Holden posts $553.8 million loss for 2013

Consolidated revenue over the course of the year increased from $4.02 billion (2012) to $4.05 billion, but the pre-tax charges tipped the company over the edge into the red. It's a worse result than the previous financial year, when the company landed in the red to the tune of $153 million.

"We are mindful of the impact on our employees and our financial results, but it was the right decision. Manufacturing vehicles in Australia is, unfortunately, unsustainable.

"All three domestic OEMs have now announced they will cease domestic vehicle manufacturing as auto manufacturing in Australia faces a perfect storm of negative influences: a persistently high Australian dollar; one of the most fragmented and competitive markets in the world; and higher costs compared to other manufacturing source countries."

The company aims to implement an "orderly transition for employees" losing their jobs, as the 2017 deadline draws closer.

"Last year, we recorded the initial allocations of our employee separation costs with further charges expected in this area," said Rolfs.

"Addressing our high fixed cost base is certainly a key to returning Holden to sustainable profitability into the future," he said.

"We are profitable on our imported portfolio and Holden is focused on taking the right decisions to grow sales and revenue in the immediate term and manage our other costs very closely.

"We will continue with the orderly delivery of key changes to our business to ensure that the Holden customer experience is second to none and that we build a successful future for Holden that honours our brand and our heritage.

"Holden is one of the strongest brands in Australia. We launched 10 new or significantly updated vehicles in 2013 and we have more products in more segments than ever before.

"Customers responded extremely well to our new portfolio and the second-half of 2013 saw a steady upsurge in sales, including record sales of Holden's SUV range and a resurgent Commodore.

"In fact, sales volumes were up 17.4 percent in the second half of 2013. This growth also came in an overall market that was down by two percent in the latter half of the year. And we've continued our momentum into 2014; Holden has outperformed the market for eight consecutive months and is the fastest growing of the Top 10 auto brands in Australia so far this year."

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