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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ocado Group Plc | LSE:OCDO | London | Ordinary Share | GB00B3MBS747 | ORD 2P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -9.20 | -2.54% | 353.10 | 352.90 | 353.50 | 368.20 | 350.00 | 364.40 | 5,374,585 | 16:35:19 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Misc Retail Stores, Nec | 2.83B | -314M | -0.3838 | -9.21 | 2.89B |
From Apr 2019 to Apr 2024
TIDMOCDO
RNS Number : 3662W
Ocado Group PLC
08 February 2017
ANNUAL FINANCIAL REPORT
OCADO GROUP PLC
8 February 2017
Ocado Group plc
Annual Financial Report 2016
Ocado Group plc ("Ocado") has today submitted to the Financial Conduct Authority's national storage mechanism its annual report and accounts for the 52 weeks ended 27 November 2016 (as required by Listing Rules 9.6.1 and 9.6.3).
The annual report and accounts for the 52 weeks ended 27 November 2016 is available to view on Ocado's website: www.ocadogroup.com (in compliance with Disclosure Guidance and Transparency Rule 6.3.5(3)).
Ocado's annual report and accounts for the 52 weeks ended 27 November 2016 will also be available for viewing at the Financial Conduct Authority's national storage mechanism at www.morningstar.co.uk/uk/NSM.
This announcement follows Ocado's announcement on 31 January 2017 of its preliminary results for the same period. A condensed set of Ocado's financial statements and information on important events that have occurred during the year and their impact on the financial statements and related party information were included in Ocado's preliminary results announcement. That information together with the information set out below is the information provided in satisfaction of the requirements of Disclosure Guidance and Transparency Rule 6.3.5. The description of principal risks and uncertainties below is extracted in unedited full text from the annual report and accounts for the 52 weeks ended 27 November 2016. Reading this announcement and/or the preliminary results announcement should not be a substitute for reading the full annual report and accounts for the 52 weeks ended 27 November 2016. This announcement and the preliminary results announcement are available to view on Ocado's website: www.ocadogroup.com.
Principal risks and uncertainties
We have identified 14 principal risks and uncertainties facing Ocado. These are considered by the Board to be material to the development, performance, position or future prospects of Ocado. These risks, mitigations and changes during the year are summarised in the table below. They are not set out in priority order. Further information on risk is set out on pages 34 to 37 of the annual report and accounts for the 52 weeks ended 29 November 2015.
Hot Features
Premium
Strategic Risks Mitigation Action/Control Change During The
Objective Year
============= ================== =============================================================== ==================
DRIVING Failure
GROWTH to maintain * Continuation of our LPP basket matching price çè
competitive comparison
pricing
position
* Maintaining a competitive number of promotional
offers and increased availability of free delivery
slots for price sensitive customers
* Creation of a choice of tiered price points within
each category
------------- ------------------ --------------------------------------------------------------- ------------------
Risk of
decline * Weekly monitoring of the key indicators and the é
in high underlying drivers against published targets Due to operating
service close
levels to maximum
capacity
------------- ------------------ --------------------------------------------------------------- ------------------
Failure
to develop * Growth of the Ocado own-label range alongside é
retail continued provision of the Waitrose range Due to increased
proposition competition
to appeal in food
to broader * Growth of branded ranges and expansion of supplier distribution
customer base
base and
sustain
growth * Alternative sourcing scenarios considered in the
rates event that the Waitrose sourcing relationship
terminates
* Continuation of investment and optimisation of the
marketing channels to acquire new customers
* Continued improvement of webshop and apps
------------- ------------------ --------------------------------------------------------------- ------------------
Failure
to develop * Second and third overseas technology centres opened çè
sufficient
management
and technology * Improved IT prioritisation process
capability
or bandwidth
to deliver
on all
our strategic
priorities
------------- ------------------ --------------------------------------------------------------- ------------------
Risk of
not signing * Investment in our platform which enables OSP is also çè
multiple required for Ocado's expanding Retail business. Andover CFC has
OSP deals Initial deployment will be in Andover CFC and Erith gone
in the CFC live. OSP
medium product can
term be demonstrated.
* Impact of not signing multiple OSP deals in the
medium term is restricted to the lost opportunity to
increase our earnings from our Platform business
* The amount of capital invested in our platform is
carefully controlled and we have the ability to
reduce costs by scaling back the speed of the
development
------------- ------------------ --------------------------------------------------------------- ------------------
Risk of n
negative * Collaborating with trade organisations to follow New risk
implications developments and express our concerns to government
caused
by final
Brexit * Taking part in BRC analysis to determine impact of
terms such WTO tariff rates on imports and exports
as increase
in import
costs or
difficulty
in hiring
employees
============= ================== =============================================================== ==================
MAXIMISING A risk
EFFICIENCY of delays * Dedicating resources to the modularisation of çè
in the technology and logistics systems to enable faster
implementation replication
of new
capacity
for both * New capacity in development at Andover CFC and Erith
Ocado and CFC
Morrisons
* Regular Executive Board steering and full Board
reporting of new technology projects
============= ================== =============================================================== ==================
UTILISING Technological
PROPRIETARY innovation * Engagement with a wide number of international çè
KNOWLEDGE supersedes grocers to understand market needs
our own
and offers
improved * Experienced teams in place who understand the current
methods solutions and are aware of global alternatives used
of food in other industries
distribution
to consumers
------------- ------------------ --------------------------------------------------------------- ------------------
Failure ê
to protect * Processes introduced to identify patentable Increased levels
our IP inventions and to apply for patents of IP
protection via
patents
* Established Ocado Innovation Committee to review our
patent portfolio and discuss other IP issues
------------- ------------------ --------------------------------------------------------------- ------------------
Failure é
to ensure * Conducting "freedom to operate" searches on selected Increased scope
that our technologies of Ocado
technology innovations,
can be into
freely * Where appropriate, obtaining specialist or legal increasingly
operated advice complex areas
without
infringing
a third
party's
IP
============= ================== =============================================================== ==================
OPERATIONAL A risk
of a food * Experienced legal, food and product technology çè
or product professionals monitor compliance against policies and
safety procedures
incident
* Supplier approval and certification process
* Food and product safety policies and quality
management with appropriate operational procedures
------------- ------------------ --------------------------------------------------------------- ------------------
A risk
of changes * Regular monitoring of regulatory developments to çè
in regulations ensure that changes are identified
impacting
our retail
business * Monitoring operational performance to minimise
model or environmental impact
the viability
of OSP
deals * Regulatory due diligence carried out at appropriate
stages in the OSP process
------------- ------------------ --------------------------------------------------------------- ------------------
Risk of
major * IT systems are structured to operate reliably and çè
cyber-attack securely
or data
loss
* Denial of service protection service is in place
* The security of our IT systems is regularly tested by
third parties
* No customer payment card data is held in Ocado's
databases
* Access to customer personal data is restricted to
those who need this information as part of their job
------------- ------------------ --------------------------------------------------------------- ------------------
Business
interruption * IT systems are structured to operate reliably and çè
securely
* Dedicated engineering teams on site with daily
maintenance programmes to support the continued
operation of equipment
* Insurers advise on engineering and risk management in
the design and operation of the CFCs
* High level of protection for CFCs and equipment
Key: é Risk has increased ê Risk has decreased çè No change n Not applicable
For further information on the financial risks see pages 158 to 160 of the notes to the financial statements in the annual report and accounts for the 52 weeks ended 27 November 2016.
Directors' Responsibility Statement
Ocado's annual report and accounts for the 52 weeks ended 27 November 2016 contains the following statements regarding responsibility for the financial statements and the annual report in compliance with Disclosure Guidance and Transparency Rule 4.1.12. This responsibility statement is repeated here (below) solely for the purposes of complying with Disclosure Guidance and Transparency Rule 6.3.5. It is not connected to the extracted information presented in the preliminary results announcement or this announcement.
Each of the Directors who held office at the date of the approval of this Annual Report (whose names and functions are listed on pages 48 and 49 of this Annual Report) confirms, to the best of his or her knowledge, that:
-- the Group financial statements, which have been prepared in accordance with IFRSs as adopted by the EU, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group; and
-- the "Management Report" (as defined in the Directors' Report on page 67) includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal risks and uncertainties that it faces.
The Directors of Ocado Group plc are listed in the annual report and accounts for the 52 weeks ended 27 November 2016 and are listed on the Ocado Group's corporate website: www.ocadogroup.com. The Directors of Ocado Group plc as at the date of this announcement are as follows:
Stuart Rose;
Tim Steiner;
Neill Abrams;
Duncan Tatton-Brown;
Mark Richardson;
Ruth Anderson;
Robert Gorrie;
Jörn Rausing;
Alex Mahon;
Douglas McCallum;
Andrew Harrison; and
Emma Lloyd.
Enquiries
For further information contact:
Investor Relations David Hardiman-Evans +44 1707 228 000 investor.relations@ocado.com
Person responsible for the release of this announcement:
Ocado Group plc
Company Secretary
Neill Abrams
+44 1707 228 000
company.secretary@ocado.com
Titan Court, 3 Bishops Square
Hatfield Business Park
Hatfield, Hertfordshire AL10 9NE
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACSUGUQCPUPMGWR
(END) Dow Jones Newswires
February 08, 2017 09:00 ET (14:00 GMT)
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