POT Improves Performance as Covid Disruption Continues

25 February 2022
Port of Tauranga Improves Performance as Covid
Disruption Continues
Port of Tauranga Limited (NZX:POT) today reported an increase in profits for the first six months of the
2022 financial year as it deals with ongoing cargo volume volatility.
Group Net Profit After Tax for the six months to December 2021 was $56.3 million, a 15.6%
1
increase
on the same period the previous year, as cargo volumes remained steady at 13.0 million tonnes.
Container numbers increased 1.5% in volume to 622,271 TEUs
2
.
Highlights and Challenges
For the six months to 31 December 2021:
∂ Group Net Profit After Tax increased 15.6% to $56.3 million
∂ Total trade remained steady, decreasing by just under 0.3%
∂ Imports increased 2.7% to 5.0 million tonnes
∂ Exports decreased 2.0% to 8.0 million tonnes
∂ Container volumes increased 1.5% to 622,271 TEUs
∂ Transhipped containers decreased 21.4% to 143,339 TEUs
∂ Subsidiary and Associate Company earnings decreased 11.2%
∂ Log exports decreased 6.1% to nearly 3.1 million tonnes
∂ Direct dairy exports increased 2.3%
∂ Direct kiwifruit exports increased 16.0%
∂ Interim dividend of 6.5 cents per share, an 8.3% increase on the same period last year.
Port of Tauranga Chair, David Pilkington, said the mid-year financial results reflected the resilience
offered by the Port’s diverse portfolio of cargoes and varied income streams, as well as changes to
container mix.
“We are still experiencing disruption across the supply chain and this will be exacerbated by the
Omicron outbreak,” said Mr. Pilkington.
“With the support of our service providers and business partners, we have managed to keep congestion
to a minimum and keep cargo moving through this challenging period.”
“Unreliable shipping schedules, constrained capacity in the system and labour shortages continue to
be commonplace.”
1
Port of Tauranga’s profit for the six months to December 2020 has been restated
2
TEUs = twenty foot equivalent units, a standard measure of shipping containers

Mr. Pilkington said the current supply chain challenges made it even more important to build future
resilience for New Zealand. Port of Tauranga has applied for resource consent to increase capacity by
extending its container berths to the south of the existing wharves.
Detailed planning and consultation for the project began in 2019. It was disappointing that the project
was declined for the Government’s shovel-ready and fast-track resource consent programmes in 2020
and 2021 respectively, despite no funding being sought from Government. Subsequently, we have
sought direct referral to the Environment Court. The case is now waiting for a court date.
Mr. Pilkington said the glacial pace of the regulatory process was extremely frustrating.
“The Resource Management Act processes fail to recognise the critical nature of this infrastructure
project and the Government’s unwillingness to expedite the resource consent is very disappointing,” he
said.
Port of Tauranga Chief Executive, Leonard Sampson, said the Company continued to grapple with the
global supply chain disruption caused by Covid-19, while preparing for possible operational disruption
should the Omicron outbreak spread in the Bay of Plenty.
He said shippers were playing their part in helping the Port avoid the extensive delays experienced in
late 2020.
“Importers and exporters have been very cooperative in helping us improve terminal productivity by
ensuring the terminal is not congested by cargo in storage for excessive periods,” said Mr. Sampson.
“Congestion during the traditionally busy month of December was considerably less than in 2020, in
part as KiwiRail were able to reinstate the number of MetroPort trains to 92 per week from 72 the
previous year.”
Financial Results
Operating revenue increased 16.7% to $186.0 million due to changes in container mix and higher per
container revenue. Operating expenses increased 17.5% due to increased rail, labour, fuel and
electricity costs.
Subsidiary and Associate Company earnings decreased 11.2% overall on the previous corresponding
period, partly due to changes in the Group’s accounting for the Timaru Container Terminal. Coda
Group’s performance improved significantly from the previous year and Quality Marshalling also
produced strong financial results.
The Port of Tauranga Board has declared a fully imputed interim dividend of 6.5 cents per share, an
8.3% increase on the previous corresponding period.

Cargo Trends
Log exports decreased 6.1% to nearly 3.1 million tonnes for the six month period as a result of softening
international pricing and strong demand domestically.
Direct dairy product exports increased 2.3% to just over 1.0 million tonnes.
Dry conditions and high commodity prices were reflected in increases in fertiliser import volumes of
11.9%. Grain and feed imports increased 22.1% in volume.
Direct kiwifruit exports increased 16.0% compared with the same six months the previous year.
Oil product imports decreased 10.4% in volume.
Import demand remains elevated with the number of containers transferred by rail, to and from
Auckland, increasing nearly 21.0%.
Ship visits increased 3.5% to 684 vessels. However, transhipment rates continue to be suppressed
due to limited shipping options, changes to vessel rotations, delays and congestion.
Outlook
The outlook for the second half of the year is uncertain, as supply chain remains vulnerable and the full
effects of the Omicron outbreak are unknown.
“We believe we have done everything we can to prepare for the inevitable disruption of a large Covid
outbreak. However, the upheaval of widespread illness and employee isolation requirements is being
felt worldwide, not just in New Zealand,” said Mr. Sampson.
Based on the first half performance, full year earnings are expected to be in the range of $103 million
to $110 million (compared with $102.4 million in the 2021 financial year).
For further details, contact:
Leonard Sampson
Chief Executive
(07) 572 8824
Rochelle Lockley
Communications Manager
021 865 884

---

25 February 2022
NZX
Wellington
PORT OF TAURANGA LIMITED INTERIM RESULTS: 31 DECEMBER 2021
In accordance with the NZ Stock Exchange Listing Rules, please find attached the following
documentation for release to the market:
1Press Release
2Market Update (includes Interim Consolidated Financial Statements for six months
ended 31 December 2021)
3Investor Presentation
4NZX Results Announcement
5NZX Distribution Notice
Yours sincerely
Simon Kebbell
CHIEF FINANCIAL OFFICER

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019
Results for announcement to the market
Name of issuerPort of Tauranga Limited
Reporting Period6 months to 31 December 2021
Previous Reporting Period6 months to 31 December 2020
CurrencyNZD
Amount (000s)Percentage change
Revenue from continuing
operations
$186,03016.7%
Total Revenue$186,03016.7%
Net profit/(loss) from
continuing operations
$56,34115.6%
Total net profit/(loss)$56,34115.6%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.06500000
Imputed amount per Quoted
Equity Security
$0.02527778
Record Date11/03/2022
Dividend Payment Date25/03/2022
Current periodPrior comparable period
Net tangible assets per
Quoted Equity Security
$2.06$1.76
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
-
Authority for this announcement
Name of personauthorised
to make this announcement
Simon Kebbell, Chief Financial Officer
Contact person for this
announcement
Simon Kebbell, Chief Financial Officer
Contact phone number027 482 7510
Contact email addresssimonk@port-tauranga.co.nz
Date of release through MAP25/02/2022
Audited financial statements accompany this announcement.

---

Distribution Notice
Updated as at 18 December 2019
Please note: all cash amounts in this form should be provided to 8 decimal places
Section 1: Issuer information
Name of issuerPort of Tauranga Limited
Financial product name/descriptionOrdinary shares
NZX ticker codePOT
ISIN (If unknown, check on NZX
website)
NZPOTE0003S0
Type of distribution
(Please mark with an X in the
relevant box/es)
Full YearQuarterly
Half YearXSpecial
DRP applies
Record date11/03/2022
Ex-Date (one business day before the
Record Date)
10/03/2022
Payment date (and allotment date for
DRP)
25/03/2022
Total monies associated with the
distribution
1
$44,220,446.01
Source of distribution (for example,
retained earnings)
Operating free cash flow
CurrencyNZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.09027778
Gross taxable amount
3
$0.09027778
Total cash distribution
4
$0.06500000
Excluded amount (applicable to listed
PIEs)
Not applicable
Supplementary distribution amount$0.01147059
Section 3: Imputation credits and Resident Withholding Tax
5
Is the distribution imputedFully imputed
Partial imputation
No imputation
1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This shouldinclude any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6
100%
Imputation tax credits per financial
product
$0.02527778
Resident Withholding Tax per
financial product
$0.00451389
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
%
Start date and end date for
determining market price for DRP
[dd/mm/yyyy][dd/mm/yyyy]
Date strike price to be announced (if
not available at this time)
[dd/mm/yyyy]
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
DRP strike price per financial product
$
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
[dd/mm/yyyy]
Section 5: Authority for this announcement
Name of personauthorised to make
this announcement
Simon Kebbell, Chief Financial Officer
Contact person for this
announcement
Simon Kebbell, Chief Financial Officer
Contact phone number027 482 7510
Contact email addresssimonk@port-tauranga.co.nz
Date of release through MAP25/02/2022
6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

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Port of Tauranga Limited
Market Update and Interim Consolidated
Financial Statements February 2022
Taking care of tomorrow

Port of Tauranga is New Zealand’s
largest and most efficient port.
It is the international freight gateway
for the country’s imports and exports.
It is the only New Zealand port able to
accommodate larger container vessels,
unlocking economic and environmental
benefits for shippers.
As the Covid-19 pandemic enters yet
another new phase, Port of Tauranga
continues to work with its partners to
keep essential cargoes moving and bring
widespread benefits to its customers,
shareholders and the community.
Port of Tauranga remains New Zealand’s
Port for the Future.
Connecting
New Zealand
and the world.
Table of Contents
Our Highlights and Challenges 2
Chair and Chief Executive’s Review 3
News 6
Interim Consolidated Financial Statements 9
Consolidated Income Statement 10
Consolidated Statement of Comprehensive Income 10
Consolidated Statement of Changes in Equity 11
Consolidated Statement of Financial Position 12
Consolidated Statement of Cash Flows 13
Notes to the Interim Consolidated Financial Statements 14
Independent Review Report 19
Company Directory 20
1
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2022

Our highlights and challenges
For the six months ended 31 December 2021
1
Port of Tauranga’s profit for the six months to December 2020 has been restated.
2
TEUs = twenty foot equivalent units, a standard measure of shipping containers.

Group Net Profit After Tax
$56.3
million
1
(an increase of 15.6% from the
previous corresponding period)

Total trade steady at
13.0
million tonnes (a decrease of nearly 0.3%
from the previous corresponding period)
Imports
5.0
million tonnes (an increase of 2.7% from
the previous corresponding period)
Exports
8.0
million tonnes (a decrease of 2.0% from
the previous corresponding period)
Container volumes
622,271
TEUs
2
(an increase of 1.5% from the
previous corresponding period)
Transhipped containers
21.4%
(a decrease to 143,339 TEUs from
the previous corresponding period)
Subsidiary and Associate
Company earnings
11.2%
(a decrease from the previous
corresponding period)
Log exports
3.1
million tonnes (a decrease of 6.1% from
the previous corresponding period)
Direct dairy exports
2.3%
(an increase from the previous
corresponding period)
Direct kiwifruit exports
16.0%
(an increase from the previous
corresponding period)
Interim dividend of
6.5
cents per share (an 8.3% increase
on the same period last year)
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2022
2

Chair and Chief Executive’s Review
We’re pleased to report that Port of Tauranga has had
a successful start to the year, despite the ongoing disruption
and uncertainty caused by Covid-19.
All members of the Port team, including
our service providers and business
partners, continue to support our
customers through the many challenges
being experienced in all parts of the
international supply chain. We have
accommodated diverted vessels and
containers whenever possible, and
prioritised urgent cargoes such as
medical supplies.
Total trade remained steady at 13.0
million tonnes for the six months to
December 2021. Container volumes
increased 1.5% to 622,271 TEUs.
Group Net Profit After Tax increased
15.6% to $56.3 million for the period.
Financial results
Operating revenue increased 16.7%
to $186.0 million due to changes in
container mix and higher per container
revenue. Operating expenses increased
17.5% due to increased rail, labour, fuel
and electricity costs.
Subsidiary and Associate Company
earnings decreased 11.2% overall on
the previous corresponding period,
partly due to changes in the Group’s
accounting for the Timaru Container
Terminal. Coda Group’s performance
improved significantly from the previous
year and Quality Marshalling also
produced strong financial results.
The Port of Tauranga Board has
declared a fully imputed interim dividend
of 6.5 cents per share, an 8.3% increase
on the previous corresponding period.
Cargo trends
Log exports decreased 6.1% to nearly
3.1 million tonnes for the six month period
as a result of softening international
pricing and strong demand domestically.
Direct dairy product exports increased
2.3% to just over 1.0 million tonnes. Dry
conditions and high commodity prices
were reflected in increases in fertiliser
import volumes of 11.9%. Grain and feed
imports increased 22.1% in volume.
Leonard Sampson
CHIEF EXECUTIVE
Port of Tauranga has produced
a strong first half trading
result amidst the chaos of the
Covid-19 pandemic.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2022
3

Direct kiwifruit exports increased 16.0%
compared with the same six months the
previous year.
Oil product imports decreased 10.4%
in volume.
Import demand remains elevated with
the number of containers transferred
by rail, to and from Auckland, increasing
nearly 21.0%.
Ship visits increased 3.5% to 684
vessels. However, transhipment volumes
continue to be suppressed due to
limited shipping options, changes to
vessel rotations, delays and congestion.
Berth extension project
We are still waiting for a resource
consent hearing date in the Environment
Court for our planned berth extension
at the Tauranga Container Terminal.
The berth extension has been included
in the Regional Coastal Environment
Plan since 2003 and detailed planning
began in 2019. We were unsuccessful
in our bids to have the project included
in the Government’s shovel-ready and
Covid fast-track consenting programmes
in 2020 and 2021 respectively. We
successfully applied for direct referral
to the Environment Court and are now
waiting for a court date.
The $68.5 million project is becoming
increasingly urgent, especially given the
two-year construction timeframe.
We believe this development is critical for
New Zealand’s supply chain. The current
bottlenecks and the ongoing trend
towards larger container vessels mean
that the container terminal is likely to
reach capacity in the next few years.
The glacial pace of the regulatory
process and the Government’s
unwillingness to intervene are extremely
frustrating.
Read more about this project on page 6.
Inland port to increase capacity
Our biggest opportunity to increase
capacity and relieve congestion in the
short term is our inland port under
construction at Ruakura near central
Hamilton.
This joint venture with Tainui Group
Holdings, the commercial entity for
Waikato-Tainui iwi, is part of the Ruakura
Superhub industrial complex and is
scheduled for completion later this year.
The inland port will help us manage
cargo flow and reduce storage times at
the Tauranga Container Terminal. Read
more about this project on page 7.
Container terminal congestion
We have managed to avoid severe
backlogs of cargo waiting for transfer to
and from Auckland, in part as KiwiRail
was able to reinstate the number of
MetroPort trains to 92 per week from 72
the previous year. Congestion during the
traditionally busy month of December
was considerably less than in 2020.
Berthing windows are unlikely to be
reinstated, however, while Ports of
Auckland remains constrained in
its capacity, the global supply chain
continues to be disrupted by the
pandemic, and labour shortages persist.
Although congestion has had a profound
effect on container terminal productivity,
the average crane rate (containers
moved per hour per crane) at Tauranga
We believe the berth
development is critical for
New Zealand’s supply chain.
David Pilkington
CHAIR
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2022
4

continues to be the best in New Zealand
and higher than the average of the top
five ports in Australia (27.0 moves per
hour in the September quarter of 2021
compared with 32.1 at Tauranga).
New pilot launch
The building of a new pilot launch by
Hart Marine in Australia is under way
and is expected to take around eight
months. The launch will be named
Troy Evans after one of our pilots and
tugmasters who sadly passed away
in late December after a battle with
Parkinson’s.
Troy was a highly respected marine
professional who won worldwide
recognition for his piloting safety
initiatives.
Covid-19 response
The safety of port workers, their loved
ones and the community continues to
be the number one priority.
Under the Red setting of the Covid-19
Protection Framework, Port of Tauranga
operational teams work in small bubbles
and those employees that can work
from home are encouraged to do so.
All roles covered by the Government’s
border vaccination mandate are filled by
those who are fully vaccinated, boosted
and regularly tested. The Company has
also introduced a vaccine mandate for
all employees on site.
Outlook
The outlook for the second half of the
2022 financial year remains uncertain
as we wait to see the impact of the
Omicron variant outbreak on
a vulnerable supply chain.
We believe we have done everything
we can to prepare for the inevitable
disruption of a large outbreak. However,
the upheaval of widespread illness and
employee isolation requirements is being
felt worldwide, not just in New Zealand.
Based on the first half performance,
we believe full year earnings will be
between $103 million and $110 million
(compared with $102.4 million in the
2021 financial year).
David Pilkington
CHAIR
Leonard Sampson
CHIEF EXECUTIVE
The outlook for the second half
of the 2022 financial year remains
uncertain as we wait to see the impact
of the Omicron variant outbreak
on a vulnerable supply chain.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2022
5

In 2018, global container terminal experts TBA analysed the
terminal’s capacity and identified that the current footprint could
handle around 1.5 million TEUs. If recent growth rates continue,
that volume will be reached in about three years.
The berth extension would allow
capacity to grow to around 3.0 million
TEUs annually.
While the resource consent application
is for a total of 380 metres of additional
berth on both sides of the harbour
(refer to the areas marked in blue on the
image, left), the first and crucial stage
is a 220 metre extension to the 770
metres of existing container wharves
at Sulphur Point. The new wharf will
be created by converting existing
container storage space.
The $68.5 million project is expected
to create 368 jobs during construction,
and around 81 permanent jobs on
completion. No Government funding is
required for the project.
The extension will be complemented by
future investment in electric stacking
cranes to increase the number of
containers that can be handled on site.
These cranes will allow containers to be
stacked up to six high, compared with
the current three.
In the meantime, parts of the terminal
are being reconfigured to utilise every
available space.
Port of Tauranga handles around 42%
of all the containers coming in and out
of New Zealand. An efficient container
terminal at Tauranga is vital for the
export-driven New Zealand economy
to thrive and for exporters to remain
internationally competitive.
Berth extension
to deliver much-
needed capacity.
Port of Tauranga’s long-planned container berth
extension will bring much-needed relief to the
congested New Zealand supply chain.
News
LEFT: Map showing future plans for the port. The proposed container wharf extension is depicted in blue
on the left.
6
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2022
6

The inland port is a joint venture between Port of Tauranga and
Tainui Group Holdings, and is designed to connect Waikato and
Auckland-based importers and exporters with New Zealand’s
largest port.
The nine-hectare first stage of the
inland port will open later this year, and
future stages will see it grow to around
30 hectares. It will have two 800 metre
rail sidings connected to the East Coast
main trunk line.
The project has economic, social
and environmental benefits. It will
allow Port of Tauranga to grow cargo
capacity by being used as a cargo
consolidation and staging area.
Ruakura Inland Port
under construction.
The new Ruakura Inland Port near central
Hamilton is under construction following the
successful completion of preliminary earthworks.
News
LEFT: The Ruakura Superhub under development near Hamilton (the inland port is visible in the top right
corner of the photo).
ABOVE: The Ruakura Inland Port site.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2022
7

Port of Tauranga Chief Executive, Leonard Sampson, says the
iconic event holds a special place in the heart of the community.
“We’re very pleased to lend our support
to ensure the 2022 festival continues to
entertain and uplift thousands of locals
and visitors while bringing economic
benefit to our region.”
The festival is organised by the
Tauranga Jazz Society. It is traditionally
held over Easter weekend, but has been
postponed to Matariki weekend in
June this year.
Festival organiser Marc Anderson is
grateful for the Port’s support. “Port
of Tauranga does so much for our
community, and we thank them and look
forward to them being on board.”
Details of the event can be found at:
https://jazz.org.nz/
Port on board
for Jazz Festival.
Port of Tauranga is the naming rights sponsor
for the 59th year of the National Jazz Festival,
the longest-running event of its kind in the
Southern Hemisphere.
News
LEFT (from left to right): Tauranga Jazz Society’s Wayne Melville, Port of Tauranga Chief Executive
Leonard Sampson, and Tauranga Jazz Society Chairman Jeff Baker.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2022
8

Interim Consolidated
Financial Statements
Contents
Consolidated Income Statement 10
Consolidated Statement of Comprehensive Income 10
Consolidated Statement of Changes in Equity 11
Consolidated Statement of Financial Position 12
Consolidated Statement of Cash Flows 13
Notes to the Interim Consolidated Financial Statements 14
Independent Review Report 19
Company Directory 20
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2022
9

PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Consolidated Income Statement
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
(Unaudited)
Six Months Ended
31 December 2021
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2020
Restated*
Group
NZ$000
(Audited)
Year Ended
30 June 2021
Group
NZ$000
Total operating revenue (refer note 6)186,030159,456338,281
Contracted services for port operations(41,628)(32,498)(69,143)
Employee benefit expenses(23,121)(21,676)(43,520)
Direct fuel and power expenses(6,150)(5,384)(11,545)
Maintenance of property, plant and equipment(6,521)( 7, 241)(15,633)
Other expenses(11,207)(8,609)(21,306)
Operating expenses(88,627)(75,408)(161,147)
Results from operating activities97, 4 0 384,04817 7,1 3 4
Depreciation and amortisation(19,039)(16,512)(33,998)
Impairment of property, plant and equipment00(12)
Impairment of property, plant and equipment on revaluation00(2,326)
(19,039)(16,512)(36,336)
Operating profit before finance costs, share of profit from
Equity Accounted Investees and taxation
78,36467, 5 3 6140,798
Finance income3764164
Finance expenses (refer note 7)(8,164)(8,527)(16,736)
Net finance costs(8,127)(8,463)(16,572)
Share of profit from Equity Accounted Investees 5,9546,33013,524
Loss on disposal of Equity Accounted Investees00( 741)
5,9546,33012 ,783
Profit before income tax76,19165,403137,009
Income tax expense(19,850)(16,657)(34,634)
Profit for the period 56,3414 8 ,74 6102,375
Basic earnings per share (cents)8.47.315.2
Diluted earnings per share (cents)8.37. 215.0
*Refer note 2.
These statements are to be read in conjunction with the notes on pages 14 to 18.
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Consolidated Statement of Comprehensive Income
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
(Unaudited)
Six Months Ended
31 December 2021
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2020
Restated*
Group
NZ$000
(Audited)
Year Ended
30 June 2021
Group
NZ$000
Profit for the period56,3414 8 ,74 6102,375
Other comprehensive income
Items that are or may be reclassified to profit or loss:
Cash flow hedge – changes in fair value8,0051,4246,618
Cash flow hedge – reclassified to profit or loss1,8261,5513,903
Share of net change in cash flow hedge reserves
of Equity Accounted Investees
432195496
Items that will never be reclassified to profit or loss:
Asset revaluation, net of tax00157,842
Share of net change in revaluation reserves
of Equity Accounted Investees
22(266)12,090
Total other comprehensive income10,2852,904180,949
Total comprehensive income66,62651,650283,324
*Refer note 2.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2022
10

PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Consolidated Statement of Changes in Equity
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
Share
Capital
Group
NZ$000
Share Based
Payment Reserve
Group
NZ$000
Hedging
Reserve
Group
NZ$000
Revaluation
Reserve
Group
NZ$000
Retained
Earnings
Group
NZ$000
Total
Group
NZ$000
Restated* balance at 30 June 202069,8164,513(22 ,375)1,083,17560,0551,195,184
Profit for the period00004 8 ,74 64 8 ,74 6
Total other comprehensive income003,170(266)02,904
Total comprehensive income003,170(266)4 8 ,74 651,650
Increase in share capital7330000733
Dividends paid during the period0000(43,537)(43,537)
Equity settled share based payment accrual01,4650001,465
Shares issued upon vesting of management long term incentive plan415(225)00(190)0
Total transactions with owners in their capacity as owners1,1481,24000(43,727)(41,339)
Restated* balance at 31 December 202070,9645,753(19,205)1,082,9096 5 ,0741,205,495
Profit for the period000053,62953,629
Total other comprehensive income007, 8 47170,1980178,045
Total comprehensive income007, 8 47170,19853,629231,674
Increase in share capital200002
Dividends paid during the period0000(4 0, 816)(4 0, 816)
Equity settled share based payment accrual0613000613
Shares previously subject to call option, issued3,954(3,954)0000
Total transactions with owners in their capacity as owners3,956(3,341)00(4 0, 816)(4 0, 201)
Balance at 30 June 202174 , 9 2 02,412(11,358)1,253,10777,8871,396,968
Profit for the period000056,34156,341
Total other comprehensive income0010,26322010,285
Total comprehensive income0010,2632256,34166,626
Decrease in share capital(16)0000(16)
Dividends paid during the period0000(51,023)(51,023)
Equity settled share based payment accrual0833000833
Shares issued upon vesting of management long term incentive plan271(229)00(42)0
Total transactions with owners in their capacity as owners25560400(51,065)(50,206)
Balance at 31 December 202175,1753,016(1,095)1,253,12983,1631,413,388
*Refer note 2.
These statements are to be read in conjunction with the notes on pages 14 to 18.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2022
11

PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Consolidated Statement of Financial Position
AS AT 31 DECEMBER 2021
(Unaudited)
31 December 2021
Group
NZ$000
(Unaudited)
31 December 2020
Restated*
Group
NZ$000
(Audited)
30 June 2021
Group
NZ$000
Assets
Property, plant and equipment1 ,747,6 3 01,593,7751,758,109
Right-of-use assets39,78840,09540,577
Intangible assets23,59024,17324,200
Investments in Equity Accounted Investees168,658151,299167,650
Receivables and prepayments17, 3 5015,26216,502
Derivative financial instruments0077
Total non current assets1,997,0161,824,6042 ,0 07,11 5
Cash and cash equivalents15,1639,9327, 8 8 6
Receivables and prepayments59,34155,93365,260
Inventories1,3371,3651,009
Derivative financial instruments12300
Provision for tax06150
Total current assets75,96467, 8 4 574 ,1 5 5
Total assets2,072,9801,892,4492,081,270
Equity
Share capital75,17570,96474 , 9 2 0
Share based payment reserve 3,0165,7532,412
Hedging reserve(1,095)(19,205)(11,358)
Revaluation reserve1,253,1291,082,9091,253,107
Retained earnings83,1636 5 , 0747 7, 8 87
Total equity1,413,3881,205,4951,396,968
Liabilities
Loans and borrowings (refer note 10)320,000160,000215,000
Derivative financial instruments67125,04513,763
Employee benefits2 , 3742 ,7072,244
Deferred tax liabilities89,32066,19985,627
Lease liabilities40,67640,26541,041
Contingent consideration2 ,7102 ,7962,920
Total non current liabilities455,7512 97,0 1 2360,595
*Refer note 2.
(Unaudited)
31 December 2021
Group
NZ$000
(Unaudited)
31 December 2020
Restated*
Group
NZ$000
(Audited)
30 June 2021
Group
NZ$000
Loans and borrowings (refer note 10)155,000355,000270,000
Derivative financial instruments6712231,151
Trade and other payables37, 42 431,3023 7,72 2
Revenue received in advance209251162
Employee benefits2,0421,8813,389
Income tax payable7, 2 9 6010,012
Lease liabilities773938837
Contingent consideration426347434
Total current liabilities203,841389,942323,707
Total liabilities659,592686,954684,302
Total equity and liabilities2,072,9801,892,4492,081,270
Net tangible assets per share (dollars per share)2.061.762.04
*Refer note 2.
These statements are to be read in conjunction with the notes on pages 14 to 18.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2022
12

(Unaudited)
Six Months Ended
31 December 2021
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2020
Restated*
Group
NZ$000
(Audited)
Year Ended
30 June 2021
Group
NZ$000
RECONCILIATION OF PROFIT FOR THE PERIOD
TO CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period56,3414 8 ,74 6102,375
Adjustments for non cash and non operating items
Depreciation and amortisation expense19,03916,51233,998
Decrease in deferred taxation expense(173)(701)(2,973)
Share of surpluses retained by Equity Accounted Investees(5,954)(6,330)(13,524)
Other8831,4795,338
13,79510,96022,839
Add/(less) movements in working capital974(32,402)(25,532)
Net cash flows from operating activities71,1102 7, 3 0 499,682
*Refer note 2.
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Consolidated Statement of Cash Flows
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021

(Unaudited)
Six Months Ended
31 December 2021
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2020
Group
NZ$000
(Audited)
Year Ended
30 June 2021
Group
NZ$000
Cash flows from operating activities
Receipts from customers198,765160,556333,135
Interest received3162165
Payments to suppliers and employees(96,611)(98,110)(179,521)
Taxes paid(22 ,697)(26,817)(36,576)
Interest paid(8,378)(8,387)(17, 52 1)
Net cash inflow from operating activities71,1102 7, 3 0 499,682
Cash flows from investing activities
Proceeds from sale of property, plant and equipment18810
Finance lease payments received, including interest0713
Repayment of advances from Equity Accounted Investees0680680
Dividends from Equity Accounted Investees7, 2 6 36,1369,636
Purchase of property, plant and equipment(8,130)(16,679)(22,267)
Purchase of intangible assets(106)(4)(937)
Interest capitalised on property, plant and equipment(37)(81)(89)
Capital contribution to Equity Accounted Investees (refer note 13)(1,500)00
Cash acquired as a part of business combinations0794794
Total net cash used in investing activities(2 ,492)(9,139)(12,160)
Cash flows from financing activities
Proceeds from borrowings100,111121,08561,020
Repayment of borrowings(110,000)(94,000)(64,000)
Repayment of lease liability(42 9)(346)(868)
Dividends paid(51,023)(43,537)(84,353)
Net cash used in financing activities(61,341)(16,798)(88,201)
Net increase/(decrease) in cash held7, 2 7 71,367(679)
Add opening cash brought forward7, 8 868,5658,565
Ending cash and cash equivalents15,1639,9327, 8 8 6
These statements are to be read in conjunction with the notes on pages 14 to 18.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2022
13

1 REPORTING ENTITY
Port of Tauranga Limited (the Parent Company) is a company incorporated and domiciled in New Zealand,
registered under the Companies Act 1993 and listed on the New Zealand Stock Exchange (NZX). It is an FMC
reporting entity for the purposes of the Financial Markets Conduct Act 2013. The Parent Company, which is
designated as profit-oriented for financial reporting purposes, is an issuer in terms of the Financial Reporting
Act 2013.
The unaudited interim financial statements (the financial statements) for Port of Tauranga Limited comprise
the Port of Tauranga Limited, its Subsidiaries, and the Group’s interest in Equity Accounted Investees
(together referred to as the Group).
2 BASIS OF PREPARATION
These financial statements have been prepared in accordance with New Zealand Generally Accepted
Accounting Practice (NZ GAAP) and New Zealand International Accounting Standard (NZ IAS) 34 Interim
Financial Reporting. They do not include all information required for full annual financial statements and
should be read in conjunction with the annual financial statements and related notes included in Port of
Tauranga Limited’s Integrated Annual Report for the year ended 30 June 2021.
Restatement
The Group restated certain prior year financial statement line items in Port of Tauranga Limited’s Integrated
Annual Report for the year ended 30 June 2021.
The restatement related to two Equity Accounted Investees’ financial statements that had not been prepared
in line with the Group’s property, plant and equipment accounting policies. Certain asset classes had not
been held at fair value, in line with the Group’s policies, and as a consequence the Group’s revaluation reserve
and investment in Equity Accounted Investees had been understated, and the Group’s share of profit from
Equity Accounted Investees had been overstated.
For full details refer to note 15(c) of the Port of Tauranga Limited’s Integrated Annual Report for the year
ended 30 June 2021.
3 SIGNIFICANT ACCOUNTING POLICIES
The accounting policies adopted are consistent with those followed in the preparation of the Group’s annual
financial statements for the year ended 30 June 2021.
4 ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of the financial statements in conformity with NZ IAS 34 requires management to make
judgements, estimates and assumptions that affect the application of accounting policies and the reported
amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
In preparing these financial statements, the significant judgements made by management in applying the
Group’s accounting policies and the key sources of estimation and uncertainty, were the same as those
applied to the Group’s consolidated financial statements for the year ended 30 June 2021.
5 SEGMENT INFORMATION
The Group determines and presents operating segments based on the information that is internally provided
to the Chief Executive, who is the Group’s Chief Operating Decision Maker (CODM), as defined by NZ IFRS 8
Operating Segments.
The Group operates in three main reportable segments, being:
• Port Operations: This consists of providing and managing port services, and cargo handling facilities
through the Port of Tauranga Limited and Timaru Container Terminal Limited. Port terminals and bulk
operations have been aggregated together within the Port Operations segment, due to the similarities
in economic characteristics, customers, nature of products and processes, and risks.
• Property Services: This consists of managing and maintaining the Port of Tauranga Limited’s property
assets.
• Marshalling Services: This consists of the contracted terminal operations and marshalling activities
of Quality Marshalling (Mount Maunganui) Limited.
The three main business segments are managed separately as they provide different services to customers
and have their own operational and marketing requirements.
The remaining activities of the Group are not allocated to individual business segments.
The Group operates in one geographical area, that being New Zealand.
Due to the significant shared cost base of the Port activities, operating costs, measures of profitability, assets
and liabilities are aggregated and are not reported to the CODM at a segment level, but rather at a port level,
as all business decisions are made at a “whole port level”.
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Interim Consolidated Financial Statements
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2022
14

5 SEGMENT INFORMATION (CONTINUED)
Six months ended 31 December 2021
Port Operations
Group
NZ$000
Property Services
Group
NZ$000
Marshalling Services
Group
NZ$000
Unallocated
(1)
Group
NZ$000
Inter Segment
Group
NZ$000
Group
NZ$000
Revenue (external)168,25216,2481,29400185,794
Inter segment revenue0799,5730(9,652)0
Total segment revenue168,25216,32710,8670(9,652)185,794
Other income and expenditure:
Share of profit from Equity Accounted Investees0005,95405,954
Interest income00037037
Other income000461(225)236
Interest expense000(8,164)0(8,164)
Depreciation and amortisation expense00(516)(18,523)0(19,039)
Other unallocated expenditure00(8,030)(9 0 , 474)9,877(88,627)
Income tax expense00(629)(19,221)0(19,850)
Total other income and expenditure00(9,175)(129,930)9,652(129,453)
Total segment result168,25216,3271,692(129,930)056,341
(1)
Operating costs are not allocated to individual business segments within the Parent Company.
Six months ended 31 December 2020 restated*
Port Operations
Group
NZ$000
Property Services
Group
NZ$000
Marshalling Services
Group
NZ$000
Unallocated
(1)
Group
NZ$000
Inter Segment
Group
NZ$000
Group
NZ$000
Revenue (external)140,44215,4602 ,847001 5 8 ,74 9
Inter segment revenue907346,6060( 7, 5 47 )0
Total segment revenue141,34915,4949,4530(7, 5 47)15 8 ,74 9
Other income and expenditure:
Share of profit from Equity Accounted Investees0006,33006,330
Interest income00082(18)64
Other income000804(97)707
Interest expense000(8,545)18(8,527)
Depreciation and amortisation expense(199)0(512)(15,801)0(16,512)
Other unallocated expenditure(1,707)0(6,769)( 74 , 5 76)7, 6 4 4(75,408)
Income tax expense(154)0(609)(15,894)0(16,657)
Total other income and expenditure(2,060)0( 7, 8 9 0)(1 07, 6 0 0)7, 5 47(110,003)
Total segment result139,28915,4941,563(107,6 0 0)04 8 ,74 6
*Refer note 2.
(1)
Operating costs are not allocated to individual business segments within the Parent Company.
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Interim Consolidated Financial Statements
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2022
15

6 OPERATING REVENUE
Six Months Ended
31 December 2021
Group
NZ$000
Six Months Ended
31 December 2020
Group
NZ$000
Revenue from contracts with customers
Container terminal revenue117,66695,454
Multi cargo revenue31,94329,839
Marine services revenue19,93717,996
169,546143,289
Other revenue
Rental revenue16,24815,460
Other income236707
Total operating revenue186,030159,456
7 FINANCE EXPENSES
Six Months Ended
31 December 2021
Group
NZ$000
Six Months Ended
31 December 2020
Group
NZ$000
Interest expense on borrowings7,1167, 9 1 0
Less:
Interest capitalised to property, plant and equipment(37)(81)
7,0797, 8 2 9
Interest expense on lease liabilities1,042655
Amortisation of interest rate collar premium4343
Total finance expenses8,1648,527
8 DIVIDENDS
The following dividends were paid by the Group:
Six Months Ended
31 December 2021
Group
NZ$000
Six Months Ended
31 December 2020
Group
NZ$000
Final dividend of 7.5 cents per share (2020: 6.4 cents per share)51,02343,537
Total dividends paid51,02343,537
9 PROPERTY, PLANT AND EQUIPMENT
Acquisitions and Disposals
During the six months ended 31 December 2021, the Group acquired assets with a cost of $7.437 million and
disposed of assets with a carrying value of $0.051 million.
10 LOANS AND BORROWINGS
31 December 2021
Carrying Value
Group
NZ$000
31 December 2020
Carrying Value
Group
NZ$000
Commercial papers155,000200,000
Standby revolving cash advance facility120,000135,000
Fixed rate bonds200,000175,000
Multi option facility05,000
Total loans and borrowings475,000515,000
Current155,000355,000
Non current320,000160,000
Total loans and borrowings475,000515,000
As at 31 December 2021 the Group’s current liabilities exceed the Group’s current assets. Despite this fact,
the Group does not have any liquidity or working capital concerns as $260 million (2020: $345 million) of term
standby revolving cash advance facility remains undrawn.
During the period, the Parent Company issued a seven year $100 million fixed rate bond, maturing
24 November 2028. The bond replaced bank debt which reduced the total standby revolving cash advance
facility to $380 million (2020: $480 million).
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Interim Consolidated Financial Statements
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2022
16

11 LEASES
During the six months ended 31 December 2021, the Group had no right-of-use assets additions (2020: $15.717
million) or increase to lease liabilities (2020: $16.204 million). There have been no disposals or reductions in the
right-of-use assets (2020: nil).
12 RELATED PARTY TRANSACTIONS AND BALANCES
Related party transactions and balances with related parties:
Six Months Ended
31 December 2021
NZ$000
Six Months Ended
31 December 2020
NZ$000
Transactions with Equity Accounted Investees
Services provided to Port of Tauranga Limited250258
Services provided by Port of Tauranga Limited2,4882,229
Accounts receivable by Port of Tauranga Limited14396
Accounts payable by Port of Tauranga Limited4642
Advances by Port of Tauranga Limited1,4001,400
Services provided to Quality Marshalling (Mount Maunganui) Limited121
Services provided by Quality Marshalling (Mount Maunganui) Limited5531,291
Accounts receivable by Quality Marshalling (Mount Maunganui) Limited3340
Services provided to Timaru Container Terminal Limited1,545651
Services provided by Timaru Container Terminal Limited1030
Accounts receivable by Timaru Container Terminal Limited120
Accounts payable by Timaru Container Terminal Limited104235
During the six months ended 31 December 2021, the Group entered into transactions with companies in which
Group Directors hold directorships. These directorships have not resulted in the Group having significant
influence or control over the operations, policies, or key decisions of these companies.
No related party debts have been written off or forgiven during the period.
Controlling Entity
Quayside Securities Limited owns 54.14% (as at 31 December 2020: 54.14%) of the issued ordinary shares in
Port of Tauranga Limited.
Quayside Securities Limited is beneficially owned by Bay of Plenty Regional Council, the Ultimate Controlling
Party. Transactions with the Ultimate Controlling Party during the period include services provided to Port of
Tauranga Limited $0.340 million (six months ended 31 December 2020: $0.239 million).
12 RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED)
Transactions with Key Management Personnel
The Group does not provide any non cash benefits to Directors in addition to their Directors’ fees.
Six Months Ended
31 December 2021
Group
NZ$000
Six Months Ended
31 December 2020
Group
NZ$000
Directors
Directors’ fees recognised during the period385384
Executive Officers
Salaries and short term employee benefits recognised during the period1,9242,638
Share based payments recognised during the period100(21)
13 COMMITMENTS
Six Months Ended
31 December 2021
Group
NZ$000
Six Months Ended
31 December 2020
Group
NZ$000
Capital commitments
Estimated capital commitments for the Group contracted for at the
reporting date but not provided for
31,59325,000
On 28 September 2020, the Parent Company formed a 50:50 joint venture named Ruakura Inland Port LP
with Tainui Group Holdings Limited.
The new joint venture will take an initial 50 year ground lease to establish an inland port in Ruakura, and plans
to start operations within two years.
The Parent Company has committed capital of $25.000 million to fund the development of the inland port
and as at 31 December 2021 $1.500 million has been paid.
In addition, if the development costs exceed the initial $25.000 million capital commitment, construction
contingency funding of up to $2.500 million must be provided to the joint venture.
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Interim Consolidated Financial Statements
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2022
17

14 FINANCIAL INSTRUMENTS
The fair value of financial instruments traded in active markets is based on quoted market prices at the
reporting date.
The fair value of financial instruments that are not traded in active markets (for example over-the-counter
derivatives) are determined by using market accepted valuation techniques incorporating observable market
data about conditions existing at each reporting date.
The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows.
The fair value of forward exchange contracts is determined using quoted forward exchange rates at the
reporting date.
Derivative financial instruments are categorised as Level 2 in the fair value measurement hierarchy.
15 SUBSEQUENT EVENTS
An interim dividend of 6.5 cents per share has been declared subsequent to reporting date.
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Interim Consolidated Financial Statements
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2022
18

To the shareholders of Port of Tauranga Limited
The Auditor-General is the auditor of Port of Tauranga Limited, its subsidiaries and the Groups interest
in equity accounted investees (the “Group”). The Auditor-General has appointed me, Brent Manning, using
the staff and resources of KPMG to carry out the review of the interim consolidated financial statements
of the Group on his behalf.
Report on the interim consolidated financial statements
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim
consolidated financial statements on pages 10 to 18 do not:
i. present, in all material respects the Group’s financial position as at 31 December 2021 and its financial
performance and cash flows for the 6 month period ended on that date in compliance with NZ IAS 34
Interim Financial Reporting.
We have completed a review of the accompanying interim consolidated financial statements which
comprise:
— the consolidated statement of financial position as at 31 December 2021;
— the consolidated income statement, statements of other comprehensive income, changes in equity
and cash flows for the six month period then ended; and
— notes, including a summary of significant accounting policies and other explanatory information.
Basis for conclusion
A review of interim consolidated financial statements in accordance with NZ SRE 2410 Review of Financial
Statements Performed by the Independent Auditor of the Entity (“NZ SRE 2410”) is a limited assurance
engagement. The auditor performs procedures, consisting of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review procedures.
As the auditor of Port of Tauranga Limited, NZ SRE 2410 requires that we comply with the ethical
requirements relevant to the audit of the annual financial statements.
Other than in our capacity as auditor we have no relationship with, or interests in, the Group.
Use of this Independent Review Report
This report is made solely to the shareholders as a body. Our review work has been undertaken so that
we might state to the shareholders those matters we are required to state to them in the Independent
Review Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the shareholders as a body for our review work, this report, or any of
the opinions we have formed.
Responsibilities of the Directors for the interim consolidated financial statements
The Directors, on behalf of the Group, are responsible for:
— the preparation and fair presentation of the interim consolidated financial statements in accordance with
NZ IAS 34 Interim Financial Reporting;
— implementing necessary internal control to enable the preparation of interim consolidated financial
statements that is free from material misstatement, whether due to fraud or error; and
— assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless they either intend to
liquidate or to cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the review of the interim consolidated financial statements
Our responsibility is to express a conclusion on the interim consolidated financial statements based on our
review. We conducted our review in accordance with NZ SRE 2410. NZ SRE 2410 requires us to conclude
whether anything has come to our attention that causes us to believe that the interim consolidated financial
statements are not prepared, in all material respects, in accordance with NZ IAS 34 Interim Financial Reporting.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand). Accordingly, we do not express an audit
opinion on these interim consolidated financial statements.
This description forms part of our Independent Review Report.

Brent Manning
KPMG
On behalf of the Auditor-General
Tauranga, New Zealand
24 February 2022
Independent Review Report
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2022
19

DIRECTORS
D A Pilkington
Chair
A M Andrew
D J Bracewell*
K R Ellis
J C Hoare
A R Lawrence
D W Leeder
Sir Robert McLeod KNZM
*Appointed 17 December 2021
EXECUTIVE
L E Sampson
Chief Executive
M J Dyer
Corporate Services Manager
B J Hamill
Commercial Manager
S R Kebbell
Chief Financial Officer
P M Kirk
Group Health & Safety Manager
D A Kneebone
Property & Infrastructure Manager
R A Lockley
Communications Manager
REGISTERED OFFICE
Salisbury Avenue
Mount Maunganui
Private Bag 12504
Tauranga Mail Centre
Tauranga 3143
New Zealand
Telephone 07 572 8899
Email marketing@port-tauranga.co.nz
Website www.port-tauranga.co.nz
AUDITORS
KPMG
Tauranga
(On behalf of the Auditor-General)
SOLICITORS
Holland Beckett Law
Tauranga
BANKERS
ANZ Bank Limited
Bank of New Zealand
Commonwealth Bank of Australia
MUFG Bank, Limited
CREDIT RATING AGENCY
Standard & Poor’s (S&P)
Australia
Port of Tauranga Limited’s rating: A–/Stable/A–2
SHARE REGISTRY
For enquiries about share transactions, dividend payments,
or advising change of address, contact:
Link Market Services Limited
PO Box 91976
Victoria Street West
Auckland 1142
New Zealand
Telephone 09 375 5998
Facsimile 09 375 5990
Email enquiries@linkmarketservices.co.nz
Website www.linkmarketservices.co.nz
Copies of the Integrated Annual Report and Market Update
(which replaces the Interim Report) are available from our website.
FINANCIAL CALENDAR
25 March 2022 Interim dividend payment
30 June 2022 Financial year end
26 August 2022 Annual results announcement
7 October 2022 Final dividend payment
28 October 2022 Annual Meeting
24 February 2023 Half year results announcement
Company Directory
PORT OF TAURANGA LIMITED
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2022
20

---

Presentation to Analysts
25 February 2022

Disclaimer
Theinformationinthispresentationisforinformationpurposesandhasbeen
preparedbyPortofTaurangaLimitedwithduecareandattention. However,
neithertheCompany,noranyofitsDirectors,officers,employees,contractorsor
agents,shallhaveanyliabilitywhatsoevertoanyperson,foranylossofdamage
resultingfromtheuseorrelianceonthispresentation.
Theinformationcontainedinthispresentationis notintendedtobereliedupon
asadvicetoinvestorsanddoesnottakeintoaccounttheinvestmentobjectives,
financialsituationorneedsof anyparticularinvestor.
Pastperformanceisnotindicativeoffutureperformanceandnoguaranteeof
futurereturnsis impliedorgiven.
Theinformationcontainedinthispresentationshouldbeconsideredin
conjunctionwiththeCompany’slatestauditedfinancialstatementswhichare
availablein theinvestorsectionof ourwebsite.

Highlights and Challenges
For the six months ended December 2021

Group Net Profit After Tax up 15.6%
For the six months ended December 2021
$48,316
$48,746
$56,341
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
FY20FY21 RestatedFY22
$000s

Restatement of Prior Period Profit
For the six months ended December 2020
* Additional depreciation expense recognisedon EAIs’ revalued assets net of tax.
$49,420
$45,000
$46,000
$47,000
$48,000
$49,000
$50,000
FY20Adjustment *FY20 restated
$000s
$48,746
-$674

Interim Dividend
6.06.0
6.5
0
2
4
6
8
FY20FY21FY22
Cents per share

Net Debt / Net Debt + Equity
For the six months ended December 2021
30.5%
29.5%
24.5%
0%
5%
10%
15%
20%
25%
30%
35%
FY20FY21FY22

Total Trade Steady
For the six months ended December 2021
13,261
13,084
13,050
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
FY20FY21FY22
000s tonnes

642,209
612,988
622,271
100,000
200,000
300,000
400,000
500,000
600,000
700,000
FY20FY21FY22
TEUs
Container Volumes up 1.5%
For the six months ended December 2021

Source: Ministry of Transport
NZ’s Largest Container Terminal
(container volumes by quarter – all ports)
0
50,000
100,000
150,000
200,000
250,000
09Q109Q209Q309Q410Q110Q210Q310Q411Q111Q211Q311Q412Q112Q212Q312Q413Q113Q213Q313Q414Q114Q214Q314Q415Q115Q215Q315Q416Q116Q216Q316Q417Q117Q217Q317Q418Q118Q218Q318Q419Q119Q219Q319Q420Q120Q220Q320Q421Q121Q221Q321Q4
AucklandLytteltonNapierOtagoTaurangaWellington

191,921
182,266
143,339
0
50,000
100,000
150,000
200,000
FY20FY21FY22
TEUs
TranshippedTEUs down 21.4%

108,200
101,212
131,120
0
50,000
100,000
150,000
200,000
FY20FY21FY22
TEUs
Import TEUs up 29.5%
For the six months ended December 2021

TEUs
Export TEUs up 2.3%
For the six months ended December 2021
229,152
214,859
219,808
0
50,000
100,000
150,000
200,000
FY20FY21FY22

3,358
3,289
3,088
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
FY20FY21FY22
000s
tonnes
Exports – Logs down 6.1%
For the six months ended December 2021

•Uncertainty in the Chinese construction sector a
concern over the next 6 - 12 months.
•Circa 85% Tauranga log volume to China.
•Current China on wharf inventory levels circa 5M JAS.
•Some silver linings with expected reductions in log
volumes to China from Russia and South America.
Forestry Outlook

665
701
813
0
100
200
300
400
500
600
700
800
FY20FY21FY22
000s tonnes
Exports – Direct Kiwifruit up 16.0%
For the six months ended December 2021

Kiwifruit Outlook
•Strong growth driven by Gold license release
and orchards coming into production.
•Strong Gold yields ~16,000 trays per Ha.
•Expected decline in Green crop ~ 68.7M 2022
vs 78M trays 2021.
•Market side demand continues to be very
strong.
•Laboursupply from overseas and labour
availability due to Covidcontinues to be a
concern, as does ongoing disruption to global
shipping.

Exports - Direct Dairy up 2.3%
For the six months ended December 2021
1,079
998
1,021
0
100
200
300
400
500
600
700
800
900
1,000
1,100
1,200
1,300
FY20FY21FY21
000s tonnes

•Strong commodity price and Covid supply
chain risk, driving early season volume
push.
•Waikato dry conditions impact volume and
demand for supplementary products (feed
and fertiliser).
•Expect lower inventory levels for second
half of FY22.
Dairy Outlook

Bulk Cargo up 1.4%
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
FY20FY21FY22
Tonnes
For the six months ended 31 December 2021
LOGSOIL PRODUCTSPROTEINS & FEEDS
KIWIFRUITOTHER WOOD PRODUCTSFERTILISERS
STEELGRAINALL OTHER GOODS

Subsidiaries & Associates
Net Profit After Tax down 11.2%
$7,310
$8,263
$7,341
$0
$2,000
$4,000
$6,000
$8,000
$10,000
FY20FY21 RestatedFY22
$000s

Earnings down 6.3% to $3.944 million.
Break Bulk trade down 9.3%, log volumes down 12.1%.
Containers up 71.1% to 9,221 TEUs.

Earnings up to $0.558 million vs $.069 million in the prior year.
Current period reported profits impacted by SaaS IT projects being expensed.

Earnings down to $1.141 million vs $1.916 million in the prior year.
Total trade volumes up 6.4% on last year.
Profits impacted by depreciation, labour, maintenance and fuel costs.

Container volumes down 8.6%.
Reported loss of $0.088 million.
Expect stronger container volumes in second half.

NPAT up 8.3% to $1.692 million.
Took over the management of Timaru Container Terminal from 1 November
2020.

Ruakura Inland Port
Inland Port construction underway.
Expect opening mid 2022 (timing linked to Waikato expressway).

MetroPort
MetroPortrail volumes up 21%.
Current programme 92 trains per week.
New volume graph

Port Congestion
•Vessel schedules remain suspended in New
Zealand ~40% of services meet proforma
berth windows.
•Proforma berth windows not expected to be
reinstated in 2022.
•Berth priority given to services on window in
Tauranga.
•Berth window reinstatement will require all
NZ ports working at normal productivity.
Add image

Congestion Impacts
30 fewer container vessels July – December 2021 vs PCP
0
200
400
600
800
1000
1200
1400
1600
0
10
20
30
40
50
60
70
JulyAugSepOctNovDec
Vessel Visits
Tauranga Container Terminal Vessel Calls
Vessel Visits 20/21Vessel Visits 21 /22Average Exchange 20/21Average Exchange 21/22

Congestion Impacts
•Some improvement in static terminal volumes as customers stage volumes off site.
•Yard intensity continues 40% above P C P.
•Improving productivity ~ 33 NCR.
•Average crane rate still ahead of top five Australian ports in 21Q3 (32.1 versus 27.0).

Critical New Zealand Infrastructure
•Direct referral of resource consent to the Environment Court accepted.
•Currently awaiting Environment Court hearing date.
•Terminal capacity head room circa 2 -3 years.

Terminal Automation
•Continued progress of automation
design and scope.
•Shortlist of suppliers for final RFP and
selection.
•Global demand on terminal equipment
may extend delivery windows.

Parent Capital Expenditure 2019 - 2023
$40,073
$38,288
$23,796
$40,000
$50,000
$23,000
$0
$20,000
$40,000
$60,000
$80,000
$100,000
2019202020212022F2023F
$000s
Terminal Southern Berth Extension

Debt Profile Extended
Weighted average debt maturity profile now over 4 years
$ Million
$20 Million
$40 Million
$60 Million
$80 Million
$100 Million
$120 Million
$140 Million
December 2022December 2023December 2024December 2025December 2026December 2027December 2028
BNZMUFGCBAANZBond

Port Sector Labour Challenges
•Industry wide labour supply challenges continue.
•Shortages likely to be exacerbated by Omicron outbreak
and isolation requirements.
•Operational work groups separated into small work
bubbles, PPE used by all, work-from-home where
possible.
•Mandatory vaccination for all Port of Tauranga
employees.
•Currently utilising RAT tests for critical workers / close
contacts.

Outlook 2022
•Port congestion is expected to continue for
the remainder of this financial year.
•Expect to handle about 1.225 million TEUs
with Log volumes around 6M JAS.
•Full impact of Omicron still to come.
•FY22 earnings guidance still expected to be
between $103 and $110 million.

Chair Retirement
•David Pilkington retiring from the Board
after 17 years (nine years as Chair).
•During his tenure, market capitalisation
has grown from $663 million to in excess
of $4 billion in 2022.
•Deloitte Top 200 Business Awards
Chairperson of the Year 2019.

New Chair –Julia Hoare
•Joined the Board in August 2015 and chairs the Audit
Committee.
•Comprehensive range of commercial, financial, tax,
regulatory and sustainability experience.
•Deputy Chair of The a2 Milk Company, Director of
Auckland International Airport and Meridian Energy.
•President of the Institute of Directors and a Member of
the Chapter Zero New Zealand Steering Committee.
•Appointment effective 1 August 2022.

THANK YOU