2020 Half Year Results

1





NZX AND MEDIA RELEASE
26 MAY 2020
UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR TO 31 MARCH 2020
NAPIER PORT REPORTS POSITIVE FIRST HALF, OUTLOOK SUBDUED
Trade gateway for Hawke’s Bay and the surrounding regions sees first half in line with
expectations at the beginning of the year, no interim dividend to be paid amid COVID-19
uncertainty
HIGHLIGHTS
• Revenue rose 7.5% to $52.3 million from $48.7 million in the same period last year
• Container volumes rose 7.5% to 135,000 TEU
• Bulk cargo volumes down 7.3% following Chinese log market conditions and the early impact
of COVID-19 demand disruptions
• Pro forma EBITDA rose 2% to $21.5m
• Result from operating activities
1
down 1.6% to $21.7 million with higher operating expenses to
provide for growth
• Pro forma net profit after tax
1
for the half year rose 6.7% to $11.2 million
• Reported net profit after tax of $12.8 million from $9.2 million
• Trade outlook uncertain due to COVID-19 impact and broader economic conditions
• Board resolves to not pay an interim dividend; will review in November
Napier Port (NZX.NPH) today reports improved revenue and underlying earnings for the first half of the
2020 financial year with growth in Container Services and Cruise offsetting the effect of lower log
volumes later in the period due to key export market conditions and the COVID-19 pandemic.
It also reports an uncertain outlook for the full year with the outcome linked to broader economic
conditions and ability to overcome impacts from the COVID-19 pandemic.
Revenue for the half year to 31 March 2020 increased 7.5% to $52.3 million from $48.7 million last year,
underpinned by an increase in container volume, growth in cruise revenue, and previously announced
tariff increases.
Container services benefited from the early repositioning of empty containers ahead of the peak primary
export season. Volumes rose 7.5% to 135K TEU from 126K TEU in the same period a year ago. This
increase helped to lift container services revenues by 12.1% to $30.9 million from $27.6 million. Average
revenue per TEU increased 4.2% to $229 per TEU from $219 per TEU, assisted by increased volume
through our Port Pack operation, and tariffs introduced during 2019 to recover costs of infrastructure
investments made to extend capacity and support our growth.
Even though the cruise season came to an abrupt and early end following the COVID-19 outbreak,
cruise services revenue for the first half was up 22.5% to $4.2 million from $3.4 million. This reflected
an increase in ship visits to 76 ships from 66 ships in the prior season, albeit short of the 87 ships we
had booked. A new passenger levy also helped to lift revenue.
Despite a strong first quarter in log exports, we ended the half-year to March down 5% on the same
period a year ago as the impact of high Chinese log inventories were compounded by the COVID-19

1
Result from operating activities and Pro forma NPAT are alternative non-NZ GAAP measures. Refer to the Notes
to the 2019 Annual Consolidated Financial Statements and the Supplemental Selected Financial Information for
further information.

2

outbreak and extended Chinese new year holiday, supressing demand for NZ log exports. Fertiliser
imports were, as we expected, lower. As a direct result, bulk cargo revenue fell 3.5% to $16.0 million
from $16.5 million.
The result from operating activities fell 1.6% to $21.7 million from $22.1 million, as operating expenses
increased in line with expectations to support growth and build operational resilience. Employee benefit
expenses increased with employee numbers. Other operating expenses increased in line with container
volumes, higher insurance costs, and listed company costs.
Pro forma net profit after tax for the half year rose to $11.2 million from $10.5 million. The pro forma
result excludes a one-off non-cash deferred tax gain of $1.5 million related to the deductibility of tax
depreciation on buildings. This gain helped lift statutory net profit after tax to $12.8 million from $9.2
million in the prior year.
The statutory net profit after tax for the half-year also benefited from finance cost savings when
compared to the prior year, following the repayment of all borrowings following the successful initial
public offer (IPO) in the second half of 2019. In the same period a year ago, Napier Port expensed
finance costs of $2.0 million.
Chair Alasdair MacLeod says: “Napier Port’s positive financial results for the half year to the end of
March 2020 stand in stark contrast to the significant challenges that we, the surrounding region, and
the broader economy face as a result of the COVID-19 pandemic.
“For most of the six-month period that these results cover, trade has been trending largely in line with
the expectations set when we launched our IPO in August 2019.
“However, as the half year drew to a close, and COVID-19 infections both offshore and in New Zealand
rose, the Government imposed its state of national emergency and Alert Level 4 lockdown. It also
became clear the pandemic and lockdown would have a material impact on our region and Napier Port’s
financial result for the year.”
Chief Executive Todd Dawson said: “Napier Port is having a year of two halves. In the first we have
delivered on the expectations we set when we launched our IPO last year, but in the second half of the
year we, along with the rest of the country, are facing a period of extended uncertainty and an external
shock that has significant implications for trading in the current financial year and beyond.”
COVID-19 IMPACT
Operations
The move in late March to the Alert Level 4 COVID-19 lockdown, saw Napier Port make dramatic
changes to its operations.
We had a duty as a ‘lifeline asset’ to protect the flow of essential cargo through Napier Port. At the same
time, we had to protect our people, deemed ‘essential workers’, and take steps to prevent the
inadvertent transmission of the virus within the community.
The changes we put in place to achieve these goals have been effective, but they came at the cost of
productivity and revenue. The cruise season was prematurely closed. Meanwhile, in line with
government directives, we saw a sharp reduction in non-essential cargo arriving, the most significant
of which was in the key export trades of logs, pulp and timber.
We were also required to cease construction work on 6 Wharf, the centrepiece of our strategic
investment programme, as its construction was not considered an essential service.
The implementation of the Level 4 lockdown reduced expected cargo through Napier Port to levels
lower than those assumed in our financial forecasts, with a material impact on our financial outlook for
the 2020 financial year. In response, we regretfully joined many NZX listed companies in withdrawing
our full year earnings forecasts.
Cargo flows
Fortunately, many of our key trades qualified within the Government’s definition of essential services
and these continued to flow to Napier Port during the Level 4 lockdown.

3

Harvesting of apples, squash and other fresh produce has continued despite the additional operational
challenges for our exporters. Similarly, the region’s food and meat processing industries have continued
production and their products have been flowing right through this period of uncertainty, with Hawke’s
Bay’s primary food-based exports seeing continued demand.
Post the lifting of the Level 4 lockdown, exporters of forest products have quickly resumed and ramped
up their production to meet pent up demand. Containerised trades such as the wood pulp and milled
timber are up and running again and working to fulfil back orders and forecast demand. A partial revival
of economic activity and some clearing of inventories in the key market of China has also seen
improvement in log prices into April.
COVID-19 RESPONSE
To help manage the economic impact on our business of the COVID-19 pandemic we have identified a
number of measures to prudently protect our cashflow and protect our balance sheet in light of our
commitments related to the construction of 6 Wharf and our determination to look after our people.
Key measures identified for implementation in the period to the end of September 2021 include:
• Reduction of 20% in the director fee pool
2
for 6 months
• Deferral on renewal of wage and salary increases for one year
• Specific cost reductions and deferrals across capital and operational expenditure
• Receipt of the Government Wage subsidy
3

• Cancellation of the interim dividend in respect of the 2020 financial year
These measures are expected to reduce and defer cash spend during the 2020 and 2021 financial
years. However, the timing and savings accruing from these measures are being worked through. None
of these measures will affect our core operational capability nor degrade the condition of our key assets.
BALANCE SHEET AND CAPITAL EXPENDITURE
Napier Port retains a strong balance sheet following its capital raising in the prior year. At the end of the
half-year, cash and cash equivalents stood at $16.1 million, down from the $31.2 million at the end of
the last financial year. In addition, we have undrawn bank facilities of $180 million, the majority of which
mature in 2024.
Over the six-month period Napier Port invested $23.2 million in capital assets with $8 million
4
spent on
6 Wharf. Other projects included the commissioning of a third tug, Kaweka, the continued development
of our off-port depot site in Thames Street, Napier, and replacement wharf maintenance, maintenance
dredging, paving works and replacement of mobile plant.
We remain committed to the strategic investment programme. These are long-term solutions that will
allow us to capitalise on future long-term growth opportunities and continue to support our customers
and therefore our wider Hawke’s Bay region.
Dividend
The board of directors has considered both the short-term impacts and long-term risk associated with
COVID-19 in considering the interim dividend. With a full programme of committed strategic capital
investments, including 6 Wharf, the board considers that it is prudent to take a conservative approach
to the management of cash whilst this uncertainty exists. As such, the board has decided to defer any
consideration of dividend payments until the end of the financial year. As a result, the decision has been
made to cancel the interim dividend.


2
Consisting of a reduction of 10% paid to existing directors and 10% from deferring the appointment of an
additional director
3
A wage subsidy payment of $2 million has been received in anticipation of a forecast decline in revenue of at
least 30% versus the prior year comparative month due to the impact of COVID-19. In the event a 30% decline
does not in-fact eventuate, Napier Port intends to repay the subsidy amount. No benefit to Napier Port will be
recognised until the decline has been confirmed.
4 $8 million cash spend on 6 Wharf excluding accounting accruals

4

We recognise the impact this decision may have on our shareholders and remain grateful of your
support as we navigate these difficult times and focus on protecting and growing the long-term value of
your asset.

The board expects to review the full financial year result and outlook in November 2020 before making
a decision on a final dividend. The board’s intent is to pay a final dividend in respect of the 2020 financial
year result, in accordance with our stated dividend policy, subject to developments and the economic
outlook at that time.

STRATEGIC INITIATIVES
In spite of the challenges we have faced with the COVID-19 pandemic we are pleased with progress
on the strategic initiatives over the first six-month period.
Even though construction work on 6 Wharf ceased during the Level 4 lockdown, we have made good
initial progress on the project. We formally appointed HEB to build the wharf in November, completed
site establishment and began procurement of materials before Christmas.
In the new year we started sheet metal piling and removed the existing rock wall and made a start on
piling before work ceased following the imposition of the Level 4 lockdown. Work resumed in late April
when the country transitioned to Level 3, while dredging is due to commence this month.
Kaweka, which arrived last November, joins our existing tugs Te Mata and Ahuriri. It has already
contributed to our ability to service vessels, including larger vessels, helped reduce vessel congestion and
delays, improved berth availability, and provided risk mitigation enabling us to maintain our marine
services if one of our other tugs is out of service.
Finally, in March we opened our second off port container depot in Thames Street for processing of empty
containers. We have relocated our container wash, inspection services, and refrigerated container pre-
tripping to that site providing further enhanced services to our customers in the region.
OUTLOOK
“The future trade outlook and the timing of the revival of the cruise industry remains uncertain and is
now dependent upon COVID-19 public health developments and the economic impact in New Zealand
and key international trading markets, both in the short and longer-term,” Mr MacLeod said.
“Napier Port continues to engage with cargo owners to understand how COVID-19 trading conditions
are affecting them and the expected outlook for cargo volumes through Napier Port.
“We intend to provide a further interim update to the NZX market regarding our June quarter trading
results during August. We expect at that time to update the market on full year earnings guidance, if not
available earlier.
“Napier Port is a long-term infrastructure asset and an essential lifeline asset during times of national
emergency, supporting the economic health and prosperity of Hawke’s Bay and the surrounding
regions. As we look to the future, we remain focused on supporting and working with our customers
and our region and continuing to operate as an agile and resilient gateway to world markets.
“We have great confidence in our ability to extend our long record of success, aided by the resilience
and commitment of our people, and the determination we share with our customers to build a thriving
region.”
For more information:
Investors Media
Kristen Lie Richard Inder
Chief Financial Officer The Project
DDI +64 6 833 4405 DD: 021 645643
E: kristenl@napierport.co.nz E: richard@theproject.co.nz

Napier Port Chair Alasdair MacLeod, Chief Executive Todd Dawson and Chief Financial Officer Kristen
Lie will host a conference call at 11.00am (NZT) (9.00am, AEDT) today to discuss the results. The

5

presentation material to which the Port will refer during the call has this morning released to the NZX
and posted on Napier Port’s investor centre: https://www.napierport.co.nz/investor-centre/
Pre-registration:
To attend the conference call participants must pre-register at the following link:
https://s1.c-conf.com/diamondpass/10005537-invite.html.
Registrations can be taken right up to the commencement of the call.
About Napier Port
Napier Port is New Zealand’s fourth largest port by container volume. We are the main gateway for
Hawke’s Bay exports and operate a long-term regional infrastructure asset that supports the regional
economy. Our strategic purpose is to collaborate with the people and organisations that have a stake
in helping our region grow. View Napier Port’s investor centre: www.napierport.co.nz/investor-centre/

---

STANDING STRONG
WITH OUR REGION
2020 HALF YEAR REPORT • 26 MAY 2020
HE TOKA TŪ MOANA –
A ROCK STANDING FIRM IN THE SEA
Tēnā koutou e ngā kaiwhakarato moni
– greetings investors
Napier Port’s positive financial results for the half year
to the end of March 2020 stand in stark contrast to the
significant challenges that we, the surrounding region
and the broader economy face as a result of
the COVID-19 pandemic.
For most of the six-month period that these results
cover, trade has been trending largely in line with
the expectations set when we launched our initial
public offer (IPO) in August 2019.
However, as the half year drew to a close,
and COVID-19 infections both offshore and
in New Zealand rose, the Government imposed
its state of national emergency and Alert Level 4
lockdown. It also became clear the pandemic and
lockdown would have a material impact on our region
and Napier Port’s financial result for the year.
HALF YEAR HIGHLIGHTS
1
$21.7
MILLION
RESULT FROM
OPERATING
ACTIVITIES
2

– DOWN 1.6%
$11. 2
MILLION
PRO FORMA
NET PROFIT
AFTER TAX
2

– UP 6.7%

$52.3
MILLION
REVENUE
– UP 7.5%
1.6
MILLION TONNE
BULK CARGO
VOLUMES – DOWN 7.3%
135
THOUSAND TEU
CONTAINER VOLUMES
– UP 7.5%
HY2020 REVENUE
Container Services .... $30.9m
Bulk Cargo .... $16.0m
Cruise ...... $4.2m
Other ...... $1.2m
“Napier Port is a long-term infrastructure
asset and an essential lifeline asset during
times of national emergency supporting the
economic health and prosperity of Hawke’s Bay
and the surrounding regions.”
To view the complete half year financial statements visit:
napierport.co.nz/half-year-financial-statements-2020
1 – 6 months to 31 March 2020. 2 – Result from operating activities
and Pro forma NPAT are alternative non-NZ GAAP measures. Refer to
the Notes to the 2019 Annual Consolidated Financial Statements and the
Supplemental Selected Financial Information for further information.

FIRST HALF RESULTS
Revenue for the half year to 31 March 2020 increased
7.5% to $52.3 million from $48.7 million last year,
underpinned by an increase in container volume, growth in
cruise revenue, and previously announced tariff increases.
Container services benefited from the early repositioning
of empty containers ahead of the peak primary export
season. Volumes rose 7.5% to 135K TEU from 126K TEU
in the same period a year ago. This increase helped to lift
container services revenues by 12.1% to $30.9 million
from $27.6 million. Average revenue per TEU increased
4.2% to $229 per TEU from $219 per TEU, assisted
by increased volume through our Port Pack operation
and tariffs introduced during 2019 to recover costs
of infrastructure investments made to extend capacity
and support our growth.
Even though the cruise season came to an abrupt
and early end following the COVID-19 outbreak,
cruise services revenue for the first half was up 22.5%
to $4.2 million from $3.4 million. This reflected an
increase in ship visits to 76 ships from 66 ships in the
prior season, albeit short of the 87 ships we had booked.
A new passenger levy also helped to lift revenue.
Despite a strong first quarter in log exports, we ended the
half-year to March down 5% on the same period a year
ago as the impact of high Chinese log inventories were
compounded by the COVID-19 outbreak and extended
Chinese new year holiday, supressing demand for
NZ log exports. Fertiliser imports were, as we expected,
lower. As a direct result bulk cargo revenue fell 3.5%
to $16.0 million from $16.5 million.
The result from operating activities fell 1.6% to $21.7 million
from $22.1 million, as operating expenses increased in line
with expectations to support growth and build operational
resilience. Employee benefit expenses increased with
employee numbers. Other operating expenses increased
in line with container volumes, higher insurance costs,
and listed company costs.
Pro forma net profit after tax for the half year rose to
$11.2 million from $10.5 million. The pro forma result
excludes a one-off non-cash deferred tax gain of
$1.5 million related to the deductibility of tax depreciation
on buildings. This gain helped lift statutory net profit after
tax to $12.8 million from $9.2 million in the prior year.
The statutory net profit after tax for the half-year also
benefited from finance cost savings when compared to
the prior year, following the repayment of all borrowings
following the successful IPO in the second half of 2019.
In the same period a year ago, Napier Port expensed
finance costs of $2.0 million.
COVID-19 IMPACT
OPERATIONS
The move in late March to the Alert Level 4 COVID-19
lockdown, saw Napier Port make dramatic changes
to its operations.
We had a duty as a ‘lifeline asset’ to protect the flow
of essential cargo through Napier Port. At the same time,
we had to protect our people, deemed ‘essential workers’,
and take steps to prevent the inadvertent transmission
of the virus within the community.
The changes we put in place to achieve these goals
(see below) have been effective, but they came at the
cost of productivity and revenue. The cruise season was
prematurely closed. Meanwhile, in line with government
directives, we saw a sharp reduction in non-essential
cargo arriving, the most significant of which was in the
key export trades of logs, pulp and timber.
We were also required to cease construction work
on 6 Wharf, the centrepiece of our strategic investment
programme, as its construction was not considered
an essential service.
The implementation of the Level 4 lockdown reduced
expected cargo through Napier Port to levels lower than
those assumed in our financial forecasts, with a material
impact on our financial outlook for the 2020 financial
year. In response, we regretfully joined many NZX listed
companies in withdrawing our full year earnings forecasts.
CARGO FLOWS
Fortunately, many of our key trades qualified within the
Government’s definition of essential services and these
continued to flow to Napier Port during the Level 4 lockdown.
Harvesting of apples, squash and other fresh produce has
continued despite the additional operational challenges
for our exporters. Similarly, the region’s food and meat
processing industries have continued production and
their products have been flowing right through this period
of uncertainty, with Hawke’s Bay’s primary food-based
exports seeing continued demand.
Post the lifting of the Level 4 lockdown, exporters
of forest products have quickly resumed and ramped up
their production to meet pent up demand. Containerised
trades such as the wood pulp and milled timber are up
and running again and working to fulfil back orders and
forecast demand. A partial revival of economic activity and
some clearing of inventories in the key market of China
has also seen improvement in log prices into April.
COVID-19 RESPONSE
To help manage the economic impact on our business
of the COVID-19 pandemic we have identified a number
of measures to prudently protect our cashflow and protect
our balance sheet in light of our commitments related
to the construction of 6 Wharf and our determination
to look after our people.
Key measures identified for implementation in the
period to the end of September 2021 include:
• Reduction of 20% in the director fee pool3 for 6 months
• Deferral on renewal of wage and salary increases
for one year
• Specific cost reductions and deferrals across capital
and operational expenditure
• Receipt of the Government Wage subsidy4
• Cancellation of the interim dividend in respect of the
2020 financial year.
These measures are expected to reduce and defer
cash spend during the 2020 and 2021 financial years.
However, the timing and savings accruing from these
measures are being worked through. None of these
measures will affect our core operational capability
nor degrade the condition of our key assets.
NAPIER PORT Ū TE HERENGA WAKA O AHURIRI

BALANCE SHEET & CAPITAL EXPENDITURE
Napier Port retains a strong balance sheet following its
capital raising in the prior year. At the end of the half-year,
cash and cash equivalents stood at $16.1 million, down
from the $31.2 million at the end of the last financial year.
In addition, we have undrawn bank facilities of
$180 million, the majority of which mature in 2024.
Over the six-month period Napier Port invested
$23.2 million in capital assets with $8 million5 spent
on 6 Wharf. Other projects included the commissioning
of a third tug, Kaweka, the continued development
of our off-port depot site in Thames Street, Napier,
and replacement wharf maintenance, maintenance
dredging, paving works and replacement of mobile plant.
We remain committed to the strategic investment
programme. These are long-term solutions that will allow
us to capitalise on future long-term growth opportunities
and continue to support our customers and therefore
our wider Hawke’s Bay region.
DIVIDEND
The board of directors has considered both the short-term
impacts and long-term risk associated with COVID-19
in considering the interim dividend. With a full programme
of committed strategic capital investments, including
6 Wharf, the board considers that it is prudent to take
a conservative approach to the management of cash
whilst this uncertainty exists. As such, the board has
decided to defer any consideration of dividend payments
until the end of the financial year. As a result, the decision
has been made to cancel the interim dividend.
We recognise the impact this decision may have on our
shareholders and remain grateful of your support as we
navigate these difficult times and focus on protecting
and growing the long-term value of your asset.
The board expects to review the full financial year result
and outlook in November 2020 before making a decision
on a final dividend. The board’s intent is to pay a final
dividend in respect of the 2020 financial year result,
in accordance with our stated dividend policy, subject
to developments and the economic outlook at that time.
STRATEGIC INITIATIVES
In spite of the challenges we have faced with the
COVID-19 pandemic we are pleased with progress
on the strategic initiatives over the first six-month period.
Even though construction work on 6 Wharf ceased during
the Level 4 lockdown, we have made good initial progress
on the project. We formally appointed HEB to build
the wharf in November, completed site establishment
and began procurement of materials before Christmas.
In the new year we started sheet metal piling
and removed the existing rock wall and made a start
on piling before work ceased following the imposition
of the Level 4 lockdown. Work resumed late in April when
the country transitioned to Level 3, while dredging is due
to commence this month.







Kaweka, which
arrived last November,
joins our existing tugs Te Mata
and Ahuriri. It has already contributed to our ability to
service vessels, including larger vessels, helped reduce
vessel congestion and delays, improved berth availability,
and provided risk mitigation enabling us to maintain our
marine services if one of our other tugs is out of service.
Finally, in March we opened our second off port
container depot in Thames Street for processing
of empty containers. We have relocated our container
wash, inspection services, and refrigerated container
pre-tripping to that site providing further enhanced
services to our customers in the region.
PEOPLE
Our first response to the COVID-19 outbreak, in line
with our ‘culture of care’, the foundation of our strategy,
was to take immediate steps to protect our people
and others accessing our port.
Marine personnel staff, as essential workers on the front
line of the virus response, were issued with extended
PPE and hygiene kits. Critical teams were separated
across Napier Port to minimise contact, while all visitors
were restricted. Office based staff commenced working
from home or alternate locations where practical.
We also worked with our people to safeguard their family
and others in their bubbles from inadvertent transmission,
and introduced other measures to help manage stress
and improve the wellbeing of our people.
Napier Port’s people – as they have many times before –
have risen to the challenge. Despite the imposition
of the new social distancing, they have continued
to apply themselves for the good of our customers
and the broader region.
The board and management team thanks them for their
loyalty and dedication during this time of unprecedented
uncertainty.
3 – Consisting of a reduction of 10% paid to existing directors and 10% from deferring the appointment of an additional director. 4 – A wage subsidy
payment of $2 million has been received in anticipation of a forecast decline in revenue of at least 30% versus the prior year comparative month due to the
impact of COVID-19. In the event a 30% decline does not in-fact eventuate, Napier Port intends to repay the subsidy amount. No benefit to Napier Port
will be recognised until the decline has been confirmed. 5 – $8 million cash spend on 6 Wharf excluding accounting accruals.
2020 HALF YEAR REPORT | 3

NAPIER PORT HOLDINGS
ADDRESS:
Breakwater Road, Napier, New Zealand
PO Box 947, Napier 4140, New Zealand
Tel: +64 6 833 4643
Email: investors@napierport.co.nz
Website: www.napierport.co.nz/investor-centre
KEY DATES:
FY 2020 third quarter results announcement: August 2020
FY 2020 year end: 30 September 2020
FY 2020 year end results announcement: November 2020
Annual meeting: December 2020
FY 2021 half year end: 31 March 2021
FY 2021 half year announcement: May 2021
TRADE AND FINANCIAL SUMMARY
6

1H20 1H19 FY19 FY18 FY17
Total Cargo (million tonnes) 2.53 2.66 5.46 5.09 4.75
Container volumes (TEU 000) 135 126 271 266 288
Buk Cargo (million tonnes) 1.60 1.72 3.40 3.07 2.51
Revenue ($m) 52.3 48.7 99.6 91.7 86.7
Result from operating activities
7
($m) 21.7 22.1 42.0 38.9 37.4
Net Profit After Tax ($m) 12.8 9.2 6.8 17.6 16.7
Dividends ($m) 5.0 4.0 54.0 10.0 10.7
Capital Investment ($m) 23.2 7.5 17.6 15.7 18.7
Net Debt ($m) - 80.8 - 80.6 83.3
6 – Data prior to FY2019 refers to Port of Napier Limited. 7 – Profit from operating activities before interest, tax, depreciation, amortisation and impairments,
other income & expenses, joint venture results, and IPO transaction costs
LOOKING FORWARD
The future trade outlook and the timing of the revival of the cruise industry
remains uncertain and is now dependent upon COVID-19 public health
developments, and the economic impact in New Zealand and key international
trading markets, both in the short and longer-term.
Napier Port continues to engage with cargo owners to understand how
COVID-19 trading conditions are affecting them and the expected outlook
for cargo volumes through Napier Port.
We intend to provide a further interim update to the NZX market regarding our
June quarter trading results during August. We expect at that time to update
the market on full year earnings guidance, if not available earlier.
Napier Port is a long-term infrastructure asset and an essential lifeline
asset during times of national emergency supporting the economic
health and prosperity of Hawke’s Bay and the surrounding regions.
As we look to the future, we remain focused on supporting
and working with our customers and our region and continuing
to operate as an agile and resilient gateway to world markets.
We have great confidence in our ability to extend our long
record of success, aided by the resilience and commitment
of our people, and the determination we share with our
customers to build a thriving region.
We are a rock standing firm in the sea.
Ngā manaakitanga,
ALASDAIR MACLEOD TODD DAWSON
Chairman Chief Executive
“Our first response to the COVID-19 outbreak, in line with our
‘culture of care’, the foundation of our strategy, was to take immediate
steps to protect our people and others accessing our port.”
NAPIER PORT – TE HERENGA WAKA O AHURIRI

---

STANDING STRONG
WITH OUR REGION
HALF YEAR FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2020

CONTENTS
CONSOLIDATED INCOME STATEMENT 1
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 3
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 4
CONSOLIDATED STATEMENT OF CASH FLOWS 5
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 7
AUDIT REVIEW REPORT 11
DIRECTORY 13

The above income statement should be read in conjunction with the accompanying notes.
NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED
INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31 MARCH 2020
31 March 31 March
2020 2019

Unaudited Audited
Notes $000 $000
Revenue 5 52,284 48,658
Employee benefit expenses 16,029 13,763
Maintenance expenses 4,524 3,908
Other operating expenses 9,995 8,908
Operating expenses 30,548 26,579
Result from operating activities 21,736 22,079
Depreciation, amortisation and impairment expenses 5,989 5,829
Other expenses/(income) 6 327 (25)
IPO transaction and related costs (201) -
Share of loss and impairment of investment in joint venture - 899
Profit before finance costs and tax 15,621 15,376
Net finance (income)/costs (126) 2,026
Profit before income tax 15,747 13,350
Income tax expense 7 2,920 4,190
Profit for the period attributable to the shareholders of the Company 12,827 9,160
EARNINGS PER SHARE:
Basic earnings per share 3 0.06 0.08
Diluted earnings per share 3 0.06 0.08
HALF YEAR FINANCIAL STATEMENTS 2020 / 1

NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 MARCH 2020
31 March 31 March
2020 2019

Unaudited Audited
$000 $000
Profit for the period attributable to the shareholders of the Company 12,827 9,160
Other comprehensive income
Items that will be reclassified to profit or loss:
Changes in fair value of cash flow hedges - (1,483)
Cash flow hedges transferred to profit or loss - 773
Deferred tax on changes in fair value of cash flow hedges - 199

Items that will not be reclassified to profit or loss:
Cash flow hedges transferred to property, plant and equipment (200) -
Deferred tax on changes in fair value of cash flow hedges 56 -
Deferred tax on revaluation of sea defences - 4,374
Total comprehensive income for the period attributable
to the shareholders of the Company 12,683 13,023
The above statement of comprehensive income should be read in conjunction with the accompanying notes.
2 / NAPIER PORT – TE HERENGA WAKA O AHURIRI

NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 MARCH 2020
Share

CapitalRevaluation ReserveHedging

ReserveShare-based

Payment ReserveRetained

EarningsTotal Equity
Notes $000 $000 $000 $000 $000 $000
Balance at 1 October 2019 246,404 75,451 144 333 13,149 335,481
Profit for the period - - - - 12,827 12,827
Other comprehensive income - - (144) - - (144)
Total comprehensive income for the period - - (144) - 12,827 12,683
Dividends 8 11 - - - (5,000) (4,989)
Transaction costs arising on share issuance 101 - - - - 101
Share-based payments - - - 27 - 27
Fair Share loans to employees 25 - - - - 25
Total transactions with owners
in their capacity as owners 137 - - 27 (5,000) (4,836)
Total movement in equity 137 - (144) 27 7,827 7,847
Balance at 31 March 2020 (Unaudited) 246,541 75,451 - 360 20,976 343,328
Balance at 1 October 2018 21,000 71,077 (3,823) - 124,158 212,412
Profit for the period - - - - 9,160 9,160
Other comprehensive income - 4,374 (511) - - 3,863
Total comprehensive income for the period - 4,374 (511) - 9,160 13,023
Dividends 8 - - - - (3,958) (3,958)
Total transactions with owners
in their capacity as owners - - - - (3,958) (3,958)
Total movement in equity - 4,374 (511) - 5,202 9,065
Balance at 31 March 2019 (Audited) 21,000 75,451 (4,334) - 129,360 221,477
The above statement of changes in equity should be read in conjunction with the accompanying notes.
HALF YEAR FINANCIAL STATEMENTS 2020 / 3

NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
AS AT 31 MARCH 2020
31 March 30 Sept
2020 2019

Unaudited Audited
$000 $000
EQUITY
Share capital 246,541 246,404
Reserves 75,811 75,928
Retained earnings 20,976 13,149
343,328 335,481
NON-CURRENT LIABILITIES
Deferred tax liability 16,752 18,436
Lease liabilities 629 734
Provision for employee entitlements 458 436
17,839 19,606
CURRENT LIABILITIES
Taxation payable 3,453 3,358
Lease liabilities 207 200
Trade and other payables 15,166 12,471
18,826 16,029
379,993 371,116
NON-CURRENT ASSETS
Property, plant and equipment 338,378 317,185
Intangible assets 1,029 1,110
Investment properties 8,200 8,200
347,607 326,495
CURRENT ASSETS
Cash and cash equivalents 16,125 31,224
Trade and other receivables 16,261 13,197
Derivative financial instruments - 200
32,386 44,621
379,993 371,116
On behalf of the Board of Directors, who authorised the issue of the financial statements on 25 May 2020.
Chairman Director

The above statement of financial position should be read in conjunction with the accompanying notes.
4 / NAPIER PORT – TE HERENGA WAKA O AHURIRI

NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT
OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 MARCH 2020
31 March 31 March
2020 2019

Unaudited Audited
$000 $000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers 48,845 43,140

Cash was applied to:
Payments to suppliers and employees (30,628) (25,703)
IPO transaction and related costs (478) -
Net finance costs received/(paid) 126 (2,132)
Income taxes paid (4,453) (4,405)
Net GST received 14 440
Net cash flows generated from operating activities 13,426 11,340
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Proceeds from sale of property, plant and equipment 58 25

Cash was applied to:
Acquisition of property, plant and equipment and intangible assets (23,222) (7,533)
Net cash flows used in investing activities (23,164) (7,508)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided from:
Proceeds from loans and borrowings - 200
Repayment of Fair Share loans by employees 36 -

Cash was applied to:
Repayment of lease liabilities (98) (93)
Transaction costs arising on share issuance (299) -
Dividends paid (5,000) (3,958)
Net cash flows used in financing activities (5,361) (3,851)
Net decrease in cash and cash equivalents (15,099) (19)
Cash and cash equivalents at beginning of the period 31,224 (109)
Cash and cash equivalents at end of the period 16,125 (128)
HALF YEAR FINANCIAL STATEMENTS 2020 / 5

NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT
OF CASH FLOWS (CONTINUED)
FOR THE SIX MONTHS ENDED 31 MARCH 2020
Reconciliation of profit for the period to cash flows from operating activities
31 March 31 March
2020 2019

Unaudited Audited
$000 $000
Profit for the period 12,827 9,160
Adjust for non-cash items:
Depreciation and amortisation 5,989 5,829
Net loss/(gain) on sale of property, plant and equipment 18 (25)
Share of loss and impairment from investment in joint venture - 899
Share-based payments 27 -
Deferred tax (1,628) (212)
4,406 6,491
Other adjustments:
Increase/(decrease) in current tax 95 (2)
Increase in non-current provision 22 57
117 55
Movements in working capital:
Increase in trade and other receivables (3,130) (5,528)
(Decrease)/increase in trade and other payables (794) 1,162
(3,924) (4,366)
Net cash flows generated from operating activities 13,426 11,340
The above statement of cash flows should be read in conjunction with the accompanying notes.
6 / NAPIER PORT – TE HERENGA WAKA O AHURIRI

NAPIER PORT HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2020
1 REPORTING ENTITY
The interim financial statements presented are those
of Napier Port Holdings Limited and its subsidiaries
(together “the Group”). Napier Port Holdings Limited
is incorporated under the Companies Act 1993 and
domiciled in New Zealand. Napier Port Holdings Limited’s
shares are publicly traded on the New Zealand Stock
Exchange (NZX).
2 BASIS OF PREPARATION
The interim financial statements have been prepared in
accordance with the Companies Act 1993 and Financial
Markets Conduct Act 2013.
STATEMENT OF COMPLIANCE
The interim financial statements have been prepared in
accordance with New Zealand equivalents to International
Accounting Standard 34, Interim Financial Reporting
(NZ IAS 34) and International Accounting Standard 34,
Interim Financial Reporting. The Group is a for-profit entity
for NZ GAAP purposes. These interim financial statements
do not include all the information normally included in
an annual financial report. Accordingly, these should be
read in conjunction with the Group’s annual financial
statements for the year ended 30 September 2019.
BASIS OF MEASUREMENT
The interim financial statements have been prepared on a
historical cost basis, except for sea defences, investment
properties and derivative financial instruments, which are
measured at fair value. They are presented in New Zealand
Dollars (NZD) and all values are rounded to the nearest
thousand dollars ($’000), unless otherwise stated.
3 SIGNIFICANT ACCOUNTING POLICIES
The accounting policies adopted are consistent with those
followed in the preparation of the Group’s consolidated
financial statements for the year ended 30 September 2019.
The weighted average number of shares on issue for
the calculation of basic and diluted earnings per share
for the six months ended 31 March 2019 has been
retrospectively restated to 110,000,000 shares (previously
21,000,000 shares) following the initial public offering
(IPO) in August 2019. As a result basic earnings per
share for the six months ended 31 March 2019 has been
restated to $0.08 per share (previously $0.44 per share).


4 UNCERTAINTIES, ESTIMATES
AND JUDGEMENTS
The preparation of the financial statements in conformity
with NZ IAS 34 requires management to make
judgements, estimates and assumptions that affect the
application of accounting policies and the reported
amounts of assets, liabilities, income and expenses. Actual
results may differ from these estimates.
In preparing these financial statements, the significant
judgements made by management in applying the Group’s
accounting policies and the key sources of estimation
and uncertainty, are consistent with those applied to the
Group’s consolidated financial statements for the year
ended 30 September 2019 other than the impact of the
COVID-19 pandemic as described below.
As at the balance sheet date and as at the date of
authorisation of these financial statements, the Group
was operating in conditions affected by the COVID-19
virus global pandemic. The potential economic and
public health consequences of this pandemic increase
uncertainties regarding the Group’s future trading results,
including those arising from the pandemic’s potential
impact on our direct and indirect cargo customers.
Risks that the Group is exposed to include financial risk,
including credit risk and market risks, and the carrying
value of assets, as further described in the Group’s
annual financial report. The revised economic situation
at 31 March 2020 has required additional consideration
of the expected credit loss in relation to accounts
receivable, of impairment, and of the fair value of
investment property. These additional considerations
have resulted in an increase in the expected credit loss
allowance (Note 6) but has not resulted in significant
changes to the recorded amounts of other assets or
liabilities. The impact of the COVID-19 pandemic on
trading for the six months to 31 March 2020 is further
described in the accompanying 2020 Half Year Report.
HALF YEAR FINANCIAL STATEMENTS 2020 / 7

5 REVENUE AND SEGMENT REPORTING
31 March 31 March
2020 2019

Unaudited Audited
$000 $000
Disaggregation of revenue
Port operations 51,240 47,683
Property operations 1,044 975
Operating income 52,284 48,658
ACCOUNTING POLICIES:
Operating segments
The Group determines its operating segments based on internal information that is regularly reported to the
Chief Executive, who is the Group’s Chief Operating Decision Maker (CODM).
The Group operates in one reportable segment being Port Services. This consists of providing and managing port
services and cargo handling infrastructure through Napier Port. Within the Port Services reportable segment the
following operating segments have been identified: marine services, general cargo services, container services, port
pack services and depot services. These have been aggregated on the basis of similarities in economic characteristics,
customers, nature of services and risks.
The Group operates in one geographic area, that being New Zealand. During the period the Group had a single
customer which comprised 11% of total revenue.
6 OTHER EXPENSES/(INCOME)
31 March 31 March
2020 2019

Unaudited Audited
$000 $000
Included within other expenses/(income) are:
Loss/(gain) on sale of assets 18 (25)
Expected credit loss allowance 309 -
Other expenses/(income) 327 (25)
In light of the COVID-19 impact on credit risks at the reporting date, the Group has recognised an increase in expected
credit loss allowance of $309,000 in respect of its trade receivable balance at 31 March 2020. To measure the expected
credit loss allowance amount, historical loss rates are adjusted to reflect forward-looking information. Trade receivables
are grouped in accordance with their shared credit risk characteristics and global credit rating historical industry
information applied to estimate future default and loss percentage rates. There have been no specific trade receivable
balances written-off during the period.
8 / NAPIER PORT – TE HERENGA WAKA O AHURIRI

7 INCOME TAX
31 March 31 March
2020 2019

Unaudited Audited
$000 $000
Reconciliation between income tax expense and tax expense calculated
at the statutory income tax rate
Profit before income tax 15,747 13,350
Income tax at 28% 4,409 3,738
Adjustment to prior year tax 17 161
Tax effect of non-deductible items 2 291
Reinstatement of tax depreciation on buildings (1,508) -
Income tax expense 2,920 4,190
The income tax expense is represented by:
Current tax on profits for the period 4,526 4,323
Adjustments for current tax of prior periods 22 79
Current income tax expense 4,548 4,402
Deferred income tax expense for the period (1,623) (294)
Adjustments for deferred tax of prior periods (5) 82
Deferred income tax expense (1,628) (212)
Income tax expense 2,920 4,190
On 26 March 2020 the COVID-19 Response (Taxation and Social Assistance Urgent Measures) Bill was enacted which
reinstated the ability for companies to claim depreciation on buildings that have an estimated useful life of 50 years
or more from the 2020-21 income tax year. The reinstatement of tax depreciation on buildings required the Group
to reinstate the tax base of its buildings. The Group has also removed the effect of the initial recognition exemption
on those buildings acquired post May 2010. This net change has resulted in a decrease in the deferred tax liability
of $1,508,000 and a corresponding income tax benefit in the current period.
8 DIVIDENDS
31 March 31 March
2020 2019

Unaudited Audited
$000 $000
Dividends paid during the period 5,000 3,958
9 RELATED PARTY TRANSACTIONS AND BALANCES
31 March
2020

Unaudited
Related Party $000
Hawke’s Bay Regional Council Rates, levies and consents 31
Subvention payment 7
Lease income (6)
Hawke’s Bay Regional Investment Company Dividends 2,750
Subvention payment 217
The Group has utilised tax losses from the Hawke’s Bay Regional Council and Hawke’s Bay Regional Investment
Company during the period to reduce its taxable income. Napier Port has made subvention payments to each party
for the tax benefit of these losses.
HALF YEAR FINANCIAL STATEMENTS 2020 / 9

10 COMMITMENTS & CONTINGENCIES
CAPITAL EXPENDITURE COMMITMENTS
At balance date there were commitments in respect of contracts for capital expenditure totalling $139,428,000
(2019: $585,000).
CONTINGENT LIABILITIES
There were no material contingent liabilities at balance date (2019: Nil).
11 EVENTS SUBSEQUENT TO BALANCE DATE
In April 2020, the Group applied for and received a wage subsidy of $2 million as part of the New Zealand Government’s
COVID-19 Economic Response Package. This was on the basis of meeting all of the criteria, including a forecast
reduction in revenue of at least 30%, in any one month during the period April to June 2020, compared to the prior year.
In the event a 30% decline does not actually eventuate, the Group intends to repay the wage subsidy received.
10 / NAPIER PORT – TE HERENGA WAKA O AHURIRI

HALF YEAR FINANCIAL STATEMENTS 2020 / 11
A member firm of Ernst & Young Global Limited



Review Report to the Shareholders of Napier Port Holdings Limited
We have reviewed the consolidated interim financial statements of Napier Port Holdings Limited
(the “Company”) and its subsidiaries (the “Group”) on pages 1 to 10, which comprise the
consolidated statement of financial position of the Group as at 31 March 2020, and the
consolidated income statement, consolidated statement of comprehensive income, consolidated
statement of changes in equity and consolidated statement of cash flows of the Group for the six
months ended on that date, and a summary of significant accounting policies and other explanatory
information.
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 and the Company's
shareholders, as a body, for our review work, for this report, or for our findings.
Directors’ Responsibilities
The directors are responsible for the preparation and fair presentation of consolidated interim
financial statements which comply with New Zealand Equivalent to International Accounting
Standard 34 Interim Financial Reporting and International Accounting Standard 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.
Reviewer’s Responsibilities
Our responsibility is to express a conclusion on the consolidated interim financial statements based
on our review. We conducted our review in accordance with New Zealand Standard on Review
Engagements 2410 Review of Financial Statements Performed by the Independent Auditor of the
Entity (“NZ SRE 2410”). NZ SRE 2410 requires us to conclude whether anything has come to our
attention that causes us to believe that the consolidated financial statements, taken as a whole, are
not prepared in all material respects, in accordance with New Zealand Equivalent to International
Accounting Standard 34 Interim Financial Reporting and International Accounting Standard 34:
Interim Financial Reporting
The Auditor-General is the auditor of Napier Port Holdings Limited and its subsidiaries. Simon
Brotherton, appointed by the Auditor-General, performs the annual audit of the Group using the
staff and resources of Ernst & Young. As a result, and in compliance with NZ SRE 2410, Ernst &
Young is required to comply with the independence requirements of the Auditor-General, which
incorporate the independence requirements of the External Reporting Board.

12 / NAPIER PORT – TE HERENGA WAKA O AHURIRI
A member firm of Ernst & Young Global Limited



Basis of Statement
A review of consolidated interim financial statements in accordance with NZ SRE 2410 is a limited
assurance engagement. The auditor performs 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). Accordingly we
do not express an audit opinion on the consolidated interim financial statements.
In addition to the audit and this review we have provided quality assurance over the risk assessment
process of the Group. These services have not impaired our independence as auditor of the Group or
in the performance of this review. Other than these engagements we have no relationship with, or
interests in, the Group.
Conclusion
Based on our review nothing has come to our attention that causes us to believe that the
accompanying consolidated interim financial statements, set out on pages 1 to 10, do not present
fairly, in all material respects, the financial position of the Group as at 31 March 2020 and its
financial performance and cash flows for the six months period ended on that date in accordance
with New Zealand Equivalent to International Accounting Standard 34: Interim Financial Reporting
and International Accounting Standard 34: Interim Financial Reporting.
Our review was completed on 25 May 2020 and our findings are expressed as at that date.



Chartered Accountants
Auckland, New Zealand

DIRECTORY
DIRECTORS
Alasdair MacLeod (Chairman)
Stephen Moir
Diana Puketapu
John Harvey
Vincent Tremaine
Rick Barker
Blair O’Keeffe
SENIOR MANAGEMENT TEAM
Todd Dawson – Chief Executive
Kristen Lie – Chief Financial Officer
David Kriel – General Manager Commercial
Viv Bull – General Manager Culture and Community
Adam Harvey – General Manager Marine and Cargo
Andrea Manley – General Manager Strategy and Innovation
Kianoush Zia – General Manager Container Operations
Michel de Vos – General Manager Infrastructure Services
REGISTERED OFFICE
Breakwater Road
PO Box 947
Napier 4140
New Zealand
Phone: +64 6 833 4400
Fax: +64 6 033 4408
Email: info@napierport.co.nz
Facebook: Napier Port
LinkedIn: Napier Port
Twitter: @napierport
Website: napierport.co.nz
BANKERS
Westpac New Zealand Limited
16 Takutai Square
Auckland 1010
New Zealand
Industrial and Commercial Bank
of China (New Zealand) Limited
Level 11
188 Quay Street
Auckland Central 1010
New Zealand
Industrial and Commercial Bank
of China (Asia) Limited
26/F ICBC Tower
Garden Road
Central Hong Kong
SOLICITORS
Bell Gully
171 Featherston Street
Wellington
New Zealand
AUDITORS
Ernst & Young
PO Box 490
Wellington 6140
On behalf of the Auditor-General
SHARE REGISTRY
For enquiries about share transactions, dividend payments,
or to change your address, please get in touch with:
Link Market Services Limited
PO Box 91976
Victoria Street West
Auckland 1142
Phone: +64 9 375 5998
Fax: +64 9 375 5990
Email: napierport@linkmarketservices.co.nz
Copies of the annual report are available at napierport.co.nz.
FINANCIAL CALENDAR
August 2020 2020 third quarter results announcement
30 September 2020 2020 financial year end
November 2020 2020 year end results announcement
December 2020 Annual meeting
31 March 2021 2021 half year end
May 2021 2021 half year results announcement
HALF YEAR FINANCIAL STATEMENTS 2020 / 13

napierport.co.nz Napier Port Napier Port @napierport

---

Napier Port Holdings Limited
Supplemental selected financial information (unaudited)
The below supplemental financial information provides a summary of financial information for
the half year period ended 31 March 2020 (HY2020) compared to corresponding half year
period in 2019 (HY2019) on a basis consistent with that described in the prospective
financial information (PFI) contained in the Product Disclosure Statement (PDS) and the
document entitled "Napier Port’s Prospective Financial Information, a reconciliation of non-
NZ GAAP to NZ GAAP information and supplementary financial information"
(Supplementary Financial Information) dated 15 July 2019 and published in connection
with the initial public offer of Napier Port Holdings Limited (and available on the Offer
Register at www.business.govt.nz/disclose (OFR126790)).
The historical financial information is extracted from Port of Napier Limited's audited financial
statements (FY2017-FY2018, HY2019) and Napier Port Holdings Limited’s audited financial
statements (FY2019) or the Supplementary Financial Information.
Capitalised terms used but not defined in this document have the meanings given to them in
the PDS and the Supplementary Financial Information.

Notes:
1.
The selected financial information (excluding any financial information in the selected financial information table that is
identified as being pro forma financial information and underlying reported EBITDA) is extracted from audited financial
statements of Port of Napier Limited for the FY2017, FY2018 and HY2019 accounting periods and extracted from the
audited financial statements of Napier Port Holdings Limited for FY2019. HY2020 selected financial information is
extracted from the unaudited financial statements of Napier Port Holdings Limited for that period. Some line items in the
selected financial information include adjustments applied by Napier Port (denoted ‘pro forma’). For an explanation of pro
forma adjustments, please refer to Section 7.9 (Reconciliation of Pro forma EBITDA to Statutory NPAT) and Part B of the
Supplementary Financial Information.
2.
Revenue relates to operating income as disclosed for the Historical Periods in the Financial Statements for Napier Port.
3.
Underlying reported EBITDA is a non-NZ GAAP measure that includes pro forma adjustments. This measure includes
adjustments also used in Pro forma EBITDA but excludes pro forma costs not yet incurred as shown in the reconciliation of
Pro forma EBITDA to Statutory NPAT in section 1.2 below.
4.
Pro forma EBITDA is a non-NZ GAAP measure that includes pro forma adjustments as described in Section 7.9
(Reconciliation of Pro forma EBITDA to Statutory NPAT) of the PDS.
5.
Pro forma net profit after tax is a non-NZ GAAP measure. This measure reflects the pro forma adjustments reflected in pro
forma EBITDA, the impairment of the investment in the Longburn Intermodal Freight Hub joint venture and the overlay of
Napier Port’s capital structure following completion of the IPO as if it had been in place since 1 October 2018. The pro
Selected financial information
(1)
NZ$000FY2017FY2018FY2019HY2019HY2020
Financial period
12 months
ending
30 Sept 17
12 months
ending
30 Sept 18
12 months
ending
30 Sept 19
6 months
ending
31 Mar 19
6 months
ending
31 Mar 20
Financial performance:
Revenue
(2)
86,67991,74999,61648,65852,284
Underlying reported EBITDA
(3)
36,91838,77741,79721,92921,736
Pro forma EBITDA
(4)
35,29737,15640,50021,11921,537
Net profit after tax
16,70617,5766,8489,16012,827
Pro forma net profit after tax
(5)
19,70610,53111,241
Balance sheet and cash flow items:
Dividends paid
10,70010,00053,9573,9585,000
Total assets
329,083331,959371,116339,292379,993
Cash and cash equivalents
231-31,224-16,125
Total liabilities
123,978119,54735,635117,81536,665
Total debt
83,57180,599-80,829-
Net cash flows from operating activities
25,18628,36429,33611,34013,426
Pro forma net cash flows from operating activities
(6)
33,56112,99713,222

forma operating tax expense has been adjusted to reflect the tax implications of the pro forma adjustments. A reconciliation
to statutory net profit after tax is included in section 1.4 below.
6.
Pro forma cash flows from operating activities is a non-NZ GAAP measure that comprises net cash flows from operating
activities adjusted to remove offer costs and overlays Napier Port’s capital structure following completion of the IPO as if it
had been in place since 1 October 2018.

1.1 Description of Pro forma adjustments
In determining the use of pro forma adjustments, the Directors have considered only
those items that they believe are required to ensure consistency and comparability of
the financial information over the periods presented.
The pro forma adjustments that Napier Port considers are appropriate are explained
below, and their nature are described in more detail in Part C of the Supplementary
Financial Information:
(i) removal of the one-off transaction costs relating to the Offer;
(ii) removal of other (income) expenses as these items relate to non-core operating
activities;
(iii) removal of share of the loss of equity accounted investee as the investment has
been fully written down to zero;
(iv) removal of the impairment of joint venture as it was a one-off event;
(v) adding an estimate of the incremental costs that will be incurred by Napier Port
as a publicly listed company;
(vi) removal of the impact of the pre-IPO debt capital in relation to FY2019 and
applying the post-IPO capital structure as if it were in place for all of FY2019;
and
(vii) removal of the deferred tax benefit relating to the reinstatement of tax
depreciation on buildings in HY2020.

1.2 Reconciliation of Pro forma EBITDA to Statutory NPAT

NZ$000FY2017FY2018FY2019HY2019HY2020
Statutory net profit after tax16,70617,5766,8489,16012,827
add: Taxation expense5,5946,8595,1824,1902,920
add: Net interest expense3,9654,10710,4372,026(126)
add: Depreciation and amortisation10,62610,84911,9815,6795,989
EBITDA 36,891 39,391 34,448 21,055 21,610
Pro forma EBITDA adjustments:
Offer costs--6,404-(201)
Other (income) expenses(114)(709)(135)(25)327
Share of loss of equity accounted investee1419422890-
Impairment of joint venture --852809-
Underlying reported EBITDA 36,918 38,777 41,797 21,929 21,736
Incremental listed company costs (not yet incurred)(1,620)(1,620)(1,297)(810)(199)
Pro forma EBITDA35,29737,15640,50021,11921,537

1.3 Reconciliation of Underlying EBITDA to Result from Operating Activities
reported in the statutory Income Statement


1.4 Reconciliation of Pro forma NPAT


1.5 Reconciliation of Pro forma net cash flows from operating activities

NZ$000FY2017FY2018FY2019HY2019HY2020
Result from operating activities37,35438,91241,98722,07921,736
Adjustments:
Impairments of property, plant and equipment(436)(135)(190)(150)-
Underlying reported EBITDA36,91838,77741,79721,92921,736
Reconciliation of Pro forma NPAT
NZ$000FY2017FY2018FY2019HY2019HY2020
Statutory net profit after tax6,8489,16012,827
Pro forma adjustments:
Offer costs 6,404-(201)
Other (income) expenses(135)(25)327
Incremental listed company costs (1,297)(810)(199)
Impairment of joint venture 852809-
Listed company capital structure9,9401,626n/a
Tax impact of pro forma adjustments(2,907)(229)(5)
Tax benefit of reinstatement of tax depreciation on buildings--(1,508)
Pro forma NPAT19,70610,53111,241
NZ$000FY2017FY2018FY2019HY2019HY2020
Statutory net cash flows from operating activities29,33611,34013,426
Pro forma adjustments
Offer costs 5,643831n/a
Incremental listed company costs (1,393)(714)(199)
Listed company capital structure2,8821,777n/a
Tax impact of pro forma adjustments(2,907)(236)(5)
Pro forma net cash flows from operating activities33,56112,99713,222

---

Napier Port Holdings Limited
2020 Half-Year Trade Volume Data
The below trade volume data provides a summary of actual half-year to 31 March 2020
results compared to the prior period.
Napier Port Holdings Limited notes that in the preparation of this data it has reclassified
transhipped containers for FY2019 and FY2018 from exports and imports to ‘other container
movements’ to more accurately reflect the activity associated with those containers.
1.1 Container Services
Container Services
TEU (000s)^
HY2020
Actual
HY2019
Actual
FY2019
Actual
FY2018
Actual
Exports



Wood pulp & timber 27 24 52 53

Canned food / other food & beverage 3 5 10 10

Other dry 6 7 14 13

Total dry 37 37 75 77


Apples & pears 4 5 26 24

Meat 9 9 16 14

Fresh & other chilled produce 7 7 12 10

Total reefer 21 20 53 48


Empty 2 2 4 4

Total exports 60 59 133 128

Imports



Dry 14 15 29 27

Reefer 2 2 4 3

Empty 53 47 99 96

Total imports 69 63 132 126


Other container movements (‘DLRs
and Tranships’)
7 4 6 11

Total Container Services volume 135 126 271 266

Vessels



Container ship calls 147 151 303 329


^Rounded to nearest thousand TEU

1.2 Bulk Cargo
Bulk Cargo
Kilotonnes
HY2020
Actual
HY2019
Actual
FY2019
Actual
FY2018
Actual

Log exports 1,184 1,247 2,581 2,208

Other exports 80 95 167 177

Imports 333 382 656 686

Total Bulk Cargo volume 1,597 1,724 3,404 3,071

Vessels

Charter vessel calls 153 167 314 298


1.3 Cruise Services
Cruise Services

HY2020
Actual
HY2019
Actual
FY2019
Actual
FY2018
Actual
Vessels


Cruise vessel calls 76 66 70 57

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)

Results for announcement to the market
Name of issuer Napier Port Holdings Limited
Reporting Period 6 months to 31 March 2020
Previous Reporting Period 6 months to 31 March 2019
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$52,284 7.5%
Total Revenue $52,284 7.5%
Net profit from continuing
operations
$12,827 40.0%
Total net profit $12,827 40.0%
Interim/Final Dividend
Amount per Quoted Equity
Security
Not Applicable
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.72 N/A
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Napier Port Holdings Limited was listed on the NZX on 19
August 2019. Refer to the accompanying 2020 Half Year Report
and Half Year Financial Statements for further information.
Authority for this announcement
Name of person authorised
to make this announcement
Kristen Lie, Chief Financial Officer
Contact person for this
announcement
Kristen Lie, Chief Financial Officer
Contact phone number DD: 06 833 4405 M: 027 348 9281
Contact email address kristenl@napierport.co.nz
Date of release through MAP 26 May 2020

Unaudited financial statements accompany this announcement.

---

HALF YEAR RESULTS 2020
STANDING STRONG
WITH OUR REGION

2
| STRICTLY CONFIDENTIAL
IMPORTANT NOTICE AND DISCLAIMER
This presentation has been prepared by Napier Port Holdings Limited (together with Port of Napier Limited, "Napier
Port"). This presentation is being provided to you on the basis that you are, and you represent and warrant that you are,
a person to whom the provision of the information in this presentation is permitted by the applicable laws and regulations
of the jurisdiction in which you are situated without the need for registration, lodgement or approval of a formal disclosure
document or any other filing or formality in accordance with the laws of that foreign jurisdiction.
Information only; No reliance: This presentation is for information purposes only and you should not rely on this
presentation. This presentation does not purport to contain all of the information that you may require or be complete.
The historical information in this presentation is, or is based upon, information that has been released to NZX Limited
("NZX"). This presentation should be read in conjunction with Napier Port's other periodic and continuous disclosure
announcements, which are available at www.nzx.com.
The information in this presentation does not constitute a personal recommendation or service or take into account the
particular needs of any recipient. The information in this presentation should be considered in the context of the
circumstances prevailing at the date and time of the presentation and is subject to change without notice. No person is
under any obligation to update this presentation nor to provide you with further information about Napier Port. This
presentation does not constitute or form part of an offer to sell, or a solicitation of an offer to buy, any shares, securities
or financial products in any jurisdiction. This presentation has not been and will not be filed with or approved by any
regulatory authority in New Zealand or any other jurisdiction.
Investment risk: An investment in securities in Napier Port is subject to investment and other known and unknown risks,
some of which are beyond the control of Napier Port. Napier Port does not guarantee any particular rate of return or the
performance of Napier Port.
No liability: Napier Port, its shareholders, their respective advisers and affiliates, and each of their respective directors,
shareholders, partners, officers, employees and representatives accept no responsibility or liability for, and make no
representation, warranty or undertaking, express or implied, as to, the fairness, accuracy, reliability or completeness of,
and to the maximum extent permitted by law hereby disclaim and shall have no liability whatsoever (including, without
limitation, arising from fault or negligence or otherwise) for any loss or liability arising from, this presentation or any
information contained, referred to or reflected in it or supplied or communicated orally or in writing to you or any other
person. The information in this presentation has not been independently verified or audited.
Financial data: All dollar values are in New Zealand dollars (NZ$ or NZD) unless otherwise stated. Any financial
information provided in this presentation is for illustrative purposes only and is not represented as being indicative of
Napier Port's views on its future financial condition and/or performance.
Investors should be aware that certain financial data included in this presentation are 'non-GAAP financial measures'.
Investors are cautioned not to place undue reliance on any non-GAAP financial measures included in this presentation,
they do not have a standardised meaning prescribed by New Zealand Generally Accepted Accounting Standards and,
therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed
as an alternative to other financial measures determined in accordance with New Zealand Generally Accepted
Accounting Standards.
Past performance: Any past performance information given in this presentation is given for illustrative purposes only
and should not be relied upon as (and is not), a promise, representation, warranty or guarantee as to the past, present
or the future performance of Napier Port.
Future performance: This presentation contains "forward-looking statements", which include all statements other than
statements of historical facts, including, without limitation, any statements preceded by, followed by or that include the
words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or similar
expressions or the negative thereof. Indications of, and guidance or outlook on, future earnings or financial position or
performance are also forward-looking statements. Such forward-looking statements involve known and unknown risks,
uncertainties and other important factors beyond the control of Napier Port that could cause the actual results,
performance or achievements of Napier Port to be materially different from future results, performance or achievements
expressed or implied by such forward-looking statements. No assurances can be given that the forward-looking
statements referred to in this presentation will be realised. Given these uncertainties, you are cautioned not to rely on
such forward-looking statements.
Confidentiality and copyright: This presentation is strictly confidential and is intended for the exclusive benefit of the
person to which it is presented. This presentation should not be copied, reproduced or redistributed without the prior
written consent of Napier Port. Distribution of this presentation may be restricted or prohibited by law. The copyright of
this presentation and the information contained in it is vested in Napier Port.
Acceptance: For purposes of this Notice, "presentation" shall mean the slides, the oral presentation of the slides by
Napier Port, any question-and-answer session that follows that oral presentation, hard copies of this document and any
materials distributed at, or in connection with, that presentation. By attending an investor or analyst presentation or
briefing, or accepting, accessing or reviewing this presentation, you acknowledge and agree to the terms set out in this
Notice.

3
| STRICTLY CONFIDENTIAL
PRESENTING TODAY
TODD DAWSON
CHIEF EXECUTIVE
KRISTEN LIE
CHIEF FINANCIAL OFFICER
ALASDAIR MACLEOD
CHAIRMAN

4
| STRICTLY CONFIDENTIAL
AGENDA
•
Review of first half year highlights
•
Trade results
•
Financial performance
•
Investment programme and 6 Wharf
•
COVID-19 impact and response
•
Trading update and outlook

HIGHLIGHTS

6
| STRICTLY CONFIDENTIAL
EXPERIENCED MANAGEMENT TEAM THAT IS WELL CONNECTED WITH CARGO OWNERS AND OTHER STAKEHOLDERS
Extensive commercial and infrastructure expertise and broad depth of senior leadership experience in New Zealand and overseas, and management enjoys strong relationships
with key stakeholders and the local community
STRONG HISTORICAL FINANCIAL PERFORMANCE AND A RECORD OF EXECUTION ON GROWTH OPPORTUNITIES
Napier Port delivered annual average revenue growth of 11% over the last four years (2016 - 2019), while consistently delivering EBITDA margins of above 40%
STRONG REGIONAL ECONOMIC GROWTH DRIVERS AND STRONG KEY CUSTOMER RELATIONSHIPS
The Hawke’s Bay region has experienced strong growth, supported by international demand for its diverse range of export cargo.
Strong key customer relationships see the Port embedded as an essential supply chain partner
DIVERSIFIED TRADE PORTFOLIO MITIGATES SECTOR AND COUNTRY-SPECIFIC RISKS
The Port handles a diversified mix of export and import products including logs and forestry products, pipfruit, oil products and fertiliser, which are shipped to or from over
110 countries globally
AN INFRASTRUCTURE ASSET ESSENTIAL TO THE HEALTH OF THE HAWKE’S BAY ECONOMY
Napier Port is an essential regional infrastructure asset and, by connecting Hawke’s Bay and central New Zealand to global markets, is an active participant in driving regional prosperity
A LONG TERM ASSET ESSENTIAL TO THE HEALTH OF THE HAWKE’S BAY ECONOMY
OUR STRATEGY BUILDS ON A STRONG BUSINESS
WELL-POSITIONED GIVEN FUTURE CARGO VISIBILITY AND FULLY-CONSENTED DEVELOPMENT PLANS
Future cargo visibility enables robust planning for strategic growth projects. Development of 6 Wharf is expected to significantly increase the Port’s capacity and improve
operational efficiency
RELEVANCE
DURING
COVID-19

7
| STRICTLY CONFIDENTIAL
FIRST HALF YEAR HIGHLIGHTS
Positive operating result in line with expectations at the beginning of the year, however impacted
by COVID-19 late in the period
With a well capitalised balance sheet and access to liquidity, we are looking beyond 6 Wharf to maintain
a secure capital position
Continued progress on strategic growth and development initiatives
A buoyant local economy and rural sector saw solid primary sector exports and continued investment in Hawke’s Bay
Key Chinese export market for logs, impacts from COVID-19, and current drought conditions create headwinds
COVID-19 and government lockdown impacted our people, operations and trade creating uncertainty
for the 2
nd
half and FY21
Maintained focus on strategic purpose to build a thriving region by connecting our customers,
people and community to the world
Commenced with prudent capital and operating cost management measures, given the uncertain outlook

8
| STRICTLY CONFIDENTIAL
FIRST HALF YEAR HIGHLIGHTS
A PLATFORM FOR GROWTH
•
6 Wharf
•
HEB construction contract signed
•
Ground broken on 5
th
of February
•
Good early progress with resources onsite
•
Alert Level 4 shutdown, work recommenced late April with Alert Level 3
•
No material change to 6 Wharf cost estimate or timing
•
Expected completion late 2022 – no change
•
Off-port depot capacity – Thames Street second site commissioned
•
Kaweka, third tug operational
•
Balance sheet in place for infrastructure development
AREAS OF BUSINESS FOCUS FOR SECOND HALF
•
Progressing strategic projects
•
Improving health and safety systems
•
Sustainability strategy
•
Opportunities for cargo growth
STRATEGIC PROJECTS UPDATE

9
| STRICTLY CONFIDENTIAL
LOG EXPORT DECLINE LEADS TRADE VOLUME RESULT DOWN 4.9%
•
Bulk cargo trade result driven by 5% log export decline on the prior comparative
period
•
Log exports softened in Q2 as high Chinese inventory compounded
by COVID-19 and the extended Chinese new year period supressed demand
•
Increased TEU volume due to the earlier import repositioning of empty containers
into the region and increased other container movements (DLRs and tranships)
VolumeHY2020 HY2019
Variance
kT / TEU %
Total cargo (kT)2,5272,656-129-4.9
Containerised cargo (TEU)135,000 126,000 +9,000 +7.5
Bulk cargo (kT)
- Logs exports (kT)
1,597
1,184
1,724
1,247
-126
-63
-7.3
-5.0
TRADE OVERVIEW COMPARED TO HY2019

10
| STRICTLY CONFIDENTIAL
CONTINUED REVENUE GROWTH AND NET PROFIT BENEFITS
FROM ONE-OFF GAINS
•
Revenue growth driven by Container Services & Cruise volume growth with average
pricing improvements across all business areas
•
Operating expenses increased, in line with expectations
•
Statutory net profit benefited from a one-off deferred tax gain, prior year impairment,
and repayment of debt compared to the prior year
HY2020
$M
HY2019
$M
Variance
$M%
Revenue52.348.7+3.6+7.5
Result from operations21.722.1-0.4-1.6
Net profit after tax12.89.2+3.7 +40.0
Cash flow from operations13.411.3+2.1 +18.4
Nb. Reported results for the six months ended 31 March 2020 are unaudited

11
| STRICTLY CONFIDENTIAL
UNDERLYING GROWTH ACROSS ALL KEY PRO FORMA METRICS
Pro forma
HY2020
$M
HY2019
$M
Variance
$M%
EBITDA21.521.1+0.4 +2.0
Net profit after tax11.210.5+0.7 +6.7
Cash flow from operations13.213.0+0.2 +1.7

FINANCIAL & OPERATING
PERFORMANCE

13
| STRICTLY CONFIDENTIAL
REVENUE GROWTH ACROSS CONTAINER SERVICES AND CRUISE
•Total revenue growth of 7.5% half year-on-half year (HoH)
•Container services up 12.1%, cruise up 22.5%, decrease of 3.5% in bulk cargo
Container
services
$30.9m
Bulk cargo
$16.0m
Cruise
$4.2m
Other
$1.2m
HY2020 REVENUE
Millions

14
| STRICTLY CONFIDENTIAL
CONTAINER SERVICES - GROWTH IN VOLUME AND AVERAGE RATE
•Revenue up 12.1% HoH
•Container volume up 9,000 TEU (7.5%)
•Average revenue per TEU up 4.2% HoH (up 1.3% against FY2019)
•ARPU
1
increase HoH from higher Port Pack volume, infrastructure levy (implemented post HY2019), offset
by container mix
HY2020 TEUs
Reefers
23k
Dry
51k
Empty
55k
Other
7k
27.6
61.2
30.9
$215
$217
$219
$221
$223
$225
$227
$229
$231
$233
$235
$-
$10
$20
$30
$40
$50
$60
$70
HY2019FY2019HY2020
Average revenue per TEU
Millions
Revenue (LHS)Average revenue per TEU (RHS)
1 - Average Revenue per Unit (Container Services – per TEU, Bulk Cargo - per Tonne)

15
| STRICTLY CONFIDENTIAL
BULK CARGO REVENUE REDUCED ON LOG EXPORT VOLUMES
•Revenue down 3.5% HoH
•Lower revenue driven by 7.3% fall in Bulk Cargo tonnes
•ARPU increase of 4.1% due to tariffs, cargo mix offset by ceased hardstand levy and fewer vessels berthed
FY2020 BULK CARGO VOLUME
Log
exports
74%
Other
exports
5%
Imports
21%
16.5
32.3
16.0
$9.00
$9.50
$10.00
$10.50
$11.00
$11.50
$-
$5
$10
$15
$20
$25
$30
$35
HY2019FY2019HY2020
Average revenue per tonne
Millions
Revenue (LHS)Average revenue per tonne (RHS)

16
| STRICTLY CONFIDENTIAL
LOG VOLUMES IMPACTED BY CHINA INVENTORY AND COVID-19
HY2020 ALL CARGO EXPORTS (WEIGHT)
Logs
59%
Woodpulp
12%
Timber
7%
Meat
6%
Fresh
Produce
4%
Apples &
pears
2%
Other
10%
•Log exports softened in Q2 as high Chinese inventory compounded by COVID-19 and the extended Chinese New Year
period supressed demand
•Some sailings took place during Alert Level 4 to clear the port site for essential cargo
1.25
1.18
1.63
2.21
2.58
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2017201820192020
Millions (tonnes)
Logs (HY)Logs (FY)

17
| STRICTLY CONFIDENTIAL
RECORD CRUISE SEASON
•Revenue up 22.5% HoH
•Higher revenue driven by 76 cruise visits – up 10 additional visits from HY2019 and 6 additional visits from FY2019
•FY2020 cruise season now complete – 11 visits fewer than forecast due to Covid-19 (7) and unfavourable weather (4)
•Cruise passenger levy introduced October 2019
HY2020 REVENUE
Container
services
59.1%
Bulk cargo
30.5%
Other
2.3%
Cruise
8.0%
3.4
3.7
4.2
60
62
64
66
68
70
72
74
76
78
$-
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
HY2019FY2019HY2020
Visits
Millions
Revenue (LHS)Visits (RHS)

18
| STRICTLY CONFIDENTIAL
PRO FORMA EBITDA GROWTH, MARGIN % IN-LINE
•Pro forma EBITDA up $0.4m (2.0%) HoH
•EBITDA margins in-line with expectations
•Employee benefit expenses increased due to employee numbers
•Maintenance expenses up due to increased mobile plant service costs
•Pro forma other operating expenses up due to rising insurance costs and expenses associated
with TEU volume growth and Health & Safety, offset by lower site expenses
21.9
21.7
21.1
21.5
$-
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
HY2019HY2020
Millions
EBITDA (reported)Pro forma EBITDA
% Revenue45.1% 43.4%41.6% 41.2%

19
| STRICTLY CONFIDENTIAL
PRO FORMA NPAT DRIVEN BY PRO FORMA EBITDA GROWTH
•Pro forma NPAT up $0.7m (6.7%) HoH
•Pro forma EBITDA increase $0.3m (net of tax)
•Capitalised finance costs $0.4m (net of tax) in HY2020
1
9.2
12.8
10.5
11.2
$-
$2.5
$5.0
$7.5
$10.0
$12.5
$15.0
HY2019HY2020
Millions
NPAT (reported)Pro forma NPAT
1 – Pro forma HY2019 assumed a pro forma capital structure with finance costs expensed

20
| STRICTLY CONFIDENTIAL
STRATEGIC DEVELOPMENT INVESTMENT CONTINUES
•Capital expenditure* $27.2m
•Third tug, Kaweka, delivered in December and operating as frontline tug
•Thames Street off-port depot development completed May 2020
* Including accounting accruals. HY2020 cash spend $23.2m
HY2020
Replacement
$6.9m
6 Wharf
$12.2m
Development of off-
port depot
$2.6m
Additional tug
$4.7m
Other development
$0.6m
Compliance and other
$0.2m
13.2
18.5
27.2
$-
$5
$10
$15
$20
$25
$30
FY2018FY2019HY2020
Millions
Development - 6 WharfDevelopment - OtherReplacementCompliance and other

21
| STRICTLY CONFIDENTIAL
6 WHARF CONSTRUCTION ON COURSE
•Construction contract with HEB signed November 2019
•Resources mobilised and ground broken 5th February 2020
•Construction works halted during Alert Level 4 (~5 weeks), recommenced with AL3
•No material change to completion timing (late 2022) or cost ($173m - $190m*)
•$10m* incurred in HY2020 on construction phase
•$35m-40m* spend expected for FY20
* Accruals basis excluding capitalised overheads and finance costs

22
| STRICTLY CONFIDENTIAL
6 WHARF CONSTRUCTION FULLY FUNDED
•
Cash & cash equivalents balance of $16.1m ($31.2m at end FY19)
•
$180m undrawn bank facilities
•
66% expires Q4 2024
•
33% expires Q4 2023
•
$5m dividend (2.5 cps) paid December 2019
HY2020
$M
HY2019
$M
Var
$M
Operating cash flows13.411.3+2.1
Investing cash flows(23.2)(7.5)-15.7
Financing cash flows(5.4)(3.9)-1.5
Net decrease in cash & cash equivalents(15.1)-

COVID-19

24
| STRICTLY CONFIDENTIAL
COVID-19: SHARP REDUCTION IN FORESTRY TRADE
The high Chinese log market inventory and extended Chinese new year period due to COVID-19 slowed log exports
Alert Level 4 (‘AL4’) from 26
th
March, Alert Level 3 from 28
th
April
During AL4, on-port non-essential cargo was allowed to be exported & imports cleared from our sites
Enduring local, national and global economic impacts remain uncertain
Main operational impacts during AL4:
•timber, logs, pulp and other non-essential products ceased coming to port
•shut down of our Port Pack operation after all on-port inventory was packed
•seven remaining cruise calls cancelled
•6 Wharf construction on hold for AL4 period
Whilst benefiting, relative to other businesses, from being a lifeline infrastructure asset with essential status, we have
experienced decreased revenue during the lockdown period
TRADE IMPACT

25
| STRICTLY CONFIDENTIAL
COVID-19: PRUDENT RESPONSE PLAN
RESPONSE
People-first safety measures, COVID related leave support
Despite disrupted operations, essential services to the region maintained
Aiming to reduce or defer expenditure while looking after our people and not compromising operational capability
•Reduction in director fee pool of 20%
1
for 6 months
•Deferral, on renewal, of wage and salary increases for one year
•Specific cost reductions and deferrals across capital and operational expenditure
•Receipt of the Government Wage Subsidy
2
of $2m
•Cancellation of the interim dividend in respect of the 2020 financial year
Measures to prudently mitigate some of the revenue cashflow loss and protect the forecast balance sheet
Focus on cash expenditures for 18 month period to end of FY21
The timing and savings accruing from these measures are being worked through
1 Includes a 10% reduction in fees paid plus deferral of planned additional director appointment
2 In the event that forecast revenue downturn criteria for the Government wage subsidy does not in-fact eventuate, then the subsidy payment will be repaid

26
| STRICTLY CONFIDENTIAL
INTERIM DIVIDEND CANCELLED AMID COVID-19 UNCERTAINTY
Prudent approach to the potential impact of COVID-19 on trade given uncertainty over the
extent and length of downturn
Looking forward to the post 6 Wharf balance sheet capital structure
Final dividend to be assessed in November
•Dividend policy to apply, subject to developments and economic outlook
Target of peak Debt to EBITDA of ~3.5x and maintaining covenant headroom in considerations
•Target headroom of 1x on existing covenant limit of 4.5x

CONCLUSION
& OUTLOOK

28
| STRICTLY CONFIDENTIAL
APRIL & MAY TRADE UPDATE
April trade volume down approx. 40% by weight and 29% by value vs PY
May volume also expected to be materially down for month vs PY
Forestry trades have been quick to restart with on-port inventory building quickly after AL4
Key seasonal reefer trade volumes to date have been in line with expectations

29
| STRICTLY CONFIDENTIAL
CONCLUSION & OUTLOOK
Playing ‘with the wind’ in the first half, ‘into the wind’ in the second half
Positive growth in first half-year results, good progress on strategic growth initiatives
Material uncertainty remains in full year earnings outlook
Proactive and prudent response to COVID-19 uncertainty
June quarter trade and results update - August

QUESTIONS

31
| STRICTLY CONFIDENTIAL
APPENDICES
The following appended financial information provides a summary of financial information for the half
year period ended 31 March 2020 (HY2020) compared to corresponding half year period in 2019
(HY2019) on a basis consistent with that described the prospective financial information (PFI)
contained in the Product Disclosure Statement (PDS) and the document entitled "Napier Port’s
Prospective Financial Information, a reconciliation of non-NZ GAAP to NZ GAAP information and
supplementary financial information" (Supplementary Financial Information) dated 15 July 2019 and
published in connection with the initial public offer of Napier Port Holdings Limited (both of which are
available at www.business.govt.nz/disclose (OFR126790)). Actual HY2020 data has been prepared
on a basis consistent with that described in PDS and Supplementary Financial Information except
where stated.
Reconciliations provided are extracted from and should be read in conjunction with the Supplemental
Selected Financial Information document released with NPH’s 2020 Half Year Report on the NZX
announcements platform and the NPH website.

32
| STRICTLY CONFIDENTIAL
REVENUE
NZ$000FY2017FY2018FY2019HY2019HY2020
Revenue from Port Operations84,587 89,884 97,432 47,683 51,240
Revenue Other2,092 1,865 2,185 975 1,044
Total operating income86,679 91,749 99,616 48,658 52,284
NZ$000FY2017FY2018FY2019HY2019HY2020
Container Services60,615 58,005 61,169 27,595 30,921
Bulk Cargo21,583 28,966 32,277 16,549 15,966
Cruise2,083 2,561 3,742 3,410 4,177
Sundry revenue306 353 244 129 175
Revenue from port operations84,587 89,884 97,432 47,683 51,240
Property income2,092 1,865 2,185 975 1,044
Operating income86,679 91,749 99,616 48,658 52,284

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| STRICTLY CONFIDENTIAL
OPERATING EXPENSES
* Employee benefit expenses in FY2019 are $462k lower than the statutory accounts. This amount relates to listed company costs reclassified to align with the PDS presentation.
Employee benefit expenses
NZ$000FY2017FY2018FY2019HY2019HY2020
Wages & salaries22,908 23,896 26,862 12,783 14,870
Other staff expenses3,288 2,455 2,130 980 1,159
Total employee benefit expenses26,196 26,352 28,992 13,763 16,029
Maintenance expenses
NZ$000FY2017FY2018FY2019HY2019HY2020
Maintenance expenses9,053 9,236 9,073 3,908 4,524

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| STRICTLY CONFIDENTIAL
OPERATING EXPENSES
• Other operating expenses in FY2019 and HY2020 differ to the statutory accounts due to offer costs being presented after results from operating activities in the statutory accounts and expenses
reclassified to align with the PDS presentation.
Other operating expenses
NZ$000FY2017FY2018FY2019HY2019HY2020
Administration expenses4,241 4,928 5,880 2,571 2,956
Occupancy expenses3,336 5,207 5,393 2,434 3,085
Contract labour4,038 4,139 4,335 2,092 2,268
Site expenses1,307 1,626 2,315 1,105 702
Other staff expenses1,153 1,350 1,641 706 984
Offer costs- - 6,404 - (201)
Total other operating expenses14,076 17,250 25,968 8,908 9,794
Pro forma adjustments
Offer costs- - (6,404) - 201
Listed company costs1,620 1,620 1,297 810 199
Pro forma other operating expenses15,697 18,871 20,861 9,718 10,194

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| STRICTLY CONFIDENTIAL
CAPITAL EXPENDITURE
NZ$000FY2017FY2018FY2019HY2019HY2020
Development capex
6 Wharf pre-construction1,214 957 3,442 1,554 970
6 Wharf construction- - - - 11,197
Additional tug- - 4,939 118 4,681
Acquisition and development of off-port depot services land5,171 4,101 1,930 32 2,565
Acquisition of off-port land3,951 - - - -
Refrigerated container capacity- 1,720 1,495 1,474 -
Other development capex1,541 709 1,858 1,558 623
Total development capex11,878 7,487 13,664 4,735 20,036
Replacement capex9,602 5,248 4,493 2,377 6,894
Compliance and other capex231 424 385 247 246
Total capex21,710 13,160 18,542 7,360 27,177
Movement in fixed asset creditors(2,851) 2,689 (1,123) 279 (3,955)
Capitalised finance costs(185) (260) - (106) -
Capex per cash flow18,674 15,589 17,419 7,533 23,222

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| STRICTLY CONFIDENTIAL
RECONCILIATION OF PRO FORMA EBITDA
NZ$000FY2017FY2018FY2019HY2019HY2020
Statutory net profit after tax16,70617,5766,8489,16012,827
add: Taxation expense5,5946,8595,1824,1902,920
add: Net interest expense3,9654,10710,4372,026(126)
add: Depreciation and amortisation10,62610,84911,9815,6795,989
EBITDA 36,891 39,391 34,448 21,055 21,610
Pro forma EBITDA adjustments:
Offer costs--6,404-(201)
Other (income) expenses(114)(709)(135)(25)327
Share of loss of equity accounted investee1419422890-
Impairment of joint venture --852809-
Underlying reported EBITDA 36,918 38,777 41,797 21,929 21,736
Incremental listed company costs (not yet incurred)(1,620)(1,620)(1,297)(810)(199)
Pro forma EBITDA35,29737,15640,50021,11921,537

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| STRICTLY CONFIDENTIAL
RECONCILIATION OF UNDERLYING EBITDA
TO RESULT FROM OPERATING ACTIVITIES
NZ$000FY2017FY2018FY2019
HY2019HY2020
Result from operating activities37,35438,91241,98722,07921,736
Adjustments:
Impairments of property, plant and equipment(436)(135)(190)(150)-
Underlying reported EBITDA36,91838,77741,79721,92921,736

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| STRICTLY CONFIDENTIAL
RECONCILIATION OF PRO FORMA NPAT
NZ$000FY2017FY2018FY2019
HY2019HY2020
Statutory net profit after tax6,8489,16012,827
Pro forma adjustments:
Offer costs 6,404-(201)
Other (income) expenses(135)(25)327
Incremental listed company costs (1,297)(810)(199)
Impairment of joint venture 852809-
Listed company capital structure9,9401,626n/a
Tax impact of pro forma adjustments(2,907)(229)(5)
Tax benefit of reinstatement of tax depreciation on buildings--(1,508)
Pro forma NPAT19,70610,53111,241

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| STRICTLY CONFIDENTIAL
RECONCILIATION OF PRO FORMA
NET CASH FLOWS FROM OPERATING ACTIVITIES
NZ$000FY2017FY2018FY2019
HY2019HY2020
Statutory net cash flows from operating activities29,33611,34013,426
Pro forma adjustments
Offer costs 5,643831n/a
Incremental listed company costs (1,393)(714)(199)
Listed company capital structure2,8821,777n/a
Tax impact of pro forma adjustments(2,907)(236)(5)
Pro forma net cash flows from operating activities33,56112,99713,222

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| STRICTLY CONFIDENTIAL
FURTHER INFORMATION ON NAPIER PORT
TO LEARN MORE ABOUT NAPIER PORT AND WHAT IT DOES PLEASE REFER TO:
•
Our website at napierport.co.nz
•
The Management Roadshow Presentation available on the Disclose Register published
in connection with the initial public offer of Napier Port Holdings Limited available
at www.business.govt.nz/disclose (OFR126790) and listed within the Documents section
as ‘Other material information 5: Napier Port Holdings Limited – Investor Presentation’

HALF YEAR RESULTS 2020
STANDING STRONG
WITH OUR REGION

2
| STRICTLY CONFIDENTIAL
IMPORTANT NOTICE AND DISCLAIMER
This presentation has been prepared by Napier Port Holdings Limited (together with Port of Napier Limited, "Napier
Port"). This presentation is being provided to you on the basis that you are, and you represent and warrant that you are,
a person to whom the provision of the information in this presentation is permitted by the applicable laws and regulations
of the jurisdiction in which you are situated without the need for registration, lodgement or approval of a formal disclosure
document or any other filing or formality in accordance with the laws of that foreign jurisdiction.
Information only; No reliance: This presentation is for information purposes only and you should not rely on this
presentation. This presentation does not purport to contain all of the information that you may require or be complete.
The historical information in this presentation is, or is based upon, information that has been released to NZX Limited
("NZX"). This presentation should be read in conjunction with Napier Port's other periodic and continuous disclosure
announcements, which are available at www.nzx.com.
The information in this presentation does not constitute a personal recommendation or service or take into account the
particular needs of any recipient. The information in this presentation should be considered in the context of the
circumstances prevailing at the date and time of the presentation and is subject to change without notice. No person is
under any obligation to update this presentation nor to provide you with further information about Napier Port. This
presentation does not constitute or form part of an offer to sell, or a solicitation of an offer to buy, any shares, securities
or financial products in any jurisdiction. This presentation has not been and will not be filed with or approved by any
regulatory authority in New Zealand or any other jurisdiction.
Investment risk: An investment in securities in Napier Port is subject to investment and other known and unknown risks,
some of which are beyond the control of Napier Port. Napier Port does not guarantee any particular rate of return or the
performance of Napier Port.
No liability: Napier Port, its shareholders, their respective advisers and affiliates, and each of their respective directors,
shareholders, partners, officers, employees and representatives accept no responsibility or liability for, and make no
representation, warranty or undertaking, express or implied, as to, the fairness, accuracy, reliability or completeness of,
and to the maximum extent permitted by law hereby disclaim and shall have no liability whatsoever (including, without
limitation, arising from fault or negligence or otherwise) for any loss or liability arising from, this presentation or any
information contained, referred to or reflected in it or supplied or communicated orally or in writing to you or any other
person. The information in this presentation has not been independently verified or audited.
Financial data: All dollar values are in New Zealand dollars (NZ$ or NZD) unless otherwise stated. Any financial
information provided in this presentation is for illustrative purposes only and is not represented as being indicative of
Napier Port's views on its future financial condition and/or performance.
Investors should be aware that certain financial data included in this presentation are 'non-GAAP financial measures'.
Investors are cautioned not to place undue reliance on any non-GAAP financial measures included in this presentation,
they do not have a standardised meaning prescribed by New Zealand Generally Accepted Accounting Standards and,
therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed
as an alternative to other financial measures determined in accordance with New Zealand Generally Accepted
Accounting Standards.
Past performance: Any past performance information given in this presentation is given for illustrative purposes only
and should not be relied upon as (and is not), a promise, representation, warranty or guarantee as to the past, present
or the future performance of Napier Port.
Future performance: This presentation contains "forward-looking statements", which include all statements other than
statements of historical facts, including, without limitation, any statements preceded by, followed by or that include the
words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or similar
expressions or the negative thereof. Indications of, and guidance or outlook on, future earnings or financial position or
performance are also forward-looking statements. Such forward-looking statements involve known and unknown risks,
uncertainties and other important factors beyond the control of Napier Port that could cause the actual results,
performance or achievements of Napier Port to be materially different from future results, performance or achievements
expressed or implied by such forward-looking statements. No assurances can be given that the forward-looking
statements referred to in this presentation will be realised. Given these uncertainties, you are cautioned not to rely on
such forward-looking statements.
Confidentiality and copyright: This presentation is strictly confidential and is intended for the exclusive benefit of the
person to which it is presented. This presentation should not be copied, reproduced or redistributed without the prior
written consent of Napier Port. Distribution of this presentation may be restricted or prohibited by law. The copyright of
this presentation and the information contained in it is vested in Napier Port.
Acceptance: For purposes of this Notice, "presentation" shall mean the slides, the oral presentation of the slides by
Napier Port, any question-and-answer session that follows that oral presentation, hard copies of this document and any
materials distributed at, or in connection with, that presentation. By attending an investor or analyst presentation or
briefing, or accepting, accessing or reviewing this presentation, you acknowledge and agree to the terms set out in this
Notice.

3
| STRICTLY CONFIDENTIAL
PRESENTING TODAY
TODD DAWSON
CHIEF EXECUTIVE
KRISTEN LIE
CHIEF FINANCIAL OFFICER
ALASDAIR MACLEOD
CHAIRMAN

4
| STRICTLY CONFIDENTIAL
AGENDA
•
Review of first half year highlights
•
Trade results
•
Financial performance
•
Investment programme and 6 Wharf
•
COVID-19 impact and response
•
Trading update and outlook

HIGHLIGHTS

6
| STRICTLY CONFIDENTIAL
EXPERIENCED MANAGEMENT TEAM THAT IS WELL CONNECTED WITH CARGO OWNERS AND OTHER STAKEHOLDERS
Extensive commercial and infrastructure expertise and broad depth of senior leadership experience in New Zealand and overseas, and management enjoys strong relationships
with key stakeholders and the local community
STRONG HISTORICAL FINANCIAL PERFORMANCE AND A RECORD OF EXECUTION ON GROWTH OPPORTUNITIES
Napier Port delivered annual average revenue growth of 11% over the last four years (2016 - 2019), while consistently delivering EBITDA margins of above 40%
STRONG REGIONAL ECONOMIC GROWTH DRIVERS AND STRONG KEY CUSTOMER RELATIONSHIPS
The Hawke’s Bay region has experienced strong growth, supported by international demand for its diverse range of export cargo.
Strong key customer relationships see the Port embedded as an essential supply chain partner
DIVERSIFIED TRADE PORTFOLIO MITIGATES SECTOR AND COUNTRY-SPECIFIC RISKS
The Port handles a diversified mix of export and import products including logs and forestry products, pipfruit, oil products and fertiliser, which are shipped to or from over
110 countries globally
AN INFRASTRUCTURE ASSET ESSENTIAL TO THE HEALTH OF THE HAWKE’S BAY ECONOMY
Napier Port is an essential regional infrastructure asset and, by connecting Hawke’s Bay and central New Zealand to global markets, is an active participant in driving regional prosperity
A LONG TERM ASSET ESSENTIAL TO THE HEALTH OF THE HAWKE’S BAY ECONOMY
OUR STRATEGY BUILDS ON A STRONG BUSINESS
WELL-POSITIONED GIVEN FUTURE CARGO VISIBILITY AND FULLY-CONSENTED DEVELOPMENT PLANS
Future cargo visibility enables robust planning for strategic growth projects. Development of 6 Wharf is expected to significantly increase the Port’s capacity and improve
operational efficiency
RELEVANCE
DURING
COVID-19

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| STRICTLY CONFIDENTIAL
FIRST HALF YEAR HIGHLIGHTS
Positive operating result in line with expectations at the beginning of the year, however impacted
by COVID-19 late in the period
With a well capitalised balance sheet and access to liquidity, we are looking beyond 6 Wharf to maintain
a secure capital position
Continued progress on strategic growth and development initiatives
A buoyant local economy and rural sector saw solid primary sector exports and continued investment in Hawke’s Bay
Key Chinese export market for logs, impacts from COVID-19, and current drought conditions create headwinds
COVID-19 and government lockdown impacted our people, operations and trade creating uncertainty
for the 2
nd
half and FY21
Maintained focus on strategic purpose to build a thriving region by connecting our customers,
people and community to the world
Commenced with prudent capital and operating cost management measures, given the uncertain outlook

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| STRICTLY CONFIDENTIAL
FIRST HALF YEAR HIGHLIGHTS
A PLATFORM FOR GROWTH
•
6 Wharf
•
HEB construction contract signed
•
Ground broken on 5
th
of February
•
Good early progress with resources onsite
•
Alert Level 4 shutdown, work recommenced late April with Alert Level 3
•
No material change to 6 Wharf cost estimate or timing
•
Expected completion late 2022 – no change
•
Off-port depot capacity – Thames Street second site commissioned
•
Kaweka, third tug operational
•
Balance sheet in place for infrastructure development
AREAS OF BUSINESS FOCUS FOR SECOND HALF
•
Progressing strategic projects
•
Improving health and safety systems
•
Sustainability strategy
•
Opportunities for cargo growth
STRATEGIC PROJECTS UPDATE

9
| STRICTLY CONFIDENTIAL
LOG EXPORT DECLINE LEADS TRADE VOLUME RESULT DOWN 4.9%
•
Bulk cargo trade result driven by 5% log export decline on the prior comparative
period
•
Log exports softened in Q2 as high Chinese inventory compounded
by COVID-19 and the extended Chinese new year period supressed demand
•
Increased TEU volume due to the earlier import repositioning of empty containers
into the region and increased other container movements (DLRs and tranships)
VolumeHY2020 HY2019
Variance
kT / TEU %
Total cargo (kT)2,5272,656-129-4.9
Containerised cargo (TEU)135,000 126,000 +9,000 +7.5
Bulk cargo (kT)
- Logs exports (kT)
1,597
1,184
1,724
1,247
-126
-63
-7.3
-5.0
TRADE OVERVIEW COMPARED TO HY2019

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| STRICTLY CONFIDENTIAL
CONTINUED REVENUE GROWTH AND NET PROFIT BENEFITS
FROM ONE-OFF GAINS
•
Revenue growth driven by Container Services & Cruise volume growth with average
pricing improvements across all business areas
•
Operating expenses increased, in line with expectations
•
Statutory net profit benefited from a one-off deferred tax gain, prior year impairment,
and repayment of debt compared to the prior year
HY2020
$M
HY2019
$M
Variance
$M%
Revenue52.348.7+3.6+7.5
Result from operations21.722.1-0.4-1.6
Net profit after tax12.89.2+3.7 +40.0
Cash flow from operations13.411.3+2.1 +18.4
Nb. Reported results for the six months ended 31 March 2020 are unaudited

11
| STRICTLY CONFIDENTIAL
UNDERLYING GROWTH ACROSS ALL KEY PRO FORMA METRICS
Pro forma
HY2020
$M
HY2019
$M
Variance
$M%
EBITDA21.521.1+0.4 +2.0
Net profit after tax11.210.5+0.7 +6.7
Cash flow from operations13.213.0+0.2 +1.7

FINANCIAL & OPERATING
PERFORMANCE

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| STRICTLY CONFIDENTIAL
REVENUE GROWTH ACROSS CONTAINER SERVICES AND CRUISE
•Total revenue growth of 7.5% half year-on-half year (HoH)
•Container services up 12.1%, cruise up 22.5%, decrease of 3.5% in bulk cargo
Container
services
$30.9m
Bulk cargo
$16.0m
Cruise
$4.2m
Other
$1.2m
HY2020 REVENUE
Millions

14
| STRICTLY CONFIDENTIAL
CONTAINER SERVICES - GROWTH IN VOLUME AND AVERAGE RATE
•Revenue up 12.1% HoH
•Container volume up 9,000 TEU (7.5%)
•Average revenue per TEU up 4.2% HoH (up 1.3% against FY2019)
•ARPU
1
increase HoH from higher Port Pack volume, infrastructure levy (implemented post HY2019), offset
by container mix
HY2020 TEUs
Reefers
23k
Dry
51k
Empty
55k
Other
7k
27.6
61.2
30.9
$215
$217
$219
$221
$223
$225
$227
$229
$231
$233
$235
$-
$10
$20
$30
$40
$50
$60
$70
HY2019FY2019HY2020
Average revenue per TEU
Millions
Revenue (LHS)Average revenue per TEU (RHS)
1 - Average Revenue per Unit (Container Services – per TEU, Bulk Cargo - per Tonne)

15
| STRICTLY CONFIDENTIAL
BULK CARGO REVENUE REDUCED ON LOG EXPORT VOLUMES
•Revenue down 3.5% HoH
•Lower revenue driven by 7.3% fall in Bulk Cargo tonnes
•ARPU increase of 4.1% due to tariffs, cargo mix offset by ceased hardstand levy and fewer vessels berthed
FY2020 BULK CARGO VOLUME
Log
exports
74%
Other
exports
5%
Imports
21%
16.5
32.3
16.0
$9.00
$9.50
$10.00
$10.50
$11.00
$11.50
$-
$5
$10
$15
$20
$25
$30
$35
HY2019FY2019HY2020
Average revenue per tonne
Millions
Revenue (LHS)Average revenue per tonne (RHS)

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| STRICTLY CONFIDENTIAL
LOG VOLUMES IMPACTED BY CHINA INVENTORY AND COVID-19
HY2020 ALL CARGO EXPORTS (WEIGHT)
Logs
59%
Woodpulp
12%
Timber
7%
Meat
6%
Fresh
Produce
4%
Apples &
pears
2%
Other
10%
•Log exports softened in Q2 as high Chinese inventory compounded by COVID-19 and the extended Chinese New Year
period supressed demand
•Some sailings took place during Alert Level 4 to clear the port site for essential cargo
1.25
1.18
1.63
2.21
2.58
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2017201820192020
Millions (tonnes)
Logs (HY)Logs (FY)

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| STRICTLY CONFIDENTIAL
RECORD CRUISE SEASON
•Revenue up 22.5% HoH
•Higher revenue driven by 76 cruise visits – up 10 additional visits from HY2019 and 6 additional visits from FY2019
•FY2020 cruise season now complete – 11 visits fewer than forecast due to Covid-19 (7) and unfavourable weather (4)
•Cruise passenger levy introduced October 2019
HY2020 REVENUE
Container
services
59.1%
Bulk cargo
30.5%
Other
2.3%
Cruise
8.0%
3.4
3.7
4.2
60
62
64
66
68
70
72
74
76
78
$-
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
HY2019FY2019HY2020
Visits
Millions
Revenue (LHS)Visits (RHS)

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| STRICTLY CONFIDENTIAL
PRO FORMA EBITDA GROWTH, MARGIN % IN-LINE
•Pro forma EBITDA up $0.4m (2.0%) HoH
•EBITDA margins in-line with expectations
•Employee benefit expenses increased due to employee numbers
•Maintenance expenses up due to increased mobile plant service costs
•Pro forma other operating expenses up due to rising insurance costs and expenses associated
with TEU volume growth and Health & Safety, offset by lower site expenses
21.9
21.7
21.1
21.5
$-
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
HY2019HY2020
Millions
EBITDA (reported)Pro forma EBITDA
% Revenue45.1% 43.4%41.6% 41.2%

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| STRICTLY CONFIDENTIAL
PRO FORMA NPAT DRIVEN BY PRO FORMA EBITDA GROWTH
•Pro forma NPAT up $0.7m (6.7%) HoH
•Pro forma EBITDA increase $0.3m (net of tax)
•Capitalised finance costs $0.4m (net of tax) in HY2020
1
9.2
12.8
10.5
11.2
$-
$2.5
$5.0
$7.5
$10.0
$12.5
$15.0
HY2019HY2020
Millions
NPAT (reported)Pro forma NPAT
1 – Pro forma HY2019 assumed a pro forma capital structure with finance costs expensed

20
| STRICTLY CONFIDENTIAL
STRATEGIC DEVELOPMENT INVESTMENT CONTINUES
•Capital expenditure* $27.2m
•Third tug, Kaweka, delivered in December and operating as frontline tug
•Thames Street off-port depot development completed May 2020
* Including accounting accruals. HY2020 cash spend $23.2m
HY2020
Replacement
$6.9m
6 Wharf
$12.2m
Development of off-
port depot
$2.6m
Additional tug
$4.7m
Other development
$0.6m
Compliance and other
$0.2m
13.2
18.5
27.2
$-
$5
$10
$15
$20
$25
$30
FY2018FY2019HY2020
Millions
Development - 6 WharfDevelopment - OtherReplacementCompliance and other

21
| STRICTLY CONFIDENTIAL
6 WHARF CONSTRUCTION ON COURSE
•Construction contract with HEB signed November 2019
•Resources mobilised and ground broken 5th February 2020
•Construction works halted during Alert Level 4 (~5 weeks), recommenced with AL3
•No material change to completion timing (late 2022) or cost ($173m - $190m*)
•$10m* incurred in HY2020 on construction phase
•$35m-40m* spend expected for FY20
* Accruals basis excluding capitalised overheads and finance costs

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| STRICTLY CONFIDENTIAL
6 WHARF CONSTRUCTION FULLY FUNDED
•
Cash & cash equivalents balance of $16.1m ($31.2m at end FY19)
•
$180m undrawn bank facilities
•
66% expires Q4 2024
•
33% expires Q4 2023
•
$5m dividend (2.5 cps) paid December 2019
HY2020
$M
HY2019
$M
Var
$M
Operating cash flows13.411.3+2.1
Investing cash flows(23.2)(7.5)-15.7
Financing cash flows(5.4)(3.9)-1.5
Net decrease in cash & cash equivalents(15.1)-

COVID-19

24
| STRICTLY CONFIDENTIAL
COVID-19: SHARP REDUCTION IN FORESTRY TRADE
The high Chinese log market inventory and extended Chinese new year period due to COVID-19 slowed log exports
Alert Level 4 (‘AL4’) from 26
th
March, Alert Level 3 from 28
th
April
During AL4, on-port non-essential cargo was allowed to be exported & imports cleared from our sites
Enduring local, national and global economic impacts remain uncertain
Main operational impacts during AL4:
•timber, logs, pulp and other non-essential products ceased coming to port
•shut down of our Port Pack operation after all on-port inventory was packed
•seven remaining cruise calls cancelled
•6 Wharf construction on hold for AL4 period
Whilst benefiting, relative to other businesses, from being a lifeline infrastructure asset with essential status, we have
experienced decreased revenue during the lockdown period
TRADE IMPACT

25
| STRICTLY CONFIDENTIAL
COVID-19: PRUDENT RESPONSE PLAN
RESPONSE
People-first safety measures, COVID related leave support
Despite disrupted operations, essential services to the region maintained
Aiming to reduce or defer expenditure while looking after our people and not compromising operational capability
•Reduction in director fee pool of 20%
1
for 6 months
•Deferral, on renewal, of wage and salary increases for one year
•Specific cost reductions and deferrals across capital and operational expenditure
•Receipt of the Government Wage Subsidy
2
of $2m
•Cancellation of the interim dividend in respect of the 2020 financial year
Measures to prudently mitigate some of the revenue cashflow loss and protect the forecast balance sheet
Focus on cash expenditures for 18 month period to end of FY21
The timing and savings accruing from these measures are being worked through
1 Includes a 10% reduction in fees paid plus deferral of planned additional director appointment
2 In the event that forecast revenue downturn criteria for the Government wage subsidy does not in-fact eventuate, then the subsidy payment will be repaid

26
| STRICTLY CONFIDENTIAL
INTERIM DIVIDEND CANCELLED AMID COVID-19 UNCERTAINTY
Prudent approach to the potential impact of COVID-19 on trade given uncertainty over the
extent and length of downturn
Looking forward to the post 6 Wharf balance sheet capital structure
Final dividend to be assessed in November
•Dividend policy to apply, subject to developments and economic outlook
Target of peak Debt to EBITDA of ~3.5x and maintaining covenant headroom in considerations
•Target headroom of 1x on existing covenant limit of 4.5x

CONCLUSION
& OUTLOOK

28
| STRICTLY CONFIDENTIAL
APRIL & MAY TRADE UPDATE
April trade volume down approx. 40% by weight and 29% by value vs PY
May volume also expected to be materially down for month vs PY
Forestry trades have been quick to restart with on-port inventory building quickly after AL4
Key seasonal reefer trade volumes to date have been in line with expectations

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| STRICTLY CONFIDENTIAL
CONCLUSION & OUTLOOK
Playing ‘with the wind’ in the first half, ‘into the wind’ in the second half
Positive growth in first half-year results, good progress on strategic growth initiatives
Material uncertainty remains in full year earnings outlook
Proactive and prudent response to COVID-19 uncertainty
June quarter trade and results update - August

QUESTIONS

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| STRICTLY CONFIDENTIAL
APPENDICES
The following appended financial information provides a summary of financial information for the half
year period ended 31 March 2020 (HY2020) compared to corresponding half year period in 2019
(HY2019) on a basis consistent with that described the prospective financial information (PFI)
contained in the Product Disclosure Statement (PDS) and the document entitled "Napier Port’s
Prospective Financial Information, a reconciliation of non-NZ GAAP to NZ GAAP information and
supplementary financial information" (Supplementary Financial Information) dated 15 July 2019 and
published in connection with the initial public offer of Napier Port Holdings Limited (both of which are
available at www.business.govt.nz/disclose (OFR126790)). Actual HY2020 data has been prepared
on a basis consistent with that described in PDS and Supplementary Financial Information except
where stated.
Reconciliations provided are extracted from and should be read in conjunction with the Supplemental
Selected Financial Information document released with NPH’s 2020 Half Year Report on the NZX
announcements platform and the NPH website.

32
| STRICTLY CONFIDENTIAL
REVENUE
NZ$000FY2017FY2018FY2019HY2019HY2020
Revenue from Port Operations84,587 89,884 97,432 47,683 51,240
Revenue Other2,092 1,865 2,185 975 1,044
Total operating income86,679 91,749 99,616 48,658 52,284
NZ$000FY2017FY2018FY2019HY2019HY2020
Container Services60,615 58,005 61,169 27,595 30,921
Bulk Cargo21,583 28,966 32,277 16,549 15,966
Cruise2,083 2,561 3,742 3,410 4,177
Sundry revenue306 353 244 129 175
Revenue from port operations84,587 89,884 97,432 47,683 51,240
Property income2,092 1,865 2,185 975 1,044
Operating income86,679 91,749 99,616 48,658 52,284

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| STRICTLY CONFIDENTIAL
OPERATING EXPENSES
* Employee benefit expenses in FY2019 are $462k lower than the statutory accounts. This amount relates to listed company costs reclassified to align with the PDS presentation.
Employee benefit expenses
NZ$000FY2017FY2018FY2019HY2019HY2020
Wages & salaries22,908 23,896 26,862 12,783 14,870
Other staff expenses3,288 2,455 2,130 980 1,159
Total employee benefit expenses26,196 26,352 28,992 13,763 16,029
Maintenance expenses
NZ$000FY2017FY2018FY2019HY2019HY2020
Maintenance expenses9,053 9,236 9,073 3,908 4,524

34
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OPERATING EXPENSES
• Other operating expenses in FY2019 and HY2020 differ to the statutory accounts due to offer costs being presented after results from operating activities in the statutory accounts and expenses
reclassified to align with the PDS presentation.
Other operating expenses
NZ$000FY2017FY2018FY2019HY2019HY2020
Administration expenses4,241 4,928 5,880 2,571 2,956
Occupancy expenses3,336 5,207 5,393 2,434 3,085
Contract labour4,038 4,139 4,335 2,092 2,268
Site expenses1,307 1,626 2,315 1,105 702
Other staff expenses1,153 1,350 1,641 706 984
Offer costs- - 6,404 - (201)
Total other operating expenses14,076 17,250 25,968 8,908 9,794
Pro forma adjustments
Offer costs- - (6,404) - 201
Listed company costs1,620 1,620 1,297 810 199
Pro forma other operating expenses15,697 18,871 20,861 9,718 10,194

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CAPITAL EXPENDITURE
NZ$000FY2017FY2018FY2019HY2019HY2020
Development capex
6 Wharf pre-construction1,214 957 3,442 1,554 970
6 Wharf construction- - - - 11,197
Additional tug- - 4,939 118 4,681
Acquisition and development of off-port depot services land5,171 4,101 1,930 32 2,565
Acquisition of off-port land3,951 - - - -
Refrigerated container capacity- 1,720 1,495 1,474 -
Other development capex1,541 709 1,858 1,558 623
Total development capex11,878 7,487 13,664 4,735 20,036
Replacement capex9,602 5,248 4,493 2,377 6,894
Compliance and other capex231 424 385 247 246
Total capex21,710 13,160 18,542 7,360 27,177
Movement in fixed asset creditors(2,851) 2,689 (1,123) 279 (3,955)
Capitalised finance costs(185) (260) - (106) -
Capex per cash flow18,674 15,589 17,419 7,533 23,222

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RECONCILIATION OF PRO FORMA EBITDA
NZ$000FY2017FY2018FY2019HY2019HY2020
Statutory net profit after tax16,70617,5766,8489,16012,827
add: Taxation expense5,5946,8595,1824,1902,920
add: Net interest expense3,9654,10710,4372,026(126)
add: Depreciation and amortisation10,62610,84911,9815,6795,989
EBITDA 36,891 39,391 34,448 21,055 21,610
Pro forma EBITDA adjustments:
Offer costs--6,404-(201)
Other (income) expenses(114)(709)(135)(25)327
Share of loss of equity accounted investee1419422890-
Impairment of joint venture --852809-
Underlying reported EBITDA 36,918 38,777 41,797 21,929 21,736
Incremental listed company costs (not yet incurred)(1,620)(1,620)(1,297)(810)(199)
Pro forma EBITDA35,29737,15640,50021,11921,537

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RECONCILIATION OF UNDERLYING EBITDA
TO RESULT FROM OPERATING ACTIVITIES
NZ$000FY2017FY2018FY2019
HY2019HY2020
Result from operating activities37,35438,91241,98722,07921,736
Adjustments:
Impairments of property, plant and equipment(436)(135)(190)(150)-
Underlying reported EBITDA36,91838,77741,79721,92921,736

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RECONCILIATION OF PRO FORMA NPAT
NZ$000FY2017FY2018FY2019
HY2019HY2020
Statutory net profit after tax6,8489,16012,827
Pro forma adjustments:
Offer costs 6,404-(201)
Other (income) expenses(135)(25)327
Incremental listed company costs (1,297)(810)(199)
Impairment of joint venture 852809-
Listed company capital structure9,9401,626n/a
Tax impact of pro forma adjustments(2,907)(229)(5)
Tax benefit of reinstatement of tax depreciation on buildings--(1,508)
Pro forma NPAT19,70610,53111,241

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RECONCILIATION OF PRO FORMA
NET CASH FLOWS FROM OPERATING ACTIVITIES
NZ$000FY2017FY2018FY2019
HY2019HY2020
Statutory net cash flows from operating activities29,33611,34013,426
Pro forma adjustments
Offer costs 5,643831n/a
Incremental listed company costs (1,393)(714)(199)
Listed company capital structure2,8821,777n/a
Tax impact of pro forma adjustments(2,907)(236)(5)
Pro forma net cash flows from operating activities33,56112,99713,222

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FURTHER INFORMATION ON NAPIER PORT
TO LEARN MORE ABOUT NAPIER PORT AND WHAT IT DOES PLEASE REFER TO:
•
Our website at napierport.co.nz
•
The Management Roadshow Presentation available on the Disclose Register published
in connection with the initial public offer of Napier Port Holdings Limited available
at www.business.govt.nz/disclose (OFR126790) and listed within the Documents section
as ‘Other material information 5: Napier Port Holdings Limited – Investor Presentation’