Timeline of Events:

19 August 2020:

a2 Milk Annual Report 30 June 2020

FY21 Outlook – the company anticipated strong revenue growth with an expected EBITA margin between 30% and 31%

28 September 2020: Updated FY21 Outlook

  • Acknowledgement that the contraction in the daigou channel is beyond the Company’s previous expectations with ANZ revenue anticipated to be materially below plan for the first half of FY21.

  • Outlook for FY21 revenue was $1.8b and $1.9b with an EBITDA margin for FY21 will be 31%

18 December 2020: Updated 1H21 & FY21 guidance

The company announced a downgrade to its revenue forecast and announces EBITDA margin for FY21 is now expected to be between 26% and 29%

25 February 2021: 1H21 Results and Interim Report

The company announced that it expected FY21 group revenue to be around $1.4b with group EBITDA margin of 24% to 26%.

10 May 2021:

Trading update and revised FY21 outlook

The company announced a significant downgrade to revenue for FY21: $1.2b - $1.25b; EBITDA margin expected to be between 11% and 12%.

Share Price Movement:

Share price of ATM in NZ$ as per NZX Price History

Announcement Date:
Closing Share Price $NZ 

19 August 2020

28 September 2020

$16.65

18 December 2020

$11.00

25 February 2021

$9.34

10 May 2021

$6.62

$20.35