Tesco 2000 Annual Report Download - page 8

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TESCO PLC
6
Year 2000
Tesco has been working on the Year 2000 issue for over three years
and we achieved our key objective of ‘Shopping as Normal’ for our
customers over the millennium period. Additionally, there were no
significant issues surrounding the recognition of the leap day at the
end of February 2000.
The actual spend on the Year 2000 programme of £30m over
three years was in line with the original budget.
Economic Monetary Union
Our aim is for all the relevant parts of the Group to be able to
handle business in euros when required. Project teams continue
to address the issues arising from EMU and current progress is in
line with the timetable set by the Group.
We are gaining valuable experience of the EMU process from
Tesco Ireland.We will draw upon this learning if and when other
Group companies are impacted by the introduction of the euro.
Going concern
The Directors consider that the Group and the company have
adequate resources to remain in operation for the foreseeable
future and have therefore continued to adopt the going concern
basis in preparing the financial statements. As with all business
forecasts the Directors’ statement cannot guarantee that the going
concern basis will remain appropriate given the inherent uncertainty
about future events.
operating and financial reviewcontinued