June 8 (Reuters) - Amcor Ltd (AMC) :
- Amcor update on Venezuelan operations (AMC)
- Since Amcor reported its first half results in February 2016, economic
conditions in Venezuela have continued to deteriorate
- Economic conditions in Venezuela impacted the business environment for the
rigid plastics business in Venezuela
- Amcor has elected to effectively adopt the floating exchange rate for
venezuelan bolivars for financial reporting purposes from 30 June 2016
- For year ended 30 June 2017 pbit for both Amcor Group and rigid plastics
business are expected to be negatively impacted by approximately US$40 million
- Continue to expect rigid plastics business to deliver strong earnings growth
compared with earnings of US$321.3 million achieved in 2015
- For year ended 30 June 2016 one-off charge of approximately US$350 million
will be recognised in earnings, regarding venezuelan operations
- Amcor will continue to generate strong cash flow and the ability to fund
capital expenditure, acquisitions or dividends is unchanged
- For year ended 30 June profit after tax (PAT) Is Expected to be negatively
impacted by about US$20 million for the same period
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