Tesco 2014 Annual Report Download - page 147

2010 20113201222013120141
Financial statistics (£m)
Sales including VAT excluding IFRIC 13 62,537 67,074 71,402 70,712 70,894
Revenue excluding IFRIC 13
UK 39,104 40,766 42,803 43,582 43,570
Europe 8,724 9,192 9,866 9,319 9,267
Asia 8,465 9,802 10,828 10,045 10,309
US 349 495 – – –
Tesco Bank 860 919 1,044 1,021 1,003
Group revenue excluding IFRIC 13 57,502 61,174 64,541 63,967 64,149
Trading profit
UK 2,413 2,504 2,478 2,272 2,191
Europe 474 527 529 329 238
Asia 440 605 737 733 692
US (165) (186) – – –
Tesco Bank 250 264 225 191 194
Group trading profit 3,412 3,714 3,969 3,525 3, 315
Operating profit43,457 3,917 4,182 2,382 2,631
Operating profit margin46.0% 6.4% 6.5% 3.7% 4.1%
Share of post-tax profits of joint ventures and associates 33 57 91 72 60
Net finance costs ( 314) (333) (235) (397) (432)
Profit before tax 3,176 3,641 4,038 2,057 2,259
Taxation (840) (864) (874) (529) (347)
Profit for the year from continuing operations 2,336 2,777 3,164 1,528 1,912
Discontinued operations –(106) (350) (1,504) (942)
Profit for the period 2,336 2,671 2,814 24 970
Attributable to:
Owners of the parent 2,327 2,655 2,806 28 974
Non-controlling interests 916 8(4) (4)
Underlying profit before tax – continuing operations53,39518 3,85318 4,14918 3,280 3,054
Other financial statistics
Diluted earnings per share – continuing operations 29.19p 34.25p 39.23p 19.06p 23.72p
Underlying diluted earnings per share – continuing operations 31.66p 36.26p 40.31p 33.74p 32.05p
Dividend per share613.05p 14.46p 14.76p 14.76p 14.76p
Return on capital employed (‘ROCE’)712.1% 12.9%914.7%10 14.5%19 13.6%19
Total shareholder return89.5% 6.7% (3.0)% 2.1% 3.7%
Net debt (£m) 7,929 6,790 6,838 6,597 6,597
Enterprise value (£m)11 41,442 39,462 32,324 36,578 33,597
Group retail statistics
Number of stores 4,83614 5,26512 6,049 6,653 7, 305
Total sales area – 000 sq ft13 95,23115 103,17212 110,563 106,040 109,572
Average employees 472,094 488,347 514,615 506,856 510,444
Average full-time equivalent employees 366,413 382,049 401,791 388,375 391,868
UK retail statistics
Number of stores 2,507 2,715 2,979 3,146 3,378
Total sales area – 000 sq ft13 34,237 36,722 39,082 40,495 41,823
Average full-time equivalent employees 196,604 200,966 205,852 213,304 217,158
Revenue per employee – £16 198,897 202,850 207,931 20 4,319 200,637
Weekly sales per sq ft – £17 25.22 24.95 24.86 24.15 23.33
1 During the financial year, the Group decided to sell its operations in China. Accordingly, these operations have been treated as discontinued in 2014.
The 2013 values have been re-presented to be consistent with 2014 and they have also been represented to account for the impact of IAS 19. Prior years have not been
re-presented.
2 Excludes Japan and the US.
3 Excludes Japan.
4 Operating profit includes restructuring costs and profit arising on sale of fixed assets. Operating margin is based upon revenue excluding IFRIC 13.
5 See glossary for definitions.
6 Dividend per share relating to the interim and proposed final dividend.
7 Return on capital employed is profit before interest and tax less tax at the effective rate of tax divided by the calculated average of opening and closing net assets plus net
debt plus dividend creditor less net assets held for resale.
8 See glossary for definitions. Measured over a 5 year period.
9 Includes Japan and the US.
10 Includes the US.
11 Market capitalisation plus net debt.
12 Includes franchise stores but excludes Japan.
13 Store sizes exclude lobby and restaurant areas.
14 Restated to include Dobbies stores.
15 Restated to include Dobbies stores and account for a space restatement of 109,000 sq ft driven by a comprehensive remeasurement of One Stop stores.
16 Based on average number of full-time equivalent employees in the UK and revenue excluding IFRIC 13.
17 Based on weighted average sales area and average weekly sales, excluding Dobbies stores.
18 Includes Profits/Losses on property-related items.
19 Excludes China.
144 Tesco PLC Annual Report and Financial Statements 2014
Five-year record