Treasury Wine Estates announces its 2023 interim result

On 15 February 2023, Treasury Wine Estates Limited (ASX: TWE) released its 2023 interim results, which included the following information:

• Reported EBITS rose 17.2% to AU$307.5 million, driven by growth in their Luxury portfolio, price increases on various brands, and cost savings from their global supply chain optimisation program.
• NSR increased 1.4% to AU$1,284.5 million due to favorable foreign exchange rates and growth in their Luxury portfolio across all divisions. This increase was partially offset by decreased volume in the company’s Commercial and entry-level Premium portfolio in Treasury Premium Brands and Treasury Americas. On a constant currency basis, NSR declined 1.1%.
• Cash conversion was 67.7%, reflecting the return to a normal working capital cycle. Excluding the net change in non-current Luxury and Premium inventory, cash conversion was 62.9%, and full year delivery is expected to be in line with its target of 90% or higher.
• An interim dividend of 18.0 cents per share was declared, fully franked, representing a 16.7% increase from the previous year's payout ratio of 67% NPAT.

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