Discussions on China sales often lead to confusion, so hope this will help to clarify for anyone new to BAL and/or the IF market.
China sales can be broken down into two categories:
1. "Chinese" labeled (PRC) formula sold in China. It's these PRC products that require CFDA registration.
2. "Australian" labeled (Aus) formula that find their way to China. This includes the Daigou trade of purchases being made domestically and then being posted to China. Australian labeled products do not require CFDA registration.
In their market update of 3 Apr 2017, BAL advised that in 1H17 PRC sales represented 14% of total sales.
In their annual results announced 25 Aug 2017, BAL advised that 2H17 China revenue, including both Aus and PRC formulas, represented 29% of total sales ($35.5m out of $121.9m).
The reality is it's difficult to accurately calculate just how much Aus labelled IF is making it's way to China.... once the tin is purchased at Coles, who's to know if it's gone in the post to China or back home and into little Johnny's/Jane's tummy.
All BAL ASX announcements, including annual reports and investor announcements, can be found on their investor website (which has recently been update for anyone who hasn't visited it for a while!) :
http://investors.bellamysorganic.com.au/Investors/?page=Overview
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