Treasury Wine Estates Limited reported consolidated earnings results for the half year ended December 31, 2017. For the period, the company reported revenue of AUD 1,336.6 million against AUD 1,368.4 million for the same period a year ago. Profit before tax and finance costs was AUD 257.8 million against AUD 206.5 million for the same period a year ago. Profit before tax was AUD 242.7 million against AUD 193.4 million for the same period a year ago. Net profit attributable to members of company was AUD 187.2 million against AUD 136.2 million for the same period a year ago. Diluted earnings per share for profit attributable to the ordinary equity holders of the company was 25.4 cents per share against 18.3 cents per share for the same period a year ago. Net cash flows from operating activities was AUD 184.0 million against AUD 232.9 million for the same period a year ago. Payments for property, plant, equipment was AUD 74.7 million against AUD 51.5 million for the same period a year ago. Payments for intangible assets was AUD 9.2 million against AUD 9.2 million for the same period a year ago. EBITS was AUD 283.3 million against AUD 226.8 million for the same period a year ago. EBIT was AUD 259.3 million against AUD 216.3 million for the same period a year ago. Net profit after tax was AUD 187.2 million against AUD 136.2 million for the same period a year ago. EBITDAS was AUD 330.8 million against AUD 283.9 million for the same period a year ago. Total cash flows from activities - negative was AUD 147.0 million against total cash flows from activities - positive of AUD 109.8 million for the same period a year ago. Closing net debt was AUD 495.5 million against AUD 295.9 million for the same period a year ago. Capital expenditure of AUD 83.9 million comprising: Maintenance & Replacement capex of AUD 60.6 million; and growth capex of AUD 23.3 million for Diageo Wine integration.

For the fiscal year 2018, capex expected to be in line with previous guidance. The company continues to target EBITS growth and margin accretion in F18, and remains aligned with the current fiscal year 2018 consensus EBITS forecast of AUD 524 million.

For the second half of 2018, the company estimates that the recent enactment of the US Tax Cuts and Jobs Act will result in a 2% to 4% EPS accretion as a result of the ongoing reduction in US corporate tax rate.

For the fiscal year 2019, the company currently expects full year EBITS growth to accelerate to approximately 25%, supported by an increase in availability of high-end wine, which is already on TWE's balance sheet.