Annual Shareholders’ Meeting – Presentation and Address

NAPIER PORT HOLDINGS ANNUAL SHAREHOLDER MEETING

10.30am, Friday 18
th
December 2020


Napier Port Chairman, Alasdair MacLeod

Kia ora, good morning everyone and welcome to Napier Port’s Annual Shareholders
Meeting. My name is Alasdair MacLeod and I am the chair of the Napier Port board and I’ll
be running today’s meeting.

On behalf of the Board, the Chief Executive, and our leadership team I’d like to welcome
Shareholders, Napier Port people and media to Napier Port’s second Annual Shareholders
Meeting as a listed company.

I’d now like to give an overview of the 2020 financial year.

2020 has been a year like no other with COVID disrupting lives, communities and economies
globally.

It made our first full year as a listed Company even more challenging than we could have
predicted.

However, despite that, Napier Port finished the year in a stronger position than we
anticipated at the outset of COVID-19 – achieving a solid financial result and making very
good progress on our strategic initiatives.

As you know, Napier Port is a key regional long-term infrastructure asset with the purpose of
connecting our region to the world.

Our listing a year ago provided the capital we needed to embark on our centrepiece strategic
development program, construction of a new 350m-long wharf, 6 Wharf.

Notwithstanding the difficulties experienced this year, our confidence in our region and the
quality offering of our port, is such that we forged ahead with construction of 6 Wharf.

Despite 5-6 weeks tools down during the Alert Level 4 lockdown, this vital piece of
infrastructure remains on budget and on track to be completed by late 2022.

When finished it will give the port the ability to handle bigger ships, more shipping, and the
ever-increasing volume of cargo generated by the region, or attracted by our superior service
and supply chain offerings.

This year underscored the resilience of our regional economy and the many primary sector
exporters who faced many challenges and still face uncertainty.

We are grateful to the producers and cargo owners, who worked diligently with our
management and people to find solutions to the unique challenges we were all confronted
with – and together we applied ourselves to the task of keeping cargo moving across our
wharves.

This has cemented the resilient nature of the regional primary sector and your port’s
dedication to connecting our region to the world.

The solid financial results we are presenting today show we have made a strong recovery
despite the challenges of the COVID-19 affected year. Whilst the economic environment and
outlook have changed since the time of our original PDS forecasts made at the time of our
IPO in August of last year, we are pleased that our financial results are in line with the
original PDS forecasts.

We have declared a final dividend of 5 cents per share, which is due to be paid today.

The Board acknowledges the fact that the final dividend, of $10m, or 5 cents per share, is
less than originally forecast in respect of the whole 2020 financial year.

We determined it was prudent to take a conservative approach when we consider the
economic outlook, the near-term earnings outlook, the Group's existing significant capital
commitments, its COVID-19 response plan and capital management policy.

As we outlined in our Half Year report, we remain grateful for your support as we focus on
protecting and growing the long-term value of your port.

At the peak of COVID-19, we applied for and received the government wage subsidy and we
express our appreciation to the government for its prompt response. The subsidy fulfilled its
purpose, which was to give us confidence to retain all our staff amidst great uncertainty.
Subsequently, given the strength of our recovery during the year we determined to repay the
wage subsidy because we felt it was the right thing to do.

The response of our team to these changes, from our Chief Executive Todd Dawson and the
Senior Management Team through to those on the front-line moving cargo, has been
inspiring. Without exception, the team has worked hard to protect the health and safety of our
people and our region while applying themselves assiduously to the task of keeping cargo
moving across our wharves.

Looking forward, we will continue working towards delivering our business plan and
sustainability strategy.

However, the environment in which we are currently operating is more uncertain. We’ll
comment further on this later in the meeting.

I’d like to introduce Napier Port chief executive, Todd Dawson to present his report on the
2019/20 financial year.

Napier Port Chief Executive Officer, Todd Dawson

Thank you, Alasdair.

Good morning everyone, and thank you for taking the time to attend our Annual
Shareholders Meeting today.

Stating the obvious but this year has been an extraordinary year for Napier Port, our
customers and community.

We know when the region does well, Napier Port does well and vice versa. And this year we
have shared moments of uncertainty and concern, as well as celebrating achievements and
success.

We are committed to doing everything we can to support a thriving regional economy which
means supporting exporters to get to international markets and bringing imports through that
our producers and our economy need.

In our first full year as a publicly listed company, Napier Port can look back on 2020 with a
real sense of pride and achievement.

I’ve previously referred to the 2020 financial year as a game of two halves. The first half of
the year saw us make good progress on the delivery of our strategic objectives and saw the
strength of trade coming from Hawke’s Bay continuing to build momentum.

We saw a smooth start-up to our major construction program of 6 Wharf, as well as steady
progress on a number of our other key projects.

As COVID-19 began to take hold globally around January/February, the potential economic
impact of the pandemic became evident and we started feeling its effects.

The COVID-19 pandemic and government responses created significant uncertainty for our
people, operations and our trade leading into the second half of the year.

However, in the face of these significant challenges, we have achieved a solid financial result
and continued to deliver on our purpose, working for our region.

We see our success this year, foremost, as a result of the dedication of our people and the
re-validation of our strategy, placing our customers and our region’s cargo owners, at the
centre of our focus.

This year we hosted 673 ship calls, consisting of 293 container vessels, 304 charter vessels,
and 76 cruise vessels.

We moved 5 million tonnes of cargo across our wharves, consisting of 268,000 TEU
containers and 2.4 million tonnes of logs.

We achieved over $100 million in revenue for the first time and achieved a record net profit
result.

Overall, a very satisfying outcome and one that underlines the performance of our team and
the resilience of our trade base.

In any other year, Napier Port would treat this as business as usual. What makes this year
stand out is that we achieved all of this, as well as a solid financial result despite the impact
of the COVID-19 lockdown when all trade apart from essential cargo, ceased.

As mentioned previously the challenges of this year re-validates for us the strategic direction
we're taking at Napier Port.

Our strategy focuses on four key areas:

• Customer Connection;

• Data & Technology;

• Networked Infrastructure; and

• Collaborative Partnerships; all of which are underpinned by our

• Culture of Care, that recognises people are the foundation of our business.

I am delighted to report significant progress in all areas of the strategy this year, which are
detailed extensively in our Annual Report.

Today, I will touch on some of the highlights.

We want everyone who comes to Napier Port to go home safely every day, and 1 year into
our comprehensive 3-year Health and Safety Programme, we are making excellent
progress.

We implemented over fifty percent of the requirements for the ISO45001 management
system – a best practice standard for Occupational Health and Safety practices.

A Critical Risk Control Management programme was introduced and we have completed 18
critical risk assessments.

What made this programme even more effective was the strong involvement from our
operational teams, with the end result being fit-for-purpose risk assessments that our people
are invested in.

A new health and safety information management system was also introduced during the
year. It helps identify risk before it becomes an incident; and it provides consistent reporting
across teams so we can spot trends and know how we are tracking with improving health
and safety outcomes on port.

Our health & safety philosophy of "Just Culture", is underpinned by worker participation and
collaboration on initiatives, and we are seeing improvements in engagement with health and
safety training and outcomes.

While this is pleasing, we always want to do better and are confident our Safety Roadmap
will continue to deliver improvements.

Just a few weeks ago we opened Napier Port to our Port teams’ families for the first time in 8
years.

I’ve said often this year that the dedication of our people is what enabled our success.

Our people are the foundation of our business and we wanted to show our appreciation to
our people, but also to their families, who also play a key role enabling our business to
perform.

This was especially the case this year as many of these families faced the anxiety of COVID-
19 and having an essential worker leaving and coming home each day.

More than 600 of our people and their families attended Whanau Day, complete with Art
Deco bus tours of the Port, tug boat ballet, food, entertainment, and being able to safely get
up close and personal with some of our large machinery and wharves.

It was a great opportunity for our team to share their workplace with their families - that for
the most part are shut off from the public every day.

During the year, we extended partnerships with long standing customers, demonstrating our
commitment to putting cargo owners at the centre of our focus.

Our agreement with Winstone Pulp International (WPI) was renewed for 10 years with two
further 5-year rights of renewal to export WPI’s pulp and timber products from its mill in the
central North Island.

A key decision factor for WPI in selecting Napier Port, was the resilience we’ve shown, our
passion for service delivery, and the certainty it gives them that Napier Port is a port with a
clear plan for the future of the central and lower North Island.

WPI could export from any of the main North Island ports, so their decision to remain with
Napier Port is a welcome endorsement of the long-term value we deliver.

By providing more flexible, efficient transport solutions, together with a greater choice of
shipping services we welcomed an increase in Ovation New Zealand Ltd's high-quality meat
exports from further afield – their plants in Te Kuiti and Feilding.

Removing transportation waste from their supply chain, we were able to support Ovation to
cut down on CO2 emissions; and also provide access to additional container shipping line
services.

Again, this reinforces that our strategy of connecting with our customers and understanding
their businesses, is adding value and building lasting relationships.

This year we continued to develop digital applications that benefit our people and our
customers in their day-to-day work. They are driving real operational efficiencies on port,
which also provides customers and suppliers with a better service and experience when
working with us.

Some practical examples of this are:

• Sharewater – a customised marine harbour management tool;

• Port Pass - our new 'all-in-one' identity card and access system, and

• Propel - our new vehicle booking system.

Our ability to create versatile apps that are practical, and quick and easy to implement is
becoming a true point of difference for Napier Port in the industry.

We are proud to have been able to develop these in house, and to have created new income
streams for Napier Port off the back of our own technology department.

To provide the services our region and customers will need for the future, a resilient and
agile infrastructure network is essential.

The centrepiece of this programme is the development of our new 350-metre long 6 Wharf.

6 Wharf will unlock future growth for Hawke’s Bay, and the central and lower North Island, by
providing infrastructure that has greater capacity and capability for moving cargo and
handling more and larger ships in the future.

This key project has been progressing really well this year, despite the interruption during the
level 4 lockdown period when construction had to stop. We remain on track for completion in
2022 and, crucially, on budget.

The initial - and some of the most challenging phases of the project - have been seen during
the start-up and they’ve gone well. Piling has progressed with about one half of the 400 piles
completed and our dredging program is well advanced now.

Operational planning for the commencement of 6 Wharf in 2022 is going smoothly and the
whole team is very excited about the potential this development holds for our future capability
to service our customers and NZ.

6 Wharf will be a real boost to Napier Port’s future capacity and our continued investment in
such a significant piece of critical regional infrastructure is well supported by the trade we
see today, as well as that which we see coming into the future.

Expanding our capability means focusing not only on port infrastructure such as wharves, but
also the freight hubs and warehousing that producers rely on - as well as the road, rail and
sea links that connect products to the Port.

Thames II, our second empty container depot, opened for business during March. It holds
and prepares containers ready for the region’s exporters, and provides much needed space
for our container operations while we develop 6 Wharf.

At our shareholders meeting last year we introduced our new tug, Kaweka. She is our third
tug and has now come into full operation.

She’s already delivering great results with increased manoeuvrability, fuel efficiency and is
enabling us to avoid additional secondary vessel moves across the port.

Kaweka has also allowed us to berth larger container vessels during night-time hours,
improving the availability of our wharves for customers.

Another key part of our infrastructure planning is inland freight hubs, which take waste out of
the supply chain.

In Manawatū our hub is delivering cost efficiencies and greater shipping choice for customers
in the Central North Island. This makes Napier Port more accessible to exporters throughout
Taranaki, Whanganui and Manawatū.

Sustainability is key to our business strategy, as we recognise the importance of leaving a
positive legacy for future generations, while delivering for our customers and Hawke’s Bay’s
regional economy.

During 2020 we developed our Sustainability Strategy, which is built on the framework put in
place last year, and is aligned to the UN Sustainable Development Goals.

Our approach is to think globally, but act locally.

There are 111 work streams in our Sustainability Strategy and we have identified 18 top
priority work streams including in the areas of:

• Climate Change;

• Equality, Diversity & Inclusion;

• Good Neighbour Programme;

• Cultural Strategy; and

• the Marine Cultural Health Programme

We are particularly excited at the development this year of the Marine Cultural Health
Programme (MCHP). The Programme is a NZ-first – potentially a global first - founded by
Napier Port’s Pou Tikanga, Te Kaha, and the Mana Whenua Steering Komiti – the Komiti is
made up of representatives from different marae, hapū and mana whenua entities partnering
with Napier Port.

The Programme aims to protect, monitor and assess the cultural health of the marine
environment, particularly Pānia Reef, during the 6 Wharf project.

We are looking forward to launching the Programme and real time tracking of marine cultural
health with the Steering Komiti early next year.

Many sustainability initiatives are already underway at the Port including:

• A commitment to Zero Emissions by 2050 as well as establishing intermediate targets
in the short-term.

• More than 150 Kororā (little blue penguins) have been relocated to our sanctuary and
just a couple of weeks ago, the first chicks were delivered

• We are improving our energy efficiencies where we can, such as using LED lighting,
more efficient forklifts as we upgrade, Electric Vehicle charging stations and we have
begun transitioning our light vehicle fleet to EVs.

• We continually look to ways to minimise waste in the supply chain, such as reducing
the movement of empty containers, and

• We are now in the process of developing our sustainability reporting, collecting
baseline information, and setting KPIs for the future.


So, to sum up, while it has not been a year without its fair share of challenges, our people,
our region and our trade has shown itself to be highly resilient.

We are satisfied with the result and pleased to have continued making considerable progress
on our strategic initiatives.

Napier Port is in good shape to be able to capitalise on the growth prospects and
opportunities we see in the future.

And we have shown ourselves to be adaptable to changes that can come from the least
expected situations as well as taking advantage of opportunities that present themselves.

The value of our loyal customer base, provides us with the confidence to keep investing in
our forward-looking development programme and customer focused strategy for growth.

I’d now like to hand over to Napier Port’s Chief Financial Officer, Kristen Lie to present the
financials.

After which, I’ll return to briefly touch on what 2021 might look like for us.

Napier Port Chief Financial Officer, Kristen Lie

Thank you, Todd, and good morning everyone.

In 2020 our total cargo volumes were just over 5.0 million tonnes, a 7.5% decrease from
2019.

The decrease was driven by COVID-19 disruptions both here and abroad and in particular,
the categorisation of forestry products as ‘non-essential’ seen during the April and May Alert
Level 4 lock down period.

Total bulk cargo was 3.1 million tonnes. The largest component of this, log exports, was 2.4
million tonnes - an 8.3% decrease on the prior year. This was due to the market disruptions
in China at the beginning of the calendar year, followed by the cessation of harvesting in NZ
during the Level 4 lockdown.

Our container services business was broadly in line with last year at 268,000 TEU (twenty-
foot equivalent container units) – down just 1.1% or 3,000 TEU.

Container volumes were impacted to a lesser extent than our bulk cargo because food
products (among others) were categorised as ‘essential’ during Level 4 and they continued to
flow during lockdown.

Higher value reefer TEUs increased by 2.1% whereas dry TEUs decreased by 7.3% largely
due to their dominant cargo of pulp and timber being classified ‘non-essential’. Despite the
lockdown, our container packing operation for mainly pulp and timber products, Port Pack,
had a relatively solid year with 49,000 TEU – down just 2% from last year.

Apple & pear volumes saw a record equalling year, which was a great result for that industry
given their challenges to maintain their operations and the disrupted international markets
they experienced.

Overall, we see the trade result as a good one given the circumstances, and reflective of the
resilience in the local economy and demand for our region’s products.

During 2020 we achieved the milestone of becoming a $100m revenue business with 0.8%
growth year on year, despite the 7.5% decrease in total cargo volume by weight.



Cargo volume decreases were offset by increases to average revenues per cargo unit.

Other than cruise our main two sources of revenue arise from Container Services and Bulk
Cargo services.

Container services revenue grew 1.9% year on year (‘YoY’) to $62.3m, which resulted from
average revenue per TEU increasing by 3.0% in the year, which offset the 1.1% reduction of
TEU trade volume.

Bulk cargo revenue was down 3.1% YoY to $31.3m, which was driven by the 8.3% volume
decline to 3.1 million tonnes in 2020, which exceeded the average revenue per tonne
increase of 5.7%.

Our shortened 2020 Cruise season saw revenue increase 14.9% to $4.3 million versus
FY2019, continuing its relatively high growth trajectory.

Cruise vessel calls of 76 were 11 fewer than forecast, but 6 more than 2019. Of the 11
missed calls, 4 related to weather events and 7 were cancelled as a result of COVID-19
restrictions.

As we have communicated previously, we do not expect a resumption of cruise ship visits
this current cruise season. We are also conscious of the possibility that this situation may be
in place for an extended period.

Just a brief recap on what was undoubtedly one of the main events of our 2020 financial year
and what we set out to achieve with our Covid-19 response plan that we formulated at the
peak of uncertainty and the most severe lock down period.

Our primary focus during these times has been to ensure the safety of our people and users
of the port.

Our financial response aimed to deliver a prudent approach to managing our cost base and
balance sheet, in particular across the 18-month period to the end of FY2021, as we face the
significant uncertainty that is ahead of us all.

We repeat and note on the slide here a number of the measures we initiated.

Whilst these have resulted in cost savings in the short term, they are temporary in nature and
not sustainable for an extended period. A number rely on the goodwill of our stakeholders,
including our staff and shareholders.

We estimate operating expenditure savings in 2020 of $2.2m and a further approx. $5m of
mostly capex deferrals to later periods.

Some initiatives remain on the table, but, in terms of managing expectations, we expect the
current financial year to reflect a sustainable cost path resuming during 2021.

However, we continue to maintain operating and capital expenditure discipline.

On a comparable pro forma basis, 2020 net profit of $20.4m was $0.8m ahead of 2019 and
$0.4m ahead of our original PDS forecast.



The reported statutory net profit after tax of $22 million included a number of items that are
adjusted out for pro forma purposes. The more material components of this were

- $1.0m revaluation gain on investment property our land in Whakatū

- $650k tax benefit for the reinstatement of tax depreciation on buildings

- $550k impairment of infrastructure assets for 6 Wharf development.

The 2019 reported statutory net profit of $6.8m, shown in red, included the significant one-off
IPO and restructuring costs that we detailed last year.

Capital spend during the year was $53.1m or $46m in cashflow spend terms, the majority of
which went towards 6 Wharf construction.

Other completed development projects in the year were final payments for our third tug
Kaweka, and the final payments to complete the development of our off-Port ‘Thames Street’
container services depot.

Major replacement capex items in the year included wharf major maintenance, maintenance
dredging, and (empty) container handling equipment.

In the current year, and future years, our development capital spend has ramped up as we
continue to build for growth.

Due to rephased spend on 6 Wharf construction leading up to the signing of the construction
contract, & an approximate 5-week delay from the Covid Level 4 shutdown on 6 Wharf, and
deferrals of other forecast capex spend as part of our Covid measures, we remained in a
cash positive position at the end of the financial year, having spent less than originally
forecast in the PDS.

At the balance sheet date, we retained our $180m in undrawn bank facilities, which we have
subsequently drawn upon in October.

Finally, a comment on our capital management targets.

Our stated objective is to target a long-term range of 2 – 3 times for our net debt to EBITDA
ratio, with a target peak of no greater than 3.5 times through the 6 Wharf construction
period.

Given the current environment, including the lack of cruise revenue at least in the short term,
a peak ratio above 3.5 times is now considered likely. This is a point of focus with a view to
mitigating this increase over time and we expect to remain well within our actual banking
covenant limit of 4.5x.

I will now hand back over to Todd for comments on the outlook for the new 2021 financial
year.

Napier Port CEO, Todd Dawson

We are keenly focused on what 2021 and beyond will bring.

The 2021 financial year ahead comes with a fair degree of uncertainty.

Whilst the current trends and volumes remain steady in our business - and our primary
sector-based customers appear optimistic - we see the key challenges being:

• Uncertain economic times and outlooks across global markets;

• The issue of a strong reliance on seasonal labour for the harvest of apples this year is
unresolved at this time;

• To date there is no international tourism sector being re-established in NZ due to the
closed borders; this is a major obstacle to overcome prior to any cruise industry
returning in the near future.

• As stated earlier, we currently are not expecting any cruise ship visits this cruise
season and we are conscious of the uncertainty regarding the timing and eventual
extent of this industry’s revival;

• The tightened supply on international container shipping capacity is seeing large
increases in international sea freight rates across major international trade routes,
which is likely to flow through to higher costs for NZ exporters and importers; and

• The tightened supply of container equipment availability, needed by our exporters,
due to international demand for these containers and disruptions within the NZ and
Oceania supply chains, including at other ports.

Our focus at this time is on ensuring we remain vigilant to keeping our people and community
safe and on pressing ahead with our growth plans to make the most of current and future
opportunities.

And finally, a comment on our earnings for the next (or current) financial year in 2021.

At the time of our annual results release to the market in November we provided a range for
the expected underlying result from operations for FY2021 of between $34m and $38m.

There is no update to this outlook at this time, however, it is worth reiterating the key reasons
for the expected decrease from the FY2020 result of $41.2 million.

As stated earlier, we currently are not expecting any cruise ship visits this cruise season.

We continue to exercise a disciplined approach to operating and capital expenditure and are
pursuing efficiencies, however, several of the cost saving measures introduced in response
to COVID-19, including the deferrals of operational and capital expenditure in FY2020 cannot
be sustained in the new financial year.

Finally, the board believes Napier Port should configure itself for the long term not only in
terms of infrastructure, but also in terms of people and capability.

All these factors translate into the expectation for the lower underlying Result from
Operations for the year to 30 September 2021.

I would like to take this opportunity to thank the whole team at Napier Port for the dedication
they have shown this year.

And thank you to the Board for their support of the management team over this challenging
period.

We are looking forward to the future and to making a difference for Hawke's Bay's – and New
Zealand's – importers and exporters.

Thank you for coming today – I'd like to hand back to chairman, Alasdair MacLeod.

Napier Port Chairman, Alasdair MacLeod

In concluding our Annual Shareholders Meeting for the 2020 financial year, I would like to
take the opportunity to thank a few people for the key role they have played in our success
over the last year.

On behalf of the Board, I extend our thanks to all shareholders, our region, and the cargo
owners who entrust their product to Napier Port.

And to the entire Napier Port team who – led by an excellent Senior Management Team –
have delivered an outstanding result.

As I call the meeting to a close, I’d like to invite you all to light refreshments in the Exhibition
Hall.

Thank you for coming today and thank you for your continued support of Napier Port.

No reira tēnā koutou, tēnā koutou, tēnā koutou katoa.

---

ANNUAL SHAREHOLDERS MEETING 2020
NAPIER WAR MEMORIAL CONFERENCE CENTRE
18 DECEMBER 2020
STANDING STRONG
FOR OUR REGION

2
TE KAHA HAWAIKIRANGI
POU TIKANGA –INFRASTRUCTURE
ENVIRONMENTAL & CULTURAL ADVISOR
IWI –NGĀTI KAHUNGUNU, NGĀI TAHU

3
ALASDAIR MACLEOD
CHAIRMAN

4
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Notice.

5
DIRECTORS
VINCENT TREMAINEHON RICK BARKER
ALASDAIR MACLEODSTEPHEN MOIR
JOHN HARVEY
DIANA PUKETAPU
BLAIR O’KEEFFE

6
MEETING AGENDA
Refreshments
General business
Chief Executive’s address
Chief Financial Officer's address
Chair’s address
Ordinary business
-Resolutions

2020 HIGHLIGHTS
•2020 a year of significant disruption but also resilience
•Construction of 350m-long 6 W harf began and remains on track
•Focus on strategic initiatives to build a thriving region by connecting
our customers, people and community to the world
•Delivering on our business plan and sustainability strategy
•Strong recovery; results in line with original PDS forecasts
•Fully imputed final dividend of 5 cps declared

8
TODD DAWSON
CHIEF EXECUTIVE

9
AN AGILE AND RESILIENT PORT

10
5
CENTS
PER SHARE
$
100
.4
REVENUE
–
MILLION
UP 0.8%
HIGHLIGHTS
673
SHIP
CALLS
$
22
NET PROFIT
–
MILLION
UP 221%
5
MILLION
TONNES
CARGO
$
10
MILLION
DIVIDEND
–

11
STRATEGIC DIRECTION

CULTURE OF CARE

CUSTOMER CONNECTION

DATA & TECHNOLOGY

NETWORKED INFRASTRUCTURE: 6 WHARF

NETWORKED INFRASTRUCTURE: HUBS

SUSTAINABILITY

18
SUMMARY

19
KRISTEN LIE
CHIEF FINANCIAL OFFICER

20
CARGO VOLUMES STRONG
49
THOUSAND
TEU THROUGH PORT PACK
268
THOUSAND TEU
2.4
OF LOG EXPORTS
MILLION TONNES
5.0
OF CARGO HANDLED
TOTAL
Logs
58%
Woodpulp
11%
Timber
6%
Meat
5%
Apples &
pears
7%
Other
13%
FY20EXPORT
CARGO BY
WEIGHT
MILLION TONNES

21
STRONG REVENUE RESULT
FY20
REVENUE
$100.4
MILLION
REVENUE
0.8%
YEAR-ON-YEAR
REVENUE GROWTH
Container services
62.1%
Bulk cargo
31.1%
Cruise
4.3%
Other
2.5%

22
CRUISE
RECORD BUT SHORTENED CRUISE SEASON
14.9%
IN CRUISE REVENUE
GROWTH
8.6%
IN CRUISE CALLS
GROWTH
76
CALLS –UP 6
CRUISE
$27
BY CRUISE PASSENGERS
MILLION*SPENT
3.7
4.3
-
10
20
30
40
50
60
70
80
90
100
$-
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
$5.0
Visits
Millions
Revenue (LHS)Visits (RHS)
* Stats NZ Cruise ship traveller and expenditure statistics: Year ended June 2020
FY2019FY2020FY2021F

23
COVID-19 RESPONSE
W e aimed to reduce or defer expenditure while looking after our people and not compromising
operational capability.Focused on cash expenditures for 18-month period to end of FY2021
•Reduction in director fee pool of 20%* for 6 months
•Deferral, on renewal, of wage and salary increases for one year
•Specific cost reductions and deferrals across capital and operational expenditure
•Receipt of the Government wage subsidy (& subsequently repaid)
•Cancellation of the interim dividend in respect of the 2020 financial year
FY2020 estimated opexcost reductions and deferrals of $2.2m / c. $5m capex deferrals and
savings. Measures impacting FY2021 still being worked through.
* Includes a 10% reduction in f ees paid plus def erral of planned additional director appointment
Many of the temporary measures implemented in the 2020 financial year will not repeat during
2021
Despite disrupted operations, essential services to the region maintained

24
PROFIT RESULT IN LINE WITH PDS FORECAST
6.8
22.0
19.6
20.4
$-
$5.0
$10.0
$15.0
$20.0
$25.0
FY2019FY2020
Millions
NPAT (reported)Pro forma NPAT

25
CAPITAL EXPENDITURE
•Capital expenditure$53.1m*with majority
of spend on 6 W harf
•Completion of significant development
projects –Kaweka, Thames Street
off-port depot
* Including accounting accruals. FY2020cash spend $46.0m
GROWING DEVELOPMENT CAPEX
18.8
53.1
$-
$10
$20
$30
$40
$50
$60
FY2019FY2020
Millions
DevelopmentReplacementCompliance and other

26
LIQUIDITY AND CAPITAL MANAGEMENT
Bank facilities subsequently drawn upon in October 2020
At balance date:
•Cash & cash equivalents balance of $7.9m
•No bank debt
•Undrawnfacilities of $180m
Based on the current environment (including cruisedisruption), likely to see Net Debt to EBITDA
ratio above targeted 3.5x.This remains a point of focus to mitigate thisincrease over time.

27
TODD DAWSON
CHIEF EXECUTIVE

28
Opportunities in national supply chain to grow trade volume
Supporting our region and the central and lower North Island's future growth requirements
Challenges in key Napier Port trades: pipfruit, cruise
Current shipping challenges: rising freight rates for exporters/importers, container equipment
availability
Continuing economic uncertainty in NZ and global markets
CAUTIOUS PERSPECTIVE WHILE PURSUING STRATEGIC INITIATIVES
LOOKING AHEAD
Driving growth and operational resilience

29
Expected underlying result from operations for FY2021 between $34m and $38m
Reduction from $41.2m in FY2020
No update to guidance provided in November 2020 for FY2021
EARNINGS OUTLOOK
Key factors
•Loss of cruise revenue ($4.3m in FY2020 and growing)
•Temporary cost saving measures unwinding in FY2021
•Strategic investments in people & capability

FINANCIAL REPORTS
AND STATEMENTS:
SHAREHOLDER QUESTIONS

ORDINARY BUSINESS

32
RESOLUTION 1
To re-elect Diana Puketapuas a director of the company

33
RESOLUTION 1
To re-elect Diana Puketapuas a director of the company
ForOpenAgainstAbstain
Proxies136,530,531
(99.35%)
720,513
(0.52%)
172,409
(0.13%)
10,961

34
RESOLUTION 2
To re-elect John Harvey as a director of the company

35
RESOLUTION 2
To re-elect John Harvey as a director of the company
ForOpenAgainstAbstain
Proxies136,524,190
(99.37%)
716,667
(0.52%)
146,696
(0.11%)
46,861

36
RESOLUTION 3
To authorise directors to fix the Auditors
remuneration for the ensuing year

37
RESOLUTION 3
ForOpenAgainstAbstain
Proxies136,665,883
(99.46%)
716,233
(0.52%)
27,956
(0.02%)
24,342
To authorise directors to fix the Auditors
remuneration for the ensuing year

VOTING

GENERAL BUSINESS

MEETING CLOSED

ANNUAL SHAREHOLDERS MEETING 2020
NAPIER WAR MEMORIAL CONFERENCE CENTRE
18 DECEMBER 2020
STANDING STRONG
FOR OUR REGION