Tesco 2010 Annual Report Download - page 72

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Group income statement
52 weeks 53 weeks
2010 2009
Restated*
Year ended 27 February 2010 notes £m £m
Continuing operations
Revenue (sales excluding VAT) 2 56,910 53,898
Cost of sales (52,303) (49,713)
Gross profit 4,607 4,185
Administrative expenses (1,527) (1,252)
Profit arising on property-related items 3 377 236
Operating profit 3,457 3,169
Share of post-tax profits of joint ventures and associates 13 33 110
Finance income 5 265 116
Finance costs 5 (579) (478)
Profit before tax 3 3,176 2,917
Taxation 6 (840) (779)
Profit for the year 2,336 2,138
Attributable to:
Owners of the parent 2,327 2,133
Minority interests 9 5
2,336 2,138
Earnings per share
Basic 9 29.33p 27.14p
Diluted 9 29.19p 26.96p
* See note 1 Accounting policies.
Non-GAAP measure: underlying profit before tax
52 weeks 53 weeks
2010 2009
Restated*
notes £m £m
Profit before tax 3,176 2,917
Adjustments for:
IAS 32 and IAS 39 ‘Financial Instruments’ – fair value remeasurements 1/5 (151) 88
IAS 19 Non-cash Income Statement charge for pensions 28 24 27
IAS 17 ‘Leases’ – impact of annual uplifts in rent and rent-free periods 1 41 27
IFRS 3 Amortisation charge from intangible assets arising on acquisition 1 127 32
IFRIC 13 ‘Customer Loyalty Programmes’ – fair value of awards 1 14 33
Exceptional items:
IAS 36 Impairment of goodwill arising on acquisitions 1 131 –
Restructuring costs 1 33 –
Underlying profit before tax 1 3,395 3,124
* See note 1 Accounting policies.
The notes on pages 75 to 120 form part of these financial statements.
70 Tesco PLC Annual Report and Financial Statements 2010