The a2 Milk Company (ATM) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed shareholders, confirmed quorum, introduced directors, management, and advisors, and outlined the meeting structure including board and CEO addresses, resolutions, and Q&A.

• Directors and management in attendance included Chair Pip Greenwood, CEO David Bortolussi, and other key executives.

Financial performance review

• FY24 revenue reached NZD 1.68 billion (up 5.2%), EBITDA was NZD 234.3 million (up 6.9%), and net profit after tax was NZD 168 million (up 7.7%).

• Net cash position at period end was NZD 969 million, up NZD 212 million, with operational cash conversion at 126%.

• China and Asia segment sales rose 14.1%, now over two-thirds of total sales; ANZ sales fell 14.6% due to channel shift; USA sales increased 8.2%.

• Liquid milk sales grew 3.3% in Australia and 7.4% in the US; other nutritionals up 37%.

• Achieved record China label IMF market share and became a top-5 China IMF brand.

Board and executive committee updates

• Board renewal and succession planning highlighted, with appointments of Antonio Rivera (supply chain expert) and Lain Jager (effective Dec 1).

• David Wang resigned; Warwick Every-Burns retired after eight years, with acknowledgments for their contributions.