Tesco 2001 Annual Report Download - page 31

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TESCO PLC 29
NOTE 13 Fixed asset investments
Group Company
Joint Own Share in Group Loans to Group Joint
ventures (b) shares (c) undertakings (a) undertakings ventures (b)
£m £m £m £m £m
At 26 February 2000 172 79 2,200 3,000 124
Additions 52 70 574 – 36
Share of profit of joint ventures 1––––
Disposals (22) (48) – – (14)
At 24 February 2001 203 101 2,774 3,000 146
aThe 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% Slovakia
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 subsidiary undertakings, none of which are owned directly by Tesco PLC, operate in their country of incorporation.
bThe 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 BL Holdings 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 Home Shopping Limited Mail Order Retail 60% Registered in England
iVillage UK Limited Internet 50% Registered in England
DunnHumby Associates Limited Data Analysts 53% Registered in England
The Group’s share of gross assets and gross liabilities of the joint ventures is disclosed below:
2001 2000
£m £m
Gross assets 1,283 958
Gross liabilities (1,094) (786)
189 172
cThe investment in own shares represents 70 million 5p ordinary shares in Tesco PLC with a weighted average value of £1.44 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 £101m (market value £190m) 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.