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Group balance sheets at 6 March 1999 and 7 March 1998 1999 1998 1 £m £m Fixed assets 6,439 6,284 Current assets 3,478 2,840 Creditors due within one year (4,411) (4,001) Net current liabilities (933) (1,161) Total assets less current liabilities 5,506 5,123 Creditors due after one year (835) (949) Provisions for liabilities and charges (8) (9) Total net assets 4,663 4,165 Minority equity interest (45) (38) Equity shareholders’ funds 4,618 4,127 Note 1 Restated for new accounting standards (see note 23 on page 53). Segmental financial information Operating profit before exceptional costs, Year 2000 Turnover excluding taxes costs and profit sharing Net assets* 1999 1998 1999 1998 1999 1998 £m £m £m £m £m £m Food retailing – UK 12,103 11,629 742 765 4,807 4,413 Food retailing – US 1,822 1,697 51 38 551 505 DIY retailing – UK 1,082 1,053 67 56 455 426 Banking – UK 146 66 (6) (15) 99 83 Property development – UK 32 36 9 6 79 32 Other 11 19 4 4 12 33 15,196 14,500 867 854 6,003 5,492 * Net assets exclude net borrowings of £833 million (1998: £1,077 million), non-operating assets and liabilities of £529 million (1998: £401 million) and assets of Associated Undertakings of £22 million (1998: £151 million). Net assets have been restated for a new accounting standard (see note 23 on page 53) and separate disclosure of non-operating assets and liabilities. Review report by the Auditors to the shareholders of J Sainsbury plc on the interim accounts We have reviewed the Interim Accounts for the 52 weeks ended 6 March 1999 set out on pages 58 to 59 which are the responsibility of and have been approved by the Directors. Our responsibility is to report on the results of our review. Our review was carried out having regard to the Bulletin ‘Review of interim financial information’, issued by the Auditing Practices Board. This review consisted principally of applying analytical procedures to the underlying financial data, assessing whether accounting policies have been consistently applied, and making enquiries of management responsible for financial and accounting matters. The review excluded audit procedures such as tests of controls and verification of assets and liabilities and was therefore substantially less in scope than an audit performed in accordance with Auditing Standards. Accordingly we do not express an audit opinion on the Interim Accounts. On the basis of our review: • In our opinion the Interim Accounts have been prepared using accounting policies consistent with those adopted by J Sainsbury plc in its financial statements for the 52 week period ended 7 March 1998 except for the change in accounting policy referred to in note1 on page 58; and • We are not aware of any material modifications that should be made to the Interim Accounts as presented. PricewaterhouseCoopers London Chartered Accountants and Registered Auditors 1 June 1999 J Sainsbury plc Annual report and accounts 1999 59
Ten year financial record 60 J Sainsbury plc Annual report and accounts 1999 1990 1991 1992 † 1993 1994 †† 1995 1996 ††† 1997 †††† 1998 ††††† 1999 †††††† Results (£ million) Group sales (including VAT and sales taxes) 7,257 8,201 9,202 10,270 11,224 12,065 13,499 14,312 15,496 16,269 Increase on previous year Group operating profit (before Year 2000 costs and profit sharing) 22.7% 13.0% 12.2% 11.6% 9.3% 7.5% 11.9% 6.0% 8.3% 5.0% Sainsbury’s Supermarkets 409 516 604 716 697 784 744 662 735 714 Savacentre 17 23 28 36 38 41 34 30 31 28 Homebase 11 13 15 18 23 31 26 16 55 67 Shaw’s 34 30 21 19 31 40 51 41 38 51 Sainsbury’s Bank – – – – – – – (6) (15) (6) Other operating activities – 3 (2) (4) 7 3 (1) 2 10 13 471 585 666 785 796 899 854 745 854 867 Year 2000 costs – – – – – – – – (20) (28) Profit sharing (34) (44) (49) (59) (56) (61) (50) (37) (44) (42) Associated Undertakings 1 – 1 – – 6 19 19 16 12 Interest receivable/(payable) (18) (36) 13 9 (9) (36) (59) (76) (78) (53) Group profit before tax, exceptional costs, property and investments profits 420 505 631 735 731 808 764 651 728 756 Increase/(decrease) on previous year 19.3% 20.2% 25.0% 16.5% (0.5)% 10.5% (5.4)% (14.8)% 11.8% 3.8% Earnings per share* Basic 20.57p 23.11p 25.69p 28.47p 28.0p 29.8p 26.8p 22.0p 25.1p 29.4p Increase/(decrease) on previous year Diluted (before exceptional costs, 24.1% 12.4% 11.2% 10.8% (1.6)% 6.3% (10.1)% (17.9)% 14.1% 17.1% property and investments profits) 18.15p 21.74p 25.34p 28.07p 27.0p 29.0p 27.8p 23.1p 26.6p 26.9p Increase/(decrease) on previous year 25.7% 19.7% 16.6% 10.8% (3.7)% 7.4% (4.1)% (16.9)% 15.2% 1.1% Dividend per share* 6.03p 7.27p 8.75p 10.0p 10.6p 11.7p 12.1p 12.3p 13.9p 14.32p** * Adjusted in respect of the rights issue in 1991. ** Excludes a 1p per share payment to cover the extra four weeks in 1999. † Property profits for 1992 restated to comply with FRS 3. †† 1994 figures for profits and earnings per share are stated before exceptional costs of £369.5 million but after changes in accounting for depreciation of £38.7 million. ††† 1996 figures for profits and diluted earnings per share are stated before exceptional costs of £48 million (£5 million as restated under FRS 12). †††† 1997 figures for profits and diluted earnings per share are stated before exceptional costs of £50 million (£44 million as restated under FRS 12). ††††† 1998 figures for profits, basic earnings per share and diluted earnings per share are restated to comply with FRS 12 and FRS 14 and are before exceptional costs of £28 million and a loss of £12 million on the disposal of a subsidiary. †††††† 1999 figures for profits and diluted earnings per share are for the 52 week period to 6 March 1999 and are stated before exceptional costs of £21 million and a profit of £84 million on the sale of an interest in an associate.
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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 £
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A common theme runs through our Gro
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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:
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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
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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 and 58: Notes to the accounts 24 Called up
Page 59 and 60: Notes to the accounts 27 Reconcilia
Page 61: Interim accounts 52 weeks ended 6 M
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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