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The a2 Milk Company Limited (ASX: A2M) - Financials

Current share price for A2M : $5.590 0.14 (2.44%)

The A2 Milk Company Limited (A2M) is engaged in the sale of branded products in targeted markets made with milk from cows that produce milk naturally containing only the A2 protein type. The A2 Milk Company is a dairy nutritional's company, fuelled by its purpose to pioneer the future of dairy for good. The Company produces a portfolio of products made with milk from specially selected cows that naturally produce milk containing only the A2 beta casein protein type and no A1.

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A2M Per Share

Year to Jun Sales Cashflow Earnings Dividends Franking Book Value Average
Annual P/E		 Relative P/E Shareholder Return
2023 $1.98 13.9 ¢ 19.4 ¢ 0 ¢ 0% $1.46 29.5 194.6% 11.4%
2022 $1.75 24.7 ¢ 14.9 ¢ 0 ¢ 0% $1.43 37.3 224.8% -26.8%
2021 $1.51 11.2 ¢ 11.4 ¢ 0 ¢ 0% $1.36 106 897.1% -67.8%

A2M Capital Structure

Total Debt Interest Long Term Debt Percent Debt Preferred Stock Share Equity Percent Equity
$93,290 $4,679.00 $75,666 7% $0.00 $1,052,853 93%
Note: All dollars in thousands ('000) for the table above

A2M Historical Financials

2023 2022 2021
Revenue ($M) 1,462 1,302.1 1,121.5
Operating Margin (%) 13.8 13.6 11.1
Depreciation ($M) -15.7 -15.9 -6.8
Amortisation ($M) -1 -1
Net Profit Before Abs ($M) 143 110.6 84.7
Net Profit After Abs ($M) 143 110.6 75.1
Income Tax Rate (%) 35 36.7 32.4
Net Profit Margin (%) 9.8 8.5 7.5
Employees ($T) 0.2 0.2
Long Term Debt ($M) 75.7 72.5 12
Shareholders Equity ($M) 1,052.9 1,064.6 1,008.8
Return on Capital (%) 13 10 8
Return on Equity (%) 13.6 10.4 8.4
Payout Ratio (%)

A2M Cashflow

2023 2022 2021
Customer Receipts ($M) 1,488 1,291 1,165
Net Operating Cashflow ($M) 102.3 183.8 83.2
Net Investing Cashflow ($M) -13 -604 -60
Net Financing Cashflow ($M) -164 9 -1

A2M Market & Earnings

2023 2022 2021
Market Cap ($M) 3,530 3,265 4,460
Net Gearing (%) -61 -63.9 -79.2
Net Interest Cover (%) -9.3 -44.6 -39.27
Dividend Yield (%)
NTA Per Share ($) 1.32 1.3 1.34
EBITDA ($M) 201.6 177.1 124.6
EBIT ($M) 184.9 160 117.7
EBT Before Abs ($M) 204.8 163.6 120.7

A2M Balance Sheet

2023 2022 2021
Cash ($M) 737.1 800.2 814.5
Debtors ($M) 53 60.7 44.4
Other Debtors ($M) 19.8 14.6 16.3
Prepayments ($M) 42 49.2 25.9
Inventories ($M) 177.7 126.3 104.4
Current Investments ($M) 1.41
Other Current Assets ($M) 5.27 15.3
Total Current Assets ($M) 1,031 1,056 1,021
Receivables ($M)
Inventories ($M)
Property, Plant & Equipment ($M) 285.7 260.3 45.9
Accumulated Depreciation ($M) -44.4 -28.9 -15.7
Intangibles ex. Goodwill ($M) 5.58 6.18 6.48
Goodwill ($M) 94.04 92.41 7.61
Future Income Tax Benefit ($M) 26.3 23.2 49.4
Non-Current Investments ($M) 82.7 136.1 162.3
Other Non-Current Assets ($M) 1.86
Total Non-Current Assets ($M) 449.9 491.2 256
Total Assets ($M) 1,481 1,547 1,277
Accounts Payable ($M) 287.8 339.2 247.8
Provisions ($M) 43 15.3
Short Term Debt ($M) 17.62 39.61 3.4
Other Current Liabilities ($M) 2.86 4.42
Total Current Liabilities ($M) 348.4 397 255.6
Creditors ($M) 0.39 0.38 0.48
Long Term Debt ($M) 75.7 72.5 12
Provisions ($M) 0.22 0.79
Other Non-Current Liabilities ($M)
Total Non-Current Liabilities ($M) 76.3 73.7 12.4
Total Liabilities ($M) 424.7 470.7 268.1
Share Capital ($M) 0.09 134.52 138.78
Reserves ex. Share Premium ($M) -163.1 -123 -102.5
Share Premium Reserve ($M)
Retained Profits ($M) 1,215.8 1,053 972.5
Other Shareholders Equity ($M)
Convertible Equity ($M)
Outside Equity Interest ($M) 3.38 12.25
Total Shareholders Equity ($M) 1,056 1,077 1,009

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