Tesco Annual Report 2010
A business for a new decade
Tesco PLC Annual Review and Summary Financial Statement 2010
Contents
Financial highlights
Overview Chairman’s statement A business for a new decade Tesco at a glance Chief Executive’s review Our business Long-term strategy and business highlights International Core UK Non-food Retailing Services Community Our people
1 2 6 8
Group sales (including VAT)*
+6.8% +10.1% +10.4% +9.1% +9.8% +9.1%
2008/9 ‡
Underlying profit before tax
Group profit before tax
10 12 14 16 18 20 22
Underlying diluted earnings per share**
Diluted earnings per share
Summary Financial Statement Summary report of the Directors 24 Group financials 26 Our Board of Directors 29
Dividend per share
All growth figures reported on a 52-week basis.
52 weeks ended 27 February 2010
2009/10
52 weeks
53 weeks
Group sales (£m) (including VAT)* Group revenue (£m) (excluding VAT) Group trading profit (£m) Underlying profit before tax (£m) Group profit before tax (£m) Underlying diluted earnings per share (p) Dividend per share (p) Group enterprise value (£bn) (market capitalisation plus net debt) Return on capital employed
62,537 56,910 3,412 3,395 3,176 31.66 13.05 41.4 12.1%
58,570 53,115 3,039 3,083 2,876 28.50 – – –
59,426 53,898 3,086 3,124 2,917 28.87 11.96 35.9 12.8%
* Group sales (inc. VAT) excludes the accounting impact of IFRIC 13 (Customer Loyalty Programmes). ** Growth in underlying diluted EPS calculated on a constant tax rate basis. ‡ Restated for the impact of IFRIC 13 and IFRS 2.
www.tesco.com/annualreview2010
Over the past decade Tesco has transformed itself into a diverse international business – and by following our consistent strategy we are well positioned for long-term growth.
I am pleased to report that the Tesco team has once again delivered a good set of results – guided by experienced management who have steered the business through recessions before. As markets around the world
Tesco PLC Annual Review and Summary Financial Statement 2010
Contents
Financial highlights
Overview Chairman’s statement A business for a new decade Tesco at a glance Chief Executive’s review Our business Long-term strategy and business highlights International Core UK Non-food Retailing Services Community Our people
1 2 6 8
Group sales (including VAT)*
+6.8% +10.1% +10.4% +9.1% +9.8% +9.1%
2008/9 ‡
Underlying profit before tax
Group profit before tax
10 12 14 16 18 20 22
Underlying diluted earnings per share**
Diluted earnings per share
Summary Financial Statement Summary report of the Directors 24 Group financials 26 Our Board of Directors 29
Dividend per share
All growth figures reported on a 52-week basis.
52 weeks ended 27 February 2010
2009/10
52 weeks
53 weeks
Group sales (£m) (including VAT)* Group revenue (£m) (excluding VAT) Group trading profit (£m) Underlying profit before tax (£m) Group profit before tax (£m) Underlying diluted earnings per share (p) Dividend per share (p) Group enterprise value (£bn) (market capitalisation plus net debt) Return on capital employed
62,537 56,910 3,412 3,395 3,176 31.66 13.05 41.4 12.1%
58,570 53,115 3,039 3,083 2,876 28.50 – – –
59,426 53,898 3,086 3,124 2,917 28.87 11.96 35.9 12.8%
* Group sales (inc. VAT) excludes the accounting impact of IFRIC 13 (Customer Loyalty Programmes). ** Growth in underlying diluted EPS calculated on a constant tax rate basis. ‡ Restated for the impact of IFRIC 13 and IFRS 2.
www.tesco.com/annualreview2010
Over the past decade Tesco has transformed itself into a diverse international business – and by following our consistent strategy we are well positioned for long-term growth.
I am pleased to report that the Tesco team has once again delivered a good set of results – guided by experienced management who have steered the business through recessions before. As markets around the world