Tesco Annual Report

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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

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