Tesco 2005 Annual Report Download - page 36

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Group profit and loss account Year ended 26 February 2005
Continuing operations
Acquisitions
2005 2005 2005 2004
note £m £m £m £m
Sales at net selling prices 237,001 69 37,070 33,557
Turnover including share of joint ventures 34,237 116 34,353 31,050
Less: share of joint ventures’ turnover (324) (55) (379) (236)
Group turnover excluding value added tax 2/3 33,913 61 33,974 30,814
Operating expenses
– Normal operating expenses (31,785) (60) (31,845) (28,925)
– Employee profit-sharing 4(65) – (65) (57)
– Integration costs (46) (7) (53) (45)
– Goodwill amortisation 12 (60) (2) (62) (52)
Operating profit/(loss) 2/3 1,957 (8) 1,949 1,735
Share of operating profit/(loss) of joint ventures and associates 133 (3) 130 97
Net profit/(loss) on disposal of fixed assets 53 – 53 (9)
Profit/(loss) on ordinary activities before interest and taxation 2,143 (11) 2,132 1,823
Net interest payable 8(170) (223)
Profit on ordinary activities before taxation 51,962 1,600
Underlying profit before net profit/(loss) on disposal of fixed
assets, integration costs and goodwill amortisation 2,029 1,708
Net profit/(loss) on disposal of fixed assets 53 (9)
Integration costs (53) (45)
Goodwill amortisation (62) (52)
Goodwill amortisation in joint ventures and associates (5) (2)
Tax on profit on ordinary activities 9(593) (498)
Profit on ordinary activities after taxation 1,369 1,102
Minority interests (3) (2)
Profit for the financial year 1,366 1,100
Dividends 10 (587) (516)
Retained profit for the financial year 25 779 584
Pence Pence
Earnings per share 11 17.72 15.05
Adjusted for net profit/(loss) on disposal of fixed assets after taxation (0.65) 0.11
Adjusted for integration costs after taxation 0.59 0.55
Adjusted for goodwill amortisation 0.87 0.74
Underlying earnings per share†11 18.53 16.45
Diluted earnings per share 11 17.50 14.93
Adjusted for net profit/(loss) on disposal of fixed assets after taxation (0.64) 0.11
Adjusted for integration costs after taxation 0.58 0.54
Adjusted for goodwill amortisation 0.86 0.73
Underlying diluted earnings per share†11 18.30 16.31
Dividend per share 10 7.56 6.84
Dividend cover (times) 2.42 2.38
Accounting policies and notes forming part of these financial statements are on pages 38 to 63.
†Excluding net profit/(loss) on disposal of fixed assets, integration costs and goodwill amortisation.
34 Tesco PLC