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24 Called up share capital and share premium account continued (b) Executive Share Option Scheme Options outstanding at the end of the period Price 1999 1998 Date of grant pence million million 31 July 1989 272.7 0.2 0.5 28 February 1991 322.1 0.9 1.6 28 August 1992 447.0 3.6 4.7 12 March 1994 359.0 3.3 5.4 8 September 1995 475.0 5.6 6.7 1 December 1995 386.0 0.1 0.1 20 May 1997 367.0 8.1 8.3 11 November 1997 489.0 0.5 0.5 10 November 1998 545.0 8.3 – Figures for all prices and options outstanding are adjusted as necessary for the rights issue in July 1991. 30.6 27.8 During the period, the J Sainsbury plc Qualifying Employee Share Ownership Trust (the QUEST) was established under a deed of trust dated 11 December 1998. The purpose of the QUEST is to acquire shares for employees, including Directors, in satisfaction of their options under the Savings-Related Share Option Scheme. Of the 5.8 million ordinary shares allotted in relation to the Savings-Related Share Option Scheme, 5.0 million ordinary shares were subscribed for by the QUEST at a market value of £21 million. These shares were allocated to employees, including Directors, in satisfaction of options exercised under the Scheme. The Company provided £6 million to the QUEST for this purpose. The cost of this contribution has been transferred by the Company directly to the Profit and Loss Account reserve (see note 26). 25 Revaluation reserve At 3 April and 8 March 1998 38 26 Profit and loss account Group £m Group Company £m £m At 8 March 1998 2,303 2,103 Adjustment for Texas Homecare provision (note 23) 15 – 2,318 2,103 Profit retained for the period 304 485 Goodwill on disposals charged to profit for the financial year 148 – Currency movements 5 2 Amounts deducted in respect of shares issued to the QUEST (6) (6) Other (2) – At 3 April 1999 2,767 2,584 The cumulative goodwill deducted from the reserves of the Group at 3 April 1999 amounted to £290 million (1998: £438 million). The profit for the financial year dealt with by the Company is £779 million (1998: £52 million). J Sainsbury plc Annual report and accounts 1999 55
Notes to the accounts 27 Reconciliation of operating profit to net cash inflow from operating activities 56 J Sainsbury plc Annual report and accounts 1999 Group 1999 1998 56 weeks 52 weeks £m £m Operating profit before profit sharing 881 806 Profit sharing (45) (44) Depreciation 388 345 Loss on sale of equipment, fixtures and vehicles 6 11 Increase in stocks (75) (4) (Increase)/decrease in debtors (73) 13 Increase in creditors 261 101 Increase in Sainsbury’s Bank current assets (182) (1,567) Increase in Sainsbury’s Bank creditors 166 1,495 1,327 1,156 Payment against provisions (5) (7) 1,322 1,149 The payment against provisions relates to the provision raised in 1996 for store closure costs of Texas Homecare (£4 million) and to the provision raised in 1994 for losses on realisation of surplus land and stores due for closure (£1 million). 28 Future capital expenditure Group 1999 1998 £m £m Contracted for but not provided for in the accounts 184 192 29 Contingent liabilities and financial commitments The Company had no guarantees for the borrowings of subsidiaries at 3 April 1999 (1998: £1 million). Commitments to make operating lease payments during the next financial year are as follows: Group Company £m £m Land and buildings: Leases which expire within 1 year 2 – Leases which expire between 1 and 5 years 5 – Leases which expire after 5 years 259 – Other leases: Leases which expire within 1 year 1 – Leases which expire between 1 and 5 years 12 – Leases which expire after 5 years 13 13
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Annual report and accounts 1999
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J Sainsbury plc is one of the world
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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 and 48: Notes to the accounts 11 Tangible f
Page 49 and 50: Notes to the accounts 13 Investment
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: Notes to the accounts 24 Called up
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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