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Appendix 1:

Part 1:

Profitability (Operating Management) Ratios:

Gross Profit
Gross Profit Margin = X 100
Revenue

2016 2015 2014 Tesco


(m) (m) (m) Plc
Gross Profit 1456 1208 1387 2854
Revenue 23506 23775 23949 54433
Gross Profit Margin 6.19% 5.08% 5.79% 5.24%

Operating Profit
Operating Profit Margin = X 100
Revenue

2016 2015 2014 Tesco


(m) (m) (m) Plc
Operating Profit 707 81 1009 1046
Revenue 23506 23775 23949 54433
Operating Profit Margin 3.01% 0.34% 4.21% 1.92%

Net Profit
Net Profit Margin = X 100
Revenue

2016 2015 2014 Tesco


(m) (m) (m) Plc
Net Profit 471 -166 716 129
2350
Revenue 6 23775 23949 54433
Net Profit Margin 2.00% -0.70% 2.99% 0.24%
Efficiency Ratios:

Revenue
Working Capital Turnover = Working Capiatl

2016 2015 2014 Tesco


(m) (m) (m) Plc
Revenue 23506 23775 23949 54433
Working Capital -2280 -5357 -2396 -5122
Working Capital -10.31 -4.44 -10.00 -10.63
Turnover times times times times

Inventory
Average Inventory Turnover Period = Cost of Sales X 365

2016 2015 2014 Tesco


(m) (m) (m) Plc
Inventory 968 997 1005 2430
Cost of Sales 22050 22567 22562 51579
Average Inventory 16.02 16.13 16.26 17.20
Turnover Period days days days days

Receivables
Average Settlement Period of Receivables = Credit Sales X 365

2016 2015 2014 Tesco


(m) (m) (m) Plc
Receivables 508 471 433 1607
Credit Sales 23506 23775 23949 54433
Settlement period of 7.89 7.23 6.60 10.78
Receivables days days days days

Payables
Average Settlement period of Payables = Credit Purchases X 365

2016 2015 2014 Tesco


(m) (m) (m) Plc
Payables 2692 2726 3077 8568
Credit Purchases 22050 22567 22562 51579
Settlement Period of 50.93 47.89 43.55 60.63
Payables days days days days

Shareholder Investment Ratios:

Earningsattributed
Earnings per share = Shareholders X 100
No of shares

2016 2015 2014


(m) (m) (m)
Earnings 459 -166 716
No of Shares 1924 1919 1907
EPS 23.86p -8.65p 37.55p

Dividends per share


Dividends Payout Ratio = X 100
Earnings per share

2016 2015 2014 Tesco Plc


Dividends per share 12.1 13.2 17.3 -
Earnings per share 23.86 -8.65 37.55 -
Dividend Payout 50.72% -152.60% 46.08
Ratio % -

Dividends per share


Dividend Yield = Current Market Price per share X 100

Tesco
2016 2015 2014 Plc
Dividends per share 12.1 13.2 17.3 -
Market price per share 261.6 261.6 261.6 -
Dividend Yield 4.63% 5.05% 6.61% -

Current Market Price per share


Price Earnings Ratio = Earnings per share

2016 2015 2014 Tesco


(m) (m) (m) Plc
Market Price per share 261.6 - 261.6 -
Earnings per share 23.86 - 37.55 -
Price per Earnings 10.97 6.97
Ratio times N/A times -

Overall Profitability Ratios:

Operating Profit
Return on Capital Employed= X 100
Total Assets

2016 2015 2014 Tesco


(m) (m) (m) Plc
Operating Profit 707 81 1009 1046
Total Assets 16973 16537 16540 14828
ROCE 6.90% 0.84% 10.32% 4.32%

Net Profit
Return on Shareholders fund= Total Equity X 100

2016 2015 2014 Tesco


(m) (m) (m) Plc
Net Profit 471 -166 716 129
Total Equity 6365 5539 6005 8616
ROE/ROSF 7.40% -3.00% 11.92% 1.50%
Liquidity Ratios:

Current Assets
Current Ratio = Current Liabilities

2016 2015 2014 Tesco


(m) (m) (m) Plc
Current Assets 4444 4505 4369 14828
Current Liabilities 6724 6923 6765 19714
Current Ratio 0.66 0.65 0.65 0.75

Current AssetsInventories
Quick Ratio/Acid test Ratio = Current Liabilities

2016 2015 2014 Tesco


(m) (m) (m) Plc
Current Assets-
Inventories 3476 3508 3364 12398
Current Liabilities 6724 6923 6765 19714
Quick Ratio 0.52 0.51 0.50 0.63

Gearing Ratios:

Long term Liabilities


Gearing Ratio = ShareCapital+ Reserves+ Long term Liabilities X 100

2016 2015 2014 Tesco


(m) (m) (m) Plc
Long term Liabilities 3884 4075 3770 15574
Share Capital
+Reserves 6365 5539 6005 8616
37.90 42.39 38.57
Gearing Ratio % % % 64.38%