Tesco 2012 Annual Report Download - page 119

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STRATEGIC REVIEW PERFORMANCE REVIEW GOVERNANCE FINANCIAL STATEMENTS
OVERVIEW
Note 12 Investment property
2012
£m
2011
£m
Cost
At beginning of the year 2,092 1,919
Foreign currency translation (9) (35)
Additions 14 24
Acquisitions through business combinations 96 –
Reclassification 44 197
Classified as held for sale 23 (2)
Disposals (7) (11)
At end of the year 2,253 2,092
Accumulated depreciation and impairment losses
At beginning of the year 229 188
Foreign currency translation (2) (3)
Charge for the year 39 31
Impairment losses for the year 2 2
Reclassification (6) 11
At end of the year 262 229
Net carrying value at end of the year 1,991 1,863
The estimated fair value of the Group’s investment property is £4.3bn (2011: £4.4bn). 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*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¸.*Retail 95% Turkey
Homeplus Co., Limited Retail 100% South Korea
Homeplus Tesco Co., Limited Retail 100% South Korea
Ek-Chai Distribution System Co. Limited Retail 86%** Thailand
Tesco Stores (Malaysia) Sdn Bhd Retail 70% Malaysia
Tesco Japan Co. Limited Retail 100% Japan
Tesco Management (Shanghai) Co., Limited Retail 100% People’s Republic of China
Dobbies Garden Centres Limited Retail 100% Scotland
Fresh & Easy Neighborhood Market Inc Retail 100% US
Tesco Personal Finance Group Limited*
(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
* Held by the Parent Company (all other principal subsidiaries are held by an intermediate subsidiary).
** 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 25 February 2012. 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.
Tesco PLC Annual Report and Financial Statements 2012 115