next week annoucement, page-94

Here is my analysis using the Synlait numbers for FY18. See what you think.

Total revenue is derived using some maths and assumes that IF is static at 72% of Group Revenue.

Obviously if any of the assumptions in the table below are incorrect then the numbers will change ie if A2M has a larger share of Synlait production; revenue per tin is more or less than $20 on average then the IF revenue will change; if milk sales increase as a percentage of Group Revenue then total revenue will be larger than what is detailed in the table below.

Gives a useful guide to range of Revenue figures. Feel free to critique.

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6
0	Synlait 2018 production MT	80% production to a2m	# tins per MT	Revenue per tin NZD	IF Revenue NZD	Total Revenue NZD (assume IF is 72%of Group Revenue)
1	30,000.00	24000	1100	$20	$ 528,000,000	$ 733,333,333.33
2	32,500.00	26000	1100	$20	$ 572,000,000	$ 794,444,444.44
3	35,000.00	28000	1100	$20	$ 616,000,000	$ 855,555,555.56