Tesco 2015 Annual Report Download - page 156
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Income Statement
2014/15*
£m
2013/14
£m
Revenue
Interest receivable and similar income 537 507
Fees and commissions receivable 487 496
1,024 1,003
Direct Costs
Interest payable (153) (149)
Fees and commissions payable (29) (29)
(182) (178)
Gross profit 842 825
Other expenses:
Staff costs (152) (146)
Premises and equipment (90) (87)
Other administrative expenses (272) (266)
Depreciation and amortisation (excluding amortisation of intangibles arising on acquisition) (81) (71)
(595) (570)
Trading profit before provisions for bad and doubtful debts 247 255
Provisions for bad and doubtful debts (53) (61)
Trading profit 194 194
Deduct: Tesco Bank intangibles** (5) (12)
Restructuring and other one-off items*** (35) (63)
Deduct: management charges (1) (1)
Deduct: IAS 17 Leasing charge (1) –
Operating profit 152 118
Net finance costs: Movements on derivatives and hedge accounting (19) 6
Net finance costs: interest (4) (6)
Share of profit of joint ventures and associates 5 2
Profit before tax 134 120
* These results are for the 12 months ended 28 February 2015 and the previous year comparison is made with the 12 months ended 28 February 2014.
** Tesco Bank intangibles relate to the non-cash amortisation of intangible assets that were recognised on acquisition.
*** Restructuring and other one-off items in 2014/15 includes an increase on PPI provision of £27m and restructure costs of £8m.
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
154 Tesco PLC Annual Report and Financial Statements 2015
Supplementary information (unaudited) continued