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Tesco PLC Annual R Eport and Financial S Tatements 2011 Ov 2 3 Tesco PLC Tesco Contents OverviEw 2 Financial highlights 3 Chairman’s statement 4 Chief Executive’s review 6 Our vision BuSiness reviEw* 14 Our business 16 Growing the UK core 22 To be an outstanding international retailer 26 To be strong in everything we sell 30 Growing retail services 34 Community at the heart of what we do 38 Building brands 42 Building our team 46 Property – developing and building for customers 48 Key performance indicators 50 Group financials 51 Principal risks and uncertainties 58 General information GOvernance 60 Our Board of Directors* 62 Directors’ report on corporate governance* 74 Directors’ remuneration report FiNanciaL statements 92 Statement of Directors’ responsibilities 93 Independent auditors’ report to the members of Tesco PLC 94 Group income statement 95 Group statement of comprehensive income 96 Group balance sheet 97 Group statement of changes in equity 98 Group cash flow statement 98 Reconciliation of net cash flow to movement in net debt note 99 Notes to the Group financial statements 146 Five year record 147 Tesco PLC – Parent Company balance sheet 148 Notes to the Parent Company financial statements 156 Independent auditors’ report Annual Report and Financial Statements 2011 Statements and Financial Annual Report to the members of Tesco PLC IBC Financial calendar * These sections form the Report of the Directors Tesco PLC Tesco House Delamare Road Cheshunt Hertfordshire EN8 9SL http://ar2011.tescoplc.com oVeRVIEW finanCial statements tesco around the world europe Headingfinancial calendar Revenue* GDP growth Revenue*† (£m) Stores Employees (% real change pa) Republic of ireland 2,332 130 13,344 -0.8 Poland 2,156 371 24,932 3.8 £9,192m Hungary 1,649 205 21,157 1.2 Financial year end 2010/11 26 February 2011 Number of stores Czech Republic 1,355 158 12,812 2.3 Final ex-dividend date 27 April 2011 slovakia 996 97 9,105 4.0 Record date 3 May 2011 Creating value for turkey 700 121 8,038 8.1 Q1 Interim Management Statement June 2011 1,082 Annual General Meeting 1 July 2011 Final dividend payment date 8 July 2011 Employees± Half-year end 2011/12 27 August 2011 customers across all Interim Results October 2011 Q3 Interim Management Statement December 2011 89,559 Christmas and New Year Trading Statement January 2012 Selling space (sq ft, % of Group) Financial year ended 2011/12 25 February 2012 our businesses Please note that dates are provisional and subject to change. 30.2m sq ft UK 29.2% Revenue* £40,766m Number of stores Us Revenue* 2,715 Employees £495m asia Revenue*† Number of stores 293,676 164 Selling space (sq ft, % of Group) £10,278m Number of stores Employees 36.7m sq ft 4,134 35.4% 1,419 Employees± Selling space (sq ft, % of Group) 1.7m sq ft india 104,071 in india, we have an exclusive Selling space (sq ft, % of Group) franchise agreement with Trent, 1.6% the retail arm of the Tata Group. we are supporting the development of 35.0m sq ft their Star Bazaar format. 33.8% tesco Bank Revenue* GDP growth Revenue* (£m) Stores Employees (% real change pa) south Korea 4,984 354 23,131 6.1 £919m thailand 2,844 782 38,395 7.9 China 1,141 105 27,096 10.3 Designed and produced by CONRAN DESIGN GROUP Employee figures represent the average number of employees during the year Employees malaysia 794 38 11,023 7.2 ± 230 employees across asia and Europe work in locations other than those listed Japan 476 140 4,367 4.0 This Report is printed on Revive 100 Pure White Silk paper and has been * Revenues are sales excluding VAT and exclude the impact of iFRiC 13 independently certified on behalf of the Forest Stewardship Council (FSC). (customer loyalty schemes) 1,274 The inks used are all vegetable oil based. † Revenue for Europe includes France; revenue for asia includes india Printed at Pureprint Group Ltd, ISO14001, FSC certified and CarbonNeutral® GDP growth: Economist intelligence unit oVeRVIEW finanCial statements tesco around the world europe Headingfinancial calendar Revenue* GDP growth Revenue*† (£m) Stores Employees (% real change pa) Republic of ireland 2,332 130 13,344 -0.8 Poland 2,156 371 24,932 3.8 £9,192m Hungary 1,649 205 21,157 1.2 Financial year end 2010/11 26 February 2011 Number of stores Czech Republic 1,355 158 12,812 2.3 Final ex-dividend date 27 April 2011 slovakia 996 97 9,105 4.0 Record date 3 May 2011 Creating value for turkey 700 121 8,038 8.1 Q1 Interim Management Statement June 2011 1,082 Annual General Meeting 1 July 2011 Final dividend payment date 8 July 2011 Employees± Half-year end 2011/12 27 August 2011 customers across all Interim Results October 2011 Q3 Interim Management Statement December 2011 89,559 Christmas and New Year Trading Statement January 2012 Selling space (sq ft, % of Group) Financial year ended 2011/12 25 February 2012 our businesses Please note that dates are provisional and subject to change. 30.2m sq ft UK 29.2% Revenue* £40,766m Number of stores Us Revenue* 2,715 Employees £495m asia Revenue*† Number of stores 293,676 164 Selling space (sq ft, % of Group) £10,278m Number of stores Employees 36.7m sq ft 4,134 35.4% 1,419 Employees± Selling space (sq ft, % of Group) 1.7m sq ft india 104,071 in india, we have an exclusive Selling space (sq ft, % of Group) franchise agreement with Trent, 1.6% the retail arm of the Tata Group. we are supporting the development of 35.0m sq ft their Star Bazaar format. 33.8% tesco Bank Revenue* GDP growth Revenue* (£m) Stores Employees (% real change pa) south Korea 4,984 354 23,131 6.1 £919m thailand 2,844 782 38,395 7.9 China 1,141 105 27,096 10.3 Designed and produced by CONRAN DESIGN GROUP Employee figures represent the average number of employees during the year Employees malaysia 794 38 11,023 7.2 ± 230 employees across asia and Europe work in locations other than those listed Japan 476 140 4,367 4.0 This Report is printed on Revive 100 Pure White Silk paper and has been * Revenues are sales excluding VAT and exclude the impact of iFRiC 13 independently certified on behalf of the Forest Stewardship Council (FSC). (customer loyalty schemes) 1,274 The inks used are all vegetable oil based. † Revenue for Europe includes France; revenue for asia includes india Printed at Pureprint Group Ltd, ISO14001, FSC certified and CarbonNeutral® GDP growth: Economist intelligence unit Tesco PLC Tesco Contents OverviEw 2 Financial highlights 3 Chairman’s statement 4 Chief Executive’s review 6 Our vision BuSiness reviEw* 14 Our business 16 Growing the UK core 22 To be an outstanding international retailer 26 To be strong in everything we sell 30 Growing retail services 34 Community at the heart of what we do 38 Building brands 42 Building our team 46 Property – developing and building for customers 48 Key performance indicators 50 Group financials 51 Principal risks and uncertainties 58 General information GOvernance 60 Our Board of Directors* 62 Directors’ report on corporate governance* 74 Directors’ remuneration report FiNanciaL statements 92 Statement of Directors’ responsibilities 93 Independent auditors’ report to the members of Tesco PLC 94 Group income statement 95 Group statement of comprehensive income 96 Group balance sheet 97 Group statement of changes in equity 98 Group cash flow statement 98 Reconciliation of net cash flow to movement in net debt note 99 Notes to the Group financial statements 146 Five year record 147 Tesco PLC – Parent Company balance sheet 148 Notes to the Parent Company financial statements 156 Independent auditors’ report Annual Report and Financial Statements 2011 Statements and Financial Annual Report to the members of Tesco PLC IBC Financial calendar * These sections form the Report of the Directors Tesco PLC Tesco House Delamare Road Cheshunt Hertfordshire EN8 9SL http://ar2011.tescoplc.com Overview Our core purpose is to create value for customers to earn review Business their lifetime loyalty. Our Values sit at the heart of our business. They are: +8.1% Governance Group sales (including VAT) No one tries harder for customers; and +12.3% Treat people how we like to Underlying profit before tax be treated. +11.3% Group profit before tax +10.8%* statements Financial Underlying diluted earnings per share +10.8% Dividend per share To read the Annual Report online: http://ar2011.tescoplc.com/ * Underlying diluted earnings per share growth calculated on constant tax rate basis; 12.8% at actual tax rates. TescO plc Annual Report and Financial statements 2011 — 1 OVERVIEW Financial highlights Tesco in numbers UnDeRlyinG profiT sAles Before tax tradinG profiT £67.6bn +8.1% £3.8bn £3.7bn n n n £44.6bn UK £11.0bn Asia 68% UK bn 6b 5b .1 £10.6bn Europe £0.5bn US .8b 25% Asia, Europe, US .8bn .4bn .8bn 7. £3 £3 51 62. 7% Tesco Bank £2 £3 59.4bn £0.9bn Tesco Bank £6 £ £ £ 08 09 10 11 08 09 10 11 peOple spAce stores 492,714 103.6m sq ft 5,380 1 6 2 6 7 .2 35.4% UK 33.8% Asia 3. 6.9 33 12 380 ,75 508 ,83 95 88.6 7 29.2% Europe 1.6% US 3 2,714 10 4 4, 5, 2,094 49 444, 47 468, 08 09 10 11 08 09 10 1110 08 09 10 11 2 — TescO plc Annual Report and Financial statements 2011 Overview OVERVIEW Chairman’s statement Richard Brasher has assumed the newly created role of CEO for the UK, as well as having responsibility for the Republic of Ireland, whilst David potts has become the first CEO of our growing Asia business.
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