The troubled Australian wine group, Southcorp Ltd, has reported a net loss for the year to the end of June 2003 of A$922.9m (US$599.3m), against a net profit last year of A$312.7m.
The company, which sacked its CEO, Keith Lambert, in April, has written down goodwill by A$642.5m and the value of the Rosemount brand by A$240m. The group acquired Rosemount Estates in 2001 from the Oatley family for A$1.5 billion. The market had been anticipating writedowns of A$400m to A$500m.
Excluding significant items, earnings before interest, tax and amortisation reached A$132.1m which was in line with Southcorp’s guidance issued in May.
Total revenues were 53.7% down at A$1.24 billion, though last year’s turnover of A$2.67 billion included a A$1.20 billion contribution from businesses which have now been sold off.
Southcorp’s CEO, John Ballard, conceded that the results were “unacceptable” but said there were “seeds of improvement; they reinforce the need for urgent and substantial action to improve efficiences across the country.”
EBITA at the group’s Australasia division was cut in half to A$40.1m, while the UK and Europe division posted a loss of A$8m against a profit last year of A$71.9m. The company’s Americas division registered an EBITA of A$100m, down from A$134.3m last year.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
