Tesco 2011 Annual Report Download - page 124

Download and view the complete annual report

Please find page 124 of the 2011 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 162

  • 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
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162

NOTE 13 GROUP ENTITIES CONTINUED
Interests in joint ventures and associates
The Group uses the equity method of accounting for its interest in joint ventures and associates. The following table shows the aggregate movement
in the Group’s investment in joint ventures and associates:
Joint ventures
£m
Associates
£m
Total
£m
At 28 February 2009 49 13 62
Additions 83 – 83
Foreign currency translation 9 – 9
Share of post-tax profits 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
Additions 88 86 174
Foreign currency translation (5) – (5)
Share of post-tax profits/(losses) of joint ventures and associates 65 (8) 57
Income received from joint ventures and associates (60) (2) (62)
At 26 February 2011 224 92 316
Significant joint ventures
The Group’s principal joint ventures are:
Business activity
Share of issued share
capital, loan capital and
debt securities
Country of incorporation
and principal country
of operation
Shopping Centres Limited* Property Investment 50% England
BLT Properties Limited* 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
The Tesco Passaic Limited Partnership Property Investment 50% England
The Tesco Navona Limited Partnership Property Investment 50% England
Tesco Mobile Limited Telecommunications 50% England
* 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 2010 to 28 February 2011.
Accounting period end dates differ 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.
There are no significant restrictions on the ability of joint ventures to transfer funds to the parent, other than those imposed by the Companies Act 2006.
FINANCIAL STATEMENTS
120
—
TESCO PLC Annual Report and Financial Statements 2011
Notes to the Group financial statements