Australian Vintage confirms extent of damage from SA bushfires

9 January 2020, Written by David Simmons

Australian Vintage confirms extent of damage from SA bushfires

Wine company Australian Vintage (ASX: AVG) has confirmed that a vineyard in South Australia has been affected by bushfires.

AVG's 30-hectare vineyard in Charleston, east of Adelaide and near Lobethal, was impacted by the Cudlee Creek bushfire which burnt through more than 17,000 hectares and destroyed more than 80 houses.

"It is too early to accurately assess the impact on the Charleston yield but we expect that about half the crop from this vineyard has been lost which equates to around 200 tonnes," says Australian Vintage.

"Taking into account that the Adelaide Hills fire has potentially wiped out a third of wine production in this area, AVL has been very fortunate in only sustaining minimal direct damage."

Australian Vintage is the producer behind famous Australian wine brands including McGuigan Wines, Tempus Two, Nepenthe, Miranda, and Passion Pop.

The South Australian State Government opened a new recovery centre in Lobethal on Sunday for residents impacted by the Cudlee Creek bushfire.

The centre, located at the Fabrik Arts and Heritage building in Lobethal, will provide emergency accommodation, mental health services, and financial counselling to victims of the bushfire.

Yesterday listed timber business Kangaroo Island Plantation Timbers (ASX: KPT) announced that its plantations were significantly affected by the KI bushfires.

The company is still assessing the total damage done to its plantations, but it is estimated that about 90 per cent of the plantations on Kangaroo Island have been fire-affected.

KPT will remain in voluntary suspension while the company assesses its opportunities to sell fire-affected timber and to make arrangements with insurers, bankers and project partners.

Shares in AVG are down 0.96 per cent to $0.52 per share at 10.20am AEDT.

How to donate

If you would like to donate to an organisation assisting the victims of the bushfires the following organisations are accepting any and all help available:

Photo via @ellerymelissa on Instagram.

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Business News Australia

Author: David Simmons





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