Treasury Wine Estates Ltd Investor Day Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Ross Curran - Macquarie Research - Analyst : It's Ross Curran from Macquarie. Can I just ask about the on-premise opportunity in Australia? And how big you see that being? How long it takes to develop a proper on-premise product? And whether you need to slightly change your offering to have on-premise exclusives?

Question: Ross Curran - Macquarie Research - Analyst : Ross Curran from Macquarie. So we're largely through the portfolio restructure. But can you just give us a bit of a feel of what's to come? And you talked earlier about a few potential inorganic opportunities that might fill some holes in your portfolio. What would you like and how should we think about the CapEx around that?

Question: Ross Curran - Macquarie Research - Analyst : Where would you want to grow?

Question: Ross Curran - Macquarie Research - Analyst : It's Ross Curran from Macquarie. There's some terrific brands with [that] portfolio you've got now. Can you just talk us through the potential opportunity to start taking price across some of those products and how that might interact with potentially some of that commercial wine that was getting allocated to China from competitors coming back on market? How do they interact?

Question: Ross Curran - Macquarie Research - Analyst : How does the potentially commercial wine that was getting allocated to China, how does that [interact with your portfolio?]

Question: Ross Curran - Macquarie Research - Analyst : It's Ross Curran from Macquarie. Just interesting from a staffing point of view, how COVID's impacted your ability to get pickers? And how you see that coming through over the next few years as it's harder to move around? Kerrin Petty For this vintage you're speaking?

Question: Ross Curran - Macquarie Research - Analyst : It's Ross Curran from Macquarie. I guess -- can I draw you out on some of the longer-term comments sort of 3 to 5 years? If we look 5 years out, consensus has a pretty nice hockey stick of earnings expected over that 5-year period. And what the market is saying is that the volume that you're taking out of the U.S. business over the next year or 2 you can replace organically over a 5-year period, so you get back to about 31 million cases, 5 years out. But because you're getting rid of those commercial wines, the NSR per case steps up 10-ish percent over a 5-year period. Is there anything the market's missing in those assumptions? Do you think it is reasonable to assume you're at 31 million cases and $95 NSR per case in 5 years' time.