Seven year summary of results

52 weeks ended 1 February 2009

Consolidated income statement

  New format*   Previous format
IFRS GAAP IFRS GAAP   UK GAAP
2009
£m		 2008
£m		 20071
£m		 2006
£m		 2006
£m		 20052
£m		 20052, 3
£m		 2004
£m		 2003
£m
Turnover 14,528 12,969 12,462 12,115   12,115 12,104   12,116 4,944 4,290
Cost of sales5 (13,615) (12,151) (11,826) (11,793)              
Other operating income           19 18   6 1 2
Raw materials and consumables           (9,156) (9,110)   (9,110) (3,682) (3,186)
Gross profit 913 818 636 322   2,978 3,012   3,012 1,263 1,106

Other operating income		 37 30 21 19              
Administrative expenses (281) (268) (272) (237)              
Profits arising on property transactions 2 32 38 8   8 15   18 1 1
Staff costs           (1,631) (1,537)   (1,533) (571) (498)
Depreciation           (257) (259)   (265) (120) (111)
Other operating charges           (986) (836)   (834) (256) (227)
Operating profit before one-off costs 671 612 423 112   112 395   398 317 271
One off costs – – – (375)   (375) (139)   (99) (11) (3)
Operating profit / (loss) 671 612 423 (263)   (263) 256   299 306 268
Amortisation of negative goodwill     – –   – –   58 – –
Net finance (costs) / income (16) – (54) (52)   (52) (65)   (64) 14 15
Share of joint venture operating profit – – – 2   2 2   4 – –
Profit / (loss) before taxation 655 612 369 (313)   (313) 193   297 320 283
Taxation (195) (58) (121) 63   63 (88)   (91) (122) (97)
Profit / (loss) after taxation 460 554 248 (250)   (250) 105   206 198 186
Minority interest equity – – – –   – –   – – (2)
Profit / (loss) for the period 460 554 248 (250)   (250) 105   206 198 184
Dividends4 (131) (108) (99) (98)   (98) (88)   (88) (44) (36)
Profit / (loss) retained 329 446 149 (348)   (348) 17   118 154 148

Basic earnings per share (p)		 17.39 20.79 9.32 (9.46)   (9.46) 4.14   8.10 12.59 11.79
Diluted earnings per share (p) 17.16 20.67 9.31 (9.46)   (9.46) 4.12   8.07 12.48 11.61
Diluted earnings excluding property transactions per share (p) 17.35 19.70 8.30 (9.21)   (9.21) 3.72   7.58 12.44 11.56
Underlying earnings per share (p) 16.67 14.38 8.28 (7.91)   7.91 4.93   7.60 13.91 12.51
Dividend per ordinary share (p) 5.80 4.80 4.00 3.70   3.70 3.70   3.70 3.25 2.70
  1. 53 weeks.
  2. The results for 2005 include the acquired results of Safeway plc.
  3. Reclassification under UK GAAP to reallocate distribution costs.
  4. Restated for FRS 25 Financial instruments: Disclosure and Presentation for preference share dividends and FRS 21 Events after balance sheet date for dividends.
  5. New category 2007 and restated 2006.

*The income statement has been changed to that of a functional style.

Consolidated balance sheet

  IFRS GAAP   UK GAAP
2009
£m		 2008
£m		 20071
£m		 2006
£m		 20052, 3
£m		 20052, 3
£m		 2004
£m		 2003
£m
Assets                  
Goodwill and other intangibles – – – – 103   (263) – –
Property, plant and equipment 6,587 6,205 6,117 6,144 5,708   6,824 1,739 1,609
Lease prepayments 250 239 228 218 231   – – –
Investment property 242 239 241 225 219   – – –
Investment in Joint Venture – – – – 78   68 – –
Financial assets 81 43 19 36 37   – – –
Non-current assets 7,160 6,726 6,605 6,623 6,376   6,629 1,739 1,609

Current assets		 1,066 910 766 821 1,325   741 492 384

Liabilities		                  
Current liabilities (2,024) (1,853) (1,855) (1,807) (1,713)   (1,732) (743) (656)

Other financial liabilities		 (1,049) (774) (769) (1,023) (1,017)   (990) (1) (5)
Deferred tax liabilities (472) (424) (478) (422) (501)   (207) (38) (37)
Net pension liabilities (49) (68) (198) (416) (408)   (264) (48) (20)
Provisions (112) (139) (144) (127) (56)   (80) (13) (12)
Non-current liabilities (1,682) (1,405) (1,589) (1,988) (1,982)   (1,541) (100) (74)

Net assets		 4,520 4,378 3,927 3,649 4,006   4,097 1,388 1,263

Shareholders’ equity		                  
Called-up share capital 263 269 268 267 266   266 157 156
Share premium 60 57 42 37 20   20 16 13
Capital redemption reserve 6 – – – –   – – –
Merger reserve 2,578 2,578 2,578 2,578 2,578   2,578 – –
Retained earnings and other reserves 1,613 1,474 1,039 767 1,142   1,233 1,215 1,094
Total equity 4,520 4,378 3,927 3,649 4,006   4,097 1,388 1,263
  1. 53 weeks.
  2. The results for 2005 include the acquired results of Safeway plc.
  3. Restated for FRS 25 Financial instruments: Disclosure and Presentation for preference share dividends and FRS 21 Events after balance sheet date for dividends.

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