销售疲软 过亿美元葡萄酒将被销毁

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 CBA.AU +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。