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18,546 20,358 22,773 25,654 28,613
848 989 1,206 1,276 1,228
1,067 1,488
1,944 2,027 2,134
17,091 18,334 19,884 21,685 23,407
99 00 01 02 03 GROUP PERFORMANCE £m
2003
Group sales (£m)
(including value added tax)
28,613
Underlying pre-tax profit† (£m) 1,401
Pre-tax profit (£m)
1,361
Underlying diluted earnings per share† (p)
DIVIDEND PER SHARE
+ 10.7%
2 TESCO PLC
operating and financial review
This operating and financial review analyses the performance of the Tesco Group in the financial year ended 22 February 2003. It also explains other aspects of the Group’s results and operations, including strategy and risk management.
UNDERLYING GROUP PROFIT BEFORE TAX †
+ 14.7%
GROUP PROFIT BEFORE TAX
+ 13.3%
UNDERLYING DILUTED EARNINGS PER SHARE†
+ 15.2%
DILUTED EARNINGS PER SHARE
+ 13.2%
1
6
REPUBLIC OF IRELAND
53 2.5m sq ft
5
5
H U N G A RY
66 3.4m sq ft
20
5
POLAND
17 1.6m sq ft
2
ห้องสมุดไป่ตู้
4
CZECH REPUBLIC
17 1.4m sq ft
4
4
S L O VA K I A
52 4.8m sq ft
17
6
THAILAND
13.98
Diluted earnings per share (p) 13.42
Dividend per share (p)
6.20
Group enterprise value (£m)
(market capitalisation plus net debt)
16,896
2002
25,654 1,221 1,201
GROUP STRATEGY Our strategy is simple and the four key elements remain the same: strong UK core business; non-food growth; retailing services and international.
23,407
Underlying operating profit† 1,297
2002 £m
21,685 1,213
Change %
7.9 6.9
REST OF EUROPE PERFORMANCE
2003 2002 Change
£m
£m
%
Sales
(including value added tax)
牛津布鲁克斯(OBU)论文专用系列辅导材料
(b) Business analysis section
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21 2.1m sq ft
7
8
SOUTH KOREA
3 0.3m sq ft
1
1
TA I WA N
3 0.3m sq ft
3
1
M A L AY S I A
2,291 39.9m sq ft 1,325 99
we go the extra mile for customers making shopping better, simpler, cheaper in every store, in every country in which we operate
12.14 11.86
5.60
21,290
† Excluding net loss on disposal of fixed assets, integration costs and goodwill amortisation.
FINANCIAL HIGHLIGHTS
GROUP SALES
+ 11.5%
3,032 2,475 22.5
Underlying operating profit† 141
90 56.7
GROUP PERFORMANCE Group sales including VAT increased by 11.5% to £28,613m (2002 – £25,654m).
Group underlying profit on ordinary activities before tax (excluding net loss on disposal of fixed assets, integration costs and goodwill amortisation) increased by 14.7% to £1,401m. In the year, we acquired the T&S and HIT businesses. The impact was to increase underlying profit by a net £1m.
NUMBER OF STORES
SALES AREA
NEW STORES OPENED INC. ACQUISITIONS
IN 2002/03
PLANNED OPENINGS IN 2003/04
1,982 21.8m sq ft 1,265
59
UNITED KINGDOM
77 1.7m sq ft
2003 £m
28,613
1,401 1,361 13.98p 6.20p
2002 £m
25,654
1,221 1,201 12.14p 5.60p
Change %
11.5
14.7 13.3 15.2 10.7
UK PERFORMANCE
2003 £m
Sales
(including value added tax)
Tax has been charged at an effective rate of 30.5% (2002 – 30.9%). Prior to accounting for the net loss on disposal of fixed assets, integration costs and goodwill amortisation, our underlying tax rate was 29.6% (2002 – 30.4%).
TESCO PLC ANNUAL REPORT AND FINANCIAL STATEMENTS 2003
1 Financial highlights 2 Operating and financial review 5 Directors’ report 7 Corporate governance 12 Report of the directors
on remuneration 22 Statement of directors’
responsibilities 23 Independent auditors’ report 24 Group profit and loss account 25 Statement of total recognised
ASIA PERFORMANCE
Sales
(including value added tax)
Underlying operating profit†
2003 £m
2,174 71
2002 Change
£m
%
1,494 45.5 29 144.8
† Excluding net loss on disposal of fixed assets, integration costs and goodwill amortisation.
Group capital expenditure was £2,134m (2002 – £2,027m). UK capital expenditure was £1,228m, including £558m on new stores and £335m on extensions and refits. Total international capital expenditure was £906m, £527m in Asia and £379m in Europe. In the year ahead, we forecast Group capital expenditure to be around £2.2bn.
gains and losses Reconciliation of movements in shareholders’ funds 26 Balance sheets 27 Group cash flow statement 28 Accounting policies 30 Notes to the financial statements 54 Five year record
GROUP SALES UK SALES
99 00 01 02 03 C APITAL EXPENDITURE £ m
GROUP UK
GROUP SUMMARY
Group sales
(including value added tax)
Underlying profit on ordinary activities before tax† Profit on ordinary activities before taxation Underlying diluted earnings per share† Dividend per share
This customer focused strategy has again delivered strong results by bringing value, choice and convenience to millions of customers every week.
GROUP INTEREST AND TAXATION Net interest payable was £180m (2002 – £153m), of which £10m relates to the additional debt taken on for the T&S and HIT acquisitions.
The Group continued to generate strong operating cash flows. Net cash inflow from operating activities increased by 17% to £2,375m (2002 – £2,038m).
Group net debt in the year increased by £1,177m to £4,737m (2002 – £3,560m), including the additional debt used for the purchase of HIT (£391m) and acquired T&S debt (£155m). Gearing increased to 73% (2002 – 64%).