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RECORD FINANCIAL RESULTS AND MARKET SHARE POSITIONS IN ALL KEY MARKETS
STEP-CHANGING INVESTMENT IN BRAND AND CAPABILITY        

Results highlights for the half-year ended 31 December 2018 (NZ$)¹

• Total revenue of $613.1 million – an increase of 41.0%²
• EBITDA³ of $218.4 million – up 52.7%
• Net profit after tax of $152.7 million – up 55.1%
• Basic earnings per share (EPS) of 20.9 cents, an increase of 52.9%
• Operating cash flow of $112.3 million and a closing cash balance of $287.9 million
• Group infant formula revenue of $495.5 million – up 45.3%; China label revenue up 82.6% and China consumption market share of 5.7%⁴; and brand leadership in Australia at 35.7%⁵
• US milk revenue growth of 114.1% and distribution growth to over 10,000 stores
• Australian fresh milk revenue growth of 11.7% and record market share of 10.8%⁶
• Increased strategic investment in consumer insights, brand and organisational capability

Please click here to view the interim results commentary.

Please click here to view the interim results presentation.

Please click here to view the interim report for the six months ended 31 December 2018.

Please click here to listen to the interim results call.

¹All figures are in New Zealand Dollars (NZ$) unless otherwise stated
²All comparisons are with the six months ended 31 December 2017 (1H18), unless otherwise stated
³Earnings 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
⁴Kantar Infant Formula market tracking of Tier 1 and Key A cities for 12 months ending 28 December 2018 by value
⁵Aztec Australian Grocery and Pharmacy Scan 12 months ending 30 December 2018
⁶Aztec Australian Grocery Weighted Scan 12 months ending 30 December 2018