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Interim Report for the Six Months Ended 31 December 2020

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Interim Report for the Six Months Ended 31 December 2020 INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2020 The a2 Milk Company Limited ARBN: 158 331 965 SUMMARY GROUP PERFORMANCE $677.4 m $178.5m $120.0m Revenue 16.0% EBITDA 32.2% NPAT 35.1% CONTENTS 16.18c 26.4% $774.6m Earnings per share* EBITDA margin Cash on hand Operating and financial review 2 36.8% Financial statements 8 Directors’ declaration 8 PRODUCT SEGMENT REVENUE Auditor’s review report 9 Consolidated statement $124.7m $526.1m $26.6m of comprehensive income 11 Other nutrition 36.2% Consolidated statement Liquid milk 17.8% Infant nutrition 20.2% of changes in equity 12 Consolidated statement REGIONAL HIGHLIGHTS of financial position 13 Consolidated statement Asia Pacific USA of cash flows 14 Notes to the interim financial 45.2% 38.9% 22.0% statements 15 China label English label and Liquid milk sales Corporate directory 22 infant nutrition other labels1 22.0k 16.3% 22.3k China store distribution Australian milk sales Store distribution * From continuing operations. 1 Includes Hong Kong and Korean label. Interim Report 1 OPERATING AND FINANCIAL REVIEW Financial results for the half year ended 31 December 2020 (NZ$) Summary of Group performance EBITDA margin of 26.4% was recorded, reflecting lower Regional performance This performance is pleasing given the strategic importance revenue, a stock provision and adverse mix, although this and size of the channel and the increasing competitive The a2 Milk Company experienced a challenging first half with was partially offset by the management of non-essential 1. Asia Pacific intensity. There will continue to be an opportunity to gain revenue for the Group declining 16.0% to $677.4 million. discretionary costs whilst continuing to invest appropriately in Revenue across Asia Pacific was impacted by the market share given the strong resonance the brand has This was driven by performance through the daigou and brand support programmes and internal capability building. challenges experienced in the daigou and CBEC channels, with consumers. cross-border e-commerce (CBEC) channels being significantly Excluding Mataura Valley Milk (MVM) acquisition costs, partly offset by strong performance in the mother and impacted due to disruption resulting primarily from COVID-19 baby store (MBS) channel and a solid performance in Infant nutrition – Cross-border e-commerce (CBEC) EBITDA margin was 27.0%. ® related issues. This was partially offset by another period of liquid milk in Australia. a2 Platinum English and other label infant nutrition sales of strong growth for China label infant nutrition products, with The Company’s balance sheet remains in a strong position $103.5 million was down 35.5%. sales of $213.1 million, an increase of 45.2%. with no debt and a closing cash position of $774.6 million. Despite the disruption and challenges experienced in the CBEC market value as measured by Smartpath grew in the six This cash position was $79.5 million lower than June 2020 first half, the Company continued to record strong brand Further growth in the liquid milk businesses in both Australia months to December 2020. The Company’s 12-month rolling due to negative operating cash flow, participating in the health metrics in China. and the USA was achieved. Australian sales were up 16.3% market value share in CBEC measured by Smartpath was recent Synlait capital raising and the acquisition of the Kyvalley to $86.9 million. Changes in the execution approach in the ANZ segment revenue of $317.2 million was down 31.1%, 22.3% at the end of December, up from 21.7% at the end of milk processing facility. Operating cash flow was negative USA, focusing more on affordable premium pricing and in- with EBITDA of $117.5 million, down 48.5%. This primarily FY20. Value share for the month of December was 19.5%. $9.2 million primarily due to an increase in inventory and a store activation resulted in sales increasing 22.0%, driven by reflected the challenges experienced in the daigou and decrease in accounts payable. However, the decline in revenue was due to a lower level of improved in-store velocities in established stores as well as an retail channels, including the cost of inventory provisioning. sales to informal social e-commerce channels and traders expanded store footprint. Inventory at the end of the period was $198.6 million, China and Other Asia segment revenue of $326.0 million which are not measured by Smartpath and the Company’s $51.2 million higher than at the end of FY20. The higher The Company’s gross margin percentage1 decreased to was up 2.8%, with EBITDA of $94.4 million, down view that inventory unwound in these channels. There was level of inventory was a consequence of managing the 50.3%. This was primarily due to recognising a stock provision 19.7%. This reflected the continued investment in also a temporary cessation of a2 Platinum® Hong Kong label uncertainties and complexities of COVID-19 impacting supply of $23.3 million, higher cost of goods sold for China label capability as well as a lower gross margin. A proportion of in the period. chains. However, due to recent challenges in the daigou and infant nutrition (including lactoferrin and tamper evident lid) inventory provisioning was also incurred in the China and CBEC channels, the running down of this inventory has been While our performance in the competitive “11/11” online sales and an adverse product mix shift with a higher proportion of Other Asia segment. slower than expected. As a consequence, a stock provision event showed year-on-year growth with higher promotional liquid milk to infant nutrition sales. of $23.3 million was booked in the half. A return to more Infant nutrition activity, sales in the period following that event were below Historically, the gross margin percentage for infant nutrition normalised stock levels is anticipated in 2H21. Volume growth for the overall infant nutrition market expectations with subdued pricing. sales between channels has been broadly similar. However, in China was broadly flat in CY20, impacted by pantry A portion of the Company’s cash balance will be utilised to The important role daigous play in stimulating demand across due to different channel pricing pressures, cost of goods sold destocking, COVID-19 disruption and a lower birth rate. fund the proposed acquisition of MVM and ultimately the multiple points of distribution and the interdependence differences and foreign exchange movements, a variance in associated additional investment in a blending and canning Overall, the market is showing modest value growth driven of CBEC with the daigou/reseller channel is relevant to gross margin percentages between channels has emerged. facility, although this plan has yet to be fully developed. by continued premiumisation while local players continue performance in the CBEC channel. With this interdependence China label infant nutrition has a lower gross margin to gain share against the traditional multinational brands in in mind, the Company is actively rebalancing inventory in the percentage than English label but has a higher absolute gross In line with the Company’s capital allocation framework to an increasingly competitive environment. channel and continuing to refine its promotional approach. margin per unit in a higher cost-to-serve channel. target additional growth opportunities, organic and external growth opportunities that will leverage its brand strength Infant nutrition – China label channels are being explored. The Company aims to maintain a healthy Sales in a2 至初 ® China label infant nutrition of cash balance, which will continue to be important in providing $213.1 million was achieved, an increase of 45.2% on the optionality in the execution of its growth strategy as well as prior corresponding period. The Company’s 12-month stability in these uncertain times. rolling market value share in MBS was 2.4% at the end of December, increasing by 0.7% compared to the prior corresponding period. Distribution also increased to 1 Gross margin percentage is calculated as revenue less cost of goods sold, 22.0k stores. divided by revenue 2 The a2 Milk Company Limited Interim Report 3 OPERATING AND FINANCIAL REVIEW (CONTINUED) Infant nutrition – ANZ retailers, daigou and resellers Other nutritional products Canada Positive research findings in Infant nutrition revenue in ANZ declined 40.5% to The most significant proportion of the Company’s other In March, the Company entered into an exclusive licensing $209.5 million for the half. The sales decline in the period nutritional products segment remains a2 Milk™ whole milk agreement with Agrifoods International Cooperative Ltd clinical trial was driven by multiple factors. and skim milk powders, available in ANZ and China. (“Agrifoods”) for the production, distribution, sales and During the period, research findings from a clinical trial marketing of liquid milk under the a2 Milk™ brand in the conducted by Purdue University, Indiana USA, which involved From the start of this fiscal year, this segment was impacted The disruption experienced in the daigou/reseller channel Canadian market. Products were first launched in July 2020, 33 American adults with lactose maldigestion, were published. by pantry destocking following strong sales in 3Q20 combined impacted all products in this segment with revenue declining initially focusing on Western Canada with subsequent with reduced tourism from China and international student 36.2% to $26.5 million. The findings indicate that some people who suffer stomach distribution expansion. numbers
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