Market Update

Scales Corporation Limited
Head Office: 52 Cashel Street | Christchurch 8013 | New Zealand
Postal: PO Box 1590 | Christchurch 8140 | New Zealand
Phone: +64 3 379 7720
scalescorporation.co.nz




20 May 2019

SCALES CORPORATION CONFIRMS FINAL DIVIDEND FOR 2018 AND 2019 GUIDANCE

The Directors of Scales Corporation Limited (NZX:SCL) have declared a fully imputed final cash
dividend for the 2018 Financial Year of 9.5 cents per share, to be paid on 5 July 2019.
Taking into account the 9.5 cents interim dividend paid in January 2019, cash dividends for the 2018
year total 19.0 cents per share, representing 75% of Underlying Net Profit for the year.
The dividend will be paid on 5 July 2019, with a record date of 26 June 2019.
Looking ahead to the current 2019 Financial Year, Directors have provided Underlying Net Profit
Guidance for the full year of between $32.0 million and $37.0 million. Directors believe Underlying Net
Profit is the most appropriate measure, at this time, to gauge company performance.
In providing Guidance for 2019 shareholders should note:
• The combined business activities and balance sheet of the company have gone through a
period of material change over the last 12 months, realising over $186.0 million from the sale
of Liqueo, Polarcold and 50% of Meateor New Zealand, plus the reduction in associated
working capital;
• Underlying Net Profit is before the deduction of Non-Controlling Interests. For 2018 this
covered the company’s investment in Fern Ridge, for 2019 this will cover Fern Ridge and
Shelby;
• The Guidance range implies an Underlying EBITDA range of $49.0 million and $55.0 million,
from operations, compared to $48.5 million in 2018 (based on a like-for-like basis);
• It should be noted Scales has received interest income of 4.0% on the Polarcold purchase
price between signing and settlement which is recognised this year;
• A further update will be provided at the Annual Shareholders’ Meeting on Wednesday 12
June, scheduled to be held in Napier this year. Directors will also confirm the final gross
cartons harvested and estimated pack out percentage for Mr Apple, as provided historically.

About Scales Corporation
Scales Corporation is a diversified agribusiness group. It comprises three operating divisions:
Horticulture, Logistics and Food Ingredients. The company’s diverse spread of activities gives Scales
broad exposure to New Zealand’s agribusiness sector. Scales Corporation was founded in 1897 as a
shipping business by George Herbert Scales. Today it employs more than 700 staff New Zealand
wide. Find out more at www.scalescorporation.co.nz.
Contact
Andy Borland, Managing Director, Scales Corporation Limited, Mob: 021 975 999, email:
andy.borland@scalescorporation.co.nz

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Distribution Notice




Section 1: Issuer information
Name of issuer SCALES CORPORATION LIMITED
Financial product name/description ORDINARY SHARES
NZX ticker code SCL
ISIN (If unknown, check on NZX
website)
NZSCLE0002S8
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies
Record date 26/06/2019
Ex-Date (one business day before the
Record Date)
25/06/2019
Payment date (and allotment date for
DRP)
05/07/2019
Total monies associated with the
distribution
$13,429,670.54
Source of distribution (for example,
retained earnings)
RETAINED EARNINGS
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.13194400
Total cash distribution $0.09500000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.01676500
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed
If fully or partially imputed, please
state imputation rate as % applied
100%
Imputation tax credits per financial
product
$0.03694432
Resident Withholding Tax per financial
product
$0.00659720
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
STEVE KENNELLY
Contact person for this announcement STEVE KENNELLY
Contact phone number 03 371-2263
Contact email address steve.kennelly@scalescorporation.co.nz
Date of release through MAP

20/05/2019