Skellerup HY19 Results

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 28 January 2019




Results for announcement to the market
Name of issuer Skellerup Holdings Limited
Reporting Period 6 months to 31 December 2018
Previous Reporting Period 6 months to 31 December 2017
Amount (000s) Percentage change
Revenue from ordinary
activities
NZ$120,188 3%
Profit (loss) from ordinary
activities after tax attributable
to security holder
NZ$13,413 15%
Net profit (loss) attributable
to security holders
NZ$13,413 15%
Interim/Final Dividend
Amount per Quoted Equity
Security
NZ$ 0.055000
Imputed amount per Quoted
Equity Security
NZ$0.010694
Record Date 08 March 2019
Dividend Payment Date 21 March 2019
Net tangible assets per
Quoted Equity Security
NZ$0.6493 (as at 31
December 2018)
NZ$0.5971 (as at 31
December 2017)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood

Authority for this announcement
Name of person

authorised
to make this announcement
Graham Leaming, Chief Financial Officer
Contact phone number 021 271 9206
Contact email address graham.leaming@skellerupgroup.com
Date of release through MAP

14/02/2019

Unaudited financial statements accompany this announcement.

---

Corporate Action Notice
(for a Distribution)
Updated as at 28 January 2019
Page 1 of 2

Section 1: issuer information
Name of issuer Skellerup Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code SKL
ISIN (If unknown, check on NZX
website)
NZSKXE0001S8
Type of distribution
(Please mark with an X in the relevant
box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date Close of trading on: 08/03/2019
Ex-Date (one business day before the
Record Date)
07/03/2019
Payment date (and allotment date for
DRP)
21/03/2019
Total monies associated with the
distribution
NZ$10,711,434
Source of distribution (for example,
retained earnings)
Retained earnings
Section 2: distribution amounts
Total amount NZ$0.065694
Cash per financial product NZ$0.055000
Supplementary distribution NZ$0.004853
Section 3:
Is the distribution imputed Fully imputed
Partial imputation X
No imputation
If fully or partially imputed, please state
imputation rate as % applied
50%
Imputation tax credits per financial
product
NZ$0.010694

Page 2 of 2

Resident withholding tax amount per
financial product
NZ$0.021679
Section 4: distribution re-investment plan (if applicable)
DRP % discount (if any) N/A
Start date and end date for determining
market price for DRP
Close of trading on: Close of trading on:
Date strike price to be announced (if not
available at this time)
Close of trading on:
Specify source of financial products to
be issued under DRP programme (new
issue or to be bought on market)

DRP strike price per financial product $
Last date to submit a participation
notice for this distribution in accordance
with DRP participation terms

Section 5: authority for this announcement
Name of person authorised to make this
announcement
Graham Leaming
Contact phone number 021 271 9206
Contact email address graham.leaming@skellerupgroup.com
Date of release via MAP 14/02/2019

---

14 February 2019
Record First Half Result for Skellerup
Skellerup announced today a record half year unaudited net profit after tax of $13.4 million for the
six months ending 31 December 2018.
Key points for the six months ending 31 December 2018
• Revenue of $120.2 million, up 3% on prior comparative period (pcp)
• Earnings before interest and tax (EBIT) of $19.4 million, up 11% on pcp
o Industrial Division EBIT of $11.7 million, up 16% on pcp
o Agri Division EBIT of $9.6 million, up 1% on pcp
o Corporate Costs of $1.9 million, down 9% on pcp
• Net profit after tax (NPAT) of $13.4 million, up 15% on pcp
• Operating cash flow of $13.0 million, down 12% on pcp
• Interim dividend increased from 4.0cps to 5.5cps
• FY19 NPAT forecast in the range of $29 million to $31 million

Another strong result from the Industrial Division underpinned the record result.
Industrial Division EBIT increased by 16 percent to $11.7 million, continuing the trend of strong
growth over the past few years. CEO David Mair said this result reflected the focus on delivering
valued solutions for customers in international markets.
“We continue to grow our business with key original equipment manufacturers (OEMs) in
international markets. Our capability to respond quickly with prototypes and to deliver high quality
products has increased sales particularly into potable water applications. In addition, our customer
driven product development has delivered earnings growth from products used in extractive
industries and marine leisure applications.”
Mair said operational gains in New Zealand and China delivered an improvement in Agri Division
EBIT to $9.6 million.
“We have had a key focus on improving productivity and efficiency in our operations. At a micro
level this includes monitoring key statistics in real time that has enabled us to address issues more
quickly reducing costly rejects. At a broader level, continually reviewing processes to identify
opportunities to eliminate waste and introduce mechanisation has improved the efficiency of our
activities. These gains along with increased sales of specialist footwear into international markets
have offset the impact of lower international dairy prices.”

Chair Liz Coutts said the Board was pleased to increase the interim dividend from 4.0 to 5.5 cents
per share. The interim dividend will be imputed 50%. As a result, shareholders will receive a net
increase of at least 18% over the pcp.
“We continue to generate good earnings growth in international markets. This demonstrates the
durability of our business strategy in an uncertain international marketplace. We expect full year
NPAT in the range of $29 million to $31 million, subject to any unexpected changes in our markets.
We remain focused on leveraging and improving our international platform to deliver great solutions
for customers and enhanced returns for shareholders.”

For further information please contact:
David Mair Graham Leaming
Chief Executive Officer Chief Financial Officer
021 708 021 021 271 9206

---

FY19 Half Year Report
Skellerup

FY19 HALF YEAR REPORT | SKELLERUP
REVENUE
$120.2m
Highlights
$3.5m
EBITNPAT
$19.4m$13.4m
$1.9m$1.7m
INTERIM DIVIDEND
5.5cps
OPERATING CASHFLOW
$13.0m
Contents
Key Financials2
Chair and CEO Report3
What We Do6
Income Statement9
Statement of Comprehensive Income10
Statement of Changes In Equity 11
Balance Sheet12
Cash Flow Statement13
Notes to the Financial Statements14
Corporate Directory18
2
$1.7m38%
EARNINGS PER SHARE
6.9cps
14%

$000 Unaudited
Half year Ended
31 December 2018
Half year Ended
31 December 2017
Percentage
Change
Revenue120,188116,7143%
Earnings before interest and taxation19,41217,49011%
Net profit after taxation13,413 11,688 15%
Earnings per share
6.89 6.06 14%
Dividend per share
5.504.00 38%
Cash (net debt)
(32,387)(34,830) 7%

Overview
We are pleased to report a record result for the first
half of FY19. Earnings before interest and tax was
up 11 percent to $19.4 million, and net profit after
tax was up 15 percent to $13.4 million.
Our results demonstrate the durability of our
business strategy and our ability to derive strong
earnings growth in an uncertain international
marketplace. We have continued to work closely
with our customers in international markets to
deliver improved outcomes for them and improved
financial outcomes for our shareholders. This
focus on ensuring we understand our customers’
Chair and CEO Review
We have continued
to work closely with
our customers in
international markets
to deliver improved
outcomes for them
and improved financial
outcomes for our
shareholders
3
FY19 HALF YEAR REPORT
underlying needs and delivering innovative
products and solutions will continue to be the key
to delivering growth and improved returns.
Our balance sheet remains strong with net debt
of $32.4 million funding 16% of the total capital
employed in our business. Our operating cash
flows are strong at $13.0 million for the first half
of the year, down slightly on the prior year as
inventory was increased to manage risk around
US port congestion and the timing of Chinese
New Year.

FY19 HALF YEAR REPORT | SKELLERUP
4
Agri
We achieved operational gains in our New Zealand and Chinese facilities which delivered an improvement
in Agri Division EBIT to $9.6 million. These gains and the positive impact of increased sales of specialist
footwear into international markets oœset the impact of lower international dairy prices which has had some
impact on spending on consumables and animal hygiene products compared to the prior year. Our dairy
rubberware, milk filters and animal hygiene products play a crucial role in maintaining milk quality and
protecting animal health, limiting the negative impact lower milk prices have on Skellerup.
Industrial
$000 Unaudited
Half year Ended
31 December 2018
Half year Ended
31 December 2017
Percentage
Change
Revenue77,97073,7216%
Earnings before interest and taxation11,67310,04516%
Industrial
Industrial Division EBIT lifted by 16 percent to
$11.7 million with improved contributions across
the Division. We continue to grow our business
with key original equipment manufacturers
(OEM) customers in international markets. Our
investment in capability to respond quickly with
prototypes and then deliver consistent, high
quality products has increased sales and earnings
particularly in potable water applications.
Our investment in customer focused solutions
that perform and provide for easy installation
for vacuum systems applications has increased
our sales into extractive industries. And our
innovative investment in high performing foam
products has boosted sales into the international
marine leisure boat market.
We continue to see and focus on growth opportunities across our Industrial Division.
Agri
$000 Unaudited
Half year Ended
31 December 2018
Half year Ended
31 December 2017
Percentage
Change
Revenue42,29243,076(2%)
Earnings before interest and taxation9,6269,5311%

SKELLERUP | FY19 HALF YEAR REPORT
5
We continue to grow our
business with key original
equipment manufacturers (OEM)
customers in international markets
Dividend
The Directors are pleased to announce an increase in the interim dividend from 4.0 to 5.5 cents per share.
The interim dividend will be imputed 50%. As a result shareholders will receive a net increase of at least 18%
over the prior year interim dividend.
This will be distributed on 21 March 2019 to shareholders on the register at 5:00 pm on 8 March 2019.
Outlook
In October 2018, we announced that we expected an increase in profitability for the current financial year.
Results to date support that confidence, and we now expect to achieve full year NPAT in the range of $29
million to $31 million, subject to any unexpected changes in our markets. We expect to continue to generate
earnings growth and remain focused on leveraging and improving our platform and capability to deliver great
solutions for our customers and enhanced returns for our shareholders.
Elizabeth (Liz) Coutts
Chair
David Mair
Chief Executive Ocer

FY19 HALF YEAR REPORT | SKELLERUP
6
FY19 HALF YEAR REPORT | SKELLERUP
Industrial
Agri
We produce essential dairy consumables
and rubber footwear
We deliver critical, precise components, seals and systems
used in a broad range of applications
What we do
Orthotic
ski boot liner
Control valve
seal
Milking platform

wheel
Milking liners
Ice maker
seat
Faucet
mounting
bracket
Enzide plug
U-Dek
foam matting
Coupling
Tubing

SKELLERUP | FY19 HALF YEAR REPORT
7
SKELLERUP | FY19 HALF YEAR REPORT
Nozzle &
hose
Milk
filters
Teat sprayer
Dispensing
pump
Gumboots
Plate heat
exchangers
Rainpanel
Mixer tap
internal seal
Shower

valve seal
Irrigation
isolation valve
Gas valve
diaphragm
Water level
sensor
Deks flashing

FY19 HALF YEAR REPORT | SKELLERUP
8
FY19 HALF YEAR REPORT | SKELLERUP
8
SKELLERUPSKELLERUP
Skellerup Holdings Limited
Financial Statements for the
half year ended
31 December 2018

SKELLERUP | FY19 HALF YEAR REPORT
9
Income Statement for the half year ended 31 December 2018

 
Note
Half year
Ended
31 Dec 2018
$000
(Unaudited)
Half year
Ended
31 Dec 2017
$000
(Unaudited)
Revenue2120,188 116,714
Cost of sales(74,899)(74,915)
Gross profit 45,289 41,799
Other income/(expense)(79)719
Distribution expenses
(6,437)(6,663)
Marketing expenses
(10,789) (9,263)
Administration expenses
(8,572)(9,102)
Profit for the period before tax, finance costs and share of net profit
of associates
 
19,412 17,490
Finance costs
(859)(930)
Share of net profit of associates accounted for using the equity method42 –
Profit for the period before tax18,595 16,560
Income tax expense
 (5,182)(4,872)
Net after tax profit for the period, attributable to owners of the
Parent
 
13,413 11,688
Earnings per share
Basic earnings per share (cents)6.89 6.06
Diluted earnings per share (cents)6.896.00
Net tangible assets per share (cents)64.9359.71

FY19 HALF YEAR REPORT | SKELLERUP
10
Statement of Comprehensive Income for the half year ended 31 December 2018

 
Half year
Ended
31 Dec 2018
$000
(Unaudited)
Half year
Ended
31 Dec 2017
$000
(Unaudited)
Net profit after tax for the period13,41311,688
Other comprehensive income
Will be reclassified subsequently to profit or loss when specific
conditions are met
Net increase/(decrease) in cash flow hedge reserve893(1,067)
Income tax related to increase/(decrease) in cash flow hedge reserve
(250)299
Not expected to be reclassified subsequently to profit or loss
Foreign exchange movements on translation of overseas subsidiaries
(1,288)
4,622
Income tax related to gains/(losses) on foreign exchange movements of loans
with overseas subsidiaries
21(131)
Other comprehensive income net of tax
(624)
3,723
Total comprehensive income for the period attributable to
equity holders of the Parent12,78915,411

Financial Statements

SKELLERUP | FY19 HALF YEAR REPORT
11
Statement of Changes in Equity for the half year ended 31 December 2018

Fully Paid
Ordinary
Shares
Cash Flow
Hedge
Reserve
Foreign
Currency
Translation
Reserve
Employee
Share Plan
Reserve
Retained
Earnings
Total
$000
(Unaudited)
$000
(Unaudited)
$000
(Unaudited)
$000
(Unaudited)
$000
(Unaudited)
$000
(Unaudited)
Balance 1 July 2018
69,732(397)(8,059)471110,539172,286
Profit for the period––––13,41313,413
Other comprehensive
income
–643(1,267)––(624)
Total comprehensive
income for the period
–643(1,267)–13,41312,789
Share incentive scheme3,441––(434)4522,459
Dividends paid––––(13,633)(13,633)
Balance
31 December 2018
72,173246(9,326)37110,771173,901
Balance 1 July 201769,732367(13,866)471102,543159,247
Profit for the period––––11,68811,688
Other comprehensive
income
–(768)4,491––3,723
Total comprehensive
income for the period
–(768)4,491–11,68815,411
Share incentive scheme––––––
Dividends paid––––(11,568)(11,568)
Balance
31 December 2017
69,732(401)(9,375)471102,663163,090

FY19 HALF YEAR REPORT | SKELLERUP
12
Balance Sheet as at 31 December 2018

As at
31 Dec 2018
$000
(Unaudited)
As at
30 Jun 2018
$000
(Audited)
As at
31 Dec 2017
$000
(Unaudited)
Current assets   
Cash and cash equivalents8,4649,68110,206
Trade and other receivables41,12449,48641,487
Inventories54,90747,12745,658
Income tax receivable1,9742,305138
Derivative financial assets42575139
Total current assets106,894108,674 97,628
Non-current assets
Property, plant and equipment91,36993,36694,746
Deferred tax asset3,0883,5423,983
Goodwill45,36345,96645,799
Intangible assets398456477
Investment in associate1,758--
Derivative financial assets1752167
Total non-current assets142,151143,351 145,072
Total assets249,045252,025 242,700
Current liabilities
Trade and other payables22,71224,70923,725
Provisions4,9845,3015,798
Income tax payable2,9011,194571
Derivative financial liabilities129465710
Total current liabilities30,72635,669 30,804
Non-current liabilities
Provisions1,6501,6721,980
Interest-bearing loans and borrowings40,85140,40045,036
Deferred tax liabilities1,7881,8151,738
Derivative financial liabilities12918352
Total non-current liabilities44,41844,070 48,806
Total liabilities75,14479,73979,610
Net assets173,901172,286 163,090
Equity
Share capital72,17369,73269,732
Reserves
(9,043)(7,985)(9,305)
Retained earnings110,771110,539102,663
Total equity173,901172,286 163,090
Financial Statements

SKELLERUP | FY19 HALF YEAR REPORT
13
Cash Flow Statement for the half year ended 31 December 2018

 
Half year
Ended
31 Dec 2018
$000
(Unaudited)
Half year
Ended
31 Dec 2017
$000
(Unaudited)
Cash flows from operating activities 
 
Receipts from customers127,972124,112
Interest received61
Dividends received11
Payments to suppliers and employees
(111,108)(102,083)
Income tax paid
(2,966)(6,334)
Interest and bank fees paid
(859)(930)
Net cash flows from/(used in) operating activities13,04614,767
Cash flows from investing activities
Proceeds from sale of property, plant and equipment169488
Payments for property, plant and equipment
(1,900)(3,044)
Payments for intangible assets
(26)(18)
Payments for investment in associate
(1,674)–
Net cash flows from/(used in) investing activities(3,431)(2,574)
Cash flows from financing activities
Proceeds from loans and advances4513,222
Proceeds from issue of shares2,422–
Dividends paid to equity holders of Parent
(13,633)(11,568)
Net cash flows from/(used in) financing activities(10,760)(8,346)
Net increase/(decrease) in cash and cash equivalents
(1,145)3,847
Cash and cash equivalents at the beginning of the period9,6816,022
Eœect of exchange rate fluctuations
(72)337
Cash and cash equivalents at the end of the period8,46410,206

FY19 HALF YEAR REPORT | SKELLERUP
14
Notes to the Financial Statements for the half year ended 31 December 2018
1. Corporate Information
The financial statements of Skellerup Holdings Limited, for the half year ended 31 December 2018,
were authorised for issue in accordance with a resolution of the Directors dated 13 February 2019.
Skellerup Holdings Limited (‘the Company’) is a limited liability company incorporated and domiciled
in New Zealand. It is registered under the Companies Act 1993 with its registered oªce at Level 3,
205 Great South Road, Greenlane, Auckland. The Company is a Reporting Entity in terms of the
Financial Markets Conduct Act 2013 and is listed on the New Zealand Exchange (NZX Main Board)
with the ticker SKL.
Summary of Significant Accounting Policies
a) Basis of Preparation
This general-purpose condensed financial report for the half year ended 31 December 2018 has
been prepared in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial
Reporting.
The half year financial report does not include all notes of the type normally included within the
annual financial report and, therefore, cannot be expected to provide as full an understanding of the
financial performance, financial position and financing and investing activities of the consolidated
entity as does the full financial report.
It is recommended that the half year financial report be read in conjunction with the annual report
for the year ended 30 June 2018 and considered together with any public announcements made
by Skellerup Holdings Limited during the half year ended 31 December 2018 in accordance with the
continuous disclosure obligations of the NZX listing rules.
All accounting policies and methods of computation are the same as those adopted in the most
recent annual financial report. Certain prior year figures have been reclassified for comparative
purposes.
The financial statements are presented in New Zealand dollars and all values are rounded to the
nearest thousand dollars ($000).
2. Segment Information
The Group’s operating segments are Agri, Industrial and Corporate; these are the divisions reported
to the executive management and Board of Directors to assess performance of the Group and
allocate resources.
The principal measure of performance for each segment is EBIT (earnings before interest and tax).
As a result, finance costs and taxation have not been allocated to each segment.
Agri Segment
The Agri segment manufactures and distributes dairy rubberware, which includes milking liners,
tubing, filters and feeding teats, together with other related agricultural products and dairy vacuum
pumps, to global agricultural markets
Industrial Segment
The Industrial segment manufactures and distributes technical polymer products across a number of
industrial markets, including automotive, construction, infrastructure, mining and general industrial,
together with industrial vacuum pump equipment for a variety of industrial applications worldwide.
Corporate Segment
The Corporate segment includes the Parent Company and other central administration expenses
that have not been allocated to the Agri and Industrial segments.
Financial Statements

SKELLERUP | FY19 HALF YEAR REPORT
15
2. Segment Information
For the half year ended 31 December 2018
Agri
$000
Industrial
$000
Corporate/
Elimination
$000
Total
$000
Revenue42,29277,970(74)120,188
Segment EBIT9,62611,673(1,887)19,412
Profit before tax, finance costs and share of
net profit of associates
19,412
Finance costs
(859)
Share of net profit of associates42
Profit before tax18,595
Income tax expense
(5,182)
Net after tax profit
   13,413
Assets and liabilities
Segment assets115,861115,67717,507249,045
Segment liabilities8,04818,94948,14775,144
Net assets107,81396,728(30,640)173,901
Other segment information
Capital expenditure
6911,174661,931
Cash flow
Segment EBIT9,62611,673(1,887)19,412
Share of net profit of associates4242
Adjustments for:
- Depreciation and amortisation2,0821,474343,590
- Non-cash items 560560
Movement in working capital1,363
(5,859)(21)(4,517)
Segment cash flow
13,0717,330(1,314)19,087
Finance and tax cash expense
(3,825)
Movement in finance and tax accrual(2,216)
Net cash flow from operating activities   13,046

FY19 HALF YEAR REPORT | SKELLERUP
16
2. Segment Information (continued)
For the half year ended 31 December 2017
Agri
$000
Industrial
$000
Corporate/
Elimination
$000
Total
$000
Revenue43,07673,721(83)116,714
Segment EBIT9,53110,027(2,068)17,490
Profit before tax finance costs and
relocation costs
17,490
Finance costs(930)
Profit before tax16,560
Income tax expense(4,872)
Net after tax profit   11,688
Assets and liabilities
Segment assets116,664109,96716,069242,700
Segment liabilities9,29119,93850,38179,610
Net assets107,37390,029(34,312)163,090
Other segment information
Capital expenditure
1,3211,74313,065
Cash flow
Segment EBIT9,53110,027(2,068)17,490
Adjustments for:
- Depreciation and amortisation2,1281,610313,769
- Non-cash items (785)(785)
Movement in working capital1,1201,101(2,126)95
Segment cash flow12,77912,738(4,948)20,569
Finance and tax cash expense(7,264)
Movement in finance and tax accrual1,462
Net cash flow from operating activities   14,767

Financial Statements

SKELLERUP | FY19 HALF YEAR REPORT
17
3. Dividends Paid
Half year
Ended
31 Dec 2018
$000
Half year
Ended
31 Dec 2017
$000
Declared and paid during the period
Final dividend for June 2018 year on ordinary shares of 7.0 cents per
share, imputed to 55%, paid on 11 October 2018
(2017: 6.0 cents per share fully imputed paid on 12 October 2017)
Net dividend paid
13,63311,568
Subsequent to the six-month period, the Board of Directors resolved to pay an interim dividend of
5.5 cents per share (imputed 50%), on the 194,753,340 ordinary shares on issue for a total amount of
$10,711,434. The dividend will be paid on 21 March 2019 to shareholders on the register at 5.00pm on
8 March 2019. The Dividend Reinvestment Plan will not be operative for this dividend payment.
This compares to the prior-year interim dividend of 4.0 cents per share, totalling $7,712,232 which
was paid on 22 March 2018.
4. Interest-bearing Loans and Borrowings
Bank loans are provided under a $60 million multi-currency facility agreement with ANZ Bank
New Zealand Limited which has a review date of 30 November 2021.
5. Events after the Balance Sheet Date
There have been no subsequent events after 31 December 2018 requiring disclosure.

FY19 HALF YEAR REPORT | SKELLERUP
18
Directors
EM Coutts, ONZM, BMS, FCA, CFloD
Chair
BD Cushing, BCom, ACA
AR Isaac, CNZM, BCA, FCA
DW Mair, BE, MBA
WJ Strowger, LLB (Hons)
O¢cers
DW Mair, BE, MBA
Chief Executive Oªcer
GR Leaming, BCom, CA
Chief Financial Oªcer
Registered O¢ce
L3, 205 Great South Road
Greenlane
Auckland 1051
New Zealand
PO Box 74526
Greenlane
Auckland 1546
New Zealand
Email: ea@skellerupgroup.com
Telephone: +64 9 523 8240
Website: www.skellerupholdings.com
Legal Advisors
Chapman Tripp
23 – 29 Albert Street
Auckland 1010
New Zealand
Bankers
ANZ Bank New Zealand Limited
23 – 29 Albert Street
Auckland 1010
New Zealand
Auditors
Ernst & Young
2 Takutai Square
Britomart
Auckland 1010
New Zealand
Share Registrar
Computershare Investor Services Limited
Private Bag 92119
Auckland 1142
New Zealand
159 Hurstmere Road
Takapuna, Auckland 0622
New Zealand
Corporate Directory
Where we operate
Sydney, Melbourne
China – Jiangsu
Vietnam – Ho Chi Minh City
Australia
Asia and Other

SKELLERUP | FY19 HALF YEAR REPORT
19
Managing your Shareholding Online:
To change your address, update your payment
instructions and to view your investment
portfolio including transactions, please visit:
www.computershare.co.nz/investorcentre
General enquiries
Email: enquiry@computershare.co.nz
Telephone: +64 9 488 8777
Facsimile: +64 9 488 8787
Please assist our registrar by quoting your CSN or shareholder number.
Auckland, Featherston
Christchurch
UK – Nailsea, Witney
Italy – Ala
Burlington, Falconer,
Chicago, Lincoln, Charlotte
New Zealand
Europe
North America

Skellerup Holdings Limited
L3, 205 Great South Road
Greenlane, Auckland 1051, New Zealand
PO Box 74526, Greenlane
Auckland 1546, New Zealand
E ea@skellerupgroup.com
T +64 9 523 8240
W www.skellerupholdings.com

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1
Skellerup HY19 Results
14 February 2019
David Mair | CEO & Executive Director
Graham Leaming | CFO

2
•HY19 Revenue, EBIT & NPAT up
‒Growth from key OEM customers in international
markets
‒Agile and robust product development and thinking
helping to win new business
‒International environment challenging
•HY19 Interim Dividend up
‒Balance sheet is robust, and operating cash flow strong
‒Interim dividend increased from 4.0 to 5.5 cents per
share, imputed 50%
‒Partial imputation reflects growth in earnings is largely
coming from Skellerup’s international operations
•FY19 NPAT expected to be up
‒Our strategy continues to be focused on working closely
with customers, to leveraging our broad technical
expertise and our international platform to deliver
sustainable earnings growth
‒We expect full year NPAT in the range of $29 million to
$31 million, subject to any unexpected changes in our
markets
Skellerup HY19 Key Points
Financial Highlights (Unaudited)
10
15
20
1H151H161H171H181H19
EBIT Trend NZ$ Million

3
•Revenue up 3% on pcp
(currency impact
negligible)
•EBIT up 11% boosted by
Industrial Division
growth
•NPAT up 15% with
finance charges flat and
effective tax rate slightly
lower
•Operating cash down
slightly –risk
management around US
port interruption, Brexit
and Chinese New Year
•Capex down as expected
Skellerup HY19 Financial Highlights
NZ$ Million (Unaudited)HY19HY18
Change
Revenue120.2116.73.5
EBITDA23.021.31.7
Depreciation & amortisation(3.6)(3.8)0.2
EBIT19.417.51.9
Interest expense(0.9)(0.9)-
Tax expense(5.2)(4.9)(0.3)
NPAT13.411.71.7
Earnings cents per share 6.96.10.8
Dividend cents per share *5.54.01.5
Operating cash flow13.014.8(1.8)
Net Debt(32.4)(34.8)2.4
Capital &intangible expenditure1.93.1(1.2)
* The interim dividend will be imputed 50% (pcp 100%). As a result shareholders will
receive a net increase of at least 18% on pcp.

4
Skellerup HY19 Industrial Division
NZ$ Million (Unaudited)HY16HY17HY18HY19
Revenue66.660.873.778.0
EBIT7.67.210.011.7
EBIT %11.411.813.615.0
Revenue up 6% and EBIT up 16% on pcp
•Revenue measured in constant currency up 4%
•Growth with key OEMs particularly in the US
•Growth from customer focussed solutions in vacuum
systems applications
•Growth from high performance marine foam decking U-Dek
•EBIT as a % of revenue now at 15%
40%
20%
11%
11%
6%
4%
1%
7%
HY18 Industrial Division Revenue by Application
Water/Waste
Roofing
Automotive
Exploration & Mining
Sports & Health
Appliances
Electrical
Other
90%
10%
HY19 Industrial Revenue by Market
InternationalDomestic (NZ)
5
10
15
1H151H161H171H181H19
EBIT Trend NZ$ Million

5
Skellerup HY19 Agri Division
NZ$ Million (Unaudited)HY16HY17HY18HY19
Revenue41.036.643.142.3
EBIT8.48.49.59.6
EBIT %20.423.022.122.8
Revenue down 2% and EBIT up 1% on pcp
•Revenue measured in constant currency down 4%
•Dairy
‒Domestic (NZ) market behind pcp following strong final quarter
of FY18 and reflecting impact of forecast reduction in pay-out,
and reduced capital investment
‒International markets mixed
•Footwear
‒Domestic market solid
‒International markets growing particularly Europe boosted by
firefighting boots
•Operations
‒Improving yields and productivity at Wigram and Jiangsu
79%
21%
HY19 Agri Revenue by Application
Dairy & Animal HygieneFootwear
61%
39%
HY19 Agri Revenue by Market
InternationalDomestic (NZ)

6
Skellerup HY19
NZ$ Million (Unaudited)HY19HY18
Change
AgriEBIT9.69.50.1
Industrial EBIT11.710.01.7
Corporate EBIT(1.9)(2.1)0.2
EBIT19.417.51.9
Interest expense(0.9)(0.9)-
Tax expense(5.2)(4.9)(0.3)
NPAT13.411.71.7
Reconciliation of Segment EBIT to Group NPAT

7
This presentation contains not only a review of operations, but also some forward looking statements about Skellerup
Holdings Limited and the environment in which the company operates. Because these statements are forward looking,
Skellerup Holdings Limited's actual results could differ materially.
Although management and directors may indicate and believe that the assumptions underlying the forward looking
statements are reasonable, any of the assumptions could prove inaccurate or incorrect and, therefore, there can be no
assurance that the results contemplated in the forward looking statements will be realised.
Please read this presentation in the wider context of material previously published by Skellerup Holdings Limited.
Skellerup HY19 Disclaimer