Delving deep in the Nats annual report and accounts
linky reveals some interesting facts and figures.
1.Profits were reduced by the repayment of £65Million in high interest (11.5%) perpetual shareholder loan notes financed in part by the group’s strong
operating cash flows.
The repayment incurred an early
redemption charge of £15.8Million!...in other words a healthy profit for shareholders without actually being seen as 'profit'!.
2. At 31 March 2008, measured under international accounting
standards, the pension scheme had a surplus of assets over
liabilities of £413.5m compared with a surplus of £238.6m
at 31 March 2007.
This varies greatly from the figures being spouted as to why the pension scheme is at risk.
Who is telling the truth??
