Treasury Wine Estates Limited (TSRYY) Full Year 2023 Earnings Call Transcript

Treasury Wine Estates Limited (OTCPK:TSRYY) Full Year 2023 Earnings Conference Call August 14, 2023 8:00 PM ET

Company Participants

Tim Ford – CEO, MD & Director

Matt Young – Chief Financial Officer

Tom King – Managing Director of Penfolds

Ben Dollard – President of Treasury Americas

Pete Neilson – Managing Director of Treasury Premium Brands

Conference Call Participants

Craig Woolford – MST Marquee

Michael Simotas – Jefferies

Tom Kierath – Barrenjoey

Shaun Cousins – UBS

David Errington – Bank of America

Bryan Raymond – JPMorgan

Lisa Deng – Goldman Sachs

Richard Barwick – CLSA

Ben Gilbert – Jarden

Phil Kimber – E&P Capital

Sam Teeger – Citi


Thank you for standing by. And welcome to the Treasury Wine Estates FY2023 Full Year Results. All participants are in listen-only mode. There will be a presentation followed by a question-and-answer session. [Operator Instructions]

I’d now like to hand the conference over to Mr. Tim Ford, Chief Executive Officer. Please go ahead.

Tim Ford

Thank you and good morning. Thanks for joining the TWE 2023 Full Year Results Briefing. Joining me today on the call as per normal, members of our leadership team, Matt Young, our CFO; Tom King, the Managing Director of Penfolds; Ben Dollard, President of Treasury Americas and Pete Neilsen, the Managing Director of TPB. I’m pleased to announce today our results for fiscal ’23, a year where we delivered margin accretive earnings growth, built on our already strong platforms for Luxury wine growth with Penfolds globally and also within the United States portfolio and made significant progress in the strengthening of our operating model for the future.

EBITS increased 11% to $583.5 million in the year, and we grew EBITS margin by 2.9 percentage points to 24.1%. We are particularly pleased to report the margin expansion in an environment of elevated cost

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