Half Year 2020 Freedom Foods Group Ltd Earnings Call Transcript
Good morning, everyone, and thank you for joining us to walk through the 2020 half year financial results for Freedom Foods Group.
First point I'd note, in any mention of financials today, we are excluding the impact of the lease accounting standard. So we're talking to a comparable number basis to the prior periods. And for any questions on the lease accounting standard, we'll refer that back to the company, given its unusual complexity and changes to people's earnings and balance sheet.
So moving forward, a couple of key highlights. Net sales increased 43% to a bit under $300 million, a fairly substantial increase from the prior year period. Operating EBITDA, which is a key measure for us, increased 55% to $32.7 million, an increase of $11.7 million. Importantly, a key focus area, gross margins increased to 27.1% from 24.7% in the prior period. Our operating net profit after tax increased 42% to $9.1 million. And our statutory net profit rose 45% to $5.4 million after abnormals and noncash expenses, and
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