China’s WH Group, the world’s top pork producer, swung to a net loss in 2013 thanks to share-based payouts worth over $600m made to executives and employees last year following the takeover of US-based Smithfield Foods.
The details of the share rewards, the bulk of which went to two executives last October, were made public in WH Group’s listing prospectus filed with the Hong Kong stock exchange on Tuesday.
According to the document, WH Group made a net loss of $67m last year, reversing from a profit of $468m the previous year and $188m in 2011. The company said that was “primarily” a result of its “share-based payment expenses”, which totalled $639m.
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