For its full year to June, revenue for Goodman declined 1.7% from $A2.55 billion ($NZ3.31 billion) to $A2.51 billion. Earnings before interest, tax, depreciation and amortisation were down 33.5%, from $A356.7 million to $A237.2 million.
After "significant items" are taken into account, reported after-tax profit went from a $A166.7 million loss a year ago to a $A146.9 million loss this year.
It was primarily the significant items, totalling $A267.2 million, that contributed to this year's loss, Goodman chief executive Chris Delaney said in a statement. They comprised asset impairment at $A187.8 million, restructuring costs at $A58.6 million, asset write-downs of $A16.8 million and $A4 million in foreign exchange losses.
"The company's major restructuring initiative, Project Renaissance, remains on track to deliver $A100 million in annualised savings by full-year 2015," he said.
Shares in dual-listed Goodman were up almost 6.5% after the announcement, at 66c. There is no final dividend.
Craigs Investment Partners broker Peter McIntyre said Goodman remained "a story of recovery" and was beginning to see benefits from the restructuring, debt decline, savings of $A23 million in overheads and increasing cash flows.
He noted Goodman's shares had an all-time high of $2.96 in September 2007 and hit a low of 50c in January this year. While challenging market conditions were expected to persist into 2013, it was "making positive progress" towards its 2015 goals, he said.
During the year, Goodman successfully raised $A259 million in fresh equity and refinanced its debt facilities. It had unused debt-funding capacity of about $A500 million and was "comfortably" within banking covenants, Mr Delaney said.
Net debt at year end was $A728 million, a 24% decline on a year ago.
Mr Delaney said the cash restructuring costs for 2012 were $A46 million, including redundancies, such as 338 positions gone in the Australia and New Zealand baking division, business restructuring and the closure of three Australian bakery sites.
Divestment of non-core businesses was on schedule. The final bidder for Integro commercial oils was expected to sign up by month-end and there remained several interested parties for its NZ Milling business.
Goodman's product range is being cut from about 450 to 350 to boost manufacturing efficiency.
The restructuring project's first phase, targeting $A40 million in ongoing overhead savings by 2013, is being successfully delivered. Cost savings of $A23 million were achieved during 2012.
