Tesco Annual Report
Tesco PLC Annual Report and Financial Statements 2008
More than the weekly shop
Annual Report and Financial Statements 2008
Contents
Financial highlights Chief Executive’s statement Report of the Directors > Business Review > General information > Corporate governance Directors’ remuneration report 1 2 3 3 18 20 25
More than the weekly shop
Most people know something about Tesco. After all, we are the UK’s largest grocer and we’ve been serving customers for the best part of a century. What you might not know, is that Tesco is also the world’s third largest grocery retailer with operations in 12 international markets, employing over 440,000 people and serving millions of customers every week. We’re not simply about providing great quality food at affordable prices. We provide more choice than ever to more customers, whether it’s through our expanding international operations, innovative retailing services or our growing non-food offer. It doesn’t matter how people choose to shop with us or what they choose to buy, our core purpose remains the same – to create value for customers to earn their lifetime loyalty. We are also playing our part in tackling some of the social and environmental challenges we all face by putting community at the heart of what we do. From carrots to computers, from banking to broadband, from Shanghai to San Diego. We are… …more than the weekly shop.
Financial statements 39 > Statement of Directors’ responsibilities 40 > Independent auditors’ report to the members of Tesco PLC 41 > Group income statement 42 > Group statement of recognised income and expense 43 > Group balance sheet 44 > Group cash flow statement 45 > Reconciliation of net cash flow to movement in net debt note 45 > Notes to the Group financial statements 46 > Five year record 96 > Tesco PLC – Parent Company financial statements 98 > Independent auditors’ report to the members of Tesco PLC 108
Go online!
Every year, more and more information is available for
More than the weekly shop
Annual Report and Financial Statements 2008
Contents
Financial highlights Chief Executive’s statement Report of the Directors > Business Review > General information > Corporate governance Directors’ remuneration report 1 2 3 3 18 20 25
More than the weekly shop
Most people know something about Tesco. After all, we are the UK’s largest grocer and we’ve been serving customers for the best part of a century. What you might not know, is that Tesco is also the world’s third largest grocery retailer with operations in 12 international markets, employing over 440,000 people and serving millions of customers every week. We’re not simply about providing great quality food at affordable prices. We provide more choice than ever to more customers, whether it’s through our expanding international operations, innovative retailing services or our growing non-food offer. It doesn’t matter how people choose to shop with us or what they choose to buy, our core purpose remains the same – to create value for customers to earn their lifetime loyalty. We are also playing our part in tackling some of the social and environmental challenges we all face by putting community at the heart of what we do. From carrots to computers, from banking to broadband, from Shanghai to San Diego. We are… …more than the weekly shop.
Financial statements 39 > Statement of Directors’ responsibilities 40 > Independent auditors’ report to the members of Tesco PLC 41 > Group income statement 42 > Group statement of recognised income and expense 43 > Group balance sheet 44 > Group cash flow statement 45 > Reconciliation of net cash flow to movement in net debt note 45 > Notes to the Group financial statements 46 > Five year record 96 > Tesco PLC – Parent Company financial statements 98 > Independent auditors’ report to the members of Tesco PLC 108
Go online!
Every year, more and more information is available for