A2 Milk Company Limited · NZX:ATM
A2 Milk — The a2 Milk Company — Investor Day (October 2021)
163 slides from A2 Milk's investor day presentation, Oct 27, 2021
Slide 1: NZX/ASX Market Release: Investor Day 2021
NZX Code: ATM For personal use only ASX Code: A2M 27 October 2021 NZX/ASX Market Release The a2 Milk Company Investor Day 2021 The a2 Milk Company is today hosting its virtual Investor Day. The attached presentation will be delivered by Managing Director and CEO, David Bortolussi, and all members of
Slide 2: Market release continued and contacts
2 also expanded our sustainable packaging targets to all our markets while reiterating our commitments to supporting thriving farms, enriching communities and responsible sourcing and distribution.” • “We have a great leadership team, passionate people and a pioneering culture to drive our execution
Slide 3: Adapting for Growth – Investor Day 2021
D A Y I N V E S T O R For personal use only ADAPTING 2 0 2 1 FOR GROWTH INVESTOR DAY 27 OCTOBER 2021 THE a2 MILK COMPANY LIMITED
Slide 4: Disclaimer
D A Y Disclaimer I N V E S T O R For personal use only This presentation dated 27 October 2021 should be read in While all reasonable care has been taken in relation to the conjunction with, and subject to, the explanations and views in preparation of this presentation, none of the Company, its docu
Slide 5: Glossary of terms
D A Y Glossary of terms I N V E S T O R For personal use only Acronym Meaning Acronym Meaning Acronym Meaning a2MC The a2 Milk Company Limited ESL Extended shelf life NZD New Zealand Dollar ANZ Australia and New Zealand FX Foreign exchange NZX New Zealand Exchange ATL Above the line marketing FY Fin
Slide 6: Objectives for today
D A Y Objectives for today I N V E S T O R For personal use only 1 Introduce The a2 Milk Company Executive Leadership Team 2 0 2 1 2 Provide greater understanding of our business 3 Share latest insights on our key markets, categories and channels 4 Outline our ambition and revised growth strategy 5
Slide 7: Executive leadership team introduction
D A Y Executive leadership team introduction I N V E S T O R For personal use only Business leadership Functional leadership 2 0 2 1 David Bortolussi Kevin Bush Xiao Li Amanda Hart Shareef Khan Eleanor Khor Managing Director Executive General Chief Executive – Chief People & Chief Operations Chief S
Slide 8: Agenda
D A Y AGENDA I N V E S T O R For personal use only 09.00 Welcome 10.00 China IMF market 11.25 ANZ 2 0 2 1 09.05 Strategic overview 10.10 China label 11.35 USA 09.30 Brand 10.40 English label 11.45 Mataura Valley Milk 09.45 Sustainability 11.00 Adjacent growth 11.55 Supply & Operations 09.55 People &
Slide 9: The a2 Milk Company overview
D A Y The a2 Milk Company overview I N V E S T O R For personal use only We enrich lives by harnessing the nutritional wonders of nature – through the naturally occurring a2 MilkTM difference 2 0 2 1 Portfolio of a2 MilkTM based products including fresh milk, UHT, ESL, IMF, milk powder and other nut
Slide 10: Extraordinary journey disrupted in FY21
D A Y a2MC has had an extraordinary journey which was disrupted in FY21 I N V E S T O R For personal use only Adapting IP Creators Australian branded fresh milk focus China IMF and US liquid milk expansion for growth Shift from licensing to 2 0 2 1 operational; a2 Milk® Company a2 Milk™ listing laun
Slide 11: We have taken action to address the disruption
D A Y We have taken action to address the disruption I N V E S T O R For personal use only Issues disrupting a2MC in FY21 Key actions we have taken 2 0 2 1 Cross-border trade was disrupted by COVID-19, • Recognised stock write-downs and deliberately creating substantial demand/supply volatility, whi
Slide 12: We have reorganised to enhance focus on key opportunities
D A Y We have reorganised to enhance focus on our key business opportunities I N V E S T O R For personal use only David Bortolussi Managing Director & CEO Global functions 2 0 2 1 supporting business units Xiao Li Yohan Senaratne Kevin Bush Blake Waltrip Bernard May Race Strauss Chief Executive Exe
Slide 13: Holistic review of our growth opportunities
D A Y We have undertaken a holistic review of our growth opportunities I N V E S T O R For personal use only 2 0 2 1 Market • Continuing the journey to focus on our China market opportunity in particular • Reviewing our brand positioning to create continued distinctiveness amongst an Brand evolving
Slide 14: We have adapted our a2MC growth strategy
D A Y We have adapted our a2MC growth strategy I N V E S T O R For personal use only Purpose To enrich lives by harnessing the nutritional wonders of nature 2 0 2 1 Ambition Rebuild a2MC into an exciting, innovative and sustainable growth company People Sustainability Consumers Shareholders Create t
Slide 15: Strategy designed to drive growth across multiple horizons
D A Y Our strategy is designed to drive growth across multiple horizons I N V E S T O R For personal use only FY25-26 FY23-24 Deliver “next wave” growth 2 0 2 1 FY22 Full scale roll-out of from innovation and supply Stabilise and reset strategy growth & other initiatives chain transformation • Resto
Slide 16: Five key non-financial measures of success
D A Y We are focused on five key non-financial measures of success over time I N V E S T O R For personal use only People Sustainability Brand health Market share Innovation 2 0 2 1 1 2 3 4 5 Safety TRIFR <10 GHG emissions China unprompted Top-5 CL IMF player Access to ≥3 CL with continuous reductio
Slide 17: Defining a timeline for financial goals is challenging
D A Y Defining a specific timeline to achieve our financial goals is challenging I N V E S T O R For personal use only • The pace and degree of change in the China IMF market over the past 12 months is truly unprecedented – including from the prolonged COVID-19 impact and the reduction in the number
Slide 18: Ambition to grow sales to over NZD$2 billion
D A Y Notwithstanding, we have an ambition to grow sales to over NZD$2 billion I N V E S T O R For personal use only Medium-term indicative sales ambition (≥ 5 years) EBITDA margin dynamics • Indicative range 2 0 2 1 ‒ IMF sales, particularly EL, key driver of upside/downside risk ‒ Target margins p
Slide 19: Key messages for today
D A Y Key messages for today I N V E S T O R For personal use only • The market landscape has experienced unprecedented change over the past 12 months, requiring us to adapt 2 0 2 1 • As a result, we have adapted our growth strategy to achieve the full potential of our business • Importantly, our br
Slide 20: Brand
D A Y I N V E S T O R For personal use only 2 0 2 1 BRAND Janelle Tong (Chief Marketing Officer, Interim) 18
Slide 21: How it began
D A Y How it began… I N V E S T O R For personal use only • The a2 Milk Company was founded in New Zealand by two passionate pioneers – scientist Dr Corrie McLachlan and his business partner, Howard Paterson – who recognised that not 2 0 2 1 all milk is the same • Early scientific research revealed
Slide 22: Our brand proposition
D A Y Our brand proposition I N V E S T O R For personal use only Our a2 Milk™ comes from cows 2 0 2 1 specially selected to naturally produce milk with only the A2 beta-casein protein type. Many people say they can feel the difference 20
Slide 23: Proposition has built a leading market position
D A Y Our proposition has enabled us to build a leading position in market I N V E S T O R For personal use only Pioneer, innovator and leader in understanding 2 0 2 1 the unique benefits of a2 Milk™ (single-minded focus) Premium and high quality product and brand experience Pure and natural dairy w
Slide 24: Leadership maintained despite multiple challengers
D A Y We have maintained this leadership despite multiple challengers I N V E S T O R For personal use only 2 0 2 1 …is dedicated exclusively to the Only The a2 Milk Company… A2-protein difference 22
Slide 25: Brand foundations built on three areas
D A Y Our brand foundations have been built on three main areas I N V E S T O R For personal use only 2 0 2 1 Underpinned by Advocated Celebrated developing science by others by us 23
Slide 26: The a2 Milk difference goes beyond the cow
D A Y The a2 Milk™ difference goes beyond the selection of a cow I N V E S T O R For personal use only The a2 Milk™ difference Our process 2 0 2 1 The difference starts with selecting the right cow… A1 …but it doesn’t stop there; The a2 Milk Company also applies expertise, proprietary know-how and c
Slide 27: Investing in understanding the a2 Milk difference
D A Y We continue to invest in further understanding the a2 MilkTM difference I N V E S T O R For personal use only 2 0 2 1 1980’s 1990’s 2000’s 2006-2013 2016 2018-2020 Future Prof. Robert (Bob) Dr Corrie McLachlan a2 Milk™ brand is Consumer Human clinical trial in Human clinical trial conducted re
Slide 28: Our products create a wave of advocacy
D A Y Our products create a positive wave of advocacy I N V E S T O R For personal use only “This Milk is great!!! If “Completely changed you like milk but can't my stomach problems, 2 0 2 1 drink regular milk....you since using a2 Milk™ really need to try this.... ” never been better” Noelle (USA)
Slide 29: Brand sits at the heart of macro consumer trends
D A Y Our brand naturally sits at the heart of macro consumer trends I N V E S T O R For personal use only 2 0 2 1 NATURAL & PROACTIVE RISE OF PROTEIN AWARENESS OF GUT- PURPOSE-DRIVEN WHOLEFOOD WELLNESS POWER HEALTH IMPORTANCE BRANDS REVOLUTION Increasing demand for Consumers are Protein is consumer
Slide 30: We deeply understand our consumers
D A Y We deeply understand our consumers and their needs I N V E S T O R For personal use only Undertaken Implemented consumer usage & robust and 2 0 2 1 attitude studies and comprehensive brand other insight health tracking innovation across China, USA and Australia Enhanced our analytical ability
Slide 31: Investing in and celebrating our brand in advertising
We have consistently invested in and celebrated our brand in positive and D A Y uplifting ways in advertising I N V E S T O R For personal use only 2 0 2 1 29
Slide 32: Going beyond A2 to a more purposeful brand
D A Y We will continue to go beyond “A2” to drive a more purposeful brand I N V E S T O R For personal use only 2 0 2 1 Sustainability from farm to consumer Processing innovation to eliminate waste Smarter recyclable packaging Playing a bigger role in our community 30
Slide 33: Sustainability
D A Y I N V E S T O R For personal use only 2 0 2 1 S U S TA I N A B I L I T Y Jaron McVicar (Chief Legal, Sustainability Officer & Co.Sec) 31
Slide 34: Updated net zero commitments
Our sustainability program has evolved significantly including updated D A Y commitments to achieve net zero by 2030 for Scope 1 & 2 and by 2040 for Scope 3 I N V E S T O R For personal use only Our purpose To enrich lives by harnessing the nutritional wonders of nature Supporting OUR PEOPLE, consum
Slide 35: Supporting the role farmers play in our supply chain
D A Y We are supporting the role our farmers play in our supply chain I N V E S T O R For personal use only Our holistic approach Farm environmental Animal welfare 2 0 2 1 to assist farms and plans program farmers to thrive Plans developed to: Program designed to: • Lower GHG emissions • Meet global
Slide 36: Investing to reduce GHG emissions
D A Y We are investing to significantly reduce our GHG emissions I N V E S T O R For personal use only New High Pressure Boiler conversion to 2 0 2 1 Electrode Boiler biomass • New Zealand's first High Pressure Electrode • Boiler 2 at Dunsandel will be converted Boiler (HPEB) will replace all curren
Slide 37: Committed to meaningful change in packaging
D A Y We are committed to making a meaningful change in our packaging I N V E S T O R For personal use only Committed to Australia’s Progress in sustainable 2 0 2 1 2025 National Packaging packaging Targets • Continue to investigate and look towards innovative packaging 100% Reusable, recyclable, or
Slide 38: Supporting our communities
D A Y We support the communities in which we operate I N V E S T O R For personal use only 2 0 2 1 MORE GOOD FOR FOODBANK CURE KIDS FEED THE CHILDREN RURAL SCHOOLS • Supported Foodbank since • Supported Cure Kids over • Supported Feed the Children • Partnered with rural schools 2015 the past two yea
Slide 39: People & Culture
D A Y I N V E S T O R For personal use only 2 0 2 1 PEOPLE & C U LT U R E Amanda Hart (Chief People Officer) 37
Slide 40: Our team is powered by its purpose
D A Y Our team is powered by its purpose I N V E S T O R For personal use only OUR PURPOSE We enrich lives by harnessing 2 0 2 1 the nutritional wonders of nature OUR VALUES Bold passion Pioneering spirit Humility Driven to realise our Unconventional We’re never done amazing potential as a open-mind
Slide 41: Held onto this whilst scaling for growth
D A Y We have held onto this, whilst scaling for growth I N V E S T O R For personal use only We have more than doubled our relatively small team We have retained existing teams whilst over the past five years introducing new talent 2 0 2 1 “I’m passionate about working for The a2 Milk Company becau
Slide 42: People strategy: attract, grow, diversity and inclusion
Our strategy is to attract passionate people, provide opportunities for them to D A Y grow and maintain an environment which celebrates diversity and inclusion I N V E S T O R For personal use only Our People Strategy 2 0 2 1 • Harness the substantial passion people bring to The a2 Milk Company into
Slide 43: China IMF Market
D A Y I N V E S T O R For personal use only 2 0 2 1 CHINA IMF MARKET Eleanor Khor (Chief Strategy Officer) 41
Slide 44: Summary of key messages
D A Y Summary of key messages I N V E S T O R For personal use only 1 • While the China IMF market remains the largest and most attractive in the world, FY21 marked an inflection point where volume growth started to decline 2 0 2 1 2 • With declining volumes, retail pricing is also now under pressur
Slide 45: China IMF market is the largest and most attractive
D A Y The China IMF market is the largest and most attractive in the world I N V E S T O R For personal use only Estimated China IMF market retail value sales (FY21) Commentary • China is the biggest, most premium 2 0 2 1 Total: NZD 47B IMF market in the world – China has a huge population with a st
Slide 46: IMF channels experiencing different growth trends
D A Y IMF channels are experiencing very different growth trends I N V E S T O R For personal use only EL IMF channels CL IMF channels 2 0 2 1 C2C (incl. Daigou) CBEC MBS MT DOL Role of • Recruits new users, • Traffic and volume • Recruits new users, • Recruits new users, • Traffic and volume channe
Slide 47: Volumes impacted by decline in newborns
IMF market volumes impacted by decline in newborns, which should partly D A Y recover over time I N V E S T O R For personal use only Number of newborns in China has declined and future is uncertain Commentary • The number of newborns in China has 2 0 2 1 No. of newborns forecasted range declined, p
Slide 48: IMF market will skew to BCD cities
D A Y IMF market will skew to BCD cities, in line with the number of newborns I N V E S T O R For personal use only I L L U S T R AT I V E 2 0 2 1 Key/A city market outlook subdued BCD city market supported by higher birth rate Note: Market includes S1-S4 46 Source: Nielsen MBS retail measurement se
Slide 49: Diverging Stage growth in Key/A vs BCD cities
D A Y We are already seeing diverging Stage 1 growth rates in Key/A vs BCD cities I N V E S T O R For personal use only Key/A and BCD cities MBS monthly Stage 1 value growth vs pcp Commentary 2 0 2 1 • Key&A cities typically have higher cost of living, with birth rate typically negatively correlated
Slide 50: Provincial differences in birth rates
D A Y Provincial differences also exist in terms of birth rates across China I N V E S T O R For personal use only Latest official provincial birth rate (2019)1 Province archetypes 2 0 2 1 Economy • Birth rate negatively correlated with cost of living; expect National average2: 1.06% driven increasi
Slide 51: Clear trade-up to ultra-premium segments
D A Y There continues to be a clear trade-up to ultra-premium segments I N V E S T O R For personal use only IMF market by price segment IMF market by city tier and price band China IMF retail value sales China IMF retail value sales by city tier by price band (FY21) 2 0 2 1 by price band (FY21) Sha
Slide 52: Like-for-like ASP is under pressure
D A Y However, like-for-like ASP is under pressure I N V E S T O R For personal use only Nielsen ASP trend for UP/SP* Ultra Premium sample: Astrobaby, Enifinitas, Profutura, Zhichu, Illuma Blue Diamond RMB per KG Super Premium sample: Super Feifan, Beta Star, Aptamil Classic 2 0 2 1 >490 ~17% discou
Slide 53: Competitor innovation focused on ultra-premium
D A Y Focus of competitors’ innovation is generally in the ultra-premium segment I N V E S T O R For personal use only 2020 2021 2022+ Essensis Organic Liquid IMF Essensis Essensis Current focus on 2 0 2 1 A2-protein Niel (OPO) HMO+FOS Liquid Organic Aptamil next generation IMF May 20 RMB 450/900g S
Slide 54: Local brands are taking share from MNCs
D A Y Local brands are taking share from MNCs I N V E S T O R For personal use only MNC Local 2 0 2 1 Note: Kantar data based on a panel of 9,000 consumers covering 0-6 year olds and only seeks to project ~40% of the population 52 Source: Kantar Worldpanel 0-6 years old Baby & Kids panel: National I
Slide 55: Building a brand that resonates matters more
D A Y However, “local vs MNC” is less important than building a brand that resonates I N V E S T O R For personal use only Extreme product choice China now the most trusted Ultimately consumers look for exists for Chinese parents IMF country, followed by NZ “brands” that resonate 2 0 2 1 Most truste
Slide 56: Brands must connect with an evolving consumer landscape
D A Y Brands must seek to connect with a rapidly evolving consumer landscape I N V E S T O R For personal use only Comments Mix of new births in China by generation of mother • A unique feature of the IMF 2 0 2 1 category is that consumers “graduate” relatively quickly and new users must constantly
Slide 57: Post-90-95s mothers differ from post-80s mothers
D A Y Post-90-95s mothers are very different to post-80s mothers I N V E S T O R For personal use only 2 0 2 1 Post-80s parents Post-90s parents Post-95s parents 1 Upbringing • Parents from the 1950s, who • Parents from the 1960s, who • Parents from the 1970s, some of tended to be more traditional t
Slide 58: Evolution in how consumers approach IMF
D A Y We are already seeing this evolution in the way current consumers approach IMF I N V E S T O R For personal use only Online becoming bigger first purchase channel Fragmented ecosystem for educating online shoppers 2 0 2 1 Online Online sources Key & A cities BCD cities This includes C2C channe
Slide 59: China Label
D A Y I N V E S T O R For personal use only CHINA 2 0 2 1 LABEL Xiao Li (Chief Executive – Greater China) 57
Slide 60: Summary of key messages
D A Y Summary of key messages I N V E S T O R For personal use only 1• We have built a significant business in China over a relatively short period, and have been the exception to the trend of MNC brands losing share to domestic brands 2 0 2 1 2• There are several key drivers of our growth, with cle
Slide 61: Built a significant business in China in a short period
D A Y a2MC has built a significant business in China in a short period I N V E S T O R For personal use only 2 0 2 1 1 1 1 Data not available 1 59 Source: a2MC internal data; Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value); Smartpath China IMF online marke
Slide 62: Exception to trend of domestic brands winning share
a2MC has been the exception to the trend of domestic brands winning share D A Y from MNCs; new A2-protein IMF competitors are helping to grow the category I N V E S T O R For personal use only MBS MAT value share change from FY20-FY21 Channel share of A2-protein IMF brands 2 0 2 1 +1.0% 60 Source: N
Slide 63: Store footprint expansion driving offline growth
We have continued to expand our store footprint, which has been the primary D A Y driver of our growth offline I N V E S T O R For personal use only a2MC CL IMF offline footprint Drivers of a2MC distributor sell-out (i.e. sales to retailers) 2 0 2 1 14% 2% -8% 123% 15% 100% Key initiatives to drive
Slide 64: Runway remains to expand footprint
D A Y Runway remains to further expand our footprint I N V E S T O R For personal use only Estimated number of offline stores for ultra premium brands (FY21) 2 0 2 1 a2MC target of 30-35K stores with a WD ~50% Note: Numeric distribution is the percent of stores in China that sell the item; Weighted
Slide 65: Performance in national key accounts
Performance in national key accounts (NKAs) has been an important growth D A Y driver; however, opportunity remains in some chains I N V E S T O R For personal use only We have focused our efforts on building share However, opportunity remains to grow in some in national key accounts underpenetrated
Slide 66: Strong in Key&A cities, opportunity in BCD cities
D A Y Strong performance in Key&A cities, however, opportunity remains in BCD cities I N V E S T O R For personal use only Majority of growth driven by However, a2MC is under- sales in Key&A cities indexed in BCD cities Key initiatives for BCD growth 2 0 2 1 • Further develop our distributor network
Slide 67: Share position varies widely by province
D A Y a2MC’s share position also varies widely by province I N V E S T O R MBS O N LY For personal use only Value share by province Province Province Province Province Province Province Province Province Province Province Province Province Province 2 0 2 1 (MAT Jun 2021) 1 2 3 4 5 6 7 8 9 10 11 12 1
Slide 68: Key account growth enabled by investment in activation
D A Y Key account growth enabled by investment in activation I N V E S T O R For personal use only 2 0 2 1 ROADSHOWS MAMA CLASSES BRAND AMBASSADORS IN-STORE EXPERIENCE • High impact events • Provide an opportunity for • In-store consultants to • Ranging from in-store designed to build brand deeper b
Slide 69: Progress in domestic online channels
We have made good progress in growing sales via domestic online channels; D A Y however, we still under-index relative to our MBS channel share I N V E S T O R For personal use only a2MC DOL sales growth Retail sales mix by local vs MNC players 2 0 2 1 Local Players MNC Players a2MC a2MC DOL 18% sha
Slide 70: Integrated approach to investing in our brand
D A Y We take an integrated approach to investing in our brand I N V E S T O R For personal use only • Historically leveraged broadcast media for 2 0 2 1 awareness building, supplemented by in-market events, which can be deployed at a city-level • Recent focus on improving our capability in social a
Slide 71: Investment begins with deep consumer understanding
D A Y Our brand investment begins with a deep understanding of our consumers I N V E S T O R For personal use only Original segmentation New archetypes added Balanced 2 0 2 1 Resourceful mum Savvy rational Peacock mum Carefree mum Value seeker mum China Pride mum progressive mum ‘I want a natural ‘I
Slide 72: Enhanced brand health and competitor tracking
D A Y We have enhanced our brand health and competitor tracking capabilities I N V E S T O R For personal use only • Conduct quarterly IMF brand health and equity tracking in China as well as quarterly global competitor NPS and trend tracking 2 0 2 1 • Robust sample sizes and broad geographic covera
Slide 73: Measuring marketing effectiveness along the brand funnel
We are also continuously improving our approach to measuring marketing D A Y effectiveness along the brand funnel I N V E S T O R For personal use only Awareness Consideration Trial/purchase • Assess impact with BHT Broadcast media 2 0 2 1 • Compare by province • Review impact of investment on searc
Slide 74: Stepped up investment in marketing
D A Y With these tools in place, we have stepped up our investment in marketing I N V E S T O R For personal use only Marketing has increased over Marketing mix weighted to the past 5 years in-channel activities Comments 2 0 2 1 • Although we have increased our marketing spend, we estimate that we a
Slide 75: Investments deployed across the brand funnel
D A Y Investments are deployed across the brand funnel I N V E S T O R For personal use only ATL marketing to build In-market events to engage and In-store POSM and brand awareness educate consumers ambassadors to convert 2 0 2 1 73
Slide 76: Strong brand health metrics
D A Y Marketing effectiveness evident in strong brand health metrics I N V E S T O R For personal use only Brand awareness Ever trialled Brand used most often 2 0 2 1 74 Source: IPSOS China brand health quarterly tracker
Slide 77: Room to grow awareness; conversion and loyalty proof points
We have significant room to grow awareness with encouraging “proof points” D A Y around conversion and loyalty when consumers do become aware I N V E S T O R For personal use only Brand awareness Trial conversion Loyalty conversion 2 0 2 1 Brand 1 Brand 2 Brand 3 Brand 4 Brand 5 Brand 1 Brand 2 Bran
Slide 78: Highest NPS across all brands
D A Y We also have the highest NPS across all brands I N V E S T O R For personal use only 2 0 2 1 76 Source: IPSOS China brand health quarterly tracker (n= 9750 respondents)
Slide 79: Key brand equity measures are encouraging
D A Y Key brand equity measures are also encouraging I N V E S T O R For personal use only a2MC equity statements vs. category 2 0 2 1 Is a brand I will recommend to others Category average 100% imported 70 Is the closest to breast milk a2 Specially formulated for Asian/ Chinese babies 60 A natural
Slide 80: Strong growth in early-stage products and Stage 4
Strong growth in early-stage products (despite fewer newborns) and fast ramp- D A Y up of Stage 4 (launched Dec-20) demonstrates ability to recruit and retain users I N V E S T O R For personal use only Positive growth in early stage products Growth reflected in market share gains 2 0 2 1 YoY growth
Slide 81: Proof points and pathway to future growth
Overall, performance to date gives us “proof points” that we can be successful, D A Y as well as highlighting a clear pathway to future growth I N V E S T O R For personal use only Cross-channel growth Cross-tier growth Cross-province growth 2 0 2 1 a2MC MBS value share by city tier (MAT, FY21) 79 S
Slide 82: Opportunities with an expanded portfolio
D A Y Further opportunities exist with an expanded portfolio, subject to registrations I N V E S T O R For personal use only CL MBS only RRP1 / 900g tin per brand (MBS, FY21, RMB) Bubble size: FY21 IMF retail sales2 2 0 2 1 Ultra premium Super premium Premium Mainstream Brand 1 Brand 2 Brand 3 Brand
Slide 83: Multiple directions to expand our portfolio
D A Y There are multiple directions into which we could expand our portfolio I N V E S T O R For personal use only Est. China CL MBS IMF market by price band and product type (FY26F) Commentary 2 0 2 1 • We are seeking to innovate our CL IMF portfolio • There are several directions under review, inc
Slide 84: China strategic partners enable portfolio expansion
D A Y Our China strategic partners are key to enabling portfolio expansion I N V E S T O R For personal use only 2 0 2 1 • Strong partnership formed • China State Farm has been • Recent MVM acquisition • a2MC has a 19.8% share in in China with CNADC and our strategic logistics and has initiated a re
Slide 85: Our CL IMF strategic priorities
D A Y Our CL IMF strategic priorities I N V E S T O R For personal use only Ambition To be a top-5 CL IMF brand in China 2 0 2 1 1 2 3 4 5 Continue to invest in Achieve full potential Capture opportunity Accelerate online Broaden our & nurture our brand in key accounts in lower tier cities growth IM
Slide 86: Key takeaways
D A Y Key takeaways I N V E S T O R For personal use only While the China IMF market remains the biggest, most premium IMF market in the world, current and near-term headwinds are making growth challenging 2 0 2 1 Overseas manufacturing is no longer a primary decision driver for consumers. Instead,
Slide 87: English Label
D A Y I N V E S T O R For personal use only 2 0 2 1 ENGLISH LABEL Yohan Senaratne (Executive General Manager – International) 85
Slide 88: Summary of key messages
D A Y Summary of key messages I N V E S T O R For personal use only 1• The EL market is more than just daigou and CBEC and, critically, it has developed well beyond the traditional “suitcase trade”. The “daigou” channel is more appropriately described as a “reseller network”, referencing the complex
Slide 89: EL market more consolidated than CL IMF market
D A Y EL market is significantly more consolidated than the CL IMF market I N V E S T O R For personal use only Estimated breakdown of EL IMF channels in China market Estimated EL geographic split 2 0 2 1 *Note: There are variations between CBEC data shown here from Kantar and Smartpath. Kantar data
Slide 90: Different EL channels play distinct roles
D A Y Different EL channels play distinct roles I N V E S T O R For personal use only 2 0 2 1 New user Image building & Traffic & volume New user sell- Discount reaching / price anchor contributor through platforms endorsement Brand equity showroom Sales booster channels Awareness building Awareness
Slide 91: EL routes-to-market are complex and evolving
D A Y EL routes-to-market are complex and rapidly evolving I N V E S T O R For personal use only BRAND 2 0 2 1 Image building & Traffic & volume Discount New user reaching / endorsement New user sell-through price anchor contributor platforms CBEC FSS Major CBEC Content EC Vertical EC Niche social E
Slide 92: Daigou has evolved into a sophisticated reseller network
The daigou channel has itself evolved from the traditional “suitcase trade” to a D A Y sophisticated reseller network I N V E S T O R For personal use only 2 0 2 1 E-commerce platforms (~5% of sales) Suitcase trade Corporate daigou Reseller network “Open-network” C2C (e.g. Taobao) (~25% of sales) “C
Slide 93: Case study: MYAZ.COM
Case study: MYAZ.COM comprises an e-commerce sales platform, C2C sales D A Y enabled by digital applications as well as O2O I N V E S T O R For personal use only 2 0 2 1 MYAZ.COM China online China offline (O2O) AZ Global AZ Global APP AZ Global distribution AZ ANZ APP Corporate / personal Regional
Slide 94: Market disruption has had a profound impact
D A Y Market disruption has had a profound impact on our business in the past year I N V E S T O R For personal use only Commentary 2 0 2 1 • In FY21 there was significant disruption to cross- border trade which had a profound impact on the Company’s results • a2MC was impacted by a significant decl
Slide 95: Steps to reduce inventory build-up
We have taken significant steps to reduce inventory build-up which has D A Y improved freshness and EL market pricing I N V E S T O R For personal use only EL inventory written down to reduce stock in supply chains Freshness has improved EL prices have also improved 2 0 2 1 Distributor inventory hol
Slide 96: Disruption evident in sales mix; 1Q22 improvement
Disruption evident in our sales mix; some improvement can be seen in 1Q22 D A Y although this has not yet been reflected in our share I N V E S T O R For personal use only 1Q22 saw improvement Commentary in stage mix (Stage 1: 2 0 2 1 9.8%, Stage 2: 20.1%) • In addition to addressing inventory build
Slide 97: EL disruption visible in brand health
D A Y EL disruption also visible in brand health; recent tracker suggests improvement I N V E S T O R For personal use only EL awareness also 2 0 2 1 benefited by marketing campaign conducted during 4Q21 95 Source: IPSOS China brand health tracker
Slide 98: Consumer research confirms role EL plays
D A Y Consumer research confirms the unique role EL plays in our portfolio I N V E S T O R For personal use only a2 CL user a2 EL user 2 0 2 1 a2MC CL users’ rationale for purchase: a2MC EL users’ rationale for purchase: • The A2-protein leader • Brand buzz and “Hermes” status • Premium lactoferrin
Slide 99: Traceability measures enhance channel management
D A Y Traceability measures will further enhance our channel management I N V E S T O R For personal use only Introduced QR code technology, unique to Activating functionality in FY22 to support each tin channel management 2 0 2 1 • Traceability at tin, carton and pallet level from manufacturing thr
Slide 100: Increasing support to reseller network
D A Y Actively working to increase support to reseller network I N V E S T O R For personal use only Increasing reseller support Example content support provided to resellers 2 0 2 1 • Upgrading content and other Integration of EL IMF in China OOH brand assets to be used across CBEC and reseller net
Slide 101: Increasing focus on other EL channels
D A Y Increasing our focus and investment in other EL channels I N V E S T O R For personal use only Investing further in O2O Case study: Introduction of EL at major retail chain in China 2 0 2 1 • Opportunity exists to leverage offline stores as EL "showrooms" for purchase through CBEC (O2O) • O2O
Slide 102: Simplify and de-layer current EL route to market
We are working to simplify and de-layer our current EL RTM, which is complex D A Y and limits visibility over, and engagement with, end consumers I N V E S T O R Product flow For personal use only Unofficial sourcing Reseller network CBEC 2 0 2 1 ~70% of FY21 volume ~30% of FY21 volume Tier 1 Others
Slide 103: Opportunities through an expanded portfolio
D A Y We are also reviewing opportunities for growth through an expanded portfolio I N V E S T O R EL CBEC** only (SKU non-exhaustive) For personal use only RRP / 900g tin per brand (EL TMALL, FY21, RMB) Bubble size: 2020 IMF retail sales 2 0 2 1 Ultra premium Super premium Premium Mainstream Brand
Slide 104: Our EL IMF strategic priorities
D A Y Our EL IMF strategic priorities I N V E S T O R For personal use only Ambition To be the no.1 EL product range in China 2 0 2 1 1 2 3 4 5 Maintain tight control Remain the preferred Accelerate online Focus on developing Broaden our of EL inventory across brand for the growth with omni- O2O cha
Slide 105: Key takeaways
D A Y Key takeaways I N V E S T O R For personal use only 2 0 2 1 EL channels have been disrupted across the industry We are working to address a2MC EL challenges and improvements have already been seen in pricing, product freshness and sales mix Our brand proposition remains compelling and brand he
Slide 106: Adjacent Growth Opportunities
D A Y I N V E S T O R For personal use only 2 0 2 1 ADJACENT GROWTH OPPORTUNITIES FOR Eleanor Khor (Chief Strategy Officer) 104
Slide 107: Considering other opportunities for growth outside core
D A Y Outside our core, a2MC is considering other opportunities for growth I N V E S T O R For personal use only 2 0 2 1 Focus our time, energy and resources on achieving full potential in our core IMF business Deliver full potential in our core Build engine 2 Prioritise adjacent growth opportunitie
Slide 108: Expanding into dairy-based nutrition for the family in China
In China, we are expanding our portfolio into dairy-based nutrition for the D A Y whole family I N V E S T O R For personal use only 2 0 2 1 Pre-birth Infants and toddlers Young children Families Targeting NZD ~$200 million in sales growth from non-IMF product categories in China over time 106
Slide 109: Proof points for scale outside IMF
There are proof points to suggest we can achieve meaningful scale outside IMF D A Y (although EL market disruption impacted FY21 performance) I N V E S T O R For personal use only 2 0 2 1 • Early launch of whole milk • a2 Platinum® pregnancy • EL Smart NutritionTM • FY21 saw the full scale powder, w
Slide 110: Adapting our model to operate outside IMF
D A Y We are leveraging learnings to adapt our model to operate outside IMF I N V E S T O R For personal use only 2 0 2 1 Building capability in Need a new “playbook” We are still testing our modern trade is key to launch new products brand's ability to “stretch” • Majority of non-IMF sales occur in
Slide 111: UHT launch in China exceeded expectations
D A Y Recent launch of UHT in China has exceeded expectations I N V E S T O R For personal use only • UHT was launched in China in Oct 2020 both in-store and online 2 0 2 1 • Initial response has been extremely positive with monthly sales volumes increasing • Key focus of the launch has been buildin
Slide 112: Expanded portfolio differentiates IMF marketing
Expanding our portfolio in China provides opportunities to differentiate our IMF D A Y marketing for S3 and S4 and leverage “halo” benefits from our S3 strengths I N V E S T O R For personal use only 2 0 2 1 • a2TM conducted a Trial Endorsement Amplification Campaign in China in August 2021 • The pu
Slide 113: Reviewing opportunities in new markets
D A Y Outside China, we are also reviewing opportunities to expand into new markets I N V E S T O R For personal use only 2 0 2 1 Leverage existing Choose the right Invest selectively products route-to-market Use our current Consider different route Invest when there are product portfolio to to mark
Slide 114: Expansion into South Korea with YuhanCare
We have successfully expanded into South Korea in close cooperation with D A Y YuhanCare acting as our exclusive distributor I N V E S T O R For personal use only IMF-led launch into South Korea Monthly IMF volume has increased 2 0 2 1 • In December 2019, a2MC successfully launched Stages 1-3 IMF in
Slide 115: Several markets prioritised for evaluation
D A Y Several markets have been prioritised for further evaluation I N V E S T O R For personal use only 2 0 2 1 Vietnam Indonesia Malaysia & Singapore • Rapid economic growth is • Affluent population forecast • Smaller than other SEA projected to bolster affluent to grow from ~12% to ~21% markets i
Slide 116: Key takeaways
D A Y Key takeaways I N V E S T O R For personal use only 2 0 2 1 We continue to prioritise core growth, with IMF to China remaining our biggest focus A broader product range allows us to “grow-up” with existing consumers, leverage our brand to acquire new consumers, and bring further value to our r
Slide 117: ANZ
D A Y I N V E S T O R For personal use only 2 0 2 1 ANZ Kevin Bush (Executive General Manager - ANZ) 115
Slide 118: Summary of key messages
D A Y Summary of key messages I N V E S T O R For personal use only 1• The Australian fresh milk market is mature, with total volume declining over recent years and 2 0 2 1 growth primarily in specialty segments 2• Despite overall market decline, a2 Milk™ has consistently grown ahead of the market,
Slide 119: Australian supermarket milk market
D A Y Australian supermarket milk market consists of fresh milk and long life milk I N V E S T O R For personal use only Fresh Milk Market ($1,923M sales) Long Life Milk ($757M sales) 2 0 2 1 117 Source: IRI Australian Grocery Weighted Scan for the 12-months ending 30 June 2021
Slide 120: Australian fresh milk market small declines
The Australian fresh milk market has experienced some small declines over D A Y recent years I N V E S T O R For personal use only However, grocery sales up in FY21 Overall, fresh milk volume in decline due to COVID-19 2 0 2 1 118 Source: Dairy Australia December 2020; IRI Australian Grocery Weighte
Slide 121: a2 Milk, plant-based and lactose-free gaining share
D A Y a2 Milk™, plant-based and lactose-free have been gaining share I N V E S T O R For personal use only Key consumer trends 2 0 2 1 Lactose-free milk • Lactose-free growth driven by an increase in the number of people being diagnosed (self or medically-diagnosed) as lactose intolerant (+14.8% YoY
Slide 122: Fresh milk sales grown ahead of the market
D A Y Our fresh milk sales have grown ahead of the market I N V E S T O R For personal use only a2MC sales growth year on year Resulting in significant market share gains 2 0 2 1 a2MC is the only brand that is distributed in all major national retail chains TM 120 Source: a2MC Internal Data, IRI Aus
Slide 123: Australian sales skew to supermarket channel
D A Y Australian sales skew to the supermarket channel in NSW and VIC I N V E S T O R For personal use only a2MC FY21 sales by type, pack, channel a2MC value share by state 2 0 2 1 121 Source: IRI Australian Grocery Weighted Scan for the 12-months ending 30 June 2021
Slide 124: Progress in NZ with licensed product to Anchor
D A Y We are also making progress in NZ with our licensed product to AnchorTM I N V E S T O R For personal use only a2 MilkTM brought to NZ by AnchorTM retail sales (NZD) 2 0 2 1 Launched in July 2018 Note: a2MC receives licensing fees from this partnership and does not account for the sales 122 Sou
Slide 125: Brand health remains strong
D A Y Our brand health remains strong I N V E S T O R For personal use only High brand awareness …and high brand loyalty 2 0 2 1 a2MC prompted brand awareness 83% 79% 81% 82% 77% 78% 71% 63% 47% 43% 37% 123 Source: EY Sweeney research December 2020 (n= 2000 respondents)
Slide 126: Strong share of voice
D A Y We have a strong share of voice linked to ongoing investment I N V E S T O R For personal use only Our share of voice is high at 62% We continue to invest in key partnerships 2 0 2 1 Total a2MC share of voice 124 Source: Nielsen media totals by calendar year
Slide 127: Expanding our manufacturing network
D A Y We are investing to expand our manufacturing network I N V E S T O R For personal use only Smeaton Grange Kyabram 2 0 2 1 • Smeaton Grange is a2MC’s first liquid milk processing • In September 2020, a2MC acquired the Kyabram facility in our network based in New South Wales manufacturing facili
Slide 128: Expanding our ANZ product portfolio
D A Y We are reviewing opportunities to expand our ANZ product portfolio I N V E S T O R For personal use only 2 0 2 1 Continuously refine and invest in our brand to defend share and capture new consumers Protect and grow our fresh milk "hero" Build engine 2 Leverage our brand and credentials to exp
Slide 129: Introduced UHT into Australian market
D A Y We have recently introduced UHT into the Australian market I N V E S T O R For personal use only 2 0 2 1 a2MC has recently launched UHT a2 Milk™ in the Australian market A trial has been completed in a major retailer with a bulk pack of 24x200mL 1L UHT a2 Milk™ has been presented to other majo
Slide 130: Our ANZ strategic priorities
D A Y Our ANZ strategic priorities I N V E S T O R For personal use only Ambition Maintain the no.1 position in fresh milk with expansion into new categories 2 0 2 1 1 2 3 4 5 Maintain brand Increase household Drive product Invest in Expand capacity in our leadership penetration innovation sustainab
Slide 131: Key takeaways
D A Y Key takeaways I N V E S T O R For personal use only We have a very established and well-loved brand in Australia 2 0 2 1 Our production capacity is stretched but we are investing in expansion We have an opportunity to extend our brand outside our core fresh milk offer Our new restructure will
Slide 132: USA
For personal use only 130 USA Blake Waltrip (Chief Executive – USA) 2 0 2 1 I N V E S T O R D A Y
Slide 133: Summary of key messages
D A Y Summary of key messages I N V E S T O R For personal use only • While the USA has a very large premium milk market, it is highly competitive and there are a 2 0 2 1 1 number of scaled and well-known specialty milk brands • Our liquid milk net revenue declined in FY21 following a shift in execu
Slide 134: USA premium milk market is large
D A Y The USA premium milk market is large, with a number of scaled specialty brands I N V E S T O R For personal use only Premium ($4,328M sales) Regular ($14,136M sales) 2 0 2 1 ® *Fairlife is lactose-free and ultra-filtered 132 Source: SPINS US MULO
Slide 135: Category changing due to specialty players
D A Y The category is changing due to specialty players and shifting consumer trends I N V E S T O R For personal use only Regular milk declining except for COVID-19 bump and COVID-19 has led to significant specialty milk growing shifts in consumer behaviour 2 0 2 1 • Initially, COVID-19 caused in h
Slide 136: Reduced retail prices raised volume, lowered net revenue
In FY21, a2MC reduced its effective retail prices, which resulted in increased D A Y volume sales but a reduction in net revenue (also impacted by FX) I N V E S T O R For personal use only USA net revenue declined between FY20-FY21 Key drivers 2 0 2 1 On a constant • FY21 represented a shift in exec
Slide 137: USA sales driven by whole milk in Grocery
D A Y a2MC USA sales driven by whole milk in the Grocery channel I N V E S T O R For personal use only Unit sales by type Unit sales by channel Commentary 2 0 2 1 • The percentage of Club unit volume has decreased vs. prior year reducing our sales concentration with a single customer • The majority
Slide 138: Distribution approaching optimal ~30K stores
D A Y Our distribution is approaching an optimal productive level of ~30K stores I N V E S T O R For personal use only a2 Milk® is now in over 26K stores across This includes every major chain in the Grocery, the USA Mass and Natural channels of trade 2 0 2 1 136 Source: a2MC internal data
Slide 139: Brand health remains strong
D A Y Our brand health remains strong I N V E S T O R For personal use only Conversion has HH penetration Repeat purchasing at Awareness has increased 2 0 2 1 remained flat has increased category high levels a2 Milk® awareness (prompted) % a2 Milk® conversion % a2 Milk® household penetration % a2 Mi
Slide 140: Comparable equity measures; specialty brands also deliver
While a2 Milk® has comparable equity measures, it is clear that existing D A Y specialty brands are also delivering on consumer needs I N V E S T O R For personal use only Loyalty NPS Satisfaction 2 0 2 1 138 Source: Mindsight Research, US brand health quarterly tracking (n=2100)
Slide 141: High equity attributes among a2 Milk consumers
a2 Milk® continues to maintain high equity attributes amongst a2 Milk® D A Y consumers I N V E S T O R For personal use only 2 0 2 1 139 Source: Mindsight Research, US brand health quarterly tracking (n=2100)
Slide 142: Investing to build brand and household penetration
We continue to invest to both build our brand and increase household D A Y penetration I N V E S T O R For personal use only Drive targeted awareness Educate on brand benefits Win in store 2 0 2 1 • New breakthrough campaign • Leverage social and digital to drive • Leverage online grocery to drive •
Slide 143: Launched a2 Milk Half and Half
D A Y We have launched a2 Milk® Half and Half I N V E S T O R For personal use only • Total Half and Half market has annual sales of $1.1B and annual 2 0 2 1 growth of +5%; there is currently limited innovation in the category • Consumers are in search of a natural, easier on digestion Half and Half
Slide 144: Hershey's a2 Milk Partnership
D A Y We are excited to announce our Hershey’s a2 Milk® Partnership I N V E S T O R For personal use only • Hershey’s a2 Milk® partnership is the perfect combination to meet 2 0 2 1 consumers’ needs for health and taste • Total branded chocolate milk category has annual sales of $745M and YoY growth
Slide 145: Co-manufacturing supply chain has served us well
D A Y Our co-manufacturing supply chain has served us well I N V E S T O R For personal use only Commentary 2 0 2 1 Processing and • The US product portfolio is ESL (extended milk supply shelf life) milk that comes with an extended code date to adequately travel the market in the USA but must be ref
Slide 146: Our US strategic priorities
D A Y Our US strategic priorities I N V E S T O R For personal use only Ambition To be a top-5 premium milk brand with >10% EBITDA margin 2 0 2 1 1 2 3 4 5 Educate consumers on Increase conversion Continue to drive Extend brand into Explore participation the a2 Milk® difference and household in-stor
Slide 147: Key takeaways
D A Y Key takeaways I N V E S T O R For personal use only We are continuing to drive growth in the USA despite 2 0 2 1 COVID-19 unwind impact on overall market growth Growth is supported by ongoing brand development with penetration, awareness and repeat purchasing having momentum We are expanding i
Slide 148: Mataura Valley Milk
D A Y I N V E S T O R For personal use only 2 0 2 1 M ATA U R A VA L L E Y M I L K Bernard May (Chief Executive – MVM) 146
Slide 149: a2MC acquired 75% of Mataura Valley Milk
D A Y a2MC acquired 75% of Mataura Valley Milk (MVM) in July 2021 I N V E S T O R For personal use only • MVM is a world-class dairy nutritionals manufacturing facility located in 2 0 2 1 Southland, New Zealand • The MVM plant is a purpose built nutritionals facility with unique design features – on
Slide 150: Strategic rationale for MVM acquisition
D A Y Strategic rationale for a2MC acquisition of MVM I N V E S T O R For personal use only • A unique opportunity to acquire a new world-class nutritional manufacturing capability 2 0 2 1 • Existing supply agreements with local farmers engaged to supply the highest quality milk and significantly tr
Slide 151: MVM short-term outlook challenging
D A Y MVM short-term outlook will be challenging; utilisation will increase over time I N V E S T O R For personal use only Short-term outlook for MVM to be more challenging than anticipated a2MC has a plan to increase MVM utilisation over time 2 0 2 1 • MVM’s IMF customers have been • MVM currently
Slide 152: Supply & Operations
D A Y I N V E S T O R For personal use only 2 0 2 1 S U P P LY & O P E R AT I O N S Shareef Khan (Chief Operations Officer) 150
Slide 153: Acquisition of MVM evolves supply chain and operations
Acquisition of MVM marks the continued evolution of a2MC’s supply chain D A Y and operations I N V E S T O R For personal use only 2 0 2 1 Greater China North America Products sold into Three processors China sourced located across the US predominantly from NZ to support our national and distributed
Slide 154: Evolving operations to support business objectives
D A Y We continue to evolve our operations to support business objectives I N V E S T O R For personal use only 2 0 2 1 Capital Smart Quality systems & Inventory management Australia & New Approach processes & traceability Zealand sourcing • Innovative approach to • Strict focus on quality • Impleme
Slide 155: Optimising end-to-end supply chain
D A Y We are working to optimise our end-to-end supply chain I N V E S T O R For personal use only Indicative IMF inventory flow 2 0 2 1 Synlait a2MC Tier 1 Tier 2+ ownership ownership ownership ownership CL – MBS & QA Release Transit Time CSF DT/TP SUB-DISTRIBUTORS/ RETAILERS/ DOL EC PLATFORMS EL –
Slide 156: Managing COVID-19 operational challenges
D A Y We are currently managing COVID-19 related operational challenges I N V E S T O R For personal use only Challenges What we are doing to manage this • Complying with all local Government COVID-19 requirements 2 0 2 1 New COVID-19 • Engaging proactively with our suppliers on potential COVID-19 i
Slide 157: Finance & IT
D A Y I N V E S T O R For personal use only 2 0 2 1 FINANCE & IT Race Strauss (Chief Financial Officer) 155
Slide 158: Finance and IT priorities
D A Y Our Finance and IT priorities largely focus on enabling decision support I N V E S T O R For personal use only 2 0 2 1 Improving data and We are improving our data availability, analytics and insights to help drive results in the business insight capability Expand finance We are expanding our
Slide 159: FY22 trading update
D A Y FY22 trading update I N V E S T O R For personal use only • There is no material change to the FY22 position as outlined at the FY21 August results announcement – however, we are seeing a different mix of our business, favouring English label IMF 2 0 2 1 • English label IMF sales in 1Q22 were
Slide 160: Strong balance sheet to support growth initiatives
Strong and robust balance sheet to support growth initiatives ahead of returning D A Y capital to shareholders I N V E S T O R For personal use only Operating cash flow generation 2 0 2 1 Capital funding Grow the core business in existing markets Expand the boundaries Balance sheet strength and flex
Slide 161: Q&A
For personal use only 159 Q&A 2 0 2 1 I N V E S T O R D A Y
Slide 162: Key takeaways
D A Y Key takeaways I N V E S T O R For personal use only • The market landscape has experienced unprecedented change over the past 12 months, requiring us to adapt 2 0 2 1 • As a result, we have adapted our growth strategy to achieve the full potential of our business • Importantly, our brand is st
Slide 163: Adapting for Growth – Investor Day 2021
D A Y I N V E S T O R For personal use only ADAPTING 2 0 2 1 FOR GROWTH INVESTOR DAY 27 OCTOBER 2021 THE a2 MILK COMPANY LIMITED