Annual Meeting 2022

ANNUAL
SHAREHOLDERS
MEETING
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Directors and Executives
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Liz Coutts
Independent Chair of the Board (Retiring)
Joined the Board in May 2002
Chair of the Board
John Strowger
Independent Director
Joined the Board in March 2015
Chair of the Health & Safety Committee
David Cushing
Independent Director
Joined the Board in August 2017
Alan Isaac
Independent Director
Joined the Board in August 2016
Chair of the Audit Committee
Rachel Farrant
Independent Director
Joined the Board in May 2022
Chair of the Sustainability Committee
Paul Shearer
Independent Director
Joined the Board in August 2020
David Mair
Director | CEO
Joined the Board in November 2006
Appointed CEO in August 2011
Graham Leaming
CFO
Appointed in December 2012

Meeting Agenda
•Address from the Chair, Liz Coutts
•Address from the CEO, David Mair
•Resolutions
•Re-election of David Mair
•Election of Rachel Farrant
•Remuneration of the Auditors
•General Business
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Address from the Chair
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Liz Coutts

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Global Business
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Manufacturing and distribution sites in New Zealand,
Australia, China, Italy, UK and the USA
76% of revenue is from sales outside of
New Zealand

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50
100
150
200
250
300
350
FY16FY17FY18FY19FY20FY21FY22
Revenue ($m)
CAGR 6%
-
10
20
30
40
50
60
FY16FY17FY18FY19FY20FY21FY22
NPAT ($m)
CAGR 13%
Strong Financial Performance
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Development and Growth
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Address from the CEO
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David Mair

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Industrial Division
Revenue up 16% and EBIT up 20% on pcp
•Second consecutive record result
•FY22 EBIT up 87% on FY20
•Potable water and wastewater
•Increased sales of gaskets, seals and vacuum systems into potable water and
wastewater applications (most notably in the US)
•Growth from high performance foam applications
•Ultralon U-DEK® sales up significantly in the US, NZ, Australia and Europe
•Acquisition of Talbot Advanced Technologies
•Contribution from Talbot over the 10 months since acquisition in line with expectations
•Growth from DEKS roofing and sealing products
•Growth in all markets with improved execution and market share gains
•Lower NZD compared to pcp impacted translation of offshore earnings
•85% of Industrial division revenue is from international markets
•Revenue up 15% and EBIT up 18% on constant currency basis
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NZ$ MillionFY18FY19FY20FY21FY22
Revenue151.5157.1157.9177.4206.4
EBIT20.822.920.932.739.1
EBIT %13.714.613.218.418.9
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40
80
120
160
200
240
FY16FY17FY18FY19FY20FY21FY22
Revenue (millions)
Industrial Division Revenue
CAGR 6%
-
5
10
15
20
25
30
35
40
FY16FY17FY18FY19FY20FY21FY22
EBIT (millions)
Industrial Division EBIT
CAGR 14%

Agri Division
Revenue up 8% and EBIT up 10% on record pcp
•International Dairy sales growth
•Strong growth in North American and New Zealand markets
•Significant operational gains in last two years at Wigram site
•Strong demand continues to drive Footwear sales
•New Zealand domestic market continues to drive revenue growth
•Pink Band Gumboot promotion with BCFNZ doubled in volume in FY22
•Lower NZD compared to pcp impacted translation of offshore earnings
•58% of Agri division revenue is from international markets
•Revenue up 7% and EBIT up 10% on constant currency basis
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NZ$ MillionFY18FY19FY20FY21FY22
Revenue89.088.893.6102.2110.5
EBIT22.822.825.430.533.6
EBIT %25.625.727.129.830.4
-
20
40
60
80
100
120
FY16FY17FY18FY19FY20FY21FY22
Revenue (millions)
Agri Division Revenue
CAGR 5%
-
5
10
15
20
25
30
35
FY16FY17FY18FY19FY20FY21FY22
EBIT (millions)
Agri Division EBIT
CAGR 9%

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Questions
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Liz Coutts | Chair

Resolutions
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Liz Coutts | Chair

Resolution 1
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Re-election of David Mair

Resolution 2
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Election of Rachel Farrant

Resolution 3
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Remuneration of the Auditors

General Business
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Liz Coutts | Chair

Acknowledgement of Liz Coutts
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Liz Coutts ONZM
•Association and contribution to Skellerup since 1998
•Foundation director at SkellmaxIPO in May 2002
•Appointed Chair of the Audit Committee at IPO and Chair
of the Board in January 2017
•Appointed an Officer of the New Zealand Order of Merit for
services to governance in June 2016
•Retires today after 21 years’ service to Skellerup as a listed
company
•Skellerup in a robust financial position with a track record
of strong earnings and excellent prospects for growth

Skellerup over the last 20 years
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IPO 19 June 2002 with market capitalisation of $115 million
Year ended 30 June 2003
Revenue $96.2 million, NPAT $12.6 million, 466 employees, market cap of $112 million
55% of revenue generated from NZ
Acquisitions and divestments to shape the Group into the global business it is today
Rebuild of Christchurch dairy rubberware design, manufacturing and distribution facility
Opened in November 2016
Year ended 30 June 2022
Revenue $316.8 million, NPAT $47.8 million, 869 employees, market cap of $1.03 billion
76% of revenue derived from International markets
Total dividends paid of $309.5 million with a track record of strong dividend growth
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5
10
15
20
Dividend per share
FY03FY22FY13

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Skellerup Holdings Limited
Annual Shareholders Meeting 26 October 2022
Chair’s Address

Good afternoon and welcome to Skellerup’s 2022 Annual Meeting. As last year’s Annual Meeting
was conducted virtually, it is a real pleasure to be back standing before you, our loyal shareholders.
It is a huge privilege and honour to Chair Skellerup, a true New Zealand iconic company, so it is with
pride tinged with sadness that I make my last address to you as Skellerup Chair. I retire from my role
with Skellerup in great heart, and with another record result to sign off on. I feel a real sense of
satisfaction with Skellerup’s performance during my time as Chair. I have been involved with
Skellerup for 25 years having been on the Board of Skellerup’s predecessor Viking Pacific, and a
founding director of Skellmax when Skellerup listed on the NZX.
Skellerup has been transformed over that time, starting as a New Zealand based manufacturing and
exporting company primarily supporting the agricultural industry, to today, an international
company with manufacturing based not only in New Zealand, but now the UK, Italy, China and
Vietnam plus converting and distribution operations in Australia, the US, and Europe supporting a
diverse range of industries.
It has been an incredible journey to be involved in the rebuild of the Agri manufacturing facility
relocated to Wigram following the Christchurch earthquakes and to successfully grow the business
by investing in acquisitions, product development, new technologies and supporting our people.
Now, after chairing the Board since 2017, I consider it is healthy for new leadership to take Skellerup
forward.
Much has changed since even a year ago, when our businesses were still heavily affected by COVID-
19 and its globally disruptive effects. The resilience of our business model and strategy have 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.

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 there’s no resting on our laurels. It’s important we continue
to invest in our new products, technology, and people to provide the platform to keep delivering
growing and sustainable shareholder returns in the years ahead.
It is therefore with pleasure that Skellerup reported another record year. Net profit after tax (NPAT)
was $47.8 million, a 19 per cent improvement on the prior year which was also a record result.
Growth was robust across both Agri and Industrial Divisions.
The Directors were delighted to recognise this with a final dividend, imputed to 50 per cent, of 13.0
cents per share, which took the full year dividend to 20.5 cents per share, a 21 per cent increase on
the prior year. The final dividend was paid on 14 October 2022.
At Skellerup, our leadership has been strong, evidenced by Chief Executive David Mair being
awarded the Deloitte Top 200 CEO of the Year for 2021. Our Chief Financial officer Graham Leaming
was acknowledged as a finalist for CFO of the Year, and Skellerup also a finalist for Company of the
year.
David was also awarded the 2022 overall leadership award by the Institute of Finance Professionals
New Zealand in May of this year.
But these acknowledgements are really a tribute to the entire Skellerup team. We thank all our
people for their performance this past year. We are grateful for their dedication and contributions.
They have been through a tough time, and we are very proud of their resilience and commitment. I
would also like to acknowledge the service of Simon O’Connor of Ernst & Young who has been the
Audit Engagement Partner for the past 5 years. As required Simon has now stepped down and I
welcome Susan Jones as the Audit Engagement Partner from FY23. Today, Simon is with us and
Susan is in Christchurch, visiting our Wigram facility.
As David said in the Annual Report, Skellerup has over its 110-year history built a reputation as a
good employer. That reputational capital is an important ingredient to our success, and we
reciprocate by investing in our staff’s development, to grow future leaders, remunerating them
fairly, and by keeping them safe. I’m proud that every Skellerup site has an active Health and Safety
Committee, reporting monthly to the CEO, with the Board having oversight of the Committees with
their activities also reported to the Board.
Your Board is focused on enduring long-term success, as befits Skellerup’s history. We have been
part of the New Zealand story for a long time. Naturally challenges over such a long period change;

however, building and leading a sustainable business that can adapt to changing circumstances is a
constant.
One of those changes we’re now facing is climate change. Skellerup recognises 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.
This adds impetus to our existing sustainability lens, evidenced by investments we have made over
the last six years to reduce our emissions and water usage at key sites across our geographies.
Recently we consolidated three Auckland facilities onto a single site in Otahuhu, which will enable us
to realise improved commercial, employee and environmental benefits now and in the years ahead.
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, and our Board has a diverse range of skills, knowledge and governance
experience to deal with the complexities that accompany an international business.
In May 2022, Rachel Farrant a partner at BDO Wellington Ltd, joined as an Independent Director.
Rachel brings a strong financial focus to the Board and experience across a range of sectors,
including construction, technology, finance and property.
While COVID-19 has until recently hampered the Board’s ability to get out across our network of
businesses, we have nevertheless been active in visiting our domestic operations to learn from the
coal face the issues facing our businesses and workforce.
We are pleased to reward shareholders after another record result in FY22. Skellerup, as befits its
history, is in it for the long haul as a future-oriented and solution-focused business. And in line with
our well-tested 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 and look forward to bolstering
capacity to meet the opportunities. Thank you for your ongoing support and trust in the Board,
executives, and employees of Skellerup. Looking to the future, I believe you will be in good hands
with experienced Board members and lead by John Strowger.
Thank you all for your loyalty and I’d like to close by wishing Skellerup and its shareholders
continued success well into the future.

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Skellerup Holdings Limited
Annual Shareholders’ Meeting 2022
CEO’s Address

Thank you, Liz
Skellerup has delivered another record year: the latest in an unbroken chain of performance
excellence by our people across all parts of Skellerup’s global businesses.
Trust & Loyalty
I have been reflecting on our sustained success, so I’d like to begin by talking about trust.
The essence of building trust is in valuing long-term relationships. It is about being consistent. It
takes a lot of effort and can be easily destroyed by one slip. Over time, a reciprocal trusting
relationship that brings benefits to both parties is built. Loyalty is developed.
Our purpose consists of five long-term relationships: our customers, our suppliers, our people, our
shareholders and the wider community involving those people.
Working closely with customers to define and solve their problems has been an unwavering focus of
Skellerup’s, our chief purpose. Without customers, there is no business. It is a dynamic interaction
that takes place between our deep material expertise, strong product and tool design capability, and
proven manufacturing process knowledge.
But it is that dynamic interaction that has been the enduring key to building trust and loyalty with
our customers, as has our ability to solve difficult supply problems for them, accentuated during the
disruptions of the past two years.
In the same way we strive to be the best supplier to our customers, we also seek to be the best
customer for our suppliers. We are demanding but fair, and over time we have established high
performing networks with suppliers.
Trust also underpins the relationships with our people. Skellerup has since its very inception treated
its workforce as an extension of family. Over time, this has built a reservoir of trust, or reputational
capital.

I see loyalty as a reciprocal process, so we work hard to develop our people, broaden their skills, and
provide opportunities for their career development.
Allied to developing our people and their sharing in our successes, Skellerup is deeply committed to
keeping them safe. The protection and safety of our people and others from accidental harm in our
workplaces is our highest priority. We are proud that once again this year there have been no
serious harm injuries.
Safety is also reinforced through our commitment to maintaining a high standard of ethics in how
we operate and do business. We ensure Skellerup’s leaders work closely with their team to review
and discuss the behaviours outlined in our Code of Ethics, including ensuring our suppliers and
partners operate in accordance with our standards.
Taken together, being a good employer engenders reciprocal trust and loyalty and helps to create
the stable workforce necessary to ensure consistency of performance.
A final word on trust. I believe building reputational capital with our customers, suppliers,
workforce, and out in the community underpins our value proposition to shareholders. We have an
effective Board that gets to the essence of business decisions quickly, enabling management to
execute our strategy quickly. This is key to improving our performance and enables shareholders to
have confidence in us.
I can see a lot of loyal shareholders in the audience today – thank you.
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.
Our Industrial Division develops products for predominantly Original Equipment Manufacturing
customers, with 85 per cent of its revenue generated from international markets. 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 needs.
Interacting dynamically in collaboration with our customers to help define and solve their problems
and designing products that perform is a consistent thread across the Division’s businesses.
Results from our Industrial Division reached another record, with sales of $206.4 million, up 16 per
cent from 2021, and earnings before interest and tax (EBIT) of $39.1 million, also a record, and up 20
per cent on FY21.

Revenue growth was driven by strong demand for gaskets, seals and vacuum systems into potable
water and wastewater applications, most particularly in the US market. Our acquisition of Talbot
Technologies at the end of August 2021 is bearing fruit, with expanded technical and production
capability enabling future revenue growth.
We also saw strong sales of high-performance foam products across most of our market
geographies. While sales growth has driven strong performance, we have also made efficiency gains,
such as the consolidation of three of our businesses into a foam group, located on one site at Savill
Link in South Auckland. Operational efficiencies have been gained, along with improved storage and
distribution from a single site.
Additionally, the consolidation also saw a reduction of intercompany freight costs and time, as well
as health and safety and sustainability gains through better social distancing space, LED lights and
solar panelling on the roof of this facility.
Agri Division
Skellerup’s Agri Division is focused on, and a global leader in, dairy rubberware design and
manufacture. We also design and manufacture rubber footwear for farming and specialty
applications including fire, forestry and electricity sectors.
Agri Division’s sales were a record $110.5 million, up eight per cent on FY21. EBIT was $33.6 million,
also a record and up 10 per cent on the prior year. Fifty-eight per cent of Agri Division’s revenue was
generated from international markets.
Sales revenue was fuelled by increased sales of food grade dairy rubberware in the US and NZ
markets, and increased sales of rubber footwear, most notably in NZ.
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. While dairy faced a challenging
period in getting products to international markets, our adaptive capability, in sourcing different
materials, and finding ways to get products to customers underscores the skill and diligence of our
people. FY22 reinforced the value of our customer focus as in challenging conditions we’ve
continued to innovate new products and embed strong relationship that will help fuel future growth.
Agri Division continued to see improved operating performance, with greater process
standardisation to meet increased demands and revenue from the same capability. Productivity
gains at our large New Zealand and China manufacturing facilities helped to offset some of the
significant impact of raw material prices and freight costs.

Skellerup is committed to continuous process improvement which improves processes and offers
training to selected employees.
Solution-focused and Future Oriented
While we are proud of Skellerup’s performance this year, we are always focused on the future. We
learn from our successes but are continually seeking the next process improvement, the next quality
acquisition, and looking to develop new products and expand markets.
The business environment will remain challenging in the short-to-medium term, so we are also
turning our minds to pricing strategy and structures to ensure we have a good understanding of
costs and that products are priced fairly for market conditions so as to continue to provide value for
our customers.
Staying close to our customers and providing them with solutions remains the main driver of our
performance going forward.
We will strive to ensure Skellerup’s consistency of performance, and continually seek to standardize
processes to deliver on our promise of continuous improvement and building resilience across our
businesses.
We will also continue to build trust capital with our people and support them, focussing on retaining,
developing, and attracting the quality staff Skellerup needs as labour markets stay competitive.
Building an adaptable, highly skilled and resilient workforce is central to our future growth
ambitions.
I’d like to end by thanking you, our shareholders, for your loyalty. It fuels our drive to keep Skellerup
performing to reward your trust in us.
To close, I noted that earlier today we provided guidance on our expected result for FY23. Our Q1
results are in line with a very strong comparative period. Markets are uncertain but we expect to
report another record year with FY23 net profit after tax in the range of $48 million to $52 million.