PLC | Investors

Financial performance

Group results 2018/19

52 weeks ended 23 February 2019

On a continuing operations basis

2018/19

2017/18
(restated)(a)

Year-on-year
change
(Constant
exchange
rates)

Year-on-year change (Actual exchange rates)

Group sales
(exc. VAT, exc. fuel)(b)

£56,883m

£50,993m

11.3%

11.5%

Fuel

£7,028m

£6,500m

8.1%

8.1%

Revenue  (exc. VAT, inc. fuel)

£63,911m

£57,493m

11.0%

11.2%

Group operating profit(c)

£2,206m

£1,646m

33.5%

34.0%

UK & ROI

£1,537m

£1,059m

45.0%

45.1%

Central Europe

£186m

£119m

56.3%

56.3%

Asia

£286m

£299m

(6.7)%

(4.3)%

Tesco Bank

£197m

£169m

16.6%

16.6%

Include exceptional items and amortisation of acquired intangibles

£(53)m

£193m

   

Group statutory operating profit

£2,153m

£1,839m

16.7%

17.1%

Group profit before tax before exceptional items, amortisation of acquired intangibles, net pension
finance costs and fair value remeasurements of financial instruments

£1,958m

£1,284m

 

52.5%

Group statutory  profit before tax

£1,674m

£1,300m

 

28.8%

Diluted EPS before exceptional items, amortisation of acquired intangibles, net pension finance costs and fair
value remeasurements of financial instruments

15.40p

11.90p

 

 29.4%

Statutory diluted EPS

13.55p

12.11p

 

 

Statutory basic EPS

13.65p

12.15p

 

 

Dividend per share

5.77p

3.00p

 

 92.3%

Capex(d)

£1.1bn

£1.1bn

 

 

Net debt(e)(f)

£(2.9)bn

£(2.6)bn

 

 

Cash generated from retail operations(e)

£2.5bn

£2.8bn

 

 

  1. Last year figures restated for impact of IFRS 15 ‘Revenue from contracts with customers’. Impacts include a £2m increase in revenue and operating profit.
  2. Group sales exclude VAT and fuel. Sales growth shown on a comparable days basis.
  3. Excludes amortisation of acquired intangibles and excludes exceptional items by virtue of their size and nature in order to reflect management’s view of underlying performance.
  4. Capex is shown excluding property buybacks. Statutory capital expenditure (including property buybacks) was £1.2bn (2017/18: £1.5bn).
  5. Net debt, retail operating cash flow and retail free cash flow exclude the impact of Tesco Bank in order to provide further analysis of the retail cash flow statement.
  6. Net debt includes both continuing and discontinued operations.

The definition and purpose of the Group’s alternative performance measures, which includes like-for-like sales, are defined on pages 178 to 181. A detailed analysis of discontinued operations can be found in Note 7