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11 Tangible fixed assets continued Analysis of properties Group Company Cost Valuation Cost Valuation At 3 April 1999 £m £m £m £m Freehold Cost 4,357 – 1973 valuation 3 – 1992 valuation Long leasehold 63 – Cost 763 229 1973 valuation 3 – 1992 valuation Short leasehold 22 – Cost 620 5,740 91 229 – If the properties included at valuation had been included at cost, the cost and accumulated depreciation figures at 3 April 1999 would have been: Group Company Cost Depreciation Cost Depreciation £m £m £m £m Freehold 4,385 510 Long leasehold 779 147 229 3 Short leasehold 620 164 12 Fixed asset investments 5,784 821 229 3 Group Company 1999 1998 1999 1998 £m £m £m £m Subsidiaries (note 13) 5,698 5,003 Associated Undertakings (note 14) Listed on a UK stock exchange 3 3 – – Listed on a US stock exchange – 120 – – Other 35 27 28 20 38 150 28 20 Purchase of own shares (at cost)* 2 – – – Other investments 1 1 – – 41 151 5,726 5,023 * The Group owned 398,783 ordinary 25p J Sainsbury plc shares at 3 April 1999. The shares are held in an Employee Share Ownership Trust (ESOT) on behalf of certain Directors and senior employees under the Group’s Long Term Incentive Scheme in respect of an award dated 29 May 1998. It is a condition of the Scheme that the shares are held by the Trust for a period of three years from the date of the award. On the third anniversary of the award, beneficial ownership of the shares will transfer to those Directors and senior employees who remain in the Company’s employment or, who have left for certain permitted reasons. Any administrative costs in relation to the ESOT are charged to the Group Profit and Loss Account. The shares had a market value of £1.5 million at 3 April 1999. J Sainsbury plc Annual report and accounts 1999 45
Notes to the accounts 13 Investment in subsidiaries The Company’s principal subsidiaries are: Share of ordinary Country of allotted capital registration or and voting rights incorporation Sainsbury’s Supermarkets Ltd (Food retailing) 100% England Savacentre Limited* (Food retailing) 100% England Homebase Limited* (DIY retailing) 100% England Shaw’s Supermarkets, Inc.* (Food retailing) 100% USA Sainsbury’s Bank plc (Banking) 55% England * Shares are held by other subsidiaries. All subsidiaries operate in the countries of their registration or incorporation. Sainsbury’s Bank plc’s audited accounts are drawn up to 28 February 1999 to conform with the Bank of Scotland (the 45 per cent shareholder). Management accounts have been used to include Sainsbury’s Bank plc’s results up to 31 March 1999. All other principal subsidiaries have been included up to 3 April 1999. Summary of movements – Company 46 J Sainsbury plc Annual report and accounts 1999 Long-term capital Total net Shares advances investment £m £m £m At 8 March 1998 3,734 1,269 5,003 Net movement 579 116 695 At 3 April 1999 4,313 1,385 5,698 On 22 February 1999 the Company transferred all the shares in its subsidiary J Sainsbury (USA) Inc. to a wholly-owned subsidiary, JS USA Holdings Inc., for a consideration of £745 million satisfied by the issue of shares by JS USA Holdings Inc.. 14 Investment in Associated Undertakings The Company’s principal Associated Undertakings are: Share of Country of ordinary registration or Year-end allotted capital incorporation Associates Hampden Group PLC (DIY retailing – UK and Eire) Ordinary shares 2 January 29.2% England Egyptian Distribution Group SAE (Food retailing – Egypt) Ordinary shares 31 December 25.1% Egypt Joint venture Hedge End Park Limited (Property investment – UK) Ordinary shares (other shareholder Marks & Spencer p.l.c.) 3 April 50% England The Company’s share of the gross assets of its joint venture amounted to £25 million at 3 April 1999 (1998: £27 million) and its share of the gross liabilities of its joint venture amounted to £11 million at 3 April 1999 (1998: £14 million). The investments in Hedge End Park Limited and Egyptian Distribution Group SAE are held directly by the Company. The investment in Hampden Group PLC is held by a subsidiary.
Page 1 and 2: Annual report and accounts 1999
Page 3 and 4: J Sainsbury plc is one of the world
Page 5 and 6: Financial highlights Group sales £
Page 7 and 8: A common theme runs through our Gro
Page 9 and 10: Right: As customer tastes become mo
Page 11 and 12: Above: Our Prawn Laksa, a spicy coc
Page 13 and 14: Greater choice, greater value Left:
Page 15 and 16: Above: Sainsbury’s Hydro Source i
Page 17 and 18: Operating review SAINSBURY’S SUPE
Page 19 and 20: Operating review Sainsbury’s Cent
Page 21 and 22: Operating review Shaw’s Directors
Page 23 and 24: Financial review Group capital expe
Page 25 and 26: Board of Directors 22 J Sainsbury p
Page 27 and 28: Report of the Directors for the 56
Page 29 and 30: Report of the Directors Annual Gene
Page 31 and 32: Report of the Remuneration Committe
Page 37 and 38: Accounting policies Basis of accoun
Page 39 and 40: Group profit and loss account for t
Page 41 and 42: Group cash flow statement for the 5
Page 43 and 44: Notes to the accounts at 3 April 19
Page 45 and 46: Notes to the accounts 5 Profit on o
Page 47: Notes to the accounts 11 Tangible f
Page 51 and 52: Notes to the accounts 17 Current as
Page 53 and 54: Notes to the accounts 21 Financial
Page 55 and 56: Notes to the accounts 21 Financial
Page 57 and 58: Notes to the accounts 24 Called up
Page 59 and 60: Notes to the accounts 27 Reconcilia
Page 61 and 62: Interim accounts 52 weeks ended 6 M
Page 63 and 64: Ten year financial record 60 J Sain
Page 65 and 66: Investor information Shareholders
Page 67 and 68: Financial calendar, registered offi
Page 69: J Sainsbury plc Stamford House Stam

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