2018 Half Year Result

Scott Technology Limited
630 Kaikorai Valley Road
Private Bag 1960
Dunedin 9054
New Zealand
+64 3 478 8110
www.scott.co.nz

©Scott Technology Limited

5 April 2018


Listed Company Relations
New Zealand Exchange Limited
PO Box 2959
Wellington


Dear Sir/Madam


COMMENTARY ON HALF YEAR REPORT TO 28 FEBRUARY 2018


The Directors are pleased to report the company has achieved a surplus before tax of $4.8 million for
the six months ended 28 February 2018, an increase of 13% on the $4.2 million recorded for the first
half of the 2017 financial year.

For this six months, the company’s EBITDA of $6.4m is an increase of 25% over the previous
corresponding period’s $5.1m delivering 4.2 cents earnings per share, an increase of 27% over the
3.3 cents per share in 2017. Total revenue of $67.5m is a 19% increase on the $56.7m recorded in
2017. The growth experienced during this half year has been driven from organic activities, through
uptake of the company’s own developed technologies, and continues the trend set in the prior year.

Scott Technology continues to see strong demand for our automation and robotics technology and
capability. A strong order intake over recent months has pushed forward work for large projects to a
record high and we anticipate operating at near full capacity providing the confidence to continue to
expand our capabilities in certain areas. As part of this, our plans for the Dunedin site expansion are
complete, awaiting final building consents.

Recent acquisitions have been successfully integrated with the global team working effectively as one.
The recent announcement and pending completion of the acquisition of Alvey Europe supports our
strategy to grow our skill base and to establish critical mass in our key markets.

The operating cash outflow of $2.6m reflects increased inventory and billings driven by growth, along
with our position where the company is at the early stage of our significant forward work. Our strong
balance sheet with cash of $21.7m, has been utilised to support substantial growth and we expect this
to continue as we enter our next growth phase.


Review of Operations

Our operating margins for the half year ended 28 February 2018 were ahead of those reported for the
first half of 2017. For the six months to February 2018, EBITDA margin was 9.5%, an increase from
the 9.0% recorded in the six months to February 2017.

Major growth during the period occurred within the company’s activities in the Americas, Asia and
Europe. Collectively, revenue across these geographies increased 74% to $20.1m. This international
growth is underpinned by the continued rollout of our Bladestop bandsaw safety technology beyond
Australasia and further supported by strong demand for our automated systems in Germany, China,
and the USA. Operating profit in the Americas increased 20%, while Asia and Europe moved from a
loss to a $0.3m profit. We see exciting prospects for Europe for both organic growth and with the
additional opportunities provided by the pending Alvey acquisition.

©Scott Technology Limited

During the year we achieved a major milestone with our first complete system design and build in
China. This has provided the confidence to take on further complete system builds in the current year.

In Australia and New Zealand our operating margins improved slightly on revenues that increased 5%
over the previous corresponding period. Growth in the sale and uptake of our meat processing
technologies is expected to accelerate in the second half of the year following a longer than expected
completion time for previous projects and a period of reduced activity in Australia caused in part by the
ongoing discussions and uncertainty over the Red Meat Industry roll out of DEXA systems into all
Ausmeat accredited facilities.

During the first half of this year we commenced substantial development projects for our meat
processing customers, including a start in the Pork and Poultry sector in addition to Beef and Lamb.

Our research and development activities underpin our ongoing growth and are undertaken, both alone
and with customer, industry or Government support. The commitment to develop technologies and
capabilities is significant and spread across all areas of the business.


Dividend

The Directors have declared an interim dividend of 4.0 cents, unchanged from 2017. The dividend will
be fully imputed, payable on 24 April 2018 and the Dividend Reinvestment Plan will apply.


Looking Ahead

With a full order book providing momentum into the second half of the 2018 year, and the contribution
expected from the acquisition of Alvey, the Directors are confident that building on strong foundations
will deliver growth in line with our strategic intent.

The company continues to see strong demand for our skills and capabilities and this, combined with
commercialisation of the company’s technologies, will underpin organic growth. The Directors and
management are confident that adding acquisition growth to organic growth will provide strong value
propositions for all stakeholders.



Yours faithfully




Stuart McLauchlan Chris Hopkins
Chairman Managing Director
Ph +64 3 477 8192 Ph +64 3 478 8110



About Scott
At Scott we automate the future. The production line machinery we design and build deliver productivity
gains and exceptional reliability to many of the world’s leading manufacturers. We also go a step beyond
engineering production solutions to actually revolutionising entire industries – using robotics to automate
manual processes and create genuine competitive advantage.

For over 100 years Scott has looked to tomorrow and rapidly responded to shifting needs. Today, we have
production bases in the United States, Germany, China, Australia and New Zealand, customers in 88
countries, and a real commitment to developing new technology and bringing it to market. Across everything
we do you will discover true quality, advanced engineering and a renowned design aesthetic.

Scott. Quality that lasts. Quality that inspires.

---

SCOTT TECHNOLOGY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
For the Six Months Ended 28 February 2018
6 mths 6 mths 12 mths
28 Feb 18 28 Feb 17 31 Aug 17
(Unaudited) (Unaudited) (Audited)
$’000s $’000s $’000s

Revenue 67,472 56,670 132,631
Other income 840 126 1,935
Share of joint ventures’ net surplus/(deficit) 115 (31) 220

Raw materials, consumables used and other expenses (39,308) (32,976) (77,340)
Employee benefits expense (22,729) (18,686) (40,143)
────── ─────── ───────
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION 6,390 5,103 17,303
AND AMORTISATION (EBITDA)

Depreciation and amortisation (1,772) (1,205) (2,987)
Finance costs (71) (40) (67)
Interest received 213 353 664
────── ─────── ───────
NET SURPLUS BEFORE TAXATION 4,760 4,211 14,913

Taxation expense (1,605) (1,324) (4,648)
────── ─────── ───────
NET SURPLUS FOR THE PERIOD AFTER TAX 3,155 2,887 10,265
══════ ═══════ ═══════

Other Comprehensive Income
Translation of foreign operations 228 (172) (607)
────── ────── ──────
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD NET OF TAX 3,383 2,715 9,658
══════ ══════ ══════

Net surplus for the period is attributable to:
Members of the parent entity 3,142 2,498 9,890
Non controlling interest 13 389 375
────── ─────── ───────
3,155 2,887 10,265
══════ ═══════ ═══════

Total comprehensive income is attributable to:
Members of the parent entity 3,370 2,326 9,283
Non controlling interest 13 389 375
────── ────── ──────
3,383 2,715 9,658
══════ ══════ ══════



Cents Per Ordinary Share

Earnings (attributable to members of the parent entity):
Basic 4.2 3.3 13.2
Diluted 4.2 3.3 13.2

Net tangible assets:
Basic 76.9 65.9 73.5
Diluted 76.9 65.9 73.5

SCOTT TECHNOLOGY LIMITED
STATEMENT OF CHANGES IN EQUITY
For the Six Months Ended 28 February 2018






Six Months Ended 28 February 2018

Fully Paid
Ordinary

Shares
(Unaudited)
$’000s


Retained
Earnings
(Unaudited)
$’000s
Foreign
Currency
Translation
Reserve
(Unaudited)
$’000s

Non
Controlling
Interest
(Unaudited)
$’000s



Total
(Unaudited)
$’000s


Balance at 31 August 2017 71,312 28,064 (2,267) 47 97,156
Net surplus for the period after tax - 3,142 - 13 3,155
Other comprehensive income for the
period net of tax

-

-

228

-

228
Dividends paid (6.0 cents per share) - (4,481) - - (4,481)
Issue of ordinary shares under dividend
reinvestment plan 2,557
- - - 2,557
Balance at 28 February 2018
73,869 26,725 (2,039) 60 98,615






Six Months Ended 28 February 2017

Fully Paid
Ordinary
Shares
(Unaudited)
$’000s


Retained
Earnings
(Unaudited)
$’000s
Foreign
Currency
Translation
Reserve
(Unaudited)
$’000s

Non
Controlling
Interest
(Unaudited)
$’000s



Total
(Unaudited)
$’000s


Balance at 31 August 2016 71,312 24,279 (1,660) 669 94,600
Net surplus for the period after tax - 2,498 - 389 2,887
Other comprehensive income for the
period net of tax

-

-

(172)

-

(172)
Dividends paid (5.5 cents per share) - (4,107) - - (4,107)
Acquisition of minority interest in
subsidiary - 990 - (997) (7)
Balance at 28 February 2017
71,312 23,660 (1,832) (61) 93,201







Twelve Months Ended 31 August 2017

Fully Paid
Ordinary
Shares
(Audited)
$’000s


Retained
Earnings
(Audited)
$’000s
Foreign
Currency
Translation
Reserve
(Audited)
$’000s

Non
Controlling
Interest
(Audited)
$’000s



Total
(Audited)
$’000s


Balance at 31 August 2016 71,312 24,279 (1,660) 669 94,600
Net surplus for the year after tax - 9,890 - 375 10,265
Other comprehensive income for the year
net of tax

-

-

(607)

-

(607)
Dividends paid (9.5 cents per share) - (7,095) - - (7,095)
Acquisition of minority interest in
subsidiary

-

990

-

(997)

(7)
Balance at 31 August 2017
71,312 28,064 (2,267) 47 97,156

SCOTT TECHNOLOGY LIMITED
BALANCE SHEET
As at 28 February 2018
6 mths 6 mths 12 mths
28 Feb 18 28 Feb 17 31 Aug 17
(Unaudited) (Unaudited) (Audited)
$’000s $’000s $’000s
CURRENT ASSETS
Cash and cash equivalents 21,682 32,810 26,670
Trade debtors 20,053 13,540 17,833
Other financial assets 419 472 144
Sundry debtors and prepayments 2,429 1,037 947
Inventories 19,214 10,660 16,272
Contract work in progress - - 4,108
Receivable from joint ventures and associates 2,224 1,863 1,909
Plant and equipment held for sale 345 - 345
─────── ────── ───────
66,366 60,382 68,228
NON CURRENT ASSETS
Property, plant and equipment 14,071 12,415 14,249
Capital work in progress 254 - 319
Investment in joint ventures and associates 1,232 890 1,118
Goodwill 29,987 29,911 29,987
Deferred tax asset 90 2,206 969
Receivable from joint ventures and associates - 137 -
Intangible assets 10,536 11,873 11,311
─────── ─────── ───────
56,170 57,432 57,953
─────── ─────── ───────
TOTAL ASSETS 122,536 117,814 126,181
═══════ ═══════ ═══════
CURRENT LIABILITIES
Trade creditors and accruals 8,680 9,406 16,590
Finance lease liabilities 20 32 30
Other financial liabilities 210 182 1
Employee entitlements 5,323 3,316 4,272
Provision for warranty 1,291 1,096 1,300
Payable to joint ventures 1,167 214 547
Taxation payable 2,152 1,686 3,691
Contract work in progress 3,447 2,310 -
Current portion of deferred settlement of intangible
asset purchase - 1,066 -
─────── ─────── ───────
22,290 19,308 26,431
NON CURRENT LIABILITIES
Employee entitlements 1,612 2,067 2,568
Finance lease liability 19 40 26
Non current portion of deferred settlement of intangible
asset purchase - 3,198 -
─────── ─────── ───────
1,631 5,305 2,594
EQUITY
Share capital 73,869 71,312 71,312
Retained earnings 26,725 23,660 28,064
Foreign currency translation reserve (2,039) (1,832) (2,267)
────── ──────── ────────
Equity attributable to equity holders of the parent 98,555 93,140 97,109
Non controlling interest 60 61 47
────── ──────── ────────
TOTAL EQUITY 98,615 93,201 97,156
────── ──────── ────────
TOTAL LIABILITIES & EQUITY 122,536 117,814 126,181
══════ ════════ ════════

SCOTT TECHNOLOGY LIMITED
STATEMENT OF CASHFLOWS
For the Six Months Ended 28 February 2018
Notes 6 mths 6 mths 12 mths
28 Feb 18 28 Feb 17 31 Aug 17
(Unaudited) (Unaudited) (Audited)
$’000s $’000s $’000s

CASH FLOWS FROM OPERATING ACTIVITIES

Cash was provided from/(applied to):
Receipts from operations 73,307 60,576 126,908
Interest received 213 353 664
Net GST received/(paid) (230) 531 (65)
Payments to suppliers and employees (73,547) (49,023) (111,365)
Interest paid (71) (40) (67)
Taxation paid (2,265) (2,153) (2,668)
─────── ─────── ───────
Net cash inflow/(outflow) from operating activities 2 (2,593) 10,244 13,407

CASH FLOWS FROM INVESTING ACTIVITIES

Cash was provided from/(applied to):
Purchase of property, plant, equipment and intangible assets (797) (6,790) (12,976)
Sale of property, plant and equipment 39 90 337
Advance from joint ventures 305 (306) (293)
Repayment of advance to Employee Share Purchase Scheme - - 2
Purchase of business - - (375)
Purchase of non controlling interest in subsidiary - (550) (550)
────── ────── ──────
Net cash outflow from investing activities (453) (7,556) (13,855)

CASH FLOWS FROM FINANCING ACTIVITIES

Cash was provided from/(applied to):
Repayment of borrowings (18) (15) (31)
Dividends paid (4,481) (4,107) (7,095)
Issue of share capital under Dividend Reinvestment Plan 2,557 - -
─────── ─────── ───────
Net cash outflow from financing activities (1,942) (4,122) (7,126)
─────── ─────── ───────
Net decrease in cash held (4,988) (1,434) (7,574)

Add cash and cash equivalents at beginning of the period 26,670 34,244 34,244
─────── ─────── ───────
Balance at end of the period 21,682 32,810 26,670
═══════ ═══════ ═══════

Comprised of:
Cash and cash equivalents 21,682 32,810 26,670
═══════ ═══════ ═══════

SCOTT TECHNOLOGY LIMITED
NOTES TO AND FORMING PART OF THE INTERIM FINANCIAL STATEMENTS
For the Six Months Ended 28 February 2018

1. FINANCIAL STATEMENTS

Statement of Compliance

The unaudited interim financial statements have been prepared in accordance with Generally Accepted
Accounting Practice in New Zealand (“NZ GAAP”). They comply with New Zealand equivalents to International
Financial Reporting Standard 34 (“NZ IAS-34”) “Interim Financial Reporting” and other applicable financial
reporting standards as appropriate for profit orientated entities. Compliance with NZ IAS-34 ensures compliance
with International Accounting Standard 34 “Interim Financial Reporting”.

These financial statements have been prepared using the same accounting policies as the previously published
annual financial statements as at 31 August 2017. These interim financial statements should be read in
conjunction with the policies disclosed in the annual financial statements.

2. NOTES TO THE CASHFLOW STATEMENT
6 mths 6 mths 12 mths
28 Feb 18 28 Feb 17 31 Aug 17
(Unaudited) (Unaudited) (Audited)
$’000s $’000s $’000s

Net surplus for the period 3,155 2,887 10,265

Adjustments for non-cash items:
Depreciation and amortisation 1,772 1,205 2,987
Net loss/(gain) on sale of property, plant and equipment 6 - (73)
Deferred tax 879 (603) 201
Share of net deficit/(surplus) of joint ventures and associates (115) 31 (220)
Impairment of net assets (QMT Machinery Technology
(Qingdao) Co Limited) - - (936)

Add/(less) movement in working capital:
Trade debtors (2,220) 2,293 (2,000)
Other financial assets - derivatives (275) 1,004 1,332
Sundry debtors and prepayments (1,482) 88 174
Inventories (2,942) 1,683 (3,929)
Contract work in progress 7,555 1,173 (5,245)
Taxation payable (1,539) (226) 1,779
Trade creditors and accruals (7,910) 1,044 8,228
Other financial liabilities - derivatives 209 (440) (619)
Employee entitlements 95 (262) 1,195
Provision for warranty (9) (4) 200

Movements in working capital disclosed in
investing/financing activities:
Movement in foreign exchange translation reserve relating to
working capital 228 (172) (607)
Working capital relating to business purchases/amalgamation - - 675
Working capital relating to purchase of non controlling interest - 543 -
─────── ─────── ───────
Net cash inflow from operating activities (2,593) 10,244 13,407
═══════ ═══════ ═══════

SCOTT TECHNOLOGY LIMITED
NOTES TO AND FORMING PART OF THE INTERIM FINANCIAL STATEMENTS
For the Six Months Ended 28 February 2018

3. CONTINGENT LIABILITIES
6 mths 6 mths 12 mths
28 Feb 18 28 Feb 17 31 Aug 17
(Unaudited) (Unaudited) (Audited)
$’000s $’000s $’000s

Payment guarantees and performance bonds 15,068 3,550 7,711
Stock Exchange bond 75 75 75
Rental bonds 265 16 -
Maximum contract penalty clause exposure 3,181 2,317 1,501

Payment guarantees are provided to customers in respect of advance payments received by the Group for
contract work in progress, while performance bonds are provided to some customers for a period of up to one year
from final acceptance of the equipment.

Scott Technology Limited has a payment bond to the value of $75,000 in place with ANZ Bank New Zealand
Limited in favour of the New Zealand Stock Exchange.

The Group has exposure to penalty clauses on its projects. These clauses relate to delivery criteria and are
common in international contractual agreements. There is a clearly defined sequence of events that needs to
occur before penalty clauses are imposed.



4. SEGMENT INFORMATION

4.1 Products and Services from which Reportable Segments Derive Their Revenues

The Group’s reportable segments under NZ IFRS-8 are:

 Australasia Manufacturing
 Americas Manufacturing
 Asia and Europe Manufacturing

Australasia is reported as a single segment due to the integrated nature of customers, manufacturing, sales and
financing activities across New Zealand and Australia.

Asia and Europe is reported as a single segment due to the integrated nature of customers, manufacturing and
sales activities across Asia and Europe.

Information regarding the Group’s reporting segments is presented below.

4.2 Segment Revenues and Results

The following is an analysis of the Group’s revenue and results by reportable segment. For the purposes of NZ
IFRS-8 allocations are based on the operating results by segment. The Group does not allocate certain resources
(such as senior executive management time) and central administration costs by segment for internal reporting
purposes and therefore these allocations may not result in a meaningful and comparable measure of profitability
by segment.

SCOTT TECHNOLOGY LIMITED
NOTES TO AND FORMING PART OF THE INTERIM FINANCIAL STATEMENTS
For the Six Months Ended 28 February 2018

4.2 Segment Revenues and Results (Cont)

Six Months Ended Australasia Americas Asia & Europe
28 February 2018 Manufacturing Manufacturing Manufacturing Unallocated Total
(Unaudited) $’000s $’000s $’000s $’000s $’000s

Revenue 47,367 11,381 8,724 - 67,472
═══════ ═══════ ═══════ ═══════ ═══════

Operating profit/(loss) 7,600 716 254 - 8,570
Depreciation and amortisation (1,242) (70) (217) (243) (1,772)
Share of net surplus/(deficit) of joint
ventures 110 42 (37) - 115
Interest revenue 1 - 1 211 213
Central administration costs
and foreign exchange - - - (2,295) (2,295)
Finance costs (1) - - (70) (71)
─────── ─────── ─────── ─────── ───────
Net profit/(loss) before taxation 6,468 688 1 (2,397) 4,760
Taxation (expense)/credit (2,107) (185) - 687 (1,605)
─────── ─────── ─────── ─────── ───────
Net profit/(loss) after taxation 4,361 503 1 (1,710) 3,155
═══════ ═══════ ═══════ ═══════ ═══════


Six Months Ended Australasia Americas Asia & Europe
28 February 2017 Manufacturing Manufacturing Manufacturing Unallocated Total
(Unaudited) $’000s $’000s $’000s $’000s $’000s

Revenue 45,091 6,263 5,316 - 56,670
═══════ ═══════ ═══════ ═══════ ═══════

Operating profit/(loss) 7,202 598 (648) - 7,152
Depreciation and amortisation (825) (76) (121) (183) (1,205)
Share of net deficit of joint
ventures - (18) (13) - (31)
Interest revenue 2 - - 351 353
Central administration costs
and foreign exchange - - - (2,018) (2,018)
Finance costs (1) - - (39) (40)
─────── ─────── ─────── ─────── ───────
Net profit/(loss) before taxation 6,378 504 (782) (1,889) 4,211
Taxation (expense)/credit (1,945) (149) 219 551 (1,324)
─────── ─────── ─────── ─────── ───────
Net profit/(loss) after taxation 4,433 355 (563) (1,338) 2,887
═══════ ═══════ ═══════ ═══════ ═══════

SCOTT TECHNOLOGY LIMITED
NOTES TO AND FORMING PART OF THE INTERIM FINANCIAL STATEMENTS
For the Six Months Ended 28 February 2018

4.2 Segment Revenues and Results (Cont)

Twelve Months Ended Australasia Americas Asia & Europe
31 August 2017 Manufacturing Manufacturing Manufacturing Unallocated Total
(Audited) $’000s $’000s $’000s $’000s $’000s

Revenue 99,846 17,055 15,730 - 132,631
═══════ ═══════ ═══════ ═══════ ═══════

Operating profit/(loss) 19,309 2,068 (509) - 20,868
Fair value gain on purchase of business - - - 936 936
Depreciation and amortisation (2,267) (155) (197) (368) (2,987)
Share of net surplus of joint
ventures 175 44 1 - 220
Interest revenue 1 - 2 661 664
Central administration costs
and foreign exchange - - - (4,721) (4,721)
Finance costs (4) - - (63) (67)
─────── ─────── ─────── ─────── ───────
Net profit/(loss) before taxation 17,214 1,957 (703) (3,555) 14,913
Taxation (expense)/credit (5,031) (670) 19 1,034 (4,648)
─────── ─────── ─────── ─────── ───────
Net profit/(loss) after taxation 12,183 1,287 (684) (2,521) 10,265
═══════ ═══════ ═══════ ═══════ ═══════

Revenue reported above represents revenue generated from external customers. Inter-segment sales were $0.9
million for the six months ended 28 February 2018 (six months ended 28 February 2017: $1.4 million).

The accounting policies of the reportable segments are the same as the Group’s accounting policies described in
Note 1. Segment profit represents the profit earned by each segment without allocation of central administration
costs, share of profits of joint ventures, investment revenue and finance costs.

5. FINANCIAL INSTRUMENTS

The Group enters into foreign currency forward exchange contracts to hedge trading transactions, including
anticipated transactions, denominated in foreign currencies.

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
subsequently re-measured to their fair value. The resulting gain or loss is recognised in profit or loss immediately
unless the derivative is designated and effective as a hedging instrument, in which event the timing of the
recognition in profit or loss depends on the nature of the hedging relationship. The Group designates certain
derivatives as cashflow hedges of highly probable forecast transactions.

6 mths 6 mths 12 mths
28 Feb 18 28 Feb 17 31 Aug 17
Fair value of derivative financial instruments (Unaudited) (Unaudited) (Audited)
$’000s $’000s $’000s
Other financial assets - derivatives:
Foreign currency forward contracts held as effective
fair value hedges 210 180 1
Foreign exchange derivatives 145 148 143
Foreign exchange collar option derivatives 64 144 -

Other financial liabilities - derivatives:
Fair value hedge of open firm commitments (210) (180) (1)
─────── ─────── ───────
209 292 143
═══════ ═══════ ═══════

SCOTT TECHNOLOGY LIMITED
NOTES TO AND FORMING PART OF THE INTERIM FINANCIAL STATEMENTS
For the Six Months Ended 28 February 2018

5. FINANCIAL INSTRUMENTS (Cont)

The Group has categorised these derivatives, both financial assets and financial liabilities, as Level 2 under the fair
value hierarchy contained within NZ IFRS 13.

The fair value of foreign currency forward exchange contracts is determined using a discounted cashflow
valuation. Key inputs include observable forward exchange rates, at the measurement date, with the resulting
value discounted back to present values.

There have been no changes in valuation techniques used for foreign currency forward exchange contracts during
the current reporting period.

There were no transfers between fair value hierarchy levels during either the current or prior periods.

The fair value of financial instruments not already measured at fair value approximates their carrying value,

6. ACQUISITION OF ALVEY GROUP

On 20 February 2018 the Board of Directors approved in principle the purchase of the business assets and
intellectual property of Alvey Group, Headquartered in Belgium with associated operations in France, Czech
Republic and the UK. Due diligence has been completed and the sale and purchase agreement is currently being
finalised, with a target acquisition date of April 2018. The transaction has a value of €12.1 million, subject to final
adjustments, and is expected to have a positive impact on earnings from completion.

7. SUBSEQUENT EVENTS

On 5 April 2018 the Board of Directors approved an interim dividend of four cents per share with full imputation
credits attached to be paid for the 2018 year (2017 interim dividend: four cents per share). The Dividend
Reinvestment Plan reintroduced by the Company in 2017 will apply to this payment.