Ann: A2M FY16 half year results commentary, page-2

Total revenue of $139.1 million, an increase of 86% over the prior corresponding period (pcp)
 Substantial growth in sales of a2 Platinum® infant formula across Australia and New Zealand (ANZ) and China with total revenue of $73.9 million, up 340% on pcp. This compares with previously advised sales for the four months to 31 October 2015 of $38.0 million
 Net profit after tax of $10.1 million, compared to $0.1 million in pcp
 Group operating EBITDA1 of $18.7 million, representing a 472%2 increase on pcp. This result includes expensing establishment costs in the USA and UK markets of $8.1 million, record operating performance in ANZ and significant growth in China
 Increased fresh milk performance in Australia with sales up 5% in AUD over the pcp
 Accordingly, the full year forecast has been revised upward with Group revenue in the range of $335 million to $350 million and Group operating EBITDA forecast to be in the range of $45 million to $49 million