ABSTRACT
Key figures Turnover (£ billion) 18.6 20.8 23.4 26.0 30.8 Operating profit (£ million) 1 030 1166 1 322 1 484 1 735 Total assets less CL (£ billion) 6.4 7.3 8.7 11.1 12.9 Earnings per share (pence) [9.48] 10.63 12.05 13.54 15.05 ‘Average’ share price (pence) 173 217 258 207 210
Annual rate of change (%) Turnover 9.6 11.7 12.5 11.1 18.5 Operating profit 8.1 12.6 13.5 13.3 21.4 Total assets less CL 13.5 15.1 19.1 27.2 16.3 Earnings per share 10.2 12.1 13.4 12.4 11.2 Average share price 0 25 19 (20) 1 Retail Prices Index (Average) 1.1 3.0 2.1 1.4 3.0 * 53 weeks
TESCO PLC: GROUP CASH FLOW SUMMARY 2000-04 52 weeks ended February
2000 2001 2002 2003 2004* £m £m £m £m £m
Operating profit 1 030 1 166 1 322 1 484 1 735 Depreciation 435 476 534 602 752 Net financing costs and tax (606) (687) (852) (941) (865) Net funds from operations 859 955 1 004 1 145 1 622 Net decrease in working capital 48 295 182 289 455 Net cash from operations 907 1 250 1 186 1 434 2 077 Net spending on tangible fixed assets (1 211) (1 910) (1 835) (2 000) (2 177) Net acquisitions of subsidiaries, etc. 1 (76) (96) (436) (272) Financing requirement (303) (736) (745) (1 002) (372) Financing: net equity 2 30 (3) 21 817
net debt 331 895 892 950 (178) Increase/(decrease) in liquid resources 30 189 144 (31) 267
* 53 weeks
GROUP PROFIT AND LOSS ACCOUNT 53 weeks ended 28 February 2004
Note 2004 2003 restated
£m £m Sales at net selling prices 33 557 28 280
Turnover including share of joint ventures 31 050 26 197 Less: share of joint ventures’ turnover (236) (193) Group turnover excluding VAT 30 814* 26 004 Operating expenses**:
Normal operating expenses (28 925)* (24 444) Employee profit-sharing (57) (51) Integration costs (45) (4) Goodwill amortization (52)* (21)
Operating profit 1 735* 1 484 Share of profit of joint ventures and associates 97 70 Net loss on disposal of fixed assets (9) (13) Profit before interest and tax 1 823 1 541 Net interest payable (223) (180) Profit before tax 1 600 1 361 Tax on profit (498) (415) Profit after tax 1 102 946 Minority interests (2) – Profit for the financial year 1 100 946 Dividends (516) (443) Retained profit for the financial year 584 503
Earnings per share 15.05 13.54 Dividend per share 6.84 6.20
*Including acquisitions: turnover £131m; op. exs £121m; goodwill amortization £4m; operating profit £6m.
