2021 Half Year Results

NZX AND MEDIA RELEASE
25 MAY 2021
UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR TO 31 MARCH 2021
Trade diversity mitigates ongoing pandemic effects
HIGHLIGHTS
• Revenue rose 0.6% to $52.6 million from $52.3 million in the same period last year, despite
Covid-19 preventing cruise vessel visits, which generated $4.2 million in the same period last
year
• Bulk cargo revenue increased $4.2 million, or 26.5%, to $20.2 million driven by a 20.6%
increase in log exports to 1.43 million tonnes
• Container volumes of 135,000 TEU were in line with the prior period
• Result from operating activities
1
decreased 2% to $21.3 million due to a 2.4% increase in
operating expenses
• Underlying net profit after tax
2
decreased 5.2% to $10.6 million. Reported net profit after tax
decreased 14.9% to $10.6 million due to the reinstatement of tax depreciation on commercial
buildings in the prior year
• Demand for the region’s food and fibre exports remains robust, however the impact of labour
shortages and supply chains disruption on trade remains uncertain
• Board resolved to pay a fully imputed interim dividend of 2.8 cents per share, increased from
no interim dividend in the prior year
• Expected underlying result from operating activities for the year to 30 September 2021
remains at between $39 million and $42 million, assuming a continuation of current market
conditions
Napier Port (NZX.NPH) today reports resilient half year revenue and earnings as the diversity of the
Napier Port trade portfolio mitigates the ongoing effects of the Covid-19 pandemic.
Sustained strong log export market conditions resulted in a record log export volume for the first half of
the financial year.

FINANCIAL RESULTS
Revenue for the half year to 31 March 2021 rose 0.6% to $52.6 million from $52.3 million in the same
period a year ago. Napier Port’s total container trade of 135,000 twenty-foot equivalent units (TEU) was
in line with the prior period, while bulk cargo volumes increased 17.1% to 1.87 million tonnes from 1.6
million tonnes.
Bulk cargo revenue increased $4.2 million or 26.5%, to $20.2 million driven by growth in log export
volumes. Log exports increased 20.6% to 1.43 million tonnes due to sustained strong log export market

1
Result from operating activities is an alternative non-NZ GAAP measure and represents core underlying operating
earnings. For further information please refer to Note 24 of the 2020 Annual Consolidated Financial Statements
and the Supplemental Selected Financial Information.
2
Underlying net profit after tax is an alternative non-NZ GAAP measure that comprises reported net profit after tax
adjusted for non-recurring and abnormal items to ensure consistency and comparability of the financial information
over the periods presented. For further information please refer to the Supplemental Selected Financial Information.

conditions. No cruise revenue was earned in the half year, due to closed international borders,
compared to $4.2 million in the same period last year.
The result from operating activities of $21.3 million decreased by 2% from $21.7 million in the prior year
as a result of a 2.4% increase in total operating expenses, the principal components of which were
increased insurance and employee benefit expenses.
Underlying net profit after tax, after adjusting for non-recurring net gains in the prior year, decreased
5.2% to $10.6 million from $11.1 million in the prior year as a result of the decrease in the result from
operating activities and increases in depreciation and amortisation expenses.
Reported net profit after tax decreased 14.9% from $12.4 million to $10.6 million as the prior year
benefited from one-off tax income of $1.5 million due to the reinstatement of tax depreciation on
commercial buildings.
Napier Port Chair Alasdair MacLeod said: “A key strength of Napier Port is the diversity of trades that
pass across our wharves.
“In the half year to the end of March 2021, strong growth in bulk exports, and a 20.6% increase in log
exports in particular, have offset the absence of cruise ships, which, prior to the Covid-19 pandemic,
were a welcome source of business for both Napier Port and the region.
“Over the last half year, that diversity was also apparent in our container trade. Volumes were steady
at 135,000 TEU, but with changes in mix between trades with higher exports of meat and apples and
other container movements offsetting falls in containerised wood pulp and timber and lower import
volumes.
“The diversification of trades and relative stability of earnings this provides to Napier Port are a key
reason why we have been able to look through the current Covid-19 turmoil and continue to invest in
the infrastructure that will support our region for the longer term.
“The centre piece of this investment is 6 Wharf, an inter-generational asset that will extend our capacity
and our region’s access to global markets. The project remains within budget and on track to open in
late 2022.”
Napier Port Chief Executive Todd Dawson said: “The disruption we have seen to global shipping over
the last year has presented considerable challenges to Napier Port and our customers.
“Solid log flows across Napier Port have been sustained in response to the strong export market
conditions.
“At the same time, congestion - particularly in the upper North Island - has seen 26 container ships miss
their scheduled calls. Schedule changes and interruptions have resulted in volatile container flows and
cargo owners struggling with shipping container equipment and space availability. On port, containers
have dwelled longer, limiting operational space, while we have seen a 67%, or an 11k TEU, increase
in other container movements, including DLRs and transhipments.
“Throughout this period, clear communication with all our stakeholders and responding to the container
shipping challenges with the flexibility available to us has been fundamental to meeting our customers’
needs.
“I am proud of the way the Napier Port team has risen to the challenge. Our people responded with the
determination and the can-do attitude that is at the heart of Napier Port’s culture.”

BALANCE SHEET AND DIVIDEND
Mr MacLeod said Napier Port would maintain a prudent approach to its balance sheet, considering its
existing commitments related to the 6 Wharf construction project and ongoing trade uncertainties.
“In the first half we have spent $45.8 million on capital expenditure, further progressing our strategic
infrastructure development programme, led by the 6 Wharf development project,” Mr MacLeod said.
“We ended the half year with drawn bank debt of $36.0 million and with balance sheet net debt of $32.1
million, having commenced drawing on our banking facilities during the first half of the current financial
year to fund the 6 Wharf project. In addition, we have undrawn bank facilities of $144 million.

“Whilst the immediate challenges of COVID-19 necessitated caution and no interim dividend during
2020, the Board has resolved in the current financial year to pay a fully imputed interim dividend of 2.8
cents per share, in line with its dividend policy. The dividend record date will be 11 June and the
payment date will be 25 June.”

OUTLOOK
“Demand for the region’s food and fibre exports remains robust. However, notwithstanding the
Government’s recent moves to increase the availability of seasonal labour in the future, the impact of
worker shortages on seasonal export industries remains uncertain,” Mr MacLeod said.
“Pipfruit exports are tracking in line with the prior year, but it is not clear what the eventual export crop
size for this year will be as a result of the seasonal labour shortages. Similar dynamics are at play
across all fresh produce sectors.
“Meanwhile, the continued challenges to container-based supply chains from regional and global
shipping disruptions continue to impact on the free flow of cargo.
“Noting continued uncertainties and assuming a continuation of current market conditions, Napier Port
reaffirms the earnings guidance provided in April for the underlying result from operating activities for
the year to range between $39 million and $42 million.
“We intend to provide a further interim update to the NZX market regarding our June quarter trading
results during August.”
Further detail on Napier Port’s financial performance for the half year to 31 March 2021 is included in
the half year report and investor presentation released to the NZX today and available on the company’s
investor website at: https://www.napierport.co.nz/investor-centre/
ENDS
For more information:

Investors Media
Kristen Lie Jo-Ann Young
Chief Financial Officer Communications Manager
DDI +64 6 833 4405 DDI: +64 6 833 4521
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/
Conference Call
Napier Port will hold a conference at 11.00am (NZT) (9.00am, AEDT) today. To attend the conference
call participants must pre-register at the following link:
https://s1.c-conf.com/diamondpass/10012695-fr46y3.html
Registrations can be taken right up to the commencement of the call.

---

HALF YEAR
REPORT
FOR THE SIX MONTHS
ENDED 31 MARCH 2021

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:
napierport.co.nz/investor-centre
2 / NAPIER PORT – TE HERENGA WAKA O AHURIRI

CONTENTS
TRADE AND FINANCIAL RESULTS 4
CHAIR AND CHIEF EXECUTIVE’S REPORT 6
HIGHLIGHTS 8
6 WHARF ON TRACK AND ON BUDGET 12
FINANCIAL STATEMENTS 14
CONSOLIDATED INCOME STATEMENT 14
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME 15
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY 16
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION 17
CONSOLIDATED STATEMENT
OF CASH FLOWS 18
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 20
INDEPENDENT AUDITOR’S REVIEW REPORT 24
DIRECTORY 26
HALF YEAR REPORT 2021 / 3

4 / NAPIER PORT – TE HERENGA WAKA O AHURIRI
TRADE AND
FINANCIAL RESULTS
167
CHARTER
VESSEL CALLS
–
UP 9.2
%
$
10
.6

MILLION
UNDERLYING
NET PROFIT AFTER TAX
–
DOWN 5.2
%
$
5
.6

MILLION
INTERIM DIVIDEND
–
2.8 CENTS
PER SHARE
13 5
THOUSAND
TEU CONTAINERS
HANDLED
–
NO CHANGE
$10
.6

MILLION
NET PROFIT
–
DOWN 14.9
%

HALF YEAR REPORT 2021 / 5
TRADE AND
FINANCIAL RESULTS
$
0
CRUISE SHIP
REVENUE
–
2020 $4.2M
$
21
.3
MILLION
RESULTS FROM
OPERATIONS
–
DOWN 2.0
%
$
52
.6

MILLION
REVENUE
–
UP 0.6
%
1.87
MILLION
TONNES OF BULK
CARGO HANDLED
–
U P 17. 1
%
$
20
.2

MILLION
BULK CARGO
REVENUE
–
UP 26.5
%

CHAIR & CHIEF EXECUTIVE’S REPORT
TRADE DIVERSITY
MITIGATES ONGOING
PANDEMIC EFFECTS
TĒNĀ KOUTOU
We are proud of the way Napier Port has risen to the
challenges of the first half of the year, continuing to link our
wider regional economy with the world. A commitment to
excellent customer service and a nimble approach from our
team to a changing business environment have been major
contributors to our results so far this year.
STEADY HALF-YEAR RESULTS
Napier Port’s half-year result shows resilience and tenacity
in a challenging environment. Our revenue of $52.6m
compares with $52.3m for the same period last year,
a strong result given the global shipping disruption
and lack of cruise ship visits.
Bulk cargo revenues have been particularly strong,
with log export volumes increasing by a significant 20.6%
to 1.43 million tonnes due to sustained favourable log export
conditions. Total bulk cargo volumes increased 17.1%
to 1.87 million tonnes.
There continues to be solid demand for the region’s food and
fibre exports, and this is reflected in our container volumes
of 135,000 TEU for the half year in line with the same period
a year ago. This steady result masks changes in the mix
between trades, with higher exports of meat and apples and
other container movements offsetting falls in containerised
wood pulp and timber, and lower import volumes.
No cruise ship revenue was earned in the half year, due to
New Zealand’s closed borders. Revenue from cruise ships
totalled $4.2m in the same period last year. We’re looking
forward to welcoming cruise ships back to Hawke’s Bay
when the maritime border to New Zealand is re-opened.
A key strength of Napier Port is the diversity of trades that
pass across our wharves. This broad range of cargo trade
is a key reason why we have been able to look through
the current Covid-19 turmoil and continue to invest in the
infrastructure that will support our region for the longer term.
A lack of cruise ships due to border closures; uncertainty
of pipfruit cargo due to growers’ labour shortages; and
disruption of global and regional shipping patterns have all
challenged us during the last six months.
The result from operating activities for the half year to
31 March 2021 is $21.3m, slightly down on the 2020
half-year result of $21.7m. Increased insurance costs
and employee benefit expenses contributed to the decrease.
We recently announced that our full-year result from
operating activities is expected to be within the range of
$39m to $42m, an increase from our previously forecast
range of $34m to $38m.
Underlying net profit after tax (after adjusting for
non-recurring items in the prior year) was $10.6m,
a decrease of 5.2% from $11.1m in the same period
last year. Reported net profit after tax was also $10.6m,
a decrease of 14.9% from $12.4m in the same period
last year. Net profit in 2020 benefited from a one-off
tax adjustment of $1.5m due to the reinstatement of tax
depreciation on commercial buildings.
GLOBAL SHIPPING CHALLENGES
We continue to work closely with our customers, building
on being their preferred supply chain link through
Hawke’s Bay and the central and lower North Island.
Ongoing challenges in global shipping are affecting all
parts of the supply chain – customers, ports, shippers,
carriers and agents – throughout the world, so our
communication with our customers and the ability to
make changes quickly to accommodate their needs is
paramount. We are very focused on keeping the supply
chain open and cargo flowing.
We are proud of the way the entire team at Napier Port
has risen to this challenge. Our people have maintained
and enhanced the link that Napier Port provides between
the wider regional economy and international markets.
They have done so with the determination and can-do
attitude that is at the heart of Napier Port’s culture.
We thank them for their efforts and our customers
for working with us during these challenging times.
6 / NAPIER PORT – TE HERENGA WAKA O AHURIRI

6 WHARF PROGRESS ON TRACK
We are progressing at pace with the construction of
6 Wharf, an intergenerational asset that will extend our
capacity and capability to move cargo and most importantly
increase access to global markets for our customers and
our region. The project remains within budget and on track
to open in late 2022 and will enable Napier Port to continue
to provide premium levels of service to our shipping line
and cargo owner customers.
Five MoorMaster vacuum-mooring units will shortly be
delivered for installation on the new wharf, with a further
five to come. These advanced mooring units will increase
mooring speed and berth availability, reduce time in port
and improve our people’s safety.
BALANCE SHEET AND DIVIDEND
Napier Port will maintain its prudent approach to our
balance sheet, considering our existing commitments to the
6 Wharf construction project and ongoing trade volatility.
We have spent $45.8m on capital expenditure in the half
year, including the 6 Wharf project, and end the half year
with bank debt of $36.0m. We commenced drawing on our
banking facilities during the first half of the current financial
year to fund the 6 Wharf development.
While the immediate challenges of COVID-19 necessitated
caution and no interim dividend during 2020, the Board
has resolved to pay a fully imputed interim dividend of
2.8 cents per share for the current financial year, in line
with its dividend policy.
OUTLOOK
Demand for the region’s food and fibre exports remains
robust. However, notwithstanding the Government’s recent
moves to increase the availability of seasonal labour in the
future, the impact of worker shortages on seasonal export
industries remains uncertain. Meanwhile, the challenges
to container-based supply chains from regional and global
shipping disruptions continue.
Noting these uncertainties and assuming a continuation
of current market conditions, we are pleased to reaffirm the
earnings guidance provided in April for the underlying result
from operating activities for the year to range between
$39m and $42m.
Ngā mihi nui,
ALASDAIR MACLEOD TODD DAWSON
Chairman Chief Executive
HALF YEAR REPORT 2021 / 7

OCTOBER
• Renewed partnership with WPI for a further
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 was Napier Port’s resilience, passion for
service delivery with their business and the certainty
it gives them that Napier Port has a clear plan for
the future of the central and lower North Island.
• Proud to be Principal Sponsor of the Napier Port
Primary Sector Awards – recognising the
outstanding commitment of the region’s primary
producers and the role Napier Port plays in
connecting the region’s world-class food and fibre
to global markets.
NOVEMBER
• Posted healthy FY20 results including
$100.4 million revenue and declaring a final
dividend of 5 cents per share.
• Whānau Day: After a year like no other, and to
thank Napier Port’s families, the gates were opened
up for a day of food, entertainment, tours and
demonstrations. Napier Port plays an important part
in the regional economy, so it was great to share with
the special people in our lives what happens day
in and day out. With an extra 600+ people on port,
it was an achievement to make an operational port
and active border safe and secure for a day of fun.
• Second hui with the Whakatū community and mana
whenua was held, to listen to concerns and answer
questions regarding the proposed freight hub
in the area; the project team also shared their
current plans.
HIGHLIGHTS
1 OCTOBER 2020 – 31 MARCH 2021
8 / NAPIER PORT – TE HERENGA WAKA O AHURIRI

DECEMBER
• The Annual Shareholders’ Meeting was held,
both in person, and for the first time, it was
simultaneously hosted virtually, so all shareholders
had the opportunity to join online, ask questions
and vote in real time.
• Napier Port teams filled more than 240 shoe boxes
with gifts for children in support of the annual
Christmas Boxes for Children Appeal.
• The 150th kororā/little blue penguin was
microchipped, as well as the first two chicks born
in the penguin sanctuary on port – this makes
it much more likely they will continue to return
to the sanctuary in future years.
JANUARY
• First quarter trade volumes released – a pleasing
result with log exports and bulk cargo performing
well, total container volumes down reflecting
challenges with global supply chain movements.
• Port Activity Map (PAM) launched, using GIS
technology to electronically map in real-time all work
taking place on the port. Easy to use, safe and efficient
for all 5,000 Port Pass users who are authorised
to come onto Napier Port.
• The mooring loft was refurbished adding a brand-new
kitchen and dining area, bathroom, office space, a
locker room with plenty of storage and six bedrooms
with new beds. The refurbishment provides more
comfort, rest and wellbeing for the mooring team.
HALF YEAR REPORT 2021 / 9

FEBRUARY
• This month saw the launch of Napier Port’s logistics
service offering dedicated road and rail services
for importers and exporters throughout the central
and lower North Island.
• COVID-19 vaccinations for Tier 1 workers began
at Napier Port. As Napier Port has done throughout
mandatory testing, a venue was provided on port
for local health authorities to undertake testing
and vaccination of all border workers as vaccinations
are rolled out.
• In partnership with LegaSea Hawke’s Bay (a group
of recreational fishers dedicated to rebuilding
fish stock), a second artificial limestone reef was
delivered for Hawke’s Bay. The naturally occurring
limestone was taken from a revetment wall at
Napier Port, which has been dismantled as the Port
builds its new 6 Wharf to support regional growth.
The reefs enhance the existing habitat and health
of the region’s marine life and provide for local
recreational fishing.
• Despite ongoing impacts of global shipping
challenges, the largest discharge of empty
containers in Napier Port’s history occurred
this month – 740 empty containers.
• Five new navigation buoys were installed and
will mark the new extended dredged channel.
Equipped with the latest technology, the status of
the buoys can be monitored using mobile phones.
• Hundreds of people took to the ocean around
Napier Port for the annual Napier Port Ocean Swim.
As main sponsor, this event is always well attended
by employees and the community alike, with races
for all ages and abilities.
• The HMNZS Manawanui berthed at Napier Port
to commemorate the 90th anniversary of the 1931
earthquake. The HMS Veronica was berthed at
Napier during the earthquake and there are many
accounts of the help the New Zealand Navy
provided to Hawke’s Bay at the time.
• The Kāhui (working group) held a session
with Board representatives on the Te Ao Māori
Strategic Plan. The Kāhui is a grassroots group
of people across our business who are passionate
about te reo and leading Te Ao Māori kaupapa
at Napier Port.
10 / NAPIER PORT – TE HERENGA WAKA O AHURIRI

MARCH
• Partnering with KiwiRail saw the reinstatement of
log trains running between Wairoa and Napier Port
– a fast, efficient way to move large volumes of logs
off-road.
• Napier Port established a Sustainability Committee
at Board level. The first Marine Cultural Health
Programme of its kind in New Zealand was also
launched, working in partnership with mana whenua
hapū of Ahuriri.
• Napier Port’s focus on heatlh and safety continues.
The current three-year Health and Safety Roadmap is
progressing well, including accelerated development
towards the ISO45001 best practice safety
management system. The Critical Risk Controls
Management Programme is key to this and the health
and safety team has undertaken 18 critical-risk bow
tie analyses as part of this programme.
• A second, 29.5 metre-long, B-Double Tractor Trailer
Unit became operational. The only ones of their
kind in the country, they offer a range of benefits,
including reduced noise, greater fuel efficiency,
driver comfort, less tyre wear and road damage,
and cameras for safety. Each B-Double removes
two truck and trailer units from the road, which
aligns with our 30-year Master Plan to mitigate
against future increases in road movement and
is especially important as regional growth prompts
more cargo flows.
• Three years ago, Napier Port implemented an
ambitious strategic roadmap, segmented into 0-3,
3-7 and 7-10 year increments. Leaders from across
the port took part in a two-day workshop session
to review the many gains achieved in the first three
years and to evaluate what parts of the current
strategy remain relevant and what will be refreshed.
• Described by local media as an ‘exemplary
evacuation’, Napier Port successfully evacuated
following instruction from Hawke’s Bay Civil
Defence and Emergency due to tsunami threat.
An exercise six months earlier meant everyone
across the port was well prepared and knew
what to do.
• The two-day Napier Port Family Fishing Classic
was held. Another sponsorship popular with families
and the community, it celebrates healthy oceans,
safe boating and a love for the sea.
• A third hui was held with the Whakatū community
and mana whenua to listen to concerns and answer
questions regarding the proposed freight hub in
the area; the project team also shared current plans.
• This month marked a record day for the number
of reefers (refrigerated cargo) on power – 1310.
• This month saw the approval to proceed with the
investment in an on port log debarker that will
provide services to log exporters and environmental
and safety improvements at Napier Port.
HALF YEAR REPORT 2021 / 11

6 WHARF
ON TRACK
AND ON
BUDGET
One of the most significant investment projects
in our 150-year history remains on track and
on budget for completion towards the end of 2022.
The 350-metre wharf, when opened, will unlock
future growth opportunities for customers right
across the central and lower North Island. 6 Wharf
will provide greater efficiency, capability, capacity
and choice in our customers’ supply chains.
362
OF 400 PILES
COMPLETED
48
%
OF DREDGING
IS COMPLETE
12 / NAPIER PORT – TE HERENGA WAKA O AHURIRI

5
OF 10
MOORMASTER
UNITS READY
FOR SHIPMENT
FROM ITALY

ELECTRICAL
SUBSTATION
BUILD HAS
COMMENCED
10
OF 32
DECK POURS
COMPLETE
HALF YEAR REPORT 2021 / 13

The above income statement should be read in conjunction with the accompanying notes.
NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED
INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31 MARCH 2021
31 March 31 March
2021 2020
Unaudited Unaudited
Notes $000 $000
Restated
Revenue 6 52,585 52,284
Employee benefit expenses 17,455 16,569
Property and plant expenses 5,091 5,457
Other operating expenses 8,746 8,522
Operating expenses 31,292 30,548
Result from operating activities 21,293 21,736
Depreciation, amortisation and impairment expenses 7 6,325 6,540
Other expenses/(income) 8 141 327
IPO transaction and related costs - (201)
Profit before finance costs and tax 14,827 15,070
Net finance costs/(income) 15 (126)
Profit before income tax 14,812 15,196
Income tax expense 9 4,238 2,766
Profit for the period attributable to the shareholders of the Company 10,574 12,430
EARNINGS PER SHARE:
Basic earnings per share 0.05 0.06
Diluted earnings per share 0.05 0.06
14 / NAPIER PORT – TE HERENGA WAKA O AHURIRI

NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 MARCH 2021
31 March 31 March
2021 2020
Unaudited Unaudited
Notes $000 $000
Restated
Profit for the period attributable to the shareholders of the Company 10,574 12,430
Other comprehensive income
Items that will be reclassified to profit or loss:
Changes in fair value of cash flow hedges (175) -
Cash flow hedges transferred to profit or loss (24) -
Deferred tax on changes in fair value of cash flow hedges 56 -
Items that will not be reclassified to profit or loss:
Changes in fair value of cash flow hedges (219) -
Cash flow hedges transferred to property, plant and equipment 39 (200)
Deferred tax on changes in fair value of cash flow hedges 50 56
Impairment of sea defences 5 - (5,782)
Deferred tax on impairment of sea defences 5 - 703
Total comprehensive income for the period attributable
to the shareholders of the Company 10,301 7,207
The above statement of comprehensive income should be read in conjunction with the accompanying notes.
HALF YEAR REPORT 2021 / 15

NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 MARCH 2021
Share

CapitalRevaluation ReserveHedging

ReserveShare-based

Payment ReserveRetained

EarningsTotal Equity
$000 $000 $000 $000 $000 $000
Balance at 1 October 2020 245,750 70,308 (79) 389 29,877 346,245
Profit for the period - - - - 10,574 10,574
Other comprehensive income - - (273) - - (273)
Total comprehensive income for the period - - (273) - 10,574 10,301
Dividends 20 - - - (9,995) (9,975)
Share-based payments - - - 58 - 58
Fair share loans - employee repayments 30 - - - - 30
Total transactions with owners
in their capacity as owners 50 - - 58 (9,995) (9,887)
Total movement in equity 50 - (273) 58 579 414
Balance at 31 March 2021 (Unaudited) 245,800 70,308 (352) 447 30,456 346,659
Balance at 1 October 2019 246,404 75,451 144 333 13,149 335,481
Profit for the period – restated - - - - 12,430 12,430
Other comprehensive income – restated - (5,079) (144) - - (5,223)
Total comprehensive income for the period - (5,079) (144) - 12,430 7,207
Dividends 11 - - - (5,000) (4,989)
Transaction costs arising on share issuance 101 - - - - 101
Share-based payments - - - 27 - 27
Fair share loans - employee repayments 25 - - - - 25
Transfer from revaluation reserve – restated - (64) - - 64 -
Total transactions with owners
in their capacity as owners 137 (64) - 27 (4,936) (4,836)
Total movement in equity 137 (5,143) (144) 27 7,494 2,371
Balance at 31 March 2020 (Unaudited) 246,541 70,308 - 360 20,643 337,852
The above statement of changes in equity should be read in conjunction with the accompanying notes.
16 / NAPIER PORT – TE HERENGA WAKA O AHURIRI

NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
AS AT 31 MARCH 2021
31 March 30 Sept
2021 2020
Unaudited Audited
$000 $000
EQUITY
Share capital 245,800 245,750
Reserves 70,403 70,618
Retained earnings 30,456 29,877
346,659 346,245
NON-CURRENT LIABILITIES
Loans and borrowings 34,741 -
Deferred tax liability 16,601 16,681
Lease liabilities 410 521
Derivative financial instruments 151 111
Provision for employee entitlements 486 447
52,389 17,760
CURRENT LIABILITIES
Taxation payable 1,937 4,161
Lease liabilities 219 213
Derivative financial instruments 377 -
Trade and other payables 23,387 17,000
25,920 21,374
424,968 385,379
NON-CURRENT ASSETS
Property, plant and equipment 394,321 351,177
Intangible assets 1,458 1,377
Investment properties 9,200 9,200
404,979 361,754
CURRENT ASSETS
Cash and cash equivalents 2,659 7,936
Derivative financial instruments 113 -
Trade and other receivables 17,217 15,689
19,989 23,625
424,968 385,379
On behalf of the Board of Directors, who authorised the issue of the financial statements on 24 May 2021.
Chairman Director
The above statement of financial position should be read in conjunction with the accompanying notes.
HALF YEAR REPORT 2021 / 17

NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT
OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 MARCH 2021
31 March 31 March
2021 2020
Unaudited Unaudited
$000 $000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers 49,816 48,845
Net GST received 291 14
Cash was applied to:
Payments to suppliers and employees (29,093) (30,628)
IPO transaction and related costs - (478)
Net finance costs (paid)/received (15) 126
Income taxes paid (6,436) (4,453)
Net cash flows generated from operating activities 14,563 13,426
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Proceeds from sale of property, plant and equipment 44 58

Cash was applied to:
Acquisition of property, plant and equipment and intangible assets (45,759) (23,222)
Net cash flows used in investing activities (45,715) (23,164)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided from:
Proceeds from loans and borrowings 36,000 -
Repayment of fair share loans by employees 50 36

Cash was applied to:
Repayment of lease liabilities (105) (98)
Transaction costs arising on share issuance - (299)
Dividends paid (9,995) (5,000)
Net cash flows generated from/(used in) financing activities 25,950 (5,361)
Net decrease in cash and cash equivalents (5,202) (15,099)

Cash and cash equivalents at beginning of the period 7,936 31,224
Effect of exchange rate changes on foreign currency balances (75) -
Cash and cash equivalents at end of the period 2,659 16,125
18 / NAPIER PORT – TE HERENGA WAKA O AHURIRI

NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT
OF CASH FLOWS (CONTINUED)
FOR THE SIX MONTHS ENDED 31 MARCH 2021
Reconciliation of profit for the period to cash flows from operating activities
31 March 31 March
2021 2020
Unaudited Unaudited
$000 $000
Restated
Profit for the period 10,574 12,430
Adjust for non-cash items:
Depreciation and amortisation 6,325 5,989
Impairment of assets - 551
Net loss on sale of property, plant and equipment 62 18
Share-based payments 58 27
Other non-cash items 79 309
Deferred tax 26 (1,782)
6,550 5,112
Other adjustments:
(Decrease)/increase in current tax (2,224) 95
Increase in non-current provision 39 22
(2,185) 117
Movements in working capital:
Increase in trade and other receivables (2,478) (3,439)
Increase/(decrease) in trade and other payables 2,102 (794)
(376) (4,233)
Net cash flows generated from operating activities 14,563 13,426
The above statement of cash flows should be read in conjunction with the accompanying notes.
HALF YEAR REPORT 2021 / 19

NAPIER PORT HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2021
1 REPORTING ENTITY
The interim financial statements presented are those
of Napier Port Holdings Limited and its subsidiaries
(together “the Group”). Napier Port Holdings Limited
is incorporated under the Companies Act 1993
and domiciled in New Zealand. Napier Port Holdings
Limited’s shares are publicly traded on the New Zealand
Stock Exchange (NZX).
2 BASIS OF PREPARATION
The interim financial statements have been prepared in
accordance with the Financial Markets Conduct Act 2013.
STATEMENT OF COMPLIANCE
The interim financial statements have been prepared
in accordance with New Zealand equivalents to International
Accounting Standard 34, Interim Financial Reporting
(NZ IAS 34), and International Accounting Standard 34,
Interim Financial Reporting. The Group is a for-profit entity
for NZ GAAP purposes. These interim financial statements
do not include all the information normally included in an
annual financial report. Accordingly, these should be read
in conjunction with the Group’s annual financial statements
for the year ended 30 September 2020.
BASIS OF MEASUREMENT
The interim financial statements have been prepared on a
historical cost basis, except for sea defences, investment
properties and derivative financial instruments, which are
measured at fair value. They are presented in New Zealand
Dollars (NZD) and all values are rounded to the nearest
thousand dollars ($’000), unless otherwise stated.
3 SIGNIFICANT ACCOUNTING POLICIES
The accounting policies adopted are consistent with those
followed in the preparation of the Group’s consolidated
financial statements for the year ended 30 September 2020.
4 UNCERTAINTIES, ESTIMATES
AND JUDGEMENTS
The preparation of the financial statements in conformity
with NZ IAS 34 requires management to make
judgements, estimates and assumptions that affect
the application of accounting policies and the reported
amounts of assets, liabilities, income and expenses.
Actual results may differ from these estimates.

In preparing these financial statements, the significant
judgements made by management in applying the Group’s
accounting policies and the key sources of estimation
and uncertainty, are consistent with those applied
to the Group’s consolidated financial statements for
the year ended 30 September 2020.
5 RESTATEMENT OF PRIOR
PERIOD COMPARATIVES
OPERATING EXPENSE RECLASSIFICATION
The Group has changed the classification of operating
expenses within the consolidated income statement
to provide more relevant information for users.
Maintenance expenses have been replaced by property
and plant expenses. Employee benefit expenses, property
and plant expenses, and other operating expenses
for the half-year ended 31 March 2020 have been
restated on a comparable basis resulting in $1.5 million
of previously disclosed other operating expenses
being reclassified to property and plant expenses,
and $0.5 million being reclassified to employee benefit
expenses for the half-year ended 31 March 2020.
IMPAIRMENT OF PROPERTY, PLANT
AND EQUIPMENT ASSETS
In the consolidated financial statements for the full year
ended 30 September 2020 the Group impaired certain
property, plant and equipment assets that will be disposed
of as part of the construction of 6 Wharf. For the current
reporting period, prior period comparatives for the
half-year ended 31 March 2020 have therefore been
restated to reflect this impairment. The restated
comparatives incorporate the impairment of property,
plant and equipment assets in the amount of $6.3 million.
Of this amount, the impairment of site assets of
$0.6 million has been included in depreciation,
amortisation and impairment expenses, and the associated
tax benefit of $0.2 million in income tax expense, within
the consolidated income statement. The impairment of
sea defence assets of $5.8 million, with the associated tax
effect of $0.7 million, has been included in the revaluation
reserve within equity and included in the statement of
comprehensive income. There is no restatement required
to the consolidated financial statements for the full year
ended 30 September 2020.
20 / NAPIER PORT – TE HERENGA WAKA O AHURIRI

6 REVENUE AND SEGMENT REPORTING
31 March 31 March
2021 2020

Unaudited Unaudited
$000 $000
Disaggregation of revenue
Port operations 51,405 51,240
Property operations 1,180 1,044
Operating income 52,585 52,284
ACCOUNTING POLICIES:
Operating segments
The Group determines its operating segments based on internal information that is regularly reported to the
Chief Executive, who is the Group’s Chief Operating Decision Maker (CODM).
The Group operates in one reportable segment being Port Services. This consists of providing and managing port
services and cargo handling infrastructure through Napier Port. Within the Port Services reportable segment the
following operating segments have been identified: marine services, general cargo services, container services, port
pack services and depot services. These have been aggregated on the basis of similarities in economic characteristics,
customers, nature of services and risks.
The Group operates in one geographic area, that being New Zealand. During the period the Group had a single
customer which comprised 18% of total revenue (2020: 18%).
7 DEPRECIATION, AMORTISATION AND IMPAIRMENT EXPENSES
31 March 31 March
2021 2020

Unaudited Unaudited
$000 $000
Restated
Depreciation and amortisation 6,325 5,989
Impairment of property, plant and equipment - 551
Depreciation, amortisation and impairment expenses 6,325 6,540
8 OTHER EXPENSES/(INCOME)
31 March 31 March
2021 2020

Unaudited Unaudited
$000 $000
Included within other expenses/(income) are:
Loss on sale of assets 62 18
Expected credit loss allowance 79 309
Other expenses/(income) 141 327
HALF YEAR REPORT 2021 / 21

9 INCOME TAX
31 March 31 March
2021 2020

Unaudited Unaudited
$000 $000
Restated
Reconciliation between income tax expense and tax expense calculated
at the statutory income tax rate
Profit before income tax 14,812 15,196
Income tax at 28% 4,147 4,255
Adjustment to prior year tax 27 17
Tax effect of non-deductible items 64 2
Reinstatement of tax depreciation on buildings - (1,508)
Income tax expense 4,238 2,766
The income tax expense is represented by:
Current tax on profits for the period 4,528 4,526
Adjustments for current tax of prior periods (266) 22
Current income tax expense 4,262 4,548
Deferred income tax expense for the period (317) (1,777)
Adjustments for deferred tax of prior periods 293 (5)
Deferred income tax expense (24) (1,782)
Income tax expense 4,238 2,766
10 RELATED PARTY TRANSACTIONS AND BALANCES
31 March 31 March
2021 2020

Unaudited Unaudited
Related Party $000 $000
Hawke’s Bay Regional Council Rates, levies and consents 2 31
Subvention payment - 7
Cost recoveries (8) -
Lease income (11) (6)
Hawke’s Bay Regional Investment Company Dividends 5,500 2,750
Subvention payment - 217
Cost recoveries (47) -
K. Ali-Dawson Communications consultancy 4 -
Amount owed to related party 1 -
K. Ali-Dawson is a close family member of a member of key management personnel and has provided communications
consultancy services to the Group during the period on an arms-length basis.
22 / NAPIER PORT – TE HERENGA WAKA O AHURIRI

11 COMMITMENTS & CONTINGENCIES
CAPITAL EXPENDITURE COMMITMENTS
At balance date there were commitments in respect of contracts for capital expenditure totalling $86,287,000
(2020: $118,681,000).
CONTINGENT LIABILITIES
There were no material contingent liabilities at balance date.
12 EVENTS SUBSEQUENT TO BALANCE DATE
Subsequent to the balance sheet date, a fully imputed dividend of $5.6 million (2.8 cents per share) was approved
by the Board of Directors.
HALF YEAR REPORT 2021 / 23

24 / NAPIER PORT – TE HERENGA WAKA O AHURIRI


A member firm of Ernst & Young Global Limited
Independent auditor’s review report to the Shareholders of Napier Port
Holdings Limited
Conclusion
We have reviewed the consolidated interim financial statements of Napier Port Holdings Limited
(the “Company”) and its subsidiaries (the “Group”) which comprise the consolidated statement of
financial position as at 31 March 2021, and the consolidated income statement, consolidated
statement of comprehensive income, consolidated statement of changes in equity and consolidated
statement of cash flows for the six months period ended on that date, and a summary of significant
accounting policies and other explanatory information. Based on our review, nothing has come to
our attention that causes us to believe that the accompanying interim financial statements of the
Group do not present fairly, in all material respects, the financial position of the Group as at 31
March 2021, and its financial performance and its cash flows for the six months period ended on
that date, in accordance with New Zealand Equivalent to International Accounting Standard 34:
Interim Financial Reporting and International Accounting Standard 34: Interim Financial Reporting.
This report is made solely to the Company's shareholders, as a body. Our review has been
undertaken so that we might state to the Company's shareholders those matters we are required to
state to them in a review report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the Company and the Company's
shareholders as a body, for our review procedures, for this report, or for the conclusion we have
formed.
Basis for Conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial
Statements Performed by the Independent Auditor of the Entity. Our responsibilities are further
described in the Auditor’s Responsibilities for the Review of the Financial Statements section of our
report. We are independent of the Group in accordance with the relevant ethical requirements in
New Zealand relating to the audit of the annual financial statements, and we have fulfilled our other
ethical responsibilities in accordance with these ethical requirements.
Ernst & Young provides agreed upon procedures in relation to voting at the annual shareholders’
meeting. Partners and employees of our firm may deal with the Group on normal terms within the
ordinary course of trading activities of the business of the Group. We have no other relationship
with, or interest in, the Group.
Directors’ Responsibility for the Interim Financial Statements
The Directors are responsible, on behalf of the entity, for the preparation and fair presentation of
the interim financial statements in accordance with New Zealand Equivalent to International
Accounting Standard 34: Interim Financial Reporting and International Accounting Standard 34:
Interim Financial Reporting and for such internal control as the Directors determine is necessary to
enable the preparation and fair presentation of the interim financial statements that are free from
material misstatement, whether due to fraud or error.
Auditor’s Responsibilities for the Review of the interim Financial Statements
Our responsibility is to express a conclusion on the interim financial statements based on our
review. NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our
attention that causes us to believe that the interim financial statements, taken as a whole, are not
prepared in all material respects, in accordance with New Zealand Equivalent to International
Accounting Standard 34: Interim Financial Reporting and International Accounting Standard 34:
Interim Financial Reporting.

HALF YEAR REPORT 2021 / 25


A member firm of Ernst & Young Global Limited
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. We perform procedures, consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review
procedures. The procedures performed in a review are substantially less than those performed in
an audit conducted in accordance with International Standards on Auditing (New Zealand) and
consequently do not enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express an audit opinion on
those interim financial statements.
The Auditor-General is the auditor of Napier Port Holdings Limited and Group. Simon Brotherton,
appointed by the Auditor-General, performs the annual audit of the Group using the staff and
resources of Ernst & Young. As a result, Ernst & Young is required to comply with the independence
requirements of the Auditor-General, which incorporate the independence requirements of the
External Reporting Board.
The engagement partner on the review resulting in this independent auditor’s review report is
Simon Brotherton.




Chartered Accountants
Auckland, New Zealand
24 May 2021

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

HALF YEAR REPORT 2021 / 27

napierport.co.nz

Napier Port

Napier Port

---

HALF YEAR
RESULTS 2021
25
th
May 2021

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

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

4
WELCOME & INTRODUCTION
COVID-19 remains a major factor in logistical supply chains
Continued good progress on strategic initiatives, including 6 Wharf
Resilient half year trading and financial result for Napier Port
Board sustainability sub-committee established
Share concerns with regional primary sector on continuing impacts of seasonal labour shortages

HIGHLIGHTS

6
HALF YEAR HIGHLIGHTS
Resilient half year revenue and earnings, despite the absence of cruise vessels
Good progress on strategic development initiatives
Primary sector labour shortages and container supply chain challenges
Sustained strong log export market conditions driving bulk cargo revenue growth
Renewed WPI partnership for at least a further 10 years

7
STRATEGIC PROJECTS UPDATE
•6 Wharf -on time and within budget
•Whakatuinland port planning
•Bulk cargo value-add projects approved
-Mobile Harbour Crane log loading trial
-Log debarking service
•Launch of in-house logistics service
-Initial cargo wins
-Napier –Palmerston North -Longburnrail capacity
•Advanced H&S development programme

8
6 WHARF CONSTRUCTION PROGRESS ON-PLAN
STATUS
1
:
•362 of 400 reinforced concrete piles completed
•Deck construction commenced, 10 of 32 deck pours completed
•Dredging –621,000 cubic metres of around 1.3 million
cubic metres has been completed
•2,720 of 4,500 revetment armour blocks cast,
1,757 are now in place
•No material change to completion timing (late 2022)
or cost ($173m -$190m
2
)
1 –As at 10 May 2021
2 -Accruals basis excluding capitalised overheads and finance costs

9
POSITIVE TRADE RESULT DRIVEN BY LOG EXPORTS
•Record log volumes in the half year
•Total container volumes in line with prior year
VolumeHY2021HY2020
Variance
kT/ TEU%
Total cargo (kT)2,7862,527+259+10.2
Containerised cargo (TEU)135,000135,000--
Bulk cargo (kT)
-Logs exports (kT)
1,870
1,428
1,597
1,184
+273
+244
+17.1
+20.6
TRADE VOLUME OVERVIEW

10
RESILIENT FINANCIAL RESULT DESPITE NO CRUISE REVENUE
•Maintained revenue despite no cruise revenue in current year ($4.2m in prior year)
•Result from operating activities better than expected due to growth in bulk cargo revenues
•Lower net profit due to operating result and non-recurring net gains in prior year
•Higher cash flow from operations from lower first half year net working capital growth in current year
HY2021
$M
HY2020
$M
Variance
$M%
Revenue52.652.3+0.3+0.6
Resultfrom operating activities21.321.7-0.4-2.0
Netprofit after tax
-Reported
-Underlying¹
10.6
10.6
12.4
11.1
-1.8
-0.5
-14.9
-5.2
Cashflow from operations
-Reported
-Underlying¹
14.6
14.6
13.4
13.9
+1.2
+0.7
+8.5
+4.5
FINANCIAL RESULTS OVERVIEW
1 -Refer to appendices for reconciliations of underlying metrics

FINANCIAL & OPERATING
PERFORMANCE

12
BULK CARGO REVENUE OFFSETS NO CRUISE REVENUE
•0.6% revenue growth half year-on-half year (HoH)
•Bulk cargo up 26.5%, container services up 0.5%, nil cruise revenue
HY2021 REVENUE
Millions
Container
services
$31.1m
Bulk
cargo
$20.2m
Other
$1.3m

13
CONTAINER SERVICES REVENUE STEADY ON TRADE MIX CHANGES
•Container Services revenue up 0.5% HoH
•Container volume in line with prior year: 135,000 TEU
-Shipping schedule disruptions resulted in -5,000 TEU empty containers and +5,000 tranships and DLRs
-Reefer volume growth +6.0% offsets drop in dry volume -2.1%
•Average revenue per TEU increased 0.6% to $230/TEU from $229/TEU
-Containers remaining on port for longer periods offset lower volumes through PortPack and Depot and fewer vessel calls
Millions
Reefers
24k
Dry
50k
Empty
50k
Other
11k
$30.9
$31.1
$226
$227
$228
$229
$230
$231
$232
$-
$5
$10
$15
$20
$25
$30
$35
HY2020HY2021
Average revenue per TEU
Revenue (LHS)Average revenue per TEU (RHS)
HY2020 TEUs HY2021 TEUs
Reefers
23k
Dry
51k
Empty
55k
Other
7k

14
HIGHER BULK CARGO REVENUE DRIVEN BY VOLUME INCREASE
•Revenue up 26.5% HoHto $20.2m
•Driven by 17.1% volume increase
•Average revenue per tonne increased 8.0% to $10.80/T from $9.99/T
-Includes one-off cost recovery revenue of $0.45/T
-Remainder driven by log exports
HY2020 REVENUE HY2021 REVENUE
Millions
$16.0
$20.2
$9.40
$9.60
$9.80
$10.00
$10.20
$10.40
$10.60
$10.80
$11.00
$11.20
$-
$5
$10
$15
$20
$25
HY2020HY2021
Average revenue per tonne
Revenue (LHS)Average revenue per tonne (RHS)
Container
services
59.1%
Bulk
cargo
30.5%
Cruise
8.0%
Other
2.3%
Container
services
59.1%
Bulk
cargo
38.4%
Other
2.5%

15
Logs
63%
Woodpulp
10%
Timber
6%
Meat
6%
Fresh produce
3%
Apples & pears
2%
Other
10%
RECORD HY LOG VOLUMES
•Log exports volumes up 20.6% HoHwith sustained strong log export market conditions
-Record half year log export volume of 1.43 million tonnes
-Prior year log volumes were negatively impacted by Chinese market disruptions leading
up to NZ’s COVID-19 Alert Level 4 lockdown
•Less volume volatility
•Solid volumes continuing into Q3 FY2021 (to date)
HY2021 ALL CARGO EXPORTS (WEIGHT)
Millions (tonnes)
1.25
1.18
1.43
2.58
2.37
0.0
0.5
1.0
1.5
2.0
2.5
3.0
201920202021
Logs (HY)Logs (FY)

16
OPEX INCREASE: LED BY INVESTMENT IN PEOPLE
•FY2021: unwinding of COVID-19 response measures in FY2020 & strategic investment in people and capability
•Employee benefit expenses up 5.4% HoH
•Property and plant expenses down 6.7% due to timing of maintenance spend
•Other operating expenses up 2.6% due to increasing insurance premiums and technology costs
OTHER OPEX HY2021EMPLOYEE BENEFIT EXPENSES
Millions
2.4% INCREASE IN TOTAL OPERATING EXPENSES
Property and plant
expenses
$5.1m
Occupancy
expenses
$3.0m
Administration
expenses
$2.8m
Contract
labour
$2.3m
Other staff expenses
$0.6m
$16.6
$17.5
30.0%
32.0%
34.0%
36.0%
38.0%
40.0%
$-
$4
$8
$12
$16
$20
HY2020HY2021
Percentage of revenue
Employee Benefit Expenses (LHS)Percentage of Revenue (RHS)
Note: the components of total operating expenses have been reclassified in the half-year 2021 financial statements and comparative 2020 data has been restated on a comparable basis. Refer to the notes to the NPH Group consolidated
financial statements for half year to 31 March 2021 for further information.

17
OPERATING MARGIN MAINTAINED >40%
•Result from operating activities down $0.4m (2.0%)
•Operating margin maintained at >40% in HY2021
Millions
$21.7
$21.3
$-
$10
$20
$30
HY2020HY2021
% Revenue41.6%40.5%
RESULT FROM OPERATING ACTIVITES

18
NPAT DOWN WITH LOWER OPERATING RESULT
•Underlying NPAT
1
decreased by 5.2% to $10.6m
-Lower operating result (-$0.4m pre-tax)
-Increased depreciation and amortisation (-$0.3m pre-tax)
Millions
$12.4
$10.6
$11.1
$10.6
$-
$5.0
$10.0
$15.0
HY2020HY2021
Reported NPATUnderlying NPAT
1 -Refer to appendices for reconciliations of underlying metrics

19
CAPITAL EXPENDITURE FOCUS ON DELIVERING 6 WHARF
•Capital expenditure of $49.4m
1
•6 Wharf:
•$45.1m
2
in HY2021
•Cumulative construction spend of $78mto March 2021
•$90m -$110m spend expected for FY2021–increased from $70m -$90m
1 -Including accounting accruals. HY2021 cash spend $45.8m
2 -Including accounting accruals. HY2021 cash spend $40.8m
HY2021 CAPITAL EXPENDITURE
Millions
6 Wharf
$45.1m
Other development
$1.9m
Replacement
$2.3m
$18.8
$53.1
$49.4
$-
$10
$20
$30
$40
$50
$60
FY2019FY2020HY2021
Development - 6 WharfDevelopment - OtherReplacementOther

20
CASH FLOW & LIQUIDITY
•FY2020 full year dividend of $10m (5.0 cps) paid December 2020
•Bank facilities drawn balance of $36.0m at end of March 2021
•$180m total bank facilities
-66% expires Q4 2024
-33% expires Q4 2023
HY2021
$M
HY2020
$M
Var
$M
Operating cashflows14.613.4+1.2
Investing cash flows(45.7)(23.2)-22.5
Proceeds from bank debt36.0-+36.0
Dividends(10.0)(5.0)-5.0
Other financing cash flows(0.1)(0.3)+0.2
Net (decrease) in cash & cash equivalents(5.2)(15.1)+9.9

21
CAPITAL MANAGEMENT
•Increase inNet Debt to EBITDA ratio above 3.5xlikely based
on current environment (including cruise disruption) but
remains a point of focus to mitigate this increase over time
•Expectation that the ratio will be managed to within its long-
term target range of 2.0x –3.0x over time, following completion
of 6 Wharf

CONCLUSION
& OUTLOOK

23
CONCLUSION
Resilient half year revenue and earnings given ongoing
effects of COVID-19
Benefits of diversity of the trade portfolio shown in first half
Good progress with strategic development initiatives
Shipping and supply chain challenges & risks continuing

24
CURRENT OUTLOOK
•Demand for the region’s food and fibre exports remains robust
•Continued friction in getting products to markets via regional and global supply chains
–continuing supply chain stress and capacity shortages likely for at least remainder of the
current financial year
•Relative weakness expected in our container trades arising from primary sector seasonal labour
shortages, shipping and supply chain disruption
–apple export full year volume uncertain
•Good log export volume momentum carried into Q3 (to date)
•Continued investment in people & capability & focus on strategy implementation for second half
•Affirm recent guidance of FY2021 underlying result from operations between $39m and $42m
•Cruise return timing -unlikely for FY2022
COVID-19 EFFECTS CONTINUE TO CLOUD OUTLOOK

25
HY2021 INTERIM DIVIDEND
•Interim dividend of 2.8 cps declared
•Fully imputed
•Record date: 11 June 2021
•Payment date: 25 June 2021
•Compared to nil in prior year
See Appendix for dividend policy summary

QUESTIONS

27
APPENDICES
The following appended financial information provides a summary of financial information for the
half year period ended 31 March 2021 (HY2021) compared to the corresponding half year period
in 2020 (HY2020).
Reconciliations provided are extracted from and should be read in conjunction with the Supplemental
Selected Financial Information document released with NPH’s 2021 Half Year Report on the NZX
announcements platform and the Napier Port website Investor Centre.

28
REVENUE
NZ$000
HY2021
HY2020
Revenue from Port Operations
51,405


51,240


Revenue Other
1,180


1,044


Total operating income
52,585


52,284


NZ$000
HY2021
HY2020
Container Services
31,065


30,921


Bulk Cargo
20,192


15,966


Cruise
-


4,177


Sundry revenue
148


175


Revenue from port operations
51,405


51,240


Property income
1,180


1,044


Operating income
52,585


52,284

29
OPERATING EXPENSES
Employee benefit expenses
NZ$000
HY2021
HY2020
Wages & salaries
16,093


15,402


Other employee benefit expenses
1,362


1,166


Total employee benefit expenses
17,455


16,569


Property and plant expenses
NZ$000
HY2021
HY2020
Plant expenses
2,510


2,715


Site expenses
664


732


Fuel & Power
1,917


2,010


Total property and plant expenses
5,091


5,457

30
OPERATING EXPENSES
Other operating expenses
NZ$000
HY2021
HY2020
Administration expenses
2,824


2,796


Occupancy expenses
3,016


2,483


Contract labour
2,301


2,268


Other staff expenses
605


975


Total other operating expenses
8,746


8,522

31
CAPITAL EXPENDITURE
NZ$000
HY2021
HY2020
Development capex
6 Wharf pre-construction
-


970


6 Wharf construction
45,129


11,197


Additional tug
-


4,681


Acquisition and development of off-port depot services land
-


2,565


Refrigerated container capacity
1,075


-


Other development capex
846


623


Total development capex
47,049


20,036


Replacement capex
2,307


6,894


Compliance and other capex
-


246


Total capex including capitalised finance costs
49,357


27,177


Movement in fixed asset creditors
(3,597)


(3,955)


Capex per cash flow
45,759


23,222

32
RECONCILIATION OF UNDERLYING NET PROFIT AFTER TAX
1
NZ$000
HY2021
HY2020
Reported net profit after tax
10,574
12,430
Adjustments:
IPO transaction and related costs/ (reversals)
-
(201)
Impairment of infrastructure assets for 6 Wharf development
-
551
Tax impact of adjustments
-
(123)
Tax benefit of reinstatement of tax depreciation on buildings
-
(1,508)
Underlying net profit after tax
10,574
11,149
1 -Underlying net profit after tax is a non-NZ GAAP measure –refer to the Supplemental Selected Financial released with NPH’s 2021 Half Year Report on the NZX announcements platform for
further information related to this measure

33
RECONCILIATION OF UNDERLYING
NET CASH FLOWS FROM OPERATING ACTIVITIES
1
1 -Underlying net cash flows from operating activities is a non-NZ GAAP measure –refer to the Supplemental Selected Financial Information released with NPH’s 2021 Half Year Report on the
NZX announcements platform for further information related to this measure
NZ$000
HY2021
HY2020
Reported net cash flows from operating activities
14,563
13,426
Adjustments
IPO transaction and related costs
-
478
Tax impact of adjustments
-
31
Underlying net cash flows from operating activities
14,563
13,935

34
•The Board is targeting paying total dividends within a range of 70% to 90% of Free Cash Flow
1
•Free Cash Flow
1
is a non-NZ GAAP measure adopted by Napier Port. It excludes capital expenditure
on development projects (including 6 Wharf) and the interest costs which will be capitalised during
construction
•The payment of dividends is not guaranteed and will be at the discretion of the Board and depend on a
number of factors. These factors include the general business environment, operating results (including
our ability to grow Free Cash Flow
1
)and financial condition of Napier Port, future funding requirements,
any contractual, legal or regulatory restrictions on the payment of dividends by Napier Port and any other
factors the Board may consider relevant. In declaring dividends, Napier Port must comply with the
solvency test under the Companies Act and the covenants in its banking facilities
•Dividend payments are expected to be split into an interim dividend paid in June, targeting
40% of the total expected dividend for the financial year, and a final dividend paid in December.
Napier Port intends to impute dividends to the maximum extent possible
1
a non-NZ GAAP measure, being NPAT, adjusted for the post-tax impact of fair value revaluations of derivatives and investment properties, plus depreciation, amortisation and impairment, less the average replacement
capital expenditure of maintaining Napier Port's asset base. Average replacement capital expenditure is based on an assessment of the long term average cost of maintaining assets for Napier Port in real terms.
DIVIDEND POLICY

35
EXPERIENCED MANAGEMENT TEAM THAT IS WELL CONNECTED WITH CARGO OWNERS AND OTHER STAKEHOLDERS
Extensive commercial and infrastructure expertise and broad depth of senior leadership experience in New Zealand and overseas, and management enjoys strong relationships
with key stakeholders and the local community
STRONG HISTORICAL FINANCIAL PERFORMANCE AND A RECORD OF EXECUTION ON GROWTH OPPORTUNITIES
Napier Port delivered annual average revenue growth of 8.4% over the last four years (2016 -2020), while consistently delivering EBITDA margins of above 40%
STRONG REGIONAL ECONOMIC GROWTH DRIVERS AND STRONG KEY CUSTOMER RELATIONSHIPS
The Hawke’s Bay region has experienced strong growth, supported by international demand for its diverse range of export cargo.
Strong key customer relationships see the Port embedded as an essential supply chain partner
DIVERSIFIED TRADE PORTFOLIO MITIGATES SECTOR AND COUNTRY-SPECIFIC RISKS
The Port handles a diversified mix of export and import products including logs and forestry products, pipfruit, oil products and fertiliser, which are shipped to or from over
110 countries globally
AN INFRASTRUCTURE ASSET ESSENTIAL TO THE HEALTH OF THE HAWKE’S BAY ECONOMY
Napier Port is an essential regional infrastructure asset and, by connecting Hawke’s Bay and central New Zealand to global markets, is an active participant in driving regional prosperity
A LONG TERM ASSET ESSENTIAL TO THE HEALTH OF THE HAWKE’S BAY ECONOMY
OUR STRATEGY BUILDS ON A STRONG BUSINESS
WELL-POSITIONED GIVEN FUTURE CARGO VISIBILITY AND FULLY-CONSENTED DEVELOPMENT PLANS
Future cargo visibility enables robust planning for strategic growth projects. Development of 6 Wharf is expected to significantly increase the Port’s capacity and improve
operational efficiency
RELEVANCE
DURING
COVID-19

36
FURTHER INFORMATION ON NAPIER PORT
To learn more about Napier Port and what it does please refer to ourwebsite at www.napierport.co.nz
See our website Investor Centre for:
•Share price information
•Links to NZX results and market announcements
•Key calendar dates
•Publications, including:
-Annual Reports
-Sustainability Framework
-Investment Key Facts
-Investing in Napier Port
•Key policies and governance documents

---

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

Results for announcement to the market
Name of issuer Napier Port Holdings Limited
Reporting Period 6 months to 31 March 2021
Previous Reporting Period 6 months to 31 March 2020
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$52,585 0.6%
Total Revenue $52,585 0.6%
Net profit/(loss) from
continuing operations*
$10,574 -14.9%
Total net profit/(loss)* $10,574 -14.9%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.02800000
Imputed amount per Quoted
Equity Security
$0.01088889
Record Date 11 June 2021
Dividend Payment Date 25 June 2021
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security*
$1.73 $1.68
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to the accompanying 2021 Half Year Report for further
information.
*The prior period has been restated (refer to note 5 of the half
year financial statements).
Authority for this announcement
Name of person authorised
to make this announcement
Kristen Lie, Chief Financial Officer
Contact person for this
announcement
Jo-Ann Young, Communications Manager
Contact phone number DD: 06 833 4521
Contact email address jo-anny@napierport.co.nz
Date of release through MAP 25 May 2021

Unaudited financial statements accompany this announcement.

---

Distribution Notice


Section 1: Issuer information
Name of issuer Napier Port Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code NPH
ISIN (If unknown, check on NZX
website)
NZNPHE000552
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies No
Record date 11/06/2021
Ex-Date (one business day before the
Record Date)
10/06/2021
Payment date (and allotment date for
DRP)
25/06/2021

Total monies associated with the
distribution
$5,600,000
(200,000,000 ordinary shares @ 2.8 cents per share)
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.03888889
Total cash distribution $0.02800000
Excluded amount N/A – not a listed PIE
Supplementary distribution amount $0.00494118
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
100%
Imputation tax credits per financial
product
$0.01088889
Resident Withholding Tax per
financial product
$0.00194444

Section 4: Distribution re-investment plan – Not Applicable
DRP % discount (if any)

Start date and end date for
determining market price for DRP

Date strike price to be announced (if
not available at this time)

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

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Kristen Lie, Chief Financial Officer
Contact person for this
announcement
Jo-Ann Young, Communications Manager
Contact phone number DD: 06 833 4521
Contact email address jo-anny@napierport.co.nz
Date of release through MAP

25 May 2021

---

Napier Port Holdings Limited
2021 Half Year Trade Volume Data
The below trade volume data provides a summary of second quarter (Q2 FY2021) and half year
ended 31 March 2021 (HY2021) results compared to the prior periods.
1.1 Container Services
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

1.2 Bulk Cargo
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


1.3 Cruise Services
Cruise Services

Q2
FY2021
Actual
Q2
FY2020
Actual
HY2021
Actual
HY2020
Actual
Vessels


Cruise vessel calls - 53 - 76

---

Napier Port Holdings Limited
Supplemental Selected Financial Information (unaudited)
The below supplemental selected financial information provides a summary of financial information for
the half year period ended 31 March 2021 (HY2021) compared to the corresponding half year period
in 2020 (HY2020).
Except where information is denoted as being extracted directly from audited financial statements, the
supplemental selected financial information is unaudited.

Notes:
1.
The selected financial information (excluding any financial information in the selected financial information table that is
identified as being underlying financial information) is extracted from unaudited financial statements of Napier Port
Holdings for HY2021. Some line items in the selected financial information include adjustments applied by Napier Port
(denoted ‘underlying’). An explanation of these adjustments is contained in section 1.1 below.
2.
Revenue relates to operating income as disclosed in the financial statements for Napier Port.
3.
Result from operating activities is a non-NZ GAAP measure and is as disclosed in the financial statements for Napier Port.
The measure is calculated as operating income less operating expenses. The measure excludes income and expenses
related to depreciation, amortisation, impairment, and retirement of operating and other assets, income and expenses
arising from fair value changes, non-recurring and abnormal, and joint-venture and other investment activity.
4.
Underlying net profit after tax is a non-NZ GAAP measure that comprises reported net profit after tax adjusted for Initial
Public Offering (IPO) costs and the impairment of certain assets relating to the construction of 6 Wharf as described in
section 1.1 below. Tax expense has been adjusted to reflect the tax implications of the adjustments and the tax benefit
associated with the reinstatement of tax depreciation on buildings. A reconciliation to reported net profit after tax is included
in section 1.2 below.
5.
Underlying cash flows from operating activities is a non-NZ GAAP measure that comprises net cash flows from operating
activities adjusted for cash IPO costs and the tax implications of this adjustment on the basis that cash taxes would be paid
in the corresponding reporting period. A reconciliation to reported net cash flows from operating activities is included in
section 1.3 below.
Selected financial information
(1)
NZ$000
HY2021
HY2020
Financial period
6 months
ending
31 Mar 21
6 months
ending
31 Mar 20
Financial performance:
Revenue
(2)
52,585
52,284
Result from operating activities
(3)
21,293
21,736
Net profit after tax
10,574
12,430
Underlying net profit after tax
(4)
10,574
11,149
Balance sheet and cash flow items:
Dividends paid
10,000
5,000
Total assets
424,968
373,660
Cash and cash equivalents
2,659
16,125
Total liabilities
78,309
36,665
Total debt
34,741
-
Net cash flows from operating activities
14,563
13,426
Underlying net cash flows from operating activities
(5)
14,563
13,935

1.1 Description of adjustments
In determining the use of adjustments, the Directors have considered only those items that they
believe are required to ensure consistency and comparability of the financial information over the
periods presented. The adjustments that Napier Port considers are appropriate are explained below:
(i) removal of the one-off transaction costs relating to the IPO;
(ii) removal of the impairment of existing infrastructure assets arising as a result of the 6 Wharf
development. Certain existing seawall and paving assets are required to be removed in
order for the new 6 Wharf development assets to be constructed. The impairment expense
arising, recorded in the Income Statement, has been adjusted for given its unusual and
non-recurring nature; and
(iii) removal of the one-off deferred tax benefit relating to the reinstatement of tax depreciation
on commercial buildings.

1.2 Reconciliation of underlying net profit after tax


1.3 Reconciliation of underlying net cash flows from operating activities

NZ$000
HY2021
HY2020
Reported net profit after tax
10,574
12,430
Adjustments:
IPO transaction and related costs/ (reversals)
-
(201)
Impairment of infrastructure assets for 6 W harf development
-
551
Tax impact of adjustments
-
(123)
Tax benefit of reinstatement of tax depreciation on buildings
-
(1,508)
Underlying net profit after tax
10,574
11,149
NZ$000
HY2021
HY2020
Reported net cash flows from operating activities
14,563
13,426
Adjustments
IPO transaction and related costs
-
478
Tax impact of adjustments
-
31
Underlying net cash flows from operating activities
14,563
13,935