The a2 Milk Company Cash Flow Statement

Financials in millions NZD. Fiscal year is July - June.

Millions NZD. Fiscal year is Jul - Jun.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '25 Jun 30, 2025	Jun '24 Jun 30, 2024	Jun '23 Jun 30, 2023	Jun '22 Jun 30, 2022	Jun '21 Jun 30, 2021
Net Income	202.89	167.58	155.64	122.62	80.66
Depreciation & Amortization	26.34	32.2	18.2	17.69	7.39
Other Amortization	-	-	-	1.24	0.07
Loss (Gain) From Sale of Assets	-	0.06	-	-	0.08
Stock-Based Compensation	13.55	10.73	17.13	11.7	1.84
Other Operating Activities	-13.67	-11.16	-12.71	-16.67	-22.07
Change in Accounts Receivable	-14.18	1.15	4.29	-3.56	5.42
Change in Inventory	40.54	13.79	-53.4	-19.68	35.13
Change in Accounts Payable	6.54	40.22	-71.63	69.5	-15.82
Change in Unearned Revenue	-	-	-	-	0.97
Change in Income Taxes	-4.55	8.04	42.85	41.81	-32.76
Change in Other Net Operating Assets	-55.98	-6.86	10.91	-20.85	28.52
Operating Cash Flow	201.48	255.74	111.28	203.8	89.42
Operating Cash Flow Growth	-21.22%	129.81%	-45.40%	127.93%	-79.08%
Capital Expenditures	-3.66	-17.02	-10.07	-4.94	-5.67
Cash Acquisitions	-	-	-	-213.75	-
Sale (Purchase) of Intangibles	-0.31	-3.51	-0.34	-0.23	-1.64
Sale (Purchase) of Real Estate	-5.51	-14.41	-3.54	-1.07	-17.22
Investment in Securities	-82.8	-2.21	-	-450	-39.84
Investing Cash Flow	-92.28	-37.14	-13.94	-669.99	-64.37
Long-Term Debt Issued	39	-	-	27	-
Long-Term Debt Repaid	-5.73	-49.81	-29.37	-4.09	-3.23
Net Debt Issued (Repaid)	33.27	-49.81	-29.37	22.91	-3.23
Issuance of Common Stock	-	-	-	0.05	2.21
Repurchase of Common Stock	-	-	-149.06	-13.31	-
Common Dividends Paid	-61.54	-	-	-	-
Other Financing Activities	-	-	-	-0.01	-0.02
Financing Cash Flow	-28.28	-49.81	-178.43	9.64	-1.04
Foreign Exchange Rate Adjustments	0.31	-2.09	-3.99	18.7	-3.03
Net Cash Flow	81.23	166.71	-85.07	-437.84	20.97
Free Cash Flow	197.82	238.72	101.21	198.86	83.74
Free Cash Flow Growth	-17.14%	135.86%	-49.10%	137.47%	-80.14%
Free Cash Flow Margin	10.42%	14.27%	6.36%	13.77%	6.95%
Free Cash Flow Per Share	0.27	0.33	0.14	0.27	0.11
Cash Interest Paid	2.69	3.44	3.66	1.38	0.7
Cash Income Tax Paid	101.03	75.63	34.91	23.03	97.81
Levered Free Cash Flow	151.04	198.07	75.41	197.82	102.2
Unlevered Free Cash Flow	153.68	200.82	78.52	199.36	102.64
Change in Working Capital	-27.62	56.34	-66.97	67.22	21.45

Source: S&P Global Market Intelligence. Standard template. Financial Sources.