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

OcadoAnnouncement

31/01/2017 07:06

- Part 3: For the preceding part double click  ID:nRSe5302Vb 

the directors participate. Further information can be
found in the Annual Report and Accounts, which we anticipate will be available
on 9 February 2017. 
 
Other related party transactions with key management personnel made during the
period related to the purchase of professional services and amounted to £900
(2015: £6,000). 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 (2015: 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. 
 
                          27 November 2016    29 November 2015  
                          £m                  £m                
 Purchase of goods                                              
 - Plant and machinery    -                   0.1               
 - Consumables            0.5                 0.5               
 Sale of goods            0.1                 -                 
                          0.6                 0.6               
 
 
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 £11.8 million (2015: £12.2 million). At
period end, the Group owed Paneltex Limited £57,000 (2015: £31,000). 
 
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: 
 
                                                                              27 November 2016    29 November 2015  
                                                                              £m                  £m                
                                                                                                                    
 Capital contributions made to MHE JVCo                                       1.1                 -                 
 Dividend received from MHE JVCo                                              8.4                 8.1               
 Reimbursement of supplier invoices paid on behalf of MHE JVCo                4.9                 6.1               
 Lease of assets from MHE JVCo                                                3.1                 3.0               
 Capital element of finance lease instalments paid to MHE JVCo                13.8                14.3              
 Interest element of finance lease instalments accrued or paid to MHE JVCo    5.8                 6.2               
 
 
During the period the Group paid lease instalments (including interest) of
£19.6 million (2015: £20.5 million) to MHE JVCo. 
 
Of the £19.6 million, £10.7 million (2015: £10.6 million) was recovered
directly from Morrisons in the form of Other Income and a further £8.4 million
(2015: 8.1 million) was received from MHE JVCo by way of a dividend. The
remaining £0.5 million (2015: £1.8 million) represents capital expenditure
requirements of MHE JVCo for which no additional funding was required from
Ocado. The net result is the termination of £13.8 million of MHE JVCo debt
during the period (2015: £14.3 million) with no corresponding net cash
outflow. 
 
In the current period, the Group made capital contributions of £1.1 million to
MHE JVCo (2015: £nil). 
 
Included within trade and other receivables is a balance of £5.3 million owed
by MHE JVCo (2015: £5.6 million). £0.8 million of this relates to a finance
lease accrual which is included within other receivables (2015: £1.0 million).
£4.5 million (2015: £4.6 million) relates to capital recharges. 
 
Included within trade and other payables is a balance of £3.8 million owed to
MHE JVCo (2015: £1.0 million). 
 
Included within obligations under finance leases is a balance of £108.7
million owed to MHE JVCo (2015: £119.5 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 27 November 2016. 
 
Announcement information 
 
This announcement is made in accordance with the Market Abuse Regulation and
the Disclosure Guidance and Transparency Rules. The person responsible for
arranging the release of this announcement: 
 
Neill Abrams
Company Secretary and Group General Counsel
Ocado Group plc
email: company.secretary@ocado.com 
 
This information is provided by RNS
The company news service from the London Stock Exchange