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A business for a new decade Tesco PLC Annual Review and Summary Financial Statement 2010 Contents Financial highlights Overview Group sales (including VAT)* Chairman’s statement 1 +6.8% A business for a new decade 2 Tesco at a glance 6 Underlying profit before tax Chief Executive’s review 8 +10.1% Our business Group profit before tax Long-term strategy and +10.4% business highlights 10 International 12 Underlying diluted earnings per share** Core UK 14 +9.1% Non-food 16 Retailing Services 18 Diluted earnings per share Community 20 +9.8% Our people 22 Dividend per share Summary Financial Statement +9.1% Summary report of the Directors 24 All growth figures reported on a 52-week basis. Group financials 26 Our Board of Directors 29 2008/9‡ 52 weeks ended 27 February 2010 2009/10 52 weeks 53 weeks Group sales (£m) (including VAT)* 62,537 58,570 59,426 Group revenue (£m) (excluding VAT) 56,910 53,115 53,898 Group trading profit (£m) 3,412 3,039 3,086 Underlying profit before tax (£m) 3,395 3,083 3,124 Group profit before tax (£m) 3,176 2,876 2,917 Underlying diluted earnings per share (p) 31.66 28.50 28.87 Dividend per share (p) 13.05 – 11.96 Group enterprise value (£bn) (market capitalisation plus net debt) 41.4 – 35.9 Return on capital employed 12.1% – 12.8% * Group sales (inc. VAT) excludes the accounting impact of IFRIC 13 (Customer Loyalty Programmes). ** Growth in underlying diluted EPS calculated on a constant tax rate basis. ‡ Restated for the impact of IFRIC 13 and IFRS 2. www.tesco.com/annualreview2010 Over the past decade Tesco has transformed itself into a diverse international business – and by following our consistent strategy we are well positioned for long-term growth. I am pleased to report that We have continued to grow It has been another significant the Tesco team has once sales, profits and market share year for our work on the again delivered a good set of over the past year. We’ve also environment and within local results – guided by experienced significantly strengthened our communities. As we grow, our management who have steered balance sheet. customers increasingly look to the business through recessions Tesco to take the lead in these before. As markets around the Our acquisition in South Korea areas – and we are. world are emerging from this is performing well and delivering recession each part of our excellent results, we’ve opened In January, we opened the world’s business is well positioned to our first three Tesco Lifespace first zero-carbon store at Ramsey pursue our strategy for growth. shopping malls in China and we in Cambridgeshire – the latest have made good progress building step in our journey to reduce the the infrastructure and developing carbon footprint of our business. new products for Tesco Bank. Over the past year we have made significant progress towards I am also pleased to announce our long-term goals by reducing that we again increased our our emissions by 7.8% on our dividend – for the 26th consecutive baseline 2006/7 store and year. This consistent track record distribution porfolio. of delivering dividend growth for shareholders is unrivalled in This year we donated over the FTSE 100. £60 million to charities – once again exceeding our target to The strong Group results over give the equivalent of 1% of our the last year have been achieved profits to good causes. through a constant focus on what matters most to customers These good results are testament in challenging times around the to the hard work of our people. world. A good example of this The Tesco team is now 472,000 has been our renewed focus on strong – and we remain united by rewarding loyalty – at home and our goal to improve the shopping abroad – which has been a great trip for our customers. I would success with customers. like to thank all our people for their hard work which I know will In the UK, we increased our continue in the year ahead. Clubcard investment with Double Points – giving customers even greater reward for their loyalty. Internationally, we launched Clubcard in three more countries during the year – in Poland, Slovakia and Thailand – and for David Reid the first time we now have more Chairman Clubcard holders internationally than in the UK. Tesco PLC Annual Review and Summary Financial Statement 2010 1 A growth business... People Sales area 472,000 94m sq ft (000s) 472 (m sq ft) International 94 UKInternational UK 237 28 01 02 03 04 05 06 07 08 09 2010 01 02 03 04 05 06 07 08 09 2010 01 02 03 04 05 06 07 08 09 2010 2 Tesco PLC Annual Review and Summary Financial Statement 2010 Our position amongst the leading global retailers hasn’t happened by chance. For well over a decade, our long-term strategy has been delivering strong and consistent growth. A growth business... Group sales Operating profit Total shareholder return* Tesco FTSE 100 £62.5bn £3.5bn Eurofirst Food & Drug * Index rebased to 100 (£bn) (£bn) 400 62.5 350 3.5 300 250 200 22.8 1.2 150 100 50 0 01 02 03 04 05 06 07 08 09 2010 01 02 03 04 05 06 07 08 09 2010 00 01 02 03 04 05 06 07 08 09 2010 Tesco PLC Annual Review and Summary Financial Statement 2010 3 Through diversification into new geographies, new product areas and new services, we’re developing a business for the future – with sustainable growth for years to come. ...for a new de cade 53% Zero 65% In 2000, Tesco was operating in We are committed to being carbon- Today 65% of our selling space is markets representing 8% of global neutral by 2050 and helping our outside the UK. GDP; today it’s 53%. customers halve their own carbon footprint by 2020. 4 Tesco PLC Annual Review and Summary Financial Statement 2010 ...for a new de cade Global We’re starting to unlock the benefits of being a global Group: • Global sourcing volumes have 48% grown threefold in six years • Clubcard is now in seven countries 48% of our space is less than • F&F clothing is in ten countries five years old. • Group shared services centre in Bangalore. No. 1 Multi-format Local Customers expect to be able to shop Our flexible range of formats helps We’ve learnt how to be ‘local’; in where and when they want – as well us to adapt our approach to local South Korea, our largest international as having great stores we’re the most customers – wherever they are – business, we have over 22,000 profitable online grocery retailer from Extra hypermarkets to Express employees and just six UK expats. in the world. convenience stores. Tesco PLC Annual Review and Summary Financial Statement 2010 5 Tesco in numbers By remaining focused on our strategy and helping customers to save money, Tesco has weathered the economic storm well. Group sales Group sales £62.5bn £bn 59.4 62.5 51.8 46.6 43.1 Underlying profit before tax £3.4bn 2006 2007 2008 2009 2010 Stores Group space US worldwide 4,811 by region 1.5% People worldwide Europe UK 472,000 29.5% 35.1% Asia 33.8% Countries 14 Group sales Group profit Tesco Bank US Tesco Bank £0.9bn £0.4bn 7% Asia £9.1bn International Europe 22% £10.0bn UK £42.3bn UK 71% 6 Tesco PLC Annual Review and Summary Financial Statement 2010 Tesco around the world Europe Region Revenue* Stores Employees £m UK Republic of Ireland 2,282 119 14,158 Revenue* Stores Employees Poland 1,942 336 23,655 £m Hungary 1,698 176 20,079 Czech Republic 1,287 136 12,949 Total 38,558 2,482 287,669 Slovakia 891 81 8,105 Turkey 595 105 7,630 Total 8,695 953 86,576 Asia Region Revenue* Stores Employees £m South Korea 4,162 305 22,739 Thailand 2,344 663 34,775 US China 844 88 22,668 Revenue* Stores Employees Malaysia 633 32 9,423 £m Japan 449 142 4,636 Total 349 145 3,246 Total 8,432 1,230 94,241 India In India, we have an exclusive franchise agreement In 2009/10 there were an additional 362 people working with Trent, the retail arm of the Tata Group. We are in other locations such as international buying global hubs. Store numbers exclude one store in Calais, France. supporting the development of their Star Bazaar format. Total Revenue for Europe excludes France. We plan to open our first cash and carry store by the Total Revenue for Asia excludes India. end of the year. * Revenues are sales excluding VAT. Tesco PLC Annual Review and Summary Financial Statement 2010 7 Our well-established and consistent strategy for growth has given the business momentum to grow through the downturn. K No U n- re fo o o C d s e C c i o v m r e m S u g n n i i t l y i a t e R International Sir Terry Leahy Chief Executive 8 Tesco PLC Annual Review and Summary Financial Statement 2010 Watch the video: Chief Executive’s www.tesco.com/annualreview2010/ review resultspresentation This year’s results show a solid performance. In our core innovation with our suppliers; in another solid performance grocery operations, we’re growing local communities we’re supporting from across the Group.
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