South Port’s half year result eases

SOUTH PORT NEW ZEALAND LIMITED


MEDIA/NZX STATEMENT


11 February 2019


South Port’s half year result eases

The operating performance for the half year was strong with total revenue increasing by
7.4% to $20.90 million. However increased repairs and maintenance, including the
scheduled five yearly dry docking of the tug Hauroko ($838K expenditure) led to a reduction
of 7.1% in net profit after tax.

South Port New Zealand Ltd’s NPAT in the period was $4.55 million
(FY2018 - $4.90 million), the Company has advised NZX.

At the 2018 Annual Meeting, the Directors advised that 2019 earnings were likely to be
approximately 10% lower than in FY2018. The result is consistent with that guidance.

In the current half yearly Report, Mr Chapman says, “Over the coming months it is expected
that there will be a number of fluctuations in each bulk cargo category however by year end
the total volume is forecast to be in line with budgeted expectations.

“Container volumes are tracking 10% ahead of the previous period and this positive trend is
expected to continue through to the end of the financial year. Increased maintenance
expenditure on the infrastructure and floating plant, as noted in previous commentary, will
continue to have an impact on profitability going forward.”

Based on all known factors at the date of its 2019 interim result, South Port estimates full year
earnings should fall in the range of $8.60 million to $8.90 million (FY2018 - $9.66 million).

After assessing the anticipated year end result, the Directors have declared a fully imputed
interim dividend of 7.50 cents per share (2018 – 7.50 cents) payable on 6 March 2019.

In the event that the Company’s FY2019 profit falls within the above forecast range the
Directors are confident that the full year dividend payment will be consistent with the
previous year. For the past three years, South Port has paid a 26 cents per share dividend.

Key factors impacting on this year’s interim result included:

 Increased maintenance expense with the scheduled dry docking of the harbour tug
Hauroko.
 Expectations of dry weather led to an increase of stock food imports for the dairy
industry.
 New exports of containerised Medium Density Fibreboard (MDF) being packed at the
Intermodal Freight Centre (IFC) and shipped on the Mediterranean Shipping
Company (MSC) service through Bluff.
 Increased storage and packing activities in the warehousing division.

Maintained Cargo Growth

The Chief Executive, Mr Nigel Gear says, “Total cargo activity was 1,772,000 tonnes
compared with 1,754,000 tonnes in the prior year interim period. This represents an
increase in cargo flows of 18,000 tonnes or 1%.

“However revenue was up by 7.4% due to a favourable cargo mix, strong performance in
the warehousing division and increased marine activity.

“Bulk cargoes continue to be the backbone of the business. Volumes were comparable to
the same period last year with the exception of fertiliser (-34,000) and stock food (+22,000).

“Fertiliser imports were lower than in the previous period due to large volumes being carried
over from last season. Volumes are however expected to meet budgeted expectations by
year end which will be slightly down on the previous period result.

“MSC continues to be an important contributor to the Port and to the region’s
exporters/importers, providing a competitive alternative to shipping lines calling at other ports.

“A record volume of 19,800 TEU was handled on MSC during this interim period, 10%
above last year’s throughput as noted above.

“The newly paved log storage area on the Island Harbour has been operating for the past
nine months. The improvements that this piece of infrastructure brings are clear with safer
working conditions, better utilisation and an improved environmental outcome.

“Log volumes are similar to last season. However, there has been a slowdown of exports
to the Indian market. Volumes have also been impacted by poor ground conditions in
certain areas within Southland affecting the ability of logging crews to harvest their forestry
blocks.”

Mr Gear said “these two factors are expected to lead to a reduction in throughput by year
end of approximately 10% compared with last season.

“The most recent global dairy trade (GDT) auctions have delivered small increases which is
a reflection of the tightening in supply of global milk production.

“Although New Zealand supply has increased this season there has been a decline in
production in both Europe and Australia which has impacted positively on the recent
auction events.”

Port operational highlights included completion of construction of Mataura Valley Milk’s
(MVM) infant formula plant, which was commissioned in the second quarter with processing
beginning in August 2018. MVM’s initial export of cargo through Bluff on MSC occurred in
November 2018.

The fourth potline at New Zealand Aluminium Smelter (NZAS) was officially opened on
6 December 2018. This potline when fully operational will consume an additional
60,000 tonne of alumina and increase aluminium production by 30,000 tonne per annum.

Over the coming year, South Port will be working with NZAS to determine whether there are
additional services the Port can provide to handle and/or pack any of this finished cargo into
containers for export through Bluff.

The recent completion of the Cold Store environmental loadout area and blast freeze is
already delivering operational efficiencies, improving the safety of the operation while
meeting the expectations of the Ministry of Primary Industries.

Intermodal Freight Centre

The IFC is into its third full year of operation. Initially set up for the receipt, handling and
unpacking of imported goods, containers are now also being packed for export with MDF at
this location for shipment through Bluff.

“Serviced by rail from ports, we estimate that on an annual basis the use of this facility has
taken 7,000 truck movements off the road which has delivered improved environmental
outcomes through reduced emissions while also improving the safety of our road networks,”
said Mr Gear.
.
“There has been increased handling, packing and storage of meat, fish and dairy products
in both the cold store and dairy warehouses during the past six months.”

Maintenance

During the period the scheduled docking of the harbour tug Hauroko was completed in
August, a significant project that occurs every five years. This occasion involved the
removal and overhaul of one Voith unit (propulsion/drive system), a complete strip down of
a main engine, hull painting / repair work and replacement of a stern fender.



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 2018
Previous Reporting
Period
12 months to 30 June 2018

Amount (000s) Percentage change
Revenue from ordinary
activities
$NZ20,918 7.4%
Profit (loss) from
ordinary activities after
tax attributable to
security holder
$NZ4,551 -7.1%
Net profit (loss)
attributable to security
holders
$NZ4,551 -7.1%

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

Record Date 28 February 2019
Dividend Payment Date 6 March 2019

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:
EMAIL: announce@nzx.com
Notice of event affecting securities
South Port New Zealand Limited
Kirsten HoyleApproved by Directors' Resolution
(03) 212 8159(03) 212 868511022019
Fully paid sharesNZSPNE0001S8
In dollars and cents
$0.075
Enter N/A if not
applicable
$$0.005208$0.029167
Nil
NZD$0.013235
$1,967,617.35
Date Payable
6 March, 2019
28 February, 20196 March 2019

---

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 2018

(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

20,918

7.4%

19,474

(b) Other revenue

33

-88.5%

288

(c) Total operating revenue

20,951

6.0%

19,762

1.2 OPERATING *SURPLUS (DEFICIT) BEFORE TAXATION

6,394

-6.8%

6,860

(a) Less taxation on operating result

(1,843)

5.9%

(1,959)

1.3 OPERATING *SURPLUS (DEFICIT) AFTER TAX

4,551

-7.1%

4,901

(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

4551


-7.1%

4,901


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


-

-

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

4,551

-7.1%

4,901


*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)

10

9

(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)

247


255

(e) Leasing and renting expenses


65

115

(f) Depreciation


1,778

1,662
(g) Diminution in the value of assets (other than depreciation)
86

-
(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


4,551

4,901

(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


4,551

4,901

4.4 OTHER MOVEMENTS



(a) Contributions by Owners


-

-

(b) Distributions to Owners

(4,853)

(4,854)

(c) Other

-

-

4.5 EQUITY AT BEGINNING OF HALF YEAR/FULL YEAR*


40,060

37,223

4.6 EQUITY AT END OF HALF YEAR/FULL YEAR


39,758

37,270


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


$0.173

$0.187

(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

905

991

535

(b) Trade receivables

7,031

5,648

7,061

(c) Investments

-

-

-

(d) Inventories

-

-

-

(e) Other assets, current

-

-

-

TOTAL CURRENT ASSETS

7,936

6,639

7,596

9.1 NON-CURRENT ASSETS

(a) Trade receivables

-

-

-

(b) Investments

-

-

-

(c) Inventories

-

-

-

(d) Property, plant and equipment

49,091

47,471

46,834

(e) Goodwill

-

-

-

(f) Deferred Taxation Assets

-

-

-

(g) Other Intangible Assets

-

-

-

(h) Other assets, non current

-

-

-

9.2 TOTAL NON- CURRENT ASSETS

49,091

47,471

46,834

9.3 TOTAL ASSETS

57,027

54,110

54,430

9.4 CURRENT LIABILITIES

(a) Trade Creditors
2,984

3,307

2,950
(b) Income in advance, current

81

81

82
(c) Secured loans
12,100

-

-
(d) Unsecured loans

-

-

-
(e) Provisions, current
775

1,132

668
(f) Other liabilities, current

775

1,629

777
TOTAL CURRENT LIABILITIES

16,715

6,149

4,477

9.5 NON- CURRENT LIABILITIES


(a) Accounts payable, non-current

-

-

-

(b) Secured loans

0

7,200

11,900

(c) Unsecured loans

-

-

-

(d) Provisions, non-current

39

47

47

(e) Deferred Taxation Liability, non-current

219

301

405

(f) Other liabilities, non-current

296

353

331
9.6 TOTAL NON-CURRENT LIABILITIES

554

7,901

12,683
9.7 TOTAL LIABILITIES

17,269

14,050

17,160

Reprinted May 2004 7 of 12
9.8 NET ASSETS

39,758

40,060

37,270
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)

30,318

30,621

27,830

9.10 SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO MEMBERS OF THE
LISTED ISSUER

39,758

40,060

37,270

(a) Minority equity interests in subsidiaries

-

-

-

9.11 TOTAL SHAREHOLDERS’ EQUITY


39,758

40,060

37,270

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

12.0%

26.3%

12.5%

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

11.4%

25.0%

13.1%

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


43.4%

35.1%

46.0%
(d) Net Tangible Assets per Security ($)
$1.52 $1.53 $1.42

[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

19,538

16,725

(b) Interest received

10

9

(c) Dividends received

-

-

(d) Payment to suppliers and employees

(13,612)

(11,355)

(e) Interest paid

(240)

(250)

(f) Income taxes paid

(2,900)

(2,422)

(g) Other cash flows relating to operating activities

621

180

NET OPERATING FLOWS

3,417


2,887

[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

47

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

(3,597)

(1,820)

(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

(3,550)

(1,473)

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

4,900

2,300

(c) Repayment of borrowings

-

-

(d) Dividend paid

(4,853)

(4,854)

(e) Other cash flows relating to financing activities

-

-

NET FINANCING CASH FLOWS


47

(2,554)

[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

991

1,675

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

-

-

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

905

535



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

905

535

Deposits at call

-

-

Bank overdraft

-

-

Other (provide details eg. Term Deposits)


-

-

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


905

535


* 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: 11 February 2019




...........................................................................................................................
(Signed by) Authorised Officer of Listed Issuer
Kirsten Hoyle, Company Secretary 11 February 2019