MOVE LOGISTICS FY22 INTERIM RESULTS

Company Announcement
22 February 2022

MOVE LOGISTICS FY22 INTERIM RESULTS
Transport and logistics group, MOVE Logistics Group Limited (NZX: MOV), has reported its unaudited
results for the six months to 31 December 2021 (1H22), as it completes the first three months of a
two-year plan to stabilise and grow the business.
The financial results reflect the impact of the COVID lockdown and regional restrictions in New
Zealand from August to December 2021. In particular, fuel deliveries decreased significantly during
the first quarter impacting on MOVE’s Fuel business, and several large infrastructure projects were
deferred or put on hold which affected MOVE’s Specialist division. A positive recovery has been seen
in Quarter 2 and is expected to continue into the second half of the financial year.
The company is focused on margin improvement and is targeting sectors which meet margin and
value criteria. Customer retention has been strong with a company-wide rate review now well
underway. Excluding clients on fixed contracts, MOVE is seeking to improve its operating margins
and shed underperforming business.
The results also include costs involved in restructuring and resetting the business as part of the
strategic plan, as well as inflationary pressure. As signalled at the November 2021 ASM, MOVE has
sought to restructure the business along functional lines. This restructure has resulted in a number
of one-off costs being incurred, relating to employee and fixed asset costs. A number of legacy
activities in the company are being addressed in relation to their fit with the new business model.
MOVE operates through four divisions, with the Freight and Contract Logistics divisions together
providing 94% of revenue and 93% of EBITDA. Specialist and International make up the remainder of
revenue and earnings.
Revenue for the six months was $183.3m, up slightly on the prior comparative period (pcp), with a
strong recovery being seen from the second quarter following the August/September lockdown.
EBITDA before non trading costs
1
was down 12.8% to $28.7m with positive gains in Freight and
International offset by the impact of COVID on the Fuel (Contract Logistics) and Specialist businesses
as detailed above. The comparative prior first half year also benefited from a large windfarm project
and a positive contract resolution. The company reported a net loss after tax (NLAT) of $(1.4)m for
the six months. Excluding non-trading costs, the NLAT was $(0.8)m.
A $40m capital raise was successfully completed during the period, introducing new shareholders to
the register, including a number of Australian investors, and enabling a reduction in net debt to
$14.5m.
Strategic Progress
The Board and leadership of MOVE were refreshed in mid-2021 and experienced transport and
logistics sector executive, Chris Dunphy, took up the role of Executive Director. A comprehensive

1
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) and before non-trading costs of
$0.8m.

business review has been completed with key priorities identified to drive improvement and growth
of the business, particularly in Freight and Contract Logistics.
In particular, the focus is on margin improvement, asset utilisation and profitability, with a range of
initiatives in place to increase total earnings and lift margins. These include:
• Technology driven operating efficiencies, including the planned implementation of a new
Transport Management System.
• Customer acquisition and identification of desirable customer and sector opportunities.
• Further cross-selling MOVE’s range of services.
• Improved utilisation of assets, including network optimisation and ongoing conversion to a
low asset model.
• Commenced strategy to convert more of MOVE’s fleet to leased trucks and grow the
percentage of owner-drivers contracted to the company.
• Continue to adopt multi-modal approach as part of customer solutions. MOVE Oceans’ first
chartered coastal vessel, is expected to be delivered to New Zealand in 4Q22. MOVE’s
strong Freight branch network, coupled with supply issues in obtaining rail space, make
coastal shipping a key part of the ‘MOVE-forward’ strategy.

The leadership team has been strengthened with new COOs for the Freight and Contract Logistics
businesses appointed in the later part of 2021, the recruitment of a new CIO in early 2022 and a
number of other experienced and talented people recruited into the business.
Health and safety remains a priority across the Group with a continued improvement in safety
metrics.
Capital expenditure is expected to increase as the company invests into technology, particularly the
new Transport Management System and a primarily leased fleet replacement programme over the
next two years. In line with this and its Environmental aspirations, MOVE has placed an order for two
hydrogen fuelled trucks for delivery mid-2022 and will be one of the first transport businesses in
New Zealand to have these hydrogen trucks in its fleet.
Outlook
Sector and economic headwinds are expected to continue into the second half of the financial year.
COVID pressures remain, with disruptions expected as Omicron spreads, including on the supply
chain in New Zealand and the labour force. Significant planning has been undertaken to mitigate
disruptions to MOVE and the critical services it provides, with access to Rapid Antigen Tests and a
testing programme in place for essential workers.
High inflationary pressure and rising interest rates are also expected. MOVE will raise freight rates to
offset increasing costs wherever possible. Driver shortages are becoming more acute and it is hoped
that the loosening of border restrictions will enable more skilled drivers to enter the country.
With a comprehensive business review now complete, the company is moving ahead with a clear
two-year strategic plan to improve margins and grow the business.

The positive recovery seen in Quarter 2 is expected to continue into the second half of the financial
year, with initiatives positioning the company to take advantage of market opportunities.
Although there continues to be uncertainties as noted above the company confirms that it expects
FY22 performance to be broadly in line with FY21.
ENDS

For further information, please contact:

Chris Dunphy
Executive Director
Phone: +61 417 888 930
Email: Chris@movelogistics.com
Lee Banksh
Chief Financial Officer
Phone: +64 27 525 2876
Email: Lee.Banks@movelogistics.com

For media assistance, please contact: Jackie Ellis t: + 64 27 246 2505 e: jackie@ellisandco.co.nz

About MOVE Logistics Group Limited (MOV)
MOVE is one of the largest domestic freight and logistics businesses in New Zealand, with a
nationwide network of branches, depots and warehouses.

---

MOVE LOGISTICS GROUP LIMITED
FY22 HALF YEAR RESULTS
For the six months ended 31 December 2021
Chris Dunphy, Executive Director
Lee Banks, Chief Financial Officer
22 February 2022

Agenda
•Operating environment and key events
•Update on key strategic priorities
•Financial results overview
•Outlook
•Discussion
1H22 Results Presentation
2

1H22 Overview
OPERATING ENVIRONMENT
•Restricted operating environment due to
COVID lockdowns
•Increase in global and local supply chain
congestion
•Increasing inflationary pressure
•Driver shortages becoming more acute
•Interest rates have risen and this is
expected to continue
1H22 Results Presentation
3
KEY EVENTS
•Raised $40m of new capital and
welcomed several new institutional
shareholders including from Australia
•James Watters (COO Contract Logistics)
and Chris Knuth (COO Freight) joined the
leadership team
•COVID lockdown and regional restrictions
August to December 2021
•Established MOVE Oceans division

Update on key strategic priorities
1H22 -RESET THE BUSINESS TO DELIVER
GROWTH:
•First quarter completed of two year plan to
stabilise and grow the business
•Completed comprehensive business review
•Restructured the business divisions to better
reflect asset utilisation and customers
•Strengthened the leadership team
•Recruitment of new CIO, Anthony Barrett with
delivery of TMS as key priority
•Diversified the share register
•Considerably strengthened the financial
structure through successful $40m capital
raise
1H22 Results Presentation4
IN PROGRESS:
•Fix Freight:
•Concentrate on margin
•Freight system upgrade
•Transition to asset light model
•MOVE Oceans’ first chartered coastal
vessel, 4Q22 delivery to NZ
•Grow the Contract Logistics offering
•Focus on industry verticals
•Reposition property
•Improve capability and retention

FINANCIAL RESULTS
1H22 Results Presentation5

1H22 Group Summary
1H22 Results Presentation
6
•Significant impact from COVID
during the six months
•Revenue up slightly from prior
year; recovered well in 2Q22
post-lockdown
•Q1 Gross Margin and EBITDA
impacted by revenue reductions,
particularly fuel deliveries and
specialist division during COVID
lockdowns, whilst cost base
remained in place
•Free cash impacted by reduced
EBITDA and an increase in
working capital, largely due to
COVID impact on debtors days
•Net debt reduction due to
successful capital raise and cash
on hand
•Continued improvement in
safety metrics across the Group
1
Before non-trading items totalling$.8m related to restructuring and resetting the business as part of the strategic plan
2
Profit attributable to shareholders
3
Net debt excluding mandatory convertible note
$Millions
1H20
1H21
1H22
Change
22 vs 21
Total Income
175.3
181.0
183.3
2.3
EBITDA
1
23.8
32.9
28.7
-4.2
EBITDA Margin
13.6%
18.2%
15.7%
-2.5%
EBIT
1
3.1
9.7
5.5
-4.2
EBIT Margin
1.8%
5.4%
3.0%
-2.4%
Net profit after tax
2
(2.2)
2.6
(1.4)
-4.0
Net profit after tax (before non trading items)
1
(2.2)
2.7
(0.8)
-3.5
EPS (before non trading items) cents
(2.49)
2.98
(1.40)
-4.4
Free cash flow
15.5
31.1
24.5
-6.6
Net Debt
3
80.6
65.0
14.5
-50.5
LTIFR
25.2
22.9
16.7
-6.2
Six months ended 31 December

EBITDA: COVID & prior year one-offs impact 1H21 vs 1H22
comparison
1H22 Results Presentation
7
•Impacted by COVID lockdowns particularly
in Specialist and Contract Logistics
divisions, with impact on gross margin
estimated at between $(1.7)m-$(2.1)m
•Sales increase in Freight and International
contributed positively to margin growth
•Investment in new operational capability
reflected in higher overheads
•Compared to prior period:
1H21 had one-off Specialist windfarm
project (~$2.5m) and Contract Logistics
had positive contract resolutions (~$1.0m)
EBITDA before non-trading items totalling$.8m

Cashflow metrics negatively impacted
by reduced earnings and COVID build
up of working capital
1H22 Results Presentation8
•Decreased free cash flow driven
by lower EBITDA and restructuring
costs
•Working capital increase due to a
increase of 4.5 in debtors days
which is expected to reduce in the
next six months
•Net capital expenditure down –
deferred spend due to COVID and
longer lead times
•Interest in line with prior year
•Tax payments decrease due to
lower profit
•Reduction in net debt post
successful capital raise, improved
gearing ratio
•Cash conversion of 86.1% key
focus to return to normal levels
for 2H22
$000s
1H201H211H22
change
22 v 21
Normalised EBITDA excluding non cash items23,61332,85628,789-4,067
Restructuring costs0(46)(747)-701
Working capital movement3861,672(3,267)-4,939
Net operating cashflows23,99934,48224,774-9,708
Capital expenditure(9,371)(4,234)(1,743)+2,491
Sale of PPE8338241,468+644
Net capital expenditure(8,538)(3,410)(275)+3,135
Free cash flow15,46131,07224,499-6,573
Acquisitions/Disposals0(276)200+476
Net cash flow before financing and tax15,46130,79624,699-6,097
Net interest payments(5,857)(5,625)(5,719)-94
Tax payments(477)(1,501)(237)+1,264
Dividends (shareholders/non controlling interests)(634)(200)0+200
Cash flow before movements in net debt8,49323,47018,743-4,727
EBITDA cash conversion101.6%104.9%86.1%-18.9%
Net Debt (excluding convertible note)80,60065,00014,500-50,500
Gearing Ratio71.3%62.2%16.2%-46.0%
Interest Cover Ratio2.08x4.92x2.20x-2.72x
Leverage Ratio3.56x1.98x.70x-1.28x

Sustaining capital expenditure to be
ramped up
•Replacement of aging fleet
is planned over the next
two years
•Long lead times impacting
on return to normal levels
of sustaining capital
expenditure
•65 new prime movers, 12
trailers and 16 forklifts due
to arrive in 2H22
•Replacement TMS project
is in final selection phase
with project
commencement in 2H
FY22
1H22 Results Presentation
9
Sustaining capital expenditure/depreciation and software amortisation
1H21
54%
1H22
34%
$000s
Fleet
Equipment
L/H
Improv.
Technology
Total
Capex
MOVE Freight
804
107
26
9
946


MOVE Specialist
0
3
0
0
3


MOVE Contract Logistics
280
572
0
26
878


MOVE International
0
162
0
0
162


Corporate
0
60
22
104
187


TOTAL 1H22
1,085


904


48


139


2,175


TOTAL 1H21
1,694


1,098


575


241


3,607

Business divisions
Freight and Contract Logistics primary contributors to Group future
profitability
Freight
Contract
Logistics
International
Specialist
1H22 Revenue
1H22 Results Presentation
10
Freight
Contract
Logistics
International
Specialist
1H22 EBITDA

Freight
Improvements starting to take shape
•Revenue up on last year despite impact of COVID lockdown
•Increase in EBITDA driven by sales uplift
•EBITDA margin at 11.3% remained flat -improvement plans
are in progress
•Continuing focus on improving margins:
-Conversion to a low asset model
-Consistent and reliable fixed network
-Reviewing pricing to address current cost pressures and
low margins –‘get the rates right’
-Rationaliseexcess capacity
-Continue to adopt other transport modes such as rail and
coastal as part of customer solutions
-Optimiseoperational structures
-New TMS
•LTIFR remains a priority and continues to improve, reducing
from 31.7 to 25.9
1H22 Results Presentation
11
Revenue: $90.5m, +8%
EBITDA: $10.3m, +10%

Contract Logistics
Solid performance but still significant upside
1H22 Results Presentation
12
•Revenue growth of 3% despite significant decrease in fuel
deliveries due to COVID lockdowns (down 22.5%)
•EBITDA margin has decreased 3.9% from prior year however
remains strong at 22.5%
•YOY margin decrease of 3.9% due to COVID and prior year
contract settlements (2.5%)
•Improvements to margin are a key focus:
-property rationalisation
-capacity utilisation
-contract pricing & renewal
•Continued LTIFR reduction from 13.1 to 6.8 is pleasing
Revenue: $79.5m, +3%
EBITDA: $17.9m, -12%

Specialist
Impacted by deferred infrastructure projects
•YOY revenue decrease due to:
-Negative impact of COVID lockdown estimated at $1.3m
-1H21 had revenue of $5.9m relating to windfarm project
-Several infrastructure projects deferred due to COVID
•Reduced EBITDA margin of 9.8% due to impact of decreased
revenue whilst cost base has remained unchanged
•Pipeline for projects is anticipated to resume in 2H22 and includes
several large transformers, bridge beams and equipment
relocations projects
•Continued reduction in LTIFR from 27.7 to 13.5
1H22 Results Presentation13
Revenue: $6.1m, -57%
EBITDA: $0.6m, -85%

International
Strong margin growth leveraging fixed
cost base
•Revenue increased by 29.1% compared to prior year
•Energy sectors clients have re-established programs
delayed due to COVID; has contributed to the recovery of
revenue back to pre-COVID levels
•Import/export activity has increased and rates charged
have been lifted
•Improved EBITDA due to increased revenue with cost base
remaining unchanged
•Continued zero lost time injury free for 1H22
1H22 Results Presentation14
Revenue: $5.2m, +29%
EBITDA: $1.5m, +56%

OUTLOOK
1H22 Results Presentation15

Outlook
•Comprehensive business review completed and initiatives to improve and grow
the business are in progress
•COVID pressures will remain with disruptions expected, however strategies in
place to minimise impact
•Significant inflationary pressures, scope to raise freight rates
•Priority focus on improving margins
•Focus on refining business verticals
•Modal shift accelerated as alternative freight options are made available
•Specialist infrastructure project timings impacted by COVID and could continue
with Omicron
•Despite on-ongoing external uncertainties MOVE expects FY22 performance will
be broadly in line with FY21
1H22 Results Presentation16

DISCUSSION
1H22 Results Presentation17

1H22 Results Presentation18
APPENDICES
Chris Dunphy
Executive Director
Phone: +61 417 888 930
Email: Chris@movelogistics.com
Lee Banks
Chief Financial Officer
Phone: +64 27 525 2876
Email: Lee.Banks@movelogistics.com

Non-GAAP Reconciliation
$Millions1H211H22
Net profit/(loss) before income tax (GAAP measure)3.89(1.21)
Add back:
Share of loss of associates.01.05
Net finance costs5.775.83
Loss in investment in associates-.06
Restructuringcosts-.74
Share acquisition costs.04.01
Depreciation & Amortisation23.1823.20
EBITDA excluding non-trading items (non-GAAP
measure)
32.8928.68
Net profit/(loss) after income tax (GAAP measure)
attributable to owners
2.61(1.37)
Add back:
Other non operating expenses, net of tax:
Loss on investment in associates-.06
Restructuring costs-.53
Share acquisition costs.05.01
Net profit/(loss) after tax excluding non-trading items
(non-GAAP measure) attributable to owners
2.66(.77)
1H22 Results Presentation19
MOVE Logistics Group uses several non-GAAP measures when
discussing financial performance and the Board and
Management believes this provides a better reflection of the
company’s underlying performance.
•EBITDA: Earnings before interest, tax, depreciation,
amortisation and non-trading costs excluding income and
impairment from associates
•EBITDA Margin: EBITDA as a percentage of total income
•EBIT: EBITDA less depreciation and amortisation
•EBIT Margin: EBIT as a percentage of total income
•Free cash flow: EBITDA excluding non-cash items plus
movements in working capital, less net capital expenditure
•Gross profit: revenue less cost of goods sold
•Gross profit margin: gross profit as a percentage of total
income
•Net debt: interest bearing liabilities, excluding convertible
notes less cash and cash equivalents
•Operating cash conversion: cash generated from
operations as a %age of EBITDA less non-cash items
•LTIFR: Lost time injury frequency rate

Disclaimer
1H22 Results Presentation20
This presentation has been prepared by MOVE Logistics Group Limited (“MOV”).The information in this presentation is of a general nature only. It is not a complete
description of MOV.
This presentation is not a recommendation or offer of financial products for subscription, purchase or sale, or an invitationorsolicitation for such offers.
This presentation is not intended as investment, financial or other advice and must not be relied on by any prospective investor.It does not take into account any
particular prospective investor’s objectives, financial situation, circumstances or needs, and does not purport to contain all the information that a prospective
investor may require. Any person who is considering an investment in MOV securities should obtain independent professional advice prior to making an investment
decision, and should make any investment decision having regard to that person’s own objectives, financial situation, circumstances and needs.
Past performance information contained in this presentation should not be relied upon as (and is not) an indication of futureperformance.This presentation may
also contain forward looking statements with respect to the financial condition, results of operations and business, and business strategy of MOV. Information about
the future, by its nature, involves inherent risks and uncertainties. Accordingly, nothing in this presentation is a promise or representation as to the future or a
promise or representation that an transaction or outcome referred to in this presentation will proceed or occur on the basis described in this presentation.
Statements or assumptions in this presentation as to future matters may prove to be incorrect.
A number of financial measures are used in this presentation and should not be considered in isolation from, or as a substitute for, the information provided in the
MOV Listing Profile.
MOV and its related companies and their respective directors, employees and representatives make no representation or warranty of any nature (including as to
accuracy or completeness) in respect of this presentation and will have no liability (including for negligence) for any errors in or omissions from, or for any loss
(whether foreseeable or not) arising in connection with the use of or reliance on, information in this presentation.

---

INTERIM FINANCIAL
STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2021

1
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS &
OTHER COMPREHENSIVE INCOME
SIX MONTHS ENDED 31 DECEMBER 2021
NOTES
UNAUDITED
6 MONTHS TO
DECEMBER 2021
$000
UNAUDITED
6 MONTHS TO
DECEMBER 2020
$000
Revenue 181,396179,186
Gains on disposal of assets 422549
Lease income797689
Other income 635574
Total Income 183,250180,998
Transport costs(74,804)(68,081)
Employee costs(62,918)(64,664)
Rental / lease expenses(1,882)(1,661)
Other operating expenses(14,968)(13,695)
Depreciation of right of use assets(16,057)(15,722)
Other depreciation / amortisation expenses (7,142)(7,454)
Other non operating expenses4(808)(46)
Total Operating Expenses (178,579)(171,323)
Finance costs relating to lease liabilities(4,180)(4,072)
Other finance costs - interest on borrowing(1,653)(1,697)
Interest income on short term deposit11
Operating (deficit) / surplus before income tax(1,161)3,907
Share of (loss) of associates (51)(13)
(Loss) / Profit Before Income Tax (1,212)3,894
Income tax credit / (expense) 188(1,222)
(LOSS) / PROFIT FOR THE PERIOD FROM CONTINUING OPERATIONS (1,024)2,672
(Loss) / profit attributable to:
Owners of the company(1,368)2,611
Non-controlling interests34461
(1,024)2,672
Other comprehensive income:
Comprehensive Income for the Period, Net of Tax --
TOTAL COMPREHENSIVE (LOSS) / INCOME FOR THE PERIOD, NET OF
TAX
(1,024)2,672
Earnings per share for profit attributable to the ordinary equity
holders of the Company
CENTSCENTS
Basic and diluted earnings per share (1.40)2.98
The above consolidated Statement of Profit or Loss & Other Comprehensive Income should be read in conjunction with the accompanying
notes.
Lorraine Witten - Chair
21 February 2022
Grant Devonport - Director
21 February 2022

2
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
CONSOLIDATED INTERIM BALANCE SHEET
AS AT 31 DECEMBER 2021
NOTES
UNAUDITED
31 DECEMBER 2021
$000
AUDITED
30 JUNE 2021
$000
ASSETS
Current Assets
Cash and cash equivalents 18,99213,214
Inventories 8155
Trade and other receivables 61,47949,754
Tax receivable333450
Advances to associates 8-218
Total Current Assets 80,88563,691
Non-Current Assets
Property, plant and equipment 782,89387,785
Right of use assets167,865164,826
Intangible assets 720,08321,173
Investments in associates 8323417
Total Non-Current Assets 271,164274,201
TOTAL ASSETS 352,049337,892
EQUITY
Share capital975,15437,054
Other reserves6848
Accumulated losses(2,241)(873)
Equity attributable to owners of the parent 72,98136,229
Non-controlling interest in equity2,0821,738
TOTAL EQUITY 75,06337,967
LIABILITIES
Current Liabilities
Trade and other payables 41,85531,840
Deferred revenue248504
Borrowings 67,93967,352
Lease liability27,60627,310
Employee entitlements 12,25112,524
Total Current Liabilities 89,899139,530
Non-Current Liabilities
Borrowings 625,5442,811
Lease liability148,620144,218
Convertible note7,4787,395
Derivative financial instrument834834
Deferred income tax liability 2,1402,682
Provisions for other liabilities and charges 2,4712,455
Total Non-Current Liabilities187,087160,395
TOTAL LIABILITIES 276,986299,925
TOTAL EQUITY & LIABILITIES 352,049337,892
The above consolidated Balance Sheet should be read in conjunction with the accompanying notes.

3
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
ATTRIBUTABLE TO OWNERS OF THE
COMPANY
NOTESSHARE CAPITALRETAINED EARNINGS/(ACCUM. LOSSES)OTHER RESERVESTOTAL NON-CONTROLLING INTERESTTOTAL EQUITY
$000$000$000$000$000$000
Balance as at 1 July 2020
37,054(1,742)-35,3121,61436,926
Comprehensive income
Profit for the period
-2,611-2,611612,672
Other comprehensive income
------
Total Comprehensive income
-2,611-2,611612,672
Cumulative translation adjustment
--(7)(7)-(7)
Transactions with owners:
Employee share scheme
--2929-29
Non-controlling interest on acquisition of
subsidiary
----1414
Dividends and dividend reinvestment plan
----(200)(200)
Balance as at 31 December 2020
37,0548692237,9451,48939,434
Balance as at 1 July 2021
37,054(873)4836,2291,73837,967
Comprehensive income
Profit for the year
-(1,368)-(1,368)344(1,024)
Other comprehensive income
------
Total comprehensive income
-(1,368)-(1,368)344(1,024)
Cumulative translation adjustment
--2424-24
Transactions with owners:
Issue of ordinary shares 9
38,100--38,100-38,100
Employee share scheme
--(4)(4)-(4)
Balance as at 31 December 2021
75,154(2,241)6872,9812,08275,063
The above consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.

4
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
NOTES
UNAUDITED
6 MONTHS TO
DECEMBER 2021
$000
UNAUDITED
6 MONTHS TO
DECEMBER 2020
$000
Cash flows from operating activities
Receipts from customers 173,534175,358
Interest received 11
Dividends received 450
Payments to suppliers and employees (149,014)(141,186)
Government subsidy received269261
Notional finance charge on NZ IFRS 16 leases(4,180)(4,072)
Interest paid (1,539)(1,553)
Income tax paid (237)(1,501)
Net cash generated from operating activities 18,83827,358
Cash flows used in investing activities
Purchase of business, net of cash acquired-(276)
Purchase of property, plant and equipment(1,574)(3,993)
Proceeds from sale of property, plant and equipment1,468824
Purchase of intangible assets(169)(241)
Sale of investment in associates 8200-
Net cash used in investing activities (75)(3,686)
Cash flows from financing activities
Repayment of borrowings(36,711)(3,137)
Proceeds from borrowings--
Proceeds from share issue 938,100-
Convertible note--
Repayment of lease liability (NZ IFRS 16)(14,374)(13,941)
Dividends paid to shareholders / non-controlling interests-(200)
Net cash flow used in financing activities(12,985)(17,278)
Net increase in cash and cash equivalents5,7786,394
Cash and cash equivalents at beginning of the period 13,21411,882
Cash and cash equivalents 31 December18,99218,276
The above consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

5
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS

1. GENERAL INFORMATION

1.1. REPORTING ENTITY
The core operations of MOVe Logistics Group Limited (“MOVe Logistics” or the “Company”) and its subsidiaries (collectively
“the Group”) are in the New Zealand logistics sector. These include general transport, bulk liquids, heavy haulage,
shipping, storage and distribution, freight forwarding, national and international household removals and storage.
The Company is incorporated and domiciled in New Zealand, registered under the Companies Act 1993 and is a FMC
Reporting Entity under part 7 of the Financial Markets Conduct Act 2013. The Company is listed on the NZX Main Board.
The registered office of the Company is at 330 Devon Street East, New Plymouth, New Zealand.
These interim financial statements have been reviewed, not audited, and were approved for issue by the MOVE Logistics
Board of Directors on 21 February 202221 February 2022.
1.2. BASIS OF PREPARATION
This consolidated interim financial report for the half-year reporting period ended 31 December 2021 has been prepared
in accordance with accounting standards IAS 34 Interim Financial Reporting and NZ IAS 34 Interim Financial Reporting.
They have also been prepared on a going concern basis in accordance with New Zealand Generally Accepted
Accounting Principles (GAAP).

The interim report does not include all the notes of the type normally included in an annual financial report. Accordingly,
this report is to be read in conjunction with the annual report for the year ended 30 June 2021 and any public
announcements made by MOVE Logistics during the interim reporting period.
The accounting policies adopted are consistent with those of the previous financial year and corresponding interim
reporting period, except for the adoption of new and amended standards as set out below.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting policies used in the preparation of these financial statements, unless disclosed below are consistent with
those used in the previously published audited consolidated financial statements as at and for the year ended 30 June
2021. There were no new standards, interpretations and amendments effective from 1 July 2021 that would have a material
impact on the Group.

6
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
a. Estimated impairment of Goodwill
The Group tests intangible assets for impairment to ensure they are not carried at above their recoverable amounts
• At least annually for goodwill
• Where there is an indication that the assets may be impaired (which is assessed at least each reporting period)
The Group concluded that there are no indicators of impairment for any of the other CGU’s at 31 December 2021 although,
they will continue to monitor the position closely for any evidence that the goodwill has become impaired.
4. RECONCILIATION TO GAAP MEASURE

The Group results are prepared in accordance with New Zealand Generally Accepted Accounting Practice (“GAAP”) and
comply with International Financial Reporting Standards (“IFRS”).
These interim financial statements include non-GAAP financial measures that are not prepared in accordance with IFRS.
The non-GAAP financial measures used in this presentation are as follows:
• Adjusted EBITDA (a non-GAAP measure) represents profit before income taxes (a GAAP measure), excluding interest
income, interest expense, depreciation and amortisation, share of loss of associates, loss on sale of investment in
associates, restructuring costs and share acquisition costs (non operating expenses) as reported in the financial
statements.
• Adjusted EBIT (a non-GAAP measure) represents profit before income taxes (a GAAP measure), excluding interest
income, interest expense, share of loss of associates, loss on sale of investment in associates, restructuring costs
and share acquisition costs (non operating expenses) as reported in the financial statements.
• The Group believes that these non-GAAP measures provide useful information to readers to assist in the
understanding of the financial performance and position of the Group as they are used internally to evaluate
the performance of business units and to establish operational goals. They should not be viewed in isolation, nor
considered as a subsitute for measures reported in accordance with IFRS. Non-GAAP measures as reported by the
Group may not be comparable to similarly titled amounts reported by other companies.
The following is a reconciliation between these non-GAAP measures and net profit after tax:
Reconciliation to GAAP measure 6 months to
December 2021
$000
6 months to
December 2020
$000
Profit Before Income Tax (GAAP measure)(1,212)3,894
Add back:
Share of loss of associates 5113
Finance costs (net)5,8325,768
Other non operating expenses
- Loss on investment in associates61-
- Restructuring costs737-
- Share acquisition costs1046
Depreciation & amortisation 23,19923,176
Adjusted EBITDA (non-GAAP measure) 28,67832,897

7
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
4. RECONCILIATION TO GAAP MEASURE
Reconciliation to GAAP measure 6 months to
December 2021
$000
6 months to
December 2020
$000
Profit Before Income Tax (GAAP Measure)(1,212)3,894
Add back:
Share of loss of associates 5113
Finance costs (net)5,8325,768
Other non operating expenses
- Loss on investment in associates61-
- Restructuring costs737-
- Share acquisition costs1046
Adjusted EBIT (non-GAAP measure) 5,4799,721
5. SEGMENT INFORMATION
Operating segments are reported in a manner consistent with the internal reporting to the Chief Operating Decision
Maker (CODM). The CODM is responsible for allocating resources and assessing performance of the operating segments.
During the reportable period there was a change in the Chief Operating Decision Maker (CODM) assessed now as the
Executive Director. Following this, there has been a change to the operating structure of the Group and as such the
reportable operating segments have been revised to align with the new structure.
The Group has made the decision that the fourteen operating segments that form part of the reporting to the Executive
Director can be aggregated into five reporting segments. Reportable segments have been determined by having regard
to the nature of the services, the processes the various business units undertake to service customers, the allocation of
capital, the type of customers serviced, and the nature of the distribution channels.
In addition to GAAP measures, the Executive Director also uses non-GAAP measures (EBITDA and EBIT) to assess the
commercial performance of the segments. The revised reportable operating segments have been determined as:
INTERNATIONAL
This segment includes international freight forwarding and shipping agency services across a broad range of industries.
SPECIALIST
This segment provides transport and lifting solutions for oversized and large items. They also carry out specialist moving
jobs.
FREIGHT
This segment provides nationwide general freight transport services with regional strength. It is able to transport a wide
range of freight types.
CONTRACT LOGISTICS
This segment specialises in contracted solutions providing services for customers including warehouse and supply chain
capability and delivery of bulk liquids.
CORPORATE
This segment includes our corporate services function.
Comparative information has been re-presented from that presented in both 31 December 2020 interim report. This is to
provide comparative information aligned with the newly determined reporting segments.

8
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
5. SEGMENT INFORMATION (CONTINUED)
The segment information for the period ended 31 December 2021 is as follows:
InternationalSpecialistFreightContract
Logistics
CorporateTotal
$000$000$000$000$000$000
6 months to 31 December 2020-restated
Total segment revenue 4,04314,21990,01279,373-187,647
Inter-segment revenue (5)(62)(6,040)(2,354)-(8,461)
Revenue from external customers 4,03814,15783,97277,019-179,186
EBITDA9504,0069,31620,404(1,777)32,897
Depreciation - tangible assets741,0203,0232,0741426,333
Depreciation - ROU assets1144565,06810,0186615,722
Depreciation - intangible assets11979191751,121
EBIT7602,5111,2187,394(2,158)9,721
Assets11,92931,680140,513159,06618,523361,711
Liabilities7,5419,577105,464117,50082,195322,277
Capital expenditure including intangibles1389226541,4594333,606
6 months to 31 December 2021
Total segment revenue 5,2176,20698,52481,985-191,932
Inter-segment revenue (4)(72)(8,020)(2,440)-(10,536)
Revenue from external customers 5,2136,13490,50479,545-181,396
EBITDA1,48260310,25817,935(1,600)28,678
Depreciation - tangible assets671,0102,7161,9371535,883
Depreciation - ROU assets1175145,28910,0578016,057
Depreciation - intangible assets-3739262931,259
EBIT1,298(957)2,2505,015(2,127)5,479
Assets18,22625,834134,462156,90016,627352,049
Liabilities13,3166,37298,814117,96940,515276,986
Capital expenditure including intangibles162249468571872,176
Interest income and expense are not allocated to segments, as this type of activity is driven by the central treasury
function, which manages the cash position of the Group.
Sales between segments are eliminated on consolidation. The amounts provided to the CODM with respect to segment
revenue are measured in a manner consistent with that of the financial statements.
The Group has a diverse range of customers from various industries, with only one customer contributing more than
10% of the Group’s revenue. These revenues are attributed to the Contract Logistics segment.

9
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
6. BORROWINGS

As at the reporting period the Group’s borrowings consisted of the below:
31 December
2021
$000
30 June
2021
$000
Non-Current
Secured loan ANZ 21,834-
Secured loan UDC3,710-
Secured loan Mainland Capital / De Lage Landen-5
Secured loan Toyota Finance-2,806
25,5442,811
Current
Secured loan ASB -66,488
Secured loan ANZ3,723-
Secured loan UDC4,189-
Secured loan Mainland Capital / De Lage Landen2759
Secured loan Toyota Finance-805
7,93967,352
Total secured borrowings33,48370,163
On 26 July 2021, as a result of the 30 June 2022 expiry of its current facility with the ASB the Group renegotiated new
facilities with ANZ Bank Limited (ANZ) and UDC Finance Limited (UDC). These facilities included:
• ANZ - $27.5m 3 year term loan facility
• ANZ - $5m overdraft facility
• ANZ - $10.8m bank guarantees
• UDC - $37.5m 5 year asset based loan
In November 2021 following the capital raise (refer note 9) the Group reduced its debt facilities by $20m, comprising full
repayment of the Toyota Finance loan totaling $3.4m and repayment of $16.6m against the UDC Loan. In December 2021
the Group voluntarily repaid an additional $10m of debt against its UDC facility which remains undrawn at 31 December
2021.
On 26 September 2021 the Group agreed an amendment with ANZ and UDC to reset its financial covenants due to the
impact of the August 2021 COVID-19 lockdown. This amendment indicates the continued support of the Group’s banking
partners, ANZ and UDC.
The covenants including those reset are as follows:
• Leverage Ratio of <3.00x
• Interest Cover Ratio of >1.00x for periods to 31 March 2022; increasing to >1.50x for 30 June 2022 and >2.50x thereafter
• Net capital expenditure not exceeding 110% of forecast capital expenditure
• Operating lease commitments in relation to fleet and equipment are capped at $50m
• Guarantor coverage Assets / EBITDA of >85%
The Group has fully complied with the reset facility covenants and undertakings to 31 December 2021.
Based on forward looking forecasts and the financial covenants agreed with the ANZ and UDC the Group is expected to
comply with the financial covenants for at least 12 months from the date of signing the financial statements. Accordingly,
the consolidated financial statements are prepared on a going concern basis.

10
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
7. PROPERTY, PLANT & EQUIPMENT AND INTANGIBLE ASSETS

During the six months to 31 December 2021 the Group acquired property, plant and equipment with a cost of $2,036,720
(31 December 2020: $2,993,655) and intangible assets (excluding goodwill) of $138,651 (31 December 2020: $613,494).
The additions to property, plant and equipment largely relate to the purchase of fleet and leasehold improvements for
warehouse facilities. These purchases were in accordance with the Group’s asset replacement and growth requirements.
8. INTERESTS IN ASSOCIATES

On 1 December 2021 the Group sold its 50% interest in UNITE Logisitcs Limited and settled its advance to the associate for
$200,000.
9. SHARE CAPITAL


31 December 202130 June 2021
Shares$000Shares$000
Issued & paid-up capital - ordinary shares
Balance at the beginning of the period87,684,88237,05487,684,88237,054
Shares issued - AREO28,654,37038,100--
Balance at the end of the period116,339,25275,15487,684,88237,054

On 26 October 2021 the Board approved a capital raise of approximately $40m via a fully underwritten 1 for 3.06
Accelerated Renounceable Entitlement Offer (AREO). The issue was fully subscribed and shares totalling 28,654,370
were issued on 5 November 2022 and 18 November 2022. Funds raised from the shares issued were used to repay debt,
improve balance sheet flexibility and fund its capital growth. The balance of share capital at 31 December 2021 is net of
directly attritbutable costs of $2 million.
10. EVENTS AFTER THE REPORTING DATE

On 23 January 2022 the New Zealand Government placed the country into red traffic light settings as a result of the
Omicron Variant of COVID 19. The Group’s operations continue to trade as normal however the full financial and
operational impact is unknown at this stage. Based on prior instances, the fact the government have advised no further
lockdowns and information available at present Management have deemed no material impact on the reported results.

PricewaterhouseCoopers, PwC Centre, 60 Cashel Street, PO Box 13-244, Christchurch 8141 New Zealand
T: +64 3 374 3000, www.pwc.co.nz
Independent auditor’s review report
To the shareholders of MOVe Logistics Group Limited

Report on the interim financial statements
Our conclusion
We have reviewed the interim financial statements of MOVe Logistics Group Limited (the Company)
and its subsidiaries (the Group), which comprise the consolidated interim balance sheet as at
31 December 2021, and the consolidated interim statement of profit or loss & other comprehensive
income, the consolidated interim statement of changes in equity and the consolidated interim
statement of cash flows for the period ended on that date, and 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 December 2021, and its financial performance and cash
flows for the period then ended, in accordance with International Accounting Standard 34 Interim
Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting Standard 34
Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements
2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity
(NZ SRE 2410 (Revised)). Our responsibility is further described in the Auditor’s responsibility 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. Other than in our capacity as auditor we
have no relationship with, or interests in, the Group.
Directors’ responsibility for the financial statements
The Directors of the Company are responsible on behalf of the Company for the preparation and fair
presentation of these interim financial statements in accordance with IAS 34 and NZ IAS 34 and for
such internal control as the Directors determine is necessary to enable the preparation and fair
presentation of interim financial statements that are free from material misstatement, whether due to
fraud or error.
Auditor’s responsibility for the review of the 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 IAS 34 and NZ IAS 34. A review of interim financial statements
in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We perform
procedures, primarily 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 and International Standards on
Auditing (New Zealand) and consequently does not enable us to obtain assurance that we might
identify in an audit. Accordingly, we do not express an audit opinion on these interim financial
statements

11
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT

PricewaterhouseCoopers, PwC Centre, 60 Cashel Street, PO Box 13-244, Christchurch 8141 New Zealand
T: +64 3 374 3000, www.pwc.co.nz
Independent auditor’s review report
To the shareholders of MOVe Logistics Group Limited

Report on the interim financial statements
Our conclusion
We have reviewed the interim financial statements of MOVe Logistics Group Limited (the Company)
and its subsidiaries (the Group), which comprise the consolidated interim balance sheet as at
31 December 2021, and the consolidated interim statement of profit or loss & other comprehensive
income, the consolidated interim statement of changes in equity and the consolidated interim
statement of cash flows for the period ended on that date, and 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 December 2021, and its financial performance and cash
flows for the period then ended, in accordance with International Accounting Standard 34 Interim
Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting Standard 34
Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements
2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity
(NZ SRE 2410 (Revised)). Our responsibility is further described in the Auditor’s responsibility 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. Other than in our capacity as auditor we
have no relationship with, or interests in, the Group.
Directors’ responsibility for the financial statements
The Directors of the Company are responsible on behalf of the Company for the preparation and fair
presentation of these interim financial statements in accordance with IAS 34 and NZ IAS 34 and for
such internal control as the Directors determine is necessary to enable the preparation and fair
presentation of interim financial statements that are free from material misstatement, whether due to
fraud or error.
Auditor’s responsibility for the review of the 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 IAS 34 and NZ IAS 34. A review of interim financial statements
in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We perform
procedures, primarily 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 and International Standards on
Auditing (New Zealand) and consequently does not enable us to obtain assurance that we might
identify in an audit. Accordingly, we do not express an audit opinion on these interim financial
statements

12
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT

PwC
Who we report to
This report is made solely to the Company’s Shareholders, as a body. Our review work has been
undertaken so that we might state to the Company’s Shareholders those matters which we are
required to state to them in our 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 procedures, for this report, or for the conclusion we have formed.

The engagement partner on the review resulting in this independent auditor’s review report is Maxwell
(John) Dixon.

For and on behalf of:





Chartered Accountants Christchurch
21 February 2022

PwC
Who we report to
This report is made solely to the Company’s Shareholders, as a body. Our review work has been
undertaken so that we might state to the Company’s Shareholders those matters which we are
required to state to them in our 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 procedures, for this report, or for the conclusion we have formed.

The engagement partner on the review resulting in this independent auditor’s review report is Maxwell
(John) Dixon.

For and on behalf of:





Chartered Accountants Christchurch
21 February 2022

DIRECTORS
Lorraine Witten (Chair)
Appointed 6 December 2017
Appointed Chair 30 September 2021
Danny Chan
Appointed 6 December 2017
Peter Dryden
Appointed 23 October 2019
Chris Dunphy
Appointed 1 July 2021
Mark Newman
Appointed 27 July 2021
Grant Devonport
Appointed 23 November 2021
RISK ASSURANCE & AUDIT COMMITTEE
Grant Devonport (Chair)
Danny Chan
Mark Newman
GOVERNANCE AND REMUNERATION COMMITTEE
Peter Dryden (Chair)
Danny Chan
Mark Newman
REGISTERED OFFICE AND ADDRESS FOR SERVICE
330 Devon Street East
New Plymouth
AUDITORS
PricewaterhouseCoopers
PwC Centre
Level 4, 60 Cashel Street
Christchurch
BANKERS
ANZ Bank New Zealand Limited
23-29 Albert Street
Auckland
UDC Finance Limited
Victoria Street West
Auckland
SOLICITORS
Harmos Horton Lusk Limited
Vero Centre
48 Shortland Street, Auckland
SHARE REGISTRAR
Link Market Services Limited
Deloitte Centre
80 Queen St, Auckland
DIRECTORY

---

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


Results for announcement to the market
Name of issuer MOVE Logistics Group Limited
Reporting Period 6 months to 31 December 2021
Previous Reporting Period 6 months to 31 December 2020
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$181,396 1.23%
Total Revenue $181,396 1.23%
Net profit/(loss) from
continuing operations
($1,368) N/A
Total net profit/(loss) ($1,368) N/A
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.00
Imputed amount per Quoted
Equity Security
$0.00
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.45 $0.16
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer unaudited interim financial statements.
Authority for this announcement
Name of person

authorised
to make this announcement
Lee Banks, CFO
Contact person for this
announcement
Lee Banks
Contact phone number 06 755 9405
Contact email address lee.banks@movelogistics.com
Date of release through MAP

22 February 2022

Unaudited financial statements accompany this announcement.