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Ocado Group Plc Annual Report and Accounts for the 52 Weeks Ended 2 December 2018 ®

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Ocado Group plc Group Ocado Annual Report and Accounts for the 52 weeks ended 2 December 2018 the 52 weeks ended 2 December for and Accounts Annual Report ® OCADO GROUP PLC ANNUAL REPORT AND ACCOUNTS WWW.OCADOGROUP.COM FOR THE 52 WEEKS ENDED 2 DECEMBER 2018 Ocado AR2018 Strategic Report.indd 3 05-Feb-19 2:07:23 AM 26237 5 February 2019 1:58 am Proof 6 Purpose: changing the way the world shops Mission: Powered by fresh thinking, we strive for new and improved ways to deliver the world’s most advanced end-to-end online shopping and delivery solutions. We are built for this – nobody does it better. Ocado AR2018 Strategic Report.indd 4 05-Feb-19 2:07:45 AM 26237 5 February 2019 1:58 am Proof 6 26237 5 February 2019 1:58 am Proof 6 Now is our time 01 WHAT’S INSIDE notes-heading-level-one notes-heading-level-two 1. NOW IS OUR TIME notes-heading-level-three 04 To give our customers the best notes-heading-level-four shopping experience 06 Our people create pioneering technology notes-strapline CHANGING THE WAY notes-text-body 08 That powers the most advanced solutions THE WORLD SHOPS 10 For the world’s leading retailers to invest in • notes-list-bullet We are transforming shopping, making it as • notes-list-bespoke 2. STRATEGIC REPORT easy and efficient as possible. We are online 14 Why Invest in Ocado? − notes-list-dash grocery pioneers. We have unique knowledge 15 Progress in 2018 d. notes-list-alpha and inspired people delivering the best possible 16 Q&A with Tim Steiner 5. notes-list-number service to all our customers and continuous 16 Chairman’s Statement vi. notes-list-roman 18 The Marketplace advantage to our partners with our innovative 20 Business Model technologies and shared expertise. 22 How We Create Value 23 Our Solutions Business Strategy 24 Our Retail Business Driving growth: continually enhancing the value of 26 Strategy our proposition for our retail customers and Solutions 34 Key Performance Indicators partners. 36 Chief Financial Officer’s Review 44 How We Manage Our Risks Maximising efficiency: always striving to develop our 50 Corporate Responsibility technology and operations, to consistently improve our 54 Our People economic and operating performance. 3. GOVERNANCE 60 Chairman’s Governance Overview Utilising proprietary knowledge: using our IP to create competitive advantages in our retail business, 61 Board of Directors and further monetising our IP through our platform 62 Corporate Governance Statement business. 74 Leadership and Effectiveness – Nomination Committee Report Heading Heading Heading 76 Accountability – Table plain text Default Default Default Audit Committee Report Background 1 2 3 82 Directors’ Remuneration Report Border 1 2 3 130 Directors’ Report Border 1 2 3 4. FINANCIAL STATEMENTS (GROUP) 142 Independent Auditor’s Report 149 Consolidated Income Statement 150 Consolidated Statement of Comprehensive Income 151 Consolidated Balance Sheet 152 Consolidated Statement of Changes in Equity 155 Consolidated Statement of Cash Flows 154 Notes to the Consolidated Financial Statements 5. FINANCIAL STATEMENTS (COMPANY) 212 Company Balance Sheet 213 Company Statement of Changes in Equity 214 Company Statement of Cash Flows 215 Notes to the Company Financial Statements 6. ADDITIONAL INFORMATION 226 Glossary 229 Alternative Performance Measures 231 Five Year Summary 232 Financial Calendar 232 Company Information Stock Code: OCDO Annual Report and Accounts Ocado Group plc Ocado AR2018 Strategic Report.indd 1 05-Feb-19 2:08:22 AM 26237 5 February 2019 1:58 am Proof 6 26237 5 February 2019 1:58 am Proof 6 Ocado AR2018 Strategic Report.indd 2 05-Feb-19 2:08:22 AM 26237 5 February 2019 1:58 am Proof 6 26237 5 February 2019 1:58 am Proof 6 1. NOW IS OUR TIME 04 To give our customers the best shopping experience 06 Our people create pioneering technology 08 That powers the most advanced solutions 10 For the world’s leading retailers to invest in Ocado AR2018 Strategic Report.indd 3 05-Feb-19 2:08:22 AM 26237 5 February 2019 1:58 am Proof 6 26237 5 February 2019 1:58 am Proof 6 04 Now is our time Ocado offers Retail customers NEARLY 55,000 different products 95% of Ocado deliveries are on time or early Ocado Retail customers get reliable delivery within a HOUR 99% 1 order accuracy window With the Instant Shop Algorithm, customers can buy 50+ ITEMS IN 3 MINUTES Ocado Group plc Annual Report and Accounts for the 52 weeks ended 2 December 2018 www.ocadogroup.com Ocado AR2018 Strategic Report.indd 4 05-Feb-19 2:08:25 AM 26237 5 February 2019 1:58 am Proof 6 26237 5 February 2019 1:58 am Proof 6 Now is our time 05 We are changing the way the world shops, offering consumers a different proposition, because we are built differently – we are built to be online. We aim to allow consumers to shop online in the way most convenient for them, constantly evolving our technology, based on customers’ needs. Our functionality works across a spectrum of customer interfaces, including mobile and Alexa voice- activated systems. Stock Code: OCDO Annual Report and Accounts Ocado Group plc Ocado AR2018 Strategic Report.indd 5 05-Feb-19 2:08:35 AM 26237 5 February 2019 1:58 am Proof 6 26237 5 February 2019 1:58 am Proof 6 06 Now is our time PACE OF OCADO INNOVATION TECHNOLOGY EMPLOYEES 75% 2018 new components in our 3rd generation bots 1300 compared with 2nd 2017 1100 25% 2015 new components in our 2nd generation bots 750 compared with 1st Ocado Group plc Annual Report and Accounts for the 52 weeks ended 2 December 2018 www.ocadogroup.com Ocado AR2018 Strategic Report.indd 6 05-Feb-19 2:08:40 AM 26237 5 February 2019 1:58 am Proof 6 26237 5 February 2019 1:58 am Proof 6 Now is our time 07 Our business is built on finding solutions, aiming to offerOur business world-class is built service. on finding Our people solutions, are critical aiming to to us achievingoffer world-class our strategy. service. So weOur identify people andare criticaldevelop to the us highestachieving quality our strategy. of talent So throughout we identify Ocado. and develop For example, the wehighest added quality 300 more of talent software throughout engineers Ocado. in FY18 For example,to increasehewe hired 300 pace more we software evolve our engineers technology. in FY18 The torole increase of ourthe technologypace we evolve leadership our technology. team is to The ensure role weof our generate valuetechnology in both leadership the short andteam long is to term, ensure to weguarantee generate our technologyvalue in both will the still short be relevant and long in term five and to ten to ensureyears’ time, our andtechnology that we willstay still ahead be relevant of the market. in five to ten years’ time, and that we stay ahead of the market. Stock Code: OCDO Annual Report and Accounts Ocado Group plc Ocado AR2018 Strategic Report.indd 7 05-Feb-19 2:08:43 AM 26237 5 February 2019 1:58 am Proof 6 26237 5 February 2019 1:58 am Proof 6 08 Now is our time We believe our online grocery solution provides a complete service which is the most advanced and efficient in the world. The cloud-based architecture of our proprietary Ocado Smart Platform – made of software modules and fulfilment hardware – means it is scalable and we can continuously update it. The automated fulfilment in our Customer Fulfilment Centres (CFCs) involves a market-leading, physical infrastructure solution and algorithms that shorten lead-times and improve accuracy. Ocado Group plc Annual Report and Accounts for the 52 weeks ended 2 December 2018 www.ocadogroup.com Ocado AR2018 Strategic Report.indd 8 05-Feb-19 2:08:56 AM 26237 5 February 2019 1:58 am Proof 6 26237 5 February 2019 1:58 am Proof 6 Now is our time 09 OVER 1,000 100 HOURS patent applications Erith CFC achieved a capacity in of testing before this year we deploy new and solutions software OUR 6 OVER 3 test grids run 65 WEEKS patents already that took 32 weeks 24/7 granted in Andover CFC Stock Code: OCDO Annual Report and Accounts Ocado Group plc Ocado AR2018 Strategic Report.indd 9 05-Feb-19 2:08:59 AM 26237 5 February 2019 1:58 am Proof 6 26237 5 February 2019 1:58 am Proof 6 10 Now is our time We work with grocery retailers across the world; retailers who want our help to succeed in the online market. Our Solutions business offers them a full-service proposition – a front-end interface for ordering, automated fulfilment within CFCs, and last-mile operations for delivery – all underpinned by the Ocado Smart Platform, our proprietary technology. The modular nature of our CFCs means they are also scalable, so as a retailer’s business grows, their ability to fulfil customer demand can keep pace. Ocado Group plc Annual Report and Accounts for the 52 weeks ended 2 December 2018 www.ocadogroup.com Ocado AR2018 Strategic Report.indd 10 05-Feb-19 2:09:02 AM 26237 5 February 2019 1:58 am Proof 6 26237 5 February 2019 1:58 am Proof 6 Now is our time 11 Our commercial and product teams speak 11 different languages We will create CFCs for Groupe Casino, Sobeys and ICA and will begin work on CFCs for Kroger, building 20+ over the next 3 YEARS We now have partners in WE SIGNED 5 countries 3 major deals in 2018 Stock Code: OCDO Annual Report and Accounts Ocado Group plc Ocado AR2018 Strategic Report.indd 11 05-Feb-19 2:09:02 AM 26237 5 February 2019 1:58 am Proof 6 26237 5 February 2019 1:58 am Proof 6 Ocado AR2018 Strategic Report.indd 12 05-Feb-19 2:09:02 AM 26237 5 February 2019 1:58 am Proof 6 26237 5 February 2019 1:58 am Proof 6 2.
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