Essay Fia

Annual Report and Financial Statements 2012

Tesco at a glance 2011/12
We are one of the world’s largest retailers with operations * in 14 countries, employing almost 520,000 people and serving millions of customers every week.

£72.0bn +7.4%
Group sales Group sales growth

£3.8bn
Group profit before tax

+5.3%
Group profit before tax growth

+1.6%
Underlying profit before tax**+2.1%
Underlying diluted earnings per share**†

14.76p
Full year dividend per share

UK
Revenue± Trading profit

Asia
Revenue± Trading profit

Europe
Revenue±

£42.8bn
66% of Group

£2,480m
66% of Group

£10.8bn
17% of Group

£737m
20% of Group

£9.9bn
15% of Group

Revenue growth±

Trading profit growth

Revenue growth±

Trading profit growth

Revenuegrowth±

+5.0%
Employees

(1.0)%
Stores

+10.5% +21.8%
Employees Stores

+7.3%
Employees

300,373 2,979
Market position Multiple formats include Loyalty scheme dotcom 1st Hypermarkets, superstores, supermarkets, convenience Clubcard – around 16 million active members First grocery home shopping service 1997

117,015
Market position Multiple formats include Loyalty scheme

1,71994,409
Market position Multiple formats include Loyalty scheme dotcom

dotcom

1st or 2nd in all except China Hypermarkets, supermarkets, convenience Clubcard in Malaysia and Thailand, Family Card in South Korea, Legou Tesco Membercard in China – over 20 million active members across Asia South Korea 2002, planned launches in at least one major city in each market in the next few years

1sto Dep supe hype Club activ Repu 2011 2012 in ea

Fascia brands include:

Fascia brands include:

Fascia brands include:

* In India, we have an exclusive franchise agreement with Trent, the retail arm of the Tata Group. We are supporting the development of their Star Bazaar format. Continuing operations exclude Japan which has been treated as discontinued following our decision to sell thebusiness.

** See glossary for full accounting definitions. † Calculated on a constant tax rate basis.

US

UK

Europe
Republic of Ireland Poland Hungary Czech Republic Slovakia Turkey

Asia*
South Korea Thailand China Malaysia India

US
Trading profit Revenue± Trading loss

Tesco Bank
Revenue± Trading profit

£529m
14% of Group

£0.6bn
1% of Group

£(153)m
(4)% ofGroup

£1.0bn
2% of Group

£168m
4% of Group

Trading profit growth

+0.4%
Stores

Revenue growth±

+27.3%
Employees

Improvement in trading loss

+17.7%
Stores

Revenue growth±

+13.6% (36.4)%
Employees

Trading profit growth

1,351

5,056
Market position Loyalty scheme

185
A West Coast start-up business Friends of Fresh & Easy – two-thirds of a million activemembers

2,818
Insurance Savings Cash Future launches Loyalty scheme

Baseline profit growth

+29.3%
Car, home, pet, travel, life, over 50s, health, dental, breakdown Fixed rate, internet, instant access, retail bonds Loans, credit cards, ATMs, travel money Mortgages, current accounts Clubcard

or 2nd in all except Turkey artment stores, hypermarkets, ermarkets, compact ermarkets,convenience bcard in all markets – over 7 million ve members across Europe ublic of Ireland 2000, Prague 1, planned launches in Warsaw 2 and in at least one major city ach market in the next few years

Fascia brand:

.

± Revenue excludes the accounting impact of IFRIC 13.

OVERVIEW 1 Chairman’s statement

FINANCIAL STATEMENTS 88 89 90 91 92 93 94 94 95 Statement of Directors’ responsibilitiesIndependent auditors’ report to the members of Tesco PLC Group income statement Group statement of comprehensive income Group balance sheet Group statement of changes in equity Group cash flow statement Reconciliation of net cash flow to movement in net debt note Notes to the Group financial statements

STRATEGIC REVIEW 3 9 24 Chief Executive’s review * Strategy in action* Business model*...