Synlait delivers positive first half performance for FY17

Synlait Milk Limited
1028 Heslerton Road
RD13, Rakaia 7783
Private Bag 806
Ashburton 7740
P + 64 3 373 3000
www.synlait.com
Synlait Milk Limited Interim Report 2017
BUILDING
VALUE

LEADERSHIP UPDATE ............PG 1
OUR STRENGTH
COMES FROM OUR
SOLID FOUNDATION OF
VALUE-ADDED PRODUCTS

CHIEF FINANCIAL OFFICER UPDATE .............PG 7FINANCIAL STATEMENTS ............PG 13

Synlait Milk Limited Interim Report 2017
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LEADERSHIP UPDATE
Graeme Milne
CHAIRMAN
John Penno
MANAGING DIRECTOR

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LEADERSHIP UPDATE
EVERYONE AT SYNLAIT IS FOCUSED ON
MAKING THE MOST FROM MILK.
Our strategy is to build strong partnerships with leading
brand owners. We create value by manufacturing dairy-based
products that our customers trust to protect and build their
brands and markets. Our strategy enables us to manage
a portfolio of customers, and to build and maintain strong
manufacturing margins.
Because we are a small part of a large global market, we
can be very specific about the categories and customers we
target. We have built high specification plant, which we run
at high capacity. We then continually focus our management
time, milk and manufacturing capability on the highest
returning opportunities.
We have been able to deliberately partner with dairy farmers
who share our commitment to excellence around people,
product and care for their animals and the environment.
Once again, we are pleased to present an interim report where
our financial results demonstrate we are right on track.
GROWTH COMPANY
The Board and management of Synlait remain focused on
growth. As a small player in a large global industry, and
as a small part of the New Zealand dairy industry, we see
significant opportunity to consolidate and grow our well-
established infant formula business.
However, we are also continually exploring to find new
areas of business where we can generate superior returns by
leveraging our supply chain integrity and focus on quality.
Given the magnitude of these opportunities, it is important to
focus on building the team and balance sheet strength to be
able to execute opportunities as and when they are identified.
This interim report highlights the growth journey we are
achieving in our existing business, the development and
evolution of our senior leadership and our growing financial
strength.
ONGOING GROWTH IN OUR INFANT BUSINESS
We believe that from the 2017 calendar year, the Chinese
infant formula market will grow to over one million metric
tonnes (MT) / annum, which is more than double the total
volume of infant formula imported five years earlier.
There is a strong and growing appetite for imported infant
formula in China. In the 12 months to July 2016 the total
imported volume was 350,000 MT.
After recognising this opportunity early in the life of the
company, and aggressively investing in people, plant and
process, we believe that over the past two years we have
become New Zealand’s largest manufacturer of finished infant
formula, with Synlait accounting for 30% of New Zealand’s
total export volume of finished infant formula in FY16.
After enjoying almost four-fold year on year growth in our
finished infant formula business in FY16, we pointed to
regulatory change in China and accumulated stock in the
supply chain as the factors behind expecting modest growth
in FY17, before a return to strong growth from late FY17.
Over the past six months, we have built increased clarity
about the pending improvements to the Chinese infant
formula regulatory framework. These changes have the
objective of increasing the quality and safety of the products
on offer to Chinese consumers, and significantly reducing the
number of brands in the Chinese market.
Six months ago, the draft regulations indicated each company
would be able to register a maximum of three brands. In the
final amendments it became clear that the “three brand rule”
would be applied at a manufacturing site level, rather than the
company level.
At the same time it was signalled that the hurdles for each
company to maintain registration would be higher, and that
scientific differences between brands manufactured at each
site would need to be greater.
These changes have been important for Synlait.
Firstly, it has led to a decision that our pending investment
in a new infant formula blending and consumer packaging
facility will be on a standalone site.

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LEADERSHIP UPDATE
1. Euromonitor International.
While this is likely to be more expensive than building on
our existing site, this cost will be greatly outweighed by
the risk mitigation a second manufacturing site will bring,
and the value of being able to work with a larger portfolio of
customers.
Secondly, the period of regulatory uncertainty in China
provided the opportunity to explore a range of opportunities
with existing and potential customers. This has left us clear
that in the medium to long term we are best to partner with
customers where we are able to develop close and exclusive
partnerships.
We also wish to partner with both international and large
Chinese companies that own brands in the China infant
formula market.
While our final portfolio of infant formula customers exporting
to China will be determined through the registration process,
we are confident we will be able to maintain and grow our
current portfolio of customers.
Our partnership with Munchkin Inc. provides us with an entry
point to the United States (US) infant formula market.
The US is the second largest infant formula market after China
at 146,600 MT / annum
1
. Although it is much smaller than
China and only enjoys modest growth rates, it is a mature
market with a small number of long standing brands. We
support Munchkin’s view that the market is ripe for disruption
with a high quality product that has a meaningful point of
difference, and in fact this has already happened in the non-
milk segment of the baby food market.
The first shipments of Munchkin’s Grass Fed™ infant formula
for the US market are underway and will be ready to launch
once the regulatory registration process with the US Food
and Drug Administration (FDA) has been completed. Gaining
FDA registration has been a significant process involving
clinical studies proving the efficacy and safety of the Grass
Fed™ product, and places us as one of only a few companies
importing infant formula products into the US. Significant
manufactured volumes are not expected until FY18.
FY17 INFANT FORMULA PERFORMANCE
ON TRACK
Regulatory change and overstocking of some brands has
meant the past six months has been a period of considerable
uncertainty for the infant formula industry. We have seen sales
through the first half of FY17 at lower volumes than during
the second half of FY16. However, as stocks have cleared and
greater regulatory clarity has emerged for our customers, we
have seen order volume growth resume.
Orders received at the time of this report give us confidence
that we will end the year close to our target volumes of 18,000
MT of finished infant formula, with increasing run rates
between now and the end of the year.
To meet expected growth in demand for finished infant
formula we are in the process of appointing a fourth shift to
our blending and consumer packaging facility. This will see it
capable of operating at full capacity from June 2017. We will
be announcing our plans for a second blending and consumer
packaging facility in the coming months.
We expect to support both blending and consumer packaging
facilities with infant formula base powder manufactured
centrally at our Dunsandel site. We are now underway with a
$36.9 million investment into a second wet mix kitchen that
will enable both of our infant formula-capable spray dryers to
simultaneously manufacture fully formulated base powder.
This will bring the site capacity for base powder to 80,000 MT
/ annum by November 2017.
We remain well positioned to continue growing our sales
of finished and base infant formula powder in the years to
come. We will remain focused on supporting our existing
brand partners targeting the Chinese market, and will look to
establish partnerships targeting other regions and markets.

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LEADERSHIP UPDATE
SYNLAIT LACTOFERRIN
The lactoferrin market is beginning to recover as demand
catches up with the large increases in supply that occurred
at about the time our product came to market. Spot prices
are beginning to increase and we expect to be renewing
contracts at stronger prices in the second half of FY17.
As part of working with Munchkin to gain US approval for
Grass Fed™ infant formula, we have worked with the FDA to
have our lactoferrin registered for use in infant formula in the
US. This opens up a new market with fewer competitors and is
a market ideally suited to our unique spray dried product.
DAIRY COMMODITY MARKETS
After a long period of weak dairy commodity prices, prices
improved markedly late in November and December 2016
on the expectation of lower milk production in China,
New Zealand, Australia and the European Union (EU).
This saw our forecast milk price for FY17 increase from $6.00
kgMS to $6.25 kgMS in early February 2017. However, soon
after we had done this, prices sharply corrected downwards.
At this point, commodity prices are very unlikely to support
$6.25 kgMS and if the current trend continues, New Zealand’s
farm gate milk price may finish below $6.00 kgMS.
We are confident that our milk suppliers have made significant
progress in adjusting their businesses to operate profitably at
lower milk prices. Often this has resulted in them producing
less milk as they spend less on supplementary feed and off
farm grazing.
Working closely with them, we have anticipated this and
contracted additional dairy farm suppliers in 2016 to maintain
high levels of plant utilisation. In FY17 we now expect to
process 63 million kgMS from our milk suppliers. Alongside
some milk from other manufacturers, this will translate into
total sales of about 137,000 MT of product and represents a
20% increase on total sales volume on FY16.
We will not be increasing the number of Synlait milk
suppliers for the FY18 season. As a result, we need to achieve
manufacturing efficiency improvements to meet our infant
formula base powder production targets and process all the
milk we have contracted. We have been working hard on this
and are confident this will be achieved.
SENIOR LEADERSHIP TEAM
As we build the business, we are continually seeking new
talent at all levels.
The last six months has seen us make four significant
appointments to the leadership team.
As Director of Sales and Business Development, Martijn Jager
oversees our sales program, major new customer acquisitions,
as well as product development, technical services, marketing
and research functions. His 20 years of work experience
in the international dairy industry includes various senior
commercial roles, most recently with FrieslandCampina
where he established their B2B infant formula and ingredients
business in China from 2010.
Roger Schwarzenbach joined our leadership team in January
2017 as is our General Manager of Innovation and Technical
Services. Roger works closely with Martijn to lead our
innovation pipeline focused on new product development,
supporting ongoing technical requirements of our existing
product portfolio and providing technical support to our
Operations team as they work to continuously improve
production. Roger joined Synlait following his role as
Technical Director for Glanbia Ingredients Ireland.
Boyd Williams joined Synlait in December 2016 and is Director
of People, Culture and Performance. His responsibilities
include organisational development, human resources, health
and safety and corporate communications. Having worked
with multinationals for more than 30 years, including Unilever
and Bacardi Group, Boyd brings the commercial experience,
technical knowledge and drive we need for our people and
culture to thrive.
Neil Betteridge re-joined us in January 2017 in the new role of
Director of Operations. Neil undertook a 12-month sabbatical
to Tetra Pak in the Netherlands in 2016 and completed
INSEAD’s Advanced Management Programme in November
as a recipient of a 2016 Prime Minister’s Business Scholarship.
He has played a key role in our growth since joining in 2007
and is now responsible for the manufacturing and supply
chain processes across the entire business.
These senior appointments have been made to accelerate the
rate of change in the business, and prepare us for our next
opportunities.

Synlait Milk Limited Interim Report 2017
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LEADERSHIP UPDATE
FINANCIAL STRENGTH
The past few years have been a period of very significant
investment in the manufacturing sector of the dairy and infant
formula industries in Australasia. It is our view that the sector
is now well over capacity in terms of plant and equipment,
and more is being built. Inevitably, a period of consolidation
will follow, and has already begun with some companies
finding themselves in a weak position and looking to form
partnerships or sell assets.
In such an environment, it makes little sense to build new
manufacturing assets ourselves.
As our strategy and operational performance has begun
delivering results, our Board has become increasingly focused
on putting the company in a financial position to make
strategic acquisitions as they become available.
In the 12 months to 31 January 2017 our net debt has
been halved from $292 million to $147 million, and we are
forecasting to half this again by the end of FY17. These
significant gains have been made through a combination of
strong operational cash flows and the $97.6 million of new
equity raised with our rights issue in October 2016.
This new equity was initially used to pay down debt and
subsequently will support our three year, $300 million
capital expenditure programme. Furthermore, it allows us
to continue investing in business opportunities, as we find
them, to increase our work with new categories, products and
customers.
Most of our corporate shareholders participated in the capital
raise (Bright Dairy, Munchkin Inc., Mitsui) and institutional
ownership increased post rights issue with 8.8 million
shares being bought by funds and investment houses.
FrieslandCampina did not participate in the capital raise and
The a2 Milk Company™ have subsequently purchased their
8.17% shareholding.
Any acquisitions will focus on businesses or assets where
we can leverage our supply chain, capability or customer
relationships, and where possible will replace or defer capital
investments we would have otherwise been forced to make to
meet our customers growing demands.
DUAL LISTING
Following on from listing on the New Zealand Exchange
(NZX) in July 2013 and from the rights issue completed in
October 2016, we dual listed on the Australian Securities
Exchange (ASX) in November 2016.
We have always enjoyed strong support from Australian
institutional investors. We wanted to make our shares
available to funds that can only invest in ASX-listed
companies, as well as private investors in Australia where
some of our most valuable products are available on the
supermarket shelf.
We would like to welcome our new Australian shareholders to
the business. We are working with various parties to ensure
we build a good range of investment coverage amongst
Australian brokers and investment advisors in this large
market.
OUTLOOK
At this point we continue to expect growth in gross margin,
driven by increased sales of ingredients and infant formula,
will be largely offset by increased costs as we prepare for our
next growth phase.
Accordingly, we expect modest year on year growth in net
profit after tax in FY17, in line with our previous guidance,
followed by higher growth in profit in FY18 and beyond.
We look forward to updating you with our full year results in
September 2017.
Kind regards,
Graeme Milne, Chairman and John Penno,
Managing Director and CEO

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LEADERSHIP UPDATE

Synlait Milk Limited Interim Report 2017
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Nigel Greenwood
CHIEF FINANCIAL OFFICER
FINANCIAL UPDATE

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OVERVIEW
Reported after tax earnings for the first half of FY17 (H1 FY17) is a profit of $10.6 million compared to $10.2 million for the same
period last year (H1 FY16). Modest margin growth of $2.0 million before tax has been driven by increased powders and cream
volumes. Synlait also incurred unrealised foreign exchange losses of $2.9 million in H1 FY16 that have not reoccurred in H1 FY17
following the refinance of the inventory financing facility in July 2016.
This was offset by increases in overhead costs ($4.7 million before tax) reflecting continued investment into our business
development and planning capabilities for future growth.
FINANCIAL UPDATE
FINANCIAL PERFORMANCE
SALES
For the period ended 31 January 2017, our revenue at $288.7
million is up 35.2% on last year’s $213.5 million. Increased sales
volume and higher dairy commodity prices have both driven
increased revenue compared to the same period last year.
Total volume sold for H1 FY17 at 61,063 metric tonnes (MT)
was 31.7% above 46,356 MT in H1 FY16.
H1
FY17
H1

FY16
Change
Vol
Change
%
Sales (MT)
Powders and Cream
54,695
41,10213,59333.1%
Consumer Packaged
6,349
5,2461,10321.0%
Specialty Ingredients
19
811
137.5%
Total61,063
46,35614,707
31.7%
Ingredient sales volumes have increased significantly
compared to the first half of last year, predominantly as a
consequence of increased milk collections and production
levels during the period and higher levels of inventory carried
over from FY16. Consumer packaged sales increased 21.0%
over the same period last year but are 41.0% down from the
second half of FY16, where sales volume was 10,753 MT. This
was expected as our customers carefully managed inventory
levels in response to uncertainty surrounding changes in
Chinese infant formula regulations.
PRODUCTION
In September 2015, we commissioned our third large scale
spray dryer (D3). Milk supply was increased in FY16 as a
consequence and further increased in FY17 to bring the plant
closer to capacity.
H1
FY17
H1
FY16
Change

Vol
Change
%
Production (MT)
Powders and Cream
75,886
69,1326,7549.7%
Consumer Packaged
7,088
5,7141,37424.0%
Specialty Ingredients
6
5120.0%
Total82,980
74,8518,12910.9%
Production levels are 10.9% up over H1 FY16 as a
consequence of higher milk collections. However, with sales
volumes 31.7% higher than last year, inventory levels have
reduced by 2,225 MT to 42,960 MT.

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FINANCIAL UPDATE
GROSS MARGIN
Synlait generated a gross margin in H1 FY17 of $43.7 million,
a $2.0 million improvement on the $41.7 million generated
H1 FY16.
Margin growth has been driven by increased infant volumes
with canned infant formula volumes increasing by 1,103 MT
to 6,349 MT.
However, gross margin per MT has decreased from $900 /
MT to $716 / MT. This is due to the dilutive impact of onerous
contracts and carry over stock sold at low margins. Without
this onerous contracts provision (which is a consequence of
the seasonal nature of our business and is a timing variance),
gross margin per MT for H1 FY17 would have been $818 / MT.
Onerous contracts provisions relate to product contracted
for sale, but not yet shipped, at a price that is lower than the
cost of the inventory allocated to this contract. These typically
result in a rising price environment where there is a material
time difference between contracting for sale and actual
shipment. This is a timing variance between first and second
half profit and is not indicative of full year results given that
the market price for milk is determined upon the weighted
average sales price achieved across the entire season.
OVERHEAD EXPENDITURE
In total our overhead expenses for H1 FY17 at $21.7 million
is $4.7 million (or 27.6%) up over H1 FY16’s $17.0 million.
The key driver is increased employee costs, predominantly
in the areas of business development and planning as Synlait
reinvests for future growth.
EARNINGS BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (EBITDA)
EBITDA at $33.3 million decreased 5.0% on H1 FY16’s $35.0
million, with the $2.5 million improvement in gross margin
(excluding depreciation) being offset by overhead growth
(excluding depreciation) of $4.5 million.
NET FINANCING COSTS
Net financing costs at $6.9 million were in line with H1 FY16’s
$6.8 million. Gross term debt interest costs have decreased
by $1.8 million following the capital raise in October 2016 and
strong cash flows enabling debt repayments in the second
half of FY16. This has been offset by reduced capitalisation of
interest following the commissioning of the third spray dryer
during FY16.
$ millionH1 FY17 H1 FY16 Variance
Gross term debt interest
5.2
7.0(1.8)
less capitalised interest
-
(1.5)1.5
Net term debt interest5.2
5.5(0.3)
Working capital funding interest
1.5
1.30.2
Interest received
(0.1)
(0.1)-
Loss on de-recognition of
financial instruments
0.3
0.10.2
Net financing costs6.9
6.80.1

EARNINGS PER SHARE
Our reported basic and diluted earnings per share (EPS) for H1
FY17 was 6.34 cents against H1 FY16’s earnings of 6.99 cents.
The accelerated rights entitlement offer completed in October
2016, and ordinary shares issued to members of senior
management who participated in the IPO incentive scheme,
increased the number of shares on issue from 146,341,197 to
179,149,619. The weighted average number of shares on issue
during the period was 167,309,098 (H1 FY16: 146,341,197).

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FINANCIAL UPDATE
FINANCIAL POSITION
OVERVIEW
Shareholders equity has increased by $169.8 million to $365.7
million (January 2016: $195.9 million). This is a consequence of
the accelerated rights issue completed in October 2016 ($95.4
million, net of costs), earnings ($34.8 million) and favourable
mark to market movements of derivatives ($39.5 million).
TRADE AND OTHER RECEIVABLES
At $62.0 million, trade and other receivables are up on
H1 FY16’s $44.5 million. This increase is predominantly driven
by increasing dairy commodity prices which, coupled with
increased sales volumes, have increased trade and other
receivables.
INVENTORIES
Total inventory at $197.5 million is 21.0% higher than the
$163.2 million held at the same time last year.
Whilst the volume of inventory on hand is lower (2,225 MT
lower than January 2016), the valuation of inventory is higher
as a consequence of a higher forecast farm gate milk price.
We have reviewed all our sales contracts for the risk a sales
order value is lower than the weighted average cost of the
product and have created an onerous contracts provision of
$6.2 million (H1 FY16: $1.1 million). We have also performed
impairment testing on this inventory and determined that
no further impairment provisions are required in addition
to existing provisions for distressed inventory and onerous
contracts.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at $428.8 million decreased
$11.5 million over the same time last year ($440.3 million)
with depreciation exceeding additions for the period. There
has been no capital expenditure of note during the first half of
FY17, with spend on the new wet mix kitchen planned to start
from the second half.
TRADE AND OTHER PAYABLES
Trade and other payables at $157.9 million is up $43.8 million
(38.4%) on last year’s $114.1 million.
The majority of this variance is driven by an increase in the
amount remaining payable to milk suppliers (the milk accrual)
as a consequence of advance rates normalising from the
accelerated position seen in FY15 and FY16.
TOTAL NET DEBT
Total net debt for H1 FY17, including both current and
term debt facilities, less cash on hand, was $146.6 million.
This is a reduction of $145.4 million from January 2016 as a
consequence of the accelerated rights issue completed in
October 2016 ($95.4 million) and strong operating cash flows
in the second half of FY16.
$ millions
H1 FY17
H1 FY16
Current debt
$66.4
$96.7
Term debt
$83.5
$196.5
Cash on hand
($3.3)
($1.1)
Total net debt$146.6
$292.0
OPERATING CASH FLOWS
Operating cash flows at negative $14.2 million were $18.2
million down on H1 FY16’s $4.0 million. The negative cash
flow reflects the seasonal nature of our business where cash
flows are weighted to the second half, whilst the reduction
from the prior year is a consequence of the one off benefit
from the first time assignment of The a2 Milk Company™
receivables to BNZ totalling $17.0 million as at 31 January
2016.

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BANK FACILITIES AND COVENANTS
We have two syndicated bank facilities in place with ANZ
and BNZ after refinancing the Mitsui trade finance facility.
1. Working capital facility (multi-currency) – reviewed
annually and facility limit of $120.0 million
2. Revolver facility – matures 1 August 2020 and facility
limit of $175.0 million
We have four key bank covenants in place within our
syndicated bank facility agreement. These are:
1. Interest cover ratio - EBITDA to interest expense of
no less than 3.00x based on full year forecast result
2.
Minimum shareholders funds – no less than $296.0 million
3.
W
orking capital ratio – inventory and debtors to working
capital facility outstanding of no less than 1.5:1
4.

Leverage ratio –
Total debt to EBITDA is no greater
than 3.75x
FINANCIAL UPDATE
We were compliant with our bank covenants at all times
during H1 FY17.
It should also be noted that all unrealised gains or losses
associated with both our foreign exchange and interest
rate swap derivatives within equity are excluded when
determining our compliance with our minimum shareholder’s
funds bank covenant calculation.
Nigel Greenwood, Chief Financial Officer

Synlait Milk Limited Interim Financial Statements for the six months ended 31 January 2017
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Synlait Milk Limited Interim Financial Statements for the six months ended 31 January 2017
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FINANCIAL STATEMENTS
HY17

Synlait Milk Limited Interim Financial Statements for the six months ended 31 January 2017
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SYNLAIT MILK LIMITED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 JANUARY 2017
CONTENTSPAGE
Directors’ responsibility statement
15
Half-year financial statements
Income statement
16
Statement of comprehensive income
17
Statement of changes in equity
18
Statement of financial position
20
Statement of cash flows
21
Notes to the financial statements
1. Reporting entity
22
2. Basis of preparation of six monthly financial report
22
3. Segment information
23
4. Expenses
24
5. Reconciliation of profit after income tax to net cash outflow from operating activities
25
6. Trade and other receivables
26
7. Inventories
26
8. Loans and borrowings
27
9. Share capital
27
10. Financial instruments
27
11. Related party transactions
28
12. Contingencies
29
13. Commitments
29
14. Events occurring after the reporting period
29
Independent review report
30

Synlait Milk Limited Interim Financial Statements for the six months ended 31 January 2017
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DIRECTORS’ RESPONSIBILITY STATEMENT
The directors are pleased to present the interim financial statements for Synlait Milk Limited and its subsidiary, Synlait Milk
Finance Limited, (together “the Group”) as set out on pages 16 to 29 for the six months ended 31 January 2017.
The directors are responsible for ensuring that the interim financial statements present fairly the financial position of the Group
as at 31 January 2017 and the financial performance and cash flows for the six months ended on that date.
The directors consider that the interim financial statements of the Group have been prepared using appropriate accounting
policies, consistently applied and supported by reasonable judgements and estimates and that all relevant financial reporting
and accounting standards have been followed.
The directors believe that proper accounting records have been kept which enable, with reasonable accuracy, the determination
of the financial position of the Group and facilitate compliance of the financial statements with the Financial Markets Conduct
Act 2013.
For and on behalf of the Board.
DIRECTORS’ DECLARATION
AS AT 31 JANUARY 2017
John Penno
MANAGING DIRECTOR
28 March 2017
Graeme Milne
CHAIRMAN
28 March 2017

Synlait Milk Limited Interim Financial Statements for the six months ended 31 January 2017
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Group $’000
Six months endedYear ended
31 January
31 January31 July
2017
20162016
Notes
Unaudited
UnauditedAudited
Revenue
288,696
213,472546,866
Cost of sales
4
(244,959)
(171,769)(446,566)
Gross profit43,737
41,703100,300
Other income
367
310536
Share of loss from associates
(481)
(734)(1,151)
Sales and distribution expenses
4
(8,235)
(6,204)(13,629)
Administrative and operating expenses
4
(13,464)
(10,827)(25,004)
Earnings before net finance expense and income tax 21,924
24,24861,052
Finance expenses
(6,746)
(6,813)(14,485)
Finance income
95
13818
Loss on derecognition of financial assets
(278)
(101)(517)
Net finance costs(6,929)
(6,776)(14,984)
Unrealised foreign exchange (losses) / gains
-
(2,890)2,326
Profit before income tax14,995
14,58248,394
Income tax expense
(4,384)
(4,355)(14,011)
Net profit after tax for the period10,611
10,22734,383
Earnings per share
Basic and diluted earnings per share (cents)
6.34
6.9923.50
INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31 JANUARY 2017
The accompanying notes form part of and are to be read in conjunction with these financial statements.

Synlait Milk Limited Interim Financial Statements for the six months ended 31 January 2017
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 JANUARY 2017
Group $’000
Six months endedYear ended
31 January
31 January31 July
2017
20162016
Notes
Unaudited
UnauditedAudited
Profit for the period10,611
10,22734,383
Items that may be reclassified subsequently to profit and loss
Effective portion of changes in fair value of cash flow hedges
3,911
19,32669,574
Net change in fair value of cash flow hedges transferred to profit and loss
-
(391)218
Income tax on other comprehensive income
(1,095)
(5,302)(19,542)
Total items that may be reclassified subsequently to profit and loss
2,816
13,63350,250
Other comprehensive income / (loss) for the period, net of tax2,816
13,63350,250
Total comprehensive income / (loss) for the period13,427
23,86084,633
The accompanying notes form part of and are to be read in conjunction with these financial statements.

Synlait Milk Limited Interim Financial Statements for the six months ended 31 January 2017
PG 18
I
Share
capital
Employee

benefits
reserve
Cash flow
hedge

reserve
Revaluation

reserve
Retained
earnings
Total
equity
Notes$’000$’000$’000$’000$’000$’000
Equity as at 1 August 2015
172,24771(36,218)20,27615,471171,847
Profit or loss for the period
----10,22710,227
Other comprehensive
income
Effective portion of changes in
fair value of cash flow hedges
--17,422--17,422
Movement in time value hedge
reserve
--1,904--1,904
Net change in fair value of cash
flow hedges transferred to profit
and loss
--(391)--(391)
Income tax on other
comprehensive income
--(5,302)--(5,302)
Total other comprehensive
income
--13,633--13,633
Employee benefits reserve-242---242
Total contributions by and
distributions to owners
-242---242
Equity as at 31 January 2016
172,247313(22,585)20,27625,698195,949
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 JANUARY 2017
The accompanying notes form part of and are to be read in conjunction with these financial statements.

Synlait Milk Limited Interim Financial Statements for the six months ended 31 January 2017
PG 19
I
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE SIX MONTHS ENDED 31 JANUARY 2017
Share
capital
Employee

benefits
reserve
Cash flow
hedge
reserve
Revaluation
reserve
Retained
earnings
Total

equity
Notes$’000$’000$’000$’000$’000$’000
Equity as at 1 August 2016
172,24743514,03220,27649,853256,843
Profit or loss for the period
----10,61110,611
Other comprehensive
income
Effective portion of changes in
fair value of cash flow hedges
--4,792--4,792
Movement in time value hedge
reserve
--(881)--(881)
Income tax on other
comprehensive income
--(1,095)--(1,095)
Total other comprehensive
income
--2,816--2,816
Issue of new shares95,412----95,412
Employee benefits reserve
-(17)---(17)
Capitalisation of employee
benefits reserve
418(418)----
Total contributions by and
distributions to owners
95,830(435)---95,395
Equity as at 31 January 2017
268,077-16,84820,27660,464365,665
The accompanying notes form part of and are to be read in conjunction with these financial statements.

Synlait Milk Limited Interim Financial Statements for the six months ended 31 January 2017
PG 20
I
STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2017
Group $’000
31 January
31 January31 July
2017
20162016
Notes
Unaudited
UnauditedAudited
Current assets
Cash and cash equivalents
3,307
1,1282,045
Trade and other receivables
6
61,953
44,50737,793
Goods and services tax receivable
5,117
914656
Income accruals and prepayments
1,506
1,5292,446
Inventories
7
197,455
163,21873,885
Derivative financial instruments
10
27,082
67833,049
Total current assets296,420
211,974149,874
Non
-current assets
Property, plant and equipment
428,795
440,252433,889
Intangible assets
3,810
4,5334,140
Other investments
343
1,242824
Derivative financial instruments
10
8,022
1,5071,729
Total non
-current assets440,970
447,534440,582
Total assets737,390
659,508590,456
Current liabilities
Loans and borrowings
8
66,350
96,65846,546
Trade and other payables
157,886
114,07055,598
Current tax liabilities
14,522
2,51711,702
Derivative financial instruments
10
5,228
11,5756,737
Total current liabilities243,986
224,820120,583
Non
-current liabilities
Loans and borrowings
8
83,528
196,513168,908
Deferred tax liabilities
38,228
20,85835,569
Derivative financial instruments
10
5,983
21,3688,553
Total non
-current liabilities127,739
238,739213,030
Total liabilities371,725
463,559333,613
Equity
Share capital
9
268,077
172,247172,247
Reserves
37,124
(1,996)34,743
Retained earnings
60,464
25,69849,853
Total equity attributable to equity holders of the Group365,665
195,949256,843
Total equity and liabilities737,390
659,508590,456
The accompanying notes form part of and are to be read in conjunction with these financial statements.

Synlait Milk Limited Interim Financial Statements for the six months ended 31 January 2017
PG 21
I
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 JANUARY 2017
Group $’000
Six months endedYear ended
31 January
31 January31 July
2017
20162016
Notes
Unaudited
UnauditedAudited
Cash flows from operating activities
Cash receipts from customers
267,931
273,801585,881
Cash paid for milk purchased
(201,489)
(153,541)(275,444)
Cash paid to other creditors and employees
(76,152)
(116,592)(207,099)
Net movement in goods and services tax
(4,460)
326584
Income tax refunds
-
(19)(19)
Net cash (outflow) / inflow from operating activities
5
(14,170)
3,975103,903
Cash flows from investing activities
Interest received
95
13818
Acquisition of property, plant and equipment
(7,454)
(23,291)(39,685)
Proceeds from sale of property, plant and equipment
16
380
Acquisition of intangible assets
(314)
576(1,353)
Net cash outflow from investing activities(7,657)
(22,574)(40,940)
Cash flows from financing activities
Receipt of cash from issue of shares (net)
95,412
--
Repayments of borrowings
(85,405)
(41,000)(88,624)
Receipt of borrowings
-
56,94782,081
Net movement in working capital and trade finance facilities
19,803
11,011(39,100)
Interest paid
(6,721)
(8,760)(16,804)
Net cash inflow / (outflow) from financing activities23,089
18,198(62,447)
Net increase / (decrease) in cash and cash equivalents1,262
(401)516
Cash and cash equivalents at the beginning of the period
2,045
1,5291,529
Cash and cash equivalents at end of the period3,307
1,1282,045
The accompanying notes form part of and are to be read in conjunction with these financial statements.

Synlait Milk Limited Interim Financial Statements for the six months ended 31 January 2017
PG 22
I
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 JANUARY 2017
1. REPORTING ENTITY
The condensed consolidated interim financial statements
(interim financial statements) presented are those of the
Group, including Synlait Milk Limited and its subsidiary
Synlait Milk Finance Limited.
Synlait Milk Limited is primarily involved in the manufacture
and sale of dairy products.
The parent company, Synlait Milk Limited, is a profit
-oriented
entity, domiciled in New Zealand, registered under the
Companies Act 1993 and listed on the New Zealand Stock
Exchange and the Australian Securities Exchange. Synlait
Milk Limited is a FMC reporting entity under the Financial
Market Conducts Act 2013 and its financial statements
comply with that Act.
2. BASIS OF PREPARATION OF SIX MONTHLY
FINANCIAL REPORT
The unaudited interim financial statements have been
prepared in accordance with Generally Accepted Accounting
Practice in New Zealand (NZ GAAP) as appropriate for
interim financial statements. They comply with International
Accounting Standard 34 (IAS 34) and New Zealand equivalent
to International Accounting Standard 34 (NZ IAS 34) Interim
Financial Reporting and other applicable financial reporting
standards appropriate for profit oriented entities.
Synlait Milk Limited is subject to seasonal fluctuations which
have an impact on both revenue and production levels due
to northern hemisphere dairy market demand and the dairy
milking season. Synlait Milk Limited recognises this is the
nature of the industry and plans and manages the business
accordingly. Certain comparative figures have been changed to
reflect current expense allocations between cost of sales, sales
and distribution and administrative and operating expenses.
Items included in the interim financial statements of the
Group are measured using the currency of the primary
economic environment in which the entity operates (‘the
functional currency’). The financial statements are presented
in New Zealand Dollars ($), which is the Group’s functional
currency and are rounded to the nearest thousand ($000).
There have been no significant changes in accounting
policies during the current period. The same accounting
policies and methods of computation are followed in these
financial statements as the most recent annual financial
statements for the year ended 31 July 2016.
Milk accrual method
At interim reporting date, the milk accrual is a key
management estimate. The milk accrual represents the
amount the Group is forecasting to pay its suppliers for
the current year less advance payments made during the
period. The Group’s policy is to value its inventory using the
weighted average monthly milk price. Management’s forecast
of the milk price for the season is the basis of the calculation
of the milk accrual and at interim reporting date requires
judgement from management. Key assumptions in the
calculation of the forecast annual milk price for the season
include dairy commodity prices, on
-farm milk composition,
sales and production curve, annual foreign exchange
conversion rate and other conversion costs.

Synlait Milk Limited Interim Financial Statements for the six months ended 31 January 2017
PG 23
I
3. SEGMENT INFORMATION
The Group operates in one industry, being the manufacture
and sale of milk powder and milk powder related products.
The Board makes resource allocation decisions based on
expected cash flows and results of the Group’s operations as
a whole and the Group therefore has one segment.
Group $’000
Six months endedYear ended
31 January
31 January31 July
2017
20162016
Unaudited
UnauditedAudited
China
9%
8%12%
Rest of Asia
39%
32%33%
Middle East and Africa
20%
20%16%
New Zealand
12%
35%11%
Australia
15%
2%9%
Rest of World
5%
3%19%
Total100%
100%100%
Although the Group sells to many different countries, the Group
operates in one principal geographical area being New Zealand.
Revenues of approximately 50% are derived from the top three
external customers (31 January 2016: 58%, 31 July 2016 58%).
The proportion of sales revenue by geographical area is
summarised below:
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 JANUARY 2017

Synlait Milk Limited Interim Financial Statements for the six months ended 31 January 2017
PG 24
I
4. EXPENSES
Group $’000
Six months endedYear ended
31 January
31 January31 July
2017
20162016
Unaudited
UnauditedAudited
The following items of expenditure are included in cost of sales
Depreciation and amortisation
9,929
9,46219,984
Employee benefit expense
13,622
11,68123,665
Kiwisaver contributions
340
286557
Export freight
6,102
4,90210,912
Rent
237
231618
Repairs and maintenance
1,949
1,0465,664
Consultancy
195
230606
(Decrease) / increase in inventory provision
(1,926)
(410)302
Increase / (decrease) in onerous contracts provision
5,277
(744)(547)
Research and development
253
121386
The following items of expenditure are included in sales and distribution
Depreciation and amortisation
812
5601,325
Employee benefit expense
3,285
2,0945,791
Kiwisaver contributions
87
50123
Rent
1,079
6081,595
Repairs and maintenance
455
324685
Consultancy
580
75577
Donations
1
13
The following items of expenditure are included in administrative
and operating
Depreciation and amortisation
617
7501,378
Employee benefit expense
5,197
3,9369,278
Kiwisaver contributions
155
97204
Repairs and maintenance
4
29
Directors fees
240
231469
Share based payments expense
(16)
242364
Consultancy and legal
1,102
1,2162,471
ASX listing fees
402
5231,814
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 JANUARY 2017

Synlait Milk Limited Interim Financial Statements for the six months ended 31 January 2017
PG 25
I
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 JANUARY 2017
5. RECONCILIATION OF PROFIT AFTER INCOME TAX
TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES
Group $’000
Six months endedYear ended
31 January
31 January31 July
2017
20162016
Unaudited
UnauditedAudited
Profit for the period
10,611
10,22734,383
Non-cash and non-operating items:
Depreciation and amortisation of non-current assets
11,358
10,77222,687
Gain on sale of fixed assets
-
-(12)
Write off intangible assets
-
-728
Share of loss from associate
481
7341,151
Non
-cash share based payments expense
(17)
242364
Interest costs classified as financing cash flow
6,746
6,81314,485
Interest received classified as investing cash flow
(95)
(138)(18)
Loss on derecognition of financial assets
278
101517
Deferred tax
1,564
1,9562,427
(Loss) / gain on derivative financial instruments
(494)
(392)218
Unrealised foreign exchange losses
-
2,890(2,326)
Movements in working capital:
(Increase) / decrease in trade and other receivables
(24,439)
24,36830,607
(Increase) / decrease in income accruals and prepayments
941
696(221)
(Increase) / decrease in inventories
(123,570)
(99,414)(10,080)
(Increase) / decrease in other current assets
(4,460)
(408)584
(Decrease) / increase in trade and other payables
104,106
43,148(3,156)
(Decrease) / increase in current tax liabilities
2,820
2,38011,565
Net cash inflow from operating activities(14,170)
3,975103,903

Synlait Milk Limited Interim Financial Statements for the six months ended 31 January 2017
PG 26
I
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 JANUARY 2017
7. INVENTORIES
Group $’000
Six months endedYear ended
31 January
31 January31 July
2017
20162016
Unaudited
UnauditedAudited
Raw materials at cost
15,184
19,38014,093
Finished goods at cost
160,055
131,46454,145
Finished goods at net realisable value
22,216
12,3745,647
Total inventories197,455
163,21873,885
The valuation of inventory as at 31 January 2017 is higher than the valuation as at 31 January 2016 as a consequence of a higher
forecast annual milk price. The volume of inventory held as at 31 January 2017 is in line with the volume held as at 31 January 2016.
The total inventory provision as at 31 January 2017 was $1.3 million (31 January 2016: $3.9 million; 31 July 2016: $3.2 million) of
which $1.2 million related to finished goods and $0.1 million related to raw materials.
The total onerous contracts provision as at 31 January 2017 was $6.2 million (31 January 2016: $1.1 million; 31 July 2016:
$0.9 million).
6. TRADE AND OTHER RECEIVABLES
The Group has derecognised trade receivables that have been sold pursuant to the terms of receivables purchase agreements
that the Group has entered into with its bankers. The Group has assessed the terms of the agreements and has determined that
substantially all the risks and rewards have been transferred to the respective banks. During the six months ended 31 January
2017, the Group has not entered into any new receivable assignment agreements with any new customers nor has it amended
the terms of any existing agreements.

Synlait Milk Limited Interim Financial Statements for the six months ended 31 January 2017
PG 27
I
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 JANUARY 2017
Group $’000
Six months endedYear ended
31 January
31 January31 July
2017
20162016
Unaudited
UnauditedAudited
Current liabilities
Working capital facility (syndicated) NZD
14,100
-25,200
Working capital facility (syndicated) USD
52,250
--
Trade finance facility (Mitsui)
-
33,83721,346
Inventory finance facility (Mitsui)
-
62,821-
66,350
96,65846,546
Non
-current liabilities
Bank loans
84,000
197,111169,405
Loan facility fees
(472)
(598)(497)
83,528
196,513168,908
In August 2016 the Group renegotiated its working capital facilities with its bankers to replace the existing facilities with Mitsui
& Co. (NZ) Ltd. The Group negotiated a secured working capital facility of NZD $120 million with a USD $80 million sublimit that
matures on 22 August 2017.
8. LOANS AND BORROWINGS
Interest bearing liabilities are recognised initially at fair value, net of transaction costs incurred. Interest bearing liabilities are
subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value
is recognised in the profit and loss component of the consolidated statement of comprehensive income over the period of the
borrowings using the effective interest method.
9. SHARE CAPITAL
During the six months ended 31 January 2017 the Group successfully completed an accelerated rights issue and raised $97.6 million
of new share capital ($95.4 million net of costs). The capital raise is represented by the issue of 32,519,239 new ordinary shares.
During the reporting period 289,183 new ordinary shares were granted to participants of the IPO incentive scheme as a result of
share options that were granted under the scheme vesting and being converted to ordinary shares. These shares were issued to
the participants at no cost.
The Group had 179,149,619 ordinary shares on issue as at 31 January 2017 (31 January 2016: 146,341,197, 31 July 2016: 146,341,197).
10. FINANCIAL INSTRUMENTS
Cash flow hedge
As at 31 January 2017, the Group held $16.9 million of gains in the cash flow hedge reserve (31 January 2016: $22.6 million of
losses; 31 July 2016: $14.0 million of gains). This reserve is shown within the Statement of changes in equity.
Commodity derivatives
During the period the Group entered into a small number of commodity derivative contracts to further support the Group’s
existing financial risk management strategy. The movement in the fair value of the commodity derivatives is included within
the cash flow hedge reserve.

Synlait Milk Limited Interim Financial Statements for the six months ended 31 January 2017
PG 28
I
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 JANUARY 2017
11. RELATED PARTY TRANSACTIONS
Parent entity
Bright Dairy Holding Limited hold 39.06% of the shares issued by the Synlait Milk Limited (31 January 2016: 39.12%, 31 July
2016: 39.12%). Bright Dairy Holding Limited is a subsidiary of Bright Food (Group) Co. Limited, a State Owned Enterprise
domiciled in the People’s Republic of China.
Other related entities
In June 2013 a subsidiary of Synlait Milk Limited, Synlait Milk Finance Limited, was set up primarily for holding all banking
facilities for the Group and related interest rate swaps. Funds are loaned to Synlait Milk Limited and interest is charged at
market rates.
In January 2015, the Group acquired 25% of the shares of New Hope Nutritionals, an infant formula company registered in China.
This company owns and markets the “Akara” and “Akarola” infant formula brands in the Chinese market, which are exclusively
manufactured by Synlait Milk Limited.
(a) Transactions with other related parties
Group $’000
Six months endedYear ended
31 January
31 January31 July
2017
20162016
Unaudited
UnauditedAudited
Purchase of goods and services
Bright Dairy and Food Co Ltd - Directors fees
72
72111
Sale of goods and services
Bright Dairy and Food Co Ltd - Sale of milk powder products
719
-9,461
Bright Dairy and Food Co Ltd - Reimbursement of costs
(27)
(80)(53)
Sichuan New Hope Nutritional Foods Co. Ltd - Sale of milk powder products
4,876
3,3098,344
All transactions with related parties are at arm’s length on normal trading terms.
(b) Outstanding balances
The following balances are outstanding at the reporting date in relation to transactions with related parties:
Group $’000
Six months endedYear ended
31 January
31 January31 July
2017
20162016
Unaudited
UnauditedAudited
Current receivables (sales of goods and services)
Bright Dairy and Food Co Ltd - Sale of milk powder products
250
-264
Bright Dairy and Food Co Ltd - Reimbursement of costs
(162)
(241)(118)
Sichuan New Hope Nutritionals Ltd - Sale of milk powder products
1,783
19733

Synlait Milk Limited Interim Financial Statements for the six months ended 31 January 2017
PG 29
I
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 JANUARY 2017
12. CONTINGENCIES
As at 31 January 2017 the Group had no contingent liabilities or assets (31 January 2016: $nil, 31 July 2016: $nil).
13. COMMITMENTS
The Group has awarded the contract for the construction of a new wet mix kitchen, although as at 31 January 2017 the contract
has not been executed. The total value of the construction contract is $29.2 million (31 January 2016: $nil; 31 July 2016: $nil).
14. EVENTS OCCURRING AFTER THE REPORTING PERIOD
There were no events occurring subsequent to 31 January 2017 which require adjustment to, or disclosure in, the financial
statements.

Synlait Milk Limited Interim Financial Statements for the six months ended 31 January 2017
PG 30
I
INDEPENDENT REVIEW REPORT
31 JANUARY 2017
INDEPENDENT REVIEW REPORT TO THE SHAREHOLDERS OF SYNLAIT MILK LIMITED
We have reviewed the condensed Group interim financial statements (interim financial statements) of Synlait Milk Limited
and its subsidiary (‘the Group’) which comprise the consolidated statement of financial position as at 31 January 2017, and the
consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity
and consolidated statement of cash flows for the period ended on that date, and a summary of significant accounting policies and
other explanatory information on pages 16 to 29.
This report is made solely to the Synlait Milk Limited’s shareholders, as a body. Our review has been undertaken so that we might
state to the company’s shareholders those matters we are required to state to them in a review report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Synlait Milk Limited’s
shareholders as a body, for our engagement, for this report, or for the opinions we have formed.
BOARD OF DIRECTORS’ RESPONSIBILITIES
The Board of Directors are responsible for the preparation and fair presentation of the condensed consolidated interim financial
statements, in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting and for such
internal control as the Board of Directors determine is necessary to enable the preparation and fair presentation of the condensed
consolidated interim financial statements that are free from material misstatement, whether due to fraud or error.
OUR RESPONSIBILITIES
Our responsibility is to express a conclusion on the condensed consolidated interim financial statements based on our review.
We conducted our review in accordance with NZ SRE 2410 Review of Financial Statements Performed by the Independent Auditor
of the Entity (‘NZ SRE 2410’). NZ SRE 2410 requires us to conclude whether anything has come to our attention that causes us to
believe that the condensed consolidated interim financial statements, taken as a whole, are not prepared, in all material respects,
in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting. As the auditor of Synlait
Milk Limited, NZ SRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial
statements.
A review of the condensed consolidated interim financial statements in accordance with NZ SRE 2410 is a limited assurance
engagement. The auditor performs procedures, primarily consisting of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with
International Standards on Auditing (New Zealand). Accordingly we do not express an audit opinion on those financial statements.
Our firm carries out other assignments for Synlait Milk Limited in the areas of other assurance services, taxation advice and
other consulting services. These services have not impaired our independence as auditor of the Group. The firm has no other
relationship with, or interest in the Group.
CONCLUSION
Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated interim
financial statements of the Group do not present fairly, in all material respects, the financial position of the Group as at
31 January 2017 and its financial performance and cash flows for the period ended on that date in accordance with NZ IAS 34
Interim Financial Reporting and IAS 34 Interim Financial Reporting.
28 March 2017
Chartered Accountants
AUCKLAND, NEW ZEALAND

Synlait Milk Limited Interim Financial Statements for the six months ended 31 January 2017
PG 31
I
DIRECTORY
REGISTERED OFFICE
1028 Heslerton Road
RD13, Rakaia 7783
New Zealand
Telephone: +64 3 373 3000
Email: info@synlait.com
BOARD OF DIRECTORS
Graeme Roderick Milne (Chair of the Board)
– Independent Director
Willem (Bill) Jan Roest (Chair of the Audit and Risk
Committee) – Independent Director
Ian Samuel (Sam) Knowles – Independent Director
John William Penno (Managing Director)
– Board Appointed Director
Min (Ming) Ben – Bright Dairy Director
Qikai (Albert) Lu – Bright Dairy Director
Sihang (Edward) Yang – Bright Dairy Director
Hon. Ruth Margaret Richardson (Chair of the Remuneration
and Governance Committee) – Bright Dairy Director
SENIOR LEADERSHIP TEAM
John Penno – Chief Executive Officer and Managing Director
Nigel Greenwood – Chief Financial Officer
Boyd Williams – Director, People, Culture and Performance
Martijn Jager – Director, Sales and Business Development
Neil Betteridge – Director, Operations
Chris France – Director, Strategy and Business Transformation
Matthew Foster – General Manager, Supply Chain
Roger Schwarzenbach – General Manager, Innovation
and Technical Services
Rob Stowell – General Manager, Integrated Business Planning
Quentin Lowcay – General Counsel and Commercial Manager
AUDITOR
Deloitte
151 Cambridge Terrace
Christchurch 8013
New Zealand
LAWYERS
Minter Ellison Rudd Watts
Lumley Centre
88 Shortland St
Auckland 1010
BANKERS
ANZ Bank New Zealand Limited
The Bank of New Zealand
INVESTMENT BANKERS
First NZ Capital Securities Limited
SHARE REGISTRAR
Computershare Investor Services Limited
Private Bag 92119
Auckland 1142
Level 2
159 Hurstmere Rd
Takapuna
Auckland 06022
Freephone (within NZ): 0800 467 335
Telephone: +64 9 488 8777
Facsimile: +64 9 488 8787
MANAGING YOUR SHAREHOLDING ONLINE
To change your address, update your payment instructions
and to view your registered details including transactions,
please visit www.investorcentre.com/nz
General enquiries can be directed to
enquiry@computershare.co.nz
Please assist our registry by quoting your CSN or shareholder
number when making enquiries.
OTHER INFORMATION
Please visit us at our website www.synlait.com

Synlait Milk Limited
1028 Heslerton Road
RD13, Rakaia 7783
Private Bag 806
Ashburton 7740
P + 64 3 373 3000
www.synlait.com

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RankGroup Name%S/O
1
Bright Dairy Holding Limited39.06%
2
Mitsui & Co., Ltd.8.38%
3
The a2 Milk Company (NZ) Limited8.17%
4
BT Investment MgtGroup6.52%
5
Munchkin, Inc.3.87%
6
John Penno3.41%
7
EllerstonCapital Limited3.10%
8
Regal Funds Management Pty. Ltd.1.73%
9
Accident Compensation Corporation1.57%
10
Other24.19%
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Gross profit per MTSales volume (MT)

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MT
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