Tesco Financials - Capital IQ

Tesco PLC (LSE:TSCO) > Financials > Key Stats
In Millions of the trading currency, except per share items. Currency: Trading Currency Conversion: Historical
Order: Latest on Right Units: S&P Capital IQ (Default)
Decimals: Capital IQ (Default) Dilution: Basic
Key Financials¹
For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months 12 months
Feb-24-2018A Feb-23-2019A Feb-29-2020A Feb-27-2021A Feb-26-2022A Feb-25-2023A
Currency GBP GBP GBP GBP GBP GBP
Total Revenue 57,493.0 63,911.0 58,091.0 57,887.0 61,344.0 65,762.0

Growth Over Prior Year 2.8% 11.2% (9.1%) (0.4%) 6.0% 7.2%
Gross Profit 2,721.0 3,977.0 3,839.0 3,603.0 4,235.0 4,229.0

Margin % 4.7% 6.2% 6.6% 6.2% 6.9% 6.4%
EBITDA 2,723.0 3,769.0 3,865.0 2,774.0 3,842.0 3,688.0

Margin % 4.7% 5.9% 6.7% 4.8% 6.3% 5.6%
EBIT 1,636.0 2,544.0 2,627.0 1,789.0 2,870.0 2,727.0

Margin % 2.8% 4.0% 4.5% 3.1% 4.7% 4.1%
Earnings from Cont. Ops. 994.0 1,270.0 738.0 532.0 1,523.0 753.0
Margin % 1.7% 2.0% 1.3% 0.9% 2.5% 1.1%
Net Income 1,208.0 1,272.0 971.0 5,954.0 1,481.0 745.0

Margin % 2.1% 2.0% 1.7% 10.3% 2.4% 1.1%
Diluted EPS Excl. Extra Items³ 0.15 0.17 0.1 0.07 0.2 0.1
Growth Over Prior Year 1,273.6% 7.7% (42.3%) (27.4%) 183.7% (48.7%)

Exchange Rate 1.0 1.0 1.0 1.0 1.0 1.0
Conversion Method H H H H H H
¹All results are taken from the most recently filed statement for each period. When there has been more than one, earlier filings can be viewed on the individual statement pages.
³All forward period figures are consensus mean estimates provided by the brokers and may not be on a comparable basis as financials.
†Growth rates for forward periods are calculated against prior period estimates or actual pro forma results as disclosed on the Estimates Consensus page.
Growth Rates are calculated in originally reported currency only and will not reflect any currency conversion selected above.
Latest Capitalization (Millions of GBP)

Currency GBP
Share Price 2.64
Shares Out. 7,069.9
Market Capitalization 18,650.3
- Cash & Short Term Investments 4,099.0
+ Total Debt 15,078.0
+ Pref. Equity -
+ Total Minority Interest (11.0)
- Long Term Marketable Securities -
= Total Enterprise Value (TEV) 29,618.3
Book Value of Common Equity 12,241.0

+ Pref. Equity -
+ Total Minority Interest (11.0)
+ Total Debt 15,078.0
= Total Capital 27,308.0
**For companies that have multiple share classes that publicly trade,
we are incorporating the different prices to calculate our company level
market capitalization. Please click on the value to see the detailed
calculation. Prices shown on this page are the close price of the
company’s primary stock class. Shares shown on this page are total
company as-reported share values.
Total Liability includes Total Debt, Minority Interest and Pref. Equity.
Net Liability includes Total Liability, net of Cash and Short Term Investments.
TEV includes Market Cap and Net Liability.
Total Capital includes Common Equity and Total Liability.
Valuation Multiples based on Current Capitalization

For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months
Feb-26-2022A Feb-25-2023A Feb-29-2024E Feb-28-2025E Feb-28-2026E
TEV/Total Revenue 0.5x 0.5x - - -
TEV/EBITDA 6.7x 7.0x - - -
TEV/EBIT 10.3x 10.8x - - -
P/Diluted EPS Before Extra 13.4x 26.2x - - -
P/BV 1.3x 1.6x - - -
Price/Tang BV 1.9x 2.8x - - -

Tesco PLC (LSE:TSCO) > Financials > Income Statement
In Millions of the reported currency, except per share items. Template: Standard Restatement: Latest Filings
Period Type: Annual Order: Latest on Right
Currency: Reported Currency Conversion: Historical
Units: S&P Capital IQ (Defaul Decimals: Capital IQ (Default)
Source: Capital IQ & Proprieta
Income Statement
Restated Restated Reclassified Restated Reclassified
Feb-24-2018 Feb-23-2019 Feb-29-2020 Feb-27-2021 Feb-26-2022 Feb-25-2023
Revenue 56,446.0 62,814.0 57,023.0 57,152.0 60,661.0 64,965.0

Finance Div. Revenue 1,047.0 1,097.0 1,068.0 735.0 683.0 797.0
Other Revenue - - - - - -
Total Revenue 57,493.0 63,911.0 58,091.0 57,887.0 61,344.0 65,762.0
Cost Of Goods Sold 53,894.0 59,036.0 53,377.0 53,734.0 56,511.0 60,860.0

Finance Div. Operating Exp. 702.0 723.0 709.0 467.0 556.0 574.0
Interest Expense - Finance Division 176.0 175.0 166.0 83.0 42.0 99.0
Gross Profit 2,721.0 3,977.0 3,839.0 3,603.0 4,235.0 4,229.0
Selling General & Admin Exp. 1,085.0 1,433.0 1,212.0 1,430.0 1,404.0 1,435.0
R & D Exp. - - - - - -
Depreciation & Amort. - - - - - -
Other Operating Expense/(Income) - - - 384.0 (39.0) 67.0
Other Operating Exp., Total 1,085.0 1,433.0 1,212.0 1,814.0 1,365.0 1,502.0
Operating Income 1,636.0 2,544.0 2,627.0 1,789.0 2,870.0 2,727.0
Interest Expense (400.0) (847.0) (722.0) (701.0) (652.0) (647.0)

Interest and Invest. Income 44.0 22.0 16.0 15.0 9.0 85.0
Net Interest Exp. (356.0) (825.0) (706.0) (686.0) (643.0) (562.0)
Income/(Loss) from Affiliates (6.0) 32.0 (8.0) 26.0 15.0 8.0

Other Non-Operating Inc. (Exp.) 53.0 (29.0) (177.0) (48.0) 123.0 (121.0)
EBT Excl. Unusual Items 1,327.0 1,722.0 1,736.0 1,081.0 2,365.0 2,052.0
Restructuring Charges (109.0) (220.0) (108.0) - (44.0) (138.0)

Merger & Related Restruct. Charges (21.0) (15.0) (23.0) (25.0) - -
Impairment of Goodwill - - - (295.0) - -
Gain (Loss) On Sale Of Invest. - - (183.0) - - -
Gain (Loss) On Sale Of Assets 82.0 - - - - -
Asset Writedown 155.0 106.0 3.0 128.0 (121.0) (996.0)
Insurance Settlements - 20.0 - - - -
Legal Settlements - - - (93.0) (193.0) -
Other Unusual Items (134.0) 4.0 (397.0) (160.0) 26.0 82.0
EBT Incl. Unusual Items 1,300.0 1,617.0 1,028.0 636.0 2,033.0 1,000.0
Income Tax Expense 306.0 347.0 290.0 104.0 510.0 247.0

Earnings from Cont. Ops. 994.0 1,270.0 738.0 532.0 1,523.0 753.0
Earnings of Discontinued Ops. 216.0 - 235.0 5,426.0 (40.0) (9.0)

Extraord. Item & Account. Change - - - - - -
Net Income to Company 1,210.0 1,270.0 973.0 5,958.0 1,483.0 744.0
Minority Int. in Earnings (2.0) 2.0 (2.0) (4.0) (2.0) 1.0

Net Income 1,208.0 1,272.0 971.0 5,954.0 1,481.0 745.0
Pref. Dividends and Other Adj. - - - - - -
NI to Common Incl Extra Items 1,208.0 1,272.0 971.0 5,954.0 1,481.0 745.0
NI to Common Excl. Extra Items 992.0 1,272.0 736.0 528.0 1,521.0 754.0
Per Share Items

Basic EPS 0.19 0.17 0.13 0.78 0.19 0.1
Basic EPS Excl. Extra Items 0.15 0.17 0.1 0.07 0.2 0.1
Weighted Avg. Basic Shares Out. 6,446.1 7,646.8 7,670.5 7,601.8 7,658.0 7,415.0
Diluted EPS 0.19 0.17 0.13 0.78 0.19 0.1

Diluted EPS Excl. Extra Items 0.15 0.17 0.1 0.07 0.2 0.1
Weighted Avg. Diluted Shares Out. 6,467.4 7,703.7 7,723.4 7,623.2 7,746.0 7,482.0
Normalized Basic EPS 0.13 0.14 0.14 0.09 0.19 0.17

Normalized Diluted EPS 0.13 0.14 0.14 0.09 0.19 0.17
Dividends per Share 0.04 0.07 0.12 0.12 0.11 0.11

Payout Ratio % 6.8% 28.1% 67.6% 15.3% 47.5% 115.2%
Shares per Depository Receipt 3.0 3.0 3.0 3.0 3.0 3.0
Supplemental Items
EBITDA 2,723.0 3,769.0 3,865.0 2,774.0 3,842.0 3,688.0
EBITA 1,647.0 2,629.0 2,986.0 1,869.0 2,948.0 2,805.0
EBIT 1,636.0 2,544.0 2,627.0 1,789.0 2,870.0 2,727.0
EBITDAR 3,741.0 3,726.0 3,854.0 2,771.0 3,849.0 3,691.0
Effective Tax Rate % 23.5% 21.5% 28.2% 16.4% 25.1% 24.7%
Total Current Taxes 232.0 344.0 278.0 178.0 215.0 299.0
Total Deferred Taxes 74.0 3.0 12.0 (74.0) 295.0 (52.0)
Normalized Net Income 827.4 1,078.3 1,083.0 671.6 1,476.1 1,283.5

Interest Capitalized 2.0 1.0 NA NA NA NA
Interest on Long Term Debt 125.0 655.0 556.0 506.0 452.0 444.0
Non-Cash Pension Expense 162.0 132.0 76.0 50.0 23.0 (80.0)
Filing Date Jun-19-2019 May-13-2020 Apr-14-2021 Apr-27-2022 May-12-2023 May-12-2023
Restatement Type RS RS RD RS RC O
Calculation Type REP REP REP REP REP REP
Supplemental Operating Expense Items

General and Administrative Exp. 923.0 1,344.0 1,141.0 1,387.0 1,382.0 1,515.0
Net Rental Exp. 1,018.0 (43.0) (11.0) (3.0) 7.0 3.0
Imputed Oper. Lease Interest Exp. 315.2 (22.2) (3.6) (1.0) 2.4 1.0
Imputed Oper. Lease Depreciation 702.8 NM NM NM 4.6 2.0
Stock-Based Comp., COGS - - - 4.0 - -

Stock-Based Comp., Unallocated 113.0 118.0 127.0 65.0 122.0 112.0
Stock-Based Comp., Total 113.0 118.0 127.0 69.0 122.0 112.0
Note: For multiple class companies, per share items are primary class equivalent, and for foreign companies listed as primary ADRs, per share items are ADR-equivalent.
Tesco PLC (LSE:TSCO) > Financials > Balance Sheet
Balance Sheet
Balance Sheet as of: Restated Restated Restated Restated
ASSETS
Cash And Equivalents 2,755.0 1,873.0 4,137.0 2,510.0 2,345.0 2,465.0
Short Term Investments 1,029.0 390.0 1,076.0 1,011.0 2,302.0 1,634.0
Total Cash & ST Investments 3,784.0 2,263.0 5,213.0 3,521.0 4,647.0 4,099.0
Accounts Receivable 1,504.0 1,550.0 1,396.0 1,263.0 1,263.0 1,315.0

Other Receivables 12.0 6.0 21.0 41.0 93.0 63.0
Total Receivables 1,516.0 1,556.0 1,417.0 1,304.0 1,356.0 1,378.0
Inventory 2,264.0 2,617.0 2,433.0 2,069.0 2,339.0 2,510.0

Finance Div. Loans and Leases, ST 4,637.0 4,882.0 4,280.0 3,093.0 3,349.0 4,052.0
Finance Div. Other Curr. Assets 1,372.0 1,110.0 247.0 178.0 61.0 419.0
Other Current Assets 176.0 150.0 303.0 642.0 437.0 267.0
Total Current Assets 13,749.0 12,578.0 13,893.0 10,807.0 12,189.0 12,725.0
Gross Property, Plant & Equipment 34,362.0 39,175.0 37,904.0 33,335.0 33,335.0 33,984.0
Accumulated Depreciation (15,841.0) (12,291.0) (12,559.0) (10,451.0) (10,566.0) (11,632.0)
Net Property, Plant & Equipment 18,521.0 26,884.0 25,345.0 22,884.0 22,769.0 22,352.0
Long-term Investments 602.0 519.0 78.0 94.0 98.0 311.0

Other Intangibles 1,588.0 5,238.0 4,876.0 4,782.0 4,731.0 4,752.0
Finance Div. Loans and Leases, LT 6,885.0 7,868.0 4,171.0 3,309.0 3,141.0 3,029.0
Finance Div. Other LT Assets 2,020.0 2,163.0 1,943.0 1,537.0 2,129.0 1,956.0
Accounts Receivable Long-Term 186.0 243.0 166.0 170.0 159.0 79.0
Deferred Tax Assets, LT 116.0 191.0 319.0 485.0 21.0 25.0
Other Long-Term Assets 1,217.0 1,214.0 2,356.0 1,444.0 4,114.0 903.0
Total Assets 44,884.0 56,898.0 53,147.0 45,512.0 49,351.0 46,132.0
LIABILITIES
Accounts Payable 8,994.0 9,131.0 8,922.0 8,399.0 9,181.0 9,818.0
Short-term Borrowings 357.0 387.0 1,142.0 559.0 605.0 928.0
Curr. Port. of LT Debt 1,110.0 1,176.0 1,077.0 521.0 120.0 842.0
Curr. Port. of Leases 12.0 646.0 598.0 575.0 547.0 595.0
Finance Div. Other Curr. Liab. 7,812.0 8,832.0 6,377.0 5,321.0 4,729.0 4,485.0
Curr. Income Taxes Payable 335.0 325.0 324.0 79.0 11.0 18.0
Other Current Liabilities 613.0 476.0 216.0 543.0 946.0 1,049.0
Total Current Liabilities 19,233.0 20,973.0 18,656.0 15,997.0 16,139.0 17,735.0
Long-Term Debt 7,032.0 5,580.0 6,005.0 6,188.0 6,674.0 5,581.0

Long-Term Leases 110.0 9,859.0 8,968.0 7,827.0 7,411.0 7,132.0
Finance Div. Other Non-Curr. Liab. 2,980.0 3,296.0 1,830.0 1,017.0 1,650.0 2,265.0
Pension & Other Post-Retire. Benefits 3,282.0 2,808.0 3,085.0 1,222.0 303.0 400.0
Def. Tax Liability, Non-Curr. 88.0 49.0 40.0 48.0 910.0 119.0
Other Non-Current Liabilities 1,679.0 901.0 1,194.0 1,154.0 620.0 670.0
Total Liabilities 34,404.0 43,466.0 39,778.0 33,453.0 33,707.0 33,902.0
Common Stock 410.0 490.0 490.0 490.0 484.0 463.0

Additional Paid In Capital 5,107.0 5,165.0 5,165.0 5,165.0 5,165.0 5,165.0
Retained Earnings 4,250.0 4,031.0 4,078.0 3,239.0 6,932.0 3,490.0
Treasury Stock (16.0) (179.0) (250.0) (188.0) (365.0) (359.0)
Comprehensive Inc. and Other 751.0 3,949.0 3,908.0 3,371.0 3,444.0 3,482.0
Total Common Equity 10,502.0 13,456.0 13,391.0 12,077.0 15,660.0 12,241.0
Minority Interest (22.0) (24.0) (22.0) (18.0) (16.0) (11.0)
Total Equity 10,480.0 13,432.0 13,369.0 12,059.0 15,644.0 12,230.0
Total Liabilities And Equity 44,884.0 56,898.0 53,147.0 45,512.0 49,351.0 46,132.0
Supplemental Items
Total Shares Out. on Filing Date 6,450.0 7,655.5 7,671.3 7,673.3 7,588.1 7,262.7
Total Shares Out. on Balance Sheet Date 6,450.0 7,655.5 7,671.3 7,673.3 7,588.1 7,262.7
Book Value/Share 1.63 1.76 1.75 1.57 2.06 1.69
Tangible Book Value 7,841.0 7,192.0 7,601.0 6,684.0 10,300.0 6,866.0
Tangible Book Value/Share 1.22 0.94 0.99 0.87 1.36 0.95
Total Debt 8,621.0 17,648.0 17,790.0 15,670.0 15,357.0 15,078.0
Net Debt 4,837.0 15,385.0 12,577.0 12,149.0 10,710.0 10,979.0
Debt Equiv. of Unfunded Proj. Benefit Obligation 3,282.0 2,808.0 3,085.0 1,222.0 (2,847.0) 391.0
Debt Equivalent Oper. Leases 8,144.0 (344.0) (88.0) (24.0) 56.0 24.0
Total Minority Interest (22.0) (24.0) (22.0) (18.0) (16.0) (11.0)
Equity Method Investments 599.0 516.0 71.0 85.0 86.0 93.0
Inventory Method Avg Cost Avg Cost Avg Cost Avg Cost Avg Cost Avg Cost
Work in Progress Inventory 4.0 6.0 4.0 3.0 3.0 3.0
Finished Goods Inventory 2,260.0 2,611.0 2,429.0 2,066.0 2,336.0 2,507.0
Land 23,385.0 24,447.0 24,780.0 21,576.0 21,880.0 22,541.0
Machinery 10,852.0 6,884.0 6,811.0 5,533.0 5,437.0 5,566.0
Construction in Progress 125.0 146.0 202.0 287.0 309.0 387.0
Full Time Employees 440,658 454,419 405,506 300,000 345,000 330,000
Restatement Type RS RS RS RS NC O
Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary ADRs, total share counts are ADR-equivalent.
Tesco PLC (LSE:TSCO) > Financials > Cash Flow
Cash Flow
Restated Restated Restated Restated
Net Income 1,208.0 1,272.0 971.0 5,954.0 1,481.0 745.0

Depreciation & Amort. 1,076.0 1,755.0 1,450.0 1,466.0 1,431.0 1,422.0
Amort. of Goodwill and Intangibles 11.0 85.0 359.0 80.0 78.0 78.0
Depreciation & Amort., Total 1,087.0 1,840.0 1,809.0 1,546.0 1,509.0 1,500.0
Other Amortization 208.0 210.0 - 198.0 209.0 200.0

(Gain) Loss From Sale Of Assets (231.0) (131.0) (170.0) (28.0) (120.0) (53.0)
(Gain) Loss On Sale Of Invest. (45.0) (8.0) (24.0) - (25.0) 3.0
Asset Writedown & Restructuring Costs (167.0) (114.0) 302.0 206.0 115.0 982.0
Stock-Based Compensation 113.0 77.0 87.0 30.0 66.0 59.0
Net Cash From Discontinued Ops. - - 660.0 305.0 (28.0) (9.0)
Other Operating Activities 42.0 54.0 (44.0) (7,855.0) 188.0 52.0
Change in Acc. Receivable 26.0 112.0 485.0 125.0 35.0 6.0
Change In Inventories 76.0 9.0 179.0 (50.0) (281.0) (147.0)
Change in Acc. Payable 2,100.0 1,038.0 (4,252.0) (1,573.0) 790.0 1,012.0
Change in Other Net Operating Assets (1,612.0) (1,807.0) 45.0 1,744.0 (182.0) (628.0)
Cash from Ops. 2,805.0 2,552.0 48.0 602.0 3,757.0 3,722.0
Capital Expenditure (1,440.0) (1,101.0) (1,003.0) (1,171.0) (949.0) (971.0)

Sale of Property, Plant, and Equipment 253.0 286.0 3,965.0 237.0 309.0 342.0
Cash Acquisitions (27.0) (715.0) - 15.0 (48.0) (71.0)
Divestitures 66.0 8.0 (6.0) 7,806.0 117.0 -
Sale (Purchase) of Intangible assets (197.0) (191.0) (201.0) (206.0) (229.0) (279.0)
Invest. in Marketable & Equity Securt. 1,935.0 506.0 (425.0) 167.0 (1,010.0) 142.0
Net (Inc.) Dec. in Loans Originated/Sold - - - - - -
Other Investing Activities 53.0 67.0 68.0 (677.0) 75.0 131.0
Cash from Investing 643.0 (1,140.0) 2,398.0 6,171.0 (1,735.0) (706.0)
Short Term Debt Issued - - - - - -

Long-Term Debt Issued 313.0 975.0 1,272.0 1,098.0 394.0 -
Total Debt Issued 313.0 975.0 1,272.0 1,098.0 394.0 -
Short Term Debt Repaid - - - - - -
Long-Term Debt Repaid (3,731.0) (3,077.0) (2,390.0) (2,435.0) (1,352.0) (1,302.0)
Total Debt Repaid (3,731.0) (3,077.0) (2,390.0) (2,435.0) (1,352.0) (1,302.0)
Issuance of Common Stock 11.0 60.0 - - - -

Repurchase of Common Stock - (206.0) (149.0) (66.0) (422.0) (867.0)
Common Dividends Paid (82.0) (357.0) (656.0) (910.0) (704.0) (858.0)

Total Dividends Paid (82.0) (357.0) (656.0) (910.0) (704.0) (858.0)
Special Dividend Paid - - - (4,948.0) (27.0) (1.0)

Other Financing Activities 253.0 35.0 (17.0) (580.0) (123.0) (160.0)
Cash from Financing (3,236.0) (2,570.0) (1,940.0) (7,841.0) (2,234.0) (3,188.0)
Foreign Exchange Rate Adj. 15.0 15.0 (42.0) 8.0 12.0 (34.0)
Misc. Cash Flow Adj. - - - 7.0 - -
Net Change in Cash 227.0 (1,143.0) 464.0 (1,053.0) (200.0) (206.0)
Supplemental Items
Cash Interest Paid 328.0 859.0 803.0 729.0 650.0 652.0
Cash Taxes Paid 176.0 370.0 340.0 255.0 201.0 123.0
Levered Free Cash Flow 1,017.5 2,596.6 632.6 1,013.0 2,317.3 1,281.0
Unlevered Free Cash Flow 1,267.5 3,126.0 1,083.9 1,451.1 2,724.8 1,685.4
Change in Net Working Capital (474.0) (660.0) 1,290.0 103.0 (269.0) 581.0
Net Debt Issued (3,418.0) (2,102.0) (1,118.0) (1,337.0) (958.0) (1,302.0)
Net Cash From Discontinued Ops. - Investing - - - (713.0) 44.0 -
Restatement Type RS RS RS RS NC O
Tesco PLC (LSE:TSCO) > Financials > Multiples
View: Data Frequency: Quarterly
Order: Latest on Right Decimals: Capital IQ (Default)
Dilution: Basic
In Millions of the reported currency, except per share items.
For Quarter Ending Mar-29-2018 Jun-29-2018 Sep-28-2018 Dec-31-2018 Mar-29-2019

TEV/LTM Total Revenue Average 0.41x 0.49x 0.51x 0.42x 0.44x
High 0.46x 0.53x 0.54x 0.49x 0.46x
Low 0.38x 0.44x 0.48x 0.39x 0.39x
Close 0.45x 0.52x 0.49x 0.39x 0.46x
TEV/NTM Total Revenues Average 0.39x 0.45x 0.46x 0.39x 0.41x

High 0.43x 0.48x 0.48x 0.43x 0.43x
Low 0.37x 0.40x 0.43x 0.36x 0.37x
Close 0.41x 0.47x 0.44x 0.36x 0.43x
TEV/LTM EBITDA Average 8.91x 10.31x 10.88x 8.80x 9.35x

High 10.02x 11.25x 11.41x 10.35x 9.80x
Low 8.27x 9.18x 10.26x 8.20x 8.26x
Close 9.72x 11.07x 10.46x 8.21x 9.64x
TEV/NTM EBITDA Average 7.44x 8.25x 8.28x 7.02x 7.28x

High 8.18x 8.74x 8.67x 7.86x 7.54x
Low 6.99x 7.53x 7.80x 6.57x 6.62x
Close 7.67x 8.61x 7.94x 6.58x 7.41x
TEV/LTM EBIT Average 17.89x 17.97x 18.21x 14.47x 15.37x

High 20.12x 19.86x 19.10x 17.32x 16.10x
Low 16.62x 16.54x 17.18x 13.47x 13.58x
Close 19.52x 18.52x 17.51x 13.50x 15.84x
TEV/NTM EBIT Average 12.89x 13.67x 13.44x 11.32x 11.58x

High 14.38x 14.48x 14.22x 12.74x 11.99x
Low 12.22x 12.64x 12.65x 10.56x 10.65x
Close 12.88x 14.25x 12.88x 10.59x 11.79x
P/LTM EPS Average 37.00x 21.90x 20.81x 18.58x 20.16x

High 38.28x 37.55x 22.04x 19.71x 21.35x
Low 35.49x 18.66x 19.40x 17.08x 17.26x
Close 36.76x 21.25x 19.85x 17.13x 20.92x
P/NTM EPS Average 16.71x 17.56x 17.02x 13.52x 14.08x

High 18.41x 18.61x 18.19x 15.97x 14.90x
Low 15.82x 15.85x 15.91x 12.40x 12.54x
Close 16.25x 18.24x 16.18x 12.44x 14.60x
P/LTM Normalized EPS Average 29.81x 25.72x 25.93x 20.87x 22.56x

High 30.84x 30.25x 27.46x 24.41x 23.90x
Low 28.59x 23.25x 24.17x 19.12x 19.32x
Close 29.62x 26.48x 24.73x 19.17x 23.41x
P/BV Average 1.60x 1.88x 1.96x 1.40x 1.50x

High 1.65x 2.04x 2.08x 1.85x 1.59x
Low 1.53x 1.55x 1.83x 1.27x 1.29x
Close 1.59x 2.00x 1.87x 1.28x 1.56x
P/Tangible BV Average 2.16x 2.52x 2.63x 2.51x 2.73x

High 2.24x 2.73x 2.78x 2.67x 2.89x
Low 2.07x 2.09x 2.45x 2.31x 2.34x
Close 2.15x 2.68x 2.51x 2.32x 2.83x
P/NTM CFPS Average 7.39x 9.08x 8.89x 7.15x 7.60x

High 8.39x 9.52x 9.42x 8.33x 8.01x
Low 6.88x 7.69x 8.27x 6.57x 6.64x
Close 7.88x 9.33x 8.44x 6.59x 7.84x
TEV/LTM Unlevered FCF Average NM 20.94x 20.63x 9.05x 9.31x

High NM 22.01x 21.64x 19.63x 9.76x
Low NM 20.12x 19.46x 8.16x 8.23x
Close NM 20.98x 19.84x 8.18x 9.60x
Market Cap/LTM Levered FCF Average NM 21.59x 21.13x 7.92x 8.19x

High NM 23.06x 22.38x 19.90x 8.68x
Low NM 20.51x 19.70x 6.94x 7.02x
Close NM 21.57x 20.16x 6.96x 8.50x
Average multiples are calculated using positive close values on each trading day within the frequency periods selected. Negative values are excluded from the calculation. When the Multiples are not meaningful, due to neg
When a mismatch exists between the currency of the equity listing and the reported financial results such results are translated into the currency of the listing at the exchange rate applicable on the financial period end date
Historical Equity Pricing Data supplied by Interactive Data Pricing and

Reference Data LLC
Jun-28-2019 Sep-30-2019 Dec-30-2019 Mar-31-2020 Jun-30-2020 Sep-30-2020 Dec-31-2020 Mar-31-2021 Jun-30-2021
0.44x 0.43x 0.59x 0.60x 0.56x 0.55x 0.55x 0.53x 0.51x
0.46x 0.45x 0.63x 0.62x 0.59x 0.56x 0.57x 0.59x 0.52x
0.42x 0.40x 0.44x 0.55x 0.55x 0.53x 0.52x 0.47x 0.48x
0.42x 0.45x 0.62x 0.58x 0.56x 0.53x 0.56x 0.49x 0.51x
0.43x 0.42x 0.58x 0.59x 0.60x 0.59x 0.60x 0.58x 0.51x

0.46x 0.44x 0.62x 0.61x 0.63x 0.60x 0.62x 0.64x 0.54x
0.41x 0.39x 0.44x 0.55x 0.55x 0.57x 0.57x 0.52x 0.49x
0.42x 0.44x 0.61x 0.57x 0.60x 0.58x 0.61x 0.53x 0.49x
8.29x 8.25x 9.01x 9.09x 7.70x 7.37x 7.53x 7.30x 7.87x

9.84x 8.72x 9.47x 9.44x 8.67x 7.59x 7.85x 8.07x 8.18x
7.66x 7.78x 8.57x 8.38x 7.41x 7.20x 7.16x 6.55x 6.69x
8.19x 8.61x 9.39x 8.78x 7.53x 7.21x 7.75x 6.70x 7.94x
6.51x 5.47x 7.50x 7.52x 7.90x 8.09x 8.27x 8.02x 6.95x

7.75x 5.75x 7.91x 7.85x 8.34x 8.41x 8.67x 8.92x 7.54x
5.28x 5.15x 5.66x 6.92x 6.93x 7.66x 7.84x 7.24x 6.74x
5.40x 5.68x 7.84x 7.28x 8.09x 7.97x 8.58x 7.42x 6.91x
13.52x 12.75x 15.70x 15.86x 12.72x 12.10x 12.09x 11.71x 13.48x

16.16x 13.47x 16.53x 16.47x 15.14x 12.46x 12.58x 12.94x 14.13x
12.55x 12.02x 13.24x 14.61x 12.17x 11.82x 11.49x 10.50x 10.72x
12.66x 13.31x 16.39x 15.32x 12.37x 11.85x 12.43x 10.75x 13.71x
10.54x 9.23x 12.59x 12.56x 13.81x 14.20x 14.19x 13.76x 11.96x

11.97x 9.79x 13.27x 13.17x 15.47x 14.64x 14.86x 15.19x 13.02x
8.98x 8.70x 9.62x 11.60x 11.49x 13.56x 13.53x 12.43x 11.42x
9.29x 9.67x 13.16x 11.81x 14.45x 13.82x 14.44x 12.80x 11.77x
17.96x 16.88x 17.88x 18.11x 23.73x 23.07x 21.14x 19.91x 23.26x

21.45x 18.05x 19.36x 19.25x 26.03x 24.21x 22.44x 23.44x 24.91x
16.55x 15.69x 16.91x 15.79x 16.36x 22.19x 19.28x 16.44x 17.09x
16.73x 17.79x 19.10x 17.11x 23.92x 22.28x 21.98x 17.16x 23.69x
14.46x 13.68x 13.84x 13.73x 15.15x 14.92x 14.24x 12.99x 12.36x

15.52x 14.63x 14.98x 14.84x 16.49x 15.95x 15.39x 16.25x 12.78x
13.60x 12.73x 13.01x 12.01x 12.51x 14.38x 13.05x 10.37x 10.96x
13.78x 14.42x 14.81x 13.08x 16.04x 14.41x 15.13x 11.66x 12.29x
20.61x 19.44x 17.03x 17.18x 18.13x 17.36x 18.16x 17.25x 19.28x

24.01x 20.79x 20.36x 18.26x 19.58x 18.22x 19.43x 20.31x 20.55x
19.06x 18.08x 16.04x 14.98x 15.52x 16.70x 16.57x 14.25x 14.81x
19.28x 20.49x 18.13x 16.23x 18.00x 16.77x 19.04x 14.87x 19.54x
1.55x 1.49x 1.66x 1.68x 1.69x 1.61x 1.76x 1.67x 1.41x

1.65x 1.60x 1.80x 1.79x 1.82x 1.69x 1.88x 1.97x 1.49x
1.46x 1.39x 1.56x 1.47x 1.52x 1.55x 1.54x 1.38x 1.37x
1.48x 1.57x 1.77x 1.59x 1.67x 1.56x 1.85x 1.44x 1.39x
2.70x 2.58x 3.00x 3.04x 3.13x 2.99x 3.31x 3.16x 2.53x

2.90x 2.76x 3.25x 3.23x 3.37x 3.14x 3.55x 3.72x 2.80x
2.53x 2.40x 2.70x 2.65x 2.75x 2.87x 2.85x 2.61x 2.43x
2.56x 2.72x 3.21x 2.87x 3.10x 2.89x 3.48x 2.72x 2.46x
7.59x 6.91x 6.92x 6.95x 7.64x 7.28x 7.29x 5.82x 5.65x

8.25x 7.36x 7.49x 7.43x 9.97x 7.65x 7.82x 7.85x 5.95x
7.11x 6.50x 6.53x 6.10x 5.96x 6.85x 6.71x 4.62x 4.93x
7.21x 6.88x 7.39x 6.24x 7.38x 7.07x 7.39x 5.06x 5.67x
11.79x 11.54x 11.99x NM 149.93x 145.82x 142.51x NM 17.87x

12.72x 12.19x 11.99x NM 157.12x 150.17x 143.38x NM 18.25x
9.63x 10.88x 11.99x NM 146.64x 142.42x 141.78x NM 17.57x
11.46x 12.05x NM NM 149.05x 142.78x NM NM 17.72x
10.50x 10.22x 10.71x NM NM NM NM NM 14.27x

11.46x 10.93x 10.71x NM NM NM NM NM 14.80x
8.53x 9.51x 10.71x NM NM NM NM NM 13.87x
10.14x 10.78x NM NM NM NM NM NM 14.07x
ul, due to negative values, then they will not be displayed in the chart.
eriod end date.

Sep-30-2021 Dec-31-2021 Mar-31-2022 Jun-30-2022 Sep-30-2022 Dec-30-2022 Mar-31-2023 Jun-30-2023 Sep-05-2023
0.53x 0.54x 0.55x 0.50x 0.48x 0.44x 0.47x 0.46x 0.44x
0.56x 0.56x 0.57x 0.54x 0.51x 0.46x 0.48x 0.49x 0.45x
0.51x 0.53x 0.52x 0.48x 0.42x 0.41x 0.44x 0.43x 0.43x
0.55x 0.55x 0.54x 0.49x 0.43x 0.44x 0.48x 0.44x 0.44x
0.52x 0.53x 0.53x 0.49x 0.47x 0.42x 0.44x 0.44x 0.42x

0.54x 0.54x 0.55x 0.52x 0.49x 0.44x 0.46x 0.46x 0.43x
0.49x 0.52x 0.50x 0.47x 0.40x 0.40x 0.43x 0.42x 0.41x
0.52x 0.54x 0.52x 0.47x 0.41x 0.42x 0.46x 0.42x 0.42x
8.38x 7.88x 7.97x 7.04x 6.70x 6.29x 6.74x 7.01x 6.85x

8.75x 8.57x 8.28x 7.81x 7.03x 6.58x 7.00x 7.31x 7.03x
7.95x 7.64x 7.57x 6.62x 5.83x 5.95x 6.41x 6.74x 6.71x
8.58x 8.04x 7.75x 6.78x 5.93x 6.33x 7.00x 6.76x 6.87x
7.18x 7.24x 7.24x 6.92x 6.61x 6.32x 6.73x 6.85x 6.56x

7.44x 7.42x 7.52x 7.38x 6.92x 6.60x 6.97x 7.17x 6.72x
6.87x 7.06x 6.86x 6.60x 5.77x 5.86x 6.46x 6.46x 6.43x
7.29x 7.39x 7.05x 6.74x 5.89x 6.38x 6.97x 6.48x 6.53x
14.48x 12.63x 12.71x 10.89x 10.18x 9.57x 10.25x 11.00x 10.61x

15.11x 14.80x 13.20x 12.46x 10.67x 10.00x 10.64x 11.57x 10.88x
13.72x 12.19x 12.08x 10.06x 8.84x 9.05x 9.74x 10.44x 10.39x
14.81x 12.83x 12.37x 10.30x 9.01x 9.62x 10.64x 10.47x 10.64x
12.20x 11.95x 11.84x 11.39x 10.93x 10.59x 11.29x 11.37x 10.83x

12.57x 12.23x 12.36x 12.09x 11.43x 11.09x 11.59x 11.91x 11.11x
11.77x 11.67x 11.18x 10.91x 9.63x 9.82x 10.83x 10.69x 10.64x
12.27x 12.17x 11.46x 11.18x 9.81x 10.69x 11.59x 10.73x 10.70x
25.94x 18.83x 19.00x 14.00x 12.82x 17.54x 20.08x 25.99x 25.23x

27.80x 26.88x 20.08x 18.47x 13.79x 19.10x 21.36x 28.23x 26.36x
23.70x 17.61x 17.61x 12.53x 10.20x 10.64x 18.41x 21.21x 24.35x
26.91x 19.19x 18.27x 13.01x 10.53x 18.02x 21.36x 24.64x 25.43x
13.01x 13.47x 13.39x 12.48x 11.83x 10.46x 11.87x 12.47x 11.77x

13.70x 13.96x 14.24x 13.59x 12.64x 11.25x 12.52x 13.33x 12.24x
12.23x 12.90x 12.27x 11.78x 9.54x 9.37x 10.90x 11.47x 11.40x
13.23x 13.89x 12.72x 12.18x 9.84x 10.68x 12.52x 11.54x 11.61x
21.40x 16.21x 16.41x 14.08x 13.07x 11.30x 12.78x 15.38x 14.83x

22.93x 22.17x 17.34x 15.95x 14.06x 12.16x 13.60x 16.59x 15.49x
19.55x 15.20x 15.21x 12.77x 10.40x 10.19x 11.72x 13.51x 14.31x
22.20x 16.57x 15.78x 13.26x 10.73x 11.48x 13.60x 14.48x 14.94x
1.52x 1.60x 1.65x 1.31x 1.22x 1.20x 1.37x 1.58x 1.51x

1.63x 1.68x 1.75x 1.61x 1.31x 1.30x 1.45x 1.71x 1.58x
1.39x 1.53x 1.53x 1.19x 0.97x 1.01x 1.25x 1.44x 1.46x
1.57x 1.67x 1.59x 1.24x 1.00x 1.23x 1.45x 1.47x 1.52x
2.70x 2.69x 2.77x 2.03x 1.85x 1.98x 2.25x 2.79x 2.69x

2.89x 2.81x 2.93x 2.69x 2.00x 2.14x 2.39x 3.04x 2.81x
2.46x 2.57x 2.57x 1.81x 1.48x 1.54x 2.06x 2.38x 2.60x
2.80x 2.80x 2.66x 1.88x 1.52x 2.02x 2.39x 2.63x 2.71x
6.16x 6.46x 6.75x 6.47x 6.01x 5.09x 5.70x 6.15x 5.84x

6.55x 6.74x 7.12x 7.22x 6.47x 5.48x 6.07x 7.32x 6.10x
5.67x 6.06x 6.21x 6.03x 4.75x 4.55x 5.28x 5.67x 5.63x
6.19x 6.71x 6.63x 6.20x 4.75x 5.17x 6.07x 5.70x 5.88x
18.70x 5.58x 5.00x 11.31x 11.78x 13.64x 14.70x 16.97x 17.21x

19.52x 19.12x 5.19x 13.20x 12.36x 14.35x 15.26x 18.36x 17.65x
17.73x 4.79x 4.75x 4.80x 10.24x 10.49x 13.97x 15.20x 16.86x
19.13x 5.04x 4.86x 11.92x 10.43x 13.80x 15.26x 17.00x 17.26x
15.41x 4.05x 3.55x 8.73x 8.96x 10.08x 11.37x 13.98x 14.09x

16.51x 15.97x 3.76x 10.38x 9.66x 10.93x 12.08x 15.60x 14.67x
14.08x 3.33x 3.28x 3.34x 7.10x 7.41x 10.45x 12.00x 13.62x
15.99x 3.60x 3.41x 9.13x 7.34x 10.24x 12.08x 13.80x 14.14x
Tesco PLC (LSE:TSCO) > Financials > Historical Capitalization
In Millions of the trading currency, except per share items. Frequency: Quarterly Order: Latest on Right
Currency: Trading Currency Conversion: Historical
Dilution: Basic
Historical Capitalization
Balance Sheet as of:
Aug-26-2017 Feb-24-2018 Aug-25-2018 Feb-23-2019 Aug-24-2019 Feb-29-2020
Pricing as of* Oct-04-2017 May-10-2018 Oct-03-2018 Jun-19-2019 Oct-02-2019 May-13-2020
Capitalization Detail
Share Price 2.33 3.09 2.72 2.98 3.04 3.14
Shares Out. 6,418.7 7,677.2 7,685.0 7,685.1 7,685.4 7,685.9
Market Capitalization 14,955.9 23,747.0 20,928.9 22,875.8 23,363.7 24,163.4

- Cash & Short Term Investments 5,944.0 3,784.0 2,796.0 2,263.0 2,325.0 3,120.0
+ Total Debt 11,588.0 8,726.0 7,937.0 7,272.0 17,256.0 17,061.0
+ Pref. Equity - - - - - -
+ Total Minority Interest (25.0) (22.0) (21.0) (24.0) (24.0) (22.0)
- Long Term Marketable Securities - - - - - -
= Total Enterprise Value (TEV) 20,574.9 28,667.0 26,048.9 27,860.8 38,270.7 38,082.4
Book Value of Common Equity 10,574.0 10,480.0 14,394.0 14,858.0 13,987.0 13,275.0
+ Pref. Equity - - - - - -
+ Total Minority Interest (25.0) (22.0) (21.0) (24.0) (24.0) (22.0)
+ Total Debt 11,588.0 8,726.0 7,937.0 7,272.0 17,256.0 17,061.0
= Total Capital 22,137.0 19,184.0 22,310.0 22,106.0 31,219.0 30,314.0
* Pricing as of the filing date of the balance sheet period end date. For
TEV calculation purposes on this page Capital IQ only uses balance
sheet components from the original filing that is publicly available as of
a given pricing date and does not use restated balance sheet data
from a later filing. In the cases where a company did not disclose
balance sheet values for a particular period, TEV is calculated using
balance sheet components from the last reported balance sheet as of
this date. The table above is organized along period end dates.
** For companies that have multiple share classes that publicly trade,
we are incorporating the different prices to calculate our company level
market capitalization. Please click on the value to see the detailed
calculation. Prices shown on this page are the close price of the
company’s primary stock class. Shares shown on this page are total
company as-reported share values.
Historical Equity Pricing Data supplied by Interactive Data Pricing and
Reference Data LLC
Aug-29-2020 Feb-27-2021 Aug-28-2021 Feb-26-2022 Aug-27-2022 Feb-25-2023
Oct-07-2020 Apr-14-2021 Oct-06-2021 Apr-27-2022 Oct-05-2022 May-12-2023
GBP GBP GBP GBP GBP GBP
2.69 2.27 2.68 2.74 2.01 2.76

7,685.1 7,673.3 7,673.6 7,573.2 7,402.2 7,248.4
20,695.3 17,449.1 20,569.1 20,720.2 14,900.7 19,983.9

2,568.0 3,521.0 4,550.0 4,421.0 4,171.0 4,099.0
16,574.0 15,670.0 15,577.0 15,357.0 15,577.0 15,078.0
- - - - - -
(17.0) (18.0) (18.0) (16.0) (11.0) (11.0)
- - - - - -
34,684.3 29,580.1 31,578.1 31,640.2 26,295.7 30,951.9
12,214.0 12,343.0 13,354.0 15,660.0 13,688.0 12,241.0

- - - - - -
(17.0) (18.0) (18.0) (16.0) (11.0) (11.0)
16,574.0 15,670.0 15,577.0 15,357.0 15,577.0 15,078.0
28,771.0 27,995.0 28,913.0 31,001.0 29,254.0 27,308.0
Tesco PLC (LSE:TSCO) > Financials > Capital Structure Summary
In Millions of the reported currency, except ratios and % of Total
values. Restatement: Latest Filings Period Type: Annual
Order: Latest on Right
Capital Structure Data

For the Fiscal Period Ending
12 months Feb-24-2018 12 months Feb-23-2019 12 months Feb-29-2020
Currency GBP GBP GBP
Units Millions % of Total Millions % of Total Millions % of Total
Total Debt 8,621.0 45.1% 17,648.0 56.8% 17,790.0 57.1%

Total Common Equity 10,502.0 55.0% 13,456.0 43.3% 13,391.0 43.0%
Total Minority Interest (22.0) (0.1%) (24.0) (0.1%) (22.0) (0.1%)
Total Capital 19,101.0 100.0% 31,080.0 100.0% 31,159.0 100.0%
Debt Summary Data

For the Fiscal Period Ending
Currency GBP GBP GBP
Units Millions % of Total Millions % of Total Millions % of Total
Total Revolving Credit 0 0.0% 0 0.0% 1,106.0 6.2%

Total Term Loans 6.0 0.1% - - 36.0 0.2%
Total Senior Bonds and Notes 8,142.0 94.4% 6,756.0 38.3% 7,082.0 39.8%
Total Lease Liabilities 122.0 1.4% 10,505.0 59.5% 9,566.0 53.8%
General/Other Borrowings 351.0 4.1% 387.0 2.2% - -
Total Principal Due 8,621.0 100.0% 17,648.0 100.0% 17,790.0 100.0%
Total Adjustments 0 0.0% 0 0.0% 0 0.0%

Total Debt Outstanding 8,621.0 100.0% 17,648.0 100.0% 17,790.0 100.0%
Available Credit
Undrawn Revolving Credit 4,270.0 - 3,038.0 - 3,038.0 -
Other Available Credit - - - - - -
Total Undrawn Credit 4,270.0 - 3,038.0 - 3,038.0 -
Additional Totals
Total Cash & ST Investments 3,784.0 - 2,263.0 - 5,213.0 -
Net Debt 4,837.0 - 15,385.0 - 12,577.0 -
Total Senior Debt 8,621.0 100.0% 17,648.0 100.0% 17,790.0 100.0%
Total Short-Term Borrowings 357.0 4.1% 387.0 2.2% 1,142.0 6.4%
Curr. Port. of LT Debt/Cap. Leases 1,122.0 13.0% 1,822.0 10.3% 1,675.0 9.4%
Long-Term Debt (Incl. Cap. Leases) 7,142.0 82.8% 15,439.0 87.5% 14,973.0 84.2%
Total Bank Debt 6.0 0.1% 0 0.0% 1,142.0 6.4%
Total Secured Debt 684.0 7.9% 11,053.0 62.6% 10,713.0 60.2%
Senior Secured Bonds and Notes 562.0 6.5% 548.0 3.1% 1,147.0 6.4%
Total Senior Secured Debt 684.0 7.9% 11,053.0 62.6% 10,713.0 60.2%
Total Unsecured Debt 7,937.0 92.1% 6,595.0 37.4% 7,077.0 39.8%
Senior Unsecured Bonds and Notes 7,580.0 87.9% 6,208.0 35.2% 5,935.0 33.4%
Fixed Rate Debt 6,882.0 79.8% 16,028.0 90.8% 15,743.0 88.5%
Variable Rate Debt 1,260.0 14.6% 1,233.0 7.0% 905.0 5.1%
Hedging Activities 105.0 1.2% 67.0 0.4% 70.0 0.4%
Credit Ratios
Net Debt/EBITDA 1.8x - 3.5x - 2.8x -
Total Debt/EBITDA 3.2x - 4.0x - 4.0x -
Total Senior Debt/EBITDA 3.2x - 4.0x - 4.0x -
Total Senior Secured/EBITDA 0.3x - 2.5x - 2.4x -
Net Debt/(EBITDA-CAPEX) 3.8x - 4.7x - 3.7x -
Total Debt/(EBITDA-CAPEX) 6.7x - 5.4x - 5.2x -
Total Senior Debt/(EBITDA-CAPEX) 6.7x - 5.4x - 5.2x -
Total Senior Secured/(EBITDA-CAPEX) 0.5x - 3.4x - 3.1x -
Fixed Payment Schedule

LT Debt (Incl. Cap. Leases) Due +1 1,392.9 16.2% 1,520.0 8.6% 1,989.0 11.2%
LT Debt (Incl. Cap. Leases) Due +2 1,444.2 16.8% 1,202.2 6.8% 1,141.2 6.4%
LT Debt (Incl. Cap. Leases) Due +3 955.6 11.1% 550.8 3.1% 712.6 4.0%
LT Debt (Incl. Cap. Leases) Due +4 919.2 10.7% 33.6 0.2% 1,452.6 8.2%
LT Debt (Incl. Cap. Leases) Due +5 34.1 0.4% 840.4 4.8% 1,585.8 8.9%
LT Debt (Incl. Cap. Leases) Due, Next 5 Yrs 4,745.9 55.1% 4,147.0 23.5% 6,881.1 38.7%
LT Debt (Incl. Cap. Leases) Due, After 5 Yrs 3,875.1 44.9% 3,125.0 17.7% 10,122.9 56.9%
Cap. Lease Payment Due +1 12.0 - 36.0 - 598.0 -

Cap. Lease Payment Due, Next 5 Yrs 51.4 - 58.3 - 3,219.1 -
Cap. Lease Payment Due, After 5 Yrs 70.6 - 70.7 - 6,346.9 -
Cap. Lease Payment Due (incl. Interest) +1 - - - - - -
Operating Lease Commitment Due +1 1,077.0 - 1,148.0 - - -

Operating Lease Commitment Due +2 888.0 - 884.0 - - -
Operating Lease Commitment Due, Next 5 Yrs 4,629.0 - 4,684.0 - - -
Operating Lease Commitment Due, After 5 Yrs 6,788.0 - 6,688.0 - - -
Contractual Obligations Due +1 17,158.0 - 18,825.0 - 16,336.0 -

Contractual Obligations Due + 2 1,243.0 - 2,330.0 - 1,059.0 -
Contractual Obligations Due + 3 1,189.0 - 1,584.0 - 936.0 -
Contractual Obligations Due + 4 1,370.0 - 340.0 - 400.0 -
Contractual Obligations Due + 5 292.0 - 344.0 - 435.0 -
Contractual Obligations Due, Next 5 Yrs 21,252.0 - 23,423.0 - 19,166.0 -
Contractual Obligations Due, After 5 Yrs 2,099.0 - 1,581.0 - 1,357.0 -
Total Contractual Obligations 23,351.0 - 25,004.0 - 20,523.0 -
Interest Rate Data

Filing Date Jun-19-2019 - May-13-2020 - Apr-14-2021 -
GBP GBP GBP
Millions % of Total Millions % of Total Millions % of Total
15,670.0 56.5% 15,357.0 49.5% 15,078.0 55.2%

12,077.0 43.6% 15,660.0 50.5% 12,241.0 44.8%
(18.0) (0.1%) (16.0) (0.1%) (11.0) (0.0%)
27,729.0 100.0% 31,001.0 100.0% 27,308.0 100.0%

GBP GBP GBP
Millions % of Total Millions % of Total Millions % of Total
532.0 3.4% 574.0 3.7% 900.0 6.0%

27.0 0.2% 31.0 0.2% 28.0 0.2%
6,709.0 42.8% 6,794.0 44.2% 6,423.0 42.6%
8,402.0 53.6% 7,958.0 51.8% 7,727.0 51.2%
- - - - - -
15,670.0 100.0% 15,357.0 100.0% 15,078.0 100.0%
0 0.0% 0 0.0% 0 0.0%

15,670.0 100.0% 15,357.0 100.0% 15,078.0 100.0%
2,538.0 - - - - -
- - 2,738.0 - 2,738.0 -
2,538.0 - 2,738.0 - 2,738.0 -
3,521.0 - 4,647.0 - 4,099.0 -

12,149.0 - 10,710.0 - 10,979.0 -
15,670.0 100.0% 15,357.0 100.0% 15,078.0 100.0%
559.0 3.6% 605.0 3.9% 928.0 6.2%
1,096.0 7.0% 667.0 4.3% 1,437.0 9.5%
14,015.0 89.4% 14,085.0 91.7% 12,713.0 84.3%
559.0 3.6% 605.0 3.9% 928.0 6.2%
9,794.0 62.5% 9,598.0 62.5% 9,069.0 60.1%
1,392.0 8.9% 1,640.0 10.7% 1,342.0 8.9%
9,794.0 62.5% 9,598.0 62.5% 9,069.0 60.1%
5,876.0 37.5% 5,759.0 37.5% 6,009.0 39.9%
5,317.0 33.9% 5,154.0 33.6% 5,081.0 33.7%
14,477.0 92.4% 14,392.0 93.7% 13,752.0 91.2%
634.0 4.0% 360.0 2.3% 398.0 2.6%
162.0 1.0% 273.0 1.8% 159.0 1.1%
3.6x - 2.4x - 2.6x -

4.7x - 3.5x - 3.6x -
4.7x - 3.5x - 3.6x -
2.9x - 2.2x - 2.1x -
5.6x - 3.1x - 3.4x -
7.2x - 4.5x - 4.6x -
7.2x - 4.5x - 4.6x -
4.5x - 2.8x - 2.8x -
1,574.0 10.0% 1,171.3 7.6% 2,214.4 14.7%

688.7 4.4% 1,394.3 9.1% 1,239.6 8.2%
1,394.2 8.9% 1,311.7 8.5% 1,487.4 9.9%
1,308.9 8.4% 1,483.4 9.7% 1,313.0 8.7%
1,454.8 9.3% 1,274.6 8.3% 658.7 4.4%
6,420.7 41.0% 6,635.2 43.2% 6,913.0 45.8%
9,249.3 59.0% 8,721.8 56.8% 8,165.0 54.2%
575.0 - 547.0 - 595.0 -

635.9 - 638.1 - 645.6 -
617.6 - 604.5 - 629.1 -
587.1 - 588.3 - 613.4 -
569.5 - 574.3 - 590.5 -
2,985.1 - 2,952.2 - 3,073.6 -
5,416.9 - 5,005.8 - 4,653.4 -
- - - - 944.0 -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
12,321.0 - 13,397.0 - 14,027.0 -

1,171.0 - 743.0 - 1,328.0 -
719.0 - 615.0 - 1,214.0 -
436.0 - 1,011.0 - 252.0 -
188.0 - 181.0 - 269.0 -
14,835.0 - 15,947.0 - 17,090.0 -
1,106.0 - 1,105.0 - 954.0 -
15,941.0 - 17,052.0 - 18,044.0 -
Apr-27-2022 - May-12-2023 - May-12-2023 -

Tesco PLC (LSE:TSCO) > Financials > Capital Structure Details
Principal Due in Millions of the
reported currency. Period Type: Annual Source: A 2023 filed May-12-2023
Units: S&P Capital IQ (Default) Decimals: Capital IQ (Default)
FY 2023 (Feb-25-2023) Capital Structure As Reported Details
Coupon/Base
Description Type Principal Due (GBP) Rate Floating Rate Maturity Seniority Secured
0.375% MTN EUR - Medium Bonds and Notes 523.0 0.375% NA Jul-01-2029 Senior No
Term Note
0.875% MTN EUR - Medium Bonds and Notes 663.0 0.875% NA May-01-2026 Senior No
Term Note
1.375% MTN EUR - Medium Bonds and Notes 651.0 1.375% NA Oct-01-2023 Senior No
Term Note
1.875% MTN - Medium Term Bonds and Notes 398.0 1.875% NA Nov-01-2028 Senior No
Note
1.982% RPI MTN - Medium Bonds and Notes 349.0 1.982% New Benchmark Mar-01-2036 Senior No
Term Note
2.5% MTN - Medium Term Bonds and Notes 378.0 2.500% NA May-01-2025 Senior No
Note
Term Note
2.75% MTN - Medium Term Bonds and Notes 359.0 2.750% NA Apr-01-2030 Senior No
Note
3.322% LPI MTN - Medium Bonds and Notes 396.0 3.322% NA Nov-01-2025 Senior No
Term Note
4.875% MTN - Medium Term Bonds and Notes 14.0 4.875% NA Mar-01-2042 Senior No
Note
5% MTN - Medium Term Note Bonds and Notes 75.0 5.000% NA Mar-01-2023 Senior No
5.125% MTN EUR - Medium Bonds and Notes 213.0 5.125% NA Apr-01-2047 Senior No
Term Note
Note
5.4111% Secured Bond Bonds and Notes 158.0 5.411% NA Jul-01-2044 Senior Yes
5.5% MTN - Medium Term Bonds and Notes 78.0 5.500% NA Jan-01-2033 Senior No
Note
5.5457% Secured Bond Bonds and Notes 225.0 5.546% NA Feb-01-2029 Senior Yes
5.6611% Secured Bond Bonds and Notes 378.0 5.661% NA Oct-01-2041 Senior Yes
6% MTN - Medium Term Note Bonds and Notes 43.0 6.000% NA Dec-01-2029 Senior No
6.15% Bond USD Bonds and Notes 366.0 6.150% NA Nov-01-2037 Senior No
Bank Loans Term Loans 28.0 NA NA - Senior No
Bank Overdrafts Revolving Credit 900.0 NA NA - Senior No
Lease Liability Capital Lease 7,727.0 NA NA - Senior Yes
Revolving Facility Revolving Credit - NA NA 2025 Senior No
SONIA Secured Bond Bonds and Notes 49.0 NA Benchmark + 1.319% Feb-01-2029 Senior Yes
Tesco Bank Senior MREL Bonds and Notes 137.0 3.500% NA Jul-01-2025 Senior No
Notes
FY 2022 (Feb-26-2022) Capital Structure As Reported Details
Coupon/Base
Description Type Principal Due (GBP) Rate Floating Rate Maturity Seniority Secured
Term Note
0.875% MTN EUR - Medium Bonds and Notes 630.0 0.875% NA May-01-2026 Senior No
Term Note
1.375% MTN EUR - Medium Bonds and Notes 634.0 1.375% NA Oct-01-2023 Senior No
Term Note
1.875% MTN - Medium Term Bonds and Notes 398.0 1.875% NA Nov-01-2028 Senior No
Note
1.982% RPI MTN - Medium Bonds and Notes 312.0 1.982% New Benchmark Mar-01-2036 Senior No
Term Note
2.5% MTN - Medium Term Bonds and Notes 397.0 2.500% NA May-01-2025 Senior No
Note
Term Note
2.75% MTN - Medium Term Bonds and Notes 414.0 2.750% NA Apr-01-2030 Senior No
Note
3.322% LPI MTN - Medium Bonds and Notes 377.0 3.322% NA Nov-01-2025 Senior No
Term Note
Note
5% MTN - Medium Term Note Bonds and Notes 77.0 5.000% NA Mar-01-2023 Senior No
5.125% MTN EUR - Medium Bonds and Notes 203.0 5.125% NA Apr-01-2047 Senior No
Term Note
Note
5.5% MTN - Medium Term Bonds and Notes 79.0 5.500% NA Jan-01-2033 Senior No
Note
6% MTN - Medium Term Note Bonds and Notes 44.0 6.000% NA Dec-01-2029 Senior No
6.15% Bond USD Bonds and Notes 338.0 6.150% NA Nov-01-2037 Senior No
Bank Loans Term Loans 31.0 NA NA - Senior No
Bank Overdrafts Revolving Credit 574.0 NA NA - Senior No
Lease Liability Capital Lease 7,958.0 NA NA - Senior Yes
SONIA Secured Bond Bonds and Notes 48.0 NA Benchmark + 1.319% Feb-01-2029 Senior Yes
Tesco Bank Senior MREL Bonds and Notes 244.0 3.500% NA Jul-01-2025 Senior No
Notes
Repayme
nt
Convertible Currency
No EUR
No EUR
No EUR
No GBP
No GBP
No GBP
No EUR
No GBP
No GBP
No GBP
No GBP
No EUR
No GBP
No GBP
No GBP
No GBP
No GBP
No GBP
No GBP
No GBP
No USD
No GBP
No GBP
No GBP
No
No GBP
No GBP
Repayme
nt
Convertible Currency
No EUR
No EUR
No EUR
No GBP
No GBP
No GBP
No EUR
No GBP
No GBP
No GBP
No GBP
No EUR
No GBP
No GBP
No GBP
No GBP
No GBP
No GBP
No GBP
No USD
No GBP
No GBP
No GBP
No GBP
No GBP
Tesco PLC (LSE:TSCO) > Financials > Ratios
Restatement: Latest Filings Period Type: Annual
Order: Latest on Right Decimals: Capital IQ (Default)
Ratios
Profitability
Return on Assets % 2.3% 3.1% 3.0% 2.3% 3.8% 3.6%
Return on Capital % 5.4% 6.3% 5.3% 3.8% 6.1% 5.8%
Return on Equity % 11.8% 10.6% 5.5% 4.2% 11.0% 5.4%
Return on Common Equity % 11.7% 10.6% 5.5% 4.1% 11.0% 5.4%
Margin Analysis
Gross Margin % 4.7% 6.2% 6.6% 6.2% 6.9% 6.4%
SG&A Margin % 1.9% 2.2% 2.1% 2.5% 2.3% 2.2%
EBITDA Margin % 4.7% 5.9% 6.7% 4.8% 6.3% 5.6%
EBITA Margin % 2.9% 4.1% 5.1% 3.2% 4.8% 4.3%
EBIT Margin % 2.8% 4.0% 4.5% 3.1% 4.7% 4.1%
Earnings from Cont. Ops Margin % 1.7% 2.0% 1.3% 0.9% 2.5% 1.1%
Net Income Margin % 2.1% 2.0% 1.7% 10.3% 2.4% 1.1%
Net Income Avail. for Common Margin % 1.7% 2.0% 1.3% 0.9% 2.5% 1.1%
Normalized Net Income Margin % 1.4% 1.7% 1.9% 1.2% 2.4% 2.0%
Levered Free Cash Flow Margin % 1.8% 4.1% 1.1% 1.7% 3.8% 1.9%
Unlevered Free Cash Flow Margin % 2.2% 4.9% 1.9% 2.5% 4.4% 2.6%
Asset Turnover
Total Asset Turnover 1.3x 1.3x 1.1x 1.2x 1.3x 1.4x
Fixed Asset Turnover 3.1x 2.8x 2.2x 2.4x 2.7x 2.9x
Accounts Receivable Turnover 37.9x 41.1x 38.7x 43.0x 48.0x 50.4x
Inventory Turnover 23.6x 24.2x 21.1x 23.9x 25.6x 25.1x
Short Term Liquidity

Current Ratio 0.7x 0.6x 0.7x 0.7x 0.8x 0.7x
Quick Ratio 0.6x 0.5x 0.6x 0.5x 0.6x 0.6x
Cash from Ops. to Curr. Liab. 0.1x 0.1x 0.0x 0.0x 0.2x 0.2x
Avg. Days Sales Out. 9.6 8.8 9.6 8.5 7.6 7.2
Avg. Days Inventory Out. 15.4 15.0 17.6 15.2 14.2 14.5
Avg. Days Payable Out. 60.4 55.5 63.0 59.1 56.3 56.7
Avg. Cash Conversion Cycle (35.4) (31.6) (35.8) (35.4) (34.6) (34.9)
Long Term Solvency

Total Debt/Equity 82.3% 131.4% 133.1% 129.9% 98.2% 123.3%
Total Debt/Capital 45.1% 56.8% 57.1% 56.5% 49.5% 55.2%
LT Debt/Equity 68.1% 114.9% 112.0% 116.2% 90.0% 103.9%
LT Debt/Capital 37.4% 49.7% 48.1% 50.5% 45.4% 46.6%
Total Liabilities/Total Assets 76.7% 76.4% 74.8% 73.5% 68.3% 73.5%
EBIT / Interest Exp. 4.1x 3.0x 3.6x 2.6x 4.4x 4.2x

EBITDA / Interest Exp. 6.8x 5.2x 6.1x 4.8x 6.7x 6.5x
(EBITDA-CAPEX) / Interest Exp. 3.2x 3.9x 4.8x 3.1x 5.3x 5.0x
Total Debt/EBITDA 3.2x 4.0x 4.0x 4.7x 3.5x 3.6x
Net Debt/EBITDA 1.8x 3.5x 2.8x 3.6x 2.4x 2.6x
Total Debt/(EBITDA-CAPEX) 6.7x 5.4x 5.2x 7.2x 4.5x 4.6x
Net Debt/(EBITDA-CAPEX) 3.8x 4.7x 3.7x 5.6x 3.1x 3.4x
Altman Z Score 1.65 1.5 1.6 1.76 1.88 1.92
Growth Over Prior Year

Total Revenue 2.8% 11.2% (9.1%) (0.4%) 6.0% 7.2%
Gross Profit 15.2% 46.2% (3.5%) (6.1%) 17.5% (0.1%)
EBITDA 10.2% 38.4% 2.5% (28.2%) 38.5% (4.0%)
EBITA 16.2% 59.6% 13.6% (37.4%) 57.7% (4.9%)
EBIT 39.5% 55.5% 3.3% (31.9%) 60.4% (5.0%)
Earnings from Cont. Ops. 1,613.8% 27.8% (41.9%) (27.9%) 186.3% (50.6%)
Net Income NM 5.3% (23.7%) 513.2% (75.1%) (49.7%)
Normalized Net Income 95.1% 30.3% 0.4% (38.0%) 119.8% (13.0%)
Diluted EPS before Extra 1,273.6% 7.7% (42.3%) (27.4%) 183.7% (48.7%)
Accounts Receivable 2.0% 3.1% (9.9%) (9.5%) 0.0% 4.1%

Inventory (1.6%) 15.6% (7.0%) (15.0%) 13.0% 7.3%
Net PP&E 2.3% 45.2% (5.7%) (9.7%) (0.5%) (1.8%)
Total Assets (2.1%) 26.8% (6.6%) (14.4%) 8.4% (6.5%)
Tangible Book Value 110.7% (8.3%) 5.7% (12.1%) 54.1% (33.3%)

Common Equity 63.1% 28.1% (0.5%) (9.8%) 29.7% (21.8%)
Cash from Ops. 41.0% (9.0%) (98.1%) 1,154.2% 524.1% (0.9%)
Capital Expenditures 19.5% (23.5%) (8.9%) 16.7% (19.0%) 2.3%
Levered Free Cash Flow (36.3%) 155.2% (75.6%) 60.1% 128.8% (44.7%)
Unlevered Free Cash Flow (34.0%) 146.6% (65.3%) 33.9% 87.8% (38.1%)
Dividend per Share NA 92.4% 58.5% 0.0% (6.0%) 0.0%
Compound Annual Growth Rate Over Two Years

Total Revenue 3.2% 6.9% 0.5% (4.8%) 2.8% 6.6%
Gross Profit 11.9% 29.7% 18.8% (4.8%) 5.0% 8.3%
EBITDA 15.6% 23.5% 19.1% (14.2%) (0.3%) 15.3%
EBITA 25.1% 36.2% 34.6% (15.7%) (0.6%) 22.5%
EBIT 42.5% 47.3% 26.7% (16.1%) 4.5% 23.5%
Earnings from Cont. Ops. 97.0% 367.9% (13.8%) (35.3%) 43.7% 19.0%
Net Income 195.9% NM (10.3%) 116.4% 23.5% (64.6%)
Normalized Net Income 98.1% 59.5% 14.4% (21.1%) 16.7% 38.2%
Diluted EPS before Extra 93.1% 284.6% (21.2%) (35.3%) 43.5% 20.7%
Accounts Receivable 3.4% 2.5% (3.7%) (9.7%) (4.9%) 2.0%

Inventory (3.5%) 6.6% 3.7% (11.1%) (2.0%) 10.1%
Net PP&E 1.7% 21.8% 17.0% (7.7%) (5.2%) (1.2%)
Total Assets 1.1% 11.4% 8.8% (10.6%) (3.6%) 0.7%
Tangible Book Value 16.8% 39.0% (1.5%) (3.6%) 16.4% 1.4%

Common Equity 10.3% 44.6% 12.9% (5.3%) 8.1% 0.7%
Cash from Ops. 14.9% 13.3% (86.9%) (51.4%) 784.7% 148.7%
Capital Expenditures 28.6% (4.4%) (16.5%) 3.1% (2.7%) (8.9%)
Levered Free Cash Flow NM 27.5% (21.1%) (37.5%) 91.4% 12.5%
Unlevered Free Cash Flow NM 27.6% (7.5%) (31.9%) 58.6% 7.8%
Dividend per Share NA NA 74.6% 25.9% (3.0%) (3.0%)
Compound Annual Growth Rate Over Three Years

Total Revenue 0.3% 5.8% 1.3% 0.2% (1.4%) 4.2%
Gross Profit 9.6% 22.3% 17.6% 9.8% 2.1% 3.3%
EBITDA 22.4% 22.8% 16.1% 0.6% 0.6% (1.6%)
EBITA 64.9% 35.7% 28.2% 4.3% 3.9% (2.1%)
EBIT 139.6% 46.7% 30.8% 3.0% 4.1% 1.3%
Earnings from Cont. Ops. NM 70.6% 133.5% (18.8%) 6.2% 0.7%
Net Income NM 109.7% NM 70.2% 5.2% (8.5%)
Normalized Net Income NM 72.3% 36.7% (6.7%) 11.0% 5.8%
Diluted EPS before Extra NM 59.0% 104.4% (23.3%) 5.9% 1.9%
Accounts Receivable 23.2% 3.3% (1.8%) (5.7%) (6.6%) (2.0%)

Inventory (8.5%) 2.5% 1.9% (3.0%) (3.7%) 1.0%
Net PP&E (3.2%) 14.5% 11.9% 7.3% (5.4%) (4.1%)
Total Assets 0.5% 9.0% 5.0% 0.5% (4.6%) (4.6%)
Tangible Book Value 33.4% 7.7% 26.9% (5.2%) 12.7% (3.3%)

Common Equity 14.1% 16.0% 27.6% 4.8% 5.2% (2.9%)
Cash from Ops. 79.6% 6.3% (71.1%) (40.1%) 13.8% 326.4%
Capital Expenditures (10.2%) 8.1% (5.9%) (6.7%) (4.8%) (1.1%)
Levered Free Cash Flow NM NM (26.6%) (0.1%) (3.7%) 26.5%
Unlevered Free Cash Flow 62.5% NM (17.3%) 4.6% (4.5%) 15.9%
Dividend per Share 37.2% NA NA 45.0% 14.2% (2.0%)
Compound Annual Growth Rate Over Five Years

Total Revenue (1.9%) 0.1% 0.4% 1.4% 1.9% 2.7%
Gross Profit (8.6%) (1.0%) 13.2% 10.6% 12.4% 9.2%
EBITDA (10.5%) (3.5%) 21.1% 6.4% 9.2% 6.3%
EBITA (13.9%) (3.9%) 52.1% 12.2% 15.8% 11.2%
EBIT (12.9%) (3.1%) 85.7% 17.3% 19.6% 10.8%
Earnings from Cont. Ops. (8.2%) (7.9%) NM 15.8% 92.2% (5.4%)
Net Income 112.3% 5.5% NM 112.3% NM (9.2%)
Normalized Net Income (15.1%) (8.7%) NM 26.1% 28.3% 9.2%
Diluted EPS before Extra (8.7%) (11.3%) NM 11.0% 77.4% (8.1%)
Accounts Receivable 26.1% 25.2% 11.6% (2.1%) (3.1%) (2.7%)

Inventory (9.6%) (6.1%) (3.8%) (3.2%) 0.3% 2.1%
Net PP&E (5.7%) 1.9% 4.4% 5.0% 4.7% 3.8%
Total Assets (2.2%) 2.6% 3.7% 0.7% 1.5% 0.6%
Tangible Book Value (9.6%) (8.0%) 18.2% 3.0% 22.6% (2.6%)

Common Equity (8.8%) (1.8%) 13.6% 7.0% 19.5% 3.1%
Cash from Ops. (0.2%) (4.3%) (37.0%) (22.3%) 13.6% 5.8%
Capital Expenditures (11.3%) (15.1%) (12.8%) 6.1% (4.7%) (7.6%)
Levered Free Cash Flow NM 72.0% NM NM 7.7% 4.7%
Unlevered Free Cash Flow 45.1% 47.5% 29.7% NM 7.3% 5.9%
Dividend per Share (27.3%) (17.1%) 51.1% NA NA 23.5%
25-Feb-23 26-Feb-22
Notes
£m £m
Non-current assets
Goodwill and other intangible assets 10 5,375 5,360
Property, plant and equipment 11 16,862 17,060
Right of use assets 12 5,500 5,720
Investment property 24 22
Investments in joint ventures and associates 13 93 86
Other investments(b) 15 1,339 1,253
Trade and other receivables 17 79 159
Loans and advances to customers and banks 23 3,029 3,141
Reinsurance assets 24 145 184
Post-employment benefit surplus 26 873 3,150
Derivative financial instruments 29 6 942
Deferred tax assets 6 82 85
33,407 37,162
Current assets
Other investments(b) 15 353 226
Inventories 16 2,510 2,339
Trade and other receivables 17 1,315 1,263
Loans and advances to customers and banks 23 4,052 3,349
Reinsurance assets 24 72 61
Derivative financial instruments 26 57 69
Current tax assets 63 93
Short-term investments 18 1,628 2,076
Cash and cash equivalents 18 2,465 2,345
12,515 11,821
Assets of the disposal groups and non-current assets
7 210 368
classified as held for sale
12,725 12,189
Current liabilities
Trade and other payables 19 -9,818 -9,181
Borrowings 21 -1,770 -725
Lease liabilities 12 -595 -547
Derivative financial instruments 24 -570 -26
Customer deposits and deposits from banks 25 -4,485 -4,729
Insurance contract provisions 26 -99 -623
Current tax liabilities -18 -11
Provisions 22 -366 -283
-17,721 -16,125
Liabilities of the disposal groups classified as held for
7 -14 -14
sale
Net current
liabilities -5,010 -3,950

Non-current liabilities
Trade and other payables 19 -153 -53
Borrowings 21 -5,581 -6,674
Lease liabilities 12 -7,132 -7,411
Derivative financial instruments 24 -35 -357
Customer deposits and deposits from banks 25 -2,265 -1,650
Insurance contract provisions 26 -288 -27
Post-employment benefit obligations 29 -400 -303
Deferred tax liabilities 6 -119 -910
Provisions 22 -194 -183
-16,167 -17,568
Net
assets 12,230 15,644

Equity
Share capital 30 463 484
Share premium 5,165 5,165
Other reserves 30 3,123 3,079
Retained earnings 3,490 6,932
Equity attributable to owners of the parent 12,241 15,660
Non-controlling interests -11 -16
Total
equity 12,230 15,644

historical
why cost increased? bankoverdraft
shrinkage cost note 21
inflation 147
10% increase page 8
Tesco PLC (LSE:TSCO) > Financials > Supplemental
In Millions of the reported currency, except per share items. Restatement: Latest Filings Period Type: Annual
Decimals: Capital IQ (Default) Source: Capital IQ & Proprietary Data
Supplemental
Options Outstanding
Options Out. at the Beginning of the Period 267.5 252.8 212.0 251.2 182.8 169.9
Options Granted During the Period 42.0 67.6 37.0 63.3 39.4 71.4
Options Exercised During the Period 4.7 54.8 24.1 106.5 33.1 25.7
Options Cancelled During the Period 52.0 43.9 36.4 25.3 19.2 30.3
Options Out. at the End of the Period 252.8 221.7 198.3 182.8 169.9 185.2
W/Avg. Strike Price of Out. at the End of the Period 1.62 1.75 2.01 1.85 2.05 1.97
W/Avg. Strike Price of Granted 1.69 1.77 2.74 1.96 2.41 1.82
Options Outstanding - All Classes

Options Out. at the Beginning of the Period 267.5 252.8 212.0 251.2 182.8 169.9
Options Granted During the Period 42.0 67.6 37.0 63.3 39.4 71.4
Options Exercised During the Period 4.7 54.8 24.1 106.5 33.1 25.7
Options Cancelled During the Period 52.0 43.9 36.4 25.3 19.2 30.3
Options Out. at the End of the Period 252.8 221.7 198.3 182.8 169.9 185.2
Stock Based Compensation

Stock Based Comp. Exp., Before Tax 113.0 118.0 127.0 69.0 122.0 112.0
Loss Carry Forward Related Items

NOL C/F, Current Year - - 54.8 172.7 - -
NOL C/F, Current Year + 1 - - 54.8 172.7 - -
NOL C/F, Current Year + 2 - - 54.8 172.7 - -
NOL C/F, Current Year + 3 13.0 69.0 54.8 - - -
NOL C/F, After Five Years 175.0 139.0 142.0 37.0 - -
NOL C/F, No Expiration 725.0 686.0 655.0 68.0 590.0 1,177.0
Total NOL C/F 913.0 894.0 1,016.0 623.0 590.0 1,177.0
Capitalized Interest Data

Interest Capitalized 2.0 1.0 - - - -
Fair Value Measurements

Level 1 Assets - Quoted Prices 923.0 1,040.0 1,058.0 - 1,755.0 1,225.0
Level 2 Assets - Observable Prices 1,144.0 1,261.0 1,365.0 1,632.0 437.0 471.0
Level 3 Assets - Unobservable Prices 5.0 6.0 8,682.0 6,629.0 7,329.0 7,694.0
Fair Value of Assets 2,072.0 2,307.0 11,105.0 8,261.0 9,521.0 9,390.0
Level 1 Liabilities - Quoted Prices - - 2,432.0 2,658.0 8,343.0 7,663.0
Level 2 Liabilities - Observable Prices 663.0 632.0 1,448.0 1,607.0 383.0 164.0
Level 3 Liabilities - Unobservable Prices - 7.0 7,711.0 5,744.0 5,296.0 5,863.0
Fair Value of Liabilities 663.0 639.0 11,591.0 10,009.0 14,022.0 13,690.0
Fair Value Change Included in Earnings (134.0) (127.0) (100.0) (367.0) 28.0 (70.0)

Tesco PLC (LSE:TSCO) > Financials > Industry Specific
Industry Specific
Retail Specific Data
Stores at Beginning - - - - - 4,752
Stores Opened - - - - - 160
Stores Closed - - - - - 53
Total Stores 7,033 6,993 - - - 4,859
Total Same Store Sales Growth - - - - - 5.1%
Operating Margin 2.9% 4.1% 4.4% 3.1% 4.6% 4.0%
Retail Revenues 49,946.0 55,786.0 49,720.0 52,710.0 53,846.0 56,550.0
Total Retail Sq. Ft. (Net) 92,983,000 91,298,000 - - - 63,835,000
Owned / Operated Store Data

Owned/Operated Stores at Beginning - - - - - 4,359
Owned/Operated Stores Opened - - - - - 91
Owned/Operated Stores Closed - - - - - 31
Total Owned/Operated Stores - - - - - 4,419
Franchise Store Data

Franchise Stores at Beginning - - - - - 393
Franchise Stores Opened - - - - - 69
Franchise Stores Closed - - - - - 22
Total Franchise Stores - - - - - 440

Tesco PLC (LSE:TSCO) > Financials > Pension/OPEB
Pension/OPEB
Pension Information - Total
Defined Benefit Net Periodic Cost
Def. Benefit Service Cost 38.0 35.0 40.0 41.0 39.0 24.0
Def. Benefit Plan Interest Cost 488.0 485.0 480.0 384.0 413.0 527.0
Def. Benefit Plan Return on Assets (326.0) (396.0) (409.0) (341.0) (391.0) (607.0)
Def. Benefit Plan Other Cost - 43.0 5.0 7.0 1.0 -
Def. Benefit Plan Total Cost 200.0 167.0 116.0 91.0 62.0 (56.0)
Def. Contribution Plan Cost 316.0 332.0 329.0 347.0 361.0 375.0
Total Pension Expense 516.0 499.0 445.0 438.0 423.0 319.0
Defined Benefit Obligation

Beg. Def. Benefit Obligation 19,817.0 16,517.0 17,862.0 20,510.0 21,304.0 19,543.0
Def. Benefit Interest Cost 488.0 485.0 480.0 384.0 413.0 527.0
Def. Benefit Employee Contributions 2.0 2.0 2.0 2.0 2.0 -
Def. Benefit Actuarial Gain/Losses (3,322.0) 568.0 2,624.0 821.0 (1,690.0) (6,180.0)
Def. Benefits Paid (519.0) (547.0) (498.0) (436.0) (505.0) (516.0)
Foreign Exchange Adj. 13.0 (3.0) (5.0) 4.0 (13.0) 18.0
Acq. Benefit Obligation - 762.0 - - - -
Def. Benefit Settlement/Curtailment - - - - (7.0) -
Other Adj. To Def. Benefit Obligation - 43.0 5.0 (22.0) - -
Proj. Benefit Obligation (Pension) 16,517.0 17,862.0 20,510.0 21,304.0 19,543.0 13,416.0
Plan Assets
Beg. Plan Assets 13,196.0 13,235.0 15,054.0 17,425.0 20,082.0 22,390.0
Actual Return on Plan Assets 269.0 1,328.0 2,567.0 205.0 2,776.0 (8,911.0)
Employer Contributions 279.0 299.0 298.0 2,870.0 49.0 44.0
Participant Contributions 2.0 2.0 2.0 2.0 2.0 -
Benefits Paid (519.0) (547.0) (493.0) (421.0) (502.0) (513.0)
Foreign Exchange Adjustments 8.0 (3.0) (3.0) 1.0 (9.0) 15.0
Acquired Plan Assets - 740.0 - - - -
Plan Settlement/Curtailment - - - - (8.0) -
Total Plan Assets 13,235.0 15,054.0 17,425.0 20,082.0 22,390.0 13,025.0
Weighted Avg. Assumptions on Net Periodic Cost

Exp. Long-Term Rate of Return on Assets - Min 2.9% 2.8% 1.9% 2.0% 2.8% 4.9%
Exp. Long-Term Rate of Return on Assets - Max 2.9% 2.8% 1.9% 2.0% 2.8% 4.9%
Breakdown of Plan Assets

Plan Assets - Equities (%) 42.0% 40.0% 36.0% 32.0% 27.0% 13.0%
Plan Assets - Fixed Income (%) 39.0% 40.0% 46.0% 51.0% 54.0% 60.0%
Plan Assets- Real Estate (%) 10.0% 10.0% 9.0% 8.0% 9.0% 12.0%
Other Plan Assets (%) 9.0% 10.0% 9.0% 9.0% 10.0% 15.0%
Breakdown of Plan Assets

Plan Assets - Equities 5,558.7 6,021.6 6,273.0 6,426.2 6,045.3 1,693.3
Plan Assets - Fixed Income 5,161.7 6,021.6 8,015.5 10,241.8 12,090.6 7,815.0
Plan Assets- Real Estate 1,323.5 1,505.4 1,568.3 1,606.6 2,015.1 1,563.0
Other Plan Assets 1,191.2 1,505.4 1,568.3 1,807.4 2,239.0 1,953.8
Weighted Avg. Assumptions on Def. Benefit Obligation

PBO Assumed Rate of Return - Min 2.9% 2.8% 1.9% 2.0% 2.8% 4.9%
PBO Assumed Rate of Return - Max 2.9% 2.8% 1.9% 2.0% 2.8% 4.9%
Adj. for Liability Recognized on Balance Sheet

Other Adj. (Net Benefit Asset/Liab.) 554.0 470.0 512.0 218.0 (726.0) 100.0
Net Asset/Liability Recognized on Balance Sheet (2,728.0) (2,338.0) (2,573.0) (1,004.0) 2,121.0 (294.0)
Consolidated Balance Sheet Amounts

Long Term Assets 554.0 470.0 512.0 218.0 3,150.0 106.0
Long Term Liabilities (3,282.0) (2,808.0) (3,085.0) (1,222.0) (1,029.0) (400.0)
Other Pension Related Items

Est. Contributions - Next Year 285.0 290.0 300.0 15.0 15.0 17.0
Benefit Info Date Feb-24-2018 Feb-23-2019 Feb-29-2020 Feb-27-2021 Feb-26-2022 Feb-25-2023
OPEB Information - Total

Weighted Avg. Assumptions on Def. Benefit Obligation
PBO Assumed Rate of Return - Min 2.9% 2.8% 1.9% 2.0% 2.8% 4.9%
PBO Assumed Rate of Return - Max 2.9% 2.8% 1.9% 2.0% 2.8% 4.9%

Net Asset/Liability Recognized on Balance Sheet (11.0) (9.0) (8.0) (7.0) (6.0) (4.0)
Other Post-Retirement Benefit Related Items

Pension Information - Domestic

Defined Benefit Net Periodic Cost
Def. Benefit Return On Assets (326.0) (396.0) (409.0) (341.0) (391.0) (607.0)
Def. Benefit Other Cost - 43.0 5.0 7.0 1.0 -
Def. Benefit Total Cost 200.0 167.0 116.0 91.0 62.0 (56.0)
Defined Benefit Obligation
Beg. Def. Benefit Obligation 19,817.0 16,517.0 17,862.0 20,510.0 21,304.0 19,543.0
Def. Benefit Employee Contributions 2.0 2.0 2.0 2.0 2.0 -
Def. Benefit Actuarial Gain/Losses (3,322.0) 568.0 2,624.0 821.0 (1,690.0) (6,180.0)
Def. Benefits Paid (519.0) (547.0) (498.0) (436.0) (505.0) (516.0)
Foreign Exchange Adj. 13.0 (3.0) (5.0) 4.0 (13.0) 18.0
Acq. Benefit Obligation - 762.0 - - - -
Def. Benefit Settlement/Curtailment - - - - (7.0) -
Other Adj. To Def. Benefit Obligation - 43.0 5.0 (22.0) - -
Proj. Benefit Obligation (Pension) - Domestic 16,517.0 17,862.0 20,510.0 21,304.0 19,543.0 13,416.0
Plan Assets
Beg. Plan Assets 13,196.0 13,235.0 15,054.0 17,425.0 20,082.0 22,390.0
Actual Return on Plan Assets 269.0 1,328.0 2,567.0 205.0 2,776.0 (8,911.0)
Employer Contributions 279.0 299.0 298.0 2,870.0 49.0 44.0
Participant Contributions 2.0 2.0 2.0 2.0 2.0 -
Benefits Paid (519.0) (547.0) (493.0) (421.0) (502.0) (513.0)
Foreign Exchange Adjustments 8.0 (3.0) (3.0) 1.0 (9.0) 15.0
Acquired Plan Assets - 740.0 - - - -
Plan Settlement/Curtailment - - - - (8.0) -
Total Plan Assets 13,235.0 15,054.0 17,425.0 20,082.0 22,390.0 13,025.0

Other Adj. (Net Benefit Asset/Liab.) 554.0 470.0 512.0 218.0 (726.0) 100.0
Net Asset/Liability Recognized on Balance Sheet (2,728.0) (2,338.0) (2,573.0) (1,004.0) 2,121.0 (294.0)
Consolidated Balance Sheet Amounts

Long Term Assets 554.0 470.0 512.0 218.0 3,150.0 106.0
Long Term Liabilities (3,282.0) (2,808.0) (3,085.0) (1,222.0) (1,029.0) (400.0)

Est. Contributions - Next Year 285.0 290.0 300.0 15.0 15.0 17.0
OPEB Information - Domestic

Net Asset/Liability Recognized on Balance Sheet (11.0) (9.0) (8.0) (7.0) (6.0) (4.0)

Pension Information - Foreign

OPEB Information - Foreign

Tesco PLC (LSE:TSCO) > Financials > Segments
In Millions of the reported currency. View By: Line Items Restatement: Latest Filings
Business Segments
Revenues
Retailing and Associated Activities 56,446.0 62,814.0 57,023.0 57,152.0 60,422.0 64,656.0
Retail Banking and Insurance Services 1,047.0 1,097.0 1,068.0 735.0 922.0 1,106.0
Total Revenues 57,493.0 63,911.0 58,091.0 57,887.0 61,344.0 65,762.0
Operating Profit Before Tax

Retail Banking and Insurance Services 169.0 199.0 193.0 (175.0) 176.0 143.0
Total Operating Profit Before Tax 1,646.0 2,607.0 2,571.0 1,788.0 2,825.0 2,630.0
Assets
Retail Banking and Insurance Services 14,001.0 15,346.0 11,019.0 8,456.0 9,272.0 9,796.0
Discontinued Operations - - 4,643.0 552.0 38.0 16.0
Unallocated Loans to Joint Ventures 138.0 133.0 127.0 - - -
Unallocated Derivative Financial Instrument Non-Current Assets 1,117.0 1,178.0 1,083.0 - - -
Unallocated Net Interest and Other Receivables 1.0 1.0 1.0 - - -
Total Assets 39,757.0 53,534.0 47,850.0 40,366.0 43,720.0 40,932.0
Depreciation & Amortization

Retail Banking and Insurance Services 83.0 85.0 141.0 57.0 65.0 54.0
Total Depreciation & Amortization 1,295.0 2,050.0 1,809.0 1,744.0 1,718.0 1,700.0
Capital Expenditure
Retailing and Associated Activities (1,454.0) (5,394.0) (846.0) (1,515.0) (1,770.0) (1,551.0)
Retail Banking and Insurance Services (50.0) (31.0) (44.0) (55.0) (85.0) (51.0)
Total Capital Expenditure (1,504.0) (5,425.0) (890.0) (1,570.0) (1,855.0) (1,602.0)
Geographic Segments
Revenues
Central Europe 6,585.0 6,298.0 4,125.0 3,982.0 4,018.0 4,410.0
UK (Tesco Bank) 1,047.0 1,097.0 1,068.0 735.0 922.0 1,106.0
United Kingdom and Republic of Ireland 44,914.0 51,643.0 52,898.0 53,170.0 56,404.0 60,246.0
Asia 4,947.0 4,873.0 - - - -
Total Revenues 57,493.0 63,911.0 58,091.0 57,887.0 61,344.0 65,762.0
Operating Profit Before Tax

Central Europe 119.0 221.0 176.0 124.0 168.0 180.0
UK (Tesco Bank) 169.0 199.0 193.0 (175.0) 176.0 143.0
Asia 299.0 319.0 - - - -
Total Operating Profit Before Tax 1,646.0 2,607.0 2,571.0 1,788.0 2,825.0 2,630.0
Assets
Central Europe 3,539.0 3,752.0 2,591.0 2,519.0 2,462.0 2,489.0
UK (Tesco Bank) 14,001.0 15,346.0 11,019.0 8,456.0 9,272.0 9,796.0
Discontinued Operations - - 4,643.0 552.0 38.0 16.0
Unallocated - 1,312.0 1,210.0 - - -
Asia 3,897.0 4,375.0 - - - -
Unallocated Loans to Joint Ventures 138.0 - - - - -
Unallocated Derivative Financial Instrument Non-Current Assets 1,117.0 - - - - -
Unallocated Net Interest and Other Receivables 1.0 - - - - -
Total Assets 39,757.0 53,534.0 47,849.0 40,366.0 43,720.0 40,932.0
Depreciation & Amortization

Central Europe 165.0 205.0 141.0 143.0 136.0 131.0
UK (Tesco Bank) 83.0 85.0 141.0 57.0 65.0 54.0
United Kingdom and Republic of Ireland 808.0 1,477.0 1,527.0 1,544.0 1,517.0 1,515.0
Asia 239.0 283.0 - - - -
Total Depreciation & Amortization 1,295.0 2,050.0 1,809.0 1,744.0 1,718.0 1,700.0
Capital Expenditure
Central Europe (133.0) (130.0) (102.0) (89.0) (99.0) (116.0)
UK (Tesco Bank) (50.0) (31.0) (51.0) (55.0) (85.0) (51.0)
United Kingdom and Republic of Ireland (1,082.0) (5,033.0) (1,819.0) (1,426.0) (1,671.0) (1,435.0)
Asia (239.0) (231.0) - - - -
Total Capital Expenditure (1,504.0) (5,425.0) (1,972.0) (1,570.0) (1,855.0) (1,602.0)

Tesco Financials - Capital IQ

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Tesco PLC (LSE:TSCO) > Financials > Key Stats

Total Revenue 57,493.0 63,911.0 58,091.0 57,887.0 61,344.0 65,762.0

Gross Profit 2,721.0 3,977.0 3,839.0 3,603.0 4,235.0 4,229.0

EBITDA 2,723.0 3,769.0 3,865.0 2,774.0 3,842.0 3,688.0

EBIT 1,636.0 2,544.0 2,627.0 1,789.0 2,870.0 2,727.0

Net Income 1,208.0 1,272.0 971.0 5,954.0 1,481.0 745.0

Currency GBP GBP GBP GBP GBP GBP

Latest Capitalization (Millions of GBP)

Book Value of Common Equity 12,241.0

Valuation Multiples based on Current Capitalization

TEV/EBITDA 6.7x 7.0x - - -

TEV/EBIT 10.3x 10.8x - - -

P/Diluted EPS Before Extra 13.4x 26.2x - - -

P/BV 1.3x 1.6x - - -

Price/Tang BV 1.9x 2.8x - - -

Revenue 56,446.0 62,814.0 57,023.0 57,152.0 60,661.0 64,965.0

Cost Of Goods Sold 53,894.0 59,036.0 53,377.0 53,734.0 56,511.0 60,860.0

Operating Income 1,636.0 2,544.0 2,627.0 1,789.0 2,870.0 2,727.0

Interest Expense (400.0) (847.0) (722.0) (701.0) (652.0) (647.0)

Income/(Loss) from Affiliates (6.0) 32.0 (8.0) 26.0 15.0 8.0

Restructuring Charges (109.0) (220.0) (108.0) - (44.0) (138.0)

Income Tax Expense 306.0 347.0 290.0 104.0 510.0 247.0

Earnings of Discontinued Ops. 216.0 - 235.0 5,426.0 (40.0) (9.0)

Minority Int. in Earnings (2.0) 2.0 (2.0) (4.0) (2.0) 1.0

Pref. Dividends and Other Adj. - - - - - -

Per Share Items

Diluted EPS 0.19 0.17 0.13 0.78 0.19 0.1

Normalized Basic EPS 0.13 0.14 0.14 0.09 0.19 0.17

Dividends per Share 0.04 0.07 0.12 0.12 0.11 0.11

Normalized Net Income 827.4 1,078.3 1,083.0 671.6 1,476.1 1,283.5

Supplemental Operating Expense Items

Stock-Based Comp., COGS - - - 4.0 - -

Accounts Receivable 1,504.0 1,550.0 1,396.0 1,263.0 1,263.0 1,315.0

Inventory 2,264.0 2,617.0 2,433.0 2,069.0 2,339.0 2,510.0

Long-term Investments 602.0 519.0 78.0 94.0 98.0 311.0

Long-Term Debt 7,032.0 5,580.0 6,005.0 6,188.0 6,674.0 5,581.0

Common Stock 410.0 490.0 490.0 490.0 484.0 463.0

Minority Interest (22.0) (24.0) (22.0) (18.0) (16.0) (11.0)

Total Equity 10,480.0 13,432.0 13,369.0 12,059.0 15,644.0 12,230.0

Net Income 1,208.0 1,272.0 971.0 5,954.0 1,481.0 745.0

Other Amortization 208.0 210.0 - 198.0 209.0 200.0

Capital Expenditure (1,440.0) (1,101.0) (1,003.0) (1,171.0) (949.0) (971.0)

Short Term Debt Issued - - - - - -

Issuance of Common Stock 11.0 60.0 - - - -

Common Dividends Paid (82.0) (357.0) (656.0) (910.0) (704.0) (858.0)

Special Dividend Paid - - - (4,948.0) (27.0) (1.0)

In Millions of the reported currency, except per share items.

For Quarter Ending Mar-29-2018 Jun-29-2018 Sep-28-2018 Dec-31-2018 Mar-29-2019

TEV/NTM Total Revenues Average 0.39x 0.45x 0.46x 0.39x 0.41x

TEV/LTM EBITDA Average 8.91x 10.31x 10.88x 8.80x 9.35x

TEV/NTM EBITDA Average 7.44x 8.25x 8.28x 7.02x 7.28x

TEV/LTM EBIT Average 17.89x 17.97x 18.21x 14.47x 15.37x

TEV/NTM EBIT Average 12.89x 13.67x 13.44x 11.32x 11.58x

P/LTM EPS Average 37.00x 21.90x 20.81x 18.58x 20.16x

P/NTM EPS Average 16.71x 17.56x 17.02x 13.52x 14.08x

P/LTM Normalized EPS Average 29.81x 25.72x 25.93x 20.87x 22.56x

P/BV Average 1.60x 1.88x 1.96x 1.40x 1.50x

P/Tangible BV Average 2.16x 2.52x 2.63x 2.51x 2.73x

P/NTM CFPS Average 7.39x 9.08x 8.89x 7.15x 7.60x

TEV/LTM Unlevered FCF Average NM 20.94x 20.63x 9.05x 9.31x

Market Cap/LTM Levered FCF Average NM 21.59x 21.13x 7.92x 8.19x

Historical Equity Pricing Data supplied by Interactive Data Pricing and

0.43x 0.42x 0.58x 0.59x 0.60x 0.59x 0.60x 0.58x 0.51x

8.29x 8.25x 9.01x 9.09x 7.70x 7.37x 7.53x 7.30x 7.87x