Tesco 2013 Annual Report Download - page 126
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122 Tesco PLC Annual Report and Financial Statements 2013
Note 29 Reconciliation of profit before tax to cash generated from operations
2013
£m
2012
£m
Profit before tax 1,960 4,038
Net finance costs (Note 5) 282 235
Share of post-tax profits of joint ventures and associates (Note 13) (54) (91)
Operating profit of continuing operations 2,188 4,182
Operating loss of discontinued operations (1,257) (324)
Depreciation and amortisation 1,590 1,498
Profits/losses arising on property-related items from continuing operations 210 (396)
Profits/losses arising on property-related items from discontinued operations 239 21
Loss arising on sale of non property-related items –4
Profit/(loss) arising on sale of subsidiaries and other investments 35 (5)
Impairment of goodwill (Note 10) 575 –
Net charge of impairment of property, plant and equipment and intangible assets not included in property-related items 629 75
Adjustment for non-cash element of pensions charge (4) 35
Additional contribution into pension scheme (180) –
Share-based payments (Note 25) 53 125
Tesco Bank non-cash items included in profit before tax 170 166
Increase in inventories (54) (420)
Increase in development stock (40) (41)
Increase in trade and other receivables (104) (139)
Increase in trade and other payables and provisions 197 679
Tesco Bank (increase)/decrease in loans and advances to customers (Note 17) (1,220) 150
Tesco Bank decrease/(increase) in trade and other receivables 359 (278)
Tesco Bank increase in customer and bank deposits and trade and other payables 487 356
(Increase)/decrease in working capital (375) 307
Cash generated from operations 3,873 5,688
The increase in working capital includes the impact of translating foreign currency working capital movements at average exchange rates rather
than year end exchange rates.
Note 30 Analysis of changes in net debt
At
25 February
2012*
£m
Tesco Bank at
25 February
2012
£m
Cash flow
£m
Business
combinations
£m
Other
non-cash
movements
£m
Net debt
of disposal
group
£m
Elimination
of Tesco Bank
£m
At
23 February
2013*
£m
Cash and cash equivalents 1,725 580 193 126 (13) (1,055) 1,457
Short-term investments 1,243 –(721) – – – – 522
Joint venture loan and other receivables 359 34 10 –73 –(42) 434
Bank and other borrowings (11,0 07 ) (576) 1,575 (1) (694) (1) 638 (10,066)
Finance lease payables (166) –32 –(1) 7 – (128)
Net derivative financial instruments 1,003 (52) 24 –166 –31 1,172
Net debt of the disposal group 5 – – – – 7 – 12
(6,838) (14) 1,113 –(430) –(428) (6,597)
* These amounts relate to the net debt excluding Tesco Bank but including the disposal group.
Note 31 Business combinations and other acquisitions
During the current financial year, the Group completed business combination transactions with total cash consideration of £30m, which are not
considered material to the Group individually or in aggregate.
Notes to the Group financial statements