Market Update

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



4 December 2024


MARKET UPDATE

2024 TRADING
The directors of Scales Corporation Limited (NZX:SCL) have reiterated market guidance for the
twelve months to 31 December 2024, of an Underlying Net Profit after Tax Attributable to
Shareholders range of $30.0 million to $35.0 million.
Managing Director Andy Borland notes “2024 has been a very positive year for Scales. We’ve
returned to a more normal trading environment, whilst also executing on strategic growth transactions,
both in the Horticulture and Global Proteins divisions.”
“In Horticulture, the orchard transactions with the Bostock Group and Craigmore Sustainables have
increased our volumes of Premium apple varieties, particularly Dazzle™. We were also delighted to
welcome Profruit as a wholly-owned subsidiary following the acquisition of the remaining 50% from
Bostock Group. The net impact of these transactions on the FY24 financial result was negligible”
“In Global Proteins, the increase in our investment in Meateor Australia, from a shareholding of 33%
to 50% was also a very pleasing and strategically important transaction.”

2025 GUIDANCE
Looking ahead to the 2025 financial year, directors advise an Underlying Net Profit after Tax
Attributable to Shareholders Guidance range of $35.0 million to $40.0 million.
In providing Guidance for 2025, directors note:
• In the Global Proteins division, a continuation of 2024’s strong financial performance is
anticipated. Of our most recent investments in the division, Meateor Australia is expected to
contribute positively (completing the transition of operations in Australia), and Esro Petfood is
forecast to move into profitability later in 2025. We continue to work on a number of projects
in the division, which we expect to contribute positively to earnings in future years;

• Within the Horticulture division, Mr Apple is forecasting:
o A crop of approximately 3.4 million TCEs, including a higher proportion of Premium
varieties as a result of the Bostock and Craigmore transactions. This forecast volume
also includes the impact of orchard redevelopment and the relinquishment of a small
number of leases of underperforming orchards during the year;
o Positive pricing, impacted by a number of factors including the improving variety mix,
larger apple size and favourable exchange rates;
• Whilst ongoing geopolitical uncertainty is anticipated, our Logistics division continues to
perform well and provides a valuable service both to our own businesses and to their external
customers.
• The Guidance range implies:
o an Underlying Net Profit after Tax range of $53.0 million and $60.0 million; and
o an Underlying EBITDA range of $92.0 million and $101.0 million.

DIVIDENDS
The directors have also declared a fully imputed interim cash dividend for the 2024 financial year of
7.25 cents per share, to be paid on 17 January 2025. The directors note that, in line with the current
dividend policy, they would expect total dividends for 2024 to be split approximately evenly between
interim and final (with the final dividend to be paid in July 2025), and that total 2024 dividends would
be between 50% and 75% of Underlying Net Profit after Tax Attributable to Shareholders.
The directors also note that due to the increasingly offshore nature of the Group’s earnings it is likely
that dividends after the 2024 year will be partially, rather than fully, imputed.


About Scales Corporation
Scales Corporation is a diversified agribusiness group. It comprises three operating divisions: Global
Proteins, Horticulture, and Logistics. The company’s diverse spread of activities gives Scales broad
exposure to the agribusiness sector. Scales Corporation was founded in 1897 as a shipping business
by George Herbert Scales. Today it has operations across New Zealand, Australia, United States and
Europe. Find out more at www.scalescorporation.co.nz.
Contact
Andy Borland, Managing Director, Scales Corporation Limited, Mob: 021 975 999, email:
andy.borland@scalescorporation.co.nz

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Distribution Notice



Section 1: Issuer information
Name of issuer SCALES CORPORATION LIMITED
Financial product name/description ORDINARY SHARES
NZX ticker code SCL
ISIN (If unknown, check on NZX
website)
NZSCLE0002S8
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 07/01/2025
Ex-Date 06/01/2025
Payment date 17/01/2025
Total monies associated with the
distribution
$10,408,935.71
Source of distribution (for example,
retained earnings)
RETAINED EARNINGS
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.10069444
Total cash distribution $0.07250000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.01279412
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed
If fully or partially imputed, please state
imputation rate as % applied
100%
Imputation tax credits per financial
product
$0.02819444
Resident Withholding Tax per financial
product
$0.00503472
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
STEVE KENNELLY
Contact person for this announcement STEVE KENNELLY
Contact phone number 03 371-2263
Contact email address steve.kennelly@scalescorporation.co.nz
Date of release through MAP

04/12/2024