Amcor announces record year-end results.MELBOURNE, Australia--(BUSINESS WIRE)--Sept. 7, 1995--The Board of Amcor Limited (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AMCRY) announced today that consolidated net operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. before abnormal items attributable to shareholders of Amcor was $402.6 million for the year ended June 1995, compared with $336.9 million in 1994, an increase of 20%. Earnings per share rose 17%, from 57.5 to 67 cents. Consolidated net operating profit after abnormal items rose 40% to $359.7 million, compared with $256.6 million last year. Net abnormal items, comprising restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). costs, writedown writedown A reduction in the value of an asset carried on a firm's financial statements. For example, the firm's accountants, believing the inventory is overvalued, may decide to take a writedown by reducing inventory valuation. of goodwill and tax rate changes, totalled an after tax loss of $42.9 million this year, compared with a loss of $80.3 million last year. Total dividend for the year has been increased from 34 to 38 cents and will be 100% franked at 33 cents in the dollar. Comparisons with last year are contained in the following table: -0-
1995 1994 %
$m $m Increase
Sales 6,595.7 5,549.1 19% Operating profit before interest and tax(a) 729.2 575.9 27% Operating profit before tax(a) 616.1 512.1 20% Net operating profit(a) 402.6 336.9 20% Basic earnings per share(a) 67.0c 57.5c 17% Diluted earnings per share(a) 65.5c 56.4c 16%
(a)Before abnormal items
Compound growth rates over the past five years were:
Sales -- 15.2% pa
Profit before tax -- 25.7% pa
Profit after tax -- 23.0% pa
Earnings per share -- 15.4% pa
FINAL DIVIDEND
Directors have declared an increased final dividend of 20 cents
per share, 100% franked at 33 cents in the dollar. This compares
with an 18 cents final dividend (100% franked at an average of 35.3
cents in the dollar) last year.
The company will mail the final dividend on October 18, 1995 to
shareholders registered in the books of the company at the close of
business on September 28, 1995.
OPERATIONS
The following table summarizes the profits, sales and assets of
the Amcor group by industry and geographic segments for the twelve
months to June 30, 1995 compared with results for the corresponding
period last year:
FOR YEAR ENDED JUNE 30
Profit Before Tax Sales Revenue
1995 1994 1995 1994
$m $m $m $m
Industry Segments Packaging Containers Packaging (1) 239.5 203.9 2,080.2 1,786.9 Amcor Fibre Packaging (1) 159.6 141.9 2,101.7 1,782.9 Total Packaging (1) 399.1 345.8 4,181.9 3,569.8 Paper Amcor Paper Group (1) 239.6 177.4 1,411.9 1,148.5 Paper Merchanting (incl. Trading) (1)(2) 82.0 45.5 1,919.2 1,547.4 Total Paper (1) 321.6 222.9 3,331.1 2,695.9 Other (1) 8.5 7.2 0.3 3.4 Profit before interest and tax 729.2 575.9 Net interest (113.1) (63.8) Profit before tax 616.1 512.1 Abnormals (42.4) (103.3) Inter-segment sales -- -- (917.6) (720.0) Total 573.7 408.8 6,595.7 5,549.1 Geographic Segments Australia (1) 546.8 448.6 3,701.2 3,367.9 New Zealand (1) 72.6 62.2 527.1 471.5 North America (1) 79.0 47.4 1,491.2 1,235.3 Europe (1) 19.3 5.9 673.4 367.0 Asia (1) 11.5 11.8 202.8 107.4 Profit before interest and tax 729.2 575.9 -- -- Net interest (113.1) (63.8) -- -- Profit before tax 616.1 512.1 -- -- Abnormals (42.4) (103.3) -- -- Total 573.7 408.8 6,595.7 5,549.1
Total Assets
1995 1994
$m $m
Industry Segments
Packaging
Containers
Packaging (1) 1,989.4 1,504.8
Amcor Fibre Packaging (1) 1,972.2 1,415.9
Total Packaging (1) 3,961.6 2,920.7
Paper Amcor Paper Group (1) 1,708.4 1,554.6 Paper Merchanting (incl. Trading) (1)(2) 1,038.7 871.4 Total Paper 2,747.1 2,426.0 Other (1) 356.5 354.5 Total 7,065.2 5,701.2 Geographic Segments Australia (1) 4,282.8 3,896.2 New Zealand (1) 462.2 379.4 North America (1) 1,102.8 851.6 Europe (1) 936.0 418.5 Asia (1) 281.4 155.5 Total 7,065.2 5,701.2 (1) Profit before interest and tax (2) Comprises Amcor Merchanting & Trading and Spicers Paper REVIEW OF THE YEAR OPERATIONS Amcor had another very good year in 1994-95, achieving record sales, profits and earnings per share. The dividend was raised again, the 11th increase in 12 years. All the major businesses - Containers Packaging, Amcor Fibre Packaging and Amcor Paper Group (APG APG Assists Per Game (basketball) APG Assists Per Game (hockey statistic) APG Aberdeen Proving Ground APG Automated Password Generator APG Asia Pacific Group on Money Laundering ) - contributed to the latest profit increase. Competition remained intense in all Amcor's markets and most of the profit improvement came from reduced costs, improved efficiency, organic sales growth and acquisitions. A highlight of the year was the sharply improved result from APG. This was based on the successful integration into Australian Australian pertaining to or originating in Australia. Australian bat lyssavirus disease see Australian bat lyssavirus disease. Australian cattle dog a medium-sized, compact working dog used for control of cattle. Paper of the former APPM APPM Archives, Personal Papers and Manuscripts APPM Average Price Per Minute APPM Atomic Parts Per Million APPM Australian Paper and Pulp Manufacturers APPM Association for Psychoanalytic and Psychosomatic Medicine APPM Acquisition Program and Project Management businesses acquired in November 1993, an upturn in paper prices and benefits from APG's substantial investment program of previous years. During the year capital expenditure and acquisitions in Australia and overseas totalled $780 million, compared with $1.1 billion in the previous year. Additional borrowings of $330 million helped to finance this expansion, but Amcor still has a very strong balance sheet, with gearing (total debt as a proportion of total debt plus shareholders equity) of 35% at June, 1995. Reflecting Amcor's continued offshore expansion, about 45% of sales and 25% of profit before interest and tax were generated outside Australia. A feature of this year's results was the excellent performances by Amcor s established businesses in New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. , North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe and Asia. Amcor's ability to consistently achieve increased sales and profits, and thus increased dividends, is based on the strength and spread of the company's packaging activities, which supply all sectors of the economy, supported by a substantially integrated paper making business. Because of this range of interests Amcor's results are well insulated in·su·late tr.v. in·su·lat·ed, in·su·lat·ing, in·su·lates 1. To cause to be in a detached or isolated position. See Synonyms at isolate. 2. from short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. economic fluctuations. Through Containers Packaging and Amcor Fibre Packaging, Amcor conducts the leading packaging business in Australia and New Zealand and is among the largest packaging companies in the world. The group has 180 plants manufacturing packaging products in 18 countries. Packaging sales rose 17.1% from $3,570 million to $4,182 million in 1994-95, which represented 63% of the group s total sales. OTHER HIGHLIGHTS - Three major new Australian New Australian Noun Austral an Australian name for a recent immigrant, esp. one from Europe waste paper treatment plants under construction, at Maryvale, Fairfield and Botany botany, science devoted to the study of plants. Botany, microbiology, and zoology together compose the science of biology. Humanity's earliest concern with plants was with their practical uses, i.e., for fuel, clothing, shelter, and, particularly, food and drugs. mills - Acquisition of Rentsch folding carton The folding carton created the packaging industry as it is known today, beginning in the late 19th century. Basically, a folding carton is made of paperboard, and is cut, folded, laminated and printed for transport to manufacturers. and flexible packaging group based in Switzerland - Acquisition of remaining 50% in Holfelder, corrugated cor·ru·gate v. cor·ru·gat·ed, cor·ru·gat·ing, cor·ru·gates v.tr. To shape into folds or parallel and alternating ridges and grooves. v.intr. box making business in Germany - Continued development in China, through a majority interest in a new folding carton joint venture with the Chinese Government Ever since Republic of China founded in January 1st, 1912, China has had several regional and national governments. List
in Beijing. Amcor now has four plants in China - New joint ventures in Indonesia (corrugated boxes) and Thailand (plastic packaging) and acquisition of 64% interest in Cello cello or 'cello: see violin. cello or violoncello Bowed, stringed instrument, the bass member of the violin family. Its full name means “little violone”—i.e., “little big viol. Bag, US flexible packaging manufacturer - Australian Paper collected a record 620,000 tonnes of waste paper. Amcor uses more waste paper than all other Australian recyclers combined Amcor is a leading integrated international packaging and paper company and one of Australia's largest public companies, with total assets at December 31, 1994 of A$6.3 billion and total sales for the first six months of fiscal year 1995 of A$3.2 billion. Amcor operates through three principal business groups: Containers Packaging, Amcor Fibre Packaging and Amcor Paper Group, with additional interests in Spicers Paper (46 percent), Kimberly-Clark Australia (50 percent) and Amcor Trading. The company's American depositary shares American Depositary Share (ADS) Foreign stock issued in the US and registered in the ADR system. are listed on the NASDAQ National Market System. One ADR ADR - Astra Digital Radio represents four ordinary shares. CONTACT: Australia David Meiklejohn David (Davie) Ditchburn Meiklejohn (12 December 1900 - 22 August 1959) was a Scottish professional footballer most famous for his time with Scottish club Rangers. Born in Govan, Glasgow, Meiklejohn joined Rangers from junior club Maryhill F.C. Stan STAN Stanchion STAN Stärke- und Ausrüstungsnachweis (German) Stan Standard Man (human patient simulator) STAN SEMCIP Technical Assistance Network STAN System Trace Audit Number STAN Star Trek Area Network Wallis Executive Director, Managing Director Finance & Administration Amcor Ltd. Amcor Ltd. 011-613-9-694-9424 011-613-9-694-9261 or U.S. Cameron King Gavin Anderson Anderson, river, Canada Anderson, river, c.465 mi (750 km) long, rising in several lakes in N central Northwest Territories, Canada. It meanders north and west before receiving the Carnwath River and flowing north to Liverpool Bay, an arm of the Arctic & Company 212-373-0200 |
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