Tesco 2015 Annual Report Download - page 53
Download and view the complete annual report
Please find page 53 of the 2015 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.-
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
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
 |
 |
Benefits
Benefits comprise core benefits and any taxable business expenses including the applicable tax.
Benefit Description Current Directors Former Directors
Dave Lewis Alan Stewart Philip Clarke Laurie McIlwee
Car benefits (£’000) Company car or cash
alternative, fuel and driver
16 20 33 5
Healthcare benefits (£’000) Disability and
health insurance
1 1 1 0
Security (£’000) Installation of security
measures to meet
business standards
15 21 5 0
Share schemes (£’000) Shares in Success awarded
under the all-employee
Share Incentive Plan
0 0 2 0
Other (£’000) Legal fees and other costs
in relation to appointment
65 – – –
Total (£’000) 97 42 41 5
Annual bonus 2014/15
Based on performance against targets, the bonus payout for 2014/15 calculated on a formulaic approach would have been 28% of
maximum. However, the Committee determined that a satisfactory level of profit had not been achieved and therefore no bonus would be
paid in respect of 2014/15.
Current Directors Former Directors
Dave Lewis Alan Stewart Philip Clarke Laurie McIlwee
Maximum bonus opportunity (% of salary) 250%*225%*250% 200%
Actual bonus (% of salary) Nil Nil Nil Nil
Actual bonus (£’000) Nil Nil Nil Nil
Measures Target performance
Actual
performance
Threshold Target Stretch
Profitability Trading profit (50%) £1,390m £2,885m £2,960m £3,380m
Strategic financial Group internet sales (10%) £4,194m £3,923m £4,129m £4,335m
UK like-for-like sales growth vs IGD (8%) (3)% (1.5)% (1.1)% 0%
Group working capital improvement (8%) £939m £113m £300m £600m
Strategic non-financial Group customer satisfaction (8%) 3.9 3.9 4.0 4.1
Group colleague engagement (8%) 66.5% 65% 67% 70%
Group CO2 reduction (8%) 41% 37% 37.5% 38%
* Pro-rated for time in employment.
Performance Share Plan
Awards granted in 2012 were subject to performance to the end of 2014/15. Targets were set as a matrix of stretching earnings growth
and sustainable Return on Capital Employed targets.
The increase in undiluted EPS over three years from 2012/13 to 2014/15 and ROCE performance for 2014/15 were below threshold.
No payout will therefore be made in respect of these awards and they will lapse on 30 July 2015.
Current Directors Former Directors
Dave Lewis Alan Stewart Philip Clarke Laurie McIlwee
Maximum PSP opportunity (% of salary) n/a n/a 275% 225%
Actual PSP vesting (%) n/a n/a Nil Nil
Actual PSP vesting (£’000) n/a n/a Nil Nil
Measures % of initial award vesting
EPS growth targets
Threshold Target Stretch
ROCE Target s
5% 10% 12%
14.6% 45% Straight-line vesting
between these points
100%
13.6% 20% 85%
Dave Lewis and Alan Stewart did not receive PSP awards in 2014/15.
51Tesco PLC Annual Report and Financial Statements 2015
Other informationGovernance Financial statementsStrategic report