Market announcements

NZX/ASX Market Release

Record financial results and market shares;
step-changing investment in brand and capability for further growth

Overview for the year ended 30 June 2019 ^[1]

• Total revenue of $1,304.5 million – an increase of 41.4%^[2]
• All comparisons are with the 12 months ended 30 June 2018 (FY18), unless otherwise stated.
• EBITDA^[3] of $413.6 million – up 46.1%
• Net profit after tax of $287.7 million – up 47.0%
• Basic earnings per share (EPS) of 39.3 cents, an increase of 45.4%
• EBITDA to sales margin of 31.7%
• Operating cash flow of $289.1 million and a closing cash balance of $464.8 million
• Step-changing marketing investment of $135.3 million representing 10.4% of sales and an increase of 83.7%
• Infant nutrition market shares strengthened to 6.4%^[4] in China with Group infant formula revenue of $1,063.8 million up 46.9%
• US milk revenue more than doubled and distribution expanded to 13,100 stores
• Australian fresh milk revenue growth of 10.7%^[5] and record market share of 11.2%^[6]
• Significant investment in building depth and breadth of organisational capability to support continued growth and resilience

To view the full year results commentary FY19, please click here

To view the FY19 Annual Results Presentation, please click here

To view the FY19 Annual Report, please click here

To view the FY19 Annual Report (single page for printing), please click here

To view the NZX Appendix 1  FY19, please click here

To view the ASX Appendix 4E FY19, please click here

To view the ASX Appendix 4G FY19, please click here

To view the Corporate governance statement, please click here

^[1] All figures are in New Zealand Dollars (NZ$) unless otherwise stated.
^[2] All comparisons are with the 12 months ended 30 June 2018 (FY18), unless otherwise stated.
^[3] 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.
^[4] Kantar Infant Formula market tracking of Tier 1 and Key A, B, C and D cities for 12 months ending 14 July 2019 by value.
^[5] Local currency (AUD).
^[6] Aztec Australian Grocery Weighted Scan 12 months ending 30 June 2019.