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Elders to report $510m full-year loss

Beef Central, 11/11/2013

Elders Limited has advised the Australian Stock Exchange this morning that it expects to announce a $510 million loss when it releases its full year accounts to the market next Monday.

In a statement released to the ASX minutes ago, Elders said it is yet to finalise its full year accounts to September 30, but advises that it "is now clear" there will be a number of impairments.

These were particularly related to intangibles and the de-recognition of tax assets, and other non-recurring items.

When combined with the statutory loss of $303m reported on March 31, Elders Ltd said it expects to report a statutory loss for the full year in the order of $510m.

"Further, the Company has yet to quantify the exact quantum of the loss in respect to the irregularities uncovered in its International Trading businesses but it does expect to do so before it announces its full year results," Elders managing director Malcolm Jackman said in the statement.

"A draft and interim report is expected to be received from PPB Advisory, which has been engaged by Elders as forensic accountants, later this week."

Elders will formally release its full year accounts to September 30, 2013 next Monday, November 18. 

Last year the company posted a statutory loss after tax of $60.6 million, which followed a $395.4 million statutory loss the previous financial year.

Elders shares were trading at 12.5c when Beef Central distributed its daily news email today, down from 14c at the start of the day.

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