PRELIMINARY RESULTS 2010/11
ADDITIONAL INFORMATION
1. Group Income Statement
2. Tesco Bank - Income Statement and Balance Sheet
3. UK Sales Performance
4. International Sales Performance
5. Group Space Summary
6. UK Space Summary
7. Asia Space Summary
8. Europe Space Summary
9. Group Space Forecast
10. Earnings Per Share
INVESTOR CONTACTS:
Steve Webb
+44 (0) 1992 644 800
Mark George
+44 (0) 1992 644 800
Hannah Sharp
+44 (0) 1992 646 663
Jenny Mayhew
+44 (0) 1992 644 638
Andrew Williams
+44 (0) 1992 644 316
investor.relations@uk.tesco.com
+44 (0) 1992 646 484
TESCO PLC - PRELIMINARY RESULTS 2010/11 - ADDITIONAL INFORMATION
GROUP INCOME STATEMENT
2010/11
2009/10
52 weeks to 26 February 2011
52 weeks to 27 February 2010
Growth
UK
Asia
Rest of
Europe
U.S.
Tesco
Bank
Group
UK
Asia
Rest of
Europe
U.S.
Tesco
Bank
Group
£m
£m
£m
£m
£m
£m
£m
£m
£m
£m
£m
£m
8,465
8,724
440
474
(165)
5.20% 5.43%
(47.28)%
UK
Asia
Rest of
Europe
U.S.
Tesco
Bank
Group
Continuing operations
Revenue (sales excluding VAT)
1
Trading profit
Trading profit margin
40,766
10,278
9,192
495
919
61,650
39,104
2,504
570
527
(186)
264
3,679
2,413
6.14%
5.55%
5.73%
(37.58)%
28.73%
5.97%
6.17%
Add: Property profit
Deduct: IAS 19 Pensions charge
349
57,502
4.3%
21.4%
5.4%
41.8%
250
3,412
3.8%
29.5%
11.2%
29.07%
5.93%
(3)bp
35bp
30bp
860
427
377
(528)
(391)
Deduct: IAS 17 Leasing
(66)
(51)
Deduct: Tesco Bank intangibles and other acquisition costs
(42)
(127)
Deduct: IFRIC 13
(8)
(14)
Deduct: Impairment of goodwill
(55)
(131)
Deduct: Restructuring costs
(29)
(33)
Add back: Normal cash pension contributions
433
415
3,811
3,457
Statutory operating profit
Share of post-tax profits of JVs and associates
57
33
Net finance costs
(333)
(314)
Statutory profit before tax
3,535
3,176
Deduct: IAS 32 and IAS 39 effect
(19)
(151)
Add back: IAS 19 pensions charge
546
439
6.9%
7.2%
(12.7)%
5.6%
7.8%
970bp
(34)bp
4bp
10.2%
11.3%
Adjustments:
Add back: IAS 17 leasing charge
50
41
Add back: Tesco Bank intangibles and other acquisition costs
42
127
Add back: IFRIC 13
Add back: Impairment of goodwill
Add back: Restructuring costs
Deduct: Normal cash pension contributions
Underlying profit before tax
Note
Revenue and revenue growth exclude the impact of IFRIC 13 (customer loyalty schemes).
1
8
14
55
131
29
33
(433)
(415)
3,813
3,395
12.3%
Tax
(864)
(840)
Profit for the period
2,671
2,336
14.3%
2,655
2,327
14.1%
16
9
77.8%
- Basic
33.10
29.33
12.9%
- Diluted
32.94
29.19
12.8%
35.72
31.66
12.8%
14.46
13.05
10.8%
Attributable to:
Equity holders of the parent
Minority Interests
Earnings per share from continuing operations (pence)
Underlying Earnings per share from continuing operations (pence)
- Diluted
Dividend per share (pence)
Notes
Asia consists of Thailand, South Korea, Malaysia, China, Japan and India
Rest of Europe consists of Republic of Ireland, Hungary, Poland, Czech Republic, Slovakia and Turkey
TESCO PLC - PRELIMINARY RESULTS 2010/11 - ADDITIONAL INFORMATION
TESCO BANK - RESULTS and BALANCE SHEET
Income Statement (12 Months to 28 February 2011)
2010/11
2009/10
£m
£m
Tesco Bank Balance Sheet as at 28 February 2011
2010/11
2009/10
£m
£m
Non-current assets
Revenue
Interest receivable and similar income
555
442
Intangible assets
276
Fees and commissions receivable
364
418
Property, plant and equipment
111
61
919
860
Other investments
1,172
865
Loans and advances to customers
2,127
1,844
Derivative financial instruments
Direct Costs
Interest payable
Fees and commissions payable
(133)
(91)
30
(19)
(103)
(111)
816
749
Deferred tax assets
Premises and equipment
Other administrative expenses
Depreciation and amortisation (excluding amortisation on intangibles arising on acquisition)
-
-
32
3,702
2,962
2,514
2,268
Loans and advances to banks and other financial assets
404
144
Trade and other receivables
244
114
Derivative financial instruments
-
1
(49)
Current tax asset
-
20
(63)
(47)
Cash and cash equivalents
(263)
(220)
Other expenses:
Staff costs
16
Current assets
Loans and advances to customers
Gross profit
160
(76)
(19)
(6)
(421)
(322)
148
205
3,310
2,752
(226)
(132)
Current liabilites
Trade and other payables
Financial liabilities
- Borrowings
Trading profit before provisions for bad and doubtful debts
Provisions for bad and doubtful debts
395
427
(131)
(177)
Trading profit
264
250
Deduct: Tesco Bank intangibles *
(39)
(127)
Deduct: IAS 17 Leasing charge
(5)
(3)
Net finance costs
(4)
(5)
Share of loss of joint ventures and associates
(7)
(1)
- Derivative financial instruments
(224)
-
(7)
(14)
Loans to banks
(36)
(30)
Provisions
(39)
(100)
(4,897)
(4,357)
Customer deposits
Net current liabilities
(5,429)
(4,632)
(2,119)
(1,880)
(126)
(224)
(31)
(51)
Non-current liabilities
Financial liabilities
- Borrowings
- Derivative financial instruments
Deferred tax liabilities
Customer deposits
Profit before tax
* The non-cash amortisation of intangibles arising on acquisition.
209
114
Net assets included within Tesco Group accounts *
(9)
-
(177)
-
1,240
806
* Intra-group liabilities of £254m (2009/10: £258m) have been eliminated on consolidation in preparing the Tesco PLC consolidated
financial statements. Net assets of Tesco Bank are £986m (2009/10: £548m) including the intra-group liabilities.
This page has been intentionally left blank
TESCO PLC - PRELIMINARY RESULTS 2010/11 - ADDITIONAL INFORMATION
UK SALES PERFORMANCE (inc. VAT, exc. IFRIC 13)
Inc. Petrol
Exc. Petrol
First Half
2010/11
Second Half
2010/11
Full Year
2010/11
Full Year
2009/10
First Half
2010/11
Second Half
2010/11
Full Year
2010/11
Full Year
2009/10
26 wks to
28/08/10
26 wks to
26/02/11
52 wks to
26/02/11
52 wks to
27/02/10
26 wks to
28/08/10
26 wks to
26/02/11
52 wks to
26/02/11
52 wks to
27/02/10
%
%
%
%
%
%
%
%
Existing stores
3.1
1.6
2.4
1.7
1.2
0.8
1.0
2.6
Net new stores
2.8
3.5
3.1
2.5
3.0
3.7
3.4
2.9
Total
5.9
5.1
5.5
4.2
4.2
4.5
4.4
5.5
UK LIKE FOR LIKE SALES GROWTH (inc. Petrol, inc. VAT, exc. IFRIC 13)
10.0
9.0
8.0
% growth
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
0203H1
0304H1
0203H2
0304H2
0304H1
0405H1
0304H2
0405H2
0405H1
0506H1
0405H2
0506H2
0506H1
0607H1
0506H2
0607H2
0607H1
0708H1
0607H2
0708H2
0708H1
0809H1
0708H2
0809H2
0809H1
0910H1
0809H2
0910H2
0910H1
1011H1
0910H2
1011H2
UK SALES AREA BY SIZE OF STORE
No. of stores
February 2010 1
million sq ft
% of total
10.1%
1,626
3.3
9.7%
3.8
10.4%
295
3.7
10.7%
297
8.9
24.2%
286
8.6
25.1%
40,001-60,000 sq ft
172
9.0
24.4%
163
8.3
24.2%
Over 60,000 sq ft
153
11.3
30.9%
137
10.3
30.2%
2,715
36.7
100.0%
2,507
34.2
100.0%
No. of stores
February 2011
million sq ft
% of total
1,789
3.7
3,001-20,000 sq ft
304
20,001-40,000 sq ft
0-3,000 sq ft
Notes
1
February 2010 data restated to include Dobbies; and for a restatement of 109,000 sq ft driven by a comprehensive remeasurement of One Stop stores
TESCO PLC - PRELIMINARY RESULTS 2010/11 - ADDITIONAL INFORMATION
INTERNATIONAL SALES PERFORMANCE (inc. Petrol, exc. IFRIC 13)
SALES GROWTH (inc. VAT)
REVENUE (exc. VAT)
CONSTANT RATES
ACTUAL
RATES
like for
like
%
new
stores
%
total
%
total
%
in local
currency
m
£m
average
exchange
rate
closing
exchange
rate
China
TY
LY
5
(3)
16
11
21
8
35
6
11,661
9,667
1,141
848
10.22
11.40
10.62
10.41
Japan
TY
LY
(8)
(7)
3
6
(5)
(1)
6
10
63,641
66,805
476
449
133.7
148.9
132.2
135.5
Malaysia
TY
LY
(1)
(8)
10
15
9
7
25
9
3,876
3,543
794
636
4.881
5.572
4.918
5.188
South Korea
TY
LY
3
3
6
26
9
29
19
33
8,886,472
8,160,678
4,984
4,176
1,783
1,954
1,821
1,769
Thailand
TY
LY
2
(4)
6
6
8
2
21
10
137,451
126,708
2,844
2,349
48.33
53.95
49.44
50.37
India
TY
LY
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2,745
558
39
7
70.38
76.10
73.21
70.28
U.S.
TY
LY
9
5
29
51
38
56
42
70
766
556
495
349
1.548
1.591
1.612
1.524
SALES GROWTH (inc. VAT)
REVENUE (exc. VAT)
ACTUAL
RATES
CONSTANT RATES
like for
like
%
new
stores
%
total
%
total
%
in local
currency
m
£m
average
exchange
rate
closing
exchange
rate
Czech Republic
TY
LY
1
(7)
5
6
6
(1)
6
2
40,013
37,964
1,355
1,287
29.53
29.49
28.62
28.94
Hungary
TY
LY
(1)
(7)
4
7
3
0
(2)
(2)
542,026
532,541
1,649
1,698
328.7
313.7
318.8
300.8
Poland
TY
LY
3
2
6
5
9
7
11
(1)
10,103
9,260
2,156
1,943
4.686
4.763
4.644
4.397
Slovakia
TY
LY
12
(10)
4
3
16
(7)
12
(0)
1,171
1,012
996
894
1.176
1.132
1.168
1.116
Turkey
TY
LY
0
(4)
15
12
15
8
18
4
1,651
1,444
700
595
2.359
2.429
2.581
2.346
Republic of Ireland
TY
LY
2
(12)
3
3
5
(9)
1
(4)
2,742
2,602
2,332
2,298
1.176
1.132
1.168
1.116
TESCO PLC - PRELIMINARY RESULTS 2010/11 - ADDITIONAL INFORMATION
GROUP SPACE SUMMARY
Actual at 26th February 2011
NUMBER OF STORES
2009/10
year end
openings
H1
openings
H2
acquisitions
UK 1
2,507
69
155
6
(1)
Asia
1,230
90
123
-
954
145
54
14
86
18
International
2,329
158
Group
4,836
227
Europe
U.S.
gross store
extensions /
adjustments number gain
closures /
disposals
2010/11
year end
% of group
229
(21)
2,715
50.5%
-
213
(24)
1,419
26.4%
-
-
140
32
(12)
(13)
1,082
164
20.1%
3.0%
227
-
-
385
(49)
2,665
49.5%
382
6
(1)
614
(70)
5,380
100.0%
SPACE - '000 sq ft
2009/10
year end
openings
H1
openings
H2
acquisitions
extensions /
adjustments
gross sales
area gain
closures /
disposals
2010/11
year end
% of group
UK 1
34,237
544
1,948
86
265
2,843
(358)
36,722
35.4%
Asia
31,784
1,130
2,367
-
31
3,528
(329)
34,983
33.8%
Europe
U.S.
27,754
1,456
1,070
144
1,527
185
-
56
2,597
385
(142)
(139)
30,209
1,702
29.2%
1.6%
International
60,994
2,344
4,079
-
87
6,510
(610)
66,894
64.6%
Group
95,231
2,888
6,027
86
352
9,353
(968)
103,616
100.0%
Notes
2019/10 data restated to include Dobbies; and for an opening space restatement of 109,000 sq ft driven by a comprehensive remeasurement of One Stop stores
1
UK SPACE SUMMARY
Actual at 26th February 2011
NUMBER OF STORES
2009/10
year-end
openings
H1
openings
H2
acquisitions
extensions /
conversions
gross store
number gain
closures /
disposals
2010/11
year-end
Extra
Homeplus
Superstore
Metro
Express
190
13
455
181
1,130
1
6
3
50
13
25
2
101
2
4
-
8
(8)
5
22
25
9
156
(10)
(4)
(1)
212
13
470
186
1,285
Total Tesco
One Stop
Dobbies
1,969
513
25
60
8
1
141
11
3
6
-
5
(6)
-
212
13
4
(15)
(5)
(1)
2,166
521
28
Total UK 1
2,507
69
155
6
(1)
229
(21)
2,715
SPACE - '000 SQ FT
2009/10
year-end
openings
H1
openings
H2
acquisitions
extensions /
conversions
gross sales area
gain
closures /
disposals
2010/11
year-end
Extra
Homeplus
Superstore
Metro
Express
13,627
554
13,515
2,076
2,544
58
264
31
128
913
612
20
249
42
44
-
481
(220)
13
1,452
698
95
390
(251)
(76)
(2)
15,079
554
13,962
2,095
2,932
Total Tesco
One Stop 2
32,316
481
1,794
86
274
2,635
(329)
34,622
Dobbies
784
1,137
13
50
16
138
-
(9)
-
20
188
(7)
(22)
797
1,303
Total UK 1
34,237
544
1,948
86
265
2,843
(358)
36,722
Notes
2009/10 Total UK restated to include Dobbies
1
2
Opening space restatement of 109,000 sq ft driven by a comprehensive remeasurement of One Stop stores
TESCO PLC - PRELIMINARY RESULTS 2010/11 - ADDITIONAL INFORMATION
ASIA SPACE SUMMARY
Actual at 26th February 2011
NUMBER OF STORES
China
- hypermarkets
- other
Japan
- other
Malaysia
- hypermarkets
- other
South Korea - hypermarkets
- other
Thailand
- hypermarkets
- other
Total Asia
Total Asia
- hypermarkets
- other
- TOTAL
extensions / gross store
adjustments number gain
closures /
disposals
2010/11
year end
14
5
12
7
8
48
8
111
(1)
(1)
(14)
(1)
(1)
(6)
-
93
12
140
37
1
121
233
124
658
-
37
176
213
(3)
(21)
(24)
375
1,044
1,419
-
extensions /
adjustments
31
-
gross sales
area gain
1,153
5
66
612
720
129
489
354
closures /
disposals
(98)
(1)
(38)
(92)
(62)
(38)
-
2010/11
year end
8,108
27
505
3,294
31
10,931
745
9,387
1,955
-
31
31
2,974
554
3,528
(252)
(77)
(329)
31,720
3,263
34,983
2009/10
year end
openings
H1
openings
H2
acquisitions
80
8
142
31
1
114
191
116
547
2
5
12
3
4
23
41
12
4
4
25
8
70
-
-
341
889
1,230
9
81
90
28
95
123
-
SPACE - '000 SQ FT
2009/10
year end
7,053
23
477
2,774
31
South Korea - hypermarkets
- other
Thailand
- hypermarkets
- other
10,273
654
8,898
1,601
openings
H1
183
5
66
254
421
58
143
Total Asia
28,998
2,786
31,784
858
272
1,130
China
Japan
Malaysia
Total Asia
- hypermarkets
- other
- other
- hypermarkets
- other
- hypermarkets
- other
- TOTAL
openings
H2
970
358
268
71
489
211
2,085
282
2,367
acquisitions
EUROPE SPACE SUMMARY
Actual at 26th February 2011
NUMBER OF STORES
Czech Republic
Hungary
Poland
Slovakia
Turkey
Republic of Ireland
France
Total Europe
Total Europe
extensions / gross store
adjustments number gain
closures /
disposals
2010/11
year end
8
14
14
15
6
35
5
11
10
11
1
10
-
(6)
(1)
(4)
(1)
73
85
115
90
68
303
54
43
46
75
11
119
-
-
44
96
140
(1)
(11)
(12)
367
715
1,082
-
extensions /
adjustments
(22)
22
-
gross sales
area gain
249
98
510
59
304
335
171
64
550
47
80
130
-
closures /
disposals
(46)
(69)
(11)
(16)
2010/11
year end
4,184
1,054
6,639
546
5,129
3,017
2,677
706
2,760
256
687
2,554
-
-
(22)
22
-
1,864
733
2,597
(69)
(73)
(142)
22,076
8,133
30,209
2009/10
year end
openings
H1
openings
H2
acquisitions
- hypermarkets
- other
- hypermarkets
- other
- hypermarkets
- other
- hypermarkets
- other
- hypermarkets
- other
- hypermarkets
- other
- other
65
71
101
75
62
274
49
32
37
68
10
109
1
2
6
7
5
4
10
4
7
7
2
-
6
8
7
10
2
25
5
7
3
4
1
8
-
-
-
- hypermarkets
- other
- TOTAL
324
630
954
20
34
54
24
62
86
-
SPACE - '000 SQ FT
Czech Republic
Hungary
Poland
Slovakia
Turkey
Republic of Ireland
France
Total Europe
Total Europe
- hypermarkets
- other
- hypermarkets
- other
- hypermarkets
- other
2009/10
year end
3,935
956
6,129
487
4,825
2,728
- hypermarkets
- other
- hypermarkets
- other
- hypermarkets
- other
- other
2,506
642
2,279
220
607
2,424
16
openings
H1
64
38
267
12
226
98
19
320
19
7
-
- hypermarkets
- other
- TOTAL
20,281
7,473
27,754
877
193
1,070
openings
H2
185
60
265
25
78
237
171
45
230
28
80
123
1,009
518
1,527
acquisitions
TESCO PLC - PRELIMINARY RESULTS 2010/11 - ADDITIONAL INFORMATION
GROUP SPACE FORECAST
Forecast to 25th February 2012
SPACE - '000 sq ft
2010/11
year end
openings
H1
openings
H2
acquisitions
extensions /
adjustments
gross sales
area gain
closures /
disposals
2011/12
year end
Extra
Homeplus
Superstore
Metro
Express
Total Tesco
One Stop
Dobbies
Total UK
15,079
554
13,962
2,095
2,932
34,622
797
1,303
36,722
135
100
134
369
34
100
503
917
602
22
289
1,830
29
100
1,959
15
15
15
375
(114)
2
263
263
1,427
588
37
425
2,477
63
200
2,740
(220)
(11)
(2)
(233)
(1)
(234)
16,506
554
14,330
2,121
3,355
36,866
859
1,503
39,228
14.4%
0.5%
12.5%
1.9%
2.9%
32.2%
0.8%
1.3%
34.3%
China
Japan
Malaysia
South Korea
Thailand
Asia
8,135
505
3,325
11,676
11,342
34,983
512
323
517
356
1,708
1,497
312
523
1,047
3,379
-
-
2,009
635
1,040
1,403
5,087
(26)
(31)
(57)
10,144
479
3,929
12,716
12,745
40,013
8.9%
0.4%
3.4%
11.1%
11.1%
35.0%
Czech Republic
Hungary
Poland
Slovakia
Turkey
Republic of Ireland
Europe
5,238
7,185
8,146
3,383
3,016
3,241
30,209
75
52
222
72
219
130
770
288
63
635
168
520
176
1,850
279
279
(30)
30
(14)
(14)
612
115
887
226
739
306
2,885
(18)
(48)
(86)
(152)
5,832
7,300
8,985
3,609
3,755
3,461
32,942
5.1%
6.4%
7.9%
3.2%
3.3%
3.0%
28.8%
U.S.
1,702
169
272
-
-
-
2,143
1.9%
International
66,894
2,647
5,501
279
(14)
441
8,413
(209)
75,098
65.7%
Group
103,616
3,150
7,460
294
249
11,153
(443)
114,326
100.0%
% of group
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TESCO PLC - PRELIMINARY RESULTS 2010/11 - ADDITIONAL INFORMATION
EARNINGS PER SHARE
CONTINUING OPERATIONS
2010/11
year end
£m
EARNINGS
Statutory profit before tax
2009/10
year end
£m
3,535
3,176
(19)
546
50
42
8
55
29
(433)
(151)
439
41
127
14
131
33
(415)
3,813
3,395
(864)
(918)
(840)
(862)
(16)
(9)
2,655
2,879
2,327
2,524
Adjustments:
Deduct: IAS 32 and IAS 39 effect
Add back: IAS 19 pensions charge
Add back: IAS 17 leasing charge
Add back: Tesco Bank intangibles and other acquisition costs
Add back: IFRIC 13
Add back: Impairment of goodwill
Add back: Restructuring costs
Deduct: Normal cash pension contributions
Underlying profit before tax
Tax on profit
Tax on underlying profit *
Minority Interest
BASIC EARNINGS
UNDERLYING EARNINGS
*
TY ERT %
24.44%
24.07%
LY ERT %
26.45%
25.40%
243
For the purposes of the underlying EPS calculation, the tax rate has been normalised for an impairment of Japan goodwill.
2010/11
year end
£m
2009/10
year end
£m
7,985
7,895
SAYE and Executive Share Option Schemes
17
18
Shares issued
19
21
Less : weighted average shares in trust
(1)
(1)
BASIC weighted average no of shares
8,020
7,933
211
336
418
41
180
297
380
39
8,061
7,972
SHARES
Shares in issue at start of year
Weighted average no of options (Million)
Average option price (pence)
Average share price (pence)
Dilutory number of shares (Million)
A
B
C
[A x (C-B)/C]
DILUTED weighted average no of shares
BASIC Earnings Per Share
Pence
33.10
29.33
DILUTED Earnings Per Share
Pence
32.94
29.19
UNDERLYING BASIC Earnings Per Share
Pence
35.90
31.82
UNDERLYING DILUTED Earnings Per Share
Pence
35.72
31.66