Investments in Group companies are valued at cost less accumulated impairment.
|Contributions to subsidiaries:|
|– Novation of derivative liability in respect of warrants issued by Ocado Limited||1.1||1.1|
|– Group share-based payments||48.1||34.9|
|Carrying value at end of period||525.7||512.5|
Investments represent investments in Group companies, Ocado Holdings Limited and Ocado Innovation Limited. A list of subsidiary undertakings held by the Company is disclosed in note 5.1 to the consolidated financial statements.
Subsidiaries are recharged for the amount recognised as share-based payments relating to awards to their employees. These are recognised as an increase in the investment in relevant subsidiaries in accordance with IFRS 2 "Share-based Payments".