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Annual Report and Financial Statements Annual Report and Financial Statements 2012 and Financial Statements Annual Report Annual Report and Financial Statements 2012 Welcome to our Annual Report and Financial Statements 2012 It’s an exciting time for Sainsbury’s. Our clear, long-term strategy continues to deliver for our customers, ensuring we are well positioned for future growth. In recent years we have transformed our business, while remaining true to our 143 year heritage. By offering universal appeal we are helping our customers Live Well for Less. We are delivering on our business strategy’s five areas of focus and continue to outperform the market and gain share. We know our colleagues, culture and values make us different and are central to our success. Find out more at j-sainsbury.co.uk Cover picture: Taken from the TV advertising campaign that helped launch Live Well for Less in September 2011. The advertisement achieved record ratings for likeability from customers. About Sainsbury’s Sainsbury’s was founded in 1869 and today operates over 1,000 stores, including 440 convenience stores, and employs around 150,000 colleagues. We put our customers at the heart of everything we do and have invested in our stores, our colleagues and our channels to offer the best possible shopping experience. Our strong culture and values are part of our identity and integral to our success. Vision Goal To be the most trusted To make all our customers’ lives retailer where people easier every day by offering great love to work and shop. quality and service at fair prices. 143 years strong Sainsbury’s was founded in 1869 by John James Sainsbury and his wife Mary Ann Sainsbury in London, and has grown to become one of the UK’s largest retailers. 1869 1914 1950s 1970s 1989 1994 2004 2007 2009 2012 First store Began First self- Introduced the Introduced First major Launched the First major First major First ever opened on recruiting service stores first bakeries, the first ever supermarket in TU fashion supermarket retailer to stop Paralympics- London’s women to opened fresh fish carrier bags the UK to sell range to switch to selling eggs only sponsor Drury Lane work in stores counters, coffee made from Fairtrade food selling 100% from caged and major during the shops and petrol recycled Fairtrade hens partner of the First World War stations material bananas Diamond Jubilee celebrations Our business strategy for growth Our five areas of focus are underpinned by our values and operational excellence rational excelle Ope nce Growing space & creating Great food property value Compelling Developing general new business merchandise & clothing Complementary channels & services Ou nt r va fere See pages lues make us dif 10–25 for more detail Universal appeal helping customers Live Well for Less Strong Competitive Loyalty and Our values make own brand pricing insight us different • Taste the Difference: 8.7% • Over half of Brand Match • UK’s largest loyalty scheme • Sainsbury’s 20 by 20 sales growth coupons show Sainsbury’s is • Over 18.5 million members Sustainability Plan launched • by Sainsbury’s: 3.1% sales cheaper than Tesco or Asda • A l m o s t £200 million of • Highest performer relative growth • 125 branded suppliers points redeemed over to our sector in the • basics: 6.8% sales growth participating in coupon-at-till, the year FTSE4Good Index across 650 campaigns Financial highlights Contents Business Sales Business review Financial highlights 1 review Chairman’s letter 2 +6.8% Chief Executive’s letter 4 Sales (including VAT, Market overview 6 including fuel) Key performance indicators 8 Our strategy 10 Great food 12 Underlying operating profit Compelling general merchandise & clothing 14 Complementary channels & services 16 Developing new business 18 £789m Growing space & creating property value 20 Operational excellence 22 Underlying operating Our values make us different 24 profit up 6.9% Financial review 26 Underlying profit before tax Governance £712m Board of Directors 32 Operating Board 34 Underlying profit Directors’ report 36 before tax up 7.1% Corporate governance statement 38 Corporate Responsibility Committee 44 Return on capital employed Audit Committee 46 Principal risks & uncertainties 50 Remuneration report 52 11.1% Statement of Directors’ responsibilities 66 Return on capital employed Underlying basic earnings Financial statements Independent auditors’ report to the members of J Sainsbury plc 67 Group income statement 68 28.1p Statements of comprehensive income 6 9 Underlying basic earnings Balance sheet 70 per share up 6.0% Cash flow statements 71 Group statement of changes in equity 72 Company statement of changes in equity 73 Notes to the financial statements 74 Five year financial record 119 Additional shareholder information 120 Financial calendar 122 Glossary 123 Financial summary 2011/12 2010/11 Change £m £m £m Sales (including VAT) 24,511 22,943 6.8% Sales (excluding VAT) 22,294 21,102 5.6% Underlying operating profit1 789 738 6.9% Underlying profit before tax1 712 665 7.1% Profit before tax 799 827 (3.4)% Profit after tax 598 640 (6.6)% Underlying basic earnings per share1 28.1p 26.5p 6.0% Basic earnings per share 32.0p 34.4p (7.0)% Full year dividend per share 16.1p 15.1p 6.6% 1 Refer to page 27 for a reconciliation from underlying operating profit to profit before tax. Annual Report and Financial Statements 2012 J Sainsbury plc 1 Chairman’s letter review Business David Tyler Chairman Underlying profit before tax was up 7.1 per cent to £712 million. Dear shareholder, Underlying earnings per share were up 6.0 per cent to 28.1 Your Board is pleased to report pence. This year, your Board recommends a final dividend of 11.6 pence per share, making a full-year dividend of 16.1 pence, on what has been a good year for which is an increase of 6.6 per cent over the previous year, Sainsbury’s. We have continued covered 1.75 times by underlying earnings. Sainsbury’s remains focused on delivering returns to shareholders. The Board plans to outperform the market for a to increase the dividend each year and now intends to build number of years by remaining cover to two times over the medium term. true to our values of providing A winning team I would like to thank all of our colleagues for their efforts great quality, service and value in providing excellent service to our customers. Our people to our customers. are, of course, the face of Sainsbury’s, and are central to our ongoing success. We continue to invest in their training and development, and in ensuring Sainsbury’s is a great place to work. I am delighted that they share in a bonus of over £60 million this year, meaning that over the last five years we will have awarded over £300 million to colleagues in this way. This year we have added strength and depth to our management team. In January 2012, Sarah Warby joined the Operating Board as Marketing Director, having previously been UK Marketing Director at Heineken. We also changed two roles on the Operating Board in March 2012. Helen Buck, previously Convenience Director, became Retail Director responsible for performance across our supermarket estate; and Roger Burnley, previously Retail and Logistics Director, became Managing Director, General Merchandise, Clothing and Logistics, leading our growing non-food business while retaining responsibility for logistics. 2 J Sainsbury plc Annual Report and Financial Statements 2012 Chairman’s letter continued Business Proposed full year dividend 16.1p, up Sainsbury’s remains 6.6%, cover 1.75x “ focused on delivering review returns to shareholders. 16.1p The Board plans to dividend increase the dividend each year.” In May 2012 we announced that Bob Stack has decided to Outlook stand down as a Non-Executive Director of our plc Board at the The wider economic situation looks likely to remain uncertain, AGM in July 2012. I would like to thank Bob for his outstanding but by helping our customers make their money go further contribution since his appointment in January 2005, both and Live Well for Less, we have demonstrated we can succeed as a valued member of the Board and as Chairman of our against this backdrop. Furthermore, the business has some Remuneration Committee. During his tenure, the Remuneration exciting growth opportunities including our multi-channel Committee has progressively introduced a range of plans which strategy to help our customers to shop the way they want, and have effectively incentivised management through the recovery our store space strategy which brings our great food, clothing and growth phases of the last seven and a half years, which has and general merchandise to new customers. been very much in shareholders’ best interests. Sainsbury’s has developed a sound reputation for strong governance of We have laid strong foundations for growth. Your Board believes remuneration while he has chaired the Committee. these will allow us to achieve our vision to be the most trusted retailer where people love to work and shop. Mary Harris will succeed Bob as Chairman of the Committee and we are currently conducting a search for a new Non-Executive Director to join the Board. The value of our values Our unique values and strong culture are at the heart of the Company’s success. This remains as true today as it was 143 years ago. In October 2011, we published a new 20 by 20 David Tyler Sustainability Plan with bold targets. We believe they are key Chairman to the long-term sustainability of our business and can bring increased sales, deeper customer loyalty and greater efficiency, as well as improved colleague development and satisfaction, all ultimately contributing to shareholder value.
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