Where on-site visits are not allowed due to COVID-19 restrictions, remote audit and assurance programmes are in place, - Product recall escalation procedures are in place to quickly resolve issues for food and non-food product incidents, - Supplier terms, conditions and product specifications set clear standards for product/raw material safety and quality with which suppliers are expected to comply, - The Group Safety Committee receive regular reports on product safety from the Director of Technical, Food, Head of Technical & Ethical, GM&C and from the Group Head of Health, Safety and Insurance on operational food safety risks.
As discussed in note 37, the Group has entered into an arrangement with the Pension Scheme Trustee as part of the funding plan for the actuarial deficit in the Scheme. Basic earnings per share, versus 9.4p basic loss per share in the 2020/21 financial year.
Actions in response to lessons learnt are agreed, - Key business processes are assessed for operational resilience against a set of minimum standards and contingency measures regularly tested.
- In terms of emerging regulatory risk, we liaise with external parties and our internal stakeholders to monitor changes to existing regulations that would impact the business, so that we can respond appropriately.
All Sainsbury's and Argos store colleagues now receive an hourly base rate of at least 10 per hour. The outcomes are reported to the Operating Board and Audit Committee and relevant actions are agreed. https://data.fca.org.uk/#/nsm/nationalstoragemechanism This includes testing our emergency call cascade. In particular, the Risk Committee reviews the results of stress testing including the internal Liquidity and Capital Adequacy Assessments, - The actual management of risks is through an executive governance structure, which manages the day-to-day operations of the business.
We are committed to supporting our communities and fostering our charitable partnerships. This new rate of pay is 50p above the government's National Living Wage and 10p above Living Wage Foundation's Living Wage. The fair value of financial instruments is determined by discounting expected cash flows at prevailing interest rates; and. We have also more clearly drawn out the link between each principal risk and the group's key performance indicators (see page 30) and continue to highlight the link with the strategy of the business. - We complete a bi-annual risk assessment to review key regulatory risks, which functions are impacted and at a high level, how they are managed, - Accountability and responsibilities for key regulatory risks are confirmed as part of this. Initiatives such as the adoption of the Halo Code and our admission to the Black British Network are just some of the achievements made this year and I am pleased our work has been recognised, with the I AM ME Ethnically Diverse Colleague Network featured in the Top 10 Network Groups in the UK at the Ethnicity Awards. Excluding fuel sales declined 2.6%, up 104 per cent versus the 2020/21 financial year and up 25% versus the 2019/20 financial year, Statutory profit before tax versus a loss of 164 million in the 2020/21 financial year and versus 278 million in the 2019/20 financial year, Retail operating profit growth versus the 2020/21 financial year and 6.7% versus the 2019/20 financial year, Corporate Responsibility and Sustainability, Underlying basic earnings per share, up 117% versus 11.7p underlying basic earnings per share in the 2020/21 financial year, Return on capital employed, up 280bps versus the 2020/21 financial year and up 100bps versus the 2019/20 financial year. Please refer to page 61 for the role and remit of these governance bodies. This Steering Committee oversees delivery of the Plan for Better programme, supported by three working groups responsible for driving and executing the strategy, - One of our key metrics to measure and report on Plan for Better performance is our progress towards becoming Net Zero across our own operations by 2035 and supply chain by 2050. The availability of skills in specific areas is a key area of focus. The most significant principal risks identified by the Board and the associated mitigations are set out below.
The key change to the risks during the year relates to our previous "Environment and sustainability" principal risk. The GSC were also supported by additional working groups to manage the ever-changing risks associated with COVID-19, - In particular, the Customer Journey Team ensured COVID-19 mitigations throughout Sainsbury's were proportionate and aligned with legislation, - The Operating Board receives quarterly reports on safety, including an annual deep dive facilitated by the Head of Group Safety, who also provided an annual safety update to the plc Board, - Clear policies and procedures are in place detailing the controls required to manage health and safety across the business, aligned to Assured Primary Authority advice, to comply with all applicable regulations. This information is provided by RNS, the news service of the London Stock Exchange. As we balance the needs of all our stakeholders we will continue to discuss colleague pay on a regular basis.
We have used our strong cash generation in recent years to reduce debt and return around 50 per cent of underlying net earnings to shareholders through ordinary dividends. As well as our traditional channels, we have invested in our contactless channels such as SmartShop, Click & Collect and Groceries Online. -
The Operating Board formally reviews the corporate risk map from a "top down" perspective twice a year, to discuss and agree the level of risk that the business is prepared to accept for each key risk. Reflecting this, one of our strategic priorities, Net Zero 2040, was broadened this year to set out our sustainability goals across three critical areas. I was delighted that this year we raised over 6 million for Comic Relief, in addition to the 2 million we donated as a business to support the humanitarian crisis in Ukraine. To view the preliminary announcement, slides of the results presentation, the transcript of the presentation and the webcast please visit. The fair value of the financial assets has been calculated by discounting cash flows at prevailing interest rates and is within Level 2 of the fair value hierarchy (see below for fair value hierarchy description). Some of the cookies are essential for parts of the site to operate and have already been set. A major breach of information security could have a significant negative financial and reputational impact on the business. The Directors are responsible for preparing the Annual Report and Financial Statements in accordance with applicable law and regulations. The Operating Board maintains the overall corporate risk map, which captures the key risks to achieving our strategic objectives. - Level 3 fair value measurements are derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). Rate Fix announcements are filtered from this site. His contribution and retailing talent remains truly inspiring and we will continue to remember him and the immeasurable impact he made. All Sainsbury's and Argos retail store colleagues can now earn the Living Wage wherever they work in the UK.
Our base rate of pay for Sainsbury's and Argos store colleagues is 10 an hour nationally, ahead of the Living Wage, and 11.05 an hour in London, in line with the London Living Wage. By using this site, you agree to use the content for private use only. These arose in the normal course of business and were immaterial to the Group and the individuals. The use of them is for editorial purposes only and does not imply any affiliation or endorsement. With the outlook set to remain broadly the same for the immediate future, we need to respond appropriately to external market conditions while maintaining clear focus on delivering our strategic objectives. Business Performance Review, Operating Board, All metrics, associated with our objective of delivering for customers and driving stronger financial results. As a result, the gross, net and target positions of this risk were reset. We will continue to monitor our progress in achieving our targets, flexing our approach as needed. Finance commercial reviews are also held each period, chaired by the CFO, with relevant actions and mitigations agreed, - Financial and Treasury risks in respect of Sainsbury's Bank are detailed separately. We are also working with third parties such as Boparan Restaurant Group, Coco di Mama and Starbucks to offer our customers more choice and great quality food and drink to eat-in or takeaway. risks disclosure, as set out on pages 40 to 50. We are committed to paying our colleagues fairly and have invested over 100 million in retail colleague pay. - Our business strategy, as set out in this Strategic Report, is focussed on the following priorities: - We have created the new role of Chief Transformation Officer to drive end to end transformation. Since 2017 we have increased the pay of Sainsbury's front line colleagues by 25 per cent and we have increased Argos colleagues' pay by 31 per cent over the last five years and have removed age-related pay. 2022 FE fundinfo. Certain responsibilities have been delegated to the Audit Committee, as outlined on page 73. The business, across all brands, must continue to evolve to meet customer needs and maintain customer loyalty. 4. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Collaboration is key to tackling the climate crisis. The target risk position for the corporate risks is also captured to reflect management's risk appetite, where this differs to the current net position. J. Sainsbury plc published this content on 08 June 2022 and is solely responsible for the information contained therein.
This enables the Operating Board to agree and monitor appropriate actions as required. We have identified areas which matter most to our stakeholders, have the greatest impact on our business and which are aligned to the UN Sustainable Development Goals, so that we can make the biggest difference, - Our Plan for Better strategy has three interlocking pillars: Better for you, Better for the planet and Better for everyone, - The Plan for Better Steering Committee (Steering Committee) met six times during the year and provided regular updates to the CR&S Committee and to the Operating Board as required. Sainsbury's exposure to operational resilience and major incident risks may be greater because of operational complexities and some ageing systems. Amounts due from Financial Services customers and other banks, Amounts due to Financial Services customers and banks, Amounts due from Financial Services customers. In June we launched our new sustainability strategy, Plan for Better, a core part of our strategy. Corporate Responsibility and Sustainability Committee, Plan for Better Steering Committee, - The Corporate Responsibility & Sustainability (CR&S) Committee provides oversight of the Plan for Better strategy. I confirm and agree. Many of our mitigations are now part of day-to-day ways of working. as prices) or indirectly (i.e. Our portfolio brands - Nectar, Argos, Habitat, Sainsbury's Bank and Tu - support our core food business, delivering for both customers and shareholders. Argos is delivering stronger profitability and Sainsbury's Bank achieved an important milestone by declaring a dividend of 50 million back to the Sainsbury's Group. 
As a result of our strong profit performance and retail free cash flow generation, we are pleased to propose to shareholders the highest final and full-year dividend for seven years. They are adapting our business at pace, simplifying operations and accelerating our cost savings programmes so that we can invest in food quality, choice and consistently lower prices for customers. - The Group Safety Committee (GSC) met four times during the year, receiving detailed reports on a wide range of topics including COVID management and control, growth of online operations, building fabric review and safety training. In addition, the Corporate Responsibility & Sustainability Committee discussed matters related to product sourcing risk, including supply chain transparency, modern slavery and human trafficking. The Operating Board monitors these principal risks on an ongoing basis and flexes mitigations where appropriate. Over the course of the year, we also made exceptional payments for areas with specific skills shortages, - We have processes in place to nurture talent and provide fulfilling career opportunities. The key management personnel of the Group comprise members of the J Sainsbury plc Board of Directors and the Operating Board.
This means that all Sainsbury's and Argos retail store colleagues can earn the Living Wage wherever they work in the UK. We know how important value is to customers and that the cost of living crisis is putting pressure on household budgets.
There is a trend of increasing regulation, together with enforcement action, across all areas of our business. To continue reading it, access the original document here. With debt reduction ahead of schedule, we are increasing our payout ratio to around 60 per cent. - We continue to take action to be an inclusive place to work. Delayed They are adapting our business at pace, simplifying operations and accelerating our cost savings programmes so that we can invest in food quality, choice and consistently lower prices for customers.". This reflects that these have the potential to have the largest impact on the business and is indicated with the following symbol: *. This partnership also supports our sustainability targets as we have pledged to reduce our food waste by 50 per cent by 2030. access to home delivery slots - the first supermarket to do so - and throughout the crisis we have paid colleagues who needed to stay at home. Attracting talented colleagues, investing in training and development and rewarding colleagues fairly are all essential to the sustainability of our operations. . We also publicly report on progress towards achieving our Net Zero targets, as well as our other targets within Plan for Better twice a year, to ensure transparency, - See page 17 for more information on our ongoing implementation of the TCFD recommendations, DISCLOSURES ABOUT THE FAIR VALUE OF FINANCIAL INSTRUMENTS, Financial assets and liabilities by category. The strategy requires significant, concurrent change activities to be delivered in the right sequence and at pace to drive business value. In particular, SmartShop Mobile Pay has now also been rolled out to nearly all convenience stores, - We continue to innovate and trialled our first SmartShop Pick & Go store during the year to gain customer feedback. This website is for Private Investors* only, To continue to use Investegate, please confirm you are a private investor, https://data.fca.org.uk/#/nsm/nationalstoragemechanism, www.about.sainsburys.co.uk/investors/results-reports-and-presentations. A failure to align with, and respond to changes in customer sentiment, behaviours, expectations and circumstances, exacerbated by changes in customer behaviours as the COVID-19 pandemic continues to evolve, will impact our ability to retain existing and attract new customers. All rights reserved. The net position of all other corporate risks remain unchanged from last year. we can identify areas which matter most to our stakeholders, helping us to make real and meaningful improvements. The CR&S Committee, Plan for Better Steering Committee and Audit Committee review and approve our external reporting and provide oversight of programme risks, - Our Plan for Better strategy, explained on page 13 of this report, was launched this year and sets out our environmental and social sustainability goals across our whole business, outlining our priority areas of focus, our key commitments and our progress against these. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Year-end balances arising from transactions with joint ventures and associates. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of the profit or loss of the Group for that period. The sensitivity of this balance to changes of 20 per cent in the assumed rate of energy output and 20 per cent in the implied forward energy prices holding other assumptions constant is shown below: 2022 Change in electricity forward price +/-20.0%, Designated in a cash flow hedge relationship, 2021 Change in electricity forward price +/-20.0%. Form of Proxy for the 2022 Annual General Meeting. Offering customers new and innovative products is a key priority for us and we hit our target of tripling our levels of product innovation in the year, launching 1,950 new products. In preparing these financial statements, the Directors are required to: - select suitable accounting policies and then apply them consistently; - make judgements and accounting estimates that are reasonable and prudent; - state whether UK-adopted international accounting standards have been followed, subject to any material departures disclosed and explained in the Group and Company financial statements respectively; and. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and enable them to ensure that the financial statements and the Directors' Remuneration Report comply with the Companies Act 2006 and, as regards the Group financial statements, Article 4 of the IAS Regulation.
We are now well into the next phase of delivering against the commitments we have set out. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
This increases the risk of non-compliance, adds additional cost as we respond to the regulations and drives complexity into our business processes. We also need to be mindful of the ongoing risk of supplier failure, either through insolvency or through an inability to deliver products due to global supply chain challenges. Mitigations in place, supporting the management of the risk to a net risk position, are also described for each principal risk.
A major incident or catastrophic event could affect the business or its individual brands' ability to trade. of an announcement should be directed to the source. They also review and challenge the output of the bottom up risk process, considering new risks, movements in the position of risks and key themes. - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and the Company will continue in business. The risk landscape is increasingly challenging with deliberate acts of cybercrime on the rise, targeting all markets and heightening the risk exposure to broader business disruption as well as to data breaches. To view the preliminary announcement, slides of the results presentation, the transcript of the presentation and the webcast please visit This has been a year of delivering for all our stakeholders and I am immensely proud of what our business has achieved for our customers, colleagues, communities and our shareholders. Our annual colleague survey was updated this year to ensure we are measuring the things that matter most to our people and that support the culture we seek to have, - In September 2021, we went live with our new hybrid ways of working, giving colleagues greater flexibility to come together in our offices, stores and depots for collaboration, coaching or community purposes and work remotely the rest of the time, - We design and run specific programmes to target hard to recruit areas, presenting a wide range of opportunities for colleagues from across our business, as well as attracting new talent. Secondly, we consolidated all climate resilience risks - the impact of changes to the environment on our business model - under this principal risk, where previously climate resilience risks were assessed within each of the relevant principal risks. Set out below are the accounting classification of each class of financial assets and liabilities as at 5 March 2022 and 6 March 2021. Investegate reserves the
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