Australian business press digest: 23 February

February 23, 2012

Compiled for Reuters by Media Monitors. Reuters has not verified these stories and does not vouch for their accuracy.

THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)

Terry Davis, chief executive of Coca-Cola Amatil yesterday said the beverage manufacturer was looking to re-enter the beer sector by 2014, two years after making a A$305 million bonus from selling its premium beer assets to brewer SABMiller.

The revelation came as the company announced a 2.8 percent increase in earnings before interest and tax to A$868.9 million, a result below analysts' expectations. Julian Beaumont, analyst at equities fund manager Investors Mutual, said the result was sound given difficult circumstances. Page 20.

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Peter Birtles, chief executive of Super Retail, which owns the Super Cheap Auto and Rebel Sport retail franchises, yesterday called on the Federal Government to overhaul the industrial relations framework, including penalty rates, to make local businesses more competitive.

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"We have to recognise the consumer environment has changed and therefore the workplace environment needs to change to reflect that, otherwise Australia is going to become increasingly uncompetitive as a marketplace," Mr Birtles said. Page 20.

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Brian McNamee, chief executive of blood plasma group CSL , yesterday said the Australian dollar was forcing the company to consider laying off workers. "I'm troubled at the consequences if the dollar stays up at this level - not for CSL, but for the economy," Dr McNamee said.

"The [United States] is more efficient for us now  we have gone to a low-cost/high-quality research base in Australia to one that is now certainly an expensive [research and development] base," he added. Page 21.

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Angus McKay, chief financial officer of rail freight group Asciano, said the company was still in tense negotiations with the Maritime Union of Australia on an enterprise agreement for workers at its container terminal operations.

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The company yesterday said industrial action in the first half of the 2011-12 financial year had reduced earnings before interest and tax by 5 percent to A$295 million. Despite the impost, however, Asciano announced a 12.1 percent increase in earnings before interest, tax, deprecation and amortisation to A$145.4 million. Page 21.

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THE AUSTRALIAN (www.theaustralian.news.com.au)

Peter Coleman, chief executive of Woodside Petroleum :, yesterday said the oil and gas producer may broaden its asset base through foreign acquisitions, a strategy that contrasts from his predecessor Don Voelte's decision to focus on liquefied natural gas in Australia.

"We must broaden out upstream portfolio," Mr Coleman added. The company announced a 4 percent fall in full-year net profit to A$1.4 billion, with local shareholders also being hit with a 5 percent slump in the final dividend. Page 19.

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A source yesterday said the board of APN News and Media was stunned after non-executive director Pierce Cody resigned from the board after nearly ten years due to "unresolved concerns  with some ongoing areas of corporate governance".

Mr Cody made the allegation in a personal email sent after the Australian Securities Exchange announcement was made, although a spokesman for the radio, outdoor and newspaper group said Mr Cody quit because "he did not get the role that he was seeking in the outdoor joint-venture company". Page 19.

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