奥凯多年度报告

1、 HYPERLINK l _bookmark141 Back to contentsIntroductionOur Purpose and MissionChanging the way the world shopsWe are transforming shopping, using our unique knowledge and inspired culture to make it as easy and efficient as possible. Our innovative technologies and shared expertise deliver a continuo

2、us advantage to our partners, so that they,in turn, can deliver the best possible service to their customers.Our ValuesOur values guide ways of working across our diverse network of business areas, building an engaged and mission-driven culture that, in turn, is best placed to deliver value for all

3、our stakeholders.We are proudof what we dotogetherWe are in itven bettere We can be HYPERLINK l _bookmark34 Read more on page 63 HYPERLINK l _bookmark141 Back to contents “We have an unprecedented platform for growth.”Tim SteinerChief Executive OfficerIN THIS REPORT HYPERLINK l _bookmark1 Our Journe

4、y HYPERLINK l _bookmark2 04Building on Our Heritage HYPERLINK l _bookmark3 06Building on Today HYPERLINK l _bookmark4 08Building for Tomorrow HYPERLINK l _bookmark5 Strategic Report HYPERLINK l _bookmark86 Financial Statements HYPERLINK l _bookmark86 Group HYPERLINK l _bookmark87 142 Independent Aud

5、itors Report HYPERLINK l _bookmark91 Consolidated Income Statement HYPERLINK l _bookmark92 Consolidated Statement of Comprehensive Income HYPERLINK l _bookmark93 Consolidated Balance Sheet HYPERLINK l _bookmark94 Consolidated Statement of Changes in Equity HYPERLINK l _bookmark95 Consolidated Statem

6、ent of Cash Flows HYPERLINK l _bookmark97 Notes to the Consolidated Financial Statements HYPERLINK l _bookmark141 Additional Informatio HYPERLINK l _bookmark142 224 Glossary HYPERLINK l _bookmark143 227 Alternative Performance Measures HYPERLINK l _bookmark144 Five Year SummaryShareholder Informatio

7、n230 Company Information NAVIGATING THIS REPORT Read more in this Report HYPERLINK / Read more information online HYPERLINK l _bookmark132 Company HYPERLINK l _bookmark133 Company Balance Sheet HYPERLINK l _bookmark134 Company Statement of Changes in Equity HYPERLINK l _bookmark135 Company Statement

8、 of Cash Flows HYPERLINK l _bookmark136 Notes to the Company Financial Statements HYPERLINK l _bookmark36 Governance HYPERLINK l _bookmark141 n HYPERLINK l _bookmark37 68Chairmans Governance Overview HYPERLINK l _bookmark39 70Corporate Governance Report HYPERLINK l _bookmark39 Board of Directors HYP

9、ERLINK l _bookmark39 Corporate Governance HYPERLINK l _bookmark6 12 HYPERLINK l _bookmark6 Group at a Glance HYPERLINK l _bookmark39 Statement 2019 HYPERLINK l _bookmark7 13 HYPERLINK l _bookmark7 Why Invest in Ocado? HYPERLINK l _bookmark49 88 HYPERLINK l _bookmark49 Leadership and HYPERLINK l _boo

10、kmark8 14 HYPERLINK l _bookmark8 Progress in 2019 HYPERLINK l _bookmark49 Effectiveness HYPERLINK l _bookmark5 16 HYPERLINK l _bookmark5 Q&A with Tim Steiner HYPERLINK l _bookmark49 Nomination Committee HYPERLINK l _bookmark10 18 HYPERLINK l _bookmark10 Chairmans Statement HYPERLINK l _bookmark49 Re

11、port HYPERLINK l _bookmark11 20 HYPERLINK l _bookmark11 The Marketplace HYPERLINK l _bookmark51 92 HYPERLINK l _bookmark51 Accountability HYPERLINK l _bookmark13 24 HYPERLINK l _bookmark13 Business Model HYPERLINK l _bookmark51 Audit Committee Report HYPERLINK l _bookmark16 27 HYPERLINK l _bookmark1

12、6 Keeping Ocado at the HYPERLINK l _bookmark16 Forefront HYPERLINK l _bookmark55 98 HYPERLINK l _bookmark55 Directors Remuneration HYPERLINK l _bookmark55 Report HYPERLINK l _bookmark17 28 HYPERLINK l _bookmark17 Our Solutions Business HYPERLINK l _bookmark85 138 HYPERLINK l _bookmark85 Directors Re

13、port HYPERLINK l _bookmark18 30 HYPERLINK l _bookmark18 Ocado Retail HYPERLINK l _bookmark85 Non-Financial HYPERLINK l _bookmark19 32 HYPERLINK l _bookmark19 Strategy HYPERLINK l _bookmark85 Information Statement HYPERLINK l _bookmark22 37 HYPERLINK l _bookmark23 40 HYPERLINK l _bookmark22 Key Perfo

14、rmance Indicators HYPERLINK l _bookmark23 Chief Financial Officers HYPERLINK l _bookmark24 48 HYPERLINK l _bookmark23 Review HYPERLINK l _bookmark24 How We Manage Our Risks HYPERLINK l _bookmark28 54 HYPERLINK l _bookmark28 Corporate Responsibility HYPERLINK l _bookmark31 58 HYPERLINK l _bookmark31

15、58 HYPERLINK l _bookmark31 Engaging With Our Stakeholders HYPERLINK l _bookmark31 S172 Statement HYPERLINK l _bookmark32 60 HYPERLINK l _bookmark32 Our PeopleStock Code: OCDOAnnual Report and Accounts Ocado Group plc 01Our Journey2019 has seen a shift in the centre of gravity at Ocado Group.We have

16、pivoted from being a pure play online grocer in the UK with a separate Solutions business to being a technology- led global software and robotics platform business providing a unique end-to-end solution for online grocery.01Building on Our HeritageOcado Retail powered by technology HYPERLINK l _book

17、mark2 Read more on page 0402Building on TodayOcado Solutions powering retailers03 HYPERLINK l _bookmark3 Read more on page 06Building for TomorrowTechnology-focused innovation house HYPERLINK l _bookmark4 Read more on page 08 HYPERLINK l _bookmark141 Back to contents“We have never been in a better p

18、osition to create value.”Tim SteinerChief Executive Officer02039order9accu%racy58,000products in the range01Building on Our HeritageOcado Retail powered by technologyWe continue to invest in O, currently the worlds largest dedicated online grocery retailer, with our joint venture partner M&S. HYPERL

19、INK / O is now one of nine global partners, all amongst the most innovative and forward- looking grocers in the world, whose online businesses are, or will be, enabled by the Ocado Smart Platform (OSP). OUR CUSTOMERS Retail customers HYPERLINK l _bookmark141 Back to contents 1share4of U%K online gro

20、cery market9of de5liveri%es made on time or earlyAnnual Report and Accounts Ocado Group plc 0501+ 0203C5usto0mer F+ulfilment Centres (CFCs) committed(1)Building on TodayOcado Solutions powering leading retailers worldwideThe global network of market-leading retailers partnered with Ocado Solutions i

21、s growing, and we are growing with it.As we reach major milestones with our partners and bring more retailers to the Ocado Smart Platform, we are investing in our people and technology to ensure our partners are able to offer great online experiences to their customers, with the best possible econom

22、ics.Our solutions are built to scale, both in terms of physical capacity as grocery online penetration grows worldwide and in terms of software capabilities as the market develops.O9cado Solutions Partners OUR PARTNERS Morrisons Bon Preu Groupe Casino Sobeys ICA Group Kroger Ocado Retail Coles AeonI

23、nvestmentin international CFCs 71min 2019Investment 124min developing our OSP solutions in 2019(1) Sizes vary. The number reflects sales capacity equivalent to this many standard-sized CFCsAnnual Report and Accounts Ocado Group plc 0701+ 02+03Building for TomorrowPioneering the future through disrup

24、tive innovationWe have a solid record of addressing many complex problems through cutting-edge innovation.Throughout our 19-year journey, we have built a rich technology estate and gained innovation assets such as competencies, know-how and intellectual property that are a source of competitive adva

25、ntage.These innovation assets, specifically built for grocery, will enable current and future partners to future-proof their platform business. Our unique culture of serial disruption is a fundamental enabler of this future- proofing. Looking ahead, the network effect will be expanded, helping our p

26、artners to grow even faster. B2B+ Partners in multiple sectorsp9aten2ts granted in 2019 (vs 52 for 2018)s4trategic synergistic investments made in 201908Ocado Group plc Annual Report and Accounts for the 52 weeks ended 1 December 2019 HYPERLINK / 4Contributed toEMEA-wide innovation research partners

27、hipsAnnual Report and Accounts Ocado Group plc 09 HYPERLINK l _bookmark141 Back to contents HYPERLINK l _bookmark141 Back to contents CONTENTSStrategic Report HYPERLINK l _bookmark6 Group at a Glance HYPERLINK l _bookmark7 Why Invest in Ocado? HYPERLINK l _bookmark8 Progress in 2019 HYPERLINK l _boo

28、kmark9 16Q&A with Tim Steiner HYPERLINK l _bookmark10 18Chairmans Statement HYPERLINK l _bookmark11 20The Marketplace HYPERLINK l _bookmark13 24Business Model HYPERLINK l _bookmark16 Keeping Ocado at the Forefront HYPERLINK l _bookmark17 Our Solutions Business HYPERLINK l _bookmark18 30Ocado Retail

29、HYPERLINK l _bookmark19 32Strategy HYPERLINK l _bookmark22 37Key Performance Indicators HYPERLINK l _bookmark23 40Chief Financial Officers Review HYPERLINK l _bookmark24 48How We Manage Our Risks HYPERLINK l _bookmark28 54Corporate Responsibility HYPERLINK l _bookmark31 58Engaging With Our Stakehold

30、ers HYPERLINK l _bookmark31 58S172 Statement HYPERLINK l _bookmark32 60Our People HYPERLINK l _bookmark141 Back to contentsGroup at a Glance OCADO TODAY STRATEGIC REPORTTechnology Business Powering RetailersA technology-led, global, software and robotics platform business, with a strong retail herit

31、age. RETAIL A pure play online grocery retailer, serving customers in the UK, now a 50:50 joint venture with M&SChanging the way the world shops INNOVATION AND VENTURES A dedicated team carved out fromthe core, making strategic investments in other verticals where OcadoGroup can leverage its technol

32、ogical know-how to drive additional value opportunities in the medium to long term HYPERLINK l _bookmark11 Read more on page 21 HYPERLINK l _bookmark18 Read more on page 30InnovationRetailUK Solutions & LogisticsVentures UK SOLUTIONS AND LOGISTICS Reflecting UK contracts with the Ocado Retail joint

33、venture and Morrisons, inclusive of both Solutions contracts and service agreements withOcado Logistics for the provision of third party logistics and other servicesInternational Solutions HYPERLINK l _bookmark17 Read more on page 28 INTERNATIONAL SOLUTIONS Reflecting deals with international partne

34、rs for the provision of OSP, so that they may lead in online grocery in their respective markets HYPERLINK l _bookmark17 Read more on page 2812Ocado Group plc Annual Report and Accounts for the 52 weeks ended 1 December 2019 HYPERLINK / Why Invest in Ocado?Online is the fastest growing channel in mo

35、st markets. We built our business specifically for this change in shopping behaviour to benefit01REASONS TO INVEST HYPERLINK l _bookmark141 Back to contentsSTRATEGIC REPORT02from, and to lead, the online revolution for our partners.In our home market of the UK, we are seeing a fundamental shift in g

36、rocery shopping behaviours, as customers looking for improved service, convenience and value shift to online.The continuing growth of online shopping is made possible by improved technology, while the customer experience has been enhanced by faster broadband and new generation mobile devices, both t

37、rends that can be seen globally.Grocery online is the fastest growing channel in most markets, but market share is still much lower than for general merchandise categories HYPERLINK l _bookmark12 03 HYPERLINK l _bookmark12 Read more on page 23We package and license our leading technology to other re

38、tail partners globally as OSP HYPERLINK l _bookmark14 05 HYPERLINK l _bookmark14 Read more on page 25As we have built the worlds leading pure play online grocer, we have developed unique, proprietary, technology for the fulfilment of online grocery HYPERLINK l _bookmark13 04 HYPERLINK l _bookmark13

39、Read more on page 24 and 25We retain a 50% share in the Ocado Retail joint venture, the fastest growing grocer in the UK market, an important test bed, and a valued partner HYPERLINK l _bookmark18 06 HYPERLINK l _bookmark18 Read more on page 30OSP offers a superior customer experience and unparallel

40、ed efficiencies, allowing our partners to grow sales and win market share, profitably and sustainably HYPERLINK l _bookmark14 07 HYPERLINK l _bookmark14 Read more on page 25Our model is based on a virtuous cycle of growth, investment and innovation, with network effects magnified as our customer bas

41、e scales HYPERLINK l _bookmark15 08 HYPERLINK l _bookmark15 Read more on page 26 and 27We are innovating so that our partners can lead in online grocery missions beyond the full basket shop HYPERLINK l _bookmark20 Read more on page 34Our technological expertise is applicable beyond grocery HYPERLINK

42、 l _bookmark11 Read more on page 21Stock Code: OCDOAnnual Report and Accounts Ocado Group plc 13 BRINGING THE BEST TOGETHER Ocado Retail, a joint venture with M&S14The 50:50 joint venture combines Ocado Retails leading UK online grocery service with M&Ss food innovation expertise and extensive custo

43、mer base, to create an unparalleled proposition for the UK consumer. Powered by Ocado Groups OSP and logistics services, the joint venture is set to continue to transform online grocery in the UK.“A transformative moment in theUK retail sector with the combination of two iconic and much-loved retail

44、 brands set to provide an unrivalled online grocery offer.”Tim SteinerChief Executive Officer HYPERLINK l _bookmark141 Back to contentsFinancial proceedsExpected 750m total consideration for M&Ss 50% shareOcado will receive 50% of the joint ventures profitsOcado SolutionsNew solutions contract inlin

45、e with other global partnersJoint Venture (Formed in August 2019)Manages pricing, category mix, branded and own-label sourcing and marketingInvests in buildings for new CFCs and home delivery vansService agreements with Ocado and M&SM&SProvides all M&Ss fresh, own-brand products once the sourcing ag

46、reement begins (September 2020)Ocado Retail Contributes existing UK online grocery retail business, Progress in 2019STRATEGIC REPORT Strategic HighlightsWe formed a 50:50 joint venture with M&S to transform online grocery retail in the UK. As a result of this deal, Ocado Retail is in an even better

47、place to grow strongly and Ocado Group has increased resources to both grow the Solutions business and innovate for partners, including the joint venture.We signed our sixth and seventh international agreements to develop the OSP in Australia and Japan, with leading retailers Coles and Aeon. OSP wil

48、l now power the online grocery business of nine of the worlds most innovative and forward-looking retailers: Ocado Retail, Morrisons, Bon Preu, Groupe Casino, Sobeys, ICA, Kroger, Coles and Aeon.We expanded our partnerships in Canada and the UK, with both Sobeys and Ocado Retail, as the new joint ve

49、nture, announcing further CFC commitments.We continued to enhance the OSP, with the successful trial of Ocado Zoom for immediacy and the announcement of the first mini-sized CFC, both for Ocado Retail. As part of a bespoke ecosystem, these new propositions will enable our partners toserve new missio

50、ns and geographies in their respective markets.We continued to invest for the medium and long term. We implemented a robotic picking solution to start to assist on live customer orders at our Erith CFC and made our first strategic investments leveraging our technology expertise to support new opport

51、unities for customers and partners in other verticals. HYPERLINK l _bookmark20 Read more on pages 34 to 36 Operational HighlightsDespite the impact of the Andover CFC fire on capacity, we maintained double digit order growth in Ocado Retail, demonstrating the resilience of the business. With growth,

52、 the business continues to achieve consistently high levels of customer service, remaining a market leader in punctuality of deliveries and order accuracy. As a result, Ocado Retail has grown sales significantly ahead of the UK market and taken market share. Active customer numbers have grown by 10.

53、3% to 795,000 and orders per week now average over 325,000.We have facilitated the growth of the UK business by adding further capacity to our network, using learnings from our third CFC in Andover to ramp our fourth CFC, in Erith, faster thanoriginally envisioned. When at full capacity, Erith will

54、be the largest automated warehouse for grocery anywhere in the world.We continued to progress in delivering OSP to our partners. In Catalonia, Bon Preu began making online deliveries in the first half of 2019, with Morrisons continuing to roll out OSP store-picksoftware in stores throughout the year

55、. The delivery of international CFCs is on track, starting from the first half of 2020 in France and Canada, with further sites committed in each of the US, Canada, Sweden, Australia and Japan. HYPERLINK l _bookmark18 Read more on page 30 and HYPERLINK l _bookmark20 pages 34 to 35 HYPERLINK / HYPERL

56、INK l _bookmark141 Back to contentsSTRATEGIC REPORTOcado Group: a review of top line expectations for our four operating segmentsLooking at recent performance and expectations for top line trends across operating segments YESTERDAY TODAY TOMORROW 15 16 17 18Future inflection point, with growing prop

57、ortion of revenues recognised from International Solutions partnerships as more CFCs go live and ramp up in partner marketsRevenues from fully consolidated Ocado Retail joint venture and fees for solutions and logistics services in the UK. Under IFRS15 upfront fees received from international partne

58、rs are deferred until go-live1,757m19Revenues from 100% owned Retail business and Solutions revenues from operational Morrisons partnership1,1041,2671,4241,5991,757Revenue Group A (m)1,618Revenue Ocado Retail A (m)Revenues from 100% owned Retail businessRevenues from fully consolidated Ocado Retail

59、joint venture in the UK, in partnership with M&SFull consolidation of Ocado Retail joint venture revenues will continue for at least five years.Thereafter, it is anticipated that control of the joint venture will pass to M&S and, when it does pass, it will consolidate the joint venture1,1161,1721,31

60、71,46715 16 17 181915 16 17 1819Fees received from UK partners, the Ocado Retail joint venture and Morrisons, will grow as these partners add capacity and scale theiroperational networks as they grow their online businessesFees received from UK partners, the Ocado Retail joint venture and Morrisons,