Tesco 2006 Annual Report Download - page 71

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69Tesco plc
Note 13 Group entities continued
Although Tesco Home Shopping and dunnhumby are 60% and 53% owned, respectively, they are treated as joint ventures in the
Group accounts because the parties to each of the ventures work together with equal powers to control the entities. Each venturer
in the respective entity retain the power of veto and overall key strategic, operational and financial decisions require the consent
of both parties.
The investment in Taiwan Charn Yang Developments Limited has been transferred to assets held for sale due to its impending
transfer to Carrefour as part of the asset swap deal detailed in note 7.
The share of the assets, liabilities, revenue and profit of the joint ventures which are included in the consolidated financial
statements, are as follows:
2006 2005
£m£m
Assets 5,014 4,297
Liabilities (4,749) (4,054)
Goodwill 185 150
Cumulative unrecognised losses 63
456 396
Revenue 586 379
Profit for the period 85 78
The unrecognised share of losses made by joint ventures in the year to 25 February 2006 was £3m (2005 – £2m).
Associates
The Group’s principal associates are:
Share of issued capital, Country of incorporation
loan capital and debt and principal country
Business activity securities of operation
Greenergy Fuels Limited Fuel Supplier 25% England
GroceryWorks Holdings Inc Internet Retailer 38.5% United States of America
The share of the assets, liabilities, revenue and profit of the Group’s associates, which are included in the consolidated financial
statements, are as follows:
2006 2005
£m £m
Assets 72 43
Liabilities (65) (36)
Goodwill 13 13
20 20
Revenue 174 103
Loss for the period (2) (3)
The accounting period end of the associates consolidated in these financial statements range from 31 December 2005
to 28 February 2006.
There are no significant restrictions on the ability of associated undertakings to transfer funds to the parent, other than
those imposed by the Companies Act 1985.