Tesco 2011 Annual Report Download - page 98

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Year ended 26 February 2011
notes
52 weeks
2011
£m
52 weeks
2010
£m
Continuing operations
Revenue (sales excluding VAT) 260,931 56,910
Cost of sales (55,871) (52,303)
Gross profit 5,060 4,607
Administrative expenses (1,676) (1,527)
Profit arising on property-related items 3427 377
Operating profit 3,811 3,457
Share of post-tax profits of joint ventures and associates 13 57 33
Finance income 5150 265
Finance costs 5(483) (579)
Profit before tax 33,535 3,176
Taxation 6(864) (840)
Profit for the year 2,671 2,336
Attributable to:
Owners of the parent 2,655 2,327
Non-controlling interests 16 9
2,671 2,336
Earnings per share
Basic 933.10p 29.33p
Diluted 932.94p 29.19p
Non-GAAP measure: underlying profit before tax
notes
52 weeks
2011
£m
52 weeks
2010
£m
Profit before tax 3,535 3,176
Adjustments for:
IAS 32 and IAS 39 ‘Financial Instruments’ – fair value remeasurements 1/5 (19) (151)
IAS 19 ‘Employee Benefits’ – non-cash Group Income Statement charge for pensions 1/28 113 24
IAS 17 ‘Leases’ – impact of annual uplifts in rent and rent-free periods 150 41
IFRS 3 ‘Business Combinations’ – intangible asset amortisation charges and costs arising from acquisitions 142 127
IFRIC 13 ‘Customer Loyalty Programmes’ – fair value of awards 1814
IAS 36 ‘Impairment of Assets’ – impairment of goodwill arising on acquisitions 155 131
Restructuring costs 129 33
Underlying profit before tax 13,813 3,395
The notes on pages 99 to 145 form part of these financial statements.
FINANCIAL STATEMENTS
94
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TESCO PLC Annual Report and Financial Statements 2011
Group income statement