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NZX/ASX Market release

Overview – financial results for the half-year ended 31 December 2016 (NZ$m)

• Total revenue of $256.1 million – an increase of 84% over the prior corresponding period (pcp)
• Operating EBITDA[1] of $64.1 million – 243% ahead of the pcp
• Net profit after tax of $39.4 million – 290% ahead of the pcp
• Continuing strong growth in sales and market share for a2 Platinum® infant formula in Australia and China
• Sales growth for fresh milk and whole milk powder in Australia
• Broader distribution and growing sales of fresh milk in the United States
• Increased sales and positive operating earnings in the United Kingdom
• Operating cash flow of $38.1 million – $48.1 million more than in the pcp
• Conservative management of infant formula inventory

To view the full FY17 half year interim results commentary, please click here

To view the FY17 half year interim results report, please click here

To view the FY17 half year interim presentation, please click here

To view the ASX Appendix 4D 2017, please click here

To view the NZX Results 2017, please click here

^{[1] Operating earnings before interest, tax, depreciation and amortisation (EBITDA) is a non GAAP measure. However, the Company believes that it assists in providing investors with a comprehensive understanding of the underlying performance of the business. A reconciliation of EBITDA to net profit after tax is shown at the end of this document.}