Treasury Wine Estates Limited (TSRYY) FY2023 Half Year Results Transcript

Treasury Wine Estates Limited (OTCPK:TSRYY) FY2023 Half Year Results Earnings Conference Call February 14, 2023 6:00 PM ET

Company Participants

Tim Ford – Chief Executive Officer

Matt Young – Chief Financial Officer

Ben Dollard – President-Americas

Tom King – Managing Director-Penfolds

Pete Neilson – Managing Director-Treasury Premium Brands

Conference Call Participants

Shaun Cousins – UBS

Michael Simotas – Jefferies

David Errington – Bank of America

Richard Barwick – CLSA

Craig Woolford – MST Marquee

Ben Gilbert – Jarden

Lisa Deng – Goldman Sachs

Tom Kierath – Barrenjoey

Jason Palmer – Taylor Collison

Bryan Raymond – JPMorgan

Larry Gandler – Crédit Suisse

Phil Kimber – E&P Capital

Ross Curran – Macquarie

Sam Teeger – Citi

Operator

Thank you for standing by and welcome to the Treasury Wine Estates TWE FY2023 Half Year Results Conference Call. 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, CEO. Please go ahead.

Tim Ford

Thanks, operator. Good morning and thanks for joining the TWE 2023 interim results briefing. Joining me today is Matt, Tom, Ben, and Pete as we have done over a number of halves now and we’re all pleased to present our results today for the first half of fiscal 2023, a period where we continued our progress towards the delivery of our long-term financial objectives. And in doing so believe we’ve added an important proof point of the strength and resilience of our global business in particular our team’s ability to navigate the changing economic environment and shifts in the consumer and market dynamics that we’ve seen. We delivered strong earnings growth and margin expansion in the half with EBITS increasing 17% to $307.5 million and EBITS margin increasing 3.2 percentage points to 23.9%. We’re particularly pleased to report the margin expansion in

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