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Treasury Wine Estates 2013 net sales up

DBR Staff Writer Published 23 August 2013

Treasury Wine Estates (TWE), an Australia-based winemaking and distribution business, has posted net sales of A$1.68bn ($1.52bn) for the full year ended 30 June 2013, up 2.9% on reported currency basis or 2.8% on constant currency basis, compared to net sales of A$1.64bn ($1.47bn) for the same period in 2012.

Total volume during the 12 months of 2013 increased by 0.3 million cases or 0.9% to 32.1 million cases from volume of 31.8 million cases in last year.

The increase in net sales was driven by increased volumes in Australia & New Zealand (ANZ) and Asia.

In Asia, higher net sales were driven by both increased volume and an increased allocation of the 2013 Penfolds luxury and icons.

In America and Europe, Middle East & Africa (EMEA), net sales were down due to lower volume.

Net profit after tax increased from A$135.5m ($122m) in 2012 on reported currency basis and from A$130.3m ($117.3m) on constant currency basis to A$136.8m ($123.2m) in 2013.

TWE CEO David Dearie said as expected, fiscal 2013 was a challenging year for TWE compounded by the tough decisions taken to address excess inventory in the US.

"The EBITS result of $209.2 million is below the earnings provided on 15 July due to a non-cash, unrealised loss on foreign exchange options of $7.0 million," Dearie added.