South Port NZ Ltd – 2020 Annual Report

Final Dividend
The final dividend declared of 18.5 cents per share takes the full year
dividend for FY20 to 26.0 cents per share which leaves the dividend at the
same level that was paid for FY19. The final dividend will be paid on
10 November 2020.
Yours sincerely
Nigel GearNigel Gear
Chief Executive
South Port New Zealand Limited
per share
26 cents
FY20 Dividend consistent at
$9.43M
Annual NPAT to 30 June 2020
7.2%
1.3%
3.6%
3.7%
˅
˄
˅
˅
No change
26 cents
3,269,000 tonnes
$44.62 million
$9.43 million
35.9 cents
Dividends per share
Total Cargo
Operating Revenue
NPAT
Earnings per share

---

WWW.SOUTHPORT.CO.NZ
Island Harbour, PO Box 1,
Bluff 9842, New Zealand
 +64 3 212 8159


reception@southport.co.nz
  South Port NZ
RESILIENCE IN
UNPRECEDENTED TIMES
Annual Report
2020
2020 Annual Report

Contents
Financial Calendar
29 OCTOBER 2020
Annual Meeting – 11:00am
Venue: South Port Board Room
Island Harbour, Bluff
10 NOVEMBER 2020
Final Dividend Payment
11 FEBRUARY 2021
2021 Interim Profit Announcement
MARCH 2021
2021 Interim Dividend Payment
2021 Interim Report Published
30 JUNE 2021
2021 Financial Year End
AUGUST 2021
2021 Annual Results Announcement
Financial Calendar Below
Company Profile and South Port Facts Opposite
Significant Events 04
Review of Operations 05
Corporate Social Responsibility 14
Safety, Health & Wellbeing 16
Our People 22
Our Community 26
Environment 34
Infrastructure 40
Financial Highlights 44
Directors’ Profiles 46
Statutory Report of Directors 48
Statutory Disclosure in Relation to Shareholders 50
Corporate Governance Statement 52
Mediterranean Shipping Company – Service Overview 62
Business Continuity – COVID-19 Response 64
Our Customers 66
Port Infrastructure 68
Auditor’s Report 70
Statement of Comprehensive Income/
Statement of Changes in Equity 73
Statement of Financial Position 74
Statement of Cash Flows 75
Notes to the Financial Statements 76
Financial and Operational Five Year Summary 97
Management Profiles 98
Glossary of Port and Shipping Terms 100
Directory 101
Southern Region Production/
Cargo Locations Inside back cover
02 SOUTH PORT ANNUAL REPORT 2020

2019/20 Significant Events
öOperating NPAT of $9.43 million
(2019 - $9.79 million), a 3.6%
decrease on last year
öTotal cargo of 3.27 million tonnes
(2019 3.52 million tonnes), a 7.2%
decrease on last year
öTotal log volumes exported
through the Port were down 33%
on the previous year
öTotal container volumes down 2%
on the previous year
öStaff performed exceptionally
well to changes in work processes
as a result of COVID-19
öCOVID-19 impacted cargo
operations, specifically forestry
products that were not handled
through the Port during the Alert
Level 4 lockdown period
öA full year dividend of 26.0 cents
maintained (2019 – 26.0 cents)
ö$1M expansion project for the
container yard completed
providing additional storage areas
and improving the efficiency of
the terminal operation
öA significant maintenance
dredging project of the swinging
basin and berth pockets was
completed – occurs every 12-15
years.
öSacrificial anodes successfully
installed onto the Oyster Wharf
that are now being monitored on a
regular basis
öSuccessful installation of
Impressed Current Cathodic
Protection (ICCP) to four more
bays of the Access Bridge.
Undergoing regular monitoring
now to analyse effectiveness of
installation
öContinued higher R&M
expenditure on the Island Harbour
infrastructure as previously
signalled
öInvestigations have begun on
the potential deepening of the
entrance channel, swinging basin
and berth pockets at Bluff
öThe Marine team is investigating
the purchase of a 65-tonne
bollard pull tug at the Port to
improve safety limits and provide
additional capacity to handle
larger vessels
öNew Zealand’s Aluminium Smelter
announces the cancellation of
their Electricity Contract with
Meridian and the potential closure
of the manufacturing facility at
Tiwai Point in August 2021
ö29,200 MT of stock food imported
on the MV Blue Balestier, a record
for a single shipment into the Port
ö38,400 MT of woodchips, a record
shipment, was exported through
the Port on the MV Prince of Tokyo
ö4,330 TEU Mediterranean Shipping
Company vessels now calling
regularly at the Port
öA Port Open Day was held in
March providing tours of the Island
Harbour, container terminal, cold
store and our floating plant (tugs)
öCommunity Engagement Policy
was approved by the Board and
opportunities are being promoted
for staff involvement within the
community
öAn independent review of pilotage
practices at the Port was carried
out with a view to modernising our
existing systems
öBlast freezer completes first
full year of operation and has
proved to be a good addition to
the services provided by the cold
store
öOMV (Austrian oil and gas giant),
unfortunately was not successful
with their exploratory drilling
campaign in the Great South
Basin
öOpen Country Dairy complete
construction of their third dryer
and new warehouse at the
Awarua site
öSouth Port employed its first
female operator of large
machinery in the terminal
öLeadership training delivered to
staff across various levels within
the Company
öSouth Port Directors involved
in the Southland Regional
Development Strategy (SoRDS)
Aquaculture Team
öA number of Bowtie workshops
completed during the year
providing some very good
recommendations for workplace
safety improvements
Our Purpose
öIn all activities the Company will
ensure a safe workplace is provided,
employee wellbeing is enhanced
and the physical environment is
respected
öProtect existing trade and develop
growth opportunities - this aspect
of the strategy requires the
Company to deliver continuous
improvement in these areas
öStrengthen and extend existing
New Zealand port relationships/
alliances and position the business
for potential future sector
rationalisation
öDevelop and / or influence optimal
logistics solutions with port
linkages
öOptimise shareholder value and
reinvest in our business
öEvaluate and acquire appropriate
technology to enhance, protect and
expand our core business
öInfrastructure, fit for purpose,
whole of life. Available, flexible and
resilient, with acceptable returns
Key Objectives
öSouth Port New Zealand Ltd
(South Port) is the southernmost
commercial port in New Zealand,
located at Bluff and operating on
a year-round, 24-hour basis. It
is situated in the rich productive
province of Southland, which
is responsible for generating
a sizeable proportion of New
Zealand’s total exports by
value. The region’s major cargo
producing sites are situated within
30 to 80 kms of the Port.
öThe Port of Bluff has been
operating since 1877, while the
Company was formed in 1988
having taken over the assets and
liabilities of the former Southland
Harbour Board.
öSouth Port was listed on the NZ
Stock Exchange (NZX) in 1994
and has Environment Southland,
the region’s local government
environmental agency, as its 66%
majority shareholder.
öSouth Port established its off-
port Intermodal Freight Centre
(IFC) in July 2016. Strategically
located adjacent to the KiwiRail
railhead in Invercargill, the IFC
allows importers and exporters in
the Southland and Otago regions
to distribute their products in a
timely and efficient manner.
Company Profile
öOwns and manages assets which have
a book value of $59 million
öDirectly employs 105 permanent staff
and utilises additional fixed term and
casual staff to support our marine
activities and seasonal operations
öIs the only Southland based company
listed on NZX – market capitalisation as
at 30 June 2020 equated to $182 million
öHandles in excess of 3.4 million tonnes
of cargo in a normal trading year
öOffers full container, break bulk and
bulk cargo capability and services the
following main cargoes:
öimport – alumina, petroleum products,
fertiliser, acid, stock food and cement
öexport – aluminium, timber, logs, dairy,
meat by-products, fish and woodchips
öHas split its land-based operating
resource into four main divisions – dairy
warehousing, containers, cool and cold
storage and general cargo
öUndertakes its primary port operation
on a 40 ha. man-made Island Harbour
situated at Bluff
öOperates a separate dedicated fuel
berth at Bluff Town Wharf plus provides
the Tiwai Wharf facility to the New
Zealand Aluminium Smelter (NZAS)
under a long-term licence
öOwns and operates an off-port
container packing/unpacking facility
adjacent to the KiwiRail railhead at
Mersey Street, Invercargill. The 8,000
m2 site houses a 4,000 m2 customs
controlled and MPI transitional facility
öServices vessels carrying approximately
1 million tonnes of cargo destined for
movement across the Tiwai Wharf each
year, of which two thirds is raw material
imports while one third is finished
aluminium product
öHas approximately 3 ha. of on-port land
available for further port development
or industry establishment
South Port Facts
To facilitate the best logistic solutions for the region.
032020 SOUTH PORT ANNUAL REPORT
04 SOUTH PORT ANNUAL REPORT 2020

Review of Operations
OVERVIEW AND CARGO
The operating after-tax profit of $9.43
million (2019 - $9.79 million) is a 3.6%
decline on last year’s result in line
with guidance provided in our 2019
Annual Report. This is a very pleasing
result considering total cargo was
3,269,000 tonnes (2019 - 3,520,000
tonnes) representing a 7.2% decrease in
cargo volumes on the previous period.
Volumes were impacted by a softening
of the international commodity markets
and the COVID-19 pandemic, with the
Company like the rest of the economy,
affected most noticeably during the Alert
Level 4 lockdown period in April 2020.
Forestry was the main contributor to
the decline in cargo with both logs and
woodchips down on past seasons. Log
volumes in particular were affected by
an oversupply of Spruce logs into the
China market as a result of a bark beetle
infestation in Europe which accelerated
the harvesting of that species. This was
compounded during the lockdown when
forestry cargoes were not considered
an essential industry, therefore all
log and woodchip exports (including
containerised timber products) ceased
during this period.
Record volumes of bulk stock food
products were imported due to a late
season surge of shipments through
the Port. These increases were partly
attributed to COVID-19 restrictions that
dictated a change in working conditions
at the meat plants, slowing down the
number of stock units being processed
which eventually led to a shortage of
feed in the region.
BENEFITS OF DIVERSIFICATION
While bulk cargoes are the backbone of
the Company’s trade, the standouts this
past financial year were the cold storage
facility and the container activities,
effectively making up for any bulk
volumes lost through the Port.
The upgrade to the cold storage facility
completed 18 months ago continues to
deliver excellent benefits to the port
operation. The extended load-in and
load-out bays while increasing efficiency
has also led to an improved safety factor
for the staff operating in this area. The
new blast freezer continues to exceed
our volume expectations and is proving
to be a welcome addition to the services
provided on the Island Harbour.
Recent extensions to the container
terminal area have provided the much
needed additional space for the efficient
storage and movement of containers
that was missing this time last year. This
change has resulted in improvement
in the Port’s planning of the depot and
ship day operations. These efficiencies
combined with the increased throughput
of refrigerated cargo at the Port has been
one of the highlights for the Company
this past financial year.
The Mediterranean Shipping Company
(MSC) continues to call at the Port on a
weekly basis with its Capricorn Service
providing excellent links to worldwide
markets. While volumes have remained
consistent with previous years, the
call at Bluff provides a significant
competitive option for the Southern
region’s importers and exporters.
In addition, the Intermodal Freight
Centre provides an important container
handling option in the Southern region
supply chain. This facility provides
both container packing and unpacking
options for containers handled through
all Southern region ports, serviced by
both road and rail, for the benefit of all
Southland customers.
Rex Chapman, Chairman and Nigel Gear, Chief Executive
052020 SOUTH PORT ANNUAL REPORT

COVID-19
The Board also recognised this effort
separately through a $500 COVID-19
bonus payment to all permanent and
fixed-term staff. This was well received.
It has been an extremely difficult time
for the international community since
the outbreak of COVID-19 in Wuhan,
China. While New Zealand has come
through this period relatively well, many
of our trading partners are still struggling
to get the virus under control. During
the Alert Level 4 lockdown the port
operation was considered an essential
business, therefore we could continue
operating, which also meant that most of
our staff were expected to keep working.
New processes and procedures were
adopted to ensure the safety of our staff
and the business continued to operate
extremely well thanks to the hard work
put in by all of the team. The Board and
the Leadership team would like to pass
on our sincere thanks to all our staff that
worked during this time.
VALUES
Last year we reported that the Company
had gone through extensive consultation
with staff to select a core set of values.
These values are now becoming part of
our normal daily language, processes
and routines. They have also been an
excellent resource to reflect on during
the COVID-19 pandemic and have served
us well when making decisions during
this period.
SAFETY, HEALTH AND WELLBEING
Safety First is our most important core
value at the Port. Safety continues to
be our highest priority, both as one of
our core values and also incorporated
into our strategic planning. This past
year the performance of the team
has been up to a high safety standard
which is a tribute to the hard work and
buy-in of all staff. There has been some
excellent safety processes and controls
put in place by our employees following
running a number of Bowtie workshop
sessions. These sessions are proving
to be very successful with both staff
and leadership analysing critical risks
and contributing to finding solutions to
eliminate or mitigate these same risks in
our work environment.
The Company has an emphasis on
wellbeing in the workplace. This was
an important consideration during
the global pandemic when some
concentrated work was undertaken
around the wellbeing of our staff both at
work and at home. This was a significant
period of learning for everyone involved
and will assist the Port operation should
we have further lockdowns / pandemics
in the future.
COMMUNITY ENGAGEMENT
A Community Engagement Policy was
drafted and approved by the Board during
the past year. This Policy has now been
put into action which culminated with
a successful Port Open Day that was
held in March this year, which is covered
extensively, amongst other initiatives,
later in the Report.
NEW ZEALAND’S ALUMINIUM SMELTER
(NZAS)
Much can happen in 24 months. In our
2018 Annual Report we were discussing
the positive announcement that the
fourth potline at NZAS was reopening
for the first time in many years and at
the time of writing this we are now,
unfortunately, facing the potential
closure of the entire operation.
On 23 October 2019 Rio Tinto announced
a strategic review of the NZAS operation
located at Tiwai Point. This review was
completed, and on 9 July 2020, it was
announced Rio Tinto will start planning
for the wind-down of operations and
the eventual closure of NZAS. NZAS
has given Meridian Energy notice to
terminate the power contract, ending
August 2021.
Since this announcement business
and community leaders have together
lobbied the Government to work with
Rio Tinto for an extension of the shut
down period to at least a four to five year
timeframe. This additional time would
allow for the planning and transition to
new industries, therefore preserving jobs
and keeping skilled labour in the region.
It is important to note that NZAS
contributes around $450 million annually
to the New Zealand economy, producing
some of the lowest carbon aluminium
in the world, using hydro electricity
from the Manapouri Power Station. The
base fundamentals for the continued
operation of NZAS are still very sound
and it is important that the Government,
electricity providers and Rio Tinto
negotiate a sensible solution that will
benefit not only Southland, but the New
Zealand economy.
South Port owns the Tiwai Wharf and
causeway which is used by NZAS under
the terms of a Licence Agreement which
expires in 2043. NZAS pays South Port a
Licence Fee pursuant to this Agreement.
The Port also provides container packing
activities at the Island Harbour and
marine services to NZAS and this would
be impacted by any closure.
06 SOUTH PORT ANNUAL REPORT 2020

COMPARATIVE CARGO BREAKDOWN 2019COMPARATIVE CARGO BREAKDOWN 2020
EXPORTS48%
24%
NZAS Imports
6%
Stock Food
10%
Fertiliser
2%
Sulphuric Acid
7%
Petroleum
3%
Other Imports
31%
Forestry
5%
Agriculture
2%
Other Exports
10%
NZAS Exports
IMPORTS52%
EXPORTS43%
26%
NZAS Imports
8%
Stock Food
10%
Fertiliser
2%
Sulphuric Acid
8%
Petroleum
3%
Other Imports
24%
Forestry
7%
Agriculture
2%
Other Exports
10%
NZAS Exports
IMPORTS57%
072020 SOUTH PORT ANNUAL REPORT

INFRASTRUCTURE
The Asset Management Plan (AMP)
continues to be a major focus for the
Port. Since 2017 significant additional
resources and effort has been applied
to the maintenance work on the
Island Harbour and the Access Bridge
as our knowledge of the underlying
infrastructure has improved. It is
pleasing to note that the forecasted
increase in the AMP expenditure peaked
this past financial year and while it is
expected to stay consistent in FY2021 we
are forecasting a reduction beginning in
FY2022.

$500,000
0
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$4,500,000
2017201820192020202120222023202420252026
ActualBudget
2016
STRATEGIC INITIATIVES
Consistent with our purpose to facilitate
the best logistic solutions for the region,
the Board has the following initiatives to
consider:
New Tug
South Port is undertaking an
investigation into the purchase of a new
tug. Currently the Port has two tugs,
MV Hauroko and MV Te Matua with a
combined bollard pull of 75 tonnes. With
an increase in size of vessels calling
at Bluff, the Company would like to
increase the bollard pull capacity to
provide an additional safety margin
for the marine team. The investigation
includes reviewing both the size and
type of tugs currently on the market
compared with the commissioning of
a new build, with a view to making a
decision about an acquisition.
Entrance Channel
The Company is reviewing the
characteristics of our entrance channel
and whether there are options to remove
the high spots, predominantly located
on the eastern side of the channel. The
benefits of achieving this would be that an
increased operating draft would improve
the safety margins for ship movements
and provide greater capacity for vessels
to take additional cargo. This is an
exciting prospect however consideration
of the project is still in the early stages
and stakeholders will be consulted as
we move through the process towards
making a final decision.
ASSET MANAGEMENT PLAN EXPENDITURE
08 SOUTH PORT ANNUAL REPORT 2020

REGIONAL UPDATE
Great South Basin
OMV New Zealand Limited in conjunction
with their partners, Beach Energy
Resources NZ Limited and Mitsui E&P
Australia Pty Limited, undertook an
exploratory drilling campaign for natural
gas in the Great South Basin in January
2020. Unfortunately, after years of work,
analysis and significant expenditure the
drilling was not successful.
Aquaculture
The Southland Aquaculture Working
Group has been investigating and
promoting the establishment of a
salmon hatchery in Southland to
support anticipated future growth of
aquaculture in the region. Recently
the Government announced a loan of
$8 million through the Provincial Growth
Fund to enable Sanford Ltd to construct
the first stage of a modular land-based
Recirculating Aquaculture System
salmon hatchery for the growing of
Chinook (King) salmon at the former
Ocean Beach Freezing Works site in
Bluff.
In February this year, Ng
āāi Tahu Seafoods
Ltd lodged an application to use water
space off the northern coast of Rakiura
(Stewart Island) to develop a sustainable
open ocean salmon farming operation,
Hananui Aquaculture.
In addition, Sanford Ltd has also lodged
a consent with Environment Southland
to establish an open ocean salmon farm,
28km from Bluff near Ruapuke, at the
south-end of Foveaux Strait.
It is estimated that these two sites if
consented could support approximately
55,000 tonnes of salmon production.
New Zealand’s current production is
15,000 tonnes.
A 2019 NZIER report estimated that
25,000 tonnes of salmon production
would produce $1.4 billion in export
earnings and support 800 full time
jobs and these developments would go
some way to achieving the New Zealand
Government’s Aquaculture Strategy of
targeting aquaculture to be a $3 billion
industry by 2035.
Rex Chapman (Chairman) and Tommy
Foggo (Director) are both members of
the Southland Aquaculture Working
Group.
DIVIDEND
The Board has an ongoing policy of
assessing South Port’s dividend flow
after taking into consideration both its
Free Cash Flows (FCF) and its reported
profits. For the purposes of this policy,
FCF is defined as annual operating
cash flow less net maintenance capital
expenditure in the same period. In
establishing the dividend payment
level, Directors took into account the
Company’s annual profit movement plus
future maintenance requirements that
are expected to impact profitability. This
year Directors also had regard to the
uncertain economic outlook caused by
the COVID-19 pandemic.
Accordingly, the Board elected to pay
a consistent dividend of 18.5 cents.
This translates to a full year dividend
of 26.0 cents (2019 – 26.0 cents). Full
imputation credits will be attached to
all distributions. The dividend payment
represents a gross return of 5.2% (net
3.7%), based on a share price of $6.95 as
at 30 June 2020. A dividend pay-out ratio
of 72% results for 2020 (using reported
NPAT) and equates to 79% of FCF.
BOARD COMPOSITION
Mr Rex Chapman and Mr Jeremy McClean
retire this year by rotation and being
eligible offer themselves for re-election.
The Company has received no other valid
Director nominations.
092020 SOUTH PORT ANNUAL REPORT

OUTLOOK
While business and trade have returned
to pre COVID-19 levels, there are still a
number of unknown variables that could
affect the Company in the coming 12
months.
The continued impact of COVID-19 on
international markets and the possibility
of further waves within New Zealand are
still considered a material risk for the
business going forward. South Port is
considered an essential industry and we
expect that should the country return
to higher Alert levels in the future, all
cargos, including forestry, will continue
to be handled through the Port.
The significant announcement by NZAS
of a potential closure in August 2021
is a concern for both the Port and the
Southland economy. As reported in our
recent NZX release, NZAS represents
one third of the Port’s cargo base and
approximately 18-20% of our NPAT. The
full impact of this will not be felt for a
number of years should a decision be
made to close, however the Port will
continue to closely monitor the progress
of negotiations in the coming months.
There is still considerable uncertainty
moving forward as to how international
markets are going to hold up during this
turbulent time. Our customers have
indicated they have good visibility of
sales out to the end of the third quarter
(October 2020) however, beyond this
timeframe there is some doubt.
Despite all this uncertainty the Company
is optimistic about the future. The
possibility of the tug purchase and
entrance channel deepening provides
a pathway of growth for the Company.
The Southland region is working hard
to establish both new industry in
aquaculture and preserve the life of the
Smelter for another four to five years as
well as evaluating other opportunities.
Based on all known factors at the date
of compiling this Report, South Port
estimates that earnings in the next
financial year are likely to reduce by
approximately 2%.
With this lower earnings profile and
in the absence of any unforeseen
circumstances, the Directors will still
be endeavouring to maintain the current
level of dividend payment.
10 SOUTH PORT ANNUAL REPORT 2020

335
2020
CRANE PRODUCTIVITY
CONTAINERS PACKED/UNPACKED
SHIP CALLS
NUMBER OF CONTAINERS
BREAKDOWN OF CARGO
BREAKDOWN OF CARGOCRANE PRODUCTIVITY
CONTAINERS
SHIP CALLS
NUMBER OF CONTAINERS
33.5
(Gross container
moves per hour)
47,500
(20 foot container equivalents)
11,400
335
492,000
Tonnes
2,519,000
Tonnes
258,000
Tonnes
(Gross container moves per hour)
(Packed/Unpacked)(20 foot container equivalents)
201932.5
30.6
2016
32.82017
2018
31.5
CONTAINERS
(Tonnage)
(Tonnage)
BREAK BULK
202033.5
35,100
2016
39,100
2018
48,700
2019
39,300
2017
317
2016
319
2018
352
2019
312
2017
9,600
2016
9,900
2018
11,500
2019
9,900
2017
390,000
2016
431,000
2018
469,000
2019
415,000
2017
BREAK BULK
BULK
CONTAINERS
47,500
2020
11,400
2020
492,000
2020
BULK
(Tonnage)
2,771,000
2019
2,719,000
2018
2,371,000
2017
2,428,000
2016
2,519,0002020
258,000
2020
281,0002019
295,000
2018
267,000
2017
230,000
2016
112020 SOUTH PORT ANNUAL REPORT

From 1 July 2016 to 30 June 2020
SHARE PRICE
1
1 – 2009 drop in tonnage due to 30% decrease in NZAS throughput attributable to a pot-line outage

200020052010
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
3,500,000
(tonnes)
201519942020
HISTORICAL TRADE FIGURES 1994-2020
$4.60
$4.40
$5.00
$4.80
$5.40
$5.20
$5.60
$6.00
$5.80
$6.20
$6.40
$6.80
$6.60
$7.00
$7.20
$4.00
$4.20
$3.80
$3.60
$7.40
$7.60
$7.80
$8.00
20182020201620172019
APROCTJANJULJANAPROCTJULJANAPROCTJULJANAPROCTJULJANAPRJUL
12 SOUTH PORT ANNUAL REPORT 2020

R CHAPMAN
Chairman
N GEAR
Chief Executive
DOMICLE OF SHAREHOLDINGS
New Zealand Breakdown Holders % Issued Capital %

Northland 25 2.53 80,608 0.31
Auckland (incl. North Shore,
Waitakere & Rodney) 186 18.81 1,931,155 7.36
Greater Auckland Region
(incl. Manukau) 45 4.55 108,926 0.42
Waikato & Bay of Plenty 145 14.66 768,466 2.93
Taranaki, Wanganui,
Hawkes Bay & Gisborne 61 6.17 199,069 0.76
Wellington Region 45 4.55 145,473 0.55
Wellington City 38 3.84 233,764 0.89
Upper South Island 67 6.77 332,231 1.27
Christchurch 47 4.75 1,690,587 6.44
Lower South Island 295 29.83 18,321,740 69.83
International Holders % Issued Capital %

Australia 21 2.12 219,183 0.84
Canada 1 0.1 43,978 0.17
Germany, Federal Rebublic Of 1 0.1 1,000 0.0
Hong Kong 1 0.1 4,000 0.02
Malaysia 1 0.1 400 0
New Zealand 954 96.46 23,812,019 90.76
Philippines 1 0.1 1,000 0.0
Switzerland 1 0.1 4,355 0.02
Thailand 1 0.1 1,000 0.0
United Kingdom 4 0.4 3,300 0.01
United States 3 0.3 2,144,663 8.17
(Breakdown above)
132020 SOUTH PORT ANNUAL REPORT

CORPORATE SOCIAL
RESPONSIBILITY
14 SOUTH PORT ANNUAL REPORT 2020

What is Corporate
Social Responsibility
(CSR)?
Corporate Social Responsibility is the continuing
commitment by business to behave ethically and
contribute to economic development while improving
the quality of life of the workforce and their families as
well as of the local community and society at large.
THE WORLD BUSINESS COUNCIL FOR SUSTAINABLE DEVELOPMENT
öSafety, Health & Wellbeing
öOur People
öOur Community
öEnvironment
öInfrastructure
öFinancial Highlights
CSR includes the following sections:
“
”
152020 SOUTH PORT ANNUAL REPORT

Engage Yourself (5%)
Manage Your Thinking (13%)
Play (1%)
Get Adequate Sunlight (2%)
Get Adequate Sleep (9%)
Get Strong (9%)
Eat Real Food (27%)
Reduce Fake Foods (15%)
Move Slowly Lots (13%)
Move Quickly Once in a While (6%)
Healthy Habits Content Consumed
Engage Yourself (5%)
Manage Your Thinking (13%)
Play (1%)
Get Adequate Sunlight (2%)
Get Adequate Sleep (9%)
Get Strong (9%)
Eat Real Food (27%)
Reduce Fake Foods (15%)
Move Slowly Lots (13%)
Move Quickly Once in a While (6%)
Healthy Habits Content Consumed
SMOKING CESSATION PROGRAMME
Another Smoking Cessation Programme
was held during the year with four
participants joining. Congratulations
to Te Ratu Sikisini who participated and
successfully kicked the habit. Thanks
to Nga Kete Matauranga Pounamu
Charitable Trust who facilitate the
programme onsite and support our
employees.
Pictured with Te Ratu from Nga Kete
Matauranga Pounamu Trust are Barbara
Metzger and Joanne Te Tai (a sign of our
close knit community - Barbara is the
mother of our Finance Manager, Lara
Stevens and Joanne is the mother of
Houston Te Tai who is employed within
our container operation).
WELLBEING INITIATIVE - PULSE
Our online wellbeing platform “Pulse”
has been extensively promoted and well
supported throughout the year. There are
92 people registered on the programme
made up of employees and their family
members. Since rollout there has been
in excess of 41,000 page views and over
360 challenges completed.
Members of the South Port team have
participated in a number of PULSE
wellbeing challenges during the last
12 months including:
öPulse Wellbeing Challenge Series
öFront Row Challenge (World Cup)
öLet’s Get Quizzical
öBoost Series (eating well and walking)
öSurf to City
öThe Winter Team Challenge
öSHIFT – Kiwi Edition
öBrain Games
Safety, Health & Wellbeing
Engage Yourself (5%)
Manage Your Thinking (13%)
Play (1%)
Get Adequate Sunlight (2%)
Get Adequate Sleep (9%)
Get Strong (9%)
Eat Real Food (27%)
Reduce Fake Foods (15%)
Move Slowly Lots (13%)
Move Quickly Once in a While (6%)
Healthy Habits Content Consumed
16 SOUTH PORT ANNUAL REPORT 2020

FALL ARREST SYSTEM - INTERMODAL
FREIGHT CENTRE
A fall arrest system has been installed
at the Intermodal Freight Centre in
Invercargill. The new system consists
of six static lines fitted into the shed
roof and a series of movable retractors
that the operators can connect to. The
system allows the task to be completed
safely whilst also allowing storage
optimisation in the warehouse.
172020 SOUTH PORT ANNUAL REPORT

INDUCTION UPGRADE PROJECT
South Port has partnered with software
provider Bracken to upgrade its
induction delivery platform. The project
is progressing well with the induction
content being refreshed, and filming
of content to be embedded within the
various inductions is currently underway.
EQUIPMENT INSPECTIONS, TRAINING
AND PERSONAL PROTECTIVE EQUIPMENT
(PPE) SUPPLIES
The COVID-19 designations around
essential services and restrictions on
travel meant that some of our usual
plant certification and training systems
were restricted. Our suppliers were very
helpful in unforeseen circumstances,
particularly Safety First, who supplied
much of our COVID-19 PPE supplies.
Pictured is Tony Howard from Stork
Cooperheat conducting certification
inspections on some of our heavy lifting
plant during Alert Level 2.
EMPLOYEE ASSISTANCE PROGRAMME
The COVID-19 global pandemic was a
very unsettling time for everybody, but
our team dealt with the challenges and
showed their resilience throughout the
lockdown Alert Levels. We encourage
our employees to use the Employee
Assistance Programme if they feel
that they need some extra help; the
programme is also available for direct
family members.
18 SOUTH PORT ANNUAL REPORT 2020

BOWTIE CRITICAL RISK SYSTEM
Throughout the year we have been
utilising Bowtie software in facilitated
team sessions to analyse our critical
risks. Participation in the sessions has
been positive and input from operators
has helped identify 20-30 potential safety
improvements per risk reviewed.
192020 SOUTH PORT ANNUAL REPORT

ICAM
INCIDENT CAUSE ANALYSIS METHOD
(ICAM) TRAINING
In September 2019 we conducted Incident
Cause Analysis Method training. This
advanced incident investigation technique
gives our internal investigators a higher
level of skills. Fourteen employees
attended the training which included
Managers, Supervisors, Pilot, Tug Engineer,
Infrastructure Engineer and the Health &
Safety team.
FORKLIFT SAFETY SENSOR TECHNOLOGY
Following trials, two different types of
safety sensors have been installed on
our forklift fleet during the year. Our
small forklift fleet have been fitted with
Seen Safety Lidar sensors that detect
people wearing hi-vis that might pass
behind the machine. The larger forklift
fleet are in the process of being fitted
with Rearsense radar systems. With
mobile plant versus person being one of
our critical risks, these systems help our
operators identify when persons/objects
may appear behind the machines.
20 SOUTH PORT ANNUAL REPORT 2020

LOST TIME INJURY AND TOTAL RECORDABLE INJURY FREQUENCY RATES

1
0
Jul
2019
2
3
4
5
6
Aug
Sep
OctNovDecJan
2020
FebMarAprMayJun
Total Recordable Injury Frequency Rate (TRIFR)
Lost Time Injury Frequency Rate (LTIFR)
Injuries per 100,000 work hours - 12 month rolling
During the November/December period, the Lost Time Injury Frequency Rate (LTIFR) dropped to its lowest level in more than four years.
212020 SOUTH PORT ANNUAL REPORT

Our People
At South Port, our people are our greatest asset, but it’s how we develop, empower
and enable them that is important. We need to set goals and objectives, offer
rewards and incentives to keep our people motivated and energised, provide them
with resources, systems and processes, delegate authority and allow them autonomy
so they can go about their day-to-day activities.
KEY INFORMATION
Fixed Term
as at 30 June 2020
9
New Permanent Staff
joined since 1 July 2019
13
Permanent staff
as at 30 June 2020
105
LEADERSHIP AND TRAINING
Over the past year, we have invested heavily
in developing and upskilling our people.
Leadership development, talent
identification, succession planning and
career pathways are all critical to building
a capable, agile and engaged workforce.
Effective leadership is key to our success.
Our in-house Leadership Programme,
which was trialled by our Leadership Team
last year, was rolled out to our Supervisors
and Seniors who have a hands-on role in
coaching and mentoring our operational
teams. The programme, while still in its
infancy, is showing signs of success and
has also been offered to other staff who
have (or are seeking) peer leadership
responsibilities.
An area we are focusing on is ‘peer
leadership’. We are all familiar with
formal structured leadership, most
often signified through title and position.
However, informal influences are even
more important, even though they haven’t
traditionally been associated with
leadership – offering constructive ideas,
speaking up in team meetings, channeling
feedback, keeping other team members on
task, sharing best practices and motivating
others.
Our Company is adapting and positioning
itself for the future. To do this we need
our people to do the same. Put simply,
we need the right people, with the right
skills, in the right jobs at the right time!
At all levels across the business, we
have focused on staff training to ensure
our staff are competent, confident and
committed as we go about our day to day
activities. This has resulted in a number
of staff successfully completing training,
gaining new skills and experience and
progressing further on their career
pathways.
Here are just a few of them...
PAUL JAMES
MARINE
Paul joined South Port in January 2018,
after more than 20 years’ experience in
global shipping including as Master on
car carriers on a round-the-world run.
Following two years of intensive pilotage
training in our southern deep water port,
Paul qualified in early 2020 as a Pilot
(unrestricted) and is leading the way for
our ‘next generation’ of pilots navigating
the channel.
22 SOUTH PORT ANNUAL REPORT 2020

Internal Promotions
12
ALASTAIR MCKERCHAR
IFC
Alastair has been with South Port for
some years and is recognised and
respected by his colleagues as a skilled
operator and all-round ‘good guy’. In
late 2018, Alastair signalled his interest
in taking on more responsibility and
aspiration for a leadership position. He
fully embraced our in-house leadership
training programme facilitated by Robin
Rawson. Alastair understood that the
transition from being ‘one of the guys’
to a leadership role would not be easy,
but he is fortunate to have had the full
support and cooperation of experienced
operators Brett McDonald and Dan
Akuhata.
New Positions Created
36
Internal Transfers
FLOYD KARETAI
GENERAL CARGO & CONTAINER TERMINAL
Floyd has been with South Port since
October 2014, initially in the Cold Stores
and then transferring to General Cargo
in September 2017 where he packed
aluminium in block, ingot and billet form.
Floyd is a skilled forklift driver and this
year successfully completed training
to operate our mobile harbour cranes.
This is a significant career achievement
for Floyd and it is great to have another
talented operator joining the crane
roster.
The highlight of the past year was in
May when Floyd and his partner Renei
welcomed their daughter Keia.
ELGREENE LEVISTE &
MATTHEW COSTIGAN-
NOBLE
COLD STORES
Elgreene and Matthew both started
at entry level as fixed term (seasonal)
operators, loading containers. They
have now been promoted to permanent
positions, which recognises their skills,
work ethic and commitment to our
Values. Elgreene has built up his product
knowledge quickly and is trained to scan
a full range of export product. Matthew
can scan import and export product, loads
pet food containers and is being trained to
‘dig’ (i.e. muster) product from inside the
stores for loading into containers.
LEADERSHIP EXPECTATIONS
232020 SOUTH PORT ANNUAL REPORT

MANAAKITANGA
Within South Port, the concept of
Manaakitanga is about nurturing
relationships, showing respect and
caring about the wellbeing of others. It
also involves helping our people build
resilience, to adapt and ‘push on’ (within
safe limits of course!) when things don’t
go according to plan.
HAYDEN MCLISKEY
DAIRY WAREHOUSING
“A couple of years ago I was diagnosed
with a health condition that prompted
me to re-think my career options.
It really shook me at first, but I’m
determined this diagnosis won’t stand
in the way of my career at South Port.
Last year, I transferred from an operator
role to the admin office – this helped me
manage my health condition better and
also allowed me to gain new skills and
learn more about the overall business.
I’m really thankful for the support offered
by South Port over the lockdown when
I wasn’t able to come to work and this
confirmed to me that South Port is a
good company to work for.”
KEVIN KURU
COLD STORES
“South Port really supported me after I
suffered a back injury and went through
months of rehabilitation while I was
off on ACC. I’m still not 100%, but the
Supervisor and Foreman have given me
the chance to work within my physical
limits and work to my strengths –
product knowledge, accuracy scanning/
tallying, and training and coaching other
staff. Thanks, South Port!”
VALUES
In mid 2019, we adopted and launched
our Company Values. These underpin
the way we go about our business, and
in particular how our people interact and
engage with each other across all areas
and at every level of our business.
24 SOUTH PORT ANNUAL REPORT 2020

55%
Other
45%
Bluff
Employee
Domicile
81%
Male
19%
Female
Gender
33%
Age 40-49
19%
Age 30
19%
Age 30-39
29%
Age 50+
Age (Years)
DIVERSITY AND INCLUSION
At South Port, we want to create
an environment that recognises
and values different skills, abilities,
genders, ethnicities, backgrounds and
experiences.
Our journey towards a diverse and
inclusive workforce has to date been
around gender, specifically targeting
representation across four areas:
Board, Leadership Team, Supervisors
and Operators (i.e. the people who are
predominantly ‘on the tools’).
15%
10-19 Years
22%
5-9 Years
1%
40+ Years
6%
20-29 Years
53%
0-4 Years
3%
30-39 Years
Length of Service
(Years)
STATISTICS
At operator level, we had one female
employed in the Cold Stores on a fixed
term from late October 2019 to early June
2020. In April 2020, we employed our first
female container terminal operator – an
appointment based on merit – which we
hope will be followed by more women
taking on operator roles as vacancies
arise across the Port.
MICHELLE LAWSON
CONTAINER TERMINAL
Michelle started with South Port the day
we moved out of COVID-19 lockdown.
Her training programme was initially
held up due to mandatory physical
distancing requirements, but she has
quickly made up lost ground! She has
now been signed off to operate our heavy
container handlers and to be rostered for
continuous container vessel exchanges.
She has also been approved as an MPI
Accredited Person, has completed
heights training and first aid training is
in progress. All-in-all a great start to
Michelle’s career!
Category 2025 2020 2019 2018
% FEMALE % FEMALE % FEMALE % FEMALE
Board 25 33 17 17
Executive 25 25 25 25
Supervisors 20 17 14 0
Operational 10 2 3 0
All Permanent Staff 25 19 20 20
ActualTarget
25
2020 SOUTH PORT ANNUAL REPORT

Our Community
Sponsorship of sporting, cultural and community groups
is part of a long term commitment to support the local
community and region in which South Port operates.
26 SOUTH PORT ANNUAL REPORT 2020

COMMUNITY SCHOLARSHIP
Tremaine Mako
Tremaine will be a third year Medical
Student at University of Otago in 2020
and is working towards a Bachelor’s
Degree in Medicine and Surgery. His goal
is to become a Doctor and owning his
own practice providing a holistic styled
approach to treating and supporting
patients in Aotearoa through their
everyday lives.
Tremaine is an extremely active
sportsperson both participating in
and coaching sports including rugby,
basketball, swimming, sailing, volleyball,
boxing and athletics. Culture plays an
important role in Tremaine’s life, on many
occasions mentoring Maori students
in High School and at University (peer
mentoring and Ka Rikarika a T
āāne). He
seeks to pass down his knowledge
and experience about life and learning
to benefit and support the younger
generation coming through.
The attributes referred to in his letter
of recommendation were that he had
a superb work ethic, is industrious,
motivated and a serious thinker; modest
and self-effacing with impeccable
manners, conducts himself well and
is trustworthy, reliable and honest.
Tremaine is already modelling the traits
to support him in his future career.
STAFF SCHOLARSHIP
Corbyn Williamson
Corbyn graduated from Southland Boys’
High School in 2019 and has commenced
training as an Apprentice Electrician
with the Electrical Training Company
(ETCO) working towards a New Zealand
Certificate in Electrical Engineering.
Corbyn is being hosted by Bluff
Electrical. Corbyn is the son of South
Port Executive Assistant, Kirsten Hoyle.
Corbyn is a dedicated sportsperson and
fitness is a key part of his life regularly
attending the gym and cross-fit classes.
He is a member of the Oreti Surf Life
Saving Club as a trained lifeguard on
rostered patrols at Oreti Beach. Youth
sport is another passion with Corbyn
involving himself with touch rugby,
miniball, Bluff Swim Club and Oreti Surf
Life Saving coaching. Corbyn’s sporting
and cultural participation was evident
at school being Deputy House Captain
in 2019. He was an active member of
the SBHS ‘Tuakana Teina’ (Big Brother)
programme which further highlights his
level of integrity.
In his letter of recommendation
Corbyn was described as ambitious,
independent, sensible, down to earth
and of good character and commitment.
These will be great assets as he sets out
on the next chapter of his life journey.
SCHOLARSHIPS
Clare Kearney and Rex Chapman present Corbyn Williamson (centre left) and Tremaine Mako their 2020
scholarship cheques.
COMMUNITY AND REGIONAL
ASSISTANCE
Organisations that received
sponsorship assistance over recent
financial years include:
öBadminton Southland
öBluff Bowling Club
öBluff Flower Show
öBluff Hill/Motup
ōōhue
Environment Trust
öBluff Kindergarten
öBluff Netball Club
öBluff Oyster & Food Festival
öBluff Promotions
öBluff Rugby Club
öBluff Schools
öBluff Yacht Club
öBluff Volunteer Fire Brigade
öBurt Munro Challenge (Bluff
Stage)
öCoastguard Bluff
öExport Southland
öGraeme Dingle Foundation
öHospice Southland
öInvercargill Lions Club
öPolice Managers’ Guild Trust
öPort Softball Club
öQueens Park Golf Club
öRugby Southland
öSt John Ambulance Service, Bluff
öSouthland Cancer Society
öSouthland Chamber of
Commerce
öSouthland Cricket Association
öSouthland Football
öSouthland Sharks
öSpirit Army
öTe Ara o Kiwa Sea Scouts, Bluff
öTour of Southland (Bluff Stage)
272020 SOUTH PORT ANNUAL REPORT

COMMUNITY ENGAGEMENT
MORRISON’S BEACH
A key project for South Port in the
Bluff Community over the past year
has been the clean-up of Morrison’s
Beach. Completed over several months,
the project involved a tidy up of the
garden area, trimming hedges, adding
sleepers, replacing bark chips, along with
clearing the walkway to create a safer
path to walk along. In addition, viewing
platforms with large benches were
installed with the assistance of local
firms Bluff Engineering & Welding and
Port Maintenance.
Completed in June this year, the
feedback from the community has been
extremely positive.
Many of the Port’s employees were involved with the project, including the Company’s Directors (page 26).
BLUFF KINDERGARTEN
South Port assisted Bluff Kindergarten
staff and children to refresh their
gardens with a fresh sprinkling of new
bark chips around their playground and
garden area.
South Port’s Felicity Soper, Frank O’Boyle, Andrew Hill and Rochelle Van Beek with Bluff Kindergarten staff Jenna
Horrell (far left) and Sarah Bragg (far right) after completing the garden upgrade.
SOUTHLAND CHAMBER OF COMMERCE
LEADERSHIP ACADEMY
Over the past few years, the Southland
Chamber of Commerce has successfully
promoted a Leadership Academy aimed
at local professionals looking to develop
their leadership skills.
Completed over eight weeks, each
session is led by a senior executive from
high profile Southland and Otago based
businesses. South Port’s Geoff Finnerty
is one of the facilitators who has shared
his experiences and skills to the next
generation of Southland leaders over the
past 12 months.
Port General Manager, Geoff Finnerty (standing) sharing his experiences with the Leadership Academy.
28 SOUTH PORT ANNUAL REPORT 2020

BLUFF SWIMMING CLUB
The Port was approached to support
the Bluff Swimming Club during
its successful season. This was an
opportunity to be involved with the Club
of approximately 60 competitive and
learn-to-swim children.
BLUFF RUGBY CLUB
After a delayed start to the season, the
Bluff Rugby Club managed to take the
field to compete in the local Southland
Competition. South Port again joined
forces with the Club to be the naming
sponsor and provide the much-needed
financial support to ensure the sport’s
sustainability.
BURT MUNRO CHALLENGE – BLUFF HILL
CLIMB
For a number of years, the Port has
provided some financial assistance
towards the Bluff Hill Climb. This year a
number of staff assisted with the setup
of the stage and provided machinery
to assist lifting some of the over sized
equipment.
Jason Paul, Andrew Hill and Felicity Soper on the BBQ ready to feed the swimmers at their Chocolate Fish ‘Have
a Go’ swim meet.
Container operators Houston Te Tai, Mana Puki and Zaul-Jay Pirangi about to begin training for the Port-town
based club.
South Port right amongst the action at the finish line of the Bluff Hill Climb.
292020 SOUTH PORT ANNUAL REPORT

MANAAKITANGA
CHRISTMAS HAMPERS
South Port continued to spread the
Christmas joy in 2019 by putting
together hampers for local families
of Te R
ūūnaka o Awarua, St Teresa’s
School and Bluff School. South Port
Staff and Directors kindly donated food,
gifts and money which were passed
onto the organisations to make three
anonymous families Christmas 2019 one
to remember.
South Port Directors present a Christmas hamper for a family in need to Te Rūūnaka o Awarua Manager Gail
Thompson (left) and Te Rourou Manager, Andria Cross (centre) at Te Rau Aroha Marae.
St Teresa’s School Principal Dianne Gilroy (left) with students accepting a hamper of gifts and food from
Chief Executive, Nigel Gear and Warehousing Manager, Murray Wood.
Finance Manager, Lara Stevens and Port General Manager, Geoff Finnerty presenting Bluff School Principal,
Geoff Folster (centre) with a hamper for a school community family.
30 SOUTH PORT ANNUAL REPORT 2020

FOOTBALL
ONE TEAM
South Port football team after their first win of the season.
In October, a ‘Netballathon’ was held to help fundraise for a Bluff youth on her scoliosis journey. Unfortunately,
the team was narrowly beaten in the corporate final however were there for the right cause.
Staff and families at the BBQ provided by South Port at the completion of the Surf to City.
NETBALL
South Port encourages staff to
participate in a range of sporting
activities promoted by the Company.
Throughout the year these activities
included cricket, football, netball and the
Surf to City. It is a great opportunity for
staff members throughout the Port to
come together and participate in team
sports together, as well as improve their
health and wellbeing.
SURF TO CITY
312020 SOUTH PORT ANNUAL REPORT

SOUTH PORT OPEN DAY
For the first time in a number of years,
South Port held a Port Open Day during
March. A crowd of almost 400 visitors
participated in the day, enjoying
Information Booths, Bus Tours, Crane
and Forklift Demonstrations, Tug Tours
and Cold Store Tours. A large number
of staff helped during the day in
various roles.
32 SOUTH PORT ANNUAL REPORT 2020

332020 SOUTH PORT ANNUAL REPORT

Environment
MANAAKITANGA
Caring for our people, community and the
environment. South Port is committed
to caring for the environment and
doing what it can to make continuous
improvements and to minimise its
effects on the environment.
WORK SMARTER
Solutions focused, innovative and
flexible. Where it is economically viable
we will adopt technology to assist us
in achieving better, accurate and more
precise outcomes.
ENERGY AUDIT - COLD STORE
A port wide energy audit was completed
in 2012 but this year we are undertaking
a site-specific energy audit of our cold
storage facility. It is by far the highest
consumer of power on the Port (50%)
which creates an opportunity for the
biggest energy management gains. Once
this audit is complete, we will develop
a plan to implement the suggested
improvements.
WATER QUALITY MONITORS
Over the next 12 months South Port
will be installing water monitoring
instruments into the stormwater
network to profile the stormwater
quality. We intend to measure several
quality parameters such as turbidity, pH,
temperature and dissolved oxygen. Once
a baseline is established, we can begin
implementing improvements, if required,
the success of which can be measured
against the baseline.
WATER USE MANAGEMENT
We have installed PowerRadar smart
readers on the water reticulation making
real-time data on water usage available.
We are also installing additional water
meters on the network to better
understand on-site water consumption.
The new meters coupled with the smart
readers will make it easier to identify a
leak, including its location.
34 SOUTH PORT ANNUAL REPORT 2020

PAVEMENT SUSTAINABILITY
The Infrastructure Team is investigating
the possibility of implementing
more sustainable practices for the
rehabilitation of old pavements. The
current technique is to excavate and
dispose of the existing pavement and
replace with new granular layers, capped
with asphalt. However, pavement
construction practices have changed
significantly over the years reducing the
amount of material to be disposed of and
reducing the amount of gravel material
to be quarried.
The Port is currently working with local
roading contractors to potentially
develop a pavement design which will
reduce disruption to operations, reduce
the environmental impact and improve
pavement quality.
500mm
Asphalt
Wearing Course
Structural
Asphalt
Subgrade
PotentialExisting
Asphalt
1000mm
Basecourse
Subbase
Subgrade
352020 SOUTH PORT ANNUAL REPORT

ENERGY MANAGEMENT
Energy management is a topic the
Port has been looking at for a while. In
particular, how we can reduce power
waste, maximise efficiency, minimise
spend and monitor our on-site power
consumption. The first step in the
process is to understand our energy
infrastructure and we have achieved
this by installing over 60 PowerRadar
smart readers across the Port. We now
have real-time data which allows us
to see exactly how we use energy. We
can look at energy use from a ‘whole
site’ perspective or drill down to view
individual sites. With this new visibility
we will be able to identify energy waste
and implement change.
Other operational benefits of the
software are:
öMonitors loading on each individual
substation.
öProvides text/email alert system if a
substation goes above predetermined
limit.
öProvides text/email alert when there
is a power outage (including location).
öMeter reading completed remotely (a
3-day task is now a 10-minute task).
öData passed onto third party port
users to allow them to monitor their
carbon footprint.
36 SOUTH PORT ANNUAL REPORT 2020

SCOPE 1
Direct GHG emissions occurring
from sources that are owned or
controlled by the Company (eg,
fuel).
SCOPE 2
Indirect GHG emissions
occurring from the generation of
purchased electricity consumed
by the Company.
SCOPE 3
Other indirect GHG emissions
occurring as a consequence of
the activities of the Company,
but generated from sources
not owned or controlled by the
Company (eg, air travel).
GREENHOUSE GAS (GHG) EMISSIONS
PROFILE
This is the second year South Port has
taken the step to record and report on
their Scope 1 and Scope 2 emissions
as well as estimating the Scope 3
emissions.
Waste Landfilled
Air Travel International
Air Travel Short Haul
Air Travel Domestic
Electricity
Gas
Petrol
Marine Diesel
Automotive Diesel
50
FY2019
FY2020
Hotel Visits
Taxi
Recycling
100
150
200
250
300
350
400
450
500
550
600
650
700
800
850
900
950
1,000
1,050
1,100
1,150
1,200
1,250
750
0
TCO
2
e
GHG Emissions Comparison
GHG Emissions by Source (TCO2E)
733.03
Marine Diesel
89.66
Gas
20.31
Petrol
551.25
Electricity
10.00
Recycling Collection*
20.53
Hotel Visits
5.45
Taxi (regular)*
179.01
Waste landfilled
NO LFGR MIXED WASTE*
17.40
Air Travel International
OVER 3700KM (EXCL. RADIATIVE FORCING)
164.08
Air Travel Domestic
(EXCL. RADIATIVE FORCING)
42.58
Air Travel Short Haul
UNDER 3700KM (EXCL. RADIATIVE FORCING)
1,232.81
Automotive Diesel
TOTAL GROSS EMISSIONS
2020
3,066.11
2019
3,339.94
*Partial datasets (assumptions made).
372020 SOUTH PORT ANNUAL REPORT

SOUTH PORT FUEL CONSUMPTION
The graph below details the diesel
consumed by South Port, including our
customers and contractors. Overall,
there was a 13% reduction in diesel
usage between FY2019 and FY2020.
Some of this can be attributed to the 8%
reduction in tonnes of cargo handled this
year but also the effects of COVID-19 and
the slower forestry sector during the first
quarter of 2020.
Port-Wide Diesel Fuel Consumption
Oreti
Takitimu
Te Matua
Hauroko
Office Heating Tank
Tikore
Cranes
IFC
Yard Tank
25,000
FY2019
FY2020
Contractors/Suppliers
Z Station
50,000
75,000
100,000
125,000
150,000
175,000
200,000
225,000
250,000
275,000
300,000
350,000
375,000
425,000
450,000
400,000
0
Litres
SOUTH PORT POWER CONSUMPTION
The graph to the right details the power
consumed by South Port only. The
power consumed by third parties has
been removed from the totals. The
18% reduction in power consumption
between FY2018 and FY2019 is due to
South Port exiting the Foreshore Road
cold storage facility during FY2019.
The 14% increase between FY2019
and FY2020 can be attributed to the
introduction of a blast freezing service
in Cold Store 1 which recorded strong
volumes in FY2020.
South Port’s Electricity Consumption Summary

0
1,000,000
2,000,000
3,000,000
4,000,000
201920202018
(Total kWh)
5,000,000
6,000,000
38 SOUTH PORT ANNUAL REPORT 2020

392020 SOUTH PORT ANNUAL REPORT

Infrastructure
THE YEAR IN REVIEW....
ACCESS BRIDGE
Maintenance of the Access Bridge
continues in accordance with the Asset
Management Plan. We have completed
Year 2 of a 5-year programme targeted
at repairing the underside of the bridge
deck. Fours bays were completed this
year with a further four bays scheduled
for FY2021. Once this 5-year programme
is completed, we will turn our attention
to any piles which require maintenance.
Description Status
FY2019 Bay 5 Complete
FY2020 Bays 1, 4, 10 & 11 Complete
FY2021 Bays 2, 6, 8 & 12 Underway
FY2022 Bays 3, 7 & 9 Pending
FY2023 Bays 13 & 14 Pending
ForeshoreIsland Harbour
BAY 14BAY 13BAY 12BAY 11BAY 10BAY 9BAY 8BAY 7BAY 6BAY 5BAY 4BAY 3BAY 2BAY 1
20192021202220202022202020222021202320232020202120202021
COMPLETEDUNDERWAYPENDING
40 SOUTH PORT ANNUAL REPORT 2020

MAINTENANCE DREDGING
The annual dredging at South Port is
undertaken by South Port owned plant,
however on occasion more substantial
dredging (‘catch-up’ dredging), is
required to maintain the water depths
at the berth pockets and swinging
basin. This ‘catch-up’ dredging tends to
occur every 12 to 15 years (the last was
2005/06). On this occasion South Port
engaged the services of Dutch Dredging
(The Albatros) who was in Bluff for ten
days and removed 40,000m3 of material.
The spoil disposal area is located
offshore to the south of Tiwai Peninsula,
and east of the harbour entrance
(approximately 3.5km east of the Island
Harbour). This site has been used for the
disposal of dredging spoil since 1933,
and since 1979 the site has been the sole
dredge spoil disposal location.
As this is a maintenance campaign and
not a capital campaign, no additional
depth is achieved. It is merely getting
water depths back to where they should
be. The vessel draft at South Port
remains at 9.7m.
LIGHTING UPGRADES
As discussed in last year’s Annual
Report, we continue to improve lighting
standards across the Island Harbour
with the addition of LED light towers
on Berth 5 (pole 1) and Berth 3A. At the
time of writing, two further poles are in
the process of being installed; located at
Berth 5 (pole 2) and west of cargo Shed 7.
Once complete, we will have significantly
improved lighting to all key operational
areas on the Port.
OYSTER WHARF
Over the past 18 months we have
completed significant repairs on the
Oyster Wharf sheet pile wall to prolong
the life of the asset and make it safe
for users. The repairs included welded
patch repairs followed by the installation
of sacrificial zinc anodes to prevent
corrosion to the lower part of the wall.
Further repairs are scheduled for FY2021
focused on the upper portion of the wall.
412020 SOUTH PORT ANNUAL REPORT

A LOOK TO THE FUTURE....
ELECTRICAL UPGRADES
Over recent years, we have been
gradually replacing old equipment with
new modern technology. In the coming
12 months we are scheduled to upgrade
two significant switchboards, one at
the cold storage facility and the other
at the container terminal. The existing
switchboards are original and date back
to the 1960’s. They are in areas with the
highest power demand on the Port and
therefore are highlighted as significant
risks, hence the proposed replacement
programme.
Elsewhere on the Port we are installing
a generator to improve business
continuity. The generator will provide
temporary power to the administration
and container terminal buildings during
power outages without disrupting
operations. It will also be portable to
allow it to be used for other purposes
i.e. temporary power for light towers or
refrigerated containers.
REEFER TOWER
In the coming 12 months we plan to
construct a Reefer Tower with the
purpose of expanding the Port’s ability
to handle refrigerated cargo. It will also
create additional space in the container
terminal.
STORM BOLLARDS
The planned installation of Storm
Bollards has been delayed due to
COVID-19 and are now scheduled to
commence in September 2020. Two of
these bollards will be installed on Berth
8 and two on Berth 4 which will increase
the mooring capacity on both of these
key wharves.
PETROLEUM BERTH
The upgrade of the Petroleum Berth has
been on the radar for several years. We
are working hard with the stakeholders
to confirm the scope of work and finalise
the design. It is unlikely we will see any
physical work starting in 2020 but we
are hopeful that by the second quarter
of 2021 a contractor will be onsite
constructing the new wharf structure.
42 SOUTH PORT ANNUAL REPORT 2020

432020 SOUTH PORT ANNUAL REPORT

2016
2017
2018
2019
2020
23.7%
2016
2017
2018
2020
2019
21.3%
2016
2017
2018
2020
2019
Financial Highlights
In Thousands of New Zealand Dollars 2020 2019
Revenue $44,619 $44,026
Surplus after tax
$9,430 $9,787
Cashflow from operating activities $12,605 $13,554
Total assets $59,411 $56,699
Total equity $45,635 $43,026
Shareholders’ equity ratio 76.8% 75.9%
Earnings per share 35.9c 37.3c
Dividends declared per share 26.0c 26.0c
Net asset backing per share $1.74 $1.64
Return on shareholders’ funds 21.3% 23.6%
Cargo throughput (000’s tonnes) 3,269 3,521
SURPLUS AFTER TAX
2016$8.7m
2017$8.4m
2018$9.6m
2020$9.4m
OPERATING CASH FLOW
$11.9m
$12.1m
$12.3m
$13.6m
EQUITY RATIO
67.1%
70.8%
74.0%
75.9%
DIVIDENDS PER SHARE
26.00c
26.00c
26.00c
26.00c
RETURN ON EQUITY
25.3%
23.2%
25.0%
23.6%
RETURN ON ASSETS
25.4%
23.5%
26.3%
25.6%
2019$9.8m
2016
2017
2018
2020
2019
$12.6m
2016
2017
2018
2020
2019
76.8%26.00c
44 SOUTH PORT ANNUAL REPORT 2020

NET PROFIT AFTER TAX
$9.43m
 3.6% on previous year - $9.79M
REVENUE
$44.62m
 1% on previous year - $44.03M
EBITDA
$17.81m
 1.3% on previous year - $18.04M
DIVIDENDS PER SHARE
26.00c
same as previous year
EARNINGS PER SHARE
35.9c
 3.7% on previous year - 37.3c
RETURN ON SHAREHOLDERS’ FUNDS
21.3%
previous year - 23.6%
452020 SOUTH PORT ANNUAL REPORT

BCA, LLB (Hons), CFInstD
Appointed September 2010
Mr Cory-Wright is a Company Director
and a Strategic Adviser based in
Auckland. He is inaugural Chairman
of Papa Rererangi i Puketapu (New
Plymouth Airport) and a Director of
Matariki Forests, the Local Government
Funding Agency and Powerco. Mr Cory
Wright was previously a member of the
Local Government Infrastructure Expert
Advisory Group. He has specialised in
infrastructure businesses and recent
roles include being acting Chief Financial
Officer of Restaurant Brands, and
an Adviser to Kordia, Ballance Agri-
Nutrients, Auckland Airport, ACC and
Higgins Group Holdings.
Directors’ Profiles
PHILIP
CORY-WRIGHT
LLB, CMinstD, Chairman
Appointed October 2002
Mr Chapman is a Senior Partner in
Southland/Queenstown Law Firm
Cruickshank Pryde based in Invercargill.
He has been in legal practice in
Invercargill for 39 years. Mr Chapman’s
practice covers a wide range of legal
services including commercial and
company law, litigation, dispute
resolution and resource management.
He is also a member of the Southland
Aquaculture Working Group established
to promote and support the development
of sustainable aquaculture in Southland.
REX
CHAPMAN
Appointed October 2003
Mr Foggo moved to semi-retirement
from Sanford Limited in late 2017 after
37 years in various Senior Management
positions. His experience in the
aquaculture industry has led to his
continued involvement in the Southland
Regional Development Strategy’s ‘New
Business’ Action Team.
Mr Foggo established the Youth
Development Southland Regional Trust
to oversee Kiwi Can in the region and
worked to kick-start the funding for the
programme locally.
Mr Foggo’s future focus is on
professional governance opportunities.
THOMAS
FOGGO
46 SOUTH PORT ANNUAL REPORT 2020

MCom (Hons)
Appointed November 2019
Ms Greer is a Company Director based in
Queenstown. She is currently a Director
of Airways Corporation, Fidelity Life
Assurance Ltd, NZ Railways Corporation
and a member of the NZ Markets
Disciplinary Tribunal. She is also a
shareholder and Director in a privately
owned commercial property investment
and development company.
Prior to her governance career, Nicola
had extensive experience in NZ, Australia,
and the UK in the banking and finance
sectors. This encompassed a range of
roles within the financial markets and
asset and liability management at ANZ,
Citibank, and Goldman Sachs.
NICOLA
GREER
BCom, CA, MInstD
Appointed September 2011
Mr McClean is a Chartered Accountant
with nearly 40 years of public practice
in the southern region. He is a Principal
in Invercargill accounting firm Malloch
McClean, holds a Public Practice
Certificate with Chartered Accountants
Australia New Zealand and is a Justice
of the Peace. Mr McClean provides
strategic, succession, tax advisory and
governance services to a significant
portfolio of local agri and commercial
businesses. He also enjoys mentoring
young business leaders to grow smarter
better businesses that balance the needs
of work, family and the community.
BAgSci, MProfStuds (Linc) CFInstD
Appointed October 2016
Mrs Kearney’s background is in
Agriculture and Farm Business
Management Consulting. She is a Judicial
Justice of the Peace.
Mrs Kearney is Chairperson of Sport
Otago and Waitaki Safer Community
Trust. Formerly, an interim Board member
of NZ Alpine Club and Chair of Network
Waitaki Ltd. Mrs Kearney was the 2014
winner of the Institute of Directors Otago
Branch Aspiring Director Award. Mrs
Kearney acted as an observer director
to the Dunedin City Holdings subsidiary
company Taieri Gorge Railway Ltd during
2015.
JEREMY
McCLEAN
CLARE
KEARNEY
472020 SOUTH PORT ANNUAL REPORT

PRINCIPAL ACTIVITIES
The Company is primarily engaged in
the commercial operation of the Port
of Bluff. There has been no significant
change in the nature of the Company’s
business during the year.
ACCOUNTING PERIOD
The financial statements are for the 12
month period from 1 July 2019 to 30 June
2020.
RESULTS
The Company recorded a surplus for the
period of $9,430,000.
DISCLOSURE OF SHARE DEALING BY
DIRECTORS
Directors acquired no additional equity
securities in the Company since the date
of the last Annual Meeting.
DIVIDEND
The Directors have declared an ordinary
dividend of $6,821,000 for the period
ended 30 June 2020 including the final
dividend amount of $4,854,000 payable in
November 2020.
DIRECTORS’ AND OFFICERS’ LIABILITY
INSURANCE
The Company has arranged Directors’
and Officers’ Liability Insurance with
Vero Liability Insurance Limited. This
cover insures Directors against liabilities
to other parties that may arise from their
positions as Directors. The insurance
does not cover liabilities arising from
criminal actions.
REMUNERATION OF DIRECTORS
Directors’ remuneration for the
12 month period ended 30 June 2020 was
as follows:
No other benefits have been provided by
the Company to a Director or in any other
capacity. No loans have been made by
the Company to a Director nor has the
Company guaranteed any debts incurred
by a Director.
Statutory Report of Directors
The Directors have pleasure in submitting their 2020 Report and Financial Statements.
Remuneration
$100,001-$110,000 6
$110,001-$120,000 1
$130,001-$140,000 2
$150,001-$160,000 2
$170,001-$180,000 3
$180,001-$190,000 1
$190,001-$200,000 2
$200,001-$210,000 1
$210,001-$220,000 1
$260,001-$270,000 1
$310,001-$320,000 1
$320,001-$330,000 1
$380,001-$390,000 1
Number of
Employees
DIRECTORS’ SHAREHOLDING
There is currently no beneficial
shareholding held by Directors.
REMUNERATION OF EMPLOYEES
Section 211(1)(g) of the New Zealand
Companies Act 1993 requires disclosure
of remuneration and other benefits,
including redundancy and other
payments made on termination of
employment, in excess of $100,000 per
year, paid in respect of the current year
by the Company to any employees who
are not Directors of the Company.
The Chief Executive Officer’s Employment
Contract is reviewed annually by the
Board. It is not a fixed term Contract.
The remuneration of senior management
is reviewed annually and is determined
in a transparent, deliberate and objective
manner.
NOTICE AND PAUSE PROVISIONS
The Company has adopted “notice and
pause” provisions in its Constitution.
ACCOUNTING POLICIES
The Group adopted NZ IFRS 16 during
the current reporting period. All other
accounting policies are consistent with
those applied in the previous year.
AUDIT & RISK COMMITTEE
The Company has a formally constituted
Audit & Risk Committee comprising
Messrs J McClean (Chairman),
R Chapman and P Cory-Wright.
R Chapman $72,100
R Christie $13,733
P Cory-Wright $41,200
T Foggo $41,200
N Greer $27,467
C Kearney $41,200
J McClean $41,200
48 SOUTH PORT ANNUAL REPORT 2020

Dated 27 August 2020
R CHAPMAN
Chairman of Directors
J MCCLEAN
Director
It is the role of the Audit &
Risk Committee to review the
Company’s financial statements and
announcements, liaise directly with
the Company’s Auditors and review the
Company’s accounting policies, practices
and related matters.
AUDITOR’S REMUNERATION
During the year $60,832 was paid to the
Company’s Auditors, Crowe, for audit
services carried out as agent for the
Controller and Auditor General. The
Company did not pay the Auditors for any
advice or guidance on other matters.
INTEREST REGISTER
The Company maintains an Interest
Register in which particulars of certain
transactions and matters involving
the Directors are recorded. Entries in
the Interest Register must in turn be
disclosed in the Annual Report. No
material transaction entries were
recorded in the Interests Register for the
period 1 July 2019 to 30 June 2020.
DISCLOSURE OF INTEREST
Pursuant to Section 140 of the
Companies Act 1993, Directors have
disclosed interests in the following
entities which the Company conducts or
may conduct business from time to time.
Position
Mr R Chapman
Cruickshank Pryde Partner
Forklifts NZ Ltd Solicitor
Makarewa Coolstores Ltd Solicitor
Niagara Sawmilling Company Ltd Solicitor
Prime Range Meats Ltd Solicitor
Pyper’s Produce Ltd Solicitor
Rakiura Adventures Ltd Solicitor
SoRDS Aquaculture Working Group Member
Winton Stock Feed Ltd Solicitor
Mr R Christie
ikeGPS Chairman
New Zealand eScience Infrastructure (NeSi) Chairman
Solnet Solutions Ltd Director
Mr P Cory-Wright
Local Government Funding Agency Director
Matariki Forests Director
New Plymouth Airport Chairman
Powerco Director
Mr T Foggo
Central Otago Health Services Ltd Director
Sanford Ltd Consultant
SoRDS Aquaculture Working Group Member
Ms N Greer
26 Belfast Rd Ltd Director
Airways Corporation of New Zealand Director
Airways International Ltd Director
Fidelity Life Assurance Company Ltd Director
Longhurst Commercial Ltd Director
Mike Greer Homes Pegasus Town Ltd Director
New Zealand Railways Corporation Ltd Director
Pegasus Preschools Ltd Director
Progressive Commercial Ltd Director
Progressive Preschools Ltd Director
Mrs C Kearney
Nil
Mr J McClean
Malloch McClean Ltd Director
492020 SOUTH PORT ANNUAL REPORT

SIZE OF HOLDING
1 - 1,000 388 208,200 0.79
1,001 - 5,000 430 1,144,441 4.36
5,001 - 10,000 95 717,813 2.74
10,001 - 50,000 58 1,098,554 4.19
50,001 - 100,000 10 598,682 2.28
100,001 and over 8 22,467,208 85.64
Total Number of Shareholders: 989 26,234,898 100.00
Size of HoldingNumber of ShareholdersOrdinary ShareholdingPercent Holders
PRICES FOR SHARES TRADED DURING THIS YEAR
TOP TWENTY ORDINARY SHAREHOLDINGS
Shareholder Holding Percent
Southland Regional Council (Environment Southland) 17,441,573 66.48
J I Urquhart Family Trust 1,370,000 5.22
K & M Douglas Trust 1,071,684 4.08
HSBC Nominees (New Zealand) Ltd 563,216 2.15
Douglas Family Trust 541,787 2.07
Douglas Irrevocable Descendants Trust 531,192 2.02
JPMorgan Chase Bank N.A. 399,760 1.52
Daniel Martin Noonan 175,364 .67
Citibank Nominees (NZ) Ltd 132,618 .51
Howard Cedric Zingel 101,556 .39
Kenneth Ritchie Anderson 77,184 .29
Forsyth Barr Custodians Ltd 73,712 .28
Accident Compensation Corporation 70,958 .27
Pauline Ann Stapel & Stephen Thomas McKee 70,881 .27
Private Nominees Ltd 58,885 .22
Michael Robert Mayger & Eleanor Margaret Mayger 56,557 .22
John James O’Brien 55,630 .21
David Grindell 54,500 .21
JB Were (NZ) Nominees Ltd 54,398 .21
Custodial Services Ltd 52,575 .20
SUBSTANTIAL SECURITY HOLDERS
According to notices given to the Company under the Financial Markets Conduct Act 2013, as at 30 June 2020, the substantial product holders in
the Company and their relevant interests are noted below:
Holder No. of Shares % of Issued Capital Date of Notice
Southland Regional Council 17,441,573 66.48 20 October 2000
K & M Douglas Trust, Douglas Family
Trust, Douglas Irrevocable
Descendants Trust 2,119,663 8.08 24 December 2009
J I Urquhart Family Trust 1,334,731 5.09 28 October 2010
STATUTORY DISCLOSURE IN RELATION TO SHAREHOLDERS
AS AT 30 JUNE 2020
As At 30 June 2020 High Low
$6.95 $7.90 $5.50
50 SOUTH PORT ANNUAL REPORT 2020

512020 SOUTH PORT ANNUAL REPORT

The Board and Leadership Team of
South Port New Zealand Limited (South
Port) are committed to maintaining the
highest standards of governance by
implementing best practice principles
and policies. This Corporate Governance
Statement sets out the corporate
governance policies, practices and
processes adopted and followed by
South Port as at 30 June 2020 and has
been approved by the Board.
The best practice principles and
underlying recommendations used in
determining the governance approach
of South Port are the principles set
out in the NZX Corporate Governance
Code (NZX Code). The Board’s view is
that South Port’s corporate governance
policies, practices and processes
generally follow the recommendations
set by the NZX Code. This Corporate
Governance Statement includes
disclosure to the extent to which
South Port has followed each of the
recommendations of the NZX Code or,
if applicable, an explanation of why a
recommendation was not followed and
any alternative practices followed in lieu
of the recommendation.
The Company’s Constitution, the Board
and Committee charters, codes and
policies referred to in this statement
are available to view on the Company’s
website, www.southport.co.nz. These
documents should be read in conjunction
with this statement:
öConstitution
öBoard Charter
öAudit & Risk Committee Charter
öCode of Ethics
öProtected Disclosures /
Whistleblowing Policy
öContinuous Disclosure Policy
öSensitive Expenditure Policy
öDiversity and Inclusion Policy
öDirector and Executive Remuneration
Policy
öHealth and Safety Policies
öSecurities Trading Policy and
Guidelines
öExternal Auditor Relationship
Framework
PRINCIPLE 1
CODE OF ETHICAL BEHAVIOUR
“Directors should set high standards
of ethical behaviour, model this
behaviour and hold management
accountable for these standards
being followed throughout the
organisation.”
CODE OF ETHICS
Recommendation 1.1: The board should
document minimum standards of ethical
behaviour to which the issuer’s directors
and employees are expected to adhere
to (a code of ethics) and comply with the
other requirements of recommendation
1.1 of the NZX Code.
South Port expects its directors, senior
management and employees to maintain
the highest standards of honesty,
integrity and ethical conduct in day-to-
day behaviour and decision making. The
Code of Ethics sets out the standard of
conduct expected of everyone working
at South Port including directors,
management, staff and contractors.
The Code of Ethics provides a guide
to the conduct that is consistent with
the company’s values and behaviours,
business goals and legal obligations.
It also outlines internal reporting
procedures for any breaches and
incorporates the other requirements of
Recommendation 1.1 of the NZX Code. An
introduction to the Code of Ethics forms
part of the induction and training process
of new employees. This key corporate
governance document is available on the
company’s website.
SENSITIVE EXPENDITURE POLICY
This policy sets out the company’s
expectations on sensitive or
discretionary expenditure incurred by
directors or employees and is available
on the company’s website.
SECURITIES TRADING POLICY
Recommendation 1.2: An issuer should
have a financial product dealing policy
which applies to employees and
directors.
The company is committed to
transparency and fairness in dealing
with all of its stakeholders and to ensure
adherence to all applicable laws and
regulations. The Securities Trading
policy governs trading in the company’s
securities by directors, employees and
other associated persons. This policy
can be found on the company’s website.
PRINCIPLE 2
BOARD COMPOSITION AND
PERFORMANCE
“To ensure an effective board, there
should be a balance of independence,
skills, knowledge, experience and
perspectives.”
BOARD CHARTER
Recommendation 2.1: The board of an
issuer should operate under a written
charter which sets out the roles and
responsibilities of the board. The board
charter should clearly distinguish
and disclose the respective roles
and responsibilities of the board and
management.
The Board has adopted a formal Board
Charter to ensure compliance with the
NZX Code. The charter sets out the
roles, responsibilities and structure of
the board and provides guidance for
the effective oversight of the company
by the board. The board is responsible
for setting the company’s strategic
direction, overseeing the management of
the company and directing performance
by optimising the short-term and long-
term best interests of the company and
its shareholders. The board delegates
management of the day-to-day affairs
and management responsibilities of
the company to achieve the strategic
direction and goals determined by the
board.
CORPORATE GOVERNANCE STATEMENT
52 SOUTH PORT ANNUAL REPORT 2020

NOMINATION AND APPOINTMENT OF
DIRECTORS
Recommendation 2.2 and 2.3: Every
issuer should have a procedure for the
nomination and appointment of directors
to the board. An issuer should enter into
written agreements with each newly
appointed director establishing the
terms of their appointment.
The board’s procedure for the nomination
and appointment of directors to the
board is set out in the Board Charter.
Careful consideration is given to the
composition of the board in relation
to the company’s needs and operating
environment. The board should at
all times comprise members whose
skills, experience and attributes
together reflect diversity, balance,
and cohesion and match the demands
facing the company. This also applies
to the consideration of additional or
replacement directors. Priority is given
to ensuring the skills, experience and
diversity necessary for the board to fulfil
its governance role and to contribute
to the long-term strategic direction of
the company. The board may engage
consultants to assist in the identification,
recruitment and appointment of suitable
candidates.
DIRECTOR PARTICULARS
Recommendation 2.4: Every issuer
should disclose information about each
director in its annual report or on its
website, including a profile of experience,
length of service, independence and
ownership interests and director
attendance at board meetings.
The board currently comprises of six
independent non-executive directors
including a non-executive Chair. The
biography of each board member is set
out in the “Directors’ Profiles” section of
this Annual Report and is also available
on the company’s website.
The size and composition of the
board is subject to the limits imposed
by South Port’s Constitution and in
accordance with the provisions of
the Port Companies Act 1988. The
Constitution requires the board to
comprise of a minimum number of six
directors. Under the NZX Listing Rules
the board is required to maintain at least
two independent directors. The criteria
for director independence are outlined
in the Board Charter. Pursuant to the
company’s Constitution, one third of
the directors retire by rotation at each
annual meeting but are eligible for
reappointment by shareholders.
DIVERSITY
Recommendation 2.5: An issuer should
have a written diversity policy which
includes requirements for the board or
a relevant committee of the board to
set measurable objectives for achieving
diversity (which, at a minimum, should
address gender diversity) and to assess
annually both the objectives and the
entity’s progress in achieving them. The
issuer should disclose the policy or a
summary of it.
The company and its board recognise
and believe that building a diverse and
inclusive workforce provides significant
opportunity to leverage engagement,
innovation, productivity and improved
service to our customers.
South Port is committed to providing
a work environment that recognises
and values different skills, ability
and experiences and where people
are treated fairly in order to attract
and retain talented people who will
contribute to the achievement of South
Port’s commercial success.
Diversity and inclusion is a commitment
to recognising and appreciating the
variety of characteristics that make
individuals unique; for example, gender,
age, race, ethnicity, culture, disability,
education and background.
The South Port Diversity and Inclusion
Policy is disclosed on the company’s
website and includes the following
specific measurable objectives set by
the board:
532020 SOUTH PORT ANNUAL REPORT

öAt least 25% gender diversity across
all SPNZ Staff by 2025;
öAt least 20% gender diversity across
SPNZ Supervisors by 2025;
öAt least 25% gender diversity across
SPNZ Executive by 2025;
öAt least 25% gender diversity across
SPNZ Board by 2025;
öAt least 10% gender diversity across
operational areas by 2025.
The following table compares the above
measurable objectives against the actual
data at balance date:
DIRECTOR TRAINING
Recommendation 2.6: Directors should
undertake appropriate training to remain
current on how to best perform their
duties as directors of an issuer.
South Port’s directors are expected
to undertake continuous education to
remain current on how best to perform
their responsibilities and keep abreast
of changes and trends in governance
practices around economic, political,
social, financial and legal climates.
The board also ensures that new
directors are appropriately introduced
to management and the business, that
all directors are updated on relevant
industry and company issues and
receive copies of appropriate company
documents to enable them to perform
their duties.
EVALUATION OF PERFORMANCE OF
DIRECTORS
Recommendation 2.7: The board
should have a procedure to regularly
assess director, board and committee
performance.
The Chair of the board leads an annual
performance review and evaluation of
the board as a whole and of the board
committees against the board and
committee charters including seeking
director’s views relating to board and
committee process, efficiency and
effectiveness, for discussion by the
full board. The Chair of the board also
engages with individual directors to
evaluate and discuss performance and
professional development. While there
is no prescribed process in place this
will be formalised during the 2020/21
financial year.
DIRECTOR INDEPENDENCE
Recommendation 2.8: A majority of the
board should be independent directors.
South Port acknowledges that having a
majority of independent directors makes
it harder for any individual or small
group of individuals to dominate the
board’s decision-making and maximises
the likelihood that the decisions being
made by the board will reflect the
best interests of the entity and its
shareholders.
2019 Male Female Total
Directors 5 1 6
Senior
Management 6 2 8
11 (79%) 3 (21%) 14
2020 Male Female Total
Directors 4 2 6
Senior
Management 6 2 8
10 (71%) 4 (29%) 14
The following table sets out the gender
composition of South Port’s directors
and officers at balance date:
Achieved
2019
Board
25% 1 (17%)
Executive 25% 2 (25%)
Supervisors 20% 1 (14%)
Operational 10% 2 (3%)
All Permanent
Staff
25% 20 (20%)
TargetActual
2020
Board 25% 2 (33%)
Executive 25% 2 (25%)
Supervisors 20% 1 (17%)
Operational 10% 1 (2%)
All Permanent
Staff
25% 20 (19%)
54 SOUTH PORT ANNUAL REPORT 2020

South Port’s Board Charter specifies
that the Board shall maintain at least a
minimum number of two independent
directors or where the Board comprises
eight or more directors, the number of
independent directors shall be at least
three or one-third of all directors. The
Chair of the board must be a non-
executive director.
Every current member of the South Port
board is an independent director.
SEPARATION OF THE BOARD CHAIR AND
CHIEF EXECUTIVE OFFICER (CEO)
Recommendation 2.9: An issuer should
have an independent chair of the Board.
If the chair is not independent, the chair
and the CEO should be different people.
The current Chair of the South Port
board, Rex Chapman is an independent
Chair. The positions of the Chair and
the CEO of South Port are also held by
different people.
PRINCIPLE 3
BOARD COMMITTEES
“The board should use committees
where this will enhance its
effectiveness in key areas, while still
retaining board responsibility.”
AUDIT & RISK COMMITTEE
Recommendation 3.1: An issuer’s audit
committee should operate under a
written charter. Membership on the
audit committee should be majority
independent and comprise solely of
non-executive directors of the issuer.
The chair of the audit committee should
be an independent director and not the
chair of the board.
The Audit & Risk Committee provides
the board with assistance in fulfilling
their responsibilities to shareholders,
the investment community and others
for overseeing the company’s financial
statements, financial reporting
processes, internal accounting systems,
financial controls and South Port’s
relationship with its independent
auditors.
The Committee is governed by an Audit
& Risk Committee Charter which is
available on the company’s website. The
Board regularly reviews the performance
of the Committee in accordance with the
Charter.
The company has developed an External
Auditor Relationship Framework to
ensure external audit independence is in
line with best practice to ensure reliable
and credible reporting. This framework is
disclosed on the company’s website.
The Committee comprises of three
independent non-executive members of
the board of directors.
The Committee Chair, also appointed by
the board, cannot also be the Chair of the
company. Jeremy McClean is the Audit
& Risk Committee Chair. At least one
member of the Committee must have
an accounting or financial background;
Jeremy McClean is a Chartered
Accountant and a member of Chartered
Accountants Australia & New Zealand.
Recommendation 3.2: Employees should
only attend audit committee meetings at
the invitation of the audit committee.
The Chief Executive and Finance
Manager attend the Audit & Risk
Committee meetings by invitation. South
Port’s external auditor also attends the
Committee meeting by invitation. During
each meeting, all executives leave the
meeting for a period of time to enable
the board to have open discussions
with the external auditor without any
management present.
REMUNERATION COMMITTEE
Recommendation 3.3: An issuer should
have a remuneration committee which
operates under a written charter (unless
this is carried out by the whole board).
At least a majority of the remuneration
committee should be independent
directors. Management should only
attend remuneration committee
meetings at the invitation of the
remuneration committee.
The board does not operate a separate
remuneration committee as director
and senior management remuneration
is considered by the entire board. The
Director and Executive Remuneration
Policy outlines the structure of
director and executive/management
remuneration, the formal process for
shareholder review, transparency and
reporting of actual remuneration paid
and bi-annual review of the remuneration
policy and process.
NOMINATION COMMITTEE
Recommendation 3.4: An issuer should
establish a nomination committee to
recommend director appointments to
the board (unless this is carried out by
the whole board), which should operate
under a written charter. At least a
majority of the nomination committee
should be independent directors.
The board does not operate a separate
nomination committee. The process
and procedure for the appointment
of directors to the board is outlined in
the Board Charter. The appointment
of a director is a shareholder decision.
Director nominations are called for from
shareholders in accordance with the
Rules. The board will then consider the
candidates who have been nominated
for appointment as a director. Directors
are selected based on a range of factors
including the needs of the board at the
time.
OVERVIEW OF BOARD COMMITTEES
Recommendation 3.5: An issuer should
consider whether it is appropriate to
have any other board committees
as standing board committees. All
committees should operate under
written charters. An issuer should
identify the members of each of its
committees, and periodically report
member attendance.
The board does not operate any other
committees apart from the Audit & Risk
Committee. Consideration has been
given as to whether any other standing
board committees are appropriate and
determined they are not required.
552020 SOUTH PORT ANNUAL REPORT

* R Christie retired by rotation effective
8 November 2019.
** N Greer was elected at the Annual Meeting held on
8 November 2019.
NOTE: 3 non-scheduled and 2 scheduled
meetings were held during the COVID-19
lockdown period; these were conducted
via Zoom and attended by all Directors.
TAKEOVER PROTOCOLS
Recommendation 3.6: The board should
establish appropriate protocols that
set out the procedure to be followed if
there is a takeover offer for the issuer
including any communication between
insiders and the bidder. The board should
disclose the scope of independent
advisory reports to shareholders. These
protocols should include the option of
establishing an independent takeover
committee, and the likely composition
and implementation of an independent
takeover committee.
The Board has not established protocols
for setting out procedures to be followed
in the event of a takeover offer. This is
because the board considers receipt
of a takeover offer to be an extremely
unlikely event given the Southland
Regional Council’s (Environment
Southland) majority shareholding in the
company.
PRINCIPLE 4
REPORTING AND DISCLOSURE
“The board should demand integrity
in financial and non-financial
reporting, and in the timeliness and
balance of corporate disclosures.”
The Board is committed to providing full
and timely financial and non-financial
information that is accurate, balanced,
meaningful and consistent. As a listed
company, keeping the market informed is
a key component to ensure securities are
fairly valued.
CONTINUOUS DISCLOSURE
Recommendation 4.1: An issuer’s board
should have a written continuous
disclosure policy.
South Port has a Continuous Disclosure
Policy which is available on the
company’s website.
South Port is committed to providing
accurate, timely and consistent
disclosures which comply with its
continuous disclosure regime, in
accordance with the NZX Listing Rules.
The company is required to disclose
to the market, matters which could
be expected to have a material effect
on the price or value of the company’s
shares. Management processes are in
place to ensure that all material matters
which may require disclosure are
promptly reported to the board through
established reporting lines. Matters
reported are assessed as and when
required against the NZX Listing Rules
and advised to the market. The Chair and
CEO are responsible for communications
with NZX and for ensuring that such
information is not provided to any person
or organisation until NZX has confirmed
its release to the market.
All material announcements are posted
on the company’s website.
CHARTERS AND POLICIES
Recommendation 4.2: An issuer should
make its code of ethics, board and
committee charters and the policies
recommended in the NZX Code,
together with any other key governance
documents, available on its website.
Audit Committee
Total Meetings 1 12 2 2
R Chapman 1 12 2 2
R Christie* 1 1 0 -
P Cory-Wright 1 11 1 2
T Foggo 1 12 2 -
N Greer** 1 10 2 -
C Kearney 1 12 2 -
J McClean 1 11 2 2
Annual MeetingBoard MeetingH&S Panel Meeting
DIRECTORS’ ATTENDANCE AT MEETINGS
– 1 JULY 2019 TO 30 JUNE 2020
56 SOUTH PORT ANNUAL REPORT 2020

Information about South Port’s corporate
governance framework (including the
code of ethics, board and committee
charters and other selected key
governance codes and policies) is
available to view on the South Port
website – www.southport.co.nz.
FINANCIAL REPORTING AND NON-
FINANCIAL REPORTING
Recommendation 4.3: Financial reporting
should be balanced, clear and objective.
An issuer should provide non-financial
disclosures at least annually, including
considering environmental, economic
and social sustainability factors and
practices. It should explain how
operational or non-financial targets
are measured. Non-financial reporting
should be informative, include forward
looking assessments, and align with key
strategies and metrics monitored by the
board.
FINANCIAL REPORTING
The Audit & Risk Committee oversees
the quality and integrity of external
financial reporting including the
accuracy, completeness and timeliness
of financial statements. The Committee
is committed to balanced, clear and
objective financial reporting.
It reviews half-yearly and annual
financial statements and makes
recommendations to the board
concerning accounting policies, areas of
judgement, compliance with accounting
standards, stock exchange and legal
requirements, and the results of the
external audit.
Management accountability for the
integrity of the company’s financial
reporting is reinforced by the
certification from the Chief Executive
and the Finance Manager. The Chief
Executive and the Finance Manager
have provided the board with written
confirmation that the company’s
financial report presents a true and fair
view, in all material respects, of the
company’s financial position for the
year ended 30 June 2020, and that the
operational results are in accordance
with relevant accounting standards.
NON-FINANCIAL REPORTING -
SUSTAINABILITY
South Port assesses its exposure to
environmental, economic and social
sustainability as part of an overall
framework for managing risk (see
Principle 6 – Risk Management). The
company is committed to improving
standards of environmental performance
to enable a more efficient and
sustainable future. Accordingly, the
following initiatives have been developed
which are incorporated into regular
management reporting to the board.
Currently the Company’s sustainability
initiatives cover:
öCompliance with Environment
Southland’s ‘Discharge Agreement’;
öManaging and reporting on key risks
facing the business;
öConsideration of environmental
impacts when undertaking new
capital projects;
öRegular reporting on health and
safety initiatives;
öReporting on the impact of the
company’s process improvement
programme ‘PACE’ to highlight
continuous improvements and
efficiencies implemented in the
business;
öReporting on time spent assisting
local organisations such as the
Southland Chamber of Commerce,
Southland Export Forum and SoRDS;
öReporting on community and regional
assistance including sponsorship and
donations (both monetary and time
resource).
PRINCIPLE 5
REMUNERATION
“The remuneration of directors and
executives should be transparent,
fair and reasonable.”
BOARD OF DIRECTORS REMUNERATION
Recommendation 5.1: An issuer should
recommend director remuneration
to shareholders for approval in a
transparent manner. Actual director
remuneration should be clearly disclosed
in the issuer’s annual report.
Director remuneration is paid in the form
of director’s fees. On 25 October 2018 the
shareholders approved the directors’ fee
pool limit of $278,100 per annum.
Information on director remuneration is
available in the South Port Annual Report
2020; refer “Statutory Report of Directors”
(page 48). It includes a breakdown of
remuneration for board fees. There are
no separate fees provided for members of
the Audit & Risk Committee. Directors are
entitled to reimbursement of reasonable
travel and other expenses incurred by
them in connection with their attendance
at board or annual meetings, or otherwise
in connection with South Port business.
REMUNERATION POLICY
Recommendation 5.2: An issuer
should have a Remuneration Policy for
remuneration of directors and officers,
which outlines the relative weightings of
remuneration components and relevant
performance criteria.
South Port has adopted a remuneration
policy which sets out the guiding
principles and structure of South Port’s
remuneration to the board and executives,
together with the review process and
reporting requirements to ensure that
remuneration is transparent, fair and
reasonable to meet the needs of the
business, corporate governance bodies
and shareholders. The board seeks to
ensure that directors and executives
receive remuneration that is fair and
reasonable in a competitive market for the
skills, knowledge and experience required
by the company.
EMPLOYEES’ REMUNERATION
The board is responsible for reviewing
the remuneration of the company’s
senior management in consultation with
the Chief Executive of the company.
The remuneration packages of senior
management consist of a mixture of a
base remuneration package and a variable
remuneration component based on
relevant performance measures, designed
to attract, motivate and retain high quality
employees who will enable the company
to achieve its short and long-term
objectives.
572020 SOUTH PORT ANNUAL REPORT

Details relating to the number of
employees and former employees
who received remuneration and other
benefits in excess of $100,000 during the
year ended 30 June 2020 is available in
the South Port Annual Report 2020, refer
“Statutory Report of Directors” (page 48).
CHIEF EXECUTIVE REMUNERATION
Recommendation 5.3: An issuer should
disclose the remuneration arrangements
in place for the CEO in its annual report.
This should include disclosure of the
base salary, short term incentives
and long-term incentives and the
performance criteria used to determine
performance-based payments.
The Chief Executive’s remuneration
is made up of fixed remuneration and
variable remuneration (short-term
incentives only). Variable remuneration
refers to remuneration that is “at
risk” and linked to individual and
organisational performance with clearly
defined metrics. The Chief Executive’s
remuneration is reviewed annually by the
board and an external consulting firm is
engaged as appropriate to review market
relativity and comparability against peer
groups.
The fixed remuneration is determined in
relation to the market for comparable
sized and performing companies and
includes all benefits and allowances.
The position in the market will
normally be comparable to the median.
Adjustments are not automatic and are
determined by performance which is
reviewed annually by the board.
The Chief Executive’s remuneration for
the year ended 30 June 2020 was made
up as follows:
The fixed remuneration includes a base
salary, employer KiwiSaver contributions,
vehicle allowance and medical
insurance.
The short-term incentive (STI) is set at a
maximum of $50,000 per annum for the
Chief Executive. 20% of the STI is linked
to the Company’s financial performance
with the actual opportunity being either
0% or 100%. The other 80% of the STI is
based on achieving strategic objectives
with the actual opportunity in the range
of 0% to 100%. Objectives are set each
year by the board and for the 2020 year
included financial and other targets for
the company overall, as well as personal
objectives and targets, appropriate for
the role.
PRINCIPLE 6
RISK MANAGEMENT
“Directors should have a sound
understanding of the material risks
faced by the issuer and how to
manage them. The Board should
regularly verify that the issuer has
appropriate processes that identify
and manage potential and material
risks.”
RISK MANAGEMENT FRAMEWORK
Recommendation 6.1: An issuer should
have a risk management framework
for its business and the issuer’s board
should receive and review regular
reports. An issuer should report the
material risks facing the business and
how these are being managed.
Risk is the chance of something
happening that will have an impact
on business objectives. Effective
management of all types of risk
(financial and non-financial) is a
fundamental part of the company’s
business strategy. The board and senior
management have identified, analysed
and evaluated a number of key risk areas
and a strategy has been developed to
appropriately manage the key risks.
RISK MANAGEMENT AND
RESPONSIBILITIES
The Board is ultimately responsible for
reviewing and approving the company’s
risk management strategy.
The Audit & Risk Committee is
responsible for overseeing risk
management practices and works
closely with management, external
advisors and the company’s auditors to
ensure that risk management issues
are properly identified and addressed.
The board reviews and updates the
company’s commercial risks matrix at
each board meeting.
The board delegates day-to-day
management of risk to the Chief
Executive, who may further delegate
such responsibilities to the executive and
other officers.
RISK MONITORING AND EVALUATION
The Audit & Risk Committee reviews the
reports of management and the external
auditors on the effectiveness of systems
for internal control, financial reporting
and risk management.
The company has a separate Risk
Management Committee which meets
annually to review changes to the risk
profile of the business and to consider
ways of mitigating additional risks
identified. Mr Jeremy McClean as
Chair of the Audit & Risk Committee
is appointed to the Risk Management
Committee as a board representative.
The material risks which may impact the
company’s ability to achieve its strategic
objectives and secure its financial
prospects, are managed through the
strategic planning process.
HEALTH, SAFETY & WELLBEING
Recommendation 6.2: An issuer should
disclose how it manages its health and
safety risks and should report on its
health and safety risks, performance and
management.
Chief Executive Remuneration
2020
Fixed Remuneration $344,004
Short Term Incentive $38,000
Total $382,004
2019
Fixed Remuneration $326,320
Short Term Incentive $40,000
Total $366,320
58 SOUTH PORT ANNUAL REPORT 2020

Health, safety and wellbeing (HSW)
continues to be a key focus of the
company and continuous improvement
has been made in this area over recent
years. The company presently has three
full-time personnel dedicated to HSW
matters in addition to all personnel
having responsibility for HSW in their
daily work processes.
The Board operates a H&S Panel which
consists of the full board, two H&S
personnel, together with two senior
managers and two staff representatives.
The H&S Panel’s function is to establish
a HSW strategic plan, monitor its
implementation, undertake scheduled
operational site visits and address key
HSW issues facing the business, with
the objective of achieving continuous
improvement. The H&S Panel meets at
least two times each year.
Another important tool used to deliver
HSW improvement is the company’s
PACE Programme, with the H&S
component being driven by the South
Port H&S Committee. Output from
the PACE Programme and the H&S
Committee is fed through to the H&S
Panel for consideration.
PRINCIPLE 7
AUDITORS
“The Board should ensure the quality
and independence of the external
audit process.”
EXTERNAL AUDIT
Recommendation 7.1 and 7.2: The board
should establish a framework for the
issuer’s relationship with its external
auditors. This should include procedures
prescribed in the NZX Code. The external
auditor should attend the issuer’s Annual
Meeting to answer questions from
shareholders in relation to the audit.
The independence of the external
auditor is of particular importance to
shareholders and the board. The Audit
& Risk Committee is responsible for
overseeing the external audit of the
company. Accordingly, it monitors
developments in the areas of audit and
threats to audit independence to ensure
its policies and practices are consistent
with emerging best practice.
The board has adopted a policy on audit
independence, the key elements which
are:
öthe external auditor must remain
independent of the company at all
times;
öthe external auditor must monitor its
independence and annually report
to the board that it has remained
independent;
öthe audit firm is permitted to provide
non-audit services that are not
considered to be in conflict with the
preservation of the independence of
the auditor; and
öthe Audit & Risk Committee must
approve significant permissible
non-audit work assignments that are
awarded to the external auditor.
ENGAGEMENT OF THE EXTERNAL AUDITOR
The Auditor-General is the auditor of
South Port. The Auditor-General has
appointed Crowe New Zealand Audit
Partnership to carry out the audit of the
consolidated financial statements of the
Group on his behalf.
ATTENDANCE AT THE ANNUAL MEETING
Crowe, as auditor of the 2020 financial
statements, has been invited to attend
the Annual Meeting and will be available
to answer questions about the conduct
of the audit, preparation and content
of the auditor’s report, accounting
policies adopted by South Port and the
independence of the auditor in relation to
the conduct of the audit.
INTERNAL AUDIT
Recommendation 7.3: Internal audit
functions should be disclosed.
Due to its size, the company does not
have an internal audit function as
recommended by the NZX Code. The
Chief Executive is accountable for
all operational and compliance risk
across the company operations. The
Finance Manager has management
accountability for the effective
implementation and improvement of
internal systems and controls.
592020 SOUTH PORT ANNUAL REPORT

PRINCIPLE 8
SHAREHOLDER RIGHTS AND
RELATIONS
“The Board should respect the
rights of shareholders and foster
constructive relationships with
shareholders that encourage them to
engage with the issuer.”
INFORMATION FOR SHAREHOLDERS
Recommendation 8.1: An issuer should
have a website where investors and
interested stakeholders can access
financial and operational information and
key corporate governance information
about the issuer.
South Port seeks to ensure its
shareholders are appropriately informed
of its operations and results, with
the delivery of timely and focused
communication, and the holding of
shareholder meetings in a manner
conducive to achieving shareholder
participation.
To ensure shareholders have access to
relevant information, the company:
öProvides a website which contains
media releases, current and
past annual reports, share price
information, notices of meeting and
other information about the company;
öMakes available printed half-year
and annual reports and encourages
shareholders to access these
documents on the website and to
receive advice of their availability by
email;
öPublishes press releases on issues/
events that may have material
information content that could impact
on the price of its traded securities;
öIssues additional explanatory
memoranda where circumstances
require, such as explanations
of dividend changes and other
explanatory memoranda as may be
required by law;
öMaintains regular contact with
leading analysts and brokers who
monitor the company’s activities.
COMMUNICATING WITH SHAREHOLDERS
Recommendation 8.2: An issuer
should allow investors the ability to
easily communicate with the issuer,
including providing the option to receive
communications from the issuer
electronically.
Shareholders have the option of receiving
their communications electronically,
including via email or through South
Port’s ‘Investors Centre’ section on the
company’s website. The board welcomes
investor enquiries.
SHAREHOLDER VOTING RIGHTS
Recommendation 8.3: Quoted equity
security holders should have the right
to vote on major decisions which may
change the nature of the issuer in which
they are invested.
In accordance with the Companies Act
1993, the company’s Constitution and
the NZX Listing Rules, South Port refers
any significant matters to shareholders
for approval at a shareholder meeting.
Where shareholder votes are conducted
by poll, each shareholder is entitled to
one vote per share.
CAPITAL RAISING
Recommendation 8.4: If seeking
additional equity capital, issuers of
quoted equity securities should offer
further equity securities to existing
equity security holders of the same
class on a pro rata basis, and on no less
favourable terms, before further equity
securities are offered to other investors.
If South Port was to ever look at raising
further capital, it would consider the
interests of existing shareholders when
looking at capital raising options. Where
practical, the company would favour
capital raising methods that provide
existing equity security holders with
an opportunity to avoid dilution by
participating in the offer. As such, a
pro rata offer should be the preferred
approach.
For the avoidance of doubt, this does not
preclude the company from allowing it
to offer equity securities to employees
(including executive directors), as the
primary purpose of such incentives is not
to raise capital.
NOTICE OF ANNUAL MEETING
Recommendation 8.5: The board should
ensure that the notices of annual or
special meetings of quoted equity
security holders is posted on the issuer’s
website as soon as possible and at least
20 working days prior to the meeting.
South Port posts any Notices of
Shareholder Meetings on the website as
soon as these are available. The general
practice is to make these available
not less than four weeks prior to the
shareholder meeting.
Shareholder meetings are generally
held at the company’s place of business
(Bluff) at a time which best ensures full
participation by shareholders.
Full participation of shareholders at
the Annual Meeting is encouraged to
ensure a high level of accountability
and identification with the company’s
strategies and goals. Shareholders have
the opportunity to submit questions prior
to each meeting and senior management
and auditors are present to assist in
answering any specific queries raised.
There is also an opportunity for informal
discussion with directors and senior
management for a period after the
meeting concludes.
60 SOUTH PORT ANNUAL REPORT 2020

612020 SOUTH PORT ANNUAL REPORT

PORT CHALMERS
BLUFF
LYTTELTON
WELLINGTON
NAPIER
TAURANGA
AUCKLAND
NELSON
NOUMEA
BRISBANE
SYDNEY
MELBOURNE
ADELAIDE
FREMANTLE
JAKARTA
SINGAPORE
HONG KONG
KAOHSIUNG
YANTIAN
NINGBO
SHANGHAI
QINGDAO
BUSAN
OSAKA
YOKOHAMA
OAKLAND
LONG BEACH
CHARLSETON
PHILADELPHIA
BALBOA
CRISTOBAL
COLOMBO
VALENCIA
LE HAVRE
FOS-SUR-MER
LA SPEZIA
GIOIA TAURO
PORT LOUIS
TANJUNG PELAPAS
XIAMEN
NANSHA
ANTWERP
POINTE DE GALETS
LONDON
GATEWAY
ROTTERDAM
HAMBURG
MARSDEN POINT
BELL BAY
SEATTLE
VANCOUVER
PAPEETE
ESPERANCE
WEEKLY CONTAINER LINE SERVICING BLUFF
Mediterranean Shipping Company
AUSTRALIA EXPRESS Sydney -
Melbourne - Adelaide - Esperance* -
Fremantle - Singapore - Colombo -
Gioia Tauro - Valencia - London Gateway -
Rotterdam - Hamburg - Antwerp -
Le Havre - Fos-Sur-Mer - La Spezia -
Gioia Tauro - Pointe Des Galets -
Port Louis - Sydney
CAPRICORN Singapore - Jakarta -
Fremantle - Adelaide - Melbourne - Bluff -
Port Chalmers - Lyttelton- Napier -
Tauranga - Tanjung Pelepas - Singapore
PANDA Brisbane - Xiamen - Nansha -
Hong Kong - Yantian - Melbourne -
Sydney - Brisbane
Service Overview
WALLABY Sydney - Melbourne -
Brisbane - Hong Kong - Yokohama - Osaka -
Busan - Qingdao - Shanghai - Ningbo -
Hong Kong - Sydney
KIWI Singapore - Jakarta - Brisbane - Sydney
- Auckland - Wellington - Nelson - Tauranga -
Auckland - Marsden Point* - Brisbane -
Tanjung Pelepas - Singapore
NOUMEA EXPRESS Sydney -
Bell Bay - Sydney - Brisbane -
Noumea - Sydney
OCEANIC LOOP 1 Auckland - Sydney -
Melbourne - Adelaide* - Tauranga - Papeete* -
Oakland - Long Beach* - Seattle* - Vancouver*
- Long Beach - Auckland -
OCEANIC LOOP 2 Sydney -
Melbourne - Port Chalmers -
Napier - Auckland - Tauranga -
Cristobal - Philadelphia - Charleston -
Balboa - Tauranga - Sydney
* Esperance and Marsden Point, these are
either seasonal and inducement calls only.
*Oceania Loop 1 - fortnightly.

PORT CHALMERS
BLUFF
LYTTELTON
WELLINGTON
NAPIER
TAURANGA
AUCKLAND
NELSON
NOUMEA
BRISBANE
SYDNEY
MELBOURNE
ADELAIDE
FREMANTLE
JAKARTA
SINGAPORE
HONG KONG
KAOHSIUNG
YANTIAN
NINGBO
SHANGHAI
QINGDAO
BUSAN
OSAKA
YOKOHAMA
OAKLAND
LONG BEACH
CHARLSETON
PHILADELPHIA
BALBOA
CRISTOBAL
COLOMBO
VALENCIA
LE HAVRE
FOS-SUR-MER
LA SPEZIA
GIOIA TAURO
PORT LOUIS
TANJUNG PELAPAS
XIAMEN
NANSHA
ANTWERP
POINTE DE GALETS
LONDON
GATEWAY
ROTTERDAM
HAMBURG
MARSDEN POINT
BELL BAY
SEATTLE
VANCOUVER
PAPEETE
ESPERANCE
“Through the leading global shipping line MSC,
South Port is connected to the rest of New
Zealand’s maritime network and to the supply
chains of the rest of the world. During 2020
those supply chains were severely tested
and in many cases disrupted by the COVID-19
pandemic, but at MSC we kept going, providing
continuous service or alternative routings
wherever we could, always in close personal
contact with our customers, as is the MSC
way.
We never lost sight of the biggest challenge
we were all talking about before the pandemic
– shipping’s contribution to tackling climate
change.
STEVE
WRIGHT
GENERAL MANAGER
MSC NEW ZEALAND
For my colleagues and I around the world at
MSC, the ocean means more than business.
We have a genuine passion for the ocean and
a strong commitment to protect the marine
environment wherever we operate and beyond.
MSC operates a modern, green fleet and is
investing heavily in low-carbon technologies
and extensive new-build and retrofit
programme to boost performance and minimise
environmental impact. In 2019, MSC introduced
the ‘Gulsun Class’, a new class of ultra large
container ships featuring innovative ship
designs setting a new standard for sustainable
shipping: the lowest CO2 emissions per
container carried by design.
As a responsible company, we are strongly
committed to further reducing CO2 emissions
and supporting longer term goals to fully
decarbonise shipping and ensure shipping is a
truly sustainable industry.
We are actively exploring and trialling
alternative fuels and propulsion solutions to
help bridge the gap between shipping today
and a zero-carbon future.”
Read more at msc.com/sustainability
MSC Tejas, record for the Port as the longest
container ship to Bluff at 261.7 metres.

PANDEMIC PLANNING & RESPONSE
South Port maintains a Public Health Emergency Plan in
conjunction with the Southern District Health Board. An exercise
conducted in November 2019 together with health agencies, ships
agents and government border control agencies meant that our
existing systems for responding to a pandemic had been freshly
reviewed.
COVID-19 RESPONSE
As the pandemic developed South Port formed an internal
COVID-19 response team to facilitate the implementation
of our systems and controls. Together with the support of
our employees and wider South Port family we were able
to put systems in place to allow the Port to continue most
operations during all levels of the lockdown.
Business Continuity
64 SOUTH PORT ANNUAL REPORT 2020

PORT USER COVID-19 MANAGEMENT PROTOCOLS
As part of South Port’s pandemic response, COVID-19
Management Protocols were developed. These guidelines
outlined expectations when operating onsite and assisted site
operators with their own internal systems. South Port also
assisted some onsite companies with hand sanitiser when
supplies were initially very difficult to source.
ANNUAL INFLUENZA VACCINATIONS
With the Port being critical for supply of goods and services to
the region and our essential business designation, we received
priority for Influenza vaccinations during Alert Level 4. Due to
a greater awareness of flu risks and with vaccination services
being available both in Invercargill and onsite at the Port; we
saw a 300% increase in uptake of the vaccination this year.
INDIVIDUAL TEMPERATURE THERMOMETERS
A key part of the COVID-19 response was a requirement for
people to self-isolate if they were unwell or had flu like
symptoms. South Port purchased 160 thermometers which
were distributed to our employees to assist individuals to
monitor their health
x 160
ESSENTIAL WORKERS
Throughout lockdown most port related activities continued
to operate. South Port employees, contractors and third-party
operators showed their resilience by adjusting their processes
to comply with the COVID-19 requirements. Pictured are First
Security staff conducting vehicle searches during Alert Level 3
restrictions.
652020 SOUTH PORT ANNUAL REPORT

GENERAL MANAGER
PRIME RANGE MEATS
“South Port has held a long association in
providing blast freezing and cold storage
availability to Prime Range Meats
Invercargill.
From our perspective the business
relationship with South Port is very clear
and concise, “what they say is what they
do” the formula works well and removes
any confusion.
The capital investment that they have
made in cold storage over the last 2
years has allowed our business (and
many other Southland businesses) to
scale and achieve our growth aspirations.
Prime Range Meats continues to push
forward, and South Port has been with
us, supporting our growth and our
ever-expanding needs. We would like to
thank the team at South Port for their
commitment to their customers / to our
region and continue our long-standing
relationship”.
BRENT
CRAWFORD
Our Customers
SOUTH ISLAND OPERATIONS SUPERVISOR
GLENCORE AGRICULTURE (NEW ZEALAND)
“Glencore Agriculture considers Bluff,
and more specifically South Port, as an
essential gateway for the distribution of
our products throughout Southland and
up through to Central Otago.
Our business has a strong focus on
exemplary service delivery in the safest
possible manner. To achieve this, it
is essential we align ourselves with
business partners that are responsible,
transparent and hold a similar view on
service delivery within our supply chain.
South Port certainly delivers an
impeccable service to Glencore
Agriculture and we are very pleased to
work with them”.
GRAEME
FYFE
REGIONAL MANAGER
RAYONIER MATARIKI FORESTS
“The past six months have been a roller
coaster ride for most New Zealand log
exporters including Rayonier Matariki
Forests. A combination of an inventory
build-up in China, a longer Chinese
New Year celebration and the fallout
from COVID-19 has resulted in reduced
volumes exported. Even though Rayonier
Matariki Forests exports across three
markets out of South Port - China, India
& South Korea – it was also impacted by
these circumstances.
In May there was a short term spike in
demand and prices improved however,
with current demand fluctuations, a
decreasing CFR, increasing freight
rates and a strengthening NZD -USD,
the company will continue to operate
in challenging times over the next few
months.
Rayonier Matariki Forests’ strong
safety culture and health and safety
performance is at the very heart of
its business. As an extension of that
philosophy, Rayonier Matariki Forests
now only buys export logs from Safetree
certified contractors. The certification
provides assurance that the suppliers are
competent, demonstrate professionalism
and meet industry benchmarks with their
Health & Safety systems”.
MARK
GROVER
66 SOUTH PORT ANNUAL REPORT 2020