COVID-19 UPDATE AND PRELIM RESULTS 2019/20 - PT 2

RNS Number : 1443J
Tesco PLC
08 April 2020
 

Wednesday 8 April 2020

COVID-19 UPDATE AND   PRELIMINARY RESULTS 2019/20


This is Part 2 of 2 of the Preliminary Results 2019/20

 

 

Tesco PLC - Parent Company balance sheet

 

 

 

Notes

29 February

2020

£m

23 February

2019

£m

Non-current assets

 

 

 

Investments

6

17,829

17,887

Receivables

7

1,043

2,139

Derivative financial instruments

12

1,167

1,043

     

20,039

21,069

Current assets

 

 

 

Receivables

7

547

1,154

Short-term investments

8

-

11

Cash and cash equivalents

9

249

6

     

796

1,171

Current liabilities

 

 

 

Borrowings

11

(43)

(766)

Payables

10

(238)

(242)

Derivative financial instruments

12

-

(213)

     

(281)

(1,221)

Net current assets/(liabilities)  

515

(50)

     

 

 

Non-current liabilities

 

 

 

Borrowings

11

(2,285)

(2,536)

Payables

10

(82)

(88)

Derivative financial instruments

12

(735)

(303)

     

(3,102)

(2,927)

Net assets  

17,452

18,092

Equity

 

 

 

Share capital

15

490

490

Share premium

 

5,165

5,165

All other reserves

 

2,950

2,969

Retained earnings (including profit/(loss) for the financial year of £(21)m (2019: £3,074m))  

8,847

9,468

Total equity  

17,452

18,092

The notes on pages 102 to 106 form part of these financial statements.

 

 

Dave Lewis

Alan Stewart

Directors

The Parent Company financial statements on pages 100 to 106 were approved and authorised for issue by the Directors on

7 April 2020.

 

Tesco PLC

Registered number 00445790

 

Tesco PLC - Parent Company statement of changes in equity

 

 

 

 

 

 

 

 

All other reserves

 

 

 

 

 

Share capital

£m

 

Share premium

£m

Currency basis

reserve

£m

Capital redemption

reserve

£m

 

Hedging reserve

£m

 

Own

shares

held

£m

 

Merger reserve

£m

 

Retained earnings

£m

 

Total equity

£m

At 23 February 2019

490

5,165

(13)

16

95

(179)

3,050

9,468

18,092

Profit/(loss) for the year

-

-

-

-

-

-

-

(21)

(21)

Other comprehensive income/(loss)

 

 

 

 

 

 

 

 

 

Gains/(losses) on cash flow hedges

-

-

(7)

-

92

-

-

-

85

Reclassified and reported in the Company income statement

-

-

-

-

(23)

-

-

-

(23)

Tax relating to components of other comprehensive income

-

-

1

-

(11)

-

-

-

(10)

Total other comprehensive income/(loss)

-

-

(6)

-

58

-

-

-

52

Total comprehensive income/(loss)

-

-

(6)

-

58

-

-

(21)

31

Transactions with owners

 

 

 

 

 

 

 

 

 

Purchase of own shares

-

-

-

-

-

(221)

-

-

(221)

Share-based payments

-

-

-

-

-

150

-

56

206

Issue of shares

-

-

-

-

-

-

-

-

-

Dividends

-

-

-

-

-

-

-

(656)

(656)

Total transactions with owners

-

-

-

-

-

(71)

-

(600)

(671)

At 29 February 2020

490

5,165

(19)

16

153

(250)

3,050

8,847

17,452

 

 

 

 

All other reserves

 

 

 

Share capital

£m

Share premium

£m

Currency basis

reserve

£m

Capital redemption reserve

£m

Hedging reserve

£m

Own

shares

held

£m

Merger reserve

£m

Retained earnings

£m

Total equity

£m

At 24 February 2018

410

5,107

-

16

62

(16)

-

6,693

12,272

Adjustment on initial application of IFRS 9 (net of tax)

-

-

(13)

-

13

-

-

(5)

(5)

At 25 February 2018

410

5,107

(13)

16

75

(16)

-

6,688

12,267

Profit/(loss) for the year

-

-

-

-

-

-

-

3,074

3,074

Other comprehensive income/(loss)

 

 

 

 

 

 

 

 

 

Gains/(losses) on cash flow hedges

-

-

-

-

38

-

-

-

38

Reclassified and reported in the Company income statement

-

-

-

-

(13)

-

-

-

(13)

Tax relating to components of other comprehensive income

-

-

-

-

(5)

-

-

-

(5)

Total other comprehensive income/(loss)

-

-

-

-

20

-

-

-

20

Total comprehensive income/ (loss)

-

-

-

-

20

-

-

3,074

3,094

Transactions with owners

 

 

 

 

 

 

 

 

 

Purchase of own shares

-

-

-

-

-

(277)

-

-

(277)

Share-based payments

-

-

-

-

-

114

-

63

177

Issue of shares

80

58

-

-

-

-

3,050

-

3,188

Dividends

-

-

-

-

-

-

-

(357)

(357)

Total transactions with owners

80

58

-

-

-

(163)

3,050

(294)

2,731

At 23 February 2019

490

5,165

(13)

16

95

(179)

3,050

9,468

18,092

The Company has considered the profits available for distribution to shareholders. At 29 February 2020, the Company had retained earnings of £8.8bn, of which the unrealised profit elements are £1.7bn of share-based payment reserves and £1.4bn of dividends received from subsidiary undertakings not yet settled by qualifying consideration. After deducting the cost of its own shares held in trust of £0.3bn, the Company had profits available for distribution of £5.4bn, sufficient to support the planned 50% ordinary dividend pay-out ratio in line with the Group's dividend policy.

The Group also has retained profits in its subsidiary companies which are expected to flow up to the Company in due course to further supplement its distributable reserves position. The Company would expect to receive such dividends from the proceeds of the proposed sale of Tesco Thailand and Tesco Malaysia, which is subject to shareholder approval. The Company has announced its intention to declare a special dividend of c.£5bn, also subject to shareholder approval, following completion of the sale and publication of interim company accounts.

The notes on pages 102 to 106 form part of these financial statements.

 

Notes to the Parent Company financial statements

Note 1 Authorisation of financial statements and statement of compliance with FRS 101

The Parent Company financial statements for the 53 weeks ended 29 February 2020 were approved by the Board of Directors on 7 April 2020 and the Company balance sheet was signed on the Board's behalf by Dave Lewis and Alan Stewart.

These financial statements were prepared in accordance with Financial Reporting Standard 101, 'Reduced Disclosure Framework' (FRS 101). The Company meets the definition of a qualifying entity under FRS 100, 'Application of Financial Reporting Requirements' as issued by the Financial Reporting Council.

The Company's financial statements are presented in Pounds Sterling, its functional currency, generally rounded to the nearest million.

The principal accounting policies adopted by the Company are set out in Note 2. The financial statements have been prepared under the historical cost convention, except for certain financial instruments and share-based payments that have been measured at fair value.

Note 2 Accounting policies

Basis of preparation of financial statements

The Parent Company financial statements have been prepared in accordance with FRS 101 and the Companies Act 2006 (the Act).

FRS 101 sets out a reduced disclosure framework for a 'qualifying entity' as defined in the standard which addresses the financial reporting requirements and disclosure exemptions in the individual financial statements of qualifying entities that otherwise apply the recognition, measurement and disclosure requirements of EU-adopted IFRS.

The financial year represents the 53 weeks to 29 February 2020 (prior financial year 52 weeks to 23 February 2019).

As permitted by FRS 101, the Company has taken advantage of the disclosure exemptions available under that standard in relation to business combinations, financial instruments, capital management, presentation of comparative information in respect of certain assets, presentation of a cash flow statement, impairment of assets, share-based payments and related party transactions. Where required, equivalent disclosures are given in the consolidated financial statements of Tesco PLC.

The Parent Company financial statements are prepared on a going concern basis as set out in Note 1 of the consolidated financial statements of Tesco PLC.

The Directors have taken advantage of the exemption available under Section 408 of the Companies Act 2006 and not presented an income statement or a statement of comprehensive income for the Company alone.

A summary of the Company's significant accounting policies is set out below.

Short-term investments

Short-term investments are recognised initially at fair value, and subsequently at amortised cost. All income from these investments is included in the Company income statement as interest receivable and similar income.

Investments in subsidiaries and joint ventures

Investments in subsidiaries and joint ventures are stated at cost less, where appropriate, provisions for impairment. The Company tests the investment balances for impairment annually or when there are indicators of impairment.

Foreign currencies

Transactions in foreign currencies are translated to the functional currency at the exchange rate on the date of the transaction. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated to the functional currency at the rates prevailing on the balance sheet date.

Share-based payments

The fair value of employee share option plans is calculated at the grant date using the Black-Scholes or Monte Carlo model. The resulting cost is charged to the Company income statement over the vesting period. The value of the charge is adjusted to reflect expected and actual levels of vesting. Where the Company awards shares or options to employees of subsidiary entities, this is treated as a capital contribution.

Own shares held

Own shares represent the shares of Tesco PLC that are held in Treasury or by the Employee Benefit Trust. The Company adopts a 'look-through' approach which, in substance, accounts for the trust as an extension of the Company. Own shares are recorded at cost and are deducted from equity.

Financial instruments

Financial assets and financial liabilities are recognised in the Company balance sheet when the Company becomes party to the contractual provisions of the instrument.

Receivables

Receivables are recognised initially at fair value, and subsequently at amortised cost using the effective interest rate method, less any expected credit losses.

Financial liabilities and equity instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that gives a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded as the proceeds received, net of direct issue costs.

Interest-bearing borrowings

Interest-bearing bank loans and overdrafts are initially recognised at fair value, net of attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any differences between proceeds and redemption value being recognised in the Company income statement over the period of the borrowings on an effective interest basis.

Payables

Payables are recognised initially at fair value, and subsequently at amortised cost using the effective interest rate method.

Derivative financial instruments and hedge accounting

The Company uses derivative financial instruments to hedge its exposure to foreign exchange and interest rate risks arising from operating, financing and investing activities. The Company does not hold or issue derivative financial instruments for trading purposes; however if derivatives do not qualify for hedge accounting they are accounted for as such.

Derivative financial instruments are recognised and stated at fair value. Where derivatives do not qualify for hedge accounting, any gains or losses on remeasurement are immediately recognised in the Company income statement. Where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the hedge relationship and the item being hedged. In order to qualify for hedge accounting, the Company is required to document from inception, the relationship between the item being hedged and the hedging instrument.

The Company is also required to document and demonstrate an assessment of the relationship between the hedged item and the hedging instrument, which shows that the hedge will be highly effective on an ongoing basis. This effectiveness testing is performed at each reporting date to ensure that the hedge remains highly effective.

Derivative financial instruments with maturity dates of more than one year from the reporting date are disclosed as non-current.

Fair value hedging

Derivative financial instruments are classified as fair value hedges when they hedge the Company's exposure to changes in the fair value of a recognised asset or liability. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the Company income statement, together with any changes in the fair value of the hedged item that is attributable to the hedged risk.

Cash flow hedging

Derivative financial instruments are classified as cash flow hedges when they hedge the Company's exposure to variability in cash flows that are either attributable to a particular risk associated with a recognised asset or liability, or a highly probable forecasted transaction. The effective element of any gain or loss from remeasuring the derivative designated as the hedging instrument is recognised directly in the Company statement of comprehensive income and accumulated in the hedging reserve. Any cost of hedging, such as the change in fair value related to forward points and currency basis adjustment is separately accumulated in the currency basis reserve. The ineffective element is recognised immediately in the Company income statement.

The associated cumulative gain or loss is reclassified from other comprehensive income and recognised in the Company income statement in the same period or periods during which the hedged transaction affects the Company income statement. The classification of the effective portion when recognised in the Company income statement is the same as the classification of the hedged transaction. Any element of the remeasurement criteria of the derivative instrument which does not meet the criteria for an effective hedge is recognised immediately in the Company income statement within finance income or costs.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At that point in time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in the Company statement of changes in equity until the forecasted transaction occurs or the original hedged item affects the Company income statement. If a forecast hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in the Company statement of changes in equity is reclassified to the Company income statement.

Pensions

The Company participates in defined benefit pension schemes. There are no formal policies or contractual agreements for recharging within the Group and the Company cannot identify its share of the underlying assets and liabilities of the schemes. Accordingly, as permitted by IAS 19 'Employee Benefits', the Company has accounted for the schemes as defined contribution schemes, and the charge for the financial year is based upon the cash contributions payable.

The Company also participates in a defined contribution scheme open to all UK employees. Payments to this scheme are recognised as an expense as they fall due.

Taxation

The tax expense included in the Company income statement consists of current and deferred tax.

Current tax is the expected tax payable on the taxable income for the financial year, using tax rates enacted or substantively enacted by the balance sheet date. Tax expense is recognised in the Company income statement except to the extent that it relates to items recognised in the Company statement of comprehensive income or directly in the Company statement of changes in equity, in which case it is recognised in the Company statement of comprehensive income or directly in the Company statement of changes in equity, respectively.

Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised based on the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the Company income statement, except when it relates to items charged or credited directly to equity or other comprehensive income/(loss), in which case the deferred tax is also recognised in equity, or other comprehensive income/(loss), respectively.

Judgements and sources of estimation uncertainty

The preparation of the Company financial statements requires management to make judgements, estimates and assumptions in applying the Company's accounting policies to determine the reported amounts of assets, liabilities, income and expenses.

The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis, with revisions to accounting estimates applied prospectively.

The preparation of the Company financial statements for the financial year did not require the exercise of any critical accounting judgements or significant estimates.

New standards effective for the current financial year

IFRS 16 'Leases' which had no material impact on the Company; and

'Interest rate benchmark reform' amendments, which have been adopted early. Refer to Note 25 to the Group financial statements for the impact of IBOR Reform amendments on the Company.

Other standards and amendments

Refer to Note 1 to the Group financial statements.

Note 3 Auditor remuneration

Fees payable to the Company's auditor for the audit of the Company and Group financial statements are disclosed in Note 3 to the Group financial statements.

Note 4 Dividends

For details of dividends see Note 8 to the Group financial statements.

Note 5 Employment costs, including Directors' remuneration

 

  Notes

2020

£m

2019

£m

Wages and salaries

 

16

17

Social security costs

 

2

3

Pension costs

14

2

4

Share-based payment expense

13

7

7

Total    

27

31

The amounts above include recharges from other Group companies for Tesco PLC related activities.

The average number of employees (all Directors of the Company) during the financial year was 13 (2019: 13).

The table below sets out remuneration received by Directors:

 

2020

£'000

2019

£'000

Salaries and fees

3,758

3,815

Incentive schemes (excluding share options)

7,413

5,019

Other benefits *

681

727

Total Directors ' remuneration

11,852

9,561

* Dave Lewis and Alan Stewart received a cash allowance in lieu of pension of 25% of base salary. Non-executive Directors are not paid a pension and do not participate in any of the Company's variable incentive schemes. The value of options exercised during the current financial year was £nil (2019: £17k).

Note 6 Investments

 

 

2020

£m

Cost

 

At 23 February 2019

21,283

Additions

87

Disposals

(684)

At 29 February 2020

20,686

Accumulated impairment losses

 

At 23 February 2019

(3,396)

Impairment losses

(144)

Disposals

683

At 29 February 2020

(2,857)

 

 

Net carrying value

 

At 29 February 2020

    17,829

At 23 February 2019

17,887

The impairment losses of £144m relate to the Group's disposal of Gain Land Limited and the subsequent impairment of its intermediate holding company Cheshunt Holdings Guernsey Limited to a recoverable amount of £241m, based on net asset value, a fair value less costs of disposal measurement at Level 3 in the fair value hierarchy. Refer to Note 33 in the Group financial statements for further details.

The list of the Company's subsidiary undertakings and joint ventures is shown on pages 107 to 113.

Note 7 Receivables

 

 

2020

£m

2019

£m

Amounts owed by Group undertakings *

1,530

3,232

Amounts owed by joint ventures and associates

24

21

Other receivables

36

40

 

1,590

3,293

Of which:

 

 

Current

547

1,154

Non-current

1,043

2,139

 

1,590

3,293

Amounts owed by Group undertakings are either interest-bearing or non interest-bearing depending on the type and duration of the receivable relationship, with interest rates ranging from 0% to 3%, with maturities up to and including March 2025.

The expected credit loss on receivables is immaterial (2019: immaterial).

Note 8 Short-term investments

 

 

2020

£m

2019

£m

Money market funds

-

11

Note 9 Cash and cash equivalents

 

 

2020

£m

2019

£m

Cash and cash equivalents

249

6

 

Note 10 Payables

 

2020

£m

2019

£m

Amounts owed to Group undertakings *

278

299

Other payables

11

11

Taxation and social security

4

3

Deferred tax liability

27

17

Total payables

320

330

Of which:

 

 

Current

238

242

Non-current

82

88

 

320

330

Amounts owed to Group undertakings are either interest-bearing or non interest-bearing depending on the type and duration of the creditor relationship, with interest rates ranging from 0% to 3%, with maturities up to and including February 2051.

The deferred tax asset/(liability) recognised by the Company, and the movements thereon, during the current financial year are as follows:

 

 

  Financial

instruments

£m

Other timing

differences

£m

Total

£m

At 23 February 2019

(17)

-

(17)

Movement in other comprehensive income/(loss) for the year

(10)

-

(10)

At 29 February 2020

(27)

-

(27)

Note 11 Borrowings

Current

 

 

 Parvalue

 

Maturity

2020

£m

2019

£m

Bank loans and overdrafts

-

-

43

668

5.5% MTN

£97m

Dec 2019

-

98

         

43

766

Non-current

 

 Parvalue

Maturity

2020

£m

2019

£m

6.125% MTN (a)

£417m

Feb 2022

416

561

5% MTN (a)

£93m

Mar 2023

103

183

3.322% LPI MTN (b)

£354m

Nov 2025

358

349

6% MTN (a)

£48m

Dec 2029

58

119

5.5% MTN (a)

£109m

Jan 2033

133

186

1.982% RPI MTN (c)

£294m

Mar 2036

297

288

6.15% USD Bond

$525m

Nov 2037

555

428

4.875% MTN (a)

£20m

Mar 2042

20

32

5.125% MTN

€356m

Apr 2047

316

319

5.2% MTN (a)

£30m

Mar 2057

29

71

         

2,285

2,536

(a)  During the current financial year, the Group undertook a tender for outstanding bonds and as a result the following notional amounts were repaid early: 6.125% MTN Feb 2022 £114m, 5% MTN Mar 2023 £78m, 6% MTN Dec 2029 £50m, 5.5% MTN Jan 2033 £41m, 4.875% MTN Mar 2042 £12m and 5.2% MTN Mar 2057 £43m.

(b)  The   3.322%   Limited Price Inflation (LPI) MTN is redeemable at par, indexed for increases in the RPI over the life of the MTN. The maximum indexation of the principal in any one year is 5%, with a minimum of 0%.

(c)  The 1.982% RPI MTN is redeemable at par, indexed for increases in the RPI over the life of the MTN.

Note 12 Derivative financial instruments

The fair values of derivative financial instruments have been presented in the Company balance sheet as:

 

 

2020

2019

 

Asset

£m

Liability

£m

Asset

£m

Liability

£m

Current

-

-

-

(213)

Non-current

1,167

(735)

1,043

(303)

Total derivative financial instruments

1,167

(735)

1,043

(516)

 

 

2020

2019

 

Asset

Liability

Asset

Liability

 

Fair value

£m

Notional

£m

Fair value

£m

Notional

£m

Fair value

£m

Notional

£m

Fair value

£m

Notional

£m

Fair value hedges

 

 

 

 

 

 

 

 

Interest rate swaps and similar instruments

10

65

-

-

11

65

-

-

Cross-currency swaps

228

409

-

-

126

180

(10)

222

Cash flow hedges

 

 

 

 

 

 

 

 

Cross-currency swaps

208

306

-

-

138

309

-

-

Index-linked swaps

185

649

-

-

170

632

-

-

Derivatives not in a formal hedge relationship

 

 

 

 

 

 

 

 

Index-linked swaps

536

3,339

(735)

4,461

598

3,339

(506)

3,339

Total

1,167

4,768

(735)

4,461

1,043

4,525

(516)

3,561

                       

 

Note 13 Share-based payments

The Company's equity-settled share-based payment schemes comprise various share schemes designed to reward Executive Directors.

For further information on these schemes, including the valuation models and assumptions used, refer to Note 28 to the Group financial statements.

Share option schemes

The number of options and weighted average exercise price (WAEP) of share option schemes relating to the Company employees are:

For the 53 weeks ended 29 February 2020

 

 

For the 52 weeks ended 23 February 2019

 

Savings-related

Share Option Scheme

Nil cost

Share options

 

Options

WAEP

Options

WAEP

Outstanding at 24 February 2018

23,840

151.00

14,271,355

-

Granted

19,148

188.00

200,518

-

Forfeited

-

-

(1,704,300)

-

Exercised

(23,840)

151.00

(23,840)

-

Outstanding at 23 February 2019

19,148

188.00

12,743,733

-

Exercise price range (pence)

 

188.00

-

-

Weighted average remaining contractual life (years)

 

3.03

-

7.18

Exercisable at 23 February 2019

-

-

3,837,740

-

Exercise price range (pence)

 

-

-

-

Weighted average remaining contractual life (years)

 

-

-

6.00

Share bonus and incentive schemes

Executive Directors participate in the Group Bonus Plan, a performance-related bonus scheme. The amount paid is based on a percentage of salary and is paid partly in cash and partly in shares. Bonuses are awarded to Executive Directors who have completed a required service period and depend on the achievement of the corporate and individual performance targets. For further information on these schemes, including the valuation models and assumptions used, refer to Note 28 to the Group financial statements.

The number of share bonuses & share incentives awarded during the financial year were 506,768 (2019: 739,293) for Group Bonus Plan and 2,388,395 (2019: 2,071,068) for Performance Share Plan. Respectively weighted average fair value (WAFV) was 244.1p (2019: 241.8p) and 230.3p (2019: 254.8p).

Note 14 Pensions

The total cost of participation in the Tesco Retirement Savings Plan (a defined contribution scheme) to the Company was £1.9m (2019: £4.4m). Further disclosure relating to all schemes can be found in Note 29 to the Group financial statements.

Note 15 Called up share capital

Refer to Note 30 to the Group financial statements.

Note 16 Contingent liabilities

In addition to the contingent liabilities shown in Note 34 to the Group financial statements, the Company has entered into financial guarantee contracts to guarantee the indebtedness of Group undertakings amounting to £2,589m (2019: £1,715m). It has also guaranteed derivative agreements of Group undertakings with a gross liability of £168m (2019: £162m) at the reporting date. These guarantees are treated as contingent liabilities until it becomes probable they will be called upon.

In addition, the Company has guaranteed the rental payments of certain Group undertakings relating to a portfolio of retail stores, distribution centres and mixed use retail developments.

The likelihood of the above items being called upon is considered remote.

Note 17 Events after the reporting period

On 9 March 2020, the Group announced the proposed sale of Tesco Thailand and Tesco Malaysia for net cash proceeds of $10.3 billion (equivalent to £8.0 billion) before tax and other transaction costs. Subject to completion of the transaction, which is subject to shareholder and regulatory approval, the Board intends to return c.£5.0 billion to shareholders via a special dividend with associated share consolidation. Refer to Note 36 to the Group financial statements for further details on the transaction.

Refer to Note 36 to the Group financial statements for further details of the Group's assessment of the impact of the coronavirus pandemic (COVID-19).

 

Related undertakings of the Tesco Group continued

Name of undertaking

Registered address

Class of share held

% held by Group

Name of undertaking

Registered address

Class of share held

% held by Group

Acklam Management Company Limited

1

Limited by Guarantee

-

dunnhumby Overseas Limited

4

£1.00 Ordinary

100

Adminstore Limited

1

£0.01 A Ordinary

100

dunnhumby Trustees Limited

4

£1.00 Ordinary

100

 

 

£0.01 B Ordinary

100

Giant Bidco Limited

8

£1.00 Ordinary

100

 

 

£0.01 C Ordinary

100

Giant Booker Limited

8

£0.25 Ordinary

100

Alfred Preedy & Sons Limited

2

£1.00 Deferred

100

Giant Midco Limited

8

£1.00 Ordinary

100

 

 

£1.00 Ordinary

100

Highams Green Management Company Limited

1

Limited by Guarantee

-

Armitage Finance Unlimited

1

£0.90 Ordinary

100

IRTH (15) Limited

8

£1.00 Ordinary

100

Bath Upper Bristol Road Management Company Limited

1

Limited by Guarantee

-

IRTH (19) Limited

8

US$0.000000052383172 Ordinary

100

Berry Lane Management Company Limited

1

Limited by Guarantee

-

Launchgrain Limited†

1

£1.00 Ordinary

100

BF Limited

8

£1.00 Ordinary

100

Linnco Limited

8

£1.00 Ordinary

100

Bishop's Group Limited

8

£0.01 Ordinary

100

Londis(Holdings) Limited

8

£50.00 Ordinary

100

Booker Cash & Carry Limited

8

£1.00 Ordinary

100

Londis Pension Trustees Limited

8

£1.00 Ordinary

100

Booker Direct Limited

8

£0.01 Ordinary

100

Makro Holding Limited

8

£1.00 Ordinary

100

Booker Group Limited

8

£0.00000000055625 Ordinary

100

Makro Properties Limited

8

£1.00 Ordinary

100

Booker Limited

8

£1.00 Ordinary

100

Makro Self Service Wholesalers Limited

8

£1.00 Ordinary A

100

Booker Retail Partners (GB) Limited

8

£1.00 Ordinary

100

 

 

£1.00 Ordinary B

100

Booker Retail Limited

8

£0.10 Ordinary

100

Maldon Finance Limited (e)

1

£1.00 Ordinary

100

Booker Pension Trustees Limited

8

Limited by Guarantee

100

 

 

$1.00 A Preference

100

Booker Wholesale Holdings Limited

8

£0.01 Ordinary A1

100

 

 

$0.50 B Preference

100

Booker Unapproved Scheme Trustees Ltd

8

Limited by Guarantee

-

Motorcause Limited

1

£1.00 Ordinary

100

Bourne End Residential

1

Limited by Guarantee

-

Murdoch Norton Limited

8

£0.05 Ordinary

100

Broughton Retail Park Nominee 1 Limited

1

£1.00 Ordinary

100

Munster Road Management Company Limited

1

Limited by Guarantee

-

Broughton Retail Park Nominee 2 Limited

1

£1.00 Ordinary

100

Oakwood Distribution Limited

1

£1.00 Ordinary

100

Broughton Retail Park Nominee 3 Limited

1

£1.00 Ordinary

100

One Stop Community Stores Limited

2

£0.00001200004 Ordinary

100

Broughton Retail Park Nominee 4 Limited

1

£1.00 Ordinary

100

One Stop Convenience Stores Limited

2

£1.00 Ordinary

100

Budgen Holdings Limited

8

£1.00 Ordinary

100

One Stop Stores Limited†(a)

2

£1.00 Ordinary

100

Budgens Pension Trustees No.2 Limited

8

£1.00 Ordinary

100

One Stop Stores Trustee Services Limited

2

£1.00 Ordinary

100

Budgens Property Investments Limited

8

£1.00 Ordinary

100

Orpington (Station Road) Limited

1

£1.00 Ordinary

100

Budgens Stores Limited

8

£1.00 Ordinary

100

Oxford Fox and Hounds Management Company Limited

1

Limited by Guarantee

-

Buttoncable Limited

1

£1.00 Ordinary

100

Paper Chain (East Anglia) Limited

2

£1.00 Deferred

100

Buttoncase Limited†

1

£1.00 Cumulative Redeemable Preference

100

 

 

US$0.001 Ordinary

100

 

 

£1.00 Ordinary

100

PTLL Limited

1

£1.00 Ordinary

100

Canterbury Road Management Limited

1

Limited by Guarantee

-

Ritter-Courivaud Limited

8

£0.10 Ordinary

100

Cardiff Cathays Terrace Management Company Limited

1

Limited by Guarantee

-

Seacroft Green Nominee 1 Limited

1

£1.00 Ordinary

100

Comar Limited†

1

£1.00 Ordinary

100

Seacroft Green Nominee 2 Limited

1

£1.00 Ordinary

100

Day And Nite Stores Limited

2

£1.00 Cumulative Convertible Participating Preferred Ordinary

100

Spen Hill Developments Limited

1

£1.00 Ordinary

100

 

 

£1.00 Cumulative Redeemable Preference

100

Spen Hill Management Limited†(b)

1

£1.00 Ordinary

100

 

 

£1.00 Ordinary

100

Spen Hill Properties (Holdings) plc†

1

£1.00 Ordinary

100

Dillons Newsagents Limited*

2

£0.25 Non-Voting Ordinary

100

Spen Hill Regeneration Limited

1

£1.00 Ordinary

100

dunnhumby Holding Limited

4

£1.00 Ordinary

100

Spen Hill Residential No 1 Limited

1

£1.00 Ordinary

100

dunnhumby International Limited

4

£1.00 Ordinary

100

Spen Hill Residential No 2 Limited

1

£1.00 Ordinary

100

dunnhumby Limited

4

£3.59 Ordinary

100

Station House Welling Management Limited

1

Limited by Guarantee

-

 

 

 

 

Statusfloat Limited

1

£1.00 Ordinary

100

 

 

Name of undertaking

Registered address

Class of share held

% held by Group

Name of undertaking

Registered address

Class of share held

% held by Group

 

 

T & S Stores Limited†

2

£0.05 Ordinary

100

 

 

£1.00 B Ordinary

100

 

 

Tapesilver Limited†

1

£1.00 Ordinary

100

Tesco Navona (Nominee 1) Limited

1

£1.00 Ordinary

100

 

 

Teesport (GP) Limited

1

£1.00 Ordinary

100

Tesco Navona (Nominee 2) Limited

1

£1.00 Ordinary

100

 

 

Tesco (Overseas) Limited†

1

£1.00 Ordinary

100

Tesco Navona (Nominee Holdco) Limited

1

£1.00 Ordinary

100

 

 

Tesco Aqua (3LP) Limited

1

£1.00 Ordinary

100

Tesco Navona PL Propco Limited

1

£1.00 Ordinary

100

 

 

Tesco Aqua (FinCo1) Limited

1

£1.00 Ordinary

100

Tesco Overseas Investments Limited†

1

£1.00 Ordinary

100

 

 

Tesco Aqua (FinCo2) Limited

1

£1.00 Ordinary

100

Tesco Overseas ULC

1

£0.00000025 A Ordinary

100

 

 

Tesco Aqua (GP) Limited

1

£1.00 A Ordinary

100

 

 

£0.00000025 B Ordinary

100

 

 

 

 

£1.00 B Ordinary

100

 

 

£0.00000025 C Ordinary

100

 

 

Tesco Aqua (Nominee 1) Limited

1

£1.00 Ordinary

100

 

 

£0.00000025 D Ordinary

100

 

 

Tesco Aqua (Nominee 2) Limited

1

£1.00 Ordinary

100

 

 

£0.00000025 E Ordinary

100

 

 

Tesco Aqua (Nominee Holdco) Limited

1

£1.00 Ordinary

100

 

 

£0.00000025 F Ordinary

100

 

 

Tesco Atrato (1LP) Limited

1

£1.00 Ordinary

100

 

 

£0.00000025 G Ordinary

100

 

 

Tesco Atrato (GP) Limited

1

£1.00 A Ordinary

100

 

 

£0.00000025 H Ordinary

100

 

 

 

 

£1.00 B Ordinary

100

 

 

£0.00000025 J Ordinary

100

 

 

Tesco Atrato (Nominee 1) Limited

1

£1.00 Ordinary

100

 

 

£0.00000025 K Ordinary

100

 

 

Tesco Atrato (Nominee 2) Limited

1

£1.00 Ordinary

100

 

 

£0.00000025 L Ordinary

100

 

 

Tesco Atrato (Nominee Holdco) Limited

1

£1.00 Ordinary

100

 

 

£0.00000025 M Ordinary

100

 

 

Tesco Atrato Depot Propco Limited

1

£1.00 Ordinary

100

 

 

£0.00000025 N Ordinary

100

 

 

Tesco Blue (GP) Limited

1

£1.00 A Ordinary

100

 

 

£0.00000025 O Ordinary

100

 

 

 

 

£1.00 B Ordinary

100

 

 

£0.00000025 P Ordinary

100

 

 

Tesco Blue (Nominee 1) Limited

1

£1.00 Ordinary

100

Tesco Passaic (1LP) Limited

1

£1.00 Ordinary

100

 

 

Tesco Blue (Nominee 2) Limited

 

£1.00 Ordinary

100

Tesco Passaic (GP) Limited

1

£1.00 A Ordinary

100

 

 

Tesco Blue (Nominee Holdco) Limited

 

£1.00 Ordinary

100

 

 

£1.00 B Ordinary

100

 

 

Tesco Corporate Treasury Services PLC†

1

£1.00 Ordinary

100

Tesco Passaic (Nominee 1) Limited

1

£1.00 Ordinary

100

 

 

Tesco Depot Propco Limited

1

£1.00 Ordinary

100

Tesco Passaic (Nominee 2) Limited

1

£1.00 Ordinary

100

 

 

Tesco Distribution Holdings Limited

1

£1.00 Ordinary

100

Tesco Passaic (Nominee Holdco) Limited

1

£1.00 Ordinary

100

 

 

Tesco Distribution Limited

1

£1.00 Ordinary

100

Tesco Passaic PL Propco Limited

1

£1.00 Ordinary

100

 

 

Tesco Dorney (1LP) Limited

1

£1.00 Ordinary

100

Tesco PEG Limited

1

£0.01 Ordinary

100

 

 

Tesco Employees' Share Scheme Trustees Limited†(c)

1

£1.00 Ordinary

100

Tesco PEG Limited

1

£1.00 Ordinary

100

 

 

Tesco Family Dining Limited

1

£1.00 Ordinary

100

Tesco Pension Investment Limited(d)

1

£1.00 Ordinary

100

 

 

Tesco Food Sourcing Limited

1

£1.00 Ordinary

100

Tesco Pension Trustees Limited†

1

£1.00 Ordinary

100

 

 

Tesco Freetime Limited

1

£1.00 Ordinary

100

Tesco Personal Finance Group PLC†

6

£0.10 A Ordinary

100

 

 

Tesco Fuchsia (3LP) Limited

1

£1.00 Ordinary

100

 

 

£0.10 B Ordinary

100

 

 

Tesco Gateshead Property Limited

1

£1.00 Ordinary

100

 

 

£0.10 C Ordinary

100

 

 

Tesco Holdings Limited†

1

£0.10 Ordinary

100

Tesco Personal Finance PLC

6

£0.10 Ordinary

100

 

 

 

 

£1.00 Preference

100

Tesco Property (Nominees) (No.1) Limited

7

£1.00 Ordinary

100

 

 

Tesco International Services Limited†

1

£1.00 Ordinary

100

Tesco Property (Nominees) (No.2) Limited

7

£1.00 Ordinary

100

 

 

Tesco Lagoon GP Limited

5

£1.00 Ordinary

100

Tesco Property (Nominees) Limited

7

£1.00 Ordinary

100

 

 

Tesco Maintenance Limited

1

£1.00 Ordinary

100

Tesco Property Finance 1 Holdco Limited

1

£1.00 Ordinary

100

 

 

Tesco Mobile Communications Limited†

1

£1.00 Ordinary

100

Tesco Property Finance 1 PLC

1

£1.00 Ordinary

100

 

 

Tesco Mobile Services Limited

1

£1.00 Ordinary

100

 

 

£0.25 Ordinary

100

 

 

Tesco Navona (1LP) Limited

1

£1.00 Ordinary

100

Tesco Property Holdings (No.2) Limited

1

£1.00 Ordinary

100

 

 

Tesco Navona (GP) Limited

1

£1.00 A Ordinary

100

Tesco Property Holdings Limited

1

£1.00 Ordinary

100

 

 

 

 

 

 

Tesco Property Nominees (No.5) Limited

1

£1.00 Ordinary

100

 

 

 

 

 

 

Tesco Property Nominees (No.6) Limited

1

£1.00 Ordinary

100

 

 

 

 

 

 

 

Tesco Property Partner (GP) Limited†

1

£1.00 Ordinary

100

 

 

 

 

 

 

 

 

 

 

 

 

Name of undertaking

Registered address

Class of share held

% held by Group

Name of undertaking

Registered address

Class of share held

% held by Group

 

 

Tesco Property Partner (No.1) Limited†

1

£1.00 Ordinary

100

dunnhumby Chile SpA

48

CLP 500,000 Ordinary

100

 

 

Tesco Property Partner (No.2) Limited†

1

£1.00 Ordinary

100

dunnhumby Colombia S.A.S.

74

COP 2,000 Type A

100

 

 

Tesco Red (3LP) Limited

1

£1.00 Ordinary

100

 

 

COP 41.00 Type B

 

 

 

Tesco Red (GP) Limited

1

£1.00 Ordinary A

100

 

 

COP 1.00 Type C

 

 

 

 

 

£1.00 Ordinary B

100

dunnhumby Computer Information Technology and Consultancy Services LLC

18

TL 25.00 Ordinary

100

 

 

Tesco Red (Nominee 1) Limited

1

£1.00 Ordinary

100

dunnhumby Consulting Services India Private Limited

60

INR 10.00 Ordinary

100

 

 

Tesco Red (Nominee 2) Limited

1

£1.00 Ordinary

100

dunnhumby Czech s.r.o.

16

CZK 200,000 Ordinary

100

 

 

Tesco Red (Nominee Holdco) Limited

1

£1.00 Ordinary

100

dunnhumby Denmark lvS

57

DKK 1.00 Ordinary

100

 

 

Tesco Sarum (1LP) Limited

1

£1.00 Ordinary

100

dunnhumby Finland Oy

30

100 Kovellinum Oy

100

 

 

Tesco Seacroft Limited

1

£1.00 Ordinary

100

dunnhumby France SAS

61

€2.00 Ordinary

100

 

 

Tesco Secretaries Limited

1

£1.00 Ordinary

100

dunnhumby Germany GmbH

14

€1.00 Ordinary

100

 

 

Tesco Services Limited

1

£1.00 Ordinary

100

dunnhumby Hungary Kft

32

Registered capital HUF 3,000,000

100

 

 

Tesco Stores Limited

1

£1.00 A Preference

100

dunnhumby Inc.

35

No par value

-

 

 

 

 

£1.00 B Preference

100

dunnhumby Information Technology Consulting (Shanghai) Company Limited

62

Registered capital US$140,000

100

 

 

 

 

£1.00 Ordinary

100

dunnhumby Ireland Limited

67

€1.00 Ordinary

100

 

 

Tesco TLB Finance Limited

1

£1.00 Ordinary

100

dunnhumby IT Services India Private Limited

36

INR 10.00 Ordinary

100

 

 

Tesco TLB Properties Limited

1

£1.00 Ordinary A

100

dunnhumby Italia Srl.

37

€1.00 Ordinary

100

 

 

 

 

£1.00 Ordinary B

100

dunnhumby Japan K.K

38

JPY 10,000 Ordinary

100

 

 

The Big Food Group Limited

8

£0.10 Ordinary

100

dunnhumby Mexico S. de R.L. de C.V.

69

MXN 2,970 Ordinary A

100

 

 

The Teesport Limited Partnership

1

Limited Partnership

100

 

 

MXN 30.00 Ordinary B

 

 

 

The Tesco Aqua Limited Partnership

1

Limited Partnership

100

dunnhumby Netherlands B.V.

70

€1.00 Ordinary

100

 

 

The Tesco Blue Limited Partnership

1

Limited Partnership

100

dunnhumby New Zealand

64

NZD 100.00 Ordinary

100

 

 

The Tesco Navona Limited Partnership

1

Limited Partnership

100

dunnhumby Poland Sp. z o.o.

42

PLN 50,000 Ordinary

100

 

 

The Tesco Passaic Limited Partnership

1

Limited Partnership

100

dunnhumby Russia LLC

79

RUB 1.00 Ordinary

100

 

 

The Tesco Property Limited Partnership

1

Limited Partnership

100

dunnhumby Singapore Pte Ltd

19

SGD 1.00 Ordinary

100

 

 

The Tesco Red Limited Partnership

1

Limited Partnership

100

dunnhumby SARL

61

€100.00 Ordinary

100

 

 

TPI Fund Managers Limited

1

£1.00 Ordinary

100

dunnhumby Serviços de Promoço Digital Ltda

77

R$1.00 Ordinary

100

 

 

TPT Holdco No.1 Limited

1

£1.00 Ordinary

100

dunnhumby Slovakia s.r.o.

58

No shares in issue

-

 

 

Ventnor High Street Management Company Limited

1

Limited by Guarantee

-

dunnhumby Sp. z o.o.

47

PLN 50.00 Ordinary

100

 

 

Weymouth Avenue (Dorchester) Limited

1

£1.00 Ordinary

100

dunnhumby Spain S.L

50

€1.00 Ordinary

100

 

 

International subsidiary undertakings

dunnhumby South Africa (Pty) Ltd

43

No par value Ordinary

100

 

 

Name of undertaking

Registered address

Class of share held

% held by Group

dunnhumby Ventures LLC

44

-

-

 

 

Arena (Jersey) Management Limited†

33

£1.00 Ordinary

100

Edson Investments Limited

24

€2.00 Ordinary

100

 

 

Cheshunt Holdings Guernsey Limited†

27

£1.00 Ordinary

100

Edson Properties Limited

24

€1.00 Ordinary

100

 

 

Cheshunt Hungary Servicing

32

HUF 100,00 Quota

100

Ek-Chai Distribution System Co., Ltd.*

34

THB 10.00 Ordinary

100

 

 

China Property Holdings (HK) Limited

20

HKD 1.00 Ordinary

100

ELH Insurance Limited

71

£1.00 Ordinary

100

 

 

Chirac Limited

24

€1.25 Ordinary

100

Genesis sp. z o.o.

42

PLN 500.00 Ordinary

100

 

 

Cirrus Finance (2009) Limited

24

£1,000 A Ordinary

100

Jasper Sp. z o.o.

42

PLN 100.00 Ordinary

100

 

 

 

 

€1.00 Ordinary

100

Kabaty Investments Tesco (Polska) Sp. z o.o. Sp.k

42

PLN Partnership Interests

100

 

 

Clondalkin Properties Limited

24

€1.25 Ordinary

100

Letňany Development land 1 s.r.o.

16

CZK 100,000 Ordinary

100

 

 

Commercial Investmentment Limited

24

€1.25 Ordinary

100

Letňany Development land 2 s.r.o.

16

CZK 100,000 Ordinary

100

 

 

Crest Ostrava a.s

16

CZK 100,000 Ordinary

100

Marine Coffee Company Holdings Limited

75

€1.00 Ordinary

100

 

 

dunnhumby (Korea) Limited

66

KRW 5,000 Ordinary

100

Monread Developments Limited

24

€0.001 Ordinary

100

 

 

dunnhumby (Malaysia) Sdn Bhd

84

RM 1.00 Ordinary

100

Nabola Development Limited

24

€1.25 A Ordinary

100

 

 

dunnhumby (Thailand) Limited

73

THB 1,000,000 Ordinary

100

 

 

£1.25 B Ordinary

100

 

 

dunnhumby Advertising (Shanghai) Co., Ltd

23

€130,000 Registered Capital

100

Orpingford Unlimited Company

24

€1.00 Ordinary

100

 

 

dunnhumby Australia PTY Limited

65

AUD 100 Ordinary

100

 

 

 

 

 

 

dunnhumby Brasil Consultora Ltda

77

BRL$1.00 Ordinary

100

 

 

 

 

 

 

 

 

dunnhumby Canada Limited

59

CA$ 1.00 Ordinary

100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Name of undertaking

Registered address

Class of share held

% held by Group

Subsidiary undertakings in liquidation

PEJ Property Developments Limited

24

€1.00 Ordinary

100

The following subsidiary undertakings were incorporated

in the United Kingdom

Pharaway Properties Limited

24

€1.00 Ordinary

100

Name of undertaking

Registered address

Class of share held

% held by Group

R.J.D. Holdings Unlimited

24

€1.269738 Ordinary

100

Adsega Limited†

9

£0.0026 Ordinary

100

Sociomantic Labs Internet Hizmetleri Limited Şireketi

51

TRY 25.00 Ordinary

100

Booker EBT Limited

9

£1.00 Ordinary

100

Tesco (Polska) Sp. z o.o.

42

PLN 500.00 Ordinary

100

Cullen's Holdings Limited

9

£0.0000000370 Ordinary

100

Tesco Akadémia Képzési és Fejlesztési Korátolt Felelősségű Társaság

32

HUF 1.00 Business Share

100

Cullen's Stores Limited

9

£0.00000161 Ordinary

100

Tesco Bengaluru Private Limited

41

INR 10.00 Ordinary

100

Cheshunt Finance Unlimited

9

£0.000000001 Ordinary

100

Tesco Capital No. 1 Limited†

28

£0.50 A Ordinary

100

Cheshunt Overseas LLP

9

Limited Liability Partnership

100

 

 

£0.50 B Ordinary

100

dunnhumby Advertising Limited

9

£0.001 Ordinary

100

 

 

£0,01 Preference - Guaranteed cumulative fixed rate preference

 

Europa Foods Limited

9

£0.000000176 Ordinary

100

 

 

£0.01 Preferred Ordinary

100

Faraday Properties Limited

10

£0.000147 Ordinary

100

Tesco Capital No. 2 Limited

28

£0.01 Floating Rate Redeemable Preference†

100

Fresh Food Trader Limited

9

£1.00 Ordinary

50

 

 

£1.00 Ordinary

100

 

 

£1.00 Preference

100

Tesco Chile Sourcing Limitada

22

CLP 1.00 Ordinary

100

Gibbs News Limited

9

£0.00001 Ordinary

100

 

 

Ordinary US$ 1.00

100

NutriCentre Limited

9

£0.10 Ordinary

100

Tesco Digital Ventures Pte Ltd

49

SGD 1.00 Ordinary

100

Wm. Low Supermarkets Limited

10

£0.0000000180 Ordinary

100

Tesco Dystrybucja Sp. z o.o.

42

PLN 50.00 Ordinary

100

Halesworth SPV Limited

9

£1.00 Ordinary

100

Tesco Franchise Stores ČR s.r.o.

16

CZK 2,000,000 Ordinary

100

Harts the Grocers (Russell Square) Limited

9

£1.00 Ordinary

100

Tesco-Global Stores Privately Held Company Limited

32

HUF 10.00 Common

100

J.E. Cohen & Company Limited

9

£1.00 Ordinary

100

Tesco Global Employment Company Limited

34

THB 100.00 Ordinary

100

J.Smylie & Sons (IOM) Limited

72

£1.00 Ordinary

100

Tesco Guangdong (HK) Co. Limited

20

US$ 1.00 Ordinary

100

KSS Retail Limited

9

£0.000000851

100

Tesco Holdings B.V.

40

€1.00 Ordinary

100

Linebush IV Limited

9

£0.01 Ordinary A

100

Tesco International Clothing Brand s.r.o.

68

€1.00 Ordinary

100

 

 

£1.20 Ordinary B

100

Tesco International Franchising s.r.o.

58

€1.00 Ordinary

100

 

 

£0.01 Ordinary C

100

Tesco International Sourcing Limited

20

HKD 10.00 Ordinary

100

Linebush Limited

9

£0.01 A Ordinary

100

Tesco Ireland Holdings Limited

24

€1.25 Ordinary

100

 

 

£1.00 B Oridinary

100

Tesco Ireland Limited

24

€1.25 Ordinary

100

 

 

£0.01 C Ordinary

100

Tesco Ireland Pension Trustees Limited

24

€1.25 Ordinary

100

Linebush V Limited

9

£1.20 Ordinary A

100

Tesco Joint Buying Service (Shanghai) Co., Limited

82

US$ 1.00 Ordinary

100

 

 

£1.20 Ordinary B

100

Tesco Mobile (Thailand) Co. Limited

34

THB 100.00 Ordinary

100

London and Home Counties Superstores Limited

9

£1.00 Ordinary A

100

Tesco Mobile Ireland Limited

24

€1.00 Ordinary

100

M & W Limited

9

£0.0000000582261

100

Tesco Property (No. 1) Limited

28

£1.00 Ordinary

100

Morgam News Limited

9

£1.00 Ordinary

100

Tesco Sourcing India Private Limited

80

INR 10.00 Ordinary

100

Stewarts Supermarkets Limited

9

£1.00 Ordinary

100

Tesco Stores (Malaysia) Sdn Bhd*

86

RM 1.00 A Ordinary

100

Snowman Retail 1 Limited

9

£1.00 Ordinary

100

 

 

RM 10.00 Non Convertible Non Cumulative Irredeemable Preference Shares

100

Tesco Treasury Services Limited†

9

£0.000001 Ordinary

100

 

 

RM 1.00 B Ordinary

100

Tesco FFC Limited

9

£0.01 Ordinary

100

Tesco Stores (Thailand) Limited*

34

THB 10.00 A Ordinary

100

Tesco International Internet Retailing Limited

9

£0.0000013543

100

 

 

THB 10.00 B Preference

<0.001

Tesco Kirkby (General Partner) Limited

9

£1.00 Ordinary

100

 

 

THB 10.00 C Preference

100

Tesco Kirkby (LP) Limited

9

£1.00 Ordinary

100

Tesco Stores ČR a.s.

16

CZK 250 Ordinary

100

Tesco Kirkby (Unitholder1) Limited

9

£1.00 Ordinary

100

Tesco Stores SR, a.s.

81

€33,193.92 Ordinary

100

Tesco Kirkby (Unitholder2) Limited

9

£1.00 Ordinary

100

Tesco Trustee Company of Ireland Limited†

24

€1.25 Ordinary

100

Tesco TLB Barnstaple Limited

9

£1.00 Ordinary

100

TESCO Üzleti és Technológiai Szolgáltatások Zârtköruen Múködó Részvénytársaság

25

HUF 1.000.00

100

Tesco TLB Nottingham Limited

9

£1.00 Ordinary

100

Thundridge Unlimited

24

€1.00 Ordinary

100

Tesco TLB Pontypridd Limited

9

£1.00 Ordinary

100

Victoria BB Sp. z o.o.

PLN 800.00 Ordinary

100

Verulam Properties Limited

9

£1.00 Ordinary

100

Wanze Properties (Dundalk) Limited

€1.00 Ordinary

100

 

 

 

 

WSC Properties Limited

€0.0000005 Ordinary

100

 

 

 

 

                                         

 

The following subsidiary undertakings were incorporated outside

of the United Kingdom

The following associated undertakings were incorporated outside

of the United Kingdom

Name of undertaking

Registered address

Class of share held

% held by Group

Name of undertaking

Registered address

Class of share held

% held by Group

 

Avantil Services Company Limited

39

£1.00 Ordinary

100

Arena Unit Trust

33

-

50

 

Booker Cyprus Limited

21

€1.00 Ordinary

100

Booker India Private Limited

54

INR1.00 Ordinary

49

 

Saneyia Limited

21

€1.00 Ordinary

100

Booker Satnam Wholesale Private Limited

54

INR1.00 Ordinary

49

 

sociomantic Labs Private Limited

78

INR 10.00 Ordinary

100

China Wisdom dunnhumby Limited

53

RMB 264,000 Ordinary

50

 

Tesco Mauritius Holdings Limited

85

£1.00 Ordinary

100

China Wisdom dunnhumby (Shanghai) Limited

63

RMB 26,400,000

50

 

Tesco Vin Plus S.A.

52

€1.60 Ordinary

100

dunnhumby Mitsui Bussan Customer Science Co., Ltd

55

Common stock 1,000

50

 

 

 

 

 

dunnhumby Norge A.S.

56

NOK 1,000 Ordinary

50

 

Associated undertakings

Merrion Shopping Centre Limited

24

€0.012697 Ordinary

51

 

The following associated undertakings were incorporated

 in the United Kingdom

Retail Property Co., Limited*

83

THB 100.00 Ordinary A

100

 

Name of undertaking

Registered address

Class of share held

% held by Group

Synergistic Property Development Co. Limited

68

THB 100.00 Ordinary

50

 

Broadfields Management Limited

12

£0.10 Ordinary

35.3

Tesco General Insurance Broker Limited

45

THB100.00 Common

100

 

Clarepharm Limited

13

£0.10 Ordinary

26.5

Tesco Life Assurance Broker Limited

45

THB100.00 Common

100

 

Shire Park Limited

15

£0.10 Ordinary

54.5

Tesco Lotus Money Services Ltd

45

THB 100.00 Ordinary A

100

 

Tesco Coral (GP) Limited*

1

£1.00 A Ordinary

100

Tesco Lotus Retail Growth Freehold and Leasehold Property Fund

46

THB non par value listed

25

 

Tesco Coral (Nominee) Limited

1

£1.00 Ordinary

100

Tesco Mobile ČR s.r.o.

16

CZK 100,000 Ordinary

50

 

Tesco Dorney (GP) Limited*

1

£1.00 A Ordinary

100

Tesco Mobile Slovakia s.r.o.

81

€1.00 Ordinary

50

 

Tesco Dorney (Nominee 1) Limited

1

£1.00 Ordinary

100

Trent Hypermarket Private Limited

26

INR 10.00 Equity

50

 

Tesco Dorney (Nominee 2) Limited

1

£1.00 Ordinary

100

 

 

 

 

 

Tesco Dorney (Nominee Holdco) Limited

1

£1.00 Ordinary

100

Consolidated Structured Entities

Tesco Jade (GP) Limited

29

£1.00 A Ordinary

30

Name of undertaking

Registered address

Class of share held

 

 

 

£1.00 B Ordinary

30

Delamare Cards Holdco Limited

85

Securitisation entity

 

Tesco Mobile Limited*

1

£0.10 A Ordinary

100

Delamare Cards MTN Issuer plc

85

Securitisation entity

 

 

 

£0.90 B Ordinary

100

Delamare Cards Receivables Trustee Limited

85

Securitisation entity

 

Tesco Property (Sparta Nominees) Limited

1

£1.00 Ordinary

100

Delamare Cards Funding 1 Limited

85

Securitisation entity

 

Tesco Property (Nominees) (No.3) Limited

1

£1.00 Ordinary

100

Delamare Cards Funding 2 Limited

85

Securitisation entity

 

Tesco Property (Nominees) (No.4) Limited

1

£1.00 Ordinary

100

Delamare Finance PLC

11

Securitisation entity

 

Tesco Property Partner (GP No.2) Limited*

1

£1.00 A Ordinary

100

Delamare Group Holdings Limited

11

Securitisation entity

 

Tesco Sarum (GP) Limited*

1

£1.00 A Ordinary

100

 

 

 

Tesco Sarum (Nominee 1) Limited

1

£1.00 Ordinary

100

 

 

 

 

 

Tesco Sarum (Nominee 2) Limited

1

£1.00 Ordinary

100

 

 

 

 

 

Tesco Sarum (Nominee Holdco) Limited

1

£1.00 Ordinary

100

 

 

 

 

 

Tesco Underwriting Limited

31

£1.00 Ordinary

49.9

 

 

 

 

 

The Tesco Atrato Limited Partnership

1

Limited Partnership

50

 

 

 

 

 

The Tesco Coral Limited Partnership

1

Limited Partnership

50

 

 

 

 

 

The Tesco Dorney Limited Partnership

1

Limited Partnership

50

 

 

 

 

 

The Tesco Property (No.2) Limited Partnership

17

Limited Partnership

50

 

 

 

 

 

The Tesco Sarum Limited Partnership

1

Limited Partnership

50

 

 

 

 

 

 

Tesco House, Shire Park, Kestrel Way, Welwyn Garden City AL7 1GA, United Kingdom

Apex Road, Brownhills, Walsall, West Midlands WS8 7HU, United Kingdom

KPMG LLP, 15 Canada Square, London E14 5GL, United Kingdom

184 Shepherds Bush Road, London W6 7NL, United Kingdom

C/O   Morton   Fraser   LLP, 5th Floor, Quartermile Two, 2 Lister Square, Edinburgh, Scotland EH3 9GL, United Kingdom

2 South Gyle Crescent, Edinburgh, EH12 9FQ, United Kingdom

35 Great St Helen's, London EC3A 6AP, United Kingdom

Equity   House,   Irthlingborough Road, Wellingborough, Northamptonshire NN8 1LT, United Kingdom

Ernst & Young LLP, 1 More London Place, London, SE1 2AF, United Kingdom

10  Atria One, 144 Morrison Street, Edinburgh, EH3 8EX

11  40/14,   Hardengreen Business Park, Dalhousie Road, Eskbank, United Kingdom, EH22 3NU

12  2 Paris Parklands, Railton Road, Guildford, Surrey, GU2 9JX

13  Thompson Jenner, 28 Alexandra Terrace, Exmouth, Devon, EX8 1BD

14  Ritterstraße 6, 10969 Berlin, Germany

15  Riverside House 3 Place Farm, Wheathampstead, St. Albans, AL4 8SB, England

16  1527/68b, Vrsovicka, Praha 10, City of Prague, 100 00, Czech Republic

17  PO Box 87 22 Grenville Street, St Helier, Jersey

18  Yeni Havaalani Caddesi, No. 40 Cigli, Izmir, 35610 Turkey

19  30 A Tanjong Pagar Road, Singapore 088453, Singapore

20  31st Floor AIA Kowloon Tower Landmark East, 100 How Ming Street, Kowloon, Hong Kong

21  5 Esperidon Street, 4th floor, 2001 Strovolos, Nicosia, Cyprus

22  Avenida Santa María 5888, Piso 2 Zona A, Oficina 4, Vitacura, Santiago, 7660268, Chile

23  Room 886S, 8/F, 1111, Changshou Road, Jing'an District, Shanghai, People's Republic of China

24  Gresham House, Marine Road, Dun Laoghaire, Co. Dublin, Ireland

25  ll38 , Budapest, , Váci út, 187., Hungary

26  Taj   Building, 2nd Floor, 210, Dr D.N. Road, Fort, Mumbai, 400001, India

27  PO Box 25, Regency Court, Glategny Esplanade, St. Peter Port, Guernsey, GY1 3AP, Guernsey

28  Lime Grove House, Green Street, St Helier , Jersey , JE1 2ST, Jersey

29  20 Churchill Place, Canary Wharf, London E14 5HJ

30  c/o   RSM   Finland Oy, Ratamestarinkatu 7 B, 00520 Helsinki, Finland

31  Ageas House Hampshire Corporate Park, Templars Way, Eastleigh, Hampshire, SO53 3YA

32  H-2040 Budaörs, Kinizsi, ÚT 1-3, Hungary

33  47 Esplanade, St Helier, Jersey, JE1 0BD, Jersey

34  629/1 Nawamintr Road, Nuanchan, Buengkoom, Bangkok, , 10230, Thailand

35  c/o   The   Corporation Trust Company, 1209 Orange Street, Corporation Trust Center, Wilmington, DE 19801, USA

36  S-22 Greater Kailash, Part 1, Lower Ground Floor, New Delhi 110048, India

37  Carrera 48 no. 32B sur - 139, Envigado, Italy

38  9th   Floor,   Shiroyama Trust Tower, 3-1,, Toranomon 4-chome,, Minato-ku, Tokyo, Japan

39  38/39 Fitzwilliam Square, Dublin 2, Ireland

40  Danzigerkade   13H   2hg, 1013AP Amsterdam, Netherlands

41  81 & 82, EPIP Area, Whitefield, Bangalore, 560066, India

42  56 Kapelenka St, 30-347, Krakow, Poland

43  3rd   Floor,   54 Melrose Boulevard, Melrose Arch, Gauteng, 2196, South Africa

44  One   East Fourth Street, Suite 1400, Cincinnati, Ohio 45202, United States

45  87/1 Floor 10 Capital Tower, All Seasons Place, Wireless Road, Lumpini, Pathumwan, Bangkok, 10330, Thailand

46  1 Empire Tower, 32nd Floor, South Sathorn Road, Yannawa, Sathorn, Bangkok, 10120, Thailand

47  Sociomantic labs Sp z.o.o., ul. Pulawska 2,02 566 Warszawa, Poland

48  Av. El Golf 40, 7th floor, Las Condes, Santiago de Chile, Chile

49  163   Tras Street, #03-01, Lian Huat Building, Singapore, 079024, Singapore

50  Paseo de General Martinez Campos, Campos  9  izquierda, 28010 Madrid, Spain

51  Istiklal Caddesi Beyoglu Is Merkezi No: 187/5 Galatasaray, Istanbul, Turkey

52  Centre   de Commerces et de, Loisirs, Cite Europe, 62231 Coquelles, France

53  Suite 1106-8, 11/F., Tai Yau Building, No 181 Johnston Road, Wanchai, Hong Kong

54  Unit 607, 6th floor, Trade Centre, Bandra Kurla Complex, Bandra East, Mumbai, 400051, Maharashtra, India

55  1-2-3 Marunouchi, Chiyoda-ku, Tokyo, Japan

56  Rosenkrantzgate 16, Oslo, O160, Norway

57  c/o   TMF   Denmark A/S, Købmagergade 60, 1. tv., 1150 København K, Denmark

58  Cesta na Senec 2, Bratislava, 821 04, Slovakia

59  1400-340 Albert St, Ottawa ON K1R 0A5, Canada

60  4th Fl, Tower B, Paras Twin Towers, DLF Golf Course Road, Sector 54, Gurgaon, Haryana-HR, 122002, India

61  48 rue Cambon, 75001, Paris, France

62  Room 1001, Enterprise Development Tower, No. 398, Jiangsu Road Changning District, Shanghai 200050, People's Republic of China

63  Room 501-4, No.398 Jiangsu Road , Shanghai, People's Republic of China

64  RSM   New   Zealand, Level 2, 60 Highbrook Drive, Auckland, 2013, New Zealand

65  Level 21, 55 Collins Street, Melbourne, VIC 3000, Australia

66  13F   WeWork   Yeoksam Station 2,14, Teheran-ro 26-gil, Gangnam-gu, Seoul, 06236, Korea

67  Floor 3, 2 Harbour Square, Crofton Road, Dun Laoghaire, Dublin, Ireland

68  999/9,   31st Floor, Rama 1 Road, Pathumwan District, Bangkok, 10330, Thailand

69  Av President Masarik No. 111, Piso 1, Colina Polance V Seccion Delegacion Miguel Hidalgo, C.P. 11560, Mexico

70  Herikerberweg 238, Luna Arena 1101CM, Amsterdam, Zuidoost, Netherlands

71  Dorey Court, , Admiral Park, St. Peter Port, GY1 4AT, Guernsey

72  PO Box 237, Peregrine House, Peel Road, Douglas, Isle of Man, IM99 1SU

73  No. 319 Chamchuri Square Building, 16th Fl, Unit 01, 

Phayathi Road Pathumwan sub District, Bangkok 10330, Thailand

74  Calle 32 b sur #48-100, Envigado, Antioquia, Colombia

75  25-28 North Wall Quay, International Financial Services Centre, DUBLIN 1, Ireland

76  Paul-Lincke-Ufer 39/40, 10999 Berlin, Germany

77  Av.Brigadeiro Luis Antônio, 3530,  Andar, 01402-001 São Paulo, Brazil

78  C/o   Vaish Associates, 106, Peninsula Centre, Dr. S. S. Rao Road, Parel Mumbai

- 400012, Maharashtra, India

79  121099, Pereulok Spasopeskovskik 7/1 , Building 1, Moscow, Russian Federation

80  5th   Floor,   Unit 401, Tower B, The Millenia, No. 1&2 Murphy Road Ulsoor, Bangalore, 560 008, India

81  Einsteinova 24, Bratislava 851 01, Slovakia

82   Unit 01, 02, 06, 07, 08, 09, Floor 17, No. 610 Xujiahui Road, Huangpu District, Shanghai, People's Republic of China

83  313   CP Tower, Silom Road, Khwaeng Silom, Khet Bangrak, Bangkok, Thailand

84  Suite 13.03 , 13th Floor, Menara Tan & Tan, 207 Jalan Tun Razak, 50400 Kuala Lumpur, Malaysia

85  c/o   SGG   Corporate Services (Mauritius) Ltd, 33 Edith Cavell Street, Port Louis, 11324, Mauritius

86  Level 8, Symphony House,, Pusat Dagangan Dana 1,, Jalan PJU 1A/46, 47301 Petaling Jaya,, Selangor Darul Ehsan, Malaysia

 

 

Supplementary information (unaudited)

Total sales performance at actual rates (exc. VAT, exc. fuel)

 

 

1Q

2Q

  3Q

4Q

1H

2H 

FY

 

2019/20

2019/20

2019/20

2019/20(a)

 2019/20

2019/20(a)

  2019/20(a)

UK & ROI

1.2%

(0.9)%

  0.2%

(0.1)%

 0.2%

0.0%

0.1%

UK & ROI (comparable growth) (b)

0.1%

(0.9)%

  0.2%

(0.1)%

  (0.4)%

0.0%

(0.2)%

UK

(0.4)%

 (1.4)%

 (0.5)%

(0.3)%

 (0.9)%

(0.4)%

 (0.6)%

ROI

0.8%

 0.3%

 (0.4)%

(3.3)%

  0.5%

(1.9)%

 (0.7)%

Booker

3.1%

 1.6%

  4.3%

2.6%

  2.3%

3.5%

2.9%

Central Europe

(10.8)%

 (3.3)%

(15.9)%

(18.4)%

 (7.0)%

(17.2)%

(12.1)%

Asia

7.3%

 9.5%

  9.7%

1.0%

8.4%

5.0%

6.7%

Tesco Bank

(1.9)%

 7.5%

 (5.2)%

(10.9)%

  2.8%

(8.1)%

(2.6)%

Group

0.4%

(0.1)%

 (0.8)%

(2.2)%

0.1%

(1.5)%

(0.7)%

Group (comparable growth) (b)

(0.5)%

(0.1)%

 (0.8)%

(2.2)%

 (0.3)%

(1.5)%

(0.9)%

 

Total sales performance at constant rates (exc. VAT, exc. fuel)

 

 

 

 

 

 

 

 

 

1Q

2Q

  3Q

4Q

  1H 

  2H 

  FY

 

2019/20

  2019/20

2019/20

2019/20(a)

  2019/20

2019/20(a)

2019/20(a)

UK & ROI

1.3%

(1.0)%

0.2%

0.1%

0.2%

0.2%

0.2%

UK & ROI (comparable growth)(b)

0.2%

(1.0)%

0.2%

0.1%

(0.4)%

0.2%

(0.1)%

UK

(0.4)%

(1.4)%

(0.5)%

(0.3)%

(0.9)%

(0.4)%

(0.6)%

ROI

2.7%

(1.4)%

0.7%

1.3%

0.6%

1.0%

0.8%

Booker

3.1%

1.6%

4.3%

2.6%

2.3%

3.5%

2.9%

Central Europe

(7.9)%

(4.7)%

(14.4)%

(13.7)%

(6.3)%

(14.0)%

(10.1)%

Asia

2.6%

(0.5)%

(0.1)%

(1.6)%

1.0%

(0.9)%

0.1%

Tesco Bank

(1.9)%

7.5%

(5.2)%

(10.9)%

2.8%

(8.1)%

(2.6)%

Group

0.4%

(1.2)%

(1.4)%

(1.7)%

(0.4)%

(1.6)%

(1.0)%

Group (comparable growth)(b)

(0.5)%

(1.2)%

(1.4)%

(1.7)%

(0.8)%

(1.6)%

(1.2)%

(a)  4Q on a 13 weeks basis, 2H on a 26 weeks basis and FY on a 52 weeks basis.

(b)  Comparable growth presents growth with Booker sales included in the prior year base using a comparable number of weeks. Booker sales growth was 12.4% for Q1 2019/20, 6.5% for 1H 2019/20 and 5.0% for FY 2019/20, reflecting 9 additional days of Booker sales in the current year.

Like-for-like sales performance (exc. VAT, exc. fuel)

 

1Q

2Q

3Q

4Q

1H

2H

FY

 

2019/20

2019/20

2019/20

2019/20

2019/20

2019/20

2019/20

UK & ROI

0.8%

(0.6)%

0.4%

0.3%

0.1%

0.4%

0.2%

UK

0.4%

(1.0)%

(0.4)%

(0.3)%

(0.3)%

(0.3)%

(0.3)%

ROI

1.3%

(1.0)%

2.0%

2.4%

0.1%

2.2%

1.2%

Booker

3.1%

1.9%

5.0%

3.5%

2.4%

4.2%

3.3%

Central Europe

(4.9)%

(1.4)%

(11.0)%

(8.7)%

(3.1)%

(9.8)%

(6.4)%

Asia

0.1%

(2.7)%

(1.6)%

(3.1)%

(1.3)%

(2.4)%

(1.9)%

Tesco Bank

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Group

0.2%

(0.9)%

(0.9)%

(0.9)%

(0.4)%

(0.9)%

(0.6)%

 

Country detail - Retail

 

 

 

 

 

 

 

 

 Revenue (exc. VAT, inc fuel)*

 

 

 

  Local

 Currency

 

 Average exchange

Closing exchange

 

  (m)

£m

   rate

rate

UK

44,302

44,302

1.0

1.0

ROI

2,746

2,392

1.1

1.2

Booker

6,204

6,204

1.0

1.0

Czech Republic

42,201

1,437

29.4

29.6

Hungary

557,052

1,479

376.6

393.8

Poland

7,144

1,451

4.9

5.0

Slovakia

1,381

1,203

1.1

1.2

Malaysia

4,593

867

5.3

5.4

Thailand

172,163

4,351

39.6

40.4

Excludes franchising revenue within Central Europe of £6m, which is not allocated to individual countries.

UK sales area by size of store

 

29 February 2020

23 February 2019

 

 

Store size (sq. ft.)

 

 

No. of stores

 

 

Million sq. ft.

% of total sq. ft.

 

 

No. of stores

 

 

Million sq. ft.

% of total sq. ft.

0-3,000

2,508

5.4

14.0%

2,518

5.4

13.9%

3,001-20,000

284

3.0

7.8%

276

3.0

7.9%

20,001-40,000

284

8.2

21.3%

284

8.2

21.2%

40,001-60,000

182

8.8

22.9%

182

8.8

22.9%

60,001-80,000

120

8.4

21.8%

120

8.5

22.1%

80,001-100,000

45

3.7

9.6%

50

3.7

9.7%

Over 100,000

8

1.0

2.6%

8

0.9

2.3%

Total*

3,431

38.5

100.0%

3,438

38.5

100.0%

                 

Excludes Booker and franchise stores.

 

Group space summary

Actual Group space - store numbers(a)

 

2018/19

year end

 

Openings

Closures/

disposals

Net gain/

(reduction)(b)

2019/20

year end

Repurposing/

extensions(c)

Large

797

2

(3)

(1)

796

-

Small(d)

1,855

72

(7)

65

1,920

-

Dotcom only

6

-

-

-

6

-

Total Tesco

2,658

74

(10)

64

2,722

-

One Stop(d)(e)

772

7

(82)

(75)

697

-

Booker

197

-

(1)

(1)

196

-

Jack's

8

5

(1)

4

12

-

UK(e)

3,635

86

(94)

(8)

3,627

-

ROI

152

-

(2)

(2)

150

-

UK & ROI(e)

3,787

86

(96)

(10)

3,777

-

Czech Republic(e)

188

-

(2)

(2)

186

10

Hungary

204

-

(2)

(2)

202

13

Poland

353

-

(24)

(24)

329

59

Slovakia

150

-

-

-

150

10

Central Europe(e)

895

-

(28)

(28)

867

92

Malaysia

73

2

-

2

75

5

Thailand

1,965

54

(31)

23

1,988

158

Asia

2,038

56

(31)

25

2,063

163

Group(e)

6,720

142

(155)

(13)

6,707

255

UK (One Stop)

174

35

(18)

17

191

-

Czech Republic

99

8

-

8

107

-

Franchise stores

273

43

(18)

25

298

-

 

 

Actual Group space - '000 sq.ft.(a)

 

2018/19

year end

 

Openings

Closures/

disposals

Repurposing/extensions(c)

Net gain/

(reduction)(b)

2019/20

year end

Large

31,368

34

(66)

-

(32)

31,336

Convenience(d)

5,097

149

(42)

-

107

5,204

Dotcom only

716

-

-

-

-

716

Total Tesco

37,181

183

(108)

-

75

37,256

One Stop(d)(e)

1,261

13

(135)

-

(122)

1,139

Booker

8,436

-

(60)

-

(60)

8,376

Jack's

81

74

(36)

-

38

119

UK(e)

46,959

270

 (339)

-

(69)

46,890

ROI

3,335

-

 (61)

-

(61)

3,274

UK & ROI(e)

50,294

270

 (400)

-

(130)

50,164

Czech Republic(e)

4,602

-

 (64)

 (249)

(313)

4,289

Hungary

6,281

-

(6)

 (275)

(281)

6,000

Poland

7,804

-

(977)

(1,154)

(2,131)

5,673

Slovakia

3,438

-

-

(258)

(258)

3,180

Central Europe(e)

22,125

-

 (1,047)

 (1,936)

(2,983)

19,142

Malaysia

3,533

50

-

 (133)

(83)

3,450

Thailand

15,024

145

 (67)

(644)

(566)

14,458

Asia

18,557

195

(67)

(777)

(649)

17,908

Group(e)

90,976

465

(1,514)

(2,713)

(3,762)

87,214

UK (One Stop)

227

34

(24)

 -

10

237

Czech Republic

95

6

-

 -

6

101

Franchise stores

322

40

 (24)

-

16

338

(a)  Continuing operations.

(b)  The net gain/(reduction) reflects the number of store openings less the number of store closures/disposals.

(c)  Repurposing of retail selling space.

(d)  Included within openings and closures/disposals are 54 stores (113,065 sq.ft.) which were converted from One Stop stores into Tesco Express stores.

(e)  Excludes franchise stores.

 

Group space forecast to 29 February 2020 - '000 sq. ft.(a)

 

 

2019/20

year end

 

Openings

Closures/

disposals

Repurposing/extensions

Net gain/

(reduction)

2020/21

year end

Large

31,336

12

-

-

12

31,348

Small

5,204

69

(29)

-

40

5,244

Dotcom only

716

-

-

-

-

716

Total Tesco

37,256

81

(29)

-

52

37,308

One Stop(b)

1,139

-

-

-

-

1,139

Booker

8,376

-

-

-

-

8,376

Jack's

119

96

-

-

96

215

UK(b)

46,890

177

 (29)

-

148

47,038

ROI

3,274

59

 -

6

65

3,339

UK & ROI(b)

50,164

236

 (29)

6

213

50,377

Czech Republic(b)

4,289

14

 (4)

(99)

(89)

4,200

Hungary

 6,000

-

-

 (147)

(147)

5,853

Poland

5,673

-

 (715)

 (418)

(1,133)

4,540

Slovakia

3,180

54

-

(78)

(24)

3,156

Central Europe(b)

19,142

68

(719)

(742)

(1,393)

17,749

Malaysia

3,450

94

-

  -

94

3,544

Thailand

14,458

378

(48)

 (464)

(134)

14,324

Asia

17,908

472

(48)

 (464)

(40)

17,868

Group(b)

87,214

776

(796)

 (1,200)

(1,220)

85,994

UK (One Stop)

237

-

-

 -

-

237

Czech Republic

101

20

-

-

20

121

Franchise stores

338

20

-

-

20

358

(a)  Continuing operations.

(b)  Excludes franchise stores.

 

Tesco Bank income statement

 

 

  2020(a)

 m

2019(a)(b)

(restated)

£m

Revenue

Interest receivable and similar income Fees and commissions receivable

 

733

335

 

729

368

 

1,068

 1,097

Direct costs

 

 

Interest payable

 (166)

(175)

Fees and commissions payable

(25)

 (27)

 

 (191)

(202)

Gross profit

877

895

 

 

 

Other expenses

 

 

Staff costs

(164)

(170)

Premises and equipment

  (72)

(80)

Other administrative expenses

 (191)

(197)

Depreciation and amortisation

(78)

(85)

Impairment loss on financial assets

 (179)

(164)

Operating profit before exceptional items

193

199

 

 

 

Exceptional items(c)

(119)

 (30)

Operating profit

74

169

 

 

 

Net finance costs: movements on derivatives and hedge accounting

(11)

  (4)

Net finance costs: interest

23

(6)

Share of profit/(loss) of joint venture

 10

   8

Profit for the year

96

167

(a)  These results are for the 12 months ended 29 February 2020 and the previous period represents the 12 months ended 28 February 2019.

(b)  Restated for the adoption of IFRS 16 as explained in Note 1 and Note 37 of the Group financial statements.

(c)  Exceptional items in 2020 comprise of a PPI provision charge of £(45)m (February 2019: £(16)m), a restructuring charge of £(13)m (February 2019: credit of £2m),   accelerated amortisation and costs related to the sale of the mortgage book and PCA £(61)m (February 2019: £nil), and a regulatory provision of £nil (February 2019: £(16)m).

 

Glossary  

Introduction

In the reporting of financial information, the Directors have adopted various APMs.

These measures are not defined by International Financial Reporting Standards (IFRS) and therefore may not be directly comparable with other companies' APMs, including those in the Group's industry.

APMs should be considered in addition to, and are not intended to be a substitute for, or superior to, IFRS measurements.

Purpose

The Directors believe that these APMs assist in providing additional useful information on the underlying trends, performance and position of the Group.

APMs are also used to enhance the comparability of information between reporting periods and geographical units (such as like-for-like sales), by adjusting for non-recurring or uncontrollable factors which affect IFRS measures, to aid users in understanding the Group's performance.

Consequently, APMs are used by the Directors and management for performance analysis, planning, reporting and incentive-setting purposes.

Details of changes to APMs within the period can be found in Note 1.

Some of the Group's IFRS measures are translated at constant exchange rates. Constant exchange rates are the average actual periodic exchange rates for the previous financial period and are used to eliminate the effects of exchange rate fluctuations in assessing performance. Actual exchange rates are the average actual periodic exchange rates for that financial period.

 

APM

Closest equivalent

IFRS measure

Adjustments to reconcile

to IFRS measure

Definition

and purpose

Income statement

Revenue measures

 

 

 

Group sales

Revenue

Exclude sales made at petrol filling stations

Excludes the impact of sales made at petrol filling stations to demonstrate the Group's underlying performance in the core retail and financial services businesses by removing the volatilities associated with the movement in fuel prices.

This is a key management incentive metric.

Growth in sales

No direct equivalent

Consistent with accounting policy

Growth in sales is a ratio that measures year-on-year movement in Group sales for continuing operations for 52 weeks. It shows the annual rate of increase in the Group's sales and is considered a good indicator of how rapidly the Group's core business is growing.

Like-for-like

No direct equivalent

Consistent with accounting policy

Like-for-like is a measure of growth in Group online sales and sales from stores that have been open for at least a year (but excludes prior year sales of stores closed during the year) at constant foreign exchange rates. It is a widely used indicator of a retailer's current trading performance and is important when comparing growth between retailers that have different profiles of expansion, disposals and closures.

Profit measures

 

 

 

Operating profit before exceptional

items and amortisation of acquired intangibles

Operating profit*

Exceptional items

Amortisation of acquired intangibles

Operating profit before exceptional items and amortisation of acquired intangibles is the headline measure of the Group's performance, and is based on operating profit from continuing operations before the impact of exceptional items and amortisation of intangible assets acquired in business combinations. Exceptional items relate to certain cost or incomes that derive from events or transactions that fall within the normal activities of the Group but which, individually or, if of similar type, in aggregate, are excluded by virtue of their size and nature in order to reflect management's view of the underlying performance of the Group. This is a key management incentive metric.

Retail operating profit

Operating profit*

Tesco Bank operating profit

Retail exceptional items

Retail amortisation of acquired intangibles

Retail operating profit is a measure of the Group's operating profit from continuing operations from the Retail business excluding Tesco Bank. It is based on Retail operating profit before exceptional items and amortisation of acquired intangibles.

Operating margin

No direct equivalent

Consistent with accounting policy

Operating margin is calculated as operating profit before exceptional items and amortisation of acquired intangibles divided by revenue. Progression in operating margin is an important indicator of the Group's operating efficiency.

Retail earnings before exceptional items, interest, tax, depreciation and amortisation (Retail EBITDA)

Operating profit*

Exceptional items

Depreciation and amortisation

Tesco Bank earnings

before exceptional items, interest, tax, depreciation and amortisation

Discontinued operations

This measure is based on Retail operating profit from

continuing operations. It excludes Retail exceptional items, depreciation and amortisation and is used to derive the Total indebtedness ratio and Fixed charge cover APMs.

             

 

APM

Closest equivalent

IFRS measure

Adjustments to reconcile

to IFRS measure

Definition

and purpose

Profit measures continued

 

 

 

Profit before tax before exceptional items and amortisation of acquired intangibles, net pension finance costs and fair value remeasurements of financial instruments

Profit before tax

Exceptional items

Amortisation of acquired intangibles

Net pension finance costs

Fair value remeasurements on financial instruments

This is a key management incentive metric. This measure excludes exceptional items and amortisation of acquired intangibles, net finance costs of the defined benefit pension deficit and fair value remeasurements of financial instruments. Net pension finance costs are impacted by corporate bond yields, which can fluctuate significantly and are reset each year based on often volatile external market factors. Fair value remeasurements are impacted by changes to credit risk and various market indices, which can fluctuate significantly. Also included in these items are fair value remeasurements of financial instruments resulting from liability management exercises.

Total finance costs before exceptional

items, net pension

finance costs and fair value

remeasurements on financial instruments

Finance costs

Exceptional items

Net pension finance costs

Fair value remeasurements on financial instruments

Total finance costs before exceptional items, net pension finance costs and fair value remeasurements of financial instruments is the net finance costs adjusted for nonrecurring one-off items, net pension finance costs and fair value remeasurements of financial instruments. Net pension finance costs are impacted by corporate bond yields, which can fluctuate significantly and are reset each year based on often volatile external market factors. Fair value remeasurements are impacted by changes to credit risk and various market indices, which can fluctuate significantly. Also included in these items are fair value remeasurements of financial instruments resulting from liability management exercises.

Diluted earnings

per share from

continuing operations before exceptional

items and

amortisation of

acquired intangibles, net pension finance costs and fair value

remeasurements on financial instruments

Diluted earnings per share

Exceptional items

Amortisation of acquired intangibles

Discontinued operations

Net pension finance costs

Fair value remeasurements on financial instruments

This relates to profit after tax before exceptional items and amortisation of acquired intangibles from continuing operations, net pension finance costs and fair value remeasurements attributable to owners of the parent divided by the weighted average number of ordinary shares in issue during the financial period adjusted for the effects of potentially dilutive share options.

It excludes net pension finance costs and fair value

remeasurements on financial instruments. Net pension finance costs are impacted by corporate bond yields, which can fluctuate significantly and are reset each year based on often volatile external market factors. Fair value remeasurements are impacted by changes to credit risk and various market indices, which can fluctuate significantly. Also included in these items are fair value remeasurements of financial instruments resulting from liability management exercises.

Tax measures

 

 

 

Effective tax rate before exceptional items and amortisation of

acquired intangibles

Effective tax rate

Exceptional items and

their tax impact

Amortisation of acquired intangibles and their tax impact

Retail operating profit is a measure of the Group's Effective tax rate before exceptional items and amortisation of acquired intangibles is calculated as total income tax credit/(charge) excluding the tax impact of exceptional items and amortisation of acquired intangibles divided by profit before tax before exceptional items and amortisation of acquired intangibles. This provides an indication of the ongoing tax rate across the Group.

Effective tax rate before exceptional items and amortisation of

acquired intangibles, net pension finance costs and fair value

remeasurements on financial instruments

Effective tax rate

Exceptional items and

their tax impact

Amortisation of acquired intangibles and their tax impact

Net pension finance costs and their tax impact

Fair value remeasurements on financial instruments and their tax impact

Effective tax rate before exceptional items and amortisation of acquired intangibles, net pension finance costs and fair value remeasurements of financial instruments is calculated as total income tax credit/(charge) excluding the tax impact of exceptional items and amortisation of acquired intangibles items, net pension finance costs and fair value remeasurements divided by the profit before tax before exceptional items and amortisation of acquired intangibles, net pension finance costs and fair value remeasurements.

Balance sheet measures

 

 

 

Net debt

Borrowings less cash and related hedges

Net debt from Tesco Bank

Net debt excludes the net debt of Tesco Bank but includes that of the discontinued operations to reflect the net debt obligations of the Retail business. Net debt comprises bank and other borrowings, lease liabilities, net derivative financial instruments, joint venture loans and other receivables and net interest receivables/payables, offset by cash and cash equivalents and short-term investments. It is a useful measure of the progress in generating cash and strengthening of the Group's balance sheet position and is a measure widely used by credit rating agencies.

             

 

APM

Closest equivalent

IFRS measure

Adjustments to reconcile

to IFRS measure

Definition

and purpose

Balance sheet measures continued

 

 

 

Total indebtedness

Borrowings less

cash and related

hedges

Consistent with accounting policy

Total indebtedness is the net debt plus the IAS 19 deficit in the pension schemes (net of associated deferred tax) to provide an overall view of the Group's obligations. It is an important measure of the long-term obligations of the Group and is a measure widely used by credit rating agencies.

Total indebtedness ratio

No direct equivalent

Consistent with accounting policy

Total indebtedness ratio is calculated as Total indebtedness divided by the rolling 12-month Retail EBITDA. It is a measure of the Group's ability to meet its payment obligations and is widely used by analysts and credit rating agencies.

Fixed charge cover

No direct equivalent

Consistent with accounting policy

Fixed charge cover is calculated as the rolling 12-month Retail EBITDA divided by the sum of net finance cost (excluding net pension finance costs, finance charges payable on lease liabilities, exceptional items, capitalised interest and fair value remeasurements) and all lease liability payments. It is a measure of the Group's ability to meet its payment obligations and is widely used by analysts and credit rating agencies.

Cash flow measures

 

 

 

Retail operating cash flow

Cash generated

from operating

activities

Tesco Bank operating cash flow

Discontinued operations

Retail operating cash flow is the cash generated from continuing operations, excluding the effects of Tesco Bank's cash flows. It is a measure of the cash generation and working capital efficiency by the Retail business, recognising that Tesco Bank is run and regulated independently from the Retail operations, and a key measure to demonstrate the recovery of the Retail operations. This is a key management incentive metric.

Free cash flow

Cash generated from operating activities

Net cash generated from/(utilised in) investing activities, and the market purchase of shares issued in relation to scheme schemes

Repayment of obligations under leases

Investing cash flows that increase items within Group net debt

Cash flows from major corporate acquisitions and disposals

Free cash flow includes all cash flows from operating and investing activities, the market purchase of shares net of proceeds from shares issued in relation to share schemes, and repayment of obligations under leases. The following items are excluded: investing cash flows that increase/ decrease items within Group net debt, and cash flows from major corporate acquisitions and disposals. This measure reflects the cash available to shareholders.

Retail free cash flow

Cash generated

from operating

activities

Tesco Bank operating

cash flow

Retail net cash

generated from/(used

in) investing activities,

and the market

purchase of shares

issued in relation to

share schemes

Repayment of

obligations under

leases

Investing cash flows

that increase/

decrease items within

Net debt

Cash flows from major

corporate acquisitions and disposals

Retail free cash flow includes all cash flows from operating and investing activities for the Retail business, the market purchase of shares net of proceeds from shares issued in relation to share schemes, and the repayment of obligations under leases. The following items are excluded: investing cash flows that increase/decrease items within Net debt, and cash flows from major corporate acquisitions and disposals. This measure reflects the cash available to shareholders.

             

 

As detailed in the basis of consolidation, refer to Note 1, for the UK and the Republic of Ireland (UK & ROI), the results are for the 53 weeks ended 29 February 2020 (prior financial year 52 weeks ended 23 February 2019). For all other operations, the results are for the calendar year ended 29 February 2020 (prior calendar year ended 28 February 2019).

In order to provide comparability with the prior year results for the 52 weeks ended 23 February 2019, the tables below present the Group's statutory results on a 53 week basis to 29 February 2020, adjusted to remove the results of week 53 for the UK & ROI to also separately present the APMs on a 52 week basis to 22 February 2020. In determining the week 53 adjustment for the UK & ROI, revenue, sales and cost of goods sold represent the actual trading performance in that week, with overhead expenses allocated proportionally to week 53 based on the reported results for the 53 weeks to 29 February 2020. No week 53 adjustments are required with respect to the Group's operations in Central Europe, Asia or Tesco Bank which report on a calendar year basis.

APMs: Reconciliation of income statement measures

 

 

 

 

UK & ROI

 

 

 

 

Notes

2020

As reported on a 53 week

basis

£m

 

 

Exclude

 week 53

£m

APM

2020

52 week

basis

 m

APM

2019 (restated)

 

£m

Continuing operations

 

 

 

 

 

Group Sales

2

45,752

(843)

44,909

44,883

Revenue

2

52,898

(983)

51,915

51,643

Operating profit before exceptional items and amortisation of acquired

intangibles

2

2,230

(46)

2,184

1,868

Operating margin

2

4.2%

-

4.2%

3.6%

Growth in sales at actual rates

 

2.0%

(1.9)%

0.1%

16.1%

Growth in sales at constant rates

 

2.1%

(1.9)%

0.2%

16.1%

 

 

 

 

 

Total Group

 

 

 

 

Notes

2020

As reported on a 53 week

basis

£m

 

 

Exclude

week 53

£m

APM

2020

52 week

basis

£m

APM

2019 (restated)

 

£m

Continuing operations

 

 

 

 

 

Group Sales

2

57,370

(843)

56,527

56,883

Revenue

2

64,760

(983)

63,777

63,911

2

3,005

(46)

2,959

2,607

Operating margin

2

4.6%

-

4.6%

4.1%

Growth in sales at actual rates

 

1.1%

(1.8)%

(0.7)%

11.5%

Growth in sales at constant rates

 

0.8%

(1.8)%

(1.0)%

11.3%

 

APMs Reconciliation of income statement measures continued

 

 

 

 

 

Notes

2020

As reported on a 53 week basis

£m

 

Exclude

week 53

 m

 

APM

2020

52 week

 basis

£m

APM

2019

(restated)

£m

Operating profit before exceptional items and amortisation of acquired

intangibles (£m)

2

3,005

(46)

2,959

2,607

Share of post-tax profits/(losses) of joint ventures and associates before

exceptional items and amortisation of acquired intangibles (£m)

 

26

-

26

21

Net finance costs before exceptional items and amortisation of acquired

intangibles (£m)

5

(1,070)

27

(1,043)

(1,064)

Profit before tax from continuing operations before exceptional items and amortisation of acquired intangibles (£m)

 

1,961

(19)

1,942

1,564

Add: Net pension finance costs (£m)

5

71

-

71

89

Add/(less): Fair value remeasurements of financial instruments (£m)

5

244

(18)

226

153

Profit before tax from continuing operations before exceptional items and amortisation of acquired intangibles, net pension finance costs and fair value remeasurements of financial instruments (£m)

 

2,276

(37)

2,239

1,806

Total income tax credit/(charge) before exceptional items, net pension finance costs and fair value remeasurements of financial instruments (£m)

9

(491)

7

(484)

(441)

Effective tax rate before exceptional items, net pension finance costs and fair value remeasurements of financial instruments (%)

 

21.6%

-

21.6%

24.4%

 

 

 

 

 

 

Profit before tax from continuing operations before exceptional items and amortisation of acquired intangibles, net pension finance costs and fair value remeasurements of financial instruments attributable to the owners of the parent (£m)

9

2,273

(37)

2,236

1,806

Taxation on profit from continuing operations before exceptional items and amortisation of acquired intangibles, net pension finance costs and fair value remeasurements of financial instruments attributable to the owners of the parent (£m)

9

(490)

7

(483)

(439)

 

 

 

 

 

 

Profit after tax from continuing operations before exceptional items and amortisation of acquired intangibles, net pension finance costs and fair value remeasurements of financial instruments attributable to the owners of the parent (£m)

 

1,783

(30)

1,753

1,367

 

 

 

 

 

 

Basic weighted average number of shares (millions)

9

9,716

-

9,716

9,686

Basic earnings per share from continuing operations before exceptional items and amortisation of acquired intangibles, net pension finance costs and fair value remeasurements of financial instruments (pence)

 

18.35

(0.31)

18.04

14.11

 

 

 

 

 

 

Diluted weighted average number of shares (millions)

9

9,783

-

9,783

9,758

Diluted earnings per share from continuing operations before exceptional items and amortisation of acquired intangibles, net pension finance costs and fair value remeasurements of financial instruments (pence)

 

18.23

(0.31)

17.92

14.01

Retail EBITDA

 

 

 

 

 

 

 

 

 

Notes

2020

As reported on a 53 week

basis

£m

 

 

Exclude

week 53

£m

APM

2020

52 week

basis

£m

APM

2019 (restated)

 

£m

Operating profit operations before exceptional items and amortisation of acquired intangibles

2

3,005

(46)

2,959

2,607

Less: Tesco Bank operating profit before exceptional items

2

(193)

-

(193)

(199)

Retail operating profit

2

2,812

(46)

2,766

2,408

Add: Depreciation and amortisation (excluding amortisation of acquired

intangibles)

2

2,078

(29)

2,049

1,972

Less: Tesco Bank depreciation and amortisation

2

(141)

-

(141)

(85)

Retail EBITDA

 

4,749

(75)

4,674

4,295

APMs Reconciliation of balance sheet measures

Total indebtedness ratio

 

 

 

 

 

 

Notes

2020

As reported on a

53 week basis

 

Exclude week 53

APM

2020

52 week

basis

APM

2019

(restated)

Net debt (£m)(a)(b)

32

12,298

(197)

12,101

13,204

Add: Defined benefit pension deficit, net of deferred tax (£m)(a)

29

2,573

-

2,573

2,338

Total indebtedness (£m)(a)

 

14,871

(197)

14,674

15,542

Retail EBITDA (£m)

 

4,749

(75)

4,674

4,295

Total indebtedness ratio

 

3.1

-

3.1

3.6

 

(a)  Net debt, Total indebtedness and the defined benefit pension deficit, net of deferred tax on a 52 week basis are as at 22 February 2020.

(b)  Free cash outflow in week 53 of £197m has been deducted from Net debt as at 29 February 2020 to determine the Group's 52 week Total indebtedness ratio.

 

Fixed charge cover

 

 

 

Notes

2020

As reported on a 53 week basis

£m

 

  Exclude

 week 53

£m

APM

2020

APM

2019

52 week basis

£m

(restated)

£m

Net finance costs (£m)

5

1,221

(27)

1,194

1,064

Less: Net pension finance costs (£m)

5

(71)

-

(71)

(89)

Less: Exceptional fair value remeasurement loss on derivative restructuring (£m)

5

(180)

-

(180)

-

Add: Exceptional fair value remeasurement gain on Tesco Bank mortgage book disposal (£m)

5

29

-

29

-

Add: Fair value remeasurements of financial instruments (£m)

5

(244)

18

(226)

(153)

Total finance costs before exceptional items, net pension finance costs and fair value remeasurements of financial instruments (£m)

 

755

(9)

746

822

Add: Capitalised interest (£m)

5

-

-

-

1

Less: Finance charges payable on lease liabilities (£m)

12

(541)

6

(535)

(561)

Net finance cost, excluding net pension finance cost, exceptional items, capitalised interest, fair value remeasurements of financial instruments and finance charges payable on lease liabilities (£m)

 

214

(3)

211

262

Add: Retail total lease liability payments (£m)

12

1,170

-

1,170

1,163

 

 

1,384

(3)

1,381

1,425

Retail EBITDA (£m)

 

4,749

(75)

4,674

4,295

Retail charge cover

 

3.4

-

3.4

 

APMs: Reconciliation of cash flow measures

 

 

 

Notes

2020

As reported on a 53 week basis

£m

 

  Exclude

 week 53

£m

APM

2020

APM

2019

52 week basis

£m

(restated)

£m

Retail cash flows generated from operations excluding working capital

2

4,365

(63)

4,302

4,027

Retail (increase)/decrease in working capital

2

(124)

240

116

(390)

Retail operating cash flow

2

4,241

177

4,418

3,637

Retail interest and corporation tax paid*

2

(1,066)

27

(1,039)

(1,153)

Retail cash generated from/(used in) operating activities

2

3,175

204

3,379

2,484

Retail cash generated from/(used in) investing activities

2

(1,215)

(7)

(1,222)

(952)

Retail proceeds from issue of ordinary share capital

2

-

-

-

60

Retail own shares purchased

2

(149)

-

(149)

(206)

Retail repayments of obligations under leases

2

(632)

-

(632)

(605)

Add: Retail cash outflow from major acquisition

2

-

-

-

747

Less: Retail net investments in/(proceeds from sale of) short-term investments

2

687

-

687

(639)

Retail free cash flow

2

1,866

197

2,063

889

Tesco Bank free cash flow

2

476

-

476

(126)

Free cash flow

 

2,342

197

2,539

763

Retail interest paid in week 53 amounted to £27m.

Other .

Capital expenditure (Capex)

The additions to property, plant and equipment, investment property and intangible assets (excluding assets acquired under business combinations).

Capital employed

Net assets plus net debt plus dividend creditor less net assets of the disposal group and non-current assets classified as held for sale.

Enterprise Value

This is calculated as market capitalisation plus net debt.

EURIBOR

Euro Interbank Offered Rate.

FTE

FTE refers to full-time equivalents.

LIBOR

London Inter-Bank Offered Rate.

LPI

LPI refers to limited price inflation.

Market capitalisation

The total value of all Tesco shares calculated as total number of shares multiplied by the closing share price at year-end.

MTN

MTN refers to Medium Term Note.

MREL

Minimum Requirements for Own Funds and Eligible Liabilities (European Banking Authority).

Net Promoter Score (NPS)

This is a loyalty measure based on a single question requiring a score between 0-10. The NPS is calculated by subtracting the percentage of detractors (scoring 0-6) from the percentage of promoters (scoring 9-10). This generates a figure between -100 and 100 which is the NPS.

Return on capital employed (ROCE)

Return divided by the average of opening and closing capital employed.

Return

Profit before exceptional items and interest, after tax (applied at effective rate of tax).

RPI

RPI refers to the retail price index.

Total shareholder return

The notional annualised return from a share, measured as the percentage change in the share price, plus the dividends paid with the gross dividends, reinvested in Tesco shares. This is measured over both a one and five year period.

 


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