Tesco 2010 Annual Report Download - page 97

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Financial statements
Note 12 Investment property continued
The following amounts have been credited/(charged) to operating costs in the Group Income Statement:
2010 2009
£m £m
Impairment losses
Rest of Europe – (10)
Impairment losses – (10)
2010 2009
£m £m
Reversal of impairment losses
Rest of Europe 3 –
Reversal of impairment losses 3 –
Net reversal of impairment losses/(impairment charge) 3 (10)
The impairment losses relate to malls whose recoverable amounts do not exceed the asset carrying values. In all cases, impairment losses arose due to
the malls performing below forecasted trading levels.
The reversal of previous impairment losses arose principally due to improvements in the performance of malls over the last year, which increased the net
present value of cash flows.
The estimated fair value of the Group’s investment property is £2.8bn (2009 – £3.2bn). This fair value has been determined by applying an appropriate
rental yield to the rentals earned by the investment property. A valuation has not been performed by an independent valuer.
Note 13 Group entities
Principal subsidiaries
The Group consolidates its subsidiary undertakings and its principal subsidiaries are:
Share of issued Country of incorporation
ordinary share capital and principal country
Business activity and voting rights of operation
Tesco Stores Limited Retail 100% England
One Stop Stores Limited(a) Retail 100% England
Tesco Ireland Limited Retail 100% Republic of Ireland
Tesco-Global Stores Privately Held Co. Limited Retail 99% Hungary
Tesco Polska Sp. z o.o. Retail 100% Poland
Tesco Stores C
ˇ R a.s. Retail 100% Czech Republic
Tesco Stores S R a.s. Retail 100% Slovakia
Tesco Kipa Kitle Paza rlama Ticaret ve Gide Sanai A.S¸.(a) Retail 93% Turkey
Samsung Tesco Co. Limited Retail 94% South Korea
Homever Tesco Co. Limited Retail 100% South Korea
Ek-Chai Distribution System Co. Limited Retail 86%(b) Thailand
Tesco Stores Malaysia Sdn Bhd Retail 70% Malaysia
Tesco Japan Co. Limited Retail 100% Japan
Shanghai Kancheng Storage Co. Limited Retail 100% People’s Republic of China
Dobbies Garden Centres PLC Retail 100% Scotland
Fresh & Easy Neighborhood Market Inc Retail 100% USA
Tesco Personal Finance Group Limited(a)
(trading as Tesco Bank) Financial Services 100% Scotland
Tesco Distribution Limited Distribution 100% England
Tesco Property Holdings Limited Property 100% England
Tesco International Sourcing Limited Purchasing 100% Hong Kong
dunnhumby Limited Data Analysis 90% England
ELH Insurance Limited (formerly Tesco Insurance Limited) Self-insurance 100% Guernsey
Valiant Insurance Company Limited Self-insurance 100% Republic of Ireland
(a) Held by the Parent Company (all other principal subsidiaries are held by an intermediate subsidiary).
(b) The Group has 86% of voting rights and 39% of issued ordinary share capital in Ek-Chai Distribution System Co. Limited.
The accounting period ends of the subsidiary undertakings consolidated in these financial statements are on or around 27 February 2010. A full list
of the Group’s subsidiary undertakings will be annexed to the next Annual Return filed at Companies House. There are no significant restrictions on
the ability of subsidiary undertakings to transfer funds to the parent, other than those imposed by the Companies Act 2006.
Tesco PLC Annual Report and Financial Statements 2010 95