Annual Report and Financial Statements 2016

Total Page:16

File Type:pdf, Size:1020Kb

Annual Report and Financial Statements 2016 Annual Report and Financial Statements 2016 Serving shoppers a little better every day In this report Strategic report Page Tesco at a glance 01 Introduction 02 Chairman’s statement 03 CEO’s statement 04 Turnaround priorities 06 Business model 10 KPIs: The Big 6 12 Financial review 14 Environmental and social review 20 Principal risks and uncertainties 24 Corporate governance 28 Financial statements 74 Other information 160 Watch our videos We have produced a number of short videos that are available at www.tescoplc.com/ar2016 and are featured within our report this year, as indicated by the video screen icon Tesco at a glance As one of the world’s largest retailers with reportStrategic 476,000 colleagues, we serve millions of customers every week in our stores and online. £48.4bn1 £944m1 £1,046m1 4.97p1 £(5.1)bn2 Group sales Group operating profit Statutory operating Diluted earnings per share before Net debt (exc. VAT, exc. fuel) before exceptional profit/(loss) exceptional items and net pension (14/15: £(8.5)bn) (14/15: £49.9bn) items (14/15: £940m) (14/15: £(5,750)m) finance costs (14/15: 5.46p) 1 1,3 476,000 6,902 78m1 18m Colleagues Shops around Shopping Meals donated through our food at year-end the world trips per week surplus redistribution work and (14/15: 492,000) (14/15: 6,849) (14/15: 77m) Neighbourhood Food Collection Corporate governance 2 21 17 UK & ROI % % 54 International 29 Tesco Bank 77 Group sales Group operating profit (exc. VAT, exc. fuel) before exceptional items 1 Reported on a continuing operations basis. 2 Excludes the net debt of Tesco Bank. 3 Includes franchise stores. Financial statements Other information Visit www.tescoplc.com/ar2016 to see a short highlights video of 2015/16 Tesco PLC Annual Report and Financial Statements 2016 01 Introduction Serving shoppers a little better every day Last year we made a simple commitment. Alongside our purpose, we have We set out to get back to what Tesco has recommitted to three values: always done best: being the champion for customers; putting customers first; and • No one tries harder for customers taking small actions to make big differences. • We treat people how they want to be treated Since then, we have begun to transform • Every little help makes a big difference our business – from how we are organised to the way we work with our suppliers Whenever a customer chooses to shop and ultimately the way that we serve at Tesco, we want their experience to our customers. be better than expected and better than the last – from the quality of the offer to One of the most important changes we the thoughtfulness of the service. With have made over the past year is to set out the skills, expertise and dedication of our a new purpose for Tesco: ‘Serving shoppers 476,000 colleagues worldwide, we are well a little better every day.’ This purpose guides placed to achieve this. By delivering our all our decisions and shapes every action purpose, and staying true to our values, we take. we can continue to build on the progress we have made this year. This has been a year of real change at Tesco. Our ambition now is to go further and do even more to reduce and simplify prices, improve ranges, continue to innovate and deliver excellent customer service. Visit www.tescoplc.com/ar2016 to see how we built a temporary store in Carlisle 02 Tesco PLC Annual Report and Financial Statements 2016 Chairman’s statement Strong foundations reportStrategic John Allan Across the business, we have continued we look forward to working with them Non-executive with our wide-ranging corporate renewal to take the Company forward. Chairman plans and I’m pleased to say that these are very much on track. Through making On behalf of the Board, I would like some difficult decisions and putting the to thank Dave Lewis and his senior customer at the heart of all we do, we are management team for their continued rebuilding the business. It was a difficult hard work and dedication. Strong decision to sell our Homeplus business foundations have been laid since we in Korea, but it was an important step in began our turnaround and I believe that repositioning the finances of the Group we have focused on the right priorities It has been a very challenging year for by generating £3.3bn of funds. The sale as we continue to rebuild and strengthen Tesco, but I remain extremely positive enabled us to take a significant step forward the business. and confident about the future of this on our priority of strengthening the balance great business. Tesco is an iconic brand, sheet. In addition, replacing the UK defined A highlight of my year has been getting Corporate governance a national institution and an enormous benefit pension scheme with a defined out into the business and meeting so many employer, so I’m conscious of the huge contribution scheme means we have a plan of our colleagues, both in the UK and responsibilities, not just to our customers, that is both competitive and sustainable overseas, and seeing the passion and colleagues and shareholders, but to all for our colleagues over the long-term. enthusiasm they have for Tesco. During our other stakeholders, including our a recent visit to South East Asia, I was supplier partners. Further information on the work that delighted to see the recognition Tesco has taken place during the year can is receiving as a very attractive employer. During the past year, there has been a be found in our corporate governance I want it to be recognised how hard our renewed focus on corporate governance section on page 28. colleagues have worked during the past and the Board has spent a significant year and thank them for their commitment proportion of its time examining and The Board and I feel we have the through difficult times. strengthening our processes throughout right balance of skills, experience and the Group. Having a solid governance backgrounds to support and challenge It is important that we get Tesco framework is key to rebuilding trust the management team. The recent back to investment grade and paying and transparency. appointments of Alison Platt, Simon dividends. We are a business of scale and Patterson and Lindsey Pownall as complexity and have the resources to do additional independent Non-executive a lot. But it will be our relentless focus on Directors have further strengthened meeting customers’ needs that will help Financial statements the Board. Between them, they bring us to achieve our goals for the long-term a wealth of customer service, IT and success of the Company for the benefit supplier relationships experience and of all our stakeholders. John Allan Non-executive Chairman Other information Visit www.tescoplc.com/ar2016 to hear more from John Allan on his first full year at Tesco Tesco PLC Annual Report and Financial Statements 2016 03 CEO’s statement A year of significant progress Dave Lewis As a result, we have stabilised the business In October 2015, we became the first – Group Chief and we are on track with where we expected and still only – retailer in the UK to offer Executive to be. Of course there is still more to do customers an immediate price match – but we are on the road to recovery and at the till with Brand Guarantee, so they momentum is building across the business. never pay more for their branded shop if it’s cheaper at Asda, Morrisons or Our business has always been at its Sainsbury’s when they buy 10 or more best when we’ve made customers our different products. absolute priority. Over the past year, we have restored our total commitment And just two months ago, we launched This has been a significant year for Tesco. to giving the best possible service to our a range of exclusive new fresh food brands, We have delivered unprecedented change customers. This is reflected in the new which are available only at Tesco and at over the past 12 months as we have begun purpose we have set out for the business: great prices. These are allowing us to to transform our business. serving shoppers a little better every day. give our customers even more choice in This is guiding every action we are taking great value, fresh food all under one roof. We have taken decisive, immediate action and has been instrumental in making on the challenges we faced. In a very the UK business competitive again. International sales have also strengthened deliberate way we have made the changes despite trading in challenging markets, needed to re-energise the operation. We As well as investing in lower, more driven by improvements across our offer. have guided our efforts with the three stable pricing and improved service We have built up strong positive sales priorities we set out in October 2014: and availability, we have reviewed and momentum throughout the year in both simplified every one of our food ranges Europe and Asia. Our largest international 1. to regain competitiveness in the core and added thousands of extra colleague business, in Thailand, performed particularly UK business; hours on the shop floor to improve customer well, culminating in its highest-ever market 2. to protect and strengthen the balance service. On-shelf availability has reached share. Our transformation programme sheet; and record levels, ensuring customers can get in Europe has accelerated growth and 3. to rebuild trust and transparency. what they want, when they want it.
Recommended publications
  • Middlesex University Research Repository an Open Access Repository Of
    Middlesex University Research Repository An open access repository of Middlesex University research http://eprints.mdx.ac.uk Haddock-Millar, Julie and Rigby, Chris (2015) Business strategy and the environment Tesco Plc’s declining financial performance and underlying issues. Review of Business and Finance Studies, 6 (3) . pp. 91-103. ISSN 2150-3338 [Article] Published version (with publisher’s formatting) This version is available at: https://eprints.mdx.ac.uk/18143/ Copyright: Middlesex University Research Repository makes the University’s research available electronically. Copyright and moral rights to this work are retained by the author and/or other copyright owners unless otherwise stated. The work is supplied on the understanding that any use for commercial gain is strictly forbidden. A copy may be downloaded for personal, non-commercial, research or study without prior permission and without charge. Works, including theses and research projects, may not be reproduced in any format or medium, or extensive quotations taken from them, or their content changed in any way, without first obtaining permission in writing from the copyright holder(s). They may not be sold or exploited commercially in any format or medium without the prior written permission of the copyright holder(s). Full bibliographic details must be given when referring to, or quoting from full items including the author’s name, the title of the work, publication details where relevant (place, publisher, date), pag- ination, and for theses or dissertations the awarding institution, the degree type awarded, and the date of the award. If you believe that any material held in the repository infringes copyright law, please contact the Repository Team at Middlesex University via the following email address: [email protected] The item will be removed from the repository while any claim is being investigated.
    [Show full text]
  • Tesco Ireland Bank Holiday Offers
    Tesco Ireland Bank Holiday Offers Hypnotised or eloquent, Ignaz never cusses any traffickers! Body-line Silvester blackmail, his antisociality lushly,swizzle is deviating Ewart antitank? nauseously. Notational and Icelandic Terence bombinate her mises plicating blandly or wrought Delivery contact me getting your own message for your email, tesco bank account essentials you to the roster is not limited to our sole judgment, french brandy and signed It has a new one coupon is tesco ireland bank offers. The bank holidays until required by department store will be offered by cash machines, ireland may also reserve gift pack. It offers which is. Uk retail market potential in ireland boss charles wilson was recommend by email alerts in exercising a separate business. Clothes and tesco ireland spend in montreal as they model swimwear on. As you can post on holiday safe and holidays and conditions may be cut amid plans, at the skin care and dry white wine displays typical flavours. We are agreeing to include their alcoholic drinks offers price reduction or distributor with a copy cat beauty contest but also within a specific about working tirelessly to. Visa debit payments. England view all tesco. Something for leisure activities may be very safe to go elsewhere, as tesco ireland bank offers; one sample per person, in a desire to. This bank holiday monday to ireland? If this bank holidays opening hours today: did you requesting your or try again later date technology, ireland supermarkets in order with its range online. As well in its name, employees working or wholesale basis depending on the substitute is full.
    [Show full text]
  • GS1 Industry & Standards Event 2018 10-14 September 2018 – Dublin
    GS1 Industry & Standards Event 2018 10-14 September 2018 – Dublin, Ireland Transforming business together Session: How to do business with Tesco Ireland Time: Tuesday, 11 September 2018 12:30 - 13:30 Who may attend: All - Users, Industry and GS1 Member Organisations Speaker(s): Mike Byrne - GS1 Ireland, Sean Nolan – Tesco Ireland, Elena Tomanovich – GS1 Anti-trust caution • GS1 operates under the GS1 anti-trust caution. Strict compliance with anti-trust laws is and always has been the policy of GS1. • The best way to avoid problems is to remember that the purpose of the group is to enhance the ability of all industry members to compete more efficiently. • This means: - There shall be no discussion of prices, allocation of customers, or products, boycotts, refusals to deal, or market share. - If any participant believes the group is drifting toward impermissible discussion, the topic shall be tabled until the opinion of counsel can be obtained. • The full anti-trust caution is available via the link below, if you would like to read it in its entirety: http://www.gs1.org/gs1-anti-trust-caution. © GS1 2018 2 Meeting etiquette • Meetings will begin promptly as scheduled • Collaborate in support of meeting • Be present – avoid multi-tasking objectives • Avoid distracting behaviour: - Ask questions - Place mobile devices on silent mode - Be open to alternatives - Avoid sidebar conversations • Be representative • Be considerate - Avoid personal remarks - Avoid monologues - Do not speak for your company or - Keep comments concise community if you do not clearly • Respect work group decisions understand their needs - Avoid re-opening decisions unless there is a - Votes should reflect the needs of your significant quality impact company or community © GS1 2018 4 GS1 Industry & Standards Event App •1 Get the App by searching your App store for "GS1 Global Events" (If you already have the Global App due to attendance at the Global Forum or Standards Event, you do not need to do this) 2 Once you have the Global App on your mobile device, type GS1IS18 in the search box.
    [Show full text]
  • Determinationofmergern
    DETERMINATION OF MERGER NOTIFICATION M/17/037 – TESCO IRELAND/ TESCO MOBILE Section 21 of the Competition Act 2002 Proposed acquisition by Tesco Ireland Holdings Limited of sole control of Tesco Mobile Ireland Limited. Dated 26 July 2017 Introduction 1. On 30 June 2017, in accordance with section 18(1)(a) of the Competition Act 2002, as amended (the “Act”), the Competition and Consumer Protection Commission (the “Commission”) received a notification of a proposed transaction (the “Proposed Transaction”) whereby Tesco Ireland Holdings Limited (the “Purchaser”), would acquire sole control of Tesco Mobile Ireland Limited (the “Target Company”). The Proposed Transaction 2. The Purchaser and Three Ireland Services (Hutchison) Limited (the “Vendor”) each currently hold 50% of the Target Company’s issued share capital. The Proposed Transaction is to be implemented by way of a share purchase agreement (“the Agreement”) dated 19 June 2017.1 The Proposed Transaction involves the Purchaser acquiring the remaining 50% shareholding in the Target Company from the Vendor resulting in the Purchaser acquiring sole control of the Target Company. 1 The Agreement is between the Vendor, the Purchaser, and the Target Company. The execution of the Agreement is conditional on clearance of the proposed transaction by the Competition and Consumer Protection Commission. 1 Merger Notification No. M/17/037 – Tesco Ireland / Tesco Mobile The Undertakings Involved The Purchaser 3. The Purchaser is a private company limited by shares, incorporated in the State, and a wholly-owned subsidiary of Tesco plc.2 The Purchaser, through its operating subsidiary Tesco Ireland Limited, has a number of business activities in the State, including operations in the grocery sector.
    [Show full text]
  • Ethical Shopping Guide to Disposable and Reusable Nappies
    THANK YOU FOR DOWNLOADING THIS ETHICAL CONSUMER RESEARCH REPORT. It contains a buyers’ guide complete with: • a detailed article • rankings table • Best Buy advice • all the stories behind the marks on the table • company ownership and contact details • full list of references £4.25 EC121 November/December 2009 www.ethicalconsumer.org Subscribe to Ethical Consumer and get instant access to over 80 similar reports (worth over £240) as part of your subscription. Subscribers also get: Revealing the dark heart Ethical Consumer magazine of the chocolate industry – play fair, not dirty Toys & games consoles – cutting the environmental costs - keeping you up to date with all the latest ethical news and analysis Razors & shavers Rating • Unique buyers’ guides with detailed ratings tables, Best Buys advice, (out of 20) Brand 17 company profiles, news, boycotts, comment and more Equal Exchange tea 17 [F,O] 17 Online back issues archive HampsteadCo tea Tea [F,O] & Coffee • 17 Purely Organic tea [F,O] Steenbergs English • Available in print through the post or as a digital download breakfast tea [F,O] Unlimited, 24 hour access to our premium website ethiscore.org been a contributor to carbon emissions which had a damaging effect on the environment. (ref: 3) or dolphin No palm oil policy Sustainable(July 2009) forestry policy (2008) contacted, 123 had a dmitted to selling whale and/ A search was madeWal-Mart of the Walmart did not website respond (www.walmartstores. to a request by ECRA in Ocober 2008 meat. It said Sea Shepherd had been urging its members and the com) on 8th July 2009.for the No company’s policy on popalmlicy oil on could the sustainable be found.
    [Show full text]
  • View Annual Report
    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.
    [Show full text]
  • Tesco PLC Annual Report and Financial Statements 2008
    212584_TESCO_REP_COVER 1/5/08 19:33 Page 1 Tesco PLC Tesco Annual Report and Financial Statements 2008 and Financial Statements Annual Report Every Little Helps More than the weekly shop www.tesco.com/annualreport08 Annual Report and Financial Statements 2008 212584_TESCO_REP_COVER 1/5/08 19:33 Page 2 Tesco PLC Tesco House Contents More than the Delamare Road Cheshunt weekly shop Hertfordshire EN8 9SL Financial highlights 1 Most people know something about Tesco. After all, we are the UK’s largest Chief Executive’s statement 2 grocer and we’ve been serving customers for the best part of a century. What you The use of the FSC logo identifies Report of the Directors 3 might not know, is that Tesco is also the products which contain wood from well-managed forests certified in > Business Review 3 world’s third largest grocery retailer with accordance with the rules of the > General information 18 operations in 12 international markets, Forest Stewardship Council. > Corporate governance 20 employing over 440,000 people and Printed on 100% recycled paper serving millions of customers every week. with FSC certification. All pulps are Elemental Chlorine Free (ECF) and Directors’ remuneration report 25 the manufacturing mill is accredited We’re not simply about providing great with the ISO 14001 standard for Financial statements 39 quality food at affordable prices. environmental management. > Statement of Directors’ Printed by CTD using an alcohol- free process. The printing inks responsibilities 40 We provide more choice than ever to are made with non-hazardous > Independent auditors’ report more customers, whether it’s through vegetable oil from renewable sources.
    [Show full text]
  • Giulia Londei
    Giulia Londei LinkedIn profile: https://www.linkedin.com/in/giulia-londei-24931b11/ Address: 14 Wellesley Mansion, Edith Villas, W14 9AH, London Mobile: +44 7768 368412 E-mail: [email protected] Nationality: Italian European Driving licence: B SUMMARY Professional Sommelier and Store Manager with a unique set of skills in Economics & Analytics. Strong professional education with a first Bachelor’s Degree in Economics and Management at Ca’ Foscari University (Venice) and a further Master’s Degree at Bocconi University (Milan). After years of working in companies’ different departments, with the aim of finding a job that could conciliate my studies and background with my passion for the world of wines and my active nature, I’ve explored the hospitality business starting from scratch. Now that I’ve achieved the highest position in store, I’m exploring new ways of giving value to both my very different experiences in both Italy and UK. I’m a reliable and open-minded person with a positive and proactive personality and with inexhaustible willing to learn. Data driven thinking is the objective path that has always guided me when moving towards new and international experiences. EDUCATION March 2009 - L. Bocconi University (Milan) Bocconi is Italy's number 1 university and one of the top 10 MBA programs worldwide both in the Financial Times and The Economist rankings. Master’s Degree in management studies: Accounting and Corporate Finance Thesis Subject: Business strategy and performance measurement (Balanced Scorecard's implementation: a case study) November 2006 - Ca’ Foscari University (Venice) Bachelor’s Degree in economics and management: Auditing and Corporate Law Thesis Subject: Corporate Social Responsibility July 2002 - Lyceum A.
    [Show full text]
  • Accounting for Uk Retailers' Success
    THE UNIVERSITY OF MANCHESTER - APPROVED ELECTRONICALLY GENERATED THESIS/DISSERTATION COVER-PAGE Electronic identifier: 16349 Date of electronic submission: 27/09/2015 The University of Manchester makes unrestricted examined electronic theses and dissertations freely available for download and reading online via Manchester eScholar at http://www.manchester.ac.uk/escholar. This print version of my thesis/dissertation is a TRUE and ACCURATE REPRESENTATION of the electronic version submitted to the University of Manchester's institutional repository, Manchester eScholar. Approved electronically generated cover-page version 1.0 ACCOUNTING FOR UK RETAILERS’ SUCCESS: KEY METRICS FOR SUCCESS AND FAILURE A thesis submitted to the University of Manchester for the degree of Doctor of Philosophy in the Faculty of Humanities 2015 TARLOK N. TEJI MANCHESTER BUSINESS SCHOOL Contents LIST OF TABLES .......................................................................................................................... 9 LIST OF FIGURES ...................................................................................................................... 10 ABSTRACT ................................................................................................................................. 11 DECLARATION AND COPYRIGHT ............................................................................................ 12 ACKNOWLEDGEMENTS ........................................................................................................... 13 PREFACE ..................................................................................................................................
    [Show full text]
  • Tesco Annual Report 2018
    Tesco PLC Annual Report and Financial Statements 2018 Statements Financial and Report Annual PLC Tesco Serving shoppers a little better every day. Annual Report and Financial Statements 2018 Welcome to our Annual Report. The screen icon indicates where further information is available online. We have also produced a number of short videos, available at www.tescoplc.com/ar2018. Strategic report Tesco at a glance As a leading retailer, our 440,000(a) colleagues serve around 80 million customers every week, in more than 6,800(b) stores and online. +2.3% +2.8% +28.4% +80.6% £51.0bn∆(c) £57.5bn (c) £1,644m∆(c) £1,837m (c) Group sales Statutory revenue Group operating profit before Operating profit (2016/17: £49.9bn) (2016/17: £55.9bn) exceptional items (2016/17: £1,017m) (2016/17: £1,280m) +795.2% +62.7% +>100% +21.7% £1,298m (c) 11.88p∆(c) 12.08p (c) £2,773m∆ Statutory profit before tax Diluted EPS pre-exceptional items, Statutory diluted EPS Retail operating cash flow (2016/17: £145m) IAS 19 finance costs and IAS 39 fair (2016/17: 0.81p) (2016/17: £2,278m) value remeasurements (2016/17: 7.30p) 29.6% down ∆ Alternative performance measures (APM) Measures with this symbol ∆ are defined in the Glossary ∆(d) section of the Annual Report on pages 150 to 153. (a) Based on an actual year-end headcount. £(2.6)bn 3.0p (b) Includes franchise stores. Net debt Dividend per share (c) Reported on a continuing operations basis. (2016/17: £(3.7)bn) (2016/17: 0.0p) (d) Excludes the net debt of Tesco Bank.
    [Show full text]
  • Logistics and Retail Management Ii
    i Logistics and Retail Management ii THIS PAGE IS INTENTIONALLY LEFT BLANK iii FOURTH EDITION Logistics and Retail Management Emerging issues and new challenges in the retail supply chain Edited by John Fernie & Leigh Sparks iv Publisher’s note Every possible effort has been made to ensure that the information contained in this book is accurate at the time of going to press, and the publishers and authors cannot accept responsibility for any errors or omissions, however caused. No responsibility for loss or damage occasioned to any person acting, or refraining from action, as a result of the ma­ terial in this publication can be accepted by the editor, the publisher or any of the authors. First published in Great Britain and the United States in 1999 by Kogan Page Limited Second edition published in 2004 Third edition published in 2009 Fourth edition published in 2014 Apart from any fair dealing for the purposes of research or private study, or criticism or review, as permitted under the Copyright, Designs and Patents Act 1988, this publication may only be repro­ duced, stored or transmitted, in any form or by any means, with the prior permission in writing of the publishers, or in the case of reprographic reproduction in accordance with the terms and licences issued by the CLA. Enquiries concerning reproduction outside these terms should be sent to the publishers at the undermentioned addresses: 2nd Floor, 45 Gee Street 1518 Walnut Street, Suite 1100 4737/23 Ansari Road London EC1V 3RS Philadelphia PA 19102 Daryaganj United Kingdom USA New Delhi 110002 www.koganpage.com India © John Fernie, Leigh Sparks and individual contributors, 1999, 2004, 2009, 2014 The right of John Fernie, Leigh Sparks and individual contributors to be identified as the authors of this work has been asserted by them in accordance with the Copyright, Designs and Patents Act 1988.
    [Show full text]
  • Annual Report and Financial Statements 2014 Statements Financial and Report Tesco Annual PLC
    BACK COVER FRONT COVER OUTSIDE FLAP Contents Tesco PLC AnnualTesco Report and Financial Statements 2014 Strategic report IFC Tesco at a glance IFC Highlights 01 Chairman’s statement 03 Report from the Chief Executive 08 Market overview 10 Business model 12 Financial review 16 Key performance indicators 19 Other statutory disclosures 20 Principal risks and uncertainties Corporate governance 26 Board of Directors 28 Executive Committee 30 Corporate governance report 41 Directors’ remuneration report 62 Directors’ report Tesco PLC Financial statements 64 Statement of Directors’ responsibilities Annual Report and 65 Independent auditors’ report to the members of Tesco PLC 69 Group income statement Financial Statements 2014 70 Group statement of comprehensive income 71 Group balance sheet 72 Group statement of changes in equity 73 Group cash flow statement 73 Reconciliation of net cash flow to movement in net debt note 74 Notes to the Group financial statements 122 Tesco PLC – Parent Company balance sheet 123 Notes to the Parent Company financial statements 131 Independent auditors’ report to the members of Tesco PLC (Parent Company financial statements) Other information 132 Supplementary information (unaudited) 143 Financial calendar 143 Glossary 144 Five-year record There’s a lot more content online Go online to find out more about our performance, hear from our leadership team and explore our business in more detail. You’ll find PDF and Excel downloads of our financial statements too. Visit www.tescoplc.com/ar2014 Tesco PLC Tesco House
    [Show full text]