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Annual General meeting 2022.
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Group adjusted operating profit2
Retail free cash flow3
Adjusted diluted EPS4
Ordinary dividend per share
*The Group has defined and outlined the purpose of its alternative performance measures, including its performance highlights. During the year, the operating profit and EPS APMs were renamed. Profit has changed from ‘Group operating profit before exceptional items and amortisation of acquired intangibles’ to ‘Adjusted operating profit’. EPS has changed from ‘Diluted EPS before exceptional and other items’ to ‘Adjusted diluted EPS’. The definitions are unchanged. The Retail free cash flow APM was amended in order to provide a more consistent and predictable view of free cash flow generated by the Group’s retail operation. ‘Exceptional items and amortisation of acquired intangibles’ within operating profit, along with net pension finance costs, fair value remeasurements of financial instruments, and the tax impact of such items (below operating profit), are now called ‘Adjusting items’. The policy for determining adjusting items, and the items adjusted for, are unchanged from the prior year and hence there is no impact on previously reported APMs.
* All measures apart from Net debt are shown on a continuing operations basis unless otherwise stated.
*The Group has changed its accounting policy for property buybacks in light of an evolution of accepted practice in relation to the application of IFRS 16 ‘Leases’ to such transactions. Comparatives have been restated for this change in accounting policy.
Group sales exclude VAT and fuel. Sales change shown on a comparable days basis for Central Europe.
Adjusted operating profit and Adjusted diluted EPS exclude Adjusting items.
Net debt and retail free cash flow exclude Tesco Bank.
The share base used in Adjusted diluted EPS in the prior year is adjusted to capture the full impact of the share consolidation which followed the sale of our businesses in Thailand and Malaysia, as if it took place at the start of the 2020/21 financial year. As such, Adjusted diluted EPS (adjusted for share consolidation) is presented on a basis other than in accordance with IAS 33.
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