Tesco 2010 Annual Report Download - page 98

Download and view the complete annual report

Please find page 98 of the 2010 Tesco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 136

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136

Notes to the Group financial statements continued
Note 13 Group entities continued
Interests in joint ventures and associates
The Group uses the equity method of accounting for joint ventures and associates. The following table shows the aggregate movement in the Group’s
investment in joint ventures and associates:
Joint ventures Associates Total
£m £m £m
At 24 February 2008 295 10 305
Foreign currency translation 4 – 4
Share of profit of joint ventures and associates 106 4 110
Income received from joint ventures and associates (68) (1) (69)
Transferred to amounts owed by subsidiary undertakings (37) – (37)
Transferred to investment in subsidiary undertakings (251) – (251)
At 28 February 2009 49 13 62
Additions 83 – 83
Foreign currency translation 9 – 9
Share of profit of joint ventures and associates 29 4 33
Income received from joint ventures and associates (34) (1) (35)
At 27 February 2010 136 16 152
Transferred to investment in subsidiary undertakings
During the year ended 28 February 2009, the Group acquired the remaining 50% of the share capital of Tesco Personal Finance Group Limited (trading
as Tesco Bank), previously a joint venture, making the company a wholly-owned subsidiary entity which has been consolidated within the Group results
from the date of acquisition onwards.
Significant 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
Tesco Mobile Limited Telecommunications 50% England
Shopping Centres Limited(a) Property Investment 50% England
BLT Properties Limited(a) Property Investment 50% England
Tesco British Land Property Partnership Property Investment 50% England
Tesco Red Limited Partnership Property Investment 50% England
Tesco Aqua Limited Partnership Property Investment 50% England
Tesco Jade Limited Partnership Property Investment 50% England
Tesco Coral Limited Partnership Property Investment 50% England
Tesco Blue Limited Partnership Property Investment 50% England
Tesco Atrato Limited Partnership Property Investment 50% England
Fushun Jinxiu Real Estate Development Co Limited Property Investment 50% People’s Republic of China
Anshan Real Estate Development Co Limited Property Investment 50% People’s Republic of China
Tesco Qinhuangdo Property Limited Property Investment 50% People’s Republic of China
Arena (Jersey) Management Limited Property Investment 50% Jersey
The Tesco Property Limited Partnership Property Investment 50% England
The Tesco Property (No. 2) Limited Partnership Property Investment 50% Jersey
(a) Held by the Parent Company (all other principal subsidiaries are held by an intermediate subsidiary).
The accounting period ends of the joint ventures consolidated in these financial statements range from 31 December 2009 to 28February 2010.
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.
96 Tesco PLC Annual Report and Financial Statements 2010