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: Shaun Robert Cousins - UBS Investment Bank, Research Division - Analyst
: Just 2 questions just related to TPB, I guess, the smallest business but with the most sort of upside to your EBITS margin target. I mean, Matt, could
you help us with this? Just how are you thinking about Australia in terms of the impact of falling bulk wine and grape prices following the reduction
in exports to China? You've noted that retail prices are held. Are you sort of expecting that to continue such that margins expand for you? And also,
how does that sort of potential boost to your gross margins tie in with broader changes in sort of supply chain costs that you might be enduring
as well, which you've called out also?
Question: Shaun Robert Cousins - UBS Investment Bank, Research Division - Analyst
: Great. And maybe just secondly, again, just more skewed to TPB. Can you just talk a little bit about the size of your exports to the United Kingdom?
Just in that TWE has been quite vocal about the potential changes in taxation in the U.K. Just curious around what the impact could be. You've
broken out your EMEA business. Just -- is that -- is the U.K. half that or 2/3 that? But then also, does it skew more Commercial than other parts of
your EMEA sort of business, please?
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FEBRUARY 15, 2022 / 11:00PM, TWE.AX - Half Year 2022 Treasury Wine Estates Ltd Earnings Call
Question: Ross Curran - Macquarie Research - Analyst
: Actually, I was just sort of wanting to dig a little bit more into Asia by countries. The Wine Australia data that came out a few days ago just gave us
some pretty good detail on sort of country exports. But particularly, Singapore looks to have done exceptionally well over the last sort of 12 months.
And I'm assuming you're driving some of that. Are you able to give us a bit more flavor by country throughout Asia, what you're seeing?
Question: Thomas Kierath - Barrenjoey Markets Pty Limited, Research Division - Analyst
: Just a question on the Asia ex China growth. I think last time, you commented it was growing at 19% for the 3 months ended August. It's obviously
accelerated a bit. Can you just talk through what's changed in the past? I guess it's 4 or 5 months in that market.
Question: Thomas Kierath - Barrenjoey Markets Pty Limited, Research Division - Analyst
: Okay. Cool. And then you're also kind of commenting, I suppose, that distribution -- the number of distribution points are increasing in Asia. So
how long do you think that increases for? And when do you kind of get to like a steady state where you're in all the outlets or all the distributors
that you want to be in?
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