17 AUGUST
TREASURY
WINE ESTATES
ANNUAL RESULTS
David Dearie Chief Executive Officer
2
Wine category
• Fundamentals of the wine category remain strong
• Consumer demand continues to grow in key markets, particularly at higher
price points
• Global supply heading towards balance
• Vintage 2011 in Australia and California negatively impacted by weather,
resulting in reduced availability of Luxury and Masstige wines and higher costs
• Vintage 2012 in Australia favourably influenced by weather and TWE’s actions,
driving strong uplift in Luxury and Masstige volume from FY14 and beyond
3
Result headlines
• EBITS $210.2 million1, representing growth of 7.7% on a reported basis and 18.6% on a
constant currency basis
• EBITS margin up 2.3pts to 12.8%
• Net sales revenue (NSR) per case up 1.6%
• 2012 Australian vintage and strategy to increase production of luxury wine drives strong
increase in non-current inventory, up 84% to $362.5 million
• Strong cashflow generation and rate of cash conversion, at 96.4%
• Strong balance sheet provides operational and strategic flexibility with net debt down to
$34.4 million
• Pre-tax material item expense of $40.0 million reported
• EPS (before material items & SGARA) 20.9 cents per share, up 14.8%
• Final dividend 7.0 cents per share, full year dividend 13.0 cents per share; franked 50%
1 Earnings before interest, tax, SGARA and material items
4
Full year progress towards our Financial Ambition
1 UK & Ireland (UK) volume down 31% or 1.6 million cases in FY12 due to the exit from unprofitable sales 2 On a constant currency basis relative to pro forma prior period
FY12 Pro forma FY11
Volume growth in the markets & sectors where we
compete 0.3% ex-UK1 (6.6)%
NSR2 growth ahead of volume growth as we
benefit from mix, premiumisation and pricing
NSR2 per case growth
(0.8)% ex-UK1
1.6%
(0.5)%
6.5%
EBITS2 growth ahead of NSR growth as we apply
our cost efficiency program
EBITS2 per case growth
18.6%
24.2%
13.1%
21.0%
Mark Fleming Chief Financial Officer
6
Profit & Loss
1 Pro forma FY11 EPS of 18.2 cents is based on pro forma FY11 EBITS of $195.2 million adjusted for pro forma interest
expense (based on FY11 proforma operating cashflows and closing net debt of $71.7 million) at a 35% effective tax rate.
Note: Numbers are subject to rounding
$Am (unless otherwise stated) FY12Proforma
FY11Change
Proforma
FY11Change
Volume (m 9L cases) 31.8 33.2 (4.4)% 33.2 (4.4)%
Net sales revenue 1,640.8 1,737.5 (5.6)% 1,689.5 (2.9)%
EBITS 210.2 195.2 7.7 % 177.3 18.6 %
EBITS margin (%) 12.8% 11.2% 1.6pts 10.5% 2.3pts
SGARA (23.4) (24.1) 2.9 % (23.9) 2.1 %
EBIT 186.8 171.1 9.2 % 153.4 21.8 %
Net finance costs (6.3)
Tax expense (60.7)
Net profit after tax (before material items) 119.8
Material items (after tax) (30.1)
Minority interests 0.2
Net profit after tax 89.9
Reported EPS (A¢) 13.9
Net profit after tax (before material items &
SGARA)135.5
EPS (before material items & SGARA) (A¢)1 20.9 18.2 14.8%
Average no. of shares (m) 647.2
Dividend (A¢) 13.0 6.0
Franked 50% 50%
Reported Currency Constant Currency
Pro forma information
not availablePro forma information
not available
7
Material Items
• Restructuring and redundancy costs consist of
redundancy payments and related program costs
• IT-related material items:
– Settlement of $31.5 million cash received from
SAB Miller in April 2012
– Following review, $35.9m IT assets written-off and
$20.4 million in IT operating expenses (total $56.3
million)
– IT assets of $35.0 million remaining on the books
as at 30 June 2012. Incremental FY13
amortisation of c.$8 million
• $7.0 million supply chain asset write-down
• $14.6 million reversal of provision relating to assets
previously held for sale
8
Cost Improvement Update
Cost of doing business / NSR1
• Initial phase of cost reduction program now complete:
– FY12 cost of doing business margin reduced
1.34% of NSR (c.$22 million) in FY12, driven
by:
Removal of circa 5% of FTEs and
savings achieved in other cost lines
Reported cost of doing business down
$45 million from $415 million in FY11 to
$370 million in FY12
– FY12 cost of goods margin reduced 0.78% of
NSR (c.$13 million) in FY12
• Cost of doing business and cost of goods margins will
come under pressure in FY13, driven by:
– Investment in China
– IT Project
– Higher cost of goods
1 Cost of doing business margin calculated as (gross profit less EBITS) / net sales revenue, on a constant currency basis 2 Cost of goods margin calculated as cost of goods / net sales revenue, on a constant currency basis
Cost of goods / NSR2
78bps
improvement
in cost of
goods margin
In excess of $30 million of savings achieved
134bps
improvement in
cost of doing
business margin
9
Balance Sheet
• Strong balance sheet provides operational and
financial flexibility to pursue growth opportunities
• Improvement in cash and working capital
management
• Net debt of $34.4 million at 30 June 2012 –
consisted of $29.8 million in cash & loans ($1.2
million) and borrowings of $64.2 million;
committed capacity of $445 million
• Working capital (excluding non-current inventory)
showed a strong improvement on the prior year
• Non-current inventory of $362.5 million, up 84%
Strong and flexible balance sheet A$m FY12 FY11
Cash & cash equivalents 28.6 64.8
Receivables 447.6 452.6
Current inventories 711.5 768.5
Non-current inventories 362.5 196.7
Property, plant & equipment 931.1 912.7
Agricultural assets 195.6 180.5
Intangibles 932.6 927.1
Tax assets 200.3 178.8
Other assets 11.0 22.0
Total assets 3,820.8 3,703.7
Payables 464.0 369.2
Borrowings 64.2 136.5
Tax liabilities 293.2 269.2
Provisions 58.6 51.4
Other liabilities 1.5 0.6
Total liabilities 881.5 826.9
Net assets 2,939.3 2,876.8
10
• Renewed focus on working capital (excluding
non-current inventory) results in an
improvement of 24 days
Working capital days1,2
Working Capital Management
1 Non-current inventory days calculated as non-current inventory divided by net sales revenue multiplied by 365 days 2 Working capital days (excl. non-current inventory) calculated as total receivables plus current inventory less
total payables divided by net sales revenue multiplied by 365 days
Benefits of renewed focus on working capital
220 days
236 days
179 days 155 days
41 days 81 days
FY11 FY12
Non-currentinventory days
Working capitaldays (excl.non-currentinventory)
11
Inventory analysis
Inventory at book value split by segment – FY12 • TWE has adopted a strategy to produce more Luxury &
Masstige wine (“Project Uplift”)
– Primarily red wine from premium appellations – 2
to 5 years between vintage and wine release
– Enables TWE to take advantage of the growing
demand for premium wine
– Underpins earnings growth in future years,
particularly from FY14 onwards
• Inventory is reported at the lower of cost or net
realisable value
– The market value of inventory is substantially
higher than book value, particularly in the Luxury
and Masstige segment
* TWE participates in three segments; Luxury (A$20+), Masstige (A$10-A$20) and Commercial (A$5-A$10). Segment
price points are retail shelf prices
Total Luxury / Masstige
at cost
$642 million`
Total Commercial
at cost
$432 million
12
Cash Flow
1 Cash conversion (Net operating cash flows before financing costs, tax and material items divided by EBITDAS)
• Change in working capital reflects increased
investment in non-current inventory
• Capital expenditure of $84.0 million includes $16.7
million IT-related, and $15.6 million Project Uplift
related
– FY13 capex will include continued
investment in IT and growth initiatives
– Total capex in FY13 expected to be in the
range of $100 million - $130 million
• Cash flow after interest, tax and dividends, before
material items of $40.2 million
• Cash conversion ratio of 96.4%
• Net debt decreased $37.3 million to $34.4 million
Strong cash flow generation continues A$m (unless otherwise stated) FY12
Proforma
FY11
EBITS 210.2 195.2
Depreciation & amortisation 67.7 71.8
EBITDAS 277.9 267.0
Change in working capital (9.8) 9.5
Other items (0.1) (5.7)
Net operating cash flows before financing
costs, tax & material items268.0 270.8
Capital expenditure (84.0) (71.1)
Asset sale proceeds 0.9 2.7
Cash flows after net capital expenditure,
before financing costs, tax & material items184.9 202.4
Net interest paid (6.8)
Tax paid (59.9)
Cash flows before dividends & material
items118.2
Dividends/distributions paid (78.0)
Cash flows after dividends before material
items40.2
Cash conversion1 96.4% 101.4%
Material item cash flows 12.7
Share re-purchase (employee share plan) (2.8)
Net investment expenditure 3.2
Debt revaluation and FX movements (16.0)
Decrease in net debt 37.3
Pro forma
information
not
available
Pro forma
information
not
available
Foreign Currency Impact & Risk Management
Impact of FX on FY12
Primary Currencies EBITS
A$m
Americas USD, CAD (2.6) Small impact reported in the Americas with AUD appreciation v. USD
being largely offset by CAD / USD exposures and timing of cashflows
EMEA GBP, EUR, NOK,
SEK (18.1) EMEA result impacted by the appreciation of the AUD/GBP
Other NZD, SGD 2.8
Total (17.9)
AUD / USD Transactional Exposure
– FY13 exposure 50% hedged at a weighted average rate of $1.07, fully participating to $0.90
– FY14 exposure 35% hedged at a weighted average rate of $1.06, fully participating to $0.85
AUD / GBP Transactional Exposure
– FY13 exposure 45% hedged at a weighted average rate of £0.67, fully participating to £0.60
– FY14 exposure 35% hedged at a weighted average rate of £0.67, fully participating to £0.58
• Progressively building the hedge book for FY14 and FY15 for a portion of exposures
• Realised hedge gains of $0.3 million in FY12
• Unrealised losses on outstanding hedges of $0.5 million as at 30 June 2012
13
David Dearie Chief Executive Officer
15
Americas – Progress report
• Good momentum in depletions / consumption
– FY12 US depletions down 1.9%
– 2H12 US depletions up 2.3%
– 4Q12 US depletions up 5.0%
– Beringer depletions growth in 4Q12, up 7.2%
– Consumption in Canada up 14% in 2H12
• NSR per case negatively impacted by:
– Reallocation of brand-building investment
– Depletion-led strategy
• Lower EBITS reflects increased brand building
investment, partially offset by reduction in overheads
• FY13 challenges of lower Luxury & Masstige inventory
and higher COGS
• Modest growth forecast for FY13; well positioned for
growth in FY14
A$m 2012 2011 Change
Volume (m 9L cases) 15.7 15.9 (1.7)%
Depletions 15.4 15.7 (1.9)%
NSR (A$m) 707.5 743.3 (4.8)%
NSR per case (A$) 45.20 46.66 (3.1)%
EBITS (A$m) 79.0 89.4 (11.6)%
EBITS margin (%) 11.2% 12.0% (0.8)pts
Constant currency
16
EMEA – Premiumising and profitable
• Volume down 18.7% as we exit unprofitable sales
• NSR per case driven by price increases and
favourable mix
• Focus on switching towards more premium price
sectors
• Luxury / Masstige NSR per case up 25.1%
• Lower organisation costs as driven by “right-sizing” of
the cost base in the region
• EBITS improved $17.3 million to $5.7 million
NM: % change not meaningful (EMEA EBITS increased from a $11.6
million loss to $5.7 million profit)
A$m 2012 2011 Change
Volume (m 9L cases) 6.9 8.5 (18.7)%
NSR (A$m) 253.0 285.5 (11.4)%
NSR per case (A$) 36.56 33.53 9.0%
EBITS (A$m) 5.7 (11.6) NM
EBITS margin (%) 2.3% (4.1)% 6.4pts
Constant currency
17
ANZ – Continued growth in tough retail environment
• Volume growth slightly ahead of market, with 2H12
growth achieved across all channels
• Lower NSR per case as a result of reduced Luxury &
Masstige wine availability and reallocation of brand
building activities
• Total brand building investment below prior year, down
2.8%
• Cost of doing business improved driven by disciplined
cost management
• FY12 EBITS margin increased 2.2pts
• FY12 EBITS growth of 12% to $109.0 million, up 13%
on a reported currency basis
• TWE ranked #1 wine supplier in LMAA’s most recent
Liquor Industry Report
A$m 2012 2011 Change
Volume (m 9L cases) 8.0 7.8 2.6%
NSR (A$m) 574.1 578.7 (0.8)%
NSR per case (A$) 71.43 73.85 (3.3)%
EBITS (A$m) 109.0 97.3 12.0%
EBITS margin (%) 19.0% 16.8% 2.2pts
Constant currency
18
Asia – Continued growth driven by superior execution
• Volume growth driven by increased allocation of Luxury
& Masstige
• Collectively Hong Kong and China volume up 31%
• NSR up 29.5%
• Investment in brand building; advertising & promotional
spend up 45% and improved execution
• Asia represents 20% of total TWE EBITS
• 40.6% EBITS growth to $41.2 million, up 50% on a
reported currency basis
• Asia market fundamentals remain very attractive
A$m 2012 2011 Change
Volume (m 9L cases) 1.2 1.0 20.6%
NSR (A$m) 106.2 82.0 29.5%
NSR per case (A$) 92.00 85.67 7.4%
EBITS (A$m) 41.2 29.3 40.6%
EBITS margin (%) 38.8% 35.7% 3.1pts
Constant currency
19
Beringer BBU – Trusted brands with innovation
• Beringer Luxury & Masstige portfolio depletions up by 23% in FY12
• Growth in Luxury & Masstige driven by:
– Chateau St Jean depletions up 16%, Knights Valley depletions up 42%, Stags’ Leap depletions up 20%
and Gabbiano depletions up 15%
• Supply constraints of Luxury wine and higher 2010 and 2011 vintage COGS will result in modest FY13 growth
• FY14 to benefit from increased availability of allocated wines
• Beringer Classics portfolio depletions up by 10% in 4Q12
• Beringer Moscato depletions growing at a CAGR of 142% since 2008 – now offsetting decline of Blush
• Innovation pipeline includes Be., Skinny Vine and Beringer White Zinfandel line extension
• Exports gaining momentum, 8% of Beringer now exported
Rosemount BBU – Refreshed and positioned for growth
• Rosemount “refresh” launched in March in
ANZ; depletions up 14.4% since launch
• FY13 global rollout of new Rosemount
packaging, blends and packaging formats
• Rosemount the number one selling $8-$10
Australian wine in the USA1
• Rosemount was the most awarded TWE
brand in 2H12
• Volume growth in Asia
• New Zealand brand portfolio volume
increased 24% in FY12; shipping a record
number of cases
• Exciting year ahead for Matua as we reclaim
its heritage as New Zealand’s first Sauvignon
Blanc
1 Nielsen (MAT to 30 June 2012)
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21
Wolf Blass BBU – Premiumisation
• New packaging and creative launched globally
• Wolf Blass showing strong brand health and premiumising
– Growth in ANZ, up 4.3%
– Growth in Asia, up 26.1%
– Growth in 2H12 in Canada, up 9.5%
• Exited unprofitable UK business resulting in volume decline of
29% however significantly improved gross profit
• Re-established “Luxury & Masstige” credentials with premium
new vintage release in September
1 Nielsen (MAT to 30 June 2012)
• Pepperjack Shiraz maintains No.1 position as
Australia’s #1 selling red wine SKU by value1
• Wynns volume growth in FY12 and FY13 severely
reduced due to 2011 vintage in Coonawarra.
Achieved EBITS growth in FY12 due to pricing
• Outstanding 2012 vintage will result in both domestic
and international volume growth in FY14 and beyond
Wolf Blass
Pepperjack & Wynns
22
Lindeman’s BBU – Strong brand health
• Multi-dimensional and multi-country brand
• Positive NSR per case growth in Lindeman’s brands across Commercial, Masstige and Luxury segments in FY12
• Lindeman’s is Australia’s leading “lighter in alcohol” wine brand with 48% market share1
• FY13 launch of “lighter in alcohol” wines in selected international markets
• USA pricing strategy lifted depletions 7%2
• Yellowglen core range returned to growth, up 3% in ANZ
• Yellowglen brand reinvigoration planned for FY13
1 Nielsen (MAT to 30 June 2012) 2 Nielsen (MAT to 21 June 2012)
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Penfolds BBU – Global icon
Penfolds’ Chief Winemaker
Peter Gago
named
“Winemakers’ Winemaker”
in 2012
• Price and regional allocation compensated for lower vintage
release
• Chief Winemaker Peter Gago, named “Winemaker’s
Winemaker” in 2012
• Volume of Masstige wine constrained in FY13, driven by
weather effected 2011 vintage
• Increased allocations to Asia and emerging markets
• Executed dual and aged release program resulting in Penfolds
Bins and Luxury wine availability for gift giving occasions
• NSR per case up 10.9%
• Outstanding luxury innovation
24
FY12 result summary
• Overall, a solid full year result, demonstrating the benefits of new global structure where
importance is placed on regions, brands and supply
• Achieved EBITS growth of 18.6% on a constant currency basis, 7.7% on a reported
currency basis
• Improved EBITS margin and NSR per case
• Achieved cost efficiencies and reduced cost of doing business
• Built non-current inventory, up 84% to $362.5 million supported by the almost ideal 2012
Australian vintage and Project Uplift
• Maintained strong balance sheet which provides operational and strategic flexibility
• Strong cashflow generation and sustained rate of cash conversion at 96.4%
• EPS (before material items and SGARA) 20.9 cents per share, up 14.8%
• Final dividend 7 cents per share, full year dividend 13 cents per share; franked 50%
25
Outlook
• Building TWE’s portfolio of world class brands remains a top priority
• Long term fundamentals of the global wine industry remain positive
• FY13 expected to be impacted by lower supply of premium wine and higher associated
COGS, increased IT operating and amortisation costs and strategy to reduce distributor
inventory levels in the US
• Constant currency EBITS growth rate in FY13 expected to be below the average
growth rate achieved in the last two years, before rebounding to above average growth
rates in FY14
• Positive outlook for FY14 supported by exceptional wines crafted from the 2012 vintage
Questions
27
Disclaimer
Treasury Wine Estates (TWE) advises that this presentation contains forward looking statements which may be subject to significant uncertainties
outside of TWE’s control.
No representation is made as to the accuracy or reliability of forecasts or the assumptions on which they are based.
Actual future events may vary from these forecasts and you are cautioned not to place undue reliance on any forward looking statement.
Important Notice
Effective from 9 May 2011, Treasury Wine Estates Limited and its controlled entities (TWE) demerged from Foster’s Group Limited (Foster’s), and
the Company was listed as a separate standalone entity on the Australian Securities Exchange on 10 May 2011.
The demerger of TWE required Foster’s to undertake an internal corporate restructure immediately prior to the demerger becoming effective with
a number of assets and liabilities also transferred between TWE and Foster’s.
In the results released for the year ended 30 June 2011, TWE provided pro forma financial information designed to give a more accurate view of
the underlying financial performance of TWE as a stand alone entity. In the preparation of the pro forma financial information, adjustments were
made to TWE’s statutory result as if TWE had been operating as a stand alone entity for the entire period.
As TWE has been operating as a stand alone entity for the entire twelve month period ended 30 June 2012, there has been no need for TWE to
provide pro forma financial information in respect of the current period.
However, unless otherwise indicated, the comparative financial information contained in this presentation for the twelve month period ended 30
June 2011 has been presented on a pro forma basis.
The pro forma comparative financial information has been prepared to assist stakeholders’ understanding of TWE’s business as it is now
structured and as an independent company listed on the Australian Securities Exchange.
The pro forma financial information has not been audited.
Commentary throughout this presentation primarily refers to the pro forma comparative financial information unless otherwise stated.
Supplementary Information
Brand Business Units
• Penfolds
• Beringer
• US brands: Cellar No. 8 / Chateau St. Jean / Emma Pearl / Etude / Greg Norman Estates / Meridian / Santa
Barbara Collection / Sbragia Family Vineyards / Sledgehammer / Souverain / St. Clement / Stags’ Leap / Be.
• Other brands: Castello di Gabbiano / Colores del Sol / Tierra Secreta
• Wolf Blass
• Coonawarra & Limestone Coast : Wynns / Mildara / Jamieson’s Run / Robertson’s Well / Rouge Homme
• Barossa Valley: Saltram / Pepperjack
• Other brands: Annie’s Lane / Leo Buring / Ingoldby / Metala / Tollana / Maglieri
• Lindeman’s
• Sparkling: Yellowglen / Killawarra / Seaview / Rothbury Estate
• Western Australia: Devil’s Lair / Fifth Leg / Dance with the Devil / Valley of the Giants
• Tasmania: Abel’s Tempest / Heemskerk
• Rosemount
• Victorian brands: Baileys / Coldstream Hills / Seppelt / St Huberts / T’Gallant
• NZ brands: Angel Cove / Lumina / Matua Valley / Secret Stone / Shingle Peak / Squealing Pig
• Other brands: Little Penguin / Black Opal
29
30
Segment Information
Note: Numbers are subject to rounding
1 millions of 9L cases
NM: not meaningful
A$m FY12Pro forma
FY11Change
Pro forma
FY11Change
ANZ Volume1 8.0 7.8 2.6% 7.8 2.6%
ANZ NSR 574.1 577.9 (0.7)% 578.7 (0.8)%
ANZ EBITS 109.0 96.3 13.2% 97.3 12.0%
Americas Volume1 15.7 15.9 (1.7)% 15.9 (1.7)%
Americas NSR 707.5 773.9 (8.6)% 743.3 (4.8)%
Americas EBITS 79.0 92.2 (14.3)% 89.4 (11.6)%
Asia Volume1 1.2 1.0 20.6% 1.0 20.6%
Asia NSR 106.2 81.9 29.7% 82.0 29.5%
Asia EBITS 41.2 27.4 50.4% 29.3 40.6%
EMEA Volume1 6.9 8.5 (18.7)% 8.5 (18.7)%
EMEA NSR 253.0 303.8 (16.7)% 285.5 (11.4)%
EMEA EBITS 5.7 6.5 (12.3)% (11.6) NM
Reported currency Constant currency
31
Segment Information
Note: Numbers are subject to rounding
1 millions of 9L cases
NM: not meaningful
A$m 1H 12Pro forma
1H 11Change 1H11 Change
ANZ Volume1 4.5 4.4 1.7% 4.4 1.7%
ANZ NSR ($m) 297.4 297.6 (0.1)% 297.5 0.0%
ANZ EBITS ($m) 48.5 44.7 8.5% 45.2 7.3%
Americas Volume1 8.2 8.3 (1.5)% 8.3 (1.5)%
Americas NSR ($m) 375.1 415.3 (9.7)% 382.8 (2.0)%
Americas EBITS ($m) 39.8 54.2 (26.6)% 48.0 (17.1)%
Asia Volume1 0.5 0.4 21.7% 0.4 21.7%
Asia NSR ($m) 41.3 31.3 32.0% 31.3 31.9%
Asia EBITS ($m) 12.0 6.6 81.8% 7.2 66.7%
EMEA Volume1 3.7 4.9 (23.9)% 4.9 (23.9)%
EMEA NSR ($m) 131.4 166.8 (21.2)% 154.9 (15.2)%
EMEA EBITS ($m) 3.0 (0.5) NM (8.2) NM
Reported currency Constant currency
32
Segment Information
Note: Numbers are subject to rounding
1 millions of 9L cases
NM: not meaningful
A$m 2H 12Pro forma
2H 11Change 2H11 Change
ANZ Volume1 3.6 3.4 3.7% 3.4 3.7%
ANZ NSR ($m) 276.7 280.3 (1.3)% 281.2 (1.6)%
ANZ EBITS ($m) 60.5 51.6 17.2% 52.1 16.1%
Americas Volume1 7.4 7.6 (2.0)% 7.6 (2.0)%
Americas NSR ($m) 332.4 358.6 (7.3)% 360.5 (7.8)%
Americas EBITS ($m) 39.2 38.0 3.2% 41.4 (5.3)%
Asia Volume1 0.6 0.5 19.6% 0.5 19.6%
Asia NSR ($m) 64.9 50.6 28.3% 50.7 28.0%
Asia EBITS ($m) 29.2 20.8 40.4% 22.1 32.1%
EMEA Volume1 3.2 3.7 (11.8)% 3.7 (11.8)%
EMEA NSR ($m) 121.6 137.0 (11.2)% 130.6 (6.9)%
EMEA EBITS ($m) 2.7 7.0 (61.4)% (3.4) NM
Reported currency Constant currency
33
Definitions
Term Definition
Constant currency
Throughout this presentation, constant currency assumes current and prior period earnings of
foreign operations are translated and cross border transactions are transacted at current year
exchange rates.
NSR Net sales revenue
EBITDAS Earnings before interest, tax, depreciation, amortisation, material items & SGARA
EBITS Earnings before interest, tax, material items and SGARA
EBIT Earnings before interest, tax and material items
Exchange rates
Average exchange rates used for profit and loss purposes in 2012 full year results are: $A1 =
$US 1.0317 (2011: $A1 = $US 0.9876), $A1 = GBP 0.6511 (2011: $A1 = GBP 0.6205). Period
end exchange rates used for balance sheet items in 2012 full year results are: $A1 = $US
1.0033 (30 June 2011: $A1 = $US 1.0690), $A1 = GBP 0.6467 (30 June 2011: $A1 = GBP
0.6650)
SGARA Australian accounting standard AASB141 “Agriculture”