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Investor Presentaiton

19 . Cash conversion was 60.6% in F23: - Excluding the net change in non-current Luxury and Premium inventory, cash conversion was 76.2%, below TWE's annual target of 90% or higher, reflecting the timing of shipments in Asia in 4Q23 in addition to the timing of supplier payments and promotional spend in Treasury Americas and Penfolds - TWE expects cash conversion to be delivered in line with the annual target in F24 Material item cash flows includes proceeds from the sale of surplus supply assets in the US, partly offset by costs. associated with the Treasury Premium Brands operating model and restructuring of the Australian Commercial wine supply chain Cash flow and net debt¹ A$m (unless otherwise stated) EBITDAS F23 F22 730.8 672.3 Change in working capital (274.9) 34.0 Other items (12.8) (5.0) • Net operating cash flows before financing costs, tax & material items 443.1 701.2 Cash conversion 60.6% 104.3% Payments for capital expenditure² (141.2) (112.3) Payments for subsidiaries (55.8) (439.6) Proceeds from sale of assets 22.7 11.1 Cash flows after net capital expenditure, before financing costs, tax & material items 268.8 160.6 Finance costs paid (73.8) (66.9) Tax paid (69.8) (95.5) Cash flows before dividends & material items 125.3 (1.8) Dividends/distributions paid (245.4) (202.1) Cash flows after dividends before material items (120.2) (203.9) Material item cash flow 34.5 155.2 On-market share purchases (21.9) (17.3) Total cash flows from activities (before debt) (107.6) (66.0) Net proceeds from borrowings 240.1 30.6 Total cash flows from activities 132.4 (35.4) Opening net debt (1,254.3) (1,057.7) Total cash flows from activities (above) (107.6) (66.0) Lease liability additions (27.9) (14.7) Lease liability disposed 44.0 6.0 Debt revaluation and foreign exchange movements (40.4) (122.0) (Increase) Decrease in net debt (131.9) (196.6) Closing net debt³ (1,386.2) (1,254.3) 123 2. All cash flow percentage or dollar movements from the previous corresponding period are on a reported currency basis. Capital expenditure is net of proceeds from the disposal of lease assets: F23 $107.9m, F22 $nil. 3. Net debt excludes fair value adjustments related to derivatives in a fair value hedge relationship on a portion of US Private Placement notes: F23 $(20.3)m, F22 $ (11.3)m. TWE
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