Dawine Limited (ASX: DW8) produces and exports wines. Dawine has operations worldwide. Recently, the company had declared via an ASX release that the company has forayed into the Chinese markets and has thus affected its first B2B sales of 17,000 bottles via partnering with the existing retailers and sales channels. The company has lately realized the fact that to compete directly for the customers in the Chinese market can prove to be very costly. This development would lead to an expansion in the exposure to China up to $ 1.1 Bn per annum. The company aims to introduce itself in the Chinese market as an integrated Australian liquor provider with the entire supply chain being managed by the company itself.
This expansion of operation is in line with the firm’s proposed acquisition of the Wine Depot which would enable it to deliver the product directly from various strategic location to the customers. Along with these lines, the company plans to expand its grid into other Chinese cities in accordance with the demands.
The Board of Directors has also decided to change the company’s name to digital wines ventures ltd, this would be in accordance with the renewed operational strategy and ethos of the company.
On 30 October 2018, the company disclosed the market that Mr. Anthony Ramage has proposed his resignation as Non-Executive Director of the Company effective 28 November 2018
For the year-end 30 June 2018, the company reported revenue of $231,333 which was $136,470 in FY2017, exhibiting decent growth of 70% on Y-o-Y basis. However, the company incurred a loss from ordinary activities after tax attributable to members of $2,108,315 in FY18, showing the downfall of 53% on a Y-o-Y basis. As at 30 September 2018, the company was having net cash outflow from operating activities of $420,356 and cash and cash equivalent of $599,629. There was no dividend paid or proposed during the year as the group is on expansion phase.
In the last six months, the share price of the company has fallen 14.29 percent as on 26 November 2018. DW8’s shares traded at $0.006 with a market capitalization of circa $4.07 million as on November 27, 2018.
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