Mainfreight Half Year Financial Results 30 September 2019

MAINFREIGHT LIMITED

Mainfreight Lane | off Saleyards Road | Otahuhu 1062 | New Zealand
Tel +64 9 259 5500 | Fax +64 9 270 7400
PO Box 14-038 | Panmure | Auckland 1741 | New Zealand

* EBITDA: Earnings before net interest expense, tax, depreciation, amortisation, abnormal
items, royalties, share based payment expense, minority interest and associates
Supporters of
MAINFREIGHT – GLOBAL LOGISTICS

MAINFREIGHT LIMITED

Financial result for the six months ended 30 September 2019 (Unaudited)

Commentary
Mainfreight is pleased to announce our half year financial results to 30 September 2019;
a satisfactory improvement on the prior period.

These financial results are our first presented under the new IFRS 16 Leases standard,
which took effect for our accounting periods commencing from 1 April 2019. For the
purpose of providing clarity when comparing current financial performance to the first six
months of the prior year, we have provided figures for the current period with and
without applying IFRS 16, in our financial statements and in this commentary.

Without IFRS 16 (“apples with apples”)
Revenue $1.500 billion Up $69.47 million or 4.9%
EBITDA* $119.11 million Up $10.77 million or 9.9%
Net profit $62.21 million Up $6.51 million or 11.7%

Adjusted for foreign exchange impact, revenue is up 4.3%, EBITDA up 9.7%, and net
profit (before abnormals) is up 10.8%. There are no abnormal costs included in this
half-year’s result.

Under IFRS 16 (“apples with oranges”)
Revenue $1.500 billion Up $69.47 million or 4.9%
EBITDA $176.46 million Up $68.11 million or 62.9%
Net profit $59.13 million Up $3.43 million or 6.2%

- 2 -

IFRS 16 introduces a single lessee accounting model, requiring Mainfreight as a lessee
to recognise assets and liabilities for all leases with a term of more than 12 months. As
a lessee, we are required to recognise a right-of-use asset representing our right to use
the underlying leased asset, and a lease liability representing our obligation to make
lease payments.

The impact on profit before tax for the half year is a decrease of $4.32 million (net profit
decrease of $3.08 million), but an increase in EBITDA of $57.34 million. Total assets
increased by $587.59 million to $2.203 billion.

This is a satisfactory result, reflecting our global presence. Continuing profit
improvement from Europe and the Americas has assisted overall performance, as we
continue to improve margins and services in both regions.

Our New Zealand and Australian operations have both had to contend with slowing
economic conditions and increased overhead costs. In Asia, our freight revenues
decreased as a result of the trade tariffs on the Asia/USA trade lanes and the
disruptions being experienced in Hong Kong, while our overhead costs increased with
our network expansion to Japan and Malaysia.

Divisional Performance (EBITDA shown pre-IFRS 16; figures in local currencies)

New Zealand (NZ$)
Revenue $362.57 million Up $19.45 million or 5.7%
EBITDA $46.78 million Up $1.35 million or 3.0%

Whilst overall results remain strong in New Zealand when compared to the prior year,
we have experienced a slowing in economic conditions particularly affecting domestic
Transport growth. Nevertheless we continue to increase market share across all three
products (Transport, Warehousing and Air & Ocean).

In our Transport business, the lower levels of sales growth and higher overhead costs
(increased salaries for those at the lower end of our pay range), have kept profit growth
below our expectations.

- 3 -

Our Warehousing business continues to attract new customers, with satisfactory
revenue and profit growth in the half year.

Air & Ocean operations achieved revenue and profit growth across both imports and
exports, and likewise in both sea and air freight modes.

Strong pre-Christmas freight volumes are evident across the business heading into the
second half, and our expectations are for improving results through to year end.

Australia (AU$)
Revenue AU$360.42 million Up AU$18.72 million or 5.5%
EBITDA AU$22.62 million Up AU$0.11 million or 0.5%

A disappointing profit result from our Australian business, primarily in our domestic
Transport operations. Our Warehousing and Air & Ocean businesses both achieved
satisfactory revenue and profit growth.

In our Transport business, revenue growth stalled at 2% as slowing economic
conditions saw reduced tonnage from our established customers. Whilst new business
continues to be won, it has not offset this down-trading during the first half. Increases in
our overhead cost structure, primarily labour costs, saw EBITDA decline on the prior
period.

In our Warehousing business, new customer gains lifted warehouse utilisation with
satisfactory profit improvements. Construction has commenced on our second
warehouse site in Epping, Melbourne.

Our Air & Ocean operations achieved better gross margins and saw export volumes in
both sea and air freight improve. Continuing momentum in the growth of perishable air
freight assisted.

While it has been a disappointing first half for our Australian business, pre-Christmas
volumes have seen weekly results further improve into the second half. We celebrated
our 30
th
year in Australia earlier this month.

- 4 -

Asia (US$)
Revenue US$35.99 million Down US$(4.34) million or (10.8)%
EBITDA US$2.79 million Down US$(0.38) million or (11.9)%

The Asian operations have seen freight volumes decrease across our major trading
lane, China to USA, with import tariffs having a greater effect than in the same period
last year (tariffs took effect early July 2018), but also as a result of the Hong Kong riots
particularly affecting confidence for air freight services.

In response, our team has focused on developing a greater diversity of markets, to
offset USA trade. This includes more intra-Asia trade and, of course, increasing market
share to and from our European locations.

Our entry into the Japanese and Malaysian markets has been satisfactory to date. We
expect to open our first branch in South Korea before 31 March 2020.

Europe (Euro €)
Revenue EU€193.77 million Up EU€11.44 million or 6.3%
EBITDA EU€13.90 million Up EU€3.49 million or 33.6%

A healthier result from our European operations, as we continue to gain market share
and improve business margins.

Whilst our Transport business has seen some down-trading from established
customers, market share gains have offset this, and much-improved efficiencies have
assisted gross margin increases.

Our Warehousing operations have absorbed the costs of two new warehouses in The
Netherlands (Zaltbommel and Born), improving revenue growth and profitability.
Significant effort is being applied to reducing casual labour costs and increasing
dedicated full-time team members, providing stability and improved quality and
efficiencies.

- 5 -

The Air & Ocean division has seen a decrease in air freight volume, similar to most of
our international divisions, but has seen gross margins improve as our focus on
developing LCL freight consolidations provides better returns. It is our intention to
expand our European Air & Ocean network into Spain, with our Barcelona branch
expected to open in January 2020.

We have an additional 30 team members who have taken on sales responsibilities in
these past six months and expect to see increased revenue contributions accordingly.

Post this half year result, revenue and profit performance from our Europe business has
continued at similar levels, and our expectations are for ongoing improvement.

The Americas (US$)
Revenue US$244.04 million Up US$6.89 million or 2.9%
EBITDA US$13.44 million Up US$2.45 million or 22.3%

An improved performance from our American businesses; sales revenue growth
occurred across all three Mainfreight divisions, with just CaroTrans (our NVOCC
wholesale sea freight business) seeing a reduction in export-related freight volume.

In our Transport operations, both sales revenues and profitability imp Simon Cotter
roved. Better freight management has seen gross margins increase with better
utilisation of dedicated Mainfreight road line-haul.

While Air & Ocean has seen increases in margin and revenue, this has been
dampened by reduced volumes as imports from China declined under tariff restrictions,
and with a general downturn in world air freight volumes.

Our Warehousing operations continue to see good demand for high quality
warehousing services and facilities, necessitating the opening of two new warehouses
in California, and better utilisation of our sites in the other four States where we are
located.

In CaroTrans, whilst revenues declined on the back of reduced LCL and FCL freight
shipments, gross margins improved resulting in increased EBITDA in the half year.

- 6 -

While these results are pleasing, our freight volumes within the USA still require
considerable growth, particularly in customer verticals that contribute better every day
volumes.

Group Operating Cash Flows
Operating cash flows were $73.96 million, up from $71.00 million in the prior year,
reflecting increased profitability and acceptable cash collection.

Net debt is $187.73 million, up from $130.48 million at 31 March 2019, an increase of
$57.25 million.

Gearing ratios increased from 13.5% at 31 March 2019 to 17.5%

During the half year, net capital expenditure totalled $90.53 million, with expenditure for
land and buildings accounting for $72.44 million, plant and equipment of $10.98 million,
and information technology of $7.11 million.

Our expectations are for capital expenditure for the full financial year ending 31 March
2020 to be in the range of $170 million, with a further $190 million estimated for capital
expenditure in the 2021 financial year.

Land and building projects across the New Zealand and Australian networks are
progressing, albeit more slowly than our original expectations. Construction schedules
in Tauranga and Melbourne are on target, however other large projects in both
countries are taking longer than anticipated.

Dividend
The Directors have approved an interim dividend of 25.0 cents per share fully imputed
at the 28% company tax rate, with the books closing on 6 December 2019; payment will
be made on 13 December 2019. This is a 13.6% increase on the prior year’s interim
dividend.

- 7 -

Outlook
A satisfactory half year result as a consequence of our global presence providing
growth and increased profitability across various markets, all with differing economic
climates and market share opportunities.

Our Asian business is not likely to finish the current year better than the year prior, as
we both expand our network in the region and deal with market volatility brought about
by national unrest (Hong Kong), US tariff disputes, and a slowing China economy.

It is our expectation that we will see increasing profitability and growth in our European
and American markets. Our traditional markets of New Zealand and Australia, whilst
flat by our standards in these first six months, are expected to improve further through
to year end, culminating in improved returns over the year prior.

While our core Australasian region is experiencing slowing economic conditions, other
parts of the network continue to find growth and increased profitability. This period to
30 September 2019 has demonstrated the benefits of our global network strategy, and
we expect an improved full year result accordingly.


Mainfreight will release its full year results for the 2020 financial year to the market on
27 May 2020.

For further information, please contact Don Braid, Group Managing Director,
telephone +64 9 259 5503, +64 274 961 637 or email don@mainfreight.com.

---

PRELIMINARY HALF YEAR REPORT ANNOUNCEMENT
Mainfreight Limited
For Half Year Ended 30 September 2019
Preliminary half year report on consolidated results (including the results for the previous corresponding half year).
This report also has non GAAP information showing in the Income Statement for the current period showing what the results would have
looked like prior to adopting the NZ IFRS 16 Lease changes (labelled Non-GAAP). Management and the Board believe this is necessary to
show a better comparative with prior periods which have not been adjusted for the impact of NZ IFRS 16.
In other respects, this report has been prepared in a manner which complies with the New Zealand equivalent to International Accounting Standard 34
Interim Financial Reporting and fairly presents the matters to which the report relates and is based on unaudited financial statements.
The Listed Issuer has a formally constituted Audit Committee of the Board of Directors.
Income Statement for the Six Months Ended 30 September 2019
GAAP
Non-GAAP
GAAPGAAP
Note30 Sept30 Sept30 Sept31 March
2019201920182019
$000$000$000$000
Operating Revenue1,500,466 1,500,466 1,430,994 2,953,414
Interest Income- - - 673
Total Revenue1,500,466 1,500,466 1,430,994 2,954,087
Transport Costs(883,029) (883,029) (875,751) (1,791,573)
Labour Expenses Excluding Share Based Payments(342,792) (342,792) (305,700) (612,641)
Other Expenses(98,188) (98,188) (90,422) (186,695)
Earnings before Interest, Tax, Depreciation, Amortisation, Abnormal Items and Lease Costs176,457 176,457 159,121 363,178
Lease Costs- (57,344) (50,779) (105,456)
Depreciation of Right of Use Assets(53,435) - - -
Finance Costs Relating to Lease Liabilities(8,226) - - -
Other Depreciation and Amortisation Expenses(28,542) (28,542) (26,080) (53,107)
Other Finance Costs(3,406) (3,406) (3,966) (7,541)
Profit Before Abnormal Items and Taxation for the Year82,848
87,165 78,296 197,074
Income Tax on Profit Before Abnormal Items(23,719) (24,952) (22,400) (55,990)
Net Profit Before Abnormal Items for the Year59,129 62,213 55,896 141,084
Abnormal Items4- - (291) (4,965)
Income Tax on Abnormal Items4- - 98 1,505
Abnormal Items After Taxation4- - (193) (3,460)
Profit Before Taxation for the Year82,848 87,165 78,005 192,109
Income Tax Expense(23,719) (24,952) (22,302) (54,485)
Net Profit for the Year59,129 62,213 55,703 137,624
Earnings per share for profit attributable to the ordinary equity holders of the company are:
CentsCentsCentsCents
Basic Earnings Per Share:Total Operations58.7261.7855.32136.67
Diluted Earnings Per Share:Total Operations58.7261.7855.32136.67
Statement of Comprehensive Income for the Six Months Ended 30 September 2019
Net Profit for the Year59,129 62,213 55,703 137,624
Other Comprehensive Income
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
Exchange Differences on Translation of Foreign Operations17,827 17,827 13,780 1,144
Income Tax effect1,487 1,487 941 (1,006)
Net Other comprehensive income to be reclassified to profit (loss) in subsequent periods19,314 19,314 14,721 138
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:
Revaluation of Land including Foreign Exchange Movements663 663 325 43,506
Income Tax effect- - - (4,106)
Net Other comprehensive income not to be reclassified to profit (loss) in subsequent periods663 663 325 39,400
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:
Defined Benefit Pension Provision(15) (15) (7) (93)
Income Tax effect- - - 23
Net Other comprehensive income not to be reclassified to profit (loss) in subsequent periods(15) (15) (7) (70)
Other Comprehensive Income for the Year, Net of Tax19,962 19,962 15,039 39,468
Total Comprehensive Income for the Year, Net of Tax79,091 82,175 70,742 177,092

Balance Sheet as at 30 September 2019
GAAPGAAPGAAP
Note30 Sept30 Sept31 March
201920182019
$000$000$000
Current Assets
Bank102,334 85,318 115,184
Trade Debtors420,659 432,321 389,376
Income Tax Receivable- - 200
Properties Available for Sale- 8,473 -
Other Debtors64,511 53,446 55,304
587,504 579,558 560,064
Non-current Assets
Property, Plant & Equipment741,549 605,584 666,629
Right of Use Assets2587,593 - -
Software51,988 49,956 51,052
Goodwill218,545 216,681 208,522
Brand Names3,991 8,096 3,807
Other Intangible Assets5,656 8,237 6,581
Deferred Tax Asset6,405 9,189 6,234
1,615,727 897,743 942,825
TOTAL ASSETS22,203,231$ 1,477,301$ 1,502,889$
Current Liabilities
Bank- - 4
Trade Creditors & Accruals347,125 355,666 314,925
Employee Entitlements65,168 56,093 62,832
Provision for Taxation3,964 2,234 18,868
Lease Liability for Right of Use Assets2110,166 - -

Finance Lease Liability2,266 1,956 2,246
528,689 415,949 398,875
Non-current Liabilities
Bank Term Loan283,648 277,595 238,653
Employee Entitlements3,122 3,856 2,815
Deferred Tax Liability18,600 21,835 19,473
Lease Liability for Right of Use Assets2481,853 - -
Finance Lease Liability4,150 3,948 4,758
791,373 307,234 265,699
Shareholders' Equity
Share Capital385,821 85,821 85,821
Accumulated Surplus698,823 612,880 673,931
Revaluation Reserve90,034 51,579 89,371
Foreign Currency Translation Reserve8,808 4,077 (10,506)
Defined Benefit Pension Reserve(317) (239) (302)
TOTAL EQUITY2883,169 754,118 838,315
TOTAL LIABILITIES AND EQUITY22,203,231$ 1,477,301$ 1,502,889$
The accompanying notes form an integral part of these financial statements.

Statement of Changes in Equity for the Six Months Ended 30 September 2019
Six Months to 30 September 2019ForeignDefined
AssetCurrencyBenefit
GAAP
OrdinaryRevaluationTranslationPensionRetainedTOTAL
SharesReserveReserveReserveEarnings$000
Balance at 1 April 201985,821 89,371 (10,506) (302) 673,931 838,315
Profit for the Period59,129 59,129
Other Comprehensive Income663 19,314 (15) 19,962
Total Comprehensive Income for the Period- 663 19,314 (15) 59,129 79,091
Transactions with Owners in Their Capacity as Owners:
Supplementary Dividends(1,394) (1,394)
Dividends Paid(34,237) (34,237)
Foreign Investor Tax Credit1,394 1,394
Balance at 30 September 201
985,821 90,034 8,808 (317) 698,823 883,169
Six Months to 30 September 2018ForeignDefined
AssetCurrencyBenefit
GAAP
OrdinaryRevaluationTranslationPensionRetainedTOTAL
SharesReserveReserveReserveEarnings$000
Balance at 1 April 201885,821 51,254 (10,644) (232) 583,359 709,558
Profit for the Period55,703 55,703
Other Comprehensive Income325 14,721 (7) 15,039
Total Comprehensive Income for the Period- 325 14,721 (7) 55,703 70,742
Transactions with Owners in Their Capacity as Owners:
Supplementary Dividends(989) (989)
Dividends Paid(26,182) (26,182)
Foreign Investor Tax Credit989 989
Balance at 30 September 201885,821 51,579 4,077 (239) 612,880 754,118
Twelve Months to 31 March 2019ForeignDefined
AssetCurrencyBenefit
GAAP
OrdinaryRevaluationTranslationPensionRetainedTOTAL
SharesReserveReserveReserveEarnings$000
Balance at 1 April 201885,821 51,254 (10,644) (232) 583,359 709,558
Profit for the Period137,624 137,624
Transfer of Revaluation Reserve for Land Sold(1,283) 1,283
Other Comprehensive Income39,400 138 (70) 39,468
Total Comprehensive Income for the Period- 38,117 138 (70) 138,907 177,092
Transactions with Owners in Their Capacity as Owners:
Supplementary Dividends(1,879) (1,879)
Dividends Paid(48,335) (48,335)
Foreign Investor Tax Credit1,879 1,879
Balance at 31 March 201
985,821 89,371 (10,506) (302) 673,931 838,315

Cash Flow Statement for the Six Months Ended 30 September 2019
GAAPGAAPGAAP
Note30 Sept30 Sept31 March
201920182019
$000$000$000
Cash Flows From Operating Activities
Receipts from Customers1,710,462 1,603,121 2,931,037
Interest Received673
Payments to Suppliers and Team Members(1,592,965) (1,495,938) (2,674,532)
Interest Paid(3,406) (3,965) (7,541)
Income Taxes Paid(40,132) (32,212) (52,214)
NET CASH FLOWS FROM OPERATING ACTIVITIES73,959 71,006 197,423
Cash Flows From Investing Activities
Proceeds from Sale of Property, Plant & Equipment1,202 2,391 14,048
Proceeds from Sale of Software38 - 50
Repayments by Team Members6 7 8
Purchase of Property, Plant & Equipment(84,624) (33,129) (87,673)
Purchase of Software(7,147) (9,456) (15,603)
Advances to Team Members- - (3)
Establishment of Franchises and Subsidiaries- - -
NET CASH FLOWS FROM INVESTING ACTIVITIES(90,525) (40,187) (89,173)
Cash Flows From Financing Activities
Proceeds of Long Term Loans42,391 320
Proceeds of Share Issues-
Dividend Paid to Shareholders(34,237) (26,182) (48,335)
Repayment of Loans(9,213) (3,736) (26,755)
NET CASH FLOWS FROM FINANCING ACTIVITIES(1,059) (29,918) (74,770)
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS(17,625) 901 33,480
Net Foreign Exchange Differences4,779 3,932 1,215
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD115,180 80,485 80,485
CASH AND CASH EQUIVALENTS AT END OF PERIOD102,334 85,318 115,180
Comprised
Bank and Short Term Deposits102,334 85,318 115,184
Bank Overdraft- - (4)
102,334 85,318 115,180
The accompanying notes form an integral part of these financial statements.

1Corporate Information
The preliminary half year report announcement of Mainfreight Limited ("the parent") and its subsidiaries ("the Group")
for the six months ended 30 September 2019 were authorised for issue in accordance with a resolution of the Directors.
Mainfreight Limited is a company limited by shares incorporated in New Zealand whose shares are publicly
traded on the NZX Main Board (New Zealand Stock Exchange).
2
Accounting Policies
Accounting policies remain consistent with the prior year ended 31 March 2019 financial statements except for
the adoption of NZ IFRS 16 Leases.
(Please see Note 2 (f) of the Financial Statements in the March 2019 Annual Report for further information).
These September 2019 Financial Statements have shown results pre NZ IFRS 16 and post NZ IFRS 16 in the Income Statement.
The impact on profit before tax was a reduction of $4,317,000 and after tax by $3,084,000 in the 30 September 2019 six months.
The impact on EBITDA (adjusted) was an increase of $57,344,000. There is no impact on cash flows.
The impact on total assets was an icrease of $587,593,000, an increase in total liabilities of $590,755,000 and a decrease
in Shareholder's Equity of $3,162,000 (see below).
$000
Total Assets as per 30 September 2019 Balance Sheet
2,203,231
Less Right of Use Assets
(587,593)
Total Assets after removing NZ IFRS 16 Leases Impact
1,615,638
Total Liabilities as per 30 September 2019 Balance Sheet
1,320,062
Less Current Lease Liability for Right of Use Assets
(110,166)
Less Non-current Lease Liability for Right of Use Assets
(481,853)
Change in Deferred Tax Liability
1,264
Total Liabilities after removing NZ IFRS 16 Leases Impact
729,307
Total Shareholders' Equity as per 30 September 2019 Balance Sheet
883,169
Add back NZ IFRS 16 Leases Impact on Profit for the Period (Accumulated Surplus)
3,084
Add back Movement in Foreign Currency Translation Reserve
78
Total Shareholder's Equity after removing NZ IFRS 16 Leases Impact
886,331

3Required NZX DisclosuresParent
GAAPNon-GAAPGAAPGAAP
Movements in Ordinary Shares on Issue30 Sept30 Sept30 Sept31 March
2019201920182019
SharesSharesSharesShares
Closing Balance100,698,548 100,698,548 100,698,548 100,698,548
Net Tangible Assets654,977 658,139 521,104 619,405
Net Tangible Assets per Security (cps)650.43653.57517.49615.11
Dividends Paid and Proposed
Group
30 Sept30 Sept
20192018
$000$000
Recognised Amounts
Declared and Paid During the Year to Parent Shareholders
Final Fully Imputed Dividend for 2019: 34.0 cents (2018: 26.0 cents)34,237 26,182
34,237 26,182
Unrecognised Amounts
Interim Fully Imputed Dividend for 2020: 25.0 cents (2019: 22.0 cents)25,175 22,154
After the balance date, the above unrecognised dividends were approved by directors' resolution dated 12 November 2019.
These amounts have not been recognised as a liability as at 30 September 2019 but will be brought to account in the full
year to 31 March 2020.
4
Abnormal Items
During the six months the Group had no abnormal expenses (September 2018 $291,000). The related after tax
expense was nil (September 2018 $193,000).
These items comprised of:
Group
September 2019 Six MonthsPre-TaxTaxAfter Tax
$000$000$000
Redundancies- - -
- - -
Group
September 2018 Six MonthsPre-TaxTaxAfter Tax
$000$000$000
Redundancies(291,000) 98,000 (193,000)
(291,000) 98,000 (193,000)

5Segmental Reporting
An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses whose
operating results are regularly reviewed by the entity’s chief operating decision maker and for which discrete financial information is available.
The Group operates in the domestic supply chain (i.e. moving and storing freight within countries) and air and ocean freight industries
(i.e. moving freight between countries).
New Zealand, Australia, The Americas and Europe are each reported to management as one segment as the businesses there perform both
domestic and air and ocean services.
The accounting policies of the operating segments are the same as those described in the notes in note 2 with the exception of
deferred tax and the fair value of derivative financial instruments which are not reported on a monthly basis.
The segmental results from operations are disclosed below.
Geographical Segments
The following table represents revenue, margin and certain asset information regarding geographical segments for the six months ended
30 September 2019 and 30 September 2018. Inter segment transactions are entered into on a fully commercial basis.
Post NZ IFRS 16
NewAustraliaTheAsiaEuropeInter-2019
ZealandAmericasSegment $000
Operating Revenue
-Sales to customers 362,571 380,635 372,068 54,872 330,320 - 1,500,466
outside the group
-Inter-segment sales(108) 9,364 24,441 33,695 18,645 (86,037) -
Total Revenue362,463 389,999 396,509 88,567 348,965 (86,037) 1,500,466
EBITDA (adjusted)58,747 43,236 28,667 5,402 40,405 - 176,457
Depreciation & Amortisation22,402 22,148 11,353 1,545 24,529 - 81,977
Capital Expenditure24,566 54,905 2,846 288 7,926 - 90,531
Trade Receivables92,004 115,219 118,512 26,116 91,008 (22,200) 420,659
Non-current Assets540,643 466,396 198,161 17,245 393,282 - 1,615,727
-
Total Assets636,459 614,936 350,370 68,142 555,524 (22,200) 2,203,231
Total Liabilities318,269 391,409 235,840 37,859 358,885 (22,200) 1,320,062

Pre NZ IFRS 16 Where different
NewAustraliaTheAsiaEuropeInter-2019
ZealandAmericasSegment $000
EBITDA (adjusted)46,778 23,893 20,490 4,260 23,692 - 119,113
Depreciation & Amortisation11,867 4,562 3,675 361 8,077 - 28,542
Non-current Assets436,456 248,707 97,139 11,840 233,992 - 1,028,134
Total Assets532,271 397,248 249,348 62,737 396,234 (22,200) 1,615,638
Total Liabilities213,618 172,682 133,870 32,331 199,006 (22,200) 729,307

Pre NZ IFRS 16
NewAustraliaTheAsiaEuropeInter-2018
ZealandAmericasSegment $000
Operating Revenue
-Sales to customers 343,120 370,530 345,655 58,786 312,903 - 1,430,994
outside the group
-Inter-segment sales(577) 9,324 25,401 38,200 18,486 (90,834) -
Total Revenue342,543 379,854 371,056 96,986 331,389 (90,834) 1,430,994
EBITDA (adjusted)45,426 24,418 16,018 4,623 17,857 - 108,342
Depreciation & Amortisation11,211 3,852 3,226 313 7,478 - 26,080
Capital Expenditure12,772 12,044 3,462 652 11,264 - 40,194
Trade Receivables92,744 114,383 114,603 29,111 100,420 (18,940) 432,321

Non-current Assets373,519 187,845 91,219 11,573 233,587 - 897,743
Total Assets471,840 333,419 234,783 66,839 389,360 (18,940) 1,477,301
Total Liabilities203,523 165,444 133,408 34,282 205,466 (18,940) 723,183

Product Segments
The following table represents revenue and EBITDA (adjusted) regarding the three main types of services for the six months ended
30 September 2019 and 30 September 2018.
DomesticWarehousingAir & Ocean2019
TransportForwarding $000
Revenue759,107 179,591 561,768 1,500,466
EBITDA (adjusted) Post NZ IFRS 1696,314 44,785 35,358 176,457
EBITDA (adjusted) Pre NZ IFRS 1670,859 19,831 28,423 119,113
DomesticWarehousingAir & Ocean2018
TransportForwarding $000
Revenue720,252 162,062 548,680 1,430,994
EBITDA (adjusted) Pre NZ IFRS 1667,733 15,261 25,348 108,342
Post NZPre N
ZPre NZ
IFRS16IFRS16IFRS16
Reconciliation between Segment EBITDA (adjusted) and the Income Statemen201920192018
$000$000$000
Profit from Operations Before Taxation for the Yea
r82,848 87,165 78,005
Abnormal Items- - 291
Interest Incom
e- - -
Derivative Fair Value Movement- - -
Non-cash Share Based Payment Expens
e- - -
Finance Cost
s11,632 3,406 3,966
Depreciation & Amortisation81,97
7 28,542 26,080
EBITDA (adjusted
)176,457 119,113 108,342
EBITDA (adjusted) is defined as earnings before net interest expense, tax, depreciation, amortisation, abnormal items, royalties, share based payment
expense, minority interests and associates.
There are no customers in any segment that comprise more than 10% of that segment's revenue.
Bank term loan is allocated based on segment net assets excluding bank term loan.
The geographical segments are determined based on the location of the Group's assets.

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Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Results for announcement to the market
Name of IssuerMainfreight Limited
Reporting Period6 months to 30 September 2019
Previous Reporting Period6 months to 30 September 2018
CurrencyNZD
Amount (000s)Percentage Change
Revenue from Continuing Operations$1,500,4664.9%
Total Revenue$1,500,4664.9%
Net Profit/(Loss) from Continuing Operations$59,1296.2%
Total Net Profit/(Loss)$59,1296.2%
Interim/Final Dividend
Amount per Quoted Equity Security$0.25000000
Imputed Amount per Quoted Equity Security$0.04411765
Record Date6/12/2019
Dividend Payment Date13/12/2019
Current PeriodPrior Comparable Period
Net tangible assets per Quoted Equity Security
$6.5043$5.1749
A brief explanation of any of the figures above
necessary to enable the figures to be
understood
Name of person authorised to make this
announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
13/11/2019
Unaudited financial statements accompany this announcement.
Current period includes impact of NZ IFRS16 Leases but
prior period does not. Excluding the impact of NZ IFRS16
the Net Profit % change would have been an 11.7%
increase with Total Net Profit being $62,213. The NTA per
share would have been $653.57.
Authority for this Announcement
Tim Williams, Chief Financial Officer
Tim Williams
+64 9 259 5510
tim@mainfreight.com

---

Distribution Notice
(for Equity Security issuer/Equity and Debt Security issuer)
Section 1: Issuer Information
Name of Issuer
Financial product name/description
NZX ticker code
ISIN
Full YearQuarterly
Half YearXSpecial
DRP Applies
Record date
Ex-Date (one business day before the Record
Date)
Payment date (and allotment date for DRP)
Total monies associated with the distribution
Source of distribution (for example, retained
earnings)
Currency
Section 2: Distribution Amounts per Financial Product
Gross Distribution
Total Cash Distribution
Excluded Amount (applicable to listed PIEs)
Supplementary Distribution Amount
Is the Distribution imputed?
If fully or partially imputed, please state
imputation rate as % applied
Imputation tax credits per financial product
Resident Withholding Tax per financial product
Authority for this Announcement
Name of person authorised to make this
announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
Mainfreight Limited
Ordinary Shares
MFT
NZMFTE0001S9
Type of distribution
(Please mark with an X in the
relevant box/es)
6/12/2019
5/12/2019
13/12/2019
$25,174,637
Retained Earnings
NZD
$0.34722222
$0.25000000
$0.04411765
Section 3: Imputation Credits and Resident Withholding Tax
Yes
100%
$0.09722222
$0.01736111
Section 4: Distribution Re-investment Plan (not applicable)
tim@mainfreight.com
13/11/2019
Tim Williams, Chief Financial Officer
Tim Williams
+64 9 259 5510