Sales of the company's high-end wines in the domestic market increase by 12%
Bodegas Torres has closed the 2015 financial year with an increase in turnover of 9.7%, reaching 263 million Euros. This rise has been influenced by a favourable exchange rate that has not significantly affected results for the year thanks to the Euro/USD exchange rate hedging strategy implemented at the end of 2014. Wine and brandy exports, which amount to 72% of total sales, have evolved correctly in Europe and Asia. Also of note is the positive performance of the company's international subsidiaries in China, Chile and Sweden.
The domestic market has shown a slight increase by 2%, continuing the rising trend of the last two years. Of note are the positive performance in tourism areas such as the Canary Islands and the increase in sales of high-end wines, which has risen by 12% compared to the previous year, above all in the restaurant sector. Brandy sales in Spain have also increased, although to a lesser extent, by 4%.
2015 has been a particularly good year for Miguel Torres Chile, not only as it is the subsidiary that has grown most in value, amounting to a turnover of 23 million Euros, but above all for having implemented one of its most ambitious projects since it was founded in 1979: the market launch of the Escaleras de Empedrado wine, a pinot noir grown on slate soil terraces, which has taken 20 years of work and an investment of over 3.6 million Euros. China continues to be the number one Bodegas Torres subsidiary in terms of turnover and number of collaborators, with sales of over 35 million Euros in 2015 and a workforce of almost 300 people.
The negative note comes from the Russian and Brazilian markets, which have shown a fall in profits due to the devaluation of their currencies. However, the decline in the Russian market has been partially compensated by brandy sales, which place this country among Bodega Torres's main brandy markets, after Mexico, Spain and Lithuania. With regard to wine, the principal markets are Spain, UK, Chile, Canada, China and Sweden, out of a total of 150.
According to Miguel Torres Maczassek, CEO of Bodegas Torres: “Despite 2015 not having been an easy year in many markets we have managed to grow in value and improve our presence in the restaurant sector, thanks to the excellent work of our 1300 collaborators throughout the world. Our main objective for 2016 is to continue investing in order to grow in value with a clear focus on our high-end wines destined for the restaurant sector, whilst maintaining our policy of sustainability and of fighting climate change."
With regard to investments during 2015, Bodegas Torres has invested 16 million Euros in total, in line with the previous year. Worth mentioning are projects such as the purchase of 14 hectares of vineyards in Ribera del Duero for high-end wines, the final stage in the renovation of the Santa Margarida d'Agulldolç cellar (Penedès) for the ageing of sparkling, which will be completed by the end of this year and the construction of a micro vinification cellar in Pacs for the research of ancestral varieties, among others. Bodegas Torres has destined 11% of total investment to projects related to climate change, including the acquisition of a biomass boiler for the Pacs del Penedès winery, which until now has been operating through an energy services company.
Finally, in the area of viticulture, Bodegas Torres began the organic certification process in 2015 for 300 hectares of vines in the Penedès region, adding to the already certified 500 hectares that the company has, which will make it one of the largest organic winemakers in Spain.