Financial performance

Sainsburys store in Dawlish, Devon

Financial performance

Group performance2012/13
£m
2011/12
£m 
Change
%
Underlying results   
Sales (including VAT) (1) 25,632 24,511 4.6
Sales (inc VAT, ex fuel)     4.3
Operating profit (2) 829 789 5.1
Net finance cost (3) (111) (109) (1.8)
Share of JV profits (4) 38 32 18.8
Profit before tax (5) 756 712 6.2
Tax rate (6) 23.7% 26.1% 245 bps
Basic earnings per share (7) 30.7p 28.1p 9.3
Full year dividend per share 16.7p 16.1p 3.7
Statutory results   
Items excluded from underlying results 32 87 (63.2)
Profit before tax 788 799 (1.4)
  1. Sales: (ex VAT) £23,303m (2011/12: £22,294m)
  2. Underlying operating profit: Underlying profit before underlying net finance costs and share of underlying post-tax results from joint ventures
  3. Underlying net finance costs: Net finance costs before financing fair value movements and the IAS 19 pension financing element
  4. Underlying share of post-tax results from joint ventures: 50% share of post-tax results from joint ventures before investment property fair value movements and financing fair value movements
  5. Underlying profit before tax: Profit before tax from continuing operations before any profit or loss on disposal of properties, investment property fair value movements, impairment of goodwill, financing fair value movements, IAS 19 pension financing element and one-off items that are material and infrequent in nature
  6. Underlying tax: Tax charge attributable to underlying profit before tax
  7. Underlying basic earnings per share: Profit after tax from continuing operations attributable to ordinary shareholders before any profit or loss on disposal of properties, investment property fair value movements, impairment of goodwill, financing fair value movements, IAS 19 pension financing element and one-off items that are material and infrequent in nature, divided by the weighted average number of ordinary shares in issue during the period, excluding those held by the ESOP trusts, which are treated as cancelled