (29) (119) \u2013 Deposits from banks (124) (142) (814) \u2013 \u2013 \u2013 Lease liabilities (944) (901) (878) (856) (824) (6,494) Trade payables (6,359) \u2013 \u2013 \u2013 \u2013 \u2013 Other payables (1,740) (31) (62) (21) (2) (30) Accruals (877) \u2013 \u2013 \u2013 \u2013 \u2013 Derivative financial liabilities Net settled derivative contracts \u2013 receipts 51 34 31 8 17 30 Net settled derivative contracts \u2013 payments (82) (44) (19) (48) (15) (22) Gross settled derivative contracts \u2013 receipts 1,788 80 9 116 2 667 Gross settled derivative contracts \u2013 payments (1,899) (115) (40) (147) (30) (708) Total on balance sheet (16,656) (2,847) (2,985) (1,836) (1,164) (11,102) Off balance sheet Contractual lending commitments (12,212) \u2013 \u2013 \u2013 \u2013 \u2013 Total (28,868) (2,847) (2,985) (1,836) (1,164) (11,102) At 26 February 2022 Due within 1 year \u00a3m Due between 1 and 2 years \u00a3m Due between 2 and 3 years \u00a3m Due between 3 and 4 years \u00a3m Due between 4 and 5 years \u00a3m Due beyond 5 years \u00a3m Non-derivative financial liabilities Bank and other borrowings (625) (757) (708) (896) (701) (3,720) Interest payments on borrowings (199) (197) (179) (161) (134) (999) Customer deposits (4,677) (444) (160) (24) (25) \u2013 Deposits from banks (163) (17) (115) (805) \u2013 \u2013 Lease liabilities (934) (911) (863) (840) (820) (7,147) Trade payables (5,641) \u2013 \u2013 \u2013 \u2013 \u2013 Other payables (1,863) (11) \u2013 (1) (1) (29) Accruals (827) \u2013 \u2013 \u2013 \u2013 \u2013 Derivative financial liabilities Net settled derivative contracts \u2013 receipts 4 9 4 3 \u2013 \u2013 Net settled derivative contracts \u2013 payments (18) (65) (148) (8) (7) (10) Gross settled derivative contracts \u2013 receipts* 1,282 3 3 3 3 662 Gross settled derivative contracts \u2013 payments* (1,295) (21) (20) (18) (17) (729) Total on balance sheet (14,956) (2,411) (2,186) (2,747) (1,702) (11,972) Off balance sheet Contractual lending commitments (12,363) \u2013 \u2013 \u2013 \u2013 \u2013 Total (27,319) (2,411) (2,186) (2,747) (1,702) (11,972) * Comparatives have been re-presented on a gross basis and include derivatives of \u00a31,955m which were previously presented net within receipts and payments. Note 27 Financial risk management continued The Group is not subject to covenants in relation to its facilities and borrowings. There is an element of seasonality in the Group\u2019s operations, however the overall impact on liquidity is not considered significant. (d) Other risks Risk Description of risk Management policy Measurement Capital risk Ability to continue as a going concern in order to provide returns to shareholders and benefits for other stakeholders, while protecting and strengthening the Group balance sheet through the appropriate balance of debt and equity funding. The Group manages its capital structure (net debt plus equity) and makes adjustments to it: \u2013 in light of changes to economic conditions and the strategic objectives of the Group. \u2013 through dividend payments to shareholders, buying back shares and cancelling them or issuing new shares. During the current financial year, the Group completed the share buyback programme and cancelled these shares (refer to Note 30). \u2013 by raising finance in the public debt markets and borrowing centrally and locally from financial institutions, using a variety of capital market instruments and borrowing facilities to meet the requirements of each local business. Refer to Note 32 for the value of the Net debt, and the Group statement of changes in equity for the value of the Group\u2019s equity. Operational insurance risk The Group is inadequately protected from liabilities arising from unforeseen events in its operations. The Group purchased assets, earnings and combined liability protection from the open insurance market for higher value losses only. The risk not transferred to the insurance market is retained within the Group with some cover being provided by the Group\u2019s captive insurance company, ELH Insurance Limited in Guernsey, which is consolidated in the Group financial statements, covering assets, earnings and combined liability. Refer to Note 22 for details on operational insurance provisions. Tesco Bank Information on the management of the financial risks specifically relating to Tesco Bank, which is additional to the information provided for the Group overall, is set out below: (a) Capital risk Description of risk Management policy Tesco Bank, including TU, has insufficient capital resources to support its plan and meet minimum capital requirements. Tesco Bank It is Tesco Bank\u2019s policy to maintain a strong capital base, to expand it as appropriate and to utilise it efficiently throughout its activities to optimise the return to shareholders while maintaining a prudent relationship between the capital base and the underlying risks of the business. In carrying out this policy, Tesco Bank has regard to the supervisory requirements of the Prudential Regulation Authority (PRA). Insurance capital Solvency II (SII) came into force on 1 January 2016. It provides a framework for managing and measuring the risks and the solvency position for all insurance companies in the EU. Following the UK\u2019s departure from the EU, the SII framework continues to be applied in the UK and its requirements are applicable to TU. TU assesses its Solvency Capital Requirement (SCR) using a Partial Internal Model for capital which was approved by the PRA in 2020. TU models a range of stress and scenario tests that are published in its annual Solvency and Financial Condition Report. These show that TU\u2019s capital position is resilient to a range of possible scenarios. TU also maintains a capital contingency plan supported by its direct shareholder, Tesco Personal Finance plc. Tesco Bank capital resources The following table analyses the regulatory capital resources of Tesco Personal Finance Group PLC (TPFG), being the regulated entity at the balance sheet date: 2023 \u00a3m 2022 \u00a3m Common equity tier 1 capital: Shareholders\u2019 funds and non-controlling interests, net of tier 1 regulatory adjustments 1,548 1,528 Tier 2 capital: Qualifying subordinated debt 235 235 Other interests \u2013 \u2013 Total tier 2 regulatory adjustments (42) (42) Total regulatory capital 1,741 1,721 IFRS 9 became effective for annual periods beginning on or after 1 January 2018 and is reflected in the Tesco Bank disclosures. Tesco Bank has elected to use the transitional arrangements available under Article 473a of the Capital Requirements Regulations (CRR). These arrangements allow the IFRS 9 impact on capital to be phased in over a period of five years. On 27 June 2020, the CRR was further amended to accelerate specific CRR2 measures and implement a new IFRS 9 transitional relief calculation which applies additional relief to increases in expected credit losses (ECL) provisions arising as a result of the COVID-19 pandemic. The resulting impact is the IFRS 9 transitional arrangements have been extended by two years and a new modified calculation has been introduced. Insurance capital Available capital has remained above the SCR requirement during the period to 25 February 2023 and capital coverage of TU\u2019s SCR at the end of February 2023 was 159.0% (2022: 151.0%) (unaudited). During the year, the Group was compliant with the externally imposed capital requirements. (b) Liquidity risk Description of risk Management policy The risk that Tesco Bank has insufficient liquidity resources to meet its obligations as they fall due. Funding risk is the risk that Tesco Bank does not have sufficiently stable and diverse sources of funding. Tesco Bank, including TU, operates within a liquidity risk management policy framework (LRMP) to ensure that sufficient funds are available at all times to meet demands from depositors, to fund agreed advances, to meet other commitments as and when they fall due, and to ensure risk appetite is met. Liquidity and funding risks are assessed through the individual liquidity adequacy assessment process on at least an annual basis. Formal limits are set within the LRMP to maintain liquidity risk exposures within the liquidity risk appetite set by Tesco Bank\u2019s Board of Directors and key liquidity measures are monitored on a regular basis. Tesco Bank maintains a conservative liquidity and funding profile to confirm that it is able to meet its financial obligations under normal and stressed market conditions. The table below shows information about the timing of cash outflows in relation to insurance claims liabilities, net of salvage and subrogation recoveries, based on current best estimates. The estimated phasing is based on current estimates and the actual timing of future settlement cash flows may differ from that disclosed below: 2023 2022 \u00a3m % \u00a3m % Due within one year 101 26 83 18 Due between two and five years 162 42 194 41 Due beyond five years 125 32 195 41 Total outstanding claims, net of salvage and subrogation recoveries 388 100 472 100 (c) Credit risk Description of risk Management policy Retail customer or counterparty to a wholesale transaction will fail to meet its obligations in accordance with contractually agreed terms and Tesco Bank will incur losses as a result. Credit risk principally arises from the Bank\u2019s retail lending activities but also from the placement of surplus funds with other banks and money market funds, investments in transferable securities and interest rate and foreign exchange derivatives. In addition, credit risk arises from contractual arrangements with third parties where payments and commissions are due to the Bank for short periods of time. To minimise the potential exposure to bad debts that are outside risk appetite, processes, systems and limits have been established that cover the end-to-end retail credit risk customer life cycle. These include credit scoring, affordability, credit policies and guides, and monitoring and reporting. The Bank is also exposed to wholesale credit risk primarily through its treasury activities. Controls and risk mitigants include daily monitoring of exposures, investing in counterparties with investment-grade ratings, restricting the amount that can be invested with one counterparty and credit-rating mitigation techniques. Assessment of the expected credit loss (ECL) on loans and advances to customers has taken into account a range of macroeconomic scenarios. Reinsurance assets are subject to annual impairment assessment based on the credit ratings of the existing reinsurers which are monitored by TU\u2019s Reinsurance Committee. Maximum exposure to credit risk
The table below presents Tesco Bank\u2019s maximum exposure to credit risk i.e. total gross exposure, by stages and by class of financial instruments.
For financial assets, the balances are based on gross carrying amounts. For loan commitments, the amounts represent the amounts for which
Tesco Bank is contractually committed:
Stage 1
Stage 2
Stage 3
Total
At 25 February 2023 \u00a3m
Not past
due
\u00a3m
<30 days
past due
\u00a3m
>30 days
past due
\u00a3m
Total
\u00a3m
\u00a3m
\u00a3m
Loans and advances to customers 5,792
1,559
40
24
1,623
202
7,617
Investments at FVOCI 565
\u2013
\u2013
\u2013
\u2013
\u2013
565
Investments in debt instruments at
amortised cost
883
\u2013
\u2013
\u2013
\u2013
\u2013
883
Loan commitments \u2013 loans and
advances to customers
(a)
11,508
690
6
\u2013
696
8
12,212
Total gross exposure 18,748
2,249
46
24
2,319
210
21,277
Loss allowance
Loans and advances to customers
(a)
57
258
19
14
291
113
461
Investments at FVOCI
(b)
1
\u2013
\u2013
\u2013
\u2013
\u2013
1
Investments in debt instruments at
amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total loss allowance 58
258
19
14
291
113
462
Net exposure
Loans and advances to customers 5,735
1,301
21
10
1,332
89
7,156
Investments at FVOCI 564
\u2013
\u2013
\u2013
\u2013
\u2013
564
Investments in debt instruments at
amortised cost
883
\u2013
\u2013
\u2013
\u2013
\u2013
883
Total net exposure 7,182
1,301
21
10
1,332
89
8,603
Coverage
Loans and advances to customers 1%
17%
48%
58%
18%
56%
6%
(a) The loss allowance in respect of loan commitments in relation to credit card products is included within the total loss allowance for loans and advances to customers above to the extent that it is
below the gross carrying amount of loans and advances to customers. Where the loss allowance exceeds the gross carrying amount, any excess is included within provisions.
(b) The loss allowance for investments at FVOCI is not recognised in the carrying amount of the investments as the carrying amount is their fair value.
Stage 1
Stage 2
Stage 3
Total
At 26 February 2022 \u00a3m
Not past
due
\u00a3m
<30 days
past due
\u00a3m
>30 days
past due
\u00a3m
Total
\u00a3m
\u00a3m
\u00a3m
Loans and advances to customers 5,973
797
22
16
835
201
7,009
Investments at FVOCI 585
\u2013
\u2013
\u2013
\u2013
\u2013
585
Investments in debt instruments at
amortised cost
857
\u2013
\u2013
\u2013
\u2013
\u2013
857
Loan commitments \u2013 loans and
advances to customers
(a)
12,029
325
2
1
328
6
12,363
Total gross exposure 19,444
1,122
24
17
1,163
207
20,814
Loss allowance
Loans and advances to customers
(a)
95
247
9
10
266
128
489
Investments at FVOCI
(b)
1
\u2013
\u2013
\u2013
\u2013
\u2013
1
Investments in debt instruments at
amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total loss allowance 96
247
9
10
266
128
490
Net exposure
Loans and advances to customers 5,878
550
13
6
569
73
6,520
Investments at FVOCI 584
\u2013
\u2013
\u2013
\u2013
\u2013
584
Investments in debt instruments at
amortised cost
857
\u2013
\u2013
\u2013
\u2013
\u2013
857
Total net exposure 7,319
550
13
6
569
73
7,961
Coverage
Loans and advances to customers 2%
31%
41%
63%
32%
64%
7%
Refer to previous table for footnotes.
For reinsurance assets the maximum exposure to credit risk is their carrying amount. Refer to page 176 for the credit rating of the reinsurers.
Expected credit losses (ECL)
The ECL is determined by multiplying together the probability of default (PD), exposure at default (EAD) and loss given default (LGD) for the
relevant time period and for each asset category and by discounting back to the balance sheet date. The ECL calculation and the measurement
of significant deterioration in credit risk both incorporate forward-looking information using a range of macroeconomic scenarios, with key
variables being the Bank of England base rate, unemployment rate and gross domestic product. The key economic variables are based on
historical patterns observed over a range of economic cycles.
The tables below present the reconciliations of ECL allowances on loans and advances to customers: 2023 At 25 February 2023 Stage 1 \u00a3m Stage 2 \u00a3m Stage 3 \u00a3m Total \u00a3m Gross exposure 5,792 1,623 202 7,617 Loan commitments 11,508 696 8 12,212 Total exposure 17,300 2,319 210 19,829 Allowance for expected credit losses At 26 February 2022 (95) (266) (128) (489) Transfers: Transfers from stage 1 to stage 2 21 (21) \u2013 \u2013 Transfers from stage 2 to stage 1 (20) 20 \u2013 \u2013 Transfers to stage 3 3 21 (24) \u2013 Transfers from stage 3 (1) (2) 3 \u2013 Movements recognised in the Group income statement: Net remeasurement following transfer of stage 8 (27) (54) (73) New financial assets originated (25) (63) (7) (95) Financial assets derecognised during the current financial year 6 5 3 14 Changes in risk parameters and other movements 48 41 (11) 78 Other movements: Write-offs and asset disposals \u2013 2 105 107 Transfers to provisions for liabilities and charges (2) (1) - (3) At 25 February 2023 (57) (291) (113) (461) Reconciliation to Group balance sheet Gross exposure 5,792 1,623 202 7,617 Allowance for expected credit losses (57) (291) (113) (461) 5,735 1,332 89 7,156 Fair value adjustment (75) Carrying value at 25 February 2023 7,081 2022 At 26 February 2022 Stage 1 \u00a3m Stage 2 \u00a3m Stage 3 \u00a3m Total \u00a3m Gross exposure 5,973 835 201 7,009 Loan commitments 12,029 328 6 12,363 Total exposure 18,002 1,163 207 19,372 Allowance for expected credit losses At 27 February 2021 (131) (341) (153) (625) Transfers: Transfers from stage 1 to stage 2 19 (19) \u2013 \u2013 Transfers from stage 2 to stage 1 (45) 45 \u2013 \u2013 Transfers to stage 3 5 38 (43) \u2013 Transfers from stage 3 (2) (3) 5 \u2013 Movements recognised in the Group income statement: Net remeasurement following transfer of stage 34 (12) (58) (36) New financial assets originated (21) (9) (4) (34) Financial assets derecognised during the current financial year 15 16 3 34 Changes in risk parameters and other movements 36 24 (10) 50 Other movements: Write-offs and asset disposals \u2013 2 132 134 Transfers to provisions for liabilities and charges (5) (7) \u2013 (12) At 26 February 2022 (95) (266) (128) (489) Reconciliation to Group balance sheet Gross exposure 5,973 835 201 7,009 Allowance for expected credit losses (95) (266) (128) (489) 5,878 569 73 6,520 Fair value adjustment (30) Carrying value at 26 February 2022 6,490 Note 27 Financial risk management continued Tesco Bank defines four classifications of credit quality for all credit exposures: high, satisfactory, low and below standard. Credit exposures are segmented according to the probability of default (PD), with credit impaired reflecting a PD of 100%. At 25 February 2023 12-month PD % Stage 1 \u00a3m Stage 2 \u00a3m Stage 3 \u00a3m Total \u00a3m Loans and advances to customers: High quality \u22643.02 5,598 742 \u2013 6,340 Satisfactory quality >3.03 - 11.10 186 610 \u2013 796 Low quality and below standard \u226511.11 8 271 \u2013 279 Credit impaired 100 \u2013 \u2013 202 202 5,792 1,623 202 7,617 At 26 February 2022 12-month PD % Stage 1 \u00a3m Stage 2 \u00a3m Stage 3 \u00a3m Total \u00a3m Loans and advances to customers: High quality \u22643.02 5,666 300 \u2013 5,966 Satisfactory quality >3.03 \u2013 11.10 288 390 \u2013 678 Low quality and below standard \u226511.11 19 145 \u2013 164 Credit impaired 100 \u2013 \u2013 201 201 5,973 835 201 7,009 Default An account is deemed to have defaulted when Tesco Bank considers that a customer is in significant financial difficulty and that the customer meets certain quantitative and qualitative criteria regarding their ability to make contractual payments when due. This includes instances where: \u2013 the customer makes a declaration of significant financial difficulty; \u2013 the customer or third-party agency communicates that it is probable that the customer will enter bankruptcy or another form of financial restructure such as insolvency or repossession; \u2013 the account has been transferred to recoveries and the relationship is terminated; \u2013 an account\u2019s contractual payments are more than 90 days past due; or \u2013 where the customer is deceased. A loan deemed uncollectable is written off against the related provision after all of the necessary procedures have been completed and the amount of the loss has been determined. Tesco Bank may write off loans that are still subject to enforcement activity. The outstanding contractual amount of such assets written off was \u00a3115m (2022: \u00a3110m). Significant increase in credit risk At each reporting date, the change in credit risk of the financial asset is observed using a set of quantitative and qualitative criteria, together with a backstop based on arrears status. For each financial asset, Tesco Bank compares the lifetime PD at the reporting date with the lifetime PD that was expected at the reporting date at initial recognition (PD threshold). Tesco Bank has established PD thresholds for each type of product which vary depending on initial term and term remaining. A number of qualitative criteria are in place such as: forbearance offered to customers in financial difficulty; risk-based pricing post-origination; credit indebtedness; credit limit decrease; and pre-delinquency information. As a backstop, Tesco Bank considers that if an account\u2019s contractual payments are more than 30 days past due then a significant increase in credit risk has taken place. Tesco Bank has commissioned four scenarios from its third-party provider: a Base scenario; an Upside scenario; and two different Downside scenarios. The Base scenario assumes the continuation of war in Ukraine affecting energy prices and inflation, with GDP not expected to return to pre-pandemic levels until Q2 2025. The scenario projects cost-of-living pressures continuing, real disposable income declining and unemployment peaking at 5.7% by Q4 2024. The Upside scenario sees a dissipation in global supply chain disruption and a peak unemployment rate of 4.4% in 2024, while Downside scenario 1 assumes a 7.3% unemployment peak by 2025. Downside scenario 2 postulates spikes in energy prices, higher inflation and further deprecation of Sterling against the US Dollar, with subsequent GDP declines and a 9.6% unemployment peak in 2025. These scenarios are also reviewed to ensure an unbiased estimate of ECL by ensuring the credit loss distribution under a larger number of scenarios is adequately captured using these four scenarios and their respective weightings. The Base, Upside, Downside 1 and Downside 2 scenarios have been assigned weighting of 40%, 30%, 25% and 5% respectively. The economic scenarios used include the following ranges of key indicators: As at 25 February 2023 (five-year average) Base 40% Upside 30% Downside 1 25% Downside 2 5% Bank of England base rate(a) 3.8% 3.0% 4.7% 5.8% Gross domestic product(b) 1.0% 1.5% 0.4% (0.1)% Unemployment rate 5.2% 4.2% 6.5% 8.4% Unemployment rate peak in year 5.4% 4.2% 6.8% 8.9% As at 26 February 2022 (five-year average) Base 40% Upside 30% Downside 1 25% Downside 2 5% Bank of England base rate(a) 1.0% 1.2% 0.7% 0.4% Gross domestic product(b) 1.8% 2.2% 1.5% 1.2% Unemployment rate 4.1% 3.9% 4.9% 6.3% Unemployment rate peak in year 4.2% 3.9% 5.1% 6.7% (a) Simple average. (b) Annual growth rates. Key assumptions and sensitivity The key assumptions to which the Tesco Bank ECL is most sensitive are macroeconomic factors, probability of default (PD), loss given default (LGD), PD threshold (staging) and expected lifetime (revolving credit facilities). The table below sets out the changes in the ECL allowance that would arise from reasonably possible changes in these assumptions from those used in Tesco Bank\u2019s calculations as at 25 February 2023 and excludes specific management overlays which are discussed further below: Impact on the loss allowance Key assumption Reasonably possible change 2023 \u00a3m 2022 \u00a3m Closing ECL allowance 461 489 Macroeconomic factors (100% weighted) Upside scenario (59) (27) Base scenario (11) (13) Downside scenario 1 65 31 Downside scenario 2 161 110 Probability of default Increase of 10% (2022: 2.5%) 32 6 Decrease of 10% (2022: 2.5%) (31) (6) Loss given default Increase of 2.5% 10 7 Decrease of 2.5% (10) (7) Probability of default threshold (staging) Increase of 20% (9) (9) Decrease of 20% 13 13 Expected lifetime (revolving credit facility) Increase of 1 year 3 11 Decrease of 1 year (5) (10) Despite stability in the performance of the underlying portfolio, the increased risk from a high inflationary environment and cost-of-living crisis creates uncertainty on future loss projections and the current model outputs. As a result, Tesco Bank has recognised certain specific management overlays, to address the prevailing downside risks and ensure the potential impacts of future stress are adequately provided for, detailed below: Overlay Description of adjustment 2023 \u00a3m 2022 \u00a3m Underestimation risk Risk that the beneficial impact of recent credit loss trends incorporated into credit risk models are transitive and may reverse due to the uncertain economic climate 68 \u2013 Cost of living A portion of Tesco Bank\u2019s customers may be more impacted by cost-of- living pressures, with deterioration in their ability to repay unsecured lending balances 22 75 Consumer spending In respect of the beneficial modelling impact of lower consumer spending through the pandemic \u2013 113 Emergence of customer defaults The emergence of defaults will be more aligned with previous economic downturns \u2013 19 War in Ukraine Further potential inflationary pressures on cost of living \u2013 6 Total overlays 90 213 Forbearance Tesco Bank could be exposed to unacceptable levels of bad debt and also suffer reputational damage if it did not provide adequate support to customers who are experiencing financial difficulties. Forbearance is relief granted by a lender to assist customers in financial difficulty, through arrangements which temporarily allow the customer to pay an amount other than the contractual amounts due. These temporary arrangements may be initiated by the customer or Tesco Bank where financial distress would prevent repayment within the original terms and conditions of the contract. The main aim of forbearance is to support customers in returning to a position where they are able to meet their contractual obligations. Tesco Bank has adopted the definition of forbearance in the European Banking Authority\u2019s (EBA) final draft Implementing Technical Standards (ITS) of July 2014 and reports all accounts meeting this definition, providing for them appropriately. Tesco Bank has well defined forbearance policies and processes. A number of forbearance options are made available to customers. These routinely, but not exclusively, include the following: \u2013 arrangements to repay arrears over a period of time, by making payments above the contractual amount, that ensure the loan is repaid within the original repayment term; and \u2013 short-term concessions, where the borrower is allowed to make reduced repayments (or in exceptional circumstances, no repayments) on a temporary basis to assist with short-term financial hardship. Gross loans and advances subject to forbearance programmes Forbearance programmes as a proportion of total loans and advances by category Proportion of forbearance programmes covered by allowance for expected credit losses 2023 \u00a3m 2022 \u00a3m 2023 % 2022 % 2023 % 2022 % Credit cards 102 106 3 3 49 51 Loans 30 39 1 1 31 47 (d) Insurance risk Description of risk Management policy Risks accepted through the provision of insurance products in return for a premium, exposed through the wholly-owned subsidiary of Tesco Bank, TU. These risks may or may not occur as expected and the amount and timing of these risks are uncertain and determined by events outside of the Group\u2019s control (e.g. flood or vehicular accident). TU operates a separate risk framework with dedicated risk and compliance teams and a suite of TU risk policies to ensure that the TU insurance portfolio is operating within agreed risk appetite. Note 27 Financial risk management continued Types of insurance risk Risks Description of risks Mitigation Underwriting Policies not priced correctly due to underestimating the frequency and/or severity of the claims and/or that payments are required under conditions that were not anticipated. The Group has large numbers of policyholders with homogeneous exposures such as car and home policies. Products are priced based on the Group\u2019s knowledge using past exposures, historical losses ( p lus an a pp ro p riate allowance for IBNR losses) and external data sources, with the appropriate adjustments to reflect anticipated future market conditions and expenses. Claims reserving Estimates of insurance liabilities prove to be insufficient through inaccurate forecasting, adverse random variation and additional expenses. The aim of the reserving policy is to provide estimates of insurance liabilities that are accurate and reliable across each line of business and are consistent over the time period required to settle all the claims. Provisions are monitored on an ongoing basis by a Reserving Committee and the TU Board, and an annual independent review is undertaken. Claims management Claims management risk may arise in the event of inaccurate or incomplete case reserving or settlement, poor customer service, claims fraud, ineffective or inefficient claim processes or excessive costs of handling claims. The Group\u2019s approach to claims management focuses upon creating a successful balance between satisfying the needs of the customer against control of the overall cost of the provision of the service that meets those needs in agreement with its service provider. Customers include both the insured as well as others that believe the insured has breached a duty of care. Reinsurance Reinsurance contracts, placed to reduce exposure to specific risks, event and accumulations, fail to perform as planned and do not reduce the gross cost of claims in terms of the limits purchased, by risks not being appropriately covered, by reinsurance bad debts or by there not being gaps in the programme. The reinsurance programme is subject to considerable scenario planning and approved by the Reinsurance Committee and the TU Board. All reinsurers in the reinsurance programme have a minimum credit rating of A. Concentration of insurance risk Concentration of insurance risk may exist where a particular event or series of events could impact significantly upon the Group\u2019s liabilities. Such concentrations may arise from a single insurance contract or through a small number of related contracts. The following are key categories of concentration risks that might result in significant impacts to the Group: Category Description Mitigation High-severity, low-frequency event concentrations High-severity, low-frequency events (e.g. natural disasters) re p resent a material risk as the occurrence of such an event would have a significant adverse impact on TU\u2019s cash flows and profitability. Making appropriate allowance within the price calculated by underwriters and by purchasing a reinsurance programme that limits the impact of these events, using non-proportional reinsurance treaties to manage retention levels and the limits of protection. Geographic and demographic concentrations Material geographical concentrations of risk exist in property portfolios such that natural disasters (e.g. floods) may give rise to a large number of material damage and business interruption claims. The Group only writes policies in the UK. TU models its ex p osure to this risk to estimate its probable maximum loss and purchases reinsurance to significantly reduce its exposure to such events. Economic conditions The insurance portfolio exposes a potential accumulation of different risks in the event of difficult economic conditions or more challenging points in the underwriting cycle. The Group aims to ensure it charges the right premium for the business underwritten and it focuses on maintaining prices in such difficult market conditions. It also monitors claims closely to identify any that may be exaggerated or fraudulent. Total aggregate exposure The total aggregate exposure that the Group is prepared to accept in relation to concentrations of risk. The exposures are monitored on a regular basis by reviewing reports which show the key aggregations to which the Group is exposed and by using a number of modelling tools to monitor aggregation and simulate catastrophe losses in order to measure the effectiveness of the reinsurance programmes, and to quantify the net exposure. Additional stress and scenario tests are run using these models during the year. TU has carried out sensitivity analyses on the reasonably possible changes in its key business drivers, including interest yields, expenses and gross loss ratio, as well as executing the stress and scenario testing programme on the insurance risk as part of their contingency planning. These do not indicate a material impact to the Group\u2019s overall financial position and performance. ",
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"fact-827": {
"value": "(a) Market risk Foreign exchange risk management Description of risks Management policy Hedging strategy Transactional exposure that arises from the cost of future purchases of goods, where those purchases are denominated in a currency other than the functional currency of the purchasing company. The Group\u2019s policy is to hedge currency exposure that could significantly impact the Group income statement with a minimum (20%) and maximum (80%) hedge level of forecast uncommitted exposure within at least the next 12 months. Foreign currency forward contracts or purchased currency options, which are designated as cash flow hedges. These are denominated in the same currency as the highly probable future sales and purchases, which are expected to occur within a maximum 24- month period, and the hedge ratio is determined to be 1:1. Translation exposure that arises from exchange rate movements in connection with translating the Group\u2019s foreign subsidiaries\u2019 revenue and expenses, assets and liabilities into Pound Sterling. Translation risk related to foreign subsidiaries is not actively hedged, however to reduce this exposure in relation to the net assets of foreign subsidiaries, net investment hedging is undertaken. Euro-denominated borrowings are used to hedge the exposure of a portion of the Group\u2019s net investments in overseas operations which have a Euro functional currency, against changes in value due to changes in foreign exchange rates. The Group has established a hedge ratio of 1:1, as the underlying risk of the hedging instrument is identical to the hedged risk component. Loans to and from subsidiaries in currencies other than in the entity\u2019s functional currency. The Group\u2019s policy is that 100% of the foreign exchange risk is hedged. Foreign currency derivatives and borrowings in matching currencies, which are not formally designated as accounting hedges as gains and losses will naturally offset in the income statement. Debt issued in a currency other than Pound Sterling. The Group\u2019s policy is to swap 100% of the foreign currency debt back to Pound Sterling, unless there are appropriate matching foreign currency assets. Cross-currency swaps, which are designated as fair value hedges. Residual exposure is present arising largely from cash and cash equivalents balances that are not in the functional currency of the entity holding these balances. The Group income statement impact of foreign currency exchange rate movements on these residual balances is disclosed in the sensitivity table on page 164. Interest rate risk management Description of risks Management policy Hedging strategy Debt issued at variable interest rates as well as cash deposits and short-term investments, giving rise to cash flow risk, and debt issued at fixed interest rates giving rise to fair value risk. The Group\u2019s policy is to manage interest rate risk in total balance sheet debt (including senior unsecured debt, lease liabilities, cash and cash equivalents and investments) to a range of 55%-85% fixed. Interest rate swap contracts are used to fix interest rates on senior unsecured debt or investments issued at floating rates, creating a fair value hedge; and for senior unsecured debt or investments issued at fixed rates to generate variable interest exposure, creating a cashflow hedge. The terms of the swap contracts match the terms of the borrowings or investments including notional amounts and maturity, interest settlement and interest rate reset dates, and the Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the derivative contract is identical to that of the hedged item. Different repricing dates of the assets and liabilities in Tesco Bank\u2019s banking activities and unexpected changes to the yield curve, giving rise to volatility in earnings and economic value of these assets and liabilities. Tesco Bank has established limits for risk appetite and stress tests are performed using sensitivity to fluctuations in underlying interest rates in order to monitor this risk. Tesco Bank also use the capital at risk approach, which assesses the sensitivity of a reduction in the Bank\u2019s capital to movements in interest rates. The scenarios considered include both parallel and non-parallel movements of the yield curve and have been designed to assess impacts across a suitable range of severe but plausible movements in interest rates. Tesco Bank uses interest rate swap contracts as fair value hedges, to swap fixed rate exposures of investment securities, loans and advances to customers and customer deposits, back to a benchmark floating rate where no existing offset is available. The table below shows the interest rate risk profile for the Group\u2019s financial instruments: 2023 2022 Fixed \u00a3m Floating \u00a3m Total \u00a3m Fixed \u00a3m Floating \u00a3m Total \u00a3m Cash and cash equivalents \u2013 2,465 2,465 \u2013 2,345 2,345 Short-term investments \u2013 1,628 1,628 \u2013 2,076 2,076 Investments in debt instruments at amortised cost 617 476 1,093 518 339 857 Investments at fair value through other comprehensive income 570 9 579 590 7 597 Investments at fair value through profit or loss 20 \u2013 20 25 \u2013 25 Joint ventures and associates loan receivables 106 \u2013 106 105 \u2013 105 Lease liabilities (7,727) \u2013 (7,727) (7,958) \u2013 (7,958) Bank and other borrowings (6,054) (1,297) (7,351) (6,465) (934) (7,399) Loans and advances to customers 3,314 3,767 7,081 3,293 3,197 6,490 Customer deposits (5,770) \u2013 (5,770) (5,327) \u2013 (5,327) Deposits from banks \u2013 (980) (980) \u2013 (1,052) (1,052) Derivative effect: Interest rate swaps 190 (190) \u2013 (729) 729 \u2013 Cross-currency swaps 959 (959) \u2013 895 (895) \u2013 Index-linked swaps (346) 346 \u2013 (310) 310 \u2013 Total (14,121) 5,265 (8,856) (15,363) 6,122 (9,241) Percentage of interest-bearing debt at fixed rate 75% 66% Weighted average rate of interest paid on senior unsecured debt, excluding joint ventures and associates 3.87% 2.34% Inflation risk management Description of risks Management policy Hedging strategy Index-linked debt, where the principal is indexed to increase/decrease in line with RPI or LPI. The Group\u2019s policy is to hedge inflation in total balance sheet debt (including index-linked bonds and RPI-linked lease liabilities) on a portfolio basis alongside its interest rate risk management. Interest and inflation risk in total balance sheet debt are managed to a combined target of 50% fixed, with a tolerance of 15%, where RPI-linked rents are considered to be floating. LPI-linked debt, where the principal is indexed to RPI, with an annual maximum increase of 5% and a minimum of 0% is hedged 100% using derivative contracts swapping it to be fixed. Refer to Note 12 for information on the Group\u2019s exposure to inflation-linked leases. Commodity risk management Description of risks Management policy Hedging strategy Changes in commodity prices largely relating to diesel for own use. The Group policy is to hedge a minimum of 50% of the forecast uncommitted exposure within the next 12 months. Forward derivative contracts which are designated as cash flow hedges are used to hedge future purchases of diesel for own use. These are denominated in the same currency and volume as the forecast purchases and the hedge ratio is determined to be 1:1. Financial instruments not qualifying for hedge accounting The Group\u2019s policy does not permit use of derivatives for trading purposes. However, some derivatives do not qualify for hedge accounting, or are specifically not designated as a hedge where gains and losses on the hedging instrument and the hedged item naturally offset in the Group income statement. These instruments include index-linked swaps, interest rate swaps, cross-currency swaps and foreign currency forward contracts. Sensitivity analysis The impact on the financial statements of the Group, including Retail and Tesco Bank, from foreign currency, inflation, interest rate and commodity price volatility is discussed below. The analysis excludes the impact of movements in market variables on the carrying value of pension and other post-employment benefit obligations and on the retranslation of overseas net assets. However, it does include the foreign exchange sensitivity resulting from local entity non-functional currency financial instruments. The sensitivity analysis has been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and derivatives portfolio, and the proportion of financial instruments in foreign currencies are all constant and on the basis of the hedge designations in place at 25 February 2023. It should be noted that the sensitivity analysis reflects the impact on income and equity due to financial instruments held at the balance sheet date. It does not reflect any change in sales or costs that may result from changing interest or exchange rates. The following assumptions were made in calculating the sensitivity analysis: \u2013 the sensitivity of interest payable to movements in interest rates is calculated on net floating rate exposures on debt, deposits and derivative instruments with no sensitivity assumed for RPI-linked borrowings, which have been swapped to fixed rates; \u2013 changes in the carrying value of derivative financial instruments designated as fair value hedges against movements in interest rates or foreign exchange rates have an immaterial effect on the Group income statement and equity due to compensating adjustments in the carrying value of debt; \u2013 changes in the carrying value of financial instruments designated as net investment hedges against movements in foreign exchange rates are recorded directly in the Group statement of comprehensive income/(loss); \u2013 all other changes in the carrying value of derivative financial instruments designated as hedging instruments are fully effective with no impact on the Group income statement; and \u2013 the floating leg of any swap or any floating rate debt is treated as not having any interest rate already set, therefore a change in interest rates affects a full 12-month period for the interest payable portion of the sensitivity calculations. Using the above assumptions, the following table shows the quantitative effect on the Group income statement and the Group statement of changes in equity that would result, at the balance sheet date, from changes in interest rates, inflation rates, currency exchange rates and commodity prices that are reasonably possible for major currencies where there have recently been significant movements: 2023 2022 Income gain/(loss) \u00a3m Equity gain/(loss) \u00a3m Income gain/(loss) \u00a3m Equity gain/(loss) \u00a3m 1% increase in interest rates (2022: 1%) (48) 3 12 4 5% appreciation of the Euro (2022: 10%) (11) (79) (19) (123) 10% appreciation of the US Dollar (2022: 10%) 34 118 (11) 69 50 basis points parallel upward shift in the forward inflation curve (2022: 100 basis points) 101 \u2013 337 \u2013 10% increase in commodity prices (2022: 10%)* 1 13 1 9 * Relating to diesel prices only, where derivatives are used to hedge risk. A decrease in interest rates and commodity prices, depreciation of foreign currencies and downward shift in the forward inflation curve would have the opposite effect to the impact in the table above. The impact on the Group income statement resulting from changes in foreign exchange rates against GBP in relation to financial instruments (excluding those arising on consolidation) is minimal as Group policy dictates that all material income statement foreign exchange exposures are hedged. In prior years, the Group entered into a number of derivative index-linked contracts with external counterparties, to economically hedge a proportion of the Group\u2019s exposure to index-linked lease liabilities with its joint ventures. These are specifically not designated as accounting hedges, but are economic hedges. However, the gains and losses on the hedging instrument and hedged item do not naturally offset in the Group income statement. This mismatch arises due to different accounting outcomes of IFRS 9 and IFRS 16, which results in a timing difference. The impact on the Group statement of comprehensive income/(loss) from changing exchange rates results from the revaluation of financial liabilities used as net investment hedges. The impact on the Group statement of comprehensive income/(loss) will largely be offset by the revaluation in equity of the hedged assets in the Group statement of changes in equity. Derivatives and hedging exposures Derivatives are used to hedge exposure to market risks, some of which are economic hedges and others are formally designated hedging instruments with hedge accounting applied. The main sources of hedge ineffectiveness are the effects of the counterparties\u2019 and the Group\u2019s own credit risk on the fair value of derivatives. The fair value and notional amounts of derivatives analysed by hedge type are shown on page 165. 2023 2022 Asset Liability Asset Liability Fair value \u00a3m Notional \u00a3m Fair value \u00a3m Notional \u00a3m Fair value \u00a3m Notional \u00a3m Fair value \u00a3m Notional \u00a3m Fair value hedges Interest rate swaps 122 2,692 (147) 2,552 53 2,994 (65) 1,386 Cross-currency swaps \u2013 \u2013 (137) 662 \u2013 \u2013 (85) 630 Cash flow hedges Interest rate swaps \u2013 \u2013 (3) 50 \u2013 \u2013 (11) 50 Index-linked swaps 240 738 \u2013 \u2013 230 683 \u2013 \u2013 Foreign currency forward contracts 30 1,091 (58) 1,352 33 1,264 (8) 435 Diesel forward contracts 4 14 (13) 119 23 65 \u2013 \u2013 Derivatives not in a formal hedge relationship Interest rate swaps 1 38 (9) 696 2 86 (197) 58 Cross-currency swaps 211 822 (4) 100 223 845 \u2013 15 Index-linked swaps 311 2,074 \u2013 \u2013 436 2,574 \u2013 \u2013 Foreign currency forward contracts 11 821 (14) 539 11 750 (17) 844 Diesel forward contracts \u2013 2 (2) 13 \u2013 \u2013 \u2013 \u2013 Total 930 8,292 (387) 6,083 1,011 9,261 (383) 3,418 The following table sets out the maturity profile and average interest rates and foreign currency exchange rates of the hedging instruments used in the Group\u2019s hedging strategies: 2023 2022 Maturity profile Up to one year One to five years More than five years Up to one year One to five years More than five years Notional amount (\u00a3m) Fair value hedges Interest rate swaps \u2013 GBP 1,366 2,663 553 852 2,296 602 Interest rate swaps \u2013 EUR 662 \u2013 \u2013 \u2013 630 \u2013 Cross currency swaps (GBP: EUR)* \u2013 \u2013 662 \u2013 \u2013 630 Cash flow hedges Index-linked swaps \u2013 392 346 \u2013 373 310 Interest rate swaps \u2013 \u2013 50 \u2013 \u2013 50 Average net interest rate (pay)/receive Fair value hedges Interest rate swaps \u2013 GBP (1.78)% (1.43)% (3.40)% 0.14% 0.49% (0.01)% Interest rate swaps \u2013 EUR (1.81)% \u2013 \u2013 \u2013 0.82% \u2013 Cross currency swaps (GBP: EUR)* \u2013 \u2013 (4.65)% \u2013 \u2013 (1.17)% Cash flow hedges Index-linked swaps \u2013 (4.23)% (4.21)% \u2013 (4.23)% (4.21)% Interest rate swaps \u2013 \u2013 (4.46)% \u2013 \u2013 (4.46)% * Average exchange rate for cross-currency swaps (GBP:EUR) is 1.13 (2022: 1.13). At 25 February 2023, foreign currency forward contracts, designated as cash flow hedges, equivalent to \u00a32.4bn were outstanding (2022: \u00a31.7bn). These forward contracts are largely in relation to purchases of Euros (notional \u20ac0.4bn) (2022: notional \u20ac0.7bn) and US Dollars (notional $1.1bn) (2022: notional $0.9bn) with varying maturities up to July 2024. For the above currencies the rates ranged from Euro/GBP 1.107 to 1.181 (2022: 1.082 to 1.195) and USD/GBP from 1.102 to 1.264 (2022: 1.319 to 1.419). Forward commodity contracts hedging diesel purchases for own use as at 25 February 2023 had a GBP notional of \u00a3148m (2022: \u00a365m) at a rate of \u00a3494 to \u00a3980 (2022: \u00a3267 to \u00a3571) per tonne. The notional and fair values of these contracts is shown in the table above. The following table sets out the details of the hedged exposures covered by the Group\u2019s fair value hedges: 2023 2022 Balance sheet classification Carrying amount assets/(liabilities) \u00a3m Accumulated amounts of fair value adjustments on hedged item assets/(liabilities) \u00a3m Changes in fair value for calculating hedge ineffectiveness \u00a3m Carrying amount assets/(liabilities) \u00a3m Accumulated amounts of fair value adjustments on hedged item assets/(liabilities) \u00a3m Changes in fair value for calculating hedge ineffectiveness \u00a3m Interest rate risk Fixed-rate loans Loans and advances to customers 2,393 (75) (44) 3,384 (30) (37) Fixed-rate savings Customer deposits (695) 2 1 (1,481) \u2013 \u2013 Fixed-rate investment securities Investments in debt instruments at amortised cost 406 (44) (33) 504 (11) (22) Fixed-rate bonds* Borrowings (2,605) 198 (141) (2,796) 40 (101) * The accumulated amount of fair value adjustments remaining in the Group balance sheet for hedged items that have ceased to be adjusted for hedging gains and losses was \u00a3(82)m for fixed-rate bonds (2022: \u00a3(101)m). The following table sets out information regarding the change in value of the hedged item used in calculating hedge ineffectiveness as well as the impacts on the hedging reserve for cash flow hedge designations: 2023 2022 Hedging instrument Change in value of hedging instrument for calculating hedge ineffectiveness \u00a3m Change in value of hedged item for calculating hedge ineffectiveness \u00a3m Cumulative impact on hedging reserve(a) \u00a3m Change in value of hedging instrument for calculating hedge ineffectiveness \u00a3m Change in value of hedged item for calculating hedge ineffectiveness \u00a3m Cumulative impact on hedging reserve (a) \u00a3m Interest rate/inflation risk Index\u2011linked bonds Index-linked swaps 9 24 42 72 (72) 90 Borrowings Interest rate swaps 8 (8) 8 (17) 17 1 Foreign currency risk Trade payables Foreign currency forward contracts 47 (47) (25) 50 (50) 16 Commodity risk Trade payables Diesel forward contracts 7 (7) (10) 12 (12) 23 Interest rate/foreign currency risk MTNs(b) Cross-currency swaps \u2013 \u2013 34 \u2013 \u2013 36 (a) Excludes deferred tax. (b) This is a discontinued hedge. The following table sets out information regarding the effectiveness of hedging relationships designated by the Group, as well as the impacts on profit or loss and other comprehensive income: 2023 2022 Line item in Group income statement that includes hedge ineffectiveness Hedge ineffectiveness recognised in profit or loss \u00a3m Hedge ineffectiveness recognised in profit or loss \u00a3m Fair value hedges \u2013 interest rate risk Borrowings Finance income 4 1 The following table presents a reconciliation by risk category of the cash flow hedge and cost of hedging reserves and an analysis of other comprehensive income in relation to hedge accounting: Interest rate/inflation risk Interest rate/ foreign currency risk Foreign currency/commodity risk Index-linked swaps \u00a3m Interest rate swaps \u00a3m Cross-currency swaps \u00a3m Foreign currency forward contracts (a) \u00a3m Diesel forward contracts(a) \u00a3m Hedging reserve (b) \u00a3m At 27 February 2021 57 15 36 6 (24) 90 Net fair value gains/(losses) 26 17 \u2013 (5) 39 77 Amount reclassified to finance income/(cost) in Group income statement (6) (33) (6) \u2013 \u2013 (45) Amount reclassified to inventories \u2013 \u2013 \u2013 18 12 30 Tax (9) 2 (3) (4) (8) (22) At 26 February 2022 68 1 27 15 19 130 Net fair value gains/(losses) 9 8 \u2013 47 7 71 Amount reclassified to finance income/(cost) in Group income statement (54) (2) (2) (3) \u2013 (61) Amount reclassified to inventories \u2013 \u2013 \u2013 (87) (40) (127) Tax 11 (2) \u2013 4 7 20 At 25 February 2023 34 5 25 (24) (7) 33 (a) Net fair value gains/(losses) relates to inventory cash flow hedges of \u00a354m (2022: \u00a333m) and other cash flow hedges of \u00a3nil (2022: \u00a31m). (b) The Group\u2019s cost of hedging reserve is \u00a3nil (2022: \u00a3nil). Net investment hedges The details of the hedging instruments and movements in cumulative impact on net investment hedges in other comprehensive income are set out below: Nominal amount of hedging instrument \u00a3m Nominal amount of hedged item \u00a3m Cumulative impact on net investment hedges(a) \u00a3m At 27 February 2021 (1,300) 1,300 (1,012) Change in value for calculating ineffectiveness 40 (40) 40 Reclassified to Group income statement(b) \u2013 \u2013 243 At 26 February 2022 (1,260) 1,260 (729) Change in value for calculating ineffectiveness (65) 65 (65) At 25 February 2023 (1,325) 1,325 (794) (a) As at 25 February 2023 the discontinued hedge balance is \u00a3(765)m (2022: \u00a3(765)m). (b) In the prior year there was a reclassification to the income statement from the translation reserve of \u00a3243m relating to the disposal of the Group\u2019s operation in Poland. Net investment hedge ineffectiveness was \u00a3nil (2022: \u00a3nil) during the year. During the current financial year, currency movements increased the net value, after the effects of hedging, of the Group\u2019s overseas assets by \u00a3120m (2022: decrease by \u00a339m). The Group also ensures that each subsidiary is appropriately hedged in respect of its non-functional currency assets. ",
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"fact-766": {
"value": "Sensitivity analysis The impact on the financial statements of the Group, including Retail and Tesco Bank, from foreign currency, inflation, interest rate and commodity price volatility is discussed below. The analysis excludes the impact of movements in market variables on the carrying value of pension and other post-employment benefit obligations and on the retranslation of overseas net assets. However, it does include the foreign exchange sensitivity resulting from local entity non-functional currency financial instruments. The sensitivity analysis has been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and derivatives portfolio, and the proportion of financial instruments in foreign currencies are all constant and on the basis of the hedge designations in place at 25 February 2023. It should be noted that the sensitivity analysis reflects the impact on income and equity due to financial instruments held at the balance sheet date. It does not reflect any change in sales or costs that may result from changing interest or exchange rates. The following assumptions were made in calculating the sensitivity analysis: \u2013 the sensitivity of interest payable to movements in interest rates is calculated on net floating rate exposures on debt, deposits and derivative instruments with no sensitivity assumed for RPI-linked borrowings, which have been swapped to fixed rates; \u2013 changes in the carrying value of derivative financial instruments designated as fair value hedges against movements in interest rates or foreign exchange rates have an immaterial effect on the Group income statement and equity due to compensating adjustments in the carrying value of debt; \u2013 changes in the carrying value of financial instruments designated as net investment hedges against movements in foreign exchange rates are recorded directly in the Group statement of comprehensive income/(loss); \u2013 all other changes in the carrying value of derivative financial instruments designated as hedging instruments are fully effective with no impact on the Group income statement; and \u2013 the floating leg of any swap or any floating rate debt is treated as not having any interest rate already set, therefore a change in interest rates affects a full 12-month period for the interest payable portion of the sensitivity calculations. Using the above assumptions, the following table shows the quantitative effect on the Group income statement and the Group statement of changes in equity that would result, at the balance sheet date, from changes in interest rates, inflation rates, currency exchange rates and commodity prices that are reasonably possible for major currencies where there have recently been significant movements: 2023 2022 Income gain/(loss) \u00a3m Equity gain/(loss) \u00a3m Income gain/(loss) \u00a3m Equity gain/(loss) \u00a3m 1% increase in interest rates (2022: 1%) (48) 3 12 4 5% appreciation of the Euro (2022: 10%) (11) (79) (19) (123) 10% appreciation of the US Dollar (2022: 10%) 34 118 (11) 69 50 basis points parallel upward shift in the forward inflation curve (2022: 100 basis points) 101 \u2013 337 \u2013 10% increase in commodity prices (2022: 10%)* 1 13 1 9 * Relating to diesel prices only, where derivatives are used to hedge risk. A decrease in interest rates and commodity prices, depreciation of foreign currencies and downward shift in the forward inflation curve would have the opposite effect to the impact in the table above. The impact on the Group income statement resulting from changes in foreign exchange rates against GBP in relation to financial instruments (excluding those arising on consolidation) is minimal as Group policy dictates that all material income statement foreign exchange exposures are hedged. In prior years, the Group entered into a number of derivative index-linked contracts with external counterparties, to economically hedge a proportion of the Group\u2019s exposure to index-linked lease liabilities with its joint ventures. These are specifically not designated as accounting hedges, but are economic hedges. However, the gains and losses on the hedging instrument and hedged item do not naturally offset in the Group income statement. This mismatch arises due to different accounting outcomes of IFRS 9 and IFRS 16, which results in a timing difference. The impact on the Group statement of comprehensive income/(loss) from changing exchange rates results from the revaluation of financial liabilities used as net investment hedges. The impact on the Group statement of comprehensive income/(loss) will largely be offset by the revaluation in equity of the hedged assets in the Group statement of changes in equity. ",
"dimensions": {
"concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk",
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"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-765": {
"value": "Derivatives and hedging exposures Derivatives are used to hedge exposure to market risks, some of which are economic hedges and others are formally designated hedging instruments with hedge accounting applied. The main sources of hedge ineffectiveness are the effects of the counterparties\u2019 and the Group\u2019s own credit risk on the fair value of derivatives. The fair value and notional amounts of derivatives analysed by hedge type are shown on page 165. 2023 2022 Asset Liability Asset Liability Fair value \u00a3m Notional \u00a3m Fair value \u00a3m Notional \u00a3m Fair value \u00a3m Notional \u00a3m Fair value \u00a3m Notional \u00a3m Fair value hedges Interest rate swaps 122 2,692 (147) 2,552 53 2,994 (65) 1,386 Cross-currency swaps \u2013 \u2013 (137) 662 \u2013 \u2013 (85) 630 Cash flow hedges Interest rate swaps \u2013 \u2013 (3) 50 \u2013 \u2013 (11) 50 Index-linked swaps 240 738 \u2013 \u2013 230 683 \u2013 \u2013 Foreign currency forward contracts 30 1,091 (58) 1,352 33 1,264 (8) 435 Diesel forward contracts 4 14 (13) 119 23 65 \u2013 \u2013 Derivatives not in a formal hedge relationship Interest rate swaps 1 38 (9) 696 2 86 (197) 58 Cross-currency swaps 211 822 (4) 100 223 845 \u2013 15 Index-linked swaps 311 2,074 \u2013 \u2013 436 2,574 \u2013 \u2013 Foreign currency forward contracts 11 821 (14) 539 11 750 (17) 844 Diesel forward contracts \u2013 2 (2) 13 \u2013 \u2013 \u2013 \u2013 Total 930 8,292 (387) 6,083 1,011 9,261 (383) 3,418 The following table sets out the maturity profile and average interest rates and foreign currency exchange rates of the hedging instruments used in the Group\u2019s hedging strategies: 2023 2022 Maturity profile Up to one year One to five years More than five years Up to one year One to five years More than five years Notional amount (\u00a3m) Fair value hedges Interest rate swaps \u2013 GBP 1,366 2,663 553 852 2,296 602 Interest rate swaps \u2013 EUR 662 \u2013 \u2013 \u2013 630 \u2013 Cross currency swaps (GBP: EUR)* \u2013 \u2013 662 \u2013 \u2013 630 Cash flow hedges Index-linked swaps \u2013 392 346 \u2013 373 310 Interest rate swaps \u2013 \u2013 50 \u2013 \u2013 50 Average net interest rate (pay)/receive Fair value hedges Interest rate swaps \u2013 GBP (1.78)% (1.43)% (3.40)% 0.14% 0.49% (0.01)% Interest rate swaps \u2013 EUR (1.81)% \u2013 \u2013 \u2013 0.82% \u2013 Cross currency swaps (GBP: EUR)* \u2013 \u2013 (4.65)% \u2013 \u2013 (1.17)% Cash flow hedges Index-linked swaps \u2013 (4.23)% (4.21)% \u2013 (4.23)% (4.21)% Interest rate swaps \u2013 \u2013 (4.46)% \u2013 \u2013 (4.46)% * Average exchange rate for cross-currency swaps (GBP:EUR) is 1.13 (2022: 1.13). At 25 February 2023, foreign currency forward contracts, designated as cash flow hedges, equivalent to \u00a32.4bn were outstanding (2022: \u00a31.7bn). These forward contracts are largely in relation to purchases of Euros (notional \u20ac0.4bn) (2022: notional \u20ac0.7bn) and US Dollars (notional $1.1bn) (2022: notional $0.9bn) with varying maturities up to July 2024. For the above currencies the rates ranged from Euro/GBP 1.107 to 1.181 (2022: 1.082 to 1.195) and USD/GBP from 1.102 to 1.264 (2022: 1.319 to 1.419). Forward commodity contracts hedging diesel purchases for own use as at 25 February 2023 had a GBP notional of \u00a3148m (2022: \u00a365m) at a rate of \u00a3494 to \u00a3980 (2022: \u00a3267 to \u00a3571) per tonne. The notional and fair values of these contracts is shown in the table above. The following table sets out the details of the hedged exposures covered by the Group\u2019s fair value hedges: 2023 2022 Balance sheet classification Carrying amount assets/(liabilities) \u00a3m Accumulated amounts of fair value adjustments on hedged item assets/(liabilities) \u00a3m Changes in fair value for calculating hedge ineffectiveness \u00a3m Carrying amount assets/(liabilities) \u00a3m Accumulated amounts of fair value adjustments on hedged item assets/(liabilities) \u00a3m Changes in fair value for calculating hedge ineffectiveness \u00a3m Interest rate risk Fixed-rate loans Loans and advances to customers 2,393 (75) (44) 3,384 (30) (37) Fixed-rate savings Customer deposits (695) 2 1 (1,481) \u2013 \u2013 Fixed-rate investment securities Investments in debt instruments at amortised cost 406 (44) (33) 504 (11) (22) Fixed-rate bonds* Borrowings (2,605) 198 (141) (2,796) 40 (101) * The accumulated amount of fair value adjustments remaining in the Group balance sheet for hedged items that have ceased to be adjusted for hedging gains and losses was \u00a3(82)m for fixed-rate bonds (2022: \u00a3(101)m). The following table sets out information regarding the change in value of the hedged item used in calculating hedge ineffectiveness as well as the impacts on the hedging reserve for cash flow hedge designations: 2023 2022 Hedging instrument Change in value of hedging instrument for calculating hedge ineffectiveness \u00a3m Change in value of hedged item for calculating hedge ineffectiveness \u00a3m Cumulative impact on hedging reserve(a) \u00a3m Change in value of hedging instrument for calculating hedge ineffectiveness \u00a3m Change in value of hedged item for calculating hedge ineffectiveness \u00a3m Cumulative impact on hedging reserve (a) \u00a3m Interest rate/inflation risk Index\u2011linked bonds Index-linked swaps 9 24 42 72 (72) 90 Borrowings Interest rate swaps 8 (8) 8 (17) 17 1 Foreign currency risk Trade payables Foreign currency forward contracts 47 (47) (25) 50 (50) 16 Commodity risk Trade payables Diesel forward contracts 7 (7) (10) 12 (12) 23 Interest rate/foreign currency risk MTNs(b) Cross-currency swaps \u2013 \u2013 34 \u2013 \u2013 36 (a) Excludes deferred tax. (b) This is a discontinued hedge. The following table sets out information regarding the effectiveness of hedging relationships designated by the Group, as well as the impacts on profit or loss and other comprehensive income: 2023 2022 Line item in Group income statement that includes hedge ineffectiveness Hedge ineffectiveness recognised in profit or loss \u00a3m Hedge ineffectiveness recognised in profit or loss \u00a3m Fair value hedges \u2013 interest rate risk Borrowings Finance income 4 1 The following table presents a reconciliation by risk category of the cash flow hedge and cost of hedging reserves and an analysis of other comprehensive income in relation to hedge accounting: Interest rate/inflation risk Interest rate/ foreign currency risk Foreign currency/commodity risk Index-linked swaps \u00a3m Interest rate swaps \u00a3m Cross-currency swaps \u00a3m Foreign currency forward contracts (a) \u00a3m Diesel forward contracts(a) \u00a3m Hedging reserve (b) \u00a3m At 27 February 2021 57 15 36 6 (24) 90 Net fair value gains/(losses) 26 17 \u2013 (5) 39 77 Amount reclassified to finance income/(cost) in Group income statement (6) (33) (6) \u2013 \u2013 (45) Amount reclassified to inventories \u2013 \u2013 \u2013 18 12 30 Tax (9) 2 (3) (4) (8) (22) At 26 February 2022 68 1 27 15 19 130 Net fair value gains/(losses) 9 8 \u2013 47 7 71 Amount reclassified to finance income/(cost) in Group income statement (54) (2) (2) (3) \u2013 (61) Amount reclassified to inventories \u2013 \u2013 \u2013 (87) (40) (127) Tax 11 (2) \u2013 4 7 20 At 25 February 2023 34 5 25 (24) (7) 33 (a) Net fair value gains/(losses) relates to inventory cash flow hedges of \u00a354m (2022: \u00a333m) and other cash flow hedges of \u00a3nil (2022: \u00a31m). (b) The Group\u2019s cost of hedging reserve is \u00a3nil (2022: \u00a3nil). Net investment hedges The details of the hedging instruments and movements in cumulative impact on net investment hedges in other comprehensive income are set out below: Nominal amount of hedging instrument \u00a3m Nominal amount of hedged item \u00a3m Cumulative impact on net investment hedges(a) \u00a3m At 27 February 2021 (1,300) 1,300 (1,012) Change in value for calculating ineffectiveness 40 (40) 40 Reclassified to Group income statement(b) \u2013 \u2013 243 At 26 February 2022 (1,260) 1,260 (729) Change in value for calculating ineffectiveness (65) 65 (65) At 25 February 2023 (1,325) 1,325 (794) (a) As at 25 February 2023 the discontinued hedge balance is \u00a3(765)m (2022: \u00a3(765)m). (b) In the prior year there was a reclassification to the income statement from the translation reserve of \u00a3243m relating to the disposal of the Group\u2019s operation in Poland. Net investment hedge ineffectiveness was \u00a3nil (2022: \u00a3nil) during the year. During the current financial year, currency movements increased the net value, after the effects of hedging, of the Group\u2019s overseas assets by \u00a3120m (2022: decrease by \u00a339m). The Group also ensures that each subsidiary is appropriately hedged in respect of its non-functional currency assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-767": {
"value": "(b) Credit risk Description of risk Management policy Measurement A counterparty will not meet its obligations leading to a financial loss for the Group. This arises from cash and cash equivalents, short-term investments, trade receivables, other receivables, joint venture and associate loan receivables, loans and advances to customers, reinsurance assets, other investments, and derivative financial instruments. For cash and cash equivalents, short-term investments, other investments and derivative financial instruments: \u2013 The Group holds positions with an approved list of investment-grade rated counterparties. \u2013 Counterparty credit limits are set to minimise the concentration of risk and are set taking into account the type and value of the specific financial asset. For trade receivables, other receivables, joint venture and associate loan receivables, loans and advances to customers and reinsurance assets: \u2013 The Group\u2019s credit risk is managed with various mitigating controls including credit checks, credit insurance and master netting agreements. Due to the nature of the Retail and Tesco Bank businesses, there is little concentration of risk due to the large number of customers which are spread across wide geographical areas. The Group monitors the exposure, credit rating, outlook and credit default swap levels of these counterparties on a regular basis. Counterparty credit limits are reviewed every six months (every two years at Tesco Bank), and may be updated throughout the financial year. Refer to page 171 for information on the expected credit losses of these assets. Maximum exposure to credit risk The maximum exposure to credit risk at the end of the reporting period reflects the carrying amount of each class of financial assets, including loan commitments which are not recognised on the balance sheet. Joint ventures and associates loan receivables in the table below are gross of deferred profits historically arising from the sale of property assets to joint ventures (refer to Note 31). The Group\u2019s maximum exposure to credit risk is \u00a327.1bn (2022: \u00a326.8bn). The net counterparty exposure under derivative contracts is \u00a30.7bn (2022: \u00a30.7bn). The Group\u2019s maximum gross exposure to credit risk is analysed below by class of financial instrument, including for financial instruments that are not subject to ECL i.e. derivative financial instruments and cash balances with central banks: 2023 \u00a3m 2022 \u00a3m Cash and cash equivalents (a) 2,465 2,345 Short-term investments 1,628 2,076 Trade receivables 531 457 Other receivables 374 478 Joint ventures and associates loan receivables 144 143 Loans and advances to customers 7,081 6,490 Other investments 1,692 1,479 Derivative financial assets: Interest rate swaps 123 55 Cross-currency swaps 211 223 Index-linked swaps 551 666 Foreign currency forward contracts 41 44 Diesel forward contracts 4 23 Off balance sheet: Loan commitments(b) 12,212 12,363 Maximum exposure to credit risk 27,057 26,842 (a) Cash balances with central banks of \u00a31.6bn (2022: \u00a31.5bn) are included within cash and cash equivalents. (b) Loan commitments represents the undrawn amount contractually committed by Tesco Bank. Counterparty credit rating The table below provides details of financial assets by long-term credit rating of investment-grade rated counterparties: 2023 2022 Rating AAA AA A BBB Total AAA AA A BBB Total Money market funds, deposits and similar instruments 660 200 468 300 1,628 1,170 350 481 75 2,076 Investments in debt instruments at amortised cost(a) 486 57 339 199 1,081 529 92 236 \u2013 857 Investments at fair value through other comprehensive income(b) 94 84 233 154 565 133 95 238 119 585 Investments at fair value through profit or loss (c) \u2013 1 \u2013 \u2013 1 \u2013 2 \u2013 \u2013 2 Derivative financial assets: Interest rate swaps \u2013 121 2 \u2013 123 \u2013 45 10 \u2013 55 Cross-currency swaps \u2013 \u2013 186 25 211 \u2013 \u2013 221 2 223 Index-linked swaps \u2013 \u2013 120 431 551 \u2013 \u2013 115 551 666 Foreign currency forward contracts \u2013 \u2013 31 10 41 \u2013 2 36 5 43 Diesel forward contracts \u2013 \u2013 \u2013 4 4 \u2013 \u2013 14 10 24 (a) Excludes \u00a312m (2022: nil) of investments in debt instruments that do not have a credit rating. (b) Excludes \u00a314m (2022: \u00a312m) of investments in equity instruments that do not have a credit rating. (c) Excludes \u00a319m (2022: \u00a323m) of property fund investments that do not have a credit rating. The low credit risk exemption has been applied to cash and cash equivalents, money market funds, deposits and similar investments, investments in debt instruments at fair value through other comprehensive income (FVOCI), investments at fair value through profit or loss (FVPL) and investments in debt instruments at amortised cost, except those investments held in Tesco Bank, as these are held with counterparties with investment-grade ratings (BBB or above) or are short-term in nature. The expected credit loss is immaterial. Expected credit losses The Group applies either the simplified approach or the three-stage model for expected credit losses, depending on the nature of the financial asset. Refer to Note 1 for further detail. The Group\u2019s financial assets are written off when the balance is known not to be recoverable or the Group is time-barred from recovering a balance under local legislation. The expected credit losses for Retail are immaterial. Gross loans to related parties of \u00a3144m (2022: \u00a3143m) are presented net of loss allowances of \u00a3nil (2022: \u00a3nil) and deferred profits of \u00a338m (2022: \u00a338m) on the Group balance sheet. The ECL is determined by multiplying together the probability of default (PD), exposure at default (EAD) and the loss given default (LGD) for the relevant time period and for each specific loan and by discounting back to the balance sheet date. For details of credit risk relating to reinsurance assets and the expected credit losses on loans and advances to customers and investments held in Tesco Bank, refer to the separate section on Tesco Bank financial risk factors on page 173. (c) Credit risk Description of risk Management policy Retail customer or counterparty to a wholesale transaction will fail to meet its obligations in accordance with contractually agreed terms and Tesco Bank will incur losses as a result. Credit risk principally arises from the Bank\u2019s retail lending activities but also from the placement of surplus funds with other banks and money market funds, investments in transferable securities and interest rate and foreign exchange derivatives. In addition, credit risk arises from contractual arrangements with third parties where payments and commissions are due to the Bank for short periods of time. To minimise the potential exposure to bad debts that are outside risk appetite, processes, systems and limits have been established that cover the end-to-end retail credit risk customer life cycle. These include credit scoring, affordability, credit policies and guides, and monitoring and reporting. The Bank is also exposed to wholesale credit risk primarily through its treasury activities. Controls and risk mitigants include daily monitoring of exposures, investing in counterparties with investment-grade ratings, restricting the amount that can be invested with one counterparty and credit-rating mitigation techniques. Assessment of the expected credit loss (ECL) on loans and advances to customers has taken into account a range of macroeconomic scenarios. Reinsurance assets are subject to annual impairment assessment based on the credit ratings of the existing reinsurers which are monitored by TU\u2019s Reinsurance Committee. Maximum exposure to credit risk The table below presents Tesco Bank\u2019s maximum exposure to credit risk i.e. total gross exposure, by stages and by class of financial instruments. For financial assets, the balances are based on gross carrying amounts. For loan commitments, the amounts represent the amounts for which Tesco Bank is contractually committed: Stage 1 Stage 2 Stage 3 Total At 25 February 2023 \u00a3m Not past due \u00a3m <30 days past due \u00a3m >30 days past due \u00a3m Total \u00a3m \u00a3m \u00a3m Loans and advances to customers 5,792 1,559 40 24 1,623 202 7,617 Investments at FVOCI 565 \u2013 \u2013 \u2013 \u2013 \u2013 565 Investments in debt instruments at amortised cost 883 \u2013 \u2013 \u2013 \u2013 \u2013 883 Loan commitments \u2013 loans and advances to customers (a) 11,508 690 6 \u2013 696 8 12,212 Total gross exposure 18,748 2,249 46 24 2,319 210 21,277 Loss allowance Loans and advances to customers (a) 57 258 19 14 291 113 461 Investments at FVOCI (b) 1 \u2013 \u2013 \u2013 \u2013 \u2013 1 Investments in debt instruments at amortised cost \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total loss allowance 58 258 19 14 291 113 462 Net exposure Loans and advances to customers 5,735 1,301 21 10 1,332 89 7,156 Investments at FVOCI 564 \u2013 \u2013 \u2013 \u2013 \u2013 564 Investments in debt instruments at amortised cost 883 \u2013 \u2013 \u2013 \u2013 \u2013 883 Total net exposure 7,182 1,301 21 10 1,332 89 8,603 Coverage Loans and advances to customers 1% 17% 48% 58% 18% 56% 6% (a) The loss allowance in respect of loan commitments in relation to credit card products is included within the total loss allowance for loans and advances to customers above to the extent that it is below the gross carrying amount of loans and advances to customers. Where the loss allowance exceeds the gross carrying amount, any excess is included within provisions. (b) The loss allowance for investments at FVOCI is not recognised in the carrying amount of the investments as the carrying amount is their fair value. Stage 1 Stage 2 Stage 3 Total At 26 February 2022 \u00a3m Not past due \u00a3m <30 days past due \u00a3m >30 days past due \u00a3m Total \u00a3m \u00a3m \u00a3m Loans and advances to customers 5,973 797 22 16 835 201 7,009 Investments at FVOCI 585 \u2013 \u2013 \u2013 \u2013 \u2013 585 Investments in debt instruments at amortised cost 857 \u2013 \u2013 \u2013 \u2013 \u2013 857 Loan commitments \u2013 loans and advances to customers (a) 12,029 325 2 1 328 6 12,363 Total gross exposure 19,444 1,122 24 17 1,163 207 20,814 Loss allowance Loans and advances to customers (a) 95 247 9 10 266 128 489 Investments at FVOCI (b) 1 \u2013 \u2013 \u2013 \u2013 \u2013 1 Investments in debt instruments at amortised cost \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total loss allowance 96 247 9 10 266 128 490 Net exposure Loans and advances to customers 5,878 550 13 6 569 73 6,520 Investments at FVOCI 584 \u2013 \u2013 \u2013 \u2013 \u2013 584 Investments in debt instruments at amortised cost 857 \u2013 \u2013 \u2013 \u2013 \u2013 857 Total net exposure 7,319 550 13 6 569 73 7,961 Coverage Loans and advances to customers 2% 31% 41% 63% 32% 64% 7% Refer to previous table for footnotes. For reinsurance assets the maximum exposure to credit risk is their carrying amount. Refer to page 176 for the credit rating of the reinsurers. Expected credit losses (ECL) The ECL is determined by multiplying together the probability of default (PD), exposure at default (EAD) and loss given default (LGD) for the relevant time period and for each asset category and by discounting back to the balance sheet date. The ECL calculation and the measurement of significant deterioration in credit risk both incorporate forward-looking information using a range of macroeconomic scenarios, with key variables being the Bank of England base rate, unemployment rate and gross domestic product. The key economic variables are based on historical patterns observed over a range of economic cycles. The tables below present the reconciliations of ECL allowances on loans and advances to customers: 2023 At 25 February 2023 Stage 1 \u00a3m Stage 2 \u00a3m Stage 3 \u00a3m Total \u00a3m Gross exposure 5,792 1,623 202 7,617 Loan commitments 11,508 696 8 12,212 Total exposure 17,300 2,319 210 19,829 Allowance for expected credit losses At 26 February 2022 (95) (266) (128) (489) Transfers: Transfers from stage 1 to stage 2 21 (21) \u2013 \u2013 Transfers from stage 2 to stage 1 (20) 20 \u2013 \u2013 Transfers to stage 3 3 21 (24) \u2013 Transfers from stage 3 (1) (2) 3 \u2013 Movements recognised in the Group income statement: Net remeasurement following transfer of stage 8 (27) (54) (73) New financial assets originated (25) (63) (7) (95) Financial assets derecognised during the current financial year 6 5 3 14 Changes in risk parameters and other movements 48 41 (11) 78 Other movements: Write-offs and asset disposals \u2013 2 105 107 Transfers to provisions for liabilities and charges (2) (1) - (3) At 25 February 2023 (57) (291) (113) (461) Reconciliation to Group balance sheet Gross exposure 5,792 1,623 202 7,617 Allowance for expected credit losses (57) (291) (113) (461) 5,735 1,332 89 7,156 Fair value adjustment (75) Carrying value at 25 February 2023 7,081 2022 At 26 February 2022 Stage 1 \u00a3m Stage 2 \u00a3m Stage 3 \u00a3m Total \u00a3m Gross exposure 5,973 835 201 7,009 Loan commitments 12,029 328 6 12,363 Total exposure 18,002 1,163 207 19,372 Allowance for expected credit losses At 27 February 2021 (131) (341) (153) (625) Transfers: Transfers from stage 1 to stage 2 19 (19) \u2013 \u2013 Transfers from stage 2 to stage 1 (45) 45 \u2013 \u2013 Transfers to stage 3 5 38 (43) \u2013 Transfers from stage 3 (2) (3) 5 \u2013 Movements recognised in the Group income statement: Net remeasurement following transfer of stage 34 (12) (58) (36) New financial assets originated (21) (9) (4) (34) Financial assets derecognised during the current financial year 15 16 3 34 Changes in risk parameters and other movements 36 24 (10) 50 Other movements: Write-offs and asset disposals \u2013 2 132 134 Transfers to provisions for liabilities and charges (5) (7) \u2013 (12) At 26 February 2022 (95) (266) (128) (489) Reconciliation to Group balance sheet Gross exposure 5,973 835 201 7,009 Allowance for expected credit losses (95) (266) (128) (489) 5,878 569 73 6,520 Fair value adjustment (30) Carrying value at 26 February 2022 6,490 Note 27 Financial risk management continued Tesco Bank defines four classifications of credit quality for all credit exposures: high, satisfactory, low and below standard. Credit exposures are segmented according to the probability of default (PD), with credit impaired reflecting a PD of 100%. At 25 February 2023 12-month PD % Stage 1 \u00a3m Stage 2 \u00a3m Stage 3 \u00a3m Total \u00a3m Loans and advances to customers: High quality \u22643.02 5,598 742 \u2013 6,340 Satisfactory quality >3.03 - 11.10 186 610 \u2013 796 Low quality and below standard \u226511.11 8 271 \u2013 279 Credit impaired 100 \u2013 \u2013 202 202 5,792 1,623 202 7,617 At 26 February 2022 12-month PD % Stage 1 \u00a3m Stage 2 \u00a3m Stage 3 \u00a3m Total \u00a3m Loans and advances to customers: High quality \u22643.02 5,666 300 \u2013 5,966 Satisfactory quality >3.03 \u2013 11.10 288 390 \u2013 678 Low quality and below standard \u226511.11 19 145 \u2013 164 Credit impaired 100 \u2013 \u2013 201 201 5,973 835 201 7,009 Default An account is deemed to have defaulted when Tesco Bank considers that a customer is in significant financial difficulty and that the customer meets certain quantitative and qualitative criteria regarding their ability to make contractual payments when due. This includes instances where: \u2013 the customer makes a declaration of significant financial difficulty; \u2013 the customer or third-party agency communicates that it is probable that the customer will enter bankruptcy or another form of financial restructure such as insolvency or repossession; \u2013 the account has been transferred to recoveries and the relationship is terminated; \u2013 an account\u2019s contractual payments are more than 90 days past due; or \u2013 where the customer is deceased. A loan deemed uncollectable is written off against the related provision after all of the necessary procedures have been completed and the amount of the loss has been determined. Tesco Bank may write off loans that are still subject to enforcement activity. The outstanding contractual amount of such assets written off was \u00a3115m (2022: \u00a3110m). Significant increase in credit risk At each reporting date, the change in credit risk of the financial asset is observed using a set of quantitative and qualitative criteria, together with a backstop based on arrears status. For each financial asset, Tesco Bank compares the lifetime PD at the reporting date with the lifetime PD that was expected at the reporting date at initial recognition (PD threshold). Tesco Bank has established PD thresholds for each type of product which vary depending on initial term and term remaining. A number of qualitative criteria are in place such as: forbearance offered to customers in financial difficulty; risk-based pricing post-origination; credit indebtedness; credit limit decrease; and pre-delinquency information. As a backstop, Tesco Bank considers that if an account\u2019s contractual payments are more than 30 days past due then a significant increase in credit risk has taken place. Tesco Bank has commissioned four scenarios from its third-party provider: a Base scenario; an Upside scenario; and two different Downside scenarios. The Base scenario assumes the continuation of war in Ukraine affecting energy prices and inflation, with GDP not expected to return to pre-pandemic levels until Q2 2025. The scenario projects cost-of-living pressures continuing, real disposable income declining and unemployment peaking at 5.7% by Q4 2024. The Upside scenario sees a dissipation in global supply chain disruption and a peak unemployment rate of 4.4% in 2024, while Downside scenario 1 assumes a 7.3% unemployment peak by 2025. Downside scenario 2 postulates spikes in energy prices, higher inflation and further deprecation of Sterling against the US Dollar, with subsequent GDP declines and a 9.6% unemployment peak in 2025. These scenarios are also reviewed to ensure an unbiased estimate of ECL by ensuring the credit loss distribution under a larger number of scenarios is adequately captured using these four scenarios and their respective weightings. The Base, Upside, Downside 1 and Downside 2 scenarios have been assigned weighting of 40%, 30%, 25% and 5% respectively. The economic scenarios used include the following ranges of key indicators: As at 25 February 2023 (five-year average) Base 40% Upside 30% Downside 1 25% Downside 2 5% Bank of England base rate(a) 3.8% 3.0% 4.7% 5.8% Gross domestic product(b) 1.0% 1.5% 0.4% (0.1)% Unemployment rate 5.2% 4.2% 6.5% 8.4% Unemployment rate peak in year 5.4% 4.2% 6.8% 8.9% As at 26 February 2022 (five-year average) Base 40% Upside 30% Downside 1 25% Downside 2 5% Bank of England base rate(a) 1.0% 1.2% 0.7% 0.4% Gross domestic product(b) 1.8% 2.2% 1.5% 1.2% Unemployment rate 4.1% 3.9% 4.9% 6.3% Unemployment rate peak in year 4.2% 3.9% 5.1% 6.7% (a) Simple average. (b) Annual growth rates. Key assumptions and sensitivity The key assumptions to which the Tesco Bank ECL is most sensitive are macroeconomic factors, probability of default (PD), loss given default (LGD), PD threshold (staging) and expected lifetime (revolving credit facilities). The table below sets out the changes in the ECL allowance that would arise from reasonably possible changes in these assumptions from those used in Tesco Bank\u2019s calculations as at 25 February 2023 and excludes specific management overlays which are discussed further below: Impact on the loss allowance Key assumption Reasonably possible change 2023 \u00a3m 2022 \u00a3m Closing ECL allowance 461 489 Macroeconomic factors (100% weighted) Upside scenario (59) (27) Base scenario (11) (13) Downside scenario 1 65 31 Downside scenario 2 161 110 Probability of default Increase of 10% (2022: 2.5%) 32 6 Decrease of 10% (2022: 2.5%) (31) (6) Loss given default Increase of 2.5% 10 7 Decrease of 2.5% (10) (7) Probability of default threshold (staging) Increase of 20% (9) (9) Decrease of 20% 13 13 Expected lifetime (revolving credit facility) Increase of 1 year 3 11 Decrease of 1 year (5) (10) Despite stability in the performance of the underlying portfolio, the increased risk from a high inflationary environment and cost-of-living crisis creates uncertainty on future loss projections and the current model outputs. As a result, Tesco Bank has recognised certain specific management overlays, to address the prevailing downside risks and ensure the potential impacts of future stress are adequately provided for, detailed below: Overlay Description of adjustment 2023 \u00a3m 2022 \u00a3m Underestimation risk Risk that the beneficial impact of recent credit loss trends incorporated into credit risk models are transitive and may reverse due to the uncertain economic climate 68 \u2013 Cost of living A portion of Tesco Bank\u2019s customers may be more impacted by cost-of- living pressures, with deterioration in their ability to repay unsecured lending balances 22 75 Consumer spending In respect of the beneficial modelling impact of lower consumer spending through the pandemic \u2013 113 Emergence of customer defaults The emergence of defaults will be more aligned with previous economic downturns \u2013 19 War in Ukraine Further potential inflationary pressures on cost of living \u2013 6 Total overlays 90 213 Forbearance Tesco Bank could be exposed to unacceptable levels of bad debt and also suffer reputational damage if it did not provide adequate support to customers who are experiencing financial difficulties. Forbearance is relief granted by a lender to assist customers in financial difficulty, through arrangements which temporarily allow the customer to pay an amount other than the contractual amounts due. These temporary arrangements may be initiated by the customer or Tesco Bank where financial distress would prevent repayment within the original terms and conditions of the contract. The main aim of forbearance is to support customers in returning to a position where they are able to meet their contractual obligations. Tesco Bank has adopted the definition of forbearance in the European Banking Authority\u2019s (EBA) final draft Implementing Technical Standards (ITS) of July 2014 and reports all accounts meeting this definition, providing for them appropriately. Tesco Bank has well defined forbearance policies and processes. A number of forbearance options are made available to customers. These routinely, but not exclusively, include the following: \u2013 arrangements to repay arrears over a period of time, by making payments above the contractual amount, that ensure the loan is repaid within the original repayment term; and \u2013 short-term concessions, where the borrower is allowed to make reduced repayments (or in exceptional circumstances, no repayments) on a temporary basis to assist with short-term financial hardship. Gross loans and advances subject to forbearance programmes Forbearance programmes as a proportion of total loans and advances by category Proportion of forbearance programmes covered by allowance for expected credit losses 2023 \u00a3m 2022 \u00a3m 2023 % 2022 % 2023 % 2022 % Credit cards 102 106 3 3 49 51 Loans 30 39 1 1 31 47 ",
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"fact-803": {
"value": "(a) Cash balances with central banks of \u00a31.6bn (2022: \u00a31.5bn) are included within cash and cash equivalents.",
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"fact-768": {
"value": "(c) Liquidity risk Description of risk Management policy Measurement Difficulty in meeting the obligations associated with the Group\u2019s financial liabilities. The Group finances its liquidity position and its operations by a combination of retained profits, disposals of assets, debt capital market issuance, commercial paper, bank borrowings and leases. The policy is to maintain a prudent level of cash together with sufficient committed bank facilities to meet liquidity needs as they arise, to maintain a smooth debt profile and ensure maturing senior unsecured debt will not exceed \u00a31.5bn in any 12-month period. Liquidity risk is continuously monitored by short-term and long-term cash flow forecasts. The Group is investment-grade rated with all three major credit rating agencies and retains access to capital markets so that maturing debt may be refinanced as it falls due. 2023 2022 Short-term rating Long-term rating Outlook Short-term rating Long-term rating Outlook Rating agency Fitch F3 BBB\u2013 Stable F3 BBB\u2013 Stable Moody\u2019s P\u20133 Baa3 Stable P\u20133 Baa3 Stable Standard & Poor\u2019s A\u20133 BBB\u2013 Stable A\u20133 BBB\u2013 Stable The Group has a \u00a315.0bn Euro Medium Term Note programme, of which \u00a33.8bn was in issue at 25 February 2023 (2022: \u00a33.9bn), plus \u00a30.4bn equivalent of USD-denominated notes issued under Rule 144A documentation (2022: \u00a30.3bn). Borrowing facilities The Group has the following undrawn committed facilities available at 25 February 2023, in respect of which all conditions precedent had been met as at that date: 2023 \u00a3m 2022 \u00a3m Expiring in less than one year 38 38 Expiring between one and two years 200 200 Expiring in more than two years 2,500 2,500 Total 2,738 2,738 During the current financial year, the multicurrency \u00a32.5bn revolving facility was renegotiated and extended for three years, maturing in 2025. The cost of the facility is linked to three ESG targets and includes the use of risk-free rates rather than SONIA. All three targets were met during the financial year ending 25 February 2023, leading to a reduction in the interest rate loan margin. In addition, Tesco Bank has a separate \u00a3200m committed repurchase facility, maturing in 2024. Both facilities incur commitment fees at market rates and would provide funding at floating rates. There were no withdrawals from the facilities during the year. Maturities of financial liabilities The following is an analysis of the undiscounted contractual cash flows payable under financial liabilities and derivative liabilities, taking into account contractual terms that provide the counterparty a choice of when (the earliest date) an amount is repaid by the Group. The potential cash outflow is considered acceptable as it is offset by financial assets. The undiscounted cash flows will differ from both the carrying values and fair values. Floating-rate interest and inflation is estimated using the prevailing rate at the balance sheet date. Cash flows in foreign currencies are translated using spot rates at the balance sheet date. At 25 February 2023 Due within 1 year \u00a3m Due between 1 and 2 years \u00a3m Due between 2 and 3 years \u00a3m Due between 3 and 4 years \u00a3m Due between 4 and 5 years \u00a3m Due beyond 5 years \u00a3m Non-derivative financial liabilities Bank and other borrowings (1,685) (618) (893) (728) (71) (3,654) Interest payments on borrowings (192) (175) (159) (131) (122) (891) Customer deposits (4,593) (935) (160) (29) (119) \u2013 Deposits from banks (124) (142) (814) \u2013 \u2013 \u2013 Lease liabilities (944) (901) (878) (856) (824) (6,494) Trade payables (6,359) \u2013 \u2013 \u2013 \u2013 \u2013 Other payables (1,740) (31) (62) (21) (2) (30) Accruals (877) \u2013 \u2013 \u2013 \u2013 \u2013 Derivative financial liabilities Net settled derivative contracts \u2013 receipts 51 34 31 8 17 30 Net settled derivative contracts \u2013 payments (82) (44) (19) (48) (15) (22) Gross settled derivative contracts \u2013 receipts 1,788 80 9 116 2 667 Gross settled derivative contracts \u2013 payments (1,899) (115) (40) (147) (30) (708) Total on balance sheet (16,656) (2,847) (2,985) (1,836) (1,164) (11,102) Off balance sheet Contractual lending commitments (12,212) \u2013 \u2013 \u2013 \u2013 \u2013 Total (28,868) (2,847) (2,985) (1,836) (1,164) (11,102) At 26 February 2022 Due within 1 year \u00a3m Due between 1 and 2 years \u00a3m Due between 2 and 3 years \u00a3m Due between 3 and 4 years \u00a3m Due between 4 and 5 years \u00a3m Due beyond 5 years \u00a3m Non-derivative financial liabilities Bank and other borrowings (625) (757) (708) (896) (701) (3,720) Interest payments on borrowings (199) (197) (179) (161) (134) (999) Customer deposits (4,677) (444) (160) (24) (25) \u2013 Deposits from banks (163) (17) (115) (805) \u2013 \u2013 Lease liabilities (934) (911) (863) (840) (820) (7,147) Trade payables (5,641) \u2013 \u2013 \u2013 \u2013 \u2013 Other payables (1,863) (11) \u2013 (1) (1) (29) Accruals (827) \u2013 \u2013 \u2013 \u2013 \u2013 Derivative financial liabilities Net settled derivative contracts \u2013 receipts 4 9 4 3 \u2013 \u2013 Net settled derivative contracts \u2013 payments (18) (65) (148) (8) (7) (10) Gross settled derivative contracts \u2013 receipts* 1,282 3 3 3 3 662 Gross settled derivative contracts \u2013 payments* (1,295) (21) (20) (18) (17) (729) Total on balance sheet (14,956) (2,411) (2,186) (2,747) (1,702) (11,972) Off balance sheet Contractual lending commitments (12,363) \u2013 \u2013 \u2013 \u2013 \u2013 Total (27,319) (2,411) (2,186) (2,747) (1,702) (11,972) * Comparatives have been re-presented on a gross basis and include derivatives of \u00a31,955m which were previously presented net within receipts and payments. (b) Liquidity risk Description of risk Management policy The risk that Tesco Bank has insufficient liquidity resources to meet its obligations as they fall due. Funding risk is the risk that Tesco Bank does not have sufficiently stable and diverse sources of funding. Tesco Bank, including TU, operates within a liquidity risk management policy framework (LRMP) to ensure that sufficient funds are available at all times to meet demands from depositors, to fund agreed advances, to meet other commitments as and when they fall due, and to ensure risk appetite is met. Liquidity and funding risks are assessed through the individual liquidity adequacy assessment process on at least an annual basis. Formal limits are set within the LRMP to maintain liquidity risk exposures within the liquidity risk appetite set by Tesco Bank\u2019s Board of Directors and key liquidity measures are monitored on a regular basis. Tesco Bank maintains a conservative liquidity and funding profile to confirm that it is able to meet its financial obligations under normal and stressed market conditions. The table below shows information about the timing of cash outflows in relation to insurance claims liabilities, net of salvage and subrogation recoveries, based on current best estimates. The estimated phasing is based on current estimates and the actual timing of future settlement cash flows may differ from that disclosed below: 2023 2022 \u00a3m % \u00a3m % Due within one year 101 26 83 18 Due between two and five years 162 42 194 41 Due beyond five years 125 32 195 41 Total outstanding claims, net of salvage and subrogation recoveries 388 100 472 100 ",
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"fact-769": {
"value": "Risk Description of risk Management policy Measurement Capital risk Ability to continue as a going concern in order to provide returns to shareholders and benefits for other stakeholders, while protecting and strengthening the Group balance sheet through the appropriate balance of debt and equity funding. The Group manages its capital structure (net debt plus equity) and makes adjustments to it: \u2013 in light of changes to economic conditions and the strategic objectives of the Group. \u2013 through dividend payments to shareholders, buying back shares and cancelling them or issuing new shares. During the current financial year, the Group completed the share buyback programme and cancelled these shares (refer to Note 30). \u2013 by raising finance in the public debt markets and borrowing centrally and locally from financial institutions, using a variety of capital market instruments and borrowing facilities to meet the requirements of each local business. Refer to Note 32 for the value of the Net debt, and the Group statement of changes in equity for the value of the Group\u2019s equity. (a) Capital risk Description of risk Management policy Tesco Bank, including TU, has insufficient capital resources to support its plan and meet minimum capital requirements. Tesco Bank It is Tesco Bank\u2019s policy to maintain a strong capital base, to expand it as appropriate and to utilise it efficiently throughout its activities to optimise the return to shareholders while maintaining a prudent relationship between the capital base and the underlying risks of the business. In carrying out this policy, Tesco Bank has regard to the supervisory requirements of the Prudential Regulation Authority (PRA). Insurance capital Solvency II (SII) came into force on 1 January 2016. It provides a framework for managing and measuring the risks and the solvency position for all insurance companies in the EU. Following the UK\u2019s departure from the EU, the SII framework continues to be applied in the UK and its requirements are applicable to TU. TU assesses its Solvency Capital Requirement (SCR) using a Partial Internal Model for capital which was approved by the PRA in 2020. TU models a range of stress and scenario tests that are published in its annual Solvency and Financial Condition Report. These show that TU\u2019s capital position is resilient to a range of possible scenarios. TU also maintains a capital contingency plan supported by its direct shareholder, Tesco Personal Finance plc. Tesco Bank capital resources The following table analyses the regulatory capital resources of Tesco Personal Finance Group PLC (TPFG), being the regulated entity at the balance sheet date: 2023 \u00a3m 2022 \u00a3m Common equity tier 1 capital: Shareholders\u2019 funds and non-controlling interests, net of tier 1 regulatory adjustments 1,548 1,528 Tier 2 capital: Qualifying subordinated debt 235 235 Other interests \u2013 \u2013 Total tier 2 regulatory adjustments (42) (42) Total regulatory capital 1,741 1,721 IFRS 9 became effective for annual periods beginning on or after 1 January 2018 and is reflected in the Tesco Bank disclosures. Tesco Bank has elected to use the transitional arrangements available under Article 473a of the Capital Requirements Regulations (CRR). These arrangements allow the IFRS 9 impact on capital to be phased in over a period of five years. On 27 June 2020, the CRR was further amended to accelerate specific CRR2 measures and implement a new IFRS 9 transitional relief calculation which applies additional relief to increases in expected credit losses (ECL) provisions arising as a result of the COVID-19 pandemic. The resulting impact is the IFRS 9 transitional arrangements have been extended by two years and a new modified calculation has been introduced. Insurance capital Available capital has remained above the SCR requirement during the period to 25 February 2023 and capital coverage of TU\u2019s SCR at the end of February 2023 was 159.0% (2022: 151.0%) (unaudited). During the year, the Group was compliant with the externally imposed capital requirements. ",
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"value": "Tesco Bank capital resources The following table analyses the regulatory capital resources of Tesco Personal Finance Group PLC (TPFG), being the regulated entity at the balance sheet date: 2023 \u00a3m 2022 \u00a3m Common equity tier 1 capital: Shareholders\u2019 funds and non-controlling interests, net of tier 1 regulatory adjustments 1,548 1,528 Tier 2 capital: Qualifying subordinated debt 235 235 Other interests \u2013 \u2013 Total tier 2 regulatory adjustments (42) (42) Total regulatory capital 1,741 1,721 IFRS 9 became effective for annual periods beginning on or after 1 January 2018 and is reflected in the Tesco Bank disclosures. Tesco Bank has elected to use the transitional arrangements available under Article 473a of the Capital Requirements Regulations (CRR). These arrangements allow the IFRS 9 impact on capital to be phased in over a period of five years. On 27 June 2020, the CRR was further amended to accelerate specific CRR2 measures and implement a new IFRS 9 transitional relief calculation which applies additional relief to increases in expected credit losses (ECL) provisions arising as a result of the COVID-19 pandemic. The resulting impact is the IFRS 9 transitional arrangements have been extended by two years and a new modified calculation has been introduced. ",
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"fact-720": {
"value": "Note 28 Share-based payments The table below shows amounts charged to the Group income statement in respect of share-based payments: 2023 \u00a3m 2022 \u00a3m Income statement Equity-settled share-based payment charge 101 109 Cash-settled National Insurance contributions 11 13 112 122 The table below shows amounts included in the Group cash flow statement in relation to share-based payments and own shares purchased for share schemes: 2023 \u00a3m 2022 \u00a3m Share-based payment charge included in operating profit/(loss) (112) (122) Share-based payments non-cash movement 59 66 Increase/(decrease) in trade and other payables* 53 56 Included in Group operating cash flows \u2013 \u2013 Cash paid to purchase own shares including related fees and taxes (134) (191) Cash received from employees exercising SAYE options 48 47 Included in Group financing cash flows (86) (144) * Shares withheld from employees in order to settle their tax liability and National Insurance. The table below presents the components of share-based payments recognised in the Group statement of changes in equity: 2023 2022 \u00a3m \u00a3m (Increase)/decrease in own shares held* 157 139 Shares delivered to employees (157) (139) Cash received from employees exercising SAYE options 48 47 Share-based payments charge to the income statement 101 109 Movements in shares withheld to settle employee tax 4 \u2013 Other movements 3 (5) Increase/(decrease) to retained earnings (1) 12 Included in the Group statement of changes in equity 156 151 * Decrease in own shares held is the gross amount of shares that the employees are entitled to receive. Note 28 Share-based payments continued Share option, share bonus and incentive schemes The Company had 10 share option schemes and four discretionary share award schemes in operation during the financial year, all of which are equity-settled schemes: Arrangement Participants Term Vesting requirements Savings-related option schemes The Savings-related Share Option Scheme (1981) UK colleagues Three or five years. The options are capable of being exercised at the end of the term at a subscription price of not less than 80% of the average of the middle-market quotations of an Ordinary share over the three dealing days immediately preceding the offer date. The Irish Savings- related Share Option Scheme (2000) ROI colleagues Three or five years. The Savings-related Share Option Scheme (2021) UK colleagues Three or five years. The International Savings-related Share Option Scheme (2021) ROI colleagues Three or five years. The Booker Group PLC Savings-Related Share Option Plan (2008) (Booker SAYE)(a) Booker colleagues Three years. The options over Tesco Shares are capable of being exercised at the end of the term at a subscription price equivalent to not less than 80% of the average of the middle-market quotations of a Booker Share over the three dealing days immediately preceding the offer date. Discretionary option schemes(b) The Executive Incentive Plan (2014) Selected senior executives Granted as a proportion of annual bonus following the completion of a required service period, normally exercisable between three and 10 years from the date of grant for nil consideration. Dependent on the achievement of corporate performance, individual targets and continuous employment. The Group Bonus Plan Selected senior executives and senior managers Granted as a proportion of annual bonus following the completion of a required service period and is normally exercisable between three and 10 years from the date of grant for nil consideration. No further options will be granted under this scheme. The Performance Share Plan (2011) Selected senior executives and senior managers Normally exercisable between the vesting date(s) set at grant and 10 years from the date of grant for nil consideration. No further options will be granted under this scheme. Conditional upon the achievement of specified performance targets over a three-year period and/or continuous employment. The Long Term Incentive Plan (2015) Selected senior executives and senior managers Normally exercisable between the vesting date(s) set at grant and 10 years from the date of grant for nil consideration. The Booker Group PLC Performance Share Plan (2008) (Booker PSP and CSOP) (a) Selected Booker senior colleagues (Booker) Normally exercisable between the third anniversary of the original date of grant and 10 years from the date of grant for nil consideration. No further options will be granted under this scheme. Conditional upon the achievement of specified performance targets over a three-year period and continuous employment. Company Share Option Plan options (CSOP options) which are linked to the Booker PSP options are exercisable at a subscription price equivalent to the market value of the Booker Shares at the time of grant. Discretionary share award schemes (c) The Performance Share Plan (2011) and the Long Term Incentive Plan (2021) Selected senior executives and senior managers Awards made under these plans will normally vest on the vesting date(s) set on the date of the award for nil consideration. Conditional on the achievement of specified performance targets over a three-year performance period and/or continuous employment. The Group Bonus Plan and the Deferred Bonus Plan (2019) Selected senior executives and senior managers Granted based on a percentage of salary, which is determined by the achievement of corporate and individual performance targets. The fair value of shares awarded under these schemes is their market value on the date of award. Expected dividends are not incorporated into the fair value. Conditional on completion of continuous employment and achievement of corporate and individual performance targets. (a) Following completion of the acquisition of Booker Group PLC by Tesco PLC, Booker colleagues elected to roll over their existing options over Booker Shares under the Booker SAYE into equivalent options over Ordinary shares in Tesco PLC (Tesco Shares), and Booker senior colleagues elected to roll over their existing Booker PSP and Booker CSOP Options over Booker Shares into equivalent options over Tesco Shares. (b) The Executive Directors participate in short-term bonus and long-term incentive schemes designed to align their interests with those of shareholders. Full details of these schemes can be found in the Directors\u2019 remuneration report. (c) Until 2017, nil-cost options were awarded to selected senior executives using the Group Bonus Plan and Performance Share Plan, and conditional share awards were granted to selected senior executives and senior managers. Since 2018, conditional share awards have been granted to all eligible colleagues. The following tables reconcile the number of share options outstanding and the weighted average exercise price (WAEP): For the 52 weeks ended 25 February 2023 Savings-related Share Option Schemes Irish Savings and International Savings-related Share Option Schemes Nil cost Share Option Schemes Booker Group PLC Savings Related Share Option Plan Booker Group PLC Performance Share Plan Scheme Options WAEP Options WAEP Options WAEP Options WAEP Options WAEP Outstanding at 26 February 2022 160,485,413 208.34 6,801,511 212.23 2,012,486 \u2013 10,417 152.01 541,516 \u2013 Granted 69,276,094 182.00 2,012,450 182.00 99,189 \u2013 \u2013 \u2013 \u2013 \u2013 Forfeited (28,999,777) 216.86 (1,278,338) 214.54 \u2013 \u2013 (10,417) 152.01 (43,288) \u2013 Exercised (24,725,935) 188.54 (811,416) 187.99 \u2013 \u2013 \u2013 \u2013 (131,589) \u2013 Outstanding at 25 February 2023 176,035,795 199.35 6,724,207 205.67 2,111,675 \u2013 \u2013 \u2013 366,639 \u2013 Exercise price range (pence) 168.00 to 242.00 168.00 to 260.00 \u2013 \u2013 \u2013 Weighted average remaining contractual life (years)* 2.83 2.53 3.22 \u2013 \u2013 Exercisable at 25 February 2023 73,974 188.23 840 188.00 2,111,675 \u2013 \u2013 \u2013 366,639 \u2013 Exercise price range (pence) 188.00 to 190.00 188.00 to 188.00 \u2013 \u2013 \u2013 Weighted average remaining contractual life (years)* \u2013 \u2013 3.22 \u2013 \u2013 * Contractual life represents the period from award to the scheme end date. Certain schemes may be exercised later than vesting date at the discretion of the individual. Share options were exercised on a regular basis throughout the financial year. The average share price during the 52 weeks ended 25 February 2023 was 248.40p (2022: 254.05p). For the 52 weeks ended 26 February 2022 Savings-related Share Option Schemes Irish Savings and International Savings-related Share Option Schemes Nil cost Share Option Schemes Booker Group PLC Savings Related Share Option Plan Booker Group PLC Performance Share Plan Scheme Options WAEP Options WAEP Options WAEP Options WAEP Options WAEP Outstanding at 27 February 2021 166,407,076 193.86 7,586,269 194.35 7,217,383 \u2013 686,755 152.58 860,757 \u2013 Granted 37,771,601 242.00 1,440,203 260.00 217,095 \u2013 \u2013 \u2013 \u2013 \u2013 Forfeited (17,812,002) 200.19 (1,212,568) 191.82 \u2013 \u2013 (151,253) 151.93 (68,551) \u2013 Exercised (25,881,262) 169.98 (1,012,393) 170.70 (5,421,992) \u2013 (525,085) 152.78 (250,690) \u2013 Outstanding at 26 February 2022 160,485,413 208.34 6,801,511 212.23 2,012,486 \u2013 10,417 152.01 541,516 \u2013 Exercise price range (pence) 151.00 to 242.00 168.00 to 260.00 \u2013 137.45 to 152.78 \u2013 Weighted average remaining contractual life (years)* 2.68 2.59 4.22 0.49 \u2013 Exercisable at 26 February 2022 2,014,843 189.58 78,774 189.57 2,012,486 \u2013 2,171 149.09 541,516 \u2013 Exercise price range (pence) 151.00 to 190.00 168.00 to 190.00 \u2013 137.45 to 152.78 \u2013 Weighted average remaining contractual life (years)* 0.42 0.42 4.22 0.41 \u2013 Refer to previous table for footnote. The fair value of savings-related share options schemes is estimated at the date of grant using the Black-Scholes option pricing model. The following table gives the assumptions applied to the options granted in the respective periods shown. No assumption has been made to incorporate the effects of expected early exercise. 2023 SAYE 2022 SAYE Expected dividend yield (%) 4.96-5.43 4.10\u20134.17 Expected volatility (%) 22.25-22.53 21.79-21.89 Risk-free interest rate (%) 3.54-3.59 1.38-1.39 Expected life of option (years) 3 or 5 3 or 5 Weighted average fair value of options granted (pence) 46.32 38.52 Probability of forfeiture (%) 7-9 7-10 Share price (pence) 202.35 268.50 Weighted average exercise price (pence) 182.00 242.00 Volatility is a measure of the amount by which a price is expected to fluctuate during a period. The measure of volatility used in the Group\u2019s option pricing models is the annualised standard deviation of the continuously compounded rates of return on the share over a period of time. In estimating the future volatility of the Company\u2019s share price, the Board considers the historical volatility of the share price over the most recent period that is generally commensurate with the expected term of the option, taking into account the remaining contractual life of the option. Note 28 Share-based payments continued The number and weighted average fair value (WAFV) of share bonuses granted during the financial year were: 2023 2022 Number of shares WAFV pence Number of shares WAFV pence Group Bonus Plan and Deferred Bonus Plan 19,076,406 265.58 10,713,313 232.25 Performance Share Plan and Long Term Incentive Plan 22,817,391 254.91 41,639,089 240.31 Joining award* \u2013 \u2013 2,336,887 223.35 * Joining award granted during the financial year to Executive Directors under Listing Requirement 9.4.2. ",
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"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
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},
"fact-721": {
"value": "Note 30 Share capital and other reserves Share capital 2023 2022 Ordinary shares of 6 \u2153p each Ordinary shares of 6 \u2153p each Number \u00a3m Number \u00a3m Allotted, called-up and fully paid: At the beginning of the year 7,637,986,531 484 7,731,707,820 490 Shares cancelled (319,645,336) (21) (93,721,289) (6) At the end of the year 7,318,341,195 463 7,637,986,531 484 No shares were issued during the current financial year in relation to share options. The Group has a share forfeiture programme, following the completion of a tracing and notification exercise to any shareholders who have not had contact with the Company over the past 12 years, in accordance with the provisions set out in the Company\u2019s Articles of Association. Under the share forfeiture programme, the shares and dividends associated with shares of untraced members are forfeited, with the resulting proceeds transferred to the Group to use for good causes in line with the Group\u2019s corporate responsibility strategy. During the current financial year, the Group received \u00a3nil (2022: \u00a3nil) proceeds from sale of untraced shares and \u00a35m (2022: \u00a3nil) write-back of unclaimed dividends, which are reflected in share premium and retained earnings, respectively. As at 25 February 2023, the Directors were authorised, on behalf of the Company, to purchase up to a maximum in aggregate of 762.0 million (2022: 773.2 million) Ordinary shares until the conclusion of the 2023 AGM. The holders of Ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at general meetings of the Company. Other reserves The table below sets out the movements in other reserves: Capital redemption reserve \u00a3m Hedging reserve* \u00a3m Translation reserve \u00a3m Own shares held \u00a3m Merger reserve \u00a3m Total \u00a3m At 26 February 2022 22 130 202 (365) 3,090 3,079 Other comprehensive income/(loss) Retranslation of net assets of overseas subsidiaries, joint ventures and associates, net of hedging instruments \u2013 \u2013 120 \u2013 \u2013 120 Gains/(losses) on cash flow hedges \u2013 63 \u2013 \u2013 \u2013 63 Cash flow hedges reclassified and reported in the Group income statement \u2013 (61) \u2013 \u2013 \u2013 (61) Tax relating to components of other comprehensive income (Note 6) \u2013 22 \u2013 \u2013 \u2013 22 Total other comprehensive income/(loss) \u2013 24 120 \u2013 \u2013 144 Inventory cash flow hedge movements (Gains)/losses transferred to the cost of inventory \u2013 (127) \u2013 \u2013 \u2013 (127) Total inventory cash flow hedge movements \u2013 (127) \u2013 \u2013 \u2013 (127) Transactions with owners Own shares purchased for cancellation \u2013 \u2013 \u2013 (758) \u2013 (758) Own shares cancelled 21 \u2013 \u2013 795 \u2013 816 Own shares purchased for share schemes \u2013 \u2013 \u2013 (188) \u2013 (188) Share\u2013based payments (Note 28) \u2013 \u2013 \u2013 157 \u2013 157 Total transactions with owners 21 \u2013 \u2013 6 \u2013 27 At 25 February 2023 43 27 322 (359) 3,090 3,123 * Movements in cost of hedging reserve is \u00a3nil (2022: \u00a3nil) and balance at 25 February 2023 is \u00a3nil (2022: \u00a3nil). Capital redemption reserve \u00a3m Hedging reserve* \u00a3m Translation reserve \u00a3m Own shares held \u00a3m Merger reserve \u00a3m Total \u00a3m At 27 February 2021 16 90 175 (188) 3,090 3,183 Other comprehensive income/(loss) Retranslation of net assets of overseas subsidiaries, joint ventures and associates, net of hedging instruments \u2013 \u2013 (39) \u2013 \u2013 (39) Movements in foreign exchange reserve and net investment hedging on subsidiary disposed, reclassified and reported in the Group income statement \u2013 \u2013 66 \u2013 \u2013 66 Gains/(losses) on cash flow hedges \u2013 77 \u2013 \u2013 \u2013 77 Cash flow hedges reclassified and reported in the Group income statement \u2013 (45) \u2013 \u2013 \u2013 (45) Tax relating to components of other comprehensive income (Note 6) \u2013 (22) \u2013 \u2013 \u2013 (22) Total other comprehensive income/(loss) \u2013 10 27 \u2013 \u2013 37 Inventory cash flow hedge movements (Gains)/losses transferred to the cost of inventory \u2013 30 \u2013 \u2013 \u2013 30 Total inventory cash flow hedge movements \u2013 30 \u2013 \u2013 \u2013 30 Transactions with owners Own shares purchased for cancellation \u2013 \u2013 \u2013 (301) \u2013 (301) Own shares cancelled 6 \u2013 \u2013 264 \u2013 270 Own shares purchased for share schemes \u2013 \u2013 \u2013 (279) \u2013 (279) Share\u2013based payments (Note 28) \u2013 \u2013 \u2013 139 \u2013 139 Total transactions with owners 6 \u2013 \u2013 (177) \u2013 (171) At 26 February 2022 22 130 202 (365) 3,090 3,079 Refer to previous table for footnote. Own shares held The own shares held represents shares in Tesco PLC purchased from the market and held by the Tesco International Employee Benefit Trust to satisfy share awards under the Group\u2019s share scheme plans (refer to Note 28), and shares purchased for cancellation as part of the share buyback programme. Shares purchased for cancellation are included in own shares held until cancellation, at which point the consideration is transferred to retained earnings, and the nominal value of the shares is transferred from share capital to the capital redemption reserve. Own shares held can include equity elements of forward contracts where the Group has an obligation to purchase its own shares. The table below presents the reconciliation of own shares purchased for cancellation between the Group statement of changes in equity and the Group cash flow statement: 2023 2022 Own shares purchased for cancellation \u00a3m \u00a3m Included in the Group statement of changes in equity(a)(b) (758) (301) Payments in relation to prior year financial liabilities (23) \u2013 Outstanding amount recognised as financial liabilities (c) \u2013 23 Included in the Group cash flow statement(d) (781) (278) (a) 319.6 million (2022: 93.7 million) shares were cancelled, representing 4.4% of the called-up share capital as at 25 February 2023 (2022: 1.2%). This includes 4.8 million shares purchased not yet cancelled as at 26 February 2022 with total consideration of \u00a314m. The total consideration of \u00a3795m (2022: \u00a3264m), including expenses of \u00a39m (2022: \u00a31m), was charged to retained earnings. (b) During the financial year, the aggregate nominal value of shares cancelled and transferred to the capital redemption reserve was \u00a321m (2021: \u00a36m). (c) Shares to be delivered under a share repurchase agreement with an external bank, included in other payables. (d) 314.8 million (2022: 98.5 million) shares purchased at an average price of \u00a32.48 per share (2022: \u00a32.82). Note 30 Share capital and other reserves continued The table below presents the reconciliation of own shares purchased for share schemes between the Group statement of changes in equity and the Group cash flow statement: 2023 2022 Own shares purchased for share schemes \u00a3m \u00a3m Included in the Group statement of changes in equity (188) (279) Payments in relation to prior year financial liabilities (50) - Outstanding amount recognised as financial liabilities* 55 50 Shares withheld to settle employee tax 49 38 Cash received from employees exercising SAYE options 48 47 Included in the Group cash flow statement (86) (144) * A financial liability of \u00a355m (2022: \u00a350m) in respect of shares to be delivered under a share repurchase agreement with an external bank is included in other payables. The number of Ordinary shares held by the Tesco International Employee Benefit Trust at 25 February 2023 was 55.6 million (2022: 49.9 million). This represents 0.76% of called-up share capital at the end of the year (2022: 0.65%). Capital redemption reserve The capital redemption reserve relates to the repurchase and cancellation of shares of the Company. During the financial year, the aggregate nominal value of shares cancelled and transferred to the capital redemption reserve was \u00a321m (2022: \u00a36m). Merger reserve The merger reserve represents the difference between the market value and nominal value of shares issued for the acquisition of Booker on 2 March 2018. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-770": {
"value": "Share capital 2023 2022 Ordinary shares of 6 \u2153p each Ordinary shares of 6 \u2153p each Number \u00a3m Number \u00a3m Allotted, called-up and fully paid: At the beginning of the year 7,637,986,531 484 7,731,707,820 490 Shares cancelled (319,645,336) (21) (93,721,289) (6) At the end of the year 7,318,341,195 463 7,637,986,531 484 No shares were issued during the current financial year in relation to share options. The Group has a share forfeiture programme, following the completion of a tracing and notification exercise to any shareholders who have not had contact with the Company over the past 12 years, in accordance with the provisions set out in the Company\u2019s Articles of Association. Under the share forfeiture programme, the shares and dividends associated with shares of untraced members are forfeited, with the resulting proceeds transferred to the Group to use for good causes in line with the Group\u2019s corporate responsibility strategy. During the current financial year, the Group received \u00a3nil (2022: \u00a3nil) proceeds from sale of untraced shares and \u00a35m (2022: \u00a3nil) write-back of unclaimed dividends, which are reflected in share premium and retained earnings, respectively. As at 25 February 2023, the Directors were authorised, on behalf of the Company, to purchase up to a maximum in aggregate of 762.0 million (2022: 773.2 million) Ordinary shares until the conclusion of the 2023 AGM. The holders of Ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at general meetings of the Company. ",
"dimensions": {
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"language": "en",
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"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
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},
"fact-820": {
"value": "Other reserves The table below sets out the movements in other reserves: Capital redemption reserve \u00a3m Hedging reserve* \u00a3m Translation reserve \u00a3m Own shares held \u00a3m Merger reserve \u00a3m Total \u00a3m At 26 February 2022 22 130 202 (365) 3,090 3,079 Other comprehensive income/(loss) Retranslation of net assets of overseas subsidiaries, joint ventures and associates, net of hedging instruments \u2013 \u2013 120 \u2013 \u2013 120 Gains/(losses) on cash flow hedges \u2013 63 \u2013 \u2013 \u2013 63 Cash flow hedges reclassified and reported in the Group income statement \u2013 (61) \u2013 \u2013 \u2013 (61) Tax relating to components of other comprehensive income (Note 6) \u2013 22 \u2013 \u2013 \u2013 22 Total other comprehensive income/(loss) \u2013 24 120 \u2013 \u2013 144 Inventory cash flow hedge movements (Gains)/losses transferred to the cost of inventory \u2013 (127) \u2013 \u2013 \u2013 (127) Total inventory cash flow hedge movements \u2013 (127) \u2013 \u2013 \u2013 (127) Transactions with owners Own shares purchased for cancellation \u2013 \u2013 \u2013 (758) \u2013 (758) Own shares cancelled 21 \u2013 \u2013 795 \u2013 816 Own shares purchased for share schemes \u2013 \u2013 \u2013 (188) \u2013 (188) Share\u2013based payments (Note 28) \u2013 \u2013 \u2013 157 \u2013 157 Total transactions with owners 21 \u2013 \u2013 6 \u2013 27 At 25 February 2023 43 27 322 (359) 3,090 3,123 * Movements in cost of hedging reserve is \u00a3nil (2022: \u00a3nil) and balance at 25 February 2023 is \u00a3nil (2022: \u00a3nil). Capital redemption reserve \u00a3m Hedging reserve* \u00a3m Translation reserve \u00a3m Own shares held \u00a3m Merger reserve \u00a3m Total \u00a3m At 27 February 2021 16 90 175 (188) 3,090 3,183 Other comprehensive income/(loss) Retranslation of net assets of overseas subsidiaries, joint ventures and associates, net of hedging instruments \u2013 \u2013 (39) \u2013 \u2013 (39) Movements in foreign exchange reserve and net investment hedging on subsidiary disposed, reclassified and reported in the Group income statement \u2013 \u2013 66 \u2013 \u2013 66 Gains/(losses) on cash flow hedges \u2013 77 \u2013 \u2013 \u2013 77 Cash flow hedges reclassified and reported in the Group income statement \u2013 (45) \u2013 \u2013 \u2013 (45) Tax relating to components of other comprehensive income (Note 6) \u2013 (22) \u2013 \u2013 \u2013 (22) Total other comprehensive income/(loss) \u2013 10 27 \u2013 \u2013 37 Inventory cash flow hedge movements (Gains)/losses transferred to the cost of inventory \u2013 30 \u2013 \u2013 \u2013 30 Total inventory cash flow hedge movements \u2013 30 \u2013 \u2013 \u2013 30 Transactions with owners Own shares purchased for cancellation \u2013 \u2013 \u2013 (301) \u2013 (301) Own shares cancelled 6 \u2013 \u2013 264 \u2013 270 Own shares purchased for share schemes \u2013 \u2013 \u2013 (279) \u2013 (279) Share\u2013based payments (Note 28) \u2013 \u2013 \u2013 139 \u2013 139 Total transactions with owners 6 \u2013 \u2013 (177) \u2013 (171) At 26 February 2022 22 130 202 (365) 3,090 3,079 Refer to previous table for footnote. Own shares held The own shares held represents shares in Tesco PLC purchased from the market and held by the Tesco International Employee Benefit Trust to satisfy share awards under the Group\u2019s share scheme plans (refer to Note 28), and shares purchased for cancellation as part of the share buyback programme. Shares purchased for cancellation are included in own shares held until cancellation, at which point the consideration is transferred to retained earnings, and the nominal value of the shares is transferred from share capital to the capital redemption reserve. Own shares held can include equity elements of forward contracts where the Group has an obligation to purchase its own shares. The table below presents the reconciliation of own shares purchased for cancellation between the Group statement of changes in equity and the Group cash flow statement: 2023 2022 Own shares purchased for cancellation \u00a3m \u00a3m Included in the Group statement of changes in equity(a)(b) (758) (301) Payments in relation to prior year financial liabilities (23) \u2013 Outstanding amount recognised as financial liabilities (c) \u2013 23 Included in the Group cash flow statement(d) (781) (278) (a) 319.6 million (2022: 93.7 million) shares were cancelled, representing 4.4% of the called-up share capital as at 25 February 2023 (2022: 1.2%). This includes 4.8 million shares purchased not yet cancelled as at 26 February 2022 with total consideration of \u00a314m. The total consideration of \u00a3795m (2022: \u00a3264m), including expenses of \u00a39m (2022: \u00a31m), was charged to retained earnings. (b) During the financial year, the aggregate nominal value of shares cancelled and transferred to the capital redemption reserve was \u00a321m (2021: \u00a36m). (c) Shares to be delivered under a share repurchase agreement with an external bank, included in other payables. (d) 314.8 million (2022: 98.5 million) shares purchased at an average price of \u00a32.48 per share (2022: \u00a32.82). The table below presents the reconciliation of own shares purchased for share schemes between the Group statement of changes in equity and the Group cash flow statement: 2023 2022 Own shares purchased for share schemes \u00a3m \u00a3m Included in the Group statement of changes in equity (188) (279) Payments in relation to prior year financial liabilities (50) - Outstanding amount recognised as financial liabilities* 55 50 Shares withheld to settle employee tax 49 38 Cash received from employees exercising SAYE options 48 47 Included in the Group cash flow statement (86) (144) * A financial liability of \u00a355m (2022: \u00a350m) in respect of shares to be delivered under a share repurchase agreement with an external bank is included in other payables. The number of Ordinary shares held by the Tesco International Employee Benefit Trust at 25 February 2023 was 55.6 million (2022: 49.9 million). This represents 0.76% of called-up share capital at the end of the year (2022: 0.65%). Capital redemption reserve The capital redemption reserve relates to the repurchase and cancellation of shares of the Company. During the financial year, the aggregate nominal value of shares cancelled and transferred to the capital redemption reserve was \u00a321m (2022: \u00a36m). Merger reserve The merger reserve represents the difference between the market value and nominal value of shares issued for the acquisition of Booker on 2 March 2018. ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-828": {
"value": "Own shares held The own shares held represents shares in Tesco PLC purchased from the market and held by the Tesco International Employee Benefit Trust to satisfy share awards under the Group\u2019s share scheme plans (refer to Note 28), and shares purchased for cancellation as part of the share buyback programme. Shares purchased for cancellation are included in own shares held until cancellation, at which point the consideration is transferred to retained earnings, and the nominal value of the shares is transferred from share capital to the capital redemption reserve. Own shares held can include equity elements of forward contracts where the Group has an obligation to purchase its own shares. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-804": {
"value": "Own shares held The own shares held represents shares in Tesco PLC purchased from the market and held by the Tesco International Employee Benefit Trust to satisfy share awards under the Group\u2019s share scheme plans (refer to Note 28), and shares purchased for cancellation as part of the share buyback programme. Shares purchased for cancellation are included in own shares held until cancellation, at which point the consideration is transferred to retained earnings, and the nominal value of the shares is transferred from share capital to the capital redemption reserve. Own shares held can include equity elements of forward contracts where the Group has an obligation to purchase its own shares. The table below presents the reconciliation of own shares purchased for cancellation between the Group statement of changes in equity and the Group cash flow statement: 2023 2022 Own shares purchased for cancellation \u00a3m \u00a3m Included in the Group statement of changes in equity(a)(b) (758) (301) Payments in relation to prior year financial liabilities (23) \u2013 Outstanding amount recognised as financial liabilities (c) \u2013 23 Included in the Group cash flow statement(d) (781) (278) (a) 319.6 million (2022: 93.7 million) shares were cancelled, representing 4.4% of the called-up share capital as at 25 February 2023 (2022: 1.2%). This includes 4.8 million shares purchased not yet cancelled as at 26 February 2022 with total consideration of \u00a314m. The total consideration of \u00a3795m (2022: \u00a3264m), including expenses of \u00a39m (2022: \u00a31m), was charged to retained earnings. (b) During the financial year, the aggregate nominal value of shares cancelled and transferred to the capital redemption reserve was \u00a321m (2021: \u00a36m). (c) Shares to be delivered under a share repurchase agreement with an external bank, included in other payables. (d) 314.8 million (2022: 98.5 million) shares purchased at an average price of \u00a32.48 per share (2022: \u00a32.82). The table below presents the reconciliation of own shares purchased for share schemes between the Group statement of changes in equity and the Group cash flow statement: 2023 2022 Own shares purchased for share schemes \u00a3m \u00a3m Included in the Group statement of changes in equity (188) (279) Payments in relation to prior year financial liabilities (50) - Outstanding amount recognised as financial liabilities* 55 50 Shares withheld to settle employee tax 49 38 Cash received from employees exercising SAYE options 48 47 Included in the Group cash flow statement (86) (144) * A financial liability of \u00a355m (2022: \u00a350m) in respect of shares to be delivered under a share repurchase agreement with an external bank is included in other payables. The number of Ordinary shares held by the Tesco International Employee Benefit Trust at 25 February 2023 was 55.6 million (2022: 49.9 million). This represents 0.76% of called-up share capital at the end of the year (2022: 0.65%). ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-722": {
"value": "Note 31 Related party transactions Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its joint ventures and associates are disclosed below: Transactions Joint ventures 2023 \u00a3m 2022 \u00a3m Sales to related parties 599 501 Purchases from related parties 122 111 Dividends received 14 32 Injection of equity funding 10 11 Sales to related parties consist of service/management fees and loan interest. Transactions between the Group and the Group\u2019s pension plans are disclosed in Note 29. Balances Joint ventures 2023 \u00a3m 2022 \u00a3m Amounts owed to related parties (7) (9) Amounts owed by related parties 27 36 Lease liabilities payable to related parties (a) (1,950) (2,335) Loans to related parties (net of deferred profits)(b) 106 105 (a) Lease liabilities payable to related parties represent leases entered into by the Group for properties held by joint ventures. Refer to Note 13 for further details. (b) Loans to related parties of \u00a3106m (2022: \u00a3105m) are presented net of deferred profits of \u00a338m (2022: \u00a338m), historically arising from the sale of property assets to joint ventures. Refer to Note 13 for further details. For loans to related parties, a 12-month expected credit loss (ECL) allowance is recorded on initial recognition. In the current and prior financial years, the ECL allowance was immaterial. Amounts owed to and owed by related parties are measured at amortised cost and the carrying values approximate fair value. The undiscounted cash flow amounts owed to related parties are due within one year and do not differ from the amounts included in the table above. There were no transactions or balances held with associates in the current or prior financial year. A number of the Group\u2019s subsidiaries are members of one or more partnerships to whom the provisions of the Partnerships (Accounts) Regulations 2008 apply. The financial statements for those partnerships have been consolidated into these financial statements pursuant to Regulation 7 of the Regulations. Transactions with key management personnel Members of the Board of Directors and Executive Committee of Tesco PLC are deemed to be key management personnel. Cost of key management personnel compensation for the financial year was as follows: 2023 \u00a3m 2022 \u00a3m Salaries and short-term benefits 23 21 Pensions and cash in lieu of pensions 1 2 Share-based payments 21 24 Joining costs and loss of office costs \u2013 2 45 49 Attributable to: The Board of Directors (including Non-executive Directors) 13 11 Executive Committee (members not on the Board of Directors) 32 38 45 49 During the year, 7,730,565 (2022: 8,946,423) performance shares and 2,807,091 (2022: 1,178,795) bonus shares were granted to key management personnel under the Performance Share Plan and Deferred Bonus Plan 2019, respectively. Vesting will be conditional on the achievement of specified performance targets over a three-year performance period and/or continuous employment. The cost of these awards will be spread over the vesting period. Of the key management personnel who had transactions with Tesco Bank during the financial year, the following balances were held at the financial year end: Credit card, mortgage and personal loan balances Current and saving deposit accounts Number of key management personnel \u00a3m Number of key management personnel \u00a3m At 25 February 2023 6 \u2013 6 1 At 26 February 2022 5 \u2013 4 \u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-771": {
"value": "Transactions with key management personnel Members of the Board of Directors and Executive Committee of Tesco PLC are deemed to be key management personnel. Cost of key management personnel compensation for the financial year was as follows: 2023 \u00a3m 2022 \u00a3m Salaries and short-term benefits 23 21 Pensions and cash in lieu of pensions 1 2 Share-based payments 21 24 Joining costs and loss of office costs \u2013 2 45 49 Attributable to: The Board of Directors (including Non-executive Directors) 13 11 Executive Committee (members not on the Board of Directors) 32 38 45 49 During the year, 7,730,565 (2022: 8,946,423) performance shares and 2,807,091 (2022: 1,178,795) bonus shares were granted to key management personnel under the Performance Share Plan and Deferred Bonus Plan 2019, respectively. Vesting will be conditional on the achievement of specified performance targets over a three-year performance period and/or continuous employment. The cost of these awards will be spread over the vesting period. Of the key management personnel who had transactions with Tesco Bank during the financial year, the following balances were held at the financial year end: Credit card, mortgage and personal loan balances Current and saving deposit accounts Number of key management personnel \u00a3m Number of key management personnel \u00a3m At 25 February 2023 6 \u2013 6 1 At 26 February 2022 5 \u2013 4 \u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
}
},
"fact-772": {
"value": "Note 32 Analysis of changes in net debt Net debt, as defined in the Glossary, excludes the net debt of Tesco Bank but includes that of discontinued operations. Balances and movements in respect of the total Group and Tesco Bank are presented to allow reconciliation between the Group balance sheet and the Group cash flow statement. 2023 2022 Group Bank Retail Group Bank Retail \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Bank and other borrowings, excluding overdrafts (6,451) (375) (6,076) (6,825) (481) (6,344) Lease liabilities (7,727) (23) (7,704) (7,958) (26) (7,932) Net financing derivatives 472 (9) 481 553 (6) 559 Share purchase obligations (55) \u2013 (55) (73) \u2013 (73) Liabilities from financing activities (13,761) (407) (13,354) (14,303) (513) (13,790) Cash and cash equivalents in the balance sheet 2,465 444 2,021 2,345 789 1,556 Overdrafts* (900) \u2013 (900) (574) \u2013 (574) Cash and cash equivalents (including overdrafts) in the cash flow statement 1,565 444 1,121 1,771 789 982 Short-term investments 1,628 \u2013 1,628 2,076 \u2013 2,076 Joint venture loans 106 \u2013 106 105 \u2013 105 Interest and other receivables 8 \u2013 8 1 \u2013 1 Net operating and investing derivatives 71 114 (43) 75 24 51 Net debt of disposal group (14) \u2013 (14) (14) \u2013 (14) Less: Share purchase obligations 55 \u2013 55 73 \u2013 73 Net debt APM (10,493) (10,516) * Overdraft balances are included within borrowings in the Group balance sheet, and within cash and cash equivalents in the Group cash flow statement. Refer to Note 18. Note 32 Analysis of changes in net debt continued A reconciliation between movements in Net debt and the Group cash flow statement is presented below: 2023 \u00a3m 2022 \u00a3m Opening Net debt (10,516) (11,955) Change in liabilities from Group financing activities 2,327 1,359 Less: Change in cash flows arising from share purchase obligations (886) (278) Less: Change in cash flows from Tesco Bank financing activities (111) (25) Change in Net debt from financing activities 1,330 1,056 Net increase/(decrease) in Retail cash and cash equivalents including overdrafts* 173 (221) Interest paid on components of Net debt 643 645 Interest received on components of Net debt (70) (3) Net increase/(decrease) in short-term investments (451) 1,067 Net increase/(decrease) in joint venture loans 1 4 Change in cash flows from operating and investing derivatives (48) \u2013 Other changes in Net debt from cash flow activities 248 1,492 Retail net interest charge on components of Net debt (558) (632) Retail fair value and foreign exchange movements of Net debt (254) 199 Retail other non-cash movements (697) (492) Acquisitions and disposals (46) (184) Change in Net debt from non-cash movements (1,555) (1,109) Closing Net debt (10,493) (10,516) * Net increase/(decrease) in Retail cash and cash equivalents including overdrafts includes \u00a3nil (2022: \u00a335m) movement in cash and cash equivalents of discontinued operations and \u00a3(1)m (2022: \u00a3(4)m) intragroup funding and intercompany transactions. The table below sets out the movements in liabilities arising from financing activities: Bank and other borrowings, excluding overdrafts \u00a3m Lease liabilities \u00a3m Net financing derivatives(a) \u00a3m Share purchase obligations (b) \u00a3m Liabilities from Group financing activities(c) \u00a3m At 26 February 2022 (6,825) (7,958) 553 (73) (14,303) Cash flows arising from financing activities 709 593 139 886 2,327 Cash flows arising from operating activities: Interest paid 241 373 44 \u2013 658 Non-cash movements: Fair value gains/(losses) 199 \u2013 (170) \u2013 29 Foreign exchange (160) (45) \u2013 \u2013 (205) Interest income/(charge) (227) (373) (55) \u2013 (655) Acquisitions and disposals (d) (388) 381 (39) \u2013 (46) Lease additions, terminations, modifications and reassessments \u2013 (698) \u2013 \u2013 (698) Share purchase agreements \u2013 \u2013 \u2013 (868) (868) At 25 February 2023 (6,451) (7,727) 472 (55) (13,761) (a) Net financing derivatives comprise those derivatives which hedge the Group\u2019s exposures in respect of lease liabilities and borrowings. Net operating and investing derivatives, which form part of the Group\u2019s Net debt APM, are not included. (b) Share purchase obligations form part of the liabilities arising from the Group\u2019s financing activities, but do not form part of Net debt. Cash flows arising from financing activities exclude \u00a3(29)m (2022: \u00a3(191)m) cash outflows relating to other cancellable arrangements and \u00a348m (2022: \u00a347m) cash received from employees exercising SAYE options. (c) Liabilities from Group financing activities are represented to include liabilities from share purchase obligations of \u00a3(55)m (2022: \u00a3(73)m) and exclude net operating and investing derivatives of \u00a371m (2022: \u00a375m). (d) Acquisitions and disposals include a derecognition of \u00a3385m of lease liabilities and an increase of \u00a3(384)m in borrowings and \u00a3(39)m in net financing derivatives from the acquisition of The Tesco Dorney Limited Partnership. Refer to Note 33. Bank and other borrowings, excluding overdrafts \u00a3m Lease liabilities \u00a3m Net financing derivatives (a) \u00a3m Share purchase obligations(b) \u00a3m Liabilities from Group financing activities (c) \u00a3m At 27 February 2021 (6,736) (8,402) 521 \u2013 (14,617) Cash flows arising from financing activities 381 577 123 278 1,359 Cash flows arising from operating activities: Interest paid 202 405 36 \u2013 643 Non-cash movements: Fair value gains/(losses) 82 \u2013 (30) \u2013 52 Foreign exchange 61 14 \u2013 \u2013 75 Interest income/(charge) (209) (405) (33) \u2013 (647) Acquisitions and disposals (606) 355 (64) \u2013 (315) Lease additions, terminations, modifications and reassessments \u2013 (492) \u2013 \u2013 (492) Share purchase agreements \u2013 \u2013 \u2013 (351) (351) Discontinued operations \u2013 (10) \u2013 \u2013 (10) At 26 February 2022 (6,825) (7,958) 553 (73) (14,303) Refer to previous table for footnotes.",
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},
"fact-723": {
"value": "Note 32 Analysis of changes in net debt Net debt, as defined in the Glossary, excludes the net debt of Tesco Bank but includes that of discontinued operations. Balances and movements in respect of the total Group and Tesco Bank are presented to allow reconciliation between the Group balance sheet and the Group cash flow statement. 2023 2022 Group Bank Retail Group Bank Retail \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Bank and other borrowings, excluding overdrafts (6,451) (375) (6,076) (6,825) (481) (6,344) Lease liabilities (7,727) (23) (7,704) (7,958) (26) (7,932) Net financing derivatives 472 (9) 481 553 (6) 559 Share purchase obligations (55) \u2013 (55) (73) \u2013 (73) Liabilities from financing activities (13,761) (407) (13,354) (14,303) (513) (13,790) Cash and cash equivalents in the balance sheet 2,465 444 2,021 2,345 789 1,556 Overdrafts* (900) \u2013 (900) (574) \u2013 (574) Cash and cash equivalents (including overdrafts) in the cash flow statement 1,565 444 1,121 1,771 789 982 Short-term investments 1,628 \u2013 1,628 2,076 \u2013 2,076 Joint venture loans 106 \u2013 106 105 \u2013 105 Interest and other receivables 8 \u2013 8 1 \u2013 1 Net operating and investing derivatives 71 114 (43) 75 24 51 Net debt of disposal group (14) \u2013 (14) (14) \u2013 (14) Less: Share purchase obligations 55 \u2013 55 73 \u2013 73 Net debt APM (10,493) (10,516) * Overdraft balances are included within borrowings in the Group balance sheet, and within cash and cash equivalents in the Group cash flow statement. Refer to Note 18. Note 32 Analysis of changes in net debt continued A reconciliation between movements in Net debt and the Group cash flow statement is presented below: 2023 \u00a3m 2022 \u00a3m Opening Net debt (10,516) (11,955) Change in liabilities from Group financing activities 2,327 1,359 Less: Change in cash flows arising from share purchase obligations (886) (278) Less: Change in cash flows from Tesco Bank financing activities (111) (25) Change in Net debt from financing activities 1,330 1,056 Net increase/(decrease) in Retail cash and cash equivalents including overdrafts* 173 (221) Interest paid on components of Net debt 643 645 Interest received on components of Net debt (70) (3) Net increase/(decrease) in short-term investments (451) 1,067 Net increase/(decrease) in joint venture loans 1 4 Change in cash flows from operating and investing derivatives (48) \u2013 Other changes in Net debt from cash flow activities 248 1,492 Retail net interest charge on components of Net debt (558) (632) Retail fair value and foreign exchange movements of Net debt (254) 199 Retail other non-cash movements (697) (492) Acquisitions and disposals (46) (184) Change in Net debt from non-cash movements (1,555) (1,109) Closing Net debt (10,493) (10,516) * Net increase/(decrease) in Retail cash and cash equivalents including overdrafts includes \u00a3nil (2022: \u00a335m) movement in cash and cash equivalents of discontinued operations and \u00a3(1)m (2022: \u00a3(4)m) intragroup funding and intercompany transactions. The table below sets out the movements in liabilities arising from financing activities: Bank and other borrowings, excluding overdrafts \u00a3m Lease liabilities \u00a3m Net financing derivatives(a) \u00a3m Share purchase obligations (b) \u00a3m Liabilities from Group financing activities(c) \u00a3m At 26 February 2022 (6,825) (7,958) 553 (73) (14,303) Cash flows arising from financing activities 709 593 139 886 2,327 Cash flows arising from operating activities: Interest paid 241 373 44 \u2013 658 Non-cash movements: Fair value gains/(losses) 199 \u2013 (170) \u2013 29 Foreign exchange (160) (45) \u2013 \u2013 (205) Interest income/(charge) (227) (373) (55) \u2013 (655) Acquisitions and disposals (d) (388) 381 (39) \u2013 (46) Lease additions, terminations, modifications and reassessments \u2013 (698) \u2013 \u2013 (698) Share purchase agreements \u2013 \u2013 \u2013 (868) (868) At 25 February 2023 (6,451) (7,727) 472 (55) (13,761) (a) Net financing derivatives comprise those derivatives which hedge the Group\u2019s exposures in respect of lease liabilities and borrowings. Net operating and investing derivatives, which form part of the Group\u2019s Net debt APM, are not included. (b) Share purchase obligations form part of the liabilities arising from the Group\u2019s financing activities, but do not form part of Net debt. Cash flows arising from financing activities exclude \u00a3(29)m (2022: \u00a3(191)m) cash outflows relating to other cancellable arrangements and \u00a348m (2022: \u00a347m) cash received from employees exercising SAYE options. (c) Liabilities from Group financing activities are represented to include liabilities from share purchase obligations of \u00a3(55)m (2022: \u00a3(73)m) and exclude net operating and investing derivatives of \u00a371m (2022: \u00a375m). (d) Acquisitions and disposals include a derecognition of \u00a3385m of lease liabilities and an increase of \u00a3(384)m in borrowings and \u00a3(39)m in net financing derivatives from the acquisition of The Tesco Dorney Limited Partnership. Refer to Note 33. Bank and other borrowings, excluding overdrafts \u00a3m Lease liabilities \u00a3m Net financing derivatives (a) \u00a3m Share purchase obligations(b) \u00a3m Liabilities from Group financing activities (c) \u00a3m At 27 February 2021 (6,736) (8,402) 521 \u2013 (14,617) Cash flows arising from financing activities 381 577 123 278 1,359 Cash flows arising from operating activities: Interest paid 202 405 36 \u2013 643 Non-cash movements: Fair value gains/(losses) 82 \u2013 (30) \u2013 52 Foreign exchange 61 14 \u2013 \u2013 75 Interest income/(charge) (209) (405) (33) \u2013 (647) Acquisitions and disposals (606) 355 (64) \u2013 (315) Lease additions, terminations, modifications and reassessments \u2013 (492) \u2013 \u2013 (492) Share purchase agreements \u2013 \u2013 \u2013 (351) (351) Discontinued operations \u2013 (10) \u2013 \u2013 (10) At 26 February 2022 (6,825) (7,958) 553 (73) (14,303) ",
"dimensions": {
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"fact-724": {
"value": "Note 33 Acquisitions Acquisition of property joint venture \u2013 The Tesco Dorney Limited Partnership On 6 October 2022, the Group obtained control of The Tesco Dorney Limited Partnership (the partnership), previously accounted for as a joint venture, through the acquisition of the other partner\u2019s 50% interest for \u00a340m. The Group paid \u00a312m stamp duty on the acquisition. The partnership had bond and derivative liabilities, and long-leased four stores and three mixed-use sites anchored by stores which the partnership previously leased to the Group. The Group in turn subleases certain commercial units and residential accommodation to third parties. The acquisition, which has been treated as an asset acquisition, increased the Group\u2019s owned and leased property portfolio and borrowings, replacing the Group\u2019s associated right of use assets and lease liabilities. The table below sets out the values to the Group in respect of obtaining control of the partnership: Notes \u00a3m Property, plant and equipment 11 248 Right of use assets 12 70 Cash and cash equivalents 12 Other working capital (3) Borrowings 32 (384) Derivative liabilities 32 (39) Total assets and liabilities acquired (96) Consideration paid 40 Stamp duty paid 12 Derecognition of the Group\u2019s lease liabilities with the partnership 32 (385) Derecognition of the Group\u2019s right of use assets with the partnership 12 198 Derecognition of the Group\u2019s finance lease receivable 39 Total cost* (96) * The carrying value of the pre-existing joint venture interest was \u00a3nil. The Group recognised the following gains and losses as an adjusting item within cost of sales in the Group income statement. The related tax charge on acquisition of \u00a329m has also been classified as an adjusting item. Refer to Note 4 for further details. Notes \u00a3m Impairment of property, plant and equipment acquired 14 (7) Total adjusting gain/(loss) within cost of sales (7) Taxation \u2013 adjusting item 4 (29) Total adjusting gain/(loss) after taxation (36) ",
"dimensions": {
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},
"fact-726": {
"value": "Note 34 Commitments and contingencies Capital commitments At 25 February 2023, there were commitments for capital expenditure contracted for, but not incurred, of \u00a3200m (2022: \u00a3193m), principally relating to store development. Subsidiary audit exemptions The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of section 479A of the Act. Name Company number Name Company number Name Company number Booker Group Limited 5145685 Tapesilver Limited 5205362 Tesco Gateshead Property Limited 8312532 Booker Wholesale Holdings Limited 5137980 Tesco Aqua (GP) Limited 5721654 Tesco Maintenance Limited 6003554 Buttoncase Limited 5298861 Tesco Atrato (1LP) Limited 6969529 Tesco Mobile Communications Limited 4780729 Dillons Newsagents Limited 140624 Tesco Atrato (GP) Limited 6969536 Tesco Mobile Services Limited 4780734 Giant Booker Limited 65519 Tesco Blue (3LP) Limited 10127682 Tesco Navona (1LP) Limited 7459436 Launchgrain Limited 5260856 Tesco Brislington Limited 10701640 Tesco Passaic (1LP) Limited 7121667 Makro Holding Limited 4310463 Tesco Bury Limited 3854371 Tesco Property Partner (GP No.2) Limited 5179150 Makro Properties Limited 1273672 Tesco Distribution Holding Limited 3193655 Tesco Property Partner (GP) Limited 4945955 Oakwood Distribution Limited 5721635 Tesco Dorney (1LP) Limited 8255488 Tesco Property Partner (No.1) Limited 4945945 Spen Hill Developments Limited 4827219 Tesco Dorney (GP) Limited 8255493 Tesco Red (GP) Limited 5721630 Spen Hill Management Limited 2460426 Tesco Family Dining Limited 8514605 Tesco Sarum (1LP) Limited 7849948 Spen Hill Properties (Holdings) PLC 2412674 Tesco Food Sourcing Limited 7502096 Tesco Sarum (GP) Limited 7849882 Spen Hill Regeneration Limited 6418300 Tesco Freetime Limited 4345023 Tesco TLB Properties Limited 3159425 T & S Stores Limited 1228935 Tesco Fuchsia (3LP) Limited 10127851 Tesco PLC will guarantee all outstanding liabilities that these subsidiaries are subject to as at the financial year ended 25 February 2023 in accordance with section 479C of the Act, as amended by the Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012. In addition, Tesco PLC will guarantee any contingent and prospective liabilities that these subsidiaries are subject to. Tesco Bank At 25 February 2023, Tesco Bank had contractual lending commitments totalling \u00a312.2bn (2022: \u00a312.4bn). The contractual amounts represent the amounts that would be at risk should the available facilities be fully drawn upon and not the amounts at risk at the reporting date. Contingent liabilities As previously reported, Tesco Stores Limited (TSL) (along with all the major supermarkets) has received claims from current and former hourly- paid store colleagues alleging that they do work of equal value to that of colleagues working in its distribution centres and that differences in terms and conditions relating to pay are not objectively justifiable (the Equal Pay Claims). The claimants are seeking the differential between the pay terms looking back, and equivalence of pay terms moving forward. As at the date of this disclosure, there are approximately 42,000 claims against TSL, with the number of claims expected to continue to increase as the litigation progresses. UK equal pay law provides that an employee is entitled to the same terms in relation to pay as those of a comparator of the opposite sex in the same employment if they are employed to do work of equal value. The legislation achieves this by implying a clause into the contract of employment, which has the effect of importing into the employee\u2019s contract the more favourable term(s) of the comparator. Equal pay claims are typically heard in three stages and the claimants have to win at every stage in order to succeed. The first stage is comparability, which is effectively a technical gateway to the claims proceeding. The claimants have to show that there is a valid basis in law for comparing their pay and the pay of any comparator. One of the legal bases here is that pay terms are set by the same body. Following a European court ruling on this, TSL has made a concession on comparability. The second and third stages are an equal value assessment and the consideration of TSL\u2019s material factor defences (non-discriminatory reasons for differentials in pay terms) to any claims which succeed at the equal value assessment stage. Completion of these two stages is a lengthy process and likely to take many years with hearings and appeals a part of that process. A final date is impossible to predict with any certainty and any final decision may be delayed further by any final appeals. At present, the total number of Equal Pay Claims that may be received, the merits, and likely outcome of those claims and of TSL\u2019s defences to them, and the potential impact on the Group, are subject to various and substantial uncertainties. There are multiple factual and legal defences to these claims and the Group intends to defend them vigorously, while at the same time taking appropriate steps to mitigate the risks. The Group therefore cannot make an assessment of the likely outcome of the litigation, or the potential quantum of its liability or the potential impact on the Group at this stage. Depending on the outcome at the various stages of the Equal Pay Claims, and dependent on the number of any ultimately successful claims, the potential quantum of its liability could be material. There are a number of other contingent liabilities that arise in the normal course of business, which if realised, are not expected to result in a material liability to the Group. ",
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"language": "en",
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"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
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"fact-774": {
"value": "Capital commitments At 25 February 2023, there were commitments for capital expenditure contracted for, but not incurred, of \u00a3200m (2022: \u00a3193m), principally relating to store development. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
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"fact-773": {
"value": "Contingent liabilities As previously reported, Tesco Stores Limited (TSL) (along with all the major supermarkets) has received claims from current and former hourly- paid store colleagues alleging that they do work of equal value to that of colleagues working in its distribution centres and that differences in terms and conditions relating to pay are not objectively justifiable (the Equal Pay Claims). The claimants are seeking the differential between the pay terms looking back, and equivalence of pay terms moving forward. As at the date of this disclosure, there are approximately 42,000 claims against TSL, with the number of claims expected to continue to increase as the litigation progresses. UK equal pay law provides that an employee is entitled to the same terms in relation to pay as those of a comparator of the opposite sex in the same employment if they are employed to do work of equal value. The legislation achieves this by implying a clause into the contract of employment, which has the effect of importing into the employee\u2019s contract the more favourable term(s) of the comparator. Equal pay claims are typically heard in three stages and the claimants have to win at every stage in order to succeed. The first stage is comparability, which is effectively a technical gateway to the claims proceeding. The claimants have to show that there is a valid basis in law for comparing their pay and the pay of any comparator. One of the legal bases here is that pay terms are set by the same body. Following a European court ruling on this, TSL has made a concession on comparability. The second and third stages are an equal value assessment and the consideration of TSL\u2019s material factor defences (non-discriminatory reasons for differentials in pay terms) to any claims which succeed at the equal value assessment stage. Completion of these two stages is a lengthy process and likely to take many years with hearings and appeals a part of that process. A final date is impossible to predict with any certainty and any final decision may be delayed further by any final appeals. At present, the total number of Equal Pay Claims that may be received, the merits, and likely outcome of those claims and of TSL\u2019s defences to them, and the potential impact on the Group, are subject to various and substantial uncertainties. There are multiple factual and legal defences to these claims and the Group intends to defend them vigorously, while at the same time taking appropriate steps to mitigate the risks. The Group therefore cannot make an assessment of the likely outcome of the litigation, or the potential quantum of its liability or the potential impact on the Group at this stage. Depending on the outcome at the various stages of the Equal Pay Claims, and dependent on the number of any ultimately successful claims, the potential quantum of its liability could be material. There are a number of other contingent liabilities that arise in the normal course of business, which if realised, are not expected to result in a material liability to the Group. ",
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"entity": "scheme:2138002P5RNKC5W2JZ46",
"period": "2022-02-27T00:00:00/2023-02-26T00:00:00"
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},
"fact-725": {
"value": "Note 35 Events after the reporting period On 27 February, the Group issued a \u20ac500m and a \u00a3250m bond, maturing 2031 and 2035 respectively. There were no other events after the reporting period requiring disclosure. ",
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}
}