Tesco 2009 Annual Report Download - page 95

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93
FINANCIAL STATEMENTS
Tesco PLC Annual Report and Financial Statements 2009
To find out more go to
www.tesco.com/annualreport09
Note 13 Group entities continued
Transferred to investment in subsidiary undertakings
During the year ended 28 February 2009, the Group acquired the remaining 50% of the share capital of Tesco Personal Finance Group Limited,
previously a joint venture, making the company a wholly-owned subsidiary entity which has been consolidated within the Group results from the date
of acquisition onwards (see note 31).
During the year ended 23 February 2008, the Group purchased additional share capital in Nutri Centres Limited, making the company a wholly-owned
subsidiary entity which has been consolidated within the Group results from the date of acquisition onwards.
Significant joint ventures
The Group’s principal joint ventures are:
Share of issued share Country of incorporation
capital, loan capital and and principal country
Business activity debt securities of operation
Tesco Mobile Limited† Telecommunications 50% England
Shopping Centres Limited Property Investment 50% England
BLT Properties Limited Property Investment 50% England
Tesco British Land Property Partnership† Property Investment 50% England
Tesco Red Limited Partnership† Property Investment 50% England
Tesco Aqua Limited Partnership† Property Investment 50% England
Tesco Jade Limited Partnership† Property Investment 50% England
Tesco Coral Limited Partnership† Property Investment 50% England
Arena (Jersey) Management Limited† Property Investment 50% Jersey
The Tesco Property (No. 2) Limited Partnership† Property Investment 50% Jersey
† Held by an intermediate subsidiary.
The accounting period ends of the joint ventures consolidated in these financial statements range from 31 December 2008 to 28 February 2009.
Accounting period end dates different from those of the Group arise for commercial reasons and depend upon the requirements of the joint venture
partner as well as those of the Group.
The share of the assets, liabilities, revenue and profit of the joint ventures, which are included in the consolidated financial statements, are as follows:
2009 2008
£m £m
Non-current assets 1,637 1,411
Current assets 281 4,277
Current liabilities (426) (3,888)
Non-current liabilities (1,458) (1,513)
Goodwill 1 1
Cumulative unrecognised losses 14 7
49 295
Revenue 549 482
Expenses (443) (408)
Profit for the year 106 74
The unrecognised share of losses made by joint ventures in the year to 28 February 2009 was £7m (2008 – £nil).