Group results 2013/14
(on a continuing operations basis)
|52 weeks ended 22 February 2014||2013/14||Growth (actual exchange rates)||Growth (constant
|Group sales (inc. VAT)*||£70,894m||0.3%||(0.2)%|
|Sales growth excluding petrol||0.9%||0.4%|
|Group trading profit
- Tesco Bank
|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|
|Statutory profit before tax includes:
- One-off items
(inc. Europe asset impairment of £(734)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%.