Skellerup reports record 1H22 earnings

17 February 2022
Skellerup reports record 1H22 earnings and provides FY22 earnings guidance
Skellerup announced today a record unaudited net profit after tax (NPAT) of $23.2 million for the six
months ended 31 December 2021 and provided full year NPAT guidance of $44 to $47 million.
Key points for the six months ending 31 December 2021
• Revenue of $150.5 million, up 10% on prior comparative period (pcp)
• Earnings before interest and tax (EBIT) of $32.4 million, up 18% on pcp
o Industrial Division EBIT of $18.7 million, up 20% on pcp
o Agri Division EBIT of $16.7 million, up 9% on pcp
o Corporate costs of $2.9 million, down 12% on pcp
• Net profit after tax (NPAT) of $23.2 million, up 19% on pcp
• Operating cash flow of $19.7 million, down 44% on pcp
• Net debt of $25.6 million, up $16.9 million on FY21 year-end
• Interim dividend of 7.5 cents per share (an increase of 1.0 cps), up 15% on pcp
• FY22 NPAT forecast in the range of $44 to $47 million.
CEO David Mair said he was proud of Skellerup’s growth trajectory. “Our consistently strong earnings
performance is the culmination of years of hard thinking about the essence of our business and
making deliberate choices to lay a foundation for future success. That essence is designing and
developing real solutions to predominantly original equipment manufacturer (OEM) customers, and
our unwavering focus on their needs.”
Mair emphasised that both Agri and Industrial Divisions achieved record results generated from
revenue growth, whilst maintaining margins and controlling indirect costs. “Growth was broad
based, and strongest in US, NZ and Asian markets, notwithstanding the impact of longer shipping
timeframes, material shortages, freight and material costs increases. In short, Covid-19 interruptions
were successfully overcome by our people.”
Mair added, “I am very proud of our people. Notwithstanding the difficult challenges faced, our
teams have continued to deliver the many essential products we make for our customers across the
world. We have progressed new products along their development path, including launching some
into market, as well as starting new projects. We have kept our focus on where it matters most, our
customers and our employees."
Skellerup’s Industrial Division achieved a record EBIT of $18.7 million, up 20% on pcp. Revenue grew
by 12%, and earnings growth was broad based. “The US market had the largest impact due to
growth in potable and wastewater products and marine foam. Roofing, electronics and health
applications drove growth in Asian and New Zealand markets”, stated Mair. He added, “The
acquisition of Talbot Advanced Technologies in August provides a very good fit for the Skellerup
Group. It strengthens our capability and capacity for health, technology and electronics
applications”.

Skellerup’s Agri Division achieved a record EBIT of $16.7 million, up 9% on pcp. Mair noted,
“Revenue grew 7%, with dairy rubberware sales up, particularly in the US market. Margins, however,
were down slightly due to the impact of increasing raw material prices and freight costs. The Agri
Division was also boosted by increased footwear sales across all markets, and particularly in New
Zealand.”
Operating cash flow in the first half was down on pcp due to a planned increase in inventory to
mitigate the impacts of Covid-19. Mair said “We increased raw materials and finished goods in
transit to our distribution centres to ensure continuity of supply to our customers. Net debt is up on
FY21 year-end because of the acquisition of Talbot and investment in working capital. Skellerup’s
balance sheet remains very strong.”
The record first half result meant that expectations are for a record Full Year profit. Skellerup
expects to deliver FY22 NPAT in the range of $44 to $47 million. Mair said “We have strengthened
our team with new appointments in sales, product development and operational roles. These
investments in capability and capacity will support sustained future growth. We will continue to
manage the many disruptions caused by Covid-19, primarily in international shipping.”
Chair Liz Coutts said the outstanding first half earnings, and expectations for the full year, allowed
the Board to declare a 15% increase in the interim dividend to 7.5 cents per share, imputed 50% (the
same level as in the pcp).
“During the first half, Skellerup has once again demonstrated the strength of our business,
generating earnings from delivering critical products to our (OEM) customers around the world. The
Board is proud of the contribution of our global team, especially given the ongoing disruption caused
by the pandemic. The Board is focused on supporting our people as we maintain our strong focus on
investing to grow sustainable earnings and shareholder returns.”


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

---

HALF YEAR REPORT
2022

SKELLERUP HALF YEAR REPORT FY22
2
4,500
Customers
OVER
860
People Worldwide
Delivering for
our customers
Diverse and
experienced team
(HY21 $27.6m)
$
32.4
M
Earnings (EBIT)
18%
Earnings (NPAT)
(HY21 $19.5m)
$
23.2
M
19%
Operating Cashflow
(HY21 $35.1m)
$
19.7
M
44%
6%
EPS growth
(HY21 9.98CPS)
11.89
CPS
19%
Dividend per
share growth
(HY21 6.5CPS)
7. 5
CPS
15%
(HY21 $136.6m)
$
150.5
M
Revenue growth
10%
Strong financial growth
Highlights
Chair and CEO Review 03
What We Do 06
Income Statement 09
Comprehensive Income 10
Changes in Equity 11
Balance Sheet 12
Cash Flow 13
Notes 14
Di rector y 19
Contents
(FY21 813)

3
Chair and CEO Review
revenue of $150.5 million up 10% on pcp
which was also a record. The not insignificant
impact of longer shipping timeframes,
material shortages, freight and material cost
increases were overcome, a testament to the
adaptability and committed performance of
our now 860-strong global workforce.
In a challenging period, Skellerup has
continued to progress new products along
their development path. We have launched
products into market, started new projects
and invested in capacity to deliver growth
from new and existing products over the
next 12 months.
Both Agri and Industrial divisions achieved
record results generated from revenue
growth, whilst maintaining margins and
controlling indirect costs. Strongest
growth was achieved in the United States,
New Zealand and Asian markets.
Alongside the record first half result, we
have strengthened our team, making new
appointments in sales, product development
and key operational roles. These people
will help us continue our growth trajectory
from new and existing products.
Skellerup has maintained its
strong forward momentum
for the first half, generating
record growth as a result of our
unrelenting focus on delivering
critical and essential products
to global customers. For the six
months ended 31 December
2021, Skellerup recorded a net
profit after tax (NPAT) of $23.2
million. This result represents
a 19% increase over the prior
corresponding period (pcp).
This record performance is the result
of Skellerup’s continued focus on our
customers’ needs. We design and develop
real solutions for customers – predominantly,
original equipment manufacturers (OEM).
Skellerup’s essence is combining deep
material expertise, strong product and
tooling capability, and proven manufacturing
process knowledge and experience. Being
able to deliver essential products that often
integrate multiple materials to changing
and demanding regulatory standards is
Skellerup’s competitive advantage.
Despite the disruptive ongoing impacts
of Covid-19, we achieved record first half
$000 (Unaudited)
Half-year Ended
31 December 2021
Half-year Ended
31 December 2020
Percentage
Change
Revenue
150,470136,58910%
Earnings before interest and taxation
32,39627,55018%
Net profit after taxation
23,20919,45919%
Earnings per share
11.899.9819%
Dividend per share
7.506.5015%
Net debt
(25,592)(12,956)(98%)

SKELLERUP HALF YEAR REPORT FY22
4
Industrial Division
Skellerup’s Industrial Division achieved
a record EBIT of $18.7 million, up 20%
on pcp. Revenue growth of 12% to $96.1
million was again broad based across
markets and applications.
The US market had the largest positive
impact on revenue due to sales growth
in potable and wastewater applications
and marine foam. Asian market growth
was driven by products used in roofing,
electronics, and health applications.
In New Zealand, market growth was
due to foam, and soft materials used in
marine, health, construction and furniture
applications, alongside the contribution of
Talbot Advanced Technologies, acquired
by Skellerup in August 2021, and which
traded in line with expectations. Talbot
provides an excellent fit for the Skellerup
Group, strengthening our capability
and capacity for health, technology and
electronics applications.
Agri Division
Agri Division achieved a record EBIT of $16.7
million, up 9% on pcp. Revenue growth of
7% to $54.3 million was also broad based.
Skellerup is the second largest manufacturer
of food-grade dairy rubberware globally and
sales were up, particularly in the US market,
although margins were down slightly due to the
impact of increasing raw material prices and
freight costs. Footwear sales were up across all
markets, particularly so in New Zealand.
Covid-19 Impact
International shipping disruptions including
restricted container availability, shipping
capacity and port congestions were overcome
by increasing the level of raw materials held
and increasing finished goods in transit to
our distribution centres and our customers.
Constrained supply for some key raw
materials was countered by the reformulation
of compounds using alternate materials and
supply sources. These necessary and prudent
actions along with the impact of cost increases
caused an increase in inventory and reduction
in operating cash flow in the first half.
Dividend
Record first half earnings and confident
expectations for the full year have enabled the
Board to declare a 15% increase in the interim
dividend to 7.5 cents per share, imputed 50%.
The dividend will be distributed on 17 March
2022 to shareholders on the register at 5.00pm
on 04 March 2022.
Outlook
We are optimistic about Skellerup’ s position
going forward. Our fundamentals for operating
a sustainable growth-oriented business –
working closely with customers, developing
essential products, improving the efficiency
and sustainability of our operations, investing
in our people – will hold us in good stead.
With Covid-19 variants still impacting globally
we will continue to collaboratively support
our people across geographies to help them
maintain their excellent performance.
Industrial
$000 (Unaudited)
Half-year Ended
31 December 2021
Half-year Ended
31 December 2020
Percentage
Change
Revenue
96,15085,70812%
Earnings before interest and taxation
18,66215,54220%
Agri
$000 (Unaudited)
Half-year Ended
31 December 2021
Half-year Ended
31 December 2020
Percentage
Change
Revenue
54,32750,9237%
Earnings before interest and taxation
16,65715,3119%

5
Elizabeth (Liz) Coutts
Chair and Director
David Mair
Chief Executive Officer
and Director
Our balance sheet remains strong with
net debt only $25.6 million after having
completed the acquisition of Talbot and
investing in additional inventory to ensure
uninterrupted supply for our customers.
Skellerup management planning for, and
overcoming, Covid-19 disruptions will
remain a key focus. Global and local supply
chain disruptions, with their extended
shipping times and increased freight costs,
are expected to continue in the near term.
We expect FY22 NPAT to be in the range
of $44 to $47 million.
The Board is proud of the contributions
across our global team. Our people have
risen magnificently during challenging times
by continuing to deliver the many essential
products we make to our global customers.
We remain focused on ensuring Skellerup’s
global team remain well supported and we
will continue to invest in the business to grow
sustainable earnings and shareholder returns.

SKELLERUP HALF YEAR REPORT FY22
6
What We Do
Skellerup designs and manufactures components
and products used in a wide range of everyday
applications that often must meet stringent food,
drinking water, hygiene and safety standards.
Industrial & Retail
Sealing and insulation
products across plumbing,
roofing and other industrial
applications. Our products
are used in mobile equipment
and point-of-sale devices.
Recreation
Foam used in
everything from
marine decking, ski
and snowboard boot
liners, protective
sports equipment
and buoyancy and
fender systems.
Medical & Health
Essential equipment for
hospital and operating
theatres, filters and seals
for respiratory devices,
orthotics,and prosthetics,
through to protective
masks, equipment and
hygiene and sanitation
products.

7
Skellerup has extensive expertise in combining
materials including rubber (including silicone
and liquid silicone), plastic, and metals to meet
these demanding requirements.
Residential
Sealing and valve
components in home
appliances, showers
and tapwear. Bedding
and furniture materials.
Sealing and insulation
products for roofing,
solar, plumbing, HVCA
applications, and
potable, waste and
stormwater systems.
Transport
Vacuum systems, seals
and couplings used in
motor vehicles.
Dairy
Key components in dairy
milking systems and animal
hygiene products. Valves and
seals for irrigation systems.
And of course a full range of
protective footwear.

SKELLERUP HALF YEAR REPORT FY22
8
Consolidated
Financial
Statements
For the half-year ended 31 December 2021

9
Income Statement
for the half-year ended 31 December 2021

Half-year Ended
31 Dec 2021
$000
Half-year Ended
31 Dec 2020
$000
Note
(Unaudited)(Unaudited)
Revenue
2
150,470 136,589
Cost of sales
(89,722)(80,966)
Gross profit
60,748 55,623
Other income/(expenses)
1,021
1,054
Selling, general and administration expenses
(29,373)(29,127)
Profit for the period before tax, finance costs and share of
net profit of associates
32,396 27,550
Finance costs
(913)(1,135)
Share of net profit of associates accounted for using the
equity method
(98)(50)
Profit for the period before tax
31,385 26,365
Income tax expense
(8,176)(6,906)
Net after-tax profit for the period, attributable to owners of the
Parent
23,209 19,459
Earnings per share
Basic earnings per share (cents)
11.89 9.98
Diluted earnings per share (cents)
11.78 9.89
Net tangible assets per share (cents)
68.4665.85
The above Income Statement should be read in conjunction with the accompanying notes.

SKELLERUP HALF YEAR REPORT FY22
10
Statement of Comprehensive Income
for the half-year ended 31 December 2021
Half-year Ended
31 Dec 2021
$000
Half-year Ended
31 Dec 2020
$000
(Unaudited)(Unaudited)
Net profit after tax for the period
23,20919,459
Other comprehensive income
Will be reclassified subsequently to profit or loss when
specific conditions are met
Net increase/(decrease) in cash flow hedge reserve
(421)542
Income tax related to increase/(decrease) in cash flow hedge
reserve
118(152)
Not expected to be reclassified subsequently into profit
or loss
Foreign exchange movements on translation of overseas subsidiaries
367(3,988)
Income tax related to gains/(losses) on foreign exchange movements
of loans with overseas subsidiaries
196
Other comprehensive income net of tax
65(3,502)
Total comprehensive income for the period attributable to
equity holders of the Parent
23,27415,957

11
Statement of Changes in Equity
for the half-year ended 31 December 2021
Fully Paid
Ordinary
Shares
Cash Flow
Hedge
Reserve
Foreign
Currency
Translation
Reserve
Employee
Share Plan
Reserve
Retained
Earnings
Total
$000$000$000$000$000$000
(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Balance 1 July 2021
72,406166(9,461)296132,742196,149
Profit for the period
----23,20923,209
Other comprehensive income
-(303)368--65
Total comprehensive income for
the period
-(303)368-23,20923,274
Share incentive scheme
---221-221
Dividends paid
----(20,504)(20,504)
Balance 31 December 2021
72,406(137)(9,093)517135,447199,140
Balance 1 July 2020
72,173176(7,615)374119,455184,563
Profit for the period
----19,45919,459
Other comprehensive income
-390(3,892)--(3,502)
Total comprehensive income for
the period
-390(3,892)-19,45915,957
Share incentive scheme
233--(300)411344
Dividends paid
----(14,606)(14,606)
Balance 31 December 2020
72,406566(11,507)74124,719186,258

SKELLERUP HALF YEAR REPORT FY22
12
Balance Sheet
as at 31 December 2021
As at
31 Dec 2021
$000
As at
30 Jun 2021
$000
As at
31 Dec 2020
$000
(Unaudited)
(Audited)(Unaudited)
Current assets
Cash and cash equivalents
16,40815,67320,044
Trade and other receivables
50,76752,08444,427
Inventories
60,89350,25949,621
Income tax receivable
46303203
Derivative financial assets
5374921,002
Total current assets
128,651118,811115,297
Non-current assets
Property, plant and equipment
87,53985,45785,618
Right of use assets
20,35617,85020,069
Deferred tax assets
3,3353,3512,863
Goodwill
61,04554,90654,536
Intangible assets
2,9552,9141,467
Investment in associate
1,5011,5611,491
Derivative financial assets
6124333
Total non-current assets
176,792166,063166,377
Total assets
305,443284,874281,674
Current liabilities
Trade and other payables
28,08031,20728,792
Provisions
5,1765,6695,342
Income tax payable
4,8434,2412,825
Interest-bearing loans and borrowings
-409-
Lease liabilities - short term
5,2714,5694,305
Derivative financial liabilities
543257323
Total current liabilities
43,91346,35241,587
Non-current liabilities
Provisions
2,3732,1981,898
Interest-bearing loans and borrowings
42,00024,00033,000
Deferred tax liabilities
1,6271,9152,128
Lease liabilities - long term
16,07614,22516,723
Derivative financial liabilities
3143580
Total non-current liabilities
62,39042,37353,829
Total liabilities
106,30388,72595,416
Net assets
199,140196,149186,258
Equity
Share capital
72,40672,40672,406
Reserves
(8,713)(8,999)(10,867)
Retained earnings
135,447132,742124,719
Total equity
199,140196,149186,258

13
Cash Flow Statement
for the half-year ended 31 December 2021
Half-year Ended
31 Dec 2021
$000
Half-year Ended
31 Dec 2020
$000
(Unaudited)(Unaudited)
Cash flows from operating activities
Receipts from customers
152,340136,886
Interest received
530
Dividends received
21
Payments to suppliers and employees
(124,332)(95,743)
Income tax paid
(7,430)(4,939)
Interest and bank fees paid
(503)(661)
Interest on right-of-use asset leases
(411)(474)
Net cash flows from/(used in) operating activities
19,67135,100
Cash flows from investing activities
Proceeds from sale of property, plant and equipment
268281
Payments for property, plant and equipment
(3,386)(2,135)
Payments for intangible assets
(328)(414)
Acquisition of a business, net of cash acquired
(10,216)-
Net cash flows from/(used in) investing activities
(13,662)(2,268)
Cash flows from financing activities
Proceeds from/(repayments for) loans and advances
17,601(9,034)
Proceeds from issue of shares
-233
Repayments of lease liabilities
(2,454)(2,197)
Dividends paid to equity holders of Parent
(20,504)(14,607)
Net cash flows from/(used in) financing activities
(5,357)(25,605)
Net increase/(decrease) in cash and cash equivalents
6527,227
Cash and cash equivalents at the beginning of the period
15,67313,617
Effect of exchange rate fluctuations
83(800)
Cash and cash equivalents at the end of the period
16,40820,044

SKELLERUP HALF YEAR REPORT FY22
14
1. Corporate Information
The financial statements of Skellerup Holdings Limited, for the half year ended 31 December
2021, were authorised for issue in accordance with a resolution of the Directors dated
16 February 2022.
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 office
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 2021
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 2021 and considered together with any public announcements made
by Skellerup Holdings Limited during the half year ended 31 December 2021 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.
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.
Notes to the Financial Statements
as at 31 December 2021

15
2. Segment Information (continued)
Industrial Segment
The Industrial segment manufactures engineered products across a range of industrial
applications including potable and waster water, roofing, plumbing, sport and leisure,
electrical, health and hygiene.
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.
For the half-year ended
31 December 2021
Agri

$000
Industrial

$000
Corporate/
Elimination
$000
Total

$000
Revenue
54,32796,150(7)150,470
Segment EBIT
16,65718,662(2,923)32,396
Profit before tax, finance costs
and share of net profit of associates
32,396
Finance costs
(913)
Share of net profit of associates
(98)
Profit before tax
31,385
Income tax expense
(8,176)
Net after-tax profit
23,209
Assets and liabilities
Segment assets
125,979156,89822,566305,443
Segment liabilities
12,74739,12754,429106,303
Net assets
113,232117,771(31,863)199,140
Other segment information
Capital expenditure
1,14911,727-12,876
Cash flow
Segment EBIT
16,65718,662(2,923)32,396
Share of net profit of associates
-(98)-(98)
Adjustments for:
- Depreciation and amortisation
2,0941,816243,934
- Depreciation right of use assets
3882,172342,594
- Non-cash items
--(193)(193)
Movement in working capital
(2,382)(5,427)(2,064)(9,873)
Segment cash flow
16,75717,125(5,122)28,760
Finance and tax cash expense
(7,933)
Movement in finance and tax accrual
(1,156)
Net cash flow from operating activities
19,671

SKELLERUP HALF YEAR REPORT FY22
16
2. Segment Information (continued)
For the half-year ended
31 December 2020
Agri

$000
Industrial

$000
Corporate/
Elimination
$000
Total

$000
Revenue
50,92385,708(42)136,589
Segment EBIT
15,31115,542(3,303)27,550
Profit before tax, finance costs
and share of net profit of associates
27,550
Finance costs
(1,135)
Share of net profit of associates
(50)
Profit before tax
26,365
Income tax expense
(6,906)
Net after-tax profit
19,459
Assets and liabilities
Segment assets
120,407132,26828,999281,674
Segment liabilities
13,87538,41743,12495,416
Net assets
106,53293,851(14,125)186,258
Other segment information
Capital expenditure
1,2121,379552,646
Cash flow
Segment EBIT
15,31115,542(3,303)27,550
Share of net profit of associates
-(50)-(50)
Adjustments for:
- Depreciation and amortisation
2,0191,616203,655
- Depreciation right of use assets
4182,143372,598
- Non-cash items
--460460
Movement in working capital
5,1483,756238,927
Segment cash flow
22,89623,007(2,763)43,140
Finance and tax cash expense
(5,600)
Movement in finance and tax accrual
(2,440)
Net cash flow from operating activities
35,100

17
3. Dividends Paid
Half-year
Ended
31 Dec 2021
$000
Half-year
Ended
31 Dec 2020
$000
Declared and paid during the period
Final dividend for June 2021 year on ordinary shares of 10.5 cents per share,
imputed to 50%, paid on 15 October 2021
(2020: 7.5 cents per share imputed to 50%, paid on 16 October 2020)
Net dividend paid20,504
14,606
Subsequent to the six-month period, the Board of Directors resolved to pay an interim dividend of
7.5 cents per share (imputed 50%), on the 195,276,382 ordinary shares on issue for a total amount
of $14,645,729. The dividend will be paid on 17 March 2022 to shareholders on the register at
5.00pm on 04 March 2022. The Dividend Reinvestment Plan will not be operative for this dividend
payment.
This compares to the prior-year interim dividend of 6.5 cents per share, totalling $12,692,969
which was paid on 18 March 2021.
4. Interest-bearing Loans and Borrowings
Bank loans are provided under a $70 million multi-currency syndicated facility agreement
with ANZ Bank New Zealand Limited and Bank of New Zealand which has an expiry date of
31 August 2024.
5. Events after the Balance Sheet date
There have been no subsequent events after 31 December 2021 requiring disclosure.

SKELLERUP HALF YEAR REPORT FY22
18
Corporate Directory
Directors
EM Coutts, ONZM, BMS, FCA, CFloD
Chair
BD Cushing, BCom, ACA
AR Isaac, CNZM, BCA, FCA
DW Mair, BE, MBA
PN Shearer, BCom
WJ Strowger, LLB (Hons)
Officers
DW Mair, BE, MBA
Chief Executive Officer
GR Leaming, BCom, CA
Chief Financial Officer
Registered Office
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
Bank of New Zealand
Level 4
80 Queen 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
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 Common Shareholder Number (CSN).

19

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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Skellerup Holdings Limited
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)


Results for announcement to the market
Name of issuer Skellerup Holdings Limited
Reporting Period Six months to 31 December 2021
Previous Reporting Period Six months to 31 December 2020
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$150,470 10%
Total Revenue $150,470 10%
Net profit/(loss) from
continuing operations
$23,209 19%
Total net profit/(loss) $23,209 19%
Interim/Final Dividend
Amount per Quoted Equity
Security
$ 0.07500000
Imputed amount per Quoted
Equity Security
$0.01458333
Record Date 04/03/2022
Dividend Payment Date 17/03/2022
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.6846 $0.6585
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
Contact person for this
announcement
Graham Leaming
Contact phone number 021 271 9206
Contact email address graham.leaming@skellerupgroup.com
Date of release through MAP

17 February 2022

Unaudited financial statements accompany this announcement.

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Skellerup Holdings Limited
Distribution Notice




Please note: all cash amounts in this form should be provided to 8 decimal places

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 04/03/2022
Ex-Date (one business day before the
Record Date)
03/03/2022
Payment date (and allotment date for
DRP)
17/03/2022
Total monies associated with the
distribution
1

$14,645,729
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.08958333
Gross taxable amount
3
$0.08958333
Total cash distribution
4
$0.07500000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.00661765
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed
Partial imputation X
No imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

14%
Imputation tax credits per financial
product
$0.01458333
Resident Withholding Tax per
financial product
$0.01497917
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

Date strike price to be announced (if
not available at this time)

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 person for this
announcement
Graham Leaming
Contact phone number 021 271 9206
Contact email address Graham.leaming@skellerupgroup.com
Date of release through MAP

17/02/2022





6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

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H Y 2 2 R E S U L T S | 1 7 F E B R U A R Y 2 0 2 2
1 7 F E B R U A R Y 2 0 2 2
H Y 2 2 R E S U LT S
D A V I D M A I R , C E O & E X E C U T I V E D I R E C T O R
G R A H A M L E A M I N G , C F O

H Y 2 2 R E S U L T S | 1 7 F E B R U A R Y 2 0 2 2
2
Skellerup Key Points HY22
Record NPAT of $23.2 million
•Up 19% on pcp.
•Growth in key markets of USA, Asia and NZ.
Record Industrial Division EBIT of $18.7 million
•Broad-based sales growth.
•Potable & waste water and marine particularly strong.
•Talbot Advanced Technologies (acquired 31 August 2021) results in line with plan.
Record Agri Division EBIT of $16.7 million
•Dairy rubberwaresales growth to international customers.
•Footwear sales growth particularly in NZ hardware channel.
•Operational gains at Wigram (and other facilities).
Operating cash flow of $19.7 million
•Down $15.4 million or 44% on pcp.
•Investment in inventory to ensure continuity of operations and customer supply.
Interim dividend pay-out of 7.5 cents per share
•Up 1.0 cent (or 15%) on pcp, reflecting strong earnings and low levels of net debt.
Robust Balance Sheet
•Net debt very low at to $25.6 million (8% of total assets) despite Talbot acquisition and
planned investment in inventory.
FY22 NPAT Guidance $44 to $47 million
* Excludes Corporate
0
5
10
15
20
25
HY18HY19HY20HY21HY22
NPAT (million)
Net Profit after Tax
0
6
12
18
24
30
36
HY18HY19HY20HY21HY22
EBIT (millions)
EBIT by Segment
*
IndustrialAgri
All amounts are in New Zealand Dollars,
unless stated otherwise

H Y 2 2 R E S U L T S | 1 7 F E B R U A R Y 2 0 2 2
3
Skellerup Financial Highlights HY22
•Revenue up $13.9 million and
10% on pcp.
•EBIT up $4.8 million and
18% on pcp.
•NPAT up $3.7 million and 19% on
pcp.
•Interim dividend of 7.5 cents per
share, up 1 cent and 15% on pcp.
•Operating cashflow down $15.4
million and 44% on pcp due to
planned investment in working
capital (inventory).
•Capex for capacity and new
products.
•Acquisition of Talbot $10.2
million.
•Net debt increased to fund
investment in Talbot and working
capital.
NZ$ MillionHY18HY19HY20HY21HY22
Revenue116.7120.2123.0136.6150.5
EBITDA21.323.024.133.938.9
Depreciation and Amortisation3.83.63.73.83.9
Depreciation (ROU Assets)--2.42.62.6
EBIT17.519.418.027.632.4
Finance costs (Debt)0.90.90.80.70.5
Finance costs (Lease Liabilities)--0.50.50.4
Tax expense4.95.24.66.98.2
NPAT11.713.412.119.523.2
Earnings cents per share6.16.96.210.011.9
Dividend cents per share4.05.55.56.57.5
Operating cash flow14.813.024.135.119.7
Net Debt34.832.434.713.025.6
Capital &intangible expenditure3.11.92.62.63.7
Acquisition & Investment--5.0-10.2

H Y 2 2 R E S U L T S | 1 7 F E B R U A R Y 2 0 2 2
4
Skellerup NPAT HY21 to HY22
Earnings growth was broad-based:
•Talbot contribution for first four months
following acquisition.
•Growth across the Industrial Division
applications particularly potable and waste
water (USA and Australia).
•Agri up due to footwear sales growth
particularly in NZ.
•COVID-related government assistance of $0.4
million (USA), compared to $1.2 million in pcp
(USA and Australia).
•Corporate costs down on pcp.
•Reduction in average net debt driving lower
interest costs.
•Gains from FX due to softer NZD in Q2 and
hedging gains.

H Y 2 2 R E S U L T S | 1 7 F E B R U A R Y 2 0 2 2
5
Skellerup HY22 Industrial Division
Revenue up 12% and EBIT up 20% against pcp
Potable and Waste Water
•Revenue up significantly as infrastructure work increased plus
market share gains in USA and Australia with new products.
Growth from high performance foam applications
•Ultralon U-Dekmarine foam sales up significantly in all
markets.
Vacuum Systems sales and margins growth
•Continued growth in system sales and winning first fitment
with OEMs. Two new products launched in HY22.
•Oil & Gas market up but limited new investment to date.
Other applications also recording growth
•Roofing (Asia), Health (NZ and Australia).
Talbot contribution in line with expectations for first four
months
NZ$ MillionHY18HY19HY20HY21HY22
Revenue73.778.079.985.796.2
EBIT10.011.710.215.518.7
EBIT %13.615.012.618.219.4

H Y 2 2 R E S U L T S | 1 7 F E B R U A R Y 2 0 2 2
6
Skellerup HY22 Agri Division
Revenue up 7% and EBIT up 9% against pcp
International Dairy sales growth
•Dairy rubberwaresales growth in New Zealand and USA.
•Margins down slightly due to increasing raw material and
freight costs.
•Supply chain delays impacted timing of getting product to
end markets.
•Operational process and efficiency gains continue to be
realised.
•Investment to increase production volumes and reduce lead
times implemented.
Footwear sales growth continues
•Sales growth in all markets, particularly NZ in both rural and
hardware markets.
•Range standardisation and rationalisation.
NZ$ MillionHY18HY19HY20HY21HY22
Revenue43.142.343.250.954.3
EBIT9.59.69.815.316.7
EBIT %22.122.822.730.030.7

H Y 2 2 R E S U L T S | 1 7 F E B R U A R Y 2 0 2 2
7
What We Do

H Y 2 2 R E S U L T S | 1 7 F E B R U A R Y 2 0 2 2
8
Skellerup HY22
NZ$ MillionHY18HY19HY20HY21HY22
Agri EBIT9.59.69.815.316.7
Industrial EBIT10.011.710.215.518.7
Corporate EBIT(2.1)(1.9)(2.0)(3.3)(2.9)
EBIT17.519.418.027.632.4
Finance costs0.90.91.31.10.9
Share of net loss of associate---(0.1)(0.1)
Tax expense4.95.24.66.98.2
NPAT11.713.412.119.523.2
Reconciliation of Segment EBIT to Group NPAT

H Y 2 2 R E S U L T S | 1 7 F E B R U A R Y 2 0 2 2
9
Skellerup Disclaimer
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.