Tesco 2007 Annual Report Download - page 46

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Group income statement Year ended 24 February 2007
2007 2006*
notes£m£m
Continuing operations
Revenue (sales excluding VAT) 242,641 39,454
Cost of sales (39,401) (36,426)
Pensions adjustment – Finance Act 2006 23 258 –
Impairment of the Gerrards Cross site (35) –
Gross profit 3,463 3,028
Administrative expenses (907) (825)
Profit arising on property-related items 2/3 92 77
Operating profit 22,648 2,280
Share of post-tax profits of joint ventures and associates
(including £47m of property-related items (2005/06 – £nil)) 13 106 82
Profit on sale of investments in associates 13 25 –
Finance income 590 114
Finance costs 5(216) (241)
Profit before tax 32,653 2,235
Taxation 6(772) (649)
Profit for the year from continuing operations 1,881 1,586
Discontinued operation
Profit/(loss) for the year from discontinued operation 718 (10)
Profit for the year 1,899 1,576
Attributable to:
Equity holders of the parent 1,892 1,570
Minority interests 76
1,899 1,576
Earnings per share from continuing and discontinued operations
Basic 923.84p 20.07p
Diluted 923.54p 19.79p
Earnings per share from continuing operations
Basic 923.61p 20.20p
Diluted 923.31p 19.92p
Non-GAAP measure: underlying profit before tax
2007 2006*
notes£m£m
Profit before tax (excluding discontinued operation) 2,653 2,235
Adjustments for:
IAS 32 and IAS 39 ‘Financial Instruments’ – Fair value remeasurements 549
Total IAS 19 Income Statement charge for pensions 23 432 303
‘Normal’ cash contributions for pensions 23 (321) (270)
Exceptional items:
Pensions adjustment – Finance Act 2006 23 (258) –
Impairment of the Gerrards Cross site 35 –
Underlying profit before tax 12,545 2,277
* Results for the year ended 25 February 2006 include 52 weeks for the UK and the Republic of Ireland and 14 months for the majority of the remaining International businesses.
The notes on pages 48 to 97 form part of these financial statements.
44 Tesco PLC Annual report and financial statements 2007 Find out more at www.tesco.com/corporate