AUSTRALIA: CCA to beat targets, settles tax row
A busy day for Coca Cola Amatil Ltd has seen the bottler predict profit to beat targets, and settlement reached with the Australian Taxation Office.
The company said today that it expects net profit for 2003 before significant items to be up by 16% year-on-year. This would beat CCA's long-term 10% to 15% growth target range. In a statement, managing director Terry Davis said: "It is very pleasing that this will be the third consecutive year of double-digit growth in net profit." In 2002, CCA's net profit from continuing operations was A$209.5m (US$158.9m).
The bottler also announced today that it has settled a dispute with the Australian Taxation Office relating to the demerger of its European operations in 1998. CCA said it will pay an additional A$50 million to the ATO. The effect on its net profit will be A$44.6 million, and will be recorded as a significant item in the company's accounts for the year ended 31 December.
Coca-Cola Amatil's managing director Terry Davis said the settlement will bring to a close the ATO's tax audit with respect to the company's European demerger. The company "obtained extensive legal, tax and accounting advice and continues to regard its tax treatment of the demerger as correct."
"However, in view of the potential legal costs, the uncertainty involved in litigation, and the considerable management time and effort required in litigation, we believe the matter has been settled at an acceptable level," Davis said in a statement to the Australian Stock Exchange. The tax settlement will not impact the final 2003 dividend.
The company will report its annual results next Thursday (12 February).
Coca-Cola Amatil produced decent first-half results but speculation that it may sell some of its international operations and its determination to look beyond the core soft drinks sectors for growth i...
Coca-Cola Amatil said yesterday (10 August) that it has agreed to purchase the business and assets of the Grinders Coffee Group (Grinders)....
Following a review of its operations, Coca-Cola Amatil has announced its intention to restructure its Asian business activities through the creation of an Asian Beverage Division (CCA Asia)....
Coca-Cola Amatil (CCA) has seen its net profits increase 16.8% to A$145.2m in its first half, driven in part by growth of non-carbs and innovation, the company said today (10 August)....
Coca-Cola Amatil (CCA) is poised to shake up its Indonesian and South Korean bottling operations, according to an investment bank....
Coca-Cola Amatil is to issue a five-year A$250m (US$192m) domestic debt issue....
SPC Ardmona has signed an agreement with parent company Coca-Cola Amatil (CCA) to supply it with apple juice....
The managing director of Coca-Cola Amatil's (CCA) South Korean unit has taken extended leave, according to press reports....
- Spirits - Where does 'Craft' End and 'Mass' Begin?
- Brewers go Crazy over Flavoured Malt “Cocktails”
- Mike’s Hard Lemonade Could Be a Hard Sell
- What do A-B InBev results mean for SABMiller deal?
- just The Preview - Anheuser-Busch InBev's Q4 & FY
- Diageo "smart bottle" targets consumers at home
- Suntory whiskey seeks to "eclipse" Diageo, Pernod
- Tesco reinstates Dan Jago following suspension
- Diageo adds Dubai to Johnnie Walker skyline series
- Asahi Beverages CEO to step down - report
- Global non-Scotch whiskies insights - market forecasts, product innovation and consumer trends research
- Wine, 2014 and the future
- Spirits and RTDs, 2014 and the future
- Global RTD/RTS insights - market forecasts, product innovation and consumer trends research
- Beam Suntory Inc. - Strategy and SWOT Report