The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Ross Curran - Macquarie Research - Analyst
: Ross Curran from Macquarie. Just wondering if we could perhaps talk about the new divisional structures, so this is Slide 31, and how we should
think about margins by the new divisions going forward, whether where they're trading at the moment. That sort of 44% EBITS margin for Penfolds.
Is that the right level we should think about going forward? And then secondly on that, maybe if you can just dig into a bit of that Penfolds
performance, particularly in Asia, whether we have actually sat at a level there with nearly $500 million of sales, if that's the right base for us to use.
Question: Shaun Robert Cousins - UBS Investment Bank, Research Division - Analyst
: Just a question regarding, I guess, 19 Crimes. Can you just -- given you've called out, it's over 1 million cases in EMEA, can you just quantify the size
of the brand overall? And should we envisage some of the brand extensions that have been successful in the United States? Should we expect that
to be occurring in other markets? It just seems to be a brand where you've been able to take it broadly, and it's obviously been rather successful
as well. So I'm just curious around the scope of it now and maybe the plan forward for that brand, please?
Question: Shaun Robert Cousins - UBS Investment Bank, Research Division - Analyst
: And if we think about that 5 million cases, is that roughly 3 million in the United States, in the Americas, and then the other 2 million , 1 million in
EMEA and then the other 1 million down in Australia. Is that the way to think about it?
Question: Shaun Robert Cousins - UBS Investment Bank, Research Division - Analyst
: Great. And just a question for Matt, just on cash conversion. You highlighted the regional sales mix changes had an impact. Is that as you've gone
to more distributors or different distributors you're effectively getting paid earlier? And so should we anticipate that we've seen a step-up in cash
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AUGUST 19, 2021 / 12:00AM, TWE.AX - Full Year 2021 Treasury Wine Estates Ltd Earnings Call
conversion as a result of the change in the route to market? Or can you just amplify a little bit more about that regional sales mix change and the
impact on cash conversion, please?
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