Tesco 2014 Annual Report Download - page 135

Download and view the complete annual report

Please find page 135 of the 2014 Tesco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 147

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147

20141
£m
20131
£m
Revenue
Interest receivable and similar income 507 480
Fees and commissions receivable 496 541
1,003 1,021
Direct costs
Interest payable (149) (172)
Fees and commissions payable (29) (26)
(178) (198)
Gross profit 825 823
Other expenses:
Staff costs (146) (134)
Premises and equipment (87) (78)
Other administrative expenses (266) (276)
Depreciation and amortisation
(excluding amortisation of intangibles arising on acquisition) (71) (62)
(570) (550)
Trading profit before provisions for bad and doubtful debts 255 273
Provisions for bad and doubtful debts (61) (82)
Trading profit 194 191
Deduct: Tesco Bank intangibles2(12) (15)
Deduct: IAS 17 Leasing charge –(1)
Movements on derivatives and hedge accounting 6–
Net finance costs: interest (6) (9)
Share of profit of joint ventures and associates 210
Restructuring and other one-off items3(63) (85)
Deduct: management charges (1) (1)
Profit before tax 120 90
Notes
1 These results are for the 12 months ended 28 February 2014 and the previous year comparison is made with the 12 months ended 28 February 2013.
2 The non-cash amortisation of intangibles arising on acquisition.
3 Restructuring and other one-off items includes year end provisions for PPI (2013/14: £20m; 2012/2013: £90m), CCA (2013/14: £43m; 2012/13: nil) and CCP (2013/14: nil;
2012/13: £25m). Restructuring and other one-off items in 2012/13 includes a one-off credit of £30m.
The above is not a primary statement, nor a note to the financial statements and does not form part of the Group Income Statement. It is supplementary information to aid
understanding of our non retail business.
Tesco Bank income statement
132 Tesco PLC Annual Report and Financial Statements 2014
Supplementary information (unaudited)