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BRIEF-Treasury Wine Estates Says Work In Relation To Potential Demerger Of Penfolds Paused

Published 05/11/2020, 09:28 am
Updated 05/11/2020, 09:30 am
© Reuters.

Nov 5 (Reuters) - Treasury Wine Estates Ltd TWE.AX :

* TREASURY WINE ESTATES LTD - TWE 2020 AGM ADDRESSES AND Q1 TRADING UPDATE-TWE.AX

* WORK IN RELATION TO THE POTENTIAL DEMERGER OF PENFOLDS HAS BEEN PAUSED

* ACROSS ASIA, SEEN PROGRESSIVE RECOVERY OF DEMAND M/M, WITH DEPLETIONS FOR TOTAL CO'S BRAND PORTFOLIO GROWING 14% IN Q1

* ASSESSING INTERNAL OPERATING MODEL OPPORTUNITIES TO DELIVER LONG-TERM VALUE THROUGH SEPARATE FOCUS ACROSS BRAND PORTFOLIOS

* IN Q1, IN CHINA SPECIFICALLY, HAVE CONTINUED TO SEE STRONG RECOVERY IN CONSUMER DEMAND FOR OUR BRANDS

* HAVE NOT RECEIVED ANY ADVICE OR NOTIFICATION FROM CHINESE AUTHORITIES IN RELATION TO SPECULATION RELATING TO A POTENTIAL EMBARGO

* LONG-TERM VALUE CREATION EXPECTED FROM SEPARATE FOCUS FOR PENFOLDS AND OTHER PREMIUM BRANDS

* INCREASINGLY OPTIMISTIC AROUND PROSPECTS FOR EARNINGS RECOVERY FROM H2 OF FISCAL '20 IN EACH OF CO'S MARKETS OUTSIDE OF CHINA

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