Tesco 2010 Annual Report Download - page 99

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Financial statements
Note 13 Group entities continued
The share of the assets, liabilities, revenue and profit of the joint ventures, which are included in the consolidated financial statements, are as follows:
2010 2009
£m £m
Non-current assets 2,216 1,637
Current assets 359 281
Current liabilities (411) (426)
Non-current liabilities (2,041) (1,458)
Goodwill 1 1
Cumulative unrecognised losses 12 14
136 49
Revenue 355 549
Expenses (326) (443)
Profit for the year 29 106
The unrecognised share of losses made by joint ventures during the year ended 27 February 2010 was £3m (2009 – £7m).
Associates
The Group’s principal associate is:
Share of issued share capital, Country of incorporation
loan capital and debt and principal country
Business activity securities of operation
Greenergy International Limited† Fuel Supplier 21% England
† Held by an intermediate subsidiary.
Although the Group only holds a 21.3% non-voting shareholding in Greenergy International Limited it is treated as an associate as the Board of
Greenergy International Limited requires the consent of the Group on certain reserve matters as specified in the company’s Articles of Association.
The share of the assets, liabilities, revenue and profit of the Group’s associates, which are included in the consolidated financial statements, are as follows:
2010 2009
£m £m
Assets 156 163
Liabilities (142) (152)
Goodwill 2 2
16 13
Revenue 473 540
Profit for the year 4 4
The accounting period ends of the associates consolidated in these financial statements range from 31 December 2009 to 31 January 2010. The
accounting period end dates of the associates are different from those of the Group as they also depend upon the requirements of the parent
companies of those entities.
There are no significant restrictions on the ability of associated undertakings to transfer funds to the parent, other than those imposed by the
Companies Act 2006.
Note 14 Other investments
2010 2009
£m £m
Loan receivable 259 259
Available-for-sale financial assets 604 –
863 259
The loan receivable comprises an interest-free subordinated loan made by Tesco Bank to Direct Line Group Limited. This loan has no interest receivable
and no fixed repayment date.
No impairment charge was recognised on the loan during the year (2009 – £nil).
Included in available-for-sale financial assets is £224m, which is current.
Tesco PLC Annual Report and Financial Statements 2010 97