tesco-annualreport
Content
Five year record
2006 1
20 07 07
20 08 08
2009 Restated
2010
Financial statistics Group sales (including VAT) (£m)
43,137
46,611
51,773
59,426
62,537
Revenue (excluding VAT) (£m) UK Rest of Europe A sia US Tesco Bank Total Group Group operating profit 2 (£m) Group operating profit margin2 Share of results of joint ventures and associates (£m) Prof it on sale of investment in associates (£m) Net f inance cost s (£m) Profit before tax (£m) Taxation (£m) Minor it y inter est s (£m) (Loss)/profit for the period from discontinued operation4,5 (£m) Prof it for the f inancial year at tributable to owners of the parent (£m)
29,990 5,095 4,369 – – 39,454 2, 28 0 5. 8% 82 – (127 ) 2, 235 (649) (6 ) (10) 1, 570
32,665 5,559 4,417 – – 42,641 2,6 48 6 . 2% 106 25 (126) 2,653 ( 772) ( 7) 18 1,892
34,8586 6,872 5,552 16 6 – 47, 298 2,791 5.9% 75 – (63) 2, 803 (673) (6) – 2,124
37,6503 8, 8315 7,0483 206 1636 53,898 3,1693 5.9% 110 – ( 362) 2,9173 ( 779) (5) – 2,133 3
38,558
2, 277
2,545
2,846
3,124
3,395
40,469 23.61p 23.31p 9.64p 26.7% 12.6%16
37,656 26.95p 26.61p 10.90p 25.1% 12.7%17
35,9 07 27.14p3 26.96p3 11.96p 23.5%3 12.8%20
41,442
Underlying profit before tax 5 (£m) Enterprise value 7 (£m) Basic earnings per share 8 Diluted earnings per share 8 Dividend per share 9 Return on shareholders’ funds10 Return on capital employed 11 Group statistics Number of stores Total sales area – 000 sq ft12 Average employees Average full-time equivalent employees UK retail statistics Number of stores18 Total sales area – 000 sq ft12,18 Average store size (sales area – sq ft)13,18 Average full-time equivalent employees UK retail productivity (£) Revenue per employee 14 Profit per employee14 Weekly sales per sq ft15
30,841 20.20p 19.92p 8.63p 24.9% 12.7% 2,672 55, 215 368, 213 273,024
3, 263 6 8,189 413,061 318, 283
3,751 76,338 444,127 345,737
4,332 88,451 468,508 364,015
1,898 25,919 32, 816 175,459
1,988 27,785 34, 209 184,461
2,115 29,549 35,055 193,917
2,282 31, 285 35, 215 194,420
170,923 10,190 25.06
177,084 11,292 25.48
179,840 10,81419 25.43
196,4363 13,0653 25.343
8,704 8,439 349 860 56,910 3,457 6.1% 33 – (314) 3,176 (840) (9) – 2,327
29.33p 29.19p 13.05p 23.0% 12.1% 4,811 93,985 472,094 372,338 2,482 32,991 35,485 196,604 196,120 14,303 25.22
1 Results for the year ended 25 February 2006 include 52 weeks for the UK and ROI and 14 months for the majority of the remaining international businesses. 2 Operating profit includes integration costs and profit/(loss) arising on sale of fixed assets. Operating margin is based upon revenue excluding VAT. 3 The Group adopted IFRIC 13 ‘Customer Loyalty Programmes’ and the amendments to IFRS 2 ‘Share-Based Payment’ from 24 February 2008. Periods before this date have not been restated. 4 Consists of the net result of the Taiwanese business which was sold during 2007. 5 IFRS underlying profit excludes IAS 32 and IAS 39 ‘Financial Instruments’ – fair value remeasurements, the IA S 19 Group Income Statement charge, which is replaced by the ‘normal’ cash contributions for pensions, IAS 17 ‘Leases’ – impact of annual uplifts in rent and rent-free periods, IFRS 3 Amortisation charge from intangible assets arising on acquisition, IFRIC 13 ‘Customer Loyalty Programmes’ – fair value of awards and exceptional items. For further details of this measure, see page 81. 6 Results have been restated to reflect the US and Tesco Bank as separate segments. 7 Market capitalisation plus net debt. 8 Basic and diluted earnings per share are on a continuing operations basis. 9 Dividend per share relating to the interim and proposed final dividend. 10 Profit before tax divided by average shareholders’ funds. 11 The numerator is profit before interest, less tax. The denominator is the calculated average of net assets plus net debt plus dividend creditor less net assets held for sale. 12 Store sizes exclude lobby and restaurant areas. 13 Average store size excludes Express and One Stop stores. 14 Based on average number of full-time equivalent employees in the UK, revenue exclusive of VAT and operating profit. 15 Based on weighted average sales area and sales excluding property development. 16 Excludes one-off gain from ‘Pensions A-Day’, with this one-off gain ROCE was 13.6%. 17 Using a ‘normalised’ tax rate before start-up costs in the US and Tesco Direct and excluding the impact of foreign exchange in equity and our acquisition of a majority share of Dobbies. 18 Excluding Dobbies stores. 19 Excluding start-up costs in the US and Tesco Direct and adjusting average number of full-time equivalent employees in the UK to exclude US and Tesco Direct employees – profit per employee wou ld be £11,317. 20 Excluding acquisition of Tesco Bank and Homever, and India start-up costs, and after adjusting for assets held for sale. Calculated on a 52-week basis, ROCE for 2009 is 12.8%.
Tesco PLC
Annual Report and Financial Statements 2010
F i n a n c i a l s t a t e m e n t s
121
2006 1
20 07 07
20 08 08
2009 Restated
2010
Financial statistics Group sales (including VAT) (£m)
43,137
46,611
51,773
59,426
62,537
Revenue (excluding VAT) (£m) UK Rest of Europe A sia US Tesco Bank Total Group Group operating profit 2 (£m) Group operating profit margin2 Share of results of joint ventures and associates (£m) Prof it on sale of investment in associates (£m) Net f inance cost s (£m) Profit before tax (£m) Taxation (£m) Minor it y inter est s (£m) (Loss)/profit for the period from discontinued operation4,5 (£m) Prof it for the f inancial year at tributable to owners of the parent (£m)
29,990 5,095 4,369 – – 39,454 2, 28 0 5. 8% 82 – (127 ) 2, 235 (649) (6 ) (10) 1, 570
32,665 5,559 4,417 – – 42,641 2,6 48 6 . 2% 106 25 (126) 2,653 ( 772) ( 7) 18 1,892
34,8586 6,872 5,552 16 6 – 47, 298 2,791 5.9% 75 – (63) 2, 803 (673) (6) – 2,124
37,6503 8, 8315 7,0483 206 1636 53,898 3,1693 5.9% 110 – ( 362) 2,9173 ( 779) (5) – 2,133 3
38,558
2, 277
2,545
2,846
3,124
3,395
40,469 23.61p 23.31p 9.64p 26.7% 12.6%16
37,656 26.95p 26.61p 10.90p 25.1% 12.7%17
35,9 07 27.14p3 26.96p3 11.96p 23.5%3 12.8%20
41,442
Underlying profit before tax 5 (£m) Enterprise value 7 (£m) Basic earnings per share 8 Diluted earnings per share 8 Dividend per share 9 Return on shareholders’ funds10 Return on capital employed 11 Group statistics Number of stores Total sales area – 000 sq ft12 Average employees Average full-time equivalent employees UK retail statistics Number of stores18 Total sales area – 000 sq ft12,18 Average store size (sales area – sq ft)13,18 Average full-time equivalent employees UK retail productivity (£) Revenue per employee 14 Profit per employee14 Weekly sales per sq ft15
30,841 20.20p 19.92p 8.63p 24.9% 12.7% 2,672 55, 215 368, 213 273,024
3, 263 6 8,189 413,061 318, 283
3,751 76,338 444,127 345,737
4,332 88,451 468,508 364,015
1,898 25,919 32, 816 175,459
1,988 27,785 34, 209 184,461
2,115 29,549 35,055 193,917
2,282 31, 285 35, 215 194,420
170,923 10,190 25.06
177,084 11,292 25.48
179,840 10,81419 25.43
196,4363 13,0653 25.343
8,704 8,439 349 860 56,910 3,457 6.1% 33 – (314) 3,176 (840) (9) – 2,327
29.33p 29.19p 13.05p 23.0% 12.1% 4,811 93,985 472,094 372,338 2,482 32,991 35,485 196,604 196,120 14,303 25.22
1 Results for the year ended 25 February 2006 include 52 weeks for the UK and ROI and 14 months for the majority of the remaining international businesses. 2 Operating profit includes integration costs and profit/(loss) arising on sale of fixed assets. Operating margin is based upon revenue excluding VAT. 3 The Group adopted IFRIC 13 ‘Customer Loyalty Programmes’ and the amendments to IFRS 2 ‘Share-Based Payment’ from 24 February 2008. Periods before this date have not been restated. 4 Consists of the net result of the Taiwanese business which was sold during 2007. 5 IFRS underlying profit excludes IAS 32 and IAS 39 ‘Financial Instruments’ – fair value remeasurements, the IA S 19 Group Income Statement charge, which is replaced by the ‘normal’ cash contributions for pensions, IAS 17 ‘Leases’ – impact of annual uplifts in rent and rent-free periods, IFRS 3 Amortisation charge from intangible assets arising on acquisition, IFRIC 13 ‘Customer Loyalty Programmes’ – fair value of awards and exceptional items. For further details of this measure, see page 81. 6 Results have been restated to reflect the US and Tesco Bank as separate segments. 7 Market capitalisation plus net debt. 8 Basic and diluted earnings per share are on a continuing operations basis. 9 Dividend per share relating to the interim and proposed final dividend. 10 Profit before tax divided by average shareholders’ funds. 11 The numerator is profit before interest, less tax. The denominator is the calculated average of net assets plus net debt plus dividend creditor less net assets held for sale. 12 Store sizes exclude lobby and restaurant areas. 13 Average store size excludes Express and One Stop stores. 14 Based on average number of full-time equivalent employees in the UK, revenue exclusive of VAT and operating profit. 15 Based on weighted average sales area and sales excluding property development. 16 Excludes one-off gain from ‘Pensions A-Day’, with this one-off gain ROCE was 13.6%. 17 Using a ‘normalised’ tax rate before start-up costs in the US and Tesco Direct and excluding the impact of foreign exchange in equity and our acquisition of a majority share of Dobbies. 18 Excluding Dobbies stores. 19 Excluding start-up costs in the US and Tesco Direct and adjusting average number of full-time equivalent employees in the UK to exclude US and Tesco Direct employees – profit per employee wou ld be £11,317. 20 Excluding acquisition of Tesco Bank and Homever, and India start-up costs, and after adjusting for assets held for sale. Calculated on a 52-week basis, ROCE for 2009 is 12.8%.
Tesco PLC
Annual Report and Financial Statements 2010
F i n a n c i a l s t a t e m e n t s
121
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