Tesco 2013 Annual Report Download - page 95

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91
Tesco PLC Annual Report and Financial Statements 2013
OVERVIEW BUSINESS REVIEW PERFORMANCE REVIEW GOVERNANCE FINANCIAL STATEMENTS
Note 7 Discontinued operations and non-current assets classified as held for sale continued
Discontinued operations
The decision to sell the Group’s operations in the US was taken in February 2013. An active programme to locate a buyer has been initiated
and the sale is expected to be completed by February 2014.
The exit of the Japan operations was successfully completed on 1 January 2013.
The tables below show the results of the discontinued operations in relation to the US and Japan which are included in the Group Income
Statement, Group Balance Sheet and Group Cash Flow Statement respectively.
US Japan Total
2013
£m
2012
£m
2013*
£m
2012
£m
2013
£m
2012
£m
Revenue 697 623 329 436 1,026 1,059
Cost of sales** (1,567) (759) (360) (539) (1,927) (1,298)
Administrative expenses (50) (40) (20) (23) (70) (63)
Loss arising on property related items (286) (21) – (1) (286) (22)
Finance costs (4) (6) – (1) (4) (7)
Loss before tax on discontinued operations (1,210) (203) (51) (128) (1,261) (331)
Taxation (5) (5) – (14) (5) (19)
Loss for the year from discontinued operations (1,215) (208) (51) (142) (1,266) (350)
Loss per share impact from discontinued operations
Basic (15.13p) (2.60p) (0.63p) (1.77p) (15.76p) (4.37p)
Diluted (15.13p) (2.59p) (0.63p) (1.76p) (15.76p) (4.35p)
* The results of Japan are for the 44 weeks ended 1 January 2013, when there was an exit from the operations.
** Including operating lease expense of £60m (2012: £68m).
US Japan Total
2013
£m
2012
£m
2013*
£m
2012
£m
2013
£m
2012
£m
Non-GAAP measure: underlying loss before tax
Loss before tax on discontinued operations (1,210) (203) (51) (128) (1,261) (331)
Adjustments for:
Restructuring and other one-off costs
Impairment of PPE and onerous lease provisions 812 9–57 812 66
Impairment of goodwill 80 –––80 –
Other restructuring and one-off costs 113 10 (5) 43 108 53
1,005 19 (5) 100 1,000 119
IAS 17 ‘Leases’ – impact of annual uplifts in rent and rent-free periods 57––57
Loss on disposal of Japan ––35 –35 –
Underlying loss before tax on discontinued operations (200) (177) (21) (28) (221) (205)
* The results of Japan are for the 44 weeks ended 1 January 2013, when there was an exit from the operations.