BUSINESS LOSSES – AUSTRALIA

Ten on path to recovery, says CEO

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Original article by Darren Davidson
The Australian – Page: 22 : 17-Oct-14

Free-to-air TV group Ten Network has posted a 2013-14 post-tax loss of $A168.3m, after $A295m in 2012-13. However revenue fell further, down 4.3% to $A625m. Analysts are nevertheless applauding the turnaround and cost cutting strategies of CEO Hamish McLennan, and on 16 October 2014 the stock closed $A0.02 higher at $A0.20. McLennan says Ten will lodge a bid for the broadcasting rights to Australian Football League matches, currently held by rival Seven West Media. Ten recently acquired the Big Bash cricket and V8 Supercars rights

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, SEVEN WEST MEDIA LIMITED – ASX SWM, AUSTRALIAN FOOTBALL LEAGUE, V8 SUPERCARS AUSTRALIA PTY LTD, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FOXTEL MANAGEMENT PTY LTD, FOX SPORTS AUSTRALIA PTY LTD, CITIGROUP PTY LTD

Qantas set to beat Virgin in race to get back in the black

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Original article by Jamie Freed
The Australian Financial Review – Page: 15 & 20 : 2-Sep-14

Qantas and Virgin Australia both posted losses for the 2013-14 financial year, and cost-reduction measures will be a key strategy in their return to profitability. Analysts forecast that Qantas will book a profit of about $A66m for 2014-15, while Virgin is not tipped to be in the black until 2015-16. Meanwhile, Virgin will gain $A336m from the sale of a 35 per cent stake in its frequent flyer program to Affinity Equity Partners

CORPORATES
QANTAS AIRWAYS LIMITED – ASX QAN, VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, VELOCITY FREQUENT FLYER PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CLSA AUSTRALIA PTY LTD, CITIGROUP PTY LTD, AFFINITY EQUITY PARTNERS (AUSTRALIA) PTY LTD, MERRILL LYNCH (AUSTRALIA) PTY LTD, AIR NEW ZEALAND LIMITED – ASX AIZ, SINGAPORE AIRLINES LIMITED, ETIHAD AIRWAYS, VIRGIN GROUP LIMITED, TIGER AIRWAYS AUSTRALIA PTY LTD

Qantas $3b loss start of comeback

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Original article by Jamie Freed
The Australian Financial Review – Page: 1 & 10 : 29-Aug-14

Restructuring costs and write-downs have prompted Qantas to post a loss of $A2.84bn for the 2013-14 financial year. The national carrier’s underlying loss of $A646m compares with forecasts of a $A750m loss. Linda White of the Australian Services Union says CEO Alan Joyce and Qantas directors should step down as a result of the airline’s record loss. Joyce is upbeat about the outlook for Qantas, which has forecast an underlying profit for the first half of 2014-15

CORPORATES
QANTAS AIRWAYS LIMITED – ASX QAN, AUSTRALIAN SERVICES UNION, VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, REGIONAL EXPRESS AIRLINES, REGIONAL EXPRESS HOLDINGS LIMITED – ASX REX, TIGER AIRWAYS AUSTRALIA PTY LTD, AIR NEW ZEALAND LIMITED – ASX AIZ, SINGAPORE AIRLINES LIMITED, ETIHAD AIRWAYS, STANDARD AND POOR’S CORPORATION, BRITISH AIRWAYS PLC, MERRILL LYNCH (AUSTRALIA) PTY LTD, AUSTRALIA. DEPT OF INFRASTRUCTURE AND REGIONAL DEVELOPMENT, COLONIAL FIRST STATE GROUP LIMITED

Billabong sees clear water in revival

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Original article by Blair Speedy
The Australian – Page: 18 : 29-Aug-14

Billabong International has announced a 2013-14 full-year net loss of $A233.7m, an improvement from $A859.5m in 2012-13. Excluding abnormal charges the EBITDA reached $A52.2m. The surf and skate clothing distributor and retailer in late 2013 struck a recapitalisation deal worth $A368m with US-based private equity firms Centerbridge Partners and Oaktree Capital. CEO Neil Fiske now says the Australian-listed company has lifted its US sales after years of declines, and growth in the Asian region has been 5% for the year

CORPORATES
BILLABONG INTERNATIONAL LIMITED – ASX BBG, OAKTREE CAPITAL MANAGEMENT LLC, CENTERBRIDGE PARTNERS LP, SURFSTITCH PTY LTD, ELEMENT, SWELL COMMERCE INCORPORATED

Qantas loss tipped to top $1.1bn

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Original article by Steve Creedy
The Australian – Page: 19 : 19-Aug-14

Qantas Airways will report its 2013-14 results in the week starting 25 August 2014, and is tipped to have suffered a record loss of at least $A1.1bn. Analysts’ predictions for the underlying loss before tax are around $A770m, and there will also be major abnormal charges stemming from the downsizing moves at the carrier. Qantas CFO Gareth Evans says the company has shed some 2,200 staff so far and is aiming for a further 2,800 redundancies, to realise cost savings worth $A1bn

CORPORATES
QANTAS AIRWAYS LIMITED – ASX QAN, MACQUARIE RESEARCH EQUITIES, MACQUARIE BANK LIMITED – ASX MBL, DEUTSCHE BANK AG, MORGAN STANLEY AUSTRALIA LIMITED

Goodman loss unlikely to derail Wilmar bid

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Original article by Blair Speedy
The Australian – Page: 19 : 14-Aug-14

Goodman Fielder has announced a 2013-14 full-year loss of $A405m, due to provisioning worth $A358m in the baked products and grocery units that brings the total writedowns since 2010-11 to $A1.2bn. However experts do not see the result as likely to influence Singapore-based takeover suitor Wilmar and partner First Pacific, which are offering $A0.675 a share for the Australian-listed company. The initial bid had been $A0.65, and was sweetened to $A0.70 to gain access for due diligence before being cut back again. On 13 August 2014 the stock closed $A0.01 lower at $A0.63

CORPORATES
GOODMAN FIELDER LIMITED – ASX GFF, WILMAR INTERNATIONAL LIMITED, DEUTSCHE BANK AG, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, FIRST PACIFIC COMPANY LIMITED

Woolies under pressure over Masters

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Original article by Sue Mitchell
The Australian Financial Review – Page: 20 : 16-Jul-14

Woolworths’ home improvements division posted a loss of $A139m in 2013, and financial market analysts expect the business to post higher losses in 2014 and 2015. Woolworths itself has forecast that the Masters hardware chain will achieve break-even status in 2016, but Goldman Sachs recently suggested that 2019 is more likely. There are also expectations that Woolworths’ 2013-14 financial results will include impairment charges related to the Masters business

CORPORATES
WOOLWORTHS LIMITED – ASX WOW, MASTERS HOME IMPROVEMENT AUSTRALIA PTY LTD, LOWE’S COMPANIES INCORPORATED, HOME TIMBER AND HARDWARE, WESFARMERS BUNNINGS LIMITED, WESFARMERS LIMITED – ASX WES, MITRE 10 LIMITED, METCASH LIMITED – ASX MTS, GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD, CREDIT SUISSE (AUSTRALIA) LIMITED