EMBRACING CHANGE
PASSION, PEOPLE, PRODUCT
PRODUCT AND PRICE
BEST AT FRESH
BEST AT AVAILABILITY
BEST AT CUSTOMER SERVICE
THE SAFEWAY BOARD
FINANCIAL REVIEW
THE ACCOUNTS
OUR STORES |
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Notes and page numbers |
2000
£m |
1999
£m |
2000
£m |
1999
£m |
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Fixed |
assets |
| Tangible fixed assets |
11 (p41) |
3,797.8 |
3,770.0 |
- |
- |
| Investment in BP joint venture |
|
|
|
|
|
| Share of gross assets |
12 (p42) |
51.0 |
13.0 |
- |
- |
| Less: Share of gross liabilities |
|
(11.4) |
(4.3) |
- |
- |
|
|
39.6 |
8.7 |
- |
- |
| Other investments |
12 (p42) |
97.2 |
69.1 |
1,876.1 |
1,734.9 |
 |
|
|
3,934.6 |
3,847.8 |
1,876.1 |
1,734.9 |
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| Current assets |
|
|
|
|
|
| Stocks |
13 (p42) |
393.7 |
327.3 |
- |
- |
| Debtors |
14 (p42) |
116.0 |
133.3 |
749.9 |
1,025.4 |
| Money market investments and deposits |
15 (p43) |
24.5 |
24.9 |
- |
- |
| Cash at bank and in hand |
15 (p43) |
113.8 |
127.9 |
450.5 |
318.5 |
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|
|
648.0 |
613.4 |
1,200.4 |
1,343.9 |
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| Creditors (due within one year) |
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| Bank overdrafts |
15 (p43) |
(45.0) |
(55.6) |
(0.1) |
(0.1) |
| Loans |
15 (p43) |
(294.0) |
(249.2) |
(291.9) |
(246.7) |
| Other creditors |
16 (p45) |
(1,173.1) |
(1,210.4) |
(193.9) |
(241.3) |
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| Net current (liabilities)/assets |
|
(864.1) |
(901.8) |
714.5 |
855.8 |
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| Total assets less current liabilities |
|
3,070.5 |
2,946.0 |
2,590.6 |
2,590.7 |
| Creditors (due after one year) |
|
|
|
|
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| Loans |
15 (p43) |
(1,020.4) |
(817.2) |
(860.0) |
(690.0) |
| Provisions for liabilities and charges |
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|
|
|
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| Deferred taxation |
17 (p45) |
(10.2) |
(10.2) |
- |
- |
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| Net assets |
|
2,039.9 |
2,118.6 |
1,730.6 |
1,900.7 |
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| Capital and reserves |
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| Called-up share capital |
18 (p45) |
262.1 |
276.9 |
262.1 |
276.9 |
| Share premium account |
19 (p46) |
675.1 |
667.6 |
675.1 |
667.6 |
| Capital redemption reserve |
20 (p46) |
30.6 |
15.0 |
30.6 |
15.0 |
| Capital reserve |
21 (p46) |
- |
- |
572.5 |
572.5 |
| Profit and loss account |
22 (p46) |
1,083.7 |
1,163.6 |
190.3 |
368.7 |
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| Equity shareholders' funds |
|
2,051.5 |
2,123.1 |
1,730.6 |
1,900.7 |
| Minority interest |
|
(11.6) |
(4.5) |
- |
- |
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| Total capital employed |
|
2,039.9 |
2,118.6 |
1,730.6 |
1,900.7 |
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The accompanying Notes 1.0 to 24.0 and statement of general accounting policies form part of these balance sheets.
Approved by the Board of Directors on 24 May 2000.
D G C Webster, Director
S T Laffin, Director
 The company repurchased and subsequently cancelled 62.4 million shares during May and June 1999 at a cost of just under £162 million.
This is the principal reason for the group's gearing (net debt as a proportion of capital employed) increasing from 46% to 60% during the year. |
