Tesco PLC Annual Report and Financial Statements 2013
99
OVERVIEW
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
224 49 (8) 12 71 – (40) 308 11 (1) 10 35 – (46) 317
Total £m
92 – – – 20 3 – 115 87 (43) 6 19 (2) (5)
316 49 (8) 12 91 3 (40) 423 98 (44) 16 54 (2) (51)
177
494
Country of incorporation and principal country of operation
Property Investment Property Investment Property Investment Property Investment Property Investment Property Investment Property Investment Property Investment Property Investment Property Investment Property Investment Property Investment Property Investment Property Investment Property Investment Property Investment Property Investment Property Investment Property Investment Property Investment Property Investment Property Investment Property Investment Property Investment Retail Telecommunications
50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
England England England England England England England England England England England England England England People’s Republic of China People’s Republic of China People’s Republic of China People’s Republic of China People’s Republic of China People’s Republic of China People’s Republic of China People’s Republic of China Jersey Jersey Japan England
* Held by the Parent Company (all other significant joint ventures are held by an intermediate subsidiary).
The accounting period ends of the joint ventures consolidated in these financial statements range from 31 December 2012 to 28 February 2013. The 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.
FINANCIAL STATEMENTS
Share of issued share capital, loan capital and debt securities
GOVERNANCE
Shopping Centres Limited* BLT Properties Limited* The Tesco British Land Property Partnership The Tesco Red Limited Partnership The Tesco Aqua Limited Partnership The Tesco Coral Limited Partnership The Tesco Blue Limited Partnership The Tesco Atrato Limited Partnership The Tesco Property Limited Partnership The Tesco Passaic Limited Partnership The Tesco Navona Limited Partnership The Tesco Sarum Limited Partnership The Tesco Dorney Limited Partnership Tesco BL Properties Limited Fushun Splendor Real Estate Development Co. Limited Anshan Tesco Real Estate Development Co. Limited Tesco Qinhuangdo Property Limited Xiamen Hete Property Co. Limited Tesco Fujian Property Limited Tesco (Fujian) Industry Limited Tesco Shenyang Property Co. Limited Tesco Nanjing Zhongshan Real Estate Development Co. Limited Arena (Jersey) Management Limited The Tesco Property (No. 2) Limited Partnership Aeon Every Co., Ltd Tesco Mobile Limited
Business activity
PERFORMANCE REVIEW
Significant joint ventures The Group’s principal joint ventures are:
BUSINESS REVIEW
At 26 February 2011 Additions Disposals Foreign currency translation Share of post-tax profits of joint ventures and associates Other movements in reserves Dividends received from joint ventures and associates At 25 February 2012 Additions Disposals Foreign currency translation Share of post-tax profits of joint ventures and associates Other movements in reserves Dividends received from joint ventures and associates At 23 February 2013
Associates £m