2014 ESOS – means the Ocado 2014 Executive Share Option Scheme.
2016 Code– means the UK Corporate Governance Code published by the FRC in April 2016.
Active Customers– means customers who have shopped with Ocado in the previous 12 weeks.
Administrative Expenses – means all IT costs, advertising and marketing expenditure, employment costs of all head office functions, which include legal, finance, human resources, marketing and procurement, rent and other property-related costs for the head office, all fees for professional services and the depreciation, amortisation and impairment associated with head office IT equipment, software, fixtures and fittings and expenses relating to the Group's share schemes.
Admission – means the admission of the ordinary shares of the Company to the premium listing segment of the Official List and to trading on the London Stock Exchange's main market for listed securities which occurred on 26 July 2010.
AGM – means the Annual General Meeting of the Company, which will be held on 2 May 2018 at 10 am at Peterborough Court, 133 Fleet Street, London, EC4A 2BB.
American Depositary Receipts – means securities that have been created to permit US investors to hold shares in non-US companies and, in a Level 1 programme, to trade them on the over-the-counter market in the United States.
Annual Incentive Plan or AIP – means the Executive Director incentive plan for the Group applicable to a particular financial year.
Articles – means the articles of association of the Company.
Beauty MIP – means the management incentive plan for key management of Marie Claire Beauty Limited.
Board – means the Board of Directors of the Company or its subsidiaries from time to time as the context may require.
Brexit – means the UK's decision to leave the European Union following the referendum on 23 June 2016.
Chairman's Share Matching Award – means a one-off award of shares to Lord Rose, made in May 2013.
Cash LTIP – means the Company's cash-based Long Term Incentive Plan for senior employees.
Code – means the UK Corporate Governance Code published by the FRC in September 2014.
Companies Act – means the Companies Act 2006.
Company – means Ocado Group plc, a company incorporated in England and Wales with registered number 07098618 whose registered office is at Buildings 1 & 2 Trident Place, Hatfield Business Park, Mosquito Way, Hatfield, Hertfordshire, AL10 9UL.
Corporate Website – means www.ocadogroup.com.
CR – means Corporate Responsibility.
CSTM – means Customer Service Team Member, the title given to our customer facing delivery drivers.
Customer Fulfilment Centre or CFC – means a dedicated highly automated warehouse used for the operation of the business. The CFCs are: CFC1 in Hatfield, CFC2 in Dordon, CFC3 in Andover and CFC4 in Erith (under construction).
Deloitte – means Deloitte LLP, the Group's statutory auditor or the Group's advisers in respect of non-audit services.
Directors – means the Directors of the Company whose names and biographies are set out in the Directors' Report with the exception of Alex Mahon who was a director of the Company during the period but who retired from the Board following the period end, and Luke Jensen, who will join the Board with effect from 1 March 2018 or the Directors of the Company's subsidiaries from time to time as the context may require.
Directors' Remuneration Policy – means the Directors' remuneration policy that the Company which was approved by shareholders at the 2017 annual general meeting and which is set out in the Directors' Remuneration Report.
2014 Directors' Remuneration Policy – means the Directors' remuneration policy which was approved by shareholders at the 2014 annual general meeting and which is set out in the 2015 annual report and accounts and on the Company's corporate website at www.ocadogroup.com.
Disclosure Guidance and Transparency Rules – means the disclosure guidance and transparency rules made under Part VI of the Financial Services and Markets Act 2000 (as amended).
Distribution Costs – means all the costs incurred, excluding product costs, to the point of sale, usually the customer's home. This includes the payroll-related expenses for the picking, dispatch and delivery of product sold to the point of sale, the cost of making those deliveries, including fuel, tolls, maintenance of vehicles, the operating costs of the properties required for the picking, dispatch and onward delivery operations and all associated depreciation, amortisation and impairment charges, call centre costs and payment processing charges.
DPV – means deliveries per van per week.
EBITDAA – means the non-GAAP measure which Ocado has defined as earnings before net finance costs, taxation, depreciation, amortisation, impairment and exceptional itemsA.
EBT – as relating to the Income Statement, means earnings before tax. As relating to share schemes, means employee benefit trust.
EBT Trustee – means the trustee from time to time of the employee benefit trust established for the purposes of the JSOS, currently Estera Trust (Jersey) Limited.
EPS – means earning per share.
ESOS – means the HMRC-approved Ocado 2001 Executive Share Option Scheme and the Ocado 2001 Non-HMRC approved Executive Share Option Scheme.
Exceptional ItemsA – means items that due to their material and non-recurring nature have been classified separately in order to draw them to the attention of the reader of the financial statements.
Executive Directors – means Tim Steiner, Neill Abrams, Duncan Tatton-Brown and Mark Richardson.
Fabled.com – means the Group's premium beauty online store in collaboration with Marie Claire and Time Inc.
Fetch.co.uk – means the Group's dedicated online pet store.
Financial Period – means the 52-week period, or 53-week period where relevant, ending the closest Sunday to 30 November.
Financial Year or FY – see Financial Period.
FRC – means the Financial Reporting Council.
GAAP – means generally accepted accounting principles.
GDPR – means General Data Protection Regulation.
GHG – means greenhouse gas(es).
GIP – means the Growth Incentive Plan.
GMDC – means the General Merchandise Distribution Centre in Welwyn Garden City, a dedicated highly automated warehouse used for the operation of the business.
GPP – means the Ocado Group Pension Plan.
Gross SalesA – means sales (net of returns), including charges for delivery, before deducting relevant vouchers, offers and value added tax. Relevant vouchers and offers include money-off coupons, conditional spend vouchers and multi-buy offers, such as buy three for the price of two. This includes sales from ocado.com, fetch.co.uk, sizzle.co.uk and fabled.com.
Group – means Ocado Group plc, its subsidiaries, significant undertakings and affiliated companies under its control or common control.
HMRC – means Her Majesty's Revenue & Customs.
IAS – means International Accounting Standard(s).
IFRIC – means International Financial Reporting Standards Interpretations Committee.
IFRS – means International Financial Reporting Standard(s).
IGD – means the Institute of Grocery Distribution.
IP – means Intellectual Property.
ISA (UK & Ireland) – means International Standard on Auditing in the UK and Ireland.
John Lewis – means John Lewis plc, the parent company of Waitrose, incorporated in the UK with registered number 233462 whose registered office is at 171 Victoria Street, London, SW1E 5NN.
JSOS – means the Group's Joint Share Ownership Scheme. It comprises three issues called JSOS1, JSOS2 and JSOS3.
KPI – means key performance indicators.
KPMG – means KPMG LLP.
LIBOR – means the London Interbank Offered Rate.
Listing Rules – means the Listing Rules made by the UK Listing Authority under Part VI of the Financial Services and Markets Act 2000 (as amended).
LPP – means Low Price Promise, the Ocado vouchering scheme which entitles customers to receive discount vouchers where their shopping basket has cost more than it would have at selected competitors.
LTIP – means the Company's Long Term Incentive Plan for Executive Directors and selected senior managers.
Management Committee – means senior management responsible for managing the day-to-day operations of the business.
MHE – means mechanical handling equipment.
MHE JVCo – means MHE JVCo Limited, a company incorporated in the UK with registered number 8576462, whose registered office is at Buildings 1 & 2 Trident Place, Hatfield Business Park, Mosquito Way, Hatfield, AL10 9UL. MHE JVCo is jointly owned by a Group subsidiary and Morrisons.
Morrisons – means Wm Morrison Supermarkets PLC, a company incorporated in the UK with registered number 353949, whose registered office is at Hilmore House, Gain Lane, Bradford, West Yorkshire, BD3 7DL.
Morrisons.com – means Morrisons' online retail business.
Net Finance Costs – means finance income less finance costs. Finance income is composed principally of bank interest and other interest. Finance cost is composed of interest on bank loans and overdrafts, interest on finance leases and interest on other financing arrangements.
Non-Executive Directors – means the non-executive Directors of the Company designated as such in the Board of Directors.
Notice of Meeting – means the notice of the Company's AGM.
Ocado.com – means the Group's online retail business.
Ocado Council – means the Ocado forum used to consult with our employees.
Ocado Smart Platform or OSP – means the end-to-end solution for operating online in the grocery market, which has been developed by the Group.
Ocado Solutions - means the Group's Solutions business.
OPW – means orders per week.
Other Income – means primarily revenue for advertising services provided by Ocado to suppliers and other third parties on the Webshop, commission income and sublease payments. Other income is recognised in the period to which it relates on an accruals basis.
Participants – means eligible staff who participate in one of the Company's staff share schemes.
Prospectus – means the Company's prospectus dated 6 July 2010 prepared in connection with the Company's Admission.
PwC – means PricewaterhouseCoopers LLP, the Group's former statutory auditor or the Group's advisers in respect of non-audit services.
R&D – means Research and Development.
Revenue – means online sales (net of returns) through the Webshop and Ocado on the Go, including charges for delivery, but excluding relevant vouchers, offers and value added tax. The recharge of costs to Morrisons and fees charged to Morrisons and other solutions clients are also included in Revenue. Relevant vouchers and offers include money-off coupons, conditional spend vouchers and multi-buy offers, such as buy three for the price of two.
Senior Secured Notes or Notes - means the Company's offering of £250 million Senior Secured Notes due 2024 at a coupon of 4% and an issue price of 100%. For more details see Directors' Report.
Shareholder – means a holder for the time being of ordinary shares in the Company.
Sharesave Scheme or SAYE Scheme – means the Ocado employee savings-related share option plan approved by HMRC.
SIP – means the Share Incentive Plan.
Sizzle.co.uk – means the Group's dedicated online kitchen and dining store.
SKU – means a "stock keeping unit", that is each line of stock.
Smart Pass (previously Saving Pass) – means the Ocado pre-pay membership scheme which includes the delivery pricing scheme previously known as Delivery Pass and the discount membership scheme formerly known as Saving Pass.
Sourcing Agreement – means the various sourcing and branding agreements between Ocado, Waitrose and John Lewis.
Spoke – means the trans-shipment sites used for the intermediate handling of customers' orders.
Substitution – means an alternative product provided in place of the original product ordered by a customer.
TSR – means total shareholder return – the growth in value of a shareholding over a specified period, assuming that dividends are reinvested to purchase additional units of the stock.
UPH – means average units processed per labour hour.
USDAW – means the Union of Shop, Distributive and Allied Workers.
Waitrose – means Waitrose Limited, a company incorporated in the UK with registered number 00099405, whose registered office is at 171 Victoria Street, London, SW1E 5NN.
Webshop – means the customer facing internet-based virtual shop accessible via the websites www.ocado.com, www.fabled.com, www.fetch.co.uk and www.sizzle.co.uk.
See Alternative Performance Measures