Tesco 2011 Annual Report Download - page 53

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UNDERLYING DILUTED EARNINGS PER SHARE
Definition
Underlying diluted earnings per
share is the calculation of profit
after tax and minority interest
divided by the diluted weighted
average number of shares in issue
during the year. It is the amount
which could be paid out on each
share if the Company decided to
distribute all its profits as
dividends instead of retaining
some for future expansion.
FULL YEAR DIVIDEND PER SHARE
The dividend is paid in two
instalments.
NET DEBT AND GEARING
Definition
Net debt is our short-term and
long-term debt less cash and
cash equivalents, including
derivative financial instruments,
and other financial assets
and liabilities, and excluding
Tesco Bank.
Definition
Gearing is calculated as net
borrowings divided by total
equity.
£6.2bn
£9.6bn
£7.9bn
£6.8bn
08 09 10 11
52.0%
74.0%
54.0%
40.8%
08 09 10 11
10.09p
11.96p
13.05p
14.46p
08 09 10 11
27.02p
28.87p**
31.66p
35.72p
08 09 10 11
‘I FIND MY WORK INTERESTING’
Definition
The ‘I find my work interesting’
measure shows the percentage
of our Group employees who
completed our annual staff survey
and agreed with the statement
‘I find my work interesting’.
Performance
With high levels of engagement,
both the business and our
customers continue to enjoy the
benefits of more experienced and
confident staff.
69%
14.46p
10.8% growth in 2010/11
INTERNET SALES GROWTH
15.2%†
FIXED CHARGE COVER
Definition
Fixed charge cover is the ratio of EBITDAR (EBITDAR defined as
statutory operating profit before interest, tax, depreciation, amortisation
and rent, adjusted for impairments (as listed in note 31) and excluding
Tesco Bank EBITDAR) divided by total debt service (interest on a
historical basis) and operating lease expenses.
2008 2009 2010 2011
5.5x 4.2x 3.7x 3.9x
NET INDEBTEDNESS
Definition
Net indebtedness is the ratio of adjusted net debt (including statutory
net debt, pension deficit and the net present value of lease obligations)
divided by EBITDAR (EBITDAR defined as statutory operating profit
before interest, tax, depreciation, amortisation and rent, adjusted for
impairments (as listed in note 31) and excluding Tesco Bank EBITDAR).
2008 2009 2010 2011
2.83x 3.58x 3.19x 2.84x
TESCO PLC Annual Report and Financial Statements 2011
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49
Overview Business review Governance Financial statements