Archive for the ‘SO WHO IS SAGA OR THE AA’ Category

JUST WHAT IS THIS SAGA?

Saturday, July 7th, 2012

Acromas Holdings Limited.

Extracts from: Annual Report and Financial Statements
31 January 2011

The main operating subsidiary undertakings of Acromas Holdings Limited, all of which are wholly owned except where stated, are listed below.

All of the principal subsidiary undertakings of Acromas Holdings Limited are indirectly held by the company, with the exception of Acromas SPC Co Limited which is directly held.

Nature of business
Subsidiary undertakings

Acromas SPC Co Limited                          England Holding company

Acromas Mid Co Limited                          England Holding company

Acromas Bid Co Limited                          England Holding company

Saga Group Limited                                      England Holding company

Acromas Holidays Limited                    England Tour Operating

Acromas Shipping Limited                    England Cruising

Saga Services Limited                                England Financial services

Acromas Insurance Company Limited                Gibraltar Insurance underwriting

Claimfast Limited                                                                 England Vehicle rental

AA SPC Co Limited                                                               England Holding company

AA Junior Mezzanine Co Limited                             England Holding company

AA Acquisition Co Limited                                           England Holding company

AA Senior Co Limited                                                       England Holding company

AA Corporation Limited                                                 England Holding company

The Automobile Association Limited                                               Jersey Roadside services

Automobile Association Developments Limited                      England Roadside & other services

Automobile Association Underwriting Services Limited   England Roadside & insurance services

AA Ireland Limited                                                                                      Ireland Roadside & insurance services

Automobile Association Insurance Services Limited       England Roadside & insurance services

Acromas Reinsurance Company Limited                                   Guernsey Insurance services

Direct Choice Insurance Services Limited                                 England Insurance services

Premium Funding Limited                                                                     England Insurance

15. Investments (continued)

Nature of
business

Joint Arrangement not an Entity

AA Financial Services (a) Personal Finance
Associates (20% interest held) (b)
ARC Europe Belgium Roadside services
Associates (22% interest held) (b)
A.C.T.A. Assistance S.A. France Roadside services
A.C.T.A. Assurance S.A. France Roadside & insurance services
A.C.T.A. S.A. France Roadside services

(a) AA Financial Services is an unincorporated joint arrangement whose principal place of business is Capital House, Queen’s Park Road, Hardbridge, Chester, CU88 3AN.

(b) The Group holds these associate undertakings directly with the exception of A.C.T.A. S.A. and A.C.T.A. Assurance S.A. which are both subsidiaries of A.C.T.A. Assistance S.A. There is no difference between percentage holding and percentage voting rights in ordinary shares.

NOTE SEE BELOW

c) Acquisitions
On 16 July 2010 the Group acquired the entire share capital of Sussex Homecare Hove Limited, a provider of non-medical home care, and later changed its name to Saga Independent Living (Hove) Limited. The consideration for the transaction (including costs) of £4.8 million was settled in cash. Goodwill arising on acquisition was £4.5 million. The acquisition generated turnover of £1.2 million and created operating profits of £0.3 million in the six and a half month period ended 31 January 2011.

On 9 August 2010 the Group acquired the entire share capital of Cooksbridge Care Services Limited, a provider of non-medical home care. The consideration for the transaction (including costs) of £1.1 million was settled in cash. Goodwill arising on acquisition was £0.9 million. The acquisition generated turnover of £0.5 million and created operating profits of £0.1 million in the five and a half month period ended 31 January 2011.

On 3 September 2010 the Group acquired the entire share capital of Greenbanks Homecare Limited, a provider of non-medical home care. The consideration for the transaction (including costs) of £8.2 million was settled in cash. Goodwill arising on acquisition was £8.2 million. The
acquisition generated turnover of £4.9 million and created operating profits of £0.6 million in the five month period ended 31 January 2011.

On 31 January 2011 the Group acquired the trade and assets of the British School of Motoring, a provider of driving school services. The consideration for the transaction (including costs) of £1.0 million was settled in cash. Goodwill arising on acquisition was £6.9 million. The acquisition generated turnover of £nil and created operating profits of £nil in the period ended 31 January 2011.

In addition to the above, sundry adjustments relating to acquisitions made in prior periods resulted in additional goodwill arising of £1.4 million.

All of the acquisitions described above have been included in the Group balance sheet at their fair value at the date of acquisition. The fair values of all of the above acquisitions were not materially different to book value.

The business combinations have all been accounted for using Acquisition accounting. There were no recognised gains and losses in the post-acquisition period other than those described above.

d) Post Balance Sheet events
On 1st February 2011, the Company’s subsidiary Saga Group Limited acquired the entire share capital of Nestor Healthcare Group plc for a consideration (including costs) of £130.8 million. Consideration for the transaction was settled in cash.

As at 31 January 2011, the Company was committed to the transaction and the funds for the purchase were held in an escrow account (see note 19).

Extracts from Financial Report Above

Comment

The list of subsidiaries is limited to significant subsidiaries and each entity may have others,
See the FSA list for (Saga for example.  From FSA site