As previously expected—see Coca-Cola Amatil’s wet summer of 21 Dec 11 (Hold – $11.76)—Coca-Cola Amatil announced an unspectacular result for the year ended 31 December 2011. Revenue growth of 7% led to growth of 5.0% in underlying net profit (to $532m). Underlying earnings per share rose 4.3% to 70.2 cents. Directors declared a fully franked final dividend of 30.5 cents (ex date 27 Feb), bringing the yearly total to 52.5 cents.
Headline numbers, which we’ve avoided here, were distorted by several one-offs, including a $170m net profit on the sale of Amatil’s stake in Pacific Beverages and $110m in after-tax writedowns related to the troublesome SPC Ardmona business.