Tesco 2007 Annual Report Download - page 100

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Five year record
UK GAAP IFRS
2003 2004 2005 2005 200612007
53 wks
Financial statistics
Group sales (including VAT) (£m) 28,280 33,557 37,070 36,957 43,137 46,611
Revenue (excluding VAT) (£m)
UK 21,309 24,760 27,146 27,146 29,990 32,665
Rest of Europe 2,664 3,385 3,818 3,818 5,095 5,559
Asia 2,031 2,669 3,010 2,902 4,369 4,417
26,004 30,814 33,974 33,866 39,454 42,641
Operating profit2(£m)
UK 1,289 1,486 1,666 1,556 1,788 2,083
Rest of Europe 134 171 249 243 263 324
Asia 69 121 149 153 229 241
Total Group 1,492 1,778 2,064 1,952 2,280 2,648
Operating profit margin2
UK 6.0% 6.0% 6.1% 5.7% 6.0% 6.4%
Rest of Europe 5.0% 5.1% 6.5% 6.4% 5.2% 5.8%
Asia 3.4% 4.5% 5.0% 5.3% 5.2% 5.5%
Total Group 5.7% 5.8% 6.1% 5.8% 5.8% 6.2%
Goodwill amortisation (£m) (23) (54) (67) – – –
Share of results of joint ventures and associates3(£m) 42 59 69 74 82 106
Profit on sale of investment in associates –––––25
Net finance costs3(£m) (166) (209) (136) (132) (127) (126)
Profit before tax (£m) 1,345 1,574 1,930 1,894 2,235 2,653
Taxation3(£m) (399) (472) (561) (541) (649) (772)
Minority interests (£m) – (2) (3) (3) (6) (7)
(Loss)/profit for the period from discontinued operation4(£m) – – – (6) (10) 18
Profit for the financial year attributable to
equity holders of the parent (£m) 946 1,100 1,366 1,344 1,570 1,892
Underlying profit – UK GAAP5(£m) 1,401 1,708 2,029 N/a N/a N/a
Underlying profit – IFRS5(£m) N/a N/a N/a 1,925 2,277 2,545
1Results for the year ended 25 February 2006 include 52 weeks for the UK and ROI and 14 months for the majority of the remaining International businesses.
2Operating profit includes integration costs and profit/(loss) arising on sale of fixed assets. Operating margin is based upon revenue excluding VAT.
3Share of results of joint ventures and associates is stated net of the interest and tax of the Group’s joint ventures and associates. The Group’s charges for interest and tax have
been reduced by these amounts.
4Consists of the net result of the Taiwanese business which was sold during the year.
5UK GAAP underlying profit excluded net profit/(loss) on disposal of fixed assets, integration costs and goodwill amortisation. IFRS underlying profit excludes IAS 32 and IAS 39
‘Financial Instruments’ – Fair value remeasurements, and the IAS 19 Income Statement charge, which is replaced by the ‘normal’ cash contributions for pensions. For further
details of this measure, see page 54. For the years 2003 to 2005 the above information is presented under UK GAAP as previously published. If IFRS had been applicable for
these years the main adjustments would have been IFRS 2 ‘Share-based payment’, IFRS 3 ‘Business Combinations’ and IAS 19 ‘Employee Benefits’.
98 Tesco PLC Annual report and financial statements 2007 Find out more at www.tesco.com/corporate