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Australia: Holden records record loss

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Australia: Holden records record loss

As the local Australian unit of GM was recently announced to be scheduled for “termination”, Holden also announced it has recorded its biggest financial loss so far.

For the 2013 calendar year, Holden managed to “achieve” a net loss after tax of $553.8 million, as huge one-off costs started to appear after General Motors announced its Australian unit would cease vehicle production by the end of 2017.

Holden said it had “a $500.4 million one-off impairment charge on property, plant and equipment” before tax and a $122.3 million (before tax) in charges for “employee separation costs”.

“Clearly there are significant costs associated with our decision to cease domestic manufacturing of vehicles in Australia by the end of 2017,” said Holden’s chief financial officer, Jeff Rolfs. “These costs drove the financial loss for Holden in 2013. We are mindful of the impact on our employees and our financial results, but it was the right decision. Manufacturing vehicles in Australia is, unfortunately, unsustainable. ”

This loss is far bigger than Holden’s anterior record, of $211 million, which occurred back in 2009 when the global financial crisis was in full swing and certainly wasn’t helped by the fact that Holden also had its slowest year in 2013. Just 112,059 units were sold, which meant the company dropped since the 174,464 vehicles in 2005 in just eight years no less than 35%.

by Aurel Niculescu (my Google+) - Monday, May 12th, 2014 - filed under Holden, Industry, News. Image credit: .
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