| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

We provide access to live business television and business related videos from: Bloomberg TV; The Wall Street Journal; CNBC and the Financial Times. Click image:

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax 2008

Climate Change Reports

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : Irish Last Updated: Apr 24, 2009 - 5:31:05 PM


Waterford Wedgwood reports loss of €180.9 million in year to 5 April, 2008
By Finfacts Team
Aug 1, 2008 - 4:16:03 PM

Email this article
 Printer friendly page

Waterford Wedgwood in the year to 5 April, 2008, made an operating loss of €180.9 million, compared with a loss of €17.1 million in the prior year. Excluding exceptional items, the operating loss was €56.7 million, compared with a loss of €14.9 million in the prior year. The reduction is primarily the result of a €69.7 million (9%) reduction in sales (at prevailing exchange rates) and a 2.2% point reduction in gross margins. The reduction in sales equates to a 5% decline at constant exchange rates. 

In the year to 5 April, 2008 there was a net charge of €124.2 million for exceptional items compared with a net charge of €2.2 million in the prior year. This amount primarily consists of non-cash impairment charges totalling €104.3 million (intangible assets of €82.7 million and plant and equipment of €21.6 million).

In the year to 5 April, 2008, EBITDA - earnings before interest, taxes, depreciation and amortization- (before exceptional items) was a profit of €8.8 million compared with a profit of €20.7 million in the prior year, and operating profit (before exceptional items) was €0.7 million compared with a profit of €12.3 million in the prior year. After exceptional items the operating loss was €21.9 million compared with a profit of €11.2 million in the prior year. 

Waterford's sales of €170.2 million were €29.2 million (15%) down at prevailing exchange rates and €13.2 million (7%) down at constant exchange rates, reflecting an adverse exchange impact on sales, predominantly US Dollar/Euro related, of €16.0 million. Supply chain issues caused by the well-publicised funding difficulties in the early part of the year resulted in product shortages across key sellers at critical times of the year, particularly during the Christmas period. Gross margins reduced due to the under recovery of manufacturing overheads as a result of significant excess capacity at the Kilbarry plant in Waterford, Ireland, particularly evident in the second half of the year.

In the year to 5 April, 2008, the Ceramics Group EBITDA (before exceptional items) was a loss of €22.4 million compared with a profit of €3.3 million in the prior year, and the operating loss (before exceptional items) was €39.1 million, compared to €18.0 million in the prior year. After exceptional items the operating loss was €138.4 million compared with a loss of €19.1 million in the prior year.

Ceramic's Group sales of €462.5 million were €39.0 million (8%) down at prevailing exchange rates and €21.4 million (4%) down at constant exchange rates. The well-publicised funding difficulties in the early part of the year restricted the supply of product out of the Barlaston factory in Stoke-on-Trent and also impacted on the Group's ability to secure production slots with sourcing partners. The closure of unprofitable UK retail outlets during the year was a further factor in the sales decline.

Waterford Wedgwood advises that sales at constant exchange rates for the three month period ending on 5 July, 2008 of €135.7 million were in line with the same period in the prior year.

Result details

Related Articles
Related Articles


© Copyright 2009 by Finfacts.com

Top of Page

Irish
Latest Headlines
Ryanair revises up full-year profit guidance
AIB bank profitable in third quarter
Ryanair announces half-year profits up 32% to €795m
Ryanair benefits from improved customer service
Ryanair to buy 100 new Boeing 737 MAX 200
Finfacts server migration Thursday
State-owned Allied Irish Banks reports H1 2014 profit as bad loan charges plunge
Ryanair reports profit in its financial first quarter soared 152%
UK firm opens van dealership in Dublin
Ryanair reports 8% fall in full-year profit; US services to commence in 2019
Global Financial Centres Index: New York overtakes London; Dublin slips to 66 of 83 cities
Bank of Ireland reports “significant” improvement in 2013 results
Sale process of IBRC UK projects Rock and Salt completed
CRH says 2014 will be year of profit growth after reporting 2013 loss
Ryanair reports third-quarter loss
Irish Water says it saved €100m in setup costs
RSA Insurance fires two Irish executives for large loss/ accounting irregularities
Bank of Ireland will have to raise provisions by €1.4bn; AIB says it's "well capitalised"
CRH reports slightly improved third quarter
Central Bank says ownership of Newbridge Credit Union transferred to permanent tsb
Ryanair reports H1 profits rose by 1% to €602m
Dublin Web Summit: Irish Stock Exchange and NASDAQ OMX announce dual listing plan
Irish pension managed funds returned to growth during September
Dan O’Brien resigns as economics editor of The Irish Times
Central Bank says no action required on Anglo tapes revelations
Ryanair flew 9m passengers and Aer Lingus carried 1.1m in August
UK Competition Commission says Ryanair must cut Aer Lingus stake to 5%
CRH reports H1 2013 revenue dip and loss
Vodafone refunded UK after discovery of Irish tax haven deal
RBS reports half year profit; Ulster Bank posts reduced loss
Bank of Ireland cuts pretax losses in HI 2013 to €504m
Irish State-owned Allied Irish Banks reports losses of €758m in H1 2013
Service Announcement
Irish managed pension funds declined in June
VHI reports 2012 surplus of €54.3m; Health insurance made loss
Ex- Elan director says management / board "not competent to run a business"
Aer Lingus to put €140m in employees pensions fund; Ryanair apoplectic
Wednesday Newspaper Review - Irish Business News and International Stories - - May 22, 2013
Tuesday Newspaper Review - Irish Business News and International Stories - - May 21, 2013
Ryanair, Europe’s biggest low cost carrier, announced Monday record annual profits of €569m - - up 13%