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FY20 Full year results - The a2 Milk Company

Latest company news

FY20 Full year results

August 19, 2020

Strong financial results and execution continuing


Results highlights for the full year ended 30 June 2020 (NZ$)1,2,3

  • Total revenue of $1.73 billion, an increase of 32.8%
  • EBITDA4 of $549.7 million, an increase of 32.9%
  • Net profit after tax of $385.8 million, an increase of 34.1%
  • Basic earnings per share (EPS) of 52.39 cents, an increase of 33.5%
  • EBITDA to sales margin of 31.7%
  • Operating cash flow of $427.4 million and a closing cash balance of $854.2 million
  • Marketing investment of $194.3 million5 targeting opportunities in China and the USA, an increase of 45.1%
  • Group infant nutrition revenue of $1.42 billion, up 33.8%
  • Strong growth in China label infant nutrition, with sales more than doubling to $337.7 million and distribution expanded to ~19.1k stores
  • USA milk revenue growth of 91.2% and distribution expanded to ~20.3k stores


To view the full year results commentary FY20, please click here

To view the FY20 Annual Report, please click here

To view the FY20 Annual Report (single page for printing), please click here

To view the FY20 Annual Results Presentation, please click here

To hear the FY20 Annual Results Call, please click here



View FY20 Annual results video




1 All figures are in New Zealand Dollars (NZ$) unless otherwise stated.
2 All comparisons are with the 12 months ended 30 June 2019 (FY19), unless otherwise stated.
3All figures are quoted based on all operations of the Group, including discontinued operations, unless otherwise stated.
4 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.
5 From continuing operations.

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