Tesco Annual Report

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TESCO PLC ANNUAL REPORT AND FINANCIAL STATEMENTS 2003

NUMBER O F S TO R E S

SALES AREA

N E W S TO R E S OPENED INC. AC Q U I S I T I O N S IN 2002/03

PLANNED OPENINGS IN 2003/04

1,982

21.8m sq ft

1,265

59
UNITED KINGDOM

77

1.7m sq ft

1

6
REPUBLIC OF IRELAND

53

2.5m sq ft

5

5
HUNGARY

66

3.4m sq ft

20

5
POLAND

17

1.6m sq ft

2

4
CZECH REPUBLIC

17

1.4m sq ft

4

4
SLOVAKIA

1 2 5 7 12 22 23 24 25

Financial highlights Operating and financial review Directors’ report Corporate governance Report of the directors on remuneration Statement of directors’ responsibilities Independent auditors’ report Group profit and loss account Statement of total recognised gains and losses Reconciliation of movements in shareholders’ funds

52

4.8m sq ft

17

6
THAILAND

21

2.1m sq ft

7

8
SOUTH KOREA

3

0.3m sq ft

1

1
TAIWAN

26 27 28 30 54

Balance sheets Group cash flow statement Accounting policies Notes to the financial statements Five year record

3

0.3m sq ft

3

1
MALAYSIA

2,291

39.9m sq ft

1,325

99

we go the extra mile for customers making shopping better, simpler, cheaper in every store, in every country in which we operate

FINANCIAL HIGHLIGHTS
GROUP SALES

+ 11.5%

2003 2002
Group sales
(£m) (including value added tax)

UNDERLYING GROUP PROFIT BEFORE TAX †

28,613 1,401 1,361 13.98 13.42 6.20
(£m)

25,654 1,221 1,201 12.14 11.86 5.60

+ 14.7%
GROUP PROFIT BEFORE TAX

Underlying pre-tax profit † (£m) Pre-tax profit (£m) Underlying diluted earnings per share † (p) Diluted earnings per share (p) Dividend per share (p)

+ 13.3%
UNDERLYING DILUTED EARNINGS PER SHARE †

+ 15.2%
DILUTED EARNINGS PER SHARE

Group enterprise value

(market capitalisation plus net debt)


16,896

21,290

+ 13.2%
DIVIDEND PER SHARE

Excluding net loss on disposal of fixed assets, integration costs and goodwill amortisation.

+ 10.7%

2

TESCO PLC

operating and financial review
This operating and financial review analyses the performance of the Tesco Group in the financial year ended 22 February 2003. It also explains other aspects of the Group’s results and operations, including strategy and risk management. 28,613

25,654

22,773

GROUP SUMMARY

18,546

20,358

2003 £m

2002 Change £m %

Group sales
(including value added tax)

28,613

25,654

11.5

Underlying profit on ordinary activities before tax†
17,091 18,334 19,884 21,685 23,407

1,401 1,361 13.98p 6.20p

1,221 1,201 12.14p 5.60p

14.7 13.3 15.2 10.7

Profit on ordinary activities before taxation Underlying diluted earnings per share† Dividend per share UK PERFORMANCE

99

00

01

02

03

G RO U P P E R F O R M A N C E £ m G RO U P S A L E S

UK SALES

2003 £m

2002 Change £m %

Sales
(including value added tax) 2,134 1,944 2,027

23,407 1,297

21,685 1,213

7.9 6.9

Underlying operating profit†

1,488

REST OF EUROPE PERFORMANCE

2003 £m

2002 Change £m %

Sales
(including value added tax)

3,032 141

2,475 90

22.5 56.7

Underlying operating profit†
ASIA PERFORMANCE 1,206 1,276 1,228

Group sales including VAT increased by 11.5% to £28,613m (2002 – £25,654m). Group underlying profit on ordinary activities before tax (excluding net loss on disposal of fixed assets, integration costs and goodwill amortisation) increased by 14.7% to £1,401m. In the year, we acquired the T&S and HIT businesses. The impact was to increase underlying profit by a net £1m. Group capital expenditure was £2,134m (2002 – £2,027m). UK capital expenditure was £1,228m, including £558m on new stores and £335m on extensions and refits. Total international capital expenditure was £906m, £527m in Asia and £379m in Europe. In the year ahead, we forecast Group capital expenditure to be around £2.2bn. The Group continued to generate strong operating cash flows. Net...
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