Tesco 2002 Annual Report Download - page 29

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TESCO PLC 27
NOTE 13 Tangible fixed assets continued
(a) Includes £63m in respect of interest capitalised principally relating to land and
building assets.The capitalisation rate used to determine the amount of finance
costs capitalised during the period was 7.0%.
(b) Net book value includes capitalised interest at 23 February 2002 of £406m
(2001 – £354m).
Plant, equipment, fixtures and fittings and motor vehicles subject to finance leases
included in net book value are:
Net book
Cost Depreciation value
£m £m £m
At 24 February 2001 315 266 49
Movement in the period 37 22 15
At 23 February 2002 352 288 64
(c) The net book value of land and buildings comprises:
2002 2001
£m £m
Freehold 8,492 7,200
Long leasehold – 50 years or more 505 586
Short leasehold – less than 50 years 487 455
At 23 February 2002 9,484 8,241
(d) Capital work in progress does not include land.
NOTE 14 Fixed asset investments
Group Company
Joint Own Other Share in Group Loans to Group Joint
ventures (b) Associates (c) shares (d) investments undertakings (a) undertakings ventures (b)
£m £m £m £m £m £m £m
At 24 February 2001 203 – 101 – 2,774 3,000 146
Additions 26 16 18 5 506 2,902 10
Share of profit
of joint ventures and associates 20––––––
Goodwill amortisation (1) ––––––
Distribution received
from joint ventures and associates (15) ––––––
Disposals (1) – (55) – – (2,478) –
At 23 February 2002 232 16 64 5 3,280 3,424 156
(a) The company’s principal operating subsidiary undertakings are:
Share of Country of
Business equity capital incorporation
Tesco Stores Limited Retail 100% Registered in England
Tesco Property Holdings Limited Property Investment 100% Registered in England
Tesco Insurance Limited Insurance 100% Guernsey
Tesco Distribution Limited Distribution 100% Registered in England
Spen Hill Properties Limited Property Development 100% Registered in England
Tesco Ireland Limited Retail 100% Republic of Ireland
Global T.H. Retail 99% Hungary
Tesco Polska Sp. z o.o. Retail 100% Poland
Tesco Stores C
˘R a.s. Retail 100% Czech Republic
Tesco Stores SR a.s. Retail 100% Slovak Republic
Samsung Tesco Co. Limited Retail 81%* South Korea
Ek-Chai Distribution System Co. Ltd Retail 99% Thailand
Tesco Taiwan Co. Limited Retail 100% Taiwan, Republic of China
Tesco Stores Hong Kong Limited Purchasing 100% Hong Kong
All principal operating subsidiary undertakings, none of which are owned directly by Tesco PLC, operate in their country of incorporation.
* On 25 February 2002, the company acquired an additional 8% share of equity capital, taking the holding to 89%.