Tesco 2014 Annual Report Download - page 128

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Note 2 Auditor remuneration
2014
£m
2013
£m
Fees payable to the Company’s auditor for the audit of the Company and Group financial statements 0.8 0.8
Note 3 Employment costs, including Directors’ remuneration
2014
£m
2013
£m
Wages and salaries*21 20
Social security costs 22
Other pension costs 22
Share-based payment expense** 16
26 30
* The wages and salaries expense includes a recharge from Tesco Stores Limited for Board-related functions.
** The share-based payment expense in 2013 includes an amount of £3m relating to liabilities of Tesco Japan that were not transferred to the acquiring company on disposal.
The average number of employees (all Directors of the Company) during the financial year was 10 (2013: 13).
The Schedule V requirements of SI 2008/410 for Directors’ remuneration are included within the Directors’ remuneration report on pages 41 to 61.
Note 4 Dividends
For details of dividends see Note 8 in the Group financial statements.
Note 5 Investments
Shares
in Group
undertakings
£m
Shares in
joint
ventures
£m
Total
£m
Cost
At 23 February 2013 15,598 16 15,614
Additions 632 –632
Disposals (1) –(1)
Transfers (489) –(489)
At 22 February 2014 15,740 16 15,756
Impairment
At 23 February 2013 1,074 –1,074
Impairment 991 –991
At 22 February 2014 2,065 –2,065
Net carrying value
At 22 February 2014 13,675 16 13,691
At 23 February 2013 14,524 16 14,540
For a list of the Company’s principal operating subsidiary undertakings and joint ventures see Note 13 in the Group financial statements.
The £991m impairment relates to the Company’s investments in the Group’s Chinese retail operations. During the period, the Group entered into definitive
agreements with China Resources Enterprise, Limited to combine their respective Chinese retail operations. The definitive agreements allow for the exchange
of the Group’s Chinese retail and property interests plus cash of HK$4,325m for a 20% interest in the combined businesses. Consequently, the Directors have
written-down the Company’s investments in China to the value consolidated in the Group financial statements, which reflects the fair value for disposal.
Please refer to Note 7 in the Group financial statements for further details.
Other information
Governance Financial statementsStrategic report
Tesco PLC Annual Report and Financial Statements 2014 125