Tesco 2008 Annual Report Download - page 44

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Tesco PLC Annual Report and
Financial Statements 2008
42
Group income statement
year ended 23 February 2008
www.tesco.com/annualreport08
2008 2007
notes £m £m
Continuing operations
Revenue (sales excluding VAT) 247,298 42,641
Cost of sales (43,668) (39,401)
Pensions adjustment – Finance Act 2006 24 –258
Impairment of the Gerrards Cross site –(35)
Gross profit 3,630 3,463
Administrative expenses (1,027) (907)
Profit arising on property-related items 2/3 188 92
Operating profit 22,791 2,648
Share of post-tax profits of joint ventures and associates
(including £nil on property-related items (2006/7 – £47m gain)) 13 75 106
Profit on sale of investments in associates 13 –25
Finance income 5187 90
Finance costs 5(250) (216)
Profit before tax 32,803 2,653
Taxation 6(673) (772)
Profit for the year from continuing operations 2,130 1,881
Discontinued operation
Profit for the year from discontinued operation 7–18
Profit for the year 2,130 1,899
Attributable to:
Equity holders of the parent 26 2,124 1,892
Minority interests 26 67
2,130 1,899
Earnings per share from continuing and discontinued operations
Basic 926.95p 23.84p
Diluted 926.61p 23.54p
Earnings per share from continuing operations
Basic 926.95p 23.61p
Diluted 926.61p 23.31p
Non-GAAP measure: underlying profit before tax
2008 2007
notes £m £m
Profit before tax (excluding discontinued operation) 2,803 2,653
Adjustments for:
IAS 32 and IAS 39 ‘Financial Instruments’ – Fair value remeasurements 5(49) 4
IAS 19 Income Statement charge for pensions 24 414 432
‘Normal’ cash contributions for pensions 24 (340) (321)
IAS 17 ‘Leases’ – impact of annual uplifts in rent and rent-free periods 118 –
Exceptional items:
Pensions adjustment – Finance Act 2006 24 –(258)
Impairment of the Gerrards Cross site 1–35
Underlying profit before tax 12,846 2,545
The notes on pages 46 to 95 form part of these financial statements.