COMPANY RESULTS – AUSTRALIA

BHP joins Rio in cutting iron ore output

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Original article by Matt Chambers
The Australian – Page: 19-20 : 21-Apr-16

BHP Billiton has reduced its forecast for 2015-16 iron ore output in Western Australia by 10 million tonnes, to 240 million tonnes. The downgrade has been attributed to factors such as inclement weather and a railway upgrade and maintenance project. Rio Tinto recently advised that issues associated with its rail automation program will reduce its Pilbara iron ore production in 2017. BHP’s Pilbara operations produced 61.5 million tonnes of iron ore in the March 2016 quarter.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, FORTESCUE METALS GROUP LIMITED – ASX FMG, JP MORGAN AUSTRALIA LIMITED, DEUTSCHE BANK AG, METAL BULLETIN LIMITED, UBS HOLDINGS PTY LTD, INVESTEC AUSTRALIA LIMITED

Falling oil price puts squeeze on Woodside

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Original article by Paul Garvey
The Australian – Page: 21 : 21-Apr-16

Woodside Petroleum has reported sales revenue of $US982m ($A1.26bn) for the March 2016 quarter, which is 30 per cent lower than the same period in 2015. The group has been hit by the downturn in the crude oil price, while production was 4.8 per cent lower than the December 2015 quarter at 23.7 million barrels of oil equivalent. Production was affected by scheduled maintenance at the North West Shelf project and the end of production at the group’s Balnaves oilfield.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, APACHE ENERGY LIMITED, UBS HOLDINGS PTY LTD

Robot train glitches hit Rio output

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Original article by Amanda Saunders
The Australian Financial Review – Page: 17 & 22 : 20-Apr-16

Rio Tinto has advised that its global iron ore shipments for the March 2016 quarter totalled 80.8 million tonnes. Shipments from the Pilbara region of Western Australia rose by 12 per cent year-on-year to 79.9 million tonnes. Meanwhile, Rio Tinto expects iron ore production in 2017 to be within the range of 330 million to 340 million tonnes, which represents a decline of up to 20 million tonnes. The lower guidance is said to be linked to problems with its Autohaul driverless trains project.

CORPORATES
RIO TINTO LIMITED – ASX RIO, BHP BILLITON LIMITED – ASX BHP, UBS HOLDINGS PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, DEUTSCHE BANK AG

Bank bad debts to rise $1.2b, UBS downgrades earnings

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Original article by James Eyers
The Australian Financial Review – Page: 18 : 15-Apr-16

Australian banks’ exposure to corporate failures will affect their financial results when they are reported in early May 2016. Jonathan Mott, an analyst at UBS, wrote in a note to clients that total exposures to companies such as Arrium, the Wiggins Island Coal Export Terminal, Dick Smith, McAleese and Slater & Gordon would be around $A899 million for National Australia Bank, $A809 million for Westpac, $A688 million for the ANZ Bank and $A657 million for the Commonwealth Bank.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, UBS HOLDINGS PTY LTD, DICK SMITH HOLDINGS LIMITED – ASX DSH, SLATER AND GORDON LIMITED – ASX SGH, ARRIUM LIMITED – ASX ARI, PEABODY COALTRADE AUSTRALIA PTY LTD, McALEESE LIMITED – ASX MCS

Analysts tip Nine shares to recover

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Original article by Max Mason
The Sydney Morning Herald – Page: 23 : 7-Apr-16

Nine Entertainment Company’s share price closed 2.2 per cent higher at $A1.18 on 6 April 2016. The stock had shed 23.7 per cent in the previous trading session, in response to a sharp fall in earnings for the third quarter of 2015-16. Nine was hit by disappointing ratings, but some media buyers expect its performance to improve with several popular programs set to return shortly. Meanwhile, UBS and Deutsche Bank analysts have "buy" recommendations on the stock.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, UBS HOLDINGS PTY LTD, DEUTSCHE BANK AG, TEN NETWORK HOLDINGS LIMITED – ASX TEN, SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, SMI MEDIA INCORPORATED, OZTAM PTY LTD

Wesfarmers regroups for customer focus

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Original article by Sue Mitchell
The Australian Financial Review – Page: 19 & 24 : 25-Feb-16

Wesfarmers has posted a 2015-16 interim net profit of $A1.39bn, which is 1.2 per cent lower than previously. EBIT rose by 1.6 per cent to $A2.11bn and revenue was up 4.7 per cent at $A33.5bn. The group’s retail division posted 9.2 per cent growth in earnings, but its coal operations recorded a loss of $A118m. Meanwhile, Wesfarmers will establish a department store division to house its Kmart and Target businesses, while its industrial and safety businesses will also be restructured.

CORPORATES
WESFARMERS LIMITED – ASX WES, KMART AUSTRALIA LIMITED, TARGET AUSTRALIA PTY LTD, BUNNINGS GROUP LIMITED, COLES GROUP LIMITED, BLACKWOODS, PROTECTOR ALSAFE, CREDIT SUISSE (AUSTRALIA) LIMITED, ALPHINITY INVESTMENT MANAGEMENT PTY LTD, DEUTSCHE BANK AG, CITIGROUP PTY LTD, WOOLWORTHS LIMITED – ASX WOW, MASTERS HOME IMPROVEMENT AUSTRALIA PTY LTD

Scentre posts steady growth, higher fees

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Original article by Robert Harley
The Australian Financial Review – Page: 35 : 24-Feb-16

Australian-listed shopping centres landlord Scentre Group has reported that its funds from operations rose by 3.8 per cent to $A1.199bn in calendar 2015, which equates to $A0.2258 per security. The real estate investment trust expects funds from operations to increase by three per cent in 2016. Investors will receive a full-year distribution of $A0.209 per security, which is forecast to rise to $A0.213 in 2016.

CORPORATES
SCENTRE GROUP – ASX SCG, WESTFIELD CORPORATION – ASX WFD, MORGAN STANLEY AUSTRALIA LIMITED

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

Technology, urbanisation drive billboard surge

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Original article by Jake Mitchell
The Australian – Page: 22 : 23-Feb-16

Australian-listed APN Outdoor has posted a 2015 pro-forma net profit of $A43.3m, which is 83 per cent higher than previously. It is also 53 per cent higher than forecast in the prospectus for its December 2014 IPO. The outdoor advertising group’s EBITDA of $A73.3m was 62 per cent higher than previously. Meanwhile, rival oOh! Media has also exceeded its prospectus forecasts, with a 2015 pro-forma net profit of $A28.5m and EBITDA of $A57.7m.

CORPORATES
APN OUTDOOR GROUP LIMITED – ASX APO, OOH!MEDIA LIMITED – ASX OML, OUTDOOR MEDIA ASSOCIATION INCORPORATED

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