Tesco 1999 Annual Report Download - page 20

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18 TESCO PLC ANNUAL REPORT 1999
Group profit and loss account
52 weeks ended 27 February 1999
Total
Total 1998
1999 (restated)
Note £m £m
Sales at net selling prices 118,546 17,779
Value added tax (1,388)(1,327)
Turnover excluding value added tax 1/2 17,158 16,452
Operating expenses
– Normal operating expenses (16,155)(15,505)
– Employee profit-sharing 3(38)(35)
– Integration costs 2(26)(63)
– Goodwill amortisation 11 (5)–
Operating profit 1/2 934 849
Loss on disposal of discontinued operations –(8)
Net loss on disposal of fixed assets (8)(1)
Share of operating profit/(loss) of joint ventures 16(6)
Profit on ordinary activities before interest 932 834
Net interest payable 7(90)(74)
Profit on ordinary activities before taxation 842 760
Profit before integration costs, loss on disposal of discontinued operations,
net loss on disposal of fixed assets and goodwill amortisation 881 832
Integration costs (26)(63)
Loss on disposal of discontinued operations –(8)
Net loss on disposal of fixed assets (8)(1)
Goodwill amortisation (5)–
Tax on profit on ordinary activities 8(237)(228)
Profit on ordinary activities after taxation 605 532
Minority interests 1–
Profit for the financial year 606 532
Dividends 9(277)(255)
Retained profit for the financial year 24 329 277
Pence Pence
Earnings per share 10 9.14 8.12
Adjusted for integration costs after taxation 0.27 0.79
Adjusted for net loss on disposal of fixed assets and loss on
disposal of discontinued operations after taxation 0.12 0.14
Adjusted for goodwill amortisation 0.06 –
Adjusted earnings per share 10 9.59 9.05
Diluted earnings per share 10 8.93 7.93
Adjusted for integration costs after taxation 0.26 0.78
Adjusted for net loss on disposal of fixed assets and loss on
disposal of discontinued operations after taxation 0.12 0.13
Adjusted for goodwill amortisation 0.06 –
Adjusted diluted earnings per share 10 9.37 8.84
Dividend per share 94.12 3.87
Dividend cover (times) 2.27 2.28
Accounting policies and notes forming part of these financial statements are on pages 22 to 40.