Treasury Wine Estates eyes growth after posting big loss
Print Edition
GLOBAL drinks giant Treasury Wine Estates yesterday reported a net loss of A$100.9 million (US$93.3 million) during a year in which the firm replaced its chief executive and become a takeover target.
The world’s largest publicly-listed pure-play wine company, with over 80 brands, said after 12 months of upheaval that it was “poised for reset and a return to sustainable growth.”
CEO Michael Clarke, who was appointed in February, said the firm had taken the “necessary steps” to increase marketing, cut costs and address structural problems.
“I am confident the company is now positioned for future success,” Clarke said in a statement.
The company, which owns major brands including Penfolds, Rosemount Estate and Wolf Blass, was hit by a write-down of A$280.6 million caused in part by cost cuts and declining market growth rates in commercial wine.
Total sales revenue in the year to June 30 rose by 1 percent to A$1.7 billion. The company declared a full-year dividend of 13 cents per share.
Treasury said that its earnings in Asia decline by 12.3 percent to A$47.7 million as austerity measures on China’s mainland and operational challenges in Japan hurt sales.
But the firm said it had strong volume growth in Hong Kong and “increasing momentum” in Southeast Asia.
Its Australian and New Zealand earnings plunged by 32 percent to A$75.1 million, while in the Americas, Europe, the Middle East and Africa, earnings fell by 7 percent.
Treasury, which was spun off from Foster’s beer business in 2011, has been chased by US private equity firms TPG Capital, and Kohlberg Kravis Roberts with its partner Rhone Capital, with bids of up to A$3.4 billion.
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