FY24 Half Year Report

INTERIM REPORT FY24

Details of the company and reporting periods
Name of entity Vulcan Steel Limited (“Vulcan”)
ARBN 652 996 015 (incorporated in New Zealand)
Current reporting period Half year ended 31 December 2023 (“1H FY24”)
Previous corresponding reporting period Half year ended 31 December 2022 (“1H FY23”)
Release date 13 February 2024

Result for announcement to the market
Financial Performance (NZ$ million, unless stated) 1H FY24 1H FY23
Revenue from ordinary activities Down -12% to 564.0 638.0
EBITDA
1
before significant items
5
Down -30% to 81.8 1 16.6
EBIT
2
before significant items
5
Down -38% to 59.1 95.6
Net financing costs Up +18% to -20.6 -17.4
Profit before tax and significant items
5
Down -51% to 38.5 78.2
Income tax Down -46% to -12.4 -22.8
NPAT
3
from ordinary activities before significant items
5
Down -53% to 26.1 55.4
Significant items
4
- - 0.0 1.0
NPAT from ordinary activities after significant items Down -52% to 26.1 54.4
Earnings per share after significant items (cents) Down -52% to 19.9 41.4

Net Tangible Assets (NTA, NZ$ per share)
As at 31 Dec 23 31 Dec 22
NTA per share attributable to Vulcan shareholders 1.18 1.21
Dividends (NZ cents per share) FY24 FY23
Amount Imputation* Franking** Amount Imputation* Franking**
Interim ordinary 12.0 100% 100% 24.5 100% 100%
Final ordinary dividend - - - 30.5 44% 100%

Record date for determining entitlements to 1H FY24 interim dividend 1 March 2024
1H FY24 Interim dividend payment date 21 March 2024
Appendix 4D - Half Year Report
1. EBITDA - Earnings Before Interest, Tax, Depreciation and Amortisation.
2. EBIT - Earnings Before Interest and Tax.
3. NPAT - Net Profit After Tax attributable to shareholders.
4. Significant items in FY23 - Ullrich integration costs.
5. Profit before significant items is a non-IFRS measure reported to provide a greater
understanding of the underlying business performance of Vulcan. The above disclosures
are extracted or derived from the financial report for the period ended 31 December 2023,
which has been reviewed by Deloitte. The Independent Auditor’s Review Report provided
by Deloitte is included in Vulcan’s Half Year Report for the period ended 31 December 2023.
* At 28% corporate tax rate in New Zealand.
** At 30% corporate tax rate in Australia.
Commentary on the results for the period
Additional disclosure requirements and supporting
information for the Appendix 4D are contained within
Vulcan’s FY24 Half Year Report. This Appendix should
be read in conjunction with Vulcan’s Half Year Financial
Report and other related releases.
This announcement was approved for release by Vulcan
Board of Directors.
VULCAN INTERIM REPORT FY24VULCAN.CO
2

Inside
It has been a busy first half of FY24 at Vulcan, as our team
continues to diligently integrate our aluminium business,
concurrently enhancing many facets of our operations in
the Group.
Despite the challenging business landscape, we still delivered 18% return on
capital employed in 1H FY24. The substantial growth in customer accounts, robust
operating cashflow, successful reduction in costs, and ongoing implementation
of hybrid sites have been encouraging.
We are well-positioned to capitalise on an economic recovery and are excited

by the opportunities to create long-term value for all of our stakeholders.
01
OVERVIEW
Performance highlights 5
Overview 6
Steel & Metals 7
Operating expenditure 8
Cash flows 8
Balance sheet 9
Dividends 9
Environmental, social and governance 10
Outlook 11
Our principles 12
Our ethos 13
02
FINANCIALS
Financial statements 15-23
Auditor’s report 24
Directors’ declaration 25
Corporate directory 26
VULCAN INTERIM REPORT FY24VULCAN.CO
3

We have our
eyes on the
future
01
OVERVIEW
We are
well-positioned
VULCAN INTERIM REPORT FY24VULCAN.CO
4

Performance highlights
1. Included five months of aluminium contribution in 1H FY23. 2. m - millions. 3. Earnings before interest, tax, depreciation and amortisation. 4 .1H FY23: Statutory report included NZ$1.5m integration costs.
5. Net profit after tax. 6. Based on customers that transacted with Vulcan at least once in the relevant period. Aluminium customers have been excluded due to system transition to provide like-for-like comparison.
ADJUSTED EBITDA
1,3

(EXCLUDING SIGNIFICANT ITEMS
4
)
-30% on NZ$117m in 1H FY23
NZ$82m
INTERIM DIVIDEND
(TOTALLING NZ$16m)
vs NZ24.5c in 1H FY23
NZ 12.0c
CUSTOMERS TRANSACTED
WITH VULCAN
6
+4% on 12,108 in 2H FY23
12,646
SALES VOLUME
1
-6% on 127,354 tonnes in 1H FY23
119,122t
ADJUSTED NPAT
5

(EXCLUDING SIGNIFICANT ITEMS)
-53% on NZ$55m in 1H FY23
NZ$26m
REVENUE
1
-12% on NZ$638m in 1H FY23
NZ$564m
2
OPERATING CASH FLOW
1
+ NZ$89m vs NZ$16m in 1H FY23
NZ$105m
GROSS MARGIN
-0.5% vs 35.9% in 1H FY23
35.4%
GROSS PROFIT $/TONNE
1
1H FY24 on 1H FY23
-6.8%
VULCAN INTERIM REPORT FY24VULCAN.CO
5

Overview
Statutory basis
• Revenue of NZ$564.0 million, down 11.6% from NZ$638.0 million in 1H FY23
• EBITDA of NZ$81.8 million, down 28.9% from NZ$115.1 million in 1H FY23
• NPAT of NZ$26.1 million, down 52.0% on NZ$54.4 million 1H FY23
• EPS of 19.9 NZ cents, down 21.5 NZ cents from 41.4 NZ cents in 1H FY23
• Net cash inflows from operating activities of NZ$105.3 million, up NZ$89.3 million
from NZ$16.0 million 1H FY23

In August 2022, Vulcan expanded its metals segment product offering with the
acquisition of Ullrich Aluminium. Therefore, the 1H FY24 includes one additional
month of trading compared to 1H FY23.
The first half results represent the continuation of the softness in both the Australian
and New Zealand markets. High inflation and high interest rates in both countries and
an election in New Zealand contributed to a weaker first half result. This is reflected in
a NZ$74.0 million or 11.6% drop in revenue for the Group, with Australia down 7.6% and
New Zealand down 18.3% despite the additional month of Aluminium sales compared
to 1H FY23. The drop in sales reflected the drop in sales value per tonne and total tonnes
sold which was down 6.5% to 119,122 tonnes from 1H FY23 of 127,354 tonnes.
Overall, gross profit per tonne decreased 6.8% in 1H FY24 compared to 1H FY23.
This reflected the weaker trading conditions especially in the steel sector.
Despite the adverse economic impact on both sides of the Tasman, the Group’s
strategy of maintaining inventory levels of essential lines and providing a high level of
service to customers continues to provide good outcomes for our customers and the
Group. This is demonstrated by the continued high level of active trading accounts as
the Group continues to strengthen its customer base, which is particularly encouraging
for the future. Active trading accounts
1
excluding aluminium in 1H FY24 increased 4%
compared with 2H FY23.
Vulcan, an Australasian industrial product distributor and value added processor recorded a sound performance under difficult
economic conditions for the six months ended 31 December 2023 (1H FY24, the first half of the 2024 financial year).
Half year operating and financial review continued
EBITDAEBITNPATEPS (NZ cents)
NZ$m (unless stated)1H FY241H FY231H FY241H FY231H FY241H FY231H FY241H FY23
Statutory basis81.8115.15 9. 194.126.154.41 9.941.4
+ Integration costs-1.5-1.5-1.0-0.8
Before signifcant items81.8116.65 9. 195.626.155.41 9.942.2
- Operating leases-19.8-18.3-5.0-4.02.42.81.82.2
Adjusted pre-IFRS 16
2
basis62.098.354.291.628.558.221.744.3
2. NZ International Financial Reporting Standard NZ IFRS 16 – accounting recognition
of right of use assets and corresponding liabilities on leases.
1. Customers that have transacted with Vulcan at least once in the six month period.
VULCAN INTERIM REPORT FY24VULCAN.CO
6

Steel
Steel revenue fell NZ$64.2 million (20.3%) to NZ$252.3 million in 1H FY24, down from
NZ$316.5 million. Sales tonnes decreased to 84,486 tonnes in 1H FY24, down 10.5% from
94,450 tonnes in 1H FY23. Average revenue per tonne also declined NZ$365 (10.9%) to
NZ$2,986 in 1H FY24 from NZ$3,351 in 1H FY23.
Gross profit per tonne in 1H FY24 was down approximately 15% compared with 1H FY23
and 4% compared with 2H FY23. Gross profit dollar per tonne remains at levels above
FY21.
In 1H FY24 corporate cost allocations to business units were reviewed, resulting in an
additional NZ$1 million being allocated to the Steel segment. On a comparable basis
operating expenditure (OPEX) excluding depreciation for the Steel segment declined
by approximately NZ$1 million in 1H FY24 compared to 1H FY23 despite the inflationary
pressure on the company’s cost base.
Overall, Steel EBITDA margin declined 4.6% to 15.0% in 1H FY24 from 19.6% in 1H FY23.
As a result, Steel EBITDA decreased by NZ$24.3 million to NZ$37.8 million in 1H FY24.
Metals
Metals had a full six-month trading from the Aluminium Division in 1H FY24, an
additional month trading on 1H FY23. Despite this additional month of aluminium
trading, overall metals revenue decreased NZ$9.7 million (3.0%) to NZ$311.7 million
in 1H FY24 from NZ$321.4 million in 1H FY23. Sales tonnes increased to 34,636 tonnes
in 1H FY24, up 5.3% from 32,890 tonnes in 1H FY23. Adjusted for the one extra month
of trading in 1H FY24 compared to 1H FY23, overall Metals volume was steady year-on-
year. Average revenue per tonne decreased NZ$772 (7.9%) to NZ$9,000 in 1H FY24
from NZ$9,772 in 1H FY23.
Gross margin percentage was steady in 1H FY24 compared with 1H FY23.
In 1H FY24 corporate cost allocations to business units were reviewed resulting in an
additional NZ$3 million being allocated to the Metals segment. Overall OPEX excluding
depreciation for the Metals segment increased by approximately NZ$6 million in 1H FY24
compared to 1H FY23 reflecting six months of OPEX in 1H FY24 compared with five months
in the previous corresponding period relating to the aluminium division. On a like-for-like

4
basis, OPEX excluding depreciation for the Metals segment declined by approximately
NZ$1 million despite the inflationary pressure on the company’s cost base including
significantly higher unit cost for power and third party freight providers. Overall, Metals
EBITDA margin declined 3.2% to 17.0% in 1H FY24 from 20.2% in 1H FY23. As a result, the
Metals EBITDA decreased by NZ$12.0 million to NZ$53.0 million in 1H FY24.
Half year operating and financial review continued
4. Adjusting the five months of Aluminium operations under Vulcan’s ownership in 1H FY23 to a six-month equivalent to enable a like-for-like comparison with 1H FY24.
Steel, NZ$m1H FY241H FY23% change
Revenue252.3316.5-20.3%
EBITDA
1,2
37.862.1-39.2%
Sales volume (000 tonnes)84.594.5-10.6%
Revenue/tonne ($)2,9863,351-10.9%
EBITDA margin
1,2
15.0%19.6%-4.6%
1. Post NZ IFRS 16 basis.
2. Statutory 1H FY23 has been realigned for consistency with internal practice of corporate costs allocation.
Metals, NZ$m1H FY241H FY23% change
Revenue311.7321.4-3.0%
EBITDA
1,2,3
53.065.0-18.5%
Sales volume (000 tonnes)34.632.95.3%
Revenue/tonne ($)9,0009,772-7.9%
EBITDA margin
1,2,3
1 7. 0 %20.2%-3.2%
1. Post NZ IFRS 16.
2. Before significant items (integration costs of NZ$1.5m in 1H FY23).
3. Statutory 1H FY23 has been realigned for consistency with internal practice of corporate costs allocation.
VULCAN INTERIM REPORT FY24VULCAN.CO
7

Operating expenditure (OPEX)
OPEX (excluding Aluminium integration costs, depreciation, and amortisation) increased
NZ$5.3 million (4.8%) to NZ$117.9 million in 1H FY24 from NZ$112.6 million in 1H FY23. This
includes the full six-month impact of the Aluminium business of approximately NZ$6.0
million additional costs and the continued inflation impact across all cost areas.
With the increase in costs and the reduction of sales volume, the OPEX costs per tonne
increased to NZ$990 up 12.0%. While this substantially reflects the negative impact of lower
volume and cost-to-serve associated with product-mix, management continues to look
for opportunities to improve efficiencies to reduce the impact of inflationary pressures.
Employee numbers decreased 157 to 1,283.
Cash flows
OPERATING CASH FLOWS
Cash generated from operations recorded a net NZ$105.3 million inflow in 1H FY24
compared to NZ$16.0 million achieved in 1H FY23. Operating cash flows included a
reduction of working capital (excluding currency translation impact) primarily due
to a NZ$53.7 million drop in inventory, lower tax payments due to a reduction of Group
NPBT, and higher interest payments due to increased interest rates. 1H FY23 included
a NZ$59.3 million adverse movement in working capital.
The net cash flows from operating activities of NZ$105.3 million was used for capital
expenditure of NZ$14.4 million, up NZ$3.7 million on 1H FY23 due to the development of
several hybrid sites, a dividend payment of NZ$40.1 million with the remainder used to
reduce bank debt which dropped by NZ$58.4 million.
Half year operating and financial review continued
OPEX, NZ$m1H FY241H FY23% change
Employee benefits71.570.41.6%
Selling & distribution (S&D)15.013.312.6%
Occupancy costs7. 04.941.9%
General & admin. (G&A)24.524.02.0%
Operating expenses
1,2
117.9112.64.8%
Staff numbers (at period end)12831440-10.9%
Sales volume (000 tonnes)119.1127.4-6.5%
Total OPEX/tonne ($000)99088412.0%
1. Exclude Depreciation & Amortisation.
2. Before significant items (integration costs of NZ$1.5m in 1H FY23).
NZ$m1H FY241H FY23% change
Receipts from customers591.1681.6-13.3%
Payments to suppliers & employees-442.0-600.0-26.3%
Net interest paid-12.1- 7. 65 9. 2 %
Tax paid-23.4-50.0-53.2%
Lease interest paid-8.3-8.03.5%
Net cash flows from operating activities105.316.0560.4%
Capital expenditure-14.4-10.734.8%
Acquisition (incl debt assumed)0.0-149.2n.m.
Lease liability payments-11.5-10.311.5%
Dividends-40.1-49.3-18.7%
VULCAN INTERIM REPORT FY24VULCAN.CO
8

Balance sheet
WORKING CAPITAL
Net working capital excluding tax payable decreased to NZ$375.4 million on 31 December
2023 down from NZ$441.5 million on 30 June 2023, primarily due to a NZ$59.0 million drop
(including currency movement) in inventory. The inventory reduction was achieved whilst
ensuring essential key stock lines are fully stocked. The Group continues to maintain a
delivery in full on time (DIFOT) of 98% for key stock lines. Both receivables and payables
declined in line with lower trading activities at this time of the calendar year.
NET BANK DEBT
Since 30 June 2023, net bank debt dropped NZ$42.1 million to NZ$297.6 million.
The reduction in net bank debt was due to the decrease in working capital, primarily
due to reduced inventory levels and continued positive operating cash flows, partially
off-set by a NZ$40.1 million dividend payment.
During the period, the Group did not renew a NZ$40.0 million working capital facility that
expired on 1 November 2023, reducing the Group’s term debt facilities to NZ$400 million.
In addition, in December 2023, the Group extended a NZ$75 million tranche of its bank
debt that was due to expire in 2024 out to 2027.
FUNDS EMPLOYED
Including NZ$169.3 million shareholders’ funds, and NZ$290.1 million in lease liabilities,
and NZ$297.6 million in net bank debt, the Group’s funds employed were NZ$757.0
million on 31 December 2023. The decline from NZ$815.3 million on 30 June 2023 primarily
reflected a disciplined approach to managing Vulcan’s inventory relative to prevailing
conditions, hybrid site opportunities and potential recovery in the business cycle.
Dividends
The Board has declared a 12.0 NZ cents per share interim dividend. This dividend will
be fully franked at 30% tax rate for Australia resident shareholders, and fully imputed at
28% tax rate for New Zealand resident shareholders. Australian-domiciled shareholders
may benefit from their entitlement to receive an amount in supplementary dividend
payment as an offset against New Zealand non-resident withholding tax payable on
this imputed interim dividend.
Half year operating and financial review continued
NZ$m31 Dec 2330 Jun 23% change
Trade and other receivables141.3170.7-17.2%
Inventories378.7437.7-13.5%
Less trade and other payables-144.6-166.9-13.4%
Working capital excluding tax items375.4441.5-15.0%
Property, plant and equipment91.386.85.1%
Intangibles14.115.0-5.9%
Right-of-use assets2 5 7. 5260.4-1.1%
Other assets and liabilities18.711.661.4%
Lease liabilities-290.1-289.70.1%
Net bank debt-297.6-339.7-12.4%
Net assets/shareholders funds169.3185.9- 9. 0 %
VULCAN INTERIM REPORT FY24VULCAN.CO
9

Environmental, social and governance (ESG)
Vulcan continues its ESG journey. During the last six months, we have formalised
our internal governance structure to ensure that the risks and opportunities to the
business are identified and managed. We continue to lower our carbon emissions
with increased use of electric vehicles and solar power, where appropriate. We are
currently implementing new software to manage our carbon emissions enabling
us to further identify opportunities. We are also formulating our carbon emission
targets and completing scenario analysis as required under the new New Zealand
Climate Standards.
Half year operating and financial review continued
We continue to
lower our carbon
emissions with
increased use of EV
and solar power.
VULCAN INTERIM REPORT FY24VULCAN.CO
10

Outlook
Trading was variable in the first six months of the current financial year with some
weakness observed in the December quarter especially in the NZ market and the Steel
segment in Australia as foreshadowed at our ASM in November 2023.
Sales activity is beginning to stabilise at current levels.
Lead business activity indicators for New Zealand point to an improving outlook for 2024
although the timing and magnitude of a recovery remains uncertain. Our expectation is
for New Zealand trading volume to begin to recover from 2Q or 3Q of 2024 calendar year.
In Australia, expectations are for Vulcan’s Metals segment to remain steady and improve
as further hybrid sites are commissioned during 2024 calendar year. The Australian Steel
segment volume will likely continue to be challenging especially in Victoria in the near
term.
The Aluminium systems integration has been largely completed in the last twelve
months. The next period focus will be leveraging synergies to deliver positive outcomes.
Vulcan is no stranger to hybrid sites and the acquisition of the Aluminium business has
provided significant opportunities to leverage the new Aluminium sites, customers, and
product range within the Group’s existing business to develop a number of new hybrid
sites. Three hybrid sites were commissioned in 1H FY24, with a further four sites expected
to be commissioned around the middle of 2024 calendar year. Additional hybrid site
opportunities are being evaluated. These sites are expected to be a significant driver
of the Group’s organic growth over the next 12 to 18 months.
Half year operating and financial review continued
Lead business
activity indicators for
New Zealand point to
an improving outlook
for 2024...
VULCAN INTERIM REPORT FY24VULCAN.CO
11

Our
principles
Provide an enjoyable workspace
We want our employees to genuinely enjoy the work
they do. Aside from having well resourced, high standard
facilities, we aim to create a workplace where everyone
feels listened to, valued and supported in reaching their
full potential.
Promote a safe working environment
By nature, working with steel has inherent risks, therefore
ensuring our employee’s safety is our primary, ongoing
priority. Not only do we want our employee’s to return
home safely to their families every night, we also want
them to feel psychologically safe and supported while
at work.
Be financially prosperous
This enables us the freedom to invest in our business
and people to ensure we’re thriving, not just surviving.
It gives us the ability to determine our future success
from which everyone can prosper.
Remain ambitious
Ambition is about being courageous enough to try,
knowing that while we may not always succeed, we
will learn, grow, adapt and ultimately find a better way.
Innovation isn’t without risk, and we’re here to support
our staff in stepping outside of the box and striving for
greatness.
Balance the above
We know that balancing the above is critical to
our success.
We believe that by
creating the right
environment we
inspire the delivery
of amazing results.
VULCAN INTERIM REPORT FY24VULCAN.CO
12

Our
ethos
Team first, with respect for the individual
We’ve got an “everyone supports the team, and the
team supports everyone” culture. No one person is
more important than another, therefore we value and
respect everyone’s individual perspectives and ensure
that all decision making reflects what’s best for the
team.
Each person responsible with minimum
misunderstanding
We trust everyone to have complete responsibility and
autonomy within their role. Our employee’s don’t have
someone looking over their shoulder and should feel
empowered and enabled to do their job to the best of
their ability, in a way that works best for them.
Relaxed, professional and committed
Work should be somewhere our employee’s enjoy
going every day. We don’t take ourselves too seriously
and our relaxed, yet committed environment ensures
everyone feels comfortable asking questions, receiving
feedback and supporting one another.
Support our local communities
Our people’s health and happiness directly depends
on the health and happiness of those around them.
These extended networks of friends and families across
New Zealand and Australia, are our local communities.
Through understanding their difficulties and helping
support, uplift and improve the lives of these people,
we hope to foster meaningful and lasting change.
Clear profit centre goals
Everyone has a clear understanding of their
responsibilities and goals and has the resources
and decision-making authority to achieve them.
At Vulcan we hold
ourselves to the highest
standards in our work,
how we do it and how
we treat one another.
VULCAN INTERIM REPORT FY24VULCAN.CO
13

Our culture – our principles and ethos – remains critical
to delivering further successes. On behalf of the Board,
we thank our team, customers, suppliers and shareholders
for their ongoing commitment and support.
Russell Chenu Rhys Jones
CHAIRMAN CHIEF EXECUTIVE OFFICER
MANAGING DIRECTOR
Thank you
VULCAN INTERIM REPORT FY24VULCAN.CO
14

03
FINANCIALS
An
encouraging
performance
VULCAN.COVULCAN INTERIM REPORT 2024
15

VULCAN INTERIM REPORT 2024 FINANCIALS
16
VULCAN.CO
The accompanying notes form part of these Financial Statements.
Consolidated Condensed Interim Statement of Comprehensive Income (unaudited)
FOR THE SIX MONTHS TO 31 DECEMBER 2023
UnauditedUnaudited
NZ$000’s Notes31 Dec 202331 Dec 2022
Revenue5 564,002 637,960
Cost of sales (364,290) (408,844)
Gross profit 199,712 229,116
Other income5 28 34
Selling and distribution expenses (14,950) (13,282)
General and administrative expenses (125,647) (121,769)
Total operating expenses6 (140,597) (135,051)
Operating profit before financing costs 59,143 94,099
Financing income 180 15
Financing expenses (20,782) (17,373)
Net financing costs (20,602) (17,358)
Profit before tax 38,541 76,741
Tax expense (12,430) (22,386)
Profit after tax 26,111 54,355
Other comprehensive Income
Items that may be reclassified to profit or loss when specific conditions are met
Exchange differences on translation of foreign operations (2,662) (10,139)
Fair value gain/(loss) on cash flow hedges (1,479) (6,789)
Tax effect of movement in cash flow hedges 430 1,915
Other comprehensive income/(loss), net of tax (3,711) (15,013)
Total comprehensive income 22,400 39,342
Attributable to:
Owners of Vulcan Steel Limited 22,400 39,342
Basic earnings per share10$0.20$0.41
Diluted earnings per share10$0.20$0.41

VULCAN INTERIM REPORT 2024 FINANCIALS
17
VULCAN.CO
The accompanying notes form part of these Financial Statements.
Consolidated Condensed Interim Statement of Financial Position (Unaudited)
AS AT 31 DECEMBER 2023
UnauditedUnauditedAudited
NZ$000’s Notes31 Dec 202331 Dec 202230 Jun 2023
ASSETS
Current Assets
Cash and cash equivalents 4,016 - 20,318
Trade and other receivables 141,329 154,787 170,662
Inventories 378,661 492,525 437,746
Tax receivable 13,200 - 2,902
Derivative financial instruments - - 1,710
Total current assets 537,206 647,312 633,338
Non-current Assets
Property, plant and equipment 91,264 79,884 86,846
Right-of-use assets 257,462 261,749 260,366
Intangible assets 14,133 16,821 15,018
Deferred tax assets 7,664 11,004 8,643
Total non-current assets 370,523 369,458 370,873
TOTAL ASSETS 907,729 1,016,770 1,004,211
LIABILITIES
Current Liabilities
Bank overdraft - 2,849 -
Trade and other payables 144,563 154,082 166,869
Derivative financial instruments 2,198 1,761 -
Lease liabilities 23,802 21,486 22,665
Tax payable - 7,734 1,692
Total current liabilities 170,563 187,912 191,226
Non-current Liabilities
Lease liabilities 266,265 265,349 267,067
Interest-bearing liabilities 301,648 387,558 360,000
Total non-current liabilities 567,913 652,907 627,067
TOTAL LIABILITIES 738,476 840,819 818,293
EQUITY
Share capital9 11,988 11,988 11,988
Retained earnings 149,674 162,307 163,643
Reserves 7,591 1,656 10,287
TOTAL EQUITY 169,253 175,951 185,918
TOTAL LIABILITIES AND EQUITY 907,729 1,016,770 1,004,211

VULCAN INTERIM REPORT 2024 FINANCIALS
18
VULCAN.CO
The accompanying notes form part of these Financial Statements.
Consolidated Condensed Interim Statement of Changes in Equity (unaudited)
FOR THE SIX MONTHS TO 31 DECEMBER 2023
NZ$000’s
Share
capital
Retained
earnings
Share based
payment
reserve
Other
reserves
Attributable
to owners of
Vulcan Steel Ltd
Balance as at 1 July 2022
11,988 157,230 2,683 13,364 185,265
Comprehensive income
Profit after tax - 54,355 - - 54,355
Other comprehensive (loss) / income
Foreign currency translation reserve - - - (10,139)(10,139)
Cash flow hedge reserve - - - (4,874)(4,874)
Total comprehensive income - 54,355 - (15,013) 39,342
Transactions with owners
Share based payments reserve - - 622 - 622
Dividends paid - (49,278) - - (49,278)
Balance as at 31 December 202211,988 162,307 3,305 (1,649)175,951
Balance as at 1 July 2023 11,988 163,643 3,926 6,361 185,918
Comprehensive income
Profit after tax - 26,111 - - 26,111
Other comprehensive (loss)/income
Foreign currency translation reserve - - - (2,662) (2,662)
Cash flow hedge reserve - - - (1,049) (1,049)
Total comprehensive income - 26,111 - (3,711) 22,400
Transactions with owners
Share based payments reserve - - 1,015 - 1,015
Dividends paid - (40,080) - - (40,080)
Balance as at 31 December 2023 11,988 149,674 4,941 2,650 169,253

VULCAN INTERIM REPORT 2024 FINANCIALS
19
VULCAN.CO
The accompanying notes form part of these Financial Statements.
Consolidated Condensed Interim Statement of Cash Flows (unaudited)
FOR THE SIX MONTHS TO 31 DECEMBER 2023
UnauditedUnaudited
NZ$000’s31 Dec 202331 Dec 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
1
591,117 681,584
Interest received 180 15
Payments to suppliers and employees
1
(441,953)(599,961)
Tax paid (23,414)(50,041)
Interest paid (12,274)(7,598)
Lease interest paid (8,311)(8,033)
Net cash flows from operating activities 105,345 15,966
CASH FLOWS FROM INVESTING ACTIVITIES
Payment for business acquisition - (107,750)
Net debt acquired - (42,793)
Sale of property, plant and equipment and intangibles 2,449 255
Purchase of property, plant and equipment and intangibles (14,407)(10,687)
Net cash flows used in investing activities (11,958)(160,975)
CASH FLOWS FROM FINANCING ACTIVITIES
Lease liability payments (11,509)(10,271)
(Repayment)/Drawdown of borrowings (58,352)177,799
Dividends paid (40,080)(49,278)
Net cash flows (used in)/from financing activities (109,941)118,250
Net decrease in cash (16,554)(26,759)
Effect of foreign exchange rates 252 (1,488)
Cash acquired on acquisition - 1,365
Opening cash 20,318 24,033
Closing cash/(overdraft) 4,016 (2,849)
RECONCILATION OF CLOSING CASH
Cash and cash equivalents 4,016 (2,849)
Closing cash 4,016 (2,849)
CASH FLOW RECONCILIATION
Profit after tax 26,111 54,355
Add/(deduct) non cash items:
Amortisation of right of use assets 14,920 14,284
Depreciation, amortisation and impairment of other assets 8,637 6,730
Net gain on disposal of assets (884)(61)
Other non-cash items 1,612 99
24,285 21,052
Net working capital movements
Trade and other receivables 27,088 44,061
Inventories 53,673 (18,848)
Trade and other payables (15,227)(56,983)
Taxation payable (11,950)(25,778)
Deferred tax asset 1,365 (1,893)
54,949 (59,441)
Net Cash flows from Operating Activities 105,345 15,966
1. This statement is prepared exclusive of GST for 1H FY24, the 1H FY23 comparatives have been adjusted by $81.5 million to reflect this change.
Net cash flow from operating activities for 1H FY23 remains unchanged.

VULCAN INTERIM REPORT 2024 FINANCIALS
20
VULCAN.CO
Condensed Notes to the Interim Consolidated Financial Statements (unaudited)
AS AT AND FOR THE SIX MONTHS TO 31 DECEMBER 2023
1. REPORTING ENTITY
Vulcan Steel Limited (the “Company”) together with its subsidiaries (the “Group”) is primarily involved in the sale and distribution of steel
and metal products, with operations in New Zealand and Australia. There have been no changes to the nature of the business during the
current period.
The Company is a profit-oriented entity, domiciled in New Zealand, registered under the Companies Act 1993 and the financial
statements comply with this Act. The Company is listed on the Australian Securities Exchange (“ASX”) with a dual listing on the NZX main
board (under the code “VSL”). The Company is an FMC Reporting Entity under the Financial Markets Conduct Act 2013 and the Financial
Reporting Act 2013.
2. BASIS OF PREPARATION
Statement of compliance
These consolidated condensed interim financial statements for the six months ended 31 December 2023 have been prepared in
accordance with New Zealand generally accepted accounting practice (NZ GAAP) as appropriate for Tier 1 for-profit entities’ interim
financial statements. The Group financial statements have been prepared in accordance with the New Zealand equivalent to
International Accounting Standard 34 - Interim Financial reporting (NZ IAS 34). In complying with NZ IAS 34, these statements comply
with International Accounting Standard 34 - Interim Financial Reporting.
These consolidated condensed interim financial statements have not been audited. The financial statements have been the subject
of review by the auditor, pursuant to NZ SRE 2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the
Entity, issued by the External Reporting Board. They do not include all of the notes normally included in an annual financial report, and
should be read in conjunction with the audited financial statements for the year ended 30 June 2023.
Basis of measurement
The consolidated condensed interim financial statements have been prepared on the basis of historical cost with the exception of
the revaluation of certain financial assets and liabilities (including derivative instruments) at fair value through profit or loss and other
comprehensive income.
The Consolidated Statement of Comprehensive Income has been prepared so that all components are stated exclusive of GST. All items
in the Consolidated Statement of Financial Position are stated net of GST, with the exception of receivables and payables, which include
GST invoiced. The cash flows from operating activities are presented exclusive of GST.
Functional currency
The consolidated condensed interim financial statements are presented in NZD which is the Company’s functional currency. All amounts
have been rounded to the nearest thousand, unless otherwise stated.
Material accounting policies
The accounting policies and computation methods used in the preparation of the consolidated condensed interim financial statements
are consistent with those used as at 30 June 2023 and 31 December 2022.
Changes to accounting policies
There are no new standards or amendments to standards applicable to the Group for the six months ended 31 December 2023 that have
materially impacted the financial statements. No changes to accounting policies have been made during the period and policies have
been consistently applied to all periods presented.
Management is currently assessing the following standard that is not yet effective.
On 14 December 2022, the External Reporting Board (XRB) published its climate-related disclosure standards. The mandatory reporting
regime for disclosure of risk in the annual report is for reporting periods beginning on or after 1 January 2023.
The Group currently prepares disclosure related information as part of its Environmental and Sustainability section in the annual report.
Disclosures aligned to the new standard will form part of the 30 June 2024 annual report.
3. SIGNIFICANT TRANSACTIONS AND EVENTS FOR THE CURRENT PERIOD
Dividend
On 29 August 2023, the Directors approved a final dividend of 30.5 cents per share totalling $40.1 million. The dividend record date was
28 September 2023 and payment ocurred on 12 October 2023. The dividend was fully franked and 44% imputed.
Debt facility
On 19 December 2023 the Group extended a $75 million tranche of its debt facilities that were expiring on 16 July 2024 until 16 July 2027.
4. OPERATING SEGMENTS
Vulcan comprises the following operating segments based on internal reports that are reviewed and used by the chief operating decision
maker (CODM - comprising the CEO and Managing Director, CFO, and COO) in assessing performance and in determining the allocation
of resources:
Steel business across Australia and New Zealand
Steel distribution – the sale of hollows, merchant products including bars, beams, angles, channels, unprocessed coil and plate;
Plate processing – cutting, drilling, tapping, countersinking and folding of plates to customer requirements;
Coil processing – sheeting & slitting to customer specifications.

VULCAN INTERIM REPORT 2024 FINANCIALS
21
VULCAN.CO
Metals business across Australia and New Zealand
Stainless steel – the sale of stainless steel products including hollows, bars, fittings and sheets, and processing services including cutting,
drilling, tapping, countersinking and folding of plates to customer requirements, as well as sheeting & slitting of stainless coil;
Engineering steel - the sale of high-performance steel and metal products, and cutting service to specification;
Aluminium - distributes internally extruded standardised and customised products and third party products including sheet, plate and
coil products.
Reporting is received on at least a monthly basis, and performance is measured based on underlying segment earnings before interest,
tax, depreciation and amortisation (EBITDA). EBITDA is used to measure performance as the CODM believes that such information is the
most relevant in evaluating the results of certain segments relative to other entities that operate within this industry.
The Group has a diverse range of customers from various industries, with no single customer contributing more than 10% of the Group’s
revenue.
Interest income and expenses are not allocated to segments, as decisions are made on a pre-NZ IFRS16 Leases basis and other interest
income and expense related activities are driven by the central corporate function, which manages the cash position of the Group.
Assets and liabilities are provided to the CODM on a Group basis, and are separately reported with respect to the individual operating
segments.
Sales between segments are eliminated on consolidation. The amounts provided to the CODM with respect to segment revenue are
measured in a manner consistent with that of the financial statements.
The following is an analysis of the Group’s results by reportable segment:




Unaudited 31 Dec 2023Unaudited 31 Dec 2022
NZ$000’sSteel MetalsCorporateTo ta lSteel MetalsCorporateTo ta l
Total operating revenue 252,277 311,725 - 564,002 316,535 321,425 - 637,960
EBITDA (post NZ IFRS 16 and pre significant items)
1
37,772 52,979 (8,934) 81,817 62,108 65,046 (10,566) 116,588
Significant items
2
- (1,475)(1,475)
EBITDA (post NZ IFRS 16 and significant items) 81,817 115,113
Depreciation & amortisation
3
(22,674)(21,014)
EBIT 59,143 94,099
Net finance costs(20,602)(17,358)
Profit before tax 38,541 76,741
Tax expense(12,430)(22,386)
Reported NPAT attributable to shareholders 26,111 54,355
Depreciation & amortisation of PPE & intangibles
3
(7,754)(6,730)
Amortisation of right of use assets(14,920)(14,284)
Total depreciation & amortisation(22,674)(21,014)
Finance income180 15
Finance charges - interest, line fees & other(12,472)(9,340)
Finance charges on lease liabilities(8,310)(8,033)
Finance charges(20,602)(17,358)
Principal lease payments(8,436)(11,359)(25)(19,820)(7,205)(10,968)(131)(18,304)
Underlying EBITDA (pre-NZ IFRS 16) 29,336 41,620 (8,959) 61,997 54,903 54,078 (10,697)98,284
Significant items
2
Ullrich integration costs - - - - - - (1,475)(1,475)
Total significant items - - - - - - (1,475)(1,475)
TOTAL ASSETS344,453 507,448 55,828 907,729 383,983 605,879 26,908 1,016,770
TOTAL LIABILITIES183,677 221,947 332,852 738,476 165,501 240,367 434,951 840,819
Geographical InformationNZAustraliaCorporateTo ta lNZAustraliaCorporateTo ta l
TOTAL OPERATING REVENUE195,522 368,480 - 564,002 239,240 398,720 - 637,960
EBITDA (post NZ IFRS 16 and significant items)38,860 51,891 (8,934) 81,817 55,645 71,50912,041 115,113
TOTAL NON CURRENT ASSETS
2
109,844 232,751 27,928 370,523 107,599 230,937 30,922 369,458
1. The EBITDA (post NZ IFRS 16 and pre significant items) 1H FY23 comparison has been restated to reflect an allocation of corporate costs of $3.7 million
which is consistent with the 1H FY24 presentation. The total EBITDA (post NZ IFRS 16 and pre significant items) for 1H FY23 is unchanged.
2. Significant Item means any income or expense of such size, nature or incidence that is relevant to the user’s understanding of the performance of the
entity and is disclosed as a “Significant Item” in the financial statements. The Ullrich integration costs of $1.5 million in 1H FY23 were not shown separately
in the December 2022 accounts. The comparative has been corrected to reflect the disclosure used in the June 2023 accounts.
3. Includes $0.9 million net gain on disposal of assets.

VULCAN INTERIM REPORT 2024 FINANCIALS
22
VULCAN.CO
5. REVENUE
6. EXPENSES
NZ$000’s
Unaudited
31 Dec 2023
Unaudited
31 Dec 2022
Total operating revenue 564,002 637,960
Other income 28 34
NZ$000’s
Unaudited
31 Dec 2023
Unaudited
31 Dec 2022
Profit before tax includes the following expenses:
Employee benefit expenses65,692 65,240
Defined contribution plans5,824 5,120
Depreciation, amortisation and net gain on disposal of assets22,674 21,014
Selling and distribution14,950 13,282
Occupancy costs7,008 4,940
Ullrich integration costs - 1,475
Other expenses24,44923,980
Total selling, general and administrative expenses 140,597 135,051
7. EMPLOYEE SHARE BASED COMPENSATION
Performance Share Rights Plan
The Company has established a Long-Term Incentive Plan (LTIP), effective 1 July 2021, to assist in the motivation, retention and reward of eligible
employees. The LTIP is designed to align the interests of employees with the interests of Shareholders by providing an opportunity for certain employees
to receive an equity interest in the Company.
The Board may determine the individual employees who are eligible to participate in the LTIP from time to time. Determination of eligibility is at the
Board’s sole and absolute discretion.
Under the LTIP, the Company may grant Performance Share Rights (PSR) to a Participant. Each PSR unit entitles the holder (at no cost to the Participant)
to one ordinary share in the Company. Unless otherwise stated, PSR grants are to be made annually on 1 July.
All incentives have a 3-year vesting period. The LTIs are split into 2 components (“Tranche 1” and “Tranche 2”). The vesting criteria for Tranche 1 is based
on Return on Capital Employed (“ROCE”) thresholds while Tranche 2 is based on the Company’s total shareholder return (“TSR”) ranking relative to
a “Benchmark Group”. For both tranches the individual must remain employed by the Company.
The Benchmark Group comprise all companies in the ASX 300 index (excluding mining, energy and financial companies). The measurement of both the
Company’s and benchmark TSRs will be the gross return based upon any capital gains (losses) and the cash component of dividends only (i.e., excluding
returns attributable to franking credits). The share price returns of the Company and/or the Benchmark Group will also be adjusted for:
— The impact of bonus issues and /or capital reconstructions; and
— Referenced to the 20-day Volume Weighted Average Price (“VWAP”) of the Company’s share price prior to the testing date.
The fair value of PSRs are recognised as an expense in the Statement of Profit or Loss over the vesting period of the rights with a corresponding entry
to the share based payments reserve.
An additional 478,261 PSR’s (FY24 Grant) were granted in the current period with a combined face value of $2,357,961. Grants previously issued were the
FY22 grant of 391,622 PSR’s with a combined face value of $2,103,010 and FY23 grant of 332,417 PSR’s with a combined face value of $1,627,181.
The total expense recognised in the period to 31 December 2023 in relation to equity settled share based payments was $1,015,000 (2022: $621,683).
No rights were exercised during the year.
8. IMPAIRMENT TESTING AND INTANGIBLES
The annual impairment test is performed as at 30 June each year. Goodwill is considered to be impaired if the carrying amount of the relevant cash
generating units (“CGUs”) exceeds its recoverable amount. The recoverable amount of a CGU is the higher of its fair value less costs of disposal
(“FVLCOD”) and its value-in-use (“VIU”). A VIU approach is used to estimate the recoverable amount of the CGU to which each goodwill component
is allocated.
There are no indicators of impairment at 31 December 2023.

VULCAN INTERIM REPORT 2024 FINANCIALS
23
VULCAN.CO
9. SHARE CAPITAL
10. EARNINGS PER SHARE
Unaudited 31 Dec 2023 Audited 30 Jun 2023
Fully paid ordinary sharesNumber of sharesShare capital $000Number of sharesShare capital $000
Opening balance 131,408,572 11,988 131,408,572 11,988
Number of shares on issue 131,408,572 11,988 131,408,572 11,988
Closing balance 131,408,572 11,988 131,408,572 11,988
NZ$000’s
Unaudited
31 Dec 2023
Unaudited
31 Dec 2022
Profit after tax 26,111 54,355
Weighted average ordinary shares outstanding (number of shares)131,408,572 131,408,572
Basic earnings per share (cents per share)$0.20$0.41
Diluted earnings per share (cents per share)$0.20$0.41
11. FINANCIAL INSTRUMENTS
NZ IFRS 13 for financial assets and liabilities measured at fair value requires disclosure of the fair value measurements by level from the fair value hierarchy,
described as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; or
Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (prices) or indirectly
(derived from prices); or
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
All the Group’s financial instruments held at fair value have been measured at the fair value measurement hierarchy of level 2 (2022: level 2).
The carrying value of the Group’s financial assets and liabilities approximate the fair values.
12. CAPITAL COMMITMENTS
Total capital expenditure contracted as at balance date but not provided for in the accounts was $2.1 million (30 June 2023: $1.2 million).
13. CONTINGENT LIABILITIES
There is a bank guarantee with National Australia Bank Limited of $14.0 million (30 June 2023: $13.3 million) over property in Australia.
14. RELATED PARTY TRANSACTIONS
The Company has related party relationships with its controlled entities and with key management personnel.
Related party transactions continue to include key executive remuneration, lease payments on the buildings and dividends paid by the Group to its
directors and shareholders. In addition to this, a long term incentive plan has been entered into by the Group for its key management personnel which
includes the managing director. Refer to note 7 for details on this arrangement.
15. EVENTS OCCURRING AFTER BALANCE DATE
On 13 February 2024, the Directors approved an interim dividend of 12.0 cents per share totalling $15.8 million. The dividend record date is 1 March 2024
and payment will occur on 21 March 2024. The dividend will be fully franked and fully imputed.
No other matters or circumstances have arisen since the end of the financial period which significantly affect the company, the results of those
operations, or the state of affairs of the company in future financial years.

VULCAN INTERIM REPORT 2024 AUDITORS REPORT
24
VULCAN.CO
INDEPENDENT AUDITORS REVIEW REPORT TO THE SHAREHOLDERS OF VULCAN STEEL LIMITED
Conclusion
We have reviewed the consolidated condensed interim financial report (‘interim financial statements’) of Vulcan Steel Limited (‘the
Company’) and its subsidiaries (‘the Group’) on pages 16 to 23 which comprise the consolidated condensed interim balance sheet
as at 31 December 2023, and the consolidated condensed interim statement of comprehensive income, consolidated condensed
interim statement of changes in equity and consolidated condensed interim statement of cash flows for the six months ended on
31 December 2023, and notes to the condensed interim consolidated financial statements, including material accounting policy
information.
Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements of the
Group do not present fairly, in all material respects, the financial position of the Group as at 31 December 2023 and its financial
performance and cash flows for the 6 months ended on that date in accordance with NZ IAS 34 Interim Financial Reporting and
IAS 34 Interim Financial Reporting.
Basis for Conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed by the Independent
Auditor of the Entity (‘NZ SRE 2410 (Revised)’). Our responsibilities are further described in the Auditor’s Responsibilities for the Review
of the Interim Financial Statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating to the audit of
the annual financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Other than in our capacity as auditor, we have no relationship with or interests in Vulcan Steel Limited or its subsidiaries.
Directors’ responsibilities for the interim financial statements
The directors are responsible on behalf of the Company for the preparation and fair presentation of the interim financial
statements in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting and for such internal
control as the directors determine is necessary to enable the preparation and fair presentation of the interim financial statements
that are free from material misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410 (Revised) requires
us to conclude whether anything has come to our attention that causes us to believe that the interim financial statements, taken
as a whole, are not prepared, in all material respects, in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim
Financial Reporting.
A review of the interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement.
We perform procedures, primarily consisting of making enquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. The procedures performed in a review are substantially less than
those performed in an audit conducted in accordance with International Standards on Auditing (New Zealand) and consequently
do not enable us to obtain assurance that we might identify in an audit. Accordingly we do not express an audit opinion on the
interim financial statements.
Restriction on use
This report is made solely to the company’s shareholders, as a body. Our review has been undertaken so that we might state to the
company’s shareholders those matters we are required to state to them in a review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than the company’s shareholders as a body,
for our engagement, for this report, or for the conclusions we have formed.
Andrew Boivin, Partner
for Deloitte Limited
Auckland, New Zealand
13 February 2024
This review report relates to the unaudited interim financial statements of Vulcan Steel Limited (‘the Company’) for the 6 months ended 31 December 2023 included on the Company’s
website. The directors are responsible on behalf of the Company for the maintenance and integrity of the Company’s website. We have not been engaged to report on the integrity
of the Company’s website. We accept no responsibility for any changes that may have occurred to the unaudited interim financial statements since they were initially presented on
the website. The review report refers only to the unaudited interim financial statements named above. It does not provide an opinion on any other information which may have been
hyperlinked to/from these unaudited interim financial statements. If readers of this report are concerned with the inherent risks arising from electronic data communication they should
refer to the published hard copy of the unaudited interim financial statements and related review report dated 14 February 2024 to confirm the information included in the unaudited
interim financial statements presented on this website. Legislation in New Zealand governing the preparation and dissemination of financial statements may differ from legislation in
other jurisdictions.

VULCAN INTERIM REPORT 2024 DIRECTOR’S DECLARATION
25
VULCAN.CO
The unaudited interim financial statements of Vulcan
Steel Limited and its subsidiaries (the Group) for the
half year ended 31 December 2023 were authorised
for issue on 13 February 2024 in accordance with
a resolution of the directors.
In accordance with ASX Listing Rule 4.2A.2A, the
directors declare that, as at that date, and in the
directors’ opinion:
1. There are reasonable grounds to believe the Group
will be able to pay its debts as and when they
become due and payable: and
2. The relevant interim financial statements and notes
comply with the accepted accounting standards
in New Zealand.
For and behalf of the Board
Russell Chenu Rhys Jones
CHAIRMAN CHIEF EXECUTIVE OFFICER
MANAGING DIRECTOR
Directors’ Declaration

VULCAN INTERIM REPORT 2024 CORPORATE DIRECTORY
26
VULCAN.CO
BOARD OF DIRECTORS
Russell Chenu (Chair)
Rhys Jones
Adrian Casey
Wayne Boyd
Bart De Haan
Carolyn Steele
Nicola Greer (appointed 4 September 2023)
EXECUTIVE TEAM
Rhys Jones
MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER
Adrian Casey
CHIEF OPERATING OFFICER
Kar Yue Yeo
CHIEF FINANCIAL OFFICER
REGISTERED OFFICE
New Zealand
29 Neales Road
East Tamaki
Auckland 2013
Telephone: +64 9 273 7214
Australia
c/o - Pitcher Partners Advisors Proprietary Limited
Level 13, 664 Collins Street
Docklands
VIC 3008
Telephone: +61 3 8610 5000
ADMINISTRATIVE OFFICE
New Zealand
269 Ti Rakau Drive
East Tamaki
Auckland 2013
Telephone: +64 9 272 7495
Australia
72-86 Nathan Road
Dandenong South
VIC 3175
Telephone: +61 3 8792 9699
SHARE REGISTRY
Vulcan’s register of securities is maintained by Link Market
Services Limited, and is held at the following addresses:
In Australia:
Level 12, 680 George Street
Sydney, NSW 2000
Telephone: +61 1300 554 474
in New Zealand:
Level 30, PwC Tower
15 Customs Street West
Auckland 1010
Telephone: +64 9 375 5998
AUDITORS
Deloitte Limited
COMPANY NUMBERS
New Zealand company number: 68137
New Zealand business number: 9429038466052
Australian registered business number: 652 996 015
Corporate Directory

15
VULCAN.CO