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Notes to the Group financial statements
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 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
Additions 49 – 49
Disposals (8) – (8)
Foreign currency translation 12 – 12
Share of post-tax profits of joint ventures and associates 71 20 91
Other movements in reserves –33
Dividends received from joint ventures and associates (40) – (40)
At 25 February 2012 308 115 423
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
The Tesco British Land Property Partnership Property Investment 50% England
The Tesco Red Limited Partnership Property Investment 50% England
The Tesco Aqua Limited Partnership Property Investment 50% England
The Tesco Jade Limited Partnership Property Investment 50% England
The Tesco Coral Limited Partnership Property Investment 50% England
The Tesco Blue Limited Partnership Property Investment 50% England
The Tesco Atrato Limited Partnership Property Investment 50% England
The Tesco Property Limited Partnership Property Investment 50% England
The Tesco Passaic Limited Partnership Property Investment 50% England
The Tesco Navona Limited Partnership Property Investment 50% England
The Tesco Sarum Limited Partnership Property Investment 50% England
Fushun Splendor Real Estate Development Co. Limited Property Investment 50% People’s Republic of China
Anshan Tesco 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
Xiamen Hete Property Co. Limited Property Investment 50% People’s Republic of China
Tesco Fujian Property Limited Property Investment 50% People’s Republic of China
Tesco Shenyang Property Co. Limited Property Investment 50% People’s Republic of China
Tesco (Fujian) Industry Limited Property Investment 50% People’s Republic of China
Tesco Nanjing Zhongshan Real Estate Development Co. Limited Property Investment 50% People’s Republic of China
Arena (Jersey) Management Limited Property Investment 50% Jersey
The Tesco Property (No. 2) Limited Partnership Property Investment 50% Jersey
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 2011 to 29 February 2012.
Accounting period end dates differ from those of the Group 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.
116 Tesco PLC Annual Report and Financial Statements 2012