Tesco 2009 Annual Report Download - page 70

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68 FINANCIAL STATEMENTS
Tesco PLC Annual Report and Financial Statements 2009
Group income statement
2009 2008*
53 weeks ended 28 February 2009 notes £m £m
Continuing operations
Revenue (sales excluding VAT) 2 54,327 47,298
Cost of sales (50,109) (43,668)
Gross profit 4,218 3,630
Administrative expenses (1,248) (1,027)
Profit arising on property-related items 2/3 236 188
Operating profit 2 3,206 2,791
Share of post-tax profits of joint ventures and associates 13 110 75
Finance income 5 116 187
Finance costs 5 (478) (250)
Profit before tax 3 2,954 2,803
Taxation 6 (788) (673)
Profit for the year 2,166 2,130
Attributable to:
Equity holders of the parent 30 2,161 2,124
Minority interests 30 5 6
2,166 2,130
Earnings per share
Basic 9 27.50p 26.95p
Diluted 9 27.31p 26.61p
Non-GAAP measure: underlying profit before tax
2009 2008*
notes £m £m
Profit before tax 2,954 2,803
Adjustments for:
IAS 32 and IAS 39 ‘Financial Instruments’ – Fair value remeasurements 1/5 88 (49)
IAS 19 Income Statement charge for pensions 28 403 414
‘Normal’ cash contributions for pensions 28 (376) (340)
IAS 17 ‘Leases’ – impact of annual uplifts in rent and rent-free periods 1 27 18
IFRS 3 Amortisation charge from intangible assets arising on acquisition 1 32 –
Underlying profit before tax 1 3,128 2,846
* Results for the year ended 23 February 2008 include 52 weeks of operation.
The notes on pages 72 to 123 form part of these financial statements.