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85
Tesco PLC Annual Report and Financial Statements 2013
OVERVIEW BUSINESS REVIEW PERFORMANCE REVIEW GOVERNANCE FINANCIAL STATEMENTS
Note 2 Segmental reporting continued
Year ended 25 February 2012
At actual exchange rates** UK
£m
Asia
£m
Europe
£m
Tesco
Bank
£m
Total
at actual
exchange
£m
Continuing operations
Sales including VAT (excluding IFRIC 13) 47, 36 0 11,627 11,371 1,044 71,402
Revenue (excluding IFRIC 13) 42,803 10,828 9,866 1,044 64,541
Effect of IFRIC 13 (550) (35) (40) – (625)
Revenue 42,253 10,793 9,826 1,044 63,916
Trading profit 2,478 737 529 225 3,969
Trading margin†5.8% 6.8% 5.4% 21.6% 6.1%
Reconciliation of trading profit to profit before tax
2013
£m
2012
£m
Trading profit 3,453 3,969
Adjustments:
Profits/losses arising on property-related items:
– Included in underlying profit 370 397
– Excluded from underlying profit (709) –
IAS 19 ‘Employee Benefits’ – non-cash Group Income Statement charge for pensions 4 (35)
IAS 17 ‘Leases’ – impact of annual uplifts in rent and rent-free periods (36) (42)
IFRS 3 ‘Business Combinations’ – intangible asset amortisation charges and costs arising from acquisitions (19) (22)
IFRIC 13 ‘Customer Loyalty Programmes’ – fair value of awards (28) (17)
Other restructuring and one-off costs
Other property charges (186) –
Impairment of goodwill (495) –
Provisions for customer redress (115) (57)
Other restructuring and one-off items (51) (11)
Operating profit 2,188 4,182
Share of post-tax profits from joint ventures and associates 54 91
Finance income 177 176
Finance costs (459) (411)
Profit before tax 1,960 4,038
Taxation (574) (874)
Profit for the year from continuing operations 1,386 3,164
Segment assets
At 23 February 2013 UK
£m
Asia
£m
Europe
£m
Tesco
Bank
£m
Other/
unallocated
£m
Total
continuing
operations
£m
Discontinued
operations
£m
Total
£m
Total segment non-current assets 14,532 9,298 6,471 4,709 2,023 37,033 –37,033
Total segment non-current assets includes:
Investments in joint ventures and associates 104 294 1 95 –494 –494
At 25 February 2012 UK
£m
Asia
£m
Europe
£m
Tesco
Bank
£m
Other/
unallocated
£m
Total
continuing
operations
£m
Discontinued
operations*
£m
Total
£m
Total segment non-current assets 14,995 8,471 6,835 4,799 1,749 36,849 1,069 37,918
Total segment non-current assets includes:
Investments in joint ventures and associates 134 217 –72 – 423 – 423
* US is included in discontinued operations for comparison purposes.
** 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.