huge write-downs, the biggest in the Strategic Finance business due to enormous bad debts in New Zealand, sent the 2007-08 result for this highly geared Allco vehicle plunging to a net loss of $322.2 million
lost $5.54 billion loss
in 2004 following the disastrous move into the UK over the previous 25 years.
Asset write-downs in Europe sent Australia's largest heavy engineering group into the red with a $213 million annual loss in 1995-96 just a couple of years after Kerry Packer sold his stake for a big profit.
APN European Retail Property Group:
write-downs and derivative losses on its European investments produced a net loss of $309.4 million
for the year ending June 30, 2009. A further $66.5 million
was lost in 2009-10.Astro Japan Property Trust:
formerly Babcock & Brown's Japanese play,
heavy write-downs of Japanese property investments delivered a $367 million net loss
troubles in its bleeding Brazilian business sent the old wheat monopoly to a net loss of $156 million
in 2008-09.Babcock & Brown Capital:
announced a loss of $1.427 billion
for the 2008 calendar year which reduced claimed net assets of $1.28 billion down to negative equity of $541 million. Was renamed Eircom Holdings but its Irish telco investment got no better as the GFC clobbered the country.Babcock & Brown Infrastructure Group:
announced a $977 million full-year loss
for 2008-09 and then changed its name to Prime Infrastructure Holdings and managed to lose $959 million
in 2009-10 before being taken over by Brookfield. These losses included big hits on infrastructure assets in New Zealand, the US and the UK.Burns Philp
: huge write-downs on its ingredients business sent the company to a $173.3 million net loss for the year to June 30, 1997 as new largest shareholder Graeme Hart watched his net worth almost disappear before a miraculous recovery.Centro:
the Centro twins dropped more than $3 billion on its huge US shopping centre investments, the biggest disaster being the New Plan acquisition at the top of the market before the GFC struck.Challenger Infrastructure Fund:
paid too much for assets in the UK so write-downs delivered a $139 million net loss
for 2008-09 and a further $210 million loss
write-downs on its US, Canadian and UK assets delivered a loss of $1.2 billion
for 2008-09, compared with a $3.5 billion profit in the previous financial year when it was demerged from the Packer family's media assets. However, the Macau investments have performed well for Crown.
: reported a $114.7 million bottom line loss in 1999-2000 after writing down the value of its Zimbabwe and Solomon Islands mines by $143.7 million.ERG:
despite showing loads of promise, rarely did it make money on these global transport contracts and this contributed to a $244 million net loss
in the 2001-02 financial year.Foster's:
lost most of the $3 billion it spent in 2000 buying the Californian-based wine business Beringer.
Galileo Japan Trust:
was late with its December 2008 results which came in with a net loss of $196.4 million
after heavy write-downs. More write-downs produced an additional $62 million loss
in 2009-10.Goodman Group:
heavy property write-downs on its global industrial portfolio delivered a $1.1 billion
loss for 2008-09 as it unveiled a massive capital raising to fix the over-leveraged balance sheet. Came up with another $562 million loss
the property group announced
a $1.07 billion loss for 2009 and an eye-popping $3.25 billion loss in 2008 after its European Babcock & Brown joint venture went pear-shaped, along with other investments such as the US seniors portfolio.HIH:
collapsed in 2001, partly thanks to huge losses suffered on its US insurance operations.HFA Accelerator Plus:
announced a loss of $150 million
on its global investment portfolio for the year ending June 30, 2009.Hooker Corporation:
George Herscu went broke after expanding into US shopping centres.Hoyts:
lost plenty on an all-fated global cinema acquisition binge in the 1990s competing with Village Roadshow.
new CEO Mike Wilkins produced $400 million in write-downs and restructuring charges which led to a $261 million net loss in 2007-08, mainly thanks to over-paying for UK assets during the Michael Hawker era.Lend Lease
: announced a $715 million loss
for 2002-03 after $945 million worth of writedowns in value of its US, Asian and European real estate businesses.
Macquarie Countrywide Trust
: the shopping mall owner announced an annual net loss of $1.4 billion
in 2008-09, largely due to write-downs on its over-geared US portfolio, much of which has now been sold.
a $220 million loss for the December half blew out to $616 million
for the full 2008-09 financial year after further write-downs of its regional shopping centres in the US.Macquarie Infrastructure Group:
announced a $1.71 billion loss
for 2008-09 after belatedly writing down the value of its over-geared toll road investments, mainly in the US.MIM:
posted a widely anticipated loss of $205 million for the six months to December 31, 2002, largely because of losses of $238 million associated with the closure of its two European smelters.
: Robert de Crespigny's company managed a bottom line loss of $154.6 million in 2000-01, its last year full year as a listed company, thanks to write-downs at its Kasese cobalt project in Uganda.One-tel:
the upstart telco backed by the Murdoch and Packer families went bust in 2001, partly due to troubles in its various European operations.Pacific Dunlop
: the rot really set in the 1995-96 when a $340 million write down on its pacemaker division sent it to a a bottom line loss of $133 million.Record Realty:
the Allco-managed property fund took some big write-downs in 2007-08, plunging to a net loss of $253.5 million
as it proceeds with a staged liquidation that may not leave anything for shareholders.Rubicon America Trust:
property write downs led to a $140 million net loss for 2007-08 but it should have been more given it claims to have net assets of $210 million when the market capitalisation is $30 million.Rubicon Europe:
weighed down by excessive debt and big write-downs led to a net loss of $218.5 million for 2007-08.
plunged to a net loss of $185 million in 2007-08 after big write-downs but still claims to have net assets of $195 million when the market values the trust at less than $30 million.
Slater and Gordon:
paid an excessive $1.3 billion for the Quindell UK integrated legal business and quickly sent its share price tumbling from more than $8 to less than $1 in 6 months.
took a big write-down on ill-fated UK acquisition.
Tishman Speyer Office Fund:
the half year loss of $223 million was bad enough but further write-downs sent the US property fund tumbling to a $621 million loss
Valad Property Group:
heavy write-downs after a foolish UK expansion program delivered a bone-crunching $1.49 billion loss
for 2008-09 after the half year figure had come it at $821 million.
announced a net loss of $708 million
for the first half of 2009 courtesy of $2.9 billion in property write-downs. $3.5 billion in write-downs, largely related to US and UK investments, delivered a bottom line loss of $458 million for calendar year 2009.
plunged to what was then a record loss of $1.6 billion in the year to September 30, 1992, forcing a $1 billion rights issue as the bank almost went broke due to massive bad debts, especially in the Queensland and Melbourne property markets. Also lost badly on its US operations.
* If we have missed any, please email Stephen@maynereport.com.
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