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Tesco PLC Annual Report and
Financial Statements 2008
68 www.tesco.com/annualreport08
Note 13 Group entities
Significant subsidiaries
The Group consolidates its subsidiary undertakings; the principal subsidiaries are:
Share of issued ordinary share Country of
Business activity capital, and voting rights incorporation
Tesco Stores Limited* Retail 100% England
One Stop Stores Limited Retail 100% England
Tesco Ireland Limited* Retail 100% Republic of Ireland
Tesco Global Aruhazak Rt.* Retail 99% Hungary
Tesco Polska Sp. z o.o.* Retail 100% Poland
Tesco Stores C
ˇR a.s.* Retail 100% Czech Republic
Tesco Stores S R a.s.* Retail 100% Slovakia
Tesco Kipa A.S¸. Retail 93% Turkey
Samsung Tesco Co. Limited* Retail 94% South Korea
Ek-Chai Distribution System Co. Limited* Retail 99% Thailand
Tesco Stores Malaysia Sdn Bhd* Retail 70% Malaysia
C Two-Network Co. Limited* Retail 100% Japan
Hymall* Retail 90% Republic of China
Dobbies Garden Centres PLC* Retail 66% Scotland
Tesco Distribution Limited* Distribution 100% England
Tesco Property Holdings Limited* Property 100% England
Tesco Stores Hong Kong Limited* Purchasing 100% Hong Kong
dunnhumby Limited* Data Analysis 84% England
Tesco Insurance Limited* Self-insurance 100% Guernsey
Valiant Insurance Company Limited* Self-insurance 100% Republic of Ireland
* Held by an intermediate subsidiary.
All principal subsidiary undertakings operate in their country of incorporation.
The accounting period ends of the subsidiary undertakings consolidated in these financial statements are on or around 23 February 2008, with the
exception of Dobbies Garden Centres PLC (‘Dobbies’), owing to the Group’s acquisition of a majority shareholding during 2007. Dobbies has an
accounting period end of 31 October 2007, and its results to 28 February 2008 have been included in the Group’s Annual Report and Financial Statements.
On 21 January 2008, Tesco Kipa A.S¸. raised further capital of £198m through a rights issue. This was fully subscribed for, including £16m from minority interests.
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 1985.
Interests in joint ventures and associates
The Group uses the equity method of accounting for joint ventures and associates. The following table shows the aggregate movement in the Group’s
investment in joint ventures and associates:
Joint ventures Associates Total
£m £m £m
At 25 February 2006 456 20 476
Additions 47 3 50
Effect of change in foreign exchange rates (14) – (14)
Share of profit of joint ventures and associates 104 2 106
Income received from joint ventures and associates (123) (1) (124)
Disposals(a) – (14) (14)
Capital reduction (6) – (6)
Transferred to subsidiary undertakings(b) (160) – (160)
At 24 February 2007 304 10 314
Additions 8–8
Share of profit of joint ventures and associates 74 1 75
Income received from joint ventures and associates (87) (1) (88)
Transferred to subsidiary undertakings(b) (4) – (4)
At 23 February 2008 295 10 305
Notes to the Group financial statements continued