Market Update – Impact of Cyclone Gabrielle

Scales Corporation Limited
Head Office: 52 Cashel Street | Christchurch 8013 | New Zealand
Postal: PO Box 1590 | Christchurch 8140 | New Zealand
Phone: +64 3 379 7720
scalescorporation.co.nz




NZX Release
20 February 2023


Market Update – Impact of Cyclone Gabrielle

The Directors of Scales Corporation (NZX:SCL) advise that due to the wide ranging impacts of
Cyclone Gabrielle on the Hawke’s Bay region, Scales is withdrawing its 2023 Underlying Net Profit
Guidance.

The priority for all Scales’ businesses remains the safety and well-being of our staff and this continues
to be our primary focus.

Of our Group operations, the material impact at this time is to Mr Apple’s orchards. The initial
assessment is that this impact covers 4 of their 15 orchards (of the 4 damaged orchards, 3 have
extensive damage and 1 moderate). Further limited crop damage is also anticipated to the remaining
orchards from the effects of the cyclonic event. Scales does not hold crop insurance for this event.

The 2023 harvest started prior to the cyclone and, with 3% picked, there is still a substantial
proportion of the crop available and remaining to be harvested for export. Picking has recommenced,
with cool-storage and packing activities back underway early in the week.

Scales does not forecast any material operating impact on its other business units, which accounted
for the majority of group operating profits for previous years. Further details to be released with the
year-end announcement.

Contact
Andy Borland, Managing Director, Scales Corporation Limited, Mob: 021 975 999,
email: andy.borland@scalescorporation.co.nz

About Scales Corporation
Scales Corporation is a diversified agribusiness group. It comprises three operating divisions: Global
Proteins, Horticulture and Logistics. The company’s diverse spread of activities gives Scales broad
exposure to the agribusiness sector. Scales Corporation was founded in 1897 as a shipping business
by George Herbert Scales. Today it has operations across New Zealand, Australia and the United
States. Find out more at www.scalescorporation.co.nz