Synlait publishes Half Year 2020 Result

Synlait Milk Limited (Synlait) today reported its financial results for the six months ended 31 January 2020. HALF YEAR 2020 FINANCIALS AT A GLANCE o Revenue up 19% to $559 million o Earnings before interest, taxes, depreciation and amortisation (EBITDA) in line with HY19 at $67.6 million o Sales of consumer-packaged infant formula increased 22% to 21,571 MT o Net profit after tax (NPAT) down 30% reflecting higher depreciation and interest costs as we invest for growth. Due to month-end shipping challenges, we fell slightly below our guidance range. This is a timing issue and has no impact on FY20 guidance FY20 GUIDANCE UPDATE Synlait reiterates it remains comfortable with its full year 2020 earnings guidance range, which was updated in February 2020. CONFERENCE CALL DETAILS Synlait will hold a briefing on the company's results at 10:00am NZST/8:00 AEST time. Participants can register for the conference call at: https://s1.c-conf.com/diamondpass/10003443-invite.html Please note that registered participants will receive their dial in number upon registration for the call. We encourage you to register ahead of time. A transcript and recording of the conference call will be available on the investor centre of our website afterwards. PLEASE FIND ATTACHED THE FOLLOWING DOCUMENTS: o Synlait HY20 Shareholder Newsletter o Synlait HY20 Investor Presentation o Synlait HY20 Financial Statements for six months ending 31 January 2020 o NZX HY20 results template FIND OUT MORE INFORMATION AND CONTACT DETAILS For more information about Synlait visit www.synlait.com or contact: Media Linda Chalmers, Senior Communications Advisor - External P: +64 21 951 347 E: linda.chalmers@synlait.com Investors Hannah Lynch Corporate Affairs Manager P: +64 21 252 8990 E: hannah.lynch@synlait.com End CA:00350214 For:SML Type:HALFYR Time:2020-03-19 08:30:56