Ocado Investor Day Presentation Deck
Technology Solutions: route to strong positive cash flows
Improving operating efficiency and lower fixed costs reduce the number of CFCs operating at maturity required to
reach FCF breakeven whilst funding 10 CFC build out per year
FY21 cost base and contribution profile
Assuming target cost base and contribution profile
O
56% contribution margin
o £89m Central support costs
o £255m technology cost
o 14% of sales CFC capex intensity
inflows (£m)
FCF breakeven
outflows (£m)
Break-even
c80 mature CFCs
751
Capex
Note: assuming working capital impact not material in mid-term
Upfront fees
o 70% contribution margin
O c£90m Central support costs
o c£200m technology cost
o <12% of sales CFC capex intensity (Re: Imagined)
Break-even
c50 mature CFCs
c.600
Required EBITDA for FCF breakeven
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