Investor Presentaiton
Capital management
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Efficient and flexible investment grade capital structure retained:
- Net debt / EBITDAS¹ 1.9x at F23, up from 1.8x in the pcp and within the target 1.5x - 2.0x range
- Flexibility to support continued investment in growth and the delivery of shareholder returns
Total available liquidity $1.4bn, comprising cash $565.8m and undrawn committed facilities of $800.9m
Group cost of funds are expected to rise modestly in F24, supported by the high fixed ratio of gross debt -
approximately 75% fixed (F23: 93%)
Strong capital and liquidity position enabling the continued delivery of dividends
- F23 final dividend of 17.0 cents per share, fully franked
- Full year payout of 35.0 cents per share, or 67% of NPAT, at the upper end of TWE's long-term dividend
policy² and an increase of 12.9% versus the pcp
A$m
700
600
500
400
300
200
100
1.
21
2.
Debt Maturity Profile
USPP Notes
Asian Syndicate Facility
Bilateral Facilities
F24
F25
F26
F27
F28
F29
F30
F31
F32
F33
Ratio of total Net Borrowings to last twelve-month EBITDAS, includes capitalised leases in accordance with AASB16 Leases. Adjusted to include last twelve months EBITDAS for Frank Family Vineyards
TWE targets a dividend payout ratio of 55-70% of NPAT (pre-material items and SGARA) over a fiscal year
F34
F35
TWEView entire presentation