REG - Ocado Group PLC - Final Results <Origin Href="QuoteRef">OCDO.L</Origin> - Part 2
31/01/2017 07:06
- Part 2: For the preceding part double click ID:nRSe5302Va
Trade and other payables (205.6) (164.4)
Borrowings 4.1 (52.9) (1.6)
Obligations under finance leases 4.1 (29.8) (26.5)
Derivative financial instruments (0.2) (0.7)
Provisions (2.4) (2.8)
(290.9) (196.0)
Net current liabilities (141.2) (59.5)
Non-current liabilities
Borrowings 4.1 (6.1) (7.7)
Obligations under finance leases 4.1 (127.0) (137.0)
Provisions (7.3) (6.3)
Deferred tax liability (6.9) (2.7)
(147.3) (153.7)
Net assets 262.4 241.9
Equity
Share capital 4.4 12.6 12.6
Share premium 4.4 256.9 258.7
Treasury shares reserve 4.4 (48.0) (50.9)
Reverse acquisition reserve 4.4 (116.2) (116.2)
Other reserves 4.4 0.2 (0.8)
Retained earnings 156.9 138.5
Total equity 262.4 241.9
Consolidated statement of changes in equity
for the 52 weeks ended 27 November 2016
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 1 December 2014 12.5 255.1 (51.8) (116.2) (0.3) 118.9 218.2
Profit for the period - - - - - 11.8 11.8
Other comprehensive income:
Cash flow hedges
- Gains arising on forward contracts - - - - 0.2 - 0.2
- Losses arising on commodity swaps - - - - (0.7) - (0.7)
Total comprehensive income/(expense) for the period ended 29 November 2015 - - - - (0.5) 11.8 11.3
Transactions with owners:
- Issue of ordinary shares 0.1 4.4 - - - - 4.5
- Share-based payments charge - - - - - 7.8 7.8
Reacquisition of interests in treasury shares - (0.8) 0.8 - - - -
- Disposal of treasury shares - - 0.1 - - - 0.1
Total transactions with owners 0.1 3.6 0.9 - - 7.8 12.4
Balance at 29 November 2015 12.6 258.7 (50.9) (116.2) (0.8) 138.5 241.9
Profit for the period 12.0 12.0
Other comprehensive income: - - - - - - -
Cash flow hedges
- Gains arising on forward contracts - - - - 0.1 - 0.1
- Gains arising on commodity swaps - - - - 0.8 - 0.8
- Losses arising on commodity swaps - - - - (0.2) - (0.2)
Translation of foreign subsidiary - - - - 0.3 - 0.3
Total comprehensive income for the period ended 27 November 2016 - - - - 1.0 12.0 13.0
Transactions with owners:
- Issue of ordinary shares - 1.1 - - - - 1.1
- Share-based payments charge - - - - - 6.4 6.4
- Disposal of treasury shares - (2.9) 2.9 - - - -
Total transactions with owners - (1.8) 2.9 - - 6.4 7.5
Balance at 27 November 2016 12.6 256.9 (48.0) (116.2) 0.2 156.9 262.4
Consolidated statement of cash flows
for the 52 weeks ended 27 November 2016
52 weeks ended 27 November 2016 52 weeks ended 29 November 2015
Notes £m £m
Cash flows from operating activities
Profit before tax 12.1 11.9
Adjustments for:
- Depreciation, amortisation and impairment losses 3.1, 3.2 61.0 60.1
- Movement in provisions 0.6 3.2
- Share of profit in joint venture (2.1) (2.3)
- Share-based payments charge 6.4 7.8
- Net Finance costs 4.3 9.5 9.5
Changes in working capital:
- Movement in inventories (9.2) (2.3)
- Movement in trade and other receivables 2.5 (19.1)
- Movement in trade and other payables 25.2 23.7
Cash generated from operations 106.0 92.5
Interest paid (9.1) (9.7)
Net cash flows from operating activities 96.9 82.8
Cash flows from investing activities
Purchase of property, plant and equipment (85.3) (70.7)
Purchase of intangible assets (38.6) (28.4)
Dividend received from joint venture 8.4 8.1
Interest received 0.2 0.2
Net cash flows from investing activities (115.3) (90.8)
Cash flows from financing activities
Proceeds from the issue of ordinary share capital net of transaction costs 1.1 4.5
Proceeds from borrowings 61.3 8.2
Repayment of borrowings (11.5) (5.6)
Repayments of obligations under finance leases (26.4) (26.9)
Payment of financing fees (1.2) (2.5)
Settlement of cash flow hedges 0.2 (0.2)
Net cash flows from financing activities 23.5 (22.5)
Net increase/(decrease) in cash and cash equivalents 5.1 (30.5)
Cash and cash equivalents at the beginning of the period 45.8 76.3
Cash and cash equivalents at the end of the period 50.9 45.8
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
27 November 2016 is extracted from the audited consolidated financial
statements. The financial information for the 52 weeks ended 29 November 2015
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 27 November
2016 or the 52 weeks ended 29 November 2015 and does not constitute full
accounts within the meaning of section 435 (1) and (2) of the Companies Act
2006. The statutory accounts for 2015 have been delivered to the Registrar of
Companies. The auditors have reported on the Group's statutory accounts for
the 52 weeks ended 27 November 2016; 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 27 November 2016 (the prior
financial year represents the 52 weeks ended 29 November 2015). The
consolidated financial statements for the 52 weeks ended 27 November 2016
comprise the financial statements of Ocado Group plc (the "Company"), its
subsidiaries and the Group's interest in a jointly controlled entity (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 29 November 2015 of Ocado Group plc.
The financial information is presented in sterling, rounded to the nearest
hundred thousand 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 the
financial period or issued that are effective
The Group has considered the following new standards, interpretations and
amendments to published standards that are effective for the Group for the
financial year beginning 30 November 2015 and concluded that they are either
not relevant to the Group or that they would not have a significant impact on
the Group's financial statements:
IFRS 5 Share-based Payments 1 January 2016
IFRS 10 Consolidated Financial Statements 1 January 2016
IFRS 11 Joint Arrangements 1 January 2016
IFRS 12 Disclosure in Other Entities 1 January 2016
IAS 1 Presentation of Financial Statements 1 January 2016
IAS 16 Property, Plant and Equipment 1 January 2016
IAS 28 Investments in Associates and Joint Ventures 1 January 2016
IAS 36 Intangible Assets 1 January 2016
IAS 36
Intangible Assets
1 January 2016
Standards, amendments and interpretations issued that are not effective, and
which have not been early adopted by the Group
The following further new standards, interpretations and amendments to
published standards and interpretations which are relevant to the Group have
been issued but are not effective for the financial year beginning 30 November
2015 and have not been adopted early:
IFRS 2 Share-based payments 1 January 2018
IFRS 9 Financial Instruments 1 January 2018
IFRS 12 Disclosure in Other Entities 1 January 2017
IFRS 15 Revenue from Contracts with Customers 1 January 2018
IFRS 16 Leases 1 January 2019
IAS 28 Investments in Associates and Joint Ventures 1 January 2018
Various Amendments to various IFRSs and IASs including those arising from the IASB's annual improvements project Various
Various
Amendments to various IFRSs and IASs including those arising from the IASB's
annual improvements project
Various
The following new standards are not yet effective and the impact on the Group
is currently under review:
- IFRS 15 "Revenue from Contracts with Customers" (endorsed by the EU)
provides on the recognition and measurement of revenue. The standard
establishes a principles-based approach for revenue recognition and is based
on the concept of recognising revenue for obligations only when they are
satisfied and the control of goods or services is transferred. This applies to
all contracts with customers except those in the scope of other standards.
This new standard will replace IAS 12 "Revenue" and is effective for annual
periods beginning on or after 1 January 2018 unless adopted early. The Group
is currently reviewing the impact of IFRS 15.
- IFRS 16 "Leases" (endorsed by the EU) provides guidance on the
classification, recognition and measurement of leases to help provide useful
information to the users of financial statements. The main aim of this
standard is to ensure all leases will be reflected on the balance sheet,
irrespective of substance over form. The new standard will replace IAS 17
"Leases" and is effective for annual periods beginning on or after 1 January
2019 unless adopted early. The Group is currently reviewing the impact of IFRS
16.
Use of alternative performance measures
The Group uses EBITDA as an alternative performance measure ("APM") to explain
and judge its performance. The Directors consider EBITDA to be a useful
measure of the Group's operating performance because it approximates the
underlying operating cash flow.
The Group defines EBITDA as earnings before interest, taxation, depreciation
of property, plant and equipment, amortisation of intangible assets,
impairment of intangible assets, property, plant and equipment, and
exceptional items.
As EBITDA is not defined under IFRS, it is described as a 'non-GAAP' measure.
A reconciliation from operating profit, the most directly comparable IFRS
measure to EBITDA, is shown below the consolidated income statement.
Section 2 - Results for the year
2.1 Segmental reporting
The Group's principal activities are grocery retailing and the development and
monetisation of Intellectual Property ("IP") and technology used for the
online retailing, logistics and distribution of grocery and consumer goods,
currently derived solely from the UK. The Group is not reliant on any major
customer for 10% or more of its revenue.
In accordance with IFRS 8 "Operating Segments", an operating segment is
defined as a business activity whose operating results are reviewed by the
chief operating decision-maker ("CODM") and for which discrete information is
available. Operating segments are reported in a manner consistent with the
internal reporting provided to the CODM, as required by IFRS 8. The CODM, who
is responsible for allocating resources and assessing performance of the
operating segments, has been identified as the Executive Directors.
The principal activities of the Group are currently managed as one segment.
Consequently, all activities relate to this segment.
The CODM's main indicator of performance of the segment is EBITDA, which is
reconciled to operating profit below the income statement.
2.2 Gross sales
A reconciliation of revenue to gross sales is as follows:
52 weeks ended 27 November 2016 52 weeks ended 29 November 2015
£m £m
Revenue 1,271.0 1,107.6
VAT 98.9 82.4
Marketing vouchers 16.8 14.4
Gross sales 1,386.7 1,204.4
2.3 Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to
equity holders of the Company by the weighted average number of ordinary
shares in issue during the period, excluding ordinary shares held pursuant to
the Group's joint share ownership scheme ("JSOS") which are accounted for as
treasury shares.
Diluted earnings per share is calculated by adjusting the weighted average
number of ordinary shares outstanding to assume conversion or vesting of all
dilutive potential shares. The Company has two (2015: two) classes of
instruments that are potentially dilutive, namely share options and shares
held pursuant to the JSOS.
Basic and diluted earnings per share has been calculated as follows:
52 weeks ended 27 November 2016 52 weeks ended 29 November 2015
Number of shares (m) Number of shares (m)
Issued shares at the beginning of the period, excluding treasury shares 590.6 586.1
Effect of share options exercised in the period 2.5 2.2
Effect of treasury shares disposed of in the period 1.3 -
Weighted average number of shares at the end of the period for basic earnings per share 594.4 588.3
Potentially dilutive share options and shares 19.1 31.1
Weighted average number of diluted ordinary shares 613.5 619.4
£m £m
Profit attributable to the owners of the Company 12.0 11.8
pence pence
Basic earnings per share 2.02 2.01
Diluted earnings per share 1.96 1.91
2.4 Exceptional items
The profit for the period includes the following exceptional items:
52 weeks ended 27 November 2016 52 weeks ended 29 November 2015
£m £m
Head office relocation costs
- Impairment of property, plant and equipment 0.7 -
- Other 0.8 -
Litigation costs 0.9 -
2.4 -
Head office relocation costs
Following the growth of the business, the Group decided to relocate its head
office. The move to the new premises is being completed in stages to minimise
the impact on the business and the Group has incurred dual running costs as it
transitions to the new premises. Due to the one-off nature of the head office
move, these costs have been treated as exceptional.
Litigation costs
The Group has incurred litigation costs relating to the recovery of
interchange fees for card transactions. The fees relating to this are material
and non-recurring and have therefore been treated as exceptional.
Section 3 - Operating assets and liabilities
3.1 Intangible assets
Internally generated assets Other intangible assets Total intangible assets
£m £m £m
Cost
At 30 November 2014 65.6 13.2 78.8
Additions - 4.4 4.4
Internal development costs capitalised 24.1 - 24.1
Disposals (6.7) - (6.7)
At 29 November 2015 83.0 17.6 100.6
Additions - 4.9 4.9
Internal development costs capitalised 34.9 - 34.9
Disposals (0.3) (0.2) (0.5)
At 27 November 2016 117.6 22.3 139.9
Accumulated amortisation
At 30 November 2014 (36.6) (3.8) (40.4)
Charge for the period (12.4) (0.8) (13.2)
Impairment (0.8) - (0.8)
Disposals 6.7 - 6.7
At 29 November 2015 (43.1) (4.6) (47.7)
Charge for the period (11.8) (0.8) (12.6)
Impairment (0.4) - (0.4)
Disposals 0.3 0.2 0.5
At 27 November 2016 (55.0) (5.2) (60.2)
Net book value
At 29 November 2015 39.9 13.0 52.9
At 27 November 2016 62.6 17.1 79.7
The net book value of computer software held under finance leases is analysed
below:
52 weeks ended 27 November 2016 52 weeks ended 29 November 2015
£m £m
Cost 14.3 13.8
Accumulated amortisation (11.2) (9.3)
Net book value 3.1 4.5
For the 52 weeks ended 27 November 2016, internal development costs
capitalised represented approximately 88% (2015: 85%) of expenditure on
intangible assets and 22% (2015: 19%) of total capital spend including
property, plant and equipment.
3.2 Property, plant and equipment
Land and Fixtures, fittings, plant and machinery Motor Total
buildings vehicles
£m £m £m £m
Cost
At 30 November 2014 55.2 352.1 47.4 454.7
Additions 25.5 48.5 18.4 92.4
Internal development costs capitalised - 5.8 - 5.8
Disposals - (3.1) (10.6) (13.7)
At 29 November 2015 80.7 403.3 55.2 539.2
Additions 27.6 63.7 16.6 107.9
Internal development costs capitalised - 10.1 - 10.1
Disposals (0.1) (4.9) (7.5) (12.5)
At 27 November 2016 108.2 472.2 64.3 644.7
Accumulated depreciation and impairment
At 30 November 2014 (18.5) (138.8) (22.2) (179.5)
Charge for the period (1.9) (33.4) (9.8) (45.1)
Impairment (0.1) (0.9) - (1.0)
Disposals - 3.1 10.6 13.7
At 29 November 2015 (20.5) (170.0) (21.4) (211.9)
Charge for the period (1.9) (33.4) (11.7) (47.0)
Impairment - (1.0) - (1.0)
Disposals 0.1 4.9 7.5 12.5
At 27 November 2016 (22.3) (199.5) (25.6) (247.4)
Net book value
At 29 November 2015 60.2 233.3 33.8 327.3
At 27 November 2016 85.9 272.7 38.7 397.3
Included within property, plant and equipment is capital work-in-progress for
land and buildings of £27.4 million (2015: £31.9 million) and capital
work-in-progress for fixtures, fittings, plant and machinery of £22.9 million
(2015: £57.5 million).
The net book value of non-current assets held under finance leases is set out
below:
Land and Fixtures, fittings, plant and machinery Motor Total
buildings vehicles
£m £m £m £m
At 29 November 2015
Cost 30.3 207.0 54.5 291.8
Accumulated depreciation and impairment (17.9) (92.7) (20.8) (131.4)
Net book value 12.4 114.3 33.7 160.4
At 27 November 2016
Cost 30.9 209.8 63.5 304.2
Accumulated depreciation and impairment (19.5) (110.6) (25.0) (155.1)
Net book value 11.4 99.2 38.5 149.1
Property, plant and equipment with a net book value of £19.0 million (2015:
£19.9 million) has been pledged as security for the secured loans (Note 4.1).
Section 4 - Capital structure and financing costs
4.1 Borrowings and finance leases
Less than one year Between one year and two years Between two years and five years Total
£m £m £m £m
As at 29 November 2015
Secured loans 1.6 1.5 6.2 9.3
Total borrowings 1.6 1.5 6.2 9.3
As at 27 November 2016
Unsecured loans 51.3 - - 51.3
Secured loans 1.6 6.1 - 7.7
Total borrowings 52.9 6.1 - 59.0
The loans outstanding at period end can be analysed as follows:
Principal amount Inception Secured over Current interest rate Instalment frequency Final payment due Carrying amount as at 27 November 2016 Carrying amount as at 29 November 2015
£m £m £m
210.0 Jul-14 Unsecured LIBOR + 1.5% Monthly Jul-192 51.3 -
2.5 Jul-14 Property, plant and equipment 9.12%1 Monthly Jul-17 0.5 1.1
8.2 Sep-15 Freehold Property LIBOR + 1.5% Quarterly Sep-18 7.2 8.2
59.0 9.3
Disclosed as:
Current 52.9 1.6
Non-current 6.1 7.7
59.0 9.3
1Calculated as the effective interest rate, the calculation of which includes
an optional balloon payment at the end of the term.
2Date of expiry of facility.
In the previous year, the unsecured three-year £100 million revolving facility
was extended by a further two years and the amount of the facility was
increased to £210 million. As at 27 November 2016, £52.5 million of the
facility had been utilised, net of transaction fees. The Group regularly
reviews its financing arrangements. The facility contains typical restrictions
concerning dividend payments and additional debt and leases.
Obligations under finance leases
27 November 2016 29 November 2015
£m £m
Obligations under finance leases due:
Within one year 29.8 26.5
Between one and two years 25.8 23.8
Between two and five years 66.4 62.1
After five years 34.8 51.1
Total obligations under finance leases 156.8 163.5
External obligations under finance leases are £48.1 million (2015: £44.0
million) excluding £108.7 million (2015: £119.5 million) payable to MHE JVCo,
a joint venture company.
27 November 2016 29 November 2015
£m £m
Minimum lease payments due:
Within one year 38.4 34.8
Between one and two years 31.7 30.3
Between two and five years 76.9 75.0
After five years 36.8 55.3
183.8 195.4
Less: future finance charges (27.0) (31.9)
Present value of finance lease liabilities 156.8 163.5
Disclosed as:
Current 29.8 26.5
Non-current 127.0 137.0
156.8 163.5
4.2 Analysis of net debt
Net debt
27 November 2016 29 November 2015
£m £m
Current assets
Cash and cash equivalents 50.9 45.8
Current liabilities
Borrowings (52.9) (1.6)
Obligations under finance leases (29.8) (26.5)
(82.7) (28.1)
Non-current liabilities
Borrowings (6.1) (7.7)
Obligations under finance leases (127.0) (137.0)
(133.1) (144.7)
Total net debt (164.9) (127.0)
Net debt is £56.2 million (2015: £7.5 million), excluding finance lease
obligations of £108.7 million (2015: £119.5 million) payable to MHE JVCo, a
joint venture company. £5.0 million (2015: £4.8 million) of the Group's cash
and cash equivalents are considered to be restricted and are not available to
circulate within the Group on demand.
Reconciliation of net cash flow to movement in net debt
27 November 2016 29 November 2015
£m £m
Net increase/(decrease) in cash and cash equivalents 5.1 (30.5)
Net (increase)/decrease in debt and lease financing (23.4) 24.3
Non-cash movements:
- Assets acquired under finance lease (19.6) (21.4)
Movement in net debt in the period (37.9) (27.6)
Opening net debt (127.0) (99.4)
Closing net debt (164.9) (127.0)
4.3 Finance income and costs
52 weeks ended 27 November 2016 52 weeks ended 29 November 2015
£m £m
Interest on cash balances 0.2 0.2
Finance income 0.2 0.2
Borrowing costs
- Obligations under finance leases (9.4) (8.8)
- Borrowings (0.3) (0.6)
Fair value movement in derivative - (0.2)
Fair value movement on provisions - (0.1)
Finance costs (9.7) (9.7)
Net finance costs (9.5) (9.5)
4.4 Share capital and reserves
The movements in the called up share capital and share premium accounts are
set out below:
Ordinary Ordinary Share
shares shares premium
Number of shares £m £m
(million)
At 30 November 2014 620.9 12.5 255.1
Issues of ordinary shares 0.6 - 0.5
Reacquisition of interest in treasury shares - - (0.8)
Allotted in respect of share option schemes 3.9 0.1 3.9
At 29 November 2015 625.4 12.6 258.7
Issues of ordinary shares 3.4 - 0.6
Disposal of treasury shares - - (2.9)
Allotted in respect of share option schemes 0.4 - 0.5
At 27 November 2016 629.2 12.6 256.9
Included in the total number of ordinary shares outstanding above are
32,830,613 (2015: 34,770,981) ordinary shares held by the Group's employee
benefit trust (see Note 4.4(a)). The ordinary shares held by the trustee of
the Group's employee benefit trust pursuant to the JSOS are treated as
treasury shares in the consolidated balance sheet in accordance with IAS 32
''Financial Instruments: Presentation''. These ordinary shares have voting
rights but these have been waived by the trustee (although the trustee may
vote in respect of shares that have vested and remain in the trust). The
number of allotted, called up and fully paid shares, excluding treasury
shares, at the end of each period differs from that used in the basic earnings
per share calculation in Note 2.3 as basic earnings per share is calculated
using the weighted average number of ordinary shares in issue during the
period, excluding treasury shares.
The movements in reserves other than share premium are set out below:
Treasury Reverse Fair value reserve
shares acquisition
reserve reserve
£m £m £m
At 1 December 2014 (51.8) (116.2) (0.3)
Movement on derivative financial instrument - - (0.5)
Disposal of treasury shares 0.1 - -
Reacquisition of interest in treasury shares 0.8 - -
At 29 November 2015 (50.9) (116.2) (0.8)
Movement on derivative financial instrument - - 0.7
Translation of foreign subsidiary - - 0.3
Disposal of treasury shares 2.9 - -
At 27 November 2016 (48.0) (116.2) 0.2
(a) Treasury shares reserve
This reserve arose when the Group issued equity share capital under its JSOS,
which is held in trust by the trustee of the Group's employee benefit trust.
Treasury shares cease to be accounted for as such when they are sold outside
the Group or the interest is transferred in full to the participant pursuant
to the terms of the JSOS. Participant interests in unexercised shares held by
participants are not included in the calculation of treasury shares; unvested
interests of leavers which have been reacquired by the Group's employee
benefit trust during the period are not accounted for as treasury shares.
(b) Fair value reserve
The fair value reserve comprises gains and losses on movements in the Group's
cash flow hedges, which consist of commodity swaps and foreign currency
hedges.
4.5 Capital commitments
Contracts placed for future capital expenditure but not provided for in the
financial statements are as follows:
27 November 2016 29 November 2015
£m £m
Land and buildings 2.5 3.4
Property, plant and equipment 31.9 18.9
Total capital expenditure committed at the end of the period 34.4 22.3
Of the total capital expenditure committed at the current period end, £25.7
million relates to new CFCs, £0.8 million to existing CFCs, £1.7 million to
fleet costs and £2.0 million relates to technology related projects.
Section 5 - Other notes
5.1 Related party transactions
Key management personnel
Only the Executive and Non-Executive Directors are recognised as being key
management personnel. It is the Board which has responsibility for planning,
directing and controlling the activities of the Group. The key management
compensation is as follows:
27 November 2016 29 November 2015
£m £m
Salaries and other short-term employee benefits 3.2 3.2
Share-based payments 3.1 5.6
6.3 8.8
The share-based payment charge in 2016 was the charge arising for each of the
share schemes in which
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