Nationwide Accident Repair Svc Share Discussion Threads

[flyfisher] 29/3/2012 09:03

Aleman , as topvest observed , they use the corridor approach as permitted under old pension accounting. This is due to change at the end of this year with the introduction of IAS19R.
For more information just google ias19r and read a note on the amendments from one of the big accountancy firms.

[topvest] 29/3/2012 08:05

It's the corridor approach method - it is allowed, but not what most companies do. I don't like it either, but you can see what the deficit is in the accounts anyway. The corridor method smooths the deficit recognition I think.

[aleman] 29/3/2012 01:13

I've never seen pensions notes like NARS' before. What are "unrecognised actuarial losses" which, oddly, seems to be a credit which converts the deficit to a surplus in the balance sheet for each of the last 5 years? Anybody know?

I've not seen directors set the rates of return before, either. I know it's usually the trustees, which often are a majority of directors, but it seems odd to mention it in the notes that way.

I don't wish to be seen to be having a go at NARS or its shareholders. That is not my intention. I just think that pension accounting is flawed, with lots of different (inconsistent?) assumptions being made at different companies aggravating the prevailing swings in asset values that cause unrealistic measures of surplus or deficit to be set in stone in the balance sheet. We call it the tail wagging the dog but its more like the dog's tail is tied to something else wafting about. I'd like to know what it is that NARS is doing that seems to keep its pension in good shape.

[gutterhead] 28/3/2012 22:51

Results Monday.

[cjohn] 28/3/2012 19:11

I don't like the way they account for their pension liabilities on the balance sheet.

[yorkshiret] 26/3/2012 13:40

Hi all,

Just in case you haven't seen on the JCR thread, Just Car Clinics have published their 2011 results on their website.

Here is the link:

[bookbroker] 14/3/2012 09:46

Curious as to the replacement of Finance Director recently, hopefully not a pre-cursor to a kitchen sink job at forthcoming results, as new fellow not due to start until after results issued on the 02/04. I believe he starts on the 11th April or around that time, either previous bloke had enough or co. believes a change necessary, either way it's time some new ideas about the pretty dire underperformance needed, let's face it there seems to be not a lot less traffic on the roads, so must be sufficient repair work or they are just too bloody expensive and everyone is driving around with dents in their cars, so as to keep their future insurance premiums in check.

[bookbroker] 09/2/2012 22:32

It is to do with all that ice on the roads, no. of accidents been soaring in the last week.

[bend1pa] 26/1/2012 14:23

Suddenly plenty of medium to small size BUYS in the last few days, and very few SELLS, maybe the result of the TMF article, but no movement in price. Normally it doesn't take much trading to shift the price of these shares.

[speedsgh] 25/1/2012 15:07

NARS gets a positive mention in this Motley Fool article on AIM companies paying high dividends.

[gutterhead] 17/1/2012 19:56

Sharetips, Cant find it? could you cut and paste please :-)

Thanks

GH

[bend1pa] 13/1/2012 13:14

Hardly a single BUY in NARS to be seen since the holiday period. A lot of PIs becoming disillusioned and selling since the new year, at all-time lows that the share price has been making, so presumably at a loss. Personally I think these PIs may be making a mistake, but we'll see. The question remains whether that div is likely to be cut this year or next.

[sharetips] 09/1/2012 17:37

see the company tipped in cityconfidential last week - see www.cityconfidential.co.uk

[muffinhead] 02/1/2012 22:00

turn a goodwill writeoff into a pretax loss



H1 results £3 million pretax profit made
HI balance sheet £2.791 deferred tax liability
H2 ? another £3 million if performs in line with average last four years

£7.7 goodwill writeoff in final accounts 2011/12

"efficiency savings of £1.9m" should lead to a rapid turnaround for 2012/13 on improved margins

Management confident enough to mention final dividend 3.5p (payment June) in trading statement

[muffinhead] 25/11/2011 18:39

bend1pa

coincidence or not but £7.7 charge rhymes with the £7.77 company goodwill value carried on the balance sheet

? just a goodwill write off

redundancy, reorganisation and disposal costs may be £1.6m but the ongoing efficiency savings of £1.9m will improve margins. Also there could be property sale values to be realised

I don't detect any management procrastination here just prudent timely action. Autumn and winter always knocks the weak branchs off a tree

[deswalker] 25/11/2011 10:33

Would this be a good opportunity for North Atlantic to take it private ? They already own approx 32% IIRC and a bid back up at 85p might well work in this market.

[bend1pa] 25/11/2011 09:55

Yes, but they're taking a charge of £7.7m to the accounts because of these closures, so clearly the cost in cash must be expected to continue into future years, not just £1.9m for this year. Also the slowdown in their business can't be assumed just to be a one-off under current government policy. That leaves the door open for possible further rationalisation should things deteriorate further.

[yorkshiret] 24/11/2011 16:34

From the ABP Website

Nationwide - full details of site closures

Following the trading update issued to the City by Nationwide on Tuesday morning – see ABP news story of 22 November – further details have now emerged.

Nationwide has confirmed that a total of 8 sites are set to close, four sites were told on Friday and four sites informed on Wednesday:

Chatham
Lincoln
Llandudno
Matlock
Sale
Stourport
Stratford
Wednesbury

The staff affected are working through a consultation period with Nationwide trying to reemploy people in other areas of the business where positions are available.

In particular they are trying to allow the affected apprentices to finish their training with the company.

This reorganisation will still leave Nationwide with 62 sites and no further site closures are expected in the foreseeable future.

Their reorganisation will cost them £1.6m in cash this year, but will give on-going savings of £1.9m a year.

Nationwide expect to end the year with net cash of £4.5m and no debt.

[bend1pa] 24/11/2011 15:55

We are not into winter yet. If you meant 'mild autumn', it's been very mild, but freezing temperatures don't normally hit Britain until at least early November, so I don't buy into the 'mild autumn' excuse. It's been an exceptionally dry autumn, so that probably has some bearing on less accidents.