POT Reports Improved Profits

26 February 2021 (Embargoed until 8.30 am)
Port of Tauranga Reports Improved Profits
Despite Widespread Disruption to
Cargo Volumes and Operations
Port seeks consent for an additional berth to help alleviate
Upper North Island supply chain congestion
Port of Tauranga, New Zealand’s largest port and international freight gateway, today reported
increased profitability for the first six months of the 2021 financial year, despite volatile cargo volumes
and congestion issues being experienced at Ports of Auckland.
Group Net Profit After Tax for the six months to December 2020 was $49.4 million, a 2.3% increase on
the same period the previous year, despite a 1.3% decrease in total trade volumes, to 13.1 million
tonnes. Container numbers decreased 4.6% compared with the previous corresponding period, to
612,988 TEUs
1
.
Highlights and Challenges
For the six months to 31 December 2020:
∂Group Net Profit After Tax increased 2.3% to $49.4 million
∂Total trade decreased 1.3% to nearly 13.1 million tonnes, down from 13.3 million tonnes the
previous year
∂Container volumes decreased 4.6% to 612,988 TEUs
∂Transhipment of containers also decreased, by 5.1% in TEUs
∂Subsidiary and Associate Company earnings increased 22.3%
∂Imports increased 5.0% to 4.9 million tonnes
∂Exports decreased 4.8% to 8.2 million tonnes
∂Log export volumes were 2.1% lower than in the same period last financial year, at nearly 3.3
million tonnes
∂Dairy exports were down 10.8% to 1.1 million tonnes
∂Interim dividend of 6.0 cents, the same as last year
Port of Tauranga Limited Chair, David Pilkington, said the mid-year financial results were very pleasing
considering the volatility in cargo volumes over the period and reflected the stability offered by the
diverse companies in the group.
1
TEUs = twenty foot equivalent units, a standard measure of shipping containers

2
“We have managed to maintain income throughout a challenging six months. Port of Tauranga handled
near record volumes of containers in the months of October and December. However, lower-than-
previous demand from June to August, and vessel delays in November, dragged down the year-to-date
container volumes,” he said.
“It’s a similar story when we look at overall cargo tonnes. Volumes decreased 1.3% for the six month
period, yet volumes in December 2020 were 15.1% higher than the same month in 2019.”
Mr Pilkington said severe vessel delays out of Auckland since September had significant flow-on
impacts on Port of Tauranga.
“We have done our best to accommodate diverted import and export cargoes from Auckland. However,
we have had to limit our assistance as we have been constrained by the lack of availability of additional
rolling stock and train drivers for the rail link between Tauranga and Auckland.”
The average cargo exchange per container vessel was 21% higher in December 2020 compared with
December 2019, due to the cargo bypassing Auckland.
Late arriving vessels have been slow to pick up exports, exacerbating container yard congestion.
Port of Tauranga Chief Executive, Mark Cairns, says the January 1 introduction of penalties for shippers
rolling cargo or leaving their containers on the wharf for excessive time has provided some relief from
yard congestion. The peak export season is now in full swing.
“We need all parts of the supply chain to do their bit and we are very grateful for the cooperation of
importers and exporters in improving terminal productivity. Unfortunately, the threat of congestion
remains and is unlikely to dissipate until Ports of Auckland sorts out its operational problems,” said Mr
Cairns.
“We accommodated a container vessel at our Mount Maunganui bulk cargo wharves in December to
try and alleviate the pre-Christmas stress for retailers. New Zealand’s ability to absorb the worldwide
disruption caused by Covid-19 has been severely constrained.”
Port of Tauranga has applied for the Covid-19 recovery fast-track resource consenting process for its
proposed berth extension at the Tauranga Container Terminal. The fourth berth will be created by
converting 220 metres of cargo storage land to the south of the existing wharves.
The $68.5 million project will create an estimated 368 jobs through the construction phase and more
than 81 permanent jobs after completion. No Government funding is sought for the project and it is
frustrating that the consent process takes so long.
Mr Cairns said the project could help ease congestion in the Upper North Island supply chain, especially
with the prospect of the Ruakura Super-hub and inland port at Hamilton coming on stream. The inland
port, being developed in partnership by Port of Tauranga and Tainui Group Holdings, is due to open in
2022.
Financial results
Revenue increased 3% to $159.5 million due to greater income from the container terminal and strong
performances from Subsidiaries and Associates, which saw a 22.3% increase in earnings.
Overall costs increased 5.2%. Net Profit After Tax increased 2.3% to $49.4 million.

3
During the period, Port of Tauranga completed the acquisition of Kotahi Logistics’ 50% shareholding in
Timaru Container Terminal. The terminal is now being operated by Port of Tauranga’s subsidiary,
Quality Marshalling.
Cargo trends
Log exports in the six months to December 2020 decreased by 2.1%. There is strong demand from
China as it recovers from Covid-19 and the outlook is positive for the second half of the financial year.
Sawn timber and wood panel exports decreased 16.8% in volume. Pulp and paper exports decreased
9.3% in volume.
Dairy exports decreased 10.8% for the period but volumes look positive for the second half of the
financial year.
Transhipped containers declined 5.1% measured by TEUs, consistent with the overall decrease in
containerised cargo.
Kiwifruit volumes were up 5.4%, while meat product exports increased 1.6%.
Oil product imports increased 12.1% in volume.
Fertiliser imports were down 17.1% in volume due to lower demand from the farming sector. Protein
and feed imports increased 7.4% in volume. Grain imports remained steady.
Ship visits declined by 15.3% to 661 for the six month period. Although there were vessel diversions
from Auckland, there were also delays and cancellations and no cruise ship visits (compared with 34
the previous corresponding period).
Outlook
The outlook for the second half of the financial year remains uncertain.
“We are confident we are managing any congestion challenges at our locations. However, the situation
in other parts of the supply chain is far from resolved,” said Mr Cairns.
“Covid-19 precautions continue to have a big impact on our costs, as we continue to prioritise the safety
of our team members and the community. There is still much uncertainty as to what the second six
months of the year will bring, but we are confident we are in a strong position to tackle any challenges.”
Port of Tauranga expects full year earnings to be between $94 million and $100 million.
For further details, contact:
Mark Cairns, Chief Executive
Port of Tauranga Limited
Ph: 07 572 8829
http://www.port-tauranga.co.nz/category/current-news/

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019
Results for announcement to the market
Name of issuerPort of Tauranga Limited
Reporting Period6 months to 31 December 2020
Previous Reporting Period6 months to 31 December 2019
CurrencyNZD
Amount (000s)Percentage change
Revenue from continuing
operations
$159,4563.0%
Total Revenue$159,4563.0%
Net profit/(loss) from
continuing operations
$49,4202.3%
Total net profit/(loss)$49,4202.3%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.06000000
Imputed amount per Quoted
Equity Security
$0.02333333
Record Date12/03/2021
Dividend Payment Date26/03/2021
Current periodPrior comparable period
Net tangible assets per
Quoted Equity Security
$1.71$1.66
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
-
Authority for this announcement
Name of personauthorised
to make this announcement
Simon Kebbell, Chief Financial Officer
Contact person for this
announcement
Simon Kebbell, Chief Financial Officer
Contact phone number027 482 7510
Contact email addresssimonk@port-tauranga.co.nz
Date of release through MAP26/02/2021
Audited financial statements accompany this announcement.

---

Distribution Notice
Updated as at 18 December 2019
Please note: all cash amounts in this form should be provided to 8 decimal places
Section 1: Issuer information
Name of issuerPort of Tauranga Limited
Financial product name/descriptionOrdinary shares
NZX ticker codePOT
ISIN (If unknown, check on NZX
website)
NZPOTE0003S0
Type of distribution
(Please mark with an X in the
relevant box/es)
Full YearQuarterly
Half YearXSpecial
DRP applies
Record date12/03/2021
Ex-Date (one business day before the
Record Date)
11/03/2021
Payment date (and allotment date for
DRP)
26/03/2021
Total monies associated with the
distribution
1
$40,815,991.74
Source of distribution (for example,
retained earnings)
Operating free cash flow
CurrencyNZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.08333333
Gross taxable amount
3
$0.08333333
Total cash distribution
4
$0.06000000
Excluded amount (applicable to listed
PIEs)
Not applicable
Supplementary distribution amount$0.01058824
Section 3: Imputation credits and Resident Withholding Tax
5
Is the distribution imputedFully imputed
Partial imputation
No imputation
1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This shouldinclude any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6
100%
Imputation tax credits per financial
product
$0.02333333
Resident Withholding Tax per
financial product
$0.00416667
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
%
Start date and end date for
determining market price for DRP
[dd/mm/yyyy][dd/mm/yyyy]
Date strike price to be announced (if
not available at this time)
[dd/mm/yyyy]
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
DRP strike price per financial product
$
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
[dd/mm/yyyy]
Section 5: Authority for this announcement
Name of personauthorised to make
this announcement
Simon Kebbell, Chief Financial Officer
Contact person for this
announcement
Simon Kebbell, Chief Financial Officer
Contact phone number027 482 7510
Contact email addresssimonk@port-tauranga.co.nz
Date of release through MAP26/02/2021
6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

u: \documents\word\pressreleases-nzx announcements\nzx letter - interim result dec 2020.docx




26 February 2021



NZX
Wellington



Dear Sir/Madam

PORT OF TAURANGA LIMITED INTERIM RESULTS: 31 DECEMBER 2020

In accordance with the NZ Stock Exchange Listing Rules, please find attached the following
documentation for release to the market:

1 Press Release
2 Market Update (includes Interim Financial Statements for six months ended 31
December 2020
3 Investor Presentation
4 NZX Results Announcement
5 NZX Distribution Notice

Yours sincerely



Simon Kebbell
CHIEF FINANCIAL OFFICER

---

PORT OF
TAURANGA LIMITED –
MARKET UPDATE
FEBRUARY 2021
TESTING TIMES
REVEAL THE STRENGTH
AND RESILIENCE OF OUR
RELATIONSHIPS, OUR
PEOPLE AND OUR PORT.
Scroll down to
view the report

Port of Tauranga is New Zealand’s largest
and most efficient port.
It is the international freight gateway
for the country’s imports and exports.
It is the only New Zealand port able to
accommodate larger container vessels,
unlocking economic and environmental
benefits for shippers.
In the first half of the 2021 financial
year, Port of Tauranga’s people and
relationships continued to be tested
by the ongoing impacts of the Covid-19
pandemic and the supply chain
congestion stemming from problems
at Ports of Auckland.
Our systems, processes and practices
have again proven to be strong
and resilient, ensuring customers,
shareholders and the community continue
to receive wide-reaching benefits.
Port of Tauranga remains New Zealand’s
Port for the Future.
FACILITATING THE MOST
EFFICIENT AND SUSTAINABLE
TRADE TO AND FROM
NEW ZEALAND
TABLE OF CONTENTS
Our Highlights and Challenges 2
Report from the Chair and Chief Executive 3
News 6
Consolidated Interim Financial Statements 9
Consolidated Income Statement 10
Consolidated Statement of Comprehensive Income 10
Consolidated Statement of Changes in Equity 11
Consolidated Statement of Financial Position 12
Consolidated Statement of Cash Flows 13
Notes to the Consolidated Interim Financial Statements 14
Independent Review Report 19
Company Directory 20
/1
PORT OF TAURANGA LIMITED – MARKET UPDATE AND INTERIM ACCOUNTS FEBRUARY 2021

Group Net Profit
After Tax increased
2.3%
to $49.4 million
Increase in Subsidiary
and Associate Company earnings
22.3%

Total trade down
1.3%
to 13.1 million tonnes
Imports up
5.0%
to 4.9 million tonnes
Exports down
4.8%
to 8.2 million tonnes
Container volumes decreased
4.6%
to 612,988 TEUs
1
Log exports down
2.1%
to 3.3 million tonnes
Dairy exports down
10.8%
to 1.1 million tonnes
Transhipped TEUs decreased
5.1%
Interim dividend of
6 .0 cents
per share
OUR HIGHLIGHTS AND CHALLENGES
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
1
TEUs = twenty foot equivalent units, a standard measure of shipping containers.
/2
PORT OF TAURANGA LIMITED – MARKET UPDATE AND INTERIM ACCOUNTS FEBRUARY 2021

Report from the Chair
and Chief Executive
T
he first half of the 2021 financial
year saw trade volumes
decrease 1.3% to 13.1 million
tonnes and Group Net Profit After Tax
increase 2.3% to $49.4 million.
Container numbers decreased 4.6%
to 612,988 TEUs and transhipped
container numbers also decreased by
5.1% in TEUs. This was despite Port of
Tauranga handling near record volumes
of containers in the months of October
and December.
Severe congestion at Ports of Auckland
from September has had significant flow-
on effects to Port of Tauranga and other
parts of the supply chain.
Vessels and cargo have been diverted to
Tauranga from Auckland, shipping has
been subject to delays and cancellations,
and the resulting container yard
congestion slowed cargo throughput
at the Tauranga Container Terminal and
MetroPort Auckland.
The Port of Tauranga team, including
service providers, have pulled out all
the stops to accommodate diverted
import and export cargoes, including
urgent medical supplies. However, some
cargo had to be refused because of the
unavailability of additional trains and train
drivers for the rail link between Tauranga
and Auckland.
The average cargo exchange per
container vessel was 21% higher in
December 2020 compared with
December 2019, due to the cargo
bypassing Auckland.
Late arriving vessels have been slow to
pick up exports, exacerbating container
yard congestion. To keep cargo
moving, Port of Tauranga has introduced
penalties for shippers rolling cargo or
leaving their containers on the wharf for
excess time.
Port of Tauranga
improved profits despite
widespread disruption
to cargo volumes
and port operations
in the six months
to December 2020.
RESILIENCE
/3
PORT OF TAURANGA LIMITED – MARKET UPDATE AND INTERIM ACCOUNTS FEBRUARY 2021

Easing congestion in the
supply chain
C
ovid-19 has had an impact
on the global supply chain and
economy and caused disruption
across many cargo categories.
New Zealand’s ability to respond to
this volatility has been hampered by
the operational problems in other parts
of the port network.
Port of Tauranga has plans to help ease
congestion in the Upper North Island
supply chain by increasing its container
terminal capacity.
It has applied for the Covid-19 recovery
fast-track consenting process for its
proposed berth extension at the
Tauranga Container Terminal. The fourth
berth will be created by converting 220
metres of cargo storage land to the south
of the existing wharves.
The $68.5 million construction will
create an estimated 368 jobs through
the construction phase and more than
81 permanent jobs after completion.
No Government funding is sought for
the project.
The extension will be complemented
by future investment in electric stacking
cranes to increase the number of
containers that can be handled on site.
Capacity will also be extended with
the opening of the Ruakura Superhub
inland port at Hamilton in 2022. The
rail-connected hub is being developed
in a partnership between Port of
Tauranga and Tainui Group Holdings.
Financial results
R
evenue increased 3.0% to
$159.5 million due to greater
income from the container
terminal and strong performances from
Subsidiaries and Associates, which saw
a 22.3% increase in earnings.
Overall operating costs increased
5.2%, which includes increased costs
due to the ongoing impacts of the
Covid-19 pandemic.
During the period, Port of Tauranga
completed the acquisition of Kotahi
Logistics’ 50% shareholding in Timaru
Container Terminal. The terminal is now
being operated by Port of Tauranga’s
subsidiary, Quality Marshalling.
The Port of Tauranga Board has declared
a fully imputed interim dividend of
6.0 cents per share, in line with the
previous corresponding period.
Cargo trends
L
og exports in the six months
to December 2020 decreased
2.1% in volume. Sawn timber
and wood panel exports decreased
16.8% in volume, while pulp and paper
exports decreased 9.3% in volume.
Dairy exports decreased 10.8% in volume.
Kiwifruit volumes were up 5.4%, while
meat product exports increased 1.6%.
Oil product imports increased 12.1%
in volume.
Fertiliser imports were down 17.1%
in volume. Protein and feed imports
increased 7.4% in volume. Grain imports
remained steady.
Ship visits declined by 15.3% to 661
for the six month period. Although there
were vessel diversions from Auckland,
there were also delays, cancellations,
and no cruise ship visits (down from 34
the previous corresponding period).
Subsidiary and
Associate Company
earnings increased
22.3% over the
period, with strong
performances from
Northport and
PrimePort Timaru.
/4
PORT OF TAURANGA LIMITED – MARKET UPDATE AND INTERIM ACCOUNTS FEBRUARY 2021

Testing our resilience
T
he skills and attitude of the
team have once again provided
Port of Tauranga with the
strength and resilience to cope with
the challenges thrown its way. Team
members have done an amazing job
in responding to very stressful and
frustrating situations over the past year.
The Port’s employees, contractors
and service partners have focused
on customer needs throughout the
disruption and uncertainty of the past
12 months. Since August, frontline
workers have also had to endure the
discomfort of regular Covid-19 testing
in order to keep their families and
community safe. We sincerely thank them
for their commitment and cooperation.
Port of Tauranga has taken a lead role in
the maritime border response to Covid-19,
giving support to both Maritime NZ and
the Ministry of Health in developing and
implementing safety measures.
Outlook
T
he outlook for the second
half of the 2021 financial year
remains uncertain.
The Port of Tauranga team is confident
that it is on top of the congestion issues
at all locations. However, the challenges
in other parts of the supply chain remain
unresolved and it is unclear when they
will be addressed.
Covid-19 precautions continue to
impact costs as the safety of team
members and the community are the
top priority. The focus for the remainder
of calendar year 2021 is the successful
rollout of the Government’s Covid-19
vaccination programme to port workers
and their families.
The Board and management are
confident that Port of Tauranga remains
well positioned to tackle the challenges
to come.
Port of Tauranga expects full year
earnings to be between $94 million
and $100 million (compared with
$90.0 million in the 2020 financial year).
David Pilkington
CHAIR
Mark Cairns
CHIEF EXECUTIVE
Covid-19 precautions
continue to impact
costs as the safety
of team members and
the community are
the top priority.
/5
PORT OF TAURANGA LIMITED – MARKET UPDATE AND INTERIM ACCOUNTS FEBRUARY 2021

The new exchange, on the site of a
demolished cargo shed at the north end
of the terminal, has 10 lanes – double the
previous exchange’s lanes.
It works in tandem with a Vehicle Booking
System implemented in April 2019 to
speed up truck turnaround times and
incentivise cargo movements outside of
peak traffic periods.
Since the system was introduced,
average turnaround times have been
well under 20 minutes – although yard
congestion in November stretched
out average waiting times to around
30 minutes.
NEW SYSTEMS AVOID
TRUCK GRIDLOCK
Port of Tauranga’s
new truck exchange
opened in January
at the container
terminal to speed
up cargo deliveries
and collections.
News
/6
PORT OF TAURANGA LIMITED – MARKET UPDATE AND INTERIM ACCOUNTS FEBRUARY 2021

The Port donated the $5 ticket price from the tours,
conducted over two weeks in the second half of January
by the popular in-house tour guide, Mike Bulloch.
There are plans to run a second tour season in the July
school holidays to give the community another glimpse
behind the scenes at the country’s busiest port.
PORT TOURS
BENEFIT
HOSPICE
Port of Tauranga’s popular
summer port tours provided
a much-needed boost to the
coffers of Waipuna Hospice, one
of our favourite local charities.
News
/7
PORT OF TAURANGA LIMITED – MARKET UPDATE AND INTERIM ACCOUNTS FEBRUARY 2021

Incentives for customers to reduce the risk
of dust generation are proving effective. They
include price differentials for de-barked logs
and penalties for poor cargo handling.
The Port is also exploring and utilising
technologies such as fine water misting
on hoppers and storage shed entry points.
All wharf and cargo storage areas are sealed
to allow for increased pavement sweeping,
and recovered dust and debris is recycled
wherever possible.
Some yard areas have been reconfigured to
allow for better windbreak protection of higher-
risk dusty activities, and windbreak fencing has
been installed on port boundaries.
A current focus is traffic management, such
as ensuring vehicles don’t drive through dusty
areas and reducing speed.
DUST SUPPRESSION
MEASURES
MEET SUCCESS
Port of Tauranga has identified the
key sources of dust and the port activities
and behaviours that can cause fine dust
to become airborne.
News
/8
PORT OF TAURANGA LIMITED – MARKET UPDATE AND INTERIM ACCOUNTS FEBRUARY 2021

INTERIM ACCOUNTS
Contents
Consolidated Income Statement 10
Consolidated Statement of Comprehensive Income 10
Consolidated Statement of Changes in Equity 11
Consolidated Statement of Financial Position 12
Consolidated Statement of Cash Flows 13
Notes to the Consolidated Interim Financial Statements 14
Company Directory 20
For the six months ended 31 December 2020
Port of Tauranga Limited and Subsidiaries
/9
PORT OF TAURANGA LIMITED – MARKET UPDATE AND INTERIM ACCOUNTS FEBRUARY 2021

PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Consolidated Income Statement
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
(Unaudited)
Six Months Ended
31 December 2020
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2019
Group
NZ$000
(Audited)
Year Ended
30 June 2020
Group
NZ$000
Total operating revenue159,45615 4,7 74301,985
Contracted services for port operations(32,498)(31,814)(61,363)
Employee benefit expenses(21,676)(20,170)(4 0,110)
Direct fuel and power expenses(5,384)(5,203)(10,195)
Maintenance of property, plant and equipment( 7, 2 4 1 )(6,834)(11,543)
Other expenses(8,609)(7,678)(16,547)
Operating expenses(75,408)(71,699)(139,758)
Results from operating activities84,04883,075162,227
Depreciation and amortisation(16,512)(14,669)(2 9,74 6)
Reversal of previous revaluation deficit00175
(16,512)(14,669)(29,571)
Operating profit before finance costs, share of profit from
Equity Accounted Investees and taxation
6 7, 5 3 668,406132,656
Finance income64132310
Finance expenses (refer note 7)(8,527)(9,763)(18,840)
Net finance costs(8,463)(9,631)(18,530)
Share of profit from Equity Accounted Investees 7, 0 0 45,89511,305
Impairment of investment in Equity Accounted Investees00(6,986)
7, 0 0 45,8954,319
Profit before income tax66,07764,670118,4 45
Income tax expense(16,657)(16,354)(28,418)
Profit for the period 49,42048,31690,027
Basic earnings per share (cents)7. 4
7.2
13.4
Diluted earnings per share (cents)7. 3
7.1
13.2
These statements are to be read in conjunction with the notes on pages 14 to 18.
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Consolidated Statement of Comprehensive Income
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
(Unaudited)
Six Months Ended
31 December 2020
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2019
Group
NZ$000
(Audited)
Year Ended
30 June 2020
Group
NZ$000
Profit for the period49,42048,31690,027
Other comprehensive income
Items that are or may be reclassified to profit or loss:
Cash flow hedge – changes in fair value1,424210(7,555)
Cash flow hedge – reclassified to profit or loss1,5518512,341
Share of net change in cash flow hedge reserves of Equity
Accounted Investees
19596(186)
3,1701,157(5,400)
Items that will never be reclassified to profit or loss:
Asset revaluation, net of tax0036,876
Share of net change in revaluation reserves of Equity
Accounted Investees
(266)543216
(266)5433 7, 0 9 2
Total other comprehensive income2,9041,70 031,692
Total comprehensive income52,32450,016121,719
/10
PORT OF TAURANGA LIMITED – MARKET UPDATE AND INTERIM ACCOUNTS FEBRUARY 2021

PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Consolidated Statement of Changes in Equity
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
Share
Capital
Group
NZ$000
Share Based
Payment Reserve
Group
NZ$000
Hedging
Reserve
Group
NZ$000
Revaluation
Reserve
Group
NZ$000
Retained
Earnings
Group
NZ$000
Total
Group
NZ$000
Balance at 30 June 201969,7574,085(16,975)1,013,13195,8871,165,885
Profit for the period000048,31648,316
Total other comprehensive income001,15754301,70 0
Total comprehensive income001,15754348,31650,016
Increase in share capital55000055
Dividends paid during the period (refer note 8)0000(83,676)(83,676)
Equity settled share based payment accrual0832000832
Shares issued upon vesting of management long term incentive plan0(1,103)00(141)(1,24 4)
Total transactions with owners in their capacity as owners55(271)00(83,817)(84,033)
Balance at 31 December 201969,8123,814(15,818)1,013,67460,3861,131,868
Profit for the period000041,71141,711
Total other comprehensive income00(6,557)36,549029,992
Total comprehensive income00(6,557)36,54941,71171,703
Decrease in share capital(760)0000(760)
Dividends paid during the period (refer note 8)0000(40,810)(40,810)
Equity settled share based payment accrual0335000335
Shares issued upon vesting of management long term incentive plan764364001161,24 4
Total transactions with owners in their capacity as owners469900(40,694)(39,991)
Balance at 30 June 202069,8164,513(22,375)1,050,22361,4031,163,58 0
Profit for the period000049,42049,420
Total other comprehensive income003,170(266)02,904
Total comprehensive income003,170(266)49,42052,324
Increase in share capital7330000733
Dividends paid during the period (refer note 8)0000(43,537)(43,537)
Equity settled share based payment accrual01,4650001,465
Shares issued upon vesting of management long term incentive plan415(225)00(190)0
Total transactions with owners in their capacity as owners1,1481,24000(43,727)(41,339)
Balance at 31 December 202070,9645,753(19,205)1,049,9576 7, 0 9 61,174,565
These statements are to be read in conjunction with the notes on pages 14 to 18.
/11
PORT OF TAURANGA LIMITED – MARKET UPDATE AND INTERIM ACCOUNTS FEBRUARY 2021

PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Consolidated Statement of Financial Position
AS AT 31 DECEMBER 2020
(Unaudited)
31 December 2020
Group
NZ$000
(Unaudited)
31 December 2019
Group
NZ$000
(Audited)
30 June 2020
Group
NZ$000
Assets
Property, plant and equipment (refer note 10)1,593,7751,543,2771,584,865
Right-of-use assets (refer note 12)40,09523,89525,011
Intangible assets2 4,17318,73718,979
Investments in Equity Accounted Investees120,369133,169126,984
Receivables and prepayments15,262120
Total non current assets1,793,6741,719,0901,755,839
Cash and cash equivalents9,9325,6838,565
Receivables and prepayments55,93361,07651,399
Inventories1,3658551,383
Provision for tax61500
Total current assets6 7, 8 4 56 7, 6 1 461,347
Total assets1,861,5191,786,7041 , 8 1 7, 1 8 6
Equity
Share capital70,96469,81269,816
Share based payment reserve 5,7533,8144,513
Hedging reserve(19,205)(15,818)(22,375)
Revaluation reserve1,049,9571,013,6741,050,223
Retained earnings6 7, 0 9 660,38661,403
Total equity1,174,5651,131,8681,163,580
Liabilities
Loans and borrowings (refer note 11)160,0003 2 7, 3 3 6229,458
Derivative financial instruments25,04520,18329,359
Employee benefits2,7071,8283,157
Deferred tax liabilities66,19965,46665,349
Lease liabilities (refer note 12)40,26523,70224,810
Contingent consideration2,79600
Total non current liabilities2 9 7, 0 1 2438,515352,133
(Unaudited)
31 December 2020
Group
NZ$000
(Unaudited)
31 December 2019
Group
NZ$000
(Audited)
30 June 2020
Group
NZ$000
Loans and borrowings (refer note 11)355,000175,000259,000
Derivative financial instruments2234310
Trade and other payables31,30233,89132,066
Revenue received in advance25134793
Employee benefits1,8811,386724
Provision for tax04,8698,998
Lease liabilities (refer note 12)938397592
Contingent consideration34700
Total current liabilities389,942216,321301,473
Total liabilities686,954654,836653,606
Total equity and liabilities1,861,5191,786,7041 , 8 1 7, 1 8 6
Net tangible assets per share (dollars per share)1.711.661.70
These statements are to be read in conjunction with the notes on pages 14 to 18.
/12
PORT OF TAURANGA LIMITED – MARKET UPDATE AND INTERIM ACCOUNTS FEBRUARY 2021

(Unaudited)
Six Months Ended
31 December 2020
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2019
Group
NZ$000
(Audited)
Year Ended
30 June 2020
Group
NZ$000
RECONCILIATION OF PROFIT FOR THE PERIOD
TO CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period49,42048,31690,027
Adjustments for non cash and non operating items
Depreciation and amortisation expense16,51214,6692 9,74 6
Decrease in deferred taxation expense(701)(1,335)(5,4 41)
Share of surpluses retained by Equity Accounted Investees( 7, 0 0 4 )(5,895)(11,305)
Impairment of investment in Equity Accounted Investees006,986
Other1,4794081,143
10,2867, 8 4 721,129
Less movements in working capital(32,402)(6,353)5,981
Net cash flows from operating activities2 7, 3 0 449,8101 1 7, 1 3 7
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Consolidated Statement of Cash Flows
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
(Unaudited)
Six Months Ended
31 December 2020
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2019
Group
NZ$000
(Audited)
Year Ended
30 June 2020
Group
NZ$000
Cash flows from operating activities
Receipts from customers160,556161,411321,275
Interest received62132273
Payments to suppliers and employees(98,110)(79,593)(151,0 07)
Taxes paid(26,817)(23,252)(35,293)
Interest paid(8,387)(8,888)(18,111)
Net cash inflow from operating activities2 7, 3 0 449,8101 1 7, 1 3 7
Cash flows from investing activities
Proceeds from sale of property, plant and equipment83168
Finance lease payments received, including interest7713
Repayment of advances from Equity Accounted Investees68000
Dividends from Equity Accounted Investees6,1366,09610,096
Purchase of property, plant and equipment(16,679)(25,172)(38,239)
Purchase of intangible assets(4)(347)(587)
Interest capitalised on property, plant and equipment(81)(199)(451)
Cash acquired as a part of business combinations79400
Total net cash used in investing activities(9,139)(19,584)(29,10 0)
Cash flows from financing activities
Proceeds from borrowings121,085156,128130,265
Repurchase of shares0(716)(716)
Repayment of borrowings(94,000)(100,000)(88,004)
Repayment of lease liability(346)(182)(434)
Dividends paid(43,537)(83,676)(124,486)
Net cash used in financing activities(16,798)(28,446)(83,375)
Net increase/(decrease) in cash held1,3671,7804,662
Add opening cash brought forward8,5653,9033,903
Ending cash and cash equivalents9,9325,6838,565
These statements are to be read in conjunction with the notes on pages 14 to 18.
/13
PORT OF TAURANGA LIMITED – MARKET UPDATE AND INTERIM ACCOUNTS FEBRUARY 2021

1 REPORTING ENTITY
Port of Tauranga Limited (the Parent Company) is a company incorporated and domiciled in New Zealand,
registered under the Companies Act 1993 and listed on the New Zealand Stock Exchange (NZX). It is an
FMC reporting entity for the purposes of the Financial Markets Conduct Act 2013. The Parent Company,
which is designated as profit-oriented for financial reporting purposes, is an issuer in terms of the Financial
Reporting Act 2013.
The unaudited interim financial statements (the financial statements) for Port of Tauranga Limited comprise
the Port of Tauranga Limited, its Subsidiaries, and the Group’s interest in Equity Accounted Investees (together
referred to as the Group).
2 BASIS OF PREPARATION
These financial statements have been prepared in accordance with New Zealand Generally Accepted
Accounting Practice (NZ GAAP) and New Zealand International Accounting Standard (NZ IAS) 34 Interim
Financial Reporting. They do not include all information required for full annual financial statements and
should be read in conjunction with the annual financial statements and related notes included in Port of
Tauranga Limited’s Integrated Annual Report for the year ended 30 June 2020.
Covid-19
As an essential service provider, the Group continued operations during the 2020 Covid-19 response.
During the six months ended 31 December 2020, Group revenues have not been adversely impacted by
the resultant shut-downs and other social and economic disruptions. Certain group costs have increased
due to inefficiencies resulting from global supply chain issues, although these are immaterial to the results
of the Group.
Since 30 June 2020, Covid-19 has had no material impact on key assumptions used in valuing our property,
plant and equipment, right-of-use assets and investment in Equity Accounted Investees.
3 SIGNIFICANT ACCOUNTING POLICIES
The accounting policies adopted are consistent with those followed in the preparation of the Group’s annual
financial statements for the year ended 30 June 2020.
4 ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of the financial statements in conformity with NZ IAS 34 requires management to make
judgements, estimates and assumptions that affect the application of accounting policies and the reported
amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
In preparing these financial statements, the significant judgements made by management in applying
the Group’s accounting policies and the key sources of estimation and uncertainty, were the same as those
applied to the Group’s consolidated financial statements for the year ended 30 June 2020.
5 SEGMENT INFORMATION
The Group determines and presents operating segments based on the information that is internally provided
to the Chief Executive, who is the Group’s Chief Operating Decision Maker (CODM), as defined by NZ IFRS 8
Operating Segments.
The Group operates in three main reportable segments, being:
• Port Operations: This consists of providing and managing port services, and cargo handling facilities
through the Port of Tauranga Limited and Timaru Container Terminal Limited. Port terminals and bulk
operations have been aggregated together within the Port Operations segment, due to the similarities
in economic characteristics, customers, nature of products and processes, and risks.
• Property Services: This consists of managing and maintaining the Port of Tauranga Limited’s property
assets.
• Marshalling Services: This consists of the contracted terminal operations and marshalling activities
of Quality Marshalling (Mount Maunganui) Limited.
The three main business segments are managed separately as they provide different services to customers
and have their own operational and marketing requirements.
The remaining activities of the Group are not allocated to individual business segments.
The Group operates in one geographical area, that being New Zealand.
Due to the significant shared cost base of the Port activities, operating costs, measures of profitability,
assets and liabilities are aggregated and are not reported to the CODM at a segment level, but rather
at a port level, as all business decisions are made at a “whole port level”.
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Consolidated Interim Financial Statements
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
/14
PORT OF TAURANGA LIMITED – MARKET UPDATE AND INTERIM ACCOUNTS FEBRUARY 2021

5 SEGMENT INFORMATION (CONTINUED)
Six months ended 31 December 2020
Port Operations
Group
NZ$000
Property Services
Group
NZ$000
Marshalling Services
Group
NZ$000
Unallocated
(1)
Group
NZ$000
Inter Segment
Group
NZ$000
Group
NZ$000
Revenue (external)140,44215,4602,8470015 8,74 9
Inter segment revenue907346,6060( 7, 5 4 7 )0
Total segment revenue141,34915,4949,4530( 7, 5 4 7 )158,749
Other income and expenditure:
Share of profit from Equity Accounted Investees0007, 0 0 407, 0 0 4
Interest income00082(18)64
Other income000804(97)707
Interest expense000(8,545)18(8,527)
Depreciation and amortisation expense(199)0(512)(15,801)0(16,512)
Other unallocated expenditure(1,707)0(6,769)( 74, 576)7, 6 4 4(75,408)
Income tax expense(154)0(609)(15,894)0(16,657)
Total other income and expenditure(2,060)0(7,890)(106,926)7, 5 4 7(109,329)
Total segment result139,28915,4941,563(106,926)049,420
(1)
Operating costs are not allocated to individual business segments within the Parent Company.
Six months ended 31 December 2019
Port Operations
Group
NZ$000
Property Services
Group
NZ$000
Marshalling Services
Group
NZ$000
Unallocated
(1)
Group
NZ$000
Inter Segment
Group
NZ$000
Group
NZ$000
Revenue (external)1 3 7, 4 0 215,0302,3420015 4,7 74
Inter segment revenue0486, 3740(6,422)0
Total segment revenue1 3 7, 4 0 215,0788,7160(6,422)15 4,774
Other income and expenditure:
Share of profit from Equity Accounted Investees0005,89505,895
Interest income0001320132
Interest expense000(9,699)0(9,699)
Depreciation and amortisation expense00(453)(14,216)0(14,669)
Other unallocated expenditure00(6,416)(71,769)6,422(71,763)
Income tax expense00(517)(15,837)0(16,354)
Total other income and expenditure00( 7, 3 8 6 )(105,494)6,422(106,458)
Total segment result1 3 7, 4 0 215,0781,330(105,494)048,316
(1)
Operating costs are not allocated to individual business segments within the Parent Company.
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Consolidated Interim Financial Statements
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
/15
PORT OF TAURANGA LIMITED – MARKET UPDATE AND INTERIM ACCOUNTS FEBRUARY 2021

6 OPERATING REVENUE
Six Months Ended
31 December 2020
Group
NZ$000
Six Months Ended
31 December 2019
Group
NZ$000
Revenue from contracts with customers
Container terminal revenue95,45490,631
Multi cargo revenue29,83928,10 9
Marine services revenue17,99620,380
143,289139,120
Other revenue
Rental revenue15,46015,030
Other income707624
Total operating revenue159,45615 4,7 74
7 FINANCE EXPENSES
Six Months Ended
31 December 2020
Group
NZ$000
Six Months Ended
31 December 2019
Group
NZ$000
Interest expense on borrowings8,5659,898
Less:
Interest capitalised to property, plant and equipment(81)(199)
8,4849,699
Ineffective portion of changes in fair value of cash flow hedges013
Amortisation of interest rate collar premium4343
Fair value movement on currency derivative08
Total finance expenses8,5279,763
8 DIVIDENDS
The following dividends were paid by the Group:
Six Months Ended
31 December 2020
Group
NZ$000
Six Months Ended
31 December 2019
Group
NZ$000
Final dividend of 6.4 cents per share (2019: 7.3 cents per share)43,53749,661
Special dividend of 0 cents per share (2019: 5.0 cents per share)034,015
Total dividends paid43,53783,676
9 ACQUISITION OF REMAINING SHAREHOLDING IN TIMARU CONTAINER TERMINAL LIMITED
On 30 October 2020 the Parent Company acquired Kotahi Logistics LP’s 49.9% shareholding in Timaru
Container Terminal Limited, bringing their total shareholding to 100%. The Parent Company purchased the
shareholding in exchange for a volume based rebate and a contract extension fee.
The following tables summarise the provisional acquisition accounting for this transaction. Due to this
transaction occurring late in the period, the fair value work is yet to be finalised. The accounting treatment
will be finalised in the 30 June 2021 financial statements.
NZ$000
Fair value of contingent consideration3,143
Fair value of previously held 50.1% interest in Timaru Container Terminal Limited7,431
Less fair value of identifiable net assets acquired(5,089)
Total goodwill5,485
NZ$000
Fair value of previously held 50.1% interest in Timaru Container Terminal Limited7,431
Carrying amount of previously held equity accounted investment in Timaru Container
Terminal Limited
( 7, 4 1 2 )
Gain on disposal of previously held equity accounted investment in Timaru
Container Terminal Limited
19
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Consolidated Interim Financial Statements
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
/16
PORT OF TAURANGA LIMITED – MARKET UPDATE AND INTERIM ACCOUNTS FEBRUARY 2021

10 PROPERTY, PLANT AND EQUIPMENT
Acquisitions and Disposals
During the six months ended 31 December 2020, the Group acquired assets with a cost of $24.359
million (six months ended 31 December 2019: $25.606 million). Included in the current year are $7.579
million of assets acquired as part of business combinations.
11 LOANS AND BORROWINGS
31 December 2020
Carrying Value
Group
NZ$000
31 December 2019
Carrying Value
Group
NZ$000
Commercial papers200,000170,000
Standby revolving cash advance facility135,000252,000
Fixed rate bonds175,00075,000
Multi option facility5,0005,000
Advances from employees0336
Total loans and borrowings515,000502,336
Current355,000175,000
Non current160,0003 2 7, 3 3 6
Total loans and borrowings515,000502,336
As at 31 December 2020 the Group’s current liabilities exceed the Group’s current assets. Despite this fact,
the Group does not have any liquidity or working capital concerns as $345 million (2019: $228 million) of
term standby revolving cash advance facility remains undrawn.
12 LEASES
During the six months ended 31 December 2020, the Group had right-of-use assets additions of
$15.717 million (2019: nil) and increases to lease liabilities of $16.204 million (2019: nil) which were
all acquired as part of business combinations. There have been no disposals or reductions in the
right-of-use assets (2019: nil).
13 RELATED PARTY TRANSACTIONS AND BALANCES
Related party transactions and balances with related parties:
Six Months Ended
31 December 2020
Group
NZ$000
Six Months Ended
31 December 2019
Group
NZ$000
Transactions with Equity Accounted Investees
Services provided to Port of Tauranga Limited258265
Services provided by Port of Tauranga Limited2,2292,904
Accounts receivable by Port of Tauranga Limited96373
Accounts payable by Port of Tauranga Limited4265
Advances by Port of Tauranga Limited1,4005,319
Services provided to Quality Marshalling
(Mount Maunganui) Limited
21 14
Services provided by Quality Marshalling
(Mount Maunganui) Limited
1,291 1,919
Accounts receivable by Quality Marshalling
(Mount Maunganui) Limited
40 419
Accounts payable by Quality Marshalling
(Mount Maunganui) Limited
0 2
Services provided to Timaru Container Terminal Limited6510
Accounts payable by Timaru Container Terminal Limited2350
During the six months ended 31 December 2020, the Group entered into transactions with companies
in which Group Directors hold directorships. These directorships have not resulted in the Group having
significant influence or control over the operations, policies, or key decisions of these companies.
No related party debts have been written off or forgiven during the period.
Controlling Entity
Quayside Securities Limited owns 54.14% (as at 31 December 2019: 54.14%) of the issued ordinary shares
in Port of Tauranga Limited.
Quayside Securities Limited is beneficially owned by Bay of Plenty Regional Council, the Ultimate
Controlling Party. Transactions with the Ultimate Controlling Party during the period include services
provided to Port of Tauranga Limited $0.239 million (six months ended 31 December 2019: $0.018 million).
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Consolidated Interim Financial Statements
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
/17
PORT OF TAURANGA LIMITED – MARKET UPDATE AND INTERIM ACCOUNTS FEBRUARY 2021

13 RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED)
Transactions with Key Management Personnel
The Group does not provide any non cash benefits to Directors in addition to their Directors’ fees.
Six Months Ended
31 December 2020
Group
NZ$000
Six Months Ended
31 December 2019
Group
NZ$000
Directors
Directors’ fees recognised during the period429382
Executive Officers
Salaries and short term employee benefits recognised
during the period
2,6381,708
Share based payments recognised during the period(21)257
14 COMMITMENTS
Six Months Ended
31 December 2020
Group
NZ$000
Six Months Ended
31 December 2019
Group
NZ$000
Capital commitments
Estimated capital commitments for the Group contracted for at the
reporting date but not provided for
25,0003,270
On 28 September 2020, the Parent Company formed a 50:50 joint venture named Ruakura Inland Port LP
with Tainui Group Holdings Limited.
The new joint venture will take an initial 50 year ground lease to establish an inland port in Ruakura, and
plans to start operations within two years.
The Parent Company has committed capital of $25.000 million to fund the development of the inland port
and as at 31 December 2020 nothing has been provided for.
In addition, if the development costs exceed the initial $25.000 million capital commitment, construction
contingency funding of up to $2.500 million must be provided to the joint venture.
15 FINANCIAL INSTRUMENTS
The fair value of financial instruments traded in active markets is based on quoted market prices at the
reporting date.
The fair value of financial instruments that are not traded in active markets (for example over-the-counter
derivatives) are determined by using market accepted valuation techniques incorporating observable
market data about conditions existing at each reporting date.
The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows.
The fair value of forward exchange contracts is determined using quoted forward exchange rates at the
reporting date.
Derivative financial instruments are categorised as Level 2 in the fair value measurement hierarchy.
16 SUBSEQUENT EVENTS
An interim dividend of 6.0 cents per share has been declared subsequent to reporting date.
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Consolidated Interim Financial Statements
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
/18
PORT OF TAURANGA LIMITED – MARKET UPDATE AND INTERIM ACCOUNTS FEBRUARY 2021

INDEPENDENT REVIEW REPORT
To the Shareholders of Port of Tauranga Limited
The Auditor-General is the auditor of Port of Tauranga Limited and its subsidiaries (the Group). The Auditor-
General has appointed me, Brent Manning, using the staff and resources of KPMG to carry out the audit of
the consolidated financial statements of the Group on his behalf.
Report on the interim consolidated financial statements
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim
consolidated financial statements on pages 10 to 18 do not:
i. present, in all material respects the Group’s financial position as at 31 December 2020 and its financial
performance and cash flows for the 6-month period ended on that date in compliance with NZ ISA 34
Interim Financial Reporting.
We have completed a review of the accompanying interim consolidated financial statements
which comprise:
— the consolidated statement of financial position as at 31 December 2020;
— the consolidated income statement, statements of other comprehensive income, changes in equity
and cash flows for the 6-month period then ended; and
— notes, including a summary of significant accounting policies and other explanatory information.
Basis for conclusion
A review of consolidated financial statements in accordance with NZ SRE 2410 Review of Financial Statements
Performed by the Independent Auditor of the Entity (“NZ SRE 2410”) is a limited assurance engagement. The
auditor performs procedures, consisting of making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures.
As the auditor of Port of Tauranga Limited, NZ SRE 2410 requires that we comply with the ethical requirements
relevant to the audit of the annual financial statements.
Other than in our capacity as auditor we have no relationship with, or interests in, the Group.
Use of this Independent Review Report
This report is made solely to the shareholders as a body. Our review work has been undertaken so that
we might state to the shareholders those matters we are required to state to them in the Independent
Review Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the shareholders as a body for our review work, this report, or any of
the opinions we have formed.
Responsibilities of the Directors for the interim consolidated financial statements
The Directors, on behalf of the Group, are responsible for:
— the preparation and fair presentation of the interim consolidated financial statements in accordance
with NZ IAS 34 Interim Financial Reporting;
— implementing necessary internal control to enable the preparation of interim consolidated financial
statements that is free from material misstatement, whether due to fraud or error; and
— assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless they either intend
to liquidate or to cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the review of the interim consolidated financial statements
The Auditor-General is the auditor of the Group pursuant to section 5(1)(f) and section 14 of the Public Audit
Act 2001. Pursuant to section 32 of the Public Audit Act 2001, the Auditor-General has appointed me, Brent
Manning, using the staff and resources of KPMG, to carry out the annual audit of the Group on his behalf.
Our responsibility is to express a conclusion on the financial statements based on our review. We conducted
our review in accordance with NZ SRE 2410. NZ SRE 2410 requires us to conclude whether anything has come
to our attention that causes us to believe that the interim financial statements are not prepared, in all material
respects, in accordance with NZ IAS 34 Interim Financial Reporting.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand). Accordingly, we do not express an audit
opinion on these consolidated financial statements.
This description forms part of our Independent Review Report.

Brent Manning
KPMG
On behalf of the Auditor-General
Tauranga, New Zealand
18 February 2021
/19
PORT OF TAURANGA LIMITED – MARKET UPDATE AND INTERIM ACCOUNTS FEBRUARY 2021

DIRECTORS
D A Pilkington
Chair
A M Andrew
K R Ellis
J C Hoare
A R Lawrence
D W Leeder
Sir Robert McLeod
EXECUTIVE
M C Cairns
Chief Executive
L E Sampson
Chief Operating Officer
M J Dyer
Corporate Services Manager
B J Hamill
Commercial Manager
S R Kebbell
Chief Financial Officer
P M Kirk
Group Health & Safety Manager
D A Kneebone
Property & Infrastructure Manager
R A Lockley
Communications Manager
REGISTERED OFFICE
Salisbury Avenue
Mount Maunganui
Private Bag 12504
Tauranga Mail Centre
Tauranga 3143
New Zealand
Telephone 07 572 8899
Email marketing@port-tauranga.co.nz
Website www.port-tauranga.co.nz
AUDITORS
KPMG
Tauranga
(On behalf of the Auditor-General)
SOLICITORS
Holland Beckett Law
Tauranga
BANKERS
ANZ National Bank Limited
Bank of New Zealand
Commonwealth Bank of Australia
MUFG Bank, Limited
CREDIT RATING AGENCY
Standard & Poor’s (S&P)
Australia
Port of Tauranga Limited’s rating: A–/Stable/A–2
SHARE REGISTRY
For enquiries about share transactions, change of address
or dividend payments, contact:
Link Market Services Limited
PO Box 91976
Victoria Street West
Auckland 1142
New Zealand
Telephone 09 375 5998
Facsimile 09 375 5990
Email enquiries@linkmarketservices.co.nz
Website www.linkmarketservices.co.nz
Copies of the Integrated Annual Report and Market Update
(which replaces the Interim Report) are available from our website.
FINANCIAL CALENDAR
26 March 2021 Interim dividend payment
30 June 2021 Financial year end
27 August 2021 Annual results announcement
1 October 2021 Final dividend payment
29 October 2021 Annual Meeting
25 February 2022 Half year results announcement
Company Directory
PORT OF TAURANGA LIMITED
/20
PORT OF TAURANGA LIMITED – MARKET UPDATE AND INTERIM ACCOUNTS FEBRUARY 2021

---

Presentation to Analysts
26 February 2021

Disclaimer
The information in this presentation is for information purposes and has been prepared
by Port of Tauranga Limited with due care and attention. However, neither the
Company, nor any of its Directors, officers, employees, contractors or agents, shall have
any liability whatsoever to any person, for any loss of damage resulting from the use or
reliance on this presentation.
The information contained in this presentation is not intended to be relied upon as
advice to investors and does not take into account the investment objectives, financial
situation or needs of any particular investor.
Past performance is not indicative of future performance and no guarantee of future
returns is implied or given.
The information contained in this presentation should be considered in conjunction
with the Company’s latest audited financial statements which are available in the
investor section of our website.

Highlights and Challenges
For the six months ended December 2020
1
TEUs = twenty foot equivalent units, a standard measure of shipping containers

Highlights and Challenges
For the six months ended December 2020

Group Net Profit After Tax up 2.3%
For the six months ended December 2020
$48,987
$48,316
$49,420
$0
$10,000
$20,000
$30,000
$40,000
$50,000
FY19FY20FY21

Interim Dividend
6.06.06.0
0
2
4
6
8
FY19FY20FY21
Cents per share

Net Debt / Net Debt + Equity
For the six months ended December 2020
29.4%
30.5%
30.1%
0%
5%
10%
15%
20%
25%
30%
35%
FY19FY20FY21

Total Trade down 1.3%
For the six months ended December 2020
13,573
13,260
13,084
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
FY19FY20FY21
000s tonnes

Upper North Island
Port Congestion

Causes of Port Congestion
•Global supply chain shipping congestion post-
COVID lockdowns
•Australian industrial relations resulting in vessel
delays into NZ
•Exacerbated impact in Auckland with circa 31% of
available capacity being utilised (2/8 cranes and
3/8 cranes)
•Auckland predominant first call for imports –
vessel delays carried to all other NZ ports (7-14
days)
Ships at anchor outside Port of Los Angeles, 23 February 2021
Source: marinetraffic.com

•Port of Tauranga able to accommodate 11
unscheduled import vessel calls since
September 2020
•Northport able to take two container vessel
calls
•Despite additional import calls, vessel delays
resulted in overall reduced vessel numbers at
Tauranga
•Vessel delays and resulting cargo congestion
impacts on port productivity
Flow-on Effects

Costs of Congestion
50 fewer container vessels September 2020 to January 2021 vs PCP

Source – FIGS, Ministry of Transport
0
10
20
30
40
50
60
70
80
90
100
09Q109Q209Q309Q410Q110Q210Q310Q411Q111Q211Q311Q412Q112Q212Q312Q413Q113Q213Q313Q414Q114Q214Q314Q415Q115Q215Q315Q416Q116Q216Q316Q417Q117Q217Q317Q418Q118Q218Q318Q419Q119Q219Q319Q420Q120Q220Q320Q4
AucklandLytteltonNapierOtagoTaurangaWellington
New Zealand Port Ship Rate

621,117
642,209
612,988
100,000
200,000
300,000
400,000
500,000
600,000
700,000
FY19FY20FY21
TEUs
Container Volumes down 4.6%
For the six months ended December 2020

174,983
181,299
172,021
0
50,000
100,000
150,000
200,000
FY19FY20FY21
TEUs
Transhipped TEUs down 5.1%
For the six months ended December 2020

0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Auckland
Lyttelton
Napier
Nelson
Port Chalmers
Timaru
Wellington
Auckland
Bluff
Lyttelton
Napier
Nelson
Port Chalmers
Timaru
Wellington
Tranships load/ import / emptyTranship unload / export
TEUs
Port
6 mths to end Dec 196 mths to end Dec 20
NZ Transhipment by Port

3,666
3,358
3,289
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
FY19FY20FY21
000s tonnes
Exports – Logs down 2.1%
For the six months ended December 2020

•Strong in market pricing and demand in
China
•Australian market diverted to India
resulting in no NZ – India exports
•Volume expected to be circa 6.2M JAS
FY21
Forestry Outlook
Source: AgriHQ

744
680
719
0
100
200
300
400
500
600
700
800
FY19FY20FY21
000s tonnes
Exports – Kiwifruit up 5.4%
For the six months ended December 2020

Kiwifruit Outlook
20

Export – Dairy down 10.8%
For the six months ended December 2020
1,154
1,095
0
100
200
300
400
500
600
700
800
900
1,000
1,100
1,200
FY19FY20FY21
1,153
000s tonnes

•Global Dairy Trade (GDT) price index
currently at levels not seen since May
2014
•Impacted by vessel delays resulting in
higher than expected inventory levels
•Expect stronger second half of FY21
Dairy Outlook

Bulk Cargo up 4%
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
6 mths ended Dec 166 mths ended Dec 176 mths ended Dec 186 mths ended Dec 196 mths ended Dec 20
Breakbulk Tonnes 6 months July to December
LOGSOIL PRODUCTSPROTEINS & FEEDS
KIWIFRUITOTHER WOOD PRODUCTSFERTILISERS
STEELGRAINALL OTHER GOODS

Subsidiaries & Associates

Subsidiaries & Associates
Net Profit After Tax up 22.3%
$6,237
$7,310
$8,937
$0
$2,000
$4,000
$6,000
$8,000
$10,000
FY19FY20FY21
$000s

Earnings down 4.8% to $4.591 million
Trade up 2.8% on last year, log volumes up 11.7%
Containers down 24.5% to 5,388 TEUs

Earnings up $0.286 million on last year
Impacted by congestion issues

Earnings up 74.3% to $2.207 million

Container volumes up 21.1%
NPAT of $0.454 million up from $0.072 million in prior year
Acquired Kotahi’s 49.9% shareholding in October, in
exchange for volume-based rebate

NPAT up 17.5% to $1.563 million
Good performance across all areas of the company
Management of Timaru Container Terminal from 1 November 2020

Ruakura Inland Port
New joint venture established
Inland Port opening planned March 2022

KiwiRail
Renewed MetroPort Agreement – 20 Years

Berth Consent Progress
•Ongoing consultation - currently ~12 months behind schedule
•Design completed and early contractor engagement
•Fast Track application submitted - waiting for decision
•220 metre extension

Learnings from Disruption
•Early phasing of terminal
automation to reduce disruption
and bed in new technology
•Staged start - provides ability to
scale with volume
•Significant environmental benefit -
circa 73% reduction in emissions

Parent Capital Expenditure 2016-2022
$60,166
$16,788
$40,073
$38,288
$36,288
$77,000
$23,000
$23,000
$0
$20,000
$40,000
$60,000
$80,000
$100,000
20172018201920202021F2022F
Terminal Southern Berth Extension

Outlook 2021
•Port congestion is expected to continue
for the remainder of this financial year
•Expect to handle about 1.225 million
TEUs
•Revised FY21 earnings guidance now
expected to be between $94 and $100
million

THANK YOU