销售疲软 过亿美元葡萄酒将被销毁大纲

One of the world's biggest vintners has a roaring hangover from poor U.S. sales, leading it to destroy thousands of gallons of wine past its prime.
由于美国销售情况不佳，全球最大的葡萄酒生产商之一Treasury Wine Estates Ltd.的库存大幅上升，导致该公司决定销毁超过最佳饮用期的数千加仑葡萄酒。

Treasury Wine Estates Ltd. -7.83% ─whose brands range from the mass-market, U.S.-made Beringer up to $1,000-a-bottle Penfolds Grange from Australia─said it would book a charge of 160 million Australian dollars (US$145 million) against its U.S. business for the fiscal year that ended June 30.
该公司说，截至6月30日的财政年度，旗下美国业务将计入1.6亿澳元（合1.45亿美元）的减记支出。该公司的葡萄酒品牌有面向大众市场的美国产贝灵哲(Beringer)，也有每瓶售价高达1,000美元的澳洲产奔富葛兰许(Penfolds Grange)。

The vintner relies heavily on sales of less-expensive labels in the U.S., the world's biggest wine market. Treasury Wine said Monday it had overestimated U.S. demand in the past year, forcing it to discount or destroy older wines that had passed their drink-by date. The company warned it expects to ship less wine to the U.S. this fiscal year, reducing operating earnings by as much as A$30 million.
这家葡萄酒厂商严重依赖较为便宜的品牌在全球最大葡萄酒市场美国的销售。Treasury Wine周一说，该公司去年高估了美国的需求，被迫将已经超过最佳饮用期的葡萄酒打折销售，或者予以销毁。该公司警告称，预计本财年美国发货量将减少，营运利润下降最多3,000万澳元。

Inexpensive, low-alcohol wines such as White Zinfandel, a key Beringer varietal, don't have nearly as long a shelf life as a high-end Chardonnay or many red wines, said Jon Fredrikson, head of Gomberg, Fredrikson & Associates, an industry consultancy in California, noting that many people who used to reach for a white Zin now opt for Moscato, a similarly sweet wine. Even so, he said, it is 'very rare'' for large quantities of wine to be destroyed.
加州葡萄酒业咨询公司Gomberg, Fredrikson & Associates的负责人弗雷德里克松(Jon Fredrikson)说，贝灵哲系列白仙粉黛(White Zinfandel)等廉价低度葡萄酒的最佳饮用期要比高端的霞多丽(Chardonnay)或者许多红葡萄酒短，他指出，许多人过去选择白仙粉黛，如今则转而选择一种类似的甜葡萄酒莫斯卡托(Moscato)。他说，即便如此，大批销毁葡萄酒仍非常罕见。

Bulk wine that hasn't sold is redirected to distilleries, which can use it to make brandy or other spirits, although it is too expensive to do that once wine has already been bottled.
未售出的散装葡萄酒通常会被发回给酿酒厂，用于生产白兰地或其他烈酒，不过如果葡萄酒已经装瓶，再这样做成本就太高了。

By recalling unsold wine bottles from distributors and retailers and then destroying them, wine companies can recoup taxes that were paid on the wine, softening losses, Mr. Fredrikson said.
弗雷德里克松说，葡萄酒公司从分销商和零售商召回未售出的瓶装葡萄酒，然后予以销毁，这样做可以拿回之前为葡萄酒缴纳的部分税款，进而减少损失。

'You take a steamroller and roll over the bottles and the government approves it and you get the tax back,'' said Mr. Fredrikson.
弗雷德里克松说，你弄辆压路机，碾碎酒瓶，得到政府批准，你就可以获得退税。

Problems have followed the Sydney-based Treasury Wine Estates since it was spun off from global beverage maker Foster's Group Ltd. two years ago. Back then, a glut of Australian grapes and weak sales in the U.S. and other overseas markets weighed on profit. The latest impairment charge followed a A$1 billion write-down of the business before the spinoff in 2011.
自两年前从全球饮料生产商Foster's Group Ltd.分拆出来以来，各种问题一直困扰着悉尼的Treasury Wine Estates。当时，澳大利亚葡萄产量过剩，加之美国和其他海外市场销售疲弱，给利润带来了重压。在这次的减记支出前，2011年分拆之前有过一笔10亿澳元的减记。

The company owns scores of labels produced globally, including Castello di Gabbiano, Chateau St. Jean, Greg Norman Estates, Pepperjack, Stags' Leap Winery, and Wynns Coonawarra Estate.
该公司拥有一系列全球生产的品牌，包括加毕安诺酒庄(Castello di Gabbiano)、圣让酒庄(Chateau St. Jean)、诺曼酒庄(Greg Norman Estates)、Pepperjack、鹿跃酒庄(Stags' Leap Winery)和酝思古纳华拉酒庄(Wynns Coonawarra Estate)。

Treasury Wine's struggles set it apart from the broader wine industry in the U.S., which is posting record sales after 19 straight years of volume growth and an increased thirst for imported labels.
Treasury Wine的困境与美国葡萄酒业的总体形势形成了鲜明的对比。美国的葡萄酒业在连续19年的销量增长之后实现了创纪录的销售额，进口品牌需求上升。

Australian wines rode a wave of popularity in the U.S. during the 1990s and first half of the last decade but have ceded momentum to other wine-exporting countries, such as Argentina, Chile and South Africa. The Aussie dollar's strength in recent years also hurt the competitiveness of wine from Down Under.
上世纪90年代及本世纪前五年，澳大利亚葡萄酒在美国颇受欢迎，但目前势头不及其他葡萄酒出口国，包括阿根廷、智力和南非。澳元近年来坚挺，这也损害了澳大利亚葡萄酒的竞争力。

In addition, much of Treasury's U.S. sales are in low-priced wines at a time when American tastes are turning more expensive. U.S. store sales of wine bottles priced between $3 and $5.99 edged up just 1.5% and bottles priced $6 to $8.99 dropped 3.3% in the 52 weeks ended May 25 in volume terms, according to Nielsen. By contrast, volumes of bottles priced $9 to $11.99 and $12 to $14.99 rose 13% and 9%, respectively, and those above $15 increased more than 6%.
此外，Treasury在美销售的葡萄酒多为低价葡萄酒，而目前美国人的偏好正在转向更加昂贵的葡萄酒。据尼尔森(Nielsen)的数据，在截至5月25日的52周中，美国商店中定价在3至5.99美元的瓶装葡萄酒销量仅上升了1.5%，定价在6至8.99美元的葡萄酒销量下降了3.3%。相比之下，定价在9至11.99美元和12至14.99美元的瓶装葡萄酒销量分别上升了13%和9%，而定价在15美元以上的葡萄酒销量上升了逾6%。

U.S. wine consumption rose 2.2% last year, reaching 345.1 million 9-liter cases, and rose 3.6% to $32.3 billion in retail sales, according to Technomic, an industry tracker. But for Treasury Wine, the No. 5 player in the U.S., American sales slipped 1.9% by volume, while those of market leader E & J Gallo Winery rose 3.5%, Technomic estimated.
据行业跟踪商Technomic说，美国去年葡萄酒消费量增长2.2%，达3.451亿箱（九升装），零售额增长3.6%，至323亿美元。但据Technomic估计，对于在美国市场排名第五的Treasury Wine来说，美国销量下滑了1.9%，而市场领跑者E & J Gallo Winery的销量上升了3.5%。

Treasury Wine's sales in the U.S. slipped below 13 million cases last year from 16.5 million in 2009, according to an estimate from Import Databank. It said that each of Treasury Wine's top five brands in the U.S.─Beringer, Lindemans, Stone Cellars, The Little Penguin and Meridian─had lost ground over the past three years, although Beringer and Lindemans posted modest growth last year.
据Import Databank的估计，Treasury Wine在美销量从2009年的1,650万箱降至去年的不到1,300万箱。它说，Treasury Wine在美国的五大品牌──贝灵哲、利达民(Lindemans)、史东酒窖(Stone Cellars)、小企鹅(The Little Penguin)和默里迪恩(Meridian)──过去三年都处于失利局面，不过贝灵哲和利达民去年实现了小幅增长。

'Management need to rebuild credibility across the board,' said Brad King, a portfolio manager at fund manager Armytage Private, which owns Treasury Wine shares. 'Apart from the Penfolds brand, everything needs improvement.' He said he was surprised by the size of the latest impairment charge.
基金管理公司Armytage Private的投资组合经理金(Brad King)说，管理层需要重建整个公司的信誉。该公司持有Treasury Wine的股票。他说，除奔富葛兰许品牌外，所有一切都需要改进。他说，他对这次的减记支出规模感到意外。Treasury Wine's shares fell 12% Monday in Sydney.
Treasury Wine在悉尼上市的股票周一跌12%。

Treasury Wine Chief Executive David Dearie defended the vintner's strategy of chasing sales in the U.S., where he predicted total wine sales could rise to 450 million cases a year within a decade.
Treasury Wine首席执行长迪尔里(David Dearie)为该公司在美国追求销量的战略进行辩护。他预测，10年内，美国葡萄酒年销量有望上升至4.5亿箱。

'It's a fantastic growth opportunity, at the right price points,' he told investors on a conference call.
他在电话会议上对投资者说，这是一个无与伦比的增长机会，在合适的价格点实现增长。

Treasury Wine has been seeking to increase sales in China, announcing plans in March to open wine bars or restaurant-and-entertainment outlets in a bid to get the country's consumers to drink luxury wines, rather than simply give bottles as gifts. Treasury Wine currently sells in China only through distributors.
Treasury Wine一直在寻求扩大在华销售，今年3月公布了在华开设葡萄酒吧或饭店娱乐设施的计划，以便让中国消费者饮用高档葡萄酒，而不是仅仅将葡萄酒用于送礼。Treasury Wine目前在中国仅通过分销商销售葡萄酒。

China's appetite for wine has surged, spurring competition among winemakers who had flooded the market and now are looking to differentiate themselves. Wine consumption in China will increase to 2.1 liters a person over the next three years from about 1.4 liters in 2011, according to London-based International Wine & Spirit Research.
中国消费者的葡萄酒需求一直在飙升，加剧了葡萄酒生产商之间的竞争。厂商们涌入中国市场，目前正在寻求脱颍而出。据伦敦的国际葡萄酒及烈酒研究所(International Wine & Spirit Research)说，未来三年，中国的葡萄酒消费量将从2011年的每人约1.4升增至2.1升。

Analysts said a recent fall in the Australian dollar, which is down about 13% against its U.S. counterpart since the start of the year, could help Treasury Wine offset the lower U.S. sales and could even lure bidders for the vintner itself.
分析人士说，澳元最近的贬值可能帮助Treasury Wine抵消美国销售的疲弱，甚至可能吸引其他公司竞购这家葡萄酒生产商。自今年年初以来，澳元对美元跌了约13%。

The Australian dollar's relative strength against the U.S. currency─the Australian dollar was above parity from late last June until mid-May of this year─had made Australia's products less competitive against wines from rival regions, such as California's Napa Valley and South America.
之前澳元对美元的相对强劲令澳大利亚产品对来自竞争地区的葡萄酒竞争力下降，比如加州纳帕谷(Napa Valley)和南美的葡萄酒。从去年6月底至今年5月中旬，1澳元可以兑换逾1美元。

'If the currency comes back a bit further, perhaps it could become a takeover target for the Europeans or the Chinese,' Armytage Private's Mr. King said.
Armytage Private的金说，如果澳元进一步小幅贬值，Treasury Wine可能成为欧洲企业或中国企业的收购目标。

Treasury Wine said it expected that operating earnings, which strip out items such as the write-down, would be about A$216 million for the fiscal year that just ended, in line with analysts' forecasts. The company reported net profit of A$89.9 million and operating earnings of A$210.2 million for fiscal 2012.
Treasury Wine说，预计刚刚结束的一个财年营运利润将约为2.16亿澳元，符合分析人士的预期。该公司2012财年实现净利润8,990万澳元，营运利润2.102亿澳元。营运利润不包括减记等项目。

Treasury Wine competes against rivals such as Constellation Brands Inc. STZ -0.11% in the U.S. North America, which also includes Canada, is the Australian vintner's biggest market.
Treasury Wine在美国的竞争对手包括Constellation Brands Inc.等公司。北美（包括加拿大）是这家澳大利亚葡萄酒生产商的最大市场。

Global wine inventories have been tightening recently, after years of oversupply, so Treasury Wine's woes were largely company-specific, said Andrew McLennan, a Sydney-based retail analyst at Commonwealth Bank of Australia +0.22% .
澳州联邦银行(Commonwealth Bank of Australia)驻悉尼零售分析师麦克伦南(Andrew McLennan)说，在多年的供应过剩之后，全球葡萄酒库存最近一直在收紧，因此Treasury Wine的困境很大程度上只是该公司特有的问题。

Despite a record harvest in the U.S. last year, boosted by excellent growing weather, the U.S. grape supply has begun to tighten in recent years as some California farmers switched to nuts and vegetables after vineyard expansions in the 1990s flooded the market with wine.
尽管去年美国的天气条件非常适合葡萄种植，葡萄获得了创纪录的大丰收，但美国葡萄供应近年来开始收紧，因为上世纪90年代葡萄园的扩张使市场上葡萄酒泛滥，一些加州的农户转而种植坚果和蔬菜。

Global wine consumption has outpaced production for more than half a decade, dropping global inventories by about 40% since 2006, according to Rabobank. Global production fell about 6% last year, led by declining output in Europe, while consumption was roughly flat.
据Rabobank说，五年多以来，全球葡萄酒消费增速一直高于产量增速，自2006年以来全球葡萄酒库存下降了约40%。去年全球葡萄酒产量下降了约6%，其中尤以欧洲的产量降幅为最，而消费量大体持平。