Half Year 2020 J Sainsbury PLC Earnings Call Transcript
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Good morning, everyone. Welcome to our results presentation covering the 28 weeks to the 31st of September. Thank you very much for joining us here in Holborn and for those of you joining us online. And I'm going to take you through some of the key financial highlights, and I'll hand over to Mike to talk about the operational achievements during the first half.
As many of you know, this is our first set of results under the delightful IFRS 16. We've published restated numbers for the half year and the full year in October. So hopefully, you've got all those.
The change, as you know, reduces our underlying profit before tax by about GBP 34 million in the full year, but has minimal impact on the total lease adjusted indebtedness of the group. And clearly, it has no impact on our free cash flow.
Underlying profit before tax for the period was down GBP 41 million year-on-year, slightly better than the pre-IFRS GBP 50 million guidance that we gave in September. Now about half of that
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