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TWE 2020 Annual Report

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TWE 2020 Annual Report 25 August 2020 ASX ANNOUNCEMENT TWE 2020 Annual Report Treasury Wine Estates Ltd (ASX:TWE) is pleased to present its Annual Report for the year ended 30 June 2020. For the purposes of ASX Listing Rule 15.5, TWE confirms that this document has been authorised for release to the market by the Board. Contacts: Media Investors Melissa O’Neill Bijan Taghian Tel: +61 3 8533 3923 Tel: +61 3 8533 3568 Mob: +61 467 555 175 Mob: +61 433 173 664 For personal use only TRE ASURY WINE ESTATES LIMITED A B N 24 004 373 862 LEVEL 8, 161 COLLINS STREET MELBOURNE V I C 3 0 0 0 AUSTRALIA WWW.TWEGLOBAL.COM TREASURY WINE ESTATES ANNUAL REPORT 2020 THINKERS MAKERS DOERS WORLD-CLASS WINES For personal use only WE ARE THE CUSTODIANS OF A DISTINCTIVE PORTFOLIO OF PREMIUM BRANDS Behind every bottle of wine, is a world-class team of thinkers, makers, doers passionate about creating moments of joy and connection CONTENTS About TWE 1 Consolidated Statement of Profi t or Loss 64 At a Glance 2 and Other Comprehensive Income Chairman and Chief Executive Offi cer’s Report 3 Consolidated Statement of Financial Position 65 Brand Highlights 6 Consolidated Statement of Changes in Equity 66 Operating and Financial Review 10 Consolidated Statement of Cash Flows 67 Corporate Responsibility 29 Notes to the Consolidated Financial Statements 68 Diversity and Inclusion 31 Directors’ Declaration 120 Board of Directors 34 Independent Auditor’s Report 121 Corporate Governance 36 Details of Shareholders, Shareholdings 127 Directors’ Report 40 and Top 20 Shareholders Auditor’s Independence Declaration 43 Shareholder Information 128 F20 Remuneration Report (Audited) 44 For personal use only IMPORTANT INFORMATION This report contains certain forward looking statements, which may be identifi ed by the use of terminology including ‘expects’, ‘believes’, ‘targets’, ‘likely’, ‘should’, ‘could’, ‘intends’, ‘aims’ or similar expressions. Indicators of and guidance on future earnings and fi nancial position are also forward looking statements. These forward looking statements are not guarantees or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of TWE, and which may cause actual results to differ materially from those expressed or implied in such statements. Further information on important factors that could cause actual results to differ materially from those projected in such statements is included in the Material Business Risks section of the Operating and Financial Review. Readers are cautioned not to place undue reliance on forward looking statements. References to ‘TWE’, ‘Company’, ‘Group’, ‘we’, ‘us’ and ‘our’ are to Treasury Wine Estates Limited and/or, except where the context otherwise requires, its subsidiaries. References to ‘F19’ and ‘F20’ are to the periods 1 July 2018 to 30 June 2019 and 1 July 2019 to 30 June 2020 respectively. All currency referred to in the report is in Australian dollars, unless otherwise stated. In this report Hong Kong Special Administrative Region of the People’s Republic of China has been referred to as ‘Hong Kong’. ABOUT TWE We make premium wines from the great wine making regions of the world and are the custodians of distinctive brands that delight wine-lovers all over the world. 3,000 70+ 4 12,600 employees countries regions hectares We employ approximately Our iconic wines are sold We are focused on four We access approximately 3,000 talented people in more than 70 countries principal regions across 12,600 planted hectares across the globe across the world the world: Australia and of vineyards in some of the New Zealand; the Americas; world’s most sought-after Europe, Middle East and winemaking regions Africa (EMEA); and Asia OUR LOCATIONS1 TWE EMEA TWICKENHAM, UK TWE EMEA BORDEAUX, FRANCE TWE ASIA TWE EMEA SHANGHAI, CHINA TWE AMERICAS TUSCANY, ITALY OAKLAND, CALIFORNIA TWE ASIA SINGAPORE TWE ANZ MARLBOROUGH TWE ANZ MAGILL, SOUTH AUSTRALIA TWE ANZ MELBOURNE, VICTORIA AUSTRALIA & NEW ZEALAND2 AMERICAS2 EMEA2 AU 71 NZ 9 US 42 EU 5 vineyards vineyards vineyards vineyards AU 8,676 NZ 498 US 3,213 EU 13 planted hectares planted hectares planted hectares planted hectares AU 8 NZ 1 US 7 EU 2 wineries winery wineries wineries AUSTRALIA NEW ZEALAND US | Regional head office: UK | Regional head office: For personal use only Corporate head office: Country head office: Oakland, California Twickenham, Middlesex Melbourne, Victoria Marlborough FRANCE | Country head office: Margaux, Bordeaux ITALY | Country head ASIA office: Gabbiano, Tuscany 1. Locations marked on the global map represent corporate Regional head offices: and regional head offices. TWE also maintains other major CHINA | Shanghai operations across all regions of its business. SINGAPORE 2. Information current as at 30 June 2020. TREASURY WINE ESTATES ANNUAL REPORT 2020 | 1 AT A GLANCE1,2 • F20 EBITS3 down 21.7% to $533.5 million; EBITS margin down 4.0 percentage points to 20.1% • EPS (before material items and SGARA) down 25.5% to 43.9 cents per share • Return on Capital Employed decreased 3.3 ppts to 10.6% • Final dividend of 8 cents per share (fully franked); bringing F20 annual dividend to 28 cents per share; down by 26% on the prior period • Full year cash conversion of 94.7% EBITS EPS (BEFORE MATERIAL ITEMS AND SGARA) (A$ million) (Earnings Per Share) (cents) 681.0 F20 58.9 F20 544.0 533.5 49.1 43.9 463.6 21.7% 38 25.5% decrease decrease 341.1 29.3 F16 F17 F18 F19 F20 F16 F17 F18 F19 F20 ROCE MARKET CAPITALISATION (Return on Capital Employed) (%) (A$ million) 17.39 13.16 14.92 9.23 10.48 13.9 F20 F20 11.7 12,500.0 10.6 10.4 30% 8.9 3.3 ppts 10,729.0 decrease 9,713.9 declin arke capitalisation 7,554.0 6,813.0 Share rice F16 F17 F18 F19 F20 F16 F17 F18 F19 F20 ( une) For personal use only 1. Unless otherwise state, all figures and percentage movements are stated on a reported currency basis and are subject to rounding. 2. Prior years have been restated for application of AASB 16 Leases and AASB 112 Income Taxes, as per note 32 in the Financial Statements. 3. Earnings before interest, tax, SGARA and material items. 4. Compound Annual Growth Rate. 2 | TREASURY WINE ESTATES ANNUAL REPORT 2020 CHAIRMAN AND CHIEF EXECUTIVE OFFICER’S REPORT Fiscal 20 was a unique and challenging year for TWE, our industry and the markets within which we operate. The quality, dedication and resilience of our team during this time, working alongside our customers and suppliers, provides confidence in our ability to become an even stronger business. PAUL RAYNER Chairman TIM FORD Chief Executive Officer INTRODUCTION Through the outstanding efforts of our team and valued partners we continued to safely operate our Dear shareholders, business. This demonstrates the resilience of our We are pleased to present the 2020 Annual Report operating models as well as our ability to innovate for Treasury Wine Estates Limited. and deliver collaborative customer and stakeholder partnerships that responded to the changing needs Fiscal 2020 has been a challenging year for many of our customers and consumers, and the environment of us. The COVID-19 global pandemic has changed in which we operate. the way many of us live and work, and disruption arising from the government-mandated restrictions The combined strength of our team, iconic portfolio across our key markets has impacted our operating of brands and our competitively advantaged business performance. Shifting market place dynamics in the models gives us confidence that we are well-positioned United States, driven by the structural oversupply to come through this period a stronger business. of Californian wine, created specific challenges OVERVIEW OF RESULTS to navigate throughout the year. In F20, Group EBITS decreased 21.7% to At the time of preparing this Annual Report, $533.5 million, delivering a five-year EBITS CAGR TWE had been advised that the Chinese Ministry of 19.7%, while our EBITS margin decreased of Commerce had initiated an anti-dumping 4.0 percentage points to 20.1%. investigation into Australian wine exports into China. This decision matters deeply to our business The key drivers of the lower EBITS in F20 were an and the industry, both in Australia and China. We unfavourable volume and portfolio mix during the remain committed to China as a priority market and second half of F20 because of COVID-19 impacts, will continue to invest in our local operating model, driven by lower luxury sales due to the closure of For personal use only team and our relationships with customers and key channels for high-margin luxury wine in addition consumers to enhance the wine category and grow to consumers trading down in some markets. our contribution to China. We will work co-operatively with the Chinese and Australian governments at all Strong progress was made throughout the year on levels to resolve the situation. those strategic initiatives designed to accelerate our premiumisation strategy. TREASURY WINE ESTATES ANNUAL REPORT 2020 | 3 CHAIRMAN AND CHIEF EXECUTIVE OFFICER’S REPORT (CONTINUED) We completed the design and implementation of the • Asia reported a 13.9% decline in EBITS to new operating model and organisational structure $243.7 million and an EBITS margin of 39.5% in our Americas region, and started work on the (up 0.3 ppts), with volume lower through Q320 as potential divestiture of specific commercial brands key consumption occasions for wine were impacted and related assets, along with the restructuring by government-mandated restrictions throughout of the supporting supply chain. the region. Positive trends were noted in Q420, with TWE seeing consumption and sales depletion In F20, we also announced our decision to explore recovery across the portfolio, particularly in June.
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