We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Aston Martin Lagonda Global Holdings Plc | LSE:AML | London | Ordinary Share | GB00BN7CG237 | ORD GBP0.10 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.90 | -0.64% | 140.30 | 140.50 | 140.80 | 146.70 | 140.20 | 143.60 | 1,247,415 | 16:35:16 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Motor Vehicles & Car Bodies | 1.63B | -228.1M | -0.2769 | -5.07 | 1.16B |
Contributions are paid to provide for the cost of benefit accrual. The rate of contribution agreed with the Trustee is 16% (2013: 16%) paid by the employer plus 5% (2013: 5%) member contributions, in each case of pensionable earnings, and additional contributions as agreed with the Trustee. Contributions totalled GBP2.6 million at 31 December 2014 (2013: GBP2.8 million).
The funding position of the Fund is assessed every three years by an independent qualified actuary. Contributions are made at the funding rates recommended by the actuary and typically include adjustments to amortise any funding surplus or shortfall over a period. Amounts paid under the scheme are charged to Syndicate 2001 or other Group companies. The last completed formal valuation of the Fund was as at 31 March 2013 and was completed in June 2014 by Mr D Wilding, Fellow of the Institute of Actuaries, and used the projected unit credit actuarial method.
On 20 June 2014, the Group agreed a schedule of contributions with the Trustee, to run over ten years. The schedule requires four separate payments of GBP2.0 million to the Fund, followed by six separate payments of GBP1.2 million to the Fund. The present value of the future payments attributable to past service has been recognised as a liability at 31 December 2014, to the extent that the contributions will not be available after they are paid into the Fund through a refund or a reduction in future contributions.
The Group has also entered into an agreement with the Trustee to hold certain funds within an escrow account. The Group has made payments totalling GBP14.0 million to the escrow account, with the most recent made in May 2013, and it is now fully funded. Following the 2013 triennial actuarial valuation, the escrow account is being held as security against certain of the assumptions used in the valuation. Further details are provided in note 12(j).
Other schemes
Funding for the other schemes in operation is in accordance with related insurance arrangements and regulations described above.
Restriction to defined benefit asset due to asset ceiling
The Lloyd's Superannuation Fund's rules do not allow the Group to receive a refund of contributions in any circumstances. Therefore, the present value of the future payments has been recognised as a liability at 31 December 2014, to the extent that the contributions will not be available after they are paid into the Fund. A restriction to the defined benefit asset has therefore been recognised.
Risks to which the Group is exposed through its defined benefit schemes
The defined benefit schemes expose the Group to the following risks:
-- Changes in bond yields - The discount rate used in calculating the present value of the defined benefit obligation is based upon the yield of high-quality debt instruments issued by blue chip companies, with maturities consistent with those of the defined benefit obligations. A decrease in bond yields is likely to increase the defined benefit obligation.
-- Asset volatility - There is a risk that the return on the plan assets underperforms the yield on corporate bonds, thereby reducing the surplus or increasing the deficit.
-- Inflation risk - The defined benefit obligation is linked to inflation and therefore should the inflation rate increase, there will be an increase in the plan obligation.
-- Life expectancy - The present value of the defined benefit obligation is calculated based on certain mortality assumptions as stated below. An increase in the life expectancy of the plan participants will result in an increase in the defined benefit obligation.
-- Risk of insurer default - Where the schemes have entered into insurance arrangement, if the insurer is unable to meet its obligations, or if the contract is cancelled by either party; it will fall to the Group to provide the benefits to members in accordance with the relevant scheme assets.
Significant actuarial assumptions
The significant actuarial assumptions used as at 31 December 2014 were:
UK The Netherlands Belgium Switzerland % pa % pa % pa % pa Discount rate for pension benefits 3.6 2.1 1.4 1.0 Price inflation (CPI/RPI for UK) 2.1/3.1 2.0 1.9 1.3 Expected salary increases - general - 1.5-2.0 1.9 2.3 Indexation for active and formerly active employees - 1.0-1.5 - - ---------------------------------------------------- ------- --------------- ------- -----------
For the Lloyd's Superannuation Fund, there are no expected salary increases (2013: nil) because the plan participants' salaries have been capped at the date of buy out. They continue to accrue additional years' service but do not benefit from salary increases.
The significant actuarial assumptions used as at 31 December 2013 were:
UK The Netherlands Belgium Switzerland % pa % pa % pa % pa Discount rate for pension benefits 4.4 3.7 2.5 2.3 Price inflation (CPI/RPI for UK) 2.5/3.5 2.0 2.0 1.5 Expected salary increases - general - 2.0 2.0 2.5 Indexation for active and formerly active employees - 2.0 - - ---------------------------------------------------- ------- --------------- ------- -----------
The mortality assumptions used in the 31 December 2014 valuation included the following life expectancies:
UK The Netherlands Belgium Switzerland -------------------------------- Life expectancy (years) at age 60 for a member currently: Male Female Male Female Male Female Male Female -------------------------------- ---- ------ ----------- --------------- ------ -------- -------- ------------ Aged 60 28.2 30.0 26.8 28.0 26.7 30.9 26.4 29.0 Aged 45 29.7 31.6 27.9 28.8 26.7 30.9 27.7 30.3 -------------------------------- ---- ------ ----------- --------------- ------ -------- -------- ------------
The mortality assumptions used in the 31 December 2013 valuation included the following life expectancies:
UK The Netherlands Belgium Switzerland -------------------------------- Life expectancy (years) at age 60 for a member currently: Male Female Male Female Male Female Male Female -------------------------------- ---- ------ ----------- --------------- ------ -------- -------- ------------ Aged 60 28.0 29.4 26.8 28.0 26.7 30.9 26.3 28.9 Aged 45 30.0 31.0 27.9 28.8 26.7 30.9 27.7 30.3 -------------------------------- ---- ------ ----------- --------------- ------ -------- -------- ------------
Significant actuarial assumptions - sensitivities
The table below shows the impact on the defined benefit obligation that a change in certain key assumptions would have:
2014 2013 Assumption change GBPm GBPm (Increase)/decrease in discount rate by 0.25% (22.9)/25.5 (18.2)/20.5 (Decrease)/increase in inflation rate by 0.25% (9.7)/12.1 (10.9)/11.3 (Decrease)/increase in salary rate by 0.5% (1.3)/1.5 (0.5)/0.6 (Decrease)/increase in indexation rate by 0.5% (9.4)/11.5 (6.6)/7.6 (Decrease)/increase in life expectancy by one year (19.0)/19.0 (13.6)/13.5 -------------------------------------------------- ----------- -----------
The above sensitivities of the significant actuarial assumptions have been calculated by changing each assumption in turn whilst all remaining assumptions are held constant. The limitation of this sensitivity analysis is that in practice assumptions may be correlated and therefore are unlikely to change in isolation.
Analysis of scheme assets
The analysis of the scheme assets at the reporting date is as follows:
31 December 2014 31 December 2013 Quoted Unquoted Total Total Quoted Unquoted Total Total GBPm GBPm GBPm % GBPm GBPm GBPm % ------------------------------------------------------ ------ -------- ----- ----- ------ -------- ----- ----- Cash and cash equivalents - 13.7 13.7 2.6 - 15.8 15.8 3.4 Equity instruments United Kingdom 77.0 - 77.0 14.5 72.8 - 72.8 15.6 Europe 12.0 - 12.0 2.2 12.2 - 12.2 2.6 North America 30.6 - 30.6 5.7 27.0 - 27.0 5.8 Asia 6.6 - 6.6 1.2 5.5 - 5.5 1.2 Rest of World 6.6 - 6.6 1.2 8.1 - 8.1 1.7 Bonds
1 Year Aston Martin Lagonda Glo... Chart |
1 Month Aston Martin Lagonda Glo... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions