Tesco 2008 Annual Report Download - page 3

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Tesco PLC Annual Report and
Financial Statements 2008 1
Financial highlights
Growth on 2007
11.1%
Group sales (including VAT)
5.7%
Group profit before tax
(15.3% growth excluding last year’s exceptional items;
principally the Pensions A-Day credit)
14.2%
Diluted earnings per share
11.8%
Underlying Group profit
before tax
20.8%
Underlying diluted earnings
per share*
13.1%
Dividend per share
2008 2007
Group sales (£m) (including value added tax) 51,773 46,611
Group revenue (£m) (excluding value added tax) 47,298 42,641
Underlying Group profit before tax (£m)†2,846 2,545
Group profit before tax (£m) 2,803 2,653
Underlying diluted earnings per share (p) 27.02 22.36
Diluted earnings per share (p) 26.61 23.31
Dividend per share (p) 10.90 9.64
Group enterprise value (£m) (market capitalisation plus net debt) 37,656 40,469
Return on capital employed 12.9%§12.6%‡
* 13.1% growth on a normalised 28.9% tax rate.
† Adjusted for IAS 32, IAS 39, the net difference between the IAS 19 Income Statement charge and ‘normal’ cash contributions for pensions and IAS 17 ‘Leases’ – impact of annual uplifts in rent and
rent-free periods. In 2007 adjustment was also made for pensions adjustment – Finance Act 2006 and impairment of the Gerrards Cross site.
§ Using a ‘normalised’ tax rate before start-up costs in the US and Tesco Direct, and excludes the impact of foreign exchange in equity and our acquisition of a majority share of Dobbies
‡ Including the one-off gain from Pensions A-Day, ROCE in 2007 was 13.6%.