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Share Name | Share Symbol | Market | Type |
---|---|---|---|
XL Fleet Corp | NYSE:XL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.14 | 0 | 01:00:00 |
Date of Report (Date of earliest event reported): | February 3, 2016 |
Ireland | 1-10804 | 98-0665416 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
XL House, 8 St. Stephen's Green, Dublin, Ireland | 2 | |
(Address of principal executive offices) | (Zip Code) |
Not Applicable |
(Former name or former address, if changed since last report) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description |
99.1 | Press Release ("XL Group plc Announces Fourth Quarter and Full Year 2015 Results"), dated February 3, 2016 |
XL Group plc (Registrant) | ||
By: | /s/ Kirstin Gould | |
Name: Kirstin Gould Title: General Counsel and Secretary |
• | Operating net income1 of $195.0 million, or $0.65 per share, for the quarter and $706.0 million, or $2.43 per share, for the full year on a fully diluted basis |
• | Net income attributable to ordinary shareholders, and net income attributable to ordinary shareholders excluding the impact of the GreyCastle Life Retro Arrangements,2 of $228.6 million and $173.0 million, respectively, for the quarter and $1.2 billion and $982.1 million, respectively, for the full year |
• | P&C combined ratio of 92.3% for the quarter compared to 84.5% in the prior year quarter, and a full year P&C combined ratio of 92.0% compared to 88.2% in the prior year |
• | Operating return on average ordinary shareholders' equity3 excluding and including average unrealized gains and losses on investments for the full year was 7.3% and 6.5% respectively. Excluding integration costs these return rates would be 8.9% and 7.9%, respectively. |
• | Natural catastrophe pre-tax losses net of reinsurance and reinstatement premiums in the quarter of $107.8 million, compared to $31.7 million in the prior year quarter, and $213.2 million for the full year compared to $113.3 million in the prior year |
• | Integration costs related to the combination with Catlin Group Limited ("Catlin") totaled $73.3 million in the quarter and $156.4 million in the full year |
• | Earnings in the quarter from affiliates were $14.7 million, compared to $33.5 million in the prior year quarter, due primarily to the impact of continuing market volatility on the portfolio |
• | Fully diluted tangible book value per ordinary share4 of $31.52 at December 31, 2015, a decrease of $0.43, or 1.3%, from September 30, 2015 |
• | Share buybacks totaled 4.7 million shares and $176.7 million during the quarter and 12.4 million shares and $466.7 million for the full year |
Highlights | |||||||||||||||
Year Ended December 31 | |||||||||||||||
(U.S. dollars in thousands, except per share amounts) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
(Unaudited) | (Unaudited) (Note 1) | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Operating net income (loss) | $ | 195,029 | $ | 293,927 | $ | 705,994 | $ | 999,241 | |||||||
Per ordinary share-fully diluted | $ | 0.65 | $ | 1.12 | $ | 2.43 | $ | 3.68 | |||||||
Net income (loss) attributable to ordinary shareholders | $ | 228,550 | $ | 139,499 | $ | 1,207,152 | $ | 188,340 | |||||||
Per ordinary share-fully diluted | $ | 0.76 | $ | 0.53 | $ | 4.15 | $ | 0.69 | |||||||
Note 1: The Company's results for the twelve months ended December 31, 2015 include those of Catlin Group Limited from May 1, 2015 |
• | Operating net income of $195.0 million for the quarter decreased compared to operating net income of $293.9 million in the prior year quarter. The current quarter includes approximately $73.3 million in integration costs as well as $107.8 million in natural catastrophe losses compared to $31.7 million in natural catastrophe losses in the prior year quarter. |
• | Operating income excludes the $35.0 million loss associated with the retrocession of the Company's US term life reinsurance business in the fourth quarter. |
• | Net income (loss) attributable to ordinary shareholders of $228.6 million for the quarter increased compared to $139.5 million in the prior year quarter. |
• | Net investment income for the quarter was $215.5 million, compared to $226.2 million in the prior year quarter and $225.1 million in the third quarter of 2015. Net investment income excluding the Life Funds Withheld Assets for the quarter was $171.9 million, compared to $172.3 million in the prior year quarter and $178.6 million in the third quarter of 2015. |
• | Net income from affiliates was $14.7 million for the quarter, compared to net income of $33.5 million in the prior year quarter. This decrease was driven primarily by our hedge fund and investment manager affiliates resulting from the impact of market volatility. |
• | An income tax benefit of $39.3 million in the quarter and $19.2 million for the full year was driven by the combination of the jurisdictions in which the profits and losses have occurred across the Company's global operations, and the tax benefit recognized as a result of the restructuring of legacy Catlin's U.S. operations. |
• | Fully diluted tangible book value per ordinary share decreased by $0.43 from the prior quarter to $31.52, driven by the decrease in our unrealized gains on investments and our payment of dividends, partially offset by net income. |
• | Share buybacks totaled 4.7 million shares and $176.7 million during the quarter. At December 31, 2015, $703.3 million of ordinary shares remained available for purchase under our share buyback program. |
P&C Operations | |||||||||||||||
Year Ended December 31 | |||||||||||||||
(U.S. dollars in thousands) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
(Unaudited) | (Unaudited) (Note 1) | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Gross premiums written | $ | 2,527,766 | $ | 1,620,620 | $ | 10,669,009 | $ | 7,761,490 | |||||||
Net premiums written | $ | 1,878,792 | $ | 1,200,097 | $ | 7,888,824 | $ | 5,767,209 | |||||||
Net premiums earned | $ | 2,375,155 | $ | 1,413,161 | $ | 8,164,184 | $ | 5,717,438 | |||||||
Underwriting profit (loss) | $ | 183,458 | $ | 218,850 | $ | 653,191 | $ | 676,046 | |||||||
Loss ratio | 58.1 | % | 52.3 | % | 58.4 | % | 57.0 | % | |||||||
Underwriting expense ratio | 34.2 | % | 32.2 | % | 33.6 | % | 31.2 | % | |||||||
Combined ratio | 92.3 | % | 84.5 | % | 92.0 | % | 88.2 | % | |||||||
Note 1: The Company's results for the twelve months ended December 31, 2015 include those of Catlin Group Limited from May 1, 2015 |
• | P&C gross premiums written (“GPW”) in the fourth quarter increased 56.0% compared to the prior year quarter following the combination with Catlin. |
• | The Insurance segment GPW increased 58.8% from the prior year quarter primarily due to the combination with Catlin. Excluding the impacts of the additional Catlin business and foreign exchange, the segment experienced an increase of 3.2%. Renewed premium was higher than in prior year quarter driven by our Global Risk Management, Cyber and Marine lines. In those lines where premium rates did not support our target returns, new and renewal premiums were reduced. |
• | The Reinsurance segment GPW also increased 30.3% from the prior year quarter, albeit on a light renewal quarter, primarily due to the combination with Catlin. This was partially offset by the timing of renewals, particularly a large quota share which was extended and renewed at January 1, 2016. |
• | P&C net premiums earned (“NPE”) in the fourth quarter of $2.4 billion were comprised of $1.64 billion from the Insurance segment and $734.9 million from the Reinsurance segment. |
• | The P&C loss ratio in the current quarter was 5.8 percentage points higher than in the prior year quarter. Included in the P&C loss ratio was favorable development of $121.2 million compared to $96.7 million in the prior year quarter. The P&C loss ratio variance was impacted by natural catastrophe pre-tax losses net of reinsurance and reinstatement premiums of $107.8 million, compared to $31.7 million in the prior year quarter. Excluding prior year development and natural catastrophe losses the fourth quarter P&C loss ratio was 1.7% higher than the prior year quarter driven in part by several large losses. |
• | The P&C combined ratio excluding prior year development and the impact of natural catastrophe losses for the quarter was 92.8%, compared to 89.1% for the prior year quarter. The Insurance segment combined ratio on this basis was 95.7% for |
• | Excluding Catlin related transaction and integration costs, ongoing operating expenses were 37.1% higher than the prior year quarter primarily due to the impact of the combination with Catlin. However, overall run rate expenses for the quarter continue to indicate that synergy savings are being achieved in line or ahead of expectations. The operating expense ratio decreased by 3.3% to 16.9% in the current quarter, compared to 20.2% in the prior year quarter. |
XL Group plc | ||||||||||||||||
SUMMARY CONSOLIDATED FINANCIAL DATA | ||||||||||||||||
(U.S. dollars in thousands) | ||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||
Adjusted Income statement and other data (Note 1): | December 31, | December 31, | ||||||||||||||
(Unaudited) | (Unaudited) (Note 2) | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Adjusted Revenues (Note 1): | ||||||||||||||||
Net premiums written | $ | 1,890,455 | $ | 1,223,161 | $ | 7,951,063 | $ | 5,944,841 | ||||||||
Net premiums earned | $ | 2,386,820 | $ | 1,436,225 | $ | 8,226,425 | $ | 5,895,070 | ||||||||
Net investment income - excluding Life Funds Withheld Assets (Note 1) | 171,887 | 172,297 | 684,881 | 789,050 | ||||||||||||
Net realized gains (losses) on investments sold - excluding Life Funds Withheld Assets (Note 1) | 11,245 | 13,105 | 19,997 | 122,991 | ||||||||||||
Net realized and unrealized (losses) gains on derivative instruments | (4,004 | ) | 11,346 | 53,123 | 29,886 | |||||||||||
Income (loss) from investment fund affiliates | 10,329 | 20,330 | 73,320 | 95,816 | ||||||||||||
Fee income and other | 10,106 | 11,688 | 33,201 | 43,630 | ||||||||||||
Total adjusted revenues | $ | 2,586,383 | $ | 1,664,991 | $ | 9,090,947 | $ | 6,976,443 | ||||||||
Adjusted Expenses (Note 1): | ||||||||||||||||
Net losses and loss expenses incurred - P&C operations | $ | 1,380,893 | $ | 739,420 | $ | 4,766,200 | $ | 3,258,393 | ||||||||
Claims and policy benefits - run-off Life operations | 51,950 | 23,976 | 115,997 | 242,963 | ||||||||||||
Acquisition costs | 412,962 | 171,203 | 1,317,448 | 738,118 | ||||||||||||
Operating expenses | 563,713 | 354,892 | 1,969,219 | 1,339,705 | ||||||||||||
Exchange (gains) losses | (16,201 | ) | (37,765 | ) | 27,292 | (27,469 | ) | |||||||||
Extinguishment of debt | 5,592 | — | 5,592 | — | ||||||||||||
Interest expense | 52,181 | 34,229 | 205,215 | 134,106 | ||||||||||||
Total adjusted expenses | $ | 2,451,090 | $ | 1,285,955 | $ | 8,406,963 | $ | 5,685,816 | ||||||||
Income (loss) before income tax, income (loss) from operating affiliates, and GreyCastle Life Retro Arrangements (Note 1) | $ | 135,293 | $ | 379,036 | $ | 683,984 | $ | 1,290,627 | ||||||||
Net income (loss) from operating affiliates | 4,414 | 13,174 | 44,740 | 107,218 | ||||||||||||
Provision (benefit) for income tax, excluding amount related to loss on sale of life reinsurance subsidiary (Note 1) | (39,296 | ) | 38,173 | (19,161 | ) | 141,997 | ||||||||||
Gain on sale of operating affiliate | — | — | 340,407 | — | ||||||||||||
Net income (loss) before GreyCastle Life Retro Arrangements (Notes 1 and 3) | 179,003 | 354,037 | 1,088,292 | 1,255,848 | ||||||||||||
Contribution from GreyCastle Life Retro Arrangements (Note 1) | 55,576 | (211,064 | ) | 225,047 | (365,687 | ) | ||||||||||
Loss on sale of life reinsurance subsidiary, net of tax (Note 1) | — | — | — | 621,323 | ||||||||||||
Net income (loss) | 234,579 | 142,973 | 1,313,339 | 268,838 | ||||||||||||
Non-controlling interests | 6,029 | 3,474 | 106,187 | 80,498 | ||||||||||||
Net income (loss) attributable to ordinary shareholders | 228,550 | 139,499 | 1,207,152 | 188,340 | ||||||||||||
Other comprehensive income - Contribution from GreyCastle Life Retro Arrangements (Note 1) | (55,576 | ) | 211,064 | (225,047 | ) | 365,687 | ||||||||||
Other comprehensive income - P&C, Corporate and Other | (212,890 | ) | 41,465 | (572,795 | ) | 382,114 | ||||||||||
Comprehensive Income | $ | (39,916 | ) | $ | 392,028 | $ | 409,310 | $ | 936,141 | |||||||
Note 1: This presentation includes non-GAAP financial measures, as income and expense items related to the GreyCastle Life Retro Arrangements are excluded from revenues and expenses and shown above in "Contribution from GreyCastle Life Retro Arrangements". Investment results for the Life Funds Withheld Assets - including interest income, unrealized gains and losses, and gains and losses from sales - are passed directly to the reinsurer pursuant to a contractual arrangement which is accounted for as a derivative. Changes in the fair value of the embedded derivative associated with these GreyCastle Life Retro Arrangements are also grouped above within "Contribution from GreyCastle Life Retro Arrangements". | ||||||||||||||||
Note 2: The Company's results for the year ended December 31, 2015 include those of Catlin from May 1, 2015 | ||||||||||||||||
Note 3: "Net income (loss) before GreyCastle Life Retro Arrangements" less "Non-controlling interests" is equal to "Net income (loss) attributable to ordinary shareholders excluding Contribution from GreyCastle Life Retro Arrangements" reported on page 8. |
XL Group plc | |||||||
SUMMARY CONSOLIDATED FINANCIAL DATA | |||||||
Selected balance sheet data: | |||||||
(U.S. dollars in thousands except share and per share amounts) | At | At | |||||
December 31, 2015 | December 31, 2014 | ||||||
(Unaudited) | (Note 1) | ||||||
Total investments available for sale | $ | 33,753,898 | $ | 30,484,053 | |||
Cash and cash equivalents | 3,256,236 | 2,521,814 | |||||
Investments in affiliates | 1,708,899 | 1,637,620 | |||||
Unpaid losses and loss expenses recoverable | 5,262,706 | 3,429,368 | |||||
Goodwill and other intangible assets | 2,210,266 | 447,952 | |||||
Total assets | 58,682,938 | 45,046,819 | |||||
Unpaid losses and loss expenses | 25,439,744 | 19,353,243 | |||||
Deposit liabilities | 1,168,376 | 1,245,367 | |||||
Future policy benefit reserves | 4,163,500 | 4,707,199 | |||||
Funds withheld liability on GreyCastle Life Retro Arrangements, net of future policy benefit reserves recoverable | 914,629 | 1,155,016 | |||||
Unearned premiums | 7,043,358 | 3,973,132 | |||||
Notes payable and debt | 2,644,970 | 1,662,580 | |||||
Total shareholders’ equity | 13,654,463 | 11,435,766 | |||||
Ordinary shareholders' equity | 11,677,079 | 10,033,751 | |||||
Ordinary shares outstanding (Note 2) | 294,783,992 | 255,222,835 | |||||
Basic book value per ordinary share (Note 3) | $ | 39.61 | $ | 39.31 | |||
Fully diluted book value per ordinary share (Note 3) | $ | 38.87 | $ | 38.51 | |||
Fully diluted tangible book value per ordinary share (Note 3) | $ | 31.52 | $ | 36.79 | |||
Note 1: Certain items have been reclassified to conform to the current period presentation. | |||||||
Note 2: Ordinary shares outstanding include all ordinary shares issued and outstanding (as disclosed on the face of the balance sheet) as well as all director share units outstanding. | |||||||
Note 3: Book value per ordinary share, fully diluted book value per ordinary share and fully diluted tangible book value per ordinary share are non-GAAP financial measures. Fully diluted book value per ordinary share represents book value per ordinary share (total shareholders’ equity less non-controlling interest in equity of consolidated subsidiaries, divided by the number of outstanding ordinary shares at any period end) combined with the dilutive impact of potential future share issuances at any period end. Fully diluted tangible book value per ordinary share is calculated in the same manner as fully diluted book value per ordinary share except that goodwill and intangible assets are excluded from ordinary shareholders’ equity. |
(U.S. dollars in thousands except share and per share amounts) | Three Months Ended | Year Ended | |||||||||||||
December 31, | December 31, | ||||||||||||||
(Unaudited) | (Unaudited) (Note 2) | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(Note 1) | (Note 1) | ||||||||||||||
Net income (loss) attributable to ordinary shareholders | $ | 228,550 | $ | 139,499 | $ | 1,207,152 | $ | 188,340 | |||||||
Net realized and unrealized (gains) losses on life retrocession embedded derivative and derivative instruments - Life Funds Withheld Assets | 35,358 | 269,412 | 151,691 | 488,222 | |||||||||||
Net realized (gains) losses on investments and net unrealized (gains) losses on investments, Trading - Life Funds Withheld Assets | (36,668 | ) | 1,910 | (182,181 | ) | 15,529 | |||||||||
Net investment income - Life Funds Withheld Assets | (43,620 | ) | (53,936 | ) | (187,489 | ) | (129,575 | ) | |||||||
Foreign exchange revaluation (gains) losses on and other income and expense items related to Life Funds Withheld Assets | (10,646 | ) | (6,322 | ) | (7,068 | ) | (8,489 | ) | |||||||
Loss on sale of life reinsurance subsidiary, net of tax | — | — | — | 621,323 | |||||||||||
Net income (loss) attributable to ordinary shareholders excluding Contribution from GreyCastle Life Retro Arrangements (Note 3) | $ | 172,974 | $ | 350,563 | $ | 982,105 | $ | 1,175,350 | |||||||
Net realized (gains) losses on investments sold - excluding Life Funds Withheld Assets, net of tax | (8,689 | ) | (19,861 | ) | (12,432 | ) | (124,759 | ) | |||||||
Net realized and unrealized (gains) losses on derivatives, net of tax | 3,453 | (11,347 | ) | (53,577 | ) | (29,884 | ) | ||||||||
Net realized and unrealized (gains) losses on investments and derivatives related to the Company's insurance company affiliates, net of tax | 1,493 | 1,743 | 2,732 | (985 | ) | ||||||||||
Exchange (gains) losses, net of tax | (15,380 | ) | (27,171 | ) | 23,347 | (20,481 | ) | ||||||||
Expenses related to Catlin acquisition | 1,700 | — | 64,748 | — | |||||||||||
Gain on sale of operating affiliate | — | — | (340,407 | ) | — | ||||||||||
Loss on Other Life Retro Arrangements, net of tax | 34,986 | — | 34,986 | — | |||||||||||
Extinguishment of debt, net of tax | 4,492 | — | 4,492 | — | |||||||||||
Operating net income (loss) (Note 4) | $ | 195,029 | $ | 293,927 | $ | 705,994 | $ | 999,241 | |||||||
Per ordinary share results: (Note 5) | |||||||||||||||
Net income (loss) attributable to ordinary shareholders | $ | 0.76 | $ | 0.53 | $ | 4.15 | $ | 0.69 | |||||||
Operating net income (loss) (Note 4) | $ | 0.65 | $ | 1.12 | $ | 2.43 | $ | 3.68 | |||||||
Weighted average ordinary shares outstanding: | |||||||||||||||
Basic | 297,138,797 | 257,040,133 | 286,194,248 | 267,103,032 | |||||||||||
Diluted - Net income | 302,298,268 | 262,146,892 | 290,998,857 | 271,526,525 | |||||||||||
Diluted - Operating net income | 302,298,268 | 262,146,892 | 290,998,857 | 271,526,525 | |||||||||||
Return on ordinary shareholders' equity: | |||||||||||||||
Closing ordinary shareholders' equity (Note 6) | 11,677,079 | 10,033,751 | 11,677,079 | 10,033,751 | |||||||||||
Closing unrealized (gain) loss on investments, net of tax (Note 7) | $ | (745,592 | ) | $ | (1,514,067 | ) | $ | (745,592 | ) | $ | (1,514,067 | ) | |||
Average ordinary shareholders' equity excluding average unrealized gains (losses) on investments, net of tax (Note 5) | $ | 10,932,084 | $ | 8,553,806 | $ | 9,725,585 | $ | 8,892,037 | |||||||
Average ordinary shareholders' equity (Note 6) | $ | 11,807,654 | $ | 9,937,403 | $ | 10,855,415 | $ | 10,015,692 | |||||||
Operating net income (loss) (Note 4) | $ | 195,029 | $ | 293,927 | $ | 705,994 | $ | 999,241 | |||||||
Annualized operating net income (loss) (Note 4) | $ | 780,116 | $ | 1,175,708 | $ | 705,994 | $ | 999,241 | |||||||
Annualized operating return on average ordinary shareholders' equity (Notes 4 and 6) | 6.6 | % | 11.8 | % | 6.5 | % | 10.0 | % | |||||||
Annualized operating return on average ordinary shareholders' equity excluding average unrealized gains and losses on investments (Notes 4 and 6) | 7.1 | % | 13.7 | % | 7.3 | % | 11.2 | % |
Note 1: Certain amounts have been reclassified to conform to the current period presentation. | |||||||||||||||
Note 2: The Company's results for the year ended December 31, 2015 include those of Catlin from May 1, 2015. | |||||||||||||||
Note 3: Investment results for the Life Funds Withheld Assets - including interest income, unrealized gains and losses, and gains and losses from sales - are passed directly to the reinsurer pursuant to a contractual arrangement which is accounted for as a derivative. Changes in the fair value of the embedded derivative associated with these GreyCastle Life Retro Arrangements are grouped within "Net realized and unrealized (gains) losses on life retrocession embedded derivative and derivative instruments - Life Funds Withheld Assets" in the reconciliation above. | |||||||||||||||
Note 4: Defined as net income (loss) attributable to ordinary shareholders excluding: (1) our net investment income - Life Funds Withheld Assets, net of tax, (2) our net realized (gains) losses on investments sold - excluding Life Funds Withheld Assets, net of tax, (3) our net realized (gains) losses on investments sold (including OTTI) and net unrealized (gains) losses on investments, Trading - Life Funds Withheld Assets, (4) our net realized and unrealized (gains) losses on derivatives, net of tax, (5) our net realized and unrealized (gains) losses on life retrocession embedded derivative and derivative instruments - Life Funds Withheld Assets, (6) our share of items (2) and (4) for XL's insurance company affiliates for the periods presented, (7) our foreign exchange (gains) losses, net of tax, (8) our expenses related to the Catlin acquisition, net of tax, (9) our gain on sale of our interest in our operating affiliate, ARX, and (10) our loss on the GreyCastle Life Retro Arrangement, net of tax, (11) our loss on the Other Life Retro Arrangements and (12) our loss on the early extinguishment of the notes assumed in conjunction with the Catlin acquisition. In addition to presenting net income (loss), we believe that showing "operating net income (loss)", "operating return on average ordinary shareholders' equity" and "operating return on average ordinary shareholders' equity excluding average unrealized gains and losses on investments" enables investors and other users of our financial information to analyze our performance in a manner similar to how we analyze our performance. In this regard, we believe that providing only a GAAP presentation of net income (loss) would make it more difficult for users of our financial information to evaluate our underlying business. We also believe that equity analysts and certain rating agencies that follow us (and the insurance industry as a whole) exclude these items from their analyses for the same reasons, and they request that we provide this non-GAAP financial information on a regular basis. A reconciliation of our net income (loss) attributable to ordinary shareholders to operating net income (loss) is provided above. | |||||||||||||||
Note 5: Diluted weighted average number of ordinary shares outstanding is used to calculate per share data except where it is anti-dilutive to earnings per share or where there is a net loss. When it is anti-dilutive or when a net loss occurs, basic weighted average ordinary shares outstanding is utilized in the calculation of net loss per share and net operating loss per share. | |||||||||||||||
Note 6: Ordinary shareholders’ equity is defined as total shareholders’ equity less non-controlling interest in equity of consolidated subsidiaries. | |||||||||||||||
Note 7: Unrealized (gain) loss on investments, net of tax is the cumulative impact of mark to market fluctuations on our investment portfolio that have not been realized through sales. | |||||||||||||||
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