Tesco 2007 Annual Report Download - page 74

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Notes to the financial statements continued
Note 13 Group entities continued
(a) Disposals of associates
Greenergy
Groceryworks Fuels Limited Total
£m £m £m
Consideration received/value of assets exchanged 35 4 39
Carrying value of investment disposed of (13) (1) (14)
Profit on sale of investments in associates 22 3 25
The investment in Groceryworks was sold to its parent company, Safeway Inc.
During the year, the Group’s investment in Greenergy Fuels Limited was subject to an exchange transaction, whereby the Group
gave up its investment in Greenergy Fuels Limited and received a 21.3% investment in Greenergy Fuels Limited’s parent company,
Greenergy International Limited.
The transaction has been treated as an exchange of fair values and the profit on sale recognised on this transaction represents the
difference between 3.7% of the net assets of Greenergy Fuels Limited given up and 21.3% of the additional net assets of Greenergy
International Limited acquired. Overall, the transaction was cash neutral.
(b) During the year, the Group purchased additional share capital in three of its joint ventures, namely dunnhumby Limited, Tesco
Home Shopping and Hymall, making them subsidiary entities which have been consolidated within the Group results from the
date of acquisition onwards. For further details see note 26.
Joint ventures
The Group’s principal joint ventures are:
Share of issued share Country of incorporation
capital, loan capital and and principal country
Business activity debt securities of operation
Shopping Centres Limited Property Investment 50% England
BLT Properties Limited Property Investment 50% England
Tesco BL Holdings Limited Property Investment 50% England
Tesco British Land Property Partnership†Property Investment 50% England
Tesco Property Limited Partnership†Property Investment 50% England
Arena (Jersey) Management Limited†Property Investment 50% Jersey
The Tesco Property (No. 2) Limited Partnership†Property Investment 50% Jersey
Tesco Red Limited Partnership†Property Investment 50% England
Tesco Personal Finance Group Limited Personal Finance 50% Scotland
Tesco Mobile Limited†Telecommunications 50% England
Nutri Centres Limited†Complementary Medicines 50% England
Retail Property Company Limited†Property Investment 50% Thailand
Tesco Card Services Limited†Personal Finance 50% Thailand
†Held by an intermediate subsidiary.
The accounting period ends of the joint ventures consolidated in these financial statements range from 31 December 2006 to
28 February 2007. Accounting period end dates different from those of the Group arise for commercial reasons and depend upon
the requirements of the joint venture partner as well as those of the Group.
72 Tesco PLC Annual report and financial statements 2007 Find out more at www.tesco.com/corporate