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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Aga Rangemaster | LSE:AGA | London | Ordinary Share | GB00B2QMX606 | ORD 46 7/8P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 184.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
26th March 2015 AGA RANGEMASTER GROUP PLC 2014 ANNUAL REPORT & ACCOUNTS AGA Rangemaster Group plc (the "Company") has today posted or otherwise made available to shareholders the following documents: * Annual Report & Accounts for the year ended 31st December 2014 (`2014 Annual Report & Accounts'); * Notice of Annual General Meeting (`AGM Notice'); * Form of Proxy. The Company's 2015 Annual General Meeting will be held at Mallory Court Hotel, Harbury Lane, Leamington Spa, Warwickshire CV33 9QB on Thursday 30th April 2015 at 11.00am. In accordance with Listing Rule 9.6.1R a copy of each of these documents has been uploaded to the National Storage Mechanism and will be available for viewing shortly at www.hemscott.com/nsm.do. As required by Disclosure and Transparency Rule 6.3.5R, the Company confirms that the 2014 Annual Report & Accounts and the AGM Notice are now available to view or download in pdf format on the Company's website at www.agarangemaster.com/investor-relations. Copies of the above documents may be obtained directly from the Company Secretary at the Company's registered office: AGA Rangemaster Group plc, Juno Drive, Leamington Spa, Warwickshire CV31 3RG. The Company's 2014 Full Year Results announcement of 6th March 2015 contained a management report as well as the audited financial statements which were prepared in accordance with the applicable accounting standards. The 2014 Annual Report & Accounts contains information regarding the Company's key risks and uncertainties, related party transactions and a responsibility statement relating to the content of the 2014 Annual Report & Accounts. An extract of this information is provided below as required by Disclosure and Transparency Rule 6.3.5R, however this material should be read in conjunction with and is not a substitute for reading the full 2014 Annual Report & Accounts. Page numbers and cross-references in the following appendices refer to page numbers and cross-references in the 2014 Annual Report & Accounts. APPENDICES Appendix A: Key Risks and Uncertainties The key risks and uncertainties are set out on pages 18 and 19 of the 2014 Annual Report & Accounts. The unedited full text relating to these disclosures is set out below: Key risks and uncertainties The Group has a strong risk identification, evaluation and management process. The effectiveness of this process is regularly reviewed by the board as are the resultant risks and risk response plans. The Group's internal control and risk management policies are set out on pages 30 and 31. The following table sets out the principal risks and uncertainties that might impact on the Group's long-term performance and could cause actual results to differ materially from the expected and historical results. As the Group seeks to exploit new opportunities the profile of these risks might change and new risks, or risks that are currently deemed immaterial, may also impact the Group's profitability and its ability to meet its targets. RISK MITIGATION COMPETITION/MARKET EROSION The Group operates in a number of • We have differentiated, high quality competitive markets and as such the products and actively invest in new activities of our competitors can product development and design to adversely affect the Group. maintain our position. Competition in the market place particularly from online retailers can • Our `built from experience' campaign create pricing pressures. Further, the for Rangemaster highlights the quality heavy promotion of built-in cookers differentials. and new competitor products can impact demand. • Constant monitoring of our market position and competitor strategies. A significant downwards pressure on pricing and or a reduction in demand • Value engineering programmes assist might impact the Group's ability to with the maintenance and enhancement deliver its strategy and business of margin and pricing strategies plans. FINANCIAL COVENANTS AND FUNDING • Our bank facilities are sufficient The Group has bank facilities in place for our needs and do not mature until to support its operations and to August 2016. provide guarantees to cover future contributions to the pension scheme. • The Group keeps its bankers regularly informed of its progress A breach of banking covenants might against its strategy, business plans result in additional financial and financial covenants. operating restrictions being placed on the business and could have a wider • The Group focuses closely on cash impact including that with the trustee management. of the pension schemes. FINANCIAL INSTRUMENTS The Group has a global customer base • The Group's treasury policy sets the and an international supply chain. As framework for hedging foreign exchange such it is exposed to both foreign and interest rate risks. exchange and interest rate risks. Significant fluctuations can impact • The Group offsets currency flows profitability and cash flow. internally where possible and where appropriate puts in place foreign exchange contracts. GENERAL ECONOMIC CONDITIONS The Group's operations are sensitive • The Group tracks key economic to global economic conditions metrics for the markets in which it particularly the consumer and housing operates. The data is used to identify markets. Our exposure is most notable early signs of change enabling the in the UK, the USA and France. The UK Group to adjust its strategic plans is growing but consumer confidence and modify its investment priorities requires a sustained period of rising on a timely basis. household incomes to recover to pre-downturn levels. • The Group seeks to increase international sales and to reduce Improved global economic conditions individual market dependency. would bring benefits given the operational gearing of the Group whereas adverse conditions can result in reduced demand for our products. HEALTH, SAFETY AND ENVIRONMENTAL The safety of employees, customers and • We are committed to achieving the visitors to our premises is of highest standards. We conduct regular critical importance. As a business audits to ensure compliance with with a range of activities including relevant laws and regulations. We manufacturing, retail and off site review both incidents and `near services,the Group is exposed to a misses' to establish their root cause. number of health and safety risks. • We have a health and safety The Group is committed to adhering to executive committee of the board environmental standards set by with a focus on these aspects of the governments and other organisations. business. It recognises that an environmental incident could impact on the community • Accreditation to ISO 9001:2008, ISO in which we operate. Further, the 14001:2004 and BS OHSAS 18001:2007 environmental performance and ensures a framework is in place with reputation of our products may affect clear policies, procedures and audits. customer demand and the environmental performance of our operations impact • Our product development and value profitability and efficiency. engineering programmes help ensure product performance is continuously improved, taking advantage of new and emerging technologies. LEGAL AND REGULATORY Compliance with laws and regulations • The Group is committed to compliance is fundamental to the Group's success. with relevant laws and regulations and Changes to laws and regulatory sees this compliance as central to the requirements remain a source of both operations. risk and opportunity throughout the Group. In particular, changing • We monitor the legal and regulatory regulations in the EU and the USA in environment within the respect of the energy efficiency of countries in which we operate and products. maintain dialogue with relevant regulatory bodies. We take specialist public policy advice, if required. Management are tasked with ensuring that employees are aware of and comply with regulations and laws specific to their roles. • In respect of product regulations our design team maintains an ongoing development programme to ensure that our product range remains compliant. This programme produces ever improving products which are also a source of opportunity for the Group. PENSION SCHEME FUNDING The Group is the sponsor of a large • Following the triennial actuarial and mature defined benefit pension valuation undertaken as at 31st scheme and can be called on to meet December 2011 a deficit recovery plan funding deficits and make payments was agreed and in 2012 a £16 million under deficit recovery plans. contribution from cash held on deposit was made. Further deficit A formal actuarial valuation of the contributions of £4m in 2015 and scheme is undertaken at least rising to £10m in 2016 are due to be every three years. Such valuations made by the Group. can reveal an increased deficit that requires additional cash • The 2014 triennial actuarial contributions or guarantees from the valuation is now in preparation and Group. the Group will then discuss with the trustee of the pension scheme any The actuarial valuations are heavily required changes to the existing driven by prevailing gilt yields arrangements. which can be subject to market distortions or affected by government • The defined benefit scheme is closed action. As such, wide fluctuations in to new entrants and pensionable the appraised liabilities are possible salaries were frozen in 2009/10. The which in turn could severely constrain nature of current pension provision in the finances of the Group. the Group is kept under review. Deficit recovery plans need to be • Cash flows within the defined agreed with the trustee of the pension benefit scheme are closely monitored scheme who has to take the views and to link the requirements to pay powers of The Pensions Regulator into pensions with cash generated from the account. assets held. • The Group monitors market conditions and discusses with the trustee steps to strengthen the corporate covenant. • In 2014 the Group became subject to the UK pension auto- enrolment requirements and a new pensions vehicle has been put in place for this purpose. PEOPLE The Group requires skilled people to • The Group HR director oversees the enable it to develop fully and exploit Group's people strategy. This includes new opportunities both in the UK and an annual review of its succession and overseas. A failure to recruit quality personal development plans. The board personnel in a competitive market and is kept updated on key issues. develop existing talent might in time erode our competitive advantage. • Remuneration packages including fixed, variable and long-term elements Further, a failure to plan adequately and compensation arrangements are for succession could also damage the regularly benchmarked to ensure the future prospects of the Group. Group's remuneration policy remains in line with market practice. SUPPLY CHAIN The Group's manufacturing operations • We closely monitor our supply chain require the timely supply of quality and employ a range of strategies to parts and materials. reduce reliance on individual suppliers and minimise the impact of Supply chain disruptions can adversely potential supplier failures. impact the Group. Such disruptions include the failure of key suppliers • We conduct supplier audits to assess and environmental or industrial compliance with the terms of supply accidents. agreements including processes, product specifications and Quality issues in the supply chain can manufacturing conditions. also adversely impact the Group as faulty or substandard parts are unacceptable. Appendix B: Related Party Transactions The related party transactions are set out in note 28 to the Group accounts on page 83 of the 2014 Annual Report & Accounts. The unedited full text relating to these disclosures is set out below: The Group recharges the Group pension scheme with part of the cost of administration. The total amount recharged in the year to 31st December 2014 was £0.1m (2013: £0.1m) and this was included in the amount outstanding at the year end of £0.2m (2013: £0.1m). Key management's compensation The compensation of the key management team, including executive directors, at the balance sheet date is set out below: 2014 2013 £m £m Salaries and short-term benefits 1.4 1.6 Post employment benefits 0.1 0.1 Share based payments - 0.1 Total emoluments to key management 1.5 1.8 Appendix C: Responsibility Statement The 2014 Annual Report & Accounts contain a responsibility statement in compliance with DTR 4.1.12 signed by order of the board by W B McGrath, Chief Executive and S M Smith, Finance Director. The directors' responsibility statement is set out on page 50 of the 2014 Annual Report & Accounts for the Group. This statement is set out in unedited full text below. This states that on 6th March 2015, the date of approval of the 2014 Annual Report & Accounts, the directors confirm that to the best of their knowledge: * the financial statements, prepared in accordance with IFRS, give a true and fair view of the assets, liabilities, financial position and profit of the Company and the undertakings included in the consolidation taken as a whole; and * the strategic report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation as a whole, together with a description of the principal risks and uncertainties they face. The directors consider that the annual report and accounts, taken as a whole, having taken advice from the audit and risk committee, are fair, balanced and understandable and provides the information necessary for shareholders to assess the Group's performance, business model and strategy. For further information contact: P M Sissons Company Secretary AGA Rangemaster Group plc Telephone Number +44 (0)1926 455755
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