|
Tesco PLC
|
Price: 326.75 (p) 29-Aug-05
|
|
| Business Details |
| Sector | Food & Drug Retailers |
| Address | Tesco House, Delamare Road, Cheshunt, Hertfordshire, EN8 9SL, United Kingdom |
| Tel/Fax | (01992) 632222 / (01992) 630794 |
| Website | www.tesco.com/corporate |
| Co Sec | NEVILLE-ROLFE, Lucy |
| Registrar | Lloyds TSB Registrars |
| Tel | (0870) 600 3964 |
| Advisers | Insurance Agent: Aon Ltd; Property Advisor: Healey & Baker; Financial PR: Maitland Consultancy (The); Solicitor: Berwin Leighton Paisner; Freshfields Bruckhaus Deringer; Auditor: PricewaterhouseCoopers LLP; Financial Advisor: Greenhill & Co; Broker: Deutsche Bank AG London; JPMorgan Cazenove; Merrill Lynch International; Remuneration Consultant: Deloitte & Touche LLP; |
|
| Share Data |
| Index | | FTSE All Share, FTSE 100, FTSE 350, |
| EPIC Code | | TSCO |
| Shares in issue | 7,830m |
|
| Key Statistics |
| Mkt Cap | £m | 25,584.58 |
| Turnover 05 | £m | 33,974.00 |
| No. Emp. | | 335750 |
|
| Progress Report |
| |
Q1
|
Interim
|
Q3
|
| Turnover | | | |
| Pre Tax | | | |
| EPS (norm) | | | |
|
| Key Dates |
| Next AR Year End | 25-Feb-06 |
| Q1 Results | |
| Interim Results | 20-Sep-05 |
| Q3 Results | |
| Prelim Results | 12-Apr-06 |
| Annual Report | 13-May-06 |
| AGM | 7-Jul-06 |
| Dividend Payment Date | 1-Jul-05 |
|
| Full Activities |
| Operation of foodstores, development of Tesco Direct, which is an extension to Home Shopping via the Internet. Clubcard is an innovative shopping account which pays interest on cash balances while offering an overdraft facility at much better rates than standard accounts. By forming a joint venture with the Royal Bank of Scotland, with its links with Direct Line and Scottish Widows, the group will be able to offer customers personal financial services |
| Outlook | Major Shareholders (greater than 3%) |
| 24/6/2005 ce - "Our strong sales performance has put us in a good position" | Barclays (3.48%); |
| Directors |
| REID, David Edward , CA (ch); CHASE, Rodney Frank CBE , FCT (dch); ALLEN, Charles Lamb CBE , FCMA FHCIMA ; EINSMANN, Dr Harald ; DAVIES, Evan Mervyn CBE ; HYDON, Kenneth John Ken , MCT FCMA FCCA FRSA ; COOK, Karen , MBA ; MCCALL, Carolyn ; LEAHY, Sir Terence Patrick Terry (ce); HIGGINSON, Andrew Thomas , FCMA (fd); MASON, Timothy John Rollit Tim (mktg); BRASHER, Richard William Peter (cmml); CLARKE, Philip A (International Operations & IT Director); POTTS, David T (Retail & Logistics Director); |
| 5 Year Price Chart (price -v- sector index -v- FTSE all share) |
  |
|
| Valuation Metrics |
| P/E Ratio (pros.) | x | 15.15 |
| EPS Growth 1yr | % | 11.12 |
| PEG (pros) | x | 1.36 |
| Dividend Yield (pros) | % | 2.69 |
| Price/Sales | x | 0.74 |
| Price/Cash Flow | x | 10.52 |
| Price/Tng Book Val | x | 3.19 |
| Cashflow PS (av) | p | 31.05 |
| Net Gearing | % | 46.50 |
| Dividend Cover (pro) | x | 2.45 |
| 12 Month Range |
| High | 335.75 | 3-Aug-05 |
| Low | 263.5 | 1-Sep-04 |
|
Change (%)
|
Price
|
Rel
|
| 1 Week | 326 | 1.47 |
| 1 Month | 326 | -0.02 |
| 3 Months | 317 | -1.81 |
| 12 Months | 266 | 4.50 |
|
| This Month's News Stories - Regulatory News |
| (22/8/2005 Reg News): The Office of Fair Trade haws decided that a relevant merger situation has not been created in the anticipated acquisition by Tesco PLC of a former Safeway site at Coulby Newham from Wm Morrison Supermarkets PLC (12/8/2005 Reg News): The anticipated acquisition by Tesco of a store in Cam, Gloucestershire, has resulted in the Office of Fair Trading considering whether arrangements are in progress or in contemplation which, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 |
| Five Year Trading Record + Forecasts |
| year ended 26-Feb |
24-02-01
|
23-02-02
|
22-02-03
|
28-02-04
|
2005
|
2006 (E)
|
2007 (E)
|
| Turnover | £m | 20,988.00 | 23,653.00 | 26,004.00 | 30,315.66 | 33,974.00 | 37,931.28 | 41,258.80 |
| FRS3 Pretax Profit | £m | 1,054.00 | 1,201.00 | 1,361.00 | 1,574.12 | 1,962.00 | | |
| Normal Pretax | £m | 1,070.00 | 1,221.00 | 1,401.00 | 1,680.38 | 2,029.00 | 2,264.30 | 2,519.51 |
| FRS3 EPS | p | 10.42 | 11.86 | 13.42 | 14.69 | 17.50 | | |
| Norm. EPS | p | 10.65 | 12.15 | 13.99 | 16.13 | 18.36 | 20.47 | 22.69 |
| Norm. EPS Growth | % | 4.29 | 14.03 | 15.16 | 15.32 | 13.81 | 11.50 | 10.84 |
| Norm. P/E Ratio | x | | | | | 17.80 | 15.96 | 14.40 |
| PEG | f | | | | | 1.29 | 1.39 | 1.33 |
| Cashflow Per Share (ave) | p | 22.14 | 21.53 | 25.78 | 35.21 | 31.05 | 33.28 | 36.61 |
| CAPEX | p | 6.30 | 7.64 | 8.06 | 9.45 | 3.79 | | |
| Dividend Per Share | p | 4.98 | 5.60 | 6.20 | 6.73 | 7.56 | 8.38 | 9.22 |
| Dividend Growth | % | 11.16 | 12.45 | 10.71 | 8.54 | 12.34 | 10.85 | 10.02 |
| Dividend Yield | % | | | | | 2.31 | 2.56 | 2.82 |
| Dividend Cover | x | 2.14 | 2.17 | 2.26 | 2.40 | 2.43 | 2.44 | 2.46 |
| Turnover Per Share | £ | 3.09 | 3.43 | 3.72 | 4.15 | 4.41 | | |
| Operating Margin | % | 5.59 | 5.63 | 5.80 | 5.94 | 6.08 | | |
| ROCE | % | 14.40 | 14.11 | 14.08 | 15.04 | 16.46 | | |
| ROE | % | 13.72 | 14.24 | 14.01 | 13.83 | 14.69 | | |
| Shareholder Funds | £m | 4,978.00 | 5,530.00 | 6,516.00 | 7,998.00 | 9,006.00 | | |
| Net Borrowings | £m | 3,059.00 | 3,785.00 | 4,976.00 | 4,520.00 | 4,188.00 | | |
| Net Tangible Asset Value Per Share | p | 69.59 | 76.86 | 77.73 | 91.57 | 102.30 | 128.01 | 140.47 |
|
| Detailed Broker Forecasts |
|
Broker
| Exclude Reason | Date | Rec | 2006 ESTIMATES | 2007 ESTIMATES |
| | Pretax | Eps | Dps | Pretax | Eps | Dps |
| | £m | p | p | £m | p | p |
| UBS | |
25/08/2005
| BUY1 | 2,167.00 | 19.93 | 8.35 | 2,415.00 | 22.23 | 9.10 |
| WestLB Equity Markets | |
26/07/2005
| OUTP | 0.00 | 20.69 | 8.50 | 0.00 | 23.11 | 9.35 |
| Panmure Gordon | |
08/06/2005
| BUY | 2,192.35 | 19.95 | 8.45 | 2,468.57 | 22.36 | 9.47 |
| Barclays | Results |
26/07/2005
| NEUT | 2,500.00 | 23.10 | 9.20 | | | |
| Exane BNP Paribas | |
28/06/2005
| BUY | 2,386.00 | 21.70 | 8.50 | 2,646.00 | 24.07 | 9.37 |
| SG Securities | |
17/05/2005
| BUY | 0.00 | 21.00 | 8.30 | 0.00 | 23.35 | 9.00 |
| Williams de Broe | |
24/08/2005
| None | 2,250.00 | 20.50 | 8.40 | 2,500.00 | 22.90 | 9.20 |
| Citigroup | |
12/08/2005
| 1M | 0.00 | 19.41 | 8.32 | 0.00 | 21.60 | 9.20 |
| Oddo Securities | |
20/04/2005
| ACCU | 0.00 | 22.93 | 10.19 | 0.00 | 0.00 | 0.00 |
| Teather & Greenwood | |
02/08/2005
| HOLD | 2,240.00 | 19.60 | 8.20 | 2,404.00 | 21.60 | 9.00 |
| Seymour Pierce | |
27/06/2005
| BUY | 2,240.00 | 20.30 | 8.30 | 2,430.00 | 22.10 | 9.10 |
| Shore Capital | |
24/06/2005
| BUY | 2,251.00 | 20.20 | 7.00 | 2,485.00 | 22.30 | 7.70 |
| ABN AMRO | |
25/07/2005
| HOLD | 2,287.99 | 20.69 | 8.48 | 2,544.31 | 23.07 | 9.41 |
| Baird | |
27/06/2005
| NEUT | 2,300.00 | 20.53 | 8.55 | 2,553.00 | 22.73 | 9.50 |
| Charles Stanley & Co Ltd | |
15/07/2005
| BUY | 2,262.08 | 20.07 | 8.28 | 2,516.66 | 22.38 | 9.10 |
| Numis Securities Ltd | |
15/07/2005
| HOLD | 2,290.00 | 20.70 | 8.40 | 2,571.00 | 23.20 | 9.20 |
| Oriel Securities | |
21/03/2005
| BUY | 2,335.10 | 21.20 | 8.50 | 2,595.20 | 23.40 | 10.10 |
| Merrill Lynch | |
24/06/2005
| BUY | 2,332.00 | 20.90 | 8.30 | 2,624.00 | 23.50 | 9.10 |
| Dryden Wealth Mgt | |
24/06/2005
| BUY | | | | | | |
| ING Financial Markets | |
15/04/2005
| BUY | 0.00 | 20.48 | 8.32 | 0.00 | 22.52 | 9.15 |
|
| Broker Forecasts - Consensus (26-Aug-05) |
| | | 2006 ESTIMATES | 2007 ESTIMATES |
| | Pretax | Eps | Dps | Pretax | Eps | Dps |
| | £m | p | p | £m | p | p |
| | Consensus | 2,264.30 | 20.47 | 8.38 | 2,519.51 | 22.69 | 9.22 |
| | 1M Change | -2.23 | -0.07 | 0.01 | -1.67 | -0.18 | -0.02 |
| | 3M Change | -17.94 | -0.24 | -0.04 | -4.58 | -0.36 | 0.04 |
| | 6M Change | -14.74 | -0.33 | 0.01 | 37.05 | -2.59 | -0.73 |
| | Brokers | 13 | 18 | 18 | 13 | 17 | 17 |
| | Std Dev | 57.10 | 0.79 | 0.54 | 75.18 | 0.66 | 0.45 |
| | incr/decr | 235.30 | 2.11 | 0.82 | 255.21 | 2.22 | 0.84 |
| | growth | 11.60 | 11.50 | 10.85 | 11.27 | 10.85 | 10.02 |
|
|
| |
|
|
| |
|
| Turnover £m |
| | 24-02-01 | 23-02-02 | 22-02-03 | 28-02-04 | 2005 |
Turnover £m
| 20988 | 23653 | 26004 | 30315.66 | 33974 |
| |
| Capital Employed £m |
| | 24-02-01 | 23-02-02 | 22-02-03 | 28-02-04 | 2005 |
Capital
Employed £m | 8754 | 10236 | 12455 | 13826 | 14795 |
|
|
| Executive Directors |
| LEAHY, Sir Terence Patrick Terry; Ords - 2920090; Incentive shares - 7,470,594; Listed Company Directorships - Tesco PLC (ce); |
| HIGGINSON, Andrew Thomas , FCMA; Ords - 122585; Incentive shares - 3,397,808; Listed Company Directorships - Tesco PLC (fd); British Sky Broadcasting Group PLC (None); |
| MASON, Timothy John Rollit Tim; Ords - 262198; Incentive shares - 3,396,208; Listed Company Directorships - Tesco PLC (mktg); GCap Media PLC (None); |
| BRASHER, Richard William Peter; Ords - 16500; Incentive shares - 1,457,263; Listed Company Directorships - Tesco PLC (cmml); Non Listed Company Directorships - |
| CLARKE, Philip A; Ords - 329077; Incentive shares - 3,166,527; Listed Company Directorships - Tesco PLC (None); |
| POTTS, David T; Ords - 432636; Incentive shares - 3,175,121; Listed Company Directorships - Tesco PLC (None); |
| Non-Executive Directors |
| REID, David Edward , CA; Ords - 193169; Incentive shares - 51; Listed Company Directorships - Reed Elsevier PLC (None); Tesco PLC (ch); Reed Elsevier Group PLC (None); Non Listed Company Directorships - Tartan TV Ltd (ch); Reed Elsevier NV (dir*) |
| CHASE, Rodney Frank CBE , FCT; Ords - 51245; Listed Company Directorships - Tesco PLC (dch); Non Listed Company Directorships - Computer Sciences Corporation (dir*); Lehman Brothers, European Advisory Council (snr adv) |
| ALLEN, Charles Lamb CBE , FCMA FHCIMA; Listed Company Directorships - Tesco PLC (None); ITV PLC (ce); Non Listed Company Directorships - ONdigital PLC; British Digital Broadcasting PLC (dir); GMTV Ltd (dir); Boxclever Technology Ltd (dir) |
| EINSMANN, Dr Harald; Ords - 93723; Listed Company Directorships - Tesco PLC (None); Non Listed Company Directorships - Interbrew SA (dir*); Stora Enso Oy (dir*); Findus AB (ch); E.Q.T. (op ptnr); European Mediaxchange Ltd (dir); Swedish Wallenberg Group (mem) |
| DAVIES, Evan Mervyn CBE; Ords - 2400; Listed Company Directorships - Standard Chartered PLC (gce); Tesco PLC (None); Tottenham Hotspur PLC (None); |
| HYDON, Kenneth John Ken , MCT FCMA FCCA FRSA; Ords - 30093; Listed Company Directorships - Reckitt Benckiser PLC (None); Tesco PLC (None); Non Listed Company Directorships - Verizon Wirless (dir); Vodafone Americas Inc |
| COOK, Karen , MBA; Listed Company Directorships - Tesco PLC (None); Non Listed Company Directorships - Goldman Sachs International (md, inv banking) |
| MCCALL, Carolyn; Ords - 6365; Listed Company Directorships - Tesco PLC (None); Non Listed Company Directorships - Guardian & Observer Newspapers (md); Vallsar (Trustees) Ltd; GMG (dir) |
| Director Share Dealings - All trades in excess of £1,000 during last 2 years |
|
Date
| Trade
Price
(p) | Number
Dealt |
Director
| Action | Amount |
Additional
Information
| Trade as
% of shares
in issue | Residual holding
(and as % of
shares in issue) |
|
28-Jul-05
| 314.17 | 6,365 | MCCALL, Carolyn |
Purchase
| £19,997 |
| | 6,365 | |
|
22-Jul-05
| 314.25 | 627,780 | POTTS, David T |
opt sale
| £1,972,799 |
| 0.008% | 432,602 | (0.006%) |
|
21-Jul-05
| 247 | 299,595 | POTTS, David T |
exe opt
| £740,000 |
| 0.004% | 732,197 | (0.009%) |
|
21-Jul-05
| 259 | 328,185 | POTTS, David T |
exe opt
| £849,999 |
| 0.004% | 1,060,382 | (0.014%) |
|
01-Jul-05
| 312.65 | 804 | BRASHER, Richard William Peter |
in Lieu of Dividend
| £2,514 |
| | 16,466 | |
|
01-Jul-05
| 312.65 | 849 | CHASE, Rodney Frank CBE , FCT |
in Lieu of Dividend
| £2,654 |
| | 51,245 | |
|
01-Jul-05
| 312.65 | 1,573 | EINSMANN, Dr Harald |
in Lieu of Dividend
| £4,918 |
| | 93,723 | (0.001%) |
|
01-Jul-05
| 312.65 | 23,985 | CLARKE, Philip A |
in Lieu of Dividend
| £74,989 |
| | 329,043 | (0.004%) |
|
01-Jul-05
| 312.65 | 26,383 | HIGGINSON, Andrew Thomas , FCMA |
in Lieu of Dividend
| £82,486 |
| | 122,551 | (0.002%) |
|
01-Jul-05
| 312.65 | 27,432 | MASON, Timothy John Rollit Tim |
in Lieu of Dividend
| £85,766 |
| | 262,164 | (0.003%) |
|
01-Jul-05
| 312.65 | 28,609 | POTTS, David T |
in Lieu of Dividend
| £89,446 |
| | 432,602 | (0.006%) |
|
01-Jul-05
| 312.65 | 58,464 | LEAHY, Sir Terence Patrick Terry |
in Lieu of Dividend
| £182,788 |
| | 2,920,056 | (0.037%) |
|
24-Jun-05
| 317.5 | 111,111 | MASON, Timothy John Rollit Tim |
Sale
| £352,777 |
| 0.001% | 234,619 | (0.003%) |
|
16-May-05
| 309.75 | 968 | BRASHER, Richard William Peter |
Purchase
| £2,998 |
| | 15,514 | |
|
16-May-05
| 309.75 | 968 | POTTS, David T |
Purchase
| £2,998 |
| | 403,845 | (0.005%) |
|
16-May-05
| 309.75 | 968 | CLARKE, Philip A |
Purchase
| £2,998 |
| | 304,910 | (0.004%) |
|
16-May-05
| 309.75 | 968 | MASON, Timothy John Rollit Tim |
Purchase
| £2,998 |
| | 345,695 | (0.004%) |
|
16-May-05
| 309.75 | 968 | HIGGINSON, Andrew Thomas , FCMA |
Purchase
| £2,998 |
| | 96,020 | (0.001%) |
|
10-Feb-05
| 312.45 | 1,674 | BRASHER, Richard William Peter |
in Lieu of Dividend
| £5,230 |
Executive Incentive Plan
| | 12,206 | |
|
01-Feb-05
| 151 | 2,235 | BRASHER, Richard William Peter |
exe opt
| £3,375 |
Savings
| | 14,441 | |
|
01-Feb-05
| 151 | 2,235 | CLARKE, Philip A |
exe opt
| £3,375 |
Savings
| | 303,837 | (0.004%) |
|
01-Feb-05
| 151 | 2,235 | MASON, Timothy John Rollit Tim |
exe opt
| £3,375 |
Savings
| | 344,622 | (0.004%) |
|
01-Feb-05
| 151 | 2,235 | LEAHY, Sir Terence Patrick Terry |
exe opt
| £3,375 |
Savings
| | 2,861,339 | (0.037%) |
|
01-Feb-05
| 151 | 2,235 | HIGGINSON, Andrew Thomas , FCMA |
exe opt
| £3,375 |
Savings
| | 94,947 | (0.001%) |
|
09-Dec-04
| 205 | 419,512 | MASON, Timothy John Rollit Tim |
exe opt
| £860,000 |
| 0.005% | 582,439 | (0.008%) |
|
09-Dec-04
| 310 | 419,512 | MASON, Timothy John Rollit Tim |
opt sale
| £1,300,487 |
| 0.005% | 162,927 | (0.002%) |
|
26-Nov-04
| 288.85 | 396 | CHASE, Rodney Frank CBE , FCT |
in Lieu of Dividend
| £1,144 |
Scrip Div
| | 50,396 | |
|
26-Nov-04
| 288.85 | 562 | MASON, Timothy John Rollit Tim |
in Lieu of Dividend
| £1,623 |
Script Div, Spouse
| | 149,284 | (0.002%) |
|
26-Nov-04
| 288.85 | 2,120 | BRASHER, Richard William Peter |
in Lieu of Dividend
| £6,124 |
Script div
| | 10,463 | |
|
26-Nov-04
| 288.85 | 11,508 | CLARKE, Philip A |
in Lieu of Dividend
| £33,241 |
Script Div
| | 199,723 | (0.003%) |
|
26-Nov-04
| 288.85 | 12,288 | HIGGINSON, Andrew Thomas , FCMA |
in Lieu of Dividend
| £35,494 |
Script Div
| | 92,643 | (0.001%) |
|
26-Nov-04
| 288.85 | 13,643 | MASON, Timothy John Rollit Tim |
in Lieu of Dividend
| £39,408 |
Script Div
| | 162,927 | (0.002%) |
|
26-Nov-04
| 288.85 | 13,769 | POTTS, David T |
in Lieu of Dividend
| £39,772 |
Script Div
| | 271,001 | (0.003%) |
|
26-Nov-04
| 288.85 | 28,280 | LEAHY, Sir Terence Patrick Terry |
in Lieu of Dividend
| £81,687 |
Script Div
| | 2,557,740 | (0.033%) |
|
25-Nov-04
| 205 | 14,634 | HIGGINSON, Andrew Thomas , FCMA |
exe opt
| £30,000 |
ESOP
| | 608,289 | (0.008%) |
|
25-Nov-04
| 164 | 63,415 | HIGGINSON, Andrew Thomas , FCMA |
exe opt
| £104,001 |
ESOP
| | 517,354 | (0.007%) |
|
25-Nov-04
| 173 | 76,301 | HIGGINSON, Andrew Thomas , FCMA |
exe opt
| £132,001 |
ESOP
| | 593,655 | (0.008%) |
|
25-Nov-04
| 176.66 | 373,584 | HIGGINSON, Andrew Thomas , FCMA |
exe opt
| £659,973 |
ESOP
| 0.005% | 453,939 | (0.006%) |
|
25-Nov-04
| 205 | 404,878 | HIGGINSON, Andrew Thomas , FCMA |
exe opt
| £830,000 |
ESOP
| 0.005% | 1,013,167 | (0.013%) |
|
25-Nov-04
| 305.5 | 932,812 | HIGGINSON, Andrew Thomas , FCMA |
opt sale
| £2,849,741 |
| 0.012% | 80,355 | (0.001%) |
|
16-Nov-04
| 205 | 346,341 | CLARKE, Philip A |
exe opt
| £709,999 |
ESOP
| 0.004% | 534,519 | (0.007%) |
|
16-Nov-04
| 301 | 346,341 | CLARKE, Philip A |
opt sale
| £1,042,486 |
| 0.004% | 188,178 | (0.002%) |
|
30-Sep-04
| 151.66 | 120,660 | LEAHY, Sir Terence Patrick Terry |
exe opt
| £182,993 |
ESOS
| 0.002% | 2,529,385 | (0.033%) |
|
30-Sep-04
| 151.66 | 120,666 | LEAHY, Sir Terence Patrick Terry |
exe opt
| £183,002 |
| 0.002% | 2,495,720 | (0.032%) |
|
30-Sep-04
| 285.75 | 86,995 | LEAHY, Sir Terence Patrick Terry |
opt sale
| £248,588 |
| 0.001% | 2,408,725 | (0.031%) |
|
21-Sep-04
| 205 | 11,308 | REID, David Edward , CA |
exe opt
| £23,181 |
ESOS
| | 648,618 | (0.008%) |
|
21-Sep-04
| 205 | 14,634 | POTTS, David T |
exe opt
| £30,000 |
ESOS
| | 799,065 | (0.010%) |
|
21-Sep-04
| 164 | 38,756 | POTTS, David T |
exe opt
| £63,560 |
ESOS
| | 295,874 | (0.004%) |
|
21-Sep-04
| 164 | 90,245 | REID, David Edward , CA |
exe opt
| £148,002 |
ESOS
| 0.001% | 93,563 | (0.001%) |
|
21-Sep-04
| 173 | 117,920 | REID, David Edward , CA |
exe opt
| £204,002 |
ESOS
| 0.002% | 637,310 | (0.008%) |
|
21-Sep-04
| 173 | 199,827 | POTTS, David T |
exe opt
| £345,701 |
ESOS
| 0.003% | 784,431 | (0.010%) |
|
21-Sep-04
| 178 | 288,730 | POTTS, David T |
exe opt
| £513,939 |
ESOS
| 0.004% | 584,604 | (0.008%) |
|
21-Sep-04
| 205 | 346,341 | POTTS, David T |
exe opt
| £709,999 |
ESOS
| 0.004% | 1,145,406 | (0.015%) |
|
21-Sep-04
| 179.42 | 425,827 | REID, David Edward , CA |
exe opt
| £764,019 |
ESOS
| 0.006% | 519,390 | (0.007%) |
|
21-Sep-04
| 205 | 593,570 | REID, David Edward , CA |
exe opt
| £1,216,819 |
ESOS
| 0.008% | 1,242,188 | (0.016%) |
|
21-Sep-04
| 247 | 502,024 | REID, David Edward , CA |
exe opt
| £1,239,999 |
ESOS
| 0.006% | 1,744,212 | (0.023%) |
|
21-Sep-04
| 259 | 498,069 | REID, David Edward , CA |
exe opt
| £1,289,999 |
ESOS
| 0.006% | 2,242,281 | (0.029%) |
|
21-Sep-04
| 197.5 | 707,848 | REID, David Edward , CA |
exe opt
| £1,398,000 |
ESOS
| 0.009% | 2,950,129 | (0.038%) |
|
21-Sep-04
| 282.5 | 888,288 | POTTS, David T |
opt sale
| £2,509,414 |
| 0.011% | 257,118 | (0.003%) |
|
21-Sep-04
| 280 | 2,946,811 | REID, David Edward , CA |
opt sale
| £8,251,071 |
ESOS
| 0.038% | 3,318 | |
|
13-Aug-04
| 257 | 209,732 | MASON, Timothy John Rollit Tim |
Sale
| £539,011 |
| 0.003% | 148,608 | (0.002%) |
|
12-Aug-04
| 164 | 63,415 | MASON, Timothy John Rollit Tim |
exe opt
| £104,001 |
ESOP
| | 361,099 | (0.005%) |
|
12-Aug-04
| 173 | 87,861 | MASON, Timothy John Rollit Tim |
exe opt
| £152,000 |
ESOP
| 0.001% | 704,756 | (0.009%) |
|
12-Aug-04
| 167.66 | 149,076 | MASON, Timothy John Rollit Tim |
exe opt
| £249,941 |
ESOP
| 0.002% | 297,684 | (0.004%) |
|
12-Aug-04
| 178 | 255,796 | MASON, Timothy John Rollit Tim |
exe opt
| £455,317 |
ESOP
| 0.003% | 616,895 | (0.008%) |
|
12-Aug-04
| 257 | 556,148 | MASON, Timothy John Rollit Tim |
opt sale
| £1,429,300 |
ESOP
| 0.007% | 148,608 | (0.002%) |
|
25-Jun-04
| 251.95 | 557 | PIMLOTT, Graham F , MA |
in Lieu of Dividend
| £1,403 |
scrip
| | 33,975 | |
|
25-Jun-04
| 251.95 | 1,383 | MASON, Timothy John Rollit Tim |
in Lieu of Dividend
| £3,484 |
Spouse, scrip
| | 331,340 | (0.004%) |
|
25-Jun-04
| 251.95 | 3,734 | BRASHER, Richard William Peter |
in Lieu of Dividend
| £9,408 |
scrip
| | 8,287 | |
|
25-Jun-04
| 251.95 | 18,561 | CLARKE, Philip A |
in Lieu of Dividend
| £46,764 |
scrip
| | 188,059 | (0.002%) |
|
25-Jun-04
| 251.95 | 21,833 | HIGGINSON, Andrew Thomas , FCMA |
in Lieu of Dividend
| £55,008 |
scrip
| | 80,199 | (0.001%) |
|
25-Jun-04
| 251.95 | 23,610 | POTTS, David T |
in Lieu of Dividend
| £59,485 |
scrip
| | 257,076 | (0.003%) |
|
25-Jun-04
| 251.95 | 26,958 | MASON, Timothy John Rollit Tim |
in Lieu of Dividend
| £67,921 |
scrip
| | 358,298 | (0.005%) |
|
25-Jun-04
| 251.95 | 50,818 | LEAHY, Sir Terence Patrick Terry |
in Lieu of Dividend
| £128,036 |
scrip
| | 2,375,012 | (0.031%) |
|
22-Jun-04
| 266.5 | 85,324 | HIGGINSON, Andrew Thomas , FCMA |
Sale
| £227,388 |
| 0.001% | 58,269 | |
|
20-Apr-04
| 164 | 29,946 | CLARKE, Philip A |
exe opt
| £49,111 |
ESOP
| | 194,891 | (0.003%) |
|
20-Apr-04
| 178 | 146,991 | CLARKE, Philip A |
exe opt
| £261,644 |
ESOP
| 0.002% | 341,882 | (0.004%) |
|
20-Apr-04
| 173 | 277,170 | CLARKE, Philip A |
exe opt
| £479,504 |
ESOP
| 0.004% | 619,052 | (0.008%) |
|
20-Apr-04
| 256.5 | 454,107 | CLARKE, Philip A |
opt sale
| £1,164,784 |
| 0.006% | 164,945 | (0.002%) |
|
24-Feb-04
| 252.375 | 20,552 | CLARKE, Philip A |
Purchase
| £51,868 |
SIP
| | 164,945 | (0.002%) |
|
24-Feb-04
| 252.375 | 55,756 | POTTS, David T |
Purchase
| £140,714 |
SIP
| | 228,913 | (0.003%) |
|
24-Feb-04
| 252.375 | 64,193 | HIGGINSON, Andrew Thomas , FCMA |
Purchase
| £162,007 |
SIP
| | 139,137 | (0.002%) |
|
24-Feb-04
| 252.375 | 102,989 | MASON, Timothy John Rollit Tim |
Purchase
| £259,918 |
SIP
| 0.001% | 324,610 | (0.004%) |
|
24-Feb-04
| 252.375 | 173,678 | LEAHY, Sir Terence Patrick Terry |
Purchase
| £438,320 |
SIP
| 0.002% | 2,319,641 | (0.030%) |
|
03-Feb-04
| 136 | 1,488 | CLARKE, Philip A |
exe opt
| £2,024 |
SAYE
| | 144,393 | (0.002%) |
|
03-Feb-04
| 136 | 4,963 | AGER, Rowley Stuart , FMCA |
exe opt
| £6,750 |
SAYE
| | 787,551 | (0.010%) |
|
03-Feb-04
| 241.75 | 41,015 | GARDINER, John Anthony |
Purchase
| £99,154 |
Spouse
| | 669,026 | (0.009%) |
|
15-Jan-04
| 246.5 | 40,650 | EINSMANN, Dr Harald |
Purchase
| £100,202 |
| | 92,150 | (0.001%) |
|
16-Dec-03
| 245 | 22,258 | AGER, Rowley Stuart , FMCA |
Sale
| £54,532 |
| | 782,254 | (0.011%) |
|
16-Dec-03
| 151.66 | 198,669 | MASON, Timothy John Rollit Tim |
exe opt
| £301,301 |
| 0.003% | 420,204 | (0.006%) |
|
16-Dec-03
| 245 | 198,669 | MASON, Timothy John Rollit Tim |
opt sale
| £486,739 |
| 0.003% | 221,535 | (0.003%) |
|
28-Nov-03
| 239.55 | 8,507 | CLARKE, Philip A |
in Lieu of Dividend
| £20,379 |
Scrip
| | 142,818 | (0.002%) |
|
28-Nov-03
| 239.55 | 10,257 | HIGGINSON, Andrew Thomas , FCMA |
in Lieu of Dividend
| £24,571 |
Scrip
| | 74,857 | (0.001%) |
|
28-Nov-03
| 239.55 | 11,013 | POTTS, David T |
in Lieu of Dividend
| £26,382 |
Scrip
| | 173,070 | (0.002%) |
|
28-Nov-03
| 239.55 | 13,385 | MASON, Timothy John Rollit Tim |
in Lieu of Dividend
| £32,064 |
Scrip
| | 221,447 | (0.003%) |
|
28-Nov-03
| 239.55 | 16,516 | GILDERSLEEVE, John |
in Lieu of Dividend
| £39,564 |
Scrip
| | 516,611 | (0.007%) |
|
28-Nov-03
| 239.55 | 17,141 | AGER, Rowley Stuart , FMCA |
in Lieu of Dividend
| £41,061 |
Scrip
| | 804,468 | (0.011%) |
|
28-Nov-03
| 239.55 | 21,684 | REID, David Edward , CA |
in Lieu of Dividend
| £51,944 |
Scrip
| | 1,331,738 | (0.018%) |
|
28-Nov-03
| 239.55 | 24,057 | LEAHY, Sir Terence Patrick Terry |
in Lieu of Dividend
| £57,629 |
Scrip
| | 2,145,876 | (0.029%) |
|
07-Nov-03
| 205 | 9,888 | MASON, Timothy John Rollit Tim |
exe opt
| £20,270 |
Spouse, ESOP
| | 250,818 | (0.003%) |
|
07-Nov-03
| 178 | 15,000 | MASON, Timothy John Rollit Tim |
exe opt
| £26,700 |
Spouse, ESOP
| | 240,930 | (0.003%) |
|
07-Nov-03
| 176.66 | 18,000 | MASON, Timothy John Rollit Tim |
exe opt
| £31,799 |
Spouse, ESOP
| | 255,930 | (0.003%) |
|
07-Nov-03
| 240 | 42,888 | MASON, Timothy John Rollit Tim |
opt sale
| £102,931 |
Spouse, ESOP
| | 207,930 | (0.003%) |
|
| Profit & Loss Account |
| year ended 26-Feb | | 24-02-01 | 23-02-02 | 22-02-03 | 28-02-04 | 2005 |
| days | | 364 | 364 | 364 | 371 | 364 |
| TURNOVER: | | | | | | |
| continuing operations | £m | 20,988.00 | 23,653.00 | 26,004.00 | 30,683.00 | 33,913.00 |
| acquisitions | £m | 0.00 | 0.00 | 0.00 | 131.00 | 61.00 |
| discontinued operations | £m | 0.00 | 0.00 | 0.00 | 0.00 | |
| | £m | 20,988.00 | 23,653.00 | 26,004.00 | 30,814.00 | 33,974.00 |
| non-UK turnover | £m | 2,616.00 | 3,601.00 | 0.00 | 6,054.00 | 6,828.00 |
| PROFIT AND LOSS | | | | | | |
| continuing operations | £m | 1,166.00 | 1,322.00 | 1,484.00 | 1,729.00 | 1,957.00 |
| acquisitions | £m | 0.00 | 0.00 | 0.00 | 6.00 | -8.00 |
| discontinued operations | £m | 0.00 | 0.00 | 0.00 | 0.00 | |
| prov. for discontinuations | £m | 0.00 | 0.00 | 0.00 | 0.00 | |
| OPERATING PROFIT (reported) | £m | 1,166.00 | 1,322.00 | 1,484.00 | 1,735.00 | 1,949.00 |
| OPERATING PROFIT (adjusted) | £m | 1,174.00 | 1,332.00 | 1,509.00 | 1,832.00 | 2,064.00 |
| interest | £m | -107.00 | -136.00 | -162.00 | -209.00 | -136.00 |
| investment income | £m | 3.00 | 25.00 | 52.00 | 83.00 | 96.00 |
| structural items | £m | -8.00 | -10.00 | -17.00 | -54.00 | 0.00 |
| asset write offs | £m | -8.00 | -10.00 | -21.00 | -52.00 | -62.00 |
| debt restructuring | £m | 0.00 | 0.00 | 0.00 | 0.00 | |
| bid defence costs | £m | 0.00 | 0.00 | 0.00 | 0.00 | |
| PROFIT BEFORE TAX | £m | 1,054.00 | 1,201.00 | 1,361.00 | 1,600.00 | 1,962.00 |
| taxation | £m | 333.00 | 371.00 | 415.00 | 498.00 | 593.00 |
| PROFIT AFTER TAX | £m | 721.00 | 830.00 | 946.00 | 1,102.00 | 1,369.00 |
| minority interests | £m | 1.00 | 0.00 | 0.00 | -2.00 | -3.00 |
| extraordinary items | £m | 0.00 | 0.00 | 0.00 | 0.00 | |
| AVAILABLE FOR DIVIDEND | £m | 722.00 | 830.00 | 946.00 | 1,100.00 | 1,366.00 |
| preference dividends | £m | 0.00 | 0.00 | 0.00 | 0.00 | |
| ordinary dividends | £m | -340.00 | -390.00 | -443.00 | -516.00 | -587.00 |
| RETAINED PROFIT | £m | 382.00 | 440.00 | 503.00 | 584.00 | 779.00 |
| EPS & DPS (unadjusted for bonus issues etc): | | | | | | |
| FRS3 eps | p | 10.63 | 12.05 | 13.54 | 15.05 | 17.72 |
| FRS3 eps (diluted) | p | 10.42 | 11.86 | 13.42 | 14.93 | 17.50 |
| company adj eps | p | 10.87 | 12.33 | 14.10 | 16.45 | 18.53 |
| company adj eps (diluted) | p | 10.66 | 12.14 | 13.98 | 16.31 | 18.30 |
| dps | p | 4.98 | 5.60 | 6.20 | 6.84 | 7.56 |
|
| Subsidiaries |
| C Two-Network Co. Ltd; Ek-Chai Distribution System Co Ltd; Samsung Tesco Co Ltd; T & S Stores Ltd; Tesco Card Services Ltd; Tesco Distribution Ltd; Tesco Global Aruhazak Rt; Tesco Home Shopping Ltd; Tesco Insurance Ltd; Tesco Ireland Ltd; Tesco Kipa A.S; Tesco Polska Sp z.o.o.; Tesco Property Holdings Ltd; Tesco Stores CR a.s; Tesco Stores Hong Kong Ltd; Tesco Stores Ltd; Tesco Stores Malaysia Sdn Bhd; Tesco Stores SR a.s; Tesco Taiwan Co Ltd; Valiant Insurance Ltd; dunnhumby Ltd; |
| Divisions | Products |
| Food retailing; Property development; | Tesco Personal Finance; Tesco.com; Unbeatable Value range; |
| Segmental Analysis |
|
Geographical
|
Turnover
| |
Pretax profit
|
| | 26-Feb-05 | % | 28-Feb-04 | % | | 26-Feb-05 | % | 28-Feb-04 | % |
| UK | 27146.00 | 79.90 | 24760.00 | 80.35 | | 1694.00 | 82.07 | 1526.00 | 83.30 |
| Rest of Europe | 3818.00 | 11.24 | 3385.00 | 10.99 | | 218.00 | 10.56 | 184.00 | 10.04 |
| Asia | 3010.00 | 8.86 | 2669.00 | 8.66 | | 152.00 | 7.36 | 122.00 | 6.66 |
| | | | | | | | | | |
| | 0.00 | 100.00 | 30814.00 | 100.00 | | 2064.00 | 99.99 | 1832.00 | 100.00 |
| Joint Ventures | 0.00 | 0.00 | 0.00 | 0.00 | | 130.00 | 0.00 | 97.00 | 0.00 |
| Disposal of Fixed Assets | 0.00 | 0.00 | 0.00 | 0.00 | | 53.00 | 0.00 | -9.00 | 0.00 |
| Integration costs | 0.00 | 0.00 | 0.00 | 0.00 | | -53.00 | 0.00 | -45.00 | 0.00 |
| Goodwill Amortisation | 0.00 | 0.00 | 0.00 | 0.00 | | -62.00 | 0.00 | -52.00 | 0.00 |
| Net interest | 0.00 | 0.00 | 0.00 | 0.00 | | -170.00 | 0.00 | -223.00 | 0.00 |
| | | | | | | | | | |
| | 33974.00 | 100.00 | 30814.00 | 100.00 | | 1962.00 | 99.99 | 1600.00 | 100.00 |
|
Product
|
Turnover
| |
Pretax profit
|
| | 26-Feb-05 | % | 28-Feb-04 | % | | 26-Feb-05 | % | 28-Feb-04 | % |
| Food retailing & Property | 33974.00 | 100.00 | 30814.00 | 100.00 | | 1962.00 | 100.00 | 1600.00 | 100.00 |
| | | | | | | | | | |
| | 33974.00 | 100.00 | 30814.00 | 100.00 | | 1962.00 | 100.00 | 1600.00 | 100.00 |
| | | | | | | | | | |
| | 33974.00 | 100.00 | 30814.00 | 100.00 | | 1962.00 | 100.00 | 1600.00 | 100.00 |
|
| Profit & Loss Account (Notes 1) |
| year ended 26-Feb | | 24-02-01 | 23-02-02 | 22-02-03 | 28-02-04 | 2005 |
| days | | 364 | 364 | 364 | 371 | 364 |
| INCLUDED IN ADJ OPERATING PROFIT | | | | | | |
| abnormal pensions | £m | 0.00 | 0.00 | 0.00 | 0.00 | |
| other exceptional charges | £m | 0.00 | 0.00 | 0.00 | 0.00 | |
| other exceptional credits | £m | 0.00 | 0.00 | 0.00 | 0.00 | |
| net exceptionals | £m | 0.00 | 0.00 | 0.00 | 0.00 | |
| depreciation amortisation | £m | 468.00 | 524.00 | 581.00 | 700.00 | 733.00 |
| equip hire and lease charges | £m | 177.00 | 170.00 | 172.00 | 221.00 | 283.00 |
| property rental expenditure | £m | 0.00 | 0.00 | 0.00 | 0.00 | |
| other rental expenditure | £m | 0.00 | 0.00 | 0.00 | 0.00 | |
| audit remuneration | £m | 0.80 | 0.80 | 0.90 | 1.50 | 2.10 |
| other fees charged by auditors | £m | 0.90 | 1.20 | 1.80 | 1.30 | 2.00 |
| political donations | £m | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| charitable cash donations | £m | 1.45 | 8.98 | 10.50 | 11.05 | 4.58 |
| non-cash comm involvement | £m | 0.00 | 0.00 | 0.00 | 17.19 | 21.76 |
| research and development | £m | 0.00 | 0.00 | 0.00 | 0.00 | |
| EXTRACTED FROM OPERATING PROFIT | | | | | | |
| interest | £m | 0.00 | 0.00 | 0.00 | 0.00 | |
| investment income | £m | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| structural items | £m | 0.00 | 0.00 | -4.00 | -45.00 | -53.00 |
| asset write offs | £m | 8.00 | 10.00 | 21.00 | 52.00 | 62.00 |
| bid defence, debt restruct | £m | 0.00 | 0.00 | 0.00 | 0.00 | |
| TOTAL | | 8.00 | 10.00 | 17.00 | 7.00 | 9.00 |
| INTEREST | | | | | | |
| under five years | £m | 139.00 | 178.00 | 192.00 | 163.00 | 162.00 |
| over five years | £m | 75.00 | 83.00 | 92.00 | 138.00 | 120.00 |
| on financial leases | £m | 6.00 | 4.00 | 5.00 | 19.00 | 16.00 |
| capitalised | £m | -52.00 | -63.00 | -62.00 | -62.00 | -63.00 |
| net interest payable | £m | 168.00 | 202.00 | 227.00 | 258.00 | 235.00 |
| interest receivable | £m | 61.00 | 66.00 | 65.00 | 49.00 | 99.00 |
| TOTAL | £m | 107.00 | 136.00 | 162.00 | 209.00 | 136.00 |
| INVESTMENT INCOME | | | | | | |
| share of associates | £m | 3.00 | 25.00 | 54.00 | 85.00 | 101.00 |
| associates' exceptionals | £m | 0.00 | 0.00 | 0.00 | 0.00 | |
| associates' structural | £m | 0.00 | 0.00 | -2.00 | -2.00 | -5.00 |
| other investment income | £m | 0.00 | 0.00 | 0.00 | 0.00 | |
| rental income | £m | 0.00 | 0.00 | 0.00 | 0.00 | |
| TOTAL | £m | 3.00 | 25.00 | 52.00 | | |
