Tesco 1999 Annual Report Download - page 43

Five year record
TESCO PLC ANNUAL REPORT 1999 41
Year ended February 1995 1996 1997 1998 11999
Financial statistics £m
Turnover excluding VAT
UK 9,655 11,560 13,118 14,971 15,835
Rest of Europe 446 534 769 1,481 1,167
Thailand ––––156
10,101 12,094 13,887 16,452 17,158
Operating profit 2
UK 600 713 760 875 919
Rest of Europe 17 11 14 37 48
Thailand ––––
(
2
)
617 724 774 912 965
Operating margin 2
UK 6.2% 6.2% 5.8% 5.8% 5.8%
Rest of Europe 3.8% 2.1% 1.8% 2.5% 4.1%
Thailand ––––
(
1.3)%
Total Group 6.1% 6.0% 5.6% 5.5% 5.6%
Share of profit/(loss) from joint ventures – – – (6) 6
Net interest payable (22) (43) (24) (74) (90)
Underlying profit 3595 681 750 832 881
Wm Low/Ireland integration costs 4(39) – – (63) (26)
Goodwill amortisation ––––
(
5
)
Loss on disposal of discontinued operations – – – (8) –
Net loss on disposal of fixed assets (5) (6) – (1) (8)
Profit before taxation 551 675 750 760 842
Taxation (170) (209) (230) (228) (237)
Minority interest ––––1
Profit for the financial year 381 466 520 532 606
Adjusted diluted earnings per share 36.70p 7.30p 7.83p 8.84p 9.37p
Earnings per share 6.90p 7.50p 8.03p 9.05p 9.59p
Dividend per share 2.87p 3.20p 3.45p 3.87p 4.12p
Net worth – £m 53,104 3,588 3,890 3,903 4,377
Return on shareholders’ funds 620.3% 20.4% 20.1% 21.3% 21.3%
Return on capital employed 716.2% 16.9% 17.1% 18.7% 17.2%
Net assets per share 850p 56p 60p 59p 65p
UK food retail productivity £
Turnover per employee 9140,842 143,335 146,326 142,570 146,236
Profit per employee 98,752 8,841 8,478 8,333 8,487
Wages per employee 913,941 13,948 14,222 14,351 14,776
Weekly sales per sq ft 10/11 17.00 18.31 19.74 20.48 21.05
UK food retail statistics
Market share in food and drink shops 12 12.0% 13.7% 14.6% 15.2% 15.8%
Number of stores 519 545 568 618 639
Total sales area – 000 sq ft 11 12,641 13,397 14,036 15,215 15,975
Sales area opened in year – 000 sq ft 830 685 603 680 837
Average store size (sales area) – 000 sq ft 13 24,900 25,600 26,300 26,600 26,654
Average sales area of stores
opened in year – 000 sq ft 13 28,200 30,700 25,800 26,700 26,900
Full-time equivalent employees 14 68,552 80,650 89,649 105,008 108,284
Share price pence
Highest 85 113 123 180 202
Lowest 67 82 88 113 157
Year end 84 90 116 172 177
Notes
153 week period.
2Excludes integration costs and goodwill
amortisation. Operating margin is
based upon turnover exclusive of VAT.
3Underlying profit and adjusted diluted
earnings per share excludes net loss on
disposal of fixed assets, loss on disposal
of discontinued operations, Wm Low
and Ireland integration costs and
goodwill amortisation.
4Integration costs in 1998 have been
restated in accordance with FRS12.
5Total capital employed at the
year end.
6Underlying profit divided by weighted
average shareholders’ funds.
7Operating profit divided by average
capital employed.
8Based on number of shares at year end.
9Based on turnover exclusive of VAT,
operating profit and total staff cost
per full-time equivalent employee.
10 Based on weighted average sales
area and turnover inclusive of VAT
excluding property development.
11 Store sizes exclude lobby and
restaurant areas.
12 Based on Tesco food, grocery, non-
food and drink sales and Institute
of Grocery Distribution/Office for
National Statistics data for the year
to the previous December.
13 Average store sizes exclude Metro
and Express stores.
14 Based on average number of full-
time equivalent employees in the UK.