July 9 (Reuters) - Treasury Wine Estates Ltd TWE.AX :
* FOR F20, TWE EXPECTS EBITS TO BE BETWEEN $530M AND $540M
* FOR F20, TWE EXPECTS EBITS TO BE BETWEEN $530M AND $540M
* F20 CASH CONVERSION IS EXPECTED TO BE HIGHER THAN 80%
* F20 EBITS HAS DECLINED AGAINST PRIOR YEAR BY ABOUT 21% FOR GROUP
* TWE WILL NOT PROVIDE EARNINGS GUIDANCE FOR F21 AT THIS POINT IN TIME
* IN CHINA, CONTINUES TO SEE POSITIVE SIGNS OF BOTH CONSUMPTION AND SALES DEPLETION RECOVERY
* COMPLETED IMPLEMENTATION OF CHANGES IN US BUSINESS WHICH WILL DELIVER ANNUALIZED COST SAVINGS OF AT LEAST $35M IN F21
* STRONG LIQUIDITY POSITION SUPPORTS MAINTENANCE OF LONG-TERM DIVIDEND POLICY; TARGETS A PAY-OUT RATIO BETWEEN 55-70% OF NPAT
* PUT IN PLACE ACTIONS AND PLANS TO CARRY FORWARD UNSOLD WINE PREVIOUSLY ALLOCATED TO 2H20
* PUT IN PLACE ACTIONS FOR REALLOCATION OF LUXURY WINE PREVIOUSLY ALLOCATED TO F21 & BEYOND INTO FUTURE YEARS
* COST IMPACTS FROM AUSTRALIAN VINTAGE EXPECTED TO LEAD TO HIGHER COMMERCIAL AND MASSTIGE COGS IN F21
* ON POTENTIAL DEMERGER OF PENFOLDS, VALIDATED THAT VALUE WILL BE CREATED THROUGH SEPARATE FOCUS FOR BOTH PENFOLDS & OTHER BRANDS
* COST IMPACTS FROM AUSTRALIAN VINTAGE TO IMPACT ALL OF TWE'S SALES REGIONS, BUT WILL BE MOST NOTABLE IN ANZ AND EMEA
* REMAINS CAUTIOUS ON SHORT TO MEDIUM TERM OUTLOOK
* ON POTENTIAL DEMERGER OF PENFOLDS, OPTIONALITY EXISTS INCLUDING A POTENTIAL DEMERGER BY END OF CY 2021
* WORK STARTED ON RESTRUCTURING GLOBAL SUPPLY CHAIN COST BASE, WHICH WILL SUPPORT LOWERING COGS PER CASE OVER TIME