News: AMC Amcor update on Venezuelan operations

June 8 (Reuters) - Amcor Ltd (AMC) :

• Amcor update on Venezuelan operations (AMC)
• Since Amcor reported its first half results in February 2016, economic

  conditions in Venezuela have continued to deteriorate

• Economic conditions in Venezuela impacted the business environment for the

  rigid plastics business in Venezuela

• Amcor has elected to effectively adopt the floating exchange rate for

  venezuelan bolivars for financial reporting purposes from 30 June 2016

• For year ended 30 June 2017 pbit for both Amcor Group and rigid plastics

  business are expected to be negatively impacted by approximately US$40 million

• Continue to expect rigid plastics business to deliver strong earnings growth

  compared with earnings of US$321.3 million achieved in 2015

• For year ended 30 June 2016 one-off charge of approximately US$350 million

  will be recognised in earnings, regarding venezuelan operations

• Amcor will continue to generate strong cash flow and the ability to fund

  capital expenditure, acquisitions or dividends is unchanged

• For year ended 30 June profit after tax (PAT) Is Expected to be negatively

  impacted by about US$20 million for the same period