Tesco 2002 Annual Report Download - page 30

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28 TESCO PLC notes to the financial statements continued
NOTE 14 Fixed asset investments continued
(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 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 Limited Data Analysts 53% Registered in England
The Nutri Centre Limited Complementary Medicines 50% Registered in England
Taiwan Charn Yang Developments Limited Property Investment 50% Taiwan, Republic of China
Retail Property Company Limited Property Investment 50% Thailand
Tesco Card Services Limited Personal Finance 50% Thailand
The accounting periods of the joint ventures consolidated in these financial statements, range from 20 December 2001 to 2 March 2002.
2002 2001
£m £m
The net borrowings of the joint ventures, as at 23 February 2002, were as follows:
Cash and deposits 301 284
Borrowings falling due within one year (46) –
Other loans (616) (577)
(361) (293)
There is no recourse to Group companies in respect of the borrowings of the joint ventures, apart from £12m (2001 – £12m) which has
been guaranteed by Tesco PLC (note 30).
(c) The Group’s associates are:
Share of issued share capital, Country of incorporation and
Business loan capital and debt securities principal country of operation
Broadfields Management Limited Property Management 43% Registered in England
Clarepharm Limited Pharmacy 23% Registered in England
GroceryWorks Holdings Inc. Internet Retailer 35% United States of America
Hussmann (Hungary) Kft Refrigeration 40% Hungary
(d) The investment in own shares represents 41 million 5p ordinary shares in Tesco PLC (0.6% of called up share capital at 23 February 2002)
with a weighted average value of £1.56 each.These shares are held by a qualifying employee share ownership 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 £64m
(market value £105m) 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 right
to dividends on these shares.