ATM Interim Report for Six Months to 31 December 2018

The a2 Milk Company Limited


Results for announcement to the market

Reporting period Six months to 31 December 2018
Previous reporting
period
Six months to 31 December 2017

Amount (000s) Percentage change
Revenue from ordinary
activities
$NZ 613,110 + 41.0%
Profit from ordinary
activities after tax
attributable to security
holders
$NZ 152,695 + 55.1%
Net profit attributable to
security holders
$NZ 152,695 + 55.1%

Interim dividend Amount per security Imputed amount per
security
The Company does not
propose to pay a
dividend for the half year
ended 31 Dec 2018
Not applicable Not applicable

Record date Not applicable
Dividend payment date Not applicable

Comments: For further information refer to the attached:

Interim report for the six months ended 31
December 2018
Half year results commentary
Half year results presentation



Net tangible assets per
security

31 December 2018
85 cents
30 June 2018
73 cents

---

1
NZX: ATM
ASX: A2M

20 February 2019
NZX/ASX Market Release

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

• EBITDA
3
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




1
All figures are in New Zealand Dollars (NZ$) unless otherwise stated
2
All comparisons are with the six months ended 31 December 2017 (1H18), 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 cities for 12 months ending 28 December 2018 by value
5
Aztec Australian Grocery and Pharmacy Scan 12 months ending 30 December 2018
6
Aztec Australian Grocery Weighted Scan 12 months ending 30 December 2018

2
Summary of Group performance
The Company’s increased investment in brand, market development and organisational capability fuelled
continued strong sales growth in all key product segments - infant formula, liquid milk and milk powders.
Sales of infant formula totalled $495.5m for the half – an increase of 45.3% on the prior year driven by
share gains in China and Australia. The Company also saw pleasing growth in its liquid milk business of
20.2% to $83.4m, particularly in its key markets of Australia and the US. Sales of other nutritional
products grew 40.4% to $34.3m, driven predominantly by milk powders and supported by new products
launched towards the end of FY18.
Gross margin percentage increased due to the benefits of scale and mix (proportion of infant formula
sales now accounting for ~81% of Group sales). This was partially offset by currency movements – most
notably a weaker AUD.

Step-changing investment in brand and capability
Following a transformative FY18, the Company is focussed on delivering continued and significant
growth through step-changing strategic investment in consumer insight, brand development and
organisational capability.
The Company is accelerating its investment in building brand equity through enhanced marketing
campaigns in its key markets of China, US and Australia, alongside continued investments in R&D and
further development of its intellectual property. The Group’s investment in marketing in the first half
increased by 75.0% to $45.5m primarily as a result of increases in brand building activities in China and
the US. The rate of investment in marketing will increase further in the second half as we increase in-
market brand building activities.
A number of key senior strategic appointments have recently been completed, including the addition of
Lisa Burquest as Chief People Officer, Melanie Kansil as Chief Commercial Officer and Phil Rybinski as
Chief Technical Officer. These new roles build upon the existing strong and experienced group of
executives and, combined with growth in the broader team and investment in infrastructure will ensure
the business is well placed to continue its significant momentum, having the capacity to commercialise
further growth opportunities.
We have previously signalled our intention of holding our first investor strategy conference, which will
provide an opportunity to present a more comprehensive overview of our strategic focus areas. This
remains a priority and will likely occur in the second half of the 2019 calendar year.

Strong balance sheet
The Company’s closing cash position reflects the growth in revenue and earnings, partially offset by the
Company’s increased investment in Synlait Milk (August 2018). Net operating cash flow for the half was
$112.3m, with cash on hand at 31 December 2018 of $287.9m. Cash conversion was impacted by the
timing of tax and supplier payments, and increased debtors and infant formula inventory.
The Company closed the period with $72.8m of inventory, up from $64.1m at 30 June 2018. Owing to
the continuing strong demand for a2 Platinum® infant formula the closing inventory position for the

3
period was ultimately below target relative to sales. In response, steps have been taken to further
enhance our approach to inventory management in market, enabling the business to adjust more quickly
to demand changes. This will have the net effect of increasing inventory cover going forward.
We continue to be very well supported by our infant formula supply partner Synlait Milk, in meeting
increased demand, and both teams continue to work closely together to grow our respective businesses.

Regional performance
Australia and New Zealand segment goes from strength to strength
The ANZ business segment revenues were up 37.5% to $418.4m, and EBITDA was up 64.9% to $192.0m.
The Australian fresh milk business has further strengthened with 11.7% revenue growth and a record
10.8% market share
7
, up from 10.0% for the same period a year ago. a2 Milk™ was the fastest growing
major liquid milk brand in Australian supermarkets and remains the leading premium milk brand and the
only brand ranged in all major Australian supermarkets.
a2 Platinum® infant formula remains a significant growth brand in grocery, pharmacy and daigou
channels – it is the market brand leader with 35.7% value share, up from 32.0% at the end of FY18
8
.
The business continued to be the highest brand advertiser within both the milk and infant formula
categories with growing brand awareness and loyalty benefitting the portfolio as a whole.
The a2 Milk™ brand under licence to Fonterra was launched in New Zealand early August with national
advertising and distribution from late September and is performing to plan.

China performing well
China segment revenue rose to $171.7m, up 50.1%, with EBITDA up 41.6% to $68.4m as a result of
strong distribution and market share gains.
Our Kantar infant formula consumption value share increased to 5.7%
9
in the latest 12 month data for
Tier 1 and Key A cities, up from 4.4% in the same period prior year, and up from 5.1% as at end June
2018
10
. The Company recently invested in expanded market share coverage to include city tiers B, C and
D and is pleased to report a market share position of 5.4% in the latest 12 month data up from 4.7% as at
June 2018
11
for the composite of Tier 1 and Key A, B, C and D cities. This result demonstrates
considerable momentum in lower tier cities. The positive velocity growth in store combined with the
Company’s stronger distribution footprint is supporting an increase in sales of China label infant formula
with growth of 82.6% relative to first half a year ago.

7
Aztec Australian Grocery Weighted Scan 12 months ending 30 December 2018 vs YA. Note, the latest market share reporting
database has been updated in current period and prior year to include Costco, Aldi (SA and WA) sales
8
Aztec Australian Grocery and Pharmacy Scan 12 months ending 30 December 2018 vs June 2018
9
Kantar Infant Formula market tracking of Tier 1 and Key A cities for 12 months ending 28 December 2018 by value, vs 12
months ending December 2017
10
Kantar Infant Formula market tracking of Tier 1 and Key A cities for 12 months ending 30 June 2018
11
Kantar Infant Formula market tracking of Tier 1, Key A, B, C and D cities for 12 months ending 28 December 2018 by value
vs 12 months ending 30 June 2018

4
Our multi-channel strategy remains important to our success. Through the eyes of the consumer each
channel plays an important role and the combined effect is beneficial. Progress made during the period
by the Company in each channel has been significant.
The cross border e-commerce channel (CBEC) remains a strong pathway to the Chinese consumer for the
infant formula category, enabling consumers across all regions (including those in lower tier cities) to
more easily access international brands. The Company performed well during the online seasonal events
and continues to perform strongly across all CBEC platforms.
Mother and Baby Stores (MBS) provide Chinese parents with a more interactive shopping experience to
view brands on offer and receive information about selected products, in particular for Stages 1 and 2.
This channel continues to be an important priority. During the half, focus was added to improving in-
store productivity within the channel, with impressive results. Pleasingly, sales velocity growth within
existing stores was a stronger contributor than growth coming from new store additions. The MBS
network comprised ~12,250 stores as at the end of December. Improving in-store productivity and
increasing store distribution will both continue to be an important focus in the second half as we work to
lift channel share.
Modern supermarkets and Chinese label e-commerce retail channels are lesser contributors at this stage
relative to CBEC and MBS but also play important roles for target consumer segments.
Our growing consumer insights gives us confidence that the Company will benefit from accelerated
investment in brand building and marketing generally. Our consumers are typically deeply loyal with high
trust for the brand, yet there is significant scope to build our in-market brand awareness. The business is
now well positioned with strong offline and online distribution in place to benefit from step-changing
marketing investment, which is expected to build further brand awareness and trial purchase within the
China market. This will be a priority investment focus for the remainder of FY19 and into FY20.
In August 2018 the Company renewed its agreement with China State Farm. This relationship is strong
and enduring and an important part of building our business in China for the long term.
The Company is well progressed on the appointment of a CEO for Greater China who will lead the
business through its next phase of growth in the region. We have been very focussed on finding a strong
leader who has a demonstrated track record in creatively building successful consumer driven businesses
in China.
China regulatory dynamic
The Chinese government issued a number of important regulatory updates during the half with respect
to e-commerce and cross border trade in general. This included a new e-commerce law to strengthen
the compliance obligations for e-commerce operators, and a new CBEC policy framework containing
implementation guidance for future CBEC trade.
The new e-commerce law, together with the Chinese Government’s continued support of CBEC, will
further protect the rights and safety of consumers and the overall integrity of the CBEC channel. We fully
support the changes, and the Company and its major trading partners selling English label products to
Chinese consumers has been anticipating these changes and will be compliant on all regulatory
requirements.

5
United States momentum building
a2 Milk™ sales momentum continued with sales growth of 114.1% in the half underpinned by increased
investment in brand awareness and a stronger distribution base.
By the end of December 2018 US distribution exceeded 10,000 stores. More recently, a further ~2,400
stores have been added, taking the distribution of the brand to ~12,400 stores by the end of January
2019. The increase in store numbers is driven primarily by national distribution within the Kroger
supermarket chain, in addition to three new regions within Costco; additional Vons and Safeway stores
and further Walmart distribution. Sales velocities continue to improve through both new and established
key accounts.
The significant rate of distribution growth in January is driven by building brand awareness and new
store planogram reset timings within the respective retail chains. While the second half will continue to
focus on increased distribution, there will also be a focus on improving in-store productivity in relatively
newer stores.
Pleasingly, recent US research data indicates the US brand development looks a lot like the experience
with fresh milk in Australia. The a2 Milk™ brand in the US is successfully growing category consumption,
sourcing volume across multiple product segments and trading up consumers from conventional milk
while demonstrating high levels of consumer loyalty once the brand is trialled.
There will be increased investment in 2H19 to support continued velocity growth in market. The planned
investment for FY19 is now approximately US$27 million.

Other markets and further opportunities
UK liquid milk sales have continued to grow off a modest base. The business successfully transitioned
between suppliers early in the half to a new carton packaging form. The delivery of scale remains
challenging.
Progress continues to be made in establishing our presence in other Asian markets. Although relatively
small contributors to sales growth, these markets offer opportunities for further expansion in the future.
The Company has agreed with Fonterra to build a milk pool in New Zealand that will enable direct
ingredient supply to The a2 Milk Company, from second half calendar 2019. In addition, the business will
continue to develop a milk pool in Victoria, Australia for raw milk supply. The joint a2MC and Fonterra
team is actively working together to commercialise the next wave of opportunities which will come from
our partnership and we continue to be encouraged by the potential.

Outlook
In the first half the Company has invested strongly in both internal and external capability to better
understand our Chinese consumers, channel dynamics and ways of improving brand awareness.
Following a very strong first half performance, and encouraged by growing market share in China, the
Company is now in a position to reinvest the benefits of scale into increased marketing activities in the
second half. This is intended to drive brand awareness, predominantly in China, and the US. Increased
brand and marketing investment is expected to continue into FY20.

6
The Company expects the Group revenue growth rate in the second half to continue broadly in line with
the first half. The increased investment in brand building in 2H19 is expected to support revenue growth
in FY20 and beyond.
Second half EBITDA margins will consequently be lower than in the first half, with full year FY19 EBITDA
as a percentage of sales expected to be approximately 31-32%. This is due largely to:
• Marketing investment in 2H19 to approximately double 1H19
• Continued investment in building organisational capability

For further information contact:
The a2 Milk Company Limited
Jayne Hrdlicka
Managing Director and CEO
+61 2 9697 7000

Reconciliation of EBITDA to net profit after tax



Half Year Ended Half Year Ended

31-Dec-18 31-Dec-17

NZ$ 000's NZ$ 000's


Segment EBITDA 218,407 142,989
Depreciation & amortisation (965) (1,058)
EBIT 217,442 141,931
Interest income 1,615 795
Income tax expense (66,362) (44,257)
Net profit after tax 152,695 98,469

---

Interim Report | for the six months ended 31 December 2018

Overview
Financial results for the half year ended
31 December 2018 (NZ$)
Group performance
Product performance
Regional highlights
1
$83m
Liquid milk 20%
Australia
12%
Milk sales growth
#1
Infant formula brand
China
83%
China label
infant formula sales
5.7%
Infant formula
value consumption share
US
114%
Milk sales growth
10K
Store distribution

$613m
Revenue 41%
20.9c
Earnings per share (EPS)
$496m
Infant formula 45%

$218m
EBITDA 53%
$112m
Operating cash flow
$34m
Other nutrition 40%
$153m
NPAT 55%
$288m
Cash on hand
Interim report
1 Refer to the operating and financial review
(from page 2) for source of information

Contents
Operating and financial review 2
Directors’ declaration 8
Auditor’s review report 9
Consolidated statement
of comprehensive income 10
Consolidated statement
of changes in equity 11
Consolidated statement
of financial position 12
Consolidated statement
of cash flows 13
Notes to the interim financial
statements 14
Corporate directory 21
The a2 Milk Company Limited | 1

Operating and financial review
for the six months ended 31 December 2018
Record financial results and market share positions in all key markets
Step-changing investment in brand and capability
Summary of Group
performance
The Company’s increased investment in
brand, market development and
organisational capability fuelled
continued strong sales growth in all key
product segments - infant formula,
liquid milk and milk powders.
Sales of infant formula totalled
$495.5m for the half – an increase of
45.3% on the prior year driven by share
gains in China and Australia. The
Company also saw pleasing growth in
its liquid milk business of 20.2% to
$83.4m, particularly in its key markets
of Australia and the US. Sales of other
nutritional products grew 40.4% to
$34.3m, driven predominantly by milk
powders and supported by new
products launched towards the end
of FY18.
Gross margin percentage increased due
to the benefits of scale and mix
(proportion of infant formula sales now
accounting for ~81% of Group sales).
This was partially offset by currency
movements – most notably a
weaker AUD.
Step-changing investment in
brand and capability
Following a transformative FY18, the
Company is focussed on delivering
continued and significant growth
through step-changing strategic
investment in consumer insight, brand
development and organisational
capability.
The Company is accelerating its
investment in building brand equity
through enhanced marketing
campaigns in its key markets of China,
US and Australia, alongside continued
investments in R&D and further
development of its intellectual
property. The Group’s investment in
marketing in the first half increased by
75.0% to $45.5m primarily as a result
of increases in brand building activities
in China and the US. The rate of
investment in marketing will increase
further in the second half as we
increase in-market brand building
activities.
A number of key senior strategic
appointments have recently been
completed, including the addition of
Lisa Burquest as Chief People Officer,
Melanie Kansil as Chief Commercial
Officer and Phil Rybinski as Chief
Technical Officer. These new roles build
upon the existing strong and
experienced group of executives and,
combined with growth in the broader
team and investment in infrastructure
will ensure the business is well placed
to continue its significant momentum,
having the capacity to commercialise
further growth opportunities.
We have previously signalled our
intention of holding our first investor
strategy conference, which will provide
an opportunity to present a more
comprehensive overview of our
strategic focus areas. This remains a
priority and will likely occur in the
second half of the 2019 calendar year.
2 | The a2 Milk Company Limited
Interim report

Strong balance sheet
The Company’s closing cash position
reflects the growth in revenue and
earnings, partially offset by the
Company’s increased investment in
Synlait Milk (August 2018). Net
operating cash flow for the half
was $112.3m, with cash on hand at
31 December 2018 of $287.9m. Cash
conversion was impacted by the timing
of tax and supplier payments, and
increased debtors and infant formula
inventory.
The Company closed the period with
$72.8m of inventory, up from $64.1m
at 30 June 2018. Owing to the
continuing strong demand for a2
Platinum
®
infant formula the closing
inventory position for the period was
ultimately below target relative to sales.
In response, steps have been taken to
further enhance our approach to
inventory management in market,
enabling the business to adjust more
quickly to demand changes. This will
have the net effect of increasing
inventory cover going forward.
We continue to be very well supported
by our infant formula supply partner
Synlait Milk, in meeting increased
demand, and both teams continue to
work closely together to grow our
respective businesses.
Regional performance
Australia and New Zealand
segment goes from strength
to strength
The ANZ business segment revenues
were up 37.5% to $418.4m, and
EBITDA was up 64.9% to $192.0m.
The Australian fresh milk business has
further strengthened with 11.7%
revenue growth and a record 10.8%
market share
1
, up from 10.0% for the
same period a year ago. a2 Milk™ was
the fastest growing major liquid milk
brand in Australian supermarkets and
remains the leading premium milk
brand and the only brand ranged in all
major Australian supermarkets.
a2 Platinum
®
infant formula remains a
significant growth brand in grocery,
pharmacy and daigou channels – it is
1 Aztec Australian Grocery Weighted Scan 12
months ending 30 December 2018 vs YA. Note,
the latest market share reporting database has
been updated in current period and prior year to
include Costco, Aldi (SA and WA) sales
2 Aztec Australian Grocery and Pharmacy Scan 12
months ending 30 December 2018 vs June 2018
3 Kantar Infant Formula market tracking of Tier 1 and
Key A cities for 12 months ending 28 December
2018 by value, vs 12 months ending December 2017
the market brand leader with 35.7%
value share, up from 32.0% at the end
of FY18
2
.
The business continued to be the
highest brand advertiser within both
the milk and infant formula categories
with growing brand awareness and
loyalty benefitting the portfolio as a
whole.
The a2 Milk™ brand under licence to
Fonterra was launched in New Zealand
early August with national advertising
and distribution from late September
and is performing to plan.
China performing well and
poised for further growth
China segment revenue rose to
$171.7m, up 50.1%, with EBITDA up
41.6% to $68.4m as a result of strong
distribution and market share gains.
Our Kantar infant formula consumption
value share increased to 5.7%
3
in the
latest 12 month data for Tier 1 and Key
A cities, up from 4.4% in the same
The a2 Milk Company Limited | 3

The cross border e-commerce channel
(CBEC) remains a strong pathway to
the Chinese consumer for the infant
formula category, enabling consumers
across all regions (including those in
lower tier cities) to more easily access
international brands. The Company
performed well during the online
seasonal events and continues to
perform strongly across all CBEC
platforms.
Mother and Baby Stores (MBS) provide
Chinese parents with a more interactive
shopping experience to view brands on
offer and receive information about
selected products, in particular for
Stages 1 and 2. This channel continues
to be an important priority. During the
half, focus was added to improving
in-store productivity within the
channel, with impressive results.
Pleasingly, sales velocity growth within
existing stores was a stronger
contributor than growth coming from
new store additions. The MBS network
comprised ~12,250 stores as at the end
of December. Improving in-store
productivity and increasing store
distribution will both continue to be an
important focus in the second half as
we work to lift channel share.
Modern supermarkets and Chinese
label e-commerce retail channels are
lesser contributors at this stage relative
to CBEC and MBS but also play
important roles for target consumer
segments.
Our growing consumer insights gives
us confidence that the Company will
benefit from accelerated investment in
brand building and marketing
generally. Our consumers are typically
deeply loyal with high trust for the
brand, yet there is significant scope to
build our in-market brand awareness.
The business is now well positioned
with strong offline and online
distribution in place to benefit from
step-changing marketing investment,
which is expected to build further
brand awareness and trial purchase
within the China market. This will be a
priority investment focus for the
remainder of FY19 and into FY20.
period prior year, and up from 5.1% as
at end June 2018
4
. The Company
recently invested in expanded market
share coverage to include city tiers B, C
and D and is pleased to report a market
share position of 5.4% in the latest
12 month data up from 4.7% as at
June 2018
5
for the composite of Tier 1
and Key A, B, C and D cities. This result
demonstrates considerable momentum
in lower tier cities. The positive velocity
growth in store combined with the
Company’s stronger distribution
footprint is supporting an increase in
sales of China label infant formula with
growth of 82.6% relative to first half
year ago.
Our multi-channel strategy remains
important to our success. Through the
eyes of the consumer each channel
plays an important role and the
combined effect is beneficial. Progress
made during the period by the
Company in each channel has been
significant.
4 Kantar Infant Formula market tracking of Tier 1 and
Key A cities for 12 months ending 30 June 2018
5 Kantar Infant Formula market tracking of Tier 1,
Key A, B, C and D cities for 12 months ending
28 December 2018 by value vs 12 months ending
30 June 2018
4 | The a2 Milk Company Limited
Interim report
Operating and financial review

The new e-commerce law, together
with the Chinese Government’s
continued support of CBEC, will further
protect the rights and safety of
consumers and the overall integrity of
the CBEC channel. We fully support the
changes, and the Company and its
major trading partners selling English
label products to Chinese consumers
have been anticipating these changes
and will be compliant on all regulatory
requirements.
United States momentum
building
a2 Milk
™
sales momentum continued
with sales growth of 114.1% in the half
underpinned by increased investment
in brand awareness and a stronger
distribution base.
By the end of December 2018 US
distribution exceeded 10,000 stores.
More recently, a further ~2,400 stores
have been added, taking the
distribution of the brand to ~12,400
stores by the end of January 2019. The
increase in store numbers is driven
primarily by national distribution within
the Kroger supermarket chain, in
In August 2018 the Company renewed
its agreement with China State Farm.
This relationship is strong and enduring
and an important part of building our
business in China for the long term.
The Company is well progressed on the
appointment of a CEO for Greater
China who will lead the business
through its next phase of growth in the
region. We have been very focussed on
finding a strong leader who has a
demonstrated track record in creatively
building successful consumer driven
businesses in China.
China regulatory dynamic
The Chinese government issued a
number of important regulatory
updates during the half with respect to
e-commerce and cross border trade in
general. This included a new
e-commerce law to strengthen the
compliance obligations for e-commerce
operators, and a new CBEC policy
framework containing implementation
guidance for future CBEC trade.
addition to three new regions within
Costco; additional Vons and Safeway
stores and further Walmart distribution.
Sales velocities continue to improve
through both new and established
key accounts.
The significant rate of distribution
growth in January is driven by building
brand awareness and new store
planogram reset timings within the
respective retail chains. While the
second half will continue to focus on
increased distribution, there will also be
a focus on improving in-store
productivity in relatively newer stores.
Pleasingly, recent US research data
indicates the US brand development
looks a lot like the experience with
fresh milk in Australia. The a2 Milk™
brand in the US is successfully growing
category consumption, sourcing volume
across multiple product segments and
trading up consumers from
conventional milk while demonstrating
high levels of consumer loyalty once the
brand is trialled.
The a2 Milk Company Limited | 5

There will be increased investment in
2H19 to support continued velocity
growth in market. The planned
investment for FY19 is now
approximately US$27 million.
Other markets and further
opportunities
UK liquid milk sales have continued to
grow off a modest base. The business
successfully transitioned between
suppliers early in the half to a new
carton packaging form. The delivery of
scale remains challenging.
Progress continues to be made in
establishing our presence in other
Asian markets. Although relatively small
contributors to sales growth, these
markets offer opportunities for further
expansion in the future.
The Company has agreed with Fonterra
to build a milk pool in New Zealand
that will enable direct ingredient supply
to The a2 Milk Company, from second
half calendar 2019. In addition, the
business will continue to develop a milk
pool in Victoria, Australia for raw milk
supply. The joint a2MC and Fonterra
team is actively working together to
commercialise the next wave of
opportunities which will come from our
partnership and we continue to be
encouraged by the potential.
Outlook
In the first half the Company has
invested strongly in both internal and
external capability to better understand
our Chinese consumers, channel
dynamics and ways of improving brand
awareness.
Following a very strong first half
performance, and encouraged by
growing market share in China, the
Company is now in a position to
reinvest the benefits of scale into
increased marketing activities in the
second half. This is intended to drive
brand awareness, predominantly in
China, and the US. Increased brand and
marketing investment is expected to
continue into FY20.
The Company expects the Group
revenue growth rate in the second half
to continue broadly in line with the first
half. The increased investment in brand
building in 2H19 is expected to support
revenue growth in FY20 and beyond.
Second half EBITDA margins will
consequently be lower than first half,
with full year FY19 EBITDA as a
percentage of sales expected to be
approximately 31-32%. This is due
largely to:
• Marketing investment in 2H19 to
approximately double 1H19
• Continued investment in building
organisational capability
6 | The a2 Milk Company Limited
Interim report
Operating and financial review

Reconciliation of EBITDA to net profit after tax (NPAT)
Earnings before interest, tax, depreciation and amortisation (EBITDA) is a non-GAAP measure. The Company believes that it provides
investors with a comprehensive understanding of the underlying performance of the business.
Half year
ended
31-Dec-18
NZ $’000
Half year
ended
31- Dec-17
NZ $’000
EBITDA218,407142,989
Depreciation & amortisation(965)(1,058)
EBIT 217, 4 42141,931
Interest income1,615795
Income tax expense(66,362)(44,257)
Net profit after tax (NPAT)152,69598,469

The a2 Milk Company Limited | 7

Directors’ declaration
for the six months ended 31 December 2018
The directors of The a2 Milk Company Limited are pleased to present the interim report for the six months ended
31 December 2018.
The interim report is unaudited and was authorised for issue by the directors on 19 February 2019.
Signed on behalf of the Board by:
David Hearn
Chair
Jayne Hrdlicka
Managing Director and CEO
19 Februar y 2019
8 | The a2 Milk Company Limited
Interim report
Financial statements

A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation


Ernst & Young
200 George Street
Sydney NSW 2000 Australia
GPO Box 2646 Sydney NSW 2001
Tel: +61 2 9248 5555
Fax: +61 2 9248 5959
ey.com/au

Review Report to the Shareholders of The a2 Milk Company Limited (“the company”) and its
subsidiaries (together “the group”)
We have reviewed the interim financial statements on pages 10 to 20, which comprise the statement of financial
position of the group as at 31 December 2018, and the statement of comprehensive income, statement of
changes in equity and statement of cash flows of the group for the period ended on that date, and a summary of
significant accounting policies and other explanatory information.
This report is made solely to the company'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 the company and the company's shareholders as a body, for our review work, for this report, or for our
findings.
Directors’ Responsibilities
The directors are responsible for the preparation and fair presentation of interim financial statements which
comply with New Zealand Equivalent to International Accounting Standard 34: Interim Financial Reporting and for
such internal control as the directors determine is necessary to enable the preparation and fair presentation of the
interim financial statements that are free from material misstatement, whether due to fraud or error.
Reviewer’s Responsibilities
Our responsibility is to express a conclusion on the 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 requires us to conclude whether anything has come to our
attention that causes us to believe that the financial statements, taken as a whole, are not prepared in all material
respects, in accordance with New Zealand Equivalent to International Accounting Standard 34: Interim Financial
Reporting. As the auditor of the group, NZ SRE 2410 requires that we comply with the ethical requirements
relevant to the audit of the annual financial statements.
Basis of Statement
A review of 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.
Other than in our capacity as auditor we have no relationship with, or interests in, the group.
Conclusion
Based on our review nothing has come to our attention that causes us to believe that the accompanying interim
financial statements, set out on pages 10 to 20, do not present fairly, in all material respects, the financial
position of the group as at 31 December 2018 and its financial performance and cash flows for the six month
period ended on that date in accordance with New Zealand Equivalent to International Accounting Standard 34:
Interim Financial Reporting.
Our review was completed on 19 February 2019 and our findings are expressed as at that date.



Ernst & Young
Sydney

Auditor’s review report
for the six months ended 31 December 2018
The a2 Milk Company Limited | 9

Consolidated statement of comprehensive income (Unaudited)
for the six months ended 31 December 2018
Notes
31 Dec 18
$’000
31 Dec 17
$’000
Sales612,875434,629
Cost of sales(272,255)(218 ,16 6)
Gross margin340,620216,463
Other revenue235106
Distribution expenses(14,835)(13,031)
Administrative expenses4(35,828)(21,757)
Marketing expenses(45,506)(26,007)
Other expenses5( 27,16 8 )(13,772)
Operating profit217, 518142,002
Finance income1,615795
Finance costs(76)(71)
Net finance income1,539724
Profit before tax219,057142,726
Income tax expense(66,362)(44,257)
Profit after tax for the period
152,69598,469
Other comprehensive income
Items that may be reclassified to profit or loss:
Foreign currency translation (loss)/gain(3,491)2,189
Items not to be reclassified to profit or loss:
Listed investment fair value (loss)/gain
8
(68,625)43,317
Total comprehensive income 80,579143,975
Earnings per share
Basic (cents per share)20.8513.6 4
Diluted (cents per share)20.5213.25
The accompanying notes form part of these financial statements.
10 | The a2 Milk Company Limited
Interim report
Financial statements

Six months ended
31 December 2018
Foreign
currency
translation
reserve
$’000
Fair value
revaluation
reserve
$’000
Employee
equity
settled
payments
reserve
$’000
Total
reserves
$’000
Retained
earnings
$’000
Share
capital
$’000
Total
equity
$’000
Balance 1 July 2018(11, 02 2)122,11312,351123,442290,701141,566555,709
Profit after tax for the period––––152,695–152,695
Foreign currency translation
differences – foreign operations
(3,491)––(3,491)––(3,491)
Listed investment – fair value
movement
–(68,625)–(68,625)––(68,625)
Total comprehensive income
for the period(3,491)(68,625)–( 7 2,116 )152,695–80,579
Transactions with owners
in their capacity as owners:
Issue of ordinary shares–––––1,8281,828
Share issue costs–––––(42)(42)
Share-based payments––5,9045,904––5,904
Total transactions with owners––5,9045,904–1,7867, 6 9 0
Balance 31 December 2018(14,513)53,48818,25557, 23 0443,396143,352643,978
Six months ended
31 December 2017
Foreign
currency
translation
reserve
$’000
Fair value
revaluation
reserve
$’000
Employee
equity
settled
payments
reserve
$’000
Total
reserves
$’000
Retained
earnings
$’000
Share
capital
$’000
Total
equity
$’000
Balance 1 July 2017(10,948)13,3729,73912,16395,017134,302241,4 82
Profit after tax for the period––––98,469–98,469
Foreign currency translation
differences – foreign operations
2,369––2,369––2,369
Listed investment – fair value
movement
–43,317–43,317––43,317
Income tax(180)––(180)––(180)
Total comprehensive income
for the period2,18943,317–45,50698,469–143,975
Transactions with owners
in their capacity as owners:
Issue of ordinary shares–––––2,9512,951
Share issue costs–––––(18)(18)
Share-based payments––1,2431,243––1,243
Total transactions with owners––1,2431,243–2,9334,176
Balance 31 December 2017(8,759)56,68910,98258,912193,486137, 2 3 5389,633
The accompanying notes form part of these financial statements.
Consolidated statement of changes in equity (Unaudited)
for the six months ended 31 December 2018
The a2 Milk Company Limited | 11

Consolidated statement of financial position (Unaudited)
as at 31 December 2018
Notes
31 Dec 18
$’000
30 Jun 18
$’000
restated
Assets
Current assets
Cash & short-term deposits28 7,932340,455
Trade & other receivables76,40359,131
Prepayments4 8 ,10736,015
Inventories772,7496 4,101
Total current assets4 85,191499,702
Non-current assets
Property, plant & equipment10,3269,701
Intangible assets15 , 21115,092
Other financial assets8280,572186,862
Deferred tax assets3,9134,861
Total non-current assets
310,022216,516
Total assets795,213716,218
Liabilities
Current liabilities
Trade & other payables108,272108,934
Customer contract liabilities11, 8 7 7898
Income tax payable30,91950,557
Total current liabilities151,0 6 8160,389
Non-current liabilities
Trade & other payables167120
Total non-current liabilities167120
Total liabilities
151, 235160,509
Net assets643,978555,709
Equity attributable to owners of the Company
Share capital 6143,352141,566
Retained earnings 443,396290,701
Reserves5 7, 2 3 0123,442
Total equity643,978555,709
The accompanying notes form part of these financial statements.
12 | The a2 Milk Company Limited
Interim report
Financial statements

Notes
31 Dec 18
$’000
31 Dec 17
$’000
Cash flows from operating activities
Receipts from customers614,674440,765
Payments to suppliers & employees(424,049)(278,627)
Interest received1,615795
Taxes paid(79,943)(46,491)
Net cash inflow from operating activities
9
112, 2 97116 , 4 4 2
Cash flows from investing activities
Payments for property, plant & equipment(1,755)(1,568)
Payments for intangible assets(640)(578)
Payment for listed investment8(162,335)–
Net cash outflow from investing activities(164,730)(2,14 6)
Cash flows from financing activities
Proceeds from issue of equity shares61,7862,933
Net cash inflow from financing activities1,7862,933
Net (decrease)/increase in cash & short-term deposits(50,647)117, 2 2 9
Cash & short-term deposits at the beginning of the period340,455121,020
Effect of exchange rate changes on cash(1,876)1,923
Cash & short-term deposits at the end of the period28 7,93224 0,172
The accompanying notes form part of these financial statements.
Consolidated statement of cash flows (Unaudited)
for the six months ended 31 December 2018
The a2 Milk Company Limited | 13

1. Basis of preparation
The a2 Milk Company Limited (the Company) and its subsidiaries (together the Group) is a for-profit entity incorporated and domiciled in
New Zealand.
The Company is registered in New Zealand under the Companies Act 1993, and is an FMC reporting entity under the Financial Markets
Conduct Act 2013. The Company is also registered as a foreign company in Australia under the Corporations Act 2001 (Cth, Australia).
The shares of The a2 Milk Company Limited are publicly traded on the New Zealand Stock Exchange (NZX), the Australian Securities
Exchange (ASX) and Chi-X Australia (Chi-X). The financial report is presented in New Zealand dollars, and all values are rounded to the
nearest thousand ($’000), unless otherwise indicated.
The principal activity of the Company is the commercialisation of A1 protein free branded milk and related products in targeted global
markets.
These consolidated financial statements were authorised for issue by the directors on 19 February 2019.
Statement of compliance
These interim financial statements have not been audited. The interim financial statements have been prepared in accordance with Generally
Accepted Accounting Practice in New Zealand, comply with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting,
and have been the subject of a review by the auditors.
This interim report should be read in conjunction with the Group’s annual report for the year ended 30 June 2018, available at
www.thea2milkcompany.com/investor-centre/results.
The same accounting policies and methods of computation are followed in this interim report as were applied in the preparation of
the Group’s financial statements for the year ended 30 June 2018, other than the changes arising from the adoption of NZ IFRS 15:
Revenue from Contracts with Customers, noted below.
Changes in significant accounting policies
The Group has applied all of the new and revised Standards and Interpretations issued by the New Zealand External Reporting Board that
are relevant to the Group’s operations and effective for the current accounting period. Their application has not had any material impact
on the Group’s assets, profits or earnings per share for the half-year ended 31 December 2018.
Adoption of NZ IFRS 15: Revenue from Contracts with Customers
The Group has adopted this standard from 1 July 2018, using the full retrospective method.
The adoption of the standard had no impact on the Group’s consolidated total equity, retained earnings, earnings per share or cash flows;
with the following adjustments made to the presentation of the Group’s consolidated statement of financial position as at 30 June 2018.
30 June 2018
As reported
$’000
Adjustments
$’000
Before adoption
of NZ IFRS 15
$’000
Trade & other receivables (current)59,131(6,360)65,491
Total current assets499,702(6,360)506,062
Trade & other payables (current)108,934( 7, 25 8 )116 ,192
Customer contract liabilities (current)898898–
Total current liabilities160,389(6,360)166,749
Trade receivables are now recognised and measured at the transaction price in accordance with NZ IFRS 15, reflecting adjustments for
variable consideration such as rebates. Previously, items of variable consideration were recognised as accruals. Customer contract liabilities
refer to payments in advance received from customers, previously recognised in accruals.
Additional disclosure of the Group’s revenue accounting policies as required by the standard are disclosed in Note 3.
Notes to the interim financial statements
for the six months ended 31 December 2018
14 | The a2 Milk Company Limited
Interim report
Financial statements

1. Basis of preparation (continued)
New standards and interpretations not yet adopted
Certain new accounting standards and interpretations have been published that are relevant to the Group’s operations but are not yet
mandatory for the 31 December 2018 accounting period. The Group’s current assessment of the impact of these is set out below.
Accounting standardRequirementImpacts in future periods
NZ IFRS 16:
Leases
NZ IFRS 16 will become mandatory for the Group’s
annual reporting period ending 30 June 2020,
replacing the existing leases standard.
The new standard removes the distinction between
operating and finance leases, recognising all lease
assets and liabilities on balance sheet, with limited
exceptions for short-term leases and low value assets.
As a right-to-use asset and a lease liability will be
recognised for operating leases, the change will
result in a more front-loaded expense pattern for
operating leases as compared to current straight-
lining, with lease expense allocated to interest
and depreciation.
The right-to-use asset and lease liability will be
determined based on the present value of future
lease payments.
The impact assessment for this standard is being
carried out during FY2019.
There are no other standards that are not yet effective and that are expected to have a material impact on the Group in the current or future
reporting periods.
2. Operating segments
The Group’s key performance measures are segment revenue and segment results before interest, tax, depreciation and amortisation
(Segment EBITDA, a non-GAAP measure). Further information and analysis of performance can be found in the Operating and financial
review, which forms part of this interim report.
For management purposes, the Group is organised into business units based on geographical location along with a corporate function, and
has three reportable operating segments as follows:
• The Australia and New Zealand segment receives external revenue from infant formula, milk and other dairy products, along with royalty
and licence fee income
• The China and other Asia segment receives external revenue from the export of infant formula, milk and other dairy products to China
and other Asia. This segment is responsible for the infant formula supply chain from New Zealand to all markets
• The United Kingdom and USA segment receives external revenue from milk and infant formula sales
Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation
and performance assessment. Segment performance is assessed on segment EBITDA and is measured in conformity with the accounting
policies adopted for preparing and presenting the financial statements of the Group.
The a2 Milk Company Limited | 15

2. Operating segments (continued)
Six months to 31 December 2018
Australia and
New Zealand
$’000
China and
other Asia
$’000
UK and USA
$’000
Total
$’000
Consolidated sales418 , 211171,67822,986612,875
Other revenue235–235
Reportable segment revenue418,4 46171,67822,986613 ,110
Reportable segment results (Segment EBITDA)191,95368,438(14,563)245,828
Corporate EBITDA( 27, 421)
Group EBITDA218,407
Reconciliation to consolidated statement of comprehensive income:
Interest income1,615
Depreciation and amortisation(965)
Income tax expense(66,362)
Consolidated profit after tax152,695
Six months to 31 December 2017
Australia and
New Zealand
$’000
China and
other Asia
$’000
UK and USA
$’000
Total
$’000
Consolidated sales3 0 4,197114,37016,062434,629
Other revenue106––106
Reportable segment revenue304,303114,37016,062434,735
Reportable segment results (Segment EBITDA)116 , 4 0248,322(8,374)156,350
Corporate EBITDA(13,361)
Group EBITDA142,989
Reconciliation to consolidated statement of comprehensive income:
Interest income795
Depreciation and amortisation(1,058)
Income tax expense(44,257)
Consolidated profit after tax98,469
Notes to the interim financial statements
for the six months ended 31 December 2018
16 | The a2 Milk Company Limited
Interim report
Financial statements

3. Revenue
Sales of products
The Group sells A1 protein free branded infant formula, liquid milk and related products to wholesale customers.
A sale is recognised when control of the product has transferred, being when the product is delivered to the customer and there is no
unfulfilled obligation that could affect the customer’s acceptance of the product. Delivery occurs when the product has been shipped to the
location specified by the customer and the customer accepts the product.
Revenue from sales is recognised based on arrangements as agreed with the customer. These arrangements are applied on an order by
order basis and do not commit the customers to purchase a specified quantity or type of product; nor do they commit the Group to deliver
a specified quantity or type of product. The arrangements set out the terms and conditions that apply to the parties each time an order is
placed by a customer and accepted by the Group, creating a sale contract for that order. The terms and conditions cover, as appropriate to
the customer, pricing, settlement of liabilities, return policies and any other negotiated performance obligations.
Settlement terms range from cash-on-delivery or prepaid terms to various credit terms not exceeding 60 days from end of month. These
terms reflect assessment of customer credit risk and industry practice.
Customer contract liabilities refer to payments in advance received from customers; with subsequent delivery to customer, and recognition
of revenue, generally occurring within a week of receipt of the payment.
For credit customers a receivable is recognised when the products are delivered, being the point in time that the consideration is
unconditional because only the passage of time is required before payment is due.
Disaggregation of revenue
In the following table, revenue is disaggregated by geographical location (reportable segments) and major product types.
Six months to 31 December 2018
Australia and
New Zealand
$’000
China and
other Asia
$’000
UK and USA
$’000
Total
$’000
Infant formula321,55716 6,1437,781495,481
Liquid milk6 7, 07 71,09715,20583,379
Other29,8124,438–34,250
418,4 46171,67822,986613 ,110
Six months to 31 December 2017
Australia and
New Zealand
$’000
China and
other Asia
$’000
UK and USA
$’000
Total
$’000
Infant formula221,461110 ,9 558,539340,955
Liquid milk61,10 97547, 52 369,386
Other21,7332,661–24,394
304,303114,37016,062434,735
The a2 Milk Company Limited | 17

4. Administrative expenses
31 Dec 18
$’000
31 Dec 17
$’000
Equity settled share-based payments5,904 1,243
Salary and wage costs21,481 15,159
Travel costs3,569 2,4 41
Other administrative expenses4,874 2,914
35,828 21,757
The equity settled share-based payments charge for the period includes the cost of transitional benefits associated with the appointment of
the Company’s Managing Director and CEO in July 2018. These transitional benefits included 599,254 time-based rights, 357,232 of which
vested in the period, with the balance remaining to vest in June and August 2019.
5. Other expenses
31 Dec 18
$’000
31 Dec 17
$’000
Directors’ fees and expenses 469 427
Professional service fees 10,335 3,455
Legal expenses 1,366 3,875
Depreciation and amortisation 965 1,058
Patents, trademarks and research and development 2,853 1,796
Occupancy expenses 868 964
Insurance2,1181,321
Net foreign exchange loss/(gain)1,020(2,957)
Other operating expenses7,1743,833
27,16 813,772
The increase in professional service fees reflects the Group’s investment in advisory services to support its strategic growth initiatives in
key markets.
Notes to the interim financial statements
for the six months ended 31 December 2018
18 | The a2 Milk Company Limited
Interim report
Financial statements

6. Share capital
Movements in contributed equity:
Number
of shares
Share Capital
$’000
Fully paid ordinary shares:
Balance 30 June 2018730,039,067141,566
Movements in the period:
Exercise of options2,900,9981,828
Vesting of time-based rights3 5 7, 2 32–
Share issue costs–(42)
3,258,2301,786
Balance 31 December 2018733,297,297143,352
Partly paid ordinary shares:
Balance 30 June 20181,500,000–
Balance 31 December 20181,500,000–
Total ordinary shares on issue:
30 June 2018731,539,067141,566
31 December 2018734,797,297143,352
7. Inventories
31 Dec 18
$’000
30 Jun 18
$,000
Raw materials 9,10 05,051
Finished goods 28,38750,6 41
Goods in transit35,2628,409
Total inventories at the lower of cost and net realisable value72,7496 4,101
Movements in goods in transit balances result from the timing of shipments of infant formula and milk powder products from New Zealand
to Australia and China.
The a2 Milk Company Limited | 19

8. Financial assets and liabilities
Other financial assets of $280,572,000 (30 June 2018: $186,862,000) consist of shares in Synlait Milk Limited (Synlait), a dairy processing
company listed on the New Zealand Stock Exchange and the Australian Securities Exchange. In August 2018 the Company made a further
investment in Synlait, acquiring 14,840,527 shares for $162,335,000, increasing its total holding in Synlait to 17.394%.
This listed investment is the only financial instrument carried by the Group at fair value and is classified at fair value through other
comprehensive income; valued using Level 1 valuation inputs: quoted prices (unadjusted) in active markets for identical assets or liabilities.
A fair value loss of $68,625,000 was recognised for the period.
The carrying amounts of cash and short-term deposits, and trade and other receivables and payables are a reasonable approximation of
their fair values.
9. Reconciliation of after tax profit with net cash flows from operating activities
31 Dec 18
$’000
31 Dec 17
$’000
Net profit for the period
152,69598,469
Adjustments for non-cash items:
Depreciation & amortisation 9651,058
Share-based payments5,9041,243
Net foreign exchange gain(929)(522)
Deferred tax948(1,202)
Changes in working capital:
Trade & other receivables(17, 27 2)(2,561)
Prepayments(12,092)(10,4 43)
Inventories(8,648)(25,169)
Trade & other payables(615)52,177
Customer contract liabilities10,979–
Income tax payable(19,638)3,392
Net cash inflow from operating activities112, 2 97116 , 4 4 2
Notes to the interim financial statements
for the six months ended 31 December 2018
20 | The a2 Milk Company Limited
Interim report
Financial statements

Corporate directory
Company
The a2 Milk Company Limited
Level 10
51 Shortland Street
Auckland 1010
New Zealand
New Zealand share registry
Link Market Services Limited
PO Box 91976
Victoria Street West
Auckland 1142
New Zealand
Telephone: +64 9 375 5998
Australian share registry
Link Market Services Limited
Locked Bag A14
Sydney South NSW 1235
Australia
Telephone: +61 1300 554 474
Auditor
Ernst & Young
200 George Street
Sydney NSW 2000
Australia
Registered offices
Level 10
51 Shortland Street
Auckland 1010
New Zealand
Level 4
182 Blues Point Road
McMahons Point NSW 2060
Australia
Telephone: +61 2 9697 7000
Corporate website
www.thea2milkcompany.com
Company directors
David Hearn (Chair & Non-Executive Director)
Julia Hoare (Deputy Chair & Independent, Non-Executive Director)
Jayne Hrdlicka (Managing Director & CEO)
Peter Hinton (Independent, Non-Executive Director)
Warwick Every-Burns (Independent, Non-Executive Director)
Jesse Wu (Independent, Non-Executive Director)
The a2 Milk Company Limited | 21

thea2milkcompany.com

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The a2 Milk Company Limited
ARBN 158 331 965

ASX Appendix 4D – Half Year Report

Results for announcement to the market

Reporting period Six months to 31 December 2018
Previous reporting
period
Six months to 31 December 2017

Amount (000s) Percentage change
Revenue from ordinary
activities
$NZ 613,110 + 41.0%
Profit from ordinary
activities after tax
attributable to security
holders
$NZ 152,695 + 55.1%
Net profit attributable to
security holders
$NZ 152,695 + 55.1%

Final dividend Amount per security Imputed amount per
security
The Company does not
propose to pay a
dividend for the half year
ended 31 December
2018
No applicable Not applicable

Record date Not applicable
Dividend payment date Not applicable

Comments: For further information refer to the attached:

Interim report for the six months ended 31
December 2018
Half year results commentary
Half year results presentation



Net tangible assets per
security

31 December 2018
85 cents
30 June 2018
73 cents

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