How The a2 Milk Company Limited makes money
Where ATM’s revenue went in FY2019: operating costs, depreciation, interest and tax, and what was left as net profit. Built from the income statement in the filed annual report, and drawn only when the figures reconcile with each other. ATM company profile
How The a2 Milk Company Limited makes money — FY2019
Revenue $1.3b · Net profit $287.7m (22.1% of revenue) · Financial year ending June (from the issuer record)
Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).
| FY2019 | Amount | Status | Note |
|---|---|---|---|
| Revenue | $1.3b | Reported | |
| Operating costs incl. depreciation (net of other income) | −$892.9m | Derived * | Reported operating expenses $302.4m do not reconcile; not used. |
| Depreciation & amortisation | — | Not reported | |
| EBIT | $411.6m | Reported | |
| Interest (net finance costs) | −$118k | Reported | |
| Income tax | −$128.0m | Reported | |
| Other items (net gain) | +$4.3m | Balancing item * | Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised. |
| Net profit | $287.7m | Reported |
- * operating costs: $892.9m = Revenue − EBIT
Checks run on these figures (5)
- Passed: Revenue is within the scale of a column stored in thousands.
- Passed: Revenue in the income statement ($1,304.5m) vs the summary table ($1,304.5m): agree within 2%.
- Not met: Reported operating expenses ($302.4m) leave $1,002.1m, not EBIT of $411.6m (gap $590.6m); costs derived as revenue minus operating profit instead. No split is shown.
- Passed: Balancing item $4.3m is 0.3% of revenue (limit 25%).
- Not met: No operating segments recorded for this year.
Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 10 March 2026.
Annual report: FY19 Results and Annual Report (PDF, NZX)
Year-on-year EBITDA bridge (FY2018 → FY2019)
Bridge not available: FY2018 is not charted: Neither EBITDA nor EBIT is recorded, so operating profit cannot be placed.
Margins over time
EBITDA, EBIT and net profit as a share of revenue for each year whose figures passed the checks (8 of 9 years from FY2018). The shaded line is the median of 12 other listed Consumer Staples operating companies, using each one’s same financial year where it passed the checks; the number of companies in each median is in the table. Gaps are years that were not charted.
ATM peer median below the axis: year not charted (reason in the table). All panels share one scale.
| Year | EBITDA margin: ATM · peer median (n) | EBIT margin: ATM · peer median (n) | Net margin: ATM · peer median (n) | Note | |||
|---|---|---|---|---|---|---|---|
| FY2018 | — | 16.4% (5) | — | 11.0% (6) | — | 6.4% (6) | Not charted: no EBITDA/EBIT split |
| FY2019 | — | 14.6% (5) | 31.5% | 9.7% (5) | 22.1% | 6.6% (5) | EBITDA not recorded or derivable for this year (EBIT only) |
| FY2020 | — | 19.7% (5) | 31.6% | 12.5% (6) | 22.3% | 8.8% (6) | EBITDA not recorded or derivable for this year (EBIT only) |
| FY2021 | — | 24.1% (2) | 9.6% | 5.6% (3) | 6.7% | 5.3% (3) | EBITDA not recorded or derivable for this year (EBIT only) |
| FY2022 | 13.6% | 22.9% (5) | 12.3% | 9.8% (5) | 8.5% | 2.3% (5) | |
| FY2023 | 13.8% | 10.9% (6) | 12.6% | 7.8% (6) | 9.8% | 1.5% (6) | |
| FY2024 | 14.0% | 20.5% (8) | 12.1% | 13.8% (9) | 10.0% | 3.4% (9) | |
| FY2025 | 14.4% | 17.9% (9) | 13.1% | 8.2% (10) | 10.7% | 6.5% (10) | |
| FY2026 | 14.4% | 15.5% (3) | 13.6% | 13.5% (3) | 10.5% | 10.3% (3) | |
Peer medians use only peer-years that passed the same checks; a median of fewer than two companies is not shown. Years are grouped by financial-year label, and year-end months differ between companies.
Not yet available: where the cash goes (operating cash flow to capex, dividends and debt) and underlying versus reported earnings. The figures they need are not yet validated.
Years not charted
These years are on file but their figures did not pass the checks, so no chart is drawn for them.
- FY2018: Neither EBITDA nor EBIT is recorded, so operating profit cannot be placed.
- FY2016: Neither EBITDA nor EBIT is recorded, so operating profit cannot be placed.
Data sourced from NZX company annual reports (income statements). Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz.
For informational purposes only. Not investment advice.
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