Tesco 2004 Annual Report Download - page 28

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26 TESCO PLC
GROUP PROFIT AND LOSS ACCOUNT
53 weeks ended 28 February 2004
Continuing operations
Acquisitions 2003
2004 2004 2004 restated
note £m £m £m £m
Sales at net selling prices 233,418 139 33,557 28,280
Turnover including share of joint ventures 30,919 131 31,050 26,197
Less: share of joint ventures turnover (236) (236) (193)
Group turnover excluding value added tax 2/3 30,683 131 30,814 26,004
Operating expenses
 Normal operating expenses (28,804) (121) (28,925) (24,444)
 Employee proÞt-sharing 4(57) (57) (51)
 Integration costs (45) (45) (4)
 Goodwill amortisation 12 (48) (4) (52) (21)
Operating proÞt2/3 1,729 6 1,735 1,484
Share of operating proÞt of joint ventures and associates 97 97 70
Net loss on disposal of Þxed assets (9) (9) (13)
ProÞt on ordinary activities before interest and taxation 1,817 6 1,823 1,541
Net interest payable 8(223) (180)
ProÞt on ordinary activities before taxation 51,600 1,361
Underlying proÞt before net loss on disposal of Þxed
assets, integration costs and goodwill amortisation 1,708 1,401
Net loss on disposal of Þxed assets (9) (13)
Integration costs (45) (4)
Goodwill amortisation (52) (21)
Goodwill amortisation in joint ventures and associates (2) (2)
Tax on proÞt on ordinary activities 9(498) (415)
ProÞt on ordinary activities after taxation 1,102 946
Minority interests (2)
ProÞt for the Þnancial year 1,100 946
Dividends 10 (516) (443)
Retained proÞt for the Þnancial year 25 584 503
Pence Pence
Earnings per share 11 15.05 13.54
Adjusted for net loss on disposal of Þxed assets after taxation 0.11 0.18
Adjusted for integration costs after taxation 0.55 0.06
Adjusted for goodwill amortisation 0.74 0.32
Underlying earnings per share11 16.45 14.10
Diluted earnings per share 11 14.93 13.42
Adjusted for net loss on disposal of Þxed assets after taxation 0.11 0.18
Adjusted for integration costs after taxation 0.54 0.06
Adjusted for goodwill amortisation 0.73 0.32
Underlying diluted earnings per share11 16.31 13.98
Dividend per share 10 6.84 6.20
Dividend cover (times) 2.38 2.25
Accounting policies and notes forming part of these Þnancial statements are on pages 30 to 55.
Excluding net loss on disposal of Þxed assets, integration costs and goodwill amortisation.