Financial performance

Group results 2013/14
(on a continuing operations basis)

52 weeks ended 22 February 2014 2013/14 Growth (actual exchange rates) Growth (constant
exchange rates)
Group sales (inc. VAT)* £70,894m 0.3% (0.2)%
Sales growth excluding petrol   0.9% 0.4%
Group trading profit
- UK
- Asia
- Europe
- Tesco Bank
£3,315m
£2,191m
£692m
£238m
£194m
(6.0)%
(3.6)%
(5.6)%
(27.7)%
1.6%
(6.7)%
(3.6)%
(6.8)%
(32.8)%
1.6%
Underlying profit before tax £3,054m (6.9)% (7.7)%
Underlying diluted earnings per share 32.05p (7.3)%** n/a
ROCE (pro-forma inc. China)*** 12.1% (64)bp n/a
Capex £2.7bn 0.9% 0.6%
Statutory profit before tax includes:
- One-off items
(inc. Europe asset impairment of £(734)m)
£(801)m    
Statutory profit before tax £2,259m 9.8% n/a
China treated as discontinued, including a charge of £(540)m relating to the write-down of goodwill
  • * Group sales (inc. VAT) exclude the accounting impact of IFRIC 13.
  • ** Underlying diluted EPS growth calculated on a constant tax rate basis; (5.0)% at actual tax rates.
  • *** From an accounting point of view, our existing business in China has to be treated as a discontinued operation, prior to the planned completion of our partnership with CRE. The pro-forma Group ROCE of 12.1% includes our Chinese business to provide a comparable figure to the previously disclosed 2012/13 figure. It is otherwise calculated on a continuing operations basis, excluding one-off charges. Excluding our Chinese business, Group ROCE for 2013/14 was 13.6%.