Tesco 2014 Annual Report Download - page 120
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Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.
Transactions between the Group and its joint ventures and associates are disclosed below:
Trading transactions
Sales to
related parties
Purchases from
related parties
Amounts owed
by related parties
Amounts owed
to related parties
2014
£m
2013
£m
2014
£m
2013
£m
2014
£m
2013
£m
2014
£m
2013
£m
Joint ventures 366 303 533 516 19 13 621
Associates 7218 952 ––17 12
Sales to related parties consists of services/management fees and loan interest.
Purchases from related parties include £412m (2013: £387m) of rentals payable to the Group’s joint ventures (including those joint ventures formed as part of
the sale and leaseback programme) and £nil (2013: £952m) of fuel purchased from Greenergy International Limited. In addition, duty on the fuel purchases
paid by the Group to Greenergy International Limited was £nil (2013: £1,056m).
Non-trading transactions
Sale and
leaseback of assets
Loans to
related parties
Loans from
related parties
Injection of
equity funding
2014
£m
2013
£m
2014
£m
2013
£m
2014
£m
2013
£m
2014
£m
2013
£m
Joint ventures –493 218 459 16 16 324
Associates 46 503 37 21 ––7132
Transactions between the Group and the Group’s pension plans are disclosed in Note 26.
A number of the Group’s subsidiaries are members of one or more partnerships to whom the provisions of the Partnerships (Accounts) Regulations 2008
(‘Regulations’) apply. The accounts for those partnerships have been consolidated into these accounts pursuant to Regulation 7 of the Regulations.
During the year, the Group completed one sale and leaseback transaction involving property assets in Thailand. On 24 January 2014, one trading mall was
sold to the Tesco Lotus Growth Fund, an associated entity of the Group, for a consideration of £46m.
Transactions with key management personnel
Members of the Board of Directors and Executive Committee of Tesco PLC are deemed to be key management personnel.
Key management personnel compensation and their transactions with Tesco Bank are disclosed below:
2014
£m
2013
£m
Salaries and short-term benefits 16 13
Pensions 33
Share-based payments 22
Loss of office costs 13
22 21
Of the total remuneration to key management personnel, £16m (2013: £7m) relates to Executive Committee members who are not on the PLC Board.
Transactions of key management personnel with Tesco Bank during the financial year were as follows:
Credit card and personal
loan balances
Saving deposit accounts
Number of key
management
personnel £m
Number of key
management
personnel £m
At 22 February 2014 12 – 4 –
At 23 February 2013 12 – 5 –
Note 28 Related party transactions
Other information
Governance Financial statementsStrategic report
Tesco PLC Annual Report and Financial Statements 2014 117