tesco annual review 2011

8/4/2019 Tesco Annual Review 2011

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ovvw

1 Chairmansstatement

2 Tescoaroundtheworld

4 ChiefExecutivesreview

6 Ourvision

b vw

14 Ourbusiness

16 GrowingtheUKcore18 Tobeanoutstanding

internationalretailer

20 Tobestrongineverything

wesell

22 Growingretailservices

24 Communityattheheart

ofwhatwedo

26 Buildingbrands

28 Buildingourteam

mm fc

m

30 SummaryreportoftheDirectors

33 Groupfinancials

36 OurBoardofDirectors

IBC Financialcalendar

* nderlying diluted earnings per share grth

alulated n nstant tax rate asis; 12.8%

at atual tax rates

+8.1%Grup sales (inluding v): 67,573

+12.3%nderlying prit ere tax: 3,813

+11.3%Grup prit ere tax: 3,535

+10.8%*nderlying diluted earnings

per share: 35.72p

+10.8%Diidend per share: 14.46p

Ourcorepurposeistocreatevalueforcustomerstoearntheirlifetimeloyalty.

OurValuessitattheheartofourbusiness.Theyare:

Noonetriesharderforcustomers;and

Treatpeoplehowweliketobetreated.

C


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After14yearsasCEO,TerryLeahyannouncedhisretirementin

Juneand,aspartofourlong-termsuccessionplan,PhilipClarke

replacedhimatthehelminMarch2011.

Terryisundoubtedlyoneoftheleadingbusinessmenofhis

generation.Underhisleadershipwehavemorethanquadrupled

oursalesandprofits,expandedinto13countriesoutsidetheUK

andenterednewmarketssuchasonlineretailingandfinancial

services.OnbehalfofeveryoneatTescoandallourshareholders,

itisaprivilegetothankTerryforhisunrivalledcontributiontothe

successofthebusiness.Therecouldbenobetterpersontoleadusgoingforwardthan

PhilipClarke.PhiliphasworkedatTescothroughouthiscareer,

spendingmanyyearsinRetailandCommercial.Hejoinedthe

TescoBoardin1998and,aspartofhisroleasAsia,Europeand

ITDirector,hasbeenattheheartofmanyofourmostimportant

developmentsandoperationalimprovementsinrecentyears,

suchasentryintoChina,TurkeyandIndiaandtheintroduction

oftheTescoHindustanServiceCentre(HSC)ourglobal

servicesarm.

IsettheNominationsCommitteetheobjectiveofdeliveringa

seamlesssuccessionandIamdelightedwiththeoutcome.The

handoverprocessfromTerrytoPhilipwasverysmooth.Ihave

everyconfidencethatunderPhilipsleadership,Tescowillgoon

toachieveevengreatersuccessinthefuture.

InorderfortheTescoBoardtobetterreflecttheglobalnature

ofourbusiness,providemorefocusonkeyareasofperformance

anddeliveronourimmediateobjectives,wemadeadditional

changesinMarch2011.TimMasonhasbecomeDeputyCEO

andChiefMarketingOfficerinadditiontohisroleasPresident

andCEOFresh&Easy.

RichardBrasherhasassumedthenewlycreatedroleofCEOfor

theUK,aswellashavingresponsibilityfortheRepublicofIreland,

whilstDavidPottshasbecomethefirstCEOofourgrowingAsia

business.LaurieMcIlweehastakenonresponsibilityforGroup

StrategyinadditiontohisroleasCFO.

Iampleasedtoreportanothergoodsetofresultsinwhathasbeenachallengingyearinsome

ofourmarkets.

AndrewHigginsonandLucyNeville-Rolfewillcontinueintheir

rolesasCEORetailServicesandExecutiveDirector(Corporate

andLegalAffairs)respectively.

TherehavealsobeenafewchangestotheNon-executive

membersoftheBoardthisyear.RodneyChaseCBEretired

fromhispositionasDeputyChairmanandSeniorIndependent

DirectorinJuly.PatrickCescau,whohasservedontheBoardsince

February2009,hasreplacedRodneyasSeniorIndependentDirector.

CharlesAllenCBEandDrHaraldEinsmann,whohadbothserved

ontheTescoBoardsinceFebruary1999,alsoretiredinJulyand

werereplacedbyStuartChambersandGarethBullock.

Stuart,formerlyCEOofNSGGroupandPilkingtonplc,has

replacedCharlesasChairmanoftheRemunerationCommittee.

Gareth,formerGroupExecutiveDirectorofStandardChartered

PLC,hasjoinedtheAuditCommittee.

IwouldliketothankCharles,HaraldandRodneyfortheirexcellent

adviceandimportantcontributionsoveracombined30years

service,andalsoformallywelcomeGarethandStuart,whobring

withthemawealthofinternationalexperienceandnewexpertise

infinancialservices,furtheraddingtotheoverallstrengthofthe

TescoBoard.

Diidend

Iamdelightedtoreportthatwehaveagainincreasedourdividend

forthe27thconsecutiveyear.TheBoardhasproposedafinal

dividendof10.09ppershare,takingthefull-yeardividendto

14.46p.Thisrepresentsanincreaseof10.8%onlastyearsfull-year

dividend,whichisinlinewiththegrowthinunderlyingdiluted

earningspershareatconstanttaxrates.

cunity

Thisyear,wedonatedover64milliontocharityagainmeetingourtargettodonatetheequivalentofover1%ofourprofitsto

charitiesandgood causes.

Wevemadefurtherprogresstowardsourgoalofbecoming

azero-carbonbusinessby2050.Thisyearwehavereduced

emissionsfromourbaselineportfolioofbuildingsby7.7%.

our peple

Ourgrowthoverthepastyearisadirectresultofthededication,

passionandhardworkofourpeopleateamwhichisnowover

492,000strong.Imdelightedthatourshareownershipincentive

schemesarehelpingourstafftogettheirownpersonalstake

inthebusiness.Thisyear216,000employeessharedarecord

105.5millionthroughourSharesInSuccessscheme.OnbehalfoftheBoard,Iwouldliketothankallofourpeoplefortheir

ongoingcommitmenttoprovidingthebestpossibleservice

forourcustomers.

David Reid

Chairman

VRVIW

TESCOPLCAnnualReviewandSummaryFinancialStatement2011 1

Chairmans statement


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Creatingvaluefor

customersacrossallourbusinesses

2 TESCOPLCAnnualReviewandFinancialStatement2011

esco around the world

VRVIW

UK

eenue*

40,766muer stres

2,715plyees

293,676elling spae (sq t, % Grup)

36.7msqft35.4%

esco Bank

eenue*

919mplyees

1,274

U

eenue*

495muer stres

164plyees


1.7msqft1.6%

plyee igures represent the aerage nuer eplyees during the year

230 eplyees arss sia and urpe rk in latins ther than thse listed

* eenues are sales exluding v and exlude the ipat fc 13 (uster lyalty shees)

eenue r urpe inludes frane; reenue r sia inludes ndia

GDP grth: nist ntelligene nit


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TESCOPLCAnnualReviewandFinancialStatement2011 3

eenue* GDP grth

() tres plyees (% real hange pa)

outh Korea 4,984 354 23,131 6.1

hailand 2,844 782 38,395 7.9

China 1,141 105 27,096 10.3

Malasia 794 38 11,023 7.2

Japan 476 140 4,367 4.0

urope

eenue*

9,192muer stres

1,082plyees89,559elling spae (sq t, % Grup)

30.2msqft29.2%

India

n ndia, e hae an exlusie

ranhise agreeent ith

rent, the retail ar the ata

Grup. we are supprting the

deelpent their tar

bazaar rat.

Asia

eenue*

10,278muer stres

1,419plyees


35.0msqft33.8%

eenue* GDP grth

() tres plyees (% real hange pa)

Republic of Ireland 2,332 130 13,344 -0.8

Poland 2,156 371 24,932 3.8

Hungar 1,649 205 21,157 1.2

Czech Republic 1,355 158 12,812 2.3

lovakia 996 97 9,105 4.0

urke 700 121 8,038 8.1


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benefittheperformanceandcompetitivenessofeachofour

businessesaroundtheworld.

Wewillbea modern and innovative compan.Wellstay

aheadofthecurve,anticipatingchangesandadaptingforthe

sakeofourcustomersandstaff.

Weare,andwewillremaina growth compan.Wewill

continuetopursuegrowthinallpartsofthebusinessinthe

UK,internationally,inservicesandacrossgeneralmerchandise,

clothingandelectricals.

Moredetailonournewvisioncanbefoundonpages6to13.

Toputthisvisionintopractice,ourstrategyisevolvingwith

aslightchangeinemphasiswhichbuildsonthesuccessofour

previousfive-partstrategythathasservedussowelloverthe

past14years.Soourstrategywillnowhavesevenparts.Much

ofitwillbefamiliarbutwithsomeimportantnewadditions

aroundbeingamulti-channelretailer,creatinghighlyvalued

brandsandbuildingourteam:

TogrowtheUKcore

Tobeanoutstandinginternationalretailerinstores

andonline

Tobeasstrongineverythingwesellasweareinfood

Togrowretailservicesinallourmarkets

Toputourresponsibilitiestothecommunitiesweserve

attheheartofwhatwedo

Tobeacreatorofhighlyvaluedbrands

Tobuildourteamsothatwecreatemorevalue

Moredetailsonourstrategycanbefoundonpage14.

Management structures

Wevemadesomechangestoourmanagementstructuresin

ordertoequipthebusinesstodeliverourstrategyandvision.

ThismeansCEOsforeachofourmainareasoffocustheUK,

Asia,ServicesincludingTescoBank,EuropeandtheUSbeing

supportedbytheintegratingfunctionssuchasITandFinance

toleveragetheskillandscaleoftheGroup.

ThebiggestpartofthischangewasintheUK,whichnowhas

itsownCEOandmanagementboardforthefirsttime.Thiswill

bringmorefocusandenergytoourlargestbusiness.Ofcourse,

structuresdontmanagecompanies,peopledoandIm

confidentthatatalllevelswehavetheverybestteamworking

hardtodeliverthebestshoppingtripforourcustomers.

IhaveinheritedagreatlegacyandIamreallyexcitedaboutthe

future.Intheendofcourse,weknowitsallaboutperformance;

thatswhatmattersandthatswhatweaimtodeliver.

Philip Clarke

GroupChiefExecutive



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Tobethemosthighly

valued


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esco Clubcard

Allretailingislocal.AndClubcardisoneofthewaysinwhichwe

canberesponsivetolocalcustomerneeds.Inadditiontorewarding

customersfortheirloyalty,Clubcardprovidesuswithinsightfrom

millionsofcustomertransactions.Fromthiswecandeveloptailored

ranges,promotionsandmarketingbycountryorregioninfact

rightdowntotheindividualcustomerviatheirClubcardmailing.

TheknowledgeandexpertiseofoperatingClubcardwasdeveloped

intheUKbuthasnowbeenrolledouttoafurther11countries

acrosstheGroup,withmoremembersinAsiaandEuropethan

athomeintheUK.

F&FWevebeensuccessfulatexportinganumberofourbrands

internationally,tailoringthemtolocaltrends,needsandpriceranges.

F&Fisagoodexampleofhowoneofourbrandshasspread

globallyandwonlocally.WerebringingthebenefitsofourGroup

skillandscaletoourbuyingandsourcingoperations,helpingto

reducecostsandimprovequality.InCentralEuropeforexample,

95%ofourclothingsupplierbaseisthesameasIrelandandthe

UK,eventhoughtowinineachmarket,weadaptourrangeto

localtrends,tastesandclimates.

F&Fisnowintenofourmarketsandisthemarket-leadingclothing

brandintheCzechRepublic,HungaryandSlovakia.Wealso

openedourfirststand-aloneF&FstoreinPraguethisyear.

World-class training for national talent

Weknowthattobeasuccessfulinternationalretailerweneedto

combinedeeplocalknowledgewithglobalexperiencethisiswhy

allofourinternationalmanagementteamsareamixtureof

nationalsandpeoplefromourUKbusiness.

Inaddition,theexperienceofworkinginternationallyhelpsus

attract,retainanddevelopourpeopleoverafifthofourdirectors

arecurrentlyworkingoutsidetheirhomecountry.

OurAcademysupportsthedevelopmentofbothoperational

expertiseandleadershipexcellence.Managementcoursesare

developedbasedonglobalbestpracticeandthenusedtotrain

teamsineachlocalmarket.OurfirstdedicatedAcademycentre

willopeninSeoulservingAsiainJuly.

OURVISION

learn re aut ur

isin and strategy:

http://ar2011.tescoplc.com/

businessreview/ourstrateg

9


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nline retailing

Customersexpecttobeabletoshopwhereandwhentheywant

asshoppinghabitshavechangedovertheyearswevechanged

too.AswevegrownfromaUKsupermarketchaintowards

becominganinternationalmulti-channelretailerwevecontinued

toinnovateeverystepoftheway.

Wewereviewedaspioneerswhenwefirstlaunchedanonline

grocerybusiness11yearsago.Itsnowthelargestmostprofitable

businessofitskindintheworld.

Usingtheirsmartphones,ourcustomerscannowscanthebarcode

ofgroceryitems,orderonlineandhavetheirshoppingdeliveredto

theirhome.

A leader in green retailing

Asaglobalbusinessweknowthatwecanmakearealdifference

intacklingclimatechangecuttingourownemissions,working

withsuppliersandhelpingcustomerstocuttheircarbonfootprint.

Wealsounderstandthatsuccessfulbusinessesneedtobegreen

togrow.

Our2050targettobeazero-carbonbusinesswillbeachieved

throughimprovedefficiencyandbygeneratingourenergyfrom

renewablesources.Weremakinggoodprogressoverthepast

yearwehavereducedemissionsfromourbaselineportfolioof

buildingsby7.7%.

Wehavepledgedtohelpcustomerscuttheircarbonfootprintsby

50%by2020.WehaveworkedwiththeCarbonTrustandother

stakeholderstodevelopauniversalcarbonfootprintlabelwhich

describestheemissionsassociatedwitheachproduct.Since

January2008,wehavecarbonlabelledmorethan500everyday

productsintheUKandhavestartedtolabelproductsinSouth

Korea,helpingourcustomerstomakegreenerchoices.

OURVISION

500+Prduts arn laelled sine 2008

learn re aut ur

isin and strategy:



11


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UK: an outstanding business

WehavemorethandoubledsalesandprofitinourUKbusiness

overthelastdecade,cementingourpositionasclearmarket

leader.Yetthereremainsignificantopportunitiesforfurther

growth.TheUKhasthelowestgroceryretailspacepercapitaof

anycountryintheEU;only54%ofshoppersareabletoreachaTescoExtrawithin15minutesandwehaveonlyasmallshareof

theconveniencesector.

Beyondgrocerywevedevelopedastrongpositioninmanyother

categoriessuchasclothing,electricalsandentertainment.Butwith

amarketshareofaround4%inthenon-foodsectorthereisstill

plentymoretocome.

International growth

Morethantwo-thirdsofourprofitgrowthnowcomesfrom

marketsoutsidetheUK.WeopenedourfirstinternationalTesco

storein1995;todaywerein13marketsacrossEurope,Asiaand

NorthAmerica.65%ofourfloorspaceisnowoutsidetheUK,and

ourbusinessesinAsiaandEuropearecollectivelythesamesizeasthewholeofTescowas11yearsago.Wevebuiltsuccessful,diverse

businessesacrosstheworld,yetthejourneyisonlyjustbeginning.

Wevealreadydevelopedmarket-leading,highlyprofitable

businessesinanumberofcountries.InSouthKorea,ourlargest

internationalbusiness,Homeplus,alreadygenerates5billion

revenue.Yet,ifHomeplusweretogrowtohavethesame

proportionofthetotalretailmarketthatTescohasachievedin

theUK,thebusinesswouldbemorethanthreetimesaslargeas

itistoday.

Duringourfirstdecadeofinternationalexpansionweveproved

thatweareabletodevelopprofitableandmarket-leading

businessesinmanyofourmarkets.Overthenextdecade,in

additiontofurtherexpandingourestablishedoverseasbusinesses,

wearefocusedondeliveringgrowthinthreeoftheworldslargesteconomies:China,IndiaandtheUnitedStates,whichbetween

themofferdecadesoffuturegrowth.

ew services

CustomerstrustTescoandappreciatethatweprovidevalue,

simplicityandgoodservice.Thisisourapproachwitheverything

wesellandisthekeytooursuccessinfollowingthecustomerinto

newareassuchasbankingandtelecoms.

TescoBankintheUKnowhasover6.5millioncustomeraccounts

andgeneratesannualprofitsof264million.Wevemadeparticularly

goodprogressincreditcards.InFebruary,oneineightofall

MasterCardandVisacreditcardtransactionsintheUKweremade

onaTescocreditcard.Aswebroadenourofferwithmortgageslaunchingthisyearweaimtobecomethebestchoiceforallour

customersbankingneeds.

WehavealsoestablishedasuccessfulTelecomsbusiness.

TescoMobilenowhasover2.5millioncustomers.Byfocusing

onvalueandgoodserviceandthroughour194PhoneShops

wearechangingthewaythatcustomersbuyphones,services

andaccessories.

OURVISION

learn re aut ur

isin and strategy:



13


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Businessreview

ur strateg

In1997,Tescosetoutastrategytogrowthecorebusiness

anddiversifywithnewproductsandservicesinexistingand

newmarkets.Thisstrategyenabledustodeliverstrong,

sustainedgrowthoverthepast14years.Wevefollowed

customersintolargeexpandingmarketsintheUKsuchasfinancialservices,generalmerchandiseandtelecomsand

newmarketsabroad,initiallyinEuropeandAsiaandmore

recentlyintheUnitedStates.

Inordertoreflectchangingconsumerneedsandthe

increasinglyglobalnatureofourbusinessweveevolvedour

strategy.Thestrategynowhassevenpartsandappliestoour

fivebusinesssegmentstheUK,Asia,Europe,theUnited

StatesandTescoBank.

Someelementsofthestrategyremainunchanged.Thegoal

togrowthecoreUKbusinessisasrelevanttodayasitwasin

1997.TheUKisthelargestbusinessintheGroupandakey

driverofsalesandprofit.Therearemanyopportunitiesforfurthergrowthandsowewillcontinueto grow the UK core.

Anotherofouroriginalgoalswastobeasuccessful

internationalretailer.In1997,ourinternationalbusinesses

generated1.8%oftheGroupsprofits.Todaytheyrepresent

25%andwerenoweithernumberoneornumbertwoineight

ofour13marketsoutsidetheUK.Sowerealreadysuccessful.

Ournextstepisto be an outstanding international retailer

in stores and online.

In1997,wewerelargelyafoodretailersowesetourselves

thechallengeofbecomingasstronginnon-foodasinfood.

Asourbusinesshasgrownandweofferaneverwidervariety

ofproductstocustomers,thetermnon-foodnolongerdoes

justicetoalltheproductsandserviceswesell.Wenowaim

to be as strong in everthing we sell as we are in food.

Ourservicesbusinesseshavecomealongwaysincewefirst

includedinourstrategythedesiretodevelopretailingservices.

TodaythesepartsofTescogenerate583millionprofit,

representing16%oftheGrouptotal.Todatethishasbeen

largelyUK-focused,butasmanyofourinternationalbusinesses

havenowestablishedwell-knownbrandsintheirlocalmarket,

itistimetoexpandourambitionsandaimto grow retail

services in all our markets.

In2007,weaddedafifthelementtoourstrategytounderpin

ourcommitmenttocommunitiesandtheenvironment.

Weveupdatedthisobjectiveslightlybyemphasisingour

responsibilitiesintheseareas.Ourgoalisto put our

responsibilities to the communities we serve at the

heart of what we do.

Therearetwonewstrategicgoals,bothofwhichreflectthe

waythatTescohasdevelopedoverthelastdecadeandour

areasofemphasisforthefuture.

Thefirstisto be a creator of highl valued brands .OurbrandhasevolvedfromalogoaboveafewstoresintheUK

toamultitudeofstore,productandservicebrandsacrossthe

world.Buildingbrandsgivesourbusinessmoremeaningwith

ourcustomers.Ononelevel,thisrelatestoourRetailbrands

suchastheTescobranditself,butitalsoreferstoourProduct

brandssuchasF&FandTechnikaandourPillarbrandssuchas

FinestandValue.

Ourfinalgoalisto build our team so that we create more

value.Asourbusinesscontinuestogrowanddiversifyweneed

moreleaderstorunthemanysubstantialbusinessandsupport

functionswithintheGroup.Ourleadersnotonlyhavean

importantroletoday,butalsohavearesponsibilitytohelpbuildabiggerandbetterteamforthefuture.

Ourprogressintheseareasisreviewedoverthefollowingpages.

14 TESCOPLCAnnualReviewandSummaryFinancialStatement2011

ur business

BUI RVIW


17/40

TogrowtheUKcore

16

Tobeanoutstanding

internationalretailerin

storesandonline

18Tobeasstrongineverything

wesellasweareinfood

20

Togrowretailservices

inallourmarkets

22

Toputourresponsibilitiesto

thecommunitiesweserveat

theheartofwhatwedo

24

Tobeacreatorofhighlyvaluedbrands

26

Tobuildourteamsothat

wecreatemorevalue

28

Ourseven-partstrategy



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TogrowtheUKcore

Inourmarket-leadingUKbusiness,wehavedeliveredasolid

performancebykeepingourfocusonthecustomer,providing

themwithgreatvalue,choiceandservice.

TheUKeconomyisinrecoverybutconsumershavebeenunder

pressurethisyearduetoacombinationofhighpetrolprices,

foodandutilityinflationand,morerecently,theVATincrease.Asaresult,wereexperiencingaperiodofunusuallysubdued

industrygrowth.Excludingpetrol,like-for-likegrowthinthe

industryhasbeensignificantlylowerthanlastyear.

Againstthisbackdrop,ourUKbusinesshasdeliveredasolid

performance.TotalUKsaleswere44.6billion,growingby

5.5%,whichwasaheadofthemarket.UKtradingprofitincreased

by3.8%orby6.4%beforetheeffectsofoursaleandleaseback

programme;principallytheadditionalrentsincurred.

Clubcard

Clubcardisouruniquecustomerloyaltyprogrammeourway

ofsayingthankyoutoourcustomers.Itisnowmorepopularthaneverbefore,withactivemembershipofover15million

customers,comparedto13millionatthestartof2008/9.

Clubcardcontinuestobeasignificantdriverofgrowthforour

businessandensuresthatourcustomerbasecontinuesto

demonstrateconsiderablyhigherlevelsofloyaltythanour

competitors.Formostof2010,Clubcardwasthenumberone

reasonbehindcustomersswitchingtousfortheirweeklyshop.

tores

Newspacehascontinuedtodrivesalesgrowth.Weveopened

over200newstoresin2010/11andhaveastrongopening

programmeforthecomingyear.

Wehavealsorefreshedorextendedover400storesthisyear,

receivingagreatresponsefromcustomers.Forexample,we

haveadded7,000sqfttoWembleyExtra,expandingourWorld

Foodsoffertomeetbettertheneedsofcustomersinthelocal

areaandthestoreisoutperformingby16%.

Range

Ourcustomerstellusthatqualityisincreasinglyimportantto

them,itisnotsimplyaboutfindingthecheapestproduct.

Wehavesteppedupouremphasisonquality,withaccelerated

productdevelopment,leadingtotheintroductionofover2,000

newandimprovedfoodproducts.

Theincreasingimportanceofqualityforcustomersisalso

supportedbythestrongperformanceofourFinestrange,

whichhasoutpacedthegrowthofotherareasofourfood

range,witha6.3%increaseinsalesthisyear.

Manyofourcustomerswanttobuylocallysourcedproducts

tosupporttheirlocalcommunities.Wehavefivededicated

regionalbuyingofficesthroughouttheUKandin2010/11

weincreasedsalesoflocalproductsto1billion,upfrom

850millionin2009/10.

Price

Weremainfocusedondeliveringthebestvaluetoall

customers.ThelaunchofEssentialSavingsinMaywasan

investmentinlowerpricesontheeverydayproductswhich

ourcustomersbuy.Wehaveintroducedmoremulti-buys

intothepromotionprogrammetohelpcustomerssavemoney.Togethertheseinitiativeshavehelpedustomaintain

ourleadingpositioninahighlycompetitivemarketandto

encouragecustomerstoswitchtoTescothroughouttheyear.

Availabilit

Wehavemaintainedhighlevelsofavailabilitythisyear

throughanumberofprogrammes,frombetterpromotional

forecastingthroughtoimprovedprocessesformonitoring

availabilityinourstores.Ourcustomersarebenefitingfrom

thisworkandhavenoticedtheimprovementscustomer

satisfactionwithavailabilityisatarecordhighup7%from

lastyearand13%fromtheyearbefore.

ervice

Weworkcontinuallytoimproveserviceforourcustomers.

Wehavetrainedover80,000staffthisyearinEveryLittleHelps

skillsforcheckouts,supportingthemtodeliverhelpful,friendly

andefficientservice.Wealsoknowhowimportantitisforour

customerstobeabletochoosethecheckoutthatisrightfor

them,soweareworkingtocreatetheidealcheckout

configurationineachofourstoresbasedonthelocal

customerprofile.


BUI RVIW

Growing the UK core


19/40

cbcD

cluard ntinues t play an iprtant rle in

earning usters lyalty. wee ntinued t inest

in Dule Pints, e hae intrdued the big cluard

vuher xhange and e hae expanded ur Partner

eard hee.

No.1reasonforcustomersswitchingtoTesco



20/40

D

es tus, ur usiness in hailand, is ne ur st

suessul internatinal usinesses ith strng pritaility

and the highest return n apital all ur erseas arkets.

we n perate 782 stres ith 11 sq t spae, haing

added a urther 119 stres in the year.

21%SalesinThailand

up21%



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Tobeanoutstanding

internationalretailerinstoresandonline

Mostofourmarketshaveseensteadyeconomicimprovement

overthepastyearandinsomecasesparticularlyinAsia

sharpimprovement.Countrieshardesthitinthedownturnin

particularHungary,IrelandandtheUnitedStateshavebeen

slowertorecover,althougheventherewearenowseeingsigns

ofimprovement.

AparticularlyencouragingfeatureofourperformanceinAsia

andEuropehasbeenexcellentmarketsharegrowth,withmany

ofourbusinessesseeingstronggrowthinbothcustomer

numbersandlike-for-likesales.

Wehaveresumedafasterpaceofnewspaceopeningnow

thateconomicconditionsaregenerallyimproving.Weopened

6.5msqftofgrossnewspacein2010/11,comparedwith

5.1msqftin2009/10andplantoopenafurther8.4msqft

duringthecurrentyear.

Asia

OurbusinessesinAsiahavedeliveredanothergoodperformanceleadingtoincreasesinsalesandprofits

supportedbyimprovinglike-for-likesalesgrowth,auseful

contributionfromnewstoresandfurtherbenefitsfromour

acquisitioninSouthKoreain2008.

AseconomiesinAsiarecover,weareseeingimprovingsales

trends.Ourperformancewashelpedbyfavourableexchange

ratemovementsbutneverthelessprofitsgrewbyalmost18%

atconstantcurrencyrateswithexcellentgrowthcomingfrom

SouthKoreaandThailand.

OurAsianmarketsofferanexcitinglong-termgrowth

opportunityandwillbeakeyfocusforourfutureinternational

expansion,bothinourestablishedmarketsandinChina.

Wehavecontinuedtoinvestthroughthedownturntoensure

thatweareinanevenstrongerpositionastheeconomic

recoverycontinues.

Thisyearweplantoopen5.1msqftofnewsellingarea.We

havealsocontinuedtomakegoodprogressindeveloping

strongbrandsinourleadingAsianbusinesseswithfurther

expansionofClubcardandourretailservicesbusinesses.

urope

OuroperationsinEuropehavedeliveredrecordresultsand

stronggrowthinsales,profitsandmargins.Recovering

economiesgenerallyhelpedbutkeytothisperformancewas

thestrikingimprovementinthecompetitivenessofourlocal

businesses,whichwonincreasedmarketsharerapidly.

Wehaveinvestedforcustomersthroughlowerprices,sharper

promotionsandClubcard,fundedbystrongproductivityand

substantialearlybenefitsofourpan-Europeansourcing.The

resultingstrongsalesgrowthhasdrivenanimprovementin

profitabilityandmargins.

Salesgrowthvariedacrosstheregionbutallmarketssaw

sharplyimprovedlike-for-likesalesgrowthcomparedwith

2009/10,withagoodcontributionalsocomingfromnewspace.

Withtheimprovingeconomicoutlookwearesteppingup

therateofnewstoreopening.Some2.6msqftofnewspace

wasopenedintheyear,withaprogrammetoaddafurther2.9msqftofnewspaceacrosstheregionin2011/12.

Wehavebeendelightedbycustomerreactiontothe

remodellingandconversionofsomeofourolderhypermarkets

totheExtraformat.Verystrongsalesimprovementshave

beenachievedinthestoreswithanaveragesalesupliftof

16%intheeightcompletedsofar.Theserefitsaredelivering

particularlymarkedupliftsinfreshfoodcategories,health

&beauty,clothingandelectricals.

United tates

CustomerfeedbackatFresh&Easyremainsexcellentand

stronggrowthincustomernumbersisdrivingsteadysalesimprovementineachstore.

Weexpectlossestoreducesharplyinthecurrentyearasstrong

growthinlike-for-likesalescontinuesandimprovedstore

operatingratiosstarttodelivershop-doorprofitability.Wehave

astrongplanforthebusinesstobreak-eventowardstheend

ofthe2012/13financialyear.


BUI RVIW

o be an outstanding international retailer


22/40

Tobeasstrongin

everythingwesellasweareinfood

Ourgeneralmerchandise,clothingandelectricalbusinesses

havecontinuedtogrow,despitethechallengesofweak

demandinsomeofourimportantmarkets.

IntheUK,highpetrolpricesandincreasesinVAThavehada

significantimpactondiscretionaryconsumerspending.Many

highstreetretailershavesufferedfromdecliningsalesandhaveissuedprofitwarnings.Tescohasfaredbetterandmaintained

marketsharebutwehaventbeensparedtheimpactof

subdueddemand.IntheUK,generalmerchandise,clothing

andelectricalssalesgrewby0.4%to5.3billion.General

merchandisesalesgrowthwasaffectedbyasmallercomponent

ofextensionsellingspaceinthisyearsnewspaceprogramme,

withextensionsprovidingjust10%ofnewspace.

Inourinternationalmarketsthepicturevariesconsiderablyby

country.MostofourmarketsinEuropeandAsiasawstrong

growthingeneralmerchandiseastheeconomicrecoverytook

holdduringtheyear,althoughanumberofmarketssuchas

IrelandandHungaryremainchallenging.

UK

ImprovingtheperformanceofgeneralmerchandiseintheUK

isoneofourkeypriorities.Ouraimistoofferourcustomersthe

samegreatquality,priceandrangeinourgeneralmerchandise

offerastheywouldfindwiththeirTescogroceryshop.Thefocus

isondeliveringinthreekeyareaswiththeaimofimprovingthe

generalmerchandiseshoppingtripforourcustomers:

Investing in making the ranges more aspirational

Inelectricals,wewerethefirstUKsupermarkettostockthe

AppleiPadandtheAmazonKindletwoofthemostsought-

aftertechnologyproductsonthemarket.Keepingintunewithchangesintechnologyandrespondingquicklytooffer

ourcustomersthelatestelectricalinnovationsiscentraltoour

strategyandtobuildingourreputationasaleadingretailer

ineverythingwesell.

nhancing the shopping experience with

specialist advice

Inover200ofourlargeststores,wehaveTescoTechSupport

teams,madeupofstaffspecificallytrainedtohelpcustomers

withtechnicalqueriesonelectricalitemsfromTVstocameras

andsatellitenavigationsystems.Theadditionaladvicehelps

customersgettherightproductfortheirindividualneeds,

supportingareductioninproductreturns.Alongsideourin-store

teams,wehaveafreeelectricalhelplineforourcustomers,

mannedbyfullytrainedengineers,andadedicatedTech

Supportwebsite.

Developing our multi-channel capabilitOurmulti-channelapproachmakesiteasyforourcustomers

toshopinawaythatsuitsthemonline,in-storeorfrom

catalogues.Customerscanbrowseinacatalogue,orderonline

andthencollectin-storeortheycanorderin-storeandhavethe

goodsdeliveredtotheirhome.Thisyear,over40%ofTesco

Directelectricalpurchaseshavebeenmadeonlineandpicked

upin-storethroughourClickandCollectservice.

urope

InEurope,generalmerchandise,clothingandelectricals

saleswerestrong,reflectinganoverallimprovingconsumer

backgroundandastrengtheningofferinourstores.ClothinginCentralEuropehadasuccessfulyearwitha9%

year-on-yeargrowthintotalsales.Wearenowtheclothing

marketleaderintheCzechRepublic,HungaryandSlovakia.

BuildingonthesuccessoftheF&Fbrand,wehaveintroduced

ourF&FBlueandF&FBasicssub-brandstoprovideourcustomers

withagreaterrangetochoosefrom.Ourfirststand-aloneF&F

storealsoopenedsuccessfullyinPraguelastyear,highlighting

theappealofthebrandintheCzechRepublic.

Asia

OurF&FclothingbrandlaunchedinSouthKoreaandThailand

thisyearandtheearlyresponsefromcustomershasbeenexcellentaverygoodexampleoftheskillandscaleofthe

TescoGroupbeingappliedacrossourglobalnetwork.

LastyearweopenedourfirstthreeSportsMultishopsin

HomeplusstoresinSouthKorea.Theseinnovativesportszones

aredesignedtomeetgrowingcustomerneedsforsporting

goods,inaone-stopshoppingenvironment.SportsMultishop

hasincreasedsalesofsportinggoodsinthesestoresbyover

60%withhighcustomerpenetration.


BUI RVIW

o be strong in everthing we sell


23/40

coG

clthing is a key eleent ur uster er in central

urpe and e hae had anther pleasing year ith 9%

sales grth. we are n lthing arket leader in the

czeh epuli, ungary and lakia.

9%Clothingsalesgrowthin

CentralEurope



24/40

co com

we n hae 194 Phne hps in stres arss the K

and this year, e hae egun t pen Phne hps in ur

rereshed xtra stres in central urpe. our Phne hps

pride ur usters ith supprt and adie s that they

an hse the est ptin r the.

194PhoneShopsintheUK



25/40

Togrowretailservices

inallourmarkets

InJuly2008whenweannouncedourintentiontotakefull

ownershipofTescoBank,wesetatargettogrowthe

profitabilityofourretailservicesbusinessesfromjustunder

400millionin2007/8to1billion.

Thisyear,wehavemadecreditableprogressinmovingtowards

thistarget.Wehaveattractednewcustomers,grownsalesandprofitandcontinuedtoinvestparticularlyininfrastructure

toequipthebusinessforfurthergrowth.

Wewantallofourcustomers,acrossallofourmarkets,tohave

accesstoourfinancial,telecomsandonlineservices.Wecan

dothisbyapplyingGroupskillandscaleandbuildingonthe

knowledgewhichwehaveacquiredfromourretailservices

experienceintheUK,IrelandandSouthKorea.

In2010/11,totalretailservicessaleswere4.0billion,up12%

on2009/10andtradingprofitgrewto583million.*

esco Bank

Despiteachallengingyearinthewiderbankingsector,and

asitcompletesitstransitiontofullseparationfromTheRoyal

BankofScotland(RBS),TescoBankcontinuestoperformwell.

Thebusinesshasmadegoodprogresswithitssystems

re-platforming,whichwillcompleteasplannedin2011.We

openedournewbankingandinsuranceservicecentresin

GlasgowandNewcastleinOctober2010.Allnewmotorand

homeinsurancebusiness,includingrenewalpoliciessoldsince

thenhave,asplanned,beenwrittenonnewsystems.Wealso

launchedsuccessfullyourfirstnewproductonourownbanking

platformstheFixedRateSaverlastautumn.Thishasbeen

followedbyourrecentinnovativeretailbond.Bothofthese

initiativesexceededplanandservetodiversifyourfunding

baseandincreasetheproportionoflong-termfunding

availabletotheBank.

TheBankhasmadeprogressinkeyareaswithsavings

stronglyup,goodgrowthintheloanbookwithimproved

marginsandanexcellentyearincreditcards,withthe

transactionvalueup20%on2009/10.Thecarinsurancebook

hasalsoresumedgrowth,havingplateauedbeforethechange

ofcontrol,despitetheinevitablechallengesofmigration.

Customeraccountnumbersgrewwellinactivecreditcardsby

11%,personalloansby17%andmotorinsuranceby8%.Our

FixedRateSaverproductsignificantlyexceededexpectations

andweendedtheyearwithabalanceof397million,40%higherthanplannedandwenowhaveone,twoandthree-year

optionsavailableforcustomers.Therangeofproductsavailable

forcustomerswillbebroadenedfurtherthisyearwiththe

plannedlaunchofmortgages.

tesco.com

Ouronlinebusinesses,includingonlinegroceryandTesco

Direct,hadanotherstrongyear.Takingintoaccountour

operationsinSouthKoreaandIreland,totalsalesgrewby15%.

OurUKoperationscontinuedtogrowwell,withdouble-digit

growthingroceryandafurther30%increaseatTescoDirect.

esco elecoms

OurTelecomsbusinessgrewwellduringtheyear,maintaining

strongmarketshare,drivenprimarilybythegrowthofTesco

Mobile.In2010TescoMobilewasoneofthefastestgrowing

UKmobilenetworks,growingitscustomerbaseby24%toover

2.5million.

OurTescoMobilejointventureswithO2inIrelandandSlovakia

areperformingwell.Bothbusinessesaregrowingstronglyand

movedintoprofitforthefirsttimethisyear.

dunnhumb

dunnhumbyhashadaverystrongyear,increasingsalesand

profitsbyover30%withexcellentgrowthintheUKsupplier

businessandfromitsoverseasjointventureswithretailers.

Followingtheacquisitionofthefinal10%ofthebusinessin

thefirsthalfoftheyear,dunnhumbyisnowawhollyowned

subsidiaryofTesco.

*RetailservicesprofitcomprisesprofitfromTelecoms,tesco.com,dunnhumby

andTescoBank,includingUKstoreATMincome.


Growing retail services

BUI RVIW


26/40

Toputourresponsibilities

tothecommunitiesweserveattheheartofwhatwedo

Weworkhardtobeagoodneighbourinthecommunities

aroundourstoresandprovidealeadershiproleonthe

environment.Buildingalong-termsustainablebusiness

iscrucialtoourfuturesuccess.

Wewanttobehighlyvaluedbyourlocalcommunities

andthisyear,wehavemadegoodprogresswithourcommunitypromises:

Buyingandsellingourproductsresponsibly;

Caringfortheenvironment;

Providingcustomerswithhealthychoices;

Activelysupportinglocalcommunities;and

Creatinggoodjobsandcareers.

Buing and selling our products responsibl

Weworkinpartnershipwithoursupplierstoensureour

productsaresourcedresponsibly.Wecontinuetoengagewithoursuppliersthroughour

TradingFairlyprogramme.InBangladesh,ChinaandSouth

Africa,wehelpsuppliersandstakeholdersaddresslocaland

nationalchallenges.

Wehavelistenedtoourcustomersandknowthatmany

ofthemwanttobuylocallysourcedproducts.Thisyearin

theUK,wehavereachedsalesof1billionforlocalproducts.

Caring for the environment

Asoneoftheworldslargestretailers,wehaveaclear

responsibilityandasignificantopportunitytoprotectthe

environment.Ouraimistocreatemoresustainableways

ofdoingbusiness.

Ourglobaldirectcarbonfootprintin2010/11was5.44million

tonnesofCO2e(carbondioxideequivalent).Thisyear,we

continuedtodecoupleourbusinessgrowthfromthegrowthin

ourcarbonemissions:whileournetsalesareagrewby8.8%,

ourcarbonfootprintincreasedbyonly1.7%.

Thisyear,weopenedourfirstinternationalzero-carbon

storeinJaromer,CzechRepublic,andcompletedtwomore

zero-carbonstoresintheUK,inWelshpoolandBourne.

Providing customers with health choices

Wewanttohelpourstaffandcustomerstoleadhealthylives.

Asaglobalbusiness,weknowthathealthylivesmean

differentthingsinourdifferentmarkets.

Wehaveaclearroletoplayinmakinghigh-qualityfoodsaffordabletoeveryone,andingivingcustomerstheinformation

theyneedtomakehealthyfoodchoices.Wecanalsouseour

trustedbrandtoencourageourstaffandcustomersacrossthe

worldtoadopthealthy,activelifestyles.

Wecurrentlyhave100%nutritionlabellingoneligible

own-brandfoodlinesinallofourmarkets.Lastyear,we

encouragedover7.2millionstaffandcustomerstoget

activeacrosstheworldexceedingourtargetsinall

ourmarkets.

Activel supporting local communities

WewantTescotobemorethanastoretothestaffandcustomerswholiveinthecommunitiesaroundourstores.

Wehaveexceededourtargetofdonatingatleast1%of

pre-taxprofitstocharitiesandgoodcauses.Intotal,this

meansthatwehavedonatedover64millionthisyear.

Wehavealsoraised7.2millionforourUKCharityofthe

Year,CLICSargent.

WearecontinuingtorolloutourCommunityChampions

Tescoemployeeswhospendaproportionoftheirweek

coordinatingactivitiesintheirlocalcommunities.Wenow

haveover650CommunityChampionsacrosstheGroup.

Creating good jobs and careers

Wehaveover290,000employeesacrosstheUK,makingus

thebiggestprivate-sectoremployerinthismarket,andover

492,000worldwide.Wearededicatedtoprovidingdiverse

careeropportunitiesforallourstaffworldwidefrompositions

instores,torolesforstoremanagers,buyers,accountantsand

lawyers.Thisyear,weincreasedthetotalnumberofstaffinthe

Groupby21,000.

Thisyear,wedevelopedeightnewRegenerationPartnerships

bringingthetotalto35storesandaround4,000jobsfor

long-termunemployedpeople.


BUI RVIW

Communit at the heart of what we do


27/40

coo of DD Dco

n uth Krea, e elerated the pening ur 100th hl

xtended duatin and tk ur ttal t 107 in the year.

our uth Krean hls pride peple ith a plae t get

inled in a ariety atiities r dane lasses t king.

940,000+PlacesatourSchools

ofExtendedEducationinSouthKoreathisyear



28/40

co v D f K

he ppularity ur Pillar rands ith usters has eant

that es value has ee the send largest d rand

in the K ahead ca-cla ith sales re than

1 illin a year.

es value is nly pushed int send plae y es finest.

mre than hal ur usters uy r the finest range n

a regular asis, r finest spetales t finest estaurant

clletin ready eals.

1bnBothFinestandValuenowsell

morethan1bneachyear



29/40

Tobeacreatorof

highlyvaluedbrands

Whats the benefit to both our stakeholders andour Compan of building brands?

Bybuildingstrongbrandsthroughourownproducts,weoffer

customersincreasedvalue,choiceandquality.Customerstrust

ourbrands.Theyareloyaltoourbrandsbecausetheyknow

whattoexpectfromthemandwhattheystandfor.Withwines,forexample,theFinestlogohelpscustomerstopickoutagood

qualityoptionwithouthavingtobeaconnoisseur.

StrongProductandPillarbrandsgiveusakeypointof

differentiationfromourcompetitorsandenableustocontinue

tomeetthechangingneedsofourcustomers.Oncecustomers

understandthevaluesthatourbrandsstandfor,theyaremore

likelytotrustinourabilitytodiversifyintonewserviceareas.In

financialservices,forexample,withTescoBankwevebrought

straightforwardandgood-qualitybankingsolutionsbasedon

theneedsofourcustomerstoamarketcharacterisedby

complexityandpoorcustomerservice.

Whereverweoperatewesupportlocalcommunities,theircausesandtheenvironment.Throughinitiativessuchasour

CommunityChampionsprogramme,GetHealthywith

TescoLotusinThailandandtheUKTescoGreatSchoolRun,

wereknowntobeagoodneighbour.Bybenefitinglocal

communities,ourbrandhastakenonnewmeaningamong

stakeholdersthatofaresponsibleretailer.

Bydevelopingabrandreputationforofferinggreatvalueandservicetocustomersandbeingaresponsiblemember

ofthecommunity,wecanattractgreatpeopletoworkforus.

Asaresponsibleandflexibleemployerwithatrackrecordof

developingtalentwithinthebusiness,Tescoisalsoseenas

agreatplacetobuildacareer.

Theincreasedemotionalandfunctionalloyaltyfrom

customers,staffandcommunitiesgeneratedbyourbrand

buildinghascontributedtoTescobecomingaprofitable,

sustainablegrowthopportunityforshareholderstoinvestin.

Investmentprovidesuswithfurtheropportunitiestobuild

anddevelopourbrandsacrosstheGroup,inturnallowing

ustodiversifytothebenefitofcustomers,staff,communitiesandshareholders.

rand is a prise, a set undaental priniples that deine a prdut r usiness. t is an intangile

representatin hat a pany stands r in the inds its usters and ther stakehlders.

Pillar brandsProduct brands

Retail brands

Phone Shop


BUI RVIW

Building brands


30/40

Tobuildourteam

sothatwecreatemorevalue

Wetreatpeoplehowweliketobetreated.Wewantourpeople

toenjoyworkingatTesco.Ourpeopledoagreatjobeach

andeverydaybygivingourcustomersthebestpossible

shoppingtrip.

Bycreatinganopenenvironmentoftrustandrespect,our

peoplefeelsupported,theysharetheirknowledgeandexperienceandworkhardtogiveourcustomersgreatservice.

Wesupportourpeople,trustingintheirabilitytodeliverwhile

helpingthemtoreachtheirfullpotential.Weencourageour

peopletolearnonthejobandtakeresponsibilityfromdayone.

Everyyear,webuildourplansfortheyeararoundourPeople

Promises.Wewantallofourpeopleacrossallofourmarketsto:

betreatedwithrespect;

haveanopportunitytogeton;

haveamanagerwhohelpsthem;and

haveaninterestingjob.

ItsthroughourPeoplePromisesandourbenefitspackage

thatweareproudtosaythatourpeoplestaywithusfora

longtime.AroundhalfofourDirectorpopulationhasatleast

12yearsservice.

Inrecognitionoftheimportanceofpeopleacrossourbusiness,

ourGroupPersonnelDirector,AlisonHorner,isnowpartof

ourExecutiveCommittee.Alisonisagreatexampleoftalent

developedinTesco,with12yearsofexperienceacrossthe

businessinbothPersonnelandOperations.

Recruitment and growth

AsTescogrowsanddiversifies,weareabletooffermorejobs

topeopleinthecommunitiesaroundourstores,depotsand

offices.Thisyearwehaverecruited21,000peopleworldwide.

Ourgraduateprogrammesfasttrackgraduatetraineeswith

highpotentialintoleadershippositions.Thisyearwehave

recruitedaround140CommercialgraduatesintoUKand

CentralEuropeanbuyingandgeneralmerchandiseroles

thelargestnumberofCommercialgraduatesthatwehave

employedsincetheprogrammebegan.Thisispartofour

ongoingcommitmenttoinvestinfutureleaders.

alent and promotions

OneofourPeoplePromisesisanopportunitytogeton.

Wepromisetosupportanddevelopourpeoplethroughout

theircareers.

Wewantthewomeninourteamstoachievetheirfullpotential.Inthelastfouryearsthenumberoffemaledirectorshas

increasedbynearly70%acrosstheGroup,andwehavethree

womenonourBoard.

Building capabilit

Aspartofourongoingcommitmenttobuildingcapability,

weareinvestingintheTescoAcademy.OurAcademysupports

thedevelopmentofourpeoplethroughtrainingcourses,

networkingopportunitiesandmentoring.

InJuly,wewillopenourzero-carbonAcademycentrein

Incheon,SouthKorea.AsiaisarapidlygrowingregionforTesco

andtheAcademywillhelpustobuildcapabilityinthearea.

InChina,ourStoreManagerProgrammehasbeencreatedso

thatwecanrecruitanddeveloppeopletobecomeourfuture

StoreManagers.TheprogrammestartedinOctober2010with

22candidatestakingpart.

Rewards and benefits

Ourpeopledoagreatjobforourcustomersandwewant

themtofeelvaluedandrewarded.Weinvestinpayand,in

theUK,wehavethehighestpayratesforcustomerassistants

ofanymajorsupermarket.

Acrossallofourmarkets,weofferawiderangeofcompetitive

benefits.IntheUS,wepayatleast75%ofmedical,dental,

prescriptionandvisioncosts.IntheUKwehaveanopen

definedbenefitpensionschemewhichisgreatlyvaluedby

ourstaffandrareamongFTSE100companies.

Shareownershipincentiveschemeshelpourstafftogettheir

ownpersonalstakeinTesco.216,000staffsharedatotalof

105.5millionwhentheShares|nSuccessschemematured

in2010.


Building our team

BUI RVIW


31/40

c DvoPm

we eliee that he-grn anagers ake aluale

usiness leaders eause they understand ur ulture and

apprah. our ne co, Philip clarke, is an exaple

this, haing started rk at es part-tie as a shly.

rss the usiness, e urrently hae alst 30,000 peple

n deelpent prgraes, gaining the knledge,

leadership skills and qualiiatins r their next rle.

30,000Peopletrainingfor

theirnextrole



32/40

Principal activit and business review

TheprincipalactivityoftheGroupisretailingandassociatedactivitiesinthe

UK,China,theCzechRepublic,Hungary,theRepublicofIreland,India,Japan,

Malaysia,Poland,Slovakia,SouthKorea,Thailand,TurkeyandtheUS.The

Groupalsoprovidesretailbankingandinsuranceservicesthroughitssubsidiary,

TescoBank.ThesummaryoftheGroupfinancialsisonpages33to35.

Dividends

TheDirectorsrecommendthepaymentofafinaldividendof10.09pper

ordinaryshare,tobepaidon8July2011tomembersontheRegisterat

thecloseofbusinesson3May2011.Togetherwiththeinterimdividend

of4.37pperordinarysharepaidinDecember2010,thetotaldividendfor

theyearwillbe14.46pcomparedwith13.05pforthepreviousyear,an

increaseof10.8%.

Directors

DetailsofthecurrentmembersoftheBoardareshownonpage36.

GarethBullockandStuartChambersjoinedtheBoardon3July2010.

TheywillofferthemselvesforelectionandtheotherDirectorswill

offerthemselvesforre-electionattheAnnualGeneralMeetingon

1July2011.

Corporate governance

TescoPLCiscommittedtothehigheststandardsofcorporategovernance.

TheBoardconsidersthatTescoPLCcompliedinallrespectswiththe

CombinedCodeonCorporateGovernancefortheyearended26February

2011withtheexceptionofprovisionA.3.2,inrespectofwhichtheCompany

wasnotincomplianceforpartoftheyear,andcompliedwiththenew

UKCorporateGovernanceCodeinallrespectswiththeexceptionof

provisionsB.1.2andB.6.2.

ProvisionsA.3.2andB.1.2requirethatatleasthalfoftheBoard,excluding

theChairman,shouldcompriseNon-executiveDirectorsdeterminedby

theBoardtobeindependent.TheBoardrecognisestheimportanceof

abalancedboardwithanappropriatelevelofindependence.TheBoard

hadonemoreExecutivethanNon-executiveDirectors(excludingthe

Chairman)betweenJuly2010andtheendofthefinancialyear.FollowingSirTerryLeahysretirementandtheappointmentofPhilipClarkeas

hissuccessorasCEOinMarch2011,thereisnowanequalnumberof

ExecutiveandindependentNon-executiveDirectorsandtheBoardis

againbalancedandcompliantwiththisprovision.

ProvisionB.6.2ofthenewUKCorporateGovernanceCoderequiresthat

everythreeyearsthereshouldbeanexternallyledevaluationoftheBoards

performance.TheBoardusuallycarriesoutanexternalBoardevaluation

everythreeyears,withinternalevaluationsintheinterveningyears.The

lastexternalevaluationtookplacein2007andanexternallyfacilitated

evaluationwouldnormallyhavetakenplacethisyear.Giventheextensive

Boardandseniormanagementchangestakingplaceitwasdecidedthat

itwouldbemoreappropriatetoconductaninternalevaluationprocessand

tocarryoutanexternallyfacilitatedprocessnextyearoncethesechanges

havehadanopportunitytobedin.

AfullcorporategovernancestatementiscontainedintheAnnualReport

andFinancialStatements2011.

ummar report of the Directors on remuneration

Remuneration polic

ItistheroleoftheRemunerationCommitteetodetermineandrecommend

totheBoardtheremunerationpolicyfortheChairmanandExecutive

Directors.Tescohasalong-standingpolicyofvaluingtalentandexperience

andseekstoprovideincentivesfordeliveringhigh,sustainableandprofitable

growthwhichleadstoastrongincreaseinvalueforshareholders.The

remunerationstrategyistailoredtorewardthedeliveryofstrongyear-on-year

earningsgrowthaswellassustainedperformanceinthelongerterm.

TheRemunerationCommitteehasreviewedourexecutiveremuneration

arrangementsinlightofourstrategy,ouroperationalgoalsandthe

feedbackfromshareholders.Whilstwebelievethatourremuneration

arrangementsarebroadlycompetitiveandoperatewell,theCommittee

hasfoundopportunitiestosimplifyandre-balancewhereappropriate.Full

detailsarecontainedintheAnnualReportandFinancialStatements2011.

Compliance

Incarryingoutitsduties,theRemunerationCommitteegivesfull

considerationtobestpractice.TheCommitteewasconstitutedand

operatedthroughouttheyearinaccordancewiththeprinciplesoutlined

intheListingRulesoftheFinancialServicesAuthorityderivedfromthe

CombinedCodeonCorporateGovernance.TheRemunerationreporthasbeendrawnupinaccordancewiththeCombinedCodeonCorporate

Governance,Schedule8oftheLargeandMediumSizedCompanies

andGroups(AccountsandReports)Regulations2008andtheFinancial

ServicesAuthorityListingRules.TheRemunerationReportalsocomplies

withthedisclosuresrequiredbytheDirectorsRemunerationReport

Regulations2002.

AsummaryofDirectorsemolumentsandinterestsissetoutonpages

31and32.ThefullRemunerationReportisprovidedintheAnnualReport

andFinancialStatements2011.


UMMARy FIACIA AM

ummar report of the Directors


33/40

Independent auditors statement tothe members of esco PCWehaveexaminedthesummaryfinancial

statementwhichcomprisestheSummary

ConsolidatedIncomeStatement,Summary

ConsolidatedBalanceSheet,SummaryGroup

CashFlowStatement,SummaryreportoftheDirectorsandSummaryreportoftheDirectors

onremunerationsetoutonpages30to35.

Respective responsibilities of directors

and auditors

Thedirectorsareresponsibleforpreparingthe

summarisedAnnualReviewandSummary

FinancialStatementinaccordancewithapplicable

UnitedKingdomlaw.

Ourresponsibilityistoreporttoyououropinionon

theconsistencyofthesummaryfinancialstatement

withinthesummarisedAnnualReviewwiththe

fullannualfinancialstatements,theReportofthe

DirectorsandtheDirectorsRemunerationReport

anditscompliancewiththerelevantrequirements

ofsection428oftheCompaniesAct2006andtheregulationsmadethereunder.

Wealsoreadtheotherinformationcontained

inthesummarisedAnnualReviewandconsider

theimplicationsforourstatementifwebecome

awareofanyapparentmisstatementsormaterial

inconsistencieswiththesummaryfinancial

statement.Theotherinformationcomprises

onlytheChairmansstatement,theChief

Executivesreviewandtheotheritemslisted

onthecontentspage.

Thisstatement,includingtheopinion,has

beenpreparedforandonlyforthecompanys

membersasabodyinaccordancewithsection

428oftheCompaniesAct2006andfornoother

purpose.Wedonot,ingivingthisopinion,accept

orassumeresponsibilityforanyotherpurposeorto

anyotherpersontowhomthisstatementisshown

orintowhosehandsitmaycomesavewhere

expresslyagreedbyourpriorconsentinwriting.

WeconductedourworkinaccordancewithBulletin

2008/3issuedbytheAuditingPracticesBoard.

Ourreportsonthecompanysfullannualfinancial

statementsdescribethebasisofourauditopinions

onthosefinancialstatements,theReportofthe

DirectorsandtheDirectorsRemunerationReport.pinion

Inouropinionthesummaryfinancialstatement

isconsistentwiththefullannualfinancial

statements,theReportoftheDirectorsandthe

DirectorsRemunerationReportofTescoPLC

forthe52weeksended26February2011and

complieswiththeapplicablerequirementsof

section428oftheCompaniesAct2006,and

theregulationsmadethereunder.

PricewaterhouseCoopers P

CharteredAccountantsandStatutoryAuditors

EmbankmentPlace

6May2011

otes:

(a)ThemaintenanceandintegrityofTescoPLC

websiteistheresponsibilityofthedirectors;

theworkcarriedoutbytheauditorsdoes

notinvolveconsiderationofthesematters

and,accordingly,theauditorsacceptno

responsibilityforanychangesthatmayhave

occurredtothefullannualfinancialstatements

orthesummaryfinancialstatementsince

theywereinitiallypresentedonthewebsite.

(b)LegislationintheUnitedKingdomgoverning

thepreparationanddisseminationoffinancialstatementsmaydifferfromlegislationinother

jurisdictions.

Directors emoluments Fixedemoluments Performance-relatedemoluments

Salary000

Benefits3

000

Short-termcash

000

Short-termdeferredshares

000

tal2010/11

000

Total2009/10

000

xeutie Diretrs

RichardBrasher 825 40 765 632 2,262 2,402

PhilipClarke 825 38 765 632 2,260 2,701

AndrewHigginson 825 65 765 632 2,287 2,724

SirTerryLeahy 1,432 77 1,328 1,386 4,223 5,220TimMasonbasesalary1 825 376 716 649 2,566 3,616

TimMasonsupplement1 200 172 156 528 649

TimMasontotal 1,025 376 888 805 3,094 4,265

LaurieMcIlwee 752 57 765 632 2,206 1,789

LucyNeville-Rolfe 625 83 574 474 1,756 1,809

DavidPotts 825 86 765 632 2,308 2,708

n-exeutie Diretrs

CharlesAllen2 35 35 95

GarethBullock2 52 52

PatrickCescau 109 109 89

StuartChambers2 64 64

RodneyChase 2 49 49 135

KarenCook 80 80 77HaraldEinsmann 2 28 28 77

KenHanna 92 92 79

KenHydon 98 98 95

DavidReid(Chairman) 629 64 693 677

JacquelineTammenomsBakker 76 76 65

Total 8,446 886 6,615 5,825 21,772 25,007

1 TimMasonssalaryismadeupofabasesalaryandanon-pensionablesalarysupplement(shownseparately).TimMasonsbenefitsaremadeupoftravel,medical,

tax-relatedcostsandservicesandfreesharesawardedundertheallemployeeShareIncentivePlan(SIP).Paymentsinrelationtotaxequalisationonequityawards

grantedpriortohisappointmentasUSCEOtotalling768,000arenotincludedinthetableabove.

2 GarethBullockandStuartChamberswereappointedduringtheyear.Thefiguresinthetableabovearefromtheirdatesofappointment.CharlesAllen,RodneyChase

andHaraldEinsmannretiredduringtheyear.

3 WiththeexceptionofTimMason,benefitsaremadeupofcarbenefits,chauffeurs,disabilityandhealthinsurance,staffdiscount,gym/leisureclubmembershipand

freesharesawardedundertheallemployeeSIP.UndertheSIP,sharesintheCompanyareallocatedtoparticipantsintheschemeuptoHMRCapprovedlimits(currently

3,000perannum).TheamountofprofitallocatedtotheschemeisdeterminedbytheBoardtakingintoaccountCompanyperformance.



34/40

Disclosable interests of the Directors, including famil interests

Optionsheldat

27February20101

(oronappointmentiflater) Granted Exercised Lapsed

Valuerealisedduring2010/11

000

optins heldat 26 feruary

20111,3

Ordinarysharesat26February

20112

xeutie Diretrs

RichardBrasher 2,044,136 909,721 1,298 45,567 2 2,906,992 1,220,793

PhilipClarke 2,849,105 907,282 219,123 45,567 871 3,491,697 1,824,638

AndrewHigginson 2,849,105 907,282 219,123 45,567 949 3,491,697 1,349,712

SirTerryLeahy 10,639,425 1,791,369 2,997,330 79,819 5,175 9,353,645 7,075,849

TimMason 1,159,489 387,638 1,298 0 2 1,545,829 3,876,520

LaurieMcIlwee 743,466 739,584 0 0 0 1,483,050 222,301

LucyNeville-Rolfe 1,417,358 681,078 1,298 29,919 2 2,067,219 452,886

DavidPotts 2,849,105 909,721 786,050 45,567 977 2,927,209 1,851,253

n-exeutie Diretrs

CharlesAllen4

GarethBullock4

PatrickCescau

StuartChambers

4

5,500RodneyChase 4

KarenCook

HaraldEinsmann 4 355,984

KenHanna

KenHydon 30,093

DavidReid 194,337

JacquelineTammenomsBakker

tal 24,551,189 7,233,675 4,225,520 292,006 7,978 27,267,338 18,459,866

1 OptionstoacquireordinarysharesshownabovecompriseoptionsheldundertheExecutiveShareOptionschemes,DiscretionaryShareOptionPlan,SaveAsYouEarn

scheme,andnilcostoptionsunderthePerformanceSharePlan(PSP),ExecutiveIncentivePlan(EIP)andGroupNewBusinessIncentivePlan.

2 OrdinarysharesshowninthistableincludesharesheldundertheShareIncentivePlanandsharesheldunderapromiseawardedunderthePSP,EIPandUSLongTerm

IncentivePlan.

3 Theexercisepriceofoutstandingopt ionsrangesfrom0pto473.75p.

4 CharlesAllen,RodneyChaseandHara ldEinsmannretiredfromtheBoar don2July2010.GarethBullockandStuartChamber swereappointedon3July2010.


UMMARy FIACIA AM

ummar report of the Directors


35/40

Group sales,includingVAT,increasedby8.1%to67.6billion.Atconstant

exchangerates,salesincreasedby6.6%(includingpetrol)and6.0%

(excludingpetrol).

Group trading profitwas3,679million,up7.8%onlastyearandGroup

tradingmargin,at6.0%,increasedby4basispoints.Underling profit

before taxroseto3,813million,anincreaseof12.3%.Beforeproperty,underlyingprofitbeforetaxgrewby12.2%.Onastatutorybasis, Group

operating profitroseby10.2%to3,811million.Group profit before

taxincreased11.3%to3,535million.

et finance costsincreasedto333million(314millionlastyear).

However,beforethenon-cashIAS19,32,and39adjustments,actualnet

interestcostfellby83millionto334million.Thisreflectsthecontinued

reductioninnetdebt.

TotalGroup taxhasbeenchargedataneffectiverateof24.4%(lastyear

26.4%).ThisreductionwaslargelydrivenbyareductionintherateofUK

corporationtax,andalowerJapanimpairmentthanlastyear.Weexpect

thetaxratefor2011/12tobebroadlyunchanged.

Cash Flow and Balance heet.Netdebtreducedto6.8billion,ahead

ofourtargetof7.0billion,helpedbystrongcashgenerationintheseasonallyimportantsecondhalfoftheyear.Duringtheyear,werepaid

926millionofourdebtearlyandrepaid777millionofmaturingbonds.

Thestrengthofourproperty-backedbalancesheetwasagaindemonstrated

throughcontinuedstronginvestordemandforourpropertysaleand

leasebacktransactionsduringtheyear.

Weexpectnetdebttofallfurtherintheyearsahead.Lookingatour

liabilitiesintheround,wewillbefocusingmoreonfixedchargecoveras

ourprimarybalancesheetmetric,whichwearetargetingtokeepbetween

4and4.5times.Wealsoaretargetingaratioof2.5timeslease-adjusted

netdebttoEBITDAR*whichrepresentsasimilarleveltowherewewere

priortotheHomeverandTPFacquisitions.

Groupcapital expenditure intheyearwas3.7billion(lastyear3.1billion),

alittlehigherthanourexpectationatthebeginningoftheyear,mainlyas

aresultofexchangeratemovements.CapitalexpenditureintheUKwas1.7billion,withanadditional0.2billionintheBank,principallyforthe

re-platformingofoursystems,and1.8billioninInternational.Forthe

2011/12yearweplantoinvestaround4.0billionincapitalexpenditure

andgoingforwardweexpectannualcapitalexpendituretototalbetween

5%and5.5%ofGroupsales.

GroupReturn on Capital mploed(ROCE)increasedsubstantially

to12.9%(lastyear12.1%).Weexpecttodeliverourtargetincreaseof

200basispoints,onour2005/6baseof12.6%,by2014/15,takingROCE

to14.6%.Thisincreasewillbedrivenpredominantlybyoperational

improvementgrowthinassetturnoverandmargincombinedwith

improvedcapitalefficiency(workinprogressreleaseandourproperty

programme).Bygeographyandbusinesssegment,theincreasesin

ROCEwillbebroadlybased,comingfromAsia,Europe,theUS,the

UKandTescoBank.

TheBoardhasproposedafinal dividendof10.09ppershare,taking

thefull-yeardividendto14.46p.Thisrepresentsanincreaseof10.8%

onlastyearsfull-yeardividend,whichisinlinewiththegrowthin

underlyingdilutedearningspershareatconstanttaxrates.Itisalsothe

27thconsecutiveyearofdividendincrease.Thefinaldividendwillbepaid

on8July2011toshareholdersontheRegisterofMembersattheclose

ofbusinesson3May2011.

*EBITDARdefinedasstatutoryprofitbeforeinterest,tax,depreciation,amortisationandrent.


UMMARy FIACIA AM

Group financials


36/40

ummar Group income statement

ear ended 26 feruary 2011

52 eeks2011

52weeks2010

m

cntinuing peratins

eenue (sales exluding v) 60,931 56,910Costofsales (55,871) (52,303)

Grss prit 5,060 4,607

Administrativeexpenses (1,676) (1,527)

Profitarisingonproperty-relateditems 427 377

operating prit 3,811 3,457

Shareofpost-taxprofitsofjointventuresandassociates 57 33

Financeincome 150 265

Financecosts (483) (579)

Prit ere tax 3,535 3,176

Taxation (864) (840)

Prit r the year 2,671 2,336

ttriutale t: Ownersoftheparent 2,655 2,327

Non-controllinginterests 16 9

2,671 2,336

arnings per share

Basic 33.10p 29.33p

Diluted 32.94p 29.19p

n-GP easure: underlying prit ere tax

52 eeks2011

52weeks2010

m

Profitbeforetax 3,535 3,176

Adjustmentsfor:

IAS32andIAS39FinancialInstrumentsfairvalueremeasurements (19) (151)

IAS19EmployeeBenefitsnon-cashGroupIncomeStatementchargeforpensions 113 24

IAS17Leasesimpactofannualupliftsinrentandrent-freeperiods 50 41

IFRS3BusinessCombinationsintangibleassetamortisationchargesandcostsarisingfromacquisitions 42 127

IFRIC13CustomerLoyaltyProgrammesfairvalueofawards 8 14

IAS36ImpairmentofAssetsimpairmentofgoodwillarisingonacquisitions 55 131

Restructuringcosts 29 33

Underlyingprofitbeforetax 3,813 3,395


UMMARy FIACIA AM

Group financials


37/40

ummar Group balance sheet 26 feruary2011

27February2010

m

Non-currentassets 35,337 34,258

Currentassets(includingnon-currentassetsheldforsale) 11,869 11,765

Currentliabilities (17,731) (16,015)

Netcurrentliabilities (5,862) (4,250)

Totalassetslesscurrentliabilities 29,475 30,008

Non-currentliabilities (12,852) (15,327)

et assets 16,623 14,681

Equityattributabletoownersoftheparent 16,535 14,596

Non-controllinginterests 88 85

tal equity 16,623 14,681

Balance sheetNetassetshaveincreasedby1,942millionto16,623million.Non-currentassetsincreasedby1,079million,afterchargingdepreciation

andamortisationof1,420million.

Groupcapitalexpenditurewas3.7billion.UKcapitalexpenditurewas1.7billion.TescoBankcapitalexpenditurewas0.2billion.Totalinternational

capitalexpenditureroseto1.8billion;1.0billioninAsia,0.6billioninEuropeand0.2billionintheUS.IntheyearaheadweforecastGroupcapital

expendituretobearound4.0billion.

ummar Group cash flow statement

ear ended 26 feruary 201152 eeks

2011

52weeks2010

m

Cashgeneratedfromoperations 5,366 5,947

Interestpaid (614) (690)

Corporationtaxpaid (760) (512)

et ash r perating atiities 3,992 4,745

et ash used in inesting atiities (1,859) (1,877)

cash ls r inaning atiities

Dividendspaidtoequityowners (1,081) (968)

Othernetcashflowsfromfinancingactivities (1,955) (2,639)

et ash r inaning atiities (3,036) (3,607)

Reconciliation of net cash flow to movement in net debt

ear ended 26 feruary 201152 eeks

2011

52weeks2010

m

Netdecreaseincashandcashequivalents (903) (739)

InvestmentinTescoBank (446) (230)

EliminationofnetincreaseinTescoBankcashandcashequivalents 56 (167)

Debtacquiredonacquisition (17)

Netcashoutflowtorepaydebtandleasefinancing 2,870 2,780

DividendreceivedfromTescoBank 150 150

(Decrease)/increaseinshort-terminvestments (292) 81

Increaseinjointventureloanreceivables 159 45Othernon-cashmovements (438) (249)

Derease in net det in the year 1,139 1,671

Openingnetdebt (7,929) (9,600)

Closingnetdebt (6,790) (7,929)

NB.Thereconciliationofnetcashflowtomovementinnetdebtnoteisnotaprimarystatementanddoesnotformpartofthecashflowstatementbutformspartofthenotestothefinancialstatements.



38/40

1

1. David Reid64

Non-executiveChairman

DavidReidbecameNon-executiveChairman

on2April2004.Priortohisappointmenthewas

DeputyChairmanofTescoPLCandhasserved

ontheTescoBoardsince1985.Davidisa

Non-executiveDirector(SID)ofReedElsevier

GroupPLCandChairmanofbothKwik-FitGroup

andWhizz-Kidz.InNovember2010Davidwas

appointedoneofPrimeMinisterDavid

CameronsBusinessAmbassadors.

2. Philip Clarke50

GroupChiefExecutive

PhilipClarkewasappointedtotheBoardon

16November1998.Priortohisappointment

asCEOinMarch2011hewasAsia,Europe&IT

Directorandhaspreviouslyheldanumberof

rolesinstoreoperations,commercialand

marketing.

3. im Mason53

DeputyGroupCEOandCMO

andCEOFresh&Easy

TimMasonhasbeenPresidentandChief

ExecutiveOfficer,Fresh&EasyNeighborhood

MarketsinceJanuary2006andbecameDeputy

GroupCEOandChiefMarketingOfficerin

March2011.HewasappointedtotheBoard

on16February1995.HejoinedTescoin1982.

4. Richard Brasher 49

CEOUKandROI

RichardBrasherwasappointedtotheBoardon

15March2004.HejoinedTescoin1986.Hehas

heldanumberofmarketing,commercialand

storeoperationspositions,mostrecentlyBoard

CommercialDirector,beforebeingappointedUKandROICEOinMarch2011.

5. Andrew Higginson53

CEORetailServices

AndrewHigginsonwasappointedtotheBoard

on17November1997.Priortohisappointment

asChiefExecutiveofRetailingServicesin

July2008hewasGroupFinanceandStrategy

Director.HeisChairmanofTescoBankanda

Non-executiveDirectorofBSkyBplc.

6. aurie McIlwee48

ChiefFinancialOfficer

LaurieMcIlweewasappointedtotheBoard

on27January2009.HejoinedTescoin2000as

UKFinanceDirectorandbecameDistribution

Directorin2005.LaurieisaChartered

ManagementAccountant.

7. uc eville-Rolfe, CMG58

ExecutiveDirector(CorporateandLegalAffairs)

LucyNeville-RolfewasappointedtotheBoard

on14December2006.ShejoinedTescoin1997

fromtheCabinetOffice.SheisDeputyChairof

theBritishRetailConsortium,aNon-executive

DirectorofITVplcandtheCarbonTrustanda

memberoftheChinaBritainBusinessCouncil,

theUKIndiaBusinessCouncilandtheCorporate

LeadersGrouponClimateChange.

8. David Potts53

CEOAsia

DavidPottswasappointedtotheBoardon

16November1998.HejoinedTescoin1973.

From1997hedirectedtheintegrationofour

businessesinNorthernIrelandandtheRepublic

ofIrelandbeforereturningtotheUKin2000as

DirectorresponsibleforUKRetailOperations.

From2004,Davidsresponsibilitiesalsoincluded

theUKSupplyChainandtheRepublicofIreland,beforebeingappointedCEOAsiainMarch2011.

9. Patrick Cescau62

SeniorIndependentDirector

10. Gareth Bullock57

Non-executiveDirector

11. tuart Chambers55


12. Karen Cook57


13. Ken Hanna57


14. Ken Hdon66


15. Jacqueline ammenoms Bakker57


16. Jonathan lod 44

CompanySecretary

Directorsagesasat26February2011.

2 3 4 5 6

7

13

8

14

9

15

10

16

11 12


UMMARy FIACIA AM

ur Board of Directors


39/40

Financialyearend2010/11 26February2011

Finalex-dividenddate 27April2011

Recorddate 3May2011

Q1InterimManagementStatement June2011

AnnualGeneralMeeting 1July2011Finaldividendpaymentdate 8July2011

Half-yearend2011/12 27August2011

InterimResults October2011

Q3InterimManagementStatement December2011

ChristmasandNewYearTradingStatement January2012

Financialyearended2011/12 25February2012

Pleasenotethatdatesareprovisionalandsubjecttochange.

Designedandproducedby CON R A N DES IG N G R OU P

ThisReportisprintedonRevive100PureWhiteSilkpaperandhasbeen

independentlycertifiedonbehalfoftheForestStewardshipCouncil(FSC).

Theinksusedareallvegetableoilbased.

PrintedatPureprintGroupLtd,ISO14001,FSCcertifiedandCarbonNeutral

UMMARy FIACIA AM

Financial calendar


40/40

es Pc

es use

tesco annual review 2011

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