Tesco 1999 Annual Report Download - page 31

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TESCO PLC ANNUAL REPORT 1999 29
Group Company
Joint Own Share in Group Loans to Group Joint
ventures (b) shares (c) undertakings (a) undertakings ventures (b)
Note 13 Fixed asset investments £m £m £m £m £m
At 28 February 1998 185 – 1,017 3,000 201
Additions 51 102 984 – 51
Share of loss of joint ventures (2) – – – –
Disposals – – – – –
At 27 February 1999 234 102 2,001 3,000 252
a) The company’s principal operating subsidiary undertakings are:
Share of Country of
Business equity capital incorporation
Tesco Stores Limited Food 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 Food Retail 100% Republic of Ireland
Global T.H. Food Retail 99% Hungary
Tesco Polska Sp. z o.o. Food Retail 98% Poland
Tesco C
˘R a.s. Food Retail 100% Czech Republic
Tesco Stores Thailand Limited Food Retail 75% Thailand
Tesco SR a.s. Food Retail 100% Slovakia
Tesco Stores Hong Kong Limited Purchasing 100% Hong Kong
All principal subsidiary undertakings, none of which is owned directly by Tesco PLC, operate in their country of incorporation.
b) The Group’s joint ventures are:
Share of issued share capital, Country of incorporation and
Business loan capital and debt securities principal country of operation
Shopping Centres Limited Property Investment 50% Registered in England
BLT Properties Limited Property Investment 50% Registered in England
Tesco British Land Property Partnership Property Investment 50% Registered in England
Tesco Personal Finance Group Limited Personal Finance 50% Registered in Scotland
Tesco Personal Finance Life Limited Personal Finance 50% Registered in Scotland
The Group’s share of gross assets and gross liabilities of the joint ventures is disclosed below:
1999 1998
£m £m
Gross assets 821 588
Gross liabilities (587) (403)
234 185
c) The investment in own shares represents 99 million 5p ordinary shares in Tesco PLC valued at £1.03 each. These shares are held
by a qualifying employee share trust (QUEST) in order to satisfy options under savings-related share option schemes which become
exercisable over the next few years. The carrying value of £102m (market value £176m) represents the exercise amount receivable in
respect of these shares subscribed for by the QUEST at market value. Funding is provided to the QUEST by Tesco Stores Limited, the
company’s principal operating subsidiary. The QUEST has waived its rights to dividends on these shares.