Skellerup expects FY24 NPAT to be similar to prior year

15 February 2024
Skellerup expects FY24 NPAT to be similar to prior year
Skellerup announced today unaudited net profit after tax of $21.6 million for the six months ended
31 December 2023, a decrease of 6% on the prior comparative period (pcp).
Key points for the six months ending 31 December 2023
• Revenue of $157.5 million, down 5% on prior comparative period (pcp)
• Earnings before interest and tax (EBIT) of $31.6 million, down 6% on pcp
o Industrial Division EBIT of $22.9 million, a record result up 7% on pcp
o Agri Division EBIT of $11.9 million, down 19% on pcp
o Corporate costs of $3.1 million, up $0.6 million on pcp
• Net profit after tax (NPAT) of $21.6 million, down 6% on pcp
• Operating cash flow of $36.5 million, a record result up 81% on pcp
• Net debt of $26.4 million, down $12.6 million on the prior half year
• Interim dividend of 8.5 cents per share (an increase of 0.5 cps), up 6% on pcp
• FY24 NPAT expected to be similar to the prior year record result.
• David Mair stepping down as CEO on 31 March 2024 (whilst remaining on the Board). Graham
Leaming appointed as CEO.
David Mair commented. “The first half of FY24 produced mixed results. Our Industrial Division
achieved another record half year result and the fifth consecutive increase in half year earnings. Our
Agri Division suffered from an unexpectedly prolonged destocking programme in international
markets. Despite the contrasting outcomes, the focus for both Divisions is the same. Our strategy
and priority are to work closely with customers, not only to meet their current needs for existing
products but also to understand future needs, to ensure our development efforts are customer led.
We also continue to standardise and improve processes”.
Industrial Division
Skellerup’s Industrial Division achieved a record EBIT of $22.9 million, up 7% on pcp. “Growth from
increased sales into water (potable and waste), hygiene and mining applications were partially offset
by lower sales into leisure and roofing applications. Potable and wastewater products for OEM
customers is core business for Skellerup, and we continue to win business with existing and new
customers. We achieved expected strong growth in the hygiene market supporting a major
customer’s new product launch. Sales for marine foam in international markets were down as
expected with customers adjusting inventories reflecting a softer market and our improved lead
times. Weaker construction activity in Australia reduced demand for our roofing products, although
this was partially offset by growth in North America. Overall margins were up reflecting
improvements on existing products and higher margin new products.”
Agri Division
Skellerup’s Agri Division EBIT of $11.9 million, was down 19% on pcp. Mair noted, “Dairy sales were
softer than we anticipated as international customers reduced purchases to lower inventory. With

many of these customers having calendar fiscal years this activity continued right through the first
half. Pleasingly, we have experienced a larger than normal uplift following Christmas, and forward
orders continue to be strong. We have continued to improve our processes and invest in new and
improved equipment to improve productivity and reduce waste. Because of these improvements,
investments, and the lower demand, we incurred restructuring costs of NZD 0.6 million in the first
half. Footwear sales were solid, despite drier weather in NZ than we experienced in the pcp.”
Cash
A continued focus on gradually reducing inventory closer to levels needed and good management of
receivables helped generate a significant increase in operating cash flow to $36.5 million up 81% on
pcp. Consequently, net debt remains low at $26.4 million well below pcp and slightly below the June
2023 year end position. Mair said “In the prior period, we were still building inventory to mitigate
raw material shortages and elongated shipping timeframes. Over the past 12 months we have been
gradually reducing levels whilst managing the impact of abrupt changes on our manufacturing
partners.”
Outlook
Skellerup updated expectations for FY24. Mair said “Our business remains robust, and we expect
some of the first half headwinds of customers reducing inventory used in dairy and leisure
applications will abate. The global environment including the impact this is having on ocean transit
times continues to make forecasting future results difficult. However, based on our YTD results and
our expectations of trading conditions and customer demand for the rest of the year, we expect
FY24 NPAT to be similar to the prior year record result. Our strategy of working closely with
customers to provide engineered products that assure performance remains our focus to deliver
sustainable earnings growth.
Dividend
Chair John Strowger said the first half result, and expectations for the full year, allowed the Board to
declare a 6% increase in the interim dividend to 8.5 cents per share, imputed 50% (the same level as
in the pcp). The dividend will be paid on 14 March 2024 to shareholders of record at 5pm on 01
March 2024.
“At the ASM in October 2023, I commented that at Skellerup we are in for the long haul noting we
have a history of quiet achievement, represented by incremental (and sustainable) rather than flashy
growth. The interim dividend reflects the Board’s confidence that Skellerup will continue to perform
in this manner.”
Leadership
David Mair will step down as CEO on 31 March 2024. Mair joined the Skellerup Board in November
2006, was appointed as acting CEO in July 2010 before taking on the CEO role on a permanent basis
in July 2011. Mair will continue to serve as a director of Skellerup and along with Paul Shearer will
lead a special project initiative with management to progress our in-market capabilities.
Graham Leaming has been appointed as CEO to replace Mair. Leaming joined Skellerup as CFO in
December 2012. Tim Runnalls (who joined Skellerup as Group Financial Controller in March 2021)
has been appointed as CFO, to fill the vacancy arising from Leaming’s appointment.
Reflecting on the change, Strowger noted “David has been an outstanding CEO. Over the almost 14-
year period he has been in the role, Skellerup’s annual earnings have grown by more than 400%.

Shareholders have been well rewarded by David’s expertise, leadership and relentless drive for
growth and improvement. Customer focussed development, continuous operational improvement
and careful allocation of financial and human capital are key elements David has instilled into
Skellerup. His success has rightly been recognised over recent years, and whilst I have previously
remarked that our growth and performance are through the contribution of many, they have been
expertly enabled and led by David. With David continuing as a director, Skellerup, and therefore
shareholders, will continue to benefit from his skills and knowledge.
We are very pleased to have Graham step up to CEO. Graham joined Skellerup as CFO in December
2012, and is a proven performer, leading a broad range of commercial functions delivering great
value for Skellerup over the past 11 years. Together David and Graham have been a formidable
team. We are very confident that Graham will be a strong and successful leader for Skellerup backed
by a strong team with a passion and capability to continue to deliver great products for customers
and sustainable earnings growth for shareholders.”



For further information please contact:
David Mair
Chief Executive Officer
021 708 021

Graham Leaming
Chief Financial Officer
021 271 9206

John Strowger
Chairman
027 478 1854

---

Half Year Report

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
Di rector y 18
Contents
Financial strength
Diverse and experienced teamDelivering for our customers
$
1 5 7.7
M
(HY23: $165.5m)
Revenue
5%
Operating
cash fl ow
81%
$
36.5
M
(HY23: $20.2m)
Earnings (EBIT)
6%
$
31.6
M
(HY23: $33.5m)
Dividend
per share
6%
8.5
cps
(HY23: 8.0 cps)
E arning s (NPAT )
6%
$
21.6
M
(HY23: $23.0m)
Earnings
per share
6%
11.02
cps
(HY23: 11.75 cps)
799
(HY23: 8 47)
6%
People Worldwide
4,000
over
Customers
Highlights

3CHAIR AND CEO’S REVIEW
Chair and CEO Review
$000
(Unaudited)
Half-year Ended
31 December 2023
Half-year Ended
31 December 2022
Percentage Change
Revenue157,730165,520(5%)
Earnings before interest and taxation31,64033,497(6%)
Net pro t after taxation21,61422,973(6%)
Earnings per share (cents)11.0211.75(6%)
Dividend per share (cents)8.508.006%
Net debt(26,381)(39,002)32%
The first half for Skellerup
comprised a mixed array of
results. A fifth successive record
Industrial Division result was
more than offset by a lower-than-
expected contribution from the
Agri Division as international dairy
customers significantly reduced
inventory levels.
Overall, the six months ended 31 December
2023 produced an unaudited net profit after
tax of $21.6 million, a decrease of 6% on the
prior comparative period (pcp).
Despite the contrasting outcomes, the
focus for both Divisions is the same.
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.
Our strategy and priority is to work closely
with customers, not only to meet their
current needs for existing products but also
to understand future needs and to ensure
our development efforts are customer-led.
We also continue to standardise and improve
processes – this is not only an activity that
happens in our various manufacturing
facilities, rather right across our business.
Improvement never stops, we have plenty
of opportunities to prioritise and invest in to
improve our products, service and margins.

SKELLERUP HALF YEAR REPORT FY24CHAIR AND CEO’S REVIEW4
Industrial Division
Skellerup’s Industrial Division achieved a
record EBIT of $22.9 million, up 7% on pcp.
Increased sales into water (potable and
waste), hygiene and mining applications
were partially offset by lower sales into
leisure and roofing applications. Potable
and wastewater products for OEM
customers is core business for Skellerup,
and we continue to look for and win
business with existing and new customers.
Hygiene and health applications are a
target for fast growth. The strong first half
growth was underpinned by supporting
a major customer’s new product launch.
Sales for marine foam in international
markets were down with customers
adjusting inventories ref lecting a softer
market and our improved lead times.
Weaker construction activity in Australia
reduced demand for our roofing products,
although this was partially offset by growth
in North America. Overall Industrial
margins were up ref lecting a combination
of improvements on existing products and
higher margin new products.
Agri Division
Skellerup’s Agri Division EBIT of $11.9
million, was down 19% on pcp. Dairy
rubberware sales were lower than we
anticipated as international customers
reduced purchases to lower their inventory.
This destocking activity continued right
through our first half as many of these
customers have calendar fiscal years.
Pleasingly, we have experienced a larger
than normal uplift following Christmas,
and forward orders continue to be strong.
We have continued to improve our
processes and invest in new and improved
equipment to improve productivity
and reduce waste. Because of these
improvements, investments and the lower
demand, we incurred restructuring costs
of NZD 0.6 million in the first half. Footwear
sales were solid, despite drier weather in
NZ than we experienced in the pcp.
Cash
Over the past 12 months we have gradually
reduced inventory that we built to mitigate
the raw material shortages and elongated
shipping timeframes arising from the
Covid-19 pandemic. As a result of this
continued focus and good management of
receivables we generated an 81 per cent
increase in operating cash f low to $36.5
million (compared to pcp). Consequently,
net debt remains low at $26.4 million well
below pcp and slightly below the June 2023
year end position.
Industrial
$000 (Unaudited)
Half-year Ended
31 December 2023
Half-year Ended
31 December 2022
Percentage
Change
Revenue109,615108,6741%
Earnings before interest and taxation22,87621,3577%
Agri
$000 (Unaudited)
Half-year Ended
31 December 2023
Half-year Ended
31 December 2022
Percentage
Change
Revenue48,53756,938(15%)
Earnings before interest and taxation11,86114,614(19%)

SKELLERUP HALF YEAR REPORT FY24CHAIR AND CEO’S REVIEW5
Dividend
Ref lecting the strong position of the Group
and our expectations for the full year, the
Board has declared a 6% increase in the
interim dividend to 8.5 cents per share,
imputed 50% (the same level as in the pcp).
The dividend will be paid on 14 March
2024 to shareholders of record at 5pm on 01
March 2024.
Outlook
As discussed at the Annual Shareholders
Meeting in October 2023, Skellerup’s
recent earnings history has been
consistent, incremental, and sustainable
rather than f lashy growth. Our business
remains robust, and we expect some
of the first half headwinds of customers
reducing inventory used in dairy and
leisure applications will abate. The global
environment including the impact this is
having on ocean transit times continues to
make forecasting future results difficult.
However, based on our YTD results and
our expectations of trading conditions and
customer demand for the rest of the year,
we expect FY24 NPAT to be similar to the
prior year record result. Our strategy of
working closely with customers to design
and manufacture engineered products
that assure performance continues to be
our focus to deliver sustainable earnings
growth and shareholder returns.
Leadership
After almost 14 years at the helm
David Mair will step down as CEO on
31 March 2024. David joined the Skellerup
Board in November 2006, was appointed as
acting CEO in July 2010 before taking on the
role on a permanent basis in July 2011. Over
the almost 14-year period he has been in
the role, Skellerup’s annual earnings have
grown by more than 400%, reflecting David’s
leadership and relentless drive for growth
and improvement across the entire business.
Customer focussed development, continuous
operational improvement and careful
allocation of financial and human capital
are key elements David has instilled into
Skellerup. David will continue as a director
and will lead a special project initiative to
progress our in-market capabilities.
We are very pleased to have
Graham Leaming succeed David as CEO.
Graham joined Skellerup as CFO in
December 2012, and is a proven performer,
leading a broad range of commercial
functions delivering great value for Skellerup
over the past 11 years. Together David and
Graham have been a formidable team.
We are very confident that Graham will be
a strong and successful leader for Skellerup
backed by a strong team with a passion
and capability to continue to deliver great
products for customers and sustainable
earnings growth for shareholders.
John Strowger
Chairman
David Mair
CEO and Director

SKELLERUP HALF YEAR REPORT FY24
Solving problems with customers to
keep them ahead of the curve
Skellerup is a global leader
in the design, manufacture
and distribution of precision-
engineered products. Our
components and products are
used in a wide range of everyday
applications that often must meet
stringent food, drinking water,
hygiene and safety standards
across various jurisdictions.
At our heart is a key focus on
our customers – working as a
part of their development teams
to define and solve problems
to help stay ahead of their
competitors. The value we bring
is dependent on our deep material
expertise, strong product and
tool design capability and proven
manufacturing knowledge.
Working to identify
issues and opportunities
• Understanding our
customers’ issues,
challenges and pain points
• Providing solutions
grounded in our
extensive engineering,
chemistry and
manufacturing expertise
Developing the prototype
• In-depth material
science with expertise
combining multiple
materials, including
polymers such as rubber,
plastics and foam
• Rapid prototyping to
provide proof-of-concept
and re nement based on
feedback
• Augmenting the product
and reducing complexity
Research &
Development

OVER A CENTURY OF INNOVATION AND EFFICIENCY
Sport & Leisure
Our products are utilised in a variety
of recreational settings, including
marine, snow and field sports
Residential
Our products are critical components
within a wide range of home
applications such as taps, showers,
HVAC, roofing, solar, kitchen
appliances, plumbing, and more
Transport
Our vacuum systems, seals, injectors,
couplings, and gaskets are utilised
throughout the transport industry
Industrial & Retail
Our products are used throughout
potable water and wastewater
applications, f low control systems
and construction
Medical, Health & Hygiene
Our components play a vital role in
equipment used to treat and heal
patients, as well as keeping front-line
workers safe
Specialist Footwear
Protective rubber footwear used
throughout farms and speciality
applications, such as fire, forestry
and electrical distribution
Dairy
Our food-grade rubberware, filters
and animal hygiene products are
critical to the safe supply of dairy
products across the world
Delivering critical
components for
production:
• Deep understanding of
process capability and
quality control
• Re ning manufacture
and assembly processes
to allow increased scale
at reduced time and
costs
• Ensuring speed and
accuracy at each stage
Across Multiple Sectors

Consolidated
Financial Statements
For the half-year ended 31 December 2023

CONSOLIDATED FINANCIAL STATEMENTS
9
Note
Half-year
Ended
31 Dec 2023
$000
(Unaudited)
Half-year
Ended
31 Dec 2022
$000
(Unaudited)
Revenue2157,730 165,520
Cost of sales(90,588)(98,623)
Gross pro t67,142 66,897
Other income/(expenses)(135)(334)
Selling, general and administration expenses(35,367)(33,066)
Pro t for the period before tax,  nance costs and share of
net pro t of associates
31,640 33,497
Finance costs(2,411)(1,969)
Share of net pro t of associates accounted for using the equity method-(78)
Pro t for the period before tax29,229 31,450
Income tax expense(7,615)(8,477)
Net after-tax pro t for the period, attributable to owners of the Parent21,614 22,973
Earnings per share
Basic earnings per share (cents)11.02 11.75
Diluted earnings per share (cents)10.92 11.71
Net tangible assets per share (cents)
76.8272.41
The above Income Statement should be read in conjunction with the accompanying notes.
Income Statement
for the half-year ended 31 December 2023

SKELLERUP HALF YEAR REPORT FY24
10
Half-year
Ended
31 Dec 2023
$000
(Unaudited)
Half-year
Ended
31 Dec 2022
$000
(Unaudited)
Net pro t after tax for the period21,61422,973
Other comprehensive income
Will be reclassi ed subsequently to pro t or loss when speci c
conditions are met
Net increase/(decrease) in cash  ow hedge reserve3,2323,804
Income tax related to increase/(decrease) in cash  ow hedge reserve(905)(1,065)
Not expected to be reclassi ed subsequently into pro t or loss
Foreign exchange movements on translation of overseas subsidiaries(3,454)(2,665)
Income tax related to gains/(losses) on foreign exchange movements of loans
with overseas subsidiaries
1346
Other comprehensive income net of tax(1,114)120
Total comprehensive income for the period attributable to
equity holders of the Parent
20,50023,093
Statement of Comprehensive Income
for the half-year ended 31 December 2023

CONSOLIDATED FINANCIAL STATEMENTS
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 202372,406(827)(2,779)549156,087225,436
Pro t for the period
----21,61421,614
Other comprehensive income-2,327(3,441)--(1,114)
Total comprehensive income
for the period
-2,327(3,441)-21,61420,500
Share incentive scheme---413-413
Dividends paid----(27,450)(27,450)
Balance 31 December 202372,4061,500(6,220)962150,251218,899
Balance 1 July 202272,406(2,501)(4,841)739145,405211,208
Pro t 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
Statement of Changes in Equity
for the half-year ended 31 December 2023

SKELLERUP HALF YEAR REPORT FY24
12
As at
31 Dec 2023
$000
(Unaudited)
As at
30 Jun 2023
$000
(Audited)
As at
31 Dec 2022
$000
(Unaudited)
Current assets
Cash and cash equivalents19,98317,09416,004
Trade and other receivables and prepayments44,65057,51548,998
Inventories72,88574,88680,422
Income tax receivable1,737805206
Derivative  nancial assets747109578
Total current assets140,002150,409 146,208
Non-current assets
Property, plant and equipment90,31390,32090,573
Right-of-use assets28,94931,83932,903
Deferred tax assets3,5813,1673,128
Goodwill63,04163,59662,393
Intangible assets2,7712,8152,938
Derivative  nancial assets1,8978311,479
Total non-current assets190,552192,568 193,414
Total assets330,554342,977 339,622
Current liabilities
Bank overdraft2891,624-
Trade and other payables22,71327,08227,809
Provisions5,1575,0855,209
Income tax payable8031,6052,348
Lease liabilities – short term6,4356,1186,367
Derivative  nancial liabilities4441,8581,324
Total current liabilities35,84143,372 43,057
Non-current liabilities
Provisions1,8131,8132,230
Interest-bearing loans and borrowings46,07542,30055,006
Deferred tax liabilities3,3072,0871,665
Lease liabilities – long term24,61027,59428,153
Derivative  nancial liabilities9375385
Total non-current liabilities75,81474,169 87,439
Total liabilities111,655117,541 130,496
Net assets218,899225,436 209,126
Equity
Share capital72,40672,40672,406
Reserves(3,758)(3,057)(7,085)
Retained earnings150,251156,087143,805
Total equity218,899225,436 209,126
Balance Sheet
as at 31 December 2023

CONSOLIDATED FINANCIAL STATEMENTS
13
Half-year
Ended
31 Dec 2023
(Unaudited)
Half-year
Ended
31 Dec 2022
(Unaudited)
Cash  ows from operating activities
Receipts from customers168,693179,165
Interest received5214
Dividends received32
Payments to suppliers and employees(120,490)(144,591)
Income tax paid(9,372)(12,433)
Interest and bank fees paid(1,671)(1,309)
Interest on right-of-use asset leases(740)(660)
Net cash  ows from/(used in) operating activities36,47520,188
Cash  ows from investing activities
Proceeds from sale of property, plant and equipment3546
Payments for property, plant and equipment(4,871)(4,075)
Payments for intangible assets (364)(253)
Acquisition of a business, net of cash acquired-(862)
Net cash  ows from/(used in) investing activities(4,881)(5,184)
Cash  ows from  nancing activities
Proceeds from/(repayments for) loans and advances3,77715,014
Repayments of lease liabilities(3,091)(2,961)
Dividends paid to equity holders of Parent(27,450)(25,386)
Net cash  ows from/(used in)  nancing activities(26,764)(13,333)
Net increase/(decrease) in cash and cash equivalents4,8301,671
Cash and cash equivalents at the beginning of the period15,47014,796
Effect of exchange rate  uctuations(606)(463)
Cash and cash equivalents at the end of the period19,69416,004
Cash Flow Statement
for the half-year ended 31 December 2023

SKELLERUP HALF YEAR REPORT FY24
14
1. Corporate Information
The financial statements of Skellerup Holdings Limited, for the half year ended 31 December 2023, were
authorised for issue in accordance with a resolution of the Directors dated 14 February 2024.
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 Signifi cant Accounting Policies
a) Basis of Preparation
This general-purpose condensed financial report for the half year ended 31 December 2023 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 2023 and considered together with any public announcements made by
Skellerup Holdings Limited during the half year ended 31 December 2023 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.
Agri Division
The Agri Division 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.
Notes to the Financial Statements
as at 31 December 2023

CONSOLIDATED FINANCIAL STATEMENTS
15
2. Segment Information (continued)
Industrial Division
The Industrial Division manufactures engineered products across a range of industrial applications
including potable and waste water, roofing, 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.
For the half-year ended
31 December 2023
Agri
$000
Industrial
$000
Corporate/
Elimination
$000
Total
$000
Revenue48,537109,615(422)157,730
Segment EBIT11,86122,876(3,097)31,640
Pro t before tax,  nance costs
and share of net pro t of associates
31,640
Finance costs(2,411)
Share of net pro t of associates-
Pro t before tax29,229
Income tax expense(7,615)
Net after-tax pro t21,614
Assets and liabilities
Segment assets120,509181,48528,560330,554
Segment liabilities11,43846,52253,695111,655
Net assets109,071134,963(25,135)218,899
Other segment information
Additions to  xed assets and intangibles1,8053,400185,223
Cash  ow
Segment EBIT11,86122,876(3,097)31,640
Share of net pro t of associates----
Adjustments for:
- Depreciation and amortisation2,0322,390274,449
- Depreciation right of use assets4612,857373,355
- Non-cash items--393393
Movement in working capital5,1714,195(2,702)6,664
Segment cash  ow19,52532,318(5,342)46,501
Finance and tax cash expense(11,043)
Movement in  nance and tax accrual1,017
Net cash  ow from operating activities36,475

SKELLERUP HALF YEAR REPORT FY24
16
2. Segment Information (continued)
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
Pro t before tax,  nance costs
and share of net pro t of associates
33,497
Finance costs(1,969)
Share of net pro t of associates(78)
Pro t before tax31,450
Income tax expense(8,477)
Net after-tax pro t22,973
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  ow
Segment EBIT14,61421,357(2,474)33,497
Share of net pro t of associates-(78)-(78)
Adjustments for:
- Depreciation and amortisation2,1082,089304,227
- Depreciation and right of use assets4842,860343,378
- Non-cash items--606606
Movement in working capital(582)(6,327)(4,087)(10,996)
Segment cash  ow16,62419,901(5,891)30,634
Finance and tax cash expense(13,742)
Movement in  nance and tax accrual3,296
Net cash  ow from operating activities20,188

CONSOLIDATED FINANCIAL STATEMENTS
17
3. Dividends Paid
Half-year
Ended
31 Dec 2023
$000
Half-year
Ended
31 Dec 2022
$000
Declared and paid during the period
Final dividend for June 2023 year on ordinary shares of 14.0 cents per share,
imputed to 50%, paid on 13 October 2023
(2022: 13.0 cents per share imputed to 50%, paid on 14 October 2022)
Net dividend paid27,45025,386
Subsequent to the six-month period, the Board of Directors resolved to pay an interim dividend of
8.5 cents per share (imputed 50%), on the 196,071,582 ordinary shares on issue for a total amount of
$16,666,084. The dividend will be paid on 14 March 2024 to shareholders on the register at 5.00pm on
01 March 2024. The Dividend Reinvestment Plan will not be operative for this dividend payment.
This compares to the prior-year interim dividend of 8.0 cents per share, totalling $15,685,727 which
was paid on 16 March 2023.
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 2026.
5. Events after the Balance Sheet date
There have been no subsequent events after 31 December 2023 requiring disclosure.

SKELLERUP HALF YEAR REPORT FY24
18
Directors
WJ Strowger, LLB (Hons)
BD Cushing, BCom, ACA
RH Farrant, BCom, PGDipCom, FCA, CFloD
AR Isaac, CNZM, BCA, FCA
DW Mair, BE, MBA
PN Shearer, BCom
O cers
DW Mair, BE, MBA
Chief Executive Officer
GR Leaming, BCom, CA
Chief Financial Officer
Registered O ce
L3, 205 Great South Road
Greenlane
Auck la nd 1051
New Zealand
PO BOX 74526
Greenlane
Auck la nd 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
Auck la nd 1010
New Zealand
Bankers
ANZ Bank New Zealand Limited
23-29 Albert Street
Auck la nd 1010
New Zealand
Bank of New Zealand
Level 4
80 Queen Street
Auck la nd 1010
New Zealand
Auditors
Ernst & Young
2 Takutai Square
Britomart
Auck la nd 1010
New Zealand
Share Registrar
Computershare Investor
Services Limited
Private Bag 92119
Auckland 1442
New Zealand
159 Hurstmere Road
Takapuna
Auckland 0622
New Zealand
Corporate Directory

CORPORATE DIRECTORY
19
Managing your shareholding
Online
To change your address, update
your payment instructions and to view
your investment portfolio including
transactions, please visit:
www.computershare.co.nz/investorcentre
General Enquiries
Email: enquiry@computershare.co.nz
Telephone: +64 9 488 8777
Facsimile: +64 9 488 8787
Please assist our registrar by quoting
your Common Shareholder Number (CSN)

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

---

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 2023
Previous Reporting Period Six months to 31 December 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$157,730 (5%)
Total Revenue $157,730 (5%)
Net profit/(loss) from
continuing operations
$21,614 (6%)
Total net profit/(loss) $21,614 (6%)
Interim/Final Dividend
Amount per Quoted Equity
Security
$ 0.08500000
Imputed amount per Quoted
Equity Security
$0.01652778
Record Date 01/03/2024
Dividend Payment Date 14/03/2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.7682 $0.7241
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

15 February 2024

Unaudited financial statements accompany this announcement.

---

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 01/03/2024
Ex-Date (one business day before the
Record Date)
29/02/2024
Payment date (and allotment date for
DRP)
14/03/2024
Total monies associated with the
distribution
1

$16,666,084
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.10152778
Gross taxable amount
3
$0.10152778
Total cash distribution
4
$0.08500000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.00750000
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
$0.01652778
Resident Withholding Tax per
financial product
$0.01697639
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

15/02/2024





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

---

HY24 RESULTS
PRESENTATION
1 5 F E B R U A R Y 2 0 2 4
1

HY24 Key Points
2
H Y 2 4 R E S U L T S / 1 5 F E B R U A R Y 2 0 2 4
•NPAT of $21.6 million, down 6% on pcp
•Strong Industrial Division returns, Agri Division impacted by customer destocking.
•Impact of higher interest rates offset by favourable effective tax rate.
•Group EBIT of $31.6 million, down 6% on a record pcp
•Record Industrial Division EBIT of $22.9 million, up 7% on pcp.
•Agri Division EBIT of $11.9 million, down 19% on pcp.
•Operating Cash Flow of $36.5 million, up 81% on pcp
•Continued focus on effective working capital management.
•Interim Dividend Pay-out of 8.5 cents per share
•Increase of 0.5 cents per share (6%) on pcp reflects solid first-half performance and expectations
for the full year.
•Balance Sheet remains robust
•Net debt decreased to $26.4 million (8% of total assets) driven by working capital improvement.
•FY24 NPAT expected to be similar to prior year record result
•Further Industrial Division growth in 2H24.
•Dairy demand increasing as international customers rebuild from low inventory holdings.
•Continued focused investment in people and technology to sustain growth and
enable greater in-market manufacturing capability
0
5
10
15
20
25
HY18HY19HY20HY21HY22HY23HY24
Net Profit after Tax ($m)
CAGR 13%
0
5
10
15
20
25
30
35
40
HY18HY19HY20HY21HY22HY23HY24
EBIT by Segment ($m) *
CAGR 18%
IndustrialAgri
* Excludes Corporate

HY24 Key Financials
HY24: a mixed result –Industrial
Division strong, Agri Division impacted
by customer destocking and timing
•Revenue down $7.8 million and 5% on
pcp.
•EBIT down $1.9 million and 6% on pcp.
•NPAT down $1.4 million and 6% on
pcp.
•Interim dividend of 8.5 cents per share,
up 0.5 cents per share and 6% on pcp.
•Operating cash flow of $36.5 million, up
$16.3 million on pcp ~ funded capital
expenditure of $5.2 million, final FY23
dividend of $27.5 million and lease
repayments of $3.1 million.
•Net debt at $26.4 million down $0.7
million on FY23, down $12.6 million on
HY23. 8% of total assets.
3
H Y 2 4 R E S U L T S / 1 5 F E B R U A R Y 2 0 2 4
NZ$ Million
HY18HY19HY20HY21HY22HY23
HY24
Revenue
116.7120.2123.0136.6150.5165.5
157.7
EBITDA
21.323.024.133.938.941.1
39.4
Depreciation & Amortisation
3.83.63.73.83.94.2
4.4
Depreciation (ROU Assets)
--2.42.62.63.4
3.4
EBIT
17.519.418.027.632.433.5
31.6
Finance costs (Debt)
0.90.90.80.70.51.3
1.7
Finance costs (Lease Liabilities)
--0.50.50.40.7
0.7
Tax expense
4.95.14.66.98.28.5
7.6
NPAT
11.713.412.119.523.223.0
21.6
Earnings (cents per share)
6.16.96.210.011.911.8
11.0
Dividend (cents per share)
4.05.55.56.57.58.0
8.5
Operating cash flow
14.813.024.135.119.720.2
36.5
Cash net of debt
(34.8)(32.4)(34.7)(13.0)(25.6)(39.0)
(26.4)
Capital &intangible
expenditure
3.11.92.62.63.74.3
5.2
Acquisition & Investment
--5.0-10.20.9
-

HY24: NPAT Key Drivers
Reconciliation of changes in NPAT HY23 to HY24 ($m)
4
H Y 2 4 R E S U L T S / 1 5 F E B R U A R Y 2 0 2 4
Industrial
•Market growth and market share gains from
the sale of existing and new products for
water (potable and waste), hygiene and
exploration and mining applications, partially
offset by lower sales into sport and leisure
and roofing applications.
Agri
•Dairy sales are softer than anticipated due
to international customers reducing
inventory. Footwear sales remained solid
despite drier weather, with process
improvements aiding margins.
Other
•Impact of favourable exchange rates on
revenue eroded by the impact on purchase
costs and hedging programme.
•Rising market interest rates increased
interest expense.
•Effective tax rate reduced from 27.0% to
26.1%.

Industrial Division
5
H Y 2 4 R E S U L T S / 1 5 F E B R U A R Y 2 0 2 4
NZ$ MillionHY20HY21HY22HY23HY24
Revenue79.885.696.1108.4109.6
EBIT10.215.518.721.422.9
EBIT %12.818.219.419.720.9
Revenue up 1% and EBIT up 7% on pcp
•Fifth consecutive record half year result
• HY24 EBIT up 125% on HY20, EBIT% tops 20%.
•Potable water and wastewater continues to grow
•Sales of vacuum systems into wastewater applications (US) and returning strong
tapware demand in the US.
•New customer in the hygiene sector drives growth
•Expected growth in the hygiene market supporting customer’s new product launch.
• High-performance foam sales impacted by softer markets
•Marine foam sales in international markets were impacted by customers adjusting
inventories to reflect our improved lead times and softer market conditions.
•NZD weakness impacted the translation of offshore earnings
•~85% of Industrial division revenue is from international markets.
•Revenue is flat, and EBIT is up 4% on a constant currency basis.
-
20
40
60
80
100
120
HY18HY19HY20HY21HY22HY23HY24
Industrial Division Revenue ($m)
CAGR 9%
-
5
10
15
20
25
HY18HY19HY20HY21HY22HY23HY24
Industrial Division EBIT ($m)
CAGR 18%

Agri Division
6
H Y 2 4 R E S U L T S / 1 5 F E B R U A R Y 2 0 2 4
NZ$ MillionHY20HY21HY22HY23HY24
Revenue43.250.954.356.948.5
EBIT9.815.316.714.611.9
EBIT %22.730.130.725.724.4
Revenue down 15% and EBIT down 19% on pcp
•Dairy
•Impacted by international customer destocking, which extended longer than
anticipated.
•Lower volumes impacted efficiency. Continued investment in operational improvements
at Wigram facility.
•Larger than normal uplift in orders post-Christmas.
•Footwear
•Sales into the NZ market remained solid, despite drier weather.
•Continued growth in sales of specialty footwear (di-electric footwear in the US).
•NZD weakness impacted the translation of offshore earnings, offset by
hedging losses
•~65% of Agri division revenue is from international markets.
•Revenue down 16% and EBIT down 22% on a constant currency basis.
-
10
20
30
40
50
60
HY18HY19HY20HY21HY22HY23HY24
Agri Division Revenue ($m)
CAGR 4%
-
5
10
15
20
HY18HY19HY20HY21HY22HY23HY24
Agri Division EBIT ($m)
CAGR 5%

Our levers for growth
People, Equipment, Technology, Products and Presence
•Investment in people to strengthen market, product and equipment development capability
•Applying the expertise to develop better products faster, standardise and improve processes.
•Improved productivity, reduced process waste, more efficient energy use.
•Ensuring we have strong technical capability in-market.
•In market manufacturing presence
•Enable greater in-market presence providing new customer and product opportunities and a pathway to reduced GHG emissions.
•Combination of investment, acquisition and partnerships
•Gulf Whitewater (formerly Sim Lim) –clean room recently completed to assist with growth for non-invasive medical applications.
•Manufacturing partnership in the USA for potable water –equipment installed and commissioned, products approved, manufacturing commencing.
•Investment in proven equipment technology to improve standardisation and provide in-market optionality.
•Information systems investment and utilisation
•Capitalising on common platforms across the Group.
•Integration with customer and supplier systems.
•Organising and segmenting information better to help identify opportunities for improvement.
•Standardisation and risk management.
•New products and new customers
•Continued focus on critical products for OEM customers.
•Delivering better returns for shareholders and opportunity for our people
7
H Y 2 4 R E S U L T S / 1 5 F E B R U A R Y 2 0 2 4

ESG priorities and performance
On track to meet Climate-Related Disclosure (CRD) obligations for FY24
8
H Y 2 4 R E S U L T S / 1 5 F E B R U A R Y 2 0 2 4
Governance
•Overseen by the Sustainability Committee formed in June
2022.
•Sustainability Committee Charter reviewed annually, including
assessment of performance against Charter.
•Climate-related risks and opportunities identified and
anticipated impacts assessed, approved in December 2023.
•Material climate-related risks included in entity-wide risk
management programme, re-assessed twice a year.
Strategy
•Three climate-related scenarios developed, based on publicly
available scenarios, and approved by Sustainability
Committee.
•Ongoing development of Group-wide transition plans.
Risk Management
•Physical risk assessments were undertaken on six key
manufacturing locations (NZ, China, Vietnam, USA).
•Climate-related scenarios used to inform transition impacts.
Targets & Metrics
•Scope 1 and 2 emission measurement and intensity metrics
measured for the last four years.
•Scope 3 emissions measurement in progress –methodology
determined, and collection of all data needed significantly
progressed.
•Targets and performance measurement criteria being
developed.
•Ongoing communications with assurance providers.

Leadership
•David Mair to step down as CEO on 31 March 2024
•Almost 14 years as CEO (including acting for 12 months).
•Skellerup annual earnings up over 400% in period of David’s leadership.
•Continuing as a director.
•Lead project initiative with Paul Shearer and management to progress in-market capabilities.
•Graham Leaming to replace David as CEO
•CFO for 11 years.
•Proven performer, broad commercial responsibility.
•Backed by a strong team.
•Tim Runnalls to replace Graham as CFO
•Group Financial Controller for 3 years.
9
H Y 2 4 R E S U L T S / 1 5 F E B R U A R Y 2 0 2 4

History of innovation and improvement
10
H Y 2 4 R E S U L T S / 1 5 F E B R U A R Y 2 0 2 4

Our approach and markets
11
H Y 2 4 R E S U L T S / 1 5 F E B R U A R Y 2 0 2 4

Segment results
Reconciliation of Segment EBIT to Group NPAT
12
H Y 2 4 R E S U L T S / 1 5 F E B R U A R Y 2 0 2 4
NZ$ MillionHY18HY19HY20HY21HY22HY23HY24
Agri EBIT9.39.39.815.316.714.611.9
Industrial EBIT10.311.910.215.518.721.422.9
Corporate EBIT(2.1)(1.8)(2.0)(3.2)(3.0)(2.5)(3.1)
EBIT17.519.418.027.632.433.531.6
Finance Costs(0.9)(0.9)(1.3)(1.2)(0.9)(2.0)(2.4)
Share of Net Loss of Associate----(0.1)--
Tax Expense(4.9)(5.1)(4.6)(6.9)(8.2)(8.5)(7.6)
NPAT11.713.412.119.523.223.021.6

Disclaimer
This presentation contains not only a review of operations, but also some forward-looking statements about
Skellerup Holdings Limited 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.
13
H Y 2 4 R E S U L T S / 1 5 F E B R U A R Y 2 0 2 4

---

18 January 2024

Skellerup HY24 Results Release Date & Presentation Webinar
Skellerup Holdings Limited (SKL) is releasing its financial results for the half-year ended
31 December 2023 on Thursday 15 February 2024.
A presentation by management will be held by webinar at 10.00am NZ time on the same day.
To join the webinar, either click on the below link:
https://us06web.zoom.us/j/82738430492?pwd=iNzDLSqtrFg79ktDkDxXOWY9Dt965C.1
or go to https://us06web.zoom.us/join
Meeting ID: 827 3843 0492
Passcode: 129923
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/zoomconference



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

Laura Dixon
Executive Assistant
+64 9 523 8240