Cobram Estate Olives Limited CBOAF 2026年Q4及全年财报电话会

发布时间：2026-08-28 一、AI总结内容 一、核心要点 1. 核心交易与规模：2026年3月收购美国加州橄榄牧场（California OliveRanch），成为美国最大特级初榨橄榄油生产商与本土橄榄油营销商，全球拥有约7000公顷自有橄榄园、1000公顷第三方橄榄园。 2. 2026财年（截至6月30日）业绩：合并销售额增长2730万美元，正常化EBITDA为3000万美元；澳大利亚业务因减产和水价上涨，EBITDA从1.11亿美元降至5210万美元，美国业务（含3个月加州橄榄牧场贡献）EBITDA达940万美元；净负债比率从32.7%升至35.6%。 3. 关键一次性因素：收购产生4180万美元认股权证费用、480万美元交易成本、410万美元资产减值，美国累计税务亏损确认带来3350万美元税收收益。 4. 2026财年现金流：运营现金流4750万美元，资本支出1.01亿美元（主要在美国），收购现金支出1.6亿美元，新增股权约1.18亿美元，期末可用资金达1.15亿美元。 二、2027财年展望与规划 1. 业绩预期：2027财年EBITDA将大幅提升，核心驱动因素为澳大利亚丰收、加州橄榄牧场全年业绩与协同效应释放；运营现金流也将实质增长。 2. 市场与战略：美国市场推进加州橄榄牧场品牌建设，主打“加州产、鲜度高”定位，转型100%加州种植，结合Cobram Estate与Red Island品牌覆盖不同市场；澳大利亚继续聚焦本土营销与成本控制，维持维持性资本支出1000-1500万美元，增长资本全部投向美国。 3. 橄榄园布局：美国将新增840公顷橄榄园种植（2027财年），2028财年再增420公顷，合计至4260公顷；未来5年澳大利亚成熟橄榄园将从5250公顷增至7000公顷，产量自然增长33%。 三、运营与整合进展 1. 澳大利亚业务：2026财年生产1110万升橄榄油，因减产但油果产量较前一周期仍增10%；2027财年预期丰收，目前冬季降水良好无冻害；水采购采用临时市场，2026财年平均水价349澳元/兆升，拒绝长期购买永久水权。 2. 美国整合：加州橄榄牧场收购后完成合并，已初步实现1200万美元年度协同效应，主要体现在运营效率提升与成本降低；橄榄园产量提升潜力大，成熟橄榄园产量或翻倍，预计2-3年实现主要产量提升。 四、风险与关注点 1. 市场竞争：澳大利亚面临进口品牌持续降价促销、美国部分大型零售商有阶段性促销调整，需应对消费疲软与价格压力。 2. 行业风险：厄尔尼诺现象对澳美橄榄种植有潜在影响，欧洲产区高温干燥或影响进口供应但仍存不确定性。 3. 收购后事项：加州橄榄牧场收购存在约3150万美元库存争议，处于法律纠纷中；需推进整合与协同效应全面释放，避免短期业绩波动。五、其他关键事项 1. 股息：维持每股4.5澳分 fully franked 股息，股息再投资计划除息日为2026年11月6日。2. 可持续发展：2026财年安全表现良好，实现连续三年中性温室气体排放，相关报告已纳入年度报告。 二、音频原文（转写） Good morning every one and welcome to the cobramistake oles limited four year results presentation.For the twelve months to thirty june two thousand and twenty sixand thank you for joining usonline.My name is sam beatoni'm one of the joint ceosi'm joined here by leandro rivetti who's my other joint.C o of the groupi'll be taking youthrough a financial and a commercial update forthe year.I'll then hand to leandro he'll take you through an update on the californian olive ranchacquisition an update on our operations and also an update on our capital projectswe'll haveplenty of time for questions at the end there isa raised hand icon at the bottom of your screenwhen we get to question time if you'd like to ask a question just press that button we will then unmute you when it's your turn in the meantimeplease make sure your microphonespower on youththis year certainly been a transformational yearfor the company following the acquisition of california and olive ranch in march two thousand and twenty sixnot only did this increased the scale of the business on a global basis but more importantly a delivered as scale in the usa and agreat platform for growthwe're now the number one grower and producer of of us extra virgin olive oil and were also the number one marketer of locally grown olive oil in that important u s marketleavingly for us our normalized particularlyin an offcropping year in australia was sixty one point four million dollars.This was underpinned by modest growth in cobram estate on the backof of tougher competitive environments.Maturingolive grows in australia and a three month contribution from core so all these results have thre e months worth of results and cash flow and profit relating to the californian olive branch goodness that was purchased at the end of march twothousand and twenty sixthwe strengthened our balance street for in the year we raised one hundred and seventy eight million dollars in septemberoctober two thousand and twenty five and thoughthat capital raising has largely been deployedinvesting in groves in in the usa and contributing to the the funding of the acquisition of california and oliveranceour asset value is now sitsat one point four billion dollars and pleasingly during the year our cobram state australian sales are grew despite very heavy promotional campaigns run by our imported competitors.And there's really highlights the strength of the brand.And the consumer demand for high quality extroversion olive oilfrom a capex perspective we continue to focus our gross capex into the usafrom moredetailed profit and loss um our sales grew by twenty seven point three million dollars.I'll talk through the the sales more in more detail on the coming slidesfrom our normalized ebatar perspective our australian business reported eberta of fifty two point one million dollars which wasdown from a hundred and ten this was expected due to off he crop in here in australia and as a reminder under accounting standards you you are required to measure the majority of the profitrelating to the crop in the year of harvest not inthe year of sail and we do that byby estimatingthe expected net selling price of that crop andthen we deduct the actual cost of selling.It wasalso driven the result was also driven by higher offering costs particularly in australia wherewe saw an increasing water cost of over six million dollars temporary water costsand also a modest reduction in selling price across our package goods portfolioin the usa our egots are increased to nine point four million dollars the majority of this increase was driven by the three mon th contribution from california olive ranch offset slightly