Coca Cola-Amatil has recorded an 82.5 per cent fall in full year profit after making $404 million in writedowns on its SPC Ardmona fruit and vegetable processing business.February 18, 2014 11:00am
Coca Cola-Amatil has recorded an 82.5 per cent fall in full year profit after making $404 million in writedowns on its SPC Ardmona fruit and vegetable processing business.
CCA reported a net profit of $79.9 million for the year to December 31, 2013, down from $457.8 million a year earlier.
Before the SPC Ardmona writedown is taken into account, the soft drink bottler’s after-tax profit was $502.8 million.
The write-down included $277.0 million in goodwill write-off, $39.7 million write down in brand names, and a $87.3 million charge covering write downs in inventory and property, plant & equipment and recognitionof the diminution in value of some onerous contracts.
Trading revenue for the year was down 1.2 per cent to $5.04 billion.
CCA group managing director Terry Davis said SPC had been hit by cheap imported fruit and vegetables while local drink sales had also suffered.
‘‘The difficult trading conditions for the Australian beverage business in the grocery channel, combined with the impact on SPC Ardmona earnings from imported private label products and the significant slowdown in the PNG economy led to a reduction in earnings for 2013 of 6.9 per cent,’’ Mr Davis said in a statement.
Total revenue for the group was down 1.1 per cent to $5119 million.
The Victorian government last week announced a $22 million funding package for SPC after a similar funding call to the federal government was knocked back.
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