Scott Announces FY24 Results

17 October 2024
Company announcement
SCOTT TECHNOLOGY ANNOUNCES FY24 FULL YEAR RESULTS:
• Scott’s commitment to the "Engineering Scott to High Performance" strategy has driven
sustainable growth, sector leadership, and resilience, leading to its extension through 2027.
• Group revenue up 3% to $276m, margins remain steady at 27%. Strong performances in MHL and
minerals have been offset by softer volumes in protein.
• Operating EBITDA has remained stable at $30.2m, in-line with FY23.
• Net profit after tax was down 50% to $7.7m due to one-off strategic costs, higher lease and
financing costs and change in tax legislation relating to building depreciation.
• Sales and services in Scott’s three core sectors delivered 85% (+6ps) of group revenue.
• Forward work of $160m remains positive, comprising of MHL, minerals, protein orders and service
orders.
• Final dividend of 3.0 cents per share declared to take full year total to 8.0 cents per share.
Automation and robotics solutions provider, Scott Technology Limited (NZX: SCT), has today released its
results for the year ended 31 August 2024 (FY24).
Scott’s commitment to its "Engineering Scott to High Performance 2020-2025" strategy, which has driven
sustainable growth and leadership across core sectors, has resulted in the extension of the strategy
through 2027. The strategy has continued to underpin the businesses’ focus and investment in the growth
of its three core sectors delivering revenue growth of 3% to $276m and stable operating EBITDA of $30.2m
despite the challenging macroeconomic landscape.
The business’ sales pipeline remains positive and on strategy, with $160m in forward work comprising of
MHL projects, continued strong minerals and protein product orders, as well as significant progress in
secured service contracts which has been a strategic focus during the year.
Scott Technology's Interim CEO, Aaron Vanwalleghem, expressed satisfaction with the company's steady
progress. "Despite the challenging macroeconomic environment, marked by inflation, rising interest rates,
and evolving market demands, Scott has demonstrated measured growth. Our MHL and Minerals sectors
have achieved solid results, along with our service and aftermarket business. To build on this momentum,
we have made targeted investments to upscale our facilities and strengthen our market presence,
particularly in North America. This strategic approach positions us to expand in priority markets, seize new
opportunities through market diversification, and fully capitalise on existing prospects.”
ESG update
Scott’s commitment to sustainable growth extends beyond financial success, reflecting its responsibility to
society and the environment. The momentum behind Scott’s ESG strategy has continuously evolved since
its introduction in FY21, with strong engagement across all levels of the organisation and deep support
from both the Board and Executive team. In the past year, Scott conducted an external materiality
assessment, ensuring that its initiatives align with the priorities of customers, stakeholders and its and
wider ecosystem. As part of this ongoing commitment, Scott will release its Climate-Related Disclosure on
November 20, 2024.
Employee safety and wellbeing continues to be the highest priority for Scott. The ‘BeScott’ Health and
Safety programme continues to drive Scott's safety culture and more importantly a significant

improvement across all safety metrics in FY24. Increases in lead indicators such as safety conversations
and near-miss reporting, have led to a decrease in Lost Time Injury’s (LTI), Medical Treatment Injury’s
(MTI) and first aid injuries contributing to an outstanding achievement of a zero Lost Time Injury
Frequency Rate (LTIFR) over the last 12 months. Additionally, Scott continues to offers alternative
pathways into technology through its graduate, internship and apprenticeship programmes which plays a
crucial role in developing technical talent, with a current enrolment of 24 across its operations.
The increased investment in people-led initiatives has resulted in an outstanding eNPS engagement score
of 85% across the group, alongside the highest-ever level of employee engagement survey participation
(80%).
As part of its commitment to encouraging women into engineering, Scott is proud to continue its
partnership with the University of Canterbury Engineering School. After launching the Scott Technology
Women in Engineering Scholarship last year, Scott has now awarded its second scholarship and looks
forward to continuing to support these programmes in FY25 and beyond.

Results overview

Results Snapshot
$M
FY24 FY23 Var % FY22
2
2 Year CAGR
Revenue 276.1 267.5 3%
221.7 12%
Operating EBITDA 30.2 30.4 (0%)
23.9 13%
Non-recurring adjustments
1
(3.8) (0.7) 443%
- 100%
EBITDA 26.4 29.7 (11%)
23.9 5%
Net Profit After Tax 7.7 15.4 (50%)
12.7 (22%)
Dividend per share (cents, declared) 8.0 8.0 0%
8.0 0%
Net Cash / (Debt) (7.3) 12.4 (159%)
3.9
Operating Cash Flow 6.0 20.2 (70%)
6.3

1
Strategic review and refining core business costs (Christchurch appliance operation and Australia industrial automation)
2
Continuing Operations (excludes the Robotworx business divested in FY22)



Revenue for the year increased 3% on the prior year to $276m as Scott’s strategy of generating more
revenue from repeatable core sector products and services delivered core revenue growth of 12% for the
year. In a challenging market, the strategy has enabled measured growth while key investment across the
global operations has positioned the business for market expansion.
The group margin remained in-line with prior year at 27%, despite the sales mix reflecting several lower-
margin, high-value MHL and minerals solutions and reduced volumes in protein.
This strategically driven revenue and margin approach has resulted in stable operating EBITDA of $30.2m
for the period.
Net profit after tax (NPAT) of $7.7m for the period, down 50% on prior year, due to the one-off costs of
$3.8m associated with the strategic review and restructuring costs as part of refining our core business
areas, increased depreciation and amortisation costs of +$2.5m in relation to expanding operational
facilities and investment in fabrication equipment, increased financing costs +$1.7m in relation to higher

effective interest rates on debt, an increase in IFRS16 interest +$0.8m and change in tax legislation
removing allowance for building depreciation +$0.8m.
Operating cash flow for FY24 was $6.0m, down from prior year, due to timing associated with several
significant projects currently underway with cash due to be received in arrears compared with prior period
where several significant projects had received deposits in advance. On a positive note, operating cash in
H2 FY24 was $13.7m showing signs of normalising after cycling several large one-offs. Cash has also been
applied to footprint expansion, targeted pre-build of equipment for FY25, enhancing infrastructure to
support long-term growth and increased dividends and tax payments in the period. This results in the
Group’s total net debt position of $20.1m, slightly ahead of H1 FY24 results.
In recognition of the progress made by the company, the Directors declared a (partially imputed) dividend
of 3.0 cents per share, payable on 20 November 2024, to take the full year total dividend to 8.0 cents. The
Dividend Reinvestment Plan will apply.

Core sectors
Results Snapshot
$M

Revenue
FY24
Margin

%
FY23
Revenue Margin %
Protein 59.9 16.8 28% 76.0 25.4 33%
Minerals 48.8 17.4 36% 41.2 16.6 40%
Materials Handling & Logistics 127.3 28.3 22% 94.3 21.6 23%
Core Business 236.1 62.6 27% 211.4 63.7 30%
Rest Of Business 40.1 10.6 26% 56.1 7.8 14%
Total 276.1 73.2 27% 267.5 71.5 27%

The Scott 2027 strategy emphasises moving from custom-built systems to scalable products has opened
new opportunities, especially in Scott’s core areas MHL, Protein, and Minerals. This focus has seen core
sector revenue grow by 12% in the year and move from 79% to 85% of total group revenue.
Core sector margin has reduced from 30% to 27% due to change in sector mix including several lower-
margin, high-value MHL and minerals solutions and reduced protein volumes. Rest of Business provided
an important margin contribution with a strategic focus on executing selected lower risk projects well.

Materials handling and logistics (MHL)
• This sector largely comprises conveyors, automated palletizing and sortation equipment used in
the warehousing operations of large food manufacturers and related industries. Customers
include industry leaders such as Danone, Pfizer and Pepsico.

• Revenue grew 35% on prior year due to the completion of the ASRS system for Alliance NZ, and
good progress made with JBS Brooks and a large North American potato processor, alongside
continued strong growth in the existing Europe market including the completion of Incom Leone’s
Slovenian ice cream multiline palletising system and reaching the final stages of Clarebout’s new
French facility.

• MHL continues to maintain a significant forward order book of $95m with important deals closed
in Q4 FY24 including Agristo, Danone, Cranswick and a major global potato processing operator in
North America. These deals continue to emphasise the capability the MHL business has in
deploying sophisticated automation systems in a wide range of industries. The addressable market
is large and there is still significant opportunity for continued growth for MHL.

• A key strategic focus area for MHL has been the development of its new moderate-speed to
complement its mid and high speed palletiser solutions and its all-new fleet of modular
Automated Guided Vehicles (AGV) for the growing AGV market in North America that can be easily
tailored to meet customer needs. Go to market of the new AGV fleet is foreseen in H1 FY25.

Minerals
• Anchored off strong and reliable Rocklabs sample preparation sales, the minerals business
continues to be a core part of the Scott group. These products are well proven in the large global
minerals sector and produce high margins.

Revenue in this sector grew by 19%, supported by new product innovations like the Automated
Modular Solution (AMS) for Minerals Resources and the Energise for Caterpillar (also known as the
automated energy transfer systems AETS).

• The launch of AMS has seen strong market engagement with several of the world’s largest mining
companies and commercial labs trialing the demonstration unit with positive results. The MRL
project successfully completed factory acceptance testing with final commissioning at the West
Pilbara mine site scheduled in H1 FY25. This key milestone has seen Scott secured a new modular
order another major mining customer in Australia.

• Margin reduced from 40% to 36% driven by a shift in product mix towards new solutions, added
development costs for AMS and a softer period of Rocklabs' parts sales with reduced sample
throughput via mineral exploration in the labs.

• A renewed focus on product development will position the minerals business to expand into
untapped markets in coming years.

Protein
• This sector largely comprises meat processing equipment which operates in the secondary
processing operation of the large-scale meat processors and related industries. With new product
innovations, this sector has also expanded offering to cater to mid-sized processors such as
grocery stores, supermarkets, and independent butchers.

• While the period included the successful commissioning of the Silver Fern Farms Primal solutions,
a lamb loin deboner unit for ANZCO and repeat poultry trussing units from Costco USA, protein
revenue declined 21% on prior year.

• In the protein sector, Scott faced specific challenges, particularly driven by environmental
conditions impacting cattle supplies in North America and ANZ experiencing reduced lamb
demand and tightened margins for lamb processors.

• Strategically important lamb primal order secured in Oct-24 for JBS in Australia which will
positively contribute to FY25.

• Protein margins were down from 33% to 28% driven by a combination of lower volumes
efficiencies, a shift in the sales mix with reduced BladeStop volumes due to the reasons above and
cycling a large and lucrative development project in FY23. On a positive note, protein service
revenue grew by 20% leveraging the growing installed base from strong prior years of equipment
sales and a focus on having attractive service contract options for Scott’s customers.

• The protein sector has an exciting development roadmap with the recent introduction of the
BladeStop T300 to meet the needs of medium-sized processors such as grocery stores,
supermarkets and independent butchers, improving Scott’s automated lamb system with several
modules that will ultimately integrate into a fully automated processing room and development

on the world’s first fully automated beef boning solution which has a significant addressable
market particularly in North America, home of the largest processing plants.

Service and aftermarket business
Scott’s strategy of building its service and aftermarket business has contributed to 28% of Scott’s total
revenue. As the company’s installed product base continues to expand, more customers are turning to
Scott’s expert technicians and consumables to keep their operations running smoothly. It also provides a
steady, recurring revenue stream with strong margins.
The service and aftermarket business supporting our core segments experienced robust growth of 8%
during the period. This strong performance was driven by significant revenue increases in the protein and
MHL sectors, which grew by 20% and 7% respectively. The growth in protein highlights the strategic
importance of this revenue stream considering softer equipment sales during the period for protein. The
growth in service has been driven by an increased installed base of equipment following several strong
prior years of equipment sales, a focus on developing our value proposition for service and aftermarket
and making service contracts that are attractive to the customer.
Scott sees this important stream continuing to deliver sustainable profitable growth as its customers look
to the specialist skills of Scott technicians to support their own maintenance teams, on Scott’s highly
specialised equipment.
The service business also contains a strong stream of high margin recurring consumables across the
portfolio.
Service continued to deliver strong margins of 35%. This demonstrates the importance of the service and
aftermarket business to the overall performance and profitability of Scott.

Geographical business update:

Results Snapshot FY24 FY23
Var Var %
$M Revenue Revenue
New Zealand 23.4 17.9 5.5 31%
Australia 31.6 45.6 (14.0) (31%)
Europe 117.8 70.8 47.0 66%
North America 75.4 105.8 (30.4) (29%)
China (+RoW) 27.9 27.4 0.5 2%
Group 276.1 267.5 8.6 3%

The Group sells into different geographical regions. Above shows the Group’s revenue from external
customers by geographical location (of the customer).
• New Zealand revenue increased with the Alliance palletisation and Silver Fern Farms lamb
boning room projects were commissioned in H1 and loin deboner for ANZCO in H2. Strong
period for New Zealand service despite softer order in-take from NZ meat processors during the
challenging economic and trade conditions.

• Australia revenue decreased based on the business strategically exiting Industrial Automation
in FY24 and softer Rocklabs part sales through the Australian labs. This was partly offset by the
minerals AMS solution being produced for Mineral Resources.

• Europe experienced significant growth with an impressive number of projects completed and
started during the FY24 for MHL. Also, strong growth in Europe service across both MHL and
BladeStop following with an increasing installed base and good coverage across the region.

• North America cycled a significant appliances project for GEA. Aside from that there was a mix
of strong growth in MHL with the JBS Brooks and a major potato processor company projects
offset by soft demand for BladeStop with beef processors holding capital tight with reduced
cattle supplies and reduced Rocklabs sales via our distributor. Poultry trussing broadly in-line
year on year with installs for Costco in FY23 and FY24.

• China and Rest of the World remained steady with solid workflow of appliance work for China
and a stable minerals business with a focus working with agents in those areas.

ENDS

Aaron Vanwalleghem
Interim CEO
T: +32 55 33 57 41
E a.vanwalleghem@scottautomation.com
Media and investor
Annabel Cotton
Merlin Consulting Ltd
T: +64 27 473 7330
E: annabel@merlinconsulting.co.nz

About Scott
Scott delivers smart automation and robotic solutions that transform industries by making businesses
safer, more productive and more efficient. Our diverse capability makes us the first choice for hundreds of
the world’s leading brands. With design and build operations across Australasia, China, Europe and
America and 110 years of engineering excellence, Scott is the global expert in automation.
Scottautomation.com

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SCOTT TECHNOLOGY LIMITED

Annual
Report
2024





SCOTT TECHNOLOGY LIMITED

Annual
Report
2024

Scott service team onsite during automated lamb processing room commissioning.
Scott Technology Limited

DIVIDEND
Final dividend: 3.0 cents per share (partially imputed)
Record date: 6 November 2024
Payment date: 20 November 2024
ANNUAL MEETING
Wednesday 20 November 2024, 3:00pm
www.virtualmeeting.co.nz/sct24
Proxies close 3:00pm,
Monday 18 November 2024
Stuart McLauchlan
Chairman and Independent Director
02 Financial Performance & Five Year Trend
04 Global Presence
06 Letter from the Chairman
08 Chief Executive Officers' Commentary
12 Extending Our Strategic Horizon into 2027
14 Challenging Marketing Environment and
Continued Refinement
16 Strategic Investments Across the Scott Group
18 MHL Global Foundation Continued Strength
20 Prioritising Technological Excellence and
Market Growth
22 The Evolution of our ESG Strategy
24 Zero Lost Time Injuries: a Milestone in Safety
26 Forging Pathways for Greater Diversity
28 Leadership & Governance
29 Financial report
77 Independent Auditor’s Report
81 Statement of Corporate Governance
88 Statutory Information
94 Remuneration
103 Directors' Responsibility Statement
104 Directory
Dividend reinvestment plan applies to this
payment for shareholders who have elected to
receive shares in lieu of a cash dividend.
The Board of Directors (Board) of Scott Technology
Limited is pleased to present this Annual Report for
the year ended 31 August 2024. It provides a review
of our progress in FY24 and our focus for the financial
year ahead. Strong gains have been made in the
Engineering Scott to High Performance Strategy, it
was with confidence we extended this to 2027.
On behalf of the Board, 17 October 2024.
Annual Report 2024
Page 1
Annual Report 2024
Page 1
CONTENTS
John Thorman
Director

FINANCIAL
PERFORMANCE
Rocklabs opens new facility, more than
doubling footprint of the previous facility.
Automated beef chine striploin trialled
at customer site.
BladeStop T300 at Anuga FoodTec
in Germany.
Materials Handling has record year and
continues strong growth into global markets.
FOCUS ON CORE
BUSINESS DELIVERS
STABILITY & RESILIENCE
The Scott 2027 strategy emphasises growing sales
through product areas where Scott has
established world-leading technology.
Poultry trusser delivers confidence for
key US customer.
Revenue for the year increased 3% on the prior year to $276m
as Scott’s strategy of generating more revenue from repeatable
products and services delivered core revenue growth of 12%
for the year. In a challenging market, the strategy has enabled
measured growth while key investment across the global
operations has positioned the business for market expansion.
The group margin remained in-line with prior year at 27% despite the
sales mix reflecting several lower margin, high value MHL and minerals
solutions and reduced volumes in protein.
This strategically driven revenue and margin approach has resulted in
stable operating EBITDA of $30.2m for the period.
Net profit after tax (NPAT) of $7.7m for the period, down 50% on prior
year, due to the one-off costs of $3.8m associated with the strategic
review and restructuring costs as part of refining our core business areas,
increased leasing costs in relation to expanding operational facilities,
increased financing costs in relation to higher effective interest rates on
debt and a change in tax legislation around building depreciation.
Operating cash flow of $6.0m, down from prior year, due to timing
associated with a number of significant projects currently underway.
Cash is due to be received in arrears compared with prior periods where
a number of significant projects had received deposits in advance.
Cash has also been applied to footprint expansion, targeted pre-build
of equipment for FY25, enhancing infrastructure to support long-term
growth and increased dividends and tax payments made in the period.
This results in the Group’s total net debt position of $20.1m, slightly
ahead of H1 FY24 results.
In recognition of the progress made by the company, the Directors
declared a (partially imputed) dividend of 3.0 cents per share, payable
on 20 November 2024, to take the total full year dividend to 8.0 cents.
Scott Technology Limited
Page 2

RESILIENT EBITDA
$30.2m
85%
REVENUE FROM CORE
STRONG FORWARD
ORDER BOOK OF
$16 0m
Comprising of MHL projects, continued strong minerals and
protein product orders and securing additional service contracts.
LOST TIME INJURY
ZERO
We achieved a 100% reduction in lost-time
injuries (LTIs) compared to FY23, with our
Lost Time Injury Frequency Rate (LTIFR) at
0.00 on 31 August 2024.
20202021202220232024
FINANCIAL$‘000s$‘000s$‘000s$‘000s$‘000s
Revenue174,582206,030221,757267,526 276,125
Operating EBITDA 211 22,112 23,918 30,374 30,225
Net surplus / (loss) after tax(16,955)8,38212,65715,4367,717
Operating cash flow19,56313,426 6,30820,2175,972
Net cash / (overdraft)7,74512,242 3,93512,396(7,325)
Bank loans11,18510,920 11,97012,47512,739
Total assets193,110194,504 206,888253,054243,980
Shareholders' equity92,74098,195 100,406113,899111,721
DIVIDENDS (CENTS PER SHARE)20202021202220232024
Interim
-2.04.04.0 5.0
Final
-4.04.04.0 3.0
EMPLOYEES (NUMBER)20202021202220232024
New Zealand188188198231 225
Australia77869566 52
China35454043 45
Americas56736059 58
Europe257230240257 269
Total613622633656 649
FIVE-YEAR TREND
Strategy of generating revenue from repeatable core products
and services delivers sustainable operating earnings in a
challenging market.
Core sector revenue grew by 12% and moved
from 79% to 85% of total group revenue.
Annual Report 2024
Page 3

GLOBAL PRESENCE
COUNTRIES
OF OPERATION
SCOTT
EMPLOYEES
REPRESENTED
COUNTRIES
CUSTOMERS
SUPPORTED
9 649 30+ 350+
Revenue contribution by manufacturing sites
Australia
Europe
AmericasChina New ZealandRocklabs
7%16%7%4%34%32%
Manufacturing facilities
Sales and office facilities
Scott Technology Limited
Page 4

Authentic Customer Partnerships
Materials Handling
Protein
Minerals
Annual Report 2024
Page 5

*
LETTER FROM THE CHAIRMAN
Stuart McLauchlan, Chairman
On behalf of the Board of Directors, I am pleased to present
Scott Technology’s 2024 Annual Report. The success we have
achieved throughout the year reflects the dedication and
excellence of our employees across the globe, as well as the
strength of our world-class products and technology.
In a challenging global economy, Scott has demonstrated
its resilience and continued growth, a testament to the
commitment of our people. Our diversified product portfolio
has provided stability, while our focus on cultivating authentic
customer partnerships, leveraging cutting-edge technology
and maintaining operational excellence has driven growth
across key markets.
The safety of our employees remains our highest priority.
We are proud to report significant improvements across all
health and safety metrics, most notably achieving a Lost
Time Injury Frequency Rate (LTIFR) of zero in FY24. This
milestone reflects the high-performance safety culture
embedded within Scott, and I congratulate the entire team
for their dedication to this achievement.
As part of our focus on future growth, the Board continues
to support significant investments in both people and
infrastructure. Notable projects include the new Rocklabs
facility and our strengthened presence in North America,
alongside our continued investment in the professional
development of our team.
From apprenticeship pathways to leadership development
programmes, we've continued to invest in our people. Our
commitment to these initiatives drives positive engagement
across the business, which is reflected in our impressive employee
engagement score of 85%, up from a strong 83% in FY23.
I am also pleased to welcome Mike Christman to the Scott team,
who will assume the role of CEO starting on the 29th of October.
Mike brings a wealth of experience and fresh perspective that
will undoubtedly contribute to Scott’s ongoing success.
DIVIDEND
The Board is committed to providing consistent returns to
our shareholders, while ensuring adequate reinvestment into
the business to support long-term growth. As such, we are
pleased to declare a dividend of 3.0 cents per share taking
the full year total to 8.0 cents for FY24, reflecting both our
confidence in the company's financial strength and our focus
on delivering sustainable value.

"In a challenging global economy, Scott
has demonstrated its resilience and
continued growth, a testament to the
commitment of our people.”
– Stuart McLauchlan, Chairman
In line with our strategic focus, the Board is pleased to extend the
Scott 2025 strategy through to 2027, building a robust platform
for long-term sustainable growth. I also want to recognise the
Board’s commitment to advancing our Environmental, Social, and
Governance (ESG) strategy, with a focus on carbon reduction and
sustainable practices, helping Scott lead responsible business
operations in an evolving global landscape.
Despite inflationary pressures and rising costs, we reported
revenues of $276m, up 3%, which reflects both the strong
demand for our products and the effectiveness of our
strategic initiatives. These efforts have helped us preserve
margins, maintain a competitive edge and deliver a stable
operating EBITDA of $30.2m in line with FY23.
Scott Technology Limited
Page 6

GOVERNANCE
Good governance remains at the core of Scott’s success.
The Board is committed to maintaining high standards of
transparency, accountability and ethical practices throughout
our operations. Our ESG framework continues to advance,
driven by active collaboration with our Directors and key
external stakeholders, ensuring our strategy effectively
reflects the priorities of our broader ecosystem.
We look forward to providing further details, including our
carbon reduction initiatives, in our Climate Disclosure Report
on 20 November 2024.
OUTLOOK
Looking ahead, we are confident in Scott’s ability to
sustain its growth trajectory. The ongoing interest from
our global customer base, combined with a strong order
book, demonstrates the continued demand for our
market-leading products and solutions.
Stuart McLauchlan
Chairman and Independent Director
"The investments we have made into the
business, along with the strategic initiatives
embedded in Scott 2027, position us for
sustained success in FY25 and beyond."
– Stuart McLauchlan, Chairman
The investments we have made into the business, along with
the strategic initiatives embedded in Scott 2027, position
us for sustained success in FY25 and beyond. As global
uncertainty persists, Scott will remain agile, adapting to
market conditions while remaining focused on our long-term
vision of being the first choice for businesses worldwide
seeking smart automation and robotics solutions to enhance
their operations' safety, productivity and efficiency.
In closing, I would like to extend my gratitude to the Board for
its ongoing guidance and support. To our employees, thank
you for your hard work and dedication – your commitment
is at the heart of our success. With a clear strategy and a
talented team, we look forward to another year of growth
and achievement.
Stuart McLauchlan, Chairman
Annual Report 2024
Page 7
THE BOARD WELCOMES
NEW CEO,
MIKE CHRISTMAN
We’re thrilled to announce Mike Christman, CEng
MSc as the new CEO of Scott Technology Limited,
starting October 2024. Mike has over 20 years of
experience in automated logistics and materials
handling, and he is coming to us from Vanderlande
B.V., where he has been doing amazing work leading
large teams and driving growth.
Our Chairman, Stuart McLauchlan, says, “Mike brings
a wealth of experience and fresh perspective that will
undoubtedly contribute to Scott’s ongoing success.”
Mike shares our excitement: “I’m honoured to
join Scott and can’t wait to build on its history of
innovation and customer focus. We’re going to do
great things together!”
"I’m honoured to join Scott and
can’t wait to build on its history of
innovation and customer focus. We’re
going to do great things together!"
– Mike Christman
Mike Christman, CEng MSc, incoming Chief Executive Officer
Mike is a Chartered Engineer with a Master’s from
the University of Glasgow and is PMP Certified. Mike
commences his new role on 29 October 2024.

John Kippenberger, Chief Executive Officer, and Aaron Vanwalleghem, Interim Chief Executive Officer.
Scott Technology Limited
Page 8

After a strong FY23, we are pleased to report continued
steady growth in FY24, with revenue reaching $276m, up
+3%. While we observed more measured growth, we remain
focused on our long-term strategy and have made key
investments in our global operations. By extending the award-
winning Scott Strategy through to 2027, we are positioning
the company for sustainable progress in the years ahead.
As we look ahead, we are strategically positioned to grow in
priority markets, seize new opportunities through market
expansion and fully capitalise on the prospects before us. Our
stable financial performance, combined with the extension of
our long-term strategy, reflects a consistent trend of growth,
product innovation and market leadership.
STABILITY THROUGH
ECONOMIC UNCERTAINTY
Scott has consistently demonstrated strong financial discipline
and resilience in a challenging macroeconomic environment
marked by inflation, rising interest rates and evolving market
demands. Despite these challenges, the company has
maintained a stable operating EBITDA of $30.2m. Scott's
ability to balance growth with stability highlights its strength in
navigating uncertainty, while continuing to invest strategically in
key areas of its core business.
Our core Materials Handling & Logistics (MHL) sector
achieved solid growth, with sales revenue increasing by
35%, driven by significant contract wins. Our Minerals sector
also performed strongly, delivering 19% year-over-year
(YOY) growth, in a market affected by decreasing processing
volumes. Although the Protein sector saw a dip of -21%
YOY compared to the record-setting FY23, it continues to
demonstrate strong long-term growth, bolstered by the
implementation of the Scott 2025 strategy. These financial
results underscore our resilience and reinforce Scott’s ability
to remain stable, while successfully navigating shifting
economic landscapes.
"A longer-term vision will better position us
to grow and lead in our markets.”
– John Kippenberger, CEO.
"Our strategic focus on growing the
service and aftermarket business has
not only diversified our revenue but
also strengthened relationships with
key customers.”
– Aaron Vanwalleghem, Interim CEO.
CHIEF EXECUTIVE OFFICERS'
COMMENTARY
SERVICE AS A STRATEGIC
ADVANTAGE
Our Service & Aftermarket business is a key pillar of Scott's
long-term strategy, consistently adding value for both our
customers and shareholders. By ensuring the efficiency and
reliability of our specialised equipment, we empower customers'
enhanced business resilience through top-tier technical support
and proactive maintenance. This ensures greater operational
continuity and reliability for our customers, while also generating
a robust, recurring revenue stream for the company.
This side of the business now makes up 28% of our total
revenue, reflecting impressive growth thanks to our
expanding installed product base and customers increasingly
relying on our expert technicians to support their own
maintenance teams. Additionally, our consumables business
consistently generates steady, recurring income, making the
aftermarket segment a vital part of Scott’s overall success.
By positioning Scott as a long-term partner, we’re helping
customers boost performance, enhance safety initiatives and
drive further product development.
UNLOCKING NEW MARKETS
THROUGH PRODUCTISATION
Transitioning from bespoke engineering to scalable products has
been transformative for Scott, enhancing operational efficiency
and unlocking new market opportunities.
The launch of products like BladeStop T300 has allowed Scott
to expand its reach, targeting mid-small meat processors in the
retail sector. Furthermore, this year’s adoption of BladeStop
products by two premium German car manufacturers highlights
its significant potential in the industrial market.
In the minerals sector, our Automated Modular Solutions
(AMS) are poised to drive future growth as global mining
companies and commercial laboratories increasingly seek
automation to enhance productivity, improve health and
Annual Report 2024
Page 9

John Kippenberger
Chief Executive Officer
(Stepped down 31 August 2024)
Aaron Vanwalleghem
Interim Chief Executive
Officer and President of
Europe & North America
safety and address labour challenges in remote locations.
Also adding to our product pipeline, the MHL team has
been busy finalising the development of our new modular
Automated Guided Vehicle (AGV) offering that can be easily
tailored to meet customer needs.
LEADING IN INNOVATION
TRUSTED BY LEADING
GLOBAL COMPANIES
Scott is proud to deliver its world-leading technology across all
three of our core sectors, as well as in broader business areas,
like appliances, to a range of high-profile blue-chip customers.
In the protein sector, US wholesale giant Costco has recently
installed its third poultry trusser, showcasing our growing
involvement in its operations. MHL secured major contracts
with global food leader Danone, Agristo and Cranswick Country
Foods, while also expanding our footprint in North America with
a leading potato processor. On the minerals side, we continue
to see repeat business from top-tier companies like Rio Tinto,
SGS and MRL. Additionally, our China team has strengthened
its long-standing partnership with Midea by securing two new
production lines in the appliance industry.
These industry leaders trust Scott to deliver innovative solutions
that enhance efficiency, reliability and performance. Our
partnerships with large globally recognised companies are a
testament to the strength of our technology and the significant
value we bring to their businesses.
INNOVATION, GROWTH AND
FUTURE OPPORTUNITIES
As we look to the future, Scott is firmly positioned to continue
leading through innovation, agility and a strong commitment to
our people. Our achievements in FY24 demonstrate not only our
financial strength but also the depth of our strategic foresight as
we extend our vision through 2027.
By investing in scalable solutions, sustainability and market
expansion, we are laying the groundwork for continued
growth. With a focus on empowering our teams and staying
ahead of industry trends, Scott is well equipped to seize new
opportunities and navigate the evolving global landscape.
The future holds immense potential, and we are confident in our
ability to deliver transformative technology that benefits both
our customers and the ecosystems we operate within.
"Our partnerships with large globally
recognised companies are a testament to the
strength of our technology and the significant
value we bring to their businesses.”
– Aaron Vanwalleghem, Interim CEO.
Automation is a key driver of efficiency which is fundamental to
sustainability. Scott is committed to delivering energy-efficient,
environmentally friendly solutions that maximise yield, reduce
waste and, ultimately, lower carbon footprints across the
industries in which we operate.
We have partnered with Caterpillar to integrate our proprietary
Robofuel technology into the battery charging process for their
large electric mining trucks. This innovative Automated Energy
Transfer System (AETS) will be pivotal in facilitating the transition
to electric mining vehicles and significantly accelerating carbon
emission reductions across mining operations.
Building on this commitment, we’ve also made significant
progress in mapping out our own Greenhouse Gas Emissions for
FY23 and FY24. This groundwork has enabled us to set Scope 1
and Scope 2 reduction targets. We look forward to sharing these
results, along with our broader carbon reduction strategy, in our
Climate Disclosure Report on 20 November 2024.
Executives review NexBot modular AGV prototype
Scott Technology Limited
Page 10

Rocklabs AMS Prep Line, automated dosing and fluxing (ADF) module.
Annual Report 2024
Page 11

EXTENDING OUR STRATEGIC
HORIZON INTO 2027
STRATEGY UPDATE & OUTLOOK
Our mission is to deliver
smart automation solutions
that transform industries.
Robust Global
Platforms
Authentic Customer
Partnerships
One Scott
Operational
Excellence
Leading-edge
Technology
"It made perfect sense for the Board and
Executive team to extend the strategic
horizon while maintaining our purpose
and direction."
– John Kippenberger, CEO
Scott’s commitment to the Engineering Scott to High
Performance 2020 - 2025 Strategy, which has driven
sustainable growth and leadership across core sectors, has
led to the extension of the strategy through 2027.
“We are increasingly engaging with our customers to address
their current and future operational needs. Our customers
are global leaders within their sectors and being an integral
part of their capital and investment planning over the next
five to seven years is an absolute privilege,” says CEO John
Kippenberger.
“The Scott 2025 strategy remains highly relevant to the
world we operate in today. The growth opportunities
within our target sectors are still attractive and attainable.
It made perfect sense for the Board and Executive team
to extend the strategic horizon while maintaining our
purpose and direction.”
MILESTONES AND MARKET
LEADERSHIP
Since adopting the current strategy, Scott has achieved
significant milestones, reinforcing its capabilities and vision.
A notable achievement has been the transition from bespoke
engineering systems to productisation, which has been
fundamental in solidifying its market position. By packaging
industry-leading technology into scalable products where
there is a large addressable market, Scott has opened
new avenues for growth, capturing a broader market and
expanding with current customers.
The integration of widespread global divisions under the One
Scott strategy has fostered a unified culture, enabling the
company to harness the strengths of diverse markets, while
respecting the unique identities of its global teams.
“Through One Scott, we embraced regional cultures and
histories instead of reshaping them. The strategy emphasised
desired behaviours, while allowing teams to maintain their
unique identities, reflecting their people, history and values.
This approach has empowered us to drive a cohesive mission
focused on shared values and collaborative success,” says
Kippenberger. “Continuing to foster a diverse and inclusive
workforce will remain paramount to our future success.”
Scott Technology Limited
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“I also want to highlight the remarkable strides our teams
have made in health and safety, improving organisational
wellbeing and creating an inclusive environment where, as
our eNPS surveys show, our employees feel engaged and
valued. This commitment to health and safety has enhanced
our organisational culture, serving as a strong motivator for
customers and stakeholders,” concludes Kippenberger.
BEYOND THE NEAR TERM
As Scott embraces the extension of its strategic vision, it
will remain committed to reinforcing the core tenets of its
strategy, while being adaptable and forward thinking.
“Our focus remains resolute on understanding market
demands and developing innovative solutions that resonate
with our customers. By fostering a culture of engagement and
collaboration, we can harness the collective ingenuity of our
talented teams to push the boundaries of excellence,”
says Kippenberger.
“The dedication of our people will continue to be pivotal to
our success. Their commitment has been the cornerstone of
our achievements, and fostering an engaged workforce will
lead to greater innovation, agility and better outcomes for
our customers and stakeholders,” concludes Kippenberger.
CHARTING THE COURSE INTO 2027
As Scott extends its strategy to 2027, several strategic initiatives
will guide its path forward:
Enhanced Productisation and Modularisation
Scott will refine product development, focusing on high-
demand solutions like BladeStop, poultry trussing and the
minerals range. By modularising its innovations, such as
Rocklabs' AMS, the AGV fleet and its red meat processing
portfolio, Scott will improve serviceability, sustainability
and customer engagement, while reducing engineering
time, project risk and strengthening its reputation as an
innovative partner.
Sustainability Leadership
Scott will prioritise innovations that enhance energy
efficiency and yield, reducing both its own and its customers’
environmental impact. Established partnerships with
industry leaders will enable Scott to steer the course towards
a sustainable future in various sectors, including mining,
logistics and food production.
Data-driven Automation
Scott is continuously integrating data-driven automation
into its workflows to boost efficiency and enhance product
offerings. This includes solutions such as Machine Learning
for accurate lamb processing, Maestro+ for warehouse
optimisation and management, BladeStop Connect for
real-time system monitoring, and Remote Diagnostics
for proactive maintenance through data-driven analysis.
Additionally, SLAM (Simultaneous Localisation and Mapping)
systems enhance the navigation capabilities for AGVs,
enabling reliable and efficient autonomous operations.
"This commitment to health and safety
has enhanced our organisational culture,
serving as a strong motivator
for customers and stakeholders,"
– John Kippenberger, CEO
"By fostering a culture of engagement and
collaboration, we can harness the collective
ingenuity of our talented teams to push the
boundaries of excellence."
– John Kippenberger, CEO
BladeStop saws ready for shipment.
Annual Report 2024
Page 13

CHALLENGING MARKET ENVIRONMENT
AND CONTINUED REFINEMENT
MARKET ENVIRONMENT
"Despite external challenges, Scott
has managed to maintain its revenue
and EBITDA levels, demonstrating the
effectiveness of its productisation
strategy and the company's ability
to face challenges.”
– Aaron Vanwalleghem, Interim CEO
Scott has navigated external pressures in the past fiscal year,
including inflation, rising interest rates and a business decision
slow down often linked to election cycles and global political
uncertainty. Despite these hurdles, Scott has demonstrated
resilience, maintaining stable market performance through
strategic refinement and operational agility.
Interim CEO and President of Europe & North America Aaron
Vanwalleghem, remarked, “Despite external challenges, Scott
has managed to grow its revenue and maintain EBITDA levels,
demonstrating the effectiveness of its productisation strategy
and the company's ability to face challenges.”
TECH-DRIVEN GROWTH IN
CHANGING MARKETS
The protein industry has historically experienced ongoing
transformations, driven by changing consumer demands,
environmental factors and changing market dynamics.
Commenting on these industry trends, Vanwalleghem
explained, "If we take the North American market as an
example, it is currently facing a 73-year low herd size due to
drought conditions reducing grazeable land. While tight cattle
supplies have led to increased red meat prices, inflation-weary
consumers have turned to other proteins, such as poultry.”
Recognising the long-term growth potential in poultry, Scott has
worked in this protein sub-sector for several years, investing in
innovation to help processors meet rising market demand. This
commitment forms part of Scott’s broader strategy to diversify
its technology offering and build resilience across multiple
protein markets. A strong example is the recent third installation
of Scott’s Poultry Trussing System at Costco.
This first-of-its-kind automated trusser machine transforms
a traditionally labour-intensive process, enhancing consistency,
AMS sample prep line cobot weighs sample prior to crushing.
Scott Technology Limited
Page 14

Core business revenue growth year over year
setting new health and safety standards, improving operator
conditions and reducing repetitive strain injuries. Capable of
trussing up to 96 birds per minute, it ensures high-quality output
and optimised efficiency in the chicken rotisserie market.
“We’ve cultivated a strong partnership with Costco and it’s
exciting to see it continuing to invest in our technology,” says
Vanwalleghem. “Our commitment to ongoing innovation is
setting the stage for a future where automation drives significant
advancements across the global protein sector.”
in Western Australia, demonstrating Scott’s commitment to
efficiency and safety in the minerals sector.
REFINING CORE BUSINESS AREAS
In recent years, an increasing number of Scott’s appliance
design and build contracts have come from Chinese companies,
including global brands such as Midea and Little Swan.
Consequently, Scott has consolidated its Christchurch appliance
operations into the Qingdao facility to drive future growth.
Vanwalleghem notes, “While the appliances sector thrived
during strong cycles, it struggled in market down turns due to
the need to remain price-competitive from New Zealand.”
Additionally, Scott has discontinued its general industrial
automation (IA) operations in Australia, as this sector no longer
aligned with the Scott 2027 plan. Representing less than 2% of
group revenue and marked by high competition and low barriers
to entry, Scott will now focus on growing the more profitable
core sectors in Australia.
POSITIONED FOR SUSTAINED GROWTH
Scott will focus on its refined core offerings that are aligned
with the company’s strategic vision. By maintaining stability
through FY24’s external challenges and refining its focus in core
sectors, Scott remains well positioned to continue seizing future
opportunities.
Vanwalleghem sums up, “Our focus is on aligning our core
offerings with Scott Technology’s strategic vision. We are well
prepared to face challenges and seize opportunities as we move
forward into the next phase of growth.”
STRENGTH IN THE MINERALS SECTOR
The overall minerals sector has seen an approximately 30%
reduction in processing volumes due to market demand shifts
and a slow down in exploration investment.
Despite these challenges, Scott’s minerals business has continued
to perform well, with a 19% growth in revenue, due to its
established market-leading position and high product quality.
“Our expansive service offerings through our agent network have
helped us navigate these conditions,” says Vanwalleghem.
One key success has been the launch of the Automated Modular
Solutions (AMS), which debuted 18 months ago. Recently, Scott
completed factory acceptance testing for the MRL project
"Our commitment to ongoing innovation
is setting the stage for a future where
automation drives significant advancements
across the global protein sector.
– Aaron Vanwalleghem, Interim CEO
CORE
85%
NON
15%
CORE
75%
NON
25%
MHL
PROTEIN
MINERALS
REST OF
BUSINESS
FY22FY23FY24
+33%
+35%
+4%
+2%
$55m
$40m
$70m
$57m
$56m
$41m
$94m
$76m
$40m
$49m
$127m
$60m
-21%
+35%
+19%
-29%
Annual Report 2024
Page 15

Werner Conradie, Rocklabs GM, presents at the Rocklabs facility opening.
Scott Technology Limited
Page 16

As Scott experiences ongoing growth, the company
announced significant investments to further strengthen
its market position. This commitment to excellence is
demonstrated through strategic decisions to upgrade
facilities and bolster its sales force – particularly in the
high growth market of North America.
UPGRADING THE ROCKLABS
FACILITY
One of the cornerstone investments of the growth strategy
this year has been the enhancement of the Rocklabs facility
located in Auckland, New Zealand.
“This world-class facility reflects the world-leading company
that Rocklabs has become,” remarked Casey Jenkins, GM –
People, ESG & Marketing & President Scott Mining.
The new facility presents additional floor space that will
facilitate growth in several critical areas. It will not only support
growth of the core Rocklabs product range – such as crushing,
pulverising and milling equipment – but also accommodate
future growth of the newly established Automated Modular
Solutions (AMS) line.
“The expansion aligns with the company’s commitment to
innovation by providing more room for innovation, which is
vital for maintaining a competitive edge,” adds Jenkins.
The investment in the Rocklabs facility underscores Scott’s
long-term vision to deliver quality and safety for its global
customer base, ultimately leading to increased operational
efficiency. The ability to scale production capabilities
enables the company to respond swiftly to market demand,
further strengthening its reputation as a leader in the
minerals sector.
STRATEGIC INVESTMENTS ACROSS
THE SCOTT GROUP
FUTURE GROWTH
TARGETED GROWTH IN
NORTH AMERICA
In conjunction with facility upgrades, Scott placed a targeted
emphasis on expanding its presence in the North American
market, identified as one of the most significant opportunities
for growth. To facilitate this strategic focus, the company
appointed Mark Host as Vice President of Sales – Global Protein,
strategically placing him in North America.
Mark brings over 25 years of experience in various food
processing categories, where he has proven to be instrumental
in helping processors enhance worker safety, improve
processing yields and increase overall profitability.
In his new role at Scott, Mark is leading global sales efforts for
the protein sector, utilising his extensive experience to drive
growth and reinforce Scott Technology's market position. Under
his leadership, the company aims to strengthen connections
with customers and partners. Additionally, a new distributor has
been signed in the US, further enhancing the company’s reach
and supporting strategic goals in this pivotal market.
COMMITMENT TO PEOPLE
DEVELOPMENT
Investing in our people is equally essential to Scott, as the
company recognises that a strong, engaged and diverse team
is crucial for sustained success. To that end, the company has
launched its Leadership Development Programme aimed at
identifying and nurturing existing talent within the organisation.
The 16-week programme has successfully engaged 37
individuals from the New Zealand operations and has garnered
positive feedback for its impact on professional growth. The
programme is designed to empower individuals to take on
roles that require greater responsibility and decision-making. In
addition to fostering leadership, Scott continues to bolster its
talent acquisition strategies through various initiatives, including
women in engineering scholarships, graduate programmes and
apprenticeship schemes.
Casey Jenkins emphasises, “Following successful initiatives
in Australia and New Zealand, we aim to extend this
programme globally. With strong internal promotion
opportunities and an engagement score of 85%, it is evident
that the company’s commitment to talent development
resonates well with our teams."
"The expansion aligns with the company’s
commitment to innovation by providing
more room for innovation, which is vital for
maintaining a competitive edge.”
– Casey Jenkins, GM – People, ESG &
Marketing & President Scott Mining
Annual Report 2024
Page 17

MHL GLOBAL FOUNDATION
CONTINUED STRENGTH
MATERIALS HANDLING
"We have a legacy of over 60 years in
business, which has allowed us to
consistently secure large projects with
major operators."
–
Frédéric Hermier, Director of Materials Handling
Scott’s Materials Handling & Logistics (MHL) sector has
gained tremendous momentum across FY24, with significant
deals closed, including Agristo, Danone, Cranswick and a
major global potato processing operator in North America.
The division’s roots can be traced back to the 1960s, when it
was part of a US company before becoming an independent
entity in Europe in the 1980s. Frédéric Hermier, Director of
MHL explains, "We have a legacy of over 60 years in business,
which has allowed us to consistently secure large projects with
major operators."
In addition to this, MHL is also finalising the development of
its AGV project, designed to drastically reduce engineering
time and costs. "The AGV is built with a modular approach,"
explains Hermier, "allowing for a customisable back end that
meets diverse customer needs, while the front end remains
standardised, improving cost-efficiency." This new approach
is expected to reduce engineering costs by up to 80%, making
the company more competitive in the global market.
As Hermier puts it, "These innovations not only reinforce our
position as a leader in automation but also ensure we are
continuously evolving to meet the changing needs of our
customers globally."
CUSTOMER COLLABORATIONS
POWERING GLOBAL EXPANSION
MHL’s ability to deliver world-class solutions is underscored
by its growing list of high-profile customers, including
Danone and Cranswick Country Foods. Danone, a global
leader in the food and beverage industry, has engaged
MHL for a fifth project in Europe, automating the palletising
processes at its Poland plant. This new installation
incorporates multiple PAL 4.0 systems.
Cranswick Country Foods, a leading UK-based meat
producer, is another example of MHL's impact. The company
is extending its Hull facility with advanced freezing and
palletising automation, supplied by MHL. According to Aaron
Vanwalleghem, interim CEO of Scott Technology, these
projects, "Demonstrate Scott’s capability to deliver industry-
leading automation solutions that enhance production
capacities and operational efficiencies."
MHL’s success is reflected in its financial performance as
well. Recent contracts totalling $30m (€17m) underscore
the company’s ability to secure significant deals and execute
large-scale projects.
Hermier sums up the division’s strategic priorities: "Our goal
is to continue growing, focusing on both European excellence
and North American expansion, ensuring that we remain the
market preference for automation solutions globally."
MHL’s combination of legacy expertise, cutting-edge
technology and strategic market focus, positions the
company well for sustained growth and industry leadership
in the years ahead.
While the European foundation has remained central to
the division’s growth strategy, with new technologies in
development and Scott’s ever-growing global market presence,
the business line is increasingly expanding into new territories.
INNOVATION DRIVING MHL’S
FUTURE GROWTH
At the core of MHL’s success is its continuous drive for
innovation, exemplified by the development of its new
moderate-speed palletiser and its all-new fleet of modular
Automated Guided Vehicles (AGVs) – both of which are expected
to launch in early 2025.
As Hermier notes, "The palletising market is divided into
moderate-speed, mid-speed and high-speed segments
and, while we’ve excelled in mid-speed and high-speed
solutions, entering the moderate-speed market is vital for our
competitiveness. The new solution targets industries such
as food production, including bakery and dairy sectors, that
operate on smaller production lines or require specialised
palletising solutions.
Hermier emphasises that, "Moderate speed does not
mean low cost or small investments," pointing out that this
segment accounts for 20-30% of the total project cost. The
new moderate speed palletiser will focus on row and layer
preparation, allowing for a smaller machine footprint, making
it ideal for facilities with limited space.
Scott Technology Limited
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Scott Pal 4.0 set up at our Charlotte facility to provide demonstrations to the North American market.Conveyor network for Scott multi-line palletising solution.
Annual Report 2024
Page 19

Scott Automated Poultry Trusser installed at customer site in US.
Scott Technology Limited
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PRIORITISING TECHNOLOGICAL
EXCELLENCE AND MARKET GROWTH
PROTEIN
Since pioneering the first Automated Lamb Processing
Technology in the 2000s, Scott has consistently pushed the
boundaries of innovation in the protein sector, cementing its
reputation as an industry leader. The technology continues
to deliver cutting-edge solutions, leveraging state-of-the-art
x-ray and vision systems, combined with machine learning to
drive unprecedented precision and yield.
Scott expanded its technological portfolio with key innovations
such as BladeStop, setting new global benchmarks for operator
safety and operational efficiency. In 2020, Scott further
advanced the sector with the launch of the Automated Poultry
Trusser, enhancing productivity in poultry processing. The
company's forward-thinking approach is also transforming beef
processing through the LEAP4Beef programme, with a focus
on developing an automated beef boning system, offering
processors improved efficiency, yield and increased value.
“With each breakthrough, Scott continues to lead the charge in
automating meat processing, always prioritising technological
excellence, safety and operational optimisation across the
global protein industry,” says Andrew Arnold, General Manager
of New Zealand.
EXPANDING MARKET REACH
Scott’s ability to innovate has enabled the company to
secure an impressive list of customers, including large-scale
meat processors like JBS, Tyson, Cargill, Costco, Pilgrims and
Walmart. The company is now opening up to more growth
opportunities through its range of world-leading BladeStop
safety bandsaw products.
The recent introduction of the BladeStop T300 represents
Scott’s latest innovation, designed to meet the needs of
medium-sized processors such as grocery stores, supermarkets
and independent butchers.
Mark Host, Vice President of Sales – Global Protein notes
that, "Scott received feedback to develop a smaller saw with
a more aggressive price point. So, we did that with the T300.
This product's introduction has expanded Scott’s reach by
addressing new market segments, while continuing to support
existing customers.”
Host further comments that, "The runway for growth in the
protein sector is massive, and our products offer a strong
value proposition — and benefits that also span across the
industrial market."
FUTURE INNOVATION AND GLOBAL
OPPORTUNITIES
Scott continues to innovate with several promising products in
development. One notable project is a beef automation solution
specifically designed for large-scale processing plants.
According to Andrew Arnold, "While we've been finalising our
automated lamb system with several modules that will ultimately
integrate into a fully automated processing room, we’ve also
been working on beef automation in parallel. Additionally, we are
expanding into poultry processing, which led to the creation of
our poultry trusser currently adopted by Pilgrims and Costco."
Although much of the current development in the red meats
sector focuses on New Zealand and Australia, the primary target
market is the US, home to the largest processing plants handling
the highest volume of product.
"The runway for growth in the protein sector
is massive, and our products offer a strong
value proposition."
– Mark Host, Vice President of Sales – Global Protein
"The beef automation solution is being
designed with a global perspective,
ensuring its relevance across all markets."
– Andrew Arnold, GM of New Zealand
Beef striploin chine development trials at customer site.
“The beef automation solution is being designed with a global
perspective, ensuring its relevance across all markets, particularly
for prime beef. While the project is still in its early phases, it
represents a significant global opportunity. The machinery is
being carefully designed to meet the demands of diverse markets
around the world,” concludes Arnold.
Scott’s growth strategy is anchored in its ability to innovate
across industries, allowing the company to remain competitive
in an ever-evolving market, while pushing the boundaries of
technology.
Annual Report 2024
Page 21

Automated energy transfer solution for Caterpillar (Energize).
THE EVOLUTION OF OUR ESG STRATEGY
SUSTAINABILITY
Scott Technology’s Environmental, Social, and Governance
(ESG) journey began in 2021 in partnership with sustainability
experts Tadpole, initially focusing on measuring greenhouse
gas (GHG) emissions. This foundational step marked the start
of a comprehensive effort to integrate sustainable practices
across Scott's global operations. This year represents a
significant milestone, highlighting the company’s ongoing
commitment to sustainability and meaningful action.
Scott has made significant progress by evolving its
sustainability frameworks, expanding carbon footprint
measurement across its global operations and setting
emissions reduction targets. The company aims to foster
transparency, align with stakeholder priorities and make
informed decisions that drive long-term positive impact.
EMBRACING DOUBLE MATERIALITY
ASSESSMENT
To ensure Scott’s sustainability efforts align with stakeholder
priorities, it worked with Tadpole to conduct an external
materiality assessment, building on an assessment completed
in 2021. The original internal assessment laid the foundation
for Scott’s ESG strategy, and this new assessment marked an
important milestone in evolving the company’s focus areas.
Scott adopted a Double Materiality Assessment to gain
insights into both the financial and non-financial impacts of
its operations, giving each equal consideration. The term
‘Double Materiality’ reflects the dual perspectives employed
to achieve a more holistic understanding:
The first perspective, Impact Materiality (Inside-Out) analyses
insights into the societal and environmental impacts that
are directly linked to Scott’s operation and value chain by
evaluating the scale of its impact (health, environmental and
societal factors), the scope (number of individuals affected)
and irremediability (the company’s ability to address and
resolve issues).
The second perspective, called Financial Materiality (Outside-In),
focuses on assessing external factors that could affect Scott's
"We engaged with our stakeholders
gathering their perspectives to understand
what matters most to them."
– Casey Jenkins, GM – People, ESG &
Marketing & President Scott Mining
Scott Technology Limited
Page 22

financial performance. This involves considering the size of
potential financial impacts, such as the magnitude of risks or
opportunities posed by external events. It also assesses the
likelihood of these impacts occurring.
“By integrating these two perspectives, we can better
understand and manage our organisation's overall impact and
risks, leading to more informed decision-making and sustainable
practices,” adds Jenkins.
As part of this year’s assessment, Scott gathered valuable
insights through horizon scans, surveys and interviews with
customers, suppliers, employees, Directors and industry bodies.
This informed the continuous development of the company’s
Materiality Matrix. This more rigorous approach allowed Scott to
refine its ESG strategy, focusing on the areas most critical to its
broader ecosystem.
“After three years of executing our ESG strategy, we recognised
the importance of working closely with our broader ecosystem
to ensure alignment with stakeholder priorities,” says Casey
Jenkins. “We engaged with our stakeholders, gathering their
perspectives and were able to evolve our Materiality Matrix to
highlight the key areas of focus for our ESG initiatives.”
EXPANDING OUR CARBON
FOOTPRINT MEASUREMENT
Over the past 12 months, Scott has been diligently working on
its carbon management plan, collecting and analysing data to
measure its emissions for FY23 and FY24. These efforts have laid
the foundation for Scott’s emissions reduction strategy, which
is currently under development. Scott is pleased to announce
that its analysis so far has enabled it to set a Scope 1 and Scope 2
emissions reduction target.
On 20 November, Scott will present the details of this target,
along with its latest carbon footprint measurements, in its
Climate Disclosure Report. This report will also include key
initiatives and additional reduction goals to further progress
Scott’s carbon reduction journey.
Scott initially focused on its operations in Europe, Australia
and New Zealand, selecting FY22 as its baseline to avoid the
operational distortions caused by the COVID-19 pandemic. This
baseline has provided a solid foundation for Scott’s long-term
strategy of building a low-impact, climate-resilient business.
In FY23, Scott reported its carbon footprint analysis to cover
operations across China and the US, marking the first time the
company mapped its global emissions entirely. The analysis
revealed total emissions of 4,579 tonnes of CO
2
e, with the top
three key contributors being materials, electricity and transport
fuel – with EU business being the largest contributor.
“Over the last three years, our ESG approach has become more
sophisticated with better tools, more resources and a clearer
path forward. It's exciting to see how far we've come and where
we are headed,” says Casey Jenkins, Casey Jenkins, GM – People,
ESG & Marketing & President Scott Mining.
“Additionally, we have begun calculating our Scope 3 emissions,
with a focus on better understanding and mitigating emissions
from our supply chain,” adds Casey Jenkins.
Scott will continue refining its carbon management
strategy and modelling emissions reduction opportunities
to help set meaningful targets aligned with its
sustainability goals. The Climate Disclosure Report will
provide further information on these targets, along with
updates on the key focus areas identified.
Casey Jenkins concludes: “The journey towards achieving our
carbon reduction goals is full of opportunity. We are excited to
share more in our 20 November Climate Disclosure Report.”
2024 Double Materiality Matrix
"The journey towards achieving our carbon
reduction goals is full of opportunity".
– Casey Jenkins, GM – People & ESG &
Marketing & President Scott Mining
PEOPLE
1 Customers
2 People
PURPOSE
3 Governance
4 Product innovation
5 Storytelling &
Communication
PLACE
6 Sustainable
Procurement
7 Climate Change
8 GHG Emissions
9 Nature
10 Resource Management
11 Community
Importance to stakeholders
Importance and impact on business success
11
5
7
8
9
6
3
4
1
2
10
Annual Report 2024
Page 23

ZERO LOST TIME INJURIES:
A MILESTONE IN SAFETY
At Scott, people are at the core of its business and One Scott
continues to be a fundamental part of our overall strategy and
ESG framework. Central to this is an unwavering commitment
to employee health and safety. Given the nature of the
manufacturing sector in which Scott operates, it developed a
comprehensive health and safety strategy that is continually
evolving to safeguard its people.
In FY24, Scott health and safety performance has hit a notable
milestone, particularly in reducing injuries and fostering
proactive engagement, with a 100% reduction in lost time
injuries (LTIs), marking a significant step in the company’s drive
towards building a work environment free from harm.
“Through evolving preventative measures, Scott is creating a
safer and more secure work environment,” says Casey Jenkins,
GM – People, ESG & Marketing & President Scott Mining. “Scott
continues to focus on driving a high-performing safety culture.
We are fostering an environment where every team member
feels safe, cared for and empowered to look after one another.”
HEALTH & SAFETY
10 0 %
REDUCTION IN
LOST TIME INJURIES
IN FY24

ISO
45001

CERTIFICATION ACHIEVED
IN AUCKLAND, CHINA, CZECH
REPUBLIC AND BELGIUM.
Scott Technology Limited
Page 24
'Be Scott' branding on site, supports high performance safety culture.

ADVANCING GLOBAL SAFETY
STANDARDS
Another key achievement for Scott this year is the continued
success of our ISO45001 certification programme. This
internationally recognised standard for occupational health and
safety management systems was achieved at several of our sites,
including Auckland, China and the Czech Republic, with Belgium
also gaining certification in March.
“This certification not only validates our internal efforts but
also enhances our organisation's credibility and commitment
to safety excellence, positioning us strongly with external
stakeholders and customers,” adds Jenkins.
“These results reflect the strength of our safety initiatives and
our unwavering commitment to continuous improvement across
all areas of health and safety and building an environment that is
free from harm,” concludes Jenkins.
CRITICAL RISK
FRAMEWORK
Managing critical risks remains a fundamental part of
our health and safety strategy. Scott has identified eight
critical risks that could potentially cause serious harm to
our employees: Mobile plant, falling objects, fixed plant,
suspended loads, hazardous substances, potential energy,
working at heights and driving.
“Effective management of these critical
risks is essential to our overall strategy and
commitment to the safety and wellbeing
of all employees. Each member of the
Executive team sponsors a specific critical
risk area, reinforcing accountability and
leadership in risk management.”

– Kaisa Liu, Group Health and Safety Manager
INNOVATING SAFETY ENGAGEMENT
This year marked the third Stop for Safety event, a global
initiative that pauses operations to recognise outstanding
achievements in, and facilitating a wider discussion around,
health and safety – with Auckland’s Rocklabs site taking out
2023 Outstanding Performance winner, followed closely by the
Qingdao, Podivin and Dunedin sites.
In parallel, Scott’s use of the BeScott Health & Safety App across
the global Group has allowed the company to further digitise
its safety efforts. Through the app, 948 hazards were reported
in FY24. The app has also played a critical role in improving
near-miss reporting, which has improved by 14%, underscoring
the proactive safety culture within the organisation.
Leadership engagement has increased, with senior leaders
initiating 475 safety conversations this year, a 12% increase on
last year, further embedding safety into everyday operations.
The Safe Mate programme, which encourages peer
recognition for positive safety behaviours, has also seen
increased participation, demonstrating that employees across
the organisation are actively contributing to creating safer
working environments.
475
SAFETY DISCUSSIONS
LED BY EXECUTIVES
AND MANAGEMENT
14%
INCREASE IN
NEAR-MISS REPORTING
& 8% DECREASE IN
HAZARDS REPORTED
(FY24: 948, FY23: 1,035)
12 %
INCREASE IN SAFETY
CONVERSATIONS INITIATED BY
SENIOR LEADERS
15%
INCREASE IN SAFE MATE
NOMINATIONS ACROSS THE
GROUP (FY24: 78, FY23: 68)
Annual Report 2024
Page 25

FORGING PATHWAYS
FOR GREATER DIVERSITY
PEOPLE
"New solutions demand new ways of thinking,
and a diverse team is essential to reflect our
global customer base and drive innovation."
– Casey Jenkins, GM – People, ESG & Marketing
& President Scott Mining
As a global business, Scott embraces cultural diversity and
recognises the backgrounds within its organisation. Scott’s
core belief is that 'diverse minds create diverse solutions.'
Through targeted recruitment initiatives and programmes
that encourage more women to enter engineering, Scott
is striving to achieve a more gender-diverse workforce,
particularly in technical roles and leadership positions.
“When it comes to gender diversity, we are proud of our
progress to date, however, our journey is only just beginning,”
says Casey Jenkins GM – People, ESG & Marketing &
President Scott Mining. “New solutions demand new ways of
thinking, and a diverse team is essential to reflect our global
customer base and drive innovation.”
student s to solve real-world problems through robotics, ranging
from football games to rescue missions and performing arts.
"Over the years of sponsoring this event, we’ve noticed an
encouraging trend of increased female participation," says
Jenkins. "We believe this involvement will lead to more young
women pursuing careers in STEM and contributing to the future
of innovation."
In the tertiary education sector, Scott has strengthened
its commitment to gender diversity by partnering with
the University of Canterbury, renowned for producing top
engineering graduates. Together, they launched the Scott
Technology Women in Engineering Scholarship, aimed at
supporting female engineering students. The scholarship covers
up to $5,000 in fees, provides a $1,000 stipend and offers a
paid internship at Scott. Now in its second year, the initiative is
helping pave the way for more women to enter the engineering
profession, fostering a more inclusive future in the industry.
In August, the Scott Technology Women in Engineering
Scholarship was awarded to Molly Newman. Studying a
Bachelor of Engineering specialising in Mechatronics, Molly
is passionate about technology and the impact it has in
transforming the world around us.
“Molly was one of several incredible applicants we received,
and it is wonderful to see so many young women thriving in
Scott continues its sponsorship of RoboCup Junior, a school-
based competition designed to inspire young students to engage
with, and pursue careers in, science, technology, engineering,
and mathematics (STEM). The event challenges school-aged
Scott Technology Limited
Page 26
Scott China leadership team

A MILESTONE
IN CHINA
The Scott office in China stands out, having achieved
a remarkable 50/50 gender leadership balance.
This achievement highlights the success of Scott’s
commitment to gender diversity, particularly in a region
where such balance is often
rare in leadership roles.
"Breaking down barriers to gender diversity in
technology is not just about fairness – it's about
innovation. By creating inclusive environments
and providing opportunities for women to
thrive, we can unlock the full potential of our
teams and drive the industry forward."
– Cathy Zhang, Regional Director, China
"An apprenticeship teaches you far
more practical skills than you can learn
in a classroom."
– Heather Robertson, Service Engineer
engineering. Molly's leadership and passion for women in
engineering impressed the panel and we not only look forward
to supporting her over the next few years but also seeing the
impact she will make,” says Jenkins.
"This scholarship's acknowledgement of the role that
diversity and inclusion can play in the success of engineering
is incredibly motivating." shares Molly Newman, 2024
Scholarship recipient.
In addition to scholarships, Scott offers alternative pathways
into technology through our apprenticeship programme,
which plays a crucial role in developing technical talent.
“At Scott, we understand that people have different learning
styles, and our apprenticeship programme provides a
valuable, hands-on pathway for individuals to develop their
technical skills. These apprentices not only stay with the
company but also grow and thrive, achieving remarkable
career milestones. It’s important to us to create opportunities
for success, recognising the diverse talents and potential that
exist outside traditional academic routes," notes Jenkins.
APPRENTICESHIP PATHWAY:
FROM ROBOCUP TO SCOTT
Heather Robertson’s career in engineering began with a
passion for robotics, sparked by her participation in RoboCup,
a school-based robotics competition sponsored by Scott. This
early exposure, coupled with a personal connection, led her
to pursue an apprenticeship at Scott in 2018.
"I didn’t know much about robotics at first but I loved it from
the start and never looked back," she says.
Competing in RoboCup throughout high school, Heather
excelled in categories like theatre, soccer and rescue, winning
multiple events. She first learned about Scott’s apprenticeship
programme from Donald Liddell, a Scott employee who
judged RoboCup. Encouraged by Donald, she applied and
was accepted. "I didn’t fully understand what an electrical
apprenticeship involved but I knew I wanted to work at Scott
because of their robotics work," Heather explains.
Her apprenticeship provided valuable hands-on experience,
including building machines like the lamb primal (a machine for
processing lamb) and maintaining older equipment. Mentored
by electricians Tom and Donald, she gained a solid foundation
in practical skills. "An apprenticeship teaches you far more
practical skills than you can learn in a classroom," Heather says.
Heather’s role expanded as she worked with the service
team, which deepened her interest in service work. In 2022,
she moved from New Zealand to Brisbane to take on a service
engineer role. "Moving to Brisbane was a big adventure. The
apprenticeship gave me a head start, while many of my peers
were still in university," she shares.
Annual Report 2024
Page 27
Heather Robertson, Service Engineer
Molly Newman, 2024 scholarship recipient.

Full profiles are available on our website:
scottautomation.com/en/investor-centre/governance
& scottautomation.com/en/about-us/our-people
LEADERSHIP & GOVERNANCE
Al Byers
Director
Stuart McLauchlan
Chairman &
Independent Director
John Kippenberger
Chief Executive Officer
(Stepped down
31 August 2024)
Brent Eastwood
Director
John Berry
Director
Derek Charge
Independent Director

John Thorman

Independent Director
Penny Ford
Emerging Director
Mark O'Malley
Co-Chief Financial
Officer (Interim)
Aaron Vanwalleghem
Interim Chief Executive
Officer, President
Europe & North America
Anthony Wesney
Co-Chief Financial
Officer (Interim)
Cathy Zhang
Regional Director – China

Casey Jenkins
GM – People, ESG &
Marketing & President
Scott Mining
Andrew Arnold
GM – New Zealand
Damian Lucas
GM – Australia
Mark Host
Vice President of Sales
– Global Protein
OUR BOARD
OUR EXECUTIVE TEAM
Scott Technology Limited
Page 28

Annual Report 2024
KEY
Accounting policy
Key judgements and
other judgements made
INDEX TO THE
FINANCIAL STATEMENTS
C. Capital and funding
58
C1. Share capital58
C2. Earnings and net tangible assets per share58
C3. Borrowings59
C4. Trade creditors and accruals60
C5. Leases61
C6. Employee benefits63
C7. Provision for warranty63
C8. Performance-based compensation64
C9. Onerous contract provision64
D. Risk management65
D1. Financial instruments65
E. Group structure and subsidiaries71
E1. Subsidiaries71
E2.
Investments accounted for using
the equity method72
E3. Related party transactions73
E4. Non-recurring costs74
F. Other disclosures75
F1. Notes to the consolidated statement of
cash flows
75
F2. Contingent liabilities76
F3. Key management personnel compensation76
F4. Subsequent events76
Independent auditor’s report
77
Consolidated statement of comprehensive income30
Consolidated statement of changes in equity31
Consolidated balance sheet32
Consolidated statement of cash flows33
Notes to the consolidated financial statements34
Summary of accounting policies34
A. Financial performance37
A1.
Revenue from contracts with
customers and operating expenses
37
A2. Income taxes42
A3. Segment information44
B. Assets47
B1. Trade debtors47
B2. Inventories48
B3. Contract assets / liabilities49
B4. Property, plant and equipment50
B5. Goodwill51
B6. Intangible assets54
B7. Research and development costs56
B8. Development assets56
Page 29
FOR THE YEAR ENDED
31 AUGUST 2024
FINANCIAL
REPORT

Scott Technology Limited
Page 30
20242023
Notes$'000s$'000s
RevenueA1
276,125 267,526
Other operating incomeA1 2,541 1,391
Share of joint ventures’ net surplusE2 63 127
Raw materials, consumables used and operating expensesA1 (163,799) (158,967)
Employee benefits expense
(84,705) (79,703)
OPERATING EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION, AND NON-RECURRING COSTS (OPERATING EBITDA)
30,225 30,374
Non-recurring costsE4
(3,795) (683)
OPERATING EARNINGS BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (EBITDA)
26,430 29,691
Interest revenue 373 558
Depreciation and amortisationB4, B6, B8, C5 (11,280) (8,809)
Finance costs (4,557) (2,241)
NET PROFIT BEFORE TAX 10,966 19,199
Taxation expenseA2 (3,249) (3,763)
NET PROFIT FOR THE YEAR AFTER TAX 7,717 15,436
Other Comprehensive Income
Items that may be reclassified to profit or loss:
Translation of foreign operations (2,803) 623
TOTAL COMPREHENSIVE INCOME FOR THE YEAR NET OF TAX 4,914 16,059
Net profit / loss for the year after tax is attributable to:
Members of the parent entity (used in the calculations of earnings per share) 7,853 15,522
Non-controlling interests (136) (86)
7,717 15,436
Total comprehensive income / loss is attributable to:
Members of the parent entity 5,050 16,145
Non-controlling interests (136) (86)
4,914 16,059
Notes Cents per shareCents per share
Earnings per share to shareholders from continuing operations
(weighted average shares on issue):
BasicC2 9.7 19.3
DilutedC2 9.7 19.3
The accompanying notes form part of and are to be read in conjunction with these financial statements.
FOR THE YEAR ENDED 31 AUGUST 2024
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME

Annual Report 2024
Page 31
FOR THE YEAR ENDED 31 AUGUST 2024
Fully paid
ordinary
shares
Retained
earnings
Foreign
currency
translation
reserve
Non-
controlling
interestsTotal
Notes$’000s$’000s$’000s$’000s$’000s
Balance at 31 August 2022 86,315 13,316 1,061 (286) 100,406
Net profit for the year after tax - 15,522 - (86) 15,436
Other comprehensive income for the year net of tax - - 623 - 623
Dividends paid (8.0 cents per share) - (6,413) - - (6,413)
Issue of shares under dividend reinvestment planC1 3,847 - - - 3,847
Balance at 31 August 2023 90,162 22,425 1,684 (372) 113,899
Net profit for the year after tax - 7,853 - (136) 7,717
Other comprehensive income for the year net of tax - - (2,803) - (2,803)
Dividends paid (9.0 cents per share) - (7,446) - - (7,446)
Issue of shares under dividend reinvestment planC1 354 - - - 354
Balance at 31 August 2024 90,516 22,832 (1,119) (508) 111,721
The accompanying notes form part of and are to be read in conjunction with these financial statements.
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY

CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2024
Scott Technology Limited
Page 32
20242023
Notes$’000s$’000s
Current assets
Cash and cash equivalents 11,674 21,432
Trade debtorsB1 40,201 43,639
Other financial assetsD1 560 1,277
Sundry debtors 5,663 10,776
InventoriesB2 36,869 38,251
Contract assetsB3 30,634 34,241
Receivable from joint venturesE3 - 431
TOTAL CURRENT ASSETS
125,601 150,047
Non-current assets
Property, plant and equipmentB4
23,560 18,366
Investment in joint venturesE2
867 804
Other financial assetsD1
5 142
Sundry debtors
3,237 2,901
GoodwillB5
50,832 52,016
Deferred taxA2
2,761 2,912
Intangible assetsB6
3,400 5,586
Development assetsB8
8,855 7,807
Right-of-use assetsC5
24,862 12,473
TOTAL NON-CURRENT ASSETS
118,379 103,007
TOTAL ASSETS
243,980 253,054
Current liabilities
Bank overdraft
18,999 9,036
Trade creditors and accruals
C4 29,712 39,300
Lease liabilities
C5 4,660 3,773
Other financial liabilities
D1 245 1,682
Contract liabilities
B3 29,762 45,454
Employee entitlements
C6, C8 10,591 12,943
Provision for warranty
C7 1,541 1,374
Taxation payable
1,194 1,646
Current portion of borrowings
C3 1,200 1,151
Onerous contracts provision
C9 34 1,061
TOTAL CURRENT LIABILITIES
97,938 117,420
Non-current
liabilities
Other financial liabilities
D1 5 142
Employee entitlements
C6, C8 790 667
Lease liabilities
C5 21,987 9,602
Borrowings
C3 11,539 11,324
TOTAL NON-CURRENT LIABILITIES
34,321 21,735
Equity
Share capital
C1 90,516 90,162
Retained earnings
22,832 22,425
Foreign currency translation reserve
(1,119) 1,684
Equity attributable to equity holders of the parent
112,229 114,271
Non-controlling interests
(508) (372)
TOTAL EQUITY
111,721 113,899
TOTAL LIABILITIES AND EQUITY
243,980 253,054
The accompanying notes form part of and are to be read in conjunction with these financial statements.

20242023
Notes
$’000s$’000s
Cash flows from
operating activities
Cash was provided from / (applied to):
Receipts from operations 270,680 267,110
Interest received 374 558
Payments to suppliers and employees (261,586) (246,887)
Taxation paid (3,496) (564)
Net cash inflow from operating activitiesF1 5,972 20,217
Cash flows to
investing activities
Cash was provided from / (applied to):
Purchase of property, plant, equipment and intangible assets (8,953) (4,324)
Sale of property, plant and equipment 440 2,370
Purchase of development assetB8 (1,384) (1,229)
Net cash (outflow) from investing activities (9,897) (3,183)
Cash flows to
financing activities
Cash was provided from / (applied to):
Repayment of borrowings (3,710) (1,904)
Dividends paid (less amount reinvested the dividend
reinvestment scheme)
(7,093) (2,566)
Proceeds from borrowings 4,202 2,203
Lease payments (4,556) (4,040)
Interest paid (4,639) (2,266)
Net cash (outflow) from financing activities (15,796) (8,573)
Net (decrease) / increase in cash held (19,721) 8,461
Add cash and cash equivalents at start of year 12,396 3,935
Balance at end of year (7,325) 12,396
Comprised of:
Cash and cash equivalents 11,674 21,432
Bank overdraft (18,999) (9,036)
(7,325) 12,396
The accompanying notes form part of and are to be read in conjunction with these financial statements.
CONSOLIDATED STATEMENT
OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
Annual Report 2024
Page 33

The accounting policies set out below have been applied in
preparing the financial statements for the year ended
31 August 2024 and the comparative information presented in
these financial statements for the year ended 31 August 2023.
There have been no changes in accounting policy during the year.
The information is presented in thousands of New Zealand
dollars, which is the functional currency of the company and
the presentation currency of the Group.
CRITICAL JUDGEMENTS, ESTIMATES
AND ASSUMPTIONS
In the application of NZ IFRS the directors are required
to make judgements, estimates and assumptions about
carrying values of assets and liabilities that are not
readily apparent from other sources. The estimates and
associated assumptions are based on historical experience
and various other factors that are believed to be
reasonable under the circumstances, the results of which
form the basis of making the judgements. Actual results may
differ from these estimates.
The estimates and underlying assumptions are reviewed
on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the
revision affects only that period, or in the period of the revision
and future periods if the revision affects both current and
future periods.
Judgements made by the directors in the application of NZ IFRS
that have significant effects on the financial statements and
estimates with a significant risk of material adjustments in the
next year include:
• Estimating the percentage of completion for systems
contracts (note A1)
• Provisions for losses relating to contract assets (note B3)
• Goodwill impairment (note B5)
• Capitalisation and useful lives of development assets
(note B8).
SUMMARY OF
ACCOUNTING POLICIES
STATEMENT OF COMPLIANCE
The consolidated financial statements presented are those
of Scott Technology Limited (“Company”) and its subsidiaries
(“Group”).
The company is a profit oriented entity, registered in New
Zealand under the Companies Act 1993. The company is
an FMC reporting entity for the purposes of the Financial
Markets Conduct Act 2013 and its annual financial
statements comply with these Acts.
The Group’s principal activities are the design, manufacture,
sales and servicing of automated and robotic production
lines and processes for a wide variety of industries in New
Zealand and abroad.
The financial statements have been prepared in accordance
with New Zealand Generally Accepted Accounting Practice
(“NZ GAAP”) and, for the purposes of complying with GAAP,
it is a for-profit entity. They comply with New Zealand
equivalents to IFRS Accounting Standards (“NZ IFRS”) and
other applicable financial reporting standards as appropriate
for profit oriented entities. The financial statements also
comply with IFRS Accounting Standards (“IFRS”).
The financial statements were authorised for issue by the
Board of Directors on 17 October 2024.
BASIS OF PREPARATION
The financial statements have been prepared on the basis of
historical cost except for the revaluation of certain financial
instruments.
Cost is based on the fair value of the consideration given in
exchange for assets.
Accounting policies are selected and applied in a manner
which ensures that the resulting financial information
satisfies the concepts of relevance and reliability, thereby
ensuring that the substance of the underlying transactions or
other events is reported.
NOTES TO AND FORMING PART
OF THE CONSOLIDATED FINANCIAL
S TAT E M E N T S
AS AT 31 AUGUST 2024
Scott Technology Limited
Page 34

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
MATERIAL ACCOUNTING POLICIES
The principal accounting policies applied in the preparation
of the financial report are set out within the particular note
to which they relate. These policies have been consistently
applied unless otherwise stated.
CONSOLIDATION OF SUBSIDIARIES
The consolidated financial statements incorporate the financial
statements of the company and entities controlled by the
company and its subsidiaries. Control is achieved when the
company:
• has power over the investee;
• is exposed, or has rights, to variable returns from its
involvement with the investee; and
• has the ability to use its power to affect its returns.
The Group financial statements are prepared by combining the
financial statements of all the entities that comprise the Group,
being the company and its subsidiaries as defined by NZ IFRS
10 Consolidated Financial Statements. Consistent accounting
policies are employed in the preparation and presentation of
the Group financial statements.
All intra-group transactions, balances, income and expenses are
eliminated on consolidation.
On acquisition, the assets, liabilities and contingent liabilities
of a subsidiary are measured at their fair values at the date of
acquisition. Any excess of the cost of acquisition over the fair
values of the identifiable net assets acquired is recognised as
goodwill. Any deficiency of the cost of acquisition below the
fair values of the identifiable net assets acquired (i.e. discount
on acquisition) is credited to profit and loss in the period of
acquisition.
The results of subsidiaries acquired or disposed of
during the year, are included in the Consolidated Statement of
Comprehensive Income from the effective date of acquisition,
or up to the effective date of disposal, as appropriate.
STANDARDS AND INTERPRETATIONS
EFFECTIVE IN THE CURRENT PERIOD
The Group has adopted all mandatory new and amended
standards and interpretations. None had a material impact
on these financial statements.
STANDARDS AND INTERPRETATIONS
IN ISSUE NOT YET ADOPTED
At the date of authorisation of the consolidated financial
s
tatements certain new standards and interpretations to
existing standards have been published but are not yet
effective, and have not been adopted early by the Group.
Of these, the followings are assessed as relevant to the Group:
• NZ IAS 1 (Classification of Liabilities as Current or Non-
Current and Non Current Liabilities with Covenants)
– clarifies the classification on liabilities as current or
non-current based on rights in existence rather than
expectations at the end of the reporting period;
• Amendments to FRS-44 (Disclosure of Fees for Audit
Firms' Services) – requires the disclosure of fees relating to
services provided by the Group's audit or review firm;
• Amendments to NZ IAS 7 and NZ IFRS 7 (Supplier Financing
Arrangements and RDR) – requires the disclosure of
supplier finance arrangements; and
• NZ IFRS 18 (Presentation and Disclosure in Financial
Statements) – introduces new requirements including
a change in the structure of the profit and loss,
management defined performance measures being
included in a note to the financial statements, and
enhanced aggregation/disaggregation clarification.
The new standard also amends the classification in the
statement of cash flows.
The amendments will have no material impact on the Group,
other than NZIFRS 18 which has not yet been assessed
but may alter the presentation of the financial statements
significantly.
CLIMATE-RELATED DISCLOSURE
STANDARDS
The New Zealand External Reporting Board (XRB) has
published a suite of standards, Aotearoa New Zealand
Climate Standards (NZ CS), in line with the recommendations
of the Task Force on climate-related reporting. The Climate
Standards are effective for annual periods beginning on or
after 1 January 2023. The standard provides certain adoption
exemptions in the entities’ first reporting period. The group
has applied the standard from 1 September 2023, using all
adoption exemptions.
Summary of accounting policies continued
Annual Report 2024
Page 35

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
Application of this standard by the group has not materially
affected any of the amounts recognised in these financial
statements.
During November 2024 the Group will issue its first Climate
Related Disclosure for the period ended 31 August 2024, in
accordance with NZ CS.
RECLASSIFICATIONS
Segments and Cash Generating Units (CGUs)
The previously reported segments and CGUs of New Zealand
and Australia have been split in the second half the 2024
financial year into the new segments and CGUs of New Zealand,
Australia and Rocklabs. As a result of a number of changes in the
Executive and Leadership Teams in 2024, the responsibilities of
the global team were updated to align with the revised Group
structure and associated responsibilities. Regional Directors have
oversight and responsibility for the redefined segments and
CGUs of New Zealand and Rocklabs, Australia, Europe and China.
All internal reporting has been aligned to these revised segments
and CGUs. The monitoring of cash inflows has also been aligned
due to changes in the grouping of assets resulting in a new
Rocklabs asset group that is independent of the other CGUs.
As a result of the split of New Zealand and Australia into New
Zealand, Australia and Rocklabs, the 2023 reported segment and
CGUs of New Zealand and Australia have been split out in notes
A1 Revenue, A3 Segment information, B1 Trade Debtors and
B5 Goodwill in order to report comparative figures for the new
segments and CGUs of New Zealand, Australia and Rocklabs.
GOODS AND SERVICES TAX AND
VALUE ADDED TAX ('GST')
All items in the consolidated balance sheet are stated exclusive
of GST, with the exception of receivables and payables,
which include GST. All items in the consolidated statement of
comprehensive income are stated exclusive of GST.
Cash flows are included in the consolidated statement of cash
flows on a net basis. The GST component of cash flows arising
from investing and financing activities that is recoverable from,
or payable to, the taxation authority is classified as operating
cash flows.
FOREIGN CURRENCIES
The individual financial statements of each Group entity
are presented in the currency of the primary economic
environment in which the entity operates, which is its
functional currency. For the purpose of the consolidated
financial statements, the results and position of each Group
entity are expressed in New Zealand dollars, which is the
functional currency of the company and the presentation
currency for the consolidated financial statements.
In preparing the financial statements of each individual Group
entity, transactions in currencies other than the entity's
functional currency are recognised at the rates of exchange
prevailing at the dates of the transactions. At the end of each
reporting period, monetary items denominated in foreign
currencies are retranslated at the rates prevailing at that date.
For the purposes of presenting these consolidated financial
statements, the assets and liabilities of the Group's foreign
operations are translated into New Zealand dollars using
exchange rates prevailing at the end of each reporting
period. Income and expense items are translated at the
average exchange rates for the period, unless exchange rates
fluctuate significantly during that period, in which case the
exchange rates at the dates of the transactions are used.
Exchange differences arising, if any, are recognised in other
comprehensive income and accumulated in equity, and
attributed to non-controlling interests as appropriate.
NON-GAAP FINANCIAL INFORMATION
The Group uses earnings / (loss) before interest, tax,
depreciation and amortisation, and non-recurring costs
(Operating EBITDA), earnings / (loss) before interest, tax,
depreciation and amortisation (EBITDA), and Net Tangible
Assets per ordinary shares, to describe financial performance
as it considers these line items provide a better measure of
underlying business performance.
These non-GAAP measures do not have a standard meaning
prescribed by GAAP and therefore may not be compatible to
similarly titled amounts reported by other entities.
Summary of accounting policies continued
Scott Technology Limited
Page 36

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
Policy
Revenue on fixed-price contracts is recognised over
the term of the contract period using the input
method based on percentage of completion. At
balance date an assessment is made of the percentage
of completion based on the costs associated with the
work done to date relative to the total forecast cost to
complete. Included in revenue is the value attributed
to work completed, which includes direct costs,
overhead and profit, where this is allowable under the
contract. Scope variations that may potentially lead to
additional revenue are only recognised when certain.
The customer is obligated to pay a fixed amount
when a contractual milestone is met. At this time, a
receivable is recognised as the invoice is raised. If the
revenue recognised by the Group exceeds the amounts
invoiced, a contract asset is recognised. If the amounts
invoiced exceed the revenue recognised, a contract
liability is recognised. The transaction price is the fixed-
price per the contract.
The incremental costs to obtain a contract where the
contract period is less than 12 months is expensed to the
profit and loss under the practical expedient provisions of
NZ IFRS 15.
The Group’s obligation to repair or replace faulty products
under the standard warranty terms is recognised as a
provision (see note C7).
SECTION A: FINANCIAL PERFORMANCE
A1. REVENUE FROM CONTRACTS WITH CUSTOMERS
AND OPERATING EXPENSES
(a) Accounting policies and significant judgements
The Group derives revenue from the following sources:
• Sales
• Services
Revenue recognition – sales
The Group designs, manufactures and sells customised automation and robotic systems for use in a wide range of industries
under fixed-price contracts. The contracts are often for periods in excess of twelve months, although shorter periods can also
apply. These contracts are specific to each customer and the Group is restricted by these contracts in its ability to redirect
the products to another customer. The Group, through these contracts, has an enforceable right to payment when agreed
milestones are met for performance completed up to a point in time.
Judgement
The estimation of percentage of completion relies
on the directors estimating costs to complete
systems contracts. If the costs incurred to complete
the systems contracts differ from the estimates
completed by management, the directors could be over
or under estimating the percentage of completion on
the project, and consequently revenue and profit to
date may also be over or under estimated.


The Group manufactures and sells a range of standalone automation and robotic equipment for use in a wide range of
industries, including:
• Rock crushers, pulverisers, ringmills and reference materials under the 'Rocklabs' brand for use by mining companies
and laboratories
• Bandsaw safety equipment under the 'BladeStop' brand, primarily for use by protein processors.

Annual Report 2024
Page 37

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
Policy
Revenue is recognised in full at a point in time when
control of the products has transferred, being either
when the products are shipped to, or received by, the
customer, or installed at the customer’s premises,
depending on the terms of the contract.
A receivable is recognised when either a deposit is due
on receipt of a customer’s order or when the products
Policy
Revenue under service contracts is recognised at
a point in time when the service is delivered or
performed, depending on the terms of the contract.

are shipped to the customer, as this is the point in time
that the consideration is unconditional because only the
passage of time is required before the payment is due.
The Group’s obligation to repair or replace faulty
products under the standard warranty terms is
recognised as a provision (see note C7).

Revenue recognition – services
The Group earns revenue from after sales service activities associated with the equipment manufactured and sold by the
Group, including spare parts, repairs, routine or scheduled maintenance, upgrades, remote monitoring and the operation of
a 24/7 helpline. Most of these activities are on an ad hoc, as required basis, while some of these activities are covered by an
agreement for services to be provided over a specified period of time.

The Group’s obligation to repair or replace faulty
products under the standard warranty terms is
recognised as a provision (see note C7).

Disaggregation of revenue from contracts with customers
The Group derives revenue from the transfer of goods and services over time and at a point in time and reports these by
industry in the following major manufacturing segments and revenue streams. This is consistent with the revenue information
disclosed for each reportable segment under NZ IFRS 8 Operating Segments, (see note A3).


Section A: financial performance continued
Scott Technology Limited
Page 38

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
Section A: financial performance continued
Year Ended 31 August 2024
ProteinMinerals
Materials
Handling
Rest of
Business Total
$’000s$’000s $’000s $’000s
$’000s
New Zealand
manufacturing
Sales5,712 - 2,473 1 8,186
Service6,4288 836 2,805 10,077
Revenue from external customers 12,140 8 3,309 2,806 18,263
Timing of revenue recognition
- Over time 5,166 - 2,473 1 7,640
- At a point in time 6,974 8 836 2,805 10,623
12,140 8 3,309 2,806 18,263
Rocklabs
manufacturing
Sales - 30,833 - - 30,833
Service - 12,544 - - 12,544
Revenue from external customers - 43,377 - - 43,377
Timing of revenue recognition
- Over time - 8,409 - - 8,409
- At a point in time - 34,968 - - 34,968
- 43,377 - - 43,377
Australia
manufacturing
Sales7,395 - - 1,652 9,047
Service9,493 - - 2,306 11,799
Revenue from external customers 16,888 - - 3,958 20,846
Timing of revenue recognition
- Over time 2,872 - - 1,652 4,524
- At a point in time 14,016 - - 2,306 16,322
16,888 - - 3,958 20,846
Americas
manufacturing
Sales10,391 5,221 42,367 16,537 74,516
Service10,656 235 7,710 4 18,605
Revenue from external customers 21,047 5,456 50,077 16,541 93,121
Timing of revenue recognition
- Over time4,482 5,221 42,367 16,537 68,607
- At a point in time16,565 235 7,710 4 24,514
21,047 5,456 50,077 16,541 93,121
Europe
manufacturing
Sales6,094 - 54,583 3,193 63,870
Service3,727 - 19,375 1,258 24,360
Revenue from external customers 9,821 - 73,958 4,451 88,230
Timing of revenue recognition
- Over time - - 54,583 3,193 57,776
- At a point in time 9,821 - 19,375 1,258 30,454
9,821 - 73,958 4,451 88,230
China
manufacturing
Sales - - - 12,288 12,288
Service - - - - -
Revenue from external customers - - - 12,288 12,288
Timing of revenue recognition
- Over time - - - 12,288 12,288
- At a point in time - - - - -
- - - 12,288 12,288
Total
manufacturing
Sales29,592 36,054 99,423 33,671 198,740
Service30,304 12,787 27,921 6,373 77,385
Revenue from external customers 59,896 48,841 127,344 40,044 276,125
Timing of revenue recognition
- Over time12,520 13,630 99,423 33,671 159,244
- At a point in time47,376 35,211 27,921 6,373 116,881
59,896 48,841 127,344 40,044 276,125
Annual Report 2024
Page 39

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
Year Ended 31 August 2023
(restated)
ProteinMinerals
Materials
Handling
Rest of
Business Total
$’000s$’000s $’000s $’000s
$’000s
New Zealand
manufacturing
Sales10,772 - 3,633 2,256 16,661
Service4,065 - 1,192 1,966 7,223
Revenue from external customers 14,837 - 4,825 4,222 23,884
Timing of revenue recognition
- Over time 9,955 - 3,633 2,257 15,845
- At a point in time 4,882 - 1,192 1,965 8,039
14,837 - 4,825 4,222 23,884
Rocklabs
manufacturing
Sales - 24,847 - - 24,847
Service - 14,396 - - 14,396
Revenue from external customers - 39,243 - - 39,243
Timing of revenue recognition
- Over time - 3,329 - - 3,329
- At a point in time - 35,914 - - 35,914
- 39,243 - - 39,243
Australia
manufacturing
Sales5,028 - - 13,088 18,116
Service7,627 - - 2,794 10,421
Revenue from external customers 12,655 - - 15,882 28,537
Timing of revenue recognition
- Over time 7,376 - - 13,088 20,464
- At a point in time 5,279 - - 2,794 8,073
12,655 - - 15,882 28,537
Americas
manufacturing
Sales25,051 1,159 21,868 16,974 65,052
Service9,874 754 6,519 57 17,204
Revenue from external customers 34,925 1,913 28,387 17,031 82,256
Timing of revenue recognition
- Over time7,7141,157 21,868 16,636 47,375
- At a point in time27,211756 6,519 395 34,881
34,9251,91328,38717,031 82,256
Europe
manufacturing
Sales9,823 - 42,368 13,741 65,932
Service3,627 - 18,793 645 23,065
Revenue from external customers 13,450 - 61,161 14,386 88,997
Timing of revenue recognition
- Over time - - 42,368 13,741 56,109
- At a point in time 13,450 - 18,793 645 32,888
13,450 - 61,16114,386 88,997
China
manufacturing
Sales - - - 4,526 4,526
Service 83 - - - 83
Revenue from external customers 83 - - 4,526 4,609
Timing of revenue recognition
- Over time - - - 4,526 4,526
- At a point in time 83 - - - 83
83 - - 4,526 4,609
Total
manufacturing
Sales50,67426,00667,86950,585195,134
Service25,27615,15026,5045,46272,392
Revenue from external customers 75,950 41,156 94,373 56,047 267,526
Timing of revenue recognition
- Over time25,0454,48667,86950,248147,648
- At a point in time50,90536,67026,5045,799119,878
75,95041,15694,37356,047 267,526
Section A: financial performance continued
Scott Technology Limited
Page 40

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
Revenue recognised in relation to contract liabilities
The following table shows how much of the revenue recognised in the current reporting period relates to carried forward
contract liabilities and how much relates to performance obligations that were satisfied in a prior year.
Revenue recognised included in the contract liability balance at the beginning of the period.
20242023
$’000s$’000s
Fixed-price contracts for long-term projects 25,098 14,404
There was no revenue recognised from performance obligations satisfied in previous periods on long-term projects.
Unsatisfied long-term fixed-price project contracts
The following table shows unsatisfied performance obligations resulting from fixed-price long-term project contracts.
20242023
$’000s$’000s
Aggregate amount of the transaction price allocated to long-term fixed-price project
contracts that are partially or fully unsatisfied as at 31 August
79,365 113,153
Management expects that 90% of the transaction price allocated to the unsatisfied contracts as of 31 August 2024 will be recognised
as revenue during the next reporting period ($72 million) (2023: 90% of the transaction price allocated to the unsatisfied contracts
as of 31 August 2023 will be recognised as revenue during the next reporting period ($102 million)). The remaining 10% ($7 million)
(2023: 10% ($11 million)) will be recognised in the following financial year.
(B) Other operating income
Government grants
Policy
Government grants are not recognised until there
is reasonable assurance that the Group will comply
with the conditions attaching to them and that the
grants will be received.
Government grants are recognised as other
income over the periods necessary to match
them with the costs for which they are intended
to compensate, on a systematic basis. Government
grants that are receivable as compensation for
expenses or losses already incurred, or for the
purpose of giving immediate financial support to the
Group with no future related costs, are recognised
in profit or loss in the period in which they become
receivable.
The Group receives grant revenue related to research and development through its Australian subsidiary Scott Automation and
Robotics Pty Ltd. Any tax credits claimed are offset against any tax expense.
20242023
$’000s$’000s
Rental income
280 157
Government grants related to research and development
1,156 631
Other income
130 -
Other Government grants
851 144
Gain on sale of property, plant and equipment
124 459

2,541 1,391
Section A: financial performance continued
Annual Report 2024
Page 41

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
(c) Included in Raw Materials, Consumables and Operating Expenses
20242023
$’000s$’000s
Audit services:
Deloitte Limited
Group audit
553 537
Other assurance services
3 -
Total remuneration for audit services
553 537
Non-audit services:
Deloitte Limited
Taxation services
10 145
Total remuneration for non-audit services
10 145
Other separately
disclosed expenses:
Directors’ fees 290 280
Superannuation scheme contributions 8,676 7,352
Raw materials and consumables used (cost of sales) 142,832 137,249
Foreign exchange loss - 1,159
Unrealised fair value losses on foreign exchange derivatives 1,279 455
and after crediting:
Foreign exchange gains 198 845
Unrealised fair value gains on foreign exchange derivatives 1,150 362
Unrealised fair value gains on interest rate swap contracts - 83
Income tax recognised in net surplus
Policy
Current tax is calculated by reference to the amount
of income taxes payable or receivable in respect
of the taxable profit or tax loss for the period. It is
calculated using tax rates and tax laws that have been
enacted or substantively enacted by reporting date.
Current tax for current and prior periods is recognised
as a liability (or asset) to the extent it is unpaid (or
refundable).

20242023
$’000s$’000s
Net profit before tax
10,966 19,199
Income tax expense calculated at 28% (2023: 28%)
3,070 5,376
Non-deductible expenses / (non-assessable income)
219 (1,212)
Under / (over) provision of income tax in previous year
(40) (401)
Taxation expense
3,249 3,763
Represented by:
Current tax
3,098 3,310
Deferred tax
151 453
3,249 3,763
The prima facie income tax expense on pre-tax accounting profit from operations reconciles to the income tax expense in
the financial statements as follows:
A2. INCOME TAXES
Section A: financial performance continued
Scott Technology Limited
Page 42

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
Deferred tax balances
Policy

Deferred tax is accounted for using the
comprehensive balance sheet liability method
in respect of temporary differences arising from
differences between the carrying amount of assets
and liabilities in the financial statements and the
corresponding tax base of those items.
In principle, deferred tax liabilities are recognised for
all taxable temporary differences. Deferred tax assets
are recognised to the extent that it is probable that
sufficient taxable amounts will be available against which
deductible temporary differences or unused tax losses
and tax offsets can be utilised. However, deferred tax
assets and liabilities are not recognised if the temporary
differences giving rise to them arise from the initial
recognition of assets and liabilities (other than as a result
of a business combination) which affects neither taxable
income nor accounting profit.
Deferred tax assets and liabilities are measured at the
tax rates that are expected to apply in the period when
the liability is settled or the asset is realised based on tax
rates that have been enacted or substantively enacted at
reporting date. Deferred tax is charged or credited to profit
or loss, except when it relates to items charged or credited
to other comprehensive income or directly to equity, in
which case the deferred tax is also dealt with in other
comprehensive income or in equity.



Prima facie tax rate
The prima facie tax rate used in the above reconciliation is the corporate tax rate of 28% payable by New Zealand corporate
entities on taxable profits under New Zealand tax law for the 2024 income tax year.
Section A: financial performance continued

2024
Opening
balance
Charged
to income
Closing
balance
$’000s $’000s $’000s
Gross deferred
tax assets:
Trade debtors
246 (109) 137
Other financial assets
5 - 5
Employee entitlements
1,320 64 1,384
Provisions
998 (262) 736
Tax losses 1,371 2,015 3,386
Leases
459 (323) 136
Inventories
671 (671) -
5,070 714 5,784
Gross deferred
tax liabilities:
Other financial assets
(313) 27 (286)
Property, plant and equipment
(263) (940) (1,203)
Inventories - (14) (14)
Intangible assets
(1,582) 62 (1,520)
(2,158) (865) (3,023)
2,912 (151) 2,761
At the reporting date, the Group has unused gross tax losses of $10.4m (2023: $6.79m) available to offset against future
profits. A deferred tax asset has been recognised in respect of $3.0m (2023: $1.4m) of such losses.
It is considered probable that there will be future taxable profits available in the relevant jurisdictions to allow the Group to
utilise these losses.
Annual Report 2024
Page 43

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
2023
Opening
balance
Charged
to income
Closing
balance
$’000s $’000s $’000s
Gross deferred
tax assets:
Trade debtors
204 42 246
Other financial assets
9 (4) 5
Employee entitlements
1,711 (391) 1,320
Provisions
501 497 998
Tax losses
2,140 (769) 1,371
Leases
275 184 459
Inventories
1,151 (480) 671
5,991 (921) 5,070
Gross deferred
tax liabilities:
Other financial assets
- (313) (313)
Property, plant and equipment
(1,170) 907 (263)
Intangible assets
(1,456) (126) (1,582)
(2,626) 468 (2,158)
3,365 (453) 2,912
20242023
$’000s$’000s
Imputation credits available to shareholders 246 -
The above amounts represent the balance of the imputation credit account at the end of the reporting period adjusted for:
• Imputation credits that will arise from the payment of the amount of the provision for income tax
• Imputation debits that will arise from the payment of dividends.
Availability of these credits is subject to continuity of ownership requirements.
Policy
NZ IFRS 8 Operating Segments requires operating
segments to be identified on the basis of internal
reports about components of the Group that are
regularly reviewed by the chief operating decision-maker
(the Board) in order to allocate resources to the segments
and to assess its performance.
The Group’s Board allocates resources and assesses
performance of the Group by manufacturing base,
therefore under NZ IFRS 8 the Group’s reportable
segments are:
• New Zealand manufacturing
• Rocklabs manufacturing
• Australia manufacturing
New Zealand, (excluding Rocklabs), is reported as a single
segment due to the integrated nature of customers,
management, manufacturing and sales activities across
New Zealand.
Rocklabs is reported as a single segment due to
the integrated nature of customers, management,
manufacturing and sales activities associated with the
Rocklabs brand and operation in New Zealand and Australia.
Australia, (excluding Rocklabs), is reported as a single
segment due to the integrated nature of customers,
management, manufacturing and sales activities across
Australia.
Americas is reported as a single segment due to
the integrated nature of customers, management,
manufacturing, sales and financing activities across North
and South America.
Europe is reported as a single segment due to the integrated
nature of customers, management, manufacturing, sales
and financing activities
across Europe.
China is reported as a single segment due to the integrated
nature of customers, management, manufacturing, sales
and financing activities across China.
A3. SEGMENT INFORMATION
• Americas manufacturing
• Europe manufacturing
• China manufacturing.
Section A: financial performance continued
Imputation credit account balances
Scott Technology Limited
Page 44

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
Segment revenues and results
The following is an analysis of the Group’s revenue and results by reportable segment. For the purposes of NZ IFRS 8, allocations are
based on the operating results by segment. The Group does not allocate certain resources (such as senior executive management
time) and central administration costs by segment for internal reporting purposes as these allocations would not result in a
meaningful and comparable measure of profitability by segment.
Manufacturing
New Zealand Rocklabs AustraliaAmericas Europe China Unallocated Elimination Total
2024
$’000s $’000s $’000s $’000s $’000s $’000s $’000s $’000s $’000s
Revenue from contracts with customers
Total revenue from
contracts with customers
18,263 43,377 20,846 93,121 88,230 12,288 - - 276,125
Inter-segment revenue
12,229 2,480 7,273 783 12,552 2,372 - (37,689) -
Segment Revenue
30,492 45,857 28,119 93,904 100,782 14,660 - (37,689) 276,125
Segment profit
18,197 10,315 65 1,934 13,073 3,216 - - 46,800
Depreciation and amortisation
(840) (1,686) (3,791) (790) (3,814) (145) (214) - (11,280)
Share of net surplus in joint
ventures
63 - - - - - - - 63
Interest revenue
- - 215 156 (91) 156 (63) - 373
Central administration costs
- - - - - - (20,433) - (20,433)
Finance costs
(926) (834) (165) (196) (516) - (1,920) - (4,557)
Net profit/(loss) before
taxation
16,494 7,795 (3,676) 1,104 8,652 3,227 (22,630) - 10,966
Taxation (expense)/benefit
(869) 76 535 (752) (1,949) (290) - - (3,249)
Net profit / (loss) after taxation
15,625 7,871 (3,141) 352 6,703 2,937 (22,630) - 7,717
Section A: financial performance continued

Revenue from contracts with customers
Total revenue from contracts
with customers
23,884 39,243 28,537 82,256 88,997 4,609 - - 267,526
Inter-segment revenue
2,232 4,506 9,276 701 3,643 6,043 - (26,401) -
Segment Revenue
26,116 43,749 37,813 82,957 92,640 10,652 - (26,401) 267,526
Segment profit
11,770 11,880 5,087 4,024 8,514 2,017 - - 43,292
Depreciation and amortisation
(1,130) (481) (2,986) (599) (3,221) (154) (238) - (8,809)
Share of net surplus in joint
ventures
127 - - - - - - - 127
Interest revenue
176 - 280 - 42 38 22 - 558
Central administration costs
- - - - - - (13,728) - (13,728)
Finance costs
(624) (84) (60) (228) (354) - (891) - (2,241)
Net profit/(loss) before taxation
10,319 11,315 2,321 3,197 4,981 1,901 (14,835) - 19,199
Taxation (expense)/benefit
(856) (504) (409) (856) (1,116) (22) - - (3,763)
Net profit/(loss) after taxation
9,463 10,811 1,912 2,341 3,865 1,879 (14,835) - 15,436

Revenue reported above represents revenue generated from external customers. Inter-segment sales, which are eliminated on
consolidation, were $37.1million for the year ended 31 August 2024 (2023: $26.4million).
The accounting policies of the reportable segments are the same as the Group’s accounting policies. Segment profit represents the
profit earned by each segment without allocation of central administration costs and investment revenue.
2023 (restated)
Annual Report 2024
Page 45

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
Information about major customers
The Group holds non-current assets in geographical areas outside of New Zealand, the country of domicile. These non-current
assets are held in the following locations:

20242023
$’000s$’000s
Australia 22,350 24,836
US 10,873 10,907
Europe 29,474 32,344
China 1,029 1,077
63,726 69,164
In 2024 there was no single customer accounting for more than 10.0% of total Group sales (2023: none).
Section A: financial performance continued
Geographical information
The Group sells into eight principal geographical areas. The Group’s revenue from external customers by geographical location (of the
customer) is detailed below:
20242023
$’000s$’000s
New Zealand (country of domicile) 23,390 17,862
Australia and Pacific Islands 31,576 45,611
North America, including Mexico 75,354 105,814
South America 2,550 1,881
Asia 24,233 22,003
Europe 117,758 70,758
Russia and former states 147 492
Africa and Middle East 1,117 3,105
276,125 267,526

Scott Technology Limited
Page 46

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
Policy
Trade debtors are initially recognised at fair value and
are subsequently measured at amortised cost using
the effective interest rate method, less any provision
for expected credit losses. The Group applies the
simplified approach to measuring expected credit
losses, which uses a lifetime expected credit loss
allowance. The measurement of expected credit
losses is a function of the probability of default, loss
given default and the exposure of default.
The expected credit losses on trade receivables are
estimated using a provision matrix by reference to past
default experience of the debtor’s current financial
position, adjusted for factors that are specific to the
conditions of the industry in which the debtor operates
and an assessment of both the current, as well as the
forecast direction of conditions at the reporting date.
Provision for expected credit losses is recognised in
profit or loss.
20242023
$’000s$’000s
Trade debtors
40,943 44,744
Allowance for expected credit losses
(742) (1,105)
40,201 43,639
Credit losses in profit and loss
The allowance for expected credit losses recognised in the profit and loss during the year was $(0.4) million (2023: $0.3 million).
Credit period
The credit period on sales of goods ranges from 30 to 120 days depending on the terms negotiated by the customer for large
contracts. No interest is charged on trade debtors.
Impairment of financial assets
In relation to the impairment of financial assets, NZ IFRS 9 requires an expected credit loss model to be used. The expected credit loss
model requires the Group to account for expected credit losses and changes in those expected credit losses at each reporting date to
reflect changes in credit risk since initial recognition of the financial assets. Under NZ IFRS 9 it is not necessary for a credit event to have
occurred before credit losses are recognised.
The calculation of impairment losses impacts the way the Group calculates the bad debts provision, now termed the allowance for
expected credit loss. The Group applies the NZ IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime
expected loss allowance for trade debtors.
To measure the expected credit losses, trade debtors, other financial assets, sundry debtors and contract assets have been grouped
based on their shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have
substantially the same risk characteristics as the trade debtors for the same type of contracts.
A provision matrix is determined based on historic credit loss rates for each group of customers, adjusted for any material expected
changes to the customers’ future credit risk. In addition, the company has increased the credit loss allowance for anticipated losses
from specific customers. On that basis, the credit loss allowance as at 31 August was determined as follows;
SECTION B: ASSETS
B1. TRADE DEBTORS
Annual Report 2024
Page 47

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
Provision matrix
New ZealandRocklabsAustraliaAmericasChinaEuropeGroup
20242023202420232024202320242023202420232024202320242023
$’000s$’000s
(restat ed)
$’000s $’000s $’000s $’000s $’000s $’000s $’000s $’000s $’000s $’000s
$’000s $’000s
Debtors
Current-30 days
5,351 7,645 6,212 3,261 4,164 6,078 6,174 8,986 2,023 - 7,970 9,366 31,894 35,336
31-60 days
17 22 1,336 1,731 376 935 393 272 42 636 1,025 670 3,189 4,266
61-90 days
58 - 425 441 109 53 974 603 152 96 221 659 1,939 1,852
Over 91 days
73 82 453 1,940 187 232 505 195 1,490* 14 1,213 827 3,921 3,290
Total debtors
5,499 7,749 8,426 7,373 4,836 7,298 8,046 10,056 3,707 746 10,429 11,522 40,943 44,744
Contract assets
2,258 10,639 2,104 169 28 625 3,963 1,613 10,032 7,278 12,249 13,917 30,634 34,241
Total assets
7,757 18,388 10,530 7,542 4,864 7,923 12,009 11,669 13,739 8,024 22,678 25,439 71,577 78,985
New ZealandRocklabsAustraliaAmericasChinaEuropeGroup
Allowance
based on
expected
credit loss - - - - - - - - - - - - - -
Expected
credit loss on
individually
assessed
balances - - (79) (834) (11) - (531) (128) - - (121) (143) (742) (1,105)
Credit loss
allowance - - (79) (834) (11) - (531) (128) - - (121) (143) (742) (1,105)
* Includes retention payments which will be paid in the next 12 months.
Trade debtors and contract assets are written off when there is no reasonable expectation of recovery. Indicators that
there are no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment
plan with the Group.
Policy
Inventorie s are valued at the lower of cost and net
realisable value. Costs, including an appropriate
portion of fixed and variable overhead expenses,
are assigned to inventories by the method most
appropriate to the particular class of inventory,
with the majority being valued on a first-in first-out
basis. Net realisable value represents the estimated
selling price for inventories, less all estimated costs of
completion and costs necessary to make the sale.
Provision for slow moving and obsolete inventories is
assessed by the Group as part of the ongoing financial
reporting. Obsolescence is assessed based on the
time the inventory has been held and the likelihood of
future sales of the inventory.

B2. INVENTORIES
Section B: assets continued
Scott Technology Limited
Page 48

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024

20242023
$’000s$’000s
Raw materials 14,587 18,168
Work in progress 11,743 9,047
Finished goods 11,356 11,737
Provision for obsolete inventory (817) (701)
36,869 38,251
Write downs
The cost of inventories recognised as an expense during the year includes $0.2 million (2023: $0.3 million) in
respect of write-downs of inventory to net realisable value and write-offs of obsolete inventory.


Section B: assets continued
Assets and liabilities related to contracts with customers
The Group becomes entitled to invoice customers for long-term projects when certain milestones are met. These milestones and
cash flows are agreed upfront with the customer when the contract is signed. When a particular milestone is reached, the customer is
sent an invoice and any revenue previously recognised as a contract asset is reclassified to trade receivables at this time. If the invoice
milestone payment exceeds the revenue recognised under the percentage of completion method, the Group will recognise a contract
liability for the difference.
The majority of fixed price contracts are not considered to have a significant financing component under the percentage of completion
method as the period between the recognition of revenue and the milestone payments is usually less than one year.
20242023
$’000s$’000s
Contract assets
30,634 34,241
Contract liabilities
(19,925) (27,498)
Deferred revenue
(9,837) (17,956)
872 (11,213)
Contract assets and contract liabilities include provisions where the likelihood of cost overruns are expected as a result of
factors such as the complexity of the projects and additional costs for commissioning and installation.
Policy
Contract assets are balances due from customers
under fixed-price project contracts that arise when the
Group receives payments from customers in line with
a series of performance-related milestones. The Group
will previously have recognised a contract asset for any
work performed. Any amount previously recognised
as a contract asset is reclassified to a trade debtor at
the point at which it is invoiced to the customer.
Contract liabilities relating to fixed-price project contracts
are balances due to customers under fixed-price project
contracts. These arise if a particular milestone payment
exceeds the revenue recognised to date.
Deferred revenue arises from short-term projects where
the Group receives payments from customers in advance
of delivering the asset to the customer.
Judgement
Determining the level of provisions to include against
contract assets and liabilities requires an estimation
of the costs to complete for the fixed-price contracts.
If the costs incurred to complete the contracts differ
from the estimates completed by management,
the directors could be over or under estimating
the contract assets or contract liabilities.

B3. CONTRACT ASSETS / LIABILITIES
Annual Report 2024
Page 49

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
Policy
All items of property, plant and equipment are stated at
cost less accumulated depreciation and impairment. Cost
includes expenditure that is directly attributable to the
acquisition of the item. In the event that settlement of
all, or part, of a purchase consideration is deferred, cost
is determined by discounting the amounts payable in the
future to their present value as at the date of acquisition.
Depreciation is calculated on a straight-line basis so as
to write off the net cost of the asset over its expected
useful life to its estimated residual value. The following
estimated useful lives are used in the calculation of
depreciation:
• Buildings 40 years
• Plant, equipment and vehicles 1-13 years
Freehold
land at cost
$’000s
Freehold
buildings
at cost
$’000s
Plant,
equipment and
vehicles at cost
$’000s
Total
$’000s
Gross carrying amount
As at 31 August 2022
2,432 13,130 26,115 41,677
Additions
2 469 3,565 4,036
Disposals
- (15) (2,080)(2,095)
Translation of amounts held in foreign currency
3 142 517 662
As at 31 August 2023
2,437 13,726 28,117 44,280
Additions
- 1,933 6,452 8,385
Disposals
- - (3,352)(3,352)
Translation of amounts held in foreign currency
(5) (187) (404)(596)
As at 31 August 2024
2,432 15,472 30,813 48,717
Accumulated depreciation & impairment
As at 31 August 2022
- 3,926 20,639 24,565
Disposals - - (1,392) (1,392)
Depreciation expense - 431 1,793 2,224
Translation of amounts held in foreign currency
- 80 437 517
As at 31 August 2023
- 4,437 21,477 25,914
Disposals - - (3,071) (3,071)
Depreciation expense - 503 2,130 2,633
Translation of amounts held in foreign currency
- (35) (284) (319)
As at 31 August 2024
- 4,905 20,252 25,157
Net book value
As at 31 August 2023
2,437 9,289 6,640 18,366
As at 31 August 2024
2,432 10,567 10,561 23,560
B4. PROPERTY, PLANT AND EQUIPMENT
Section B: assets continued
Scott Technology Limited
Page 50

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
Gross Carrying Amount
20242023
$’000s$’000s
Balance at beginning of financial year
52,016 50,117
Translation of goodwill amounts held in foreign currency
(1,184) 1,899
Balance at end of financial year
50,832 52,016
Judgement
Determining whether goodwill is impaired requires
an estimation of the value in use of the cash-
generating units to which goodwill has been
allocated. The value-in-use calculation requires
the directors to estimate the future cash flows,
particularly in relation to future project wins and
market conditions, expected to arise from the cash-
generating unit and a suitable discount rate in order
to calculate present value.
Impairment testing summary
For the purposes of preparing these financial statements, the Board has reviewed the intangible assets and impairment model and
determined that there is no impairment of any intangible assets in the current year, or in prior periods based upon the inputs and
assumptions made for each cash generating unit (CGU).
Sensitivity analysis has been performed on the impairment model to determine how sensitive the model is to any changes to inputs,
specifically around the cash flow forecasts. The sensitivity analysis showed no reasonably possible scenarios resulting in impairment
for New Zealand, Rocklabs, Americas, Europe, or China manufacturing.
A heightened degree of focus has been given to the Australian CGU. The impairment model includes assumptions relating to
improved performance resulting from strategic changes made within the CGU in the current year. There is an expectation that the
Australian CGU will improve its Earnings Before Interest and Tax (EBIT) by NZ$6.1m in 2025 and then adjusting for annualised growth
after that date. The Board consider this a conservative estimate of forecast growth given the changes made to the Australia business
in the prior year. Sensitivity analysis has showed that if the improvement in the net result from 2025 onwards is NZ$5.9m rather than
the NZ$6.1m assumed and no subsequent recovery in earnings is made, the model would result in nil headroom. Sensitivity analysis
also showed that if the upper limit of the discount rate, being 16.5%, was used the model would result in nil headroom. The Board is
satisfied that the assumptions included in the model are reasonable.

Policy
Goodwill represents the excess of the purchase
consideration over the fair value of the identifiable
tangible and identifiable intangible assets, liabilities
and contingent liabilities of the subsidiary recognised
at the time of acquisition of a business or subsidiary.
Goodwill is initially recognised as an asset at cost and is
subsequently measured at cost, less any accumulated
impairment losses.
For the purpose of impairment testing, goodwill is
allocated to each of the Group’s cash-generating
units expected to benefit from the synergies of the
combination. Cash-generating units to which goodwill
has been allocated are tested for impairment annually
or more frequently when there is an indication that the
unit may be impaired. If the recoverable amount of the
cash-generating unit is less than the carrying amount of
the unit, the impairment loss is allocated first to reduce
the carrying amount of any goodwill allocated to the
unit and then to the other assets of the unit pro-rata
on the basis of the carrying amount of each asset in the
unit. An impairment loss recognised for goodwill is not
reversed in a subsequent period.
On disposal of a subsidiary, the attributable amount of
goodwill is included in the determination of the profit or
loss on disposal.
B5. GOODWILL
Section B: assets continued
Annual Report 2024
Page 51

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
Allocation of goodwill to cash-generating units
The Group’s cash-generating units are:
• New Zealand manufacturing
• Rocklabs manufacturing
New Zealand is reported as a single cash-generating unit due to the integrated nature of customers, management, manufacturing,
sales and financing activities across New Zealand.
Rocklabs is reported as a single cash-generating unit due to the integrated nature of customers, management, manufacturing, sales
and financing activities associated with the Rocklabs brand and operation across New Zealand and Australia.
Australia is reported as a single cash-generating unit due to the integrated nature of customers, management, manufacturing, sales
and financing activities across Australia.
Americas is reported as a single cash-generating unit due to the integrated nature of customers, management, manufacturing, sales
and financing activities across North and South America.
Europe is reported as a single cash-generating unit due to the integrated nature of customers, management, manufacturing, sales
and financing activities across Europe.
China is reported as a single cash-generating unit due to the integrated nature of customers, management, manufacturing, sales and
financing activities across China.
Goodwill has been allocated for impairment testing purposes
to the cash-generating units:
20242023
$’000s$’000s
New Zealand manufacturing
6,630 10,530
Rocklabs manufacturing
12,564 -
Australia manufacturing
5,055 13,780
Americas manufacturing
7,904 8,303
Europe manufacturing
18,316 19,031
China manufacturing
363 372
50,83252,016
Impairment model inputs
The recoverable amount of each cash-generating unit is determined based on a value-in-use calculation, which uses cash flow
projections based on financial budgets and forecasts covering a five-year period. The inputs for each of the CGUs have been listed
below. Goodwill has been allocated for impairment testing purposes to the cash-generating units:
New Zealand
20242023
Annual growth rate
2.5%2.5%
Terminal growth rate
2.0%2.0%
Pre-tax discount rate
18.2%16.6%
New Zealand cash flow projections during the budget and forecast period are based on historical gross margins during the
budget and forecast period. The rate of revenue and materials price inflation during 2024 of 2.5% (2023: 2.5%) reflects the
effect of market expectations on global sales over the five year period. Cash flows beyond that five year period have been
extrapolated using a 2.0% p.a. growth rate (2023: 2.0%) The pre-tax discount rate calculated in 2024 is 18.2% (2023: 16.6%).
The New Zealand CGU has sufficient historical data to support the cash flow assumptions included in the impairment model
and management believes that any reasonably possible change in the key assumptions on which the recoverable amount is
based would not cause the aggregate carrying amount to exceed the aggregate recoverable amount of the New Zealand
cash-generating unit.
• Australia manufacturing
• Americas manufacturing
• Europe manufacturing
• China manufacturing.
Section B: assets continued
Scott Technology Limited
Page 52

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
• Europe manufacturing
• China manufacturing.
Rocklabs
20242023
Annual growth rate
2.8% -
Terminal growth rate
2.0% -
Pre-tax discount rate
16.9% -
The rate of revenue and materials price inflation during 2024 of 2.8% (2023: n/a) reflects the effect of market expectations on global
sales over the five year period. Cash flows beyond that five year period have been extrapolated using a 2.0% p.a. growth rate
(2023: n/a). The pre-tax discount rate calculated in 2024 is 16.9% (2023: n/a).
The Rocklabs CGU has sufficient historical data to support the cash flow assumptions included in the impairment model and
management believes that any reasonably possible change in the key assumptions on which the recoverable amount is based would
not cause the aggregate carrying amount to exceed the aggregate recoverable amount of the Rocklabs cash-generating unit.
Australia
20242023
Annual growth rate
3.0%3.0%
Terminal growth rate
2.0%2.0%
Pre-tax discount rate
14.5%15.4%
Australia cash flow projections during the budget and forecast period are based on historical gross margins during the budget
and forecast period. The rate of revenue and materials price inflation during 2024 of 3.0% (2023: 3.0%) reflects the effect of
market expectations on global sales over the five year period. Cash flows beyond that five year period have been extrapolated
using a 2.0% p.a. growth rate (2023: 2.0%). The pre-tax discount rate calculated in 2024 is 14.5% (2023: 15.4%).
As noted above, the Australian CGU has received a heightened degree of focus for the impairment testing. The key
assumptions in the impairment test relate to achieving forecast EBIT and the discount rate used.

Americas
20242023
Annual growth rate
2.5%2.5%
Terminal growth rate
2.0%2.5%
Pre-tax discount rate
15.4%14.8%
Americas cash flow projections during the budget and forecast period are based on historical gross margins where available, during
the budget and forecast period. Where historical data is not easily comparable for recent acquisitions, recent sales, forward work
and sales pipelines have been used to assist with projections. There is sufficient headroom in the model to support the carrying
amount of the goodwill.
The rate of revenue and materials price inflation during 2024 of 2.5% (2023: 2.5%) reflects the effect of market expectations on
global sales over the five year period. Cash flows beyond that five year period have been extrapolated using a 2.0% p.a. growth rate
(2023: 2.5%). The pre-tax discount rate calculated in 2024 is 15.4% (2023: 14.8%). Management believes that any reasonably possible
change in the key assumptions on which the recoverable amount is based would not cause the aggregate carrying amount to exceed
the aggregate recoverable amount of the Americas cash-generating unit.
Europe
20242023
Annual growth rate
2.0%2.0%
Terminal growth rate
2.0%2.0%
Pre-tax discount rate
13.9%15.5%
Europe cash flow projections during the budget and forecast period are based on historical gross margins during the budget
and forecast period. The rate of revenue and materials price inflation during 2024 of 2.0% (2023: 2.0%) reflects the effect of
market expectations on global sales over the five year period. Cash flows beyond that five year period have been extrapolated
using a 2.0% p.a. growth rate (2023: 2.0%). The pre-tax discount rate calculated in 2024 is 13.9% (2023: 15.5%).
Section B: assets continued
Annual Report 2024
Page 53

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
The European CGU has sufficient historical data to support the cash flow assumptions included in the impairment model
and management believes that any reasonably possible change in the key assumptions on which the recoverable amount is
based would not cause the aggregate carrying amount to exceed the aggregate recoverable amount of the European cash-
generating unit.
China
20242023
Annual growth rate
2.5%3.0%
Terminal growth rate
2.0%2.0%
Pre-tax discount rate
13.2%12.9%
China cash flow projections during the budget and forecast period are based on historical gross margins during the budget
and forecast period. The rate of revenue and materials price inflation during 2024 of 2.5% (2023: 3.0%) reflects the effect of
market expectations on global sales over the five year period. Cash flows beyond that five year period have been extrapolated
using a 2.0% p.a. growth rate (2023: 2.0%). The pre-tax discount rate calculated in 2024 is 13.2% (2023: 12.9%).
The Chinese CGU has sufficient historical data to support the assumptions included in the impairment model and management
believes that any reasonably possible change in the key assumptions on which the recoverable amount is based would not
cause the aggregate carrying amount to exceed the aggregate recoverable amount of the Chinese cash-generating unit.
Policy
Intangible assets with finite useful lives that
are acquired separately are carried at cost, less
accumulated amortisation and accumulated
impairment losses. Amortisation is recognised on a
straight-line basis over their estimated useful lives.
Intangible assets with indefinite useful lives that
are acquired separately are carried at cost, less
accumulated impairment losses.
Intangible assets that are acquired in a business
combination and recognised separately from
goodwill are initially recognised at fair value at the
acquisition date, which is regarded as their cost.
Subsequent to initial recognition, intangible assets
acquired in a business combination are recognised on
the same basis as intangible assets that are acquired
separately.
At each balance sheet date, the Group reviews the
carrying amounts of its non-financial tangible and
intangible assets to determine whether there is
any indication that those assets have suffered an
impairment loss. If any such indication exists, the
recoverable amount of the asset is estimated in order
to determine the extent of the impairment loss,
if any. Goodwill is tested for impairment annually.
Where the asset does not generate cash flows that
are independent from other assets, the Group
estimates the recoverable amount of the cash-
generating unit to which the asset belongs.
The recoverable amount is the higher of fair value,
less costs to sell and value in use. In assessing
value in use, the estimated future cash flows are
discounted to their present value using a discount
rate that reflects current market assessments of the
time value of money and the risks specific to the
asset for which the estimates of future cash flows
have not been adjusted.
If the recoverable amount of a cash-generating
unit (CGU), is estimated to be less than its carrying
amount, the carrying amount of the CGU is reduced
to its recoverable amount. An impairment loss is
recognised in profit or loss immediately, unless
the asset is carried at fair value, in which case the
impairment loss is treated as a revaluation decrease.


B6. INTANGIBLE ASSETS
Section B: assets continued
Scott Technology Limited
Page 54

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
Accumulated amortisation and impairment
As at 31 August 2022 2,666 8,277 138 567 78 11,726
Amortisation expense
646 1,360 26 146 42 2,220
Disposals
- - - - (4) (4)
Foreign translation difference
523 (224) - 112 (4) 407
As at 31 August 2023
3,835 9,413 164 825 112 14,349
Amortisation expense
691 1,356 26 150 24 2,247
Disposals
- - - - - -
Foreign translation difference
(194) (44) - (42) (2) (282)
As at 31 August 2024
4,332 10,725 190 933 134 16,314
Net book value
As at 31 August 2023
2,876 1,473 176 966 95 5,586
As at 31 August 2024
2,240 113 150 809 88 3,400
Conveyor
& palletiser
technology
at cost
BladeStop
technology
at cost
Centrifuge
technology
at cost
Automated
grading
technology
at cost
Patents
& otherTotal
$000’s$’000s$’000s$’000s$’000s$’000s
Gross carrying amount
As at 31 August 2022
5,621 11,191 340 1,534 198 18,884
Additions
245 - - - 44 289
Disposals
(1) - - - (30) (31)
Foreign translation difference
846 (305) - 257 (5) 793
As at 31 August 2023
6,711 10,886 340 1,791 207 19,935
Additions
65 - - 61 18 144
Disposals
- - - (35) - (35)
Foreign translation difference
(204) (48) - (75) (3) (330)
As at 31 August 2024
6,572 10,838 340 1,742 222 19,714
Assets
Intangible assets comprise:
• Conveyor and palletiser technology used in the materials handling industry, purchased through the acquisition of the Alvey
business in April 2018, which is being amortised on a straight-line basis over an estimated remaining useful life at the time of
purchase of 10 years.
• BladeStop bandsaw safety technology purchased in October 2017, which is being amortised on a straight-line basis over an
estimated remaining useful life at the time of purchase of eight years.
• Centrifuge technology used in the honey and fish oil industry purchased through the acquisition of the other joint venture
partners’ interests in Scott Separation Technology Limited in May 2017, which is being amortised on a straight-line basis over
an estimated remaining useful life at the time of purchase of 13 years.
• Automated grading technology used in the protein industry purchased through the acquisition of Normaclass in May 2019,
which is being amortised on a straight-line basis over an estimated useful life at the time of purchase of 10 years.
Section B: assets continued
Annual Report 2024
Page 55

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
B7. RESEARCH AND DEVELOPMENT COSTS
Policy
Expenditure on research activities is recognised as an
expense in the period in which it is incurred.
An asset arising from development (or from the
development phase of an internal project) is recognised if,
and only if, all of the following are demonstrated:
• the technical feasibility of completing the asset so
that it will be available for use or sale;
• the intention to complete the asset and use or sell it;
• the ability to use or sell the asset;
• how the asset will generate probable future
economic benefits;
• the availability of adequate technical, financial and
other resources to complete the development to
use or sell the asset; and
• the ability to measure reliably the
expenditure attributable to the asset during the
development.
Policy
Development assets exist where the Group is working
on developments with the intention to meet an end
customer's needs, but no contract exists with that end
customer. Revenue is not recognised on these projects
until a contract with a customer is formed and all
the costs incurred will sit on the balance sheet until a
conclusion is reached. These projects have a large portion
of R&D and are undertaken with the view that the Group
will be able to realise future sales on these products.
At the end of each reporting period, an assessment
is made of these development assets for indicators
of impairment using the mix of external and internal
indicators included in NZ IAS 36 and the criteria for
capitalisation under NZ IAS 38 outlined in B7. Where
there are indicators of impairment the asset's recoverable
amount is calculated and an impairment recognised. If the
criteria for capitalisation are no longer met, the assets are
expensed.
Amortisation of the development assets is recorded
using the units of production method. Where units are
in production at the reporting date, a percentage of
completion is estimated.
Judgement
Determining when costs incurred on a project are
research, when costs are development, what costs
can be capitalised as a development asset, the
recoverability of development assets through future
sales and the number of future sales to amortise
the assets over relies on the directors' judgement.
B8. DEVELOPMENT ASSETS
Section B: assets continued
Scott Technology Limited
Page 56

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
• The Protein Development Assets relate to work being completed on producing systems to automate processing solutions
for chickens. Work has also been completed on updating design drawings for a lamb processing system. All meat
development assets relate to the New Zealand and Australia segments.
• Mineral Development assets relate to work completed on large projects to develop products that will be able to be sold
as future products. All mining development assets relate to the Rocklabs segment.
• MHL Development Assets relate to work completed on producing material handling systems that will be able to be sold as
future products. All MHL development assets relate to the Americas segment.
Development assets
Protein Mineral MHL Total
$’000s $’000s $’000s $’000s
Gross carrying
amount
As at 31 August 2022
3,154 5,683 - 8,837
Additions
10 1,219 - 1,229
Transfer to project
(473) - - (473)
Disposals
(1,277) - - (1,277)
Foreign translation difference
(1) (155) - (156)
As at 31 August 2023
1,413 6,747 - 8,160
Additions
- 535 849 1,384
Transfer to project
- - - -
Disposals
- - - -
Foreign translation difference
- 29 (21) 8
As at 31 August 2024
1,413 7,311 828 9,552
Accumulated
amortisation and
impairment
As at 31 August 2022
- - - -
Amortisation expense
(353) - - (353)
Foreign translation difference - - - -
As at 31 August 2023 (353) - - (353)
Amortisation expense
(227) (117) - (344)
Foreign translation difference - - - -
As at 31 August 2024 (580) (117) - (697)
Net book valueAs at 31 August 2023 1,060 6,747 - 7,807
As at 31 August 2024 833 7,194 828 8,855
Section B: assets continued
Annual Report 2024
Page 57

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
Policy
Equity instruments issued by the Group are recorded as the proceeds are received, net of issue costs.

2024202320242023
NumberNumber$’000s$’000s
Fully paid ordinary shares at beginning of financial year 81,198,794 79,852,190 90,162 86,315
Issue of shares under dividend reinvestment plan 147,809 1,346,604 354 3,847
Balance at end of financial year 81,346,603 81,198,794 90,516 90,162
All shares have equal voting rights and participate equally in any dividend distribution or any surplus on the winding up of the Group.


Earnings per share from continuing operations
20242023
Cents per shareCents per share
Basic
9.7 19.3
Diluted
9.7 19.3
20242023
$’000s$’000s
Net profit for the year used in the calculation of basic and diluted
earnings per share from continuing operations
7,853 15,522
Weighted average number of ordinary shares used in the calculation of basic
and diluted earnings per share from continuing operations
81,21480,302
Non-GAAP information
20242023
Net tangible assets per ordinary share
Cents per shareCents per share
Basic
56.456.1
Diluted
56.456.1
20242023
Notes
$’000s$’000s
Ordinary shares at year end used in the calculation of net tangible assets
per ordinary share
C1
81,34781,199
Net tangible assets (net assets excluding goodwill, intangible assets, development assets
and deferred tax)
45,87345,578
SECTION C: CAPITAL AND FUNDING
C1. SHARE CAPITAL
C2. EARNINGS AND NET TANGIBLE ASSETS PER SHARE
Scott Technology Limited
Page 58

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
Policy
Borrowings are recorded initially at fair value, net of
transaction costs.
Subsequent to initial recognition, borrowings are
measured at amortised cost with any difference
between the initial recognised amount and the
redemption value being recognised in the profit or
loss over the period of the borrowings using the
effective interest rate method.
20242023
NZD$’000sNZD$’000s
Current 1,200 1,151
Non-current 11,539 11,324
Total term loans 12,739 12,475
Maturity profile of non-current portion
1-2 years 180 11,072
2-3 years 10,981 86
3-5 years 378 166
11,539 11,324
Interest rates applicable to 31 August 2024 on the bank term loans ranged from 1.0% to 8.4% p.a. (2023: 1.0% to 8.4% p.a.)


The carrying amounts of the Group's borrowings are
denominated in the following currencies:
2024202420232023
FacilityUtilisedFacilityUtilised
NZD$’000sNZD$’000sNZD$’000sNZD$’000s
New Zealand dollar
8,000 8,000
8,000 8,000
United States dollar
3,692 2,826
3,692 2,969
European euros
10,625 1,191
2,179 1,218
Czech koruna
1,030 722
540 288
23,347 12,739
14,411 12,475
The Group also has access to the following working
capital facilities:
FacilityUtilisedFacilityUtilised
NZD$’000sNZD$’000sNZD$’000sNZD$’000s
New Zealand dollar
35,000 18,999
20,000 9,036
United States dollar
1,595 -
1,676 -
European euros
883 -
2,747 -
Czech koruna
- -
761 -
37,478 18,999
25,184 9,036
C3. BORROWINGS
Section C: capital and funding continued
Annual Report 2024
Page 59

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
Borrowing facilities
Borrowings shown above include bank debt and vehicle financing.
Borrowing facilities include bank overdraft, term loans and credit card facilities, which are included in trade creditors and accruals.
The main source of financing for the Group is through ANZ Bank in New Zealand. The total of the ANZ Bank New Zealand Limited
current facility agreement for borrowings and working capital is NZ$46.7m (2023: NZ$31.7m), of which NZ$16.9m was unutilised at
31 August 2024 (2023: $11.7m).
The bank facilities of ANZ Bank New Zealand Limited are secured by general security agreements over all the present and subsequently
acquired property of Scott Technology Limited and certain subsidiaries, and therefore associated property, plant and equipment
assets are pledged as security for these facilities. The bank facilities from ANZ Bank New Zealand Limited are also secured by
mortgages over the properties at 630 Kaikorai Valley Road Dunedin, 10 Maces Road Christchurch and 1B Quadrant Drive Lower Hutt.
The Group also has borrowing facilities through KBC Bank in Belgium with a total facility for borrowings and working capital of EUR
6.0m (2023: EUR 4.9m) of which EUR 5.3m was unutilised at 31 August 2024 (2023: EUR 3.7m).
The bank facilities from KBC Bank are secured by a registered pledge on the business assets of Scott Automation NV for a total of EUR
8.1m (2023: EUR 4.9m). The registered pledge on the bank guarantees line of credit 50% of any amount exceeding EUR 3.5m from
2023 has been removed.
Other borrowing facilities include a USD$1.0m, (2023 USD$1.0m), line of credit from BB&T Bank not untilised at 31 August 2024 or
31 August 2023, and a EUR 0.5m (2023: CZK 10m), overdraft facility not utilised at 31 August 2024 or 31 August 2023.
The Group has fully complied with and operated within the debt facility financial covenants under arrangements with its bankers.



Policy
Trade creditors are initially measured at fair value and subsequently measured at amortised cost using
the effective interest rate method.

20242023
$’000s$’000s
Trade creditors
14,748 20,011
Accruals
14,964 19,289
29,712 39,300
Terms
All trade creditors are current and paid within the terms agreed with individual suppliers.
C4. TRADE CREDITORS AND ACCRUALS
Section C: capital and funding continued
Scott Technology Limited
Page 60

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
Policy
The Group assesses whether a contract is, or contains
a lease, at the inception of the contract. The Group
recognises a right-of-use asset and a corresponding
lease liability with respect to all lease arrangements
in which it is the lessee, except for short-term leases,
defined as leases with a lease term of 12 months
or less, and leases of low-value assets. For these
leases, the Group recognises the lease payments as
an operating expense on a straight-line basis over
the term of the lease unless another systematic
basis is more representative of the time pattern in
which economic benefits from the leased assets are
consumed.
The lease liability is initially measured at the present
value of the lease payments that are not paid at the
commencement date, discounted by using the rate
implicit in the lease. If the rate cannot be readily
determined, the Group uses its incremental borrowing
rate (IBR). The lease liability is subsequently measured
by increasing the carrying amount to reflect interest on
the liability, using the effective interest method, and
by reducing the carrying amount to reflect the lease
payments made.
The right-of-use assets comprise the initial measurement
of the corresponding lease liability, lease payments made
at, or before, the commencement day and any initial
direct costs. They are subsequently measured at cost less
accumulated depreciation and impairment losses. Right-
of-use assets are depreciated over the shorter period
of lease term or useful life of the underlying asset. The
Group applies NZ IAS 36 to determine whether a right-
of-use asset is impaired and accounts for any identified
impairment loss as described in the intangible assets
policy in note B6.
Judgement
The estimation of the IBR relies on the directors
considering the credit risk of the Group. If the
credit risk faced by the Group differs from what is
estimated, the IBR may differ, and consequently the
future net present value of the lease cash flows may
be over or under stated.
The Group leases several assets including buildings, cars and machinery. The average lease term is 4.6 years (2023: 3.4 years).
The Group has options to purchase certain equipment at the conclusion of their current lease terms.
As management is undecided on the outcome of these transactions, the purchase price has not been included in the
lease liability calculations.
The determination of lease term relies on the
directors' view of the likelihood of any lease renewal
options being renewed. If the lease renewal options
are included and then not taken up, or are not
included and are taken up, the net present value of the
lease cash flows may be over or under stated.
C5. LEASES
Section C: capital and funding continued
Annual Report 2024
Page 61

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
Lease liabilities
20242023
$’000s$’000s
Current liability 4,660 3,773
Non-current liability 21,987 9,602
Total 26,647 13,375
Maturity analysis
20242023
$’000s$’000s
Not later than 1 year 4,660 3,773
Later than 1 year and not later than 5 years 11,346 6,722
Later than 5 years 10,641 2,880
26,647 13,375
BuildingsPlantVehiclesGroup
$’000s$’000s$’000s$’000s
Cost
As at 31 August 2022 16,527 338 1,843 18,708
Additions 4,360 9 1,762 6,131
Disposals (3,710) - (397) (4,107)
Translation of leases held in foreign currency 974 - 237 1,211
As at 31 August 2023 18,151 347 3,445 21,943
Additions 17,673 59 2,292 20,024
Disposals (4,951) (113) (783) (5,847)
Translation of leases held in foreign currency (761) (4) (114) (879)
As at 31 August 2024 30,112 289 4,840 35,241
Depreciation
As at 31 August 2022 8,247 114 815 9,176
Depreciation expense 3,283 66 663 4,012
Disposals (3,710) - (382) (4,092)
Translation of leases held in foreign currency 260 1 113 374
As at 31 August 2023 8,080 181 1,209 9,470
Depreciation expense 4,889 38 1,129 6,056
Disposals (3,978) (89) (720) (4,787)
Translation of leases held in foreign currency (309) (3) (48) (360)
As at 31 August 2024 8,682 127 1,570 10,379
As at 31 August 2023
10,071 166 2,236 12,473
As at 31 August 2024 21,430 162 3,270 24,862
20242023
$’000s$’000s
Total cash outflow for leases 4,556 4,040
Interest expense on lease liabilities 1,438 528
Expense relating to short-term liabilities 1,022 662
As at 31 August 2024, the Group is committed to $0.6 million (2023: $0.6 million) for short-term leases.
Right-of-use assets
Amounts recognised in profit and loss and cash flows statement
Section C: capital and funding continued
Scott Technology Limited
Page 62

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
Policy
Provision is made for benefits accruing to employees
in respect of wages and salaries, annual leave, long
service leave and sick leave, share-based payment
arrangements, and short-term incentives when it is
probable that settlement will be required and they are
capable of being measured reliably.
Provisions made in respect of employee benefits
expected to be settled within twelve months
are measured at their nominal values using the
remuneration rate expected to apply at the time of
settlement.
Provisions made in respect of employee benefits that
are not expected to be settled within twelve months are
measured at the present value of the estimated future
cash outflows to be made by the Group in respect of
services provided by employees up to reporting date.


Policy
The provision for warranty claims represents the present
value of the directors’ best estimate of the future
outflow of economic benefits that will be required under
the Group’s twelve-month warranty programme for
certain equipment. The estimate has been made on
the basis of historical warranty trends and may vary
as a result of new materials, altered manufacturing
processes or other events affecting product quality.
20242023
$’000s$’000s
Balance at 1 September
1,374 1,323
Additional provisions (derecognised) / recognised
167 51
Balance at 31 August
1,541 1,374
Obligation
The provision for warranty reflects an obligation for after sales service work in relation to completed contracts and products sold
to customers. The provision is expected to be utilised within twelve months of balance date, however, this timing is uncertain and
dependent upon the actual level of after sales service work required.

C6. EMPLOYEE BENEFITS
C7. PROVISION FOR WARRANTY
Section C: capital and funding continued
Annual Report 2024
Page 63

Notes to and forming part of the consolidated financial statements continued
For the year ended 31 August 2024
Policy
For cash-settled performance-based compensation,
a liability is recognised for the amount payable based
on on-target performance against set performance
measures. For long-term incentives (which include
the payment of a monetary amount after a period
of approximately three years of continuous full-time
employment), the payment amount is determined by
the differential between the company's share price
at the beginning of the scheme and at the end of the
reporting period, after adjusting for any events that
affect the share price, such as capital reconstruction,
bonus issues or dividends. Accordingly, at the end of
each reporting period, until the liability is settled, and
at the date of settlement, the fair value of the liability is
remeasured, with any changes in fair value recognised
in profit or loss for the year.


Details of arrangement
The Group has short term and long term incentives in place for certain executives and senior employees of the Group. Short term
incentives (STI) are annual performance based compensation linked directly to individual and company performance while long term
incentives (LTI) are payable to executives and senior employees who are members of the LTI and remain in employment with the
Group at the vesting dates (after 3 years). On the vesting date, those members of the LTI will be granted a cash incentive based on the
movement in Scott Technology Limited’s share price from the beginning of the scheme to the vesting date.
At balance date there is a liability of $0.1 million (2023: $2.7 million) included in employee entitlements in the balance sheet. The
impact of the movement in the liability on profit for the year was a $0.1 million increase (2023: $1.6 million increase) and is included
in the employee benefits expenses. Refer to note F3.
No shares, or share options, in Scott Technology Limited are issued under either incentive scheme.
Policy
Present obligations arising under onerous contracts are
recognised and measured as provisions. An onerous
contract is considered to exist where the Group has
a contract under which the unavoidable costs of
meeting the obligations under the contract exceed the
economic benefits expected to be received under it.







20242023
$’000s$’000s
Balance at 1 September
1,061 5,241
Additional provisions expensed to the profit and loss during the year
34 615
Utilisation of provisions
(1,061) (4,795)
Balance at 31 August
34 1,061
The onerous contract provision relates to the expected
losses on certain long-term projects in progress as at 31
August. The onerous contract provisions are based on
management's best estimate to complete the projects
in progress. The completion of work required is typically
expected in the next 12 months.


C8. PERFORMANCE-BASED COMPENSATION
C9. ONEROUS CONTRACT PROVISION
Section C: capital and funding continued
Scott Technology Limited
Page 64