They are due to report late August.There has been no upgrade /...

They are due to report late August.

There has been no upgrade / down grade of forecasts. Nearly a month out.

You'd think with their new fancy computes and inventory control they would have a good view of current position. So expect something like

China label IMF sales are still expected to be up in FY22 and now expected to be significantly up in 2H22 versus 1H22. This is
due to 1H22 having been impacted by distributor inventory rebalancing and in 2H22 as the Company’s growth strategy starts
to have a positive impact on MBS and DOL sales.

In English label IMF, sales are now expected to be up in FY22 and up in 2H22 versus 1H22 due to improved inventory levels and
pricing, as well as improved execution in ANZ reseller and CBEC channels driven by the Company’s growth strategy.

Incremental sales growth in Australian liquid milk for FY22 is still expected with sales still likely to be down in 2H22 versus
1H22 due to reduced COVID-19 related lockdowns and a corresponding reduction in levels of in-home consumption. Input
costs are significantly higher than FY21, partially offset by an increase in pricing that took effect from November 2021.

In USA liquid milk, sales growth for FY22 is expected, with sales up significantly in 2H22 versus 1H22 due mainly to new
product launches. EBITDA losses for FY22 in local currency are expected to remain at similar levels vs pcp due to a part-year
impact of trade spend reductions and price increases, lower margin new product sales and continuing higher freight costs.

MVM revenue is now expected to be approximately $100 million (excluding intercompany revenue), previously expected to be
$80 million. An EBITDA loss of approximately $20 million is still expected for the 11 months post-completion. No material
change in EBITDA is expected despite the increase in sales due to an increase in milk costs and a reduction in more profitable
nutritional sales