Tesco 2014 Annual Report Download - page 72

Download and view the complete annual report

Please find page 72 of the 2014 Tesco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 147

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147

Year ended 22 February 2014 Notes
52 weeks
2014
£m
52 weeks
2013
(restated*)
£m
Continuing operations
Revenue 263,557 63,406
Cost of sales (59,547) (59,252)
Gross profit 4,010 4,154
Administrative expenses (1,657) (1,482)
Profits/losses arising on property-related items 278 (290)
Operating profit 2, 631 2,382
Share of post-tax profits of joint ventures and associates 13 60 72
Finance income 5132 120
Finance costs 5(564) (517)
Profit before tax 32,259 2,057
Taxation 6(347) (529)
Profit for the year from continuing operations 1,912 1,528
Discontinued operations
Loss for the year from discontinued operations 7(942) (1,504)
Profit for the year 970 24
Attributable to:
Owners of the parent 974 28
Non-controlling interests (4) (4)
970 24
Earnings per share from continuing and discontinued operations
Basic 912.07p 0.35p
Diluted 912.06p 0.35p
Earnings per share from continuing operations
Basic 923.75p 19.07p
Diluted 923.72p 19.06p
Non-GAAP measure: underlying profit before tax
Notes
52 weeks
2014
£m
52 weeks
2013
(restated*)
£m
Profit before tax from continuing operations 2,259 2,057
Adjustments for:
IAS 32 and IAS 39 ‘Financial Instruments’ – fair value remeasurements 1/5 11 15
IAS 19 ‘Employee Benefits’ – non-cash Group Income Statement charge for pensions 1117 69
IAS 17 ‘Leases’ – impact of annual uplifts in rent and rent-free periods 122 17
IFRS 3 ‘Business Combinations’ – intangible asset amortisation charges and costs arising from acquisitions 114 19
IFRIC 13 ‘Customer Loyalty Programmes’ – fair value of awards 110 28
Restructuring and other one-off costs: 1
Impairment of PPE and onerous lease provisions included within cost of sales 734 161
Impairment of PPE and onerous lease provisions included within profits/losses arising on property-related items (98) 709
Impairment of goodwill –495
Provision for customer redress 63 115
Other restructuring and one-off items 102 14
Other profits/losses arising on property-related items 1(180) (419)
Underlying profit before tax from continuing operations 13,054 3,280
* Restated for amendments to IAS 19 as explained in Note 1.
The notes on pages 74 to 121 form part of these financial statements.
Other information
Governance Financial statementsStrategic report
Tesco PLC Annual Report and Financial Statements 2014 69
Group income statement