COMPANY RESULTS – AUSTRALIA

Record LNG output limits Woodside pain

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 24 : 21-Oct-16

Oil and gas producer Woodside Petroleum has reported that it produced 25.2 million barrels of oil equivalent during the September 2016 quarter, which is 13.5 per cent higher than the June quarter. Sales revenue rose by 19.8 per cent to $US988m ($A1.29bn), although this was nine per cent lower year-on-year. Woodside has lifted its full-year production guidance for 2016 to between 92 million and 95 million boe.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, JP MORGAN AUSTRALIA LIMITED, CHEVRON CORPORATION

FMG boosts exports as big iron falls short

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Original article by Tess Ingram, Peter Ker
The Australian Financial Review – Page: 19 & 24 : 21-Oct-16

Fortescue Metals Group has reported that its iron ore shipments totalled 43.8 million tonnes during the September 2016 quarter. CEO Nev Power says the group ramped up production ahead of the cyclone season, but adds that it is maintaining its full-year guidance of between 165 million and 170 million tonnes. Fortescue reduced its "C1" costs by five per cent during the quarter, to $US13.55 per tonne. The group aims to reduce this to between $US12 and $US13 during 2016-17.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, RIO TINTO LIMITED – ASX RIO, VALE SA, GRANGE RESOURCES LIMITED – ASX GRR, SHAW AND PARTNERS LIMITED, JP MORGAN AUSTRALIA LIMITED, CITIGROUP PTY LTD, MORGANS FINANCIAL LIMITED

Ten shares take hit on full-year loss

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Original article by Max Mason
The Australian Financial Review – Page: 21 : 21-Oct-16

Ten Network has posted a 2015-16 loss of $A156.8m, compared with a $A312.2m loss previously. The latest result was primarily due to a $A135.2m write-down in the value of its TV licence. Ten’s revenue of $A689.5m was 5.4 per cent higher than previously. CEO Paul Anderson argues that subscription video-on-demand providers should be subject to the same rules as traditional broadcasters, noting that the latter make a significant contribution to the economy.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, FOXTEL MANAGEMENT PTY LTD, MULTI CHANNEL NETWORK PTY LTD

BHP flags end of slump

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Original article by Matt Chambers
The Australian – Page: 21 : 20-Oct-16

BHP Billiton’s production report for the September 2016 quarter shows that copper and oil output fell during the period, while there was a modest rise in metallurgical coal output and iron ore production was steady. Meanwhile, CEO Andrew Mackenzie noted that there are indications that commodity markets are starting to rebalance. Fortescue Metals Group chairman Andrew Forrest recently suggested that the market has bottomed.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, FORTESCUE METALS GROUP LIMITED – ASX FMG, CITIGROUP PTY LTD, RIO TINTO LIMITED – ASX RIO

In private, Top 500 a blast from the past

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Original article by Phil Ruthven
The Australian Financial Review – Page: 42 : 1-Sep-16

IBISWorld has compiled a list of Australia’s 500 largest private companies by revenue. The five biggest groups in this category are: Co-operative Bulk Handling with revenue of $A3,828 billion in 2015-16; 7-Eleven Stores ($A3,823 billion); BGC ($A2,973 billion); Teys Australia – a Cargill Joint Venture ($A2,914 billion) and Meriton Apartments ($A2,900 billion).

CORPORATES
IBISWORLD PTY LTD, CO-OPERATIVE BULK HANDLING LIMITED, BGC, 7-ELEVEN STORES PTY LTD, TEYS AUSTRALIA PTY LTD, MERITON APARTMENTS PTY LTD, VISY INDUSTRIES AUSTRALIA PTY LTD, TERRY WHITE GROUP LIMITED, SUTTONS MOTORS PTY LTD, GOOD GUYS, JB HI-FI LIMITED – ASX JBH, QUEST APARTMENTS PTY LTD, ANYTIME AUSTRALIA PTY LTD, ASI SOLUTIONS PTY LTD

Atlas highly vulnerable to iron ore price decline

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Original article by Tess Ingram
The Australian Financial Review – Page: 21 : 1-Sep-16

Atlas Iron has reported net loss of $A159 million for 2015-16. The company lost $A1.38 billion in 2014-15. Revenue increased nine per cent to $A785.8 million. Auditor KPMG warned that Atlas Iron’s future is uncertain to such an extent that the group’s "ability to continue as a going concern" may be under question. At the end of June 2016, Atlas had debt of $A182.2 million and cash of $A80.9 million.

CORPORATES
ATLAS IRON LIMITED – ASX AGO, McALEESE LIMITED – ASX MCS, KPMG AUSTRALIA PTY LTD

Stellar Harvey Norman saves best for last

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Original article by Sue Mitchell
The Australian Financial Review – Page: 15 : 1-Sep-16

Australian-listed retailer Harvey Norman has reported a 30 per cent increase in net profit to $A348.6 million for 2015-16. EBIT rose 27 per cent to $A522.5 million. Chairman Gerry Harvey said on 31 August 2016 that the company was ‘flush with cash’ and could afford to be generous to shareholders. Harvey Norman’s final dividend was raised from $A0.11 to $A0.17 a share, payable on 1 December.

CORPORATES
HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, DICK SMITH HOLDINGS LIMITED

Estia founder Arvanitins resigns and sells stake

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Original article by Matthew Cranston
The Australian Financial Review – Page: 31 : 1-Sep-16

Estia Health’s poor financial results have made investors nervous. The resignation of founder of the Australian-listed aged care operator and developer, Peter Arvanitis, is likely to deepen the crisis in the company. Arvanitis also sold his 17.74 million shares at a price of $A3.15 a share for $A55 million in total.

CORPORATES
ESTIA HEALTH LIMITED – ASX EHE, BANK OF AMERICA MERRILL LYNCH, PERPETUAL LIMITED – ASX PPT, KENNEDY AGED CARE, VGI PARTNERS PTY LTD, SLATER AND GORDON LIMITED – ASX SGH, WATERMARK CAPITAL PTY LTD, TOTUS CAPITAL PTY LTD, AUSTRALIA. DEPT OF HEALTH, MORGAN STANLEY AUSTRALIA LIMITED, QUADRANT CAPITAL PTY LTD, MERCURY CAPITAL PTY LTD

ASX ends earnings season on sour note

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Original article by Jens Meyer, Patrick Commins
The Australian Financial Review – Page: 28 : 1-Sep-16

The S&P/ASX 200 index closed 0.8 per cent lower at 5,433.0 on 31 August 2016. Mining and energy stocks were out of favour. Analysts are rather disappointed with the earnings season which ended on 31 August. Goldman Sachs found only five companies whose performance was judged impressive: Fortescue, Seven Group Holdings, GWA Group, JB Hi-Fi and Mayne Pharma.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, GOLDMAN SACHS AUSTRALIA PTY LTD, FORTESCUE METALS GROUP LIMITED – ASX FMG, SEVEN GROUP HOLDINGS LIMITED – ASX SVW, GWA GROUP LIMITED – ASX GWA, JB HI-FI LIMITED – ASX JBH, MAYNE PHARMA GROUP LIMITED – ASX MYX, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN

SurfStitch out of trough: Sonand

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Original article by Eli Greenblat
The Australian – Page: 23 : 31-Aug-16

SurfStitch reported a loss of more than $A155 million and an underlying EBITDA loss of $A18.8 million for 2015-16. The results of the Australian-listed online retailer included $A99.3 million in impairments to goodwill and aged inventory. Investors abandoned the company, with shares falling $A0.125, or 54.3 per cent, to $A0.105 on 31 August 2016.

CORPORATES
SURFSTITCH GROUP LIMITED – ASX SRF