Steel & Tube 1H22 Interim Results Announcement

23 February 2022
STU / NZX ANNOUNCEMENT


7 Bruce Roderick Drive, East Tamaki, 2013, Auckland PO Box 30543, Botany, 2163, Auckland
P 04 570 5000 F 04 570 2453www.steelandtube.co.nz

STEEL & TUBE FY22 HALF YEAR RESULTS
Steel & Tube Reports Record Six Month Revenue and Earnings
Steel & Tube Holdings Limited has reported its unaudited interim results for the six months to 31 December
2021, with record half year revenue and earnings driven by strong sector demand, our focus on customer
service, operational performance and disciplined supply chain management.

Revenue of $282.2m, up 25% on prior comparative period (pcp), with strong trading pre and post the
Covid-19 lockdown in August and September 2021

EBITDA of $31.9m, up 87.3% on pcp

EBIT of $22.6m, up 166% on pcp

Net profit after tax of $14.3m, up 253% on 1H21

Interim dividend of 5.5 cents per share (1H21: 1.2cps).

$m 1H22 1H21 Change
Revenue 282.2 226.3 ↑
EBITDA 31.9 17.0 ↑
Normalised EBITDA* 31.8 16.8 ↑
EBIT 22.6 8.5 ↑
Normalised EBIT* 22.5 8.3 ↑
NPAT 14.3 4.1 ↑
Net cash 1.2 23.9 ↓
Total dividends (CPS) 5.5 1.2 ↑

* 1H22 and 1H21 Normalised EBITDA and Normalised EBIT have been adjusted to exclude non-trading
adjustments. Further details included in appendix to the Investor Presentation.
CEO Mark Malpass commented: “Steel & Tube has traded well during the period, delivering solid volume and
sales growth and margin improvements, while continuing to invest into the business, our workforce and
growth opportunities. The priority over the last six months has been on maintaining availability of critical
products and high levels of service for customers while navigating global steel mill and supply chain
constraints, a higher pricing environment and Covid-19 restrictions. I’d like to acknowledge the efforts of our
team who continue to deliver day in and day out for our customers and shareholders during these
challenging times.
“The strong foundation built over the last few years has resulted in a concentrated focus on our customers,
coupled with a structurally lower cost base and improved margin disciplines. Cost savings have now been
embedded with cost increases in the first half of the financial year limited to salary and wage inflation and
incentive accruals, resulting in operating costs as a percentage of sales continuing to decline. We have been
disciplined in our focus on customers and product mix, targeting products and sectors that have allowed us
to improve our overall margins.
“Supply dynamics have been tight - steel mill customers continue to be on allocations, lead times have
increased both locally and offshore, and there have been significant cost price escalations. Steel & Tube has
utilised its cash position to increase stock levels of high demand items and ensure availability for customers.
Using data analytics, our experienced team has been able to hold inventory unit turns in line with previous
periods (excluding goods in transit). Careful planning and strong partnerships with shipping and freight

forwarding suppliers has helped manage long lead times and increased costs.”
Capital expenditure has been reduced to depreciation levels during the Covid-19 period. Increased
investment is expected in 2H22 as the company expands and builds into new and existing growth sectors and
continues to build out its digital strategy.
Business scorecard measures - safety, customer satisfaction, employee engagement and greenhouse gas
emissions - continue to show improvement.
The Board is pleased to declare an unimputed interim dividend of 5.5 cents per share.
Outlook
The strong demand for steel is expected to continue. Commercial building and manufacturing sectors are
both expanding, and infrastructure is benefitting from Government investment and spending, while the
current residential activity is expected to be maintained in the short term. No significant change in sector
headwinds (supply chain, labour, supplier costs) is anticipated in the next six months.
Omicron is expected to escalate over the next few weeks and cause disruption for a number of months. A
vaccination mandate has now been implemented and careful planning has been undertaken to minimise the
risks to its employees, customers and supply chains. The company is also registered as a critical service as
part of the close contact exemption scheme.
The focus for the second half of the financial year remains on continued gross margin dollar improvement,
investing in growth areas and leveraging Steel & Tube’s digital platform. The company has a long pipeline of
secured contract work and is well positioned to take advantage of identified opportunities in a range of
sectors. A sizeable investment has been made in new plate processing equipment to build share in this
higher margin sector, along with further investment in steel framed housing processing equipment. We are
also pursuing new product growth opportunities.
Steel & Tube has completed a significant turnaround and is focussing on capturing growth opportunities.
Subject to the impact of Omicron, Steel & Tube anticipates continued earnings momentum and dividends in
the second half, which has eight less trading days (6%) than the first half.
Results Call
The company is hosting an Investor and Analyst Call today at 10am to discuss the half year result. Access
details for the call can be viewed here https://www.nzx.com/announcements/386020.
ENDS
For media or investor enquiries, please contact: Jackie Ellis Tel: +64 27 246 2505 or
email: jackie@ellisandco.co.nz
For further information please contact:
Mark Malpass
Steel & Tube CEO
Tel: +64 27 777 0327
Email: mark.malpass@steelandtube.co.nz
Richard Smyth
Steel & Tube CFO
Tel: +64 21 646 822
Email: richard.smyth@steelandtube.co.nz

---

STEEL & TUBE HOLDINGS LIMITED
2022
HALF YEAR
REPORT

1
STEEL & TUBE HALF YEAR REPORT 2022
INTERIM
FINANCIAL
STATEMENTS
FOR THE SIX MONTHS
ENDED 31 DECEMBER 2021
Contents
02 Interim Financial Statements
06 Notes to the Interim Financial Statements
14 Independent Review Report
These interim financial statements do not include all
the notes and information normally included in the
annual financial statements. Accordingly, they should
be read in conjunction with the annual financial
statements for the year ended 30 June 2021.
1
STEEL & TUBE HALF YEAR REPORT 2022

2
STEEL & TUBE HALF YEAR REPORT 2022
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the period ended 31 December 2021
Notes
Unaudited
December
2021
$000
Restated
Unaudited
December
2020
1
$000
Sales revenue3 282,187 226,315
Other operating income2 1,112 183
Cost of sales (2 1 7, 7 5 6) (180,486)
Operating expenses (4 2 ,0 8 3) (38,233)
Software as a Service (SaaS) upfront expenditure5
(1,140) (1,032)
Earnings before interest, tax and other gains and losses22,320 6,747
Other gains6 317 1,765
Earnings before interest and tax22,637 8,512
Interest income 43 11
Interest expense (2,671) (3,026)
Profit before tax20,009 5,497
Tax expense (5,672) (1,433)
Profit for the period attributable to owners of the Company14,3374,064
Items that may subsequently be reclassified to profit or loss
Other comprehensive loss - hedging reserve (295) (821)
Total comprehensive income14,0423,243
Basic earnings per share (cents) 8.7 2.5
Diluted earnings per share (cents) 8.6 2.5
1
Comparatives have been restated for the impact of a change in accounting policy in regards to the
accounting for Software as a Service arrangements. Refer to Note 5 for further details.
The accompanying notes form
part of these financial statements.

3
STEEL & TUBE HALF YEAR REPORT 2022
STATEMENT OF CHANGES IN EQUITY
For the period ended 31 December 2021
Share
capital
$000
Retained
earnings
$000
Hedging
reserve
$000
Revaluation
reserve
$000
Treasury
shares
$000
Share-
based
payments
$000
Total
equity
$000
Balance at 1 July 2021
156,66941,721403 - (2 ,896)663196,560
Committee decision for
Software as a Service in
opening retained earnings
in relation to 2021
1
5 (2,808)(2,808)
Restated balance as at
1 July 2021
1
156,6693 8,913403 - (2 , 896)663193,752
Comprehensive income
Profit after tax - 14,337 - - - - 14,337
Other comprehensive
(loss) / income
Hedging reserve (gross) - - (4 0 9) - - - (4 0 9)
Deferred tax on above item - - 114 - - - 114
Total comprehensive income - 14,337(295) - - - 14,042
Transactions with owners
Dividends paid - (5,460) - - - - (5,460)
Employee share schemes - 349 - - - (14 6)203
Unaudited balance at
31 December 2021
156,66948,139108 - (2 ,896)517202,537
Balance at 1 July 2020
156,66922,541(85)4,552(2 ,896)509181,290
Committee decision for
Software as a Service in
opening retained earnings in
relation to 2020
1
5 (2,055)(2,055)
Restated balance as at
1 July 2020
1
156,66920,486(85)4,552(2 ,896)509179,235
Comprehensive income
Profit after tax (restated)
1
- 4,064 - - - - 4,064
Other comprehensive
(loss) / income
Hedging reserve (gross) - - (1,139) - - - (1,139)
Release of revaluation to
retained earnings (gross)
- 854(854) - - -
Deferred tax on above items - (88)31888 - - 318
Total comprehensive income - 4,830(821)(76 6) - - 3,243
Transactions with owners
Employee share schemes - 174 - - - 32206
Unaudited balance at
31 December 2020
156,66925,490(906)3,786(2 ,896)541182,684
1
Comparatives have been restated for the impact of a change in accounting policy in regards to the
accounting for Software as a Service arrangements. Refer to Note 5 for further details.
The accompanying notes form
part of these financial statements.
Notes

4
STEEL & TUBE HALF YEAR REPORT 2022
BALANCE SHEET
As at 31 December 2021
Notes
Unaudited
December
2021
$000
Restated
Audited
June 2021
1

$000
Current assets
Cash and cash equivalents 3,214 25,033
Trade and other receivables 8 7, 6 8 8 83,401
Inventories152,937 113,469
Derivative assets 528 607
Income tax receivable 1,361 -
245,728 222,510
Non-current assets
Deferred tax 7, 3 0 9 12,865
Income tax receivable - 1,361
Property, plant and equipment34,717 34,393
Intangibles5 8,472 9,13 3
Right-of-use assets 80,929 85,537
131,427 143,289
Total assets
377,155 365,799
Current liabilities
Trade and other payables71,256 63,892
Borrowings4 2,000 -
Provisions8 902 3,006
Derivative liabilities 302 47
Short term lease liabilities 13,296 13,079
8 7, 7 5 6 80,024
Non-current liabilities
Provisions8 1,447 1,281
Long term lease liabilities 85,415 90,742
86,862 92,023
Equity
Share capital 156,669 156,669
Retained earnings48,139 3 8 ,9 13
Other reserves (2, 271) (1,830)
202,537 193,752
Total equity and liabilities
377,155 365,799
Susan Paterson ChairKaren Jordan Director
These financial statements and the accompanying notes were authorised by the Board on 22 February 2022.
For the Board:
1
Comparatives have been restated for the impact of a change in accounting policy in regards to the
accounting for Software as a Service arrangements. Refer to Note 5 for further details.
The accompanying notes form
part of these financial statements.

5
STEEL & TUBE HALF YEAR REPORT 2022
STATEMENT OF CASH FLOWS
For the period ended 31 December 2021
Notes
Unaudited
December
2021
$000
Restated
Unaudited
December
2020
1

$000
Cash flows from operating activities
Customer receipts 278,295 234,698
Interest receipts 42 11
Payments to suppliers and employees(2 8 6, 3 76) (208,942)
Payments for interest on leases (2,361) (2, 540)
Interest payments (202) (2 59)
Wage subsidy received 988 -
Payment for litigation settlement - (1,563)
Insurance proceeds received - 1,563
Net cash (outflow)/inflow from operating activities (9,614) 2 2,96 8
Cash flows from investing activities
Property, plant and equipment disposal proceeds 37 1,839
Property, plant and equipment and intangible asset purchases (2,535) (1,808)
Net cash (outflow)/inflow from investing activities (2 ,498) 31
Cash flows to financing activities
Net proceeds from/ (repayment of ) borrowings 2,000 (10,000)
Dividends paid (5,460) -
Payment for leases (6, 247) (6, 5 3 7)
Net cash outflow from financing activities (9,707) (16,537)
Net (decrease)/increase in cash and cash equivalents (21,819) 6,462
Cash and cash equivalents at the beginning of the year 25,033 1 7, 4 1 8
Cash and cash equivalents at the end of the year 3,214 23,880
Represented by:
Cash and cash equivalents 3,214 23,880
3,214 23,880
1
Comparatives have been restated for the impact of a change in accounting policy in regards to the
accounting for Software as a Service arrangements. Refer to Note 5 for further details.
The accompanying notes form
part of these financial statements.

6
STEEL & TUBE HALF YEAR REPORT 2022
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the period ended 31 December 2021
1. BASIS OF PREPARATION AND ACCOUNTING POLICIES
Steel & Tube Holdings Limited (the Company or Steel & Tube) is registered under the Companies
Act 1993 and is a FMC Reporting Entity under the Financial Markets Conduct Act 2013. The
Company is a limited liability company incorporated and domiciled in New Zealand. The Group
comprises Steel & Tube Holdings Limited and its subsidiaries. The Group’s principal activities
relate to the distribution and processing of steel products, fastenings and metal floor decking.
The registered office of the Company is 7 Bruce Roderick Drive, East Tamaki, Auckland 2013, New
Zealand.
These interim financial statements have been reviewed, not audited, and were approved for
issue on 22 February 2022.
These interim financial statements are presented in New Zealand dollars and rounded to the
nearest thousand.
Basis of preparation
The Group is a for-profit entity. The interim financial statements have been prepared in
accordance with, and comply with, New Zealand Generally Accepted Accounting Practice
(NZ GAAP). They comply with NZ IAS 34: Interim Financial Reporting, IAS 34: Interim Financial
Reporting, and the NZX Main Board Listing Rules (issued 1 January 2019).
These interim financial statements do not include all the information required for an annual
financial report and consequently should be read in conjunction with the audited financial
statements of the Group for the year ended 30 June 2021. Non-GAAP measures shown in the
interim financial statements are defined in the 2021 Annual Report.
These interim financial statements have been prepared using the same accounting policies and
methods of computation as the financial statements for the year ended 30 June 2021 with the
exception of the change in intangible assets accounting policy as outlined below.
The preparation of the interim financial statements requires the exercise of judgements that
affect the application of accounting policies, the reported amounts of assets and liabilities,
and income and expenses. Where applicable and based on information available at the time of
preparing the interim financial statements, the Group has updated its judgements, estimates
and assumptions adopted since the audited financial statements of the Group for the year ended
30 June 2021.
These interim financial statements have been prepared on a going concern basis as the Group
will be able to discharge its liabilities including the repayment terms of the banking facilities
disclosed in Note 4.
The carrying value of all financial instruments approximates fair value. All financial instruments
are held at amortised cost, with the exception of derivative instruments which are accounted
for at fair value through profit or loss. The derivative instruments comprise forward foreign
exchange contracts, the fair value of which are calculated using forward exchange rates that are
quoted in an active market. All financial instruments accounted for at fair value through profit or

7
STEEL & TUBE HALF YEAR REPORT 2022
loss are classified as level 2 of the fair value hierarchy. The Group applies hedge accounting and
where derivative instruments are designated as hedging instruments in a cash flow hedge, fair
value gains/losses are recognised in other comprehensive income and released either to profit
or loss or the hedged item when the forecast transaction takes place.
Adoption status of relevant new financial reporting standards and interpretations
Change in intangible assets accounting policy
In March 2021 the IFRS Interpretations Committee (the Committee), which is responsible for
interpreting the application of IFRS, issued a decision on configuring and customising software
provided under Software as a Service arrangements (SaaS). The decision considers whether
configuration or customisation expenditure relating to SaaS arrangements can be recognised
as an intangible asset and if not, over what time period the expenditure is expensed. Where
it is determined that the costs are to be expensed and they are in respect of a service that is
distinct from the access to the software, the expense is recogised in profit or loss as incurred
i.e. as the service is received. If the service is not considered distinct, the costs are recognised
as an expense as the entity receives access to the customised software i.e. over the contract
term. The decision was subsequently ratified by the International Accounting Standards
Board in April 2021.
The Group’s accounting policy has historically been to capitalise costs related to the
configuration and customisation of SaaS arrangements as assets in the statement of financial
position. In response to the Committee’s decision, the Group revised its accounting policy
in relation to these configuration and customisation costs for SaaS arrangements. The new
accounting policy and the impact of the adoption is outlined in Note 5.
2. COVID-19
The World Health Organisation declared a global pandemic on 11 March 2020 due to the
outbreak and spread of Covid-19. An outbreak of the Delta variant was detected in New Zealand
during August 2021 which subsequently led to Alert Level 4 and 3 lockdowns imposed by the
New Zealand Government. Whilst this has impacted the Group’s results, there has been a strong
recovery in revenues following Auckland and other regions returning to Covid-19 Alert Level 3
and below.
The Group was eligible for and received $988k in relation to the New Zealand Government’s
wage subsidy, which has been recognised in other income in the Statement of Profit or Loss and
Other Comprehensive Income (31 December 2020: nil).
An assessment of the impact of COVID-19 on the interim financial statements as at 31 December
2021 is set out below, based on information available at the time of preparing the interim
financial statements.

8
STEEL & TUBE HALF YEAR REPORT 2022
BALANCE SHEET ITEMCOVID-19 ASSESSMENT
Trade receivables
The Group has undertaken a review to ensure that the provision
for expected credit losses reflects the current estimated
exposure of defaults and the most recent economic forecasts.
As a result, the Group has recognised a provision for doubtful
debts of $2.4m as at 31 December 2021 (30 June 2021: $2.2m).
Right-of-use assets/
Lease liabilities
During the financial period, the Group had also successfully
secured a sub-lease arrangement for one of its longer term
leases which had been impaired previously and the Group has
re-assessed the assumptions previously applied. Based on the
assessment performed, the Group has recognised a reversal of
impairment of $0.4m on these leases as at 31 December 2021.
Borrowings
There has been no changes to the covenants granted by the
Group’s banking partner since 30 June 2021. As at 31 December
2021, the Group is compliant with its covenants.
Provisions
There has been no changes to restructuring activities since
30 June 2021. As a result, the Group has not recognised any
additional provision in relation to this.
3. OPERATING SEGMENTS
The Group has identified two reporting segments as at 31 December 2021 having regard for
the criteria outlined in NZ IFRS 8 Operating Segments (NZ IFRS 8). The Group’s Chief Operating
Decision Maker (being the CEO) receives financial reports which aggregate the activities of
the Group’s various operating segments into two distinct divisions, being Distribution and
Infrastructure.
These reportable segments have been determined by having regard to the nature of products,
services and processes the various business units undertake to service customers. The Group
has a diverse range of customers from various industries, with no single customer contributing
more than 10% of the Group’s revenue.
The Group derives its revenue from the distribution and processing of steel and associated
products. Within the Distribution business, the primary focus is on the distribution of steel
products and fasteners, servicing similar customer groups, sharing similar business models
and trading skills, and using similar sales channels. The majority of product is traded and sales
staff are tasked to know the full range of products. Within the Infrastructure business, product
is predominately steel product which is bought and processed/ manufactured in warehouse
facilities for project/contract customers.
The CEO uses EBIT as a measure to assess the performance of segments. The segment
information provided to the CEO for the period ended 31 December 2021 is as follows:

9
STEEL & TUBE HALF YEAR REPORT 2022
December 2021

Distribution
$000
Infrastructure
$000
Other
$000
Reconciled
to Group
$000
Timing of revenue recognition
At a point in time181,663 59, 5 6 2 5 241,230
Over time - 4 0,95 7 - 40,957
Revenue from external customers181,663 100,519 5 282,187
Depreciation and amortisation(4,95 1)(3, 324)(1,023)(9, 298)
Expenses( 1 5 7, 3 1 9)(9 3 ,95 1)1,018 (250,252)
Segment EBIT 19, 393 3,244 - 22,637
Interest on leases (1, 388)(96 5)(7)(2,360)
Interest - others (net)(268)
Reconciled to Group Profit Before Tax
20,009
December 2020
Distribution
$000
Infrastructure
$000
Other
$000
Reconciled to
Group
$000
1

Timing of revenue recognition
At a point in time131,852 46,259 9 178,120
Over time
- 48,195 - 48,195
Revenue from external customers131,852 94,454 9 226,315
Depreciation and amortisation(4,698)(3,195)(6 4 4)(8, 537)
Expenses(121,8 4 4)(87,713)291 (2 0 9, 26 6)
Segment EBIT 5,310 3,546 (3 4 4)8,512
Interest on leases (1,4 6 6)(1,05 4)(20)(2 , 540)
Interest - others (net)(475)
Reconciled to Group Profit Before Tax
5,497
Depreciation and amortisation recognised as at 31 December 2021 is inclusive of depreciation
recognised under NZ IFRS 16 Leases, which is in line with the financial reports received by the CEO.
Interest recognised under NZ IFRS 16 Leases is shown separately in the financial reports provided
to the CEO. Other interest income and expense are not allocated to segments as these are
driven by the central treasury function, which manages the cash position of the Group.
Sales between segments are eliminated on consolidation. The amounts provided to the CEO
with respect to segment revenue are measured in a manner consistent with that of the interim
financial statements. Comparative figures have been amended to include a reclassification of
$1.1m of revenue recognised between point in time and over time to align with current year
presentation.
1
Comparatives have been restated for the impact of a change in accounting policy in regards to the accounting for Software as a Service
arrangements. Refer to Note 5 for further details.

10
STEEL & TUBE HALF YEAR REPORT 2022
4. BORROWINGS
The Group has a three year $50m Revolving Cash Advance Facility with an expiry date of 15
February 2024. Borrowing facilities arranged with the Group’s banking partner can be drawn at
any time, subject to meeting the terms of the Group’s Facility Agreement (31 December 2021:
$2.0m drawn and 31 December 2020: $nil drawn).
As at 31 December 2021, the Group has not relied on financial covenant waivers and is compliant
with all financial covenants.
5. INTANGIBLE ASSETS
During the period, the Group revised its accounting policy in relation to configuration
and customisation costs incurred in implementing SaaS arrangements in response to the
Committee’s agenda decision clarifying how current accounting standards apply to these
types of arrangements. The Group’s accounting policy has historically been to capitalise costs
related to the configuration and customisation of SaaS arrangements as intangible assets in
the statement of financial position. Following the adoption of the above Committee agenda
decision, current SaaS arrangements were identified and assessed to determine if the Group
has control of the software. For those arrangements where control does not exist, the Group
derecognised the intangible asset previously capitalised.
Accounting Policy
Software as a service (SaaS) arrangements are service contracts providing the Group with
the right to access the cloud provider’s application software over the contract period. As
such the Group does not receive a software intangible asset at the contract commencement
date. For SaaS arrangements, the Group assesses if the contract will provide a resource that
it can ‘control’ to determine whether an intangible asset is present. If the Group cannot
demonstrate control of the software, the arrangement is deemed a service contract and
any implementation costs including costs to configure or customise the cloud provider’s
application software are recognised as operating expenses when incurred.
Where the SaaS arrangement supplier provides both configuration and customisation
services, judgement has been applied to determine whether each of these services are
distinct or not from the underlying use of the SaaS application software. If distinct, such
costs are expensed as incurred when the services is provided. If not distinct, such costs are
expensed over the SaaS contract term.
In implementing SaaS arrangements, the Group has incurred customisation costs which
creates additional functionality to a cloud based software. Management has determined
that it has rights to the intellectual property and has owned the developed software which
meets the definition and recognition criteria for an intangible asset.
Cost incurred for the development of software that enhances or modifies, or creates
additional functionality to an on-premise software that meets the definition and
recognition criteria of intangible assets are recognised as intangible assets. When these
costs are recognised as intangible software assets they are amortised over the useful life of
the software on a straight line basis.

11
STEEL & TUBE HALF YEAR REPORT 2022
The Group reviewed the agreements and supporting documentation for all capitalised software
and associated projects. The Group has applied the required treatment retrospectively.
Comparative information has been restated to reflect the retrospective application of the SaaS
guidance. The following table presents the impact of the restatement on the comparative
information presented in the interim financial statements:
Balance Sheet
Balances as at 1 July 2020
Previously
Reported
$000
Adjustment
$000
Restated
$000
Intangibles 11,886 (2,85 4)9,03 2
Deferred tax11,595 799 12,394
Other assets/(liabilities)1 5 7, 8 0 9 - 157,809
Net assets
181,290 (2,055)179, 2 3 5
Retained earnings22,541 (2,055)20,486
Other equity balances158,749 - 158,749
Total equity
181,290 (2,055)179, 2 3 5
Balances as at 1 July 2021
Previously
Reported
$000
Adjustment
$000
Restated
$000
Intangibles 13,033 (3 ,9 0 0)9,1 3 3
Deferred tax11,773 1,092 12,865
Other assets/(liabilities)171,754 - 171,754
Net assets
196,560 (2,808)193,752
Retained earnings41,721 (2,808)3 8,913
Other equity balances154,839 - 154,839
Total equity
196,560 (2,808)193,752
Statement of Profit or Loss and Other Comprehensive Income
Balances for the period ended 31 December 2020
Previously
Reported
$000
Adjustment
$000
Restated
$000
Operating expenses (3 8 ,9 2 1)688 (38, 233)
Software as a Service (SaaS) upfront expenditure - (1,032)(1,032)
Profit before tax
5,841 (3 4 4)5,497
Income tax expense(1, 529)96 (1,433)
Profit for the period attributable to owners of the Company
4,312 (248)4,064

12
STEEL & TUBE HALF YEAR REPORT 2022
The adoption of the Committee agenda decision has resulted in recognition of costs to
configure SaaS arrangements as an upfront expense of $1.0m and a reversal of amortisation of
$0.7m to the prior year’s Statement of Profit or Loss and Other Comprehensive Income.
Statement of Cash Flows
Balances for the period ended 31 December 2020
Previously
Reported
$000
Adjustment
$000
Restated
$000
Payments to suppliers and employees(207,910)(1,032)(208,942)
Net cash inflow from operating activities
24,000 (1,032)2 2 ,968
Property, plant and equipment and intangible asset purchases(2,840)1,032 (1,808)
Net cash outflow from investing activities
(1,001)1,032 31
6. IMPAIRMENT TESTING
NZ IAS 36 Impairment of Assets (“NZ IAS 36”) requires the Group to assess for any indicators
of impairment at the end of each reporting period and also to test the recoverable amount of
the Group’s assets against its carrying value to assess whether there is any indication that an
asset may be impaired. The recoverable amount is the higher of an asset’s fair value less costs of
disposal (“FVLCD”) and value-in use (“VIU”).
As at 31 December 2021, the Group has not identified any indicators of impairment over the
assets held by the Group. The Group’s market capitalisation is above net assets as at balance
sheet date with improved trading performance. The Group has therefore concluded that no
impairment is required as at 31 December 2021.
The Group has re-assessed the assumptions used for the previously impaired sites with
longer term leases (> 3 years) based on current market outlook and consideration over the
sites’ utilisation of space in line with the Group’s network strategy. Based on the assessment
performed, the Group has recognised a reversal of impairment of $0.4m on these leases as at 31
December 2021 which represents a partial recovery of the total impairment charge recognised
previously.
7. RELATED PARTIES
The Company has related party relationships with its subsidiaries and with key management
personnel.
There have been no material changes in the nature or amount of related party transactions for
the Group since 30 June 2021.
8. PROVISIONS
The Group recognised a Holiday Pay Provision of $0.85m as at 30 June 2021. The provision
relates to the Group’s potential backdated holiday pay obligations following a High Court
judgement on an unrelated company on a similar matter. Following the Court of Appeal ruling in
this case, the Group has released its Holiday Pay provision of $0.85m as at 31 December 2021.

13
STEEL & TUBE HALF YEAR REPORT 2022
The Group held a make good provision for the remediation work carried out on one of its
existing tenanted properties being Stonedon Drive which was agreed as part of the sale and
purchase agreement. Remediation work has completed as at 31 December 2021 and the Group
has released $0.5m of the unutilised provision.
9. SUBSEQUENT EVENTS
On 23 January 2022, the New Zealand Government announced that the whole of New Zealand
will move into the Red setting of the Traffic Light system effective from 11.59pm 23 January 2022.
In response to the change in settings, the Group’s operations were carried out in compliance
with the New Zealand Government’s requirements. These operating restrictions have not
required any further restructuring or adjustments to the 31 December 2021 reported balances.
On 22 February 2022, the Board declared an interim dividend of 5.5 cents per share
(2021: 1.2 cents) totalling $9.1m (2021: $2.0m). The dividends will be paid to shareholders
on 25 March 2022.

14
STEEL & TUBE HALF YEAR REPORT 2022



© 2022 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International
Limited, a private English company limited by guarantee. All rights reserved.

Independent Review Report
To the shareholders of Steel & Tube Holdings Limited
Report on the interim consolidated financial statements of Steel & Tube Holdings Limited (the ‘Company’)
and its subsidiaries (together the ‘Group’)
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the interim
consolidated financial statements on pages 2 to 13
do not:
i. present fairly in all material respects the
Group’s financial position as at 31
December 2021 and its financial
performance and cash flows for the 6
month period ended on that date; and
ii. comply with NZ IAS 34 Interim Financial
Reporting.
We have completed a review of the accompanying
interim consolidated financial statements which
comprise:
— the balance sheet as at 31 December 2021;
— the statements of profit or loss and other
comprehensive income, changes in equity and
cash flows for the 6 month period then ended;
and
— notes, including a summary of significant
accounting policies and other explanatory
information.
Basis for conclusion
A review of interim consolidated financial statements in accordance with NZ SRE 2410 Review of Financial
Statements Performed by the Independent Auditor of the Entity (“NZ SRE 2410”) is a limited assurance
engagement. The auditor performs procedures, consisting of making enquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures.
As the auditor of Steel & Tube Holdings Limited, NZ SRE 2410 requires that we comply with the ethical
requirements relevant to the audit of the annual financial statements.
Other than in our capacity as auditor we have no relationship with, or interests in, the Group.
Other matter
The consolidated financial statements for the Group for the year ended 30 June 2021 and the interim consolidated
financial statements for the Group for the 6 months period ended 31 December 2020 were audited or reviewed
(as appropriate) by another auditor who expressed an unmodified opinion on those statements on 23 August 2021
and 25 February 2021 respectively.
Use of this Independent Review Report
This report is made solely to the shareholders as a body. Our review work has been undertaken so that we might
state to the shareholders those matters we are required to state to them in the Independent Review Report and
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the shareholders as a body for our review work, this report, or any of the opinions we have formed.

15
STEEL & TUBE HALF YEAR REPORT 2022
Responsibilities of the Directors for the interim consolidated financial
statements
The Directors, on behalf of the Group, are responsible for:
— the preparation and fair presentation of the interim consolidated financial statements in accordance with NZ
IAS 34 Interim Financial Reporting;
— implementing necessary internal control to enable the preparation of interim consolidated financial statements
that are fairly presented and free from material misstatement, whether due to fraud or error; and
— assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless they either intend to liquidate or to
cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the review of the interim consolidated
financial statements
Our responsibility is to express a conclusion on the interim consolidated financial statements based on our review.
We conducted our review in accordance with NZ SRE 2410. NZ SRE 2410 requires us to conclude whether
anything has come to our attention that causes us to believe that the interim consolidated financial statements
are not prepared, in all material respects, in accordance with NZ IAS 34 Interim Financial Reporting.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand). Accordingly we do not express an audit
opinion on these interim consolidated financial statements.
This description forms part of our Independent Review Report.
KPMG
Auckland
22 February 2022

16
STEEL & TUBE HALF YEAR REPORT 2022
REGISTERED OFFICE
7 Bruce Roderick Drive, East Tamaki, Auckland 2013, New Zealand.
PO Box 58880, Botany, Auckland 2163, New Zealand
Ph: +64 4 570 5000 Fax: +64 4 569 2453
Email: info@steelandtube.co.nz
Website: www.steelandtube.co.nz
SHARE REGISTRY
Computershare Investor Services Limited
Private Bag 92119, Auckland 1142, New Zealand
Ph: +64 9 488 8777 Fax: +64 9 488 8787
Email: enquiry@computershare.co.nz
Website: www.computershare.co.nz
AUDITORS
KPMG

---

[
TITLE GOES HERE
]
1H22 Results Presentation
For the six months ended 31 December 2021

Agenda
•1H22 Snapshot
•Operating Environment
•Financial Performance
•Strategic Progress
•Outlook
•Discussion
Presenters
•Mark Malpass, CEO
•Richard Smyth, CFO

DIFOT
98%
1H21: 98%
1H22 performance
Record revenue and earnings driven by strong sector demand, customer
service, operational performance and disciplined supply chain management
Revenue
$282.2m
+24.7%
EBITDA
$31.9m
+87.3%
EBIT
$22.6m
+165.9%
NPAT
$14.3m
+252.7%
Volume
82,802t
+12.5%
Dividend
5.5 cps
1H21: 1.21 cps
Customer NPS
41
1H21: 34
TRIFR
1.27
1H21: 3.35
Employee NPS
29
1H21: 13
3
Net Promoter Score (NPS): Measure of customer/employee satisfaction
Employee Total Recordable Injury Frequency Rate (TRIFR): Employee safety measure
Earnings Before Interest and Tax (EBIT), Earnings Before Interest Tax Depreciation and Amortisation (EBITDA), Net Profit After Tax (NPAT)
DIFOT: based on deliveries from Distribution Centres
Percent comparatives are to 1H21

•Positive economic activity
driving increased demand for
steel across a range of sectors
•High levels of customer
service and operational
performance
•Disciplined supply chain
management led to improved
availability of high demand
products
•Use of data analytics to
support pricing decisions
Headwinds
•Global Covid-19
environment
•Significant supply chain
disruptions
•Increasing steel pricing
and cost pressures
•War on talent - labour
constraints, particularly
construction
Tailwinds
•Steady increase in
infrastructure activity
•Commercial activity
building
•Manufacturing
expanding
•Residential pipeline
expected to be
maintained short term
Strongly positioned to benefit from market conditions
4

Positive economic activity driving demand for steel
Increased demand across a range of sectors; most trends expected to continue over the medium term
2
3
4
2
3
5
6
Dec-17 Dec-18 Dec-19 Dec-20 Dec-21
SQM (000s)
No. Consents (000s)
Rolling 12months
Non-Residential Consents
ConsentsFloor Area
5
6
7
8
25
30
35
40
45
50
Dec-17 Dec-18 Dec-19 Dec-20 Dec-21
Rolling 12months
SQM (000s)
No. Consents (000’s)
Residential Consents
ConsentsFloor Area
20
40
60
Dec-17 Dec-18 Dec-19 Dec-20 Dec-21
Performance of Manufacturing
Index (PMI)
Source: Statistics New Zealand, BNZ – BusinessNZ PMI, Statistic NZ, NZIER
50
80
110
140
Dec-17 Dec-18 Dec-19 Dec-20 Dec-21
Index (2010=100:sa)
Activity Index
Infrastructure Construction
Manufacturing
31%
Other
8%
Residential
Construction
21%
Commercial
26%
Infrastructure
14%
Share of 1H22 Sales
Steel & Tube is a
diversified business with
limited exposure to any
one sector
5

Significant
structural
change now
embedded
and delivering
value
Completion
of Project Strive
Strong
foundation
now in place
1H18 to 1H22
Optimised national network with
regional strength
•Sites reduced from 50 to 26
•$2.5m reduction in annual lease costs
Enhanced customer value
proposition
•Group-wide Customer Excellence Centre
established, e-commerce, omnichannel platform,
CRM and customer segmentation, digital
strategy
Significant cost reduction and
efficiencies now locked in
•Opex reduced by 17.0%
•Opex vs sales reduced from 19.3% to 15.2%
•FTEs down 17.8% (1,100 to 904 including
vacancies)
Robust balance sheet •Gross debt reduced from $133.4m (June 2017) to
$2.0m
Operational excellence•Distribution Centre Lean systems
•Bar code scanning and traceability
Supply chain disciplines•S&OP and forecasting systems, product
traceability, digital tools
6

1H22 group financial summary
Record half year performance
$m1H221H21
Revenue282.2226.3

EBITDA31.917.0

Normalised EBITDA*31.816.8

EBIT22.68.5

Normalised EBIT*22.58.3

NPAT14.34.1

Net cash1.223.9

Total dividends (CPS)5.51.2

*1H21 results have been restated for the impact of a change in accounting policy in regards to the accounting for Software as a Service arrangements (“SaaS”). 1H22 and 1H21 Normalised EBITDA and Normalised
EBIT have been adjusted to exclude non-trading adjustments. Further details included in appendix to this presentation.
7
•Strong volume and revenue uplift
•Structural reduction in operating
expenses locked in
•Significant increase in earnings, results
at/above top end of guidance
•Investment in high demand inventory
utilising strong cash position
•Impact of supply chain congestion on
cashflow
•Strong balance sheet with low
borrowings
•Interim dividend 5.5 cents per share
(unimputed)

Majority of New Zealand businesses and projects
shut down for up to five weeks in 1Q22
Volume 82,802t, up 9,222t or 12.5% on 1H21
Increasing customer demand for comprehensive
range of products
Revenue $282.2m, up $55.9m or 24.7% on 1H21
Continuing sales momentum, despite Covid-19
impact
Division Revenue
Distribution (64.4%): $181.7m
Infrastructure (35.6%): $100.5m
Revenue
Strong trading momentum pre
and post Covid-19 lockdown
0
20
40
60
80
100
0
50
100
150
200
250
300
*1H18 *1H19 1H20 1H21 1H22
Tonnage (000’s)
$m
Sales & Volume
SalesTonnage
-
50
100
150
*1H18 *1H19 1H201H211H22
$m
Sales by Division
Infrastructure
Distribution
*Excludes divested Plastics business
8

Covid-19 management
Careful planning for ongoing Covid-19
environment
•Leadership position on vaccine
incentives for staff
•Vaccination mandate implemented
•Vaccine protocols for customers and
suppliers visiting sites
•Exclusion zones have been deployed at
all sites
•Existing supply of RATs, with placement
of future orders
•Approved for Close Contact Exemption
Scheme Critical Services Register
9
0
2
4
6
8
10
12
14
16
18
1 July 20211 September 2021 1 November 20211 January 2022
Weekly Revenue ($m)
Weekly Revenue - 1H22:1H21
FY22FY21
Lockdown
Auckland
AL3

Margin
Focus on gross margin dollar improvement
Gross margin 22.8%
•Data driven pricing decisions resulting in effective
price management in a dynamic environment
•Product mix focused on growing market share
in attractive sectors which offer higher margins
•Lower variable costs as a percentage of sales
reflecting efficiency improvements
•Ongoing focus on cost management
20.3%
22.8%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Gross Margin
Year on Year Margin
Improvement
1H211H22
Gross margin includes freight, direct and sub-contract labour
10

Completion of three year Project Strive programme with
significant structural changes delivering long term benefit
•Lower fixed cost base and reductions now locked in
•Operational costs as a percentage of sales continues
to decline
•Productivity improvements from a more efficient
network have also led to reduced carbon emissions
Increase in 1H22 normalised operating expenses of $4.7m
•Inflationary pressure - mostly wage and salary inflation
•Incentive accruals and provisioning
Normalised operating expenses
Ongoing relentless focus on operating expenditure
0%
5%
10%
15%
20%
25%
-
10.0
20.0
30.0
40.0
50.0
60.0
1H18 1H19 1H20 1H21 1H22
$m
OpexOpex/Sales%
1H22 opex adjusted to exclude the reversal of Holiday Pay Provision of $0.8m
11

EBIT
improvement
driven by
volume and
margin growth
1H21 Normalised EBIT
1H21 Lease Gains
Volume Growth
Margin Growth
1H22 Wage Subsidy
Net cost escalations
1H22 Normalised EBIT
12

Working capital management
•Disciplined approach to working capital
management embedded in business
•Utilised strong cash position to invest in
critical inventory, supporting our customers
and mitigating supply chain headwinds
•Substantial bank facility in place
Interim Dividend: 5.5 cents per share
•Continuation of dividend payments with an
interim dividend of 5.5 cents per share
(unimputed), in line with Steel & Tube’s
dividend policy of 60% - 80% of Adjusted Full
Year NPAT
Balance sheet
Well positioned to support growth
$m1H22 1H21 FY21
Trade and other receivables89.6 72.1 84.0
Inventories152.9 98.3 113.5
Trade and other payables(85.8) (59.5) (80.0)
Working Capital156.7 110.9 117.5
Cash and cash equivalents3.2 23.9 25.0
Borrowings(2.0) --
Net Cash1.2 23.9 25.0
Working Capital KPIs1H22 1H21 FY21
Trade Receivables: DSO364238
Inventories: DIO117 109 101
Trade Payables: DPO
453541
DSO: Days Sales Outstanding; DIO: Days Inventory Outstanding; DPO: Days Payable Outstanding
13

•DIFOT – 98% achieved through targeted product
availability and operational improvements
•Supply dynamics have been tight – steel mill customers
have been on allocations, increased lead times both
locally and from offshore suppliers, and there have been
significant cost price escalations
•We have been able to hold inventory unit turns in line
with prior periods (excluding Goods In Transit) and have
invested in fast turning inventory to support our
customers
•Our strong partnerships with shipping and freight
forwarding suppliers has helped secure laneways and
partially mitigate costs
Inventory management
Inventory management system and laser
focus on availability of critical items has
resulted in consistent DIFOT for customers
Jun’21 Inventory
Cost price escalations
International & Local
supply chain
Residual
Covid-19
Additional to support
sales
Dec’21 Inventory
Inventory Bridge includes Goods in Transit (GIT)
14

Prudent cash management
•1H22 capex of $2.6m (1H21 $1.8m*)
•Capex reduced to below depreciation levels
during Covid-19 environment
•Continued investment in health and safety
Planned capex into growth opportunities
•Increasing investment in added value plate
processing capability and Rollforming
equipment
•Expanding capability and offer in targeted
sectors
•Continued investment in digital strategy
Capital expenditure
Careful management of funds in current
environment
-
2
4
6
8
10
12
14
16
18
20
FY18FY19FY20FY211H22
$m
Capital Investment
DigitalPlant & Equipment
Land & BuildingDepreciation and amortisation
*1H21 has been restated for the impact of a change in accounting policy regarding the accounting for Software as a Service arrangements (“SaaS”).
15

Customer satisfaction
NPS of 41 for 1H22
Business scorecard: focus on continual improvement
16
Carbon Reduction
Greenhouse gas emissions 939 tCO2-e
1378
883
957
1018
939
0
500
1000
1500
1H202H201H212H211H22
Tco2-E
*Reporting in accordance with Greenhouse Gas Protocols and includes all material emissions under Scope 1 and 2, with Scope 3 limited to business travel
3434
41
0
10
20
30
40
50
1H212H211H22
NPS SCORE
0
5
10
15
FY16 FY17 FY18 FY19 FY20 FY21 HY22
TRIFR
5
13
15
19
29
0
10
20
30
July 20 Nov 20 Mar 21 July 21 Dec 21
eNPS SCORE
Employee Safety Measure
TRIFR 1.27 Well below industry standards
Employee Engagement
Satisfaction Score 7.7/10

Our purpose
To make life easier for our customers
needing steel solutions
•Providing a one-stop-shop for the most
essential steel products – from foundation to
roof and everywhere in between
•Doing everything we can to make it easy for
our customers to do business with us
•Always looking for ways to work smarter
•Using technology and great thinking to pull it
all together and enable a better business
•Building one great team right across the Steel
& Tube business
17

Strategic focus: investment for growth
Focus on growth opportunities driving gross margin dollar improvement
18
•Continue to build best-in-
class customer experience
and digital platform
•Drive gross margin dollars
•Continued operational
efficiencies
•Investment into IT and
enhanced data analytics
•Leverage opportunities to
cross sell wide range of
products and services
BUILD ON STRONG
BUSINESS FOUNDATION
•Continue to develop
differentiated expertise
•Grow targeted high value
product ranges
•Work in partnerships with
third parties
•Continue investment in
marketing and promotion
NEW PRODUCT
DEVELOPMENT AND
INNOVATION
BUSINESS
GROWTH
•Primary focus on organic
growth
•Continue to pursue
opportunities in close
adjacent sectors

Our digital investment
Making our business more competitive and
enabling best in class customer experience
Investments in e-commerce, customer
experience, analytics, cloud technology and
Industry 4 initiatives
Benefits
•Making it easy for our customers
•Reduction in cost to serve
•Improved traceability
1H22
•Launched enhanced pricing and margin
management capabilities
•Improved ERP customer management,
webshop enhancements
•Growth in e-commerce transactions and
value
+209%
on 1H21
Online Revenue
Growth
+121%
Average order
value difference
online vs physical
+109%
on 1H21
Growth in online
customers
19

Product development and innovation
Identified opportunities in high margin sectors where we can build market share
20
Expand plate processing capability and offer
•Attractive margins for value-added products
•Growing market sector
•Existing footprint with significant opportunity to expand
•Replacement of obsolete equipment with large, high capacity machinery -
commissioning 4Q22
Build share of the steel framed housing market
•Currently supply coil to residential and commercial manufacturing customers
for external and internal steel framing - estimated 50% of the market
•Expand to supporting housing developers with fabricated frames and trusses
•Steel framing is infinitely recyclable
•Investment into new machinery supported by high spec software
•Commissioning 4Q22
New product growth

2H22 outlook
Market conditions expected to remain positive
•Commercial consents building and significant
increase in tenders coming to the market
•Infrastructure/Government spending continuing
to build due to significant prior underinvestment
•Residential activity expected to be maintained in
the short term
•Expanding manufacturing sector that has
recovered from Covid-19 impacts in August and
September
•No significant change in headwinds (supply
chain, labour, supplier costs) expected in next six
months
•Omicron uncertainty but expect volatility in line
with overseas trends; careful planning
undertaken to mitigate risk
Significant turnaround complete with
benefits locked in, now capturing growth
opportunities:
•Business model is delivering operational
leverage, digital platform taking hold,
positioned to take advantage of identified
organic and adjacent opportunities
•Strong market conditions, secured pipeline of
contract work, coupled with improved margin
disciplines
•Expect continued earnings momentum and
dividends, subject to Omicron impact
•Eight less trading days (6%) in 2H22 cf 1H22
21

Shareholder
discussion
22
Discussion

23
Non-GAAP Financial
Non-GAAP financial information: Steel & Tube uses several non-GAAP measures when discussing financial
performance. These include Normalised EBIT and Working Capital. Management believes that these measures
provide useful information on the underlying performance of Steel & Tube’s business. They may be used
internally to evaluate performance, analyse trends and allocate resources. Non- GAAP financial measures should
not be viewed in isolation nor considered as a substitute for measures reported in accordance with NZ IFRS.
Non-trading adjustments/Unusual transactions: The financial results for 1H22 include transactions considered
to be non-trading in either their nature or size. Unusual transactions can be as a result of specific events or
circumstances or major acquisitions, disposals or divestments that are not expected to occur frequently. Excluding
these transactions from normalised earnings can assist users in forming a view of the underlying performance of
the Group. The above reconciliation is intended to assist readers to understand how the earnings reported in the
Financial Statements for the periods ended 31 December 2021 (1H22) and 31 December 2020 (1H21) reconcile to
normalised earnings. Non-trading adjustments of $(0.1) million are included in the 1H22 results.
RECONCILIATION OF REPORTED TO NORMALISED
Period ended 31 DecemberRestated Restated
$000sHY22HY21 HY22 HY21
Reported 31,935 17,049 22,636 8,512
Holiday Pay provision release(854)-(854)-
IFRS16 Impairment Reversal(374)(777) (374) (777)
Gain on sale of property-(512)-(512)
SaaS expenses 1,1401,032 1,140 1,032
Normalised31,848 16,792 22,549 8,255
EBITEBITDA

---

Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019
* The prior period results have been restated for the impact of a change in accounting policy
related to Software as a Service. Details are provided in the Group’s Interim Financial
Statements




Results for announcement to the market
Name of issuer Steel & Tube Holdings Limited
Reporting Period 6 months to 31 December 2021
Previous Reporting Period 6 months to 31 December 2020
Currency NZD
Amount (000s) Percentage change *
Revenue from continuing
operations
$282,187 24.7%
Total Revenue $282,187 24.7%
Net profit/(loss) from continuing
operations
$14,337 252.7%
Total net profit/(loss) $14,337 252.7%

Interim Dividend
Amount per Quoted Equity
Security
$0.05500000
Supplementary dividend per
Quoted Equity Security
Not Applicable
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date 11 March 2022
Dividend Payment Date 25 March 2022
Current period Prior comparable period
(31 December 2020) *
Net tangible assets per Quoted
Equity Security
$1.18 $1.12
A brief explanation of any of the
figures above necessary to
enable the figures to be
understood
Non-GAAP financial information
Steel & Tube uses several non-GAAP measures when
discussing financial performance. This includes normalised
EBIT. Management believes that these measures provide
useful information on the underlying performance of Steel &
Tube’s business. They may be used internally to evaluate
performance, analyse trends and allocate resources. Non-
GAAP financial measures should not be viewed in isolation
nor considered as a substitute for measures reported in
accordance with NZ IFRS. Reconciliations of non-GAAP
measures to GAAP measures are detailed within this
announcement.

Steel & Tube’s normalised EBIT is $22.5m for 1H22 (1H21 *:
$8.3m, 173.2% increase). Further details on the unusual
transactions/non-trading adjustments are included in the
investor presentation for the period ended 31 December
2021.
Definitions:
 EBIT: This means earnings before interest and tax and is
calculated as profit for the period before net finance costs
and tax.
 Normalised EBIT: This means EBIT after normalisation
adjustments.
 Normalisation adjustments: These are transactions that
are unusual by size or nature in a particular accounting
period. Excluding these transactions can assist users in
forming a view of the underlying performance of the
Group. Unusual transactions can be as a result of specific
events or circumstances or major acquisitions, disposals
or divestments that are not expected to occur frequently.

Authority for this announcement
Name of person

authorised to
make this announcement
Mark Malpass
Contact person for this
announcement
Mark Malpass
Contact phone number +64 27 777 0327
Contact email address mark.malpass@steelandtube.co.nz
Date of release through MAP

23 February 2022

Unaudited financial statements accompany this announcement.

---

Template
Distribution Notice

Updated as at 18 December 2019



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

Section 1: Issuer information
Name of issuer Steel & Tube Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code STU
ISIN (If unknown, check on NZX
website)
NZSUTE0001S5
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 11 March 2022
Ex-Date (one business day before the
Record Date)
10 March 2022
Payment date (and allotment date for
DRP)
25 March 2022
Total monies associated with the
distribution
1

$9,129,865
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.05500000
Gross taxable amount
3
$0.05500000
Total cash distribution
4
$0.05500000
Excluded amount (applicable to listed
PIEs)
NIL
Supplementary distribution amount N/A
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed
Partial imputation
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

N/A
Imputation tax credits per financial
product
N/A
Resident Withholding Tax per
financial product
$0.01815000
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
N/A N/A
Date strike price to be announced (if
not available at this time)
N/A
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
N/A
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Richard Smyth
Contact person for this
announcement
Richard Smyth
Contact phone number 021 646 822
Contact email address Richard.smyth@steelandtube.co.nz
Date of release through MAP

23 February 2022





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