BUSINESS LOSSES – AUSTRALIA

Banks give Slaters two months

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Original article by Jonathan Shapiro
The Australian Financial Review – Page: 1 & 8 : 1-Mar-16

Australian-listed law firm Slater & Gordon has posted a 2015-16 interim loss of $A958m. The result was marred by write-downs associated with the purchase of the professional services division of UK-based Quindell in 2015. The firm’s debt has blown out to $A740m, and its lenders have set a deadline of 30 April 2016 to secure a refinancing deal. Slater & Gordon could face the prospect of bankruptcy within 12 months if it cannot renegotiate its loans.

CORPORATES
SLATER AND GORDON LIMITED – ASX SGH, QUINDELL PLC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, MAURICE BLACKBURN PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, VGI PARTNERS PTY LTD

BHP cuts dividend 75pc; goes hunting for deals

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Original article by Amanda Saunders
The Australian Financial Review – Page: 1 & 19 : 24-Feb-16

BHP Billiton has abandoned its progressive dividend policy after posting a 2015-16 interim net loss of $US5.7bn. Underlying earnings were 92 per cent lower at $US412m. The half-year results were marred by write-downs associated with BHP’s oil and gas business, and a restructuring has resulted in the departure of the heads of its iron ore and petroleum divisions. Shareholders will receive an interim dividend of just $US0.16 per share, compared with $US0.62 previously.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, ABERDEEN ASSET MANAGEMENT LIMITED, ANGLO AMERICAN PLC, GLENCORE PLC, ARGO INVESTMENTS LIMITED – ASX ARG

Evolution cash flow lift allows dividend plan

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Original article by Tess Ingram
The Australian Financial Review – Page: 28 : 19-Feb-16

Listed gold producer Evolution Mining has posted a 2015-16 interim net loss of $A15.5m, compared with a profit of $A43.1m previously. The result was marred by factors such as acquisition costs and accounting adjustments. The group’s underlying profit of $A107.9m was 150 per cent higher than previously, and revenue rose by 87 per cent to $A607.1m. Investors will receive an unfranked interim dividend of $A0.01 per share.

CORPORATES
EVOLUTION MINING LIMITED – ASX EVN, RBC CAPITAL MARKETS, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, INDEPENDENCE GROUP NL – ASX IGO

Origin shareholders hit with dividend cut

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 15 & 21 : 19-Feb-16

Shares in Origin Energy closed 8.7 per cent higher at $A4.23 on 18 February 2016, despite posting a 2015-16 interim loss of $A254m. The result was marred by a sharp decline in the crude oil price, which has impacted on Origin’s LNG project in Queensland. Origin’s underlying profit for the half-year fell from $A346m to $A254m. Shareholders will receive an interim dividend of $A0.10 per share, compared with $A0.25 previously.

CORPORATES
ORIGIN ENERGY LIMITED – ASX ORG, CONTACT ENERGY LIMITED – ASX CEN, JP MORGAN AUSTRALIA LIMITED, CITIGROUP PTY LTD, ALLAN GRAY AUSTRALIA PTY LTD, STANDARD AND POOR’S CORPORATION

Rio Tinto set to slash dividend as profits dive

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Original article by Amanda Saunders
The Australian Financial Review – Page: 13 & 18 : 12-Feb-16

Rio Tinto has posted a 2015 statutory loss of $US866m, while its underlying earnings for the calendar year were 51 per cent lower at $US4.5bn. The downturn in the iron ore price resulted in a sharp fall in revenue, to $US34.8bn. Shareholders will receive a full-year dividend of $US2.15 per share, but Rio Tinto will abolish its progressive dividend policy in 2016 in favour of a payout ratio. It expects to pay a full-year dividend of around $US1.10 per share in 2016.

CORPORATES
RIO TINTO LIMITED – ASX RIO, BHP BILLITON LIMITED – ASX BHP, ABERDEEN ASSET MANAGEMENT LIMITED, ENERGY RESOURCES OF AUSTRALIA LIMITED – ASX ERA, STANDARD AND POOR’S CORPORATION

Woolies’ $2b Masters sale

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Original article by Sue Mitchell
The Australian Financial Review – Page: 1 : 19-Jan-16

Woolworths has decided to exit home-improvement market by selling or winding up the Masters chain. Investors welcomed the decision of the board, with Woolworths shares rising 4.3 per cent to $A23.65 on 18 January 2016. Masters generated operating losses of $A245 million to $A300 million a year.

CORPORATES
WOOLWORTHS LIMITED – ASX WOW, MASTERS HOME IMPROVEMENT AUSTRALIA PTY LTD, LOWE’S COMPANIES INCORPORATED, COLES GROUP LIMITED, KMART AUSTRALIA LIMITED, ALDI STORES SUPERMARKETS PTY LTD, BIG W DISCOUNT STORES, PERPETUAL INVESTMENTS, MOODY’S INVESTORS SERVICE INCORPORATED, STANDARD AND POOR’S CORPORATION, BUNNINGS GROUP LIMITED, WESFARMERS LIMITED – ASX WES, BIG W DISCOUNT STORES, HOMEBASE, HOME TIMBER AND HARDWARE, DEUTSCHE BANK AG, MITRE 10 LIMITED

Ipsos Australia reports 2014 pretax loss of $8.0m compared to a loss of $2.26m in 2013

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Original article by Roy Morgan Research
Market Research Update – Page: online : 14-Aug-15

IPSOS today published its annual financial report for the year ended 31 December 2014. Headline results show turnover has fallen 6% from $45.4m to $42.6m and operating costs have increased by 6% from $47.7m to over $50.6m. This 2014 result represents the first full year of inclusion of the EMMA readership survey that IPSOS started conducting in late 2013.

CORPORATES
IPSOS AUSTRALIA PTY LTD

Ipsos Australia reports 2014 pretax loss of $8.0m compared to a loss of $2.26m in 2013

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Original article by Roy Morgan Research
Market Research Update – Page: online : 14-Aug-15

IPSOS today published its annual financial report for the year ended 31 December 2014. Headline results show turnover has fallen 6% from $45.4m to $42.6m and operating costs have increased by 6% from $47.7m to over $50.6m. This 2014 result represents the first full year of inclusion of the EMMA readership survey that IPSOS started conducting in late 2013.

CORPORATES
IPSOS AUSTRALIA PTY LTD

Bet365 bets on future after losses hit $117m

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Original article by John Stensholt
The Australian Financial Review – Page: 19 : 4-Aug-15

Bet365 has reported a loss of $A31 million for its Australian operations in the first quarter of 2015. The company lost $A40.8 million in the previous corresponding period. The accumulated losses of the UK-based wagering group’s Australian business are now $A117 million for its three full years of operation in Australia. The company is confident that its Australian business will become profitable in the long-term.

CORPORATES
BET365 GROUP LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, SPORTSBET AUSTRALIA, WILLIAM HILL AUSTRALIA PTY LTD, FORBES INCORPORATED, CROWNBET PTY LTD, LADBROKES GROUP PLC

Accolade’s Burge buy comes with $10m loss

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Original article by Simon Evans
The Australian Financial Review – Page: 18 : 29-Jun-15

Grant Burge Wines sells around 450,000 cases of wine in Australia each year, and ranks among the nation’s 10 biggest-selling wine brands. Accolade Wines acquired the business in early 2015 and has appointed Jeff Bond as general manager. His task will be to turn around Grant Burge’s fortunes, after it posted a loss of $A9.4m in 2013-14. This followed a modest profit of $A264,247 in the previous fiscal year. Revenue was $A40.4m in 2013-14, compared with $A43.2m previously.

CORPORATES
ACCOLADE WINES LIMITED, GRANT BURGE WINES PTY LTD, CHAMP PRIVATE EQUITY PTY LTD, PETER LEHMANN WINES LIMITED, CASELLA WINES PTY LTD, HARDY WINE COMPANY LIMITED, LEASINGHAM WINES, NOTTAGE HILL WINES, BANROCK STATION WINES, MUD HOUSE WINES LIMITED, CONSTELLATION BRANDS INCORPORATED, TREASURY WINE ESTATES LIMITED – ASX TWE, PENFOLDS WINES PTY LTD