NUFARM Limited has announced a statutory net loss after tax of $15.6 million for the 12 months to 31 July 2018.

The statutory result includes $114 million in material items, including an impairment charge and tax asset write-off for the Australian business of $91.5 million and business acquisition costs of $22.2 million, and compares to a statutory profit after tax of $114.5 million in the previous year.

Underlying net profit after tax was $98.4 million, down 28 per cent on the $135.8 million reported in the prior period.

Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) decreased by 1pc to $385.7 million and underlying earnings before interest and tax (EBIT) decreased by 12pc to $265.1 million.

On a constant currency basis, underlying EBITDA was in line with last year and underlying EBIT decreased by 10pc.

Group revenues increased by 6pc to $3.31 billion (2017: $3.11 billion), despite the overall industry recording minimal growth during the period.

The group generated an underlying gross profit margin of 29.1pc, slightly below the 29.4pc margin for the previous year.

The underlying EBIT result was impacted by the very dry Australian autumn conditions, and continued drought into winter in the eastern and southern states.

Whilst this impact was largely offset by the underlying EBITDA contribution from the European acquisitions, the increased amortisation related to the acquisitions reduced the contribution at the underlying EBIT level.

Good earnings growth was delivered in the North American and Latin American businesses.

Net debt at 31 July 2018 was $1,374 million, up on the $680 million at 31 July 2017.

The year-end net debt was impacted by the funding for the European acquisitions of $335 million and the higher year-end net working capital balance (up by $287 million). Average net debt over the 12-month period was $1,085 million, higher than the $886 million average in 2017.

Source: Nufarm. 

Full report here.