Tesco 2012 Annual Report Download - page 107

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STRATEGIC REVIEW PERFORMANCE REVIEW GOVERNANCE FINANCIAL STATEMENTS
OVERVIEW
Note 2 Segmental reporting continued
Year ended 26 February 2011*
At actual exchange rates** UK
£m
Asia
£m
Europe
£m
US
£m
Tesco
Bank
£m
Total
at actual
exchange
£m
Continuing operations
Sales including VAT (excluding IFRIC 13) 44,571 10,524 10,558 502 919 67,074
Revenue (excluding IFRIC 13) 40,766 9,802 9,192 495 919 61,174
Effect of IFRIC 13 (649) (37) (33) – – (719)
Revenue 40,117 9,765 9,159 495 919 60,455
Trading profit/(loss) 2,504 605 527 (186) 264 3,714
Trading margin†6.1% 6.2% 5.7% (37.6%) 28.7% 6.1%
Reconciliation of trading profit to profit before tax
2012
£m
2011*
£m
Trading profit 3,761 3,714
Adjustments:
Profit/losses arising on property-related items 376 432
IAS 19 ‘Employee Benefits’ – non-cash Group Income Statement charge for pensions (35) (95)
IAS 17 ‘Leases’ – impact of annual uplifts in rent and rent-free periods (48) (64)
IFRS 3 ‘Business Combinations’ – intangible asset amortisation charges and costs arising from acquisitions (22) (42)
IFRIC 13 ‘Customer Loyalty Programmes’ – fair value of awards (17) (8)
Restructuring and other one-off costs (30) (20)
Operating profit 3,985 3,917
Share of post-tax profits from joint ventures and associates 91 57
Finance income 176 150
Finance costs (417) (483)
Profit before tax 3,835 3,641
Taxation (879) (864)
Profit for the year from continuing operations 2,956 2,777
Segment assets
At 25 February 2012 UK
£m
Asia
£m
Europe
£m
US
£m
Tesco
Bank
£m
Other/
unallocated
£m
Total
continuing
operations
Discontinued
operations
Total
£m
Total segment non-current assets 14,978 8,471 6,835 1,086 4,799 1,749 37,918 – 37,918
Total segment non-current assets includes:
Investments in joint ventures and associates 134 217 – – 72 – 423 – 423
At 26 February 2011*UK
£m
Asia
£m
Europe
£m
US
£m
Tesco
Bank
£m
Other/
unallocated
£m
Total
continuing
operations
Discontinued
operations
Total
£m
Total segment non-current assets 14,456 7,557 6,601 945 4,340 1,187 35,086 81 35,167
Total segment non-current assets includes:
Investments in joint ventures and associates 79 173 – – 64 – 316 – 316
* See Note 1 Accounting policies for details of reclassifications.
** Actual exchange rates are the average actual periodic exchange rates for that financial year.
† Trading margin is based on revenue excluding the accounting impact of IFRIC 13.
Tesco PLC Annual Report and Financial Statements 2012 103