Five year summary

Details of our financial performance over the last five years.

  2008 2009 2010 20111 20121
Financial statistics (£m)          
Sales including VAT excluding IFRIC 13 51,773 59,426 62,537 67,074 72,035
Revenue excluding IFRIC 13          
UK 34,8582 37,650 38,558 40,766 42,798
Rest of Europe 6,872 8,831 8,704 9,192 9,878
Asia 5,552 7,048 8,439 9,802 10,816
US 162 206 349 495 652
Tesco Bank - 1632 860 919 1,044
Group revenue excluding IFRIC 13 47,298 53,898 56,910 61,174 65,166
Trading profit          
UK 2,1122 2,309 2,413 2,504 2,480
Rest of Europe 397 496 474 527 525
Asia 304 355 440 605 735
US (62)2 (142) (165) (186) (158)
Tesco Bank - 682 250 264 168
Group trading profit 2,751 3,086 3,412 3,714 3,761
Operating profit3 2,791 3,1694 3,457 3,917 3,985
Operating profit margin3 5.9% 5.9% 6.1% 6.4% 6.1%
Share of post-tax profits of joint ventures and associates 75 110 33 57 91
Net finance costs (63) (362) (314) (333) (241)
Profit before tax 2,803 2,9174 3,176 3,641 3,835
Taxation (673) (779) (840) (864) (879)
Profit for the year from continuing operations 2,130 2,138 2,336 2,777 2,956
Discontinued operations - - - (106) (142)
Profit for the period 2,130 2,138 2,336 2,671 2,814
Attributable to:          
Owners of the parent 2,124 2,1334 2,327 2,655 2,806
Non-controlling interests 6 5 9 16 8
Underlying profit before tax - continuing operations5 2,846 3,124 3,395 3,853 3,915
           
Other financial statistics          
Diluted earnings per share - continuing operations 26.61p 26.96p 29.19p 34.25p 36.64p
Underlying diluted earnings per share - continuing operations 27.02p 28.87p 31.66p 36.26p 37.41p
Dividend per share6 10.90p 11.96p 13.05p 14.46p 14.76p
Return on capital employed ('ROCE')7 12.7%8 12.8%9 12.1% 12.9%10 13.3%
Total shareholder return11 22.8% 8.0% 9.5% 6.7% (3.0%)
Net debt (£m) 6,182 9,600 7,929 6,790 6,838
Enterprise value (£m)12 37,656 35,907 41,442 39,462 32,324
           
Group retail statistics          
Number of stores 3,75115 4,33215 4,83615 5,26513 6,234
Total sales area - 000 sq ft14 76,86715 88,55615 95,23116 103,17213 112,433
Average employees 444,127 468,508 472,094 488,347 519,671
Average full-time equivalent employees 345,737 364,015 366,413 382,049 406,088
           
UK retail statistics          
Number of stores 2,13715 2,30615 2,50715 2,715 2,979
Total sales area - 000 sq ft14 30,45715 32,38915 34,23716 36,722 39,082
Average full-time equivalent employees 193,917 194,420 196,604 200,966 205,852
Revenue per employee - £17 179,840 193,436 196,120 199,621 207,907
Weekly sales per sq ft - £18 25.43 25.34 25.22 24.95 24.87

 

  1. During the financial year, the Group announced its decision to sell its operations in Japan. Accordingly, these operations have been treated as discontinued in 2012. The 2011 statistics have been re-presented to be consistent with 2012. Prior years have not been re-presented.
  2. Results have been restated to reflect the US and Tesco Bank as separate segments.
  3. Operating profit includes integration costs and profit arising on sale of fixed assets. Operating margin is based upon revenue excluding VAT.
  4. The Group adopted IFRIC 13 'Customer Loyalty Programmes' and the amendments to IFRS 2 'Share-Based Payment' from 24 February 2008. Periods before this date have not been restated.
  5. Underlying profit before tax excludes the impact of non-cash elements of IAS 17, 19, 32 and 39 (principally the impact of annual uplifts in rent and rent-free periods, pension costs, and the marking to market of financial instruments); the amortisation charge on intangible assets arising on acquisition and acquisition costs, and the non-cash impact of IFRIC 13. It also excludes restructuring and other one-off costs.
  6. Dividend per share relating to the interim and proposed final dividend.
  7. Return on capital employed is profit before interest and tax less tax at the effective rate of tax divided by the calculated average of opening and closing net assets plus net debt plus dividend creditor less net assets held for resale.
  8. Using a 'normalised' tax rate before start-up costs in the US and Tesco Direct and excluding the impact of foreign exchange in equity and our acquisition of a majority share of Dobbies.
  9. Excluding acquisition of Tesco Bank and Homever, India start-up costs, and after adjusting for assets held for sale. Calculated on a 52-week basis, ROCE for 2009 is 12.8%.
  10. Includes Japan.
  11. TSR is the notional annualised return from a share: the percentage change in the share price, plus the dividends paid and reinvested, over the last five years.
  12. Market capitalisation plus net debt.
  13. Includes franchise stores but excludes Japan.
  14. Store sizes exclude lobby and restaurant areas.
  15. Restated to include Dobbies stores.
  16. Restated to include Dobbies stores and account for a space restatement of 109,000 sq ft driven by a comprehensive remeasurement of One Stop stores.
  17. Based on average number of full-time equivalent employees and revenue exclusive of VAT.
  18. Based on average sales area and average weekly sales, excluding Dobbies stores.

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