Announcement

MKTUPDTE: SCL: Market Update 08:30a.m. 
SCL  
05/12/2018 08:30  
MKTUPDTE  
PRICE SENSITIVE  
REL: 0830 HRS Scales Corporation Limited  
 
MKTUPDTE: SCL: Market Update  
 
5 December 2018  
 
SCALES CORPORATION DECLARES INCREASED INTERIM DIVIDEND AND UPDATES 2018  
GUIDANCE  
 
The directors of Scales Corporation Limited (NZX:SCL) have declared a fully  
imputed interim cash dividend for the 2018 financial year of 9.5 cents per  
share, to be paid on 18 January 2019. The dividend amount is an increase on  
the 2017 interim cash dividend of 9 cents per share which reflects both the  
positive trading performance for the current year and the stronger balance  
sheet position as a result of the recent Liqueo sale.  
 
Directors have also indicated that EBITDA, for the twelve months to 31  
December 2018, is likely to be at the top end, or slightly exceed, the  
current guidance range of $58 million to $65 million. The directors note  
that this guidance is based on a 'like for like' basis with FY17 and assumes  
the inclusion of a full year's earnings from cold storage subsidiary  
Polarcold.  
 
Key 2018 highlights include:  
o Conditional sale of Polarcold and the completed sale of bulk liquid  
storage subsidiary, Liqueo. These initiatives form part of the previously  
reported refreshed growth strategy.  
o Positive results across the entire Group in 2018, with all divisions  
trading ahead of 2017.  
o A record export apple crop for Mr Apple, and improved in-market  
pricing.  
o Further increases in sales volumes in the Food Ingredients  
operations.  
 
Managing Director Andy Borland says "This is an excellent performance for the  
Group, further building on the initiatives within each business unit. All  
businesses and divisions have traded very positively during 2018, and provide  
a high level of confidence as the Group looks to execute our refreshed growth  
strategy. As always, we are grateful to the tireless efforts of the entire  
Scales team."  
 
Directors will not provide EBITDA guidance for 2019 at this time, due to two  
key outstanding initiatives:  
1. The sale of Polarcold remains conditional on OIO approval, simply  
reflecting the long regulatory approval process. Under the Sale Agreement  
this condition is currently required to be met by 9 February 2019;  
2. In line with our growth strategy, Scales' continues to make positive  
progress on a number of our initiatives, some of which may be agreed in the  
near term.  
Directors will provide an update at the announcement of the 2018 results in  
February 2019, or earlier if possible.  
 
About Scales Corporation  
Scales Corporation is a diversified agribusiness group. It comprises three  
operating divisions: Horticulture, Storage & Logistics and Food Ingredients.  
The company's diverse spread of activities gives Scales broad exposure to New  
Zealand's agribusiness sector. Scales Corporation was founded in 1897 as a  
shipping business by George Herbert Scales. Today it employs more than 700  
staff New Zealand wide. 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  
End CA:00327873 For:SCL Type:MKTUPDTE Time:2018-12-05 08:30:38