Tesco Annual Report
TESCO PLC ANNUAL REVIEW AND SUMMARY FINANCIAL STATEMENT 2002
ifc1 TESCO PLC
TESCO PLC ifc1
UNITED KINGDOM
REPUBLIC OF IRELAND
HUNGARY
POLAND
CZECH REPUBLIC
SLOVAK REPUBLIC
THAILAND
TESCO OPERATES
979 STORES , EMPLOYS 260,000
SOUTH KOREA
PEOPLE ,
GIVING
US
ACCESS
TO
A
POPULATION
OF
TAIWAN
280 MILLION
ACROSS OUR
10 MARKETS
MALAYSIA
Our world-class team of people is building a world-class business by working harder to deliver great value for customers, in every store, in every country, every day.
FINANCIAL HIGHLIGHTS
3
CHAIRMAN ’ S STATEMENT
OUR MARKETS
GROUP SALES GROUP PROFIT BEFORE TAX †
UP UP UP UP
4 6 8 10
AT A GLANCE UK EUROPE ASIA
EARNINGS PER SHARE † (adjusted diluted) DIVIDEND PER SHARE
12.7% 14.1% 13.9% 12.4%
WHY WE ARE N O 1
12
CHIEF EXECUTIVE ’ S REVIEW
14 16
ONE TEAM CATERING FOR ALL TASTES
2002
52 weeks
2001
52 weeks
18 20
ONE - STOP SHOP UNDERSTANDING LOCAL CUSTOMERS
Group sales
(including value added tax) (£m)
25,654
22,773
Profit on ordinary activities before tax † (£m)
1,221
1,070
22
INVESTING AND INNOVATING
Earnings per share † (adjusted
diluted) (p)
12.14
10.66 ‡
24 26 28
FIRST FOR FINANCE
Dividend per share
E -@ SY SHOPPING SUPPORTING OUR LOCAL COMMUNITIES
(p)
5.60
4.98
Group enterprise value
(market capitalisation plus net debt) (£m)
21,290
21,590
†
THE DIRECTORS AND THE ACCOUNTS
‡
Excluding net loss on disposal of fixed assets and goodwill amortisation. Restated due to the adoption of Financial Reporting Standard (FRS) 19, ‘Deferred Tax’.
30 32
BOARD OF DIRECTORS SUMMARY DIRECTORS ’ REPORT
34
SUMMARY FINANCIAL STATEMENT
36
INVESTOR INFORMATION
TESCO PLC
3
This year marks the arrival of Tesco as an International Group with market leading positions in six of our ten countries and 65,000 staff overseas. Our success
ifc1 TESCO PLC
TESCO PLC ifc1
UNITED KINGDOM
REPUBLIC OF IRELAND
HUNGARY
POLAND
CZECH REPUBLIC
SLOVAK REPUBLIC
THAILAND
TESCO OPERATES
979 STORES , EMPLOYS 260,000
SOUTH KOREA
PEOPLE ,
GIVING
US
ACCESS
TO
A
POPULATION
OF
TAIWAN
280 MILLION
ACROSS OUR
10 MARKETS
MALAYSIA
Our world-class team of people is building a world-class business by working harder to deliver great value for customers, in every store, in every country, every day.
FINANCIAL HIGHLIGHTS
3
CHAIRMAN ’ S STATEMENT
OUR MARKETS
GROUP SALES GROUP PROFIT BEFORE TAX †
UP UP UP UP
4 6 8 10
AT A GLANCE UK EUROPE ASIA
EARNINGS PER SHARE † (adjusted diluted) DIVIDEND PER SHARE
12.7% 14.1% 13.9% 12.4%
WHY WE ARE N O 1
12
CHIEF EXECUTIVE ’ S REVIEW
14 16
ONE TEAM CATERING FOR ALL TASTES
2002
52 weeks
2001
52 weeks
18 20
ONE - STOP SHOP UNDERSTANDING LOCAL CUSTOMERS
Group sales
(including value added tax) (£m)
25,654
22,773
Profit on ordinary activities before tax † (£m)
1,221
1,070
22
INVESTING AND INNOVATING
Earnings per share † (adjusted
diluted) (p)
12.14
10.66 ‡
24 26 28
FIRST FOR FINANCE
Dividend per share
E -@ SY SHOPPING SUPPORTING OUR LOCAL COMMUNITIES
(p)
5.60
4.98
Group enterprise value
(market capitalisation plus net debt) (£m)
21,290
21,590
†
THE DIRECTORS AND THE ACCOUNTS
‡
Excluding net loss on disposal of fixed assets and goodwill amortisation. Restated due to the adoption of Financial Reporting Standard (FRS) 19, ‘Deferred Tax’.
30 32
BOARD OF DIRECTORS SUMMARY DIRECTORS ’ REPORT
34
SUMMARY FINANCIAL STATEMENT
36
INVESTOR INFORMATION
TESCO PLC
3
This year marks the arrival of Tesco as an International Group with market leading positions in six of our ten countries and 65,000 staff overseas. Our success