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J Sainsbury Plc Annual Report and Financial Statements 2015 Our Vision to Be the Most Trusted Retailer Where People Love to Work and Shop

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J Sainsbury Plc Annual Report and Financial Statements 2015 Our Vision to Be the Most Trusted Retailer Where People Love to Work and Shop We will make our customers’ lives easier. Great quality. Great prices. Whenever and wherever. J Sainsbury plc Annual Report and Financial Statements 2015 Our vision To be the most trusted retailer where people love to work and shop. Our goal To make all our customers’ lives easier every day by offering great quality and service at fair prices. How we do it We have the right size stores in the right locations; we are known for great customer service; and for nearly 150 years, we have offered great quality products at fair prices. Our values and our ethos have never changed. But the dynamics of the industry do change and are changing today more rapidly than ever before, not least the way people shop. So this year we took a new look at our strategy to ensure our business evolves and that we continue to provide what customers want, when, where and how they want it. Key to our strategy is knowing our customers better than anyone else. Read more in our Strategic Report. Strategic Report Contents Financial highlights Strategic Report Underlying Group sales 1 Financial highlights 2 Business model 4 Chairman’s letter (0.9)% 6 Chief Executive’s letter (including VAT, including fuel) 8 Market context 10 Great products and services at fair prices 14 There for our customers Like-for-like retail sales 18 Colleagues making the difference 20 We know our customers better than anyone else (1.9)% 22 Our values make us different (including VAT, excluding fuel) 24 Strategic KPIs 26 Financial KPIs 28 Our principal risks and uncertainties 31 Financial Review Underlying profit before tax Directors’ Report £681m 40 Board of Directors Down 14.7% 42 Operating Board 44 Corporate Governance 49 Nomination Committee 51 Corporate Responsibility and Return on capital employed Sustainability Committee 53 Audit Committee 58 Directors’ Remuneration Report 9.7% Down 157 bps 74 Other disclosures 76 Statement of Directors’ responsibilities Financial Statements Underlying basic earnings per share 77 Independent auditors’ report to the members of J Sainsbury plc 26.4p Down 19.5% 82 Group income statement 83 Group statement of comprehensive income 84 Balance sheets Full-year dividend per share 85 Cash flow statements 86 Group statement of changes in equity 13.2p 87 Company statement Down 23.7% of changes in equity 88 Notes to the financial statements 141 Five year financial record Find out more at 142 Additional shareholder information j-sainsbury.co.uk/strategy 145 Glossary 146 Achievements PB 1 Strategic Report Business model How we are organised to grow value for our shareholders Colleagues 24,000 colleagues making the with over difference 20 years’ service Suppliers Logistics Great products and sourcing and services at fair prices Around 2,000 15,000 food suppliers 23 depots own-brand and 1,000 products non-food suppliers 1.2 million There for our store customers deliveries this year 707 Convenience stores 5 International sourcing offices Our values make 1 2 3 us different Best for food Sourcing with Respect for our and health integrity environment 2 3 Strategic Report Name Badge 24,000 We know our colleagues with over customers 20 years’ 8 161,000 better than service training colleges colleagues anyone else for our colleagues 168 Travel Money 1,575 bureaux ATMs 24.5 million total transactions Nearly 430 per week supermarkets with clothing and general Around 4,000 merchandise people reached online each week through ‘Trolley Talk’ 597 Supermarkets Around 820 million Brand Match vouchers issued to date BRAND MATCH Nearly 215,000 Online orders per week Nectar 4 5 Making a positive A great place Nearly difference to our to work 15.5 million Nectar card community customers 2 3 Strategic Report Chairman’s letter Our job is to grow shareholder value over the medium and long term and we are confident that we can achieve this Dear Shareholder, The UK grocery market is in the midst of major change as customers have significantly adjusted their shopping habits in recent years. People go grocery shopping more often, buy fewer items on each visit and are constantly looking for ways to make their lives more convenient. This trend has triggered significant growth in both convenience and discount stores but has adversely affected sales in supermarkets. David Tyler, Chairman Strategic Report There has also been a shift towards buying groceries online, which now represents five per cent of the total market. Finally, lower raw material costs combined with increased price competition in our 13.2p market have led to price deflation. Proposed Sainsbury’s has chosen to invest in all areas of the market. We have achieved strong sales growth in full-year our convenience stores and online, and we began a trial in the discount sector in November to bring dividend, the Netto brand back to the UK. We have, however, experienced a decline in sales in our supermarket down 23.7% stores this year which has adversely impacted our results. Underlying profit before tax was down 14.7 per cent to £681 million. Underlying basic earnings per share was down 19.5 per cent to 26.4 pence. Return on capital employed declined 157 basis points year-on-year to 9.7 per cent. This decline in profit is much less than that experienced by other major players in the market, but this is not of great comfort to your Board. Our job is to grow shareholder value over the medium and long term and we are confident, following the strategic review we conducted last summer, that we £681m can achieve this despite the current trends in the grocery market. Underlying We have a very strong brand and broad customer base, and we are building on this. We know our profit before customers better than anyone else and are making progress with our strategy of offering a wide tax, down 14.7% range of products and services across food and non-food with our very particular focus on quality, customer service and value. Our food business is sustainable and trusted by our customers. We are already the seventh largest retailer of clothing in the UK by volume, we have a growing general merchandise business and Sainsbury’s Bank shows great promise. We aim to grow in all these non-food areas where we believe there are good profit opportunities. This is your Board’s first report since Mike Coupe became Chief Executive last July. He has made a strong start and he leads a highly experienced and capable management team. We believe it is the team within our industry that is best positioned to succeed. Our recent initiatives such as our investment in price and quality are showing encouraging early signs – with volume and transaction growth coming through. Our business is built on strong foundations and we have been able to take our decisions from a position of financial stability. We are making significant cost savings and reducing capital expenditure to maintain the strength of our balance sheet. We are also committed to ensuring we pay an affordable dividend and are fixing our dividend policy to two times cover over the next three years. With this in mind, we are recommending a final dividend of 8.2 pence per share this year, making the proposed full-year dividend 13.2 pence per share. Our colleagues are our greatest asset. With their commitment and talent, they remain central to £50m+ Sainsbury’s success. On behalf of the Board, I would like to thank our colleagues for their hard work and dedication to Sainsbury’s during this challenging year. They have dealt professionally with Bonus awarded the far-reaching changes associated with our strategy and I am pleased to be able to announce a to colleagues bonus of over £50 million to be shared by colleagues, compared with £80 million last year when profits were higher. Our values are as important as ever and our priority is to ensure we work hard to achieve our objectives in the areas our customers really care about. This makes good business sense and also gives us real competitive advantage. At the AGM, Gary Hughes is stepping down from the Board after ten years as a Non-Executive Director and as Chairman of our Audit Committee. I would like to thank Gary for his great contribution to Sainsbury’s, particularly in the areas of financial and strategic management. He will be succeeded by David Keens, who joined the Board in April and will become Chairman of the Audit Committee. David brings great experience of the retail sector and of financial management, which will be valuable in the years ahead. The UK grocery market will remain challenging. Food price deflation has had a major impact on all players this year and that looks set to continue for the foreseeable future. In addition, the number of established players in this market means we can expect the competitive intensity on price to remain. We have a business that is strongly equipped to meet these challenges and build on its successful heritage. 5 Strategic Report Chief Executive’s letter We are a grocer at heart, with growing businesses in general merchandise, clothing, convenience, financial services and online Dear Shareholder, It is almost a year since I became your Chief Executive and we launched a thorough review of our business in the context of a UK marketplace changing faster than at any time in the past 30 years. These changes have impacted our profits and like-for-like sales and we have seen a 25 basis point decline in our market share this year as we compete with a growing discount sector and high levels of price competition.
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