Company Update April 2018

Automation + Robotics
Company Update
Chris Hopkins, CEOApril 2018

Performance highlights for the six months to 28 February 2018
Recorded income of $67.5m –
up 19% 
on 2017 
Delivered Earnings Before Interest, Tax, Depreciation and Amort
isation (EBITDA) of 
$6.4m –
up 25% 
on 2017
Net Profit Before Tax of $4.8m –
up 13% 
on 2017 (affected by a higher 
amortisation charge relating to the Bladestop acquisition and l
ower interest 
income)
Operating cash outflow of $2.6m
 (vs inflow of $10.2m in 2016) r
eflects upfront 
working capital requirements related to the forward order book
Cash of $21.7m (with no debt) Interim dividend unchanged at 4.0c in preparation for the Alvey
 settlement 
(dividend reinvestment plan available for shareholders)

Result summary
1H16
1H17
1H18
Change
$000
$000
$000
Australasia
33,533
45,091
47,367
+5%
Amercias
8,184
6,263
11,381
+82%
Asia/Europe
1,099
5,316
8,724
+64%
Sales
42,816 56,670 67,472
+19%
EBITDA
4,023
5,103
6,390
+25%
margin
9.4%
9.0%
9.5%
Depreciation & amortisation
848
1,205
1,772
+47%
EBIT
3,175
3,898
4,618
+18%
margin
7.4%
6.9%
6.8%
Net interest
-418
313
142
-55%
Net Profit Before Tax
2,757
4,211
4,760
+13%
Tax
809
1,324
1,605
+21%
Net Profit After Tax
1,948
2,887
3,155
+9%
Cash (Debt)
-9,366
32,810
21,682
-34%
Trade debtors
11
,
879
13
,
540
20
,
053
+48%
Inventor
y
13,110
10,660
19,214
+80%
Trade creditors
9,383
9,406
8,680
-8%
Working capital
15,606 14,794 30,587
+107%

56,670
2,276
0
10,00020,00030,00040,00050,00060,00070,000
1H17 rev
Australasia
Asia/Europe
Americas
1H18 rev
3,408
5,118
67,472
Revenue bridge 1H17 to 1H18 ($000’s)

NPBT bridge 1H17 to 1H18 ($000’s)
4,211
398
118
902
146
0
1,0002,0003,0004,0005,0006,000
1H17 NPBT
Australasia
Amercias
Asia/Europe
Dep & Amort
JV net surplus
Net interest
Admin & FX
1H18 NPBT
567
171
277
4,760

XXX

Ten year revenue growth profile
First half 2018 growth rates are consistent with long run trend
s 
‐200002000400060008000100001200014000160001800020000
0
20,00040,00060,00080,000
100,000120,000140,000
FY08 FY09 FY10 FY11 FY12 FY
13 FY14 FY15 FY16 FY17 FY18
Series2
Series3
35%
21%
20%
Revenue
5 year rev CAGR
3 year rev CAGR
Rocklabs
Apr 08
Bladestop
Oct 16
MAR
Jan 15
RobotWorx
May 14
JBS buys 50.1%
Apr 16
10 year rev CAGR
2H EBITDA
1H EBITDA

Ten year divisional revenue breakdown
April 2016
JBS acquires 50.1% at $1.39 per share
Aug balance date
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Accum growth
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Meat processing
5
5
6
6
8
8
11
39
40
40
Industrial
2
1
3
8
7
9
31
31
40
40
Mining
912192834 2914172226
17
Appliances
16
12
22
16
16
17
29
14
20
26
10
Other
6
3
3
1
1
2
1
1
Total
25
31
47
59
67
63
62
73
114
134
108
Sales to JBS
0.3
3.2
Acquisitions
Rocklabs
RobotWorx
MAR
Bladestop
Apr-08
May-14
Jan-15
Oct-16
Revenue CAGR
1 year
3 year
5 year
Max.
Meat processing
2%
90%
50%
30%
Industrial
32%
14%
55%
43%
Mining
18%
25%
-2%
12%
Appliances
30%
39%
12%
6%
TOTAL
17%
35%
21%
20%

key drivers in the short to medium term –market opportunities for :•
Alvey Europe
–
Strategic rational
•
Builds an end‐to‐end automation offering
•
Accelerate market access
•
Technology transfer (Service business model; software engineeri
ng 
expertise; Maestro+)
•
Synergies
–
Take Alvey products and technology into new markets via Scott c
hannels (by geography 
[egGermany, USA], key customers [egJBS], applications [meat pro
cessing])
–
Utilise low cost production in Czech Republic
–
Support Scott’s entry into Europe (meat processing; Bladestop)
Key Product Drivers / Market Opportunities

Alvey Europe

key product drivers in the short to medium term –market opportunities for :•
Alvey Europe
Key Product Drivers / Market Opportunities
•
Bladestop
–
Expanding product range
•
In‐house development of Scott 600 saw near completion
•
Scott 400 development to follow
•
European saw

key product drivers in the short to medium term –market opportunities for :•
Alvey Europe
•
Bladestop
•
Increasing adoption ofmeat automation technology:
•
Lamb in Australasia
•
Started with Beef in Australia
•
Substantial development work in Pork and Poultry in USA and Eur
ope 
(Through the P&L)
Key Product Drivers / Market Opportunities

key product drivers in the short to medium term –market opportunities for :•
Alvey Europe
•
Bladestop
•
Increasing adoption ofmeat automation technology:
•
DEXA –Australia developments and wider interest
Key Product Drivers / Market Opportunities

key product drivers in the short to medium term –market opportunities for :•
Alvey Europe
•
Bladestop
•
Increasing adoption ofmeat automation technology:
•
DEXA –Australia developments and wider interest
•
Mining technology developments
–
Growing interest in lab automation
–
Robofuel
–
Robotic idler change
Key Product Drivers / Market Opportunities

Outlook
Forwardprojectwork–remainsapprox.10monthsSignificantprojectworkunderway
–
PorkintheUSA
–
Redmeat(beef)developmentwork
–
MininginNorway,ChileandMexico
–
AppliancesystemsforUSAandChina
AlveyIncreasingsalestoJBS($3.2minFY17)Strongbalancesheettoleverageoff
OrganicGrowth–
Expandandimproveoncurrentactivities
–
OngoingInvestmentinR&D:
»
Maintenance‐tomaintaincompetitiveedge
»
Development‐tocreatenewopportunities
Acquisitions–
Complementarytoexistingbusiness(
Geography/technology/skills/mar
kets)

Thank you
Scott capability showcase video

Appendix 1Alvey Group

Transaction summary
Revenue to March 2017:
€33.6m (NZ$56.5m)
Multiple:
Approx. 4.5x historic March 2017 EBITDA
Location:
Headquartered in Belgium along with operations in France, Czech
 
Republic and the UK
Staff:
250
Expected acquisition date:
April 2018Payment from cash reserves 
NZ dollar figures based on a EURNZD rate of 1.6805

Company overview
Palletisers and depalletisersPallet conveyorsCase conveyorsOrder preparation systems
Stacker cranesIn‐house software to run and manage automation processes (Maestro+ and EvoLink)
Offering:  
Automated and robotic systems for handling the internal logisti
cs of secondary 
packaging (trays, carton boxes, crates) and pallets.
AlveyGroup company profile video
Fully integrated: 
Design, build, 
assembly, supporting software and subsequent service contracts  
Customer base: 
Predominately from 
the manufacturing and distribution sectors (with an emphasis on food) across Western and Eastern Europe (including Russia) 

Company overview –Locations
Belgium93 staff
Location:  Deerlijk–60km west of Brussels50 year historyCorporate head officeTwo‐thirds of engineering staffHosts the majority of project management staffSome modest production
Czech Republic132 staff
Location:  Podivin–near Czech/
Austrian border; 90km north of Vi
enna
20 year historyPrincipal production and assembly siteSites also at two other location
s for metal works and software 
engineering
France25 staff
Location:  Two sites –one in Plo
emeur(North West) and one in Ma
rseille 
(South East)
50 year historySales and service
UK1 staff
Location:  BirminghamCompany incorporated in 2015Sales and service
United Kingdom
France
Belgium
Czech Republic
Scott Germany

Company overview –March 2017 revenue snapshot
73%
25%
3%
Automation
Services
Software
Revenue by activity in FY17
Revenue by end customer –prior 3 years
Revenue to March 2017:
€33.6m (NZ$56.5m)Equivalent to approx. 42% of Scott’s FY17 revenue5 year CAGR of 14% pa 
Composition:
73% from projects (design through to build and integration) and
 
25% from service work such as maintenance contracts, 24/7 hotlines, spares, modifications & upgradesApprox. 70% of revenue in past 3 years from food industry participants
35%
25%
18%
12%
8%
4%
Frozen potatoes &vegetablesDairy & specialnutritionOthersHygiene paperBakerySnack foods

Company overview ‐People
A very high calibre Senior Executive
Maarten van LeeuwenGroup Managing Director15 years with AlveyLed a management buyout in 2011 which positioned Alveyfor the shape it takes today
Frederic HermierGroup Sales Director11 years with AlveyAlso involved with t
he 2011 management 
buyout
Olivier ClaerboutGroup Engineering Director1 year with Alvey(but 3 years as ISO and VCA advisor)
Aaron VanwalleghemGroup Operations Director15 years with Alvey
Senior executive snapshot•
Average tenure of 10 years 
•
Average age of 41
•
Majority are fluent in speaking and writing English (English is the official language of the company)
•
All senior executives will remain post transaction 

Strategic rationaleBuilding an end‐to‐end automation offering for the overall production process from raw material receipt to final distribution.
Scott
Raw material 
receipts
Production & 
manufacturing 
process
Packaging
Palletising
Internal 
logistics
External 
transport
Warehousing 
and distribution
Alvey
Raw material 
receipts
Production & 
manufacturing 
process
Packaging
Palletising
Internal 
logistics
External 
transport
Warehousing 
and distribution
Scott + 
Alvey
Raw material 
receipts
Production & 
manufacturing 
process
Packaging
Palletising
Internal 
logistics
External 
transport
Warehousing 
and distribution
None
Low
Medium
High
Key: Level of expertise

Strategic rationale –Business appeal
High calibre 
management team 
and workforce
Robust systems 
and internal 
processes
Low cost 
manufacturing
European 
scale/visibility
Meaningful entry 
into backend 
logistics
Direct application 
to JBS 
opportunities
Existing expertise 
in chilled/frozen 
factory 
environments 
Greatly add to our 
software 
capabilities
EPS accretive
Like minded 
company culture

Strategic rational –Synergy opportunities
Take Alveyinto new markets via our Scott channels
•Geographies –Germany, USA, Australia, New Zealand and China•Key customers –JBS•Applications –meat processing 
Utilise key aspect of Alveyacross Scott globally
•Service business model•Software engineering expertise •Maestro+ and EvoLink
Utilise Alvey’slow cost production in Czech Republic for the wi
der Group
Support entry of key Scott technology into Europe
•Meat processing into Europe•Bladestop into Europe
Cost reductions from greater purchasing powerSupport Alvey to move into related technologies and new custome
rs groups 
Stronger balance sheet to support Alvey with bigger projects