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| Note 12 Fixed asset investments |
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| Group | Company | _________________________ | _________________________ | ||
| 1997 £m | 1996 £m | 1997 £m | 1996 £m | _________________________ | _________________________ |
| Subsidiary undertakings - shares at cost, less amounts written off (a) | - | - | 316 | 207 | |
| Loans to group undertakings | - | - | 3,000 | 3,000 | |
| Associated undertakings (b) | 21 | 5 | 22 | 5 | |
| Own shares (c) | - | 12 | - | 12 | |
| Other investments | 2 | 2 | - | - | _________________________ | _________________________ |
| 23 | 19 | 3,338 | 3,224 | _________________________ | _________________________ |
| a) the company's principal operating subsidiary undertakings are: | |||||
| Business | Share of equity capital | Country of incorporation | |||||||
| __________________________________________________________ | |||||||||
| Tesco Stores Limited | Food retail | 100% | Registered in England | ||||||
| Tesco Property Holdings Limited | Property investment | 100% | Registered in England | ||||||
| Tesco Insurance Limited | Insurance | 100% | Guernsey | ||||||
| Tesco Stores Hong Kong Limited | Purchasing | 100% | Hong Kong | ||||||
| Spen Hill Properties Limited | Property development | 100% | Registered in England | ||||||
| Catteau S.A. | Food retail | 100% | France | ||||||
| Global T.H. | Food retail | 97% | Hungary | ||||||
| Tesco Distribution Limited | Distribution | 100% | Registered in England | ||||||
| Tesco Polka Sp. z o.o | Food retail | 96% | Poland | ||||||
| Tesco Stores CR a.s. | Food retail | 100% | Czech Republic | ||||||
| Tesco Stores SR a.s. | Food retail | 100% | Slovakia | ||||||
| All subsidiary undertakings, none of which are owned directly by Tesco PLC, operate in their country of incorporation. | |||||||||
| b) The group's associated undertakings are: | |||||||||
| Business | Share of equity and preference share capital | Country of incorporation | |||||||
| __________________________________________________________ | |||||||||
| Shopping Centres Limited | Property investment | 50% | Registered in England | ||||||
| BLT Properties Limited | Property investment | 50% | Registered in England | ||||||
| BLT Properties Limited was formed during the year. An amount of £1m representing the unrealised 50% element of the profit on the sale of seven of the group's properties to BLT Properties Limited has been offset against the cost of the investment. | |||||||||
| The net debt of the associated undertakings, as at 22 February 1997, was as follows: | |||||||||
| 1997 £m | 1996 £m | ||
| ___________________________________ | |||
| Cash and deposits | 23 | 18 | |
| Term bank loan - repayable 1999 | (48) | (48) | |
| Debenture stock - repayable 2001 | (36) | (34) | |
| Term bank loan - repayable 2003 | (119) | - | |
| Other loans (£19m from group undertakings) | (38) | (20) | |
| ___________________________________ | |||
| (218) | (84) | ||
| ___________________________________ | |||
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There is no recourse to group companies in respect of the debts of the associated undertakings, apart from £14m (1996 - £2m) which has been guaranteed by Tesco PLC (note 28). c) In a previous year the company established an employee share ownership trust. The purpose of the trust was to hold shares in the company for the benefit of group employees. The trust had not waived dividend rights on these shares and the costs of operating the plan were charged to the profit and loss account in the previous year. The shares held by the trust at 24 February 1996 totalling £12m were unconditionally gifted to group employees and the related funding was repaid. |
   
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