REG - Ocado Group PLC - Final Results <Origin Href="QuoteRef">OCDO.L</Origin> - Part 3

OcadoAnnouncement

03/02/2015 07:11

- Part 3: For the preceding part double click  ID:nRSC8422Db 

end, £7.6
million relates to CFC3, £2.5 million relates to phase 2 of CFC2 and £1.5
million relates to technology related projects. The remainder relates to CFC1
upgrades and fleet expansion. 
 
Section 5 - Other notes 
 
5.1 Related party transactions 
 
Key management personnel 
 
The key management personnel of the Group are Executive Directors and
Non-Executive Directors. The key management compensation is as follows: 
 
 Salaries and other short-term employee benefits                                                  3.0  3.8  
 Salaries and other short-term employee benefits in respect of Directors retired during the year  0.2  -    
 Share based payments                                                                             3.7  1.9  
                                                                                                  6.9  5.7  
 
 
6.9 
 
5.7 
 
The share based payment charge in 2014 was the charge arising for each of the
share schemes in which the directors participate. Further information can be
found in the Annual Report and Accounts, which we anticipate will be available
on 12 February 2015. 
 
Other related party transactions with key management personnel made during the
period related to the purchase of professional services and amounted to
£15,000 (2013: £11,000). All transactions were on an arm's length basis and no
period end balances arose as a result of these transactions. 
 
At the end of the period, there were no amounts owed by key management
personnel to the Group (2013: £27,000). The prior period amounts arose in
periods before relevant directorships were obtained. 
 
There were no other material transactions or balances between the Group and
its key management personnel or members of their close family. 
 
Investment 
 
The following transactions were carried out with Paneltex Limited, a company
in which the Group holds a 25% interest: 
 
                          30 November 2014    1 December2013  
                          £m                  £m              
                                                              
 Purchase of goods                                            
 - Plant and machinery    -                   0.1             
 - Consumables            0.4                 0.9             
                          0.4                 1.0             
 
 
Indirect transactions, consisting of the purchase of plant and machinery
through some of the Group's finance lease counterparties, were carried out
with Paneltex Limited to the value of £7.2 million (2013: £4.0 million). 
 
At period end, the Group owed Paneltex £19,000 (2013: £33,000). 
 
The following transactions were carried out with MHE JVCo, a joint venture
company in which the Group holds a 50% interest: 
 
                                                                            30 November2014    1 December 2013  
                                                                            £m                 £m               
                                                                                                                
 Sale of assets to MHE JVCo                                                 -                  116.0            
 Capital contributions made to MHE JVCo                                     6.5                -                
 Reimbursement of supplier invoices paid on behalf of MHE JVCo              34.9               -                
 Lease of assets from MHE JVCo                                              31.0               112.1            
 Capital element of finance lease instalments paid to MHE JVCo              15.7               0.3              
 Interest element of finance lease instalments accrued or paid to MHE JVCo  5.4                1.9              
 
 
During the period, the Group made a capital contribution of £6.5 million to
MHE JVCo and paid lease instalments (including interest) of £21.1 million. 50%
of these lease instalments were recovered by the Group from Morrisons. These
funds are used by MHE JVCo to finance the acquisition of CFC2 fixed assets. 
 
Included within trade and other receivables is a balance of £3.5 million owed
by MHE JVCo (2013: £12.3 million). £2.7 million of this (2013: £nil) relates
to a finance lease accrual which is included within other receivables. 
 
Included within trade and other payables is a balance of £0.8 million owed to
MHE JVCo (2013: £8.4 million). 
 
Included within obligations under finance leases is a balance of £130.8
million owed to MHE JV Co (2013: £112.7 million). 
 
No other transactions that require disclosure under IAS 24 have occurred
during the current financial period. 
 
5.2 Post balance sheet events 
 
There have been no significant events, outside the ordinary course of
business, affecting the Group since 30 November 2014. 
 
This information is provided by RNS
The company news service from the London Stock Exchange