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Scales Corporation Limited (NZX: SCL) 2020 Annual Results Announcement

Friday 26th February 2021

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Highlights – 12 months to 31 December 2020

Diversified agribusiness group Scales Corporation Limited today reported its FY2020 full year results. Profit for the Year was $26.6 million (FY2019: $121.6 million). Earnings per share for FY2020 were 15.0 cents per share (FY2019: 84.2 cents per share).

• Group FY2020 financial results:

Revenue of $470.7 million (FY2019: $484.6 million).

Reported NPAT of $26.6 million (FY2019: $121.6 million).

Underlying EBITDA of $53.9 million (FY2019: $52.7 million).

Underlying2 NPAT of $33.8 million (FY2019: $36.4 million).

• Mr Apple own-grown export volumes of 3,915k TCEs , up 2 per cent on 2019 export volumes and up 3% on forecast.

• Food Ingredients Underlying EBITDA of $23.1 million (FY2019: $13.5 million), an exceptional performance.

Scales Corporation Chair Tim Goodacre noted: “We are extremely proud of the hard work and unity displayed by the entire Scales team in a challenging and disruptive year. This unity enabled Scales to continue trading throughout lockdowns, without New Zealand government wage subsidies, and still deliver a profit result consistent with our originally provided guidance.”

“The diversified strategy of the Group provided us with a solid base from which to operate. The divisional mix of our earnings differed compared to prior years, with an exceptional performance recorded by the Food Ingredients division.”

Andy Borland, Managing Director of Scales Corporation, commented: “The Board and senior leadership team are proud of the dedication and courage exhibited by all staff during a demanding year. We would not have been able to produce our results without a unified effort by all business divisions.”

“We have continued to make progress on our sustainability journey, and are excited to be preparing our inaugural climate change report for the 2020 annual report.”

“Scales also continues to be in a strong financial position, with net cash at 31 December 2020 of $97.6 million. This provides us with a solid base from which to invest in future growth opportunities, both organic and acquisitive.”

During the year Scales declared dividends of 19.0 cents per share . As in previous years, the Board expects to declare a final dividend in respect of FY2020 in May, with payment in July.

Please see the links below for details:

Annual Results Media Release - 31 December 2020

Annual Results Presentation - 31 December 2020

Annual Financial Statements - 31 December 2020

Annual Results Announcement - 31 December 2020

Source: Scales Corporation Limited



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