REG - Ocado Group PLC - Final Results <Origin Href="QuoteRef">OCDO.L</Origin> - Part 2
03/02/2015 07:11
- Part 2: For the preceding part double click ID:nRSC8422Da
(5.2) (3.2)
Deferred tax liability (2.0) (0.4)
(152.0) (136.7)
Net assets 218.2 202.4
Equity
Share capital 4.4 12.5 12.4
Share premium 4.4 255.1 251.5
Treasury shares reserve 4.4 (51.8) (52.4)
Reverse acquisition reserve 4.4 (116.2) (116.2)
Other reserves 4.4 (0.3) (0.1)
Retained earnings 118.9 107.2
Total equity 218.2 202.4
Consolidated statement of changes in equity
for the 52 weeks ended 30 November 2014
Share capital Share premium Treasury shares reserve Reverse acquisition reserve Other reserves Retained earnings Total equity
£m £m £m £m £m £m £m
Balance at 2 December 2012 12.3 247.8 (53.9) (116.2) (0.7) 116.4 205.7
Loss for the period - - - - - (12.5) (12.5)
Other comprehensive income:
Cash flow hedges
- Gains arising on forward foreign exchangecontracts - - - - 0.5 - 0.5
- Gains arising on interest rate swaps - - - - 0.4 - 0.4
- Gains transferred to property, plant and equipment - - - - (0.3) - (0.3)
Total comprehensive expense for the period ended 1 December 2013 - - - - 0.6 (12.5) (11.9)
Transactions with owners:
Issues of ordinary shares 0.1 3.7 - - - - 3.8
Share-based payments charge - - - - - 3.3 3.3
Disposal of treasury shares - - 1.5 - - - 1.5
Total transactions with owners 0.1 3.7 1.5 - - 3.3 8.6
Balance at 1 December 2013 12.4 251.5 (52.4) (116.2) (0.1) 107.2 202.4
Profit for the period - - - - - 7.3 7.3
Other comprehensive income:
Cash flow hedges
- Gains arising on forward foreign exchange contracts - - - - (0.4) - (0.4)
- Gains arising on interest rate swaps - - - - 0.3 - 0.3
Translation of foreign subsidiary - - - - (0.1) - (0.1)
Total comprehensive income/(expense) for the period ended 30 November 2014 - - - - (0.2) 7.3 7.1
Transactions with owners:
Issues of ordinary shares 0.1 3.6 - - - - 3.7
Share-based payments charge - - - - - 4.4 4.4
Disposal of treasury shares - - 0.6 - - - 0.6
Total transactions with owners 0.1 3.6 0.6 - - 4.4 8.7
Balance at 30 November 2014 12.5 255.1 (51.8) (116.2) (0.3) 118.9 218.2
Consolidated statement of cash flows
for the 52 weeks ended 30 November 2014
52 weeks ended30 November 2014 52 weeks ended
1 December 2013
Notes £m £m
Cash flows from operating activities
Profit/(loss) before tax 7.2 (12.5)
Adjustments for:
- Depreciation, amortisation and impairment losses 3.1, 3.2 55.0 43.7
- Movement in provisions 1.9 0.6
- Share of profit in joint venture (2.4) (0.9)
- Share-based payments charge 4.4 3.3
- Foreign exchange movements 0.1 -
- Net finance costs 4.3 9.1 9.8
Changes in working capital:
- Movement in inventories (3.6) (6.4)
- Movement in trade and other receivables (1.5) (13.7)
- Movement in trade and other payables 13.8 43.6
Cash generated from operations 84.0 67.5
Interest paid (9.7) (7.1)
Net cash flows from operating activities 74.3 60.4
Cash flows from investing activities
Purchase of property, plant and equipment (53.0) (60.7)
Borrowing costs capitalised in property, plant and equipment - (1.1)
Purchase of intangible assets (25.8) (15.7)
Interest received 0.5 0.3
Net cash flows from investing activities (78.3) (77.2)
Cash flows from financing activities
Proceeds from the issue of ordinary share capital net of transaction costs 4.4 3.7 3.8
Proceeds from the sale and leaseback of property, plant and equipment - 53.5
Proceeds from the sale and leaseback of intangible assets - 4.4
Repayment of borrowings (2.9) (2.5)
Repayments of obligations under finance leases (30.5) (21.6)
Settlement of forward foreign exchange contracts (0.5) 0.1
Net cash flows from financing activities (30.2) 37.7
Net (decrease)/increase in cash and cash equivalents (34.2) 20.9
Cash and cash equivalents at the beginning of the period 110.5 89.6
Exchange adjustments - -
Cash and cash equivalents at the end of the period 76.3 110.5
Notes to the consolidated financial information
Section 1 - Basis of preparation
General information
Ocado Group plc is a public limited company incorporated in the United
Kingdom. The registered office is Titan Court, 3 Bishops Square, Hatfield
Business Park, Hatfield, Hertfordshire, AL10 9NE.
The financial information comprises the consolidated income statement,
consolidated statement of comprehensive income, consolidated balance sheet,
consolidated statement of changes in equity, consolidated statement of cash
flows and the related notes. The financial information for the 52 weeks ended
30 November 2014 is extracted from the audited consolidated financial
statements. The financial information for the 52 weeks ended 1 December 2013
is derived from the statutory accounts.
The financial information in this preliminary results announcement does not
constitute the Group's statutory accounts for the 52 weeks ended 30 November
2014 or the 52 weeks ended 1 December 2013 and does not constitute full
accounts within the meaning of section 435 (1) and (2) of the Companies Act
2006. The statutory accounts for 2013 have been delivered to the Registrar of
Companies. The auditors have reported on the Group's statutory accounts for
the 52 weeks ended 30 November 2014; their report was (i) unqualified, (ii)
did not include a reference to a matter to which the auditors drew attention
by way of an emphasis of matter without qualifying their report and (iii) did
not contain a statement under section 498(2) or (3) of the Companies Act 2006.
The Group's statutory accounts will be delivered to the Registrar of
Companies following the Company's Annual General Meeting.
The financial year represents the 52 weeks ended 30 November 2014 (the prior
financial year represents the 52 weeks ended 1 December 2013). The
consolidated financial statements for the 52 weeks ended 30 November 2014
comprise the financial statements of Ocado Group plc (the "Company") and its
subsidiaries (the "Group").
Basis of preparation
The financial information has been prepared in accordance with the Listing
Rules and the Disclosure and Transparency Rules of the UK Financial Services
Authority (where applicable), International Financial Reporting Standards
("IFRS") and International Financial Reporting Standards Interpretation
Committee ("IFRIC") interpretations as endorsed by the European Union
("IFRS-EU"), and with those parts of the Companies Act 2006 applicable to
companies reporting under IFRS. The accounting policies applied are
consistent with those described in the annual report and financial statements
for the 52 weeks ended 1 December 2013 of Ocado Group plc.
The financial information is presented in sterling, rounded to the nearest
million unless otherwise stated. The financial information has been prepared
under the historical cost convention, as modified by the revaluation of
financial asset investments and certain financial assets and liabilities,
which are held at fair value.
The Directors are satisfied that the Company and the Group as a whole have
adequate resources to continue in operational existence for the foreseeable
future. Thus, they continue to adopt the going concern basis of accounting in
preparing the financial information.
Standards, amendments and interpretations adopted by the Group in 2013/14 or
issued that are effective, and are not material to the Group
The Group has considered the following new standards, interpretations and
amendments to published standards that are effective for the Group during the
financial year beginning 2 December 2013 and concluded that they are either
not relevant to the Group or that they would not have a significant impact on
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