TIDMTSCO
RNS Number : 6237N
Tesco PLC
10 May 2018
10 May 2018
Tesco PLC
Annual Report and Financial Statements and Notice of Annual
General Meeting 2018
Further to the release of its preliminary results announcement
on 11 April 2018, Tesco PLC (the "Company") announces that it has
today published its Annual Report and Financial Statements 2018. In
addition, the Company announces that its Notice of Annual General
Meeting 2018 has been sent to shareholders. The 2018 Annual General
Meeting will be held at ExCeL London, One Western Gateway, Royal
Victoria Dock, London E16 1XL at 2.00 p.m. on Friday 15 June
2018.
The Company's Annual Report and Financial Statements 2018,
Strategic Report 2018 and Notice of Annual General Meeting 2018 can
be viewed on the Company's website at www.tescoplc.com.
In accordance with Listing Rule 9.6.1R, copies of the following
documents have been submitted to the National Storage Mechanism and
will shortly be available for inspection at
www.morningstar.co.uk/uk/NSM:
-- Annual Report and Financial Statements 2018;
-- Strategic Report 2018;
-- Notice of Annual General Meeting 2018; and
-- Proxy Form for the 2018 Annual General Meeting.
The Company's preliminary consolidated financial information and
information on important events that have occurred during the year,
and their impact on the financial statements were included in the
Company's preliminary results announcement on 11 April 2018. That
information, together with the information set out below, which is
extracted from the Annual Report and Financial Statements 2018,
constitute regulated information, which is to be communicated to
the media in full unedited text through a Regulatory Information
Service in accordance with the FCA's Disclosure Guidance and
Transparency Rules ("DTR"), Rule 6.3.5R. This announcement is not a
substitute for reading the full Annual Report and Financial
Statements 2018. Page and note references in the text below refer
to page numbers and note references in the Annual Report and
Financial Statements 2018. To view the preliminary results
announcement, visit the Company's website: www.tescoplc.com.
Enquiries: Robert Welch
Company Secretary
Tesco PLC
Tesco House
Shire Park
Kestrel Way
Welwyn Garden City
Hertfordshire
AL7 1GA
Tel: 07793 222569
LEI Number: 2138002P5RNKC5W2JZ46
Principal risks and uncertainties
We have an established risk management process to identify,
assess and monitor the principal risks that we face as a business.
We have performed a robust review of those risks that we believe
could seriously affect the Group's performance, future prospects,
reputation or its ability to deliver against its priorities. This
review included an assessment of those risks that we believe would
threaten the Group's business model, future performance, solvency
or liquidity.
Following the review of the principal risks and our strategic
drivers we have included two additional shorter-term risks. These
relate to the ongoing uncertainty and approach to Brexit, and the
timely synergy realisation and integration of Booker into the wider
Group, set out on pages 24 and 25. Additionally, we have reframed
our product safety and supply chain risks, currently reflected at
the business unit level to form a new principal risk responsible
sourcing and supply chain, set out on page 24. This risk relates to
the social and environmental challenges facing our business, our
customers and our communities. Our approach is outlined in our
Little Helps Plan on pages 16 to 21.
The risk management process relies on our assessment of the risk
likelihood and impact and on the development and monitoring of
appropriate internal controls. Our process for identifying and
managing risk is set out in more detail on page 43.
We maintain risk registers for the principal risks faced by the
Group and this is an important component of our governance
framework and how we manage our business. As part of our risk
management process, risks are reviewed as a top down and bottom up
activity at the Group and the business unit level. The content of
the risk registers are considered and discussed through regular
meetings with senior management and reviewed by the Executive
Committee. Each principal risk is reviewed at least annually by the
Board.
The table below sets out our principal risks, their link to our
strategic drivers, their movement during the year and a summary of
key controls as well as any mitigating factors. The Board considers
these to be the most significant risks faced by the Group that may
impact the achievement of our six strategic drivers as set out on
pages 8 and 9. They do not comprise all of the risks associated
with our business and are not set out in priority order. Additional
risks not presently known to management, or currently deemed to be
less material, may also have an adverse effect on the business.
Principal risk Risk movement Key controls and mitigating
factors
-------------------------------- ----------------------------- --------------------------------
Customer
-------------------------------------------------------------------------------------------------
Failure to have a Ongoing fragmentation We now have a more
coherent, connected of our customer engagement consistent approach
and engaging customer channels exposes us to building impactful
journey and in-store to an increased risk customer propositions,
experience will lead of diluting our customer offering high quality,
us to be less competitive experience and ability competitive value,
and lose market share. to differentiate our while improving the
brand. customer experience.
Strategic drivers: Propositions are now
1. A differentiated developed across channels
brand Risk increasing and geographies to
2. Reduce operating ensure consistency
costs by GBP1.5bn in the engagement
3. Generate GBP9bn with customers. Group-wide
cash from operations customer insight management
4. Maximise the mix is undertaken to understand
to achieve a 3.5% customer behaviour,
- 4.0% margin expectations and experience,
6. Innovation and leverage more
consistently across
the different parts
of the business.
We monitor the effectiveness
of our processes by
regular tracking of
our business, and
those of our competitors,
against measures that
customers tell us
are important to their
shopping experience.
We have well established
product development
and quality management
processes, which keep
the needs of our customers
central to our decision
making.
-------------------------------- ----------------------------- --------------------------------
Transformation
-------------------------------------------------------------------------------------------------
Failure to achieve Achieving our transformation We have multiple transformation
our transformation goals continues to programmes underway
objectives due to demand further effort to simplify our business
poor prioritisation, and investment, especially with clear market
ineffective change with regard to technology strategies and business
management and a failure changes, as both internal plans in place. Our
to understand and and external expectations service model processes
deliver the technology have increased. provide a framework
required, resulting for implementing change.
in an inability to We have appropriate
progress sufficiently Risk increasing executive level oversight
quickly to maintain for all the transformation
or increase operating activities.
margin and generate
sufficient cash to Transformation programmes
meet business objectives. are supported by experienced
resources from within
the business and externally
Strategic drivers: as required.
2. Reduce operating
costs by GBP1.5bn
3. Generate GBP9bn
cash from operations
4. Maximise the mix
to achieve a 3.5%
- 4.0% margin
6. Innovation
-------------------------------- ----------------------------- --------------------------------
Liquidity
-------------------------------------------------------------------------------------------------
Failure of our business We have a disciplined We maintain an infrastructure
performance to deliver and policy-based approach of systems, policies
cash as expected; to treasury management. and reports to ensure
access to funding We have reduced our discipline and oversight
markets or facilities debt levels and have on liquidity matters,
is restricted; failures improving debt metrics. including specific
in operational liquidity Liquidity levels and treasury and debt-related
and currency risk sources of cash are issues. Our treasury
management; Tesco regularly reviewed policies are communicated
Bank cash call; or and the Group maintains across the Group and
adverse changes to access to committed are regularly reviewed
the pension deficit credit facilities. by the Board, Executive
funding requirement, Committee and management.
create calls on cash
higher than anticipated, Risk decreasing The Group's funding
leading to impacts strategy is approved
on financial performance, annually by the Board
cash liquidity or and includes maintaining
the ability to continue appropriate levels
to fund operations. of working capital,
undrawn committed
Strategic drivers: facilities and access
2. Reduce operating to the capital markets.
costs by GBP1.5bn The Audit Committee
3. Generate GBP9bn reviews and approves
cash from operations annually the viability
4. Maximise the mix and going concern
to achieve a 3.5% statements and reports
- 4.0% margin into the Board.
5. Maximise value
from property There is a long-term
funding framework
in place for the pension
deficit and there
is ongoing communication
and engagement with
the Pension Trustees.
While recognising
that Tesco Bank is
financially separate
from Tesco PLC, there
is ongoing monitoring
of the activities
of Tesco Bank that
could give rise to
risks to Tesco PLC.
-------------------------------- ----------------------------- --------------------------------
Competition and markets
-------------------------------------------------------------------------------------------------
Failure to deliver We continue to face Our Board actively
an effective, coherent the ongoing challenge develops and regularly
and consistent strategy of a changing competitive challenges the strategic
to respond to our landscape and price direction of our business
competitors and changes pressure across most and we actively seek
in macroeconomic conditions of our markets. to be competitive
in the operating environment, on price, range and
resulting in a loss service, as well as
of market share and No risk movement developing our online
failure to improve and multiple formats
profitability. to allow us to compete
in different markets.
Strategic drivers:
1. A differentiated Our Executive Committee
brand and operational management
2. Reduce operating regularly review markets,
costs by GBP1.5bn trading opportunities,
6. Innovation competitor strategy
and activity and,
additionally, we engage
in market scanning
and competitor analysis
to refine our customer
proposition.
-------------------------------- ----------------------------- --------------------------------
Brand, reputation and trust
-------------------------------------------------------------------------------------------------
Failure to create A broad range of factors We continue to develop
brand reappraisal impact our brand, communication and
opportunities to improve reputation and trust engagement programmes
quality, value and in the year and, on to listen to our customers
service perceptions balance, the level and stakeholders and
thus failing to rebuild of risk remains unchanged. reflect their needs
trust in our brand. in our plans. This
includes the supplier
Strategic driver: No risk movement viewpoint programme
1. A differentiated and the integration
brand of local community
and local marketing
programmes. We continue
to maximise the value
and impact of our
brand with the advice
of specialist external
agencies and in-house
marketing expertise.
Maintaining a differentiated
brand is one of our
strategic priorities
and our Group processes,
policies and our Code
of Business Conduct
sets out how we can
make the right decisions
for our customers,
colleagues, suppliers,
communities and investors.
Our Corporate Responsibility
Committee is in place
to oversee all corporate
responsibility activities
and initiatives ensuring
alignment with customer
priorities and our
brand. Further details
can be found on page
39.
-------------------------------- ----------------------------- --------------------------------
Technology
-------------------------------------------------------------------------------------------------
Failure of our IT Our technology landscape We continue to assess
infrastructure or continues to require our technology resilience
key IT systems result further investment capabilities and have
in loss of information, as external threats identified opportunities
inability to operate increase and the challenges to make significant
effectively, financial around securing the enhancements. We are
or regulatory penalties right capability to progressing greater
and negatively impacts deliver change continues. adoption of cloud
our reputation. Failure computing technologies
to build resilience to provide further
capabilities at the Risk increasing resilience.
time of investing
in and implementing We have combined governance
new technology. processes covering
both technology disaster
Strategic drivers: recovery and business
1. A differentiated continuity to ensure
brand alignment.
6. Innovation
Our technology security
programme is designed
to continuously strengthen
our infrastructure
and Information Technology
General Controls.
-------------------------------- ----------------------------- --------------------------------
Data security and data privacy
-------------------------------------------------------------------------------------------------
Failure to comply We continue to enhance Our multi-year data
with legal or regulatory our data security security programme
requirements relating to keep pace with has been driving the
to data security or increasing threats enhancement of our
data privacy in the on a global scale. security capabilities.
course of our business As a retail organisation We continue to work
activities, results we hold a large amount towards meeting regulatory
in reputational damage, of data and are working requirements and regularly
fines or other adverse to ensure we comply report the status
consequences, including with the General Data of the security programme
criminal penalties Protection Regulations. to governance and
and consequential oversight committees.
litigation, adverse
impact on our financial No risk movement We have established
results or unfavourable a team to detect,
effects on our ability report and respond
to do business. to security incidents
in a timely fashion.
Strategic drivers: We have a third-party
1. A differentiated supplier assurance
brand programme focusing
6. Innovation on data security and
privacy risks.
We are making significant
investment across
the Group to ensure
we comply with the
requirements of the
General Data Protection
Regulation (GDPR)
in Europe, and any
other relevant legislation
globally. We put our
customers and our
colleagues at the
heart of all decisions
we make in relation
to the processing
of personal data.
Our privacy compliance
programme, driven
by the Group Privacy
Officer continues
to drive compliance
throughout our global
business.
-------------------------------- ----------------------------- --------------------------------
Political, regulatory and compliance
-------------------------------------------------------------------------------------------------
Failure to comply We continue to monitor Wherever we operate,
with legal and other and improve our controls we aim to ensure that
requirements as the to ensure we comply the impact of political
regulatory environment with legal and regulatory and regulatory changes
becomes more restrictive, requirements across is incorporated in
due to changes in the Group. Given the our strategic planning.
the global political ongoing uncertainty We manage regulatory
landscape, results around Brexit, we risks through the
in fines, criminal have separated this use of our risk management
penalties for Tesco out as an independent framework and we have
or colleagues, consequential risk for the current implemented compliance
litigation and an year. programmes to manage
adverse impact on our most important
our reputation, financial risks (e.g. bribery
results, and/or our No risk movement and competition law).
ability to do business.
Our compliance programmes
Long-term changes ensure that sustainable
in the global political controls are implemented
environment mean that to mitigate the risk
in some markets there and we conduct assurance
is a push towards activities for each
greater regulation risk area.
of foreign investors
and a favouring of Our Code of Business
local companies. Conduct is supported
by new starter and
Strategic driver: annual compliance
1. A differentiated training and other
brand tools such as our
whistleblowing hotline.
The engagement of
leadership and senior
management is critical
in the successful
management of this
risk area and leaders
provide clear tone
from the top for colleagues.
-------------------------------- ----------------------------- --------------------------------
Healthy and safety
-------------------------------------------------------------------------------------------------
Failure to meet safety We continue to focus We have a business-wide,
standards in relation our efforts on controls risk-based safety
to workplace, resulting which ensure colleague framework which defines
in death or injury and customer safety. how we implement safety
to our colleagues controls to ensure
or third parties. that colleagues, contractors
No risk movement and customers have
Strategic driver: a safe place to work
1. A differentiated and shop.
brand
Each business is required
to maintain a Safety
Improvement Plan to
document and track
enhancements. Overall
governance is provided
by the Group Risk
and Compliance Committee,
with each business
unit operating their
own Health and Safety
Committee.
Our annual colleague
survey programme allows
us to measure safety
behaviour improvements
Group-wide. The survey
results alongside
other inputs through
the year, informs
the delivery of safety
initiatives and targeted
communications.
-------------------------------- ----------------------------- --------------------------------
People
-------------------------------------------------------------------------------------------------
Failure to attract We continue to operate We seek to understand
and retain the required in a fast changing and respond to colleagues'
capability and continue and complex legislative needs by listening
to evolve our culture environment. Market to their feedback
could impact delivery competitiveness and from open conversations,
of our purpose and volatility affects social media, colleague
strategic drivers. our ability to attract surveys and performance
and retain key specialist reviews.
Strategic drivers: talent thereby increasing
1. A differentiated this risk. Talent planning and
brand people development
6. Innovation processes are well
Risk increasing established across
the Group. Talent
and succession planning
is discussed annually
by the Board and three
times a year at the
Executive Committee
and Nominations and
Governance Committee.
The Remuneration Committee
agrees objectives
and remuneration arrangements
for senior management,
and the current remuneration
policy is due for
review at this year's
Annual General Meeting.
There is a change
programme in place,
supported by Executive
Committee and Audit
Committee governance,
to deliver technology
and processes that
are simple, helpful
and trusted to all
our markets.
-------------------------------- ----------------------------- --------------------------------
Responsible sourcing and supply chain
-------------------------------------------------------------------------------------------------
Failure to meet product New principal risk We have product standards,
safety standards resulting policies and guidance
in death, injury or covering both food
illness to customers. and non-food, as well
Failure to ensure as goods and services
that products are not for resale, ensuring
sourced responsibly that products are
and sustainably across safe, legal and of
the supply chain (including the required quality,
fair pay for workers, and that the human
adhering to human rights of workers
rights, clean and are respected and
safe working environments environmental impacts
and that all social are managed responsibly.
and environmental Refer to pages 16
standards are met), to 21 for specific
leading to breaches actions highlighted
of regulations, illness, under our Little Helps
injury or death to Plan.
workers and communities.
Supplier audit programmes
Strategic drivers: are in place to monitor
1. A differentiated product safety, traceability
brand and integrity, human
6. Innovation rights and environmental
standards, including
unannounced specification
inspections of suppliers
and facilities.
We run colleague training
programmes on food
and product safety,
responsible sourcing,
hygiene controls and
provide support for
stores. We also provide
targeted training
for colleagues and
suppliers dealing
with specific challenges
such as modern slavery.
Our store audit programme
seeks to ensure we
comply with safety
and legal requirements.
-------------------------------- ----------------------------- --------------------------------
Booker synergy realisation and integration
-------------------------------------------------------------------------------------------------
Failure to successfully New principal risk A detailed synergy
integrate Booker is realisation and integration
dependent upon a number plan is being implemented
of factors, leading with period-end reporting
to a risk to our planned and tracking of targeted
synergy commitments benefits and key performance
and value creation. indicators.
Strategic drivers: For further information
1. A differentiated on the Tesco and Booker
brand merger see page 7.
2. Reduce operating
costs by GBP1.5bn
3. Generate GBP9bn
cash from operations
4. Maximise the mix
to achieve a 3.5%
- 4.0% margin
5. Maximise value
from property
6. Innovation
-------------------------------- ----------------------------- --------------------------------
Brexit
-------------------------------------------------------------------------------------------------
Failure to prepare New principal risk The nature of the
for the UK's departure UK's future trading
from the EU causes relationship with
disruption to and the EU is still to
creates uncertainty be determined. We
around our business continue to contribute
including: our ability to important public
to recruit; as well policy discussions
as impacting our relationships and engage with government,
with existing and regulatory bodies
future customers, and industry.
suppliers and colleagues.
These disruptions As further details
and uncertainties of the terms of our
could have an adverse departure from the
effect on our business, EU emerge, we will
financial results continue to assess
and operations. and monitor the potential
risks and impacts
Strategic driver: of these on Tesco
1. A differentiated customers, colleagues
brand and shareholders and
take appropriate measures.
-------------------------------- ----------------------------- --------------------------------
Tesco Bank
-------------------------------------------------------------------------------------------------
Tesco Bank is exposed The Bank continues The Bank has a defined
to a number of risks, to actively manage risk appetite, which
the most significant the risks to which is approved and reviewed
of which are operational it is exposed. regularly by both
risk, regulatory risk, the Bank's Board and
credit risk, capital No risk movement the Tesco PLC Board.
risk, funding and The risk appetite
liquidity risk, market defines the type and
risk and business amount of risk that
risk. the Group is prepared
to accept to achieve
Strategic driver: its objectives and
1. A differentiated forms a key link between
brand the day-to-day risk
management of the
business and its strategic
priorities, long-term
plan, capital planning
and liquidity management.
Adherence to risk
appetite is monitored
through a series of
ratios and limits.
The Bank operates
a risk management
framework that is
underpinned by governance,
policies, processes
and controls, reporting,
assurance and stress
testing.
There is Bank Board
risk reporting throughout
the year, with updates
to the Tesco PLC Audit
Committee by the Bank's
Chief Financial Officer,
Chief Risk Officer
and Audit Committee
Chairman. A member
of the Tesco PLC Board
is also a member of
the Bank's Board.
-------------------------------- ----------------------------- --------------------------------
Indicates that the principal risk has been included as part of
the longer term viability scenarios.
Related Party Transactions
Transactions between the Company and its subsidiaries, which are
related parties, have been eliminated on consolidation and are not
disclosed in this note. Transactions between the Group and its
joint ventures and associates are disclosed below:
Transactions
Joint ventures Associates
----------------- --------------
2018 2017 2018 2017
GBPm GBPm GBPm GBPm
-------------------------------- -------- ------- ------ ------
Sales to related parties 474 418 - -
-------------------------------- -------- ------- ------ ------
Purchases from related parties 396 416 18 16
-------------------------------- -------- ------- ------ ------
Dividends received 15 17 11 11
-------------------------------- -------- ------- ------ ------
Injection of equity funding 21 - - -
-------------------------------- -------- ------- ------ ------
Sales to related parties consists of services/management fees
and loan interest.
Purchases from related parties include GBP275m (2017: GBP286m)
of rentals payable to the Group's joint ventures (including those
joint ventures formed as part of the sale and leaseback
programme).
Transactions between the Group and the Group's pension plans are
disclosed in Note 27.
Balances
Joint ventures Associates
----------------- ---------------------
2018 2017 2018 2017
GBPm GBPm GBPm GBPm
---------------------------------- -------- ------- ------------- ------
Amounts owed to related parties 20 17 - -
---------------------------------- -------- ------- ------------- ------
Amounts owed by related parties 27 16 - -
---------------------------------- -------- ------- ------------- ------
Loans to related parties (net
of deferred profits)* 138 137 - -
---------------------------------- -------- ------- ------------- ------
Loans from related parties (Note
21) 6 6 - -
---------------------------------- -------- ------- ------------- ------
* Loans to related parties of GBP138m (2017: GBP137m) are
presented net of deferred profits of GBP54m (2017: GBP54m)
historically arising from the sale of property assets to joint
ventures.
A number of the Group's subsidiaries are members of one or more
partnerships to whom the provisions of the Partnerships (Accounts)
Regulations 2008 (Regulations) apply. The financial statements for
those partnerships have been consolidated into these financial
accounts pursuant to Regulation 7 of the Regulations.
Transactions with key management personnel
Members of the Board of Directors and Executive Committee of
Tesco PLC are deemed to be key management personnel.
Key management personnel compensation for the financial year was
as follows:
2018 2017
GBPm GBPm
------------------------------------------------- ------ ------
Salaries and short-term benefits 17 13
------------------------------------------------- ------ ------
Pensions and cash in lieu of pensions 2 2
------------------------------------------------- ------ ------
Share-based payments 19 17
------------------------------------------------- ------ ------
Joining costs and loss of office costs 4 1
------------------------------------------------- ------ ------
42 33
------------------------------------------------- ------ ------
Attributable to:
------------------------------------------------- ------ ------
The Board of Directors (including Non-executive
Directors) 12 12
------------------------------------------------- ------ ------
Executive Committee (members not on the
Board of Directors) 30 21
------------------------------------------------- ------ ------
42 33
------------------------------------------------- ------ ------
Of the key management personnel who had transactions with Tesco
Bank during the financial year, the following are the balances at
the financial year end:
Credit card, mortgage Current and saving
and personal loan balances deposit accounts
-------------------------------- ---------------------------------
Number of key management GBPm Number of key management GBPm
personnel personnel
---------------- ------------------------- ----- ------------------------- ------
At 24 February
2018 7 1 5 -
---------------- ------------------------- ----- ------------------------- ------
At 25 February
2017 6 1 4 -
---------------- ------------------------- ----- ------------------------- ------
Statement of Directors' responsibilities
In compliance with DTR 4.1.12R, the Annual Report and Financial
Statements 2018 contains a Directors' responsibility statement.
This is reproduced below, in line with DTR 6.3.5R. The statement
relates to and is extracted from the Annual Report and Financial
Statements 2018 and does not attach to the extracted information
presented in this announcement or the preliminary results
announcement released on 11 April 2018.
The Directors are required by the Companies Act 2006 to prepare
financial statements for each financial year that give a true and
fair view of the state of affairs of the Group and the Company as
at the end of the financial year, and of the profit or loss of the
Group for the financial year. Under that law, the Directors are
required to prepare the Group financial statements in accordance
with International Financial Reporting Standards (IFRS) as adopted
by the European Union (EU) and have elected to prepare the Parent
Company financial statements in accordance with United Kingdom
Generally Accepted Accounting Practice, including FRS 101 'Reduced
Disclosure Framework' (UK Accounting Standards and applicable
law).
In preparing these financial statements, the Directors are
required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgements and accounting estimates that are reasonable and prudent;
-- state whether IFRSs as adopted by the EU and applicable UK
Accounting Standards have been followed, subject to any material
departures disclosed and explained in the Group and Parent Company
financial statements respectively;
-- present information, including accounting policies, in a
manner that provides relevant, reliable, comparable and
understandable information;
-- provide additional disclosures when compliance with the
specific requirements in IFRS are insufficient to enable users to
understand the impact of particular transactions, other events and
conditions on the entity's financial position and financial
performance; and
-- prepare the financial statements on the going concern basis,
unless it is inappropriate to presume that the Group and the
Company will continue in business.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Group's
transactions and disclose with reasonable accuracy at any time the
financial position of the Group and the Company, and which enable
them to ensure that the financial statements and the Directors'
remuneration report comply with the Companies Act 2006 and, as
regards the Group financial statements, Article 4 of the IAS
Regulation. They also have general responsibility for taking such
steps as are reasonably open to them to safeguard the assets of the
Group and the Company, and to prevent and detect fraud and other
irregularities.
The Directors are responsible for the maintenance and integrity
of the Company's website. Legislation in the United Kingdom
governing the preparation and dissemination of financial statements
may differ from legislation in other jurisdictions. The Directors
consider that the Annual Report and Financial Statements, taken as
a whole, is fair, balanced and understandable and provides the
information necessary for shareholders to assess the Group's and
the Company's performance, business model and priorities. Each of
the Directors, whose names and functions are set out on pages 28
and 29 confirm that, to the best of their knowledge:
-- the financial statements, which have been prepared in
accordance with the relevant financial reporting framework, give a
true and fair view of the assets, liabilities, financial position
and profit or loss of the Group and the undertakings included in
the consolidation taken as a whole; and
-- the Strategic report contained within this document includes
a fair review of the development and performance of the business
and the position of the Group and the undertakings included in the
consolidation taken as a whole, together with a description of the
principal risks and uncertainties that the Group faces.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLIFEEEIIILIT
(END) Dow Jones Newswires
May 10, 2018 02:01 ET (06:01 GMT)
Tesco (LSE:TSCO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Tesco (LSE:TSCO)
Historical Stock Chart
From Sep 2023 to Sep 2024
