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HP Australia reports net loss for FY 2013

March 13, 2014

hpOEM suffers net loss of AU$270 million – five times more than the previous year.

ZDNet reported that HP Australia suffered a net loss of AU$270 million (US$244.6 million/€175 million) for the 2013 financial year to October 31, with an increase in standard income tax found to be the primary reason for the loss, which was five times greater than that of the previous year.

The increase in standard income tax, according to the company’s financial statements, cost the company AU$165 million (US$149.5 million/€107 million) for 2013 compared to AU$30 million in 2012; with the OEM also recording a decline in revenue from AU$3.5 billion (US$3.1 billion/€2.3 billion) in 2012 to AU$3.3 billion (US$2.9 billion/€2.1 billion) in 2013, partly due to fewer sales of goods.

However, the OEM was able to reduce total expenses for FY 2013 to AU$3.4 billion (US$3 billion/€2.2 billion) from AU$3.6 billion (US$3.3 billion/€2.3 billion) in FY 2012 after cutting the cost of inventories.

HP Australia noted in its financial filing that “The board of directors have concluded that the consolidated entity is a going concern, as its ultimate holding company, Hewlett-Packard company, has undertaken to provide financial support to the consolidated entity so that it can meet its obligations and liabilities as and when they fall due for at least 12 months from the date of signing these financial statements”.

Meanwhile in New Zealand, the company’s investment in its outsourcing business, EDS, in terms of revenue “appeared as if it never happened”, with sales reaching NZ$555.5 million (US$475.7 million/€341 million) for FY 2013, just slightly above those reported before the acquisition in 2009 and below 2008’s NZ$600 million (US$514 million/€368 million)

Last year, The Recycler reported that HP Australia was fined AU$3 million (US$2.7 million/€1.9 million) by the Australian Competition and Consumer Commission for making misleading or false representations to both customers and retailers about its consumer guarantee rights, with both parties reaching an out of court settlement and the OEM asserting that steps had been taken to change its policies concerning consumers and retrain staff.

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