more trouble ahead, page-14

There are a few problems with amatil. The main one being the industry is in decline. The products they sell are generally good and they are dictated by the franchisor anyway so what they give you is what you've got. Amatil is a packaging and warehousing company and there isn't much fat left in either. They contract out the distribution and one site that a mate works at appears to be operating at a level that will be unsustainable over the medium to long term. They are looking long term with the alcohol side of the business so that would be a positive in my view but I think there is more pain for holders over the next couple of years.