Tesco 2001 Annual Report Download - page 26

Download and view the complete annual report

Please find page 26 of the 2001 Tesco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 44

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44

24 TESCO PLC
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1 Segmental analysis of sales, turnover, profit and net assets
The Group’s operations of retailing and associated activities and property development are carried out in the UK, Republic of Ireland,
France, Hungary, Poland, Czech Republic, Slovakia, Thailand, South Korea, and Taiwan. The results for Thailand, South Korea, Taiwan and
continental European operations are for the year ended 31 December 2000.
2001 2000
Sales Turnover Sales Turnover
including excluding including excluding
VAT VAT Profit Assets VAT VAT Profit Assets
£m £m £m £m £m £m £m £m
Continuing operations
Retailing – UK 19,880 18,368 1,100 6,696 18,331 16,955 993 5,685
Property development 4 4 – 2433–28
Total UK 19,884 18,372 1,100 6,720 18,334 16,958 993 5,713
Retailing – Rest of Europe 1,970 1,756 70 937 1,527 1,374 51 771
Retailing – Asia 919 860 4 539 497 464 (1) 374
22,773 20,988 1,174 20,358 18,796 1,043
Integration costs – (6)
Goodwill amortisation (8) (7)
Operating profit 1,166 1,030
Share of operating profit from joint ventures 21 11
Net loss on disposal of fixed assets (8) (9)
Net interest payable (125) (99)
Profit on ordinary activities before taxation 1,054 933
Operating margin (prior to integration costs
and goodwill amortisation) 5.6% 5.5%
Capital employed 8,196 6,858
Net debt (note 19) (2,804) (2,060)
Net assets 5,392 4,798
The analysis of capital employed by geographical area is calculated on net assets excluding net debt. Inter-segmental turnover between
the geographical areas of business is not material.Turnover is disclosed by origin.There is no material difference in turnover by destination.
The Group’s share of sales in the joint ventures which is not included in the numbers above is £108m (2000 – £74m).
24 TESCO PLC