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D&A much higher than capex
Ocado issued it's half year results 2 days ago and there's been alot of news in the press about the fact it's made it's first ever real profit (7.4m) in the last decade.
On the CF statement its showing 23.4m of d&a etc and 17.6m in capex. PPE on the balance sheet has only gone up by 2.1m. Trade receivables have gone up 2.6m on the BS but are showing as 8.7m on the cash flow statement. They are capitalizing 7.4m of development costs which are roughly the same amount every year. I can't seem to make the numbers add up, but notice that they say that the sale & leaseback deal had a 5m positive impact on ebitda as they claim it back from Morrisons (below).
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