Tesco 2008 Annual Report Download - page 72

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Note 13 Group entities continued
The share of the assets, liabilities, revenue and profit of the joint ventures, which are included in the consolidated financial statements, are as follows:
2008 2007
£m £m
Non-current assets 1,411 1,134
Current assets 4,277 3,956
Current liabilities (3,888) (3,572)
Non-current liabilities (1,513) (1,225)
Goodwill 14
Cumulative unrecognised losses 77
295 304
Revenue 482 638
Expenses (408) (534)
Profit for the year 74 104
The unrecognised share of losses made by joint ventures in the year to 23 February 2008 was £nil (2007 – £1m).
Associates
At the Balance Sheet date, the Group’s principal associate is:
Share of issued capital, Country of incorporation
loan capital and debt and principal country
Business activity securities of operation
Greenergy International Limited Fuel Supplier 21% England
Although the Group only holds a 21.3% non-voting shareholding in Greenergy International Limited it is treated as an associate as the Board of Greenergy
International Limited requires the consent of Tesco on certain reserve matters as specified in the company’s Articles of Association.
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:
2008 2007
£m £m
Assets 115 93
Liabilities (107) (85)
Goodwill 22
10 10
Revenue 325 280
Profit for the year 12
The accounting period ends of the associates consolidated in these financial statements range from 31 December 2007 to 31 January 2008.
The accounting period end dates of the associates are different from those of the Group as they also depend upon the requirements of the parent
companies of those entities.
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.
Note 14 Other investments
2008 2007
£m £m
Available-for-sale financial assets 48
Other investments are available-for-sale financial assets consisting of ordinary shares, and therefore have no fixed maturity date or coupon rate.
The fair value of the unlisted available-for-sale investments has been estimated using a valuation technique based on assumptions that are not supported
by observable market prices or rates. The fair value of the listed available-for-sale investments is based on quoted market prices at the Balance Sheet date.
Tesco PLC Annual Report and
Financial Statements 2008
70 www.tesco.com/annualreport08
Notes to the Group financial statements continued