(SMH) - Treasury Wine Estates, the maker of Penfolds, Wolf Blass, Rosemount as well as a large portfolio of Australian, US and New Zealand wines, announced this morning it would write off $260 million from its fiscal 2014 full year profit, reflecting historical prices paid for pre-demerger acquisitions when it was part of brewer Foster's and the slowdown in sales of commercial wines globally.

The non-cash impairment would also hit the value of its commercial brands, IT, plant and equipment.

New Treasury Wine boss Michael Clarke has now called fiscal 2015 a ''reset year'' with the winemaker committed to delivering much-awaited improvements after years of disappointments, falling earnings and hundreds of millions of dollars in write downs in the face of a tough trading market.

As part of Mr Clarke's pitch to investors to resuscitate the fortunes of Treasury Wines the company also announced this morning a range of structural reorganisations, as it shakes up its business model including changing the release date of its iconic Penfolds wines to better manage allocations and availability for the hugely popular luxury wine.