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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 |
TIDMOCDO
RNS Number : 6470E
Ocado Group PLC
12 February 2015
ANNUAL FINANCIAL REPORT
OCADO GROUP PLC
12 February 2015
Ocado Group plc
Annual Financial Report 2014
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 30 November 2014 (as required by Listing Rules 9.6.1 and 9.6.3).
The annual report and accounts for the 52 weeks ended 30 November 2014 is available to view on Ocado's website: www.ocadogroup.com (in compliance with Disclosure and Transparency Rule 6.3.5(3)).
Ocado's annual report and accounts for the 52 weeks ended 30 November 2014 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 3 February 2015 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 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 30 November 2014. 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 30 November 2014. 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 12 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 32 to 35 of the annual report and accounts for the 52 weeks ended 30 November 2014.
Objective Risks Mitigation Action/Control Change During The Year =============== ================== ================================================================= ============== DRIVING GROWTH Failure to maintain * Continuation of our LPP basket matching price é competitive comparison pricing position Due to increased * Maintaining a competitive number of promotional competition offers and increased availability of free delivery in the slots for price sensitive customers market * Creation of a choice of tiered price points within each category --------------- ------------------ ----------------------------------------------------------------- -------------- A risk of decline in high service * Weekly monitoring of the key indicators and the ê levels underlying drivers against published targets Successful increase * Installation of additional capacity to reduce the in pressure on the business and resiliency work in CFC1 operations of CFC2 means that both CFCs are operating with sufficient capacity headroom --------------- ------------------ ----------------------------------------------------------------- -------------- Failure to maintain * Growth of the Ocado own label range alongside ê a compelling continued provision of the Waitrose range product range Range and supply * Growth of branded ranges and expansion of supplier base have base increased during the year * Alternative sourcing scenarios planned in the event that the Waitrose sourcing relationship terminates --------------- ------------------ ----------------------------------------------------------------- -------------- Failure to continue * Continuation of investment and optimisation of the ê to recruit marketing channels to acquire new customers increasing Active numbers of new customers customers and grew and retain existing retention customers rates improved during the year =============== ================== ================================================================= ============== MAXIMISING A risk of delays EFFICIENCY in the * Dedication of resources to the modularisation of é implementation technology and logistics systems to enable faster of new capacity replication Future new for both Ocado capacity and Morrisons is reliant * Preparation of plans for new capacity at CFC3 and on CFC4 new, unproven, technology =============== ================== ================================================================= ============== UTILISING Failure to KNOWLEDGE develop * Engagement with a wide number of international çè a grocers to understand market needs competitive Significant model for further progress commercialisation * Experienced teams in place who understand the current in solutions and are aware of global alternatives used developing in other industries the commercial offer but higher risks remain until first OSP deal is signed MONETISING Failure to PROPRIETARY protect * Processes are operating to identify patentable çè KNOWLEDGE current inventions and to apply for patents technology Multiple and process patents and failure * Conducting extensive "freedom to operate" searches on now filed to ensure that selected technologies but our technology the value of can be freely IP has operated without increased infringing a so third party's increasing IP the value to others =============== ================== ================================================================= ============== OPERATIONAL A risk of a food or product * Experienced legal, food technology and health and é safety incident safety professionals monitor compliance against policies and procedures Supplier and product numbers * Supplier approval and certification process have increased and the * Health and safety policies with appropriate market operational procedures has become more sensitive to product issues --------------- ------------------ ----------------------------------------------------------------- -------------- A risk of changes in regulations * Regular monitoring of regulatory developments to çè impacting our ensure that changes are identified business operations * Monitoring operational performance to minimise environmental impact --------------- ------------------ ----------------------------------------------------------------- -------------- Failure of technology * IT systems are structured to operate reliably and çè or data loss securely * 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 on Ocado's databases * Access to customer personal data is restricted to those who need this information as part of their job --------------- ------------------ ----------------------------------------------------------------- -------------- Business interruption * Dedicated engineering teams on site with daily ê maintenance programmes to support the continued operation of equipment Opening of more spokes * Insurers advise on engineering and risk management in reduces the design and operation of the CFCs reliance on any one particular * High level of protection for CFCs and equipment spoke A risk of unintentional * Issued a revised competition compliance policy in çè infringement 2014 of competition legislation * Conducted training of key personnel and deployed an e-learning tool for all personnel in every department having access to trading data * Physical and technical firewalls installed to separate those teams who need to deal with sensitive Morrisons' data, in order to provide the services to Morrisons, from those running the Ocado offer --------------- ------------------ ----------------------------------------------------------------- --------------
The risk that future efficiency improvements may be limited, previously reported in last year's annual report, is no longer considered to be a principal risk because Ocado has reached a level of efficiency sufficient to ensure the viability of the business.
For further information on the financial risks see page 172 of the notes to the financial statements.
Directors' Responsibility Statement
Ocado's annual report and accounts for the 52 weeks ended 30 November 2014 contains the following statements regarding responsibility for the financial statements and the annual report in compliance with DTR 4.1.12. This responsibility statement is repeated here (below) solely for the purposes of complying with Disclosure and Transparency Rule 6.3.5. It is not connected to the extracted information presented in the preliminary results 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 62 to 63 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 83) 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 30 November 2014 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;
David Grigson;
Tim Steiner;
Neill Abrams;
Duncan Tatton-Brown;
Mark Richardson;
Ruth Anderson;
Robert Gorrie;
Jörn Rausing;
Alex Mahon; and
Douglas McCallum.
Enquiries
For further information contact:
Ocado Group plc Company Secretary Investor Relations Neill Abrams David Hardiman-Evans +44 1707 Titan Court 228 000 3 Bishops Square investor.relations@ocado.com Hatfield Business Park Hatfield, Hertfordshire AL10 9NE Fax: +44 (0)1707 227 997 email: company.secretary@ocado.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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