#Treasury wine writedown full

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#Treasury wine writedown free

In the market for promising ASX shares? Get “ 3 Stocks for the Great Dividend Boom” in our special FREE report. In other words, thirsty investors should look elsewhere before uncorking this wine. Since demerging from Foster’s Group in 2011, shares of Treasury Wine Estates have risen nearly 50%, versus a just 5% rise in the S&P/ASX 200 index (Index: ^AXJO) (ASX: XJO).Įven with today’s fall, shares still appear fairly pricey. Treasury Wine Estates shares have lately been trading for a rich valuation indeed, at nearly 40 times earnings. If it did, that would make it harder for Treasury to sell its Australian wines in the U.S., Nicholson said.In the same statement, the company confirmed that 2013 EBITS would be in line with analyst estimates of $216 million – that is, before the unusual items. Local wine executives declined to say whether they thought Treasury would begin selling off its U.S. business is an integral part of our operation,' Rayner replied. business?' asked an analyst from Morgan Stanley. In the conference call with investors, analysts challenged Rayner and questioned whether it made sense for the company to continue to do business in the United States. Everything we do at TWE is dedicated to realising. A Global Leader In Wine At Treasury Wine Estates (TWE) we have a great passion for wine. But they've obviously been through some significant issues with inventory.' Treasury Wine Estates 84,324 followers on LinkedIn. 'It's the kind of thing that happens in large companies,' said Robert Nicholson, principal at International Wine Associates in Healdsburg. I think he tried really hard, and I wouldn't think to blame him for this.'ĭearie was slated to give the keynote speech at the Wine Industry Financial Symposium in Napa today, but his talk was canceled and other speakers were filling in, said Kathy Archer, president of the group that stages the forum. He's a nice guy,' Ciatti said about Dearie. 'With all the assets they have in California, they're a major player,' said Joe Ciatti, principal at Zepponi & Co., a mergers and acquisitions advisory firm in Santa Rosa. Clement are among the company's Napa brands. Stags' Leap Winery, Beringer Vineyards and St. The company does marketing for Sbragia Family Vineyards.

In Sonoma County, Treasury owns Chateau St. The Australian company reported annual revenues of $1.76 billion in Australian dollars for the year that ended June 30. The job cuts represent a five per cent reduction in the workforce and come as the company seeks to remove 35 million in costs from the business in the 2015 financial year. Dearie said the move would protect the company's reputation by making sure the spoiled wine did not reach consumers.īut when sales failed to reach expectations, the company came under increasing pressure from investors to justify its U.S. Australias largest wine company, Treasury Wine Estates (TWE) is preparing to shed 175 jobs and invest more heavily in marketing and promoting its brands in a bid to help turn the business around. In July, Treasury disclosed plans to dump more than a half-million cases of wine, mostly made in the United States. 2 winemaker, swung to its first annual net loss and missed analysts' forecasts as the takeover target grappled with massive oversupply in its U.S. significantly dented our overall performance for fiscal 2013 and was a key factor in this decision.' Australia's Treasury Wine Estates Ltd (TWE.AX), the world's No. 'The recent inventory issue in the USA, including the one-off losses incurred. the board has undertaken a review and concluded that now is the right time to look for a new CEO,' Rayner continued. 'However, following the write-down of excess U.S. 'He has also successfully built the profile of TWE's iconic wine brands internationally. 'Over the last two years David has played a critical role in guiding TWE,' Treasury Wine Estates chairman Paul Rayner said in a conference call with investors. Treasury, which owns several Sonoma County wine brands and vineyards, cited the action as a 'key factor' in its decision to dismiss Dearie. Treasury Wine Estates CEO David Dearie was ousted Monday following his decision to destroy about $33 million in unsold wine that was past its prime.