Tesco 2011 Annual Report Download - page 123

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NOTE 12 INVESTMENT PROPERTY CONTINUED
The following amounts have been (charged)/credited to cost of sales in the Group Income Statement:
2011
£m
2010
£m
Impairment losses
Rest of Europe (2) –
(2) –
Reversal of impairment losses
Rest of Europe –3
–3
Net (impairment charge)/reversal of impairment losses (2) 3
The impairment losses relate to malls whose recoverable amounts do not exceed the asset carrying values. In all cases, impairment losses arose due to
the malls performing below forecasted trading levels.
The reversal of previous impairment losses arose principally due to improvements in the performance of malls over the last year, which increased the
net present value of cash flows.
The estimated fair value of the Group’s investment property is £4.4bn (2010 – £2.8bn). This fair value has been determined by applying an appropriate
rental yield to the rentals earned by the investment property. A valuation has not been performed by an independent valuer.
NOTE 13 GROUP ENTITIES
Principal subsidiaries
The Group consolidates its subsidiary undertakings and its principal subsidiaries are:
Business activity
Share of issued
ordinary share capital
and voting rights
Country of incorporation
and principal country
of operation
Tesco Stores Limited Retail 100% England
One Stop Stores Limited(a) Retail 100% England
Tesco Ireland Limited Retail 100% Republic of Ireland
Tesco-Global Stores Privately Held Co. Limited Retail 100% Hungary
Tesco Polska Sp. z o.o. Retail 100% Poland
Tesco Stores C R a.s. Retail 100% Czech Republic
Tesco Stores S R a.s. Retail 100% Slovakia
Tesco Kipa Kitle Paza rlama Ticaret ve Gide Sanai A.S¸.(a) Retail 93% Turkey
Homeplus Co., Limited (formerly Samsung Tesco Co. Limited) Retail 97% South Korea
Homeplus Tesco Co., Limited (formerly Homever Tesco Co. Limited) Retail 100% South Korea
Ek-Chai Distribution System Co. Limited Retail 86%(b) Thailand
Tesco Stores (Malaysia) Sdn Bhd Retail 70% Malaysia
Tesco Japan Co., Limited Retail 100% Japan
Tesco Management (Shanghai) Corporation Limited Retail 100% People’s Republic of China
Dobbies Garden Centres PLC Retail 100% Scotland
Fresh & Easy Neighborhood Market Inc Retail 100% US
Tesco Personal Finance Group Limited(a)
(trading as Tesco Bank) Financial Services 100% Scotland
Tesco Distribution Limited Distribution 100% England
Tesco Property Holdings Limited Property 100% England
Tesco International Sourcing Limited Purchasing 100% Hong Kong
dunnhumby Limited Data Analysis 100% England
ELH Insurance Limited Self-insurance 100% Guernsey
Valiant Insurance Company Limited Self-insurance 100% Republic of Ireland
(a) Held by the Parent Company (all other principal subsidiaries are held by an intermediate subsidiary).
(b) The Group has 86% of voting rights and 39% of issued ordinary share capital in Ek-Chai Distribution System Co. Limited.
The accounting period ends of the subsidiary undertakings consolidated in these financial statements are on or around 26 February 2011. A full list
of the Group’s subsidiary undertakings will be annexed to the next Annual Return filed at Companies House. There are no significant restrictions on
the ability of subsidiary undertakings to transfer funds to the parent, other than those imposed by the Companies Act 2006.
Overview Business review Governance Financial statements
TESCO PLC Annual Report and Financial Statements 2011
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