Tesco Annual Report
TESCO PLC ANNUAL REPORT AND FINANCIAL STATEMENTS 2003
NUMBER O F S TO R E S
SALES AREA
N E W S TO R E S OPENED INC. AC Q U I S I T I O N S IN 2002/03
PLANNED OPENINGS IN 2003/04
1,982
21.8m sq ft
1,265
59
UNITED KINGDOM
77
1.7m sq ft
1
6
REPUBLIC OF IRELAND
53
2.5m sq ft
5
5
HUNGARY
66
3.4m sq ft
20
5
POLAND
17
1.6m sq ft
2
4
CZECH REPUBLIC
17
1.4m sq ft
4
4
SLOVAKIA
1 2 5 7 12 22 23 24 25
Financial highlights Operating and financial review Directors’ report Corporate governance Report of the directors on remuneration Statement of directors’ responsibilities Independent auditors’ report Group profit and loss account Statement of total recognised gains and losses Reconciliation of movements in shareholders’ funds
52
4.8m sq ft
17
6
THAILAND
21
2.1m sq ft
7
8
SOUTH KOREA
3
0.3m sq ft
1
1
TAIWAN
26 27 28 30 54
Balance sheets Group cash flow statement Accounting policies Notes to the financial statements Five year record
3
0.3m sq ft
3
1
MALAYSIA
2,291
39.9m sq ft
1,325
99
we go the extra mile for customers making shopping better, simpler, cheaper in every store, in every country in which we operate
FINANCIAL HIGHLIGHTS
GROUP SALES
+ 11.5%
2003 2002
Group sales
(£m) (including value added tax)
UNDERLYING GROUP PROFIT BEFORE TAX †
28,613 1,401 1,361 13.98 13.42 6.20
(£m)
25,654 1,221 1,201 12.14 11.86 5.60
+ 14.7%
GROUP PROFIT BEFORE TAX
Underlying pre-tax profit † (£m) Pre-tax profit (£m) Underlying diluted earnings per share † (p) Diluted earnings per share (p) Dividend per share
(p)
+ 13.3%
UNDERLYING DILUTED EARNINGS PER SHARE †
+ 15.2%
DILUTED EARNINGS PER SHARE
Group enterprise value
(market capitalisation plus net debt)
†
16,896
21,290
+ 13.2%
DIVIDEND PER SHARE
Excluding net loss on disposal of fixed assets, integration costs and goodwill
NUMBER O F S TO R E S
SALES AREA
N E W S TO R E S OPENED INC. AC Q U I S I T I O N S IN 2002/03
PLANNED OPENINGS IN 2003/04
1,982
21.8m sq ft
1,265
59
UNITED KINGDOM
77
1.7m sq ft
1
6
REPUBLIC OF IRELAND
53
2.5m sq ft
5
5
HUNGARY
66
3.4m sq ft
20
5
POLAND
17
1.6m sq ft
2
4
CZECH REPUBLIC
17
1.4m sq ft
4
4
SLOVAKIA
1 2 5 7 12 22 23 24 25
Financial highlights Operating and financial review Directors’ report Corporate governance Report of the directors on remuneration Statement of directors’ responsibilities Independent auditors’ report Group profit and loss account Statement of total recognised gains and losses Reconciliation of movements in shareholders’ funds
52
4.8m sq ft
17
6
THAILAND
21
2.1m sq ft
7
8
SOUTH KOREA
3
0.3m sq ft
1
1
TAIWAN
26 27 28 30 54
Balance sheets Group cash flow statement Accounting policies Notes to the financial statements Five year record
3
0.3m sq ft
3
1
MALAYSIA
2,291
39.9m sq ft
1,325
99
we go the extra mile for customers making shopping better, simpler, cheaper in every store, in every country in which we operate
FINANCIAL HIGHLIGHTS
GROUP SALES
+ 11.5%
2003 2002
Group sales
(£m) (including value added tax)
UNDERLYING GROUP PROFIT BEFORE TAX †
28,613 1,401 1,361 13.98 13.42 6.20
(£m)
25,654 1,221 1,201 12.14 11.86 5.60
+ 14.7%
GROUP PROFIT BEFORE TAX
Underlying pre-tax profit † (£m) Pre-tax profit (£m) Underlying diluted earnings per share † (p) Diluted earnings per share (p) Dividend per share
(p)
+ 13.3%
UNDERLYING DILUTED EARNINGS PER SHARE †
+ 15.2%
DILUTED EARNINGS PER SHARE
Group enterprise value
(market capitalisation plus net debt)
†
16,896
21,290
+ 13.2%
DIVIDEND PER SHARE
Excluding net loss on disposal of fixed assets, integration costs and goodwill