Tesco: 2018/19 financial statements under IFRS 16

RNS Number : 3183X
Tesco PLC
29 April 2019
 

 

        29 April 2019

 

 

TESCO PLC: 2018/19 FINANCIAL STATEMENTS ON A POST-IFRS 16 BASIS

 

 

Tesco is introducing IFRS 16, the new financial reporting standard on accounting for leases, for its 2019/20 financial year.  As previously indicated, we are adopting the standard fully retrospectively.

The first accounts prepared under IFRS 16 will be the 2019/20 interim results, published in October 2019, followed by the 2019/20 preliminary results, published in April 2020.  In order to help investors and analysts update their models in advance of these results, on 15 February 2019 we issued the first half 2018/19 financial statements on a post-IFRS 16 basis and today we are also issuing the 2018/19 full-year financial statements under IFRS 16.

The headline impacts of IFRS 16 on the 2018/19 full-year financial statements can be summarised as follows:

 

·      Group sales and total cash flow are completely unaffected.

·      Group operating profit1 increases by £401m to £2,607m as rent is removed and only part-replaced by depreciation.

·      Group operating margin2 increases by 63 basis points to 4.08%, including an increase of 64 basis points to 3.62% in the UK & ROI, an increase of 56 basis points to 3.51% in Central Europe, an increase of 68 basis points to 6.55% in Asia and an increase of 19 basis points to 18.14% in Tesco Bank.

·      Profit before tax and Diluted EPS3 both decrease, by £(152)m and (1.39)p respectively, due to the combination of depreciation and interest being higher than the rent they replace.  This is due to the relative immaturity of the Group's lease portfolio, with leases being around one-third expired on average.  The proportion of EPS dilution will reduce as the portfolio matures and, most notably, as underlying earnings increase.

·      Whilst the impact of IFRS 16 would normally be expected to be broadly equal between the first and second half of any given year, the weighting can be affected by one-off items such as foreign exchange movements and gains on termination of leases.  In the 2018/19 year, a number of one-off credits of this nature were recognised in the second half.

·      Net assets reduce by £(1.3)bn to £13.5bn, as a 'new' lease liability of £(10.4)bn and 'new' right of use asset of £7.7bn are recognised and onerous lease provisions and other working capital balances are derecognised.

·      Total indebtedness increases by £(3.3)bn to £(15.5)bn due to lease extensions and contingent commitments being included and lease-specific discount rates being applied.

 

Further detail on the impact of IFRS 16 on our 2018/19 financial statements can be found in Note 1 of this press release.

Additional information about the implementation of IFRS 16 and the impact of IFRS 16 on the first half 2018/19 financial statements were outlined in the Group's 'Introducing IFRS 16' analyst and investor briefing which was held on 15 February 2019.  The relevant release, presentation and webcast of the briefing are available on www.tescoplc.com/investors/reports-results-and-presentations.

 

1.  Excludes exceptional items and amortisation of acquired intangibles

2.  Group operating profit before exceptional items and amortisation of acquired intangibles divided by Group Revenue

3.  Excludes exceptional items, amortisation of acquired intangibles, net pension finance costs and fair value remeasurements on financial instruments

 

Contacts

 

Investor Relations:

Chris Griffith

01707 912 900

Media:  

Christine Heffernan

01707 918 701

 

Philip Gawith, Teneo

0207 420 3143

 

Note 1

These condensed consolidated financial statements for the 52 weeks ended 23 February 2019 do not constitute statutory accounts as defined in section 434 of the Companies Act 2006. A copy of the statutory accounts for the 52 weeks ended 23 February 2019 will be filed with the Registrar of Companies following their approval at the AGM. The auditor's report on those accounts was not qualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain statements under section 498(2) or (3) of the Companies Act 2006.

 

Income statement restatement for the 52 weeks ended 23 February 2019

 

52 weeks ended 23 February 2019 (reported)

IFRS 16 impact

52 weeks ended 23 February 2019 (restated)

 

Before exceptional items and amortisation of acquired intangibles

£m

 Exceptional items and amortisation of acquired intangibles

£m

Total

£m

Before exceptional items and amortisation of acquired intangibles

£m

 Exceptional items and amortisation of acquired intangibles

£m

Total

£m

Before exceptional items and amortisation of acquired intangibles

£m

 Exceptional items and amortisation of acquired intangibles

£m

Total

£m

Continuing operations

Revenue

63,911

-

63,911

-

-

-

63,911

-

63,911

Cost of sales

(59,695)

(72)

(59,767)

394

95

489

(59,301)

23

(59,278)

Gross profit/(loss)

4,216

(72)

4,144

394

95

489

4,610

23

4,633

Administrative expenses

(1,989)

(86)

(2,075)

7

-

7

(1,982)

(86)

(2,068)

Profits/(losses) arising on property-related items

(21)

105

84

-

-

-

(21)

105

84

Operating profit/(loss)

2,206

(53)

2,153

401

95

496

2,607

42

2,649

Share of post-tax profits/(losses) of joint ventures and associates

24

11

35

(3)

-

(3)

21

11

32

Finance income

22

-

22

3

-

3

25

-

25

Finance costs

(536)

-

(536)

(553)

-

(553)

(1,089)

-

(1,089)

Profit/(loss) before tax

1,716

(42)

1,674

(152)

951

(57)2

1,564

53

1,617

Taxation

(413)

59

(354)

16

(9)

7

(397)

50

(347)

Profit/(loss) for the year

1,303

17

1,320

(136)

86

(50)

1,167

103

1,270

Earnings/(losses) per share from continuing and discontinued operations

Basic

 

13.65p

 

(0.52)p

 

13.13p

Diluted

 

13.55p

 

(0.51)p

 

13.04p

Earnings/(losses) per share from continuing operations

 

Basic

 

13.65p

 

(0.52)p

 

13.13p

Diluted

 

13.55p

 

(0.51)p

 

13.04p

KPIs and APMs

Operating margin

 

3.5%

 

0.6%

 

4.1%

Diluted adjusted EPS

 

15.40p

 

(1.39)p

 

14.01p

 

1. £95m gain relates to a net impairment reversal following our annual impairment review and an onerous lease provision credit.

2. £(57)m PBT impact comprises: £1,060m rental charge removal, £(675)m additional depreciation, £(550)m additional net interest charge and £108m other net gains.

 

Balance sheet restatement                                                          As at 23 February 2019                                   As at 24 February 2018

 

Reported

£m

IFRS 16  impact

£m

Restated

£m

Reported1

£m

IFRS 16  impact

£m

Restated

£m

Non-current assets

Goodwill and other intangible assets

6,264

-

6,264

2,661

-

2,661

Property, plant and equipment

19,023

163

19,186

18,521

191

18,712

Right of use assets2

-

7,713

7,713

-

7,527

7,527

Investment property

36

-

36

100

-

100

Investments in joint ventures and associates

704

(38)

666

689

(35)

654

Financial assets at fair value through other comprehensive income

979

-

979

860

-

860

Trade and other receivables

195

48

243

186

31

217

Loans and advances to customers and banks

7,868

-

7,868

6,885

-

6,885

Derivative financial instruments

1,178

-

1,178

1,117

-

1,117

Deferred tax assets

132

119

251

116

285

401

 

36,379

8,005

44,384

31,135

7,999

39,134

Current assets

Financial assets at fair value through other comprehensive income

67

-

67

68

-

68

Inventories

2,617

-

2,617

2,264

-

2,264

Trade and other receivables

1,640

(90)

1,550

1,504

(89)

1,415

Loans and advances to customers and banks

4,882

-

4,882

4,637

-

4,637

Derivative financial instruments

52

-

52

27

-

27

Current tax assets

6

-

6

12

-

12

Short-term investments

390

-

390

1,029

-

1,029

Cash and cash equivalents

2,916

-

2,916

4,059

-

4,059

 

12,570

(90)

12,480

13,600

(89)

13,511

Non-current assets classified as held for sale

98

-

98

149

-

149

 

12,668

(90)

12,578

13,749

(89)

13,660

Current liabilities

Trade and other payables

(9,354)

223

(9,131)

(8,994)

221

(8,773)

Borrowings

(1,599)

36

(1,563)

(1,479)

12

(1,467)

Lease liability3

-

(646)

(646)

-

(712)

(712)

Derivative financial instruments

(250)

-

(250)

(69)

-

(69)

Customer deposits and deposits from banks

(8,832)

-

(8,832)

(7,812)

-

(7,812)

Current tax liabilities

(325)

-

(325)

(335)

-

(335)

Provisions

(320)

94

(226)

(544)

128

(416)

 

 (20,680)

(293)

(20,973)

(19,233)

(351)

(19,584)

Net current liabilities

(8,012)

(383)

(8,395)

(5,484)

(440)

(5,924)

Non-current liabilities

Trade and other payables

(384)

19

(365)

(364)

-

(364)

Borrowings

(5,673)

93

(5,580)

(7,142)

110

(7,032)

Lease liability3

-

(9,859)

(9,859)

-

(9,560)

(9,560)

Derivative financial instruments

(389)

-

(389)

(594)

-

(594)

Customer deposits and deposits from banks

(3,296)

-

(3,296)

(2,972)

-

(2,972)

Post-employment benefit obligations

(2,808)

-

(2,808)

(3,282)

-

(3,282)

Deferred tax liabilities

(236)

187

(49)

(96)

14

(82)

Provisions

(747)

600

(147)

(721)

592

(129)

 

(13,533)

(8,960)

(22,493)

(15,171)

(8,844)

(24,015)

Net assets

14,834

(1,338)

13,496

10,480

(1,285)

9,195

Equity

 

 

 

 

 

 

Share capital

490

-

490

410

-

410

Share premium

5,165

-

5,165

5,107

-

5,107

All other reserves

3,798

(21)

3,777

735

(18)

717

Retained earnings

5,405

(1,317)

4,088

4,250

(1,267)

2,983

Equity attributable to the owners of the parent

14,858

(1,338)

13,520

10,502

(1,285)

9,217

Non-controlling interests

(24)

-

(24)

(22)

-

(22)

Total equity

14,834

(1,338)

13,496

10,480

(1,285)

9,195

APMs

 

 

 

 

 

 

Net debt4

(2,863)

(10,341)

(13,204)

(2,625)

(10,114)

(12,739)

Total indebtedness5

(12,200)

(3,342)

(15,542)

(12,284)

(3,183)

(15,467)

1.  After restating for the adoption of IFRS 15 'Revenue from Contracts with Customers'.

2.  The right of use assets of £7,713m (2017/18: £7,527m) includes £104m (2017/18: £107m) assets held under finance leases, previously included in PP&E.

3.  Total lease liabilities of £(10,505)m (2017/18: £(10,272)m) include £(129)m (2017/18: £(122)m) finance lease liabilities previously included in borrowings.

4.  Net debt comprises bank and other borrowings, lease liabilities, net derivative financial instruments, joint venture loans and other receivables/ payables, offset by cash and cash equivalents and short-term investments. It excludes the net debt of Tesco Bank, which has lease liabilities of £35m (2018: £36m).

5.  Total indebtedness pre-IFRS 16 comprises Net debt plus the IAS 19 deficit in the pension schemes (net of associated deferred tax) plus the present value of future minimum lease payments under non-cancellable operating leases. Post-IFRS 16, lease liabilities are included in Net debt, replacing the present value of future minimum lease payments under non-cancellable operating leases.

 

Summary Retail Cash Flow Restatement for the 52 weeks ended 23 February 2019

 

 

52 weeks ended 23 February 2019 reported

£m

IFRS 16 impact

£m

52 weeks ended 23 February 2019 restated

£m

Operating profit before exceptional items and amortisation of acquired intangibles

2,206

401

2,607

Less: Tesco Bank operating profit before exceptional items

(197)

(2)

(199)

Retail operating profit from continuing operations before exceptional items and amortisation of acquired intangibles

2,009

399

2,408

Add back: Depreciation and amortisation

1,214

673

1,887

Other reconciling items

94

(24)

70

Pension deficit contribution

(266)

-

(266)

Underlying (increase) / decrease in working capital

(312)

6

(306)

Retail cash generated from operations before exceptional items

2,739

1,054

3,793

Exceptional cash items:

 

 

 

Relating to prior years:

 

 

 

- Shareholder Compensation Scheme payments and SFO fine

(43)

-

(43)

- Utilisation of onerous lease provisions

(81)

81

-

- Restructuring payments

(60)

-

(60)

Relating to current year:

 

 

 

- Restructuring payments

(68)

-

(68)

Other

15

-

15

Retail operating cash flow

2,502

1,135

3,637

Cash capex

(1,126)

-

(1,126)

Net interest

(283)

(547)

(830)

Tax

(302)

-

(302)

Property proceeds

285

-

285

Property purchases - store buybacks

(136)

-

(136)

Market purchases of shares (net of proceeds)

(146)

-

(146)

Acquisitions and disposals and dividends received

(635)

-

(635)

Add back: Booker acquisition costs (included in Acquisition & disposals above)1

747

-

747

Repayments of obligations under leases

(17)

(588)

(605)

Retail free cash flow

8892

-

889

 

1.  The cost of major acquisitions and disposals are removed from the Group's definition of free cash flow.

2.  Retail cash flow has been redefined to include repayments of obligations under leases due to IFRS 16. This results in a minor adjustment of £17m, restating reported retail cash flow of £906m to £889m. There is no overall impact to cash / cash equivalents at the end of the period.

 

Segmental reporting

The tables below set out the reported segmental income statement and the IFRS 16 impact, together with the expected comparative period segmental income statement for the 52 weeks ended 23 February 2019.

 

Segmental income statement

 

 

52 weeks ended 23 February 2019 (reported)  

At actual exchange rates

 

UK & ROI

£m

Central 

Europe

£m

 

Asia

£m

Tesco 

Bank

£m

Total at actual

exchange

£m

Continuing operations

 

 

 

 

 

Revenue

51,643

6,298

4,873

1,097

63,911

Operating profit/ (loss) before exceptional items and amortisation of acquired intangibles

1,537

186

286

197

2,206

Exceptional items and amortisation of acquired intangibles

(2)

46

(67)

(30)

(53)

Operating profit/(loss)

1,535

232

219

167

2,153

Operating margin

2.98%

2.95%

5.87%

17.95%

3.45%

 

 

52 weeks ended 23 February 2019 (IFRS 16 impact)  

At actual exchange rates

 

UK & ROI

£m

Central 

Europe

£m

 

Asia

£m

Tesco 

Bank

£m

Total at actual

exchange

£m

Continuing operations

 

 

 

 

 

Revenue

-

-

-

-

-

Operating profit/ (loss) before exceptional items and amortisation of acquired intangibles

331

35

33

2

401

Exceptional items and amortisation of acquired intangibles

83

12

-

-

95

Operating profit/(loss)

414

47

33

2

496

Operating margin

0.64%

0.56%

0.68%

0.19%

0.63%

 

 

52 weeks ended 23 February 2019 (restated)  

At actual exchange rates

 

UK & ROI

£m

Central 

Europe

£m

 

Asia

£m

Tesco 

Bank

£m

Total at actual

exchange

£m

Continuing operations

 

 

 

 

 

Revenue

51,643

6,298

4,873

1,097

63,911

Operating profit/ (loss) before exceptional items and amortisation of acquired intangibles

1,868

221

319

199

2,607

Exceptional items and amortisation of acquired intangibles

81

58

(67)

(30)

42

Operating profit/(loss)

1,949

279

252

169

2,649

Operating margin

3.62%

3.51%

6.55%

18.14%

4.08%

 

The table below sets out the segmental balance sheet as at 23 February 2019, restated for the impact of IFRS 16.

 

Segmental balance sheet restatement

At 23 February 2019 (restated)

 

UK & ROI

£m

Central 

Europe

£m

 

Asia

£m

Tesco 

Bank

£m

Unallocated

£m

Total

£m

Goodwill and other intangible assets

4,927

27

284

1,026

-

6,264

Property, plant and equipment and investment property

14,017

2,694

2,449

62

-

19,222

Right of use assets

6,537

479

682

15

-

7,713

Investments in joint ventures and associates

12

1

567

86

-

666

Non-current financial assets at fair value through other comprehensive income

3

-

-

976

-

979

Non-current trade and other receivables1

100

5

14

19

-

138

Non-current loans and advances to customers and banks

-

-

-

7,868

-

7,868

Deferred tax assets

86

34

71

60

-

251

Non-current assets2

25,682

3,240

4,067

10,112

-

43,101

Inventories and current trade and other receivables3,4

2,999

482

372

285

-

4,138

Current loans and advances to customers and banks

-

-

-

4,882

-

4,882

Current financial assets at fair value through other comprehensive income

-

-

-

67

-

67

Total trade and other payables

(7,452)

(800)

(1,016)

(228)

-

(9,496)

Total customer deposits and deposits from banks

-

-

-

(12,128)

-

(12,128)

Total provisions

(245)

(27)

(49)

(52)

-

(373)

Deferred tax liabilities

(15)

(24)

(10)

-

-

(49)

Net current tax

(265)

(12)

(11)

(31)

-

(319)

Post-employment benefits

(2,788)

-

(20)

-

-

(2,808)

Assets classified as held for sale

68

30

-

-

-

98

Net debt (including Tesco Bank)5

(9,060)

(728)

(682)

(413)

(2,734)

(13,617)

Net assets

8,924

2,161

2,651

2,494

(2,734)

13,496

 

1. Excludes loans to joint ventures of £105m which form part of net debt.

2. Excludes derivative financial instrument non-current assets of £1,178m.

3. Excludes net interest and other receivables of £1m which form part of net debt.

4. Excludes loans to joint ventures of £28m which form part of net debt.

5. Includes lease liabilities in UK & ROI £9,060m, Central Europe £728m, Asia £682m, Tesco Bank £35m, Unallocated £nil and Total £10,505m.

 

 

 

The table below sets out the expected impact of IFRS 16 on the comparative period cash flow statement for the 52 weeks ended 23 February 2019 and related APMs. IFRS 16 has no impact on total cash flow for the year or cash and cash equivalents at the end of the year. Cash generated from operations and free cash flow measures increase as operating lease rental expenses are no longer recognised as operating cash outflows. Cash outflows are instead split between interest paid and repayments of obligations under leases, which both increase.

 

Cash flow statement restatement for the 52 weeks ended 23 February 2019

                                                                             Retail                                                       Tesco Bank                                                 Tesco Group

52 weeks ended 23 February 2019

Retail

(reported)

£m

IFRS 16 impact

£m

Retail

(restated)

£m

Tesco Bank

(reported)

£m

IFRS 16 impact

£m

Tesco Bank

(restated)

£m

Tesco Group

(reported)  £m

IFRS 16 impact

£m

Tesco Group

(restated)  £m

Operating profit/(loss) of continuing operations

1,986

494

2,480

167

2

169

2,153

496

2,649

Depreciation and amortisation

1,292

673

1,965

83

2

85

1,375

675

2,050

ATM net income

(34)

-

(34)

34

-

34

-

-

-

(Profit)/loss arising on sale of property, plant and equipment and intangible assets and early termination of leases

(99)

(24)

(123)

(8)

-

(8)

(107)

(24)

(131)

(Profit)/loss arising on sale of subsidiaries and financial assets at fair value through other comprehensive income

(8)

-

(8)

-

-

-

(8)

-

(8)

Net impairment loss/(reversal) on property, plant and equipment, intangible assets and investment property

(58)

(56)

(114)

-

-

-

(58)

(56)

(114)

Adjustment for non-cash element of pensions charge

45

-

45

-

-

-

45

-

45

Additional contribution into defined benefit pension schemes

(266)

-

(266)

-

-

-

(266)

-

(266)

Share-based payments

82

-

82

(5)

-

(5)

77

-

77

Tesco Bank fair value movements included in operating profit/(loss)

-

-

-

127

-

127

127

-

127

Cash flows generated from operations excluding working capital

2,940

1,087

4,027

398

4

402

3,338

1,091

4,429

(Increase)/decrease in working capital

(438)

48

(390)

(258)

-

(258)

(696)

48

(648)

Cash generated from/(used in) operations

2,502

1,135

3,637

140

4

144

2,642

1,139

3,781

Interest paid

(301)

(550)

(851)

(5)

(3)

(8)

(306)

(553)

(859)

Corporation tax (paid)/received

(302)

-

(302)

(68)

-

(68)

(370)

-

(370)

Net cash generated from/(used in) operating activities

1,899

585

2,484

67

1

68

1,966

2,552

Proceeds from the sale of property, plant and equipment, investment property, intangible assets and non-current assets classified as held for sale

285

-

285

1

-

1

286

-

286

Purchase of property, plant and equipment, investment property and non-current assets classified as held for sale - store buy backs

(136)

-

(136)

-

-

-

(136)

-

(136)

Purchase of property, plant and equipment, investment property and non-current assets classified as held for sale - other capital expenditure

(962)

-

(962)

(3)

-

(3)

(965)

-

(965)

Purchase of intangible assets

(164)

-

(164)

(27)

-

(27)

(191)

-

(191)

Disposal of subsidiaries, net of cash disposed

8

-

8

-

-

-

8

-

8

Acquisition of subsidiaries, net of cash acquired

(715)

-

(715)

-

-

-

(715)

-

(715)

Net increase/(decrease) in loans to joint ventures and associates

-

-

-

5

-

5

5

-

5

Investments in joint ventures and associates

(11)

-

(11)

-

-

-

(11)

-

(11)

Net (investments in)/proceeds from sale of short-term investments

639

-

639

-

-

-

639

-

639

Net (investments in)/proceeds from sale

of financial assets at fair value through

other comprehensive income

2

-

2

(124)

-

(124)

(122)

-

(122)

Dividends received from joint ventures and associates

31

-

31

10

-

10

41

-

41

Dividends received from Tesco Bank

50

-

50

(50)

-

(50)

-

-

-

Interest received

18

3

21

-

-

-

18

3

21

Net cash generated from/(used in) investing activities

(955)

3

(952)

(188)

-

(188)

(1,143)

3

(1,140)

 

 

Cash flow statement restatement for the 52 weeks ended 23 February 2019 continued

                                                                                Retail                                                     Tesco Bank                                                   Tesco Group

52 weeks ended 23 February 2019

Retail

(reported)

£m

IFRS 16 impact

£m

Retail

(restated)

£m

Tesco Bank

(reported)

£m

IFRS 16 impact

£m

Tesco Bank

(restated)

£m

Tesco Group

(reported) 

£m

IFRS 16 impact

£m

Tesco Group

(restated) 

£m

Proceeds from issue of ordinary share capital

60

-

60

-

-

-

60

-

60

Own shares purchased

(206)

-

(206)

-

-

-

(206)

-

(206)

Repayment of obligations under leases

(17)

(588)

(605)

-

(1)

(1)

(17)

(589)

(606)

Add: Cash outflow from major acquisition

747

-

747

-

-

-

747

-

747

Less: Net increase/(decrease) in loans to joint ventures and associates

-

-

-

(5)

-

(5)

(5)

-

(5)

Less: Net investments in/(proceeds from sale of) short-term investments

(639)

-

(639)

-

-

-

(639)

-

(639)

APM: Free Cash Flow*

889

-

889

(126)

-

(126)

763

-

763

Increase in borrowings

704

-

704

271

-

271

975

-

975

Repayment of borrowings

(2,046)

-

(2,046)

(425)

-

(425)

(2,471)

-

(2,471)

Net cash flows from derivative financial instruments

35

-

35

-

-

-

35

-

35

Dividends paid to equity owners

(357)

-

(357)

-

-

-

(357)

-

(357)

Net cash generated from/(used in) financing activities

(1,827)

(588)

(2,415)

(154)

(1)

(155)

(1,981)

(589)

(2,570)

 

 

 

 

 

 

 

 

 

 

Intra-Group funding and intercompany transactions

(14)

-

(14)

14

-

14

-

-

-

 

Net increase/(decrease) in cash and cash equivalents

 

(897)

 

-

 

(897)

 

(261)

 

-

 

(261)

 

 (1,158)

 

-

 

(1,158)

Cash and cash equivalents at the beginning of the year

2,755

-

2,755

1,304

-

1,304

4,059

-

4,059

Effect of foreign exchange rate changes

15

-

15

-

-

-

15

-

15

Cash and cash equivalents at the end of the year

1,873

-

1,873

1,043

-

1,043

2,916

-

2,916

 

* Free cash flow has been redefined to include repayments of obligations under leases due to IFRS 16. This results in a minor adjustment of £17m, restating reported retail free cash flow of £906m to £889m. There is no overall impact to cash / cash equivalents at the end of the period.

 

Disclaimer

This document may contain forward-looking statements that may or may not prove accurate.  For example, statements regarding expected revenue growth and operating margins, market trends and our product pipeline are forward-looking statements.  Phrases such as "aim", "plan", "intend", "should", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions are generally intended to identify forward-looking statements.  Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. Any forward-looking statement is based on information available to Tesco as of the date of the statement. All written or oral forward-looking statements attributable to Tesco are qualified by this caution.  Tesco does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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