South Port NZ Ltd Interim Result

SOUTH PORT NEW ZEALAND LIMITED


MEDIA/NZX STATEMENT


7 February 2018


Trade surge for South Port NZ


Southland’s warm and dry weather during the half year to December has had a
positive impact on South Port New Zealand Ltd’s net profit for the period, along with
increased trade.

The Company’s first six months of the 2018 financial year saw earnings of
$4.9 million, exceeding the equivalent 1H17 result of $4.10 million (the full June year
result was $8.45 million).

“Several factors contributed to this interim result”, said Chairman Rex Chapman,
including:

 Large volumes of inbound fertiliser were recorded for the first six months.
 Dry weather has had a negative impact on pasture growth which has led to an
increase in stock food imports for the dairy industry.
 Log exports have remained strong due to buoyant market conditions.”


Mr Chapman said, “The receipt of bulk fertiliser cargoes was “front ended” this year
by the customer and the expectations are that these volumes will ultimately realign
closer to the projected budget by year end.

“Market conditions for logs are buoyant and export volumes are expected to remain
consistent with some potential upside,” he added.

All of the other remaining major cargo categories are expected to track close to
budget in the second six months of the financial year.

After assessing the anticipated year end result and future increased capital
expenditure, the South Port Directors have declared a fully imputed interim dividend
of 7.50 cents per share (2017 – 7.50 cents) payable on 6 March 2018.

Based on all known factors at the date of releasing its 2018 interim result, South Port
estimates that its full year earnings will fall in the range of $8.65 million to
$8.90 million (FY17 - $8.45 million).

In the event that the Company’s FY18 profit falls within this forecast range, the
Directors expect that the full year dividend payment will be consistent with the
previous year.

2

2

Cargo Gains

Chief Executive, Nigel Gear, commenting on business trends for the first time since
his appointment in August 2017, said, “Total cargo activity was 1,732,000 tonnes
compared with 1,517,000 tonnes in the prior year interim period.

“This represents an increase in cargo flows of 215,000 tonnes or 14%. Bulk cargoes
continue to be the backbone of the Company recording strong volumes in fertiliser
(+63,000 tonnes), acid (+20,000 tonnes) stock food (+19,000 tonnes) and logs
(+49,000 tonnes).

“Containerised cargo declined 4% largely because fewer empty boxes are being
delivered to the Port, and there has been a positive trend of increased volumes of
imported containerised cargo coming through the Port over the same period.

“Unusually dry conditions in the south has also seen an increase in both
containerised supplementary feeds being delivered to the Port and meat products
being exported due to shortage of feed creating earlier processing demands.”

He noted that the most recent global dairy trade (GDT) auctions in 2018 have
delivered small price increases on the previous events held in December 2017.
“These price increases in the GDT are a reflection of the tightening of supply in New
Zealand due to the recent dry weather and in some areas drought conditions.

“Any shortening of supply from New Zealand is expected to be met by increased
production by both the European and United States producers; therefore this market
dynamic will most likely have an impact on the future GDT auctions.”

The Company’s Intermodal Freight Centre is now into its second full year of
operation. Initially set up for the handling of imported goods, containers are now
being recycled at this location allowing export product to be loaded into the empty
box and sent back to the Port for shipment.

“The central location, adjacent to the KiwiRail container transfer yard in Invercargill
works extremely well for our customers providing the flexibility to choose port of
origin / destination and mode of transport for the movement of containers.

“The ability to collect cargo at this facility rather than making a return trip to Bluff
provides a more efficient supply chain for the customer. Additional benefits include
removing trucks off the road and less impact on the environment with reduced
emissions.”

Commenting on the container shipping market, Mr Gear said, “The once top twenty
container carriers in the world will be reduced to a top seven over the next twelve
months primarily due to merger and acquisition activities.

“The respective lines are MSC, Maersk, Cosco, CMA CGM, Hapag-Lloyd, ONE and
Evergreen, with the first four controlling approximately 70% of the world market.

3

3

“Of these top four, MSC is an important weekly caller to the Port with the Capricorn
Service providing a valuable import/export link for all Southern region customers. This
year represents an important milestone for this customer recognising the
10
th
anniversary of their first call to the Port in May 2008 with the vessel MSC Hobart.”

Log Storage Area

The paving of the north rail log storage area is well underway. The first half of the
development has been completed with the remainder expected to be finished in March.

“This is an important development for both the Port and the log export customers as
it provides for increased storage, improved traffic management and enhanced
environmental outcomes.

“Market conditions for export logs remain favourable. Demand in China is high for
wood fibre with resources being channeled into the construction sector and the
Indian market is recovering after the recent GST reform and the bank note
demonetisation.”

Business Development

Construction of Mataura Valley Milk’s infant formula plant is on target to be
completed in the second quarter of 2018 with commissioning scheduled for June
2018 and processing to begin August 2018.

The Tiwai Aluminum Smelter achieved excellent production results in the December
year, almost matching the record volumes of finished metal product exported in the
same period of 2016. “This customer is an important contributor to the Port and we
will continue to work closely with the Smelter to determine where we can add value
for both of our businesses.”

FOR FURTHER INFORMATION PLEASE CONTACT:

Mr Nigel Gear
Chief Executive
South Port New Zealand Ltd
Tel (03) 212 8159
Mobile 027 494 3322
ngear@southport.co.nz

Mr Warren Head
Managing Director
Head Consultants Ltd
Tel (03) 365 0344
Mobile 021 340 650
headconsultants@xtra.co.nz

---

SOUTH PORT NEW ZEALAND LIMITED
Results for announcement to the market

Reporting Period 6 months to 31 December 2017
Previous Reporting
Period
12 months to 30 June 2017

Amount (000s) Percentage change
Revenue from ordinary
activities
$NZ19,474 11.9%
Profit (loss) from
ordinary activities after
tax attributable to
security holder
$NZ4,901 19.3%
Net profit (loss)
attributable to security
holders
$NZ4,901 19.3%

Interim Dividend Amount per security Imputed amount per
security
$NZ0.075 $0.029167

Record Date 28 February 2018
Dividend Payment Date 6 March 2018

Comments: A brief

---

APPENDIX 7 – NZSX Listing Rules
Number of pages including this one
(Please provide any other relevant
NZSX Listing Rule 7.12.2. For rights, NZSX Listing Rules 7.10.9 and 7.10.10. details on additional pages)
For change to allotment, NZSX Listing Rule 7.12.1, a separate advice is required.
Full name
of Issuer
Name of officer authorised to
Authority for event,
make this notice
e.g. Directors' resolution
Contact phone
Contact fax
numbernumber
Date
Nature of event
BonusIf ticked,
Rights Issue
Tick as appropriate
Issue
state whether:Taxable
/ Non TaxableConversionInterestRenouncable
Rights IssueCapitalCallDividend
If ticked, stateFull
non-renouncable
change
x
whether:
Interim
x
YearSpecialDRP Applies
EXISTING securities affected by this
If more than one security is affected by the event, use a separate form.
Description of theISIN
class of securities
If unknown, contact NZX
Details of securities issued pursuant to this eventIf more than one class of security is to be issued, use a separate form for each class.
Description of theISIN
class of securities
If unknown, contact NZX
Number of Securities toMinimum
Ratio, e.g
be issued following eventEntitlement
1 for 2 for
Conversion, Maturity, Call
Treatment of Fractions
Payable or Exercise Date
Tick if
provide an
pari passu
ORexplanation
Strike price per security for any issue in lieu or date
of the
Strike Price available.
ranking
Monies Associated with Event
Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.
Source of
Amount per security
Payment
(does not include any excluded income)
Excluded income per security
(only applicable to listed PIEs)
Supplementary
Amount per security
Currencydividendin dollars and cents
details -
NZSX Listing Rule 7.12.7
Total monies
TaxationAmount per Security in Dollars and cents to six decimal places
In the case of a taxable bonusResident
Imputation Credits
issue state strike priceWithholding Tax(Give details)
Foreign
FDP Credits
Withholding Tax(Give details)
Timing
(Refer Appendix 8 in the NZSX Listing Rules)
Record Date 5pmApplication Date
For calculation of entitlements -Also, Call Payable, Dividend /
Interest Payable, Exercise Date,
Conversion Date. In the case
of applications this must be the
last business day of the week.
Notice DateAllotment Date
Entitlement letters, call notices,For the issue of new securities.
conversion notices mailedMust be within 5 business days
of application closing date.
OFFICE USE ONLY
Ex Date:
Commence Quoting Rights:Security Code:
Cease Quoting Rights 5pm:
Commence Quoting New Securities:Security Code:
Cease Quoting Old Security 5pm:
28 February, 20186 March 2018
$$0.005208$0.029167
Nil
NZD$0.013235
$1,967,617.35
Date Payable
6 March, 2018
Enter N/A if not
applicable
NZSPNE0001S8
In dollars and cents
$0.075
(03) 212 8159(03) 212 868507022018
Fully paid shares
EMAIL: announce@nzx.com
Notice of event affecting securities
South Port New Zealand Limited
Lara StevensApproved by Directors' Resolution

---

Reprinted May 2004 1 of 12

APPENDIX I (Rule 10.4)
PRELIMINARY *HALF YEAR/FULL YEAR REPORT ANNOUNCEMENT

SOUTH PORT NEW ZEALAND LIMITED
(Name of Listing Issuer)
For Half Year/Full Year Ended 31 December 2017

(referred to in this report as the "current half year/full year")
Preliminary *Half year/full year report on consolidated results (including the results for the previous corresponding *half year/full year) in accordance with Listing Rule
10.4.2.
This report has been prepared in a manner which complies with generally accepted accounting practice and gives a true and fair view of the matters to which the report
relates [see Note (X) attached] and is based on *audited/unaudited financial statements. If the report is based on audited financial statements, any qualification made by
the auditor is to be attached.
The Listed Issuer *has/does not have a formally constituted Audit Committee of the Board of Directors.


[PLEASE REFER TO ATTACHED NOTES WHEN COMPLETING THIS FORM]
*CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE


1. CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE

Current
*half year/full year
$NZ'000
*Up/
Down
%
Previous
corresponding
*half year/full year
$NZ'000

1.1 OPERATING REVENUE









(a) Trading revenue

19,474

11.9%

17,410

(b) Other revenue

288

107

(c) Total operating revenue

19,762

12.8%

17,517

1.2 OPERATING *SURPLUS (DEFICIT) BEFORE TAXATION

6,860

19.5%

5,742

(a) Less taxation on operating result

(1,959)

(1,634)

1.3 OPERATING *SURPLUS (DEFICIT) AFTER TAX

4,901

19.3%

4,108


(a) Extraordinary Items after tax [detail in Item 3]


-

-

(b) Unrealised net change in value of investment properties


-

-

1.4 NET *SURPLUS (DEFICIT) FOR THE PERIOD

4,901


19.3%

4,108


(a) Net Surplus (Deficit) attributable to minority interests


-

-

1.5 NET SURPLUS (DEFICIT) ATTRIBUTABLE TO MEMBERS OF
THE LISTED ISSUER

4,901

19.3%

4,108


*Delete as required

2 of 12 Reprinted May 2004


*CONSOLIDATED STATEMENT OF FINANCIAL
PERFORMANCE

2. DETAILS OF SPECIFIC RECEIPTS/OUTLAYS, REVENUES/EXPENSES FOR *HALF
YEAR/FULL YEAR
Current
*half year/full year
$NZ'000

Previous
corresponding
*half year/full year
$NZ'000

2.1 INCLUDED IN CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE






(a) Interest revenue included in Item 1.1(b)

-

-

(b) # Unusual items for separate disclosure (detail – Item 3)

-

-


(c) Equity earnings [detail – Item 16]

-

-

(d) Interest expense included in Item 1.2 (include all forms of interest, etc)

255


298

(e) Leasing and renting expenses


115

183

(f) Depreciation


1,662

1,633
(g) Diminution in the value of assets (other than depreciation)
-

-
(h) Amortisation of goodwill
-

-
(i) Amortisation of other intangible assets
-

-

(j) Impairment of goodwill

-

-

(k) Impairment of other intangible assets

-

-

2.2 SUPPLEMENTARY ITEMS



(a) # Interest costs excluded from Item 2.1(d) and capitalised

-

-

(b) # Outlays (other than those arising from the acquisition of an existing business) capitalised in
intangibles

-

-

(c) Unrecognised differences between the carrying value and market value of publicly traded
investments

-

-

# Items marked in this way need be shown only where their inclusion as revenue or
exclusion from expenses has had a material effect on reported *surplus (deficit)

Reprinted May 2004 3 of 12


GROUP – CURRENT *HALF YEAR/FULL YEAR
3. DISCONTINUED, UNUSUAL (INCLUDING NON RECURRING), AND EXTRAORDINARY
ITEMS OF THE GROUP

DETAILS AND COMMENTS

Operating Revenue
$NZ'000

Operating Surplus
$NZ'000

Discontinued Activities:






(Disclose Operating Revenue and Operating Surplus)



-


-

















TOTAL DISCONTINUED ACTIVITIES

-

-

Material Unusual (including Non Recurring) Items (included in 1.2)

-

-

Description:









TOTAL MATERIAL NON RECURRING ITEMS

-

-


GROUP – CURRENT *HALF YEAR/FULL YEAR


DETAILS AND COMMENTS

Operating Revenue
$NZ'000


Operating Surplus
$NZ'000

Extraordinary Items (Ref. Item 1..3(a))


-

-

Description:

-

-








TOTAL EXTRAORDINARY ITEMS

-

-

* Delete as required

4 of 12 Reprinted May 2004


STATEMENT OF MOVEMENTS IN EQUITY


4. STATEMENT OF MOVEMENTS IN EQUITY

Current *half year/full year
$NZ'000

Previous corresponding
*half year/full year
$NZ'000

4.1 *NET SURPLUS (DEFICIT) ATTRIBUTABLE TO MEMBERS OF LISTED ISSUER


4,901

4,108

(a) *Net Surplus (Deficit) attributable to minority interest


-

-

4.2 OTHER RECOGNISED REVENUE AND EXPENSES



(a) * Increases (decreases) in revaluation reserves


-

-

(b) Change in fair value of cash flow hedges

-

-

(c) Minority interest in other recognized revenue and expenses

-

-

4.3 TOTAL RECOGNISED REVENUES AND EXPENSES


4,901

4,108

4.4 OTHER MOVEMENTS



(a) Contributions by Owners


-

-

(b) Distributions to Owners

(4,854)

(4,853)

(c) Other

-

-

4.5 EQUITY AT BEGINNING OF HALF YEAR/FULL YEAR*


37,223

35,596

4.6 EQUITY AT END OF HALF YEAR/FULL YEAR


37,270

34,851


EARNINGS PER SECURITY

5. EARNINGS PER SECURITY
Calculation of basic and fully diluted, EPS in accordance with IAS33: Earnings Per Share
Current *half year/full year
$NZ'000
Previous corresponding
*half year/full year
$NZ'000

(a) Basic EPS


$0.187

$0.157

(b) Diluted EPS (if materially different from (a))


-

-



6. MATERIAL ACQUISITIONS OF SUBSIDIARIES [see Note (VII) attached]:


(a) Name of subsidiary or group of subsidiaries


-

-

(b) Percentage of ownership acquired

-


-

(c) Contribution to consolidated net *Surplus (Deficit) (item 1.4)

$ -


-

(d) Date from which such contribution has been calculated

-


-


$ -


-

Reprinted May 2004 5 of 12


7. MATERIAL DISPOSALS OF SUBSIDIARIES [see Note (VII) attached]:


(a) Name of subsidiary or group of subsidiaries


-

-

(b) Contribution of subsidiaries to consolidated net *Surplus (Deficit) (item 1.4)

$ -


-

(c) Date to which such contribution has been calculated

-


-

(d) Contribution to consolidated net *Surplus (Deficit) (item 1.4) for the previous corresponding
half year/full year

$ -

-

(e) Contribution to consolidated net *Surplus (Deficit) (item 1.4) from sale of subsidiary

$ -


-


8. REPORTS FOR INDUSTRY AND GEOGRAPHICAL SEGMENTS

Information on the industry and geographical segments of the Listed Issuer to be reported for the *half year/full year in accordance with the provisions of SSAP:23:
Financial Reporting for Segments. Because of the differing nature and extent of segments among Listed Issuers, no complete proforma is provided, and the segment
information should be completed separately and attached to this report. However, the following shows a suitable list of items for presentation and indicates which
amounts should agree with items included elsewhere in the *half year/full year report:

SEGMENTS

Industry
- Operating revenue:
 Sales to customer outside the group
 Intersegment sales
 Unallocated revenue
- Total revenue [consolidated total equal to Item 1.1(c)]
- Segment result
- Unallocated expenses
- Operating Surplus (Deficit) after tax [Item 1.3]
- Segment assets
- Unallocated assets
- Total assets [Equal to Item 9.3]
Geographical
- Operating revenue:
 Sales to customer outside the group
 Intersegment sales
 Unallocated revenue
- Total revenue [consolidated total equal to Item 1.1(c)]
- Segment result
- Unallocated expenses
- Operating Surplus (Deficit) after tax [Item 1.3]
- Segment assets
- Unallocated assets
- Total assets [Equal to Item 9.3]

6 of 12 Reprinted May 2004

[Note (VIII) attached has particular relevance for the preparation of this statement] CONSOLIDATED STATEMENT OF FINANCIAL POSITION

9. CURRENT ASSETS



At end of current
*half year/full year
$NZ'000

As shown in last
Annual Report
$NZ'000
If half yearly
as shown in last
Half Yearly Report
$NZ'000

(a) Cash

535

1,675

1,037

(b) Trade receivables

7,061

4,310

5,905

(c) Investments

-

-

-

(d) Inventories

-

-

-

(e) Other assets, current

-

-

-

TOTAL CURRENT ASSETS

7,596

5,985

6,942

9.1 NON-CURRENT ASSETS

(a) Trade receivables

-

-

-

(b) Investments

-

-

-

(c) Inventories

-

-

-

(d) Property, plant and equipment

46,834

46,570

47,436

(e) Goodwill

-

-

-

(f) Deferred Taxation Assets

-

-

-

(g) Other Intangible Assets

-

-

-

(h) Other assets, non current

-

-

-

9.2 TOTAL NON- CURRENT ASSETS

46,834

46,570

47,436

9.3 TOTAL ASSETS

54,430

52,555

54,378

9.4 CURRENT LIABILITIES

(a) Trade Creditors
2,950

2,816

2,718
(b) Income in advance, current

82

82

80
(c) Secured loans
-

-

-
(d) Unsecured loans

-

-

-
(e) Provisions, current
668

868

771
(f) Other liabilities, current

777

1,204

517
TOTAL CURRENT LIABILITIES

4,477

4,970

4,086

9.5 NON- CURRENT LIABILITIES


(a) Accounts payable, non-current

-

-

-

(b) Secured loans

11,900

9,600

14,700

(c) Unsecured loans

-

-

-

(d) Provisions, non-current

47

67

53

(e) Deferred Taxation Liability, non-current

405

441

425

(f) Other liabilities, non-current

331

254

263
9.6 TOTAL NON-CURRENT LIABILITIES

12,683

10,362

15,441
9.7 TOTAL LIABILITIES

17,160

15,332

19,527

Reprinted May 2004 7 of 12
9.8 NET ASSETS

37,270

37,223

34,851
9.9 SHAREHOLDERS’ EQUITY


(a) Share capital (optional)

9,418

9,418

9,418

(b) Reserves (optional) (i) Revaluation reserve

22

21

22

(ii) Other reserves

-

-

-

(c) Retained Surplus (accumulated Deficit) (optional)

27,830

27,784

25,411

9.10 SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO MEMBERS OF THE
LISTED ISSUER

37,270

37,223

34,851

(a) Minority equity interests in subsidiaries

-

-

-

9.11 TOTAL SHAREHOLDERS’ EQUITY


37,270

37,223

34,851

(a) Returns on Assets (%) (EBIT divided by Total Assets)

12.5%

23.5%

11.1%

(b) Return on Equity (%) (Net Income divided by Shareholders’
Equity)

13.1%

23.2%

11.8%

(c) Debt to Equity Ratio (%) (Total Liabilities divided by Shareholders’)
Equity)


46.0%

41.2%

56.0%
(d) Net Tangible Assets per Security ($)
$1.42 $1.42 $1.33

[See Note (IX) attached] CONSOLIDATED STATEMENT OF CASH FLOWS FOR *HALF YEAR/FULL YEAR

10. CASH FLOWS RELATING TO OPERATING ACTIVITIES

Current
*half year/full year
$NZ'000
Previous corresponding
*half year/full year
$NZ'000

(a) Receipts from customers

16,725

16,249

(b) Interest received

9

-

(c) Dividends received

-

-

(d) Payment to suppliers and employees

(11,355)

(10,716)

(e) Interest paid

(250)

(289)

(f) Income taxes paid

(2,422)

(2,157)

(g) Other cash flows relating to operating activities

180

392

NET OPERATING FLOWS

2,887


3,479

[See Note (IX) attached]
11. CASH FLOWS RELATED TO INVESTING ACTIVITIES

Current
*half year/full year
$NZ'000
Previous corresponding
*half year/full year
$NZ'000

(a) Cash proceeds from sale of property, plant and equipment

347

-

(b) Cash proceeds from sale of equity investments

-

-

(c) Loans repaid by other entities

-

-

(d) Cash paid for purchases of property, plant and equipment

(1,820)

(2,496)

(e) Interest paid - capitalised

-

-

(f) Cash paid for purchases of equity investments

-

-

(g) Loans to other entitles

-

-

(h) Other cash flows relating to investing activities

-

-
NET INVESTING CASH FLOWS

(1,473)

(2,496)

8 of 12 Reprinted May 2004

[See Note (IX) attached]
12. CASH FLOWS RELATED TO FINANCING ACTIVITIES


Current
*half year/full year
$NZ'000
Previous corresponding
*half year/full year
$NZ'000

(a) Cash proceeds from issue of shares, options, etc

-

-

(b) Borrowings

2,300

4,000

(c) Repayment of borrowings

-

-

(d) Dividend paid

(4,854)

(4,854)

(e) Other cash flows relating to financing activities

-

-

NET FINANCING CASH FLOWS


(2,554)

(854)

[See Note (IX) attached]
13. NET INCREASE (DECREASE IN CASH HELD)


Current
*half year/full year
$NZ'000
Previous corresponding
*half year/full year
$NZ'000

(a) Cash at beginning of *half year/full year

1,675

908

(b) Exchange rate adjustments to Item 12.3(a) above

-

-

(c) CASH AT END OF *HALF YEAR/FULL YEAR

535

1,037



14. NON-CASH FINANCING AND INVESTING ACTIVITIES

Provide details of financing and investing transactions which have had a material effect on group assets and liabilities but did not involve cash flows.


15. RECONCILIATION OF CASH


For the purposes of the above statement of cash flows, cash includes .............................................................................................................




Cash at the end of the *half year/full year as shown in the statement of cash flows
is reconciled to the related items in the financial statements as follows:

Current
*half year/full year
$NZ'000
Previous corresponding
*half year/full year
$NZ'000

Cash on hand and at bank

535

1,033

Deposits at call

-

4

Bank overdraft

-

-

Other (provide details eg. Term Deposits)


-

-

TOTAL = CASH AT END OF *HALF YEAR/FULL YEAR [Item 13(c)]


535

1,037


* Delete as required

Reprinted May 2004 9 of 12


EQUITY ACCOUNTED EARNIGS FROM ASSOCIATES
16. EQUITY ACCOUNTED INVESTMENTS IN ASSOCIATES

Information attributable to the reporting group’s share of investments in
associates and other material interests to be disclosed by way of separate
note below (refer FRS-38 Accounting for Investments in Associates).

Current
*half year/full year
$NZ'000
Previous corresponding
*half year/full year
$NZ'000

16.1 GROUP SHARE OF RESULTS OF ASSOCIATES

-

-

(a) OPERATING *SURPLUS (DEFICIT) BEFORE TAX

-

-

(b) Less Tax

-

-

(c) OPERATING *SURPLUS (DEFICIT) AFTER TAX

-

-

(i) Extraordinary items

-

-

(d) NET *SURPLUS (DEFICIT) AND EXTRAORDINARY ITEMS AFTER TAX

-

-

16.2 MATERIAL INTERESTS IN CORPORATIONS NOT BEING SUBSIDIARIES

(a) THE GROUP HAS A MATERIAL (FROM GROUP'S VIEWPOINT) INTEREST IN THE FOLLOWING CORPORATIONS:



Name

Percentage of ordinary
shares held at end of
*half year/full year

Contribution to net
*surplus (deficit) (item 1.5)

EQUITY ACCOUNTED
ASSOCIATES


Current
*half year/
full year
Previous
corresponding
*half year/
full year

Current
*half year/full year
$NZ'000
Previous
corresponding
*half year/full year
$NZ'000

-

-

Equity Accounted in Current Year










-

-






OTHER MATERIAL INTERESTS







Not Equity Accounted in Current Year






*Delete as required
EQUITY ACCOUNTED INVESTMENT IN ASSOCIATES
Current
*half year/full year
$NZ'000
Previous corresponding
*half year/full year
$NZ'000

(b) INVESTMENT IN ASSOCIATES



Carrying value of investments in associates at beginning of half year/full
year

-


-

Share of changes in associates’ post acquisition surpluses/and reserves:




- Retained surplus

-

-

- Reserves

-

-

Net goodwill amortisation and impairment adjustments in the period

-

-

Less Dividends received in the period

-

-

Equity carrying value of investments at the end of half year/full year

-

-

10 of 12 Reprinted May 2004
17. ISSUED AND QUOTED SECURITIES AT END OF CURRENT *HALF YEAR/FULL YEAR

Category of Securities Issued Number Quoted Number Cents Paid-Up Value
(if not fully paid)


PREFERENCE SHARES:


# (Description)

Issued during current *half year/full year


ORDINARY SHARES


Issued during current *half year/full year 26,234,898 9,418,383




CONVERTIBLE NOTES


# (Description)

Issued during current *half year/full year



OPTIONS:

Exercise Price Expiry Date

Issued during current *half year/full year

DEBENTURES – Total only: $
UNSECURED NOTES – Totals only: $
OTHER SECURITIES $ $
# Description includes rate of dividend or interest and any redemption or conversion rights together with the prices and dates thereof.


18. COMMENTS BY DIRECTORS If no report in any section, state NIL. If insufficient space below, provide details in the pages attached to this report. Refer to
Press Release attached


(a) Material factors affecting the revenues and expenses of the group for the current *half year/full year..............................................................................

(b) Significant trends or events since end of current *half year/full year .................................................................................................................................................

(c) Changes in accounting policies since last Annual Report and/ or last Half Yearly Report to be disclosed
...................................................................................................................................................................................................................................................................

(d) Critical Accounting Policies – Management believes the following to be critical accounting policies. That is they are both important to the portrayal of the Issuer’s
financial condition and results, as they require management to make judgments and estimates about matters that they are inherently uncertain
....................................................................................................................................................................................................................................................................

(e) Management's discussion and analysis of financial condition, result, and/or operations (optional) – this section should contain forward looking statements that
should outline where these involved risk and uncertainty.
....................................................................................................................................................................................................................................................................

(f) Other Comments

....................................................................................................................................................................................................................................................................



19. DIVIDEND


(a) Dividend Yield as at balance date (%) (Annual dividend per share divided by price per share -

(b) Tax Adjusted Dividend Yield as at balance date (%) (Annual net dividend per share divided by price per share)

Reprinted May 2004 11 of 12


20. ANNUAL MEETING (If full year report)


(a) To be held at

(b) Date Time

(c) Approximate date of availability of Annual Report

If this *half year/full year report was approved by resolution of the Board of Directors, please indicate date of meeting: 9 February 2017




...........................................................................................................................
(Signed by) Authorised Officer of Listed Issuer
Lara Stevens, Finance Manager 7 February 2018