PLC | Investors

Financial performance

Group Headline Results 2019/20

53 weeks ended 29 February 2020

on a continuing operations basis

This year 53-week basis 

Exclude week 53

This year 52-week basis

Last year(a)

YoY 53-week change (Actual exchange rates)

YoY 52-week change (Actual exchange rates)

 YoY 52-week change (Constant exchange rates

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

£57,370m

£(843)m

£56,527m

£56,883m

 

1.1%

 

 

(0.7)%

 

 

(1.0)%

 

UK & ROI

£45,752m

£(843)m

£44,909m

£44,883m

2.0%

0.1%

0.2%

Central Europe

£5,332m

-

£5,332m

£6,030m

 

(12.1)%

(10.1)%

Asia

£5,218m

-

£5,218m

£4,873m

 

6.7%

0.1%

Tesco Bank

£1,068m

-

£1,068m

£1,097m

 

(2.6)%

(2.6)%

Fuel

£7,390m

£(140)m

£7,250m

£7,028m

5.1%

3.2%

3.2%

Revenue (exc. VAT, inc. fuel)

£64,760m

£(983)m

£63,777m

£63,911m

1.3%

(0.2)%

(0.5)%

Group operating profit before exceptional items and amortisation of acquired intangibles(c)

£3,005m

£(46)m

£2,959m

£2,607m

15.3%

13.5%

12.6%

UK & ROI

£2,230m

£(46)m

£2,184m

£1,868m

19.4%

16.9%

16.9%

Central Europe

£156m

-

£156m

£221m

 

(29.4)%

(27.6)%

Asia

£426m

-

£426m

£319m

 

33.5%

24.8%

Tesco Bank

£193m

-

£193m

£199m

 

(3.0)%

(3.0)%

Include exceptional items and amortisation of acquired

£(487)m

£34m

£(453)m

£42m

 

 

 

Group statutory operating profit

£2,518m

-

n/a

£2,649m

(4.9)%

 

 

Adjusted Group profit before tax(e)

£2,276m

£(37)m

£2,239m

£1,806m

26.0%

24.0%

 

Group statutory profit before tax

£1,315m

-

n/a

£1,617m

(18.7)%

 

 

Adjusted diluted EPS(e)

18.23p

(0.31)p

17.92p

14.01p

30.1%

27.9%

 

Statutory diluted EPS

9.54p

-

n/a

13.04p

(26.8)%

 

 

Statutory basic EPS

9.60p

-

n/a

13.13p

 

 

 

Dividend per share

9.15p

-

n/a

5.77p

58.6%

 

 

Capex(f)

£1.1bn

-

n/a

£1.1bn

 

 

 

Net debt(d) 

£(12.3)bn

£0.2bn

£(12.1)bn

£(13.2)bn

6.9%

8.4%

 

Retail free cash flow(d)

£1.9bn

£0.2bn

£2.1bn

£0.9bn

109.9%

132.1%

 

 

(a) Last year figures restated for the adoption of IFRS 16 as explained in Note 1 and Note 37 to the Group financial statements.

(b) Group sales exclude VAT and fuel. Sales growth shown on a comparable days basis for Central Europe and Asia. Booker consolidated from 5 March 2018 and therefore includes nine additional days in 2019/20 vs. 2018/19. The nine additional days of Booker sales in the current year contributed 0.2% to Group sales growth in the year.

(c) 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.

(d) Net debt and Retail free cash flow exclude the impact of Tesco Bank in order to provide further analysis of the Retail cash flow statement. Net debt also includes lease liabilities following the adoption of IFRS 16. Net debt excluding lease liabilities was £(2.6)bn, down £0.2bn year-on-year.

(e) Headline ‘diluted earnings per share’ and ‘adjusted Group profit before tax’ measures exclude exceptional items, amortisation of acquired intangibles, net pension finance costs and fair value remeasurements of financial instruments.

(f) Capex is shown excluding property buybacks. Statutory capital expenditure (including property buybacks) for the 53 weeks ended 29 February 2020 was £2.1bn (2018/19: £1.2bn).

(g) On 9 March 2020 we announced the proposed sale of our businesses in Thailand and Malaysia to a combination of CP Group entities. Completion of the disposal, which is conditional on shareholder approval and customary regulatory approvals in Thailand and Malaysia, is expected during the second half of 2020. Thailand and Malaysia will be treated as discontinued operations for the 2020/21 financial year. All guidance and forward-looking statements are on a continuing operations basis.