Consolidated statement of cash flows

for the 52 weeks ended 28 November 2010

Notes 52 weeks
ended
28 November
2010
£’000
52 weeks
ended
29 November
2009
£’000
Cash flows from operating activities
Loss before income tax (12,211) (25,509)
Adjustments for:
— Depreciation of property, plant and equipment 11 19,333 17,865
— Amortisation expense 10 4,474 4,743
— Impairment of property, plant and equipment 11 14 1,023
— (Profit)/loss on disposal of property, plant and equipment 6 (63) 33
— Provision for dilapidations expense 21 80 169
— Provision for insurance claims incurred but not reported 21 115
— Share-based payments charge 7 320 78
— Finance income 8 (1,502) (12)
— Finance costs 8 8,357 11,118
Changes in working capital:
— Increase in inventories (3,267) (106)
— Increase in trade and other receivables (1,897) (2,707)
— Increase in trade and other payables 4,791 10,135
Cash generated from operations 18,544 16,830
Interest paid (10,319) (12,740)
Net cash flows from operating activities 8,225 4,090
Cash flows from investing activities
Purchase of property, plant and equipment (14,681) (15,215)
Proceeds from sale of property, plant and equipment 87
Purchase of intangible assets (5,850) (4,389)
Increase in short-term investment (30,000)
Interest received 167 12
Net cash flows from investing activities (50,277) (19,592)
Cash flows from financing activities
Proceeds from the issue of ordinary share capital net of
transaction costs
210,104 29,129
Proceeds from borrowings 11,374 25,052
Repayment of borrowings (54,063) (28,374)
Proceeds from asset based financing arrangements 1,676 7,135
Repayments of obligations under finance leases (15,417) (10,280)
Net cash flows from financing activities 153,674 22,662
Net increase in cash and cash equivalents 111,622 7,160
Cash and cash equivalents at the beginning of the period 13,017 5,857
Cash and cash equivalents at the end of the period 16 124,639 13,017

Note:
A reverse acquisition took place on 9 February 2010. The financial information for the comparative period has been presented as if Ocado Group plc had been the parent company of the Group throughout (see Notes 2(a) and 2(b)).