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

OcadoAnnouncement

02/02/2016 07:11

- Part 3: For the preceding part double click  ID:nRSB7178Nb 

£m                     £m                
                                                                                                                                              
 Salaries and other short-term employee benefits                                                     3.2                    3.0               
 Salaries and other short-term employee benefits in respect of Directors retired during the year  -                    0.2  
 Share-based payments                                                                                5.6                    3.7               
                                                                                                     8.8                    6.9               
 
 
The share based payment charge in 2015 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 10 February 2016. 
 
Other related party transactions with key management personnel made during the
period related to the purchase of professional services and amounted to £6,000
(2014: £15,000). 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 (2014: None). 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
incorporated in the UK in which the Group holds a 25% interest. 
 
                          29 November 2015    30 November 2014  
                          £m                  £m                
 Purchase of goods                                              
 - Plant and machinery    0.1                 -                 
 - Consumables            0.5                 0.4               
                          0.6                 0.4               
 
 
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 £12.2 million (2014: £7.2 million). At
period end, the Group owed Paneltex Limited £31,000 (2014: £19,000). 
 
Joint Venture 
 
The following transactions were carried out with MHE JV Co, a joint venture
company, incorporated in the UK, in which the Group holds a 50% interest: 
 
                                                                              29 November 2015  30 November 2014  
                                                                              £m                £m                
                                                                                                                  
 Capital contributions made to MHE JVCo                                       -                 6.5               
 Dividend received from MHE JVCo                                              8.1               -                 
 Reimbursement of supplier invoices paid on behalf of MHE JVCo                6.1               34.9              
 Lease of assets from MHE JVCo                                                3.0               31.0              
 Capital element of finance lease instalments paid to MHE JVCo                14.3              15.7              
 Interest element of finance lease instalments accrued or paid to MHE JVCo    6.2               5.4               
 
 
During the period the Group incurred lease instalments (including interest) of
£20.5 million (2014: £21.1 million) to MHE JVCo. Of the £20.5 million, £10.6
million (2014: £8.9 million) was recovered directly from Morrisons in the form
of Other Income and a further £8.1 million (2014: nil) was received from MHE
JVCo by way of a dividend. The remaining £1.8 million (2014: £12.2 million)
represents capital expenditure requirements of MHE JVCo for which no
additional funding was required from Ocado. The net result is the termination
of £14.3 million of MHE JV Co debt during the period (2014: £15.7 million)
with no corresponding net cash outflow. 
 
In the current period, the Group made no capital contributions to MHE JVCo
(2014: £6.5 million). 
 
Included within trade and other receivables is a balance of £5.6 million owed
by MHE JVCo (2014: £3.5 million). £1.0 million of this relates to a finance
lease accrual which is included within other receivables (2014: £2.7 million).
£4.6 million (2014: £0.8 million) relates to capital recharges. 
 
Included within trade and other payables is a balance of £1.0 million owed to
MHE JVCo (2014: £0.8 million). 
 
Included within obligations under finance leases is a balance of £119.5
million owed to MHE JVCo (2014: £130.8 million). 
 
No other transactions that require disclosure under IAS 24 "Related Party
Disclosures" 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 29 November 2015. 
 
This information is provided by RNS
The company news service from the London Stock Exchange