Chart update, page-2939

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9
0	A2 MILK COMPANY - NZ	FY13A	FY14A	FY15A	FY16A	FY17F	FY18F	FY19F	FY20F
1
2
3	OPERATING REVENUES GENERATED - NZDm[/B]	94.5	110.8	155.1	352.8	550.5	670.5	790.5	870.5
4	Cost of goods sold as a proportion of trading revenues	64.30%	64.00%	64.80%	57.20%	53.50%	52.00%	52.00%	52.00%
5	Promotional costs as a proportion of trading revenues[/I]	4.80%	8.90%	9.40%	10.30%	10.00%	10.00%	10.00%	10.00%
6	Logistical costs as a proportion of trading revenues[/I]	7.90%	7.20%	6.00%	4.40%	4.00%	4.00%	4.00%	4.00%
7	Corporate costs as a proportion of trading revenues[/I]	10.70%	15.00%	15.30%	11.40%	9.50%	9.50%	9.50%	9.50%
8	[/I]
9	OPERATING EBITDA GENERATED - NZDm	9.7	4.2	4.1	55.5	128.5	160.1	190.5	220.5
10	ADJUSTED NPAT	4.0	0.7	-1.1	31.4	85.5	110.0	140.0	170.0
11	ADJUSTED EARNINGS PER SHARE[/I]	0.55cps	0.09cps	-0.013cps	4.33cps	11.78cps	15.16cps	19.29cps	23.42cps
12	[/I]
13	DISTRIBUTABLE FREE CASH FLOW RECEIVED - NZDm	-3.3	-7.1	-11.7	19.4	-29.0	90.0	115.0	130.0
14	Percentage of FCF paidout in dividends	0.00%	0.00%	0.00%	0.00%	0.00%	50.00%	50.00%	50.00%
15	Dividend payout in CPS[/I]	0.00cps	0.00cps	0.00cps	0.00cps	0.00cps	6.20cps	7.92cps	8.95cps

The biggest of my assumptions being - things continue to run smoothly... can't factor disruptions into quants.