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Australian Wine Industry: Competitive Dynamics Case No: AGSM-16-001

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Australian Wine Industry: Competitive Dynamics Case No: AGSM-16-001 AGSM @ UNSW Business School Australian Wine Industry: Competitive Dynamics Case No: AGSM-16-001 Authors: Johann Peter Murmann & Salih Ozdemir This case has been constructed from public sources solely for educational purposes and aims to promote discussion of issues that surround the formulation strategies rather than to illustrate either effective or ineffective handling of a managerial situation. It is stylized representation of the actual business problems faced by firms in the industry. Copyright: AGSM prohibits any form of reproduction, storage or transmittal without its written permission. This material is not covered under authorization from AGSM or any reproduction rights organization. To order copies or request permission to reproduce materials contact AGSM MBA Programs, UNSW, Sydney, Australia, 2052, Email: coursematerials@agsm. edu.au. Part B: Evans & Tate’s Initial Public Offering in 1999 We are presenting you here with an excerpt from the Initial Public Offering Prospectus Evans & Tate filed with the Australia Stock Exchange in 1999. In these IPO documents firms are required to lay out their strategy and articulate the reasons why an investement in the company is likely to yield economic returns for shareholders. The purpose of the case is to furnish raw material for learning how to identify whether a firm has the required resources and capabilities to operate in an industry successfully and to evaluate whether the value of these resources and capabilities are sustainable over time (Reading 7). Developing these analytical skills is not only handy for evaluating whether to invest in or buy a company but also helps us to have a deeper understanding whether we should join the company as an employee. Companies with valuable, rare, inimitable resources and capabilities are more likely to sustain their success than companies that do not. Before the IPO document, we provide a guide for analysing the competitive value of Evans & Tate’s capabilities in 1999. Australian Wine Industry: Competitive Dynamics 1 AGSM @ UNSW Business School Guide to Resources & Capabilities Analysis 1 Resources & Capabilities: What are they? Cash Production capacity TANGIBLE / DIRECT Staff Customers Cost efficiency Staff skills Customer perceived quality Supplier relationships INTANGIBLE / INDIRECT Staff morale Reputation 2 1 2 AGSM @ UNSW Business School Auditing Resources & Capabilities: Start with the Value Chain to identify activities. 3 Sustainability implies resources and capabilities that are: VRIO Valuable Rare Inimitable or difficult to Imitate or Substitute Organization is ready and able to exploit 4 2 Australian Wine Industry: Competitive Dynamics 3 VRIO: Appraising the strategic value of a Resource or Capability. • Valuable? Does the resource or capability create something that customers want or need? (e.g., does it contribute to differentiation or cost advantage) • Rare? Is the resource or capability scarce to make it ‘best in class’ among the competition? • Imitable? Is the resource or capability at risk of imitation by rivals (can the requisite resource or capability be acquired, imitated or substituted for by others)? • Organization? Is the firm organized, ready, and able to exploit the resource/capability? Source: J. Barney, 2007 – Reading 7 5 … Then inventory key Resources & Capabilities and look for VRIO opportunities Valuable? Rare? Imitable? Organization? Resource / Capability (Enhance (Enhance (Enhance (Enhance Creation) Capture) Sustainability) Capture) Tangible (physical, financial, administrative, legal) 1. 2. Intangible (IP, reputation, technology, culture) 1. 2. Human (staff, customers, skills, know-how) 1. 2. Firm Capabilities (recruitment, design, marketing, etc.) 1. 2. 6 3 4 AGSM @ UNSW Business School ETWI0, Evans & Tate Limited ACN 064 820 408 Lodgement Date 8 November 1999 Company Directors Franklin Joel Tate Executive Chairman Ross Chappell Deputy Chairman (non-executive) Michael James Calneggia Operations Director Fiona Elizabeth Harris Director (non-executive) Heather Mary Jephson Tate Alternate Director for Franklin Joel Tate Founders’ Foreword After more than two decades of commitment, we look back with pleasure at the significant growth of Evans & Tate. Concurrently, the Western Australian wine industry emerged from its infancy to fullbodied maturity, bringing excitement and a good measure of success to those involved. The 1960’s was a time of relative obscurity for the Western Australian wine industry from which it developed worldwide recognition and fame. Since that time we believe that no Western Australian winemaking region has received greater recognition than the Margaret River Region. Evans & Tate’s involvement there since 1974, has been continuous up to its present significance where the best of the wines from this district are receiving regular international recognition. We are greatly indebted to Jan and John Evans, our partners during the period from 1968 to 1983, for the considerable assistance and wise counsel they generously contributed. We believe, due to our love of wine and the great table wines of the world in particular, we were able to approach the production of fine wine with a clear image in mind and a vision which included the eventual production of wine of the highest possible quality. In the early years insufficient consideration to site selection inhibited some vineyard developments. Clonal selection and quality planting material were Simply unavailable. Happily these matters have been addressed in recent years. The industry’s current challenges have included additional capacity and highly trained personnel. Greater reliance on advanced branding and marketing will be among the issues to confront the wine industry of tomorrow. We have strongly supported the ‘show system’ for wines throughout our time in the industry and continue to do so. Not only has it helped to raise the quality of Australian wines overall, but it is a great comparison against one’s peers. We must confess that we would never have envisaged a wine business of the magnitude presented in this Prospectus, but this is testimony to the quality of the people that have made such growth possible. We believe their enthusiasm and drive has continued to expand the activities of Evans & Tate at a dramatic rate. The decision by our son Franklin and daughter-in-law, Heather to float Evans & Tate and share their success with friends and supporters alike, is to be commended. We will certainly be there! JOHN AND TONI TATE Australian Wine Industry: Competitive Dynamics 5 Letter From Franklin Tate - Executive Chairman Dear Investor Welcome to Evans & Tate. Heather and I are excited at the opportunity to make this offer to you. Since my childhood when my parents, John and Toni Tate, planted Evans & Tate’s first vines, I have been privileged to have witnessed enormous change within the Australian wine sector. This is clearly evidenced by the fact that Australia’s wine exports exceeded $1 billion in the year ending 30 June 1999. Australia occupies an enviable position in major world wine markets. I believe that this has been achieved through persistence, attention to detail, commitment, expertise in both the vineyard and winery and, most importantly, energy and focus. Over the course of the past 25 years, Evans & Tate has produced a range of wines that is well regarded both in Australia and overseas. Evans & Tate’s core business strategy is to become the pre-eminent wine producer and marketer from the world-renowned Margaret River Region. Over the past five years we have made significant steps towards this goal with the planting of two new vineyards and the construction of a new winery in the Margaret River Region. In addition, in 1999 we acquired Selwyn Wines. The acquisition gives Evans & Tate the financial, technical and marketing power to move towards completion of the next phase in the future growth of Evans & Tate . It is with pleasure that I offer to you, as potential investors in Evans & Tate, the opportunity to own a stake in that future. I sincerely believe that the future for Evans & Tate will be an exciting one, and it is with great pleasure that I invite you to take part in this “journey in wine.” Yours sincerely FRANKLIN TATE EXECUTIVE CHAIRMAN 6 AGSM @ UNSW Business School Investment Summary OFFER STATISTICS SECURITY PARCEL DETAILS 400 ORDINARY SHARES AND 200 CONVERTING PREFERENCE SHARES ORDINARY SHARES OFFERED 17,245,222 CONVERTING PREFERENCE SHARES OFFERED 8,622,611 NUMBER OF SECURITY PARCELS OFFERED 43,113 OFFER PRICE - ORDINARY SHARES $1.00 OFFER PRICE - CONVERTING PREFERENCE SHARES $1.00 TOTAL AMOUNT RAISED $25,867,833 TOTAL ORDINARY SHARES ON ISSUE ON COMPLETION OF OFFER 41,685,333 MARKET CAPITALISATION AT OFFER PRICE (ORDINARY SHARES) $41,685,333 TOTAL ISSUED ORDINARY SHARES AFTER CONVERSION OF 49,370,842 CONVERTING PREFERENCE SHARES MARKET CAPITALISATION AFTER CONVERSION $49,370,842 CONVERTING PREFERENCE SHARE STATISTICS CONVERTING PREFERENCE SHARES OFFERED 8,622,611 OFFER PRICE $1.00 TOTAL AMOUNT RAISED $8,622,611 CONVERSION DATE 5 YEARS AFTER ALLOTMENT ANNUAL FULLY FRANKED DIVIDEND 7% SEMI ANNUALLY COMMENCING PAYMENT DATES ON 1 AUGUST 2000 CONVERSION DETAILS LOWER OF $2.00 OR A 10% DISCOUNT TO AVERAGE ORDINARY SHARE PRICE, SUBJECT TO A FLOOR PRICE OF $1.20. 1 FOR FURTHER CONVERSION DETAILS REFER TO SECTION 103 OF THIS PROSPECTUS. 2 ASSUMES $1.20 CONVERSION PRICE. INCLUDES 600,000 CONVERTING PREFERENCE SHARES TO BE SUBSCRIBED FOR By GRAPE EXPECTATIONS. THE ORDINARY SHARES AND CONVERTING PREFERENCE SHARES
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