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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 | |
---|---|---|---|---|---|---|---|---|---|---|
6.50 | 4.88% | 139.70 | 139.20 | 139.90 | 140.30 | 133.00 | 133.00 | 365,016 | 09:45:47 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Motor Vehicles & Car Bodies | 1.63B | -228.1M | -0.2769 | -4.83 | 1.1B |
------------------------------------------------------ ----------- ----------- Basic net assets per share 356.8p 336.7p ------------------------------------------------------ ----------- ----------- Basic tangible net assets per share 304.1p 288.7p ------------------------------------------------------ ----------- -----------
Note: The calculation of Tangible net assets was amended in 2014 to incorporate an adjustment for Non-controlling interests included in the Equity attributable to owners of the Parent Company.
18. Subsidiaries and associates
a) Principal subsidiaries
The principal subsidiaries at 31 December 2014 which are consolidated in these financial statements are detailed below. Unless otherwise stated, the Group owns 100% of ordinary share capital and voting rights in these entities:
Subsidiaries Principal activity Registered in Allied Cedar Insurance Group Limited Intermediate holding company England and Wales Amlin AG Reinsurance company Switzerland Amlin Bermuda Holdings Limited Finance company Bermuda Amlin Corporate Member Limited Corporate member at Lloyd's England and Wales Amlin Corporate Services Group service, employing and intermediate Limited holding company England and Wales Amlin Europe N.V.(1) Insurance company The Netherlands Amlin Insurance (UK) Limited Insurance company England and Wales Amlin (Overseas Holdings) Limited Intermediate holding company England and Wales Amlin Plus Limited(2) Lloyd's coverholder England and Wales Amlin Singapore Pte Limited Lloyd's service company Singapore Amlin Underwriting Limited Lloyd's managing agency England and Wales Amlin Underwriting Services Limited Lloyd's coverholder England and Wales AUA Insolvency Risk Services Limited Regulated broker England and Wales JR Clare Underwriting Agencies Limited Lloyd's coverholder England and Wales Lead Yacht Underwriters Limited Lloyd's coverholder England and Wales Leadenhall Capital Partners LLP(3) Investment adviser and fund manager England and Wales RaetsMarine Insurance B.V. Broker The Netherlands ---------------------------- ----------------------------------------- -----------------
Note:
1. Pursuant to a merger agreement dated 27 March 2014, all the assets and liabilities of Amlin France Holdings SAS were transferred to Amlin France SAS. Following this merger, Amlin France SAS was wound up without liquidation effective 04 December 2014 and all its business operations and employees transferred into Amlin Europe NV
where it now operates as the French branch of Amlin Europe N.V.
2. The non-controlling interest in Amlin Plus Limited (40%) was acquired by the Group on 20 May 2014.
3. Amlin Group has a 75% share in Leadenhall Capital Partners LLP, effective from 23 October 2014, see note 3(a) for more details.
Some subsidiaries have been omitted from this statement to avoid providing particulars of excessive length but none materially affects the results or net assets of the Group.
b) Investments in associates
The Group owns interests in two associates: Miles Smith Holdings Limited and Manchester Underwriting Management Limited. The aggregate amount of the Group's share of profit after tax from investments in associates during the year is as follows:
2014 2013 GBPm GBPm Share of profit after tax of associates(1) 3.7 3.9 ------------------------------------------- ----- ----- Total comprehensive income 3.7 3.9 ------------------------------------------- ----- ----- Investment in associates(2) 7.0 12.5 ------------------------------------------- ----- ----- Total assets 7.0 12.5 ------------------------------------------- ----- -----
Notes:
1. Includes the Group's share of profit from its investment in Leadenhall Capital Partners LLP of GBP3.4 million (2013: GBP3.6 million) prior to the Group acquiring a controlling
interest.
2. Includes the Group's equity accounted investment in Leadenhall Capital Partners LLP of GBPnil (2013: GBP5.7 million) prior to the Group acquiring a controlling interest.
At 31 December 2014, the Group had an aggregate balance receivable from associates, excluding loans as detailed below, of GBP4.2 million (2013: GBP6.4 million). No amounts were provided for doubtful recovery of outstanding balances and no expense was recognised during the year in respect of bad or doubtful debts due from associates.
The Group's loan to Miles Smith Holdings Limited of GBP0.2 million was settled during the year (2013: GBP0.2 million). Convertible loan stock of GBP0.7 million (2013: GBP0.7 million) has been issued by the associate to the Group. The conversion date is 31 December 2015. Interest on the convertible loan stock is accrued at 5.0% over five-year gilts.
The Group has a loan to Manchester Underwriting Management Limited of GBP2.2 million (2013: GBP2.7 million). The loan is repayable in full on dates between 1 January 2015 and 21 November 2018. Interest is charged at rates between 5.0% and 5.5% above the Bank of England base rate.
c) Interests in unconsolidated structured entities
As per note 12(b), the Group holds financial investments in certain pooled vehicles which are typically sub-funds of umbrella structures. These sub-funds meet the definition of structured entities under IFRS 10 as voting and similar rights are not the dominant factor in determining who controls the entity. Decision making at the sub-fund level is typically restricted to administrative tasks only, and instead it is the voting rights at the umbrella level which determines the control of the sub-funds.
The investments which meet the definition of structured entities are the Group's investments in pooled vehicles - liquidity funds and pooled vehicles - bonds and LIBOR plus funds, as listed in note 12(g). The funds under management with each of the fund managers in these pooled vehicles are also included within the same note. These amounts are recorded within financial assets on the Group's consolidated statement of financial position.
The maximum exposure to loss from the Group's interests in unconsolidated structured entities is 100% of the funds invested in those entities, should the fair value of the assets held deteriorate to nil.
The Group has provided no financial or other support to any unconsolidated structured entities in the period outside of transactions in the ordinary course of investment management, and has no current intentions to do so.
d) Subsidiaries exempt from statutory audit
The subsidiaries at 31 December 2014 which are consolidated in these financial statements but are exempt from statutory audit are detailed below. The Group owns 100% of ordinary share capital and voting rights in these entities:
Subsidiaries Principal activity Status Registered in ========================== ======================= ======= ======================== Amlin Netherlands Holdings Intermediate holding Active The Netherlands BV company Amlin Reinsurance Managers Reinsurance company Active United States of America Inc. Haven Knox-Johnston Lloyd's service company Dormant England and Wales Limited Just Law Limited Service company Dormant England and Wales St Margaret's Insurance Intermediate holding Dormant England and Wales Services Limited company Summit Insurance Group Insurance company Dormant England and Wales ========================== ======================= ======= ========================
19. Contingent liabilities
Aside from the escrow account entered into with the Trustee of the Lloyd's Superannuation Fund defined benefit pension scheme, as described in note 16(a), and the contingent consideration relating to the acquisition of Leadenhall Capital Partners LLP, as described in note 3(a), the Group has no material contingent liabilities at 31 December 2014 (2013: GBPnil).
20. Commitments
a) Capital commitments
The Group has agreed to redeem the US$50.0 million subordinated debt in March 2015 as described in note 12(e). In addition to the commitments made to RaetsMarine Insurance B.V. below and to Leadenhall Capital Partners LLP as described in note 3(a), the Group has made a contractual commitment for the construction of a new office building (Victoria Road, Chelmsford) at 31 December 2014 of GBP3.6 million (2013: GBP13.5 million).
The Group has also made commitments to subscribe to property funds at 31 December 2014 of GBP68.6 million (2013: GBP41.5 million) in the normal course of investment activities.
b) Operating lease commitments
The Group leases various offices under operating lease agreements. The Group is required to give notice for the termination of these agreements. The lease expenditure charged to the consolidated statement of profit or loss during the year is GBP9.9 million (2013: GBP9.6 million), as disclosed in note 7(g).
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