Thursday 17th April 2003 |
Text too small? |
The turnaround in the company's fortunes stems from a strategic review carried out in 1999 and announced in October that year.
In quick order DB closed the Allied Liquor Merchants distribution business, established the Liquorland chain as a standalone franchise, shut down its corporate head office and split itself into autonomous wine and beer divisions.
Majority shareholder Asia Pacific Breweries, a joint venture between Dutch brewing giant Heineken and Singapore's Fraser & Neave, showed its faith in the new direction in early 2000 with a largely unsuccessful mop-up bid.
In September that year DB sold Corbans Wines to Montana for $151 million, which it immediately returned to shareholders via a share cancellation. That December it announced the $60 million final phase of its Waitemata site redevelopment, a project completed last November.
At the annual meeting in February it predicted the investment would yield a significant earnings lift.
In the meantime the beer brands have been repositioned with large-scale investment in advertising and marketing. Last year saw the first overall beer market growth for 10 years.
Capital expenditure needs are now modest and DB has signalled a lift in the 67% dividend payout rate.
But managing director Brian Blake says the company still has some way to go before it reaches full potential.
No comments yet
2025 Annual Shareholders' Meeting and Director Nominations
Meridian Energy monthly operating report for July 2025
August 15th Morning Report
VGL upgrades aspirations, accelerates to meet client demand
August 14th Morning Report
VHP - Focus on Fundamentals: Driving Operational Performance
August 13th Morning Report
Devon Funds Morning Note - 12 August 2025
Spark announces sale of 75% of data centre business
Blackpearl Announces $15M Capital Raise & Market Update