AR11 pages 54 to 64 (inc) ... 11 pages of waffle! * The directors appear to have a "Right Plethora" of reward schemes for themselves. * I feel it has been a particularly "un rewarding" waste of my time trying to understand this distasteful gibberish. * ... The TSR chart on page 61 did make me smile though! * *** Further Comment *** When the share price was on the floor, any potential threat posed by this sort of stuff was neutralised (IMO). * An investor who is serious about paying 13p + might need to consider the directors incentivisation schemes more carefully than I have... I am very much inclined to dismiss the whole set up of schemes as just a "market milking scam"
Quote from page 33 ... "The Groups key measure of return to shareholders is underlying earnings per share" * A brief look at page 56 suggests Directors performance related pay is linked to "Adjusted EPS" * Underlying EPS of 2.3p is mentioned on pages 7, 30, 67 and 89... no attempt is made to explain that it would be more realistic to calculate it as £25.1m / 1,420 m = 1.77p (or with possible dilution 1.7p say) * *** Non GAAP measure *** GAAP = Generally Accepted Accounting Practice (or something like that). * Underlying EPS is labelled as a Non GAAP measure on pages 67 & 89. * *** Extract from page 89 *** The directors consider that the underlying earnings per share figure provides a better measure of comparitive performance.
*** AR11 ..note 2.6 page 84 paragraph 3 *** It seems that non underlying profit has masked losses of £4.8m up from £2.8m in the previous year for the Car Supermarket start up business operating under the Quicks brand... For how much longer will this be a drain on the Groups profits? (7 outlets exist at present ... page 5) * *** Other non underlying items *** Are turned positive by tax refunds and provision reversals (page 83)
I like the way the independent finishes the article. Clearly a buy recommendation!
Pendragon also reported a surge in sales of white cars. "It's one of the top five colours for new car buyers," said Trevor Finn, the chief executive of Pendragon, yesterday. "Every 10 or 15 years there's a cycle where white cars become very fashionable, and we're now in it."
Pendragon strengthened its financial position during the second half of the year with a rights issue and refinancing which has generated reduced interest costs as a result of lower average debt and improved terms.
Pendragon, the car dealer behind Evans Halshaw and Stratstone, reported a 14 per cent rise in used vehicle sales last year, helped by the expansion of its Quicks second-hand car "supermarket". Underlying profits rose 22 per cent to £30.8m
Profits rose by 22 per cent to £31million for Pendragon Wednesday February 22,2012 By Daily Express Reporter Have your say(0) AN internet-inspired transformation of the used car market helped to drive up sales at dealership group Pendragon, owner of the Evans Halshaw and Stratstone dealership. Evans Halshaw said it could offer the keenest prices to customers researching online because of its size and ability to move cars around the country to offer the best deal. It is also using social networking and mobile phone apps. As a result profits rose by 22 per cent to £31million, despite sluggish demand for new cars, which sent revenues down 3 per cent to £3.4billion.
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