2021 Earnings Guidance Update

NZX AND MEDIA RELEASE
16 April 2021
Napier Port lifts earnings guidance
Napier Port (NZX.NPH) today announces an upgrade to its earnings guidance for the year to 30
September 2021 as Hawke’s Bay and the broader regional economy benefit from solid primary sector
market conditions.
Napier Port expects to report a result from operating activities
1
for the half year to 31 March 2021 of
approximately $21 million, which is less than the $21.7 million reported for the first half of the last financial
year. In the current year, the absence of cruise vessels calling at Napier Port due to border closures has
largely been offset by an increase in bulk cargo revenue.
This provisional unaudited operating result is subject to further adjustments and the final result will be
reported in May.
Taking into consideration the provisional half year operating result and assuming a continuation of the
current market conditions, Napier Port now expects an underlying result from operating activities for the
year to 30 September 2021 to range between $39 million and $42 million, an increase on the guidance it
issued in November 2020 of $34 million to $38 million.
The company today also releases its trade volume data for the half year to 31 March 2021.
Chief Executive Todd Dawson said Hawke’s Bay and the central and lower North Island, Napier Port’s
core cargo catchment, continue to benefit from solid demand for the region’s food and fibre exports.
“The bounce back we saw in log exports in the last quarter of our 2020 financial year has been sustained
for the first half of our current financial year, supported by sustained strong log export markets,” Mr
Dawson said.
“As our trade volume data for the half year to 31 March 2021 shows, these trends have underpinned a
17.1% increase in bulk cargo volumes, including a 20.6% increase in log volumes on the same period in
the prior financial year.
“Container volumes for the half year were in line with the same period a year ago. We have seen an uplift
in year-to-date volumes of meat exports, and strong early-season pipfruit trades. These gains have been
offset by reductions in containerised wood pulp and timber trades, following exporters’ plant maintenance
and shutdowns. We have also faced the challenges from the continued regional and global shipping
schedule disruptions, port congestion and the disrupted flow of empty containers into New Zealand.
“While we remain uncertain about the impact of labour shortages in the pipfruit and seasonal export
industries, we expect to - assuming a continuation of the current market conditions - report an underlying
operating result for the 2021 financial year similar to the prior year.
“We look forward to providing a further update when we release our financial results for the 2021 half year
towards the end of May.”

1
Result from operating activities is an alternative non-NZ GAAP measure and represents core operating earnings
excluding interest, taxes, depreciation, amortisation and impairments, amongst other exclusions. For further
information please refer to Note 24 of the 2020 Annual Consolidated Financial Statements.

TRADE VOLUMES FOR THE HALF YEAR TO 31 MARCH
Container Services
Total container volumes for the second quarter of the 2021 financial year increased 2.8% to 78k TEU
2
,
from 76k TEU last year, as a result of increased empty and other container movements. For the half year,
total container volumes of 135k TEU were in line with the prior period. Full container volumes (i.e.
excluding empties and other container movements) increased 0.4% and empty and other container
movement volumes decreased 0.9%.
Dry export cargo for the half year reduced 5.2% to 35k TEU. Wood pulp and timber was the largest
contributor to this reduction due to exporters’ plant maintenance and shutdowns and some modal shifts
from containerised to bulk cargo.
Reefer export cargo for the half year increased 7.6% to 22k TEU. The increase was driven by higher
volumes of export meat and apples, due to the pip-fruit export season ramping up earlier in the current
year.
Containerised imports for the half year decreased by 6.0% to 65k TEU as empty volumes were 9.1%
below the same period last year due to the regional and global supply chain disruptions and the later
arrival of empty containers.
Other container movements for the half year, including DLRs and transhipped containers, increased
67.6% to 11k TEU due to increased transhipment activity related to the supply chain disruptions.
Container vessel calls for the half year were down to 133 ships from 147 ships in the prior year also due
to ongoing disruptions to shipping schedules.
Bulk Cargo
Total bulk cargo volume increased 27.9% for the quarter to 0.92 million tonnes and 17.1% for the half year
to 1.87 million tonnes. Log export volumes increased 41.8% for the quarter and 20.6% for the half year
due to sustained strong log export market conditions.
Charter vessel calls increased to 167 from 153 in the same half year period a year ago, as a result of the
increase in bulk cargo volume.
Cruise Services
No cruise vessels have called during the half year due to the closed international border. In the same
period of the prior year 76 cruise ships called at Napier Port.
ENDS
For more information:

Investors Media
Kristen Lie Jo-Ann Young
Chief Financial Officer Communications Manager
DDI: +64 6 833 4405 C: +64 27 214 3750
E: kristenl@napierport.co.nz E: jo-anny@napierport.co.nz


About Napier Port
Napier Port is New Zealand’s fourth largest port by container volume. We are the gateway for Hawke’s Bay and
lower North Island’s exports and operate a long-term regional infrastructure asset that supports the regional
economy. Our strategic purpose is to collaborate with the people and organisations that have a stake in helping
our region grow. View Napier Port’s investor centre: www.napierport.co.nz/investor-centre/

2
Twenty-foot container equivalent unit.

Napier Port Half Year 2021 Trade Volume Data
The below trade volume data provides a summary of second quarter and half year ended 31 March 2021
results compared to the prior period.
Container Services
TEU (000s)^
Q2
FY2021
Actual
Q2
FY2020
Actual
HY2021
Actual
HY2020
Actual
Exports



Wood pulp & timber 13 13 25 27

Canned food / other food & beverage 2 2 4 3

Other dry 3 3 6 6

Total dry 17 18 35 37


Apples & pears 5 4 5 4

Meat 5 5 10 9

Fresh & other chilled produce 6 7 7 7

Total reefer 16 16 22 21


Empty 1 1 2 2

Total exports 34 34 59 60

Imports



Dry 7 7 15 14

Reefer 1 1 2 2

Empty 30 29 48 53

Total imports 38 38 65 69


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

Total Container Services volume 78 76 135 135

Vessels



Container ship calls 68 73 133 147

^Rounded to nearest thousand TEU


Bulk Cargo
Kilotonnes
Q2
FY2021
Actual
Q2
FY2020
Actual
HY2021
Actual
HY2020
Actual

Log exports 731 516 1,428 1,184

Other exports 45 44 98 80

Imports 144 160 344 333

Total Bulk Cargo volume 920 719 1,870 1,597

Vessels

Charter vessel calls 85 71 167 153

Cruise Services

Q2
FY2021
Actual
Q2
FY2020
Actual
HY2021
Actual
HY2020
Actual
Vessels


Cruise vessel calls - 53 - 76