Scales (SCL) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees and stakeholders, highlighting a commendable 2023 performance and the hybrid meeting format.

• Agenda included financial review, board updates, climate disclosures, business outlook, resolutions, and Q&A.

• Voting and question procedures for both in-person and online participants were explained.

Financial performance review

• Underlying net profit after tax for 2023 was NZD 19 million, at the top end of guidance, down 31% from 2022.

• Reported NPAT was NZD 5.2 million, down 73% from 2022, mainly due to Cyclone Gabrielle, goodwill impairment, and asset write-downs.

• 2023 revenue was $565.4m, down 9% from 2022; underlying EBITDA was $67.5m, down 13%; net cash at year-end was $12.0m.

• Dividends of NZD 0.085 (8.5 cents) per share declared, representing 63% of underlying NPAT.

• Group ROCE declined to 10.8% from 13.5% in 2022.

Board and executive committee updates

• Tony Batterton appointed as Independent Non-Executive Director and stood for election.

• Nadine Tunley appointed as Chief Risk Officer, focusing on health, safety, sustainability, and compliance, and will retire from the board in August 2024.

• Emma Wheeler welcomed as the sixth participant in the Future Director Program; continued support for the Institute of Directors Future Directors programme.