Parmalat made a net loss of €15.2 billion last year but the scandal-struck Italian food group aims to return to profit in 2005 according to its turnaround plan.
Of last year's losses, €11.4 billion were due to extraordinary provisions linked to the Italian company's huge accounting shortfalls, the plan showed.
Looking ahead, the new, slimmed-down Parmalat is expected to make a €108.1-million net loss this year before turning to make a €121.2-million-euro net profit in 2005, it said.
Parmalat is also aiming for a €167.8-million net profit in 2006, according to the plan.
The company's government-appointed administrator, Mr Enrico Bondi, plans to sell various unprofitable units around the world and focus on core brands to keep alive what was once Italy's most international company.
What remains is set to be listed on the bourse in 2005.
The dairy and food multinational filed for insolvency in December after revealing a four-billion euro accounting hole. Its debts were later shown to be €14 billion.
Under its restructuring plan Parmalat has offered to convert €1.9 billion of debt, including outstanding bonds, into shares in the new company.