Skellerup reports record 1H23 earnings

16 February 2023
Skellerup reports record 1H23 EBIT
Skellerup announced today record unaudited earnings before interest and tax of $33.5 million for
the six months ended 31 December 2022, an increase of 3% on the prior comparative period (pcp).
Net profit after tax (NPAT) was $23.0 million down 1% on pcp due to higher interest and tax costs.
Key points for the six months ending 31 December 2022
• Revenue of $165.5 million, up 10% on prior comparative period (pcp)
• Earnings before interest and tax (EBIT) of $33.5 million, up 3% on pcp
o Industrial Division EBIT of $21.4 million, up 14% on pcp
o Agri Division EBIT of $14.6 million, down 12% on pcp
o Corporate costs of $2.5 million, down 15% on pcp
• Net profit after tax (NPAT) of $23.0 million, down 1% on pcp
• Operating cash flow of $20.2 million, up 3% on pcp
• Net debt of $39.0 million, up $13.8 million on FY22 year-end
• Interim dividend of 8.0 cents per share (an increase of 0.5 cps), up 7% on pcp
• FY23 NPAT forecast unchanged in the range of $48 to $52 million.
CEO David Mair reflected. “Our team has again worked hard to deliver a good result in a tough
environment. The rapid increase of inflation and general slowdown in demand is a different
challenge to what we faced 12 months ago. Our strategy of staying close to our customers, listening
carefully to their needs, and developing products to meet them whilst continuing to standardise and
improve process has been and will continue to be key to our success. Some of our businesses have
capitalised on the investment they have made to increase sales and returns whilst others have had
to adjust to slower demand. All have had to deal with increased costs which we have largely
recovered via productivity gains or adjusting prices, reflecting the value of our products.”
Mair emphasised that markets were mixed, and seasonal demand impacted the result. “In Europe
our businesses have faced significant increases in energy costs and a slump in the purchasing power
of the Euro. However, the increase in energy costs has spurred demand for some of our products
used in solar applications. Globally the rising costs and lower level of construction activity has
impacted both directly and indirectly, but the diversity and quality of our businesses has seen
growth in demand in other sectors.”
Mair added, “For the first time in several years our people have been able to travel enabling
important customer and partner relationships to be strengthened instead of a singular reliance of
digital communications. This will enable further growth and improvement for our business across
the world."
Skellerup’s Industrial Division achieved a record EBIT of $21.4 million, up 14% on pcp. Revenue grew
by 13%. “Strong revenue and earnings growth from our foam and vacuum systems businesses were
the highlight in the first half of the year. These results are the outcome of a multi-year focus to
understand customer needs and consistently develop, improve, and deliver market leading products

and solutions.” Mair further noted that this result more than offset unsurprisingly lower demand
experienced in some of Skellerup’s markets. “The impact of lower global demand negatively
impacted on sales of our potable water and flow control products. Sales of discretionary items like
tapware and appliances are down, and with supply chain congestion easing customers are also
reducing the level of inventory they hold.”
Skellerup’s Agri Division EBIT of $14.6 million, was down 12% on pcp. Mair noted, “Dairy sales were
as we expected softer and in line with our Budget following a very strong finish to the prior year.
This lower demand naturally impacted production and some erosion of gross profit in the first half of
the year. Footwear sales into the NZ and the US markets remained strong, exceeding both our target
and pcp.”
Operating cash flow in the first half was up 3% on pcp but below target as due to an increase in
inventory. Mair said “We have maintained a cautious approach to mitigate risks of raw material
shortages and elongated shipping timeframes. With lower global demand these risks are generally
abating, and we will gradually reduce inventory in the second half of the year whilst managing the
impact of abrupt changes on our manufacturing partners.”
Skellerup’s balance sheet remains strong. Mair noted, “Our strong cash flow generation and the very
low level of debt we carried before investing in higher working capital over the past 18 months
means net debt remains low at just 19% of our net assets.”
Skellerup reaffirmed expectations for another record year with FY23 NPAT forecast to be in the
range of $48 to $52 million. Mair said “Markets will remain challenging; however we expect earnings
to be stronger in the second half of the year due to seasonal impacts and contribution from new
products used in hygiene, potable water and flow control applications. These new products add to
our strong foundation to deliver growth in the years ahead.”
Chair John Strowger said the first half result, and expectations for the full year, allowed the Board to
declare a 7% increase in the interim dividend to 8.0 cents per share, imputed 50% (the same level as
in the pcp). The dividend will be paid on 16 March 2023 to shareholders of record at 5pm on 03
March 2023.
“During the first half, the strength and resilience of our business has again been demonstrated.
Despite the global slowdown in demand, the skill, drive and commitment of our team to continually
improve and develop critical products has enabled Skellerup to sustain a trend of operating earnings
growth. Our global team are focused on growing sustainable earnings and shareholder returns.”


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

---

Half Year
Report
2023

2
SKELLERUP HALF YEAR REPORT 2023
Highlights
Chair and CEO Review 03
What We Do 06
Income Statement 09
Comprehensive Income 10
Changes in Equity 11
Balance Sheet 12
Cash Flow 13
Notes 14
Directory 18
Contents
Strong fi nancial results
Earnings
(EBIT)
3%
$
33.5
M
(HY22: $32.4m)
Earnings
(NPAT )
1%
$
23.0
M
(HY22: $23.2m)
$
165.5
M
(HY22: $150.5m)
Revenue
growth
10%
EPS growth
1%
11.75
cps
(HY22: 11.89 cps)
Dividend per
share growth
7%
8.0
cps
(HY22: 7.5 cps)
Operating
cash fl ow
3%
$
20.2
M
(HY22: $19.7m)
Customers
4,400
over
Diverse and experienced teamDelivering for our customers
8 47
(HY22: 860)
2%
People Worldwide

3
Chair and CEO Review
Skellerup has sustained its
strong forward momentum for
the first half, generating record
unaudited earnings before
interest and tax (EBIT) of $33.5
million, up 3 percent on the
previous corresponding period
(pcp). For the six months ending
31 December 2022, Skellerup
recorded a net profit after tax
(NPAT) of $23 million, down 1
percent on pcp due to higher
interest and tax.
Skellerup continues to work closely
with customers (predominantly original
equipment manufacturers (OEMs))
to design and develop real solutions.
Skellerup’s essence is combining deep
material expertise, strong product and
tool capability, and proven manufacturing
process knowledge and experience. Being
able to deliver essential products that often
integrate multiple materials to demanding
and ever-changing regulatory standards is
Skellerup’s competitive advantage.
The team has worked hard to deliver a
strong result in tough conditions. The rapid
increase in global inflation and general
slowdown in demand is a new challenge.
Our strategy of working closely with
customers, listening carefully to understand
their needs, and developing products to
meet them, while continually striving to
standardise and improve our business
processes, remains key to our success.
With travel restrictions largely eased,
our people have been able to travel more
freely, strengthening their crucial customer
and partner relationships, enabling future
growth and improvements across our global
businesses.
Markets have been mixed, and seasonal
demand also impacted the result. In Europe,
Skellerup’s businesses there have faced
significantly increased energy costs and
a slump in the purchasing power of the
Euro. Yet increased energy costs have also
spurred demand for some of our products
used in solar applications.
Globally, rising costs and lower levels of
construction activity have impacted both
directly and indirectly, but the diversity and
quality of our businesses and our people has
seen growth in demand in other sectors.
$000
(Unaudited)
Half-year Ended
31 December 2022
Half-year Ended
31 December 2021
Percentage Change

Revenue165,520150,47010%
Earnings before interest and taxation33,49732,3963%
Net profit after taxation22,97323,209(1%)
Earnings per share11.7511.89(1%)
Dividend per share8.007.507%
Net debt(39,002)(25,592)(52%)

4
SKELLERUP HALF YEAR REPORT 2023
Industrial Division
Skellerup’s Industrial Division achieved a
record EBIT of $21.4 million, up 14 percent
on pcp. Revenue growth to $108.7 million,
up 13 percent on pcp, was underpinned by
high performance foam products and vacuum
systems, the outcome of a multi-year focus
to understand customer needs and develop,
improve and deliver market-leading products
and solutions.
The robust result more than offset anticipated
lower demand experienced in some Skellerup
markets, with the impact of lower global
demand negatively impacting sales of our
potable water and fl ow control products.
Sales of discretionary items like tapware
and appliances are down, and with supply
chain congestion easing customers are also
reducing their inventories.
Agri Division
Agri Division’s EBIT of $14.6 million was down
12 percent on pcp. Skellerup is the second
largest manufacturer of food-grade dairy
rubberware globally, and softer sales were in
line with budget expectations following our
very strong fi nish to the end of FY22.
Lower demand impacted production
resulting in some erosion of gross profi t in
the fi rst half of the year. Notwithstanding
this fl attening, footwear sales into the New
Zealand and United States markets remained
strong, exceeding both our target and pcp.
Dividend
Strong fi rst half earnings in diffi cult market
conditions allied to confi dent expectations
for our future have enabled the Board to
declare an interim dividend of 8.0 cents per
share, up 7 percent on pcp. The dividend
will be distributed on 16 March 2023 to
shareholders on the register at 5.00pm on 03
March 2023.
Outlook
Skellerup remains confi dent about its
position heading into the second half. Our
fundamentals for operating a sustainable
growth-oriented business – working closely
with customers and investing in our people –
provide a strong foundation for future growth.
Skellerup’s balance sheet remains strong,
with operating cash fl ow generation of $20.2
million, up 3 percent on pcp for the half
year, despite carrying more inventory to
mitigate longer lead times and supply chain
disruptions. The very low level of debt we
prudently carried – before investing in higher
working capital over the past 18 months –
means net debt remains low at just 19 percent
of our net assets.
We continue to expect FY23 NPAT to be in the
range of $48 to $52 million.
Industrial
$000 (Unaudited)
Half-year Ended
31 December 2022
Half-year Ended
31 December 2021
Percentage
Change
Revenue108,67496,15013%
Earnings before interest and taxation21,35718,66214%
Agri
$000 (Unaudited)
Half-year Ended
31 December 2022
Half-year Ended
31 December 2021
Percentage
Change
Revenue56,93854,3275%
Earnings before interest and taxation14,61416,657(12%)

5
The Board is pleased with the contributions
of the Skellerup team. During the fi rst half,
the strength and resilience of Skellerup’s
business has again been demonstrated.
Despite a global slowdown in demand, and
tough market conditions, the skill, drive
and commitment of our team to continually
improve and develop critical products with
our customers has enabled Skellerup to
sustain a trend of operating earnings growth.
We remain focused on supporting and
developing our people to grow sustainable
earnings and shareholder returns.
David Mair
CEO and Director
John Strowger
Chairman
John Strowger
Chairman
David Mair
CEO and Director
John Strowger
Chairman

6
SKELLERUP HALF YEAR REPORT 2023
6
SKELLERUP HALF YEAR REPORT 2023
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.
Sport & Leisure
Skellerup’s products
are utilised in a variety
of recreational settings,
from marine, to snow, to
fi e l d s p o r t s .
Industrial & Retail
Our products are used
in potable water and
wastewater applications,
control systems,
construction, and mobile
equipment.
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.

77
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, roofi 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, fi 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 fi re,
forestry, and electrical
distribution.

8SKELLERUP HALF YEAR REPORT 2023
Consolidated
Financial Statements
For the half-year ended 31 December 2022

9

Note
Half-year
Ended
31 Dec 2022
$000
(Unaudited)
Half-year
Ended
31 Dec 2021
$000
(Unaudited)
Revenue2165,520 150,470
Cost of sales(98,623)(89,722)
Gross profit66,897 60,748
Other income/(expenses)(334)1,021
Selling, general and administration expenses(33,066)(29,373)
Profit for the period before tax, finance costs and share of
net profit of associates
33,497 32,396
Finance costs(1,969)(913)
Share of net profit of associates accounted for using the equity method(78)(98)
Profit for the period before tax31,450 31,385
Income tax expense(8,477)(8,176)
Net after-tax profit for the period, attributable to owners of the Parent22,973 23,209
Earnings per share
Basic earnings per share (cents)11.75 11.89
Diluted earnings per share (cents)11.71 11.78
Net tangible assets per share (cents)
72.4168.46
The above Income Statement should be read in conjunction with the accompanying notes.
Income Statement
for the half-year ended 31 December 2022

10
SKELLERUP HALF YEAR REPORT 2023
Half-year
Ended
31 Dec 2022
$000
(Unaudited)
Half-year
Ended
31 Dec 2021
$000
(Unaudited)
Net profit after tax for the period22,97323,209
Other comprehensive income
Will be reclassified subsequently to profit or loss when specific
conditions are met
Net increase/(decrease) in cash flow hedge reserve3,804(421)
Income tax related to increase/(decrease) in cash flow hedge reserve(1,065)118
Not expected to be reclassified subsequently into profit or loss
Foreign exchange movements on translation of overseas subsidiaries(2,665)367
Income tax related to gains/(losses) on foreign exchange movements of loans
with overseas subsidiaries
461
Other comprehensive income net of tax12065
Total comprehensive income for the period attributable to
equity holders of the Parent
23,093

23,274
Statement of Comprehensive Income
for the half-year ended 31 December 2022

11
Fully Paid
Ordinary
Shares
$000
(Unaudited)
Cash Flow
Hedge
Reserve
$000
(Unaudited)
Foreign
Currency
Translation
Reserve
$000
(Unaudited)
Employee
Share Plan
Reserve
$000
(Unaudited)
Retained
Earnings
$000
(Unaudited)
Total
$000
(Unaudited)
Balance 1 July 202272,406(2,501)(4,841)739145,405211,208
Profit for the period
----22,97322,973
Other comprehensive income-2,739(2,619)--120
Total comprehensive income
for the period
-2,739(2,619)-22,97323,093
Share incentive scheme---(602)813211
Dividends paid----(25,386)(25,386)
Balance 31 December 202272,406238(7,460)137143,805209,126
Balance 1 July 202172,406166(9,461)296132,742196,149
Profit for the period----23,20923,209
Other comprehensive income-(303)368--65
Total comprehensive income
for the period

-

(303)

368

-

23,209

23,274
Share incentive scheme---221-221
Dividends paid----(20,504)(20,504)
Balance 31 December 202172,406(137)(9,093)517135,447199,140
Statement of Changes in Equity
for the half-year ended 31 December 2022

12
SKELLERUP HALF YEAR REPORT 2023
As at
31 Dec 2022
$000
(Unaudited)
As at
30 Jun 2022
$000
(Audited)
As at
31 Dec 2021
$000
(Unaudited)
Current assets
Cash and cash equivalents16,00414,79616,408
Trade and other receivables48,99863,87050,767
Inventories80,42269,59560,893
Income tax receivable20620246
Derivative financial assets578367537
Total current assets146,208148,830 128,651
Non-current assets
Property, plant and equipment90,57389,75787,539
Right-of-use assets32,90327,96620,356
Deferred tax assets3,1284,0213,335
Goodwill62,39361,45361,045
Intangible assets2,9383,0322,955
Investment in associate-1,5131,501
Derivative financial assets1,4797261
Total non-current assets193,414187,814 176,792
Total assets339,622336,644 305,443
Current liabilities
Trade and other payables27,80936,19228,080
Provisions5,2095,9495,176
Income tax payable2,3486,0214,843
Lease liabilities – short term6,3675,4825,271
Derivative financial liabilities1,3242,252543
Total current liabilities43,05755,896 43,913
Non-current liabilities
Provisions2,2302,1552,373
Interest-bearing loans and borrowings55,00640,00042,000
Deferred tax liabilities1,6651,8201,627
Lease liabilities – long term28,15323,70816,076
Derivative financial liabilities3851,857314
Total non-current liabilities87,43969,540 62,390
Total liabilities130,496125,436 106,303
Net assets209,126211,208 199,140
Equity
Share capital72,40672,40672,406
Reserves(7,085)(6,603)(8,713)
Retained earnings143,805145,405135,447
Total equity209,126211,208 199,140
Balance Sheet
as at 31 December 2022

13
Half-year
Ended
31 Dec 2022

(Unaudited)
Half-year
Ended
31 Dec 2021

(Unaudited)
Cash flows from operating activities
Receipts from customers179,165152,340
Interest received145
Dividends received22
Payments to suppliers and employees(144,591)(124,332)
Income tax paid(12,433)(7,430)
Interest and bank fees paid(1,309)(503)
Interest on right-of-use asset leases(660)(411)
Net cash flows from/(used in) operating activities20,18819,671
Cash flows from investing activities
Proceeds from sale of property, plant and equipment6268
Payments for property, plant and equipment(4,075)(3,386)
Payments for intangible assets (253)(328)
Acquisition of a business, net of cash acquired(862)(10,216)
Net cash flows from/(used in) investing activities(5,184)(13,662)
Cash flows from financing activities
Proceeds from/(repayments for) loans and advances15,01417,601
Repayments of lease liabilities(2,961)(2,454)
Dividends paid to equity holders of Parent(25,386)(20,504)
Net cash flows from/(used in) financing activities(13,333)(5,357)
Net increase/(decrease) in cash and cash equivalents1,671652
Cash and cash equivalents at the beginning of the period14,79615,673
Effect of exchange rate fluctuations(463)83
Cash and cash equivalents at the end of the period16,00416,408
Cash Flow Statement
for the half-year ended 31 December 2022

14
SKELLERUP HALF YEAR REPORT 2023
1. Corporate Information
The financial statements of Skellerup Holdings Limited, for the half year ended 31 December
2022, were authorised for issue in accordance with a resolution of the Directors dated
15 February 2023.
Skellerup Holdings Limited (‘the Company’) is a limited liability company incorporated and
domiciled in New Zealand. It is registered under the Companies Act 1993 with its registered
office at Level 3, 205 Great South Road, Greenlane, Auckland. The Company is a Reporting
Entity in terms of the Financial Markets Conduct Act 2013 and is listed on the New Zealand
Exchange (NZX Main Board) with the ticker SKL.
Summary of Significant Accounting Policies
a) Basis of Preparation
This general-purpose condensed financial report for the half year ended 31 December 2022
has been prepared in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34
Interim Financial Reporting.
The half year financial report does not include all notes of the type normally included
within the annual financial report and, therefore, cannot be expected to provide as full an
understanding of the financial performance, financial position and financing and investing
activities of the consolidated entity as does the full financial report.
It is recommended that the half year financial report be read in conjunction with the
annual report for the year ended 30 June 2022 and considered together with any public
announcements made by Skellerup Holdings Limited during the half year ended 31 December
2022 in accordance with the continuous disclosure obligations of the NZX listing rules.
All accounting policies and methods of computation are the same as those adopted in the most
recent annual financial report.
The financial statements are presented in New Zealand dollars and all values are rounded to
the nearest thousand dollars ($000).
2. Segment Information
The Group’s operating segments are Agri 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, finance costs and taxation have not been allocated to each segment.
Notes to the Financial Statements
as at 31 December 2022

15
2. Segment Information (continued)
Agri Segment
The Agri segment manufactures and distributes dairy rubberware, which includes milking
liners, tubing, filters and feeding teats, together with other related agricultural products and
dairy vacuum pumps to global agricultural markets.
Industrial Segment
The Industrial segment manufactures engineered products across a range of industrial
applications including potable and waste water, roofing, plumbing, sport and leisure,
electrical, health and hygiene.
Corporate Segment
The Corporate segment 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 segments.
For the half-year ended
31 December 2022
Agri

$000
Industrial

$000
Corporate/
Elimination
$000
Total

$000
Revenue56,938108,674(92)165,520
Segment EBIT14,61421,357(2,474)33,497
Profit before tax, finance costs
and share of net profit of associates
33,497
Finance costs(1,969)
Share of net profit of associates(78)
Profit before tax31,450
Income tax expense(8,477)
Net after-tax profit22,973
Assets and liabilities
Segment assets127,066190,60021,956339,622
Segment liabilities11,75253,00065,744130,496
Net assets115,314137,600(43,788)209,126
Other segment information
Capital expenditure1,3963,794-5,190
Cash flow
Segment EBIT14,61421,357(2,474)33,497
Share of net profit of associates-(78)-(78)
Adjustments for:
- Depreciation and amortisation2,1082,089304,227
- Depreciation right of use assets4842,860343,378
- Non-cash items--606606
Movement in working capital(582)(6,327)(4,087)(10,996)
Segment cash flow16,62419,901(5,891)30,634
Finance and tax cash expense(13,742)
Movement in finance and tax accrual3,296
Net cash flow from operating activities20,188

16
SKELLERUP HALF YEAR REPORT 2023
2. Segment Information (continued)
For the half-year ended
31 December 2021
Agri

$000
Industrial

$000
Corporate/
Elimination
$000
Total

$000
Revenue54,32796,150(7)150,470
Segment EBIT16,65718,662(2,923)32,396
Profit before tax, finance costs
and share of net profit of associates
32,396
Finance costs(913)
Share of net profit of associates(98)
Profit before tax31,385
Income tax expense(8,176)
Net after-tax profit23,209
Assets and liabilities
Segment assets125,979156,89822,566305,443
Segment liabilities12,74739,12754,429106,303
Net assets113,232117,771(31,863)199,140
Other segment information
Capital expenditure1,14911,727-12,876
Cash flow
Segment EBIT16,65718,662(2,923)32,396
Share of net profit of associates-(98)-(98)
Adjustments for:
- Depreciation and amortisation2,0941,816243,934
- Depreciation and right of use assets3882,172342,594
- Non-cash items--(193)(193)
Movement in working capital(2,382)(5,427)(2,064)(9,873)
Segment cash flow16,75717,125(5,122)28,760
Finance and tax cash expense(7,933)
Movement in finance and tax accrual(1,156)
Net cash flow from operating activities19,671

17
3. Dividends Paid
Half-year
Ended
31 Dec 2022
$000
Half-year
Ended
31 Dec 2021
$000
Declared and paid during the period
Final dividend for June 2022 year on ordinary shares of 13.0 cents per share,
imputed to 50%, paid on 14 October 2022
(2021: 10.5 cents per share imputed to 50%, paid on 15 October 2021)
Net dividend paid25, 38620,504
Subsequent to the six-month period, the Board of Directors resolved to pay an interim
dividend of 8.0 cents per share (imputed 50%), on the 196,071,582 ordinary shares on issue
for a total amount of $15,685,727. The dividend will be paid on 16 March 2023 to shareholders
on the register at 5.00pm on 03 March 2023. The Dividend Reinvestment Plan will not be
operative for this dividend payment.
This compares to the prior-year interim dividend of 7.5 cents per share, totalling $14,645,729
which was paid on 17 March 2022.
4. Interest-bearing Loans and Borrowings
Bank loans are provided under a $70 million multi-currency syndicated facility agreement
with ANZ Bank New Zealand Limited and Bank of New Zealand which has an expiry date of
31 August 2024.
5. Events after the Balance Sheet date
There have been no subsequent events after 31 December 2022 requiring disclosure.

18SKELLERUP HALF YEAR REPORT 2023
Directors
WJ Strowger, LLB (Hons) Chair
BD Cushing, BCom, ACA
RH Farrant, BCom, PGDipCom, FCA,
CFloD
AR Isaac, CNZM, BCA, FCA
DW Mair, BE, MBA
PN Shearer, BCom
Officers
DW Mair, BE, MBA
Chief Executive Offi cer
GR Leaming, BCom, CA
Chief Financial Offi cer
Registered Office
L3, 205 Great South Road
Greenlane
Auckland 1051
New Zealand
PO BOX 74526
Greenlane
Auckland 1546
New Zealand
Email: ea@skellerupgroup.com
Telephone: +64 9 523 8240
Website: www.skellerupholdings.com
Legal Advisors
Chapman Tripp
L34, PwC Tower
15 Customs Street West
Auckland 1010
New Zealand
Bankers
ANZ Bank New Zealand Limited
23-29 Albert Street
Auckland 1010
New Zealand
Bank of New Zealand
Level 4
80 Queen Street
Auckland 1010
New Zealand
Auditors
Ernst & Young
2 Takutai Square
Britomart
Auckland 1010
New Zealand
Share Registrar
Computershare Investor Services
Limited
Private Bag 92119
Auck la nd 14 42
New Zealand
159 Hurstmere Road
Takapuna
Auckland 0622
New Zealand
Corporate Directory

1919
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Facsimile: +64 9 488 8787
Please assist our registrar by quoting your
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Skellerup Holdings Limited
L3, 205 Great South Road
Greenlane, Auckland 1051, New Zealand
PO Box 74526, Greenlane
Auckland 1546, New Zealand
E: ea@skellerupgroup.com
T: +64 9 523 8240
W: www.skellerupholdings.com

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


Results for announcement to the market
Name of issuer Skellerup Holdings Limited
Reporting Period Six months to 31 December 2022
Previous Reporting Period Six months to 31 December 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$165,520 10%
Total Revenue $165,520 10%
Net profit/(loss) from
continuing operations
$22,973 (1%)
Total net profit/(loss) $22,973 (1%)
Interim/Final Dividend
Amount per Quoted Equity
Security
$ 0.08000000
Imputed amount per Quoted
Equity Security
$0.01555556
Record Date 03/03/2023
Dividend Payment Date 16/03/2023
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.7241 $0.6846
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

16 February 2023

Unaudited financial statements accompany this announcement.

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Skellerup Holdings Limited
Distribution Notice




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

Section 1: Issuer information
Name of issuer Skellerup Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code SKL
ISIN (If unknown, check on NZX
website)
NZSKXE0001S8
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date Close of trading on 03/03/2023
Ex-Date (one business day before the
Record Date)
02/03/2023
Payment date (and allotment date for
DRP)
16/03/2023
Total monies associated with the
distribution
1

$15,685,727
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.09555556
Gross taxable amount
3
$0.09555556
Total cash distribution
4
$0.08000000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.00705882
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed
Partial imputation X
No imputation

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

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

14%
Imputation tax credits per financial
product
$0.01555556
Resident Withholding Tax per
financial product
$0.01597778
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP

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

Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)

DRP strike price per financial product
$
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms

Section 5: Authority for this announcement
Name of person

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

16/02/2023





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

---

HY23 RESULTS
David Mair, Director & CEO
Graham Leaming, CFO
1 6 F E B R U A R Y 2 0 2 3

HY23 Key Points
•Record Group EBIT of $33.5 million up 3% on pcp
•Record Industrial Division EBIT of $21.4 million, up 14% on pcp.
•Agri Division EBIT of $14.6 million, down 12% on pcp.
•NPAT of $23.0 million
•Down 1% on record result achieved in pcp.
•Higher interest and tax costs eroded EBIT growth.
•Operating Cash Flow of $20.2 million
•Up $0.5 million or 3% on pcp.
•Higher level of inventory due to strategic decisions to mitigate risk and meet expected
customer demand.
•Interim Dividend Pay-out of 8.0 cents per share
•Increase of 0.5 cents per share (7%) on pcp.
•Balance Sheet remains robust
•Net debt increased to $39.0 million due to working capital investment (11% of total assets).
•FY23 NPAT Guidance unchanged at $48 to $52 million
•Investment in people and technology to sustain growth and enable greater in-
market manufacturing capability
•Project (and resource) to model impact on climate change on Skellerup in
progress to aid investment decisions and meet reporting requirements
2
H Y 2 3 R E S U L T S / 1 6 F E B R U A R Y 2 0 2 3
0
5
10
15
20
25
HY17HY18HY19HY20HY21HY22HY23
NPAT (millions)
Net Profit after Tax
0
5
10
15
20
25
30
35
40
HY17HY18HY19HY20HY21HY22HY23
EBIT (millions)
EBIT by Segment *
IndustrialAgri
* Excludes Corporate

HY23 Financial Highlights
•Revenue up $15.0 million and 10%
on pcp.
•EBIT up $1.1 million and 3% on pcp.
•NPAT down $0.2 million and 1% on
pcp.
•Interim dividend of 8.0 cents per
share, up 0.5 cents and 7% on pcp.
•Operating cash flow of $20.2 million
up 3% on pcp despite growth in
working capital.
•Capex (net of disposals) of $4.3
million.
•Dividends of $25.4 million.
•Net debt at $39.0 million, 11% of total
assets.
•Acquired remaining 65% interest in
Sim Lim (now wholly owned).
3
NZ$ MillionHY17HY18HY19HY20HY21HY22HY23
Revenue97.3116.7120.2123.0136.6150.5165.5
EBITDA16.921.323.024.133.938.941.1
Depreciation & Amortisation3.63.83.63.73.83.94.2
Depreciation (ROU Assets)---2.42.62.63.4
EBIT13.317.519.418.027.632.433.5
Finance costs (Debt)0.60.90.90.80.70.51.3
Finance costs (Lease Liabilities)---0.50.50.40.7
Tax expense3.84.95.14.66.98.28.5
NPAT8.911.713.412.119.523.223.0
Earnings (cents per share)4.66.16.96.210.011.911.8
Dividend (cents per share)3.54.05.55.56.57.58.0
Operating cash flow9.714.813.024.135.119.720.2
Net debt35.634.832.434.713.025.639.0
Capital &intangible expenditure6.93.11.92.62.63.74.3
Acquisition & Investment---5.0-10.20.9
H Y 2 3 R E S U L T S / 1 6 F E B R U A R Y 2 0 2 3

Industrial Division
Revenue up 13% and EBIT up 14% on pcp
•Record first half result
•HY23 EBIT up 14% on HY22.
•Raw material and freight costs pressures now abating.
•Growth from high performance foam applications
•Ultralon U-DEK® sales up significantly in the US, NZ, Australia and Europe.
•Growing vacuum system sales
•Market share growth in both liquid waste and oil/gas applications.
•Growth from DEKS roofing and sealing products
•Growth in Europe spurred by increasing adoption of solar into roofing systems.
•Lower NZD boosted translation of overseas earnings
•Majority of Industrial division earnings derived from international markets.
•On a constant currency basis revenue was up 6% and EBIT up 8%.
•New facilities in Auckland and Melbourne
4
NZ$ MillionHY19HY20HY21HY22HY23
Revenue79.179.885.696.1108.4
EBIT11.910.215.518.721.4
EBIT %15.112.818.219.419.7
-
20
40
60
80
100
120
HY17HY18HY19HY20HY21HY22HY23
Revenue (millions)
Industrial Division Revenue
-
5
10
15
20
25
HY17HY18HY19HY20HY21HY22HY23
EBIT (millions)
Industrial Division EBIT
H Y 2 3 R E S U L T S / 1 6 F E B R U A R Y 2 0 2 3

Agri Division
Revenue up 5%, EBIT down 12% on record pcp
•Dairy rubberwaresales down
•A strong Q4 of FY22 meant a slower start to HY23.
•Lower production volumes and higher costs impacted margins.
•Footwear sales growth
•New Zealand and US market sales up on pcp.
•Benefit of lower NZD offset by hedging
•Foreign currency hedging meant the benefit of the lower NZD spot rate for export
sales were not realised.
•On a constant currency basis revenue was down 1% and EBIT down 14%.
5
NZ$ MillionHY19HY20HY21HY22HY23
Revenue41.243.250.954.356.9
EBIT9.39.815.316.714.6
EBIT %22.722.730.130.725.7
-
10
20
30
40
50
60
HY17HY18HY19HY20HY21HY22HY23
Revenue (millions)
Agri Division Revenue
-
4
8
12
16
20
HY17HY18HY19HY20HY21HY22HY23
EBIT (millions)
Agri Division EBIT
H Y 2 3 R E S U L T S / 1 6 F E B R U A R Y 2 0 2 3

HY23 NPAT Reconciliation
•Market growth and market share gains in
marine foam boosting returns from sport and
leisure (global).
•Market share gains from the sale of existing
and new products for roofing and
construction.
•Lower sales into tapware applications
(consumer demand lower) offset by higher
sales into waste applications.
•Dairy rubberware sales lower following
strong Q4 of FY22. Footwear sales in NZ
and US markets remain strong.
•Corporate costs down on pcp.
•Higher debt and rising rates increased
interest expense
6
Changes in NPAT HY22 to HY23 (NZ$ Million)
H Y 2 3 R E S U L T S / 1 6 F E B R U A R Y 2 0 2 3
18
20
22
24
26
NPAT HY22 to HY23 ($Million)

Growth
7
People, Equipment, Technology and Presence
•Investment in people (including new) to strengthen market, product and equipment development
•Equipment, tooling and process development capability
•New equipment and process standardisation and improvement.
•Improved productivity, reduced process waste, more efficient energy use.
•Enable greater in-market presence providing new customer and product opportunities and a pathway to reduced GHG emissions.
•In market manufacturing presence
•Equipment, tooling and process development capability as above.
•Sim Lim (Liquid silicone rubber (LSR)) in the USA now wholly owned.
•Manufacturing partnership in the USA.
•Information systems investment and utilisation
•Climate Change
•Project to model the impact of climate change (physical and transition risks) on Skellerup in progress.
•Framework for Board and management to aid investment decisions;
•Informed establishment of climate related goals.
•FY23 Annual Report will include update on progress ahead of FY24 mandatory climate-related disclosures.
•Delivering better returns for shareholders and opportunity for our people
H Y 2 3 R E S U L T S / 1 6 F E B R U A R Y 2 0 2 3

What We Do
8
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. Our focus is on delivering innovative new products and improvements,
keeping our customers ahead of the curve.
H Y 2 3 R E S U L T S / 1 6 F E B R U A R Y 2 0 2 3

Skellerup Segmental Results
9
NZ$ MillionHY17HY18HY19HY20HY21HY22HY23
Agri EBIT8.29.39.39.815.316.714.6
Industrial EBIT7.410.311.910.215.518.721.4
Corporate EBIT(2.3)(2.1)(1.8)(2.0)(3.2)(3.0)(2.5)
EBIT13.317.519.418.027.632.433.5
Finance Costs(0.6)(0.9)(0.9)(1.3)(1.2)(0.9)(2.0)
Share of Net Loss of Associate-----(0.1)-
Tax Expense(3.8)(4.9)(5.1)(4.6)(6.9)(8.2)(8.5)
NPAT8.911.713.412.119.523.223.0
Reconciliation of Segment EBIT to Group NPAT
H Y 2 3 R E S U L T S / 1 6 F E B R U A R Y 2 0 2 3

Disclaimer
10
This presentation contains not only a review of operations, but also some forward looking statements about Skellerup HoldingsLimited
and the environment in which the company operates. Because these statements are forward looking, Skellerup Holdings Limited's
actual results could differ materially.
Although management and directors may indicate and believe that the assumptions underlying the forward looking statements are
reasonable, any of the assumptions could prove inaccurate or incorrect and, therefore, there can be no assurance that the results
contemplated in the forward looking statements will be realised.
Please read this presentation in the wider context of material previously published by Skellerup Holdings Limited.
H Y 2 3 R E S U L T S / 1 6 F E B R U A R Y 2 0 2 3

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19 January 2023

Skellerup HY23 Results Release Date & Presentation Webinar
Skellerup Holdings Limited (SKL) is releasing its financial results for the half-year ended 31 December
2022 on Thursday 16 February 2023.
A presentation by management will be held by webinar at 9.30am NZ time on the same day.
To join the webinar, either click on the below link:
https://zoom.us/j/85667185968?pwd=S0ZRR3NycXYwMljNzRqWjtQjcrQT09
or go to https://zoom.us/join
Meeting ID: 856 6718 5968
Passcode: 955169
To join via telephone:
New Zealand: +64 9 884 6780
Australia: +61 2 8015 6011
USA: +1 301 715 8592
Or find your local number: https://zoom.us/u/a7Afp9D8n



For further information please contact:
Graham Leaming
Chief Financial Officer
+64 21 271 9206

Danielle Burke
Executive Assistant
+64 21 210 8168