Tesco 2009 Annual Report Download - page 126

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124 FINANCIAL STATEMENTS
Tesco PLC Annual Report and Financial Statements 2009
Five year record
IFRS
2005 20061 2007 2008 2009
53 weeks
Financial statistics
Group sales (including VAT) (£m) 36,957 43,137 46,611 51,773 59,426
Revenue (excluding VAT) (£m)
UK 27,146 29,990 32,665 34,8586 38,191
Rest of Europe 3,818 5,095 5,559 6,872 8,862
Asia 2,902 4,369 4,417 5,552 7,068
US – – – 166 206
Total Group 33,866 39,454 42,641 47,298 54,327
Operating profit2 (£m)
UK 1,556 1,788 2,083 2,1646 2,540
Rest of Europe 243 263 324 400 479
Asia 153 229 241 294 343
US – – – (67)6 (156)
Total Group 1,952 2,280 2,648 2,791 3,206
Operating profit margin2
UK 5.7% 6.0% 6.4% 6.2%6 6.7%
Rest of Europe 6.4% 5.2% 5.8% 5.8% 5.4%
Asia 5.3% 5.2% 5.5% 5.3% 4.9%
US – – – n/a6 n/a
Total Group 5.8% 5.8% 6.2% 5.9% 5.9%
Share of results of joint ventures and associates3 (£m) 74 82 106 75 110
Profit on sale of investment in associates – – 25 – –
Net finance costs3 (£m) (132) (127) (126) (63) (362)
Profit before tax (£m) 1,894 2,235 2,653 2,803 2,954
Taxation3 (£m) (541) (649) (772) (673) (788)
Minority interests (£m) (3) (6) (7) (6) (5)
(Loss)/profit for the period from discontinued operation4 (£m) (6) (10) 18 – –
Profit for the financial year attributable to equity holders of the parent (£m) 1,344 1,570 1,892 2,124 2,161
Underlying profit before tax5 (£m) 1,925 2,277 2,545 2,846 3,128
1 Results for the year ended 25 February 2006 include 52 weeks for the UK and ROI and 14 months for the majority of the remaining International businesses.
2 Operating profit includes integration costs and profit/(loss) arising on sale of fixed assets. Operating margin is based upon revenue excluding VAT.
3 Share of results of joint ventures and associates is stated net of the interest and tax of the Group’s joint ventures and associates. The Group’s charges for interest and tax have been reduced
by these amounts.
4 Consists of the net result of the Taiwanese business which was sold during 2006/7.
5 IFRS underlying profit excludes IAS 32 and IAS 39 ‘Financial Instruments’ – Fair value remeasurements, the IAS 19 Income Statement charge, which is replaced by the ‘normal’ cash
contributions for pensions, IAS 17 ‘Leases’ – impact of annual uplifts in rent and rent-free periods and IFRS 3 Amortisation charge from intangible assets arising on acquisition. For further
details of this measure, see page 78.
6 Results have been restated to reflect the US as a separate segment.