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Annual Report 2017 About Twe ANNUAL REPORT 2017 ABOUT TWE Treasury Wine Estates (TWE) is one of the world’s largest publicly listed wine companies, with a rich heritage and diverse portfolio of outstanding wine brands and viticultural assets. The Company’s commitment to delivering shareholder value is underpinned by its passion for crafting, marketing and selling quality wine for consumers, and building sustainable, long-term partnerships with customers, globally. TWE employs approximately 3,400 winemakers and viticulturists, as well as marketing, sales, distribution and support staff across four key regions, with wine sold in more than 100 countries around the world. CONTENTS 1 Our Locations 2 Chairman and Chief Executive Officer’s Report 4 Brand Highlights 6 Operating and Financial Review 26 Corporate Responsibility 33 Diversity and Inclusion 35 Board of Directors 37 Corporate Governance 40 Directors’ Report 43 Auditor’s Independence Declaration 44 F17 Remuneration Report (Audited) 63 Consolidated Statement of Profit or Loss and Other Comprehensive Income 64 Consolidated Statement of Financial Position 65 Consolidated Statement of Changes in Equity 66 Consolidated Statement of Cash Flows 67 Notes to the Consolidated Financial Statements 112 Directors’ Declaration 113 Independent Auditor’s Report 119 Details of Shareholders, Shareholdings and Top 20 Shareholders 120 Shareholder Information Forward looking statement disclaimer This Report contains certain forward looking statements. Words such as ‘expects’, ‘targets’, ‘likely’, ‘should’, ‘could’, ‘intend’ and other similar expressions are intended to identify forward looking statements. Indicators of and guidance on future earnings and financial position are also forward looking statements. Such forward looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors many of which are beyond the control of the Company or the TWE Group 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. All currency referred to in this Annual Report is in Australian dollars, unless otherwise stated. OUR LOCATIONS1 TWE AMERICAS TWE EUROPE TWE EUROPE TWE ASIA TWE ASIA TWE ANZ NAPA VALLEY, TWICKENHAM, TUSCANY, SINGAPORE SHANGHAI, AUCKLAND CALIFORNIA UK ITALY CHINA MAGILL, SOUTH AUSTRALIA TWE ANZ MELBOURNE, VICTORIA AUSTRALIA & NEW ZEALAND AMERICAS AUSTRALIA US Corporate head office: Melbourne, Victoria2 Regional head office: Napa Valley, California 75 8,828 8 46 3,758 7 vineyards planted hectares wineries vineyards planted hectares wineries NEW ZEALAND Country head office: Auckland 9 528 1 vineyards planted hectares winery EUROPE3 ASIA UK SOUTH EAST ASIA Regional head office: Twickenham, Middlesex Regional head office: Singapore ITALY NORTH ASIA Country head office: Gabbiano, Tuscany Regional head office: Shanghai, China 2 152 1 vineyards planted hectares winery 1. Information is current as at 30 June 2017. 2. TWE also has significant other operations across Australia. 3. Includes TWE’s Latin American operations. TREASURY WINE ESTATES ANNUAL REPORT 2017 — 1 CHAIRMAN AND CHIEF EXECUTIVE OFFICER’S REPORT In F17, TWE delivered EBITS of $455.1 million, representing growth of 36.2%. Our EBITS margin expanded 4.0 percentage points to 19.0% which saw us deliver our EBITS margin target of ‘high-teens’ three years ahead of our initial plan of F20. From a regional perspective, we are delighted to report that, on a constant currency basis, all regions delivered double digit EBITS growth and EBITS margin accretion as we continued to execute the strategies outlined to all shareholders in detail at TWE’s Inaugural Investor Day in March 2017. Dear Shareholders, Reported Earnings per Share was up 50.2% with both TWE’s base business and the acquisition of Diageo Wine INTRODUCTION contributing to this growth. Welcome to the 2017 Annual Report for Treasury TWE’s focus on EBITS margin expansion underpinned Wine Estates Limited (TWE). solid ROCE accretion, up 2.32 percentage points to 11.6%; Fiscal 2017 (F17) was another year of strong the highest return in TWE’s history. financial performance as we continue to transition These outstanding results have been delivered despite from an agricultural company to a brand-led, the Company still selling through the short vintages high-performance organisation. dating back to 2014 and 2015. As a company, TWE Underpinning this transition was our continued is committed to delivering both absolute EBITS growth investment in our brand portfolios, our regional as well as margin accretion year on year, regardless business models and our people, across all our regions. of vintage variation. Critical to our journey is the team we have in place. TWE’s Supply Chain Optimisation initiative has In F17, we significantly up-weighted the calibre of continued to deliver profitability improvements. our Management team. We now have a strong blend To ensure TWE is well positioned to satisfy growing of highly skilled and experienced fast moving consumer global demand for its brand portfolios, the Company goods (FMCG) executives and wine experts. remains focused on investing in the supply of Luxury This balance of skillsets is driving TWE into the next and Masstige fruit. phase of growth and is building on our ability to deliver At the Company’s Inaugural Investor Day, TWE continued financial outperformance and value creation announced Project Uplift II. This project will support for shareholders. margin accretion objectives by uplifting the supply of high-end wine produced under comparatively lower STRATEGY cost structures. TWE’s Vision and Strategy has remained consistent over In F17, the Company completed the integration of the last three years. Over this time, the Company has the Diageo Wine business and commenced resetting been focused on: the acquired brands for growth, involving: Consistently and sustainably building a high-performing • Withdrawal from unsustainable volume and organisation, upgrading the talent and raising the bar • customer arrangements; every single year; Integration of people and systems whilst removing Building brands within portfolios and investing to • • excess cost; continually strengthen those portfolios, one portfolio at a time; • Integrating and consolidating Diageo Wine’s supply network into TWE’s supply model, realising the Prioritising regions and markets to strengthen our • US$35 million run-rate cash synergies target, four regional business models and leverage this global well ahead of TWE’s initial plan of F20; network to optimise the allocation of wine across regions, drive apparent scarcity and therefore margin accretion; • Scaling-up marketing investment to drive depletions and clear the channel of old pack inventory; and • Building strategic customer and distributor partnerships in all our markets in order to embed • Refreshing the look and feel of the acquired brand long-term and sustainable relationships; and portfolio to stimulate customer and consumer reconnections; driving increased demand and Simplifying our operating models, driving efficiencies • improved price realisation. and reducing costs. TWE is now focused on rebuilding availability of the OVERVIEW OF RESULTS AND F17 refreshed US brands with improved pricing and margin The F17 results are a testament to the disciplined and structures and is confident the acquisition will continue sustainable way in which the Company operates. to deliver upside to both profitability and asset returns. This way of working enables us to continually grow our The introduction of TWE’s new French portfolio, with the EBITS1, our EBITS margin and our Return on Capital launch of Maison de Grand Esprit, represented a significant Employed (ROCE). step forward for the Company and its ‘portfolio approach’ to growing brands, globally. Maison de Grand Esprit 1. Earnings before interest, tax, SGARA and material items (EBITS). 2. F16 ROCE restated from 9.6% to 9.3%, reflecting a change in accounting standards relating to Agricultural Assets. 2 — TREASURY WINE ESTATES ANNUAL REPORT 2017 includes three tiers of Luxury wines, created to disrupt to human rights, labour, the environment and the traditional French category through a new-world anti-corruption. approach with multi-region sourcing showcasing the very These activities also extend to TWE’s suppliers. best of France’s wine regions – Bordeaux, Burgundy, TWE’s Responsible Procurement Code is a prerequisite Rhône and Provence – all under the one brand. for all new suppliers and is being rolled out to existing Having launched Maison de Grand Esprit in Paris in suppliers globally. In F18, an Environmental, Social June 2017, TWE is delighted to announce that this brand and Governance (ESG) risk framework will be applied will be on shelf in North Asia from November. to ensure a closer review of suppliers from higher ESG To complement TWE’s own French brand, the Company risk countries and industries. also announced that it will exclusively distribute in TWE will continue to actively participate in public policy China, Baron Philippe de Rothschild’s portfolio of wines, discussions related to CR and the UNGC principles led by Mouton Cadet from France and Escudo Rojo from to which it is committed. Chile, effective January 2018. THANKS AND CONCLUSION TWE’s wine portfolios
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