Sentences with phrase «net pension deficit»

To this (negative) debt adjustment we should also add the remaining net pension deficit of 61 M. However, we do have an offset — INM's 18.6 % stake in APN News & Media (APN: AU)-- a ridiculous trophy asset that should have been sold years ago, but at least its value has recovered somewhat in the past year (to AUD 128 M).

[I should highlight the net pension deficit of 37 M, though it's nearly halved since its peak.

All sounds great, but this completely ignores the (totally un --RRB- exceptional charges being expensed every single year, the increasing levels of capex, the continuing & quixotic acquisition spree in the US (believe me, $ 200 mio of pro-forma US revenues does not make you a player there), and let's not forget the whopping GBP 116 mio net pension deficit.

I calculate total debt (of 5.5 B) would need to be reduced by about 39 %, to limit net interest to 15 % of Op FCF — therefore, we'll include a 2.1 B (negative) debt adjustment in our valuation, plus a 336 M adjustment for the net pension deficit.

Not exact matches

While it's true that the Town's bond rating was lowered from A + to A -, the report also stated that, «We understand that the deficit in 2012 was due to a steep increase in pension contributions and an unanticipated charge from Ulster County for Safety Net (welfare) expenditures without an offsetting property tax levy increase.»

If true, it would net the government a # 22 billion cash windfall but nationalise the pensions deficit, forcing taxpayers to foot the bill.

Royal Mail's pension fund has assets of # 21.9 billion and liabilities of # 25.3 billion, giving a net deficit of # 3.4 billion.

Mounting pension costs, declining tax bases, crumbling infrastructure and a growing number of out - of - work citizens relying on social safety nets meant deep budget deficits and tides of red ink.

Years ago, acquirers would blithely assume significant Pension Liabilities, but those days are long gone... We need to chop this GBP 105.7 mio Deficit (net of Deferred Tax) off the price also.

The company reported full - year revenue growth of just 3 %, net debt plus pension deficit plus trade payables (net of receivables) totaling GBP 560 Million, and produced just GBP 31.6 M of free cash flow (vs. a prior GBP 42.0 M)-- and GNC still manages to sport a GBP 941 M market cap & an estimated P / E of 15.2!?

The more this one goes up, the more investors love it... Meanwhile, my bearish perspective remains horribly off - base, but GNC's recent interims do nothing to change my mind: Revenues grew just 0.9 %, both net debt & the pension deficit increased again, and free cashflow was actually negative (by GBP 12.9 mio).

Famine — I assume an equity market cap of 24x FCF = 629 mm (but adjusting for Net Debt and Pension Deficit — I get my own fair value target of 357 mm.

LTM Depreciation & Amortisation, Free Cash Flow & Net Cash Interest Paid are taken from the Cash Flow Statement, while Net Debt & Pension Deficit is taken from the latest Balance Sheet.

Conquest — I assume an equity market cap of 26x FCF = 744 mm (but adjusting for Net Debt and Pension Deficit — I get my own fair value target of 333 mm.

GNC's 2012 performance tells me I'm wrong, of course, but all I see are poor cashflows, and an excessive level of debt, pension deficit & net payables.

But if the pension fund's capital produces current yields lower than its actuarial rate, the deficit must be made up from other current earnings of the organization, reducing the firm's net income.