Skellerup reports another record result

18 August 2022
Skellerup reports another record result and dividend pay-out
Skellerup today announced record audited net profit after tax of $47.8 million for the year ended 30
June 2022, a 19% increase over the previous record result.
Highlights for the year ending 30 June 2022
• Strategy continuing to deliver substantial growth in earnings and returns to shareholders.
• Revenue of $316.8 million, up 13% on prior comparative period (pcp).
• Earnings before interest and tax (EBIT) of $66.8 million, up 18% on pcp.
o Industrial Division EBIT of $39.1 million, up 20% on pcp.
o Agri Division EBIT of $33.6 million, up 10% on pcp.
• Net profit after tax (NPAT) of $47.8 million, up 19% on pcp.
• Operating cash flow of $43.3 million, down 26% on pcp.
• Net debt of $25.2 million, an increase of $16.5 million on pcp.
• Final dividend of 13.0 cps (50% imputed) bringing the total FY22 dividend to 20.5 cps (50%
imputed) for the full year, up 21% on pcp.
Skellerup CEO, David Mair repeated his message from the prior year, noting the growth in earnings
was the outcome of Skellerup’s unwavering focus on working closely with key customers to provide
engineered products used in a range of critical applications people interface with every day. “Our
products are critical to the supply of safe potable (drinkable) water; the production of milk and milk
products; the performance of appliances in homes and workplaces; health and hygiene in hospitals,
shops and homes; the safety and comfort of sporting and leisure equipment; and the integrity of
roofing systems on homes and workplaces.”
Mair highlighted Skellerup’s continuing investment in systems and people to deliver sustainable
financial returns. “We regard investment in systems, process and people as critical to our future
success. Key to this investment is improving our understanding at a very micro level of what makes
us successful. This requires not only investing in systems but ensuring we carefully evaluate our
performance, injecting new people into our businesses to challenge and improve what we do.”
Industrial Division EBIT was $39.1 million, a record result and up 20% on pcp. Revenue was $206.4
million up 16% on pcp. Mair said increased sales into potable water, wastewater and high-
performance foam were the key drivers of FY22 growth.
“Our Industrial Division generates 85 per cent of its revenue from international markets. We work
closely with customers to design and manufacture products that often combine multiple materials
such as rubber, plastic and metals to perform in a wide range of critical and high-performance
applications. In FY22 we increased sales of gaskets, seals and vacuum systems into potable water
and wastewater applications (most notably in the USA) and increased sales of high-performance
marine foam products (USA, NZ, Australia and Europe). We also had a ten-month contribution from
Talbot Advanced Technologies (acquired on 31 August 2021).”

Agri Division EBIT was $33.6 million, a record result and up 10% on pcp. Revenue was $110.6 million
up 8% on pcp. Mair said the result continues to underline the importance of the essential dairy
consumable products that Skellerup design, manufacture and sell globally.
“Our Agri Division is a world leader in the design and manufacture of essential consumables for the
global dairy industry and the design and manufacture of rubber footwear for farming and specialty
applications including fire, forestry and electricity. We increased sales of dairy rubberware and
footwear in the USA and New Zealand markets. Further productivity gains at our large NZ and China
manufacturing facilities helped offset the significant impact of increased raw material prices and
freight cost. We have also increased our technical resources and invested in additional capacity to
provide the platform for further growth.”
Chair Liz Coutts heralded Skellerup’s excellent financial results and stressed the Group’s robust
financial position.
“In FY22, we again achieved a record NPAT. Our strong financial position is a key element to our
continued success. Over recent years we have made a number of very complimentary acquisitions.
In FY22 we acquired Talbot Advanced Technologies which enhanced our capability and capacity to
design and manufacture engineered plastic products. In FY22 we also prudently increased inventory
to ensure we could overcome longer shipping timeframes, port congestion and raw material
shortages and meet our customers’ requirements. Our financial position provides the Board and
management with the opportunity to continue to grow returns for shareholders for which increasing
dividends are a tangible measure.”
Coutts advised that the final dividend would increase from 10.5 to 13.0 cents per share (50%
imputed as in the pcp) to be paid to shareholders on 14 October 2022 with record date of 30
September 2022. This will bring the total dividend pay-out for the financial year ended 30 June 2022
to 20.5 cents per share, up 21% on pcp.
Skellerup also announced that Liz Coutts would retire as Chair of Skellerup at its Annual Meeting on
26 October 2022 and will be succeeded by John Strowger. Coutts was a foundation director and
Chair of the Audit Committee when Skellerup listed (as Skellmax) in 2002 and was elected Chair in
January 2017. Strowger was appointed to the Board in 2015.
Coutts reflected on her time with Skellerup, “I have enjoyed my time immensely. We have
successfully sharpened our focus on developing and manufacturing critical engineered products that
meet demanding requirements and that generate value for customers and shareholders and
opportunities for our people. The success of our strategy is evident in the growth in earnings and
valuation of Skellerup. Over the past seven years NPAT and dividends paid to shareholders have
more than doubled. I am delighted with the position the Group is in. Skellerup has a very strong
Board to support John and an excellent team, well lead by David. I look forward to acknowledging
our team and shareholders at the Annual Meeting in October.”


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

---

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 Year ended 30 June 2022
Previous Reporting Period Year ended 30 June 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$316,829 13%
Total Revenue $316,829 13%
Net profit/(loss) from
continuing operations
$47,813 19%
Total net profit/(loss) $47,813 19%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.13000000
Imputed amount per Quoted
Equity Security
$0.02527778
Record Date 30/09/2022
Dividend Payment Date 14/10/2022
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.7589 $0.6999
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

18/08/2022

Audited financial statements accompany this announcement.

---

Annual
Report
FY22

SKELLERUP ANNUAL REPORT FY22
Business Review
Highlights FY22 4
Skellerup's History 6
Chair's Review 8
What We Do 10
A Successful Product Development Approach 12
CEO's Review 14
Skellerup's Strengths 20
Financial Review 22
Skellerup's People 26
Sustainable Growth 30
Board of Directors 34
Board Skills Matrix 36
Corporate Governance 38
Financial Statements
Independent Auditor’s Report 46
Directors’ Responsibility Statement 49
Income Statement 50
Statement of Comprehensive Income 51
Balance Sheet 52
Statement of Changes in Equity 53
Cash Flow Statement 54
Notes to the Financial Statements 55
Shareholder Information
Directors’ Disclosures,
Remuneration and Shareholding 84
Corporate Directory 88
Contents

3INTRODUCTION
Skellerup is a global leader in the design,
manufacture and distribution of precision-
engineered products. The essence of Skellerup
is working closely with customers to define
and solve their problems through a dynamic
interaction that takes place between our deep
material expertise, strong product and tool design
capability, and proven manufacturing knowledge.
We have developed enduringly strong
relationships with key partners, in particular
original equipment manufacturers (OEMs)
and major distributors, who see us as a key
component of their R&D team and our branded
products carry a strong and reliable reputation.
We employ a diverse and highly skilled workforce
of over 850 people. We are a respected global
brand because of the collective efforts of our
people, our family, and they are a dependent
variable in our success.
We are a global business with more than 75
per cent of our revenue derived from international
markets. We have manufacturing and distribution
facilities and partners in New Zealand, Australia,
China, Vietnam, UK, Italy and the US.

Delivering for our customersDiverse and experienced team
Strong fi nancial growth
Driving operational effi ciencyFocused on community and environment
4
Highlights
FY22
Earnings
(EBIT)
18%
$
66.8
M
(FY21: $56.4m)
Financial return
ratio (RONA)
By 3%
32
%
(FY21: 29%)
EPS growth
19%
24.5
cps
(FY21: 20.6 cps)
$
316.8
M
(FY21: $279.5m)
Revenue
growth
13%
1
ERP
upgrades
(FY21: 3)
Countries
75
sold to
Productivity
Wigram
Production volume up
Staffing reduction of 4%
2%
Jiangsu
Footwear volume up
12%
Vacuum Systems volume up
On staffing increase of 2%
6%
4,400
Customers
over

Delivering for our customersDiverse and experienced team
Strong fi nancial growth
Driving operational effi ciencyFocused on community and environment
5HIGHLIGHTS FY22
Earnings
(NPAT )
19%
$
47. 8
M
(FY21: $40.2m)
Dividend per
share growth
21%
20.5
cps
(FY21: 17.0 cps)
2,465
(FY21: 2,339)
*greenhouse gas
GHG*
emissions
(Tonnes CO
2
-e)

5%
(unfavourable)
GHG
emissions /
revenue
(favourable)
14%
CO2-e emissions
per $1 million of
revenue over the
past two years
Demographic (gender)
(FY21 – f: 48% m: 52%)
Operating
cash fl ow
26%
$
43.3
M
(FY21: $58.8m)
GHG
emissions /
revenue
(favourable)
7%
CO
2
-e emissions
per $1 million of
revenue over the
past year
4
Acquisitions
over last
5 years
New products
to market
last 24 months
490
over
Total injury rate
179 % (unfavourable)
2.43
(FY21: 0.87)
869
(FY21: 813)
People
7%
Fewer than 2 years
2 – 10 years
10 – 20 years
Greater than 20 years
28%
34%
28%
10%
Years’ service for staff
50
%
Female
50
%
Male
Pink Band
sales

Doubled over prior
year in support
of Breast Cancer
Foundation NZ

6SKELLERUP ANNUAL REPORT FY22
Skellerup's History
• Skellerup further expands its engineered
rubber products capability and international
presence for industrial applications with
acquisition of Tumedei (Italy)
2007
2014
• Skellerup expands its high-
performance foam business with
the acquisition of Thermoplastic
Foams (Australia)
• Wigram Dairy Rubberware Development, Manufacturing
and Distribution facility (19,000m„) opens
2016
2006
• Skellerup expands its engineered rubber
products capability for critical industrial and
infrastructure applications with the acquisition
of Gulf Rubber (NZ and Australia)
• Skellerup Industries
established, uniting the
businesses, and listing
on the New Zealand
Stock Exchange
1948
1939
• Empire Rubber Mills and Marathon Rubber
Footwear begin rubber footwear production
• Rubber reclamation plant established to
utilise old motor tyres
• Para Rubber Company
founded by George
Skellerup in Christchurch,
establishing Skellerup’s
expertise in polymer
technologies
1910
1914
• Skellerup’s milking machine
business established, and beginning
of our focus on the dairy sector
• Cotton Bros acquisition,
establishing gumboots and
motor tyres business
1929
The essence of an interesting
business is to be competitive.
- George Waldemar Skellerup
George Skellerup Photo Credit: Te Ara Encyclopedia of New Zealand
Milking Machine Photo Credit:
Wyndham and District Historical Museum

7SKELLERUP'S HISTORY
• Skellerup invests in liquid
silicone rubber capability with
the acquisition of 35% interest in
Sim Lim Technic LLC (USA)
• Winner of Deloitte Top 200 Award
for Most Improved Company
2018
2021
• Deloitte Top 200 names David Mair as
Chief Executive Of™ cer of the Year
• Skellerup expands its engineered plastics
design and manufacturing capability with
the acquisition of Talbot Technologies (NZ)
2019
• Skellerup further expands its high-performance foam and soft
material design and manufacturing capability with the acquisition
of Nexus Foams (NZ)
• Skellerup extends its design and manufacturing capability for
food–grade silicone products with the acquisition of Silclear (UK)
1980s
• Skellerup produces nearly half of all New Zealand’s
casual, industrial and waterproof footwear, including
Commandos, Skellerup All Stars (worn by tennis player
Russell Simpson and world champion squash player
Dame Susan Devoy), and the iconic Red Band gumboots
RED BAND
2004
• Skellerup expands its range of essential
food–grade consumable products for the
global dairy industry with the acquisition
of Stevens Filterite (NZ)
• Skellerup expands its industrial focus to
include roo™ ng and plumbing products
with the acquisition of DEKS (Australia)
• Skellerup Industries relisted on the Stock
Exchange as part of Skellmax Industries
Ltd (now Skellerup Holdings Ltd)
2002
I’m proud to lead a company with deep roots in our community
but one that is now a growth–orientated global business.
Kiwis can fly, and Skellerup has. - David Mair
• Deloitte Top
200 names Liz
Coutts as Chair
of the Year
2020

8SKELLERUP ANNUAL REPORT FY22
Chair's
Review
It is pleasing to report
on the 2022 financial
year (FY22) and another
record financial result for
Skellerup. Audited net
profit after tax (NPAT) of
$47.8 million represents a
19 per cent improvement
on last year’s record result.
The FY22 result was underpinned by sales growth
for our engineered potable water, food–grade dairy
and high-performance foam products. Our people
have overcome the interruptions, increased costs
and extended freight times wrought by Covid-19 to
continue to deliver the many essential products our
customers require. The resilience of our business
model and strategy has been thoroughly tested,
particularly during these past two years, and its
success has seen us continue to deliver substantial
growth in earnings and returns to our shareholders.
We are very pleased with the latest results but
have and continue to be focused on measuring our
performance over a longer term and ensuring we
are well placed for the future. Over the past seven
years, Skellerup's revenue has increased by 50 per
cent and NPAT by 133 per cent. These are excellent
outcomes but importantly we continue to invest in
our new products, technology and people to provide
the platform for delivering growing and sustainable
shareholder returns in the years ahead. You will ™ nd
more detail on these developments and investments
throughout this report.
Leadership matters, and Skellerup is fortunate that
ours has been strong, endorsed by Chief Executive
David Mair being recognised as the Deloitte Top 200
CEO of the Year for 2021. Our Chief Financial Of™ cer
Graham Leaming was also acknowledged as a ™ nalist
for CFO of the Year, and Skellerup was a ™ nalist for
Company of the Year. These acknowledgements are a
tribute to the entire Skellerup team. We thank all our
people for their commitment and performance this
past year. We are very grateful for their dedication
and contributions.
Your Board is focused on long-term success.
Skellerup was founded over 110 years ago. Naturally
challenges over such a long period change; however,
building and leading a sustainable business is a
constant. We recognise the impact climate change
is having on the world. In June 2022, we formed a
Sustainability Committee to oversee and measure
Skellerup’s sustainability initiatives.

9CHAIR'S REVIEW
This will add impetus to our existing sustainability lens,
evidenced by investments we have made over the past
six years to reduce emissions and water usage at key
sites across the world. Recently we consolidated three
Auckland facilities onto a single site in Otahuhu, which
will enable us to reduce emissions (see case study).
We have also implemented the ESG World Platform, to
provide shareholders and stakeholders the opportunity
to review Skellerup’s environmental, social and
governance (ESG) performance against the range of
frameworks in place throughout the world.
Skellerup is a global business, operating in
New Zealand, Australia, China, Italy, the United Kingdom
and the United States. Our Board has a diverse range of
skills, knowledge and governance experience to deal
with the complexities that accompany an international
business. While travel restrictions have severely
hampered the Board’s ability to get out among our
global network of businesses, we have visited our
New Zealand sites. This has provided valuable insights
into the strength of our business and people. We get
to the essence of business decisions quickly and have
the necessary agility to be responsive to business
opportunities as they arise.
In May 2022, Rachel Farrant, a partner at BDO
Wellington Ltd, joined our Board as an Independent
Director. Rachel brings a strong ™ nancial focus to the
Board and experience across a variety of sectors,
including construction, technology, ™ nance and property.
The Directors are very pleased to announce a ™ nal
dividend, imputed to 50 per cent, of 13.0 cents per
share, which takes the full-year dividend to 20.5 cents
per share, a 21 per cent increase on the prior year.
The ™ nal dividend will be paid on 14 October 2022
with a record date of 30 September 2022.
We are pleased to reward shareholders after another
record result in FY22. Skellerup, as be™ ts its history, is
in it for the long haul as a future-orientated business.
In line with our strategy, we’ll continue to focus
on working closely with key customers to provide
engineered products used in a range of critical
applications and to look for investment opportunities
that create synergies to fuel our ongoing growth.
We are very optimistic about Skellerup’s future
growth prospects, look forward to the challenge of
bolstering capacity to meet the opportunities, and
thank shareholders for their ongoing support and trust
in the Board, executives and employees of Skellerup.
The resilience of our business model
and strategy has been thoroughly
tested, particularly during these
past two years, and its success
has seen us continue to deliver
substantial growth in earnings and
returns to our shareholders.
Elizabeth (Liz) Coutts
Chair and Director

10SKELLERUP ANNUAL REPORT FY22
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
Our products are used in potable
water and wastewater applications,
control systems, construction, and
mobile equipment.
Sport & Leisure
Skellerup’s products are utilised in a
variety of recreational settings, from
marine, to snow, to ™ eld sports.
Medical, Health & Hygiene
Our products and components play
a vital role in the equipment that
helps to treat and heal patients, and
keep front-line workers safe.

11WHAT WE DO
Our focus is on delivering
innovative new products and
improvements, keeping our
customers ahead of the curve.
Residential
Skellerup’s products are used in a
wide range of home applications
such as taps, showers, HVAC,
roo™ ng, solar, kitchen appliances
and plumbing, and more.
Transport
Our vacuum systems, seals,
injectors, couplings and gaskets
are utilised throughout the
transport industry.
Dairy
Skellerup’s food-grade rubberware,
™ lters and animal hygiene products
are critical to the safe supply of
dairy products across the world.
Specialist Footwear
Our protective rubber footwear is
not only used on farms but also for
speciality applications including ™ re,
forestry, and electrical distribution.

12SKELLERUP ANNUAL REPORT FY22
A Successful
Product
Development
Approach
The Skellerup
R&D process
1.
Identify the
problem or
opportunity
4.
Develop tooling
required for
production
Proactively working with our customers,
and potentially their customers, to
understand their issues, challenges or pain
points to see how we can solve them.
This approach means our product
development is grounded in a customer
need with an established market.
Our technical sales team are highly
experienced and knowledgeable in their
speci™c areas and well supported by our
technical product development experts.
Our intellectual property includes
clever solutions and a strong
understanding of the production
process and tooling to ensure the
product can be manufactured and
assembled to tight speci™cations,
cost effectively. Then production
processes can be scaled up
quickly with low capital input.
We have a reputation for speed
and accuracy, which are key
components of our approach.

new products in
the last two years
490
over
13A SUCCESSFUL PRODUCT DEVELOPMENT APPROACH
The design team includes engineering,
chemistry and manufacturing expertise.
They work together to develop a solution
based on deep understanding of material
science, including polymers (rubber, plastic
and foam), their interaction with other
materials, the precise tooling dimensions
required and process for manufacture.
Our products invariably must meet
demanding standards (including food
and potable water requirements) that
vary across jurisdictions.
3.
Develop
the
prototype
Next, we rapidly create product prototypes
to provide both the proof–of–concept
initial testing in the broader system and
the opportunity for fast feedback from our
customer to quickly iterate changes.
We also think hard about whether we
can augment the product and reduce
complexity for the customer.
Measuring
our success
We have strong and deep
relationships with our 4,400
customers, particularly
OEM's, where we continue
to deliver new products and
developments.
of our top 20 customers
in FY22 were also top 20
customers in FY18
15
new inclusions to our top
20 customers since FY18
5
2.
Design
the
solution

14SKELLERUP ANNUAL REPORT FY22
CEO's
Review
I am proud that through the
efforts of all our people,
Skellerup has delivered
another outstanding result
over the past 12 months.
Rising to meet a still very challenging operating
environment while maintaining an unwavering focus
on our customers and suppliers is a testament to our
commitment and the outcomes delivered on behalf of
our shareholders.
The FY22 net pro™ t after tax (NPAT) was $47.8 million,
a 19 per cent improvement on last year’s record result.
Our People: Recipr ocal Loyalty and Trust
I occasionally hear from people who worked or
once had one of their parents work at Skellerup.
The indelible impression left from these stories is
Skellerup’s reputation as an entrepreneurial business
and a good employer. That reputational capital has
been built up over generations and has always been
one of Skellerup’s strengths since its very beginning
in 1910. Many employees talk about Skellerup as a
family, and they feel connected to our purpose.
We are investing ™ rst in retaining and developing our
people, then in attracting new, more highly quali™ ed
staff. I see it as inevitable that in the future we will need
to have much more skilled people with a deeper sense
of business acumen, much more highly paid, but fewer
of them driven by the use of technology. Skellerup
has a duty to help people achieve their potential in
the business; also, employees must show that they are
continuing to learn and develop themselves.
The protection and safety of our people and others
from accidental harm in our workplaces is our highest
priority. Every Skellerup site has an active Health
and Safety Committee, reporting monthly to me.
However, we need every employee to help create the
environment where anyone is comfortable to speak
up about any issue that could adversely affect an
employee, not simply expect the Company or leaders
to do that on their own.
Trust is everything in business. It helps when times are
challenging, as they have been since Covid-19 ™ rst
struck, and I couldn’t be prouder of the adaptability
and commitment shown by our staff across our regions.
Our leaders have again stood up this past year. Their
outstanding skill and tenacity under tough conditions
underpins our all-round strong performance.
The indelible impression left from these stories is
Skellerup’s reputation as an entrepreneurial business
and a good employer. That reputational capital has
been built up over generations and has always been
one of Skellerup’s strengths since its very beginning
in 1910. Many employees talk about Skellerup as a
family, and they feel connected to our purpose.
We are investing ™ rst in retaining and developing our
people, then in attracting new, more highly quali™ ed
staff. I see it as inevitable that in the future we will need
to have much more skilled people with a deeper sense
of business acumen, much more highly paid, but fewer
of them driven by the use of technology. Skellerup
has a duty to help people achieve their potential in
the business; also, employees must show that they are
continuing to learn and develop themselves.
The protection and safety of our people and others
from accidental harm in our workplaces is our highest
priority. Every Skellerup site has an active Health
and Safety Committee, reporting monthly to me.
However, we need every employee to help create the
environment where anyone is comfortable to speak
up about any issue that could adversely affect an
employee, not simply expect the Company or leaders
to do that on their own.
Trust is everything in business. It helps when times are
challenging, as they have been since Covid-19 ™ rst
struck, and I couldn’t be prouder of the adaptability
and commitment shown by our staff across our regions.
Our leaders have again stood up this past year. Their
outstanding skill and tenacity under tough conditions
underpins our all-round strong performance.

15CEO'S REVIEW
At Skellerup, we are committed to maintaining a high
standard of ethics in how we operate and do business.
We ensure our leaders work closely with their
teams to review and discuss the behaviours that are
required (and as outlined in our Code of Ethics).
Purpose
The essence of Skellerup is working closely with
customers to de™ne and solve their problems through
a dynamic interaction that takes place between our
people's deep material expertise, strong product and
tool design capability, and proven manufacturing
process knowledge.
Our ability to deliver critical and essential products
that often integrate multiple materials to demanding
and ever-shifting regulatory standards is our
competitive advantage, and one we believe is not
easily reverse engineered.
There are also ™ve interrelated relationships that
underpin Skellerup’s purpose. First and foremost
is our view of true customer focus. It must be good
for the customer and good for Skellerup. We want
our customers to be demanding of us because this
drives our business and creates new opportunities.
Maintaining and at every opportunity enhancing our
customer relations is good for them and us.
Just as we expect demanding customers, we want to
be a demanding but fair customer to our suppliers.
I’ve said it before, but our goal is nothing short of
being the best supplier to our customers and the best
customer for our suppliers.
Our people, as I’ve mentioned above, are our best
resource. We take seriously our responsibility to retain
and develop them. Having a reputation as being a fair
employer enables us to attract people to ™t our culture.
The community we inªuence is made up of the people
we interact with: customers, suppliers and staff
(which includes their family and friends). By acting
with integrity in these relationships we build
reciprocal loyalty and trust. We see being active in
that broader community as part of our social contract
with them (see case study).
Case Study
Improving E”ciency
of Operations and
Supply Chain to
help Customers
During FY22 we established a new entity
operating in Nantong Free Trade Zone in
China. This investment was made to improve
both delivery and services to key global
customers for potable water applications in
mainland China and other areas of Asia. The
move reinforces Skellerup’s unwavering focus
on our customers and staying close to them so
that we can understand their challenges and
respond with new approaches.
Skellerup’s long-established presence and
on-the-ground expertise in China ensured
formation of this new operation was smooth
and it has resulted in a win-win situation
for Skellerup and our customers in getting
products to market more ef™ciently through
improved logistics. This has been proven
during the unexpected Covid-19 lockdown
of Shanghai from late March to the middle
of May 2022. Despite port and transport
interruptions, our team were able to ensure
delivery to enable our customers to maintain
operations during this critical period. Already
quality assurance has improved and the lead
times for the supply chain are reducing. Aside
from economic bene™ts, reduced freight
movement also reduces carbon emissions.

16SKELLERUP ANNUAL REPORT FY22
Senior management is focused on capital allocation, the
people and dollars being invested in the future of the
Group. Over the past few years, we have successfully
integrated a number of (albeit small) acquisitions and
this, together with good organic growth, has provided
the cash ªow to provide a very good return to our
shareholders, the owners of our business.
Industrial Division
Skellerup’s Industrial Division designs and
manufactures products that often combine multiple
materials such as rubber, plastic and metals to
perform in a wide range of applications.
During FY22 excellent sales growth and platform
and process improvements combined to increase
earnings before interest and tax (EBIT) by 20 per cent
over the prior corresponding period (pcp) to a record
$39.1 million.
Our customers’ needs are central to our product
development approach. We develop products for
predominantly OEM customers. From our technical
salespeople to our engineers and chemists, we work
closely with our customers, and their customers,
to develop and deliver reliable products that meet
their requirements.
Working dynamically with our customers to help
de™ne and solve their needs and designing products
that perform is a consistent thread across our
Industrial Division’s businesses. This approach helped
drive strong growth in sales into potable water and
wastewater applications and marine foam applications
in particular during FY22. We also achieved ongoing
strength across all other major applications in FY22.
Late FY22 saw the consolidation of three sites into a
foam group located on one site at Savill Link in South
Auckland. Signi™cant operational ef™ciencies will be
gained from shared facilities, along with improved
warehousing and distribution from a single site, and
better team cohesion and performance. The move has
led to health and safety and sustainability gains as well,
through an improved warehouse and of™ce layout, LED
lights and solar panelling on the roof.
Strategic acquisitions continue to contribute to
Skellerup’s performance. The acquisition of Talbot
Advanced Technologies was completed at the end of
August 2021. Realisation of some early synergies and
process improvements derived from integration have
seen Talbot’s ™nancial result meet expectations and
Case Study
Customer-focused
Development of
New Products
FY22 saw the launch of a new high-vacuum
blower system for OEM customers in the
US. The new system provides improved
performance, where vacuum truck operators
can boost productivity by collecting and
discharging liquid waste more ef™ciently
and effectively.
Working collaboratively with a series of OEMs,
this project highlights Skellerup’s ability to
work closely with customers to de™ne and
solve problems and helps us to see solutions
that others miss. The fruits of working
closely with our customers have created
new ef™ciencies, reduced consumable costs
and broadened market opportunities while,
importantly, also reducing environmental
impacts by eliminating oil-based products.
The project to develop our new blower
showcases our ability to collaborate across
geographies to ensure the best team and
solution for the client. Our New Zealand-based
process and manufacturing engineer oversaw
the project where our US–based design
engineers worked with US subcontractors, and
production was overseen and managed by our
General Manager in China – a global team
delivering a local solution.

17CEO'S REVIEW
the expanded production capability available to our
customers will drive anticipated future revenue growth.
Despite the disruptive effects of Covid-19, we
continued to develop new products and bring them
to market, contributing to our excellent FY22 result.
We see a healthy pipeline of new products creating
further potential for earnings growth over the
coming year.
The Industrial Division’s successes in FY22 reª ect
the skill and diligence of our people. Supply chain
challenges have been imposing, with a need to source
alternative materials and varied compounds to ensure
continuity of supply to our customers. Our expertise
in deep material science was tested and I couldn’t be
prouder of our team’s efforts and achievements.
Agri Division
Skellerup’s Agri Division is focused on, and is a
global leader in, the design and manufacture of dairy
rubberware. We also design and manufacture rubber
footwear for farming and speciality applications
including the ™ re, forestry and electricity sectors.
During FY22, sales growth and gross margin
improvements combined to increase EBIT by 10 per
cent over the pcp to a record $33.6 million. Earnings
growth is further supported through signi™ cant
operational gains made over the past two years,
alongside the injection of new people with skill and
energy to drive change and improvements.
Skellerup is the second largest manufacturer of
food-grade dairy rubberware in the world.
Our products are critical to the supply of fresh milk
and milk products. We have faced a challenging period
in getting products to international markets.
Our adaptive capability, in sourcing different materials
and ™ nding ways to deliver products to customers
underscores the strength of our team and the value of
our products. Despite these challenges revenue from
our global markets grew, particularly in North America
where we have increased our market share.
Footwear sales grew in FY22 also. Range rationalisation
enabled us to increase sales of both the iconic Red
Band, and our limited–run Pink Band boots, which are
produced in support of the Breast Cancer Foundation
NZ to help raise awareness and assist those affected by
the disease, particularly focused on rural women
(see case study).
Case Study
Skellerup in the
Community: Pink Band
Gumboot Appeal
In the past year, Skellerup has continued
our active support of our communities.
We launched another highly successful
limited-edition Pink Band gumboot in support
of Breast Cancer Foundation NZ (BCFNZ).
This appeal raised funds, helped increase
awareness and assist those affected by the
disease, particularly rural women.
A third of New Zealanders diagnosed with
breast cancer live outside the main centres.
In rural communities access to treatment can
prove problematic, as rural women and men
have to travel much further for treatment and
extended time off farm is very dif™ cult
to organise.
We were thrilled that Skellerup’s Pink Band
gumboot campaign more than doubled in
volume in FY22, because this doubled the
donation to BCFNZ, ™ ve dollars from every
pair sold is donated to them. The campaign
captured huge interest across the country with
extensive coverage nationwide including being
featured on the Seven Sharp current affairs
programme, with Hilary Barry wearing a pair
of Pink Band gumboots.
Skellerup’s Red Band Calendar was again
hugely popular as a showcase for rural New-
Zealand. People send in photos of themselves
wearing Red Band gumboots, the public vote
for the winning image, and a selection of
entries makes it into the ™ nal calendar. For the
2022 campaign we received more than 300
photos, more than 19,000 views and votes, and
over 1,000 requests for the calendar.

18SKELLERUP ANNUAL REPORT FY22
Case Study
Investing in Better
Business Information
and Insights
In FY21 we reported on the upgrade of
information systems for several businesses
in the Group. This year we continued to
upgrade, viewing the investment as a core
capability improvement.
Our objective is to simplify and adopt
standardised business processes and tools,
enabling access to more insightful information,
a more secure environment, and ultimately
better outcomes for our customers and people.
In FY22 we moved Ultralon in the United States
onto the same platform as many of our other
businesses and we commenced a project to
move Masport, also in the US, onto the same
platform. Our implementations are led by an
internal team, which provides real ownership
of the projects based on a deep understanding
of our business needs and helps entrench a
higher level of in-house expertise.
Importantly, the information system upgrade
is also driven from the ground up. It is not a
top-down, Head Of™ce view of what is good
for the business, so doesn’t start unless there
is a clear business need identi™ed within a
Group business.
Our philosophy is to keep it as simple as
possible, setting the scope for the upgrade,
managing it well and preferencing the
adaptation of business processes to the system
to minimise the extent of any customisation.
We are pleased with the ef™ciency gains,
the responsiveness of reporting and
enhancement of understanding across
different Group businesses.
Staying close with our customers
to provide them with solutions
will remain the main driver of our
performance going forward.
Helping them navigate a high
inflationary environment will be a
focus in the short-to-medium term.
The Agri Division continued to see improved operating
performance, with greater process standardisation to
meet increased demands and revenue from the same
capability. Skellerup’s commitment to continuous
process improvement has also seen equipment and
people better utilised to increase productivity.
In FY22 we launched a dairy shed rubberware survey
in New Zealand to highlight ef™ciency opportunities
for farmers in their use of rubberware as part of our
effort to raise awareness and promote best practice in
that sector.
In June 2022 we announced that we would relocate
our Stevens milk ™lter business from Featherston to
Christchurch. Dif™culties in getting materials ef™ciently
in and product out to our customers and gaining access
to a larger pool of labour drove the decision and will
enable the Stevens business, which was founded 60
years ago, to ªourish for many years to come. We greatly
appreciate the contribution of current and past staff to
the development and manufacture of this product range
which is a critical consumable product in milking sheds
in New Zealand, Australia and the US. We are delighted
we will have a couple of staff members relocate with the
business when it moves in late August 2022.
Solution Focused and Future Orientated
While we are proud of Skellerup’s history, we are
always focused on the future. As the business
environment will remain challenging in the medium
term, we will be turning our minds to pricing strategy
and structures and ensure we possess a good
understanding of costs so that products are priced
fairly for market conditions.
Staying close to our customers to provide them
with solutions will remain the main driver of our
performance going forward. Helping them navigate
a high inªationary environment will be a focus in the
short-to-medium term.

19CEO'S REVIEW
Case Study
Improving Operational E” ciencies and Supply Chain
Late FY22 saw the consolidation of our foam and
soft materials businesses (Ultralon and Nexus) at
a single location in Savill Link, Otahuhu.
The project began in July 2021, with occupation
beginning gradually from February 2022.
Relocation of all businesses was completed in
July 2022.
Foam products are the fastest-growing part of
Skellerup’s business. The Foam Group exempli™ es
the dynamic interaction that takes place between
our deep material expertise, needed for the harsh
environmental conditions for marine-based foam
products, strong product and tool design capability,
and proven manufacturing knowledge.
Ultralon produces a range of bespoke foam
products for the high-end sport and leisure market.
Sales of U-Dek
®
marine decking, developed and
introduced in 2015, have grown rapidly year-on-
year in the US and Australasian markets. We have
improved productivity with our new U-Dek HP
(high performance) product, which that offers even
better machinability for customers.
There have been several key bene™ ts from the
Savill Link consolidation. The appointment of a
Foam Group General Manager, co-location of
sales and customer service functions, single-point
distribution reducing lead times and freight costs,
and a more sustainable structure through the depth
of on-site resource and experiencehave already
brought signi™ cant improvements.
The new site offers better health and safety
protection for our workforce. It has a high stud
height and improved layout, uncongested
hardstand for devanning containers and handling
of freight, improved ™ re and earthquake protection,
better security and a well-lit canopy, and greater
space for hygiene and social distancing.
The site also advances our sustainability goals
through modern LED lighting and installation of
solar panels on the roof that are expected to reduce
emissions and generate approximately 20 per cent
annual saving on energy costs.
We continue to strive to ensure our consistency of
performance, standardising processes to internalise
our commitment to continuous improvement and
building resilience across our businesses.
We will also continue to build trust capital with our
people and support them, focusing on retaining,
developing and attracting the quality staff Skellerup
needs as labour markets stay hugely competitive.
We know that change is the only constant, so building
an adaptable and highly skilled workforce that is well-
led is central to our future growth ambitions.
Our business strategy has been very successful for
more than seven years and I am con™ dent that it will
ensure Skellerup’s ability to deliver further revenue
and earnings growth for our shareholders.
David Mair
Chief Executive Of™ cer and Director

20SKELLERUP ANNUAL REPORT FY2220SKELLERUP ANNUAL REPORT FY22
Skellerup's Strengths
Our products are essential
components in the delivery
of food and water systems,
infrastructure and health.
Proven track record of
earnings and cash fl ow growth
We have achieved continued
excellent year-on-year performance
with a healthy balance sheet, strong
cash flow, low debt and a strong
dividend yield.
A track record for rapid R&D
Working closely with customers and suppliers,
our development investments are based
on helping them define and solve their
problems. This underscores our team knowing
their markets to deliver new products and
improvements, constantly and consistently.
01
Focus on products in key markets
24.5c
Earnings per
share FY22
FY22FY21FY20FY19FY18FY17FY16
02
03
Agriculture (35%)
Potable Water & Wastewater
(incl Plumbing) (25%)
Roo™ ng & Construction (13%)
Automotive & Machinery (5%)
Sport & Leisure (5%)
Exploration & Mining (5%)
Electrical & Appliances (4%)
Health & Medical (2%)
Other (6%)
Revenue by
Application
FY22

21SKELLERUP'S STRENGTHS21SKELLERUP'S STRENGTHS
Highly experienced technical team
Our team pride themselves in
understanding our customers and their
markets. They are highly skilled and
trained, from our technical salespeople
through to our product designers.
We have enduringly strong relationships
with over 4,400 customers, particularly
OEMs, who we work with closely in
a dynamic interaction to deliver new
products and developments.
Strong relationships across global markets
We are a global business and
respected global brand, with
world-class manufacturing
and distribution facilities to
serve the diverse needs of
customers and markets all
across the world.
06
04
Customer relationships with growth potential
05
across 6 countries
Global team
869
Strong
Global Delivery
FY22
North America (33%)
New Zealand (24%)
Australia (15%)
Europe (12%)
Asia (9%)
UK & Ireland (6%)
Other (1%)
15
Of our top customers were
also in our top 20 in FY18.
Top 20
Customers
FY22

22SKELLERUP ANNUAL REPORT FY22
Net Profi t After Tax
($m)
FY22
47.8
FY21
40.2
FY20
29.1
FY19
29.1
FY18
27.3
FY17
22.1
FY16
20.5
FY22
20.5
FY21
17.0
FY20
13.0
FY19
13.0
FY18
11.0
FY17
9.5
FY16
9.0
Dividend Declared
(cents per share)
Financial
Review
By generating good returns and maintaining low
levels of debt, we have been able to overcome
supply chain challenges with increased investment
in inventory and capacity, and fund new products for
future growth. We will continue to focus on delivering
sustainable growth in ™ nancial returns for our
shareholders and opportunities for our employees, by
providing innovation and assurance to our customers
for the essential engineered solutions they need now
and in the future.
FY22 Group Earnings and Dividends
For the year ended 30 June 2022 (FY22), Skellerup
achieved a record audited net pro™ t after tax (NPAT)
of $47.8 million and declared a gross dividend pay-out
of 20.5 cents per share (50 per cent imputed). FY22's
NPAT is a 19 per cent improvement on the record result
achieved in the prior corresponding period (pcp).
The gross dividend pay-out declared for FY22 is up 3.5
cents (21 per cent) on the pcp and represents a gross
yield
1
of 3.9 per cent for shareholders.
In FY22 we have delivered
another record result and
maintained a very strong
financial position.
Net Profi t After Tax
FY22
FY21
FY20
FY19
FY18
FY17
FY16
FY22
FY21
FY20
FY19
FY18
FY17
FY16
Dividend Declared
For the year ended 30 June 2022 (FY22), Skellerup
achieved a record audited net pro™ t after tax (NPAT)
of $47.8 million and declared a gross dividend pay-out
of 20.5 cents per share (50 per cent imputed). FY22's
NPAT is a 19 per cent improvement on the record result
achieved in the prior corresponding period (pcp).
The gross dividend pay-out declared for FY22 is up 3.5
cents (21 per cent) on the pcp and represents a gross
yield
1
of 3.9 per cent for shareholders.
1
Gross yield is determined by comparing the FY22 dividends paid and
declared, totalling 20 cents per share (50% imputed), with the closing
share price on 30 June 2022.

23FINANCIAL REVIEW
Industrial Division EBIT
($m)
Agri Division EBIT
($m)
Industrial Division EBITEBIT %Agri Division EBITEBIT %
Industrial Division
Our Industrial Division's sales were a record $206.4
million, up 16 per cent on FY21. Earnings before
interest and tax (EBIT) was $39.1 million – also a
record and up 20 per cent on FY21.
Our Industrial Division generates 85 per cent of its
revenue from international markets. We work closely
with customers to design and manufacture products
that often combine multiple materials such as rubber,
plastic and metals to perform in a wide range of
critical and high-performance applications including
potable water, health and hygiene, sport and leisure.
In FY22, sales revenue increased by $28.9 million
over pcp. This growth was primarily attributable to
four key factors:
•Increased sales of gaskets, seals and vacuum
systems into potable water and wastewater
applications (most notably in the US)
•Increased sales of high-performance marine
foam products (in the US, New Zealand, Australia
and Europe)
•The 10-month contribution from Talbot Advanced
Technologies (acquired on 31 August 2021)
•The lower New Zealand Dollar (NZD) compared
to pcp.
The 16 per cent growth in revenue translated to 20
per cent growth in EBIT. Growth from new and existing
products, pricing changes and productivity gains meant
we were largely able to offset the signi™cant impact of
increased raw material prices and freight costs. Indirect
costs increased but at a lower rate than revenue as we
invested in people and systems improvements. As a
result, the FY22 Industrial Division's EBIT increased by
$6.4 million over pcp.
Agri Division
Our Agri Division's sales were a record $110.5 million,
up 8 per cent on FY21. EBIT was $33.6 million, also a
record and up 10 per cent on FY21.
Our Agri Division is a world leader in the design and
manufacture of essential consumables for the global
dairy industry and the design and manufacture of
rubber footwear for farming and speciality applications
including ™re, forestry and electricity. Agri Division
revenue generated from international markets amounts
to 58 per cent. During FY22, sales revenue increased
by $8.3 million. This increase was largely attributable to
three factors:
•Increased sales of food grade dairy rubberware
(in the US and New Zealand)
•Increased sales of rubber footwear (most notably
in New Zealand)
•The lower NZD compared to pcp.
The 8 per cent growth in revenue translated to 10 per
cent growth in EBIT. Productivity gains at our large
New Zealand and China manufacturing facilities
helped offset the signi™cant impact of increased
raw material prices and freight costs. Indirect costs
increased but at a much lower rate than revenue as we
invested in new people to help lead future business
growth. As a result, the FY22 Agri Division's EBIT
increased by $3.1 million over pcp.
We segment and measure our performance by two divisions – Industrial and Agri.
45
40
35
30
25
20
15
10
5
0
20%
18%
16%
14%
12%
10%
8%
6%
40
35
30
25
20
15
10
5
0
32%
30%
28%
26%
24%
22%
20%
18%
16%
FY16FY17FY18FY19FY20FY21FY22FY16FY17FY18FY19FY20FY21FY22

Corporate
Corporate costs were down $0.8 million on pcp due to the prior period's non-recurring provision for costs
associated with defending a claim against a business Skellerup sold in 2008.
Operating Cash Flow
($m)
Return on Net Assets
($m)
24SKELLERUP ANNUAL REPORT FY22
FY22 Financial Position
Skellerup remains in a very strong ™nancial position.
During FY22 we overcame the worst impacts of
shortages in materials and extended lead times by
investing in inventory to ensure we could continue
to meet customer requirements. We have increased
holdings of key raw materials and ™nished goods in
our warehouses and in-transit to mitigate the risk of
longer shipping times, port congestion and in-market
distribution disruptions. These actions, along with the
impact of increased raw material and freight costs and
a weaker NZD, mean inventory closed FY22 up $19.3
million on pcp. If supply chain pressures ease in FY23
we expect to see some reduction in the inventory
Skellerup needs to carry.
We have maintained a very close focus on credit
collection. Receivables closed up $11.8 million on
pcp reªecting increased revenue and in particular
a strong ™nish to FY22. The quality of our customers
and therefore receivables remain high representing
50 days of sales outstanding at the end of FY22
compared to 51 days at the end of FY21.
Despite the investment in inventory, our operating
cash ªow remained robust at $43.3 million in FY22.
Strong cash ªow generation continues to be an
enduring feature of Skellerup and has underpinned
our ability to invest in organic growth and make a
number of small strategic acquisitions over the past
four years. In FY22 capital expenditure totalled $10.2
million, surpassing our annual depreciation and
amortisation charge of $7.9 million for the ™rst time in
™ve years. We invested in increased capacity and new
products across the world and established our new
foam facility in Auckland where we have consolidated
three businesses onto a single site.
On 31 August 2021 we completed the acquisition
of Talbot Advanced Technologies for $10.2 million.
The ™nancial results of Talbot have met our expectations,
and we look forward to realising the growth
opportunities this investment brings to the Group.
Robust analysis supports disciplined capital
allocation. This means our ™nancial position remains
strong as is our ability to reward shareholders with
increasing dividends commensurate with earnings
growth. In FY22 we paid $35.2 million in dividends,
up $7.9 million on pcp.
Net debt remains low at $25.2 million representing
just 7 per cent of our total assets. Net debt is up $16.5
million over pcp (due to the investment in inventory
and Talbot as described above). Skellerup is well
placed to continue to invest for pro™table growth.
FY22
43.3
FY21
58.8
FY20
48.0
FY19
28.9
FY18
28.3
FY17
21.2
FY16
30.9
FY22
31.6
FY21
28.7
FY20
23.0
FY19
23.4
FY18
23.1
FY17
20.6
FY16
18.9

25FINANCIAL REVIEW
Seven-Year Financial Review
The table below shows the ™nancial results and
position of the Skellerup Group for each of the last
seven years. Over this seven-year period, revenue
has grown by 50 per cent, NPAT has increased by
133 per cent and our return on net assets has grown
by 67 per cent. The sustained earnings growth has
enabled an increase in the gross dividend pay-out
(excluding imputation credits) of 128 per cent over
the same period.
Period Ending ($000)FY22FY21FY20FY19FY18FY17FY16
Total Revenue316,829279,515251,389245,792240,408210,322211,415
EBIT66,76056,36142,48641,79839,78132,82429,365
Finance Costs2,2492,0812,5821,7851,8631,414411
Share of Net Pro™t of Associates(224)(35)(73)23---
Pro™t Before Tax64,28754,24539,83140,03637,91831,41028,954
Tax16,47414,07010,76710,97310,6419,3008,429
Net Pro™t After Tax47,81340,17529,06429,06327,27722,11020,525
EPS (cents)24.520.614.915.014.111.510.7
Dividend (cents)20.517.013.013.011.09.59.0
Operating Cash Flow43,32258,79648,00628,92028,34521,22930,939
Cash Reserves (Net Debt)(25,204)(8,736)(28,513)(36,576)(30,719)(35,755)(26,903)
Total Assets336,644284,874283,642257,059252,025237,932228,004
Total Liabilities125,43688,72599,07978,66779,73978,68572,149
Net Assets211,208196,149184,563178,392172,286159,247155,855
Return on Net Assets31.6%28.7%23.0%23.4%23.1%20.6%18.9%

26SKELLERUP ANNUAL REPORT FY22
Skellerup's
People
Our people have again
demonstrated skill,
commitment, diligence
and resilience to ensure
our and our customers’
facilities have continued
to operate in FY22.
The Covid-19 pandemic has changed the way many of
our people and teams work and required our leaders
and experts to adapt quickly and ™ nd solutions to
staf™ ng shortages, raw material shortages, freight
constraints and rapidly increasing costs. A very visible
outcome of the success of their efforts are the returns
generated for shareholders, the less visible and critical
outcome is continuing to supply the many critical
products we make to our customers across the world.
Our people are our best resource. We take seriously
our responsibility to not only retain them but also
develop and grow them. Having a reputation as a
good employer enables us to attract the people we
want, who will ™ t our culture. Over the past 12 months
we continued to invest in our people. By establishing
multifunctional teams and training to develop speci™ c
skills, we provide opportunities to learn, develop
and earn higher rewards for increasingly valuable
contributions.
Changing how and where we operate our businesses
has been an important element of Skellerup’s long
history and success and will continue to be so in the
future. Where changes are made, we work hard to retain
and minimise the impact on our people. We have had
no large-scale redundancies in the Group over the past
ten years.
In the CEO's Report we have highlighted the
consolidation of three sites across Auckland onto a
single site in Otahuhu and the bene™ ts this brings to
our customers and our people. We have also decided
to relocate our Stevens milk ™ lter business from
Featherston to Christchurch. Stevens was acquired
by Skellerup in 2004 and this year we celebrated its
60th anniversary. The move will secure the future of
the Stevens products by overcoming supply chain
constraints and labour availability risk. We are
delighted two of our seven employees will relocate
with the business and grateful for the contribution
of those who will leave in August 2022 when the
relocation is completed.
Despite the challenges of restricted travel, our
international presence means our people stay
close to customers so that we can work with them to
understand their needs and provide solutions that
work. Our teams are based in New Zealand, Australia,
the US, China, the UK and Italy. Our diverse teams are
essential to our future success and responding to the
ever-changing environment in which we operate.

27SKELLERUP'S PEOPLE
We do not discriminate on gender or gender identity,
race, ethnicity, cultural background, physical ability
or attributes, age, sexual orientation, religious
or political beliefs. A breakdown of our gender
composition is shown on page 5 of this report.
Meeting the needs of customers and ensuring our
people remain healthy and well has resulted in some
permanent changes to the way we do business and
the need to quickly adapt and respond to restrictions.
Our leaders and teams throughout the world have
continued to navigate the impacts of disruptions,
not just in their work, but in their personal lives with
outstanding skill and tenacity. Contactless delivery,
daily health monitoring, full time and part time work
from home arrangements are more than ever part of
Skellerup’s mode to ensure we retain and attract the
right people for our business.
The protection and safety of our people and others
from accidental harm in our workplaces is our highest
priority. All our practices and programmes are
established with the objective to keep our people
safe and free from workplace injury. Every Skellerup
site has an active Health and Safety Committee
that meets monthly, an annual plan of activities and
improvements to keep their workplaces safe and
report monthly to the CEO on progress. Our largest
two sites (Christchurch and Jiangsu) are ISO 45001
certi™ ed. We use internal experts to complete peer
reviews on sites across the Group to ensure the
bene™ t of speci™ c expertise is shared.
We also use external experts to assess on a site-
by-site basis the processes, risks and behaviours
they observe and report on improvements required.
Oversight of our programmes is provided by the
Board Health and Safety Committee. A Health and
Safety Report is also provided at each Board Meeting,
and Board members have been active in visiting
sites to observe activities, meet and discuss with our
managers and teams.
Ultimately the success of our programmes is
measured in the number of injuries and incidents
that occur. In FY22 and for the third successive year,
we did not record any fatalities or serious harm
injuries. We did however record an increase in our
total injury rate
1
(TIR) from 0.87 in FY21 to 2.43 in
FY22. An increase in strains and minor cuts occurred
throughout the year. Reversing this trend by learning
and educating from these incidents has and continues
to be a key priority. We not only measure and review
injuries and medical treatment; we actively review
near hits or incidents that could have caused injury to
ensure we learn and eliminate the cause. We remain
committed to leading, educating and investing time
and resources to protect our people and others from
accidental harm in our workplaces.
1
The TIR (Total Injury Rate) is the total number of Serious Harm Injuries,
Lost Time Injuries and Medically Treated Injuries multiplied by 2,000
(the estimated annual hours worked by an individual), divided by
the actual year to date hours worked, annualised, and expressed as a
percentage. The TIR represents the percentage likelihood of being injured
on each site. Zero TIR is the benchmark that all sites are striving to achieve.

28SKELLERUP ANNUAL REPORT FY22
Skellerup’s footprint is global and includes working
with manufacturing partners, international suppliers,
and customers across geographies. These partners
and suppliers are key to our successfully delivering
critical products to our customers. The strength
of our relationships has enabled us to continue to
successfully introduce new products remotely, with
Covid-19 lockdowns largely eliminating travel over
the past two years.
We guard the quality of our products and reputation
with great care. Establishment of a new manufacturing
partner relationship requires the approval of the CEO.
In FY22 we implemented a Modern Slavery Policy
to guide our people on processes and reporting
alleged or suspected incidents. Modern slavery is an
umbrella term for serious exploitative work practices
including forced labour, bonded labour, child labour
and people traf™ cking that represent violations of
human rights. Skellerup does not tolerate any form of
modern slavery in its operations or supply chain.
Each year we work with our leaders to ensure they and
their teams spend time reviewing and discussing the
behaviours that are required as outlined in our Code
of Ethics (and key policies including modern slavery
and information security) and equally importantly how
they respond in the event they do witness or suspect
behaviour inconsistent with this Code. Education
continues to be supplemented by regular online cyber
security training and periodic internal audits to ensure
our control environment is working effectively and
highlight opportunities for improvement.
As we closed FY22 our global team was 869 people
strong, an increase of seven per cent over the past
year and an increase of 17 per cent on seven years
earlier. These increases compare to revenue growth
of 13 per cent over the past year and 50 per cent over
the past seven years. We are proud of our team for
their sustained contribution and excited about the
future for Skellerup and our people.

29SKELLERUP'S PEOPLE
Our people are our best
resource. We take seriously
our responsibility to not
only retain them but also
develop and grow them.

30SKELLERUP ANNUAL REPORT FY22
Sustainable
Growth
Sustainability at Skellerup has broad meaning. It means
working closely with customers to truly understand
their needs to build long lasting valuable relationships.
It means developing and investing in our people so
that we have the expertise to grow and sustainably
meet our customers’ requirements. It also means
minimising waste and reducing emissions to ensure our
activities contribute positively to the communities and
environments in which we operate and lastly it means
generating sustainable improved ™ nancial returns.
Skellerup’s Environmental Focus
Many of our products are used in the production
and transportation of fresh milk and potable water.
Designing and manufacturing products for these
applications requires adherence to demanding and
changing regulatory standards to assure food safety.
Our understanding of materials and how they interact
is critical to our success.
We are proud of the role we play in supplying these
essential products and also recognise our responsibility
to ef™ ciently utilise energy and minimise emissions
generated in manufacture. In this report we discuss our
greenhouse gas (GHG) emissions and the actions we
have taken and continue to take to reduce the intensity
of these emissions. We also discuss the investments we
have made to improve ef™ ciency of manufacture and
reduce other non-GHG emissions.
Greenhouse Gas Emissions
In FY22 Skellerup Group reduced the intensity of scope
1 and 2 GHG emissions relative to revenue by seven
per cent over pcp. This follows an equivalent reduction
in FY21 bringing our cumulative reduction over the past
two years to 14 per cent.
Skellerup is a global business with facilities in
New Zealand, Australia, China, the US, UK and Italy.
We are focused on reviewing the nature of our
emissions, reducing their intensity and decreasing
the absolute volume of our emissions.
At the end of FY22 we occupied 21 facilities across
the world. These facilities are a range of sizes and
encompass a variety of activities – from combined
design, manufacturing and distribution to singular
distribution or administration. In this report,
we highlight some of the key initiatives we have
progressed in FY22, which form part of our overall
performance.
At the end of FY22 we occupied 21 facilities across
the world. These facilities are a range of sizes and
encompass a variety of activities – from combined
design, manufacturing and distribution to singular
distribution or administration. In this report,
we highlight some of the key initiatives we have
progressed in FY22, which form part of our overall
performance.

31SUSTAINABLE GROWTH
Our two largest facilities generated 60 per cent of
our GHG emissions – our Dairy rubberware design,
manufacturing and distribution facility in Christchurch,
New Zealand and our Footwear and Vacuum Pump
assembly facility in Jiangsu, China.
Our Dairy facility in Christchurch is our largest site
and generates 40 per cent of the scope 1 and 2 GHG
emissions for the Group. Almost all of these emissions
are related to the consumption of electricity primarily
used to manufacture essential food-grade rubberware
products that we design, manufacture and sell to
customers around the world. Our electricity is provided
by Meridian Energy who generate 100 per cent of their
electricity from renewable sources.
Our Footwear and Vacuum Pump assembly facility in
Jiangsu generates 20 per cent of the scope 1 and 2
GHG emissions for the Group. More than 70 per cent of
Group energy e” ciency gains on growing revenue
GHG emissions
(tonnes CO2-e)
GHG emissions per
$1 million revenue
(tonnes CO2-e)
Scope 1 Emissions
Scope 2 Emissions
Skellerup GHG emissions relative to revenue have reduced by 7 per cent in each of the last two years.
these emissions are generated from the consumption
of natural gas. In FY18 we invested in a new natural
gas boiler to replace the coal-powered boiler
generating a reduction in annual GHG emissions
of more than 35 per cent at that time (and reducing
sulphur dioxide and nitrogen oxide emissions).
Additional investment in FY21 further reduced
emissions to 66 per cent per annum compared to
using the replaced boiler.
Our remaining 19 design, manufacturing and
distribution facilities collectively generate 40 per cent
of the scope 1 and 2 GHG emissions for the Group.
In FY23 Skellerup will be working to measure our
scope 3 GHG emissions and in turn establish initiatives
to reduce the intensity and volume of these emissions.
2500
2000
1500
1000
500
0
960862944
1,3791,416
2,339
2,278
1,521
2,465
FY22FY21FY20
10
8
6
4
2
0
FY22FY21FY20
8.37
9.06
7.78

32SKELLERUP ANNUAL REPORT FY22
FY22 Emissions and Waste
Reduction Initiatives
We have a range of initiatives across the Group to
deliver continuous environmental improvement
including lowering emissions and reducing waste.
Invest in our facilities to generate efficiencies,
improve the working environment for our people
and reduce emissions
During FY22 we began a project to consolidate our
Ultralon and Nexus high-performance foam and soft
material manufacturing and distribution businesses
from three sites to a single site in Auckland.
The transfer was made progressively to ensure
no interruption to our customers. Two sites were
successfully transferred by the end of June 2022 and
transfer of the third site was completed in July 2022.
The new site will deliver a number of commercial
and environmental bene™ ts. Freight distances
reduce and the new site is ™ tted with modern LED
lighting and solar panels, which are expected to
reduce emissions and generate approximately
20 per cent annual saving on GHG emissions
and energy costs compared to the aggregate
consumption across our prior three sites.
Throughout FY22 we continued with targeted
initiatives to reduce energy consumption and
emissions including installing LED lighting at a
number of our facilities across the world.
An example of the impact of these changes is
provided by our Ambic facility in the UK, where
in FY21 we upgraded windows, heating, cooling
and lighting. As a result, in FY22 GHG emissions
reduced by 18 per cent on the prior year.
Replace oil-based with water-based paint finish
on Masport vacuum pumps to eliminate volatile
organic compounds
In FY22 we assembled over 6,000 vacuum pumps and
systems. During the year we completed the transition
away from using oil-based to water-based paints on
our vacuum systems to reduce annual emissions of
volatile organic compounds (VOCs) from this activity
by 80 per cent. The change was made following a
series of trials to ensure the vacuum pump ™ nish
continued to meet the standard of durability and
appearance required and be commensurate with our
market leading performance and reputation.
Invest in new and existing equipment to meet demand
growth, achieving lower energy consumption
In FY22 we invested in increasing the capacity of
existing moulding machines at our Agri facility in
Christchurch, New Zealand. By increasing capacity of
existing machines, we were able to increase production
at a 33 per cent lower capital cost, with 67 per cent
reduction in energy consumption compared to the
alternative of investing in identical additional machines.
Expand our use of digital media to reduce the
requirement for printed collateral and product guides
Over the past ™ ve years, we have produced a series of
videos in English and Spanish to help our customers
operate and maintain their Masport vacuum systems.
These step-by-step guides allow customers to access
information when they need it, eliminating the previous
requirement to produce and ship manuals with each
sale. During FY22 we began to af™ x a QR code to all
systems to enable users to have easy access to our
online training material.
During FY22 we relaunched the Skellerup Agri website,
www.skellerup.co.nz, which included detailed and
user-friendly product information. This allows customers
to ™ nd information when needed rather than from
printed catalogues which we discontinued in 2020.
More than 50 per cent of Skellerup's vehicle š eet
in New Zealand are now hybrid vehicles.

33SUSTAINABLE GROWTH
Waste reduction
We continue to measure and target improvements in
our manufacturing activities to reduce waste. In prior
years we have reported on the elimination of plastic
and cardboard packaging. These initiatives continue
across the Group. Of critical importance is a continued
focus on eliminating process waste. This is good for
the environment and good for ™ nancial returns. During
FY22 we reduced manufactured rejects of our footwear
products by a further two per cent.
Small changes matter
While electricity and natural gas usage account for
95 per cent of our scope 1 and 2 GHG emissions, we
continue to make changes to reduce the nature of and
our overall GHG emissions. Across New Zealand we
have a number of sales and technical staff travelling
and engaging with customers. During FY22 we began
adopting hybrid motor vehicles as existing leases
expired. Hybrid vehicles best balance the business
need and environmental impact as these staff are often
travelling signi™ cant distances in remote areas. At the
end of FY22 hybrid vehicles powered half our ª eet.
ESG World
In July 2022 Skellerup adopted the ESG World
platform to allow shareholders and stakeholders to
readily review Skellerup’s ESG practices in relation to
the various frameworks operating across the world.
Skellerup’s ESG prož le can be found on our website
under the “Investors” tab. Viewers can compare
Skellerup’s ESG practices against the frameworks
issued by various agencies around the world and
download ESG-related reports from the portal.
Future
Skellerup’s Board recently agreed to establish a
Sustainability Committee to support the Board in
setting Skellerup’s overarching sustainability strategy,
develop and implement policies and initiatives and
monitor performance. This Committee will also help
ensure Skellerup’s readiness to report under the
mandatory climate-related report disclosures that will
apply to Skellerup for the year ending 30 June 2024.
We have a range of initiatives
across the Group to deliver
continuous environmental
improvement including lowering
emissions and reducing waste.

Board of Directors
34SKELLERUP ANNUAL REPORT FY22
Rachel was appointed to the Skellerup Holdings Board in
May 2022. She is a partner at BDO Wellington Limited and
has over 20 years’ experience in chartered accountancy
and business advisory services and more than 10 years’
experience as a director across a diverse range of sectors
including construction, technology, ™ nancial and property.
Rachel is currently a director of New Plymouth Airport, The
Property Group Limited and Fairway Resolution Limited and
was previously a director of Fulton Hogan Limited. She is a
member of the Audit and Health and Safety Committees.
Independent Director
Rachel Farrant
(BCom, PGDipCom, FCA, CFIoD)
David was appointed to the Skellerup Holdings Board in
August 2017. He is currently Executive Chairman of Rural
Equities Limited and Managing Director of private investment
company H&G Limited. David is a former investment
banker with over 20 years’ experience as a director of
listed companies. He has expertise across a broad range
of industries having previously been a director of Fruitfed
Supplies Limited, Williams & Kettle Limited, Tourism Holdings
Limited, Acurity Health Group Limited, PGG Wrightson
Limited, Red Steel Limited and NPT Limited. David is a
member of the Audit, Health and Safety, Remuneration and
Nomination Committees.
Liz was appointed Chair in January 2017. She has held an
extensive range of governance roles in both the private and
public sector for more than 20 years. Liz is currently Chair of
Oceania Healthcare Limited and EBOS Group Limited and a
member of the Marsh New Zealand Advisory Board. She is a
past President of the Institute of Directors New Zealand and
a former member of the Monetary Policy Committee of the
Reserve Bank of New Zealand and also the Financial Reporting
Standards Board of the Institute of Chartered Accountants
in New Zealand. Liz’s contribution to governance was
acknowledged with her appointment as an Of™ cer to the
New Zealand Order of Merit (ONZM) in 2016. She joined the
Board in May 2002 and is a member of the Audit, Health and
Safety, Remuneration and Nomination Committees.
Alan was appointed to the Skellerup Holdings Board in
August 2016. He has considerable experience governing
and leading businesses and sports organisations. Alan is
currently Chairman of the New Zealand Community Trust.
He is also a director of Oceania Healthcare Limited and
Scales Corporation Limited. He was Chairman of KPMG NZ
for 10 years until 2006, is a past Chairman of Cricket NZ,
past President of the International Cricket Council and the
Institute of Directors New Zealand. Alan’s contribution to
sport and business was acknowledged with his appointment
as a Companion of the New Zealand Order of Merit
(CNZM) in 2013. He is Chair of the Audit Committee and
also a member of the Health and Safety, Remuneration and
Nomination Committees.
Liz Coutts
(ONZM, BMS, FCA, CFIoD)
Independent Chair
Independent Director
David Cushing
(BCom, ACA)
Independent Director
Alan Isaac
(CNZM, BCA, FCA)

The experience and diverse range of skills across Skellerup’s Board ensures
our plans are robust and pursued with vigour and sound business discipline.
35BOARD OF DIRECTORS

ESG
Financial
Risk Management
Capital Markets
Regulatory
Human Resources
Health & Safety
International
Growth
Agriculture
Infrastructure,
Leisure & Health
Manufacturing
& Supply Chain
Technology
CORE
COMPETENCIES
David was appointed to the Skellerup Holdings Board in
November 2006, and as CEO in August 2011. He has been
leading the Group for 11 years during which time it has
achieved signi™ cant revenue and earnings growth by focusing
on designing and delivering critical engineered products
for OEM customers. In March 2022 David was recognised as
CEO of the Year in the Deloitte Top 200 Awards. In particular,
he has overseen the transformation of the Agri Division into
a design-led, customer-focused growth business following
on from the relocation from Woolston to Wigram after the
Christchurch earthquakes. David is currently a Director of
Forté Funds Management Limited. He is a member of the
Health and Safety Committee.
Paul was appointed to the Skellerup Holdings Board in
August 2020. He is Senior Vice President - Sales and
Marketing for Fisher & Paykel Healthcare. Paul has global
business experience spanning 30 years with proven
success growing international markets and leading multi-
disciplinary teams across 50 countries. He is a member of
the Audit Committee and the Health and Safety Committee.
John was appointed to the Skellerup Holdings Board in March
2015. He is a leading commercial lawyer who specialises
in corporate, contract and securities law, and mergers and
acquisitions. He was named NZ Dealmaker of the Year at the
2019, 2017 and 2015 Australasian Law Awards. A partner at
Chapman Tripp, John co-heads that ™ rm’s China desk, which
coordinates the work it does pertaining to investment and
trade between China and New Zealand. He sits on boards
of, and advisory committees to, a number of private-sector
businesses. John is Chair of the Health and Safety Committee
and a member of the Audit Committee.
Executive Director
David Mair
(BE, MBA)
Independent Director
Paul Shearer
(BCom)
Independent Director
John Strowger
(LLB Hons)

Board Skills Matrix
FinancialESGRisk
Management
Capital MarketsRegulatoryHuman
Resources
Health & Safety
1. Core
36SKELLERUP ANNUAL REPORT FY22
1. Core
ESG
i. Experience in best-practice
governance, social and
environmental performance
ii. Prior Board experience
(ideally NZX50 or equivalent)
or experience as Executive or
advisor to Board for at least 5 years
iii. Experience in governing highly
effective executive leaders
Financial
i. Senior Executive or Board
experience in international fi nance,
accounting, reporting, controls
and taxation
Risk Management
i. Experience in developing or
overseeing an appropriate risk
framework and culture
ii. Evaluating and managing fi nancial
and non-fi nancial risks
Capital Markets
i. Experience with equity and debt
markets and capital structuring
ii. Experience with mergers,
acquisitions and divestments,
and investment analysis
iii. Experience and understanding
of dealing with investors and the
investment community
Regulatory
i. Understanding and appreciation
of the regulatory environments
that Skellerup’s businesses
operate within
Human Resources
i. Experience in leading teams and
with best-practice development,
performance and remuneration
structures for international business
Health & Safety
i. Understanding of health and safety
requirements and management for
a global business
4/7
7/77/77/7
5/7
7/77/7

Skellerup’s team seek to capitalise on our capability to design and deliver
world leading engineered specialist products particularly for applications
used to deliver safe food and water.
2. Markets & Customers
3. Manufacturing,
Supply Chain &
Technology
GrowthInternationalAgricultureInfrastructure,
Leisure & Health
Manufacturing &
Supply Chain
Technology
37BOARD SKILLS MATRIX
2. Markets &
Customers
International
i. Experience as a leader or advisor
for a business with a substantial
presence in global markets
ii. Experience as a leader or advisor
for a business with a substantial
OEM customer base
iii. Experience as a leader or advisor
for a business with a portfolio of
branded products
Growth
i. A track record of developing
and implementing a successful
and sustainable business
growth strategy
Agriculture
i. Experience and understanding
of the dynamics of the international
and domestic agriculture
(in particular dairy) market
Infrastructure,
Leisure & Health
i. Experience and understanding
of customers, products and risks
associated with infrastructure for
potable water, construction, sport
and leisure, health and hygiene
3. Manufacturing, Supply
Chain & Technology
Manufacturing &
Supply Chain
i. Experience as a leader or advisor
for a business with substantial
manufacturing capability
ii. Experience as a leader or advisor
dealing with international contract
manufacturers and contracts
iii. Experience as a leader in
international logistics and
supply chain
iv. Understanding of contractual
arrangements with large OEM
customers (protection of IP,
counterparty style and
approach, risk)
Te chn o l o g y
i. Understanding of the opportunities
and risks provided by technological
development and disruption, and
development and protection of IP
4/7
7/7
4/7
5/75/7
6/7

38SKELLERUP ANNUAL REPORT FY22
Corporate
Governance
This section of the Annual Report
outlines our corporate governance
structures and processes, and how
they have been applied during the
year. This Corporate Governance
statement was approved by the
Board of Skellerup Holdings Limited
on 17 August 2022. The information
contained in this Corporate
Governance statement is current
as at that date.
Skellerup’s Board and management are committed to
achieving high standards of corporate governance.
We believe this is central to the effective management
of the business and to maintaining the con™dence of our
shareholders. The Board and management are focused
on ensuring the long-term success of the Company and
are committed to building long-term shareholder value.
The Board regularly reviews and assesses Skellerup’s
governance policies, procedures and practices to
ensure they are appropriate and effective. Skellerup
reports against the recommendations of the NZX
Corporate Governance Code (NZX Code) as required
by the NZX Listing Rules. Skellerup has achieved full
compliance with all recommendations of the NZX Code
in all material respects for the year ended 30 June 2022.
Skellerup’s Constitution and each of the Charters and
Policies referred to in this Corporate Governance
section are available on the Governance section of the
Company’s website at www.skellerupholdings.com.
Our compliance with the NZX Code for the ™nancial
year ended 30 June 2022 is detailed below.
Principle 1 – Code of Ethical Behaviour
Skellerup complies with the recommendations of
Principle 1.
Skellerup's Directors set high standards of ethical
behaviour and require members of the management
team to conduct themselves similarly; they hold
management accountable for delivering these
standards throughout the organisation.
Skellerup’s Code of Ethics provides a framework of
minimum standards of ethical behaviour according
to which Directors, management and all employees
of the Company are expected to conduct themselves.
The Code of Ethics outlines the Company’s
expectations for all Company personnel and includes
consideration of conªicts of interest, conduct,
legislative compliance, con™dentiality and the use
of the Company’s assets and information. Under
Skellerup’s Code of Ethics, contributions to political
parties are expressly prohibited.
Skellerup communicates its Code of Ethics to Directors
and employees, explaining the Code’s purpose and
the mechanism for reporting any unethical behaviour.
The CEO reviews this Code, together with other key
Group policies, with all Group and Business Managers
annually. The Business Managers in turn are required
to review with staff and con™rm that they have done so
to the CEO. Skellerup’s procedure for reporting and
dealing with any concerns in respect of the conduct
of its Directors or employees is set out in its Whistle-
blower Policy. This is consistent with the requirements
of the Protected Disclosures Act 2000. Skellerup
has not received any reports of serious instances of
unethical behaviour during the year.
Skellerup is committed to ensuring its Directors and
employees understand its policy on and rules for
dealing in Skellerup ordinary shares or any other
quoted ™nancial products issued by Skellerup or
derivatives thereof. Skellerup’s Financial Products
Trading Policy notes that insider trading is always
prohibited and provides examples of material
information to assist Directors and employees with
compliance. It imposes further restrictions on Directors
and senior management by permitting trading only in
prescribed trading windows or with consent.
Principle 2 – Board Composition
and Performance
Skellerup complies with the recommendations of
Principle 2.
The Board has adopted a formal Board Charter, which
distinguishes and discloses the respective roles
and responsibilities of the Board and Management.
Written agreements have been entered into for all
Director appointments since 2017.
The members of Skellerup’s Board collectively
provide the broad range of strategic, business,

39CORPORATE GOVERNANCE
commercial and ™nancial skills and knowledge,
and the independence and experience required
to lead and govern the Company effectively.
The Board regularly reviews its performance and
composition to ensure it has the range of capabilities
required. During FY22 Skellerup’s Board considered
Director candidates with a view to appointing a
further Director to assist in the Board’s succession
planning and to ensure the right mix of skills and
experience is retained by the Board. As an outcome
of this process, Rachel Farrant was appointed as an
independent Director by the Board on 2 May 2022
under a written agreement. Rachel will stand for
election at the Annual Meeting of Shareholders on
26 October 2022, as required by Listing Rule 2.7.1.
Currently, the Board comprises six non-executive,
independent Directors and one executive Director.
The independence of Directors is reconsidered
at least annually. Skellerup’s Board most recently
reviewed each Director’s independence at its Board
Meeting on 16 June 2022. Having regard to the NZX
Listing Rules and the NZX Code, all six non-executive
Directors have been determined to be independent.
See pages 34 to 37 or the Company’s website for more
information on the tenure, skills and experience of
Skellerup’s current Board. The independence of each
Director is noted also on pages 34 and 35.
The Board Charter requires that the Chair be an
independent, non-executive Director and that the
roles of the Chair and CEO are separate.
The table on page 41 shows each Director’s Board
Committee memberships, the number of meetings
of the Board and its Committees held during the
year and the number of meetings attended by
each Director. Minutes are taken of all Board and
Committee meetings.
The Board is responsible for managing conªicts
of interest identi™ed by Directors. Each Director is
responsible for minimising the possibility of any
conªict of interest as regards their involvement with
the Company by restricting involvement in other
businesses that would likely lead to a conªict
of interest.
Board procedures ensure that all Directors have
the information needed to contribute to informed
discussion and decisions on a consistent basis and to
carry out their duties effectively. Senior management
make direct presentations to the Board as required to
give the Directors an understanding of management
strategies, priorities, style and capabilities. Directors
also visit Skellerup’s facilities throughout the world as
part of their ongoing engagement to ensure they are
familiar with all aspects of the business of the Group.
Training is made available to Directors and in the last
™nancial year Directors participated in training on a
wide range of issues, including ESG matters and future
requirements around reporting on climate change.
Skellerup has a written Diversity Policy in place.
Diversity at Skellerup includes (but is not limited to)
gender, race, ethnicity and cultural background,
disability and physical capability, age, sexual
orientation, and religious or political belief. A gender
composition table of the Skellerup Directors, of™cers,
management is included on page 86 and a graph for
our entire workforce on page 5. Skellerup maintains
a merit-based environment which provides equal
opportunity for development and recognition based
on performance and a ªexible and inclusive work
environment that values differences that create
value. Skellerup remunerates equivalent roles in an
equitable manner.
Skellerup’s Diversity Policy requires measurable
objectives to be set by the Board and reviewed
annually. For FY22 Skellerup set measurable
objectives and reports progress as follows:
1. No discrimination
Skellerup aims to operate an inclusive workplace
where employees are not discriminated against on the
grounds of gender, gender identity, sexual orientation,
colour, race/ethnicity/cultural background, disability,
age, religious beliefs. In FY22 Skellerup adopted
a target of zero complaints/™ndings of harassment,
discrimination or victimisation. No such incidents
were reported in FY22.
2. Flexible workplace environment
Skellerup aims to provide a workplace that
accommodates ªexible working arrangements as
a means to encourage diversity of its workforce.
Supported by a Working from Home Policy, ªexible
workplace arrangements are implemented throughout
the Group where suitable, to meet the needs of the
business and the circumstances of employees. These
arrangements include part-time employment and
working from home arrangements for certain roles.

40SKELLERUP ANNUAL REPORT FY22
In FY22 Skellerup implemented several new
arrangements that include partial working from home
for employees with signi™cant international customer
and supply chain interaction.
3. Pay equity
Skellerup is committed to ensuring all of its
employees are paid equitably. During FY22, as part
of Skellerup’s annual salary review, management
ensured all roles were clearly de™ned, and based the
review on relevant skills, experience, responsibility,
effort and performance, independent of the person in
the role. No issues arose from this review.
Principle 3 – Board Committees
Skellerup complies with the recommendations of
Principle 3.
The Board has appointed four Board Committees to
assist in carrying out its responsibilities effectively,
each of which operates under a written charter. The
Board regularly reviews the performance of each
standing Committee against its speci™c written
charter. The delegated responsibilities, powers and
authorities of these Committees are described below.
1. Audit Committee
This Committee currently comprises six non-
executive, independent Directors, one of whom is
appointed as Chair. The CEO and the Chief Financial
Of™cer (CFO) attend as ex-of™cio members at the
invitation of the Committee; the external auditors
attend by invitation of the Chair.
This Committee meets a minimum of four times each
year. Its responsibilities include:
•Advising the Board on accounting policies,
practices and disclosure
•Reviewing the scope and outcome of the
external audit and the performance of the auditors
•Reviewing the annual and half-yearly statements
prior to approval by the Board.
The Audit Committee reports the proceedings of each
of its meetings to the full Board.
The current composition of the Committee is Alan
Isaac (Chair), Elizabeth Coutts, John Strowger, David
Cushing, Paul Shearer and Rachel Farrant.
2. Health and Safety Committee
This Committee comprises six non-executive,
independent Directors, one of whom is appointed as
Chair, plus the Executive Director. The CFO attends
meetings also as an ex-of™cio member.
This Committee meets a minimum of three times each
year. Its responsibilities include:
•Providing leadership and policy for Health and
Safety (H&S) management within the Skellerup
Group
•Advising the Board on H&S strategy and policy
and specifying targets to track performance
•Reviewing management systems to ensure that
they are appropriate to manage hazards and risks
of the business
•Monitoring and reviewing performance by
specifying and receiving timely reports on
incidents, investigations and resultant actions and
with the assistance of internal and external audits.
The H&S Committee reports proceedings of each of
its meetings to the full Board. The current composition
of the Committee is John Strowger (Chair), Elizabeth
Coutts, Alan Isaac, David Cushing, Paul Shearer,
Rachel Farrant and David Mair.
3. Remuneration Committee
This Committee comprises three non-executive,
independent Directors, one of whom is appointed as
Chair. It meets as required to:
•Review the remuneration packages of the CEO and
senior managers
•Make recommendations to shareholders in relation
to non-executive Directors’ remuneration packages.
Remuneration packages are reviewed annually.
Independent external surveys are used as a basis
for establishing competitive packages. Management
only attend Remuneration Committee meetings at the
invitation of the Committee.
The current composition of the Remuneration
Committee is Elizabeth Coutts (Chair), Alan Isaac and
David Cushing.

41CORPORATE GOVERNANCE
Board and Committee Attendance – 1 July 2021 to 30 June 2022
DirectorBoardAudit Health & SafetyRemunerationNomination
Liz Coutts8 of 85 of 53 of 32 of 22 of 2
David Cushing8 of 84 of 53 of 32 of 22 of 2
Rachel Farrant +2 of 22 of 21 of 1N/AN/A
Alan Isaac8 of 85 of 53 of 32 of 22 of 2
Paul Shearer 8 of 85 of 53 of 3N/AN/A
John Strowger8 of 85 of 53 of 3N/AN/A
David Mair *8 of 85 of 5*3 of 3N/AN/A
+ Rachel Farrant was appointed by the Board on 2 May 2022.
* David Mair attends Audit Committee meetings ex-ofžcio at the invitation of the Committee.
4. Board Nomination Committee
This Committee comprises three non-executive
Directors, one of whom is appointed as Chair. It
meets as required to recommend new appointments
to the Board.
Board composition is regularly reviewed by the full
Board and the Committee to ensure the collective
skillset is appropriate for the Group and to ensure
appropriate succession planning.
The current composition of the Board Nomination
Committee is Elizabeth Coutts (Chair), Alan Isaac
and David Cushing.
Skellerup has a formal Takeover Response Policy
in place. The purpose of the Policy is to ensure that
Skellerup is well prepared for an approach and,
therefore, it will be better able to control the takeover
response process and respond to any approach in a
professional, timely and coordinated manner and in
the best interests of Skellerup and its shareholders.
Principle 4 – Reporting and Disclosure
Skellerup complies with the recommendations of
Principle 4.
The Board demands integrity in ™nancial reporting and
in the timeliness and balance of information disclosed.
The ™nancial progress of Skellerup’s two divisions is
reported separately to the Board each month to enable
divisional ™nancial performance to be reviewed in the
context of the Company’s strategies and objectives.
Monthly reporting also provides information on H&S,
key opportunities, personnel, customers and risks
facing the business, and the steps being taken to
optimise outcomes.
The Audit Committee oversees the quality and
integrity of external ™nancial reporting, including the
accuracy, completeness and timeliness of ™nancial
statements. The Company seeks to provide clear,
concise ™nancial statements and recognises the
value of providing shareholders with ™nancial and
non-™nancial information including environmental,
economic and social sustainability risk management
as reported in this Annual Report.
Management accountability for the integrity of the
Company’s ™nancial reporting is reinforced in writing
by certi™cation of the CEO and CFO that the ™nancial
statements fairly present the ™nancial results and
position of the Group.
The Company has a written Continuous Disclosure
Policy and clear processes in place to ensure
compliance with the continuous disclosure
requirements that come with being a listed company.
Principle 5 – Remuneration
Skellerup complies with the recommendations of
Principle 5.
The Board’s Remuneration Committee operates under
a formal Charter, which outlines its membership,
procedures, responsibilities and authority.
The Remuneration Committee is responsible for
reviewing remuneration packages of the CEO and
senior managers and making recommendations
to shareholders in relation to non-executive
Directors’ remuneration.

42SKELLERUP ANNUAL REPORT FY22
Skellerup has a written Remuneration Policy in place.
This Policy outlines the remuneration principles that
apply to Directors, of™cers and senior managers of
Skellerup to ensure that remuneration practices are
fair and appropriate for the organisation, and there is
a clear link between remuneration and performance.
The guiding principles of this Policy are that the
remuneration of Directors, of™cers and managers will
be transparent, fair and reasonable to meet the needs
of the business and shareholders. Skellerup does not
make discretionary sign-on, retention or departure
payments to incoming or existing employees.
Directors’ Remuneration
The Directors’ remuneration, except for the CEO, is
paid in the form of Director’s fees. Additional fees are
paid to the Chairs of the Board and Audit Committee
to reªect the additional responsibilities of these
positions. Skellerup does not pay retirement bene™ts
to non-executive Directors.
The current approved annual fee pool available for
the payment of non-executive Directors is $650,000.
This was approved by shareholders at the Annual
Meeting on 27 October 2021. Skellerup’s Board
comprised ™ve non-executive Directors and one
executive Director at the time the pool was approved.
The NZX Listing Rules permit an increase in the
aggregate remuneration paid to all Directors to
allow for an increase in the number of Directors.
The increase must not exceed the average amount
paid to each non-executive Director (other than the
Chair). On 2 May 2022, the number of non-executive
Directors was increased from ™ve to six. Non-
executive Directors are paid a ™xed cash fee and are
not part of any incentive or share scheme. In the year
ended 30 June 2022, total fees paid to non-executive
Directors amounted to $641,667. Details of Directors’
remuneration are shown on page 84.
CEO's Remuneration
The CEO’s remuneration consists of ™xed
remuneration, a short-term incentive (STI) and
long-term incentive (LTI). This is reviewed annually
by the Remuneration Committee and the Board. Total
remuneration paid to the CEO in the year ended
30 June 2022 and in the prior years, together with a
description of the long-term share-based incentive
scheme in place for the CEO, is detailed on page 85.
Fixed Annual Remuneration
Fixed remuneration includes base salary and
employer superannuation contributions, where
provided. Base salary is determined by the scale
and complexity of the role. The Group undertakes
remuneration reviews as needed, informed by an
assessment of relative external market data and
organisational context.
Short-term Incentives (STI)
Senior executives’ remuneration comprises a
combination of ™xed and at-risk components.
Payment of the at-risk component is linked
to exceeding previous best annual ™nancial
performance in the areas of the business for
which each executive is responsible or, in some
circumstances, the achievement of speci™c targets.
The goals and targets set in each category are
speci™c, objective and measurable, such that there
is an accurate judgement each year as to whether
the goal has been achieved or not.
The CEO approves (with noti™cation to the
Remuneration Committee) the annual STI payments
for all entitled staff other than the CEO and CFO. STI
payments are fully accrued in the year to which they
relate. The Board approves the annual STI payments for
the CEO and CFO and their targets for the year ahead.
Long-term Incentives (LTI)
The company operates a LTI plan for the bene™t of
senior executives. The plan is intended to reward and
retain key employees, drive longer-term performance
and decision-making, and align incentives with the
interests of the company’s shareholders.
The LTI plan permits the Board to grant options to
acquire fully paid shares in the company. The most
recent award was made in October 2020.
Details are provided in note 18 to the Financial
Statements.
Performance, Development and Remuneration Review
Performance and development reviews are completed
to inform decisions around remuneration adjustments.
The remuneration review process also includes
consideration of market information and, in the
case of employees under Collective Employment
Agreements, negotiations with unions.

43CORPORATE GOVERNANCE
Pay Gap
The pay gap represents the number of times greater
the CEO's remuneration is to an employee paid at the
median of all Group employees. At 30 June 2022, the
CEO’s base salary at $690,000 was 11.6 times that of
the median employee at $59,700 per annum.
Principle 6 – Risk Management
Skellerup complies with the recommendations of
Principle 6.
The Board is responsible for the Group’s risk
management and internal control system. Each
Director has a sound understanding of the key risks
faced by Skellerup.
The Board reviews the Group’s Risk Management
Report prepared by the CEO and management
team on a semi-annual basis and speci™c items
including the Group’s approach to managing
information systems risks are monitored monthly.
The Risk Management Report identi™es key risks and
strategies to manage these risks. The Board ensures
that adequate external insurance cover is in place
appropriate to the Company’s size and risk pro™le.
The Audit Committee monitors the Company’s system
of internal ™nancial control with the aid of reviews and
reports prepared by external providers and periodic
certi™cation by the CEO and CFO. This system
includes clearly de™ned policies controlling treasury
operations and capital expenditure authorisation.
The CFO is responsible for ensuring that all
operations within the Group adhere to the Board-
approved ™nancial control policies.
The H&S Committee leads and monitors H&S
management within the Skellerup Group. The Company
operates a comprehensive H&S framework across
all its businesses to identify and address workplace
hazards and to monitor and review compliance with
H&S policies and procedures. Board review of H&S is
a priority and is facilitated by both the activities of the
H&S Committee and the receipt and review of H&S
reports at each Board meeting. This review is further
facilitated by regular visits to key sites providing the
opportunity to engage and query staff at all levels of the
organisation. Details of Skellerup’s key H&S risks and
its performance for the year ended 30 June 2022 are
included on pages 26 to 28.
Principle 7 – Auditors
Skellerup complies with the recommendations of
Principle 7.
The Board ensures the quality and independence
of the external audit process, which culminates in
the audit report issued in relation to the annual
™nancial statements.
The Board has an established framework for
Skellerup’s relationship with its auditor and to ensure
independence of the Company’s external auditor is
maintained, a written Audit Independence Policy has
been implemented. The Policy sets out guidelines
to be followed to ensure that related assurance and
other services provided by Skellerup’s auditor are
not perceived as conªicting with the independent role
of the auditor. The Audit Committee approves any
non-audit services that are provided by the external
auditor. Management and the external auditor are
invited to attend meetings of the Audit Committee.
The Audit Committee meets with the auditor without
any representatives of management present at least
twice per year.
Skellerup’s external auditor is Ernst & Young (EY) and
was reappointed by shareholders at the 2021 Annual
Meeting in accordance with the Companies Act 1993.
The audit partner responsible for the Skellerup audit
was appointed during the year ended 30 June 2018
and will act for a maximum of ™ve years. The audit
partner attends the Annual Meetings and is available
to answer questions relating to the audit. During the
year ended 30 June 2022, EY have not provided any
non-audit services to the Group.
Skellerup maintains an internal audit function
with the assistance of PwC. Skellerup reviews the
residual risks from its semi-annual Risk Management
Report to determine priorities for consideration for
internal audit review with the assistance of PwC.
The Audit Committee reviews and approves all
internal audit activity and meets with the internal
auditors as required.
The signi™cant issues and judgements considered
by the Audit Committee are disclosed in Note f of the
™nancial statements on page 56.

44SKELLERUP ANNUAL REPORT FY22
Principle 8 – Shareholder Rights
and Relations
Skellerup complies with the recommendations of
Principle 8.
The Board aims to ensure that shareholders are
kept informed of developments affecting the
Company and encourages shareholders to engage
with the Company. Information is communicated to
shareholders and other key stakeholders through the
annual and interim reports, disclosures to the NZX,
and at Annual Meetings.
The Board encourages shareholders to attend and
participate fully at Annual Meetings to ensure they
exercise the opportunity to ask questions about the
Company and its performance.
The Company maintains information for shareholders
on its website (www.skellerupholdings.com).
This includes a description of Skellerup’s business
and structure, copies of key corporate governance
documents and policies, and all information released
to the NZX. Shareholders are able to receive all
communication from Skellerup electronically.
The Board respects the interests of all stakeholders
in the Company. Skellerup strives to manage
its business in a manner that delivers long-term
shareholder value by delivering consistent quality
solutions for customers, a work environment that is
safe and delivers development opportunities for its
employees, and meets or exceeds the compliance
requirements in the environments in which the
Company operates.
No major decisions which may change the nature
of Skellerup were made during FY22 and therefore
no such matters were required to be put to
shareholders. Similarly, Skellerup did not seek
additional equity capital in FY22 and therefore there
was no such offer to be made to shareholders on a pro
rata basis. Notice of the 2021 Annual Meeting (being
the only meeting of shareholders called in FY22) was
given more than 20 working dates prior to the meeting.

45
Consolidated
Financial Statements
For the year ended 30 June 2022

46SKELLERUP ANNUAL REPORT FY22
A member firm of Ernst & Young Global Limited


Independent auditor’s report to the Shareholders of Skellerup Holdings Limited
Opinion
We have audited the financial statements of Skellerup Holdings Limited (“the company”) and its
subsidiaries (together “the group”) on pages 50 to 83, which comprise the consolidated balance sheet of
the group as at 30 June 2022, and consolidated income statement, consolidated statement of
comprehensive income, consolidated statement of changes in equity and consolidated cash flow
statement for the year then ended of the group, and the consolidated notes to the financial statements
including a summary of significant accounting policies.
In our opinion, the consolidated financial statements on pages 50 to 83 present fairly, in all material
respects, the consolidated financial position of the group as at 30 June 2022 and its consolidated
financial performance and cash flows for the year then ended in accordance with New Zealand equivalents
to International Financial Reporting Standards and International Financial Reporting Standards.
This report is made solely to the company's shareholders, as a body. Our audit has been undertaken so
that we might state to the company's shareholders those matters we are required to state to them in an
auditor's 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 company and the company's shareholders, as a body, for
our audit work, for this report, or for the opinions we have formed.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit
of the Financial Statements section of our report.
We are independent of the group in accordance with Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including International Independence Standards) (New
Zealand) issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled our
other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Other than in our capacity as auditor we have no relationship with, or interest in, the company or any of
its subsidiaries. Partners and employees of our firm may deal with the group on normal terms within the
ordinary course of trading activities of the business of the group.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the consolidated financial statements of the current year. These matters were addressed in the
context of our audit of the consolidated financial statements as a whole, and in forming our opinion
thereon, but we do not provide a separate opinion on these matters. For each matter below, our
description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial
statements section of the audit report, including in relation to these matters. Accordingly, our audit
included the performance of procedures designed to respond to our assessment of the risks of material
misstatement of the financial statements. The results of our audit procedures, including the procedures
A member firm of Ernst & Young Global Limited


Independent auditor’s report to the Shareholders of Skellerup Holdings Limited
Opinion
We have audited the financial statements of Skellerup Holdings Limited (“the company”) and its
subsidiaries (together “the group”) on pages 50 to 83, which comprise the consolidated balance sheet of
the group as at 30 June 2022, and consolidated income statement, consolidated statement of
comprehensive income, consolidated statement of changes in equity and consolidated cash flow
statement for the year then ended of the group, and the consolidated notes to the financial statements
including a summary of significant accounting policies.
In our opinion, the consolidated financial statements on pages 50 to 83 present fairly, in all material
respects, the consolidated financial position of the group as at 30 June 2022 and its consolidated
financial performance and cash flows for the year then ended in accordance with New Zealand equivalents
to International Financial Reporting Standards and International Financial Reporting Standards.
This report is made solely to the company's shareholders, as a body. Our audit has been undertaken so
that we might state to the company's shareholders those matters we are required to state to them in an
auditor's 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 company and the company's shareholders, as a body, for
our audit work, for this report, or for the opinions we have formed.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit
of the Financial Statements section of our report.
We are independent of the group in accordance with Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including International Independence Standards) (New
Zealand) issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled our
other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Other than in our capacity as auditor we have no relationship with, or interest in, the company or any of
its subsidiaries. Partners and employees of our firm may deal with the group on normal terms within the
ordinary course of trading activities of the business of the group.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the consolidated financial statements of the current year. These matters were addressed in the
context of our audit of the consolidated financial statements as a whole, and in forming our opinion
thereon, but we do not provide a separate opinion on these matters. For each matter below, our
description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial
statements section of the audit report, including in relation to these matters. Accordingly, our audit
included the performance of procedures designed to respond to our assessment of the risks of material
misstatement of the financial statements. The results of our audit procedures, including the procedures

47INDEPENDENT AUDITOR’S REPORT
A member firm of Ernst & Young Global Limited


performed to address the matters below, provide the basis for our audit opinion on the accompanying
consolidated financial statements.
Scoping of the audit
Why significant How our audit addressed the key audit matter
Skellerup is a global business with over half
of the group’s revenue generated in
countries other than New Zealand.

A significant area of focus when conducting
the audit was assessing the sufficiency of
audit evidence obtained in differing
geographic locations and businesses to
enable us to reach our opinion on the
consolidated financial statements as a whole.
This was both with respect to the
determination and allocation of materiality
as well as the determination of the nature
and extent of procedures to be performed at
each location.

As the coordinating primary team (“group audit team”),
EY New Zealand assigned a scope to each component
team in all significant locations. Consideration was given
to the nature, size and risks associated with each of the
group’s significant businesses.

As a result of this assessment, each business was
allocated a scope reflecting the extent of audit
procedures required and a materiality reflecting the
businesses risk profile.

The group audit team communicated to the component
audit teams significant risk areas to be considered and the
information to be reported back to the group audit team.
The component and group teams then determined the
extent and nature of audit procedures to be performed.

In order to obtain sufficient coverage of group balances,
the group audit team performed analytical procedures in
relation to a number of smaller business units.

All component teams were required to provide written
confirmation to the group audit team explaining the work
performed, the results of that work as well as key
documents supporting any significant findings or
observations.

The group audit team held discussions with Skellerup
management and component teams in all major locations
(New Zealand, Australia, Italy, USA, UK and China).
During these discussions, the work performed by each
team was discussed including any key judgements as well
as findings relevant to the group audit.

We reported to the Audit Committee:
i) The results of audit procedures and testing performed
by both the group and components teams; and
ii) Any misstatements identified that warrant reporting
based on quantitative or qualitative grounds.
Information other than the financial statements and auditor’s report
The directors of the company are responsible for the Annual Report, which includes information other
than the consolidated financial statements and auditor’s report.
Our opinion on the consolidated financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
A member firm of Ernst & Young Global Limited


Independent auditor’s report to the Shareholders of Skellerup Holdings Limited
Opinion
We have audited the financial statements of Skellerup Holdings Limited (“the company”) and its
subsidiaries (together “the group”) on pages 50 to 83, which comprise the consolidated balance sheet of
the group as at 30 June 2022, and consolidated income statement, consolidated statement of
comprehensive income, consolidated statement of changes in equity and consolidated cash flow
statement for the year then ended of the group, and the consolidated notes to the financial statements
including a summary of significant accounting policies.
In our opinion, the consolidated financial statements on pages 50 to 83 present fairly, in all material
respects, the consolidated financial position of the group as at 30 June 2022 and its consolidated
financial performance and cash flows for the year then ended in accordance with New Zealand equivalents
to International Financial Reporting Standards and International Financial Reporting Standards.
This report is made solely to the company's shareholders, as a body. Our audit has been undertaken so
that we might state to the company's shareholders those matters we are required to state to them in an
auditor's 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 company and the company's shareholders, as a body, for
our audit work, for this report, or for the opinions we have formed.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit
of the Financial Statements section of our report.
We are independent of the group in accordance with Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including International Independence Standards) (New
Zealand) issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled our
other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Other than in our capacity as auditor we have no relationship with, or interest in, the company or any of
its subsidiaries. Partners and employees of our firm may deal with the group on normal terms within the
ordinary course of trading activities of the business of the group.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the consolidated financial statements of the current year. These matters were addressed in the
context of our audit of the consolidated financial statements as a whole, and in forming our opinion
thereon, but we do not provide a separate opinion on these matters. For each matter below, our
description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial
statements section of the audit report, including in relation to these matters. Accordingly, our audit
included the performance of procedures designed to respond to our assessment of the risks of material
misstatement of the financial statements. The results of our audit procedures, including the procedures

48SKELLERUP ANNUAL REPORT FY22
A member firm of Ernst & Young Global Limited


In connection with our audit of the consolidated financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent with
the consolidated financial statements or our knowledge obtained during the audit, or otherwise appears
to be materially misstated.
If, based upon the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Directors’ responsibilities for the financial statements
The directors are responsible, on behalf of the entity, for the preparation and fair presentation of the
consolidated financial statements in accordance with New Zealand equivalents to International Financial
Reporting Standards and International Financial Reporting Standards, and for such internal control as the
directors determine is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible for assessing on behalf
of the entity the group’s ability to continue as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless the directors either intend to
liquidate the group or cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with International Standards on Auditing (New Zealand) will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these consolidated financial statements.
A further description of the auditor’s responsibilities for the audit of the consolidated financial statements
is located at the External Reporting Board’s website: https://www.xrb.govt.nz/standards-for-assurance-
practitioners/auditors-responsibilities/audit-report-1/. This description forms part of our auditor’s
report.
The engagement partner on the audit resulting in this independent auditor’s report is Simon O’Connor.




Chartered Accountants
Auckland
18 August 2022
A member firm of Ernst & Young Global Limited


Independent auditor’s report to the Shareholders of Skellerup Holdings Limited
Opinion
We have audited the financial statements of Skellerup Holdings Limited (“the company”) and its
subsidiaries (together “the group”) on pages 50 to 83, which comprise the consolidated balance sheet of
the group as at 30 June 2022, and consolidated income statement, consolidated statement of
comprehensive income, consolidated statement of changes in equity and consolidated cash flow
statement for the year then ended of the group, and the consolidated notes to the financial statements
including a summary of significant accounting policies.
In our opinion, the consolidated financial statements on pages 50 to 83 present fairly, in all material
respects, the consolidated financial position of the group as at 30 June 2022 and its consolidated
financial performance and cash flows for the year then ended in accordance with New Zealand equivalents
to International Financial Reporting Standards and International Financial Reporting Standards.
This report is made solely to the company's shareholders, as a body. Our audit has been undertaken so
that we might state to the company's shareholders those matters we are required to state to them in an
auditor's 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 company and the company's shareholders, as a body, for
our audit work, for this report, or for the opinions we have formed.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit
of the Financial Statements section of our report.
We are independent of the group in accordance with Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including International Independence Standards) (New
Zealand) issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled our
other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Other than in our capacity as auditor we have no relationship with, or interest in, the company or any of
its subsidiaries. Partners and employees of our firm may deal with the group on normal terms within the
ordinary course of trading activities of the business of the group.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the consolidated financial statements of the current year. These matters were addressed in the
context of our audit of the consolidated financial statements as a whole, and in forming our opinion
thereon, but we do not provide a separate opinion on these matters. For each matter below, our
description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial
statements section of the audit report, including in relation to these matters. Accordingly, our audit
included the performance of procedures designed to respond to our assessment of the risks of material
misstatement of the financial statements. The results of our audit procedures, including the procedures

49CONSOLIDATED FINANCIAL STATEMENTS
Directors’
Responsibility
Statement
For the year ended 30 June 2022
For and on behalf of the Directors
The Directors are responsible for the preparation,
in accordance with New Zealand law and generally
accepted accounting practice, of  nancial statements,
which give a true and fair view of the  nancial
position of the Skellerup Holdings Limited Group as at
30 June 2022, and the results of their operations and
cash   ows for the year ended 30 June 2022.
The Directors consider that the  nancial statements
of the Group have been prepared using accounting
policies appropriate to the Group’s circumstances,
consistently applied and supported by reasonable
judgements and estimates, and that all applicable
New Zealand Equivalents to International Financial
Reporting Standards have been followed.
The Directors have responsibility for ensuring that
proper accounting records have been kept which
enable, with reasonable accuracy, the determination
of the  nancial position of the Group and enable them
to ensure that the  nancial statements comply with the
Financial Reporting Act 1993.
The Directors have responsibility for the maintenance
of a system of internal control designed to provide
reasonable assurance as to the integrity and
reliability of  nancial reporting. The Directors
consider that adequate steps have been taken to
safeguard the assets of the Group and to prevent and
detect fraud and other irregularities.
The Directors are pleased to present the Group
 nancial statements of Skellerup Holdings Limited for
the year ended 30 June 2022.
The Group  nancial statements are dated 18 August
2022 and are signed in accordance with a resolution
of the Directors made pursuant to section 211 of the
Companies Act 1993.
EM Coutts
Independent Chair
AR Isaac
Independent Director

50SKELLERUP ANNUAL REPORT FY22
Income Statement
for the year ended 30 June 2022
Note
2022
$000
2021
$000
Revenue2316,829 279,515
Cost of sales(190,401)(165,890)
Gross prot126,428 113,625
Other income42,688 2,330
Selling, general and administration expenses(62,356)(59,594)
Prot for the year before tax, nance costs and share of prot
of associates66,760 56,361
Finance costs16(2,249)(2,081)
Share of net prot of associates accounted for using the equity method(224)(35)
Prot for the year before tax64,287 54,245
Income tax expense5(16,474)(14,070)
Net after-tax prot for the year, attributable to owners of the Parent47,813 40,175
Earnings per share
Basic earnings per share (cents)1924.48 20.59
Diluted earnings per share (cents)1924.26 20.40
The above Income Statement should be read in conjunction with the accompanying notes.

51CONSOLIDATED FINANCIAL STATEMENTS
Statement of Comprehensive Income
for the year ended 30 June 2022
Note
2022
$000
2021
$000
Net prot after tax for the year47,81340,175
Other comprehensive income
Items that may be reclassied subsequently to prot or loss
Net gains/(losses) on cash  ow hedges17(3,704)(14)
Income tax related to gains/(losses) on cash  ow hedges51,0374
Foreign exchange movements on translation of overseas subsidiaries174,797(1,971)
Income tax related to gains/(losses) on foreign exchange movements
with overseas subsidiaries5(177)125
Other comprehensive income net of tax1,953(1,856)
Total comprehensive income for the year attributable to equity holders
of the Parent
49,76638,319
The above Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

52SKELLERUP ANNUAL REPORT FY22
Balance Sheet
as at 30 June 2022
Note
2022
$000
2021
$000
Current assets
Cash and cash equivalents614,79615,673
Trade and other receivables and prepayments763,87052,084
Inventories869,59550,259
Income tax receivable202303
Derivative nancial assets22367492
Total current assets148,830 118,811
Non-current assets
Property, plant and equipment989,75785,457
Right-of-use assets927,96617,850
Deferred tax assets54,0213,351
Goodwill1061,45354,906
Intangible assets103,0322,914
Investment in associate1,5131,561
Derivative nancial assets227224
Total non-current assets187,814 166,063
Total assets336,644 284,874
Current liabilities
Trade and other payables1136,19231,207
Provisions125,9495,669
Income tax payable6,0214,241
Interest-bearing loans and borrowings13-409
Lease liabilities – short term145,4824,569
Derivative nancial liabilities222,252257
Total current liabilities55,896 46,352
Non-current liabilities
Provisions122,1552,198
Interest-bearing loans and borrowings1340,00024,000
Deferred tax liabilities51,8201,915
Lease liabilities – long term1423,70814,225
Derivative nancial liabilities221,85735
Total non-current liabilities69,540 42,373
Total liabilities125,436 88,725
Net assets211,208 196,149
Equity
Equity attributable to equity holders of the Parent
Share capital1572,40672,406
Reserves17(6,603)(8,999)
Retained earnings20145,405132,742
Total equity211,208 196,149
The above Balance Sheet should be read in conjunction with the accompanying notes.

53CONSOLIDATED FINANCIAL STATEMENTS
Statement of Changes in Equity
for the year ended 30 June 2022
Fully Paid
Ordinary
Shares
Cash Flow
Hedge
Reserve
Foreign
Currency
Translation
Reserve
Employee
Share Plan
Reserve
Retained
Earnings
Total
Note$000$000$000$000$000$000
Balance 1 July 202072,173176(7,615)374119,455184,563
Net prot after tax for the year ended
30 June 2021----40,17540,175
Other comprehensive income-(10)(1,846)--(1,856)
Total comprehensive income for the year-(10)(1,846)-40,17538,319
Share incentive scheme233--(78)411566
Dividends----(27,299)(27,299)
Balance 30 June 202172,406166(9,461)296132,742196,149
Net prot after tax for the year ended
30 June 2022----47,81347,813
Other comprehensive income17-(2,667)4,620--1,953
Total comprehensive income for the year-(2,667)4,620-47,81349,766
Share incentive scheme18---443-443
Dividends20----(35,150)(35,150)
Balance 30 June 202272,406(2,501)(4,841)739145,405211,208
The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.

54SKELLERUP ANNUAL REPORT FY22
Cash Flow Statement
for the year ended 30 June 2022
Note
2022
$000
2021
$000
Cash ”ows from operating activities
Receipts from customers309,427274,326
Interest received649
Dividends received22
Payments to suppliers and employees(249,323)(202,125)
Income tax refund/(paid)(14,541)(11,375)
Interest and bank fees paid(1,262)(1,208)
Interest on right-of-use asset leases(987)(873)
Net cash ”ows from/(used in) operating activities43,322 58,796
Cash ”ows from investing activities
Proceeds from sale of property, plant and equipment655405
Payments for property, plant and equipment(9,482)(5,405)
Payments for intangible assets (704)(2,073)
Acquisition of a business, net of cash acquired(10,216)-
Net cash ”ows from/(used in) investing activities(19,747)(7,073)
Cash ”ows from nancing activities
Proceeds from/(repayments for) loans and advances1315,601(17,640)
Proceeds from issue of shares-233
Repayments of lease liabilities(5,487)(4,528)
Dividends paid to equity holders of Parent(35,150)(27,299)
Net cash ”ows from/(used in) nancing activities(25,036)(49,234)
Net increase/(decrease) in cash and cash equivalents(1,461)2,489
Cash and cash equivalents at the beginning of the year15,67313,617
Effect of exchange rate  uctuations584(433)
Cash and cash equivalents at the end of the year614,796 15,673
The above Cash Flow Statement should be read in conjunction with the accompanying notes.
Reconciliation of net prot after tax to net cash ”ow from operations
2022
$000
2021
$000
Net prot after tax47,81340,175
Adjustments for:
Depreciation and impairment – property, plant and equipment7,3027,156
Depreciation and impairment – right-of-use assets5,8684,971
Amortisation593370
(Gain)/loss on sale of assets(250)11
Foreign currency movements(674)638
Bad debts written off-37
Increase/(decrease) in provision for doubtful debts(3)(424)
Share of prot in associates(224)(35)
Net movement in working capital(17,103)5,897
Net cash in”ow from operating activities43,322 58,796

55CONSOLIDATED FINANCIAL STATEMENTS
Reporting Entity
Skellerup Holdings Limited (‘the Company’ or ‘the Parent’) is a limited liability company incorporated and domiciled in
New Zealand. It is registered under the Companies Act 1993 with its registered ofce 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. These nancial statements were authorised for issue
in accordance with a resolution of the directors on 18 August 2022.
(a) Nature of operations
The Skellerup Group of companies design, manufacture, and distribute engineered products for a variety of specialist
industrial and agricultural applications. Skellerup’s operations are split into two units: the Agri Division, a world leading
provider of food grade dairy rubberware, lters, and animal health products to the global dairy industry; and the Industrial
Division, a global specialist for technically demanding products used in water, roong, plumbing, sport and leisure,
electrical, health and hygiene, automotive and mining applications.
(b) Basis of preparation
These nancial statements of the Group, a prot-oriented business, are for the year ended 30 June 2022.
(c) Statement of compliance
The consolidated nancial statements for the year ended 30 June 2022 have been prepared in accordance with
New Zealand Generally Accepted Accounting Practices (NZ GAAP) and the requirements of the Financial Markets Conduct
Act 2013. For the purpose of complying with NZ GAAP, the Group is a for-prot entity. The nancial statements comply with
New Zealand equivalents to International Financial Reporting Standards (NZ IFRS). The nancial statements also comply
with International Financial Reporting Standards (IFRS). The nancial statements are presented in New Zealand dollars
(NZD) and all values are rounded to the nearest thousand dollars ($000) unless indicated otherwise.
The Group’s accounting policies have been applied consistently to all periods presented in those nancial statements, and
have been applied consistently by all Group entities.
To ensure consistency with the current period, comparative gures have been amended to conform with current period
presentation where appropriate.
To provide more meaningful information to the users of the nancial statements and to align externally reported information
with that reviewed internally, the disaggregation of operating expenses into distribution, marketing and administration
expenses has been removed from the year ending 30 June 2022. These items are now presented in aggregate as selling,
general and administrative expenses. To ensure consistency with this presentation, distribution expenses of $15.8 million,
marketing expenses of $15.8 million and administration expenses of $28.0 million for the year ended 30 June 2021 have
been aggregated to selling, general and administrative expenses of $59.6 million.
The accounting principles recognised as appropriate for the measuring and reporting of prot and loss and nancial
position on a historical-cost basis have been applied, except for derivative nancial instruments, which have been
measured at fair value.
The preparation of nancial statements in accordance with NZ IFRS requires management to make judgements,
estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities,
income and expenses. Actual results may differ from these estimates. Critical accounting judgements, estimates
and assumptions are detailed in Note (f).
(d) Basis of consolidation
The consolidated nancial statements comprise the nancial statements of the Company and its subsidiaries (together
‘the Group’) as at 30 June 2022. Control is achieved when the Group is exposed, or has rights, to variable return from its
involvement with the investee and has the ability to affect those returns through its power over the investee. Specically,
the Group controls an investee if and only if the Group has:
•Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee);
•Exposure, or rights, to variable returns from its involvement with the investee; and
•The ability to use its power over the investee to affect its returns.
Notes to the Financial Statements
for the year ended 30 June 2022

56SKELLERUP ANNUAL REPORT FY22
Business combinations are accounted for using the acquisition method. The consideration transferred in a business
combination is measured at fair value. Fair value is calculated as the sum of: the acquisition-date fair values of the assets
transferred by the Group; the liabilities incurred by the Group to former owners; the equity issued by the Group; and the
amount of any non-controlling interest in the acquiree. For each business combination, the Group measures the non-
controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree’s identiable net assets.
Acquisition-related costs are expensed as incurred.
In preparing the consolidated nancial statements, all inter-company balances, income and expense transactions, and prot
and losses resulting from intra-Group activities, have been eliminated.
(e) Foreign currency translation
Functional and presentation currency
Items included in the nancial statements of each entity in the Group are measured using the currency that best re ects
the economic substance of the underlying events and circumstances relevant to that entity (the ‘functional currency’). The
consolidated nancial statements are presented in New Zealand dollars (the ‘presentation currency’), which is the functional
currency of the Parent.
Transactions and balances
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary
assets and liabilities denominated in foreign currencies at the balance sheet date are translated to New Zealand dollars
at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the
income statement, except when deferred in OCI as qualifying cash  ow hedges.
Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using
the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that
are stated at fair value are translated to New Zealand dollars at foreign exchange rates ruling at the dates the fair value was
determined.
Group companies
The assets and liabilities of all Group companies that have a functional currency that differs from the presentation
currency, including goodwill and fair value adjustments arising on consolidation, are translated to New Zealand dollars
at foreign exchange rates ruling at the balance sheet date. The revenues and expenses of these foreign operations
are translated to New Zealand dollars at rates approximating the foreign exchange rates ruling at the dates of the
transactions. Exchange differences arising from the translation of foreign operations are recognised in the foreign
currency translation reserve. On any disposal of a foreign operation, the component of OCI relating to that particular
foreign operation is reclassied to prot or loss.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities
of the foreign entity and are translated at the foreign exchange rates ruling at the balance sheet date.
(f) Significant accounting judgements and assumptions
In the process of applying the Group’s accounting policies, a number of judgements have been made and estimates
of future events applied. Judgements and estimates which are material to the nancial statements are found in the
following notes.
• Note 10Impairment of goodwill page 66

57CONSOLIDATED FINANCIAL STATEMENTS
1. Segment Information
An operating segment is a distinguishable component of the entity which is reported as an organisational unit, engages in
business activities, earns revenue and incurs expenses, and whose operating results are reviewed regularly by the chief
operating decision-maker to allocate resources and assess performance.
The Group’s operating segments are Agri and Industrial, being 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, nance costs and taxation have not been allocated to each
segment.
Agri Division
The Agri Division manufactures and distributes dairy rubberware which includes milking liners, tubing, lters and feeding
teats, together with other related agricultural products and dairy vacuum pumps to global agricultural markets.
Industrial Division
The Industrial Division manufactures engineered products across a range of industrial applications, including potable and
waste water, roong, plumbing, sport and leisure, electrical, health and hygiene.
Corporate Division
The Corporate Division is not an operating segment, and includes the Parent company and other central administration
expenses that have not been allocated to the Agri and Industrial Divisions.
(a) Business segment analysis
For the year ended 30 June 2022
Agri
$000
Industrial
$000
Corporate
$000
Eliminations
$000
Total
$000
Revenue110,540206,353-(64)316,829
Segment EBIT33,59739,093(5,930)-66,760
Prot before tax, nance costs and share
of prot of associate
66,760
Finance costs(2,249)
Share of net prot of associate(224)
Prot for the year before tax64,287
Income tax expense(16,474)
Net after-tax prot47,813
Assets and liabilities
Segment assets132,330182,43321,881-336,644
Segment liabilities16,90152,53156,004-125,436
Net assets115,429129,902(34,123)-211,208
Other segment information
Additions to xed assets and intangibles2,32516,23959-18,623
Cash ”ow
Segment EBIT33,59739,093(5,930)-66,760
Adjustments for:
- Depreciation and amortisation4,9368,707120-13,763
- Non-cash items--(1,151)-(1,151)
Movement in working capital(6,480)(11,480)857-(17,103)
Segment cash ”ow32,05336,320(6,104)-62,269
Finance and tax cash expense(15,803)
Movement in nance and tax accrual(3,144)
Net cash ”ow from operating activities43,322
Notes to the Financial Statements
for the year ended 30 June 2022

58SKELLERUP ANNUAL REPORT FY22
1. Segment Information (continued)
For the year ended 30 June 2021
Agri
$000
Industrial
$000
Corporate
$000
Eliminations
$000
Total
$000
Revenue102,201177,428-(114)279,515
Segment EBIT30,46432,664(6,767)-56,361
Prot before tax, nance costs and share
of prot of associate56,361
Finance costs(2,081)
Share of net prot of associate(35)
Prot for the year before tax54,245
Income tax expense(14,070)
Net after-tax prot40,175
Assets and liabilities
Segment assets124,097138,24522,532-284,874
Segment liabilities14,96938,15435,602-88,725
Net assets109,128100,091(13,070)-196,149
Other segment information
Additions to xed assets and intangibles3,0434,293139-7,475
Cash ”ow
Segment EBIT30,46432,664(6,767)-56,361
Adjustments for:
- Depreciation and amortisation4,7547,503116-12,373
- Non-cash items--351-351
Movement in working capital2,155273,715-5,897
Segment cash ”ow37,37340,194(2,585)-74,982
Finance and tax cash expense(12,583)
Movement in nance and tax accrual(3,603)
Net cash ”ow from operating activities58,796
Major customers
The Agri and Industrial Divisions generate revenue from a large number of customers.
For the Agri Division, the three largest customers account for 38.4% (2021: 35.0%) of the Agri Division revenue.
For the Industrial Division, the three largest customers account for 11.1% (2021: 9.6%) of the Industrial Division revenue.

59CONSOLIDATED FINANCIAL STATEMENTS
1. Segment Information (continued)
(b) Geographical revenue
Revenue from external customers by geographical location is detailed below. Revenue is attributed to each geographical
location based on the location of the customers. Differences in foreign currency translation rates can impact comparisons
between years.
2022
$000
2021
$000
New Zealand75,34262,029
Australia48,09051,588
North America104,09581,514
Europe39,66838,483
United Kingdom and Ireland17,51316,882
Asia28,56326,985
Other3,5582,034
Total revenue316,829279,515
(c) Assets by geographical location
The non-current segment assets are scheduled by the geographical location in which the asset is held. The non-current
assets, which include property, plant and equipment, right of use assets, goodwill and intangible assets for each
geographical location, are as follows:
2022
$000
2021
$000
New Zealand127,449109,282
Australia10,86311,280
Europe12,67412,805
United Kingdom and Ireland18,30017,843
Asia7,2516,130
North America5,6713,787
Non-current assets182,208161,127
2. Operating Revenue
The Group is in the business of designing, manufacturing and distributing engineered products. Revenue from
contracts with customers is recognised when control of the goods or services are transferred to the customer at an
amount that re ects the consideration to which the Group expects to be entitled in exchange for those goods and
services. The Group has concluded that it is the principal in its revenue arrangements, because it controls the goods
and services before transferring them to the customer.
The Agri and Industrial segments have similar performance obligations. The performance obligation is satised upon
delivery of product and payment is generally due within 30 to 120 days of delivery. Some contracts provide customers with
volume rebates which give rise to variable consideration and are accounted for accordingly. There are no maintenance or
service contracts with customers.

60SKELLERUP ANNUAL REPORT FY22
3. Expenditure included in Net Profit for the Year
Net prot for the year has been arrived at after charging the items noted below. Where the GST/VAT incurred on a purchase
of goods and services is not recoverable from the taxation authority, the GST/VAT is recognised as part of the expense item
as applicable.
Note
2022
$000
2021
$000
Employee benets expense
Wages and salaries (including annual leave, long-service leave,
sick leave and executive share scheme)62,07257,515
Termination benets26525
Dened contribution expense2,9582,582
Total employee benet expense65,29560,122
Depreciation, amortisation and impairment expense
Depreciation and impairment of property, plant and equipment97,3027,156
Depreciation and impairment of right-of-use assets95,8684,971
Amortisation of intangible assets10593370
Total depreciation, amortisation and impairment expense13,76312,497
Total (gain)/loss on disposal of property, plant and equipment(250)11
Total product development costs3,6624,045
Short term and low value lease costs332269
Remuneration of auditors
Audit of the nancial statements by Parent company auditors705673
Other auditors’ fees for the audit of the nancial statements
in foreign jurisdictions10281
Total remuneration of auditors807754
4. Other income
2022
$000
2021
$000
Interest income649
Government grants received4961,234
Realised and unrealised foreign currency gains/(losses)882 251
Other sundry income1,304796
Total other income2,6882,330
Government grants have been received by some entities in the Group under wage subsidy and job retention support
schemes offered by Governments of the USA (2021: Australia and the USA) in response to Covid-19.

61CONSOLIDATED FINANCIAL STATEMENTS
5. Taxation
Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered
from, or paid to, taxation authorities based on the current period’s taxable income. The tax rates and tax laws used to
compute the amount are those that are enacted or substantively enacted by the balance sheet date.
Deferred income tax is provided on all temporary differences at the balance sheet date between the tax bases of assets and
liabilities and their carrying amounts for nancial reporting purposes.
Deferred income tax liabilities are recognised for all taxable temporary differences except:
•For a deferred income tax liability arising from the initial recognition of goodwill; or
•Where the deferred income tax liability arises from the initial recognition of an asset or liability in a transaction that is not
a business combination and, at the time of the transaction, affects neither the accounting prot nor taxable prot or loss.
Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets
and unused tax losses, to the extent that it is probable that taxable prot will be available against which the deductible
temporary differences, and the carry-forward of unused tax assets and unused tax losses can be utilised. The carrying
amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer
probable that sufcient taxable prot will be available to allow all or part of the deferred income tax asset to be utilised.
(a) Income statement
2022
$000
2021
$000
Current income tax
Current income tax charge/(credit)16,655 14,348
Prior-year adjustments(514)47
Deferred income tax
Temporary difference reversal/(origination)247 (386)
Prior-year adjustments90 37
Effect of movements in tax rates(4)24
Income tax expense as per income statement16,47414,070
(b) Amounts charged/(credited) to other comprehensive income
Note
2022
$000
2021
$000
Current income tax
Fair value of derivative nancial instruments17(1,037)(4)
Translation of foreign operations17177(125)
Total income tax expense/(credit) relating to other
comprehensive income(860)(129)

62SKELLERUP ANNUAL REPORT FY22
5. Taxation (continued)
(c) Reconciliation
2022
$000
2021
$000
Total prot before tax as reported64,28754,245
Tax percentage at Parent company rate28%28%
Tax at Parent company rate18,000 15,189
Non-deductible expenses/(non-assessable income)(3)(481)
Tax effects of non-New Zealand prots(1,095)(746)
Adjustments for prior years(424)84
Effect of movements in tax rates(4)24
Income tax as per income statement16,47414,070
(d) Deferred tax assets and liabilities
2022
$000
2021
$000
Deferred tax asset4,021 3,351
Deferred tax liability(1,820)(1,915)
Net tax asset2,2011,436
The movement in the net deferred tax assets and liabilities is provided below:
2022
Opening
Balance
$000
Charged to
Income
$000
Charged to Other
Comprehensive
Income
$000
Acquired on
Purchase of a
Business
$000
Foreign
Currency
Movements
$000
Closing
Balance
$000
Property, plant and equipment(6,557)669--(41)(5,929)
Provisions, accruals and
lease liabilities8,058(1,002)-52507,158
Financial derivatives(65)-1,037--972
Net tax asset1,436(333)1,0375292,201
2021
Opening
Balance
$000
Charged to
Income
$000
Charged to Other
Comprehensive
Income
$000
Acquired on
Purchase of a
Business
$000
Foreign
Currency
Movements
$000
Closing
Balance
$000
Property, plant and equipment(7,136)631--(52)(6,557)
Provisions, accruals and
lease liabilities8,288(307)--778,058
Financial derivatives(69)-4--(65)
Net tax asset1,0833244-251,436
(e) Imputation credit account
Note
2022
$000
2021
$000
Balance at the beginning of the year2,056 147
Attached to dividends paid20(6,567)(5,152)
Income tax paid/payable in New Zealand8,813 7,061
Total imputation credits4,3022,056

63CONSOLIDATED FINANCIAL STATEMENTS
6. Cash and Cash Equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term deposits with an
original maturity of three months or less.
For the purposes of the cash  ow statement, cash and cash equivalents consist of cash and cash equivalents as dened
above, net of outstanding bank overdrafts. Cash  ows are included in the cash  ow statement on a gross basis and the
GST/VAT component of cash  ows arising from investing and nancing activities, which is recoverable from, or payable
to, the taxation authority, is classied as operating cash  ows.
In New Zealand, some Group companies operate bank accounts in overdraft. Under the Group facilities arrangement, bank
facility overdrafts have a legal right of set-off against bank accounts in funds. Therefore, only the net in funds position has
been disclosed.
Cash and cash equivalents at the end of the year as shown in the cash  ow statement can be reconciled to the related
items in the balance sheet.
All cash is available and under the control of the Group and there are no restrictions relating to the use of the cash
balances disclosed.
7. Trade and Other Receivables and Prepayments
Trade receivables represent the Group’s right to an amount of consideration that is unconditional. Trade receivables are
recognised and measured at the transaction price determined under NZ IFRS 15 Revenue from contracts with customers.
The Group recognises an allowance for expected credit losses where there is an increase in credit risk subsequent to
initial recognition.
2022
$000
2021
$000
Trade receivables56,12546,014
Less allowance for doubtful debts (242)(227)
55,88345,787
GST/VAT receivable808910
Other7,1795,387
Total trade and other receivables and prepayments63,87052,084
The average credit period for the sale of goods is 59 days (2021: 55 days). The Group offers credit terms ranging from
30 to 120 days to those customers for whom the Group has been able to validate acceptable credit quality. The credit terms
and limits are reviewed monthly. No interest is charged on the trade receivables.
An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses.
The matrix uses a probability weighted outcome that takes into account the age of receivables, past events and current
and future conditions. Trade receivables are written off if considered uncollectable.
Of the trade receivables balance at the end of the year, $11.99 million (2021: $8.84 million) representing 21.5%
(2021: 19.3%) of the trade receivables are due from the Group’s three largest customers. The balances due from
these customers are current and are considered to be a low credit risk to the Group.
Ageing of past due but not impaired trade receivables
2022
$000
2021
$000
One to 30 days5,3903,412
31 to 60 days690210
61 days plus40220
Total past due trade receivables6,1203,842
Movement in the allowance for doubtful debts:
Balance at the beginning of the year227725
Impaired losses recognised42 30
Amounts written off as uncollectable(5)(84)
Impairment losses reversed(34)(439)
Net foreign currency exchange differences12(5)
Balance at the end of the year242227

64SKELLERUP ANNUAL REPORT FY22
8. Inventories
The Group applies an inventory valuation policy of valuing at the lower of original cost or net realisable value. Where
inventory is written down below cost, estimates are made of the realisable value less cost to sell to determine the net
realisable value.
Costs incurred in bringing each product to its present location and condition are accounted for as follows:
• Raw materials as the purchase cost on a rst-in, rst-out basis;
• Finished goods and work-in-progress as the cost of direct materials and labour and a proportion of manufacturing
overheads based on normal operating capacity but excluding borrowing costs.
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion
and the estimated costs necessary to make the sale.
Upon sale, the carrying value of inventories is recognised in cost of sales in the income statement.
2022
$000
2021
$000
Raw materials17,06211,533
Work-in-progress2,6481,916
Finished goods49,88536,810
Total inventories69,59550,259
The value of inventories is net of $2,371,820 (2021: $2,518,095) in respect of write-downs across all categories
of inventory to net realisable value. All inventory write-down movements are included in the cost of sales.
9. Property, Plant and Equipment
All classes of property, plant and equipment are recorded initially at cost, including costs directly attributable to
bringing the asset to working condition and ready for its intended use. Subsequently, property, plant and equipment
is measured at cost less accumulated depreciation and accumulated impairment. Depreciation of property, plant and
equipment, other than freehold land, which is carried at cost, is calculated on a straight-line basis over the estimated
useful life of the asset as follows:
Buildings: 40 years
Plant and equipment: Two to 30 years
Furniture, ttings and other: Two to 10 years
Right-of-use assets: One to 11 years
The estimation of the useful lives of assets has been based on historical experience, manufacturers’ warranties and
management’s judgement on the performance of the asset. Adjustments to useful lives are made when considered
necessary. At each reporting date, the Group assesses whether or not there is any indication that an asset may be impaired.
Where an indicator of impairment exists, the Group makes a formal estimate of the recoverable amount. Where the
carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its
recoverable amount.

65CONSOLIDATED FINANCIAL STATEMENTS
9. Property, Plant and Equipment (continued)
An item of property, plant and equipment is derecognised upon disposal or when no future economic benets are expected
to arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the
difference between the net disposal proceeds and the carrying amount of the item) is included in the income statement in
the year in which the item is derecognised.
Right-of-use assets comprise property, motor vehicles and plant and equipment and represent the Group’s right to use
those underlying assets as a lessee under lease agreements.
Note
Freehold
Land
$000
Freehold
Buildings
$000
Plant and
Equipment
$000
Furniture,
Fittings
and Other
$000
Right of
Use Assets
$000
Total
$000
Cost
Balance 1 July 20207,08434,483113,5208,47027,038190,595
Additions--4,7566491,2496,654
Disposals--(947)(825)-(1,772)
Net foreign currency exchange differences--(596)(89)(459)(1,144)
Balance 30 June 20217,08434,483116,7338,20527,828194,333
Additions--9,8191,62815,64727,094
Disposals--(1,577)(505)(1,142)(3,224)
Net foreign currency exchange differences--1,964 233 267 2,464
Balance 30 June 20227,08434,483126,9399,56142,600220,667
Accumulated depreciation and impairment
Balance 1 July 2020-3,33966,0126,3605,22780,938
Depreciation expense3-9115,4107114,97112,003
Disposals--(552)(804)-(1,356)
Impairment3--124-- 124
Net foreign currency exchange differences--(361)(102) (220)(683)
Balance 30 June 2021-4,25070,6336,1659,97891,026
Depreciation expense3-9115,4848155,868 13,078
Disposals--(1,266)(410)(1,142)(2,818)
Impairment3--76 16-92
Net foreign currency exchange differences--1,453 183 (70)1,566
Balance 30 June 2022-5,16176,3806,76914,634102,944
Carrying value
As at 30 June 20217,08430,23346,1002,04017,850103,307
As at 30 June 20227,08429,32250,5592,79227,966117,723
Plant and equipment and freehold buildings include work in progress of $1,075,000 (2021: $1,742,000).
Capital expenditure commitments are $672,000 (2021: $867,000).

66SKELLERUP ANNUAL REPORT FY22
10. Intangible Assets
The Group’s intangible assets consist mainly of goodwill, software costs and customer relationships.
Note
Goodwill
$000
Software
$000
Other
$000
Total
$000
Cost
Balance 1 July 202054,9089,45763264,997
Additions-2,073-2,073
Disposals-(565)-(565)
Net foreign currency exchange differences(2)321-319
Balance 30 June 202154,90611,28663266,824
Additions236,4555411807,176
Disposals-(449)-(449)
Net foreign currency exchange differences9226-118
Balance 30 June 202261,45311,40481273,669
Accumulated amortisation
Balance 1 July 2020-8,782908,872
Disposals-(562)-(562)
Amortisation expense3-28090370
Net foreign currency exchange differences-324-324
Balance 30 June 2021-8,8241809,004
Disposals-(449)-(449)
Amortisation expense3-481112593
Net foreign currency exchange differences-36-36
Balance 30 June 2022-8,8922929,184
Carrying value of goodwill and intangible assets
As at 30 June 202154,9062,46245257,820
As at 30 June 202261,4532,51252064,485
Goodwill
Goodwill acquired in a business combination is measured initially at cost, being the excess of the consideration transferred
over the fair value of the Group’s net identiable assets acquired and liabilities assumed. If this consideration transferred is
lower than the fair value of the net identiable assets of the subsidiary acquired, the difference is recognised in the income
statement. Separately recognised goodwill is tested annually for impairment and carried at cost less any accumulated
impairment losses. Impairment losses on goodwill are not reversed.
Goodwill is tested annually for impairment. An impairment loss is recognised when the carrying amount of the cash
generating unit (CGU) exceeds its recoverable amount, which is the greater of its value in use and fair value less costs to
sell. This requires certain assumptions being made in determining the recoverable amount of the cash-generating units,
using a value-in-use discounted cash  ow methodology, to which the goodwill has been allocated. The assumptions
used in determining the recoverable amount and the carrying amount of goodwill are detailed below.

67CONSOLIDATED FINANCIAL STATEMENTS
10. Intangible Assets (continued)
Software and other intangible assets
Identiable intangible assets, which are acquired separately or in a business combination, are capitalised at cost at the date
of acquisition and stated at cost less any accumulated amortisation and impairment losses. Subsequent expenditure on
intangible assets is capitalised only when it increases the future economic benets embodied in the specic asset to which
it relates. All other expenditure is expensed as incurred. Software costs are recorded as intangible assets and amortised
over periods of ve to 10 years.
Research and development costs
Research costs are expensed as incurred. Development expenditure incurred on an individual project is carried forward
when its future recoverability can be regarded reasonably as assured. Following the initial recognition of the development
expenditure, the cost model is applied requiring the asset to be carried at cost less any accumulated amortisation and
impairment losses.
Any expenditure carried forward is amortised over the period of expected future sales from the related project.
The amortisation period and amortisation method for development costs are reviewed at each nancial year-end. If the
useful life or method of consumption is different from that of the previous assessment, changes are made accordingly.
Impairment tests for goodwill
(i) Description of cash-generating units
Goodwill acquired through business combinations has been allocated to the business units acquired, with the exception
of the purchase of Silclear Limited, Nexus Performance Foams Limited and Talbot Advanced Technologies Limited (Talbot),
which have their own CGUs. In some circumstances business units are combined into a larger CGU for the purposes of
testing to determine fairly the recoverable amount against the value in use.
The goodwill allocated to each cash-generating unit is shown in the table below. The changes in goodwill recorded are
attributable to exchange rate movements on the translation of the goodwill balances denominated in foreign currencies
and the acquisition of Talbot. The net present value of future estimated cash  ows exceeds the recoverable amount of
goodwill allocated to each cash-generating unit based on a value-in-use calculation. A pre-tax discount rate of 11.81%
(2021: 10.36%) has been applied to discount future estimated cash  ows to their present value.
Cash-generating unit
2022
$000
2021
$000
Gulf33,78333,729
Ambic7,7677,873
Deks3,9413,818
Stevens Filterite431431
Nexus4,1634,163
Silclear4,9134,892
Talbot6,455-
Total goodwill61,45354,906
(ii) Assumptions used to determine the recoverable amount
The estimated future cash  ows generated have been determined from the business plans and detailed budgets prepared
by management as part of the annual business planning that is reviewed and approved by the Board of Directors. Such
forecasts analyse and quantify a range of growth objectives which form the basis for determining the business growth
and direction over the next three years.
The estimated cash  ow in perpetuity is based upon the forecast year ve cash  ows and then an estimate of
sustainable growth beyond this time period of 1.5% per annum.

68SKELLERUP ANNUAL REPORT FY22
10. Intangible Assets (continued)
Key assumptions used in the value-in-use calculations are as follows:
Revenue assumptions
Revenue has been forecast to increase in a range of 1% to 20% per annum on a weighted average basis over the following
ve-year period in line with the Group’s strategic business plans to develop and introduce new products, in addition to
continuing to support and grow the Group’s existing global customer relationships.
Discount rate assumptions
The discount rate is intended to re ect the time value of money and the risks specic to each cash-generating unit
achieving its forecast cash  ows. In determining the appropriate discount rate, regard has been given to the weighted
average cost of capital (WACC) of the Group, which has been updated as at 30 June 2022, to re ect the current market
interest rates and the additional cost of capital applicable in the current risk environment. Any reasonable change to WACC
is not expected to result in any impairment of goodwill.
Commodity cost pricing assumptions
With the base raw material component being synthetic and natural rubbers sourced from Asia, the pricing of these raw
materials can  uctuate: many of the synthetics are by-products of the petrochemical industry, and natural rubbers are
in uenced by global supply and demand factors. Pricing assumptions have been made in the Group forecasts that
any cost increases driven by commodity price changes will be passed through to customers.
Market share assumptions
In preparing forecasts, the Group’s business plans show no loss of market share. The Group’s strategy is to continue
to expand in global markets, especially in North America and Europe. This is the case particularly for the Gulf cash-
generating unit, which has dedicated manufacturing and distribution capabilities established in these markets.
Growth rate assumptions
The growth rates have been based on business plan assumptions applied in the preparation of the annual business plans
for the new nancial year and the following two years, with assumed lower growth rates in years four and ve and in
perpetuity. This process is based on key strategies that have been quantied at a product and customer level, reviewed by
senior management and approved by the Board of Directors.
(iii) Sensitivity to assumption changes
Estimates made of future cash  ows are based on current market conditions. With trading across a number of different
products covering a wide industry base, and through a number of international markets, the risk of signicant change
to cash  ow projections is mitigated. Any change in future cash  ow projections, which is in uenced by price changes,
foreign currency movements and competitor activities, is expected to have only minimal impact and is unlikely to cause an
impairment risk to the goodwill allocated to the various cash-generating units, particularly with the estimated net present
value of each cash-generating unit tested well above the carrying value of assets, including goodwill.
No reasonably possible change in assumptions would lead to an impairment of goodwill.
11. Trade and Other Payables
Trade and other payables are carried at amortised cost and, due to their short-term nature, are not discounted. They
represent liabilities for goods and services provided to the Group prior to the end of the nancial year that are unpaid,
and arise when the Group becomes obliged to make future payments in respect of the purchase of these goods and
services. The amounts are unsecured and paid usually within 30 to 60 days of recognition.
2022
$000
2021
$000
Trade payables18,80114,238
Employee entitlements for pay and incentives5,7396,174
Sundry payables and accruals10,0759,377
GST payable1,5771,418
Total trade and other payables36,19231,207
The average credit period on purchases of all goods and services represents an average of 38 days credit
(2021: 33 days credit). The Group has nancial risk management policies in place to ensure that all payables
are met within acceptable terms and conditions of purchase.