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Tesco is one of the global leading British’s food retailing company established in 1919 in London by Jack Cohen and incorporated in 1947 with the inauguration of its Supermarket store. As per the statistics of 2020 it has been found that Tesco have the 27% market share in United Kingdom. As retailing is one of the highly competitive industry followed by low profit, inventory management, brand recognition and economies of scale. This report will help us to analyze the feasibility of the company, its limitations, strength, after the detail in debt study of the Tesco performance based on its financial statement, annual report, financial trend, and financial ratio data. It has its branches in more than 12 countries including Poland, India, Hungary, China, and Ireland.

Nature of the business

Tesco being one of the top leading company in United Kingdom due to its number of outlet and volume of sales and other factors it has embarked a remarkable position in the world wide. It is mainly engaged in the sectors of grocery retailing as well as associated activities. Due to its high brand value and customer loyalty, the have been diversifying themselves by expanding their business in insurance services and retailing banking too.

The success of the organization is due to its clear goal commitment, maintenance of high standard, customer satisfaction by delivering them an amazing experience of shopping each time they connect with the organization. Strategic planning of the organization by giving priorities on the available resources, energy, strengthen its operations, by securing the stakeholders and the employees’ satisfaction towards the common goal of the company. The accountability system is adapted in the organization by its planning, monitoring, execution and evaluation of the all the essential components of the Tesco in an efficient manner.

Vision and Mission

Long term success of an organization is obtained by its business strategy, innovation, advancement of technology and continuous improvement by adapting to the change in the environment. Both Vision and Mission plays a vital role in the organization. Vision emphasis on the Tesco existence by reflecting their aims, objective to be achieved in the future. The Vision statement are the blueprint of the organization which focus on the long-term goals, and the future operations of the company.

Being the market leader in the United Kingdom due to its performance, product portfolio, and delivery network, which has created value in the economy. One of the main aim of the organization is to create an efficient supply network chain to strengthen their system and maintain transparency in the organization.

The mission is to motivate employees to work together as a team and achieve the goals of the organization. It defines the performance, critical goal, in respect of development and framework of the organization vision, values, culture and principles. It believes in reflecting the capacity of the organization as a global competitive by delivering sustainable and superior value of their stakeholders.

Goals and Objectives

The goal of the company is to concentrate on their corporate governance by building accountability, expertise in technological development by building benchmark of their quality product. The Objective of the company to expand its sales in the organic manufacturing to 3 billion pound in the upcoming years. The senior management and key managerial person define the goals of the company and the employees focus on the objective to achieve their targets in order to complete the organizational goal. All strategies are formed and executed with objective to achieve the established vision and mission of the company and at the same time, It also ensures that safety and health of every employee and customer are at priority in their organization. Tesco always focus on to give wide variety of products to their customers under one roof by providing a healthy and friendly environment in the shops (Smail, 2017).

Financial Principle and bottom-line impact

The financial statements of the company comprise statement of change in equity, statement of income, comprehensive statement of income, cash flow statement, balance sheet and related notes. In the statement of income, revenues are recognized in accordance with the accrual accounting method. The summation of all the costs of each contract is estimated on the historical performance and risk associated with discount rate and other factors. Such estimated costs and revenues are reviewed by management on regular basis and adequate adjustments are made on the basis of review.

Tesco prepares the financial statement on the basis of going concern assumptions and financial statements also contain justification on Going Concern Assumptions by board. The justification is formed on the assessment of inherent risk to business and how these risks may adversely impact the ability of company to continue on going concern basis. The directors have responsibility to ensure that the adequate disclosures have been provided in financial report and are also liable to ensure that financial report gives a fair and accurate view of financial health of the company.

Significance of Budget Process

Budgetary control helps in analyzing the total payment to be made by the income and the total funds remaining thereafter. Budget helps to analyze each component expenses to be noted by the company, their alternatives which can be adopted to minimize cost and maximize profit. It further helps in credit and capital procure by banks and finance institutions. Management have always been challenging to attain their objectives and make decision in each level. The management report reflects the business the business activities which has failed to perform its activities and which have performed efficiently.

It further lays importance on the impact of the environment by the economic and other factors kept in the mind. The senior management sort the data and information required by them and predict the growth in the coming years by forecasting and analyzing the structure in detail. Tesco main intention is to maintain its quality and loyalty with the customer they spend lump sum amount to improve its performances in order to increase the retention rates of its customers. By its innovative strategy like facility to transact online providing best services to customers, and financial products such as Tesco bank (Ausloos, 2020)

The big four super market of United Kingdom Tesco, Sainsbury, Morrison, Asda, plays vital role in the day-to-day life of the individuals. As in this assignment we are focussing on Tesco, so we will be analysing the micro and macro business environment by the help of PESTLE and SWOT analysis. Macro environment includes PESTEL which means Political, economic, social, technological, environmental and Legal. Each of its component are describes below in a detailed manner (Peng, 2018).

Political

Introduction of the countries like China in the world trade organization removed the barriers by uplifting the streams and encouraging mostly the company such as Tesco to expand their market .Motivation of the free trading blocks to multiply the profits globally by immerging in various other countries and expanding its network .Tesco employees huge number of students , elderly workers , which are often being paid a lower rate .Due to its loyalty and employer satisfaction people are always keen to work for the organization such as Tesco.

Economical

With the rise in the GDP, economic growth and high employment level at the same time economic factors plays a vital role in the organization. . Economic factors are outside the control of the company but there is an effect in the company, marketing mix. The growth in the economy leads to growth of the company which is the positive indicator for company like Tesco as they play a major role in the supermarket industry. At the time of recession, increase in the unemployment rate leads to lower the income of the consumers which indirectly effects the company as people will tend to shallow their purchasing power.

Social

With the decrease in the birth rate and increase in the number of elderly members in the countries like United Kingdom leads to shifts in the taste and preferences of the people. With the rise in online shopping, elderly people are likely to adapt themselves and online shopping via internet is making its flexible and easy to operate. They further added various products and services in their business. Customer satisfaction should be at its priority in order to give competitive edge. The type of goods and services, customer preferences, are basically functioned by the social conditioning, ideas and belief. As the customer becoming more conscious about their health, their attitude and preferences constantly changing. As nowadays there has been rise in the demand of the organic foods Tesco is adapting with the change in the environment. Even Tesco is the first company who have allowed their customer to pay via cheque in their outlets.

Technological

With the advancement of the technology and the adaptability of the people, Tesco have to focus more on its online activities, as people nowadays more engaged with mobile and by the help of simple clicks they can purchase the products. So they have to improve their supply chain management, being updated and enhancement of cost efficiency it give competitive advantage to its competitors. There has been major change in the Tesco products due to rise of technology. Some of the technology adapted by the companies are wireless devices, self-check out machine, electronic shelf labelling, intelligent scale. Further the adaption of the electronic scanner, electronic fund transfer has improved the efficiency of the organization.

Environmental

With the rise in global warming and melting of ice at the zones, Tesco have lays importance on its goods and focussing on the eco-friendly products and giving emphasis on the environmental stability. Tesco Corporate Social responsibility is mainly focusing on the minimum shareholder obligation and enhancement of the corporate governance .It maximise the use of renewable sources and protect the environment to certain extent.

Legal

There are numerous of laws that Tesco have to be kept in mind in order to avoid penalty and further actions by the government. As the organization is expanding it further have to keep the laws in order and compliances with the rules and regulations of the government.

SWOT Analysis

The audit of any organization helps us to analyse the business strategy, designing, and allocation of resources, co-ordination, efficient planning and implementation.

Strength-Its high brand identity, publicity in the European market, diversifies base of the resources, Awareness both in the local and the international market, innovation and ability to modify themselves with the change in the environment. Accurate and constant knowledge of the last decade experience has led to make its unique of its own. The main reason it is being widely accepted by all the country is the quality of the goods they provide by keeping the price at the minimum level. Its b and efficient financial performance and the rich history leads to be its strength in the worldwide.

Weakness-Tesco flexibility in the price of the Tesco due to high competition, customer switching cost, loyalty, Dependence on the United Kingdom market for the finance and diversification leads to have negative or inactive sales growth in the European countries. Last year performance was not satisfactory in comparison to its competitors’ company which leads to downfall of the company

Opportunity-Expanding in the Asian and other countries with social economic conditions led to rise of the per capital income in the market. Diversification in retail and other products, growth in health care and cosmetics products making it rise and shine worldwide.

Threat –Due to aggressive competition in the market, there has been silent war leading to change the economic conditions, reflecting in decline in the international demand. Difference in the taste and preferences, customer outlook, Global competition, various reforms threaten the operation and finance of the Tesco Company.

Technic and methods in driving organisational performance

Some of the techniques to measure the performance of the management adopted by the Tesco are Key Performance indicator, Balance Scorecard, Peer reviews. In the terms of Financial, internal business, growth and customer perspectives lead to develop the performance of the company to sustain in the competitive market. Tesco encourage the flexibility of its operations by enhancing the oracle retail planning solution which helps to tune with the solutions in order to address the needs of the business with advanced forecasting capabilities and perform profitability and effectively in the organization.Tesco has simplified and redesigned its operating process that resulted in reduction in operating expenses by almost 42% and made investment in the field of innovations, leadership and capabilities (Alexander, 2020).

Both the economic and financial approaches are key components of any organization. Tesco continuously focus to increase the awareness about the scarce resources and use of ecofriendly products. Financial analyst focusses on the financial viability of the project and economic can be regarded as the extension of the financial perceptive. The economic lays importance on the improvement of the society, economy as the whole (Yhip and Alagheband, 2020).

Ratio analysis and financial interpretation

The financial performance and interpretation for the year 2018 to 2019 is being done of both Tesco and Sainsbury Company. Sainsbury analysis is being done, as a competitor company. Tesco Company needs to enhance its efficiency by improving its current ratio, quick ratio which is less than the ideal ratio of the company, further its dividend payout ratio is comparatively lower, which is to be hiked with the coming years to gain the confidence of the shareholders. All the data and information for the calculation are being taken by the annual report of each of the company that is Tesco and Sainsbury for the year 2018 and 2019.

Liquidity

Liquidity ratio is used to assess the organization ability to pay the debt obligation and its safety by analysis of following ratio. The term Liquidity refers to ability of company to convert assets into cash quickly and cheaply. There are mainly two types of the liquidity ratio , which are as follows:-

1. Current Ratio
2. Acid Test Ratio.

Current ratio is known as the ability of the company to pay off its liabilities with current assets. Whereas the Current liabilities refer to liabilities payable within one year. The current ratio of the Tesco Company decreased from 0.71 to 0.6 in the year 2018 to 2019. The declination is due to increase in the current liability in comparison to the current assets which leads to fall in the current ratio of the company. Whereas in the Sainsbury company there has been declined in the current ratio from 0.76 to 0.66 in the year 2018 to 2019 respectively. The detail analysis is being shown above for the derivation of the current ratio of both Tesco and Sainsbury company.

The ideal current ratio is 2:1 as both the company is unable to meets its capacity, therefore both the company needs to inject more assets or reduce the current liabilities in order to perform efficiently. In comparison to both Sainsbury performance is better than Tesco in terms of current ratio measurement.

Acid Test Ratio

Quick Ratio or Acid test ratio, helps in assessing the ability of company to fulfil short term obligation with its most liquid assets. The quick ratio of the Tesco Company decreased from 0.59 to 0.48 in the year 2018 to 2019. The declination is due to increase in the current liability in comparison to the current assets, except stock which leads to fall in the quick ratio of the company. Whereas in the Sainsbury company there has been decline from 0.59 to 0.50 in the year 2018 to 2019 respectively. The detail analysis is being shown above for the derivation of the quick ratio of both Tesco and Sainsbury Company.

The ideal current ratio is 1:1 as both the company is unable to meets its capacity, therefore both the company have to either reduce its Current liability or increase its current assets except stock. In comparison to both Sainsbury performance is better than Tesco in terms of acid test ratio measurement for the year 2019.

Profitability

Profitability is one of most popular financial measurement tools that are used to evaluate the organization ability to generate its earnings in respect to its revenues, equity capital, assets and other expenses of the company by the help of using the data for the specific period of time.

Higher profitability ratio, is favourable by the organization. It is compared with company’s historical performance as well as industry average to assess the performance of the company. Profitability can be measured in many ways but the popular methods are Profit Margin, Return on Assets and return on equity ("Business evaluation", 2021). Hence to determine the profitability the following ratios are required:

1. Gross Profit Ratio
2. Return on Equity
3. Dividend Per Share
4. Return On Capital Employs
5. Net profit ratio

Gross Profit Margin

The gross profit ratio is the profit earned by the organization in that year in comparison to its sales of the company. As per calculation above Gross profit margin ratio of TESCO company for the year 2018 and 2019 is 5.83% and 6.48% respectively. Both the gross profit margin as well as the turnover have raised from year 2018 to 2019, leading to having minimum deviation in the ratio. Whereas of the Sainsbury Company gross profit is 6.92% and 6.61% in the year 2019 and 2018 respectively. From the comparison of above it can be analyzed that the Sainsbury performed better than Tesco both in the year 2018 and 2019. Hence Tesco should improve its performance in order to sustain in the market.

Return on Equity

Return on Equity measures the rate of return that common stockholders of a company receive on their holdings. ROE indicated how good a company is in generating returns on investment it received from its shareholders. This ratio is especially used by investors to judge how the company will be able to use their investment to generate additional revenue. There has been sharp decline in the Tesco return on Equity from 0.38 to 0.12 from the year 2018 to 2019 respectively. Whereas in the Sainsbury Company there has been raised in the Return on the equity from 0.11 to 0.17 from 2018 to 2019. Higher the return on equity is better for the organization, but it does not state efficient financial performance too as it may leads to high financial leverage leading to high risk of the company to be in solvency state. Hence a balance approach should be there to perform efficiently.

Some of the ratio helps in the capital structure of the company are as follows: -

Gearing Ratio

There has been sharp decline in the gearing ratio of the Tesco company from 0.41 to 0.15 in the year 2018 to 2019 respectively, the main reason behind decline is due to decrease in the debt of the company in the year 2019 and the capital is more less stagnant in comparison. There has also been decreased in the Sainsbury Gearing ratio from 0.19 to 0.11 in the year 2018 to 2019 but proportionately lesser than the Tesco.

Dividend

Dividend per share shows the dividend declared by the company for every outstanding equity shares. Using the DPS, shareholders calculate their income from the company. There has been decline in the dividend cover of the Tesco Company from 20.52 to 4.46 in the year 2018 to 2019 respectively. Dividend on shares is increasing every year but the dividend growth rate is lower in comparison with industry average. The above shown ratios also help company to identify the area in which improvement is required to improve the overall profitability of the company.

Return on capital employed

This ratio is used to assess the profitability and efficiency of capital of company. Financial managers, stakeholders and potential investors use the ROCE to analyse the company for investment. There has been raised by 0.12 in the return on capital employed from the year 2018 to 2019 of the Tesco company. Whereas in the Sainsbury company there has been declined from 0.6 to 0.4 in the year 2018 to 2019 respectively. IN comparison to both Tesco performance is better than Sainsbury.

Working Capital Cycle

Working Capital Cycle of the Tesco Company is negative in both the years 2018 and 2019.In 2018 it was -35.82 and in the year 2019 it was -31.78. The detail analysis of the cycle is being described in the above chart. Even the Sainsbury Company have negative working capital cycle in both 2018 and 2019, which indicates both the company should focus to improve its working capital cycle for its growth in the worldwide and improving its efficiency of the organization.

While making decision on investment, there are certain factors that are needs to be considered by the executive board such as-

- Time value of money is a factor while making decision on investment.

- The present value of cash inflows depends on the discount rate. The present values are lower in case of higher discount rate. The financial management team must make provision to guide against the fluctuation in estimated discount rate.

- The estimation of useful life of investment is an important and critical task. The estimated life should be determined taking into consideration certain factors such as life cycle of cost analysis, energy cost of utilization and acquisition cost of investment.

In profitability, we analyse the ability of the company to convert revenue into profit and efficiency of company in making profit out of its sales. Profitability ratio is used to determine the overall success of the company and compare the profit with primary activities of the business.

The EPS paid by the company is more than the industry average. Dividend on shares is increasing every year but the dividend growth rate is lower in comparison with industry average. The above shown ratios also help company to identify the area in which improvement is required to improve the overall profitability of the company.

Liquidity ratio is a crucial aspect to consider in determination of debt repayment ability of the company. With the help of liquidity ratio, management work towards betterment of working capital requirement. Tesco needs to improve the dividend growth rate. It needs to inject more current assets to maintain the liquidity of the company. There is need to pay off debt of the company in order to reduce the expenditure and increase gross profit margin. Further it needs to makes acquisition in order to increase its market share and increase corporate value.

The summarization and recording of financial data play a vital role in the accounting system. The financial statement is required to be studied in debt in detailed manner, interpreted the information behind statements. Ratio analysis, budgetary method is some of the techniques to analyze the company performance.

Comparison between traditional budget and modern Age budgeting

Traditional budget is prepared on the basis of previous year data and information being given whereas in the modern age budget like zero based budgets all the components are revalues and then being taken. Traditional being focus on the previous or last year expenditure whereas the modern age focus on economical appraisal, inflation and another component to be kept in mind. Traditional is basically accounting oriented whereas modern age is based on project oriented. Traditional have routine approach, lower clarity and responsibility, whereas justification being given by the top management only. Whereas modern theory has comparatively greater responsibility as each level manager in being responsible to answer the queries raised. It has a direct, straight forward approach and hence accepted by many organizations.

Budgetary approaches lead to operational strategy and decision making

Technology plays a vital role for every organization; it enhances the way of interaction by reaching to millions of people at a time worldwide. It has accelerated the growth of the companies. Budget is one of the important steps in the organization as it helps in strategically achieving the goals of the organization by proper planning and analyzing each component. Most company makes master budget as it includes basically two components finance and operational. Finance reflects the inflow and out flow of the cash, like purchase or sale of an assets, change in equity, payment of any loan or other expenses, whereas operational budget helps in managing day to day functions of the company. Each of this is further subdivided to their own budgets to analyze in debt (Howard, 2021).

Finance budget basically consists of cash budget, income statement, balance sheet. Management helps in planning of the capital expenses, payment and collection time period and then taking the major decisions of the company after the analysis and guidance by the professionals. Budget should be planned by all organizations not just for manufacture. Bottom-up approach, top down, zero based budgeting are some of the strategies of the budget. Key performance indicators, bench marking, financial governance is some of the measures adapted by the organization to response to their financial issues.

Analyzing the budget outcomes as the organization objective and alternatives to reduce cost and increase profit. Operational budget helps in reflecting the mission and ways to achieve the objectives of the organization. It provides different means to control the obligation and various other expenditures. By the help of the management support, periodic review, level of control, Tesco formulize its budget and execute them with proper responsibilities. The phases in which a budget process is to formulize, analyze and review, approval, execution, monitoring and then further adjustments as required by the organization in order to make effective and efficient decision inside the organization.

Impact of “smarter’’ Technology

Tesco ecommerce strategy depicts the brand commitment to its continence and value. From its logo to its general layout each part has being designed by the professionals. They always focus on the new and updated technology to be adapted by the organization so that they can provide the best of the services to their customer. They invest in technology as that not only improve the efficiency of work but also increase the scope of the company. The innovation and the flexibility with change of the environment is the need of an organization. Hence to sustain in the market globally, companies have to remain updates and improve continuously. With the advancement of the technological development, one need to upgraded themselves, Tesco never fails to do that, they accept new policies, faces multiple challenges in the organization and not only adapt but also implement its application in all its operations.

Risk and Sensitivity Analysis

Risk analysis of investment proposal involves a methodology to identify the uncertainty encompassing the risk variables projected in proposed investment is assessed and evaluated with objective to identify the effect of risk on projected result. The risk variable associated with investments includes time value of money, discount rate and time period of completion of project.

Sensitivity analysis is one of the risk analyses tools. This tool is undertaken to determine the impact of change in value driver on outcome of a project or investment. It identifies the most important value driver in a project. Sensitivity analysis provides meaningful result of risk analysis because it considers the impact of uncertainty during the analysis of risk. In sensitivity analysis, the reasons for considering most important variable are to monitor the relationship between correlated variables and identification of probability distribution in an investment or project.

Investment Appraisal

While undertaking any new projects or contracts, investment appraisal tools are undertaken to evaluate the viability of projects. There are number of investment appraisal tools are available such as Net present value, Internal rate of return, Annual rate of return, Profitability index, Payback period and Discounted payback period. These tools are utilized to primarily evaluate the impact of the investment. There are various project appraisal techniques are available to evaluate the performance of projects but each of these technique assess the project from different angle and provide a different outcome (Investment appraisal techniques - mygov.scot, 2021). The various investment appraisal techniques are:

1. Payback period – This technique is utilized to assess the period the project will take to recover the project cost. Payback period means the time period needed to recover the initial investment. Payback period is an important investment appraisal tool because sometime on the basis of payback period, investments are considered. The projects having shorter payback period are desirable because the longer the payback period happens to be, the longer the money is lost and it also negatively impact cash flow until the project starts generating profit. Payback period are usually determined before undertaking the project, by assessing the risk associated with projects

1. Discounted payback period – This technique is also applied to determine the recovery period the project will take to recover the project cost but at discount rate. Here the discount rates are usually same as the prevailing interest rate on loan. Discounting payback period is a financial measurement tool which is undertaken to determine the profitability of an investment on the basis of cash inflows and cash outflows related to such investment. While the time value of money is ignored by the payback period but discounted payback period determines the recovery period of initial investment taking in consideration with time value of money. Under discounted payback period, all cash inflows related to a project are discounted to their present value on the basis of certain discount rate which is usually same as the rate of interest payable on debts or loan.

1. Net present value – It determines the discounted cash inflows and cash outflow related to project. Net present value is undertaken to assess the profitability of an investment. It is calculated as differences between present value of cash inflow and present value of cash outflow from a project. Projects having positive net present value are desirable. A company takes the investment decision keeping in mind expansion of business activities and profitability. NPV taken into account cash inflows, cash outflows, risk involves and period of time. Therefore, net present value helps a company in assessing the profitability and expansion of investment. It is an important decision-making tool because it takes into account time value of money while calculating present value of cash inflows and present value of cash outflows

1. Internal rate of return – It determines the discounted estimated cash flow at par with the initial investment. Internal rate of return refers to such rate at which the net present value of a project or investment becomes zero. It is a discounting cash flow technique which states the rate of return earned by a project. Projects having highest rate of return are desirable. A project requires huge investment and such investment will have long-term impact, so for any investment, a company used number of capital budgeting tools and techniques to make investment related decisions.

1. Profitability index – This technique is used to determine the earning that will be derived from each amount of its investment.

Investment appraisal is related with early phase of projects and is carried out along with early work on management plan and delivery plan. Most of investment appraisal of Tesco is based on cash flows associated with particular project but there are also other factors that are taken into account while undertaking investment appraisal programme. Such other factors include:

• Legal consideration – A project that enables the company to follow new legislation may be compulsory if the company is to continue its operation. In that case, an appraisal based on return on investments is inappropriate.
• Social affect – For non-profitable organization, return on investment is measured on the basis of non-financial terms such as quality of life.
• Risk consideration – All companies or organizations are subject to certain risk related with its operation and business. An investment decision made on the basis of investment appraisal is justified because it reduces risk.

• Environmental consideration – While undertaking any investments or projects, consideration of environmental impact is important because analysis of environmental impact of a project is provided under various laws. Therefore, evaluation of the impact on natural environment of a project is important.

For an effective investment appraisal process, all factors associated with a project are taken into account and during the identification process of a project, these factors will be top-down that means the factors are taken into account based on parametric estimating technique. The main objective on investment appraisal includes:

1. Assessing the viability of a project or investment for achieving the objectives.

1. To provide support to the production of a business case.

The investment appraisal process involves planning, execution of plan, collection of inputs related to project, appraisal of collected input and reporting of investment appraisal result. On the basis of investment appraisal report, decisions are made regarding the project or investment to be done or not to enhance the efficiency and the profitability of the organization.

Conclusion

The role and responsibilities of each and every committee of the Tesco has been defined with objective to ensure corporate governance in company. The companies comply with the Governance Code and provide report in compliance thereof in its annual report. Customers are important stakeholders of Tesco organization and the company creates value for customer by creating and providing them the quality of the product and services worldwide. Tesco should focus on boosting its sales, which will indirectly increase the market value of the company. Attractive offers should be launched so that customer get engages to it and if satisfied with product even buy it. Further it is important that the Tesco identify the gaps and full fill them with the areas of improvement by logical framework and strategy which will help them to increase the value of the company. The financial analysis of multiple financial tools and techniques indicates that Tesco could perform better in the industry if they can gain new customers, enhance its offerings and improve its profitability. The analysis of cash flows all contracts with help of various financial measurement tools indicates great development of all the company and it may also help Tesco to become one of the top FTSE 100 companies.

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