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J Sainsbury Restates 2018/19 Financial Statements; Cuts FY Pre-tax Profit

J Sainsbury plc (SBRY.L) reported that restated underlying profit before tax for 2018/19 reduced by 34 million pounds and statutory profit before tax reduced by 37 million pounds, following adoption of new IFRS 16 lease standard.

Annual underlying profit before tax reduced to 601 million pounds from the 635 million pounds, and statutory profit before tax reduced to 202 million pounds from 239 million pounds.

The restatement comprised 747 million pounds reduction in rent, 470 million pounds increase in depreciation, 323 million pounds increase in underlying net finance costs and 12 million pounds reduction in other costs.

As previously indicated, the company is adopting the fully retrospective approach to the new IFRS 16 lease standard, effective for the Group for the 52 weeks ending 7 March 2020.

IFRS 16 will have no economic effect on the business or cash. But, it does impact the way assets, liabilities and the income statement are presented, the company said in a statement.

The company noted that its first Financial Statements to be prepared under IFRS 16 will be Interims 2019/20, to be reported on 7 November 2019.

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