J Sainsbury plc · LSE:SBRY
J Sainsbury — Investor Presentation (October 2019)
11 slides from J Sainsbury's investor presentation, Oct 16, 2019
Slide 1: IFRS 16 Briefing
Slide 2: Agenda
Agenda ¢ IFRS 16 recap * Overview * — Impact summary © Q&A 2 _ IFRS 16 Briefing— 16 October 2019 J Sainsbury pic
Slide 3: IFRS 16 recap
IFRS 16 recap Effective for the Group for 52 weeks ending 7 March 2020 Our first Financial Statements to be prepared under IFRS 16 will be Interims 2019/20, to be reported on 7 November 2019 The Group has adopted the fully retrospective transition approach: - Comparatives for FY18/19 restated - Allt
Slide 4: Overview
Overview * Nochange to how we run the business or make commercial decisions * Noimpact on cash ¢ Underlying profit before tax for FY18/19 is restated from £635 million to £601 million and statutory profit before tax from £239 million to £202 million * _H118/19 UPBT restated from £302 million to £279
Slide 5: Balance sheet - as at March 2018
Restated balance sheet -— as at 11 March 2018 £m as (117) 158 1) £5,091m recognition of 6,868)" RoUA net of Impairment FY17/18Net — Recognitionof Recognitionof Impairmentof Deferred tax Other Restated FY 17/18 Assets IFRS 16 lease IFRS 16 asset —_ IFRS 16 asset asset Net Assets liability 1 The incre
Slide 6: Impact summary - 2018/19
Impact summary — 2018/19 ¢ — The financial impact on the restated 2018/19 balance sheet is: - Recognition of the right-of-use asset £4,993 million - Recognition of the lease liability £(5,822) million - Recognition of deferred tax asset £162 million * The impact on the restated 2018/19 income statem
Slide 7: Summary balance sheet - as at March 2019
Summary balance sheet — as at 9 March 2019 2019 IFRS 16 2019 (reported) Impact (restated) £m £m £m Non-current assets Property, plant and equipment 9,708 (515) 9,193 Right-of-use asset - 4,993 4,993 Other receivables 33 24 57 Other non-current assets 6,211 ()) 6,210 15,952 4,501 20,453 Current asset
Slide 8: Income statement
Restated income statement — 52 weeks to 9 March 2019 2019 IFRS 16 2019 (reported) Impact (restated) £m £m £m Revenue 29,007 - 29,007 Cost of sales (27,000) 281 (26,719) Gross profit 2,007 281 2,288 Administrative expenses (1733) 8 (1,725) Other income 38 2 38 Operating profit 312 289 601 Finance inc
Slide 9: Income statement
Restated income statement — 52 weeks to 9 March 2019 £m 12 Reported Rent Depreciation ROUA —_ Underlying net Other Restated underlying profit finance costs underlying profit before tax before tax 9 _ IFRS 16 Briefing— 16 October 2019 J Sainsbury pic
Slide 10: Retail cash flow statement
Retail cash flow statement — 52 weeks to 9 March 2019 2019 IFRS 16 2019 (restated) Impact (restated) £m £m £m Adjusted retail operating cash flow before changes in working capital 1,264 759 2,023 Increase in working capital (45) 7 (38) Cash generated from operations 1,219 766 1,985 Pension cash cont
Slide 11: Group metrics
Restated Group metrics — 52 weeks to 9 March 2019 IAS 17 IFRS 16 Underlying operating profit £723m £1,012m Underlying profit before tax £635m £601m Retail underlying operating margin 2.43% 3.45% Retail free cash flow (restated) £456m £456m Retail net debt £(1,142)m_ £(6,844)m Lease adjusted net debt