Tesco 2003 Annual Report Download - page 38

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36 TESCO PLC
notes to the financial statements continued
NOTE 13 Fixed asset investments continued
(a) The company’s principal operating subsidiary undertakings are:
Share of Country of
Business equity capital incorporation
Tesco Stores Limited Retail 100% Registered in England
Tesco Property Holdings Limited Property Investment 100% Registered in England
Tesco Insurance Limited Insurance 100% Guernsey
Tesco Distribution Limited Distribution 100% Registered in England
Spen Hill Properties Limited Property Development 100% Registered in England
Tesco Ireland Limited Retail 100% Republic of Ireland
Global T.H. Retail 99% Hungary
Tesco Polska Sp. z o.o. Retail 100% Poland
Tesco Stores C
˘R a.s. Retail 100% Czech Republic
Tesco Stores SR a.s. Retail 100% Slovakia
Samsung Tesco Co. Limited Retail 89% South Korea
Ek-Chai Distribution System Co. Ltd Retail 99% Thailand
Tesco Taiwan Co. Limited Retail 100% Taiwan, Republic of China
Tesco Stores Malaysia Sdn Bhd Retail 70% Malaysia
Tesco Stores Hong Kong Limited Purchasing 100% Hong Kong
All principal operating subsidiary undertakings, none of which are owned directly by Tesco PLC, operate in their country
of incorporation.
(b) The Group’s principal joint ventures are:
Share of issued share capital, Country of incorporation and
Business loan capital and debt securities principal country of operation
Shopping Centres Limited Property Investment 50% Registered in England
BLT Properties Limited Property Investment 50% Registered in England
Tesco BL Holdings Limited Property Investment 50% Registered in England
Tesco British Land Property Partnership Property Investment 50% Registered in England
Tesco Personal Finance Group Limited Personal Finance 50% Registered in Scotland
Tesco Home Shopping Limited Mail Order Retail 60% Registered in England
iVillage UK Limited Internet 50%*Registered in England
dunnhumby Limited Data Analysts 53% Registered in England
Nutri Centres Limited Complementary Medicines 50% Registered in England
Taiwan Charn Yang Developments Limited Property Investment 50% Taiwan, Republic of China
Retail Property Company Limited Property Investment 50% Thailand
Tesco Card Services Limited Personal Finance 50% Thailand
The accounting periods of the joint ventures consolidated in these financial statements, range from 31 December 2002 to 28 February 2003.
*On 17 March 2003, the company acquired the remaining 50% of equity capital, taking the holding to 100%.
2003 2002
£m £m
The net borrowings of the joint ventures, as at 22 February 2003, were as follows:
Cash and deposits 372 301
Borrowings falling due within one year (142) (46)
Other loans (588) (616)
(358) (361)
There is no recourse to Group companies in respect of the borrowings of the joint ventures, apart from £12m (2002 – £12m)
which has been guaranteed by Tesco PLC (note 29).