£799.9 M

Ocado Revenue H1, 2018
Ocado Gross profit (H1, 2018)273.8 M
Ocado Gross profit margin (H1, 2018), %34.2%
Ocado Net income (H1, 2018)-9.3 M
Ocado EBITDA (H1, 2018)38.9 M
Ocado EBIT (H1, 2018)-2.8 M
Ocado Cash, 03-Jun-2018447.6 M
Ocado EV1.6 B

Ocado Revenue

Ocado revenue was £1.46 b in FY, 2017 which is a 15.2% year over year increase from the previous period.

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Ocado Revenue Breakdown

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Ocado revenue breakdown by business segment: 8.0% from Solutions and 92.0% from Retail

Ocado Income Statement

Annual

GBPFY, 2016FY, 2017

Revenue

1.3b1.5b

Revenue growth, %

15%15%

Cost of goods sold

835.7m959.5m

Gross profit

435.3m504.3m

Gross profit Margin, %

34%34%

Sales and marketing expense

365.7m434.2m

General and administrative expense

100.6m117.7m

Operating expense total

413.4m490.9m

Depreciation and amortization

59.6m70.4m

EBITDA

84.3m86.0m

EBITDA margin, %

7%6%

EBIT

21.9m13.4m

EBIT margin, %

2%1%

Interest expense

9.7m13.9m

Interest income

200.0k200.0k

Pre tax profit

12.1m1.0m

Income tax expense

100.0k

Net Income

12.0m1.0m

Half Year

GBPH1, 2017H1, 2018

Revenue

713.8m799.9m

Cost of goods sold

466.0m526.1m

Gross profit

247.8m273.8m

Gross profit Margin, %

35%34%

Sales and marketing expense

208.1m234.2m

General and administrative expense

54.8m77.0m

Operating expense total

236.6m277.2m

Depreciation and amortization

33.0m41.7m

EBITDA

45.2m38.9m

EBITDA margin, %

6%5%

EBIT

11.9m(2.8m)

EBIT margin, %

2%0%

Interest expense

4.4m6.7m

Interest income

200.0k500.0k

Pre tax profit

7.7m(9.0m)

Income tax expense

300.0k

Net Income

7.7m(9.3m)

Ocado Balance Sheet

Annual

GBPFY, 2016FY, 2017

Cash

50.9m150.0m

Accounts Receivable

23.0m28.1m

Prepaid Expenses

11.6m12.9m

Inventories

39.1m42.9m

Current Assets

149.7m260.1m

PP&E

397.3m453.7m

Total Assets

700.6m894.5m

Accounts Payable

95.2m92.9m

Short-term debt

82.7m27.2m

Current Liabilities

290.9m25.7t

Long-term debt

133.1m350.8m

Non-Current Liabilities

147.3m366.6m

Total Debt

215.8m378.0m

Total Liabilities

438.2m623.8m

Common Stock

12.6m12.6m

Additional Paid-in Capital

256.9m258.4m

Retained Earnings

156.9m163.2m

Total Equity

262.4m270.7m

Debt to Equity Ratio

0.8 x1.4 x

Debt to Assets Ratio

0.3 x0.4 x

Financial Leverage

2.7 x3.3 x

Half Year

GBPH1, 2017H1, 2018

Cash

37.8m447.6m

Inventories

35.7m43.4m

Current Assets

153.7m589.2m

PP&E

421.9m497.4m

Total Assets

744.1m1.3b

Short-term debt

123.6m32.6m

Current Liabilities

330.4m315.5m

Long-term debt

124.7m342.6m

Non-Current Liabilities

140.6m364.5m

Total Debt

248.3m375.2m

Total Liabilities

471.0m680.0m

Common Stock

12.6m13.9m

Additional Paid-in Capital

257.4m587.6m

Retained Earnings

167.3m156.3m

Total Equity

273.1m604.3m

Debt to Equity Ratio

0.9 x0.6 x

Debt to Assets Ratio

0.3 x0.3 x

Financial Leverage

2.7 x2.1 x

Ocado Cash Flow

Annual

GBPFY, 2016FY, 2017

Net Income

12.0m1.0m

Depreciation and Amortization

61.0m71.0m

Accounts Receivable

2.5m(10.2m)

Inventories

(9.2m)(3.8m)

Accounts Payable

25.2m45.1m

Cash From Operating Activities

96.9m106.8m

Purchases of PP&E

(85.3m)(119.5m)

Cash From Investing Activities

(115.3m)(161.6m)

Long-term Borrowings

(37.9m)(146.5m)

Cash From Financing Activities

23.5m153.9m

Net Change in Cash

5.1m99.1m

Half Year

GBPH1, 2017H1, 2018

Net Income

7.7m(9.3m)

Depreciation and Amortization

33.2m41.7m

Accounts Receivable

(19.7m)(29.5m)

Inventories

3.4m(400.0k)

Accounts Payable

21.6m24.8m

Cash From Operating Activities

48.1m35.4m

Purchases of PP&E

(63.5m)(47.9m)

Cash From Investing Activities

(88.7m)(69.9m)

Long-term Borrowings

(30.1m)(8.0m)

Cash From Financing Activities

27.5m332.1m

Net Change in Cash

(13.1m)297.6m

Ocado Ratios

GBPY, 2018

EV/EBITDA

42.4 x

EV/EBIT

-588.4 x

EV/CFO

46.5 x

Debt/Equity

0.6 x

Debt/Assets

0.3 x

Financial Leverage

2.1 x
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Ocado Operating Metrics

Ocado's Active Customers was reported to be 679 k in H1, 2018.
FY, 2015FY, 2016Q1, 2017H1, 2017FY, 2017Q1, 2018H1, 2018

Active Customers

509 k580 k602 k645 k679 k

Average Order Size

£111.20 £108.10 £110.85 £108.45 £107.20 £110.45 £108.18

Deliveries per Van per Week

166 176 180 182 189

Distribution Sites

17

Patents Issued

13

Product Waste

70%70%70%70%70%

Suppliers

4.30 k

Weekly Orders

195 k230 k252 k260 k263 k280 k291 k
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