POT Financial Results for the Year to 30 June 2022

Full Year Results25 August 2022POTIndustrials

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c:\users\carol\appdata\local\temp\m-f3880.tmp\nzx letter - full year result june 2022.docx
26 August 2022
NZX
Wellington
Dear Sir/Madam
PORT OF TAURANGA LIMITED FULL YEAR RESULTS: 30 JUNE 2022
In accordance with the NZ Stock Exchange Listing Rules, please find attached the following
documentation for release to the market:
1Press Release
2Investor Presentation
3Integrated Annual Report (containing audited financial statements)
4NZX Results Announcement
5NZX Distribution Notice – Full Year
Yours sincerely
Simon Kebbell
CHIEF FINANCIAL OFFICER

---

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 YearXQuarterly
Half YearSpecial
DRP applies
Record date23/09/2022
Ex-Date (one business day before the
Record Date)
22/09/2022
Payment date (and allotment date for
DRP)
07/10/2022
Total monies associated with the
distribution
1
$55,785,793.43
Source of distribution (for example,
retained earnings)
Retained earnings
CurrencyNZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.11388889
Gross taxable amount
3
$0.11388889
Total cash distribution
4
$0.08200000
Excluded amount (applicable to listed
PIEs)
Not applicable
Supplementary distribution amount$0.01447059
Section 3: Imputation credits and Resident Withholding Tax
5
Is the distribution imputedFully imputed
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
$0.03188889
Resident Withholding Tax per
financial product
$0.00569444
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
%
Start date and end date for
determining market price for DRP
[dd/mm/yyyy][dd/mm/yyyy]
Date strike price to be announced (if
not available at this time)
[dd/mm/yyyy]
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
DRP strike price per financial product
$
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
[dd/mm/yyyy]
Section 5: Authority for this announcement
Name of personauthorised to make
this announcement
Simon Kebbell, Chief Financial Officer
Contact person for this
announcement
Simon Kebbell, Chief Financial Officer
Contact phone number027 482 7510
Contact email addresssimonk@port-tauranga.co.nz
Date of release through MAP26/08/2022
6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

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 Period12 months to 30 June 2022
Previous Reporting Period12 months to 30 June 2021
CurrencyNZD
Amount (000s)Percentage change
Revenue from continuing
operations
$375,28810.1%
Total Revenue$375,28810.1%
Net profit/(loss) from
continuing operations
$111,3178.7%
Total net profit/(loss)$111,3178.7%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.08200000
Imputed amount per Quoted
Equity Security
$0.03188889
Record Date23/09/2022
Dividend Payment Date07/10/2022
Current periodPrior comparable period
Net tangible assets per
Quoted Equity Security
$3.05$2.04
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Authority for this announcement
Name of personauthorised
to make this announcement
Simon Kebbell, Chief Financial Officer
Contact person for this
announcement
Simon Kebbell, Chief Financial Officer
Contact phone number027 482 7510
Contact email addresssimonk@port-tauranga.co.nz
Date of release through MAP26/08/2022
Audited financial statements accompany this announcement.

---

Presentation to Analysts
26 August 2022

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

Highlights and Challenges
For the year ended 30 June 2022

Group Net Profit After Tax up 8.7%
For the year ended 30 June 2022
$94,273
$100,577
$88,679
$102,375
$111,317
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
$90,000
$100,000
$110,000
$120,000
20182019202020212022
$’000s

Ordinary Dividends maintained at 90% of
Net Profit After Tax
For the year ended 30 June 2022
13.3
12.4
13.5
14.7
0
2
4
6
8
10
12
14
2019202020212022
Ordinary
Special
Cents per share

Revaluation of Property, Plant &
Equipment
$537.841
$4.753
$75.313
$28.697
$0$100$200$300$400$500$600
Land
Buildings
Wharves and Hardstanding
Harbour Improvements
$Millions

Net Debt / Net Debt + Equity
For the year ended 30 June 2022
27.5%
29.2%
25.5%
17.3%
0%
5%
10%
15%
20%
25%
30%
35%
40%
2019202020212022

Total Trade down 0.5%
For the year ended 30 June 2022
24,458
26,946
24,808
25,738
25,615
0
5,000
10,000
15,000
20,000
25,000
30,000
20182019202020212022
Tonnes 000s

Container Volumes up 3.4%
For the year ended 30 June 2022
1,182,147
1,233,177
1,251,741
1,200,831
1,241,061
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
1,100,000
1,200,000
1,300,000
1,400,000
20182019202020212022
TEUs

Source: Ministry of Transport / STATS NZ
12 months to May 2022
• Largest and most efficient New Zealand port.
• Lowest carbon emission international supply
chain.
• 32% of all New Zealand cargo(tonnes)
• 36% of all New Zealand exports(tonnes)
• 42% of all shipping containers(ctrs)
Connecting New Zealand and the World
PortExport ( Tonnes M )Import (Tonnes M )
Tauranga14953.856282.69
Auckland1117.856029.42
Whangarei2882.214201.02
Lyttelton3436.062031.33
Napier4174.03674.67
Wellington2186.061969.17
New Plymouth2983.60755.56
Bluff1511.091605.26
Gisborne2819.950.99
Dunedin1822.32277.78
Timaru639.481129.99
Nels on1537.36117.51
Picton810.690.67
Total40874.5525076.06

Source: Ministry of Transport
NZ’s Largest Container Terminal
0
50,000
100,000
150,000
200,000
250,000
AucklandLytteltonNapierOtagoTaurangaWellington
NZ Container volume by quarter 2011-2022
24.8%
14.3%
8.8%
6.3%
42.5%
3.3%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
AucklandLytteltonNapierOtagoTaurangaWellington
NZ Container Port Market Share Annual Volume
20172018201920202021

Transshipment down 6.0%
For the year ended 30 June 2022
303,284
337,183
349,343
301,062
282,860
100,000
150,000
200,000
250,000
300,000
350,000
400,000
20182019202020212022
TEU s

Bulk Cargo up 0.5%
For the year ended 30 June 2022
0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
14,000,000
20182019202020212022
Bulk Volumes
GRAIN
STEEL
FERTILISERS
OTHER FORESTRY
PRODUCTS
KIWIFRUIT
PROTEINS &
FEEDS
ALL OTHER
GOODS
OIL PRODUCTS
LOGS

Log Exports down 4.4%
For the year ended 30 June 2022
6,276
7,063
5,544
6,339
6,058
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
20182019202020212022
JAS 000s

•Log price correction bottomed out – expect
improvement through remainder of 2022. At wharf
gate market(smaller forests, farm blocks etc)has
been the most impacted during downturn.
•Circa 65% Tauranga export volume from forest
estate owners who manage a sustainable cut to
generate fixed income as such less price
sensitive.
•No NZ logs to India continues with Australia
supplying bulk as they remain locked out of China.
Forestry Outlook

Direct Kiwifruit Exports up 8.8%
For the year ended 30 June 2022
1,303
1,473
1,465
1,629
1,772
0
250
500
750
1,000
1,250
1,500
1,750
2,000
20182019202020212022
M3 000s

Kiwifruit Outlook
•Strong growth driven by Gold license release and
orchards coming into production.
•In 2022 there was a surprising drop in yields (likely
weather related) and significant quality issues which
will impact grower returns.
•2022 crop is now forecast at 171M trays compared to
forecast 192M trays (21M tray decline).
•Market side demand continues to be very strong with
headroom for significant growth built around health,
snacking & emerging middle class.
•Significant headwinds from rising costs through the
supply chain, in particular freight and post harvest
costs.
•Labour shortages continue to be a challenge as crop
volume grows.
•Forecast growth circa 40% by 2030.

Direct Dairy Exports down 6.0%
For the year ended 30 June 2022
2,039
2,110
2,076
2,120
1,994
0
500
1,000
1,500
2,000
20182019202020212022
Tonnes 000’s

•Diary volumes forecast to be flat as NZ is at
peak cow.
•Conversion to more “ value add” products
may have an impact of increasing export
tonnage.
•Strong commodity price remains although
have come back from the March 22 heights.
•There is a higher level of last season
inventory onshore than normal (as a result of
supply chain delays) which should see solid
numbers for FY23.
Dairy Outlook

Direct Meat Exports up 6.2%
For the year ended 30 June 2022
289
352
411
414
439
0
50
100
150
200
250
300
350
400
450
500
20182019202020212022
Tonnes 000’s

Meat Outlook
• Historically tranship volume has been
more than 50% of the total export meat
volumes.
• Tranship volumes originating in both other
NZ ports and offshore have decreased in
the past two years due to vessel rotation
changes.
• Direct export volumes have remained
very similar with no domestic changes in
production or export port.
-
200,000.00
400,000.00
600,000.00
800,000.00
1,000,000.00
1,200,000.00
20062007200820092010201120122013201420152016201720182019202020212022
ExportImportTranships
TONNES

Cruise Vessels
86
81
114
107
00
95
107
0
20
40
60
80
100
120
2017201820192020202120222023 F 2024 F
Visits

MetroPort
MetroPort rail volumes up 10% on PCP to 325,000 TEU.
Current programme 92 trains per week.

Port Congestion
• Vessel schedules remain suspended in New
Zealand.
•6 of 16 weekly container services can meet
berth window in Tauranga ~37%.
• Proforma berth windows expected to be
reinstated in Q1 2023.
• Berth priority given to services on window in
Tauranga.
• Berth window reinstatement will require all NZ
ports to be able to work agreed windows.
Add image

Congestion Impacts
170 less container vessels (22%) vs pre-covid FY 2019.
4.7% increase in vessel calls FY2022 vs PCP.
0
200
400
600
800
1000
1200
1400
1600
1800
2000
20182019202020212022
Total Vessel Calls 2018 - 2022
Container vesselsAll Other vessels

Congestion Impacts
• FY 2022 average container daily yard volume 15,403 TEU(FY21- 15,106 TEU ) (FY20- 10,610 TEU).
• Yard intensity continues ~45% above pre covid levels.
• Unlikely to improve until berth windows are reinstated.
• Average vessel exchange increased 11% in FY2022 -(215-TEU) .

Source: FIGS, Ministry of Transport
New Zealand Port Productivity
24.9
30.7
20.6
34.1
28.2
0
5
10
15
20
25
30
35
40
NZ Port Net Crane rate
AucklandLytteltonNapier
OtagoTaurangaWellington
0
10
20
30
40
50
60
70
80
90
NZ Port Vessel Rate
AucklandLytteltonNapier
OtagoTaurangaWellington

Port Sector Labour Challenges
• Continued widespread labour shortages across the
port sector.
• Additional labour constraints due to seasonal illness
and second omicron wave(June – August 2022).
• Significant labour cost inflation across the port sector .
• Urgent need to address immigration settings to allow
greater access to foreign labour.

30 Years of Planning
•Berth extension
development planned
since RMA inception.
•Included in 1996
Coastal Occupation
Consent & 2003
Regional Coastal
Environment Plan.
•Restricted
discretionary activity.
•All proposed
development within the
existing Port footprint.

Current Consent Request
• Consultation, detailed design and early
contractor engagement commenced
2019.
• Shovel Ready applied May 2020 -
declined August 2020.
• Fast Track application applied October
2020 -declined March 2021.
• Direct referral route suggested from
MBIE.
• Consent and direct referral request
lodged May 2021.
• December 2021 direct referral request
accepted.

Critical New Zealand Infrastructure
• July 2022 - Environment Court hearing date - TBC ~ March 2023.
• Current container capacity 1.4M TEU, current volume 1.25M TEU.
•2-year construction period & 2.5 years capacity left
TIME IS OF THE ESSENCE

Future Capacity
•New Tauranga berth extension.
•Introduction of new electric Auto Stacking
Cranes (ASC).
•Full Terminal Buildout Capacity ~2.8M TEU.
•Based on 2019 MOT National Freight
Demand Study “high growth” rate 2.51%.
•Circa 35 years capacity in Tauranga
following terminal development.
•~75% reduction in emissions from ASC
introduction.

Enabling New Zealand’s Export Trade
•~70% of New Zealand’s Dairy
trade(2.3M tonnes)
•~61% of NZ’s Meat exports
(550K tonnes)
•~30% of NZ’s Export logs(6.7M
tonnes)
•~85% of NZ’s Kiwifruit(530K
tonnes)
•~ $30B in key export
commodities plus many more
•~40% growth in Kiwifruit in next
five years

An Integrated Upper North Island Supply Chain

Bigger Ships = Lower Carbon Supply
Chain
CO2e calculations are based on a 20’ 15 tonne container shipped
on a typical container vessel size of 3,000-4,000 TEUs (via
Auckland) and 8,000+ TEUs (via Tauranga)
~28% saving in emissions

Coastal Shipping Supporting Big Ships
Tauranga berth extension crucial to enabling coastal shipping
ModeGrams of CO
2
per
tonne-kilometre
Road123.1
Heavy duty road
vehicles
92.0
Rail22.8
Coastal shipping13.9

Terminal Automation
• Progressing first stage of Terminal
Automation.
• Currently seeking proposals for Auto
Stacking Cranes (ASC) from
providers.
• Expect vendor selection Q2 FY 2023.
• Well established technology used
globally.

Subsidiaries & Associates
Net Profit After Tax down 16.2%
For the year ended 30 June 2022
$11,885
$12,728
$17,840
$14,952
$0
$5,000
$10,000
$15,000
$20,000
2019202020212022
000s

• Profit down 13.9% to $7.527 million.
• Break Bulk volumes down 17.6% with
log volumes down 518,405 tonnes on
the previous year.
• Container volumes up 42.0% to
19,106 TEU.

Profit down 20.8% to $2.257 million.
Bulk trade volumes increased but offset by
marine revenue being lower.

Profit of $0.492 million down from $0.782 million in the
prior year.
Container volumes down 18.2% to 76,819 TEU.

Profit of $3.232 million down 7.7% on the prior year.
Impacted by lower generator hire revenue compared to the prior year and
increases in operating costs.

Reported profit of $1.283 million vs $1.869 million in the prior year.
Prior year’s result included the profit on sale of Coda’s investment in TNX.

Ruakura Inland Port
Inland Port construction almost complete
Due to open late 2022
(Waikato expressway opened July 2022)

Greenhouse Gas Emissions
44,691
47,661
40,430
43,464
42,534
0
10,000
20,000
30,000
40,000
50,000
60,000
FY 18FY19FY20FY21FY22
Tonnes of CO2e
•Emission reductions resulting from several key reduction programs
•Congestion in FY21 and FY22 has slowed further reductions in emission reductions
Kilograms of CO2e per tonne of cargo
Scope 1, 2 and 3 emissions for POTL
1.80
1.75
1.63
1.63
1.62
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
FY18FY19FY20FY21FY22
Kilograms CO2e per tonne of
cargo

Air Quality Initiatives & Improvements
Figure 1. Mean PM
10
concentrations measured at the BOPRC monitor ‘Railyard South’ during dry weather conditions in
spring-summer periods when the Port was upwind.
31.80
28.26
26.67
0
5
10
15
20
25
30
35
FY20FY21FY22
PM10 (μg/m3)
BULK HOPPER WATER MISTING
VISUAL WIND MONITOR ALARMS
ENVIROMENTAL GRAB
NEW WIND FENCING

• Comprehensive
stormwater
monitoring.
• Compliant with
resource consent’s
water quality limits.
• Continuous
improvement
pathway.
Water Quality Initiatives & Improvements

S
W
Harbour Water and Sediment Quality
All mean values meets high conservation
value guideline for heavy metal toxicants.
All mean values meets slightly-
moderately disturbed systems guideline
for heavy metal toxicants.
All mean values meets highly disturbed
system guideline for heavy metal
toxicants.
All mean values meets very highly
disturbed system guideline for heavy
metal toxicants.
Sediment quality sample site.
Water quality sampling site.
S
W
W
W
W
*Guidelines relate to ANZECC 2000 trigger values for toxicants table 3.4.1
Technical data available, all water quality samples taken during rainfall events

Sponsorship & Community Partnerships
Port of Tauranga Rescue Centre – Surf Lifesaving Eastern
Pilot Bay Boardwalk
BOP TECT Rescue
helicopter winch
Enhancements of Mauao walking tracks
Tertiary Scholarships via
Turirangi Te Kani Memorial
Nga Matarae Charitable Trust

Parent Capital Expenditure 2019-2024
40,073
38,228
23,796
18,612
45,00045,000
40,000
2,850
25,000
$0
$20,000
$40,000
$60,000
$80,000
$100,000
20192020202120222023F2024F
$000s
Ruakura Inland PortTerminal Southern Berth Extension

Outlook 2023
• Port congestion is expected to continue until
berth windows reinstated ~Q1 2023.
• Labour shortages a worsening problem across
port sector.
• Expect to handle about 1.270 million TEUs.
• Log volume forecast circa 5.8M JAS FY23.
• Earnings guidance to be provided in October at
Annual Meeting.

THANK YOU

---

in New Zealand’s future
Port of Tauranga Limited – Integrated Annual Report 2022
Invested

Port of Tauranga Limited – Integrated Annual Report 2022

04 Highlights and Challenges
06 Chair and Chief Executive’s Report to Shareholders
16 Integrated Reporting
18 Company Overview
– Our Purpose and Vision
– Our Values
– Our National Network
– How Port of Tauranga Creates Value
24 What Matters Most?
26 Managing Risks and Opportunities
28 Capital – Our Relationships
34 Capital – Our People
40 Capital – Our Skills and Knowledge
46 Capital – Our Environment
52 Capital – Our Assets and Infrastructure
58 Capital – Our Finances
62 Board of Directors
64 Senior Management Team
66 Consolidated Financial Statements
110 Corporate Governance Statement
118 Financial and Operational Five Year Summary
120 Company Directory
TABLE OF CONTENTS
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.
Throughout the Covid-19 pandemic, Port of Tauranga’s people and
processes have proven strong and resilient. We continue to invest in
nationally significant infrastructure for the benefit of our customers,
shareholders and communities. We are creating jobs and wealth for the
Tauranga community, the wider Bay of Plenty region and beyond.
Port of Tauranga is connecting New Zealand and the world.
01

Tauranga
Moana
Port of Tauranga is invested in the wellbeing of the city,
the harbour and its people. With an eye to the future,
we invest in community assets, iconic events and
education programmes. We strive to improve our own
performance every day while keeping our people safe
and protecting the environment in which we operate.
Te Moana-a-Toi
Bay of Plenty
The Bay of Plenty’s fortunes are invested in the success
of Port of Tauranga. The Port’s presence attracts jobs, wealth
and business opportunities for the Tauranga community,
the broader region and beyond. Dividends from Port of Tauranga
give the region a stable income and platform for growth.
Port of Tauranga Limited – Integrated Annual Report 2022
02

Aotearoa
New Zealand
A highly efficient supply chain is vital to facilitate
New Zealand’s access to markets.
Port of Tauranga is invested in its role as the
international hub port for the country. We are
building assets, infrastructure and networks
to provide the most efficient access to export
customers globally and ensure vital cargoes
reach their New Zealand destinations.
Port of Tauranga connects New Zealand
and the world.
03

Highlights
and Challenges
Year Ended 30 June 2022
GROUP NET PROFIT AFTER TAX
$111.3
million (up 8.7% from
$102.4million)
TOTAL TRADE
25.6
million tonnes (down 0.5%
from 25.7 million tonnes)
SUBSIDIARY AND ASSOCIATE
COMPANY EARNINGS OF
$15.0
million, down 16.2%
FINAL DIVIDEND
8.2
(compared with 7.5 cents
per share in 2021)
CONTAINER VOLUMES
1.24
millionTEUs
1

(a 3.4% increase)
REVENUE
$375.3
million (increased 10.9%
from $338.3 million)
TOTAL ORDINARY DIVIDEND
14.7
(compared with 13.5
cents per share)
CONTAINER CRANE RATE
32 .1
(up from 29.7 moves
per hour in 2021)
IMPORTS
9.7
million tonnes (increased
3.0% from 9.4 million tonnes)
EXPORTS
15.9
million tonnes (decreased
2.5% from 16.3 million tonnes)
CARBON EMISSIONS
0.6%
reduction in intensity
(cargo emissions per tonne)
TOTAL RECORDABLE INJURY
FREQUENCY RATE
0
worked (Port of Tauranga) and 26.6 per
million hours worked (Port of Tauranga
and contractors combined)
SHIP VISITS
1,369
(increased 4.7% from 1,307)
PORT TOURS
1,500+
people hosted on port tours
SCHOLARSHIPS
18
tertiary education
scholarships awarded
RUAKURA INLAND PORT
2022
due to open late 2022
1 TEUs = twenty foot equivalent units, a standard measure of shipping containers.
Port of Tauranga Limited – Integrated Annual Report 2022
04

GROUP NET PROFIT AFTER TAX
$111.3
million (up 8.7% from
$102.4million)
TOTAL TRADE
25.6
million tonnes (down 0.5%
from 25.7 million tonnes)
SUBSIDIARY AND ASSOCIATE
COMPANY EARNINGS OF
$15.0
million, down 16.2%
FINAL DIVIDEND
8.2
(compared with 7.5 cents
per share in 2021)
CONTAINER VOLUMES
1.24
millionTEUs
1

(a 3.4% increase)
REVENUE
$375.3
million (increased 10.9%
from $338.3 million)
TOTAL ORDINARY DIVIDEND
14.7
(compared with 13.5
cents per share)
CONTAINER CRANE RATE
32 .1
(up from 29.7 moves
per hour in 2021)
IMPORTS
9.7
million tonnes (increased
3.0% from 9.4 million tonnes)
EXPORTS
15.9
million tonnes (decreased
2.5% from 16.3 million tonnes)
CARBON EMISSIONS
0.6%
reduction in intensity
(cargo emissions per tonne)
TOTAL RECORDABLE INJURY
FREQUENCY RATE
0
worked (Port of Tauranga) and 26.6 per
million hours worked (Port of Tauranga
and contractors combined)
SHIP VISITS
1,369
(increased 4.7% from 1,307)
PORT TOURS
1,500+
people hosted on port tours
SCHOLARSHIPS
18
tertiary education
scholarships awarded
RUAKURA INLAND PORT
2022
due to open late 2022
cents
per share
per
million hours
cents
per share
moves
per hour
05

Widespread disruption still affects the international
supply chain, and delays continue at other ports,
resulting in ongoing congestion for our container
terminal due to erratic cargo volumes.
While this led to increased revenue
through storage charges, it put enormous
pressure on our team and our service
providers.
Vessels are still arriving “off window” and
we are processing container vessels as
they arrive. It will be challenging for us to
return to peak efficiency until issues in
other parts of the supply chain and the
port network are resolved.
Labour shortages across all industries are
exacerbating the situation. We are working
with other port employers to ensure jobs
are as attractive as possible and have
updated our service contracts to ensure
their sustainability.
We continue to pursue developments
to increase our capacity and improve the
resilience of the Upper North Island supply
chain. Since 2020, we have been trying to
obtain a resource consent to extend our
Sulphur Point container wharves to create
another berth. We are also engaged with
potential vendors for an automation solution
that would increase container storage
capacity and efficiency in the terminal.
Financial results for the year ended
30 June 2022
Group Net Profit After Tax increased
to $111.3 million, up 8.7% on last year.
Parent Net Profit After Tax was $96.4 million,
a 14.0% increase on the previous year.
Revenue was $375.3 million. EBITDA
was $204.7 million.
The results were driven by strong
bulk trade and container volumes,
and increased storage revenue relating
to congestion charges aimed at
incentivising efficient cargo flow
through the container terminal.
Costs grew significantly, as to be
expected in a high inflation environment.
Operating expenses increased 13.1%
to $182.2 million, mostly due to higher
rail, fuel and labour costs.
THE YEAR IN REVIEW:
Chair and Chief Executive’s Report to Shareholders
Port of Tauranga has
once again proven to be
strong and resilient as we
navigate the third year of
the Covid-19 pandemic.
Port of Tauranga Limited – Integrated Annual Report 2022
06

Leonard Sampson
Chief Executive
07

Port of Tauranga’s Board of Directors
has declared a fully imputed interim final
dividend of 8.2 cents per share to bring
the total dividend to 14.7 cents per share.
This compares with a total dividend
of 13.5 cents in the 2021 financial year.
Farewell to Chair David Pilkington
At the end of July, we bid farewell to our retiring
Chair, David Pilkington. David joined the
Board in July 2005, when Port of Tauranga
was a regional export port handling around
12.6 million tonnes of cargo a year. Container
throughput was less than 440,000 TEUs.
By the time David became Chair in 2013,
the Port was about to commission a
seventh container crane and total trade
had grown to nearly 19.8 million tonnes.
In July 2022, David retired after 17 years
of service, with the Port handling more
than 25 million tonnes a year – double
the throughput from when he started.
Container numbers and profits have
roughly tripled in his time on the Board.
The Port now has nine cranes, a team
of 279, and a port community of thousands
more. Port of Tauranga has grown into
New Zealand’s largest port during David’s
tenure, and is the only port in New Zealand
that is big ship-capable.
David leaves with our thanks and
best wishes.
We have also welcomed two new
Directors to the Board, both with significant
industry experience.
Dean Bracewell joined the Board in
December 2021. He is the former Managing
Director of Freightways, one of New Zealand’s
largest transport and logistics companies.
Brodie Stevens joined the Board in August
2022. He has extensive shipping sector
experience and is the former Swire
Shipping / China Navigation Company
Country Manager. Directors' biographies
can be found on pages 62 and 63.
Health and safety in the spotlight
Following tragic fatalities at the ports in
Auckland and Lyttelton, Maritime NZ and
WorkSafe undertook a joint audit of all
ports in May. The agencies are expected
to make a number of recommendations
following the sector audit, including the
adoption of a standardised approach for
managing critical risk. Port of Tauranga is
supportive of industry-wide collaboration
to improve safety practices, with flexibility
for the unique operating environments
of each port.
At the end of July,
we bid farewell to
our retiring Chair,
David Pilkington,
after 17 years on
the Board.
Farewell to Chair David Pilkington
THE YEAR IN REVIEW:
Chair and Chief Executive’s Report to Shareholders
Port of Tauranga Limited – Integrated Annual Report 2022
08

At the end of May, we held a port-wide “Stop
for Safety” where operations ceased for half
an hour to allow teams to talk about critical
risk management and how we work together
to keep each other safe each and every day.
We have strong worker engagement in safety
and involvement in proactive risk management.
We have reinforced our expectation of all port
users that they raise any concerns and call out
any unsafe practices. Port workers can, and
do, halt operations if they feel conditions are
unsafe for any reason. Productivity will never
be put ahead of safe practice.
We have taken a multi-disciplinary approach
to pavement problems at the container terminal
caused by high traffic volumes, congestion
and wet weather. The issue contributed to
a number of minor soft tissue injuries among
straddle drivers and led to an increase in the
annual Total Recordable Injury Frequency Rate
for combined Port of Tauranga employees
and contractors (read more on page 36).
Covid-19 response evolves
In the space of a year, our team has dealt
with the challenges of Covid on board visiting
vessels, a Delta variant outbreak and national
lockdown, the introduction and then revocation
of Government-mandated vaccination of port
workers, as well as an evolving mandatory
testing regime for frontline workers. They
have all had a major impact on our day-to-day
operations. Since the Omicron outbreak began
earlier this year, colliding with a severe winter flu
season, we have also battled absenteeism due
to illness and isolation requirements. This has
exacerbated labour shortages in some work
groups, such as straddle drivers and stevedores.
Our workforce’s extremely high vaccination
rates, face mask use, testing and work
group separation have helped avoid serious
illness and allowed cargo to keep moving.
Subsidiary and Associate Company
performance
Subsidiary and Associate Company
earnings decreased 16.2% to $15.0 million.
Northport saw a drop in log export volumes
but an increase in container volumes.
Coda Group reported good operating profits
but several one-off transactions had a major
influence on the previous year’s results.
Cargo trends in 2022
Total trade remained stable at 25.6 million
tonnes, compared with 25.7 million tonnes
the previous year.
Imports increased 3.0% to 9.7 million
tonnes, and exports decreased 2.5%
to 15.9 million tonnes.
Log export volumes dropped by 4.4%
to 6.1 million tonnes.
Dairy product exports (including
transhipped cargo) decreased 5.5%.
Meat exports decreased 9.2%.
Kiwifruit exports continued to grow in
volume, with direct exports up 8.8%. Total
kiwifruit volumes, including transhipment,
increased 7.9%.
Oil product imports decreased 4.9%
in volume, while cement imports dropped
by 10.5%.
Fertiliser imports increased by 5.5% in
volume, while grain, protein and stock feed
imports increased by 20.8%.
MetroPort container volumes increased
10.2%, reflecting the import cargo diverted
to Tauranga to avoid delays in Auckland.
For the first time since 2018, total ship
visits increased, by 62 or 4.7% to 1,369.
However, 26 fewer vessels called at the
Tauranga Container Terminal. The volume
exchanged per container vessel increased
by 10.7% compared with the previous year.
Cruise ships are scheduled to return
to Tauranga in the middle of October after
a two year hiatus due to the pandemic.
09

Resource consent hearing delayed
Port of Tauranga is seeking resource
consent to extend wharves by
converting existing cargo storage land.
Detailed planning and consultation began
in early 2019. In May 2020, the Port
applied unsuccessfully for consideration
under the Government’s Shovel Ready
scheme to expedite the resource
consent process. No Government
funding was sought for the project.
The Port was also unsuccessful in an
application for Fast Track consenting
in 2021. Government Ministers instead
recommended direct referral to the
Environment Court.
The Environment Court hearing
to consider the resource consent
application was scheduled for mid-July
but was postponed after some parties
contracted Covid-19. It is now likely
to be heard in the first few weeks
of March 2023.
Meanwhile, the cost of construction
continues to rise, with an estimated
$20 million already added to the $68.5
million project to extend the Sulphur
Point container wharves.
It is incredibly frustrating after years
of consultation and planning to be
put on hold once again. Had we been
successful with our application to the
shovel ready scheme, we would
be finishing construction now.
Without the development, the Port will
face capacity constraints within a few
years. Leaders of some of the country’s
biggest-earning export industries say
they are concerned, including Zespri,
Kotahi, Oji Fibre Solutions and the
New Zealand Cargo Owners Council.
The development is critical to
New Zealand Inc and Tauranga has
the best potential to quickly relieve
supply chain constraints.
You can read more about the
development on page 49.
Automation project
We are also pursuing our plans to
automate container storage at the terminal
to increase our capacity within the current
land footprint. Automated stacking cranes,
a well-proven technology already in use
in many of the world’s most efficient
ports, will be introduced in phases over
the next few years.
The operation will be similar, albeit
on a smaller scale, to that of the Port
of Singapore Authority, and many other
ports worldwide.
Ruakura Inland Port nears completion
Cargo capacity will be further enhanced
with the opening of the Ruakura Inland
Port in Hamilton in late 2022.
The rail-connected hub is being developed
in a 50/50 partnership between Port
of Tauranga and Tainui Group Holdings
(TGH) and is part of TGH’s Ruakura
Superhub development.
An update on this nationally significant
development can be found on page 44.
Coastal shipping
Pacifica Shipping has been successful
in securing funding from the Ministry
of Transport to deploy a second vessel on
its New Zealand coastal service. The 1,300-
TEU ship will join the Moana Chief from mid-
September and will offer shippers additional
capacity ex-Timaru and Northport.
In addition, Maersk has modified its
former Trans-Tasman/Fiji service to
create a dedicated New Zealand coastal
service utilising two 1,750-TEU vessels.
We continue to pursue
developments to increase
our capacity and improve
the resilience of the Upper
North Island supply chain.
THE YEAR IN REVIEW:
Chair and Chief Executive’s Report to Shareholders
Port of Tauranga Limited – Integrated Annual Report 2022
10

In addition, increased coastal
shipping supports New Zealand’s
decarbonisation goals and allows
shippers to easily access more efficient,
larger vessels calling only at Tauranga.
However, we will be constrained in our
ability to accommodate new services
until we are successful in constructing
the additional container berth.
New pilot launch dedicated
to Troy Evans
Port of Tauranga pilot and tug master
Troy Evans passed away at the end
of December after a long battle with
Parkinson’s. Troy was a much-loved
husband to Marilyn, father to two
daughters, workmate and friend.
He was a part of the team at Port
of Tauranga for 10 years and worked
on many special projects, including
the purchase of our two tugs, Tai Pari
and Tai Timu. He gained international
attention and accolades in his quest
for safer piloting, including widespread
adoption of his industry-first drawings
of compliant trapdoor arrangements.
One of the last projects that Troy
worked on was scoping the purchase
of a new pilot launch for Port of
Tauranga. The vessel will be named
the Troy Evans in his honour and is
expected to be delivered in December.
Port of Tauranga also made
a donation to Parkinson’s New Zealand
in Troy’s memory.
Air and water quality improvements
Port of Tauranga takes its social licence
and environmental performance very
seriously and air and water quality
is a constant focus.
A priority in the past few years has been
dust reduction, including the installation
of an additional 640 metres of wind
fences, increased wharf sweeping and
improved cargo handling procedures.
Dust performance indicators have
shown a 5.6% reduction the past year,
and a 16.1% reduction since 2020.
2

Dust levels from port activities are
currently complying with the National
Environmental Standard for Air Quality
but we continue to seek ways to
decrease dust generation and avoid
nuisance for our neighbours.
Port of Tauranga has an extensive
water quality monitoring programme,
with regular testing for suspended
solids, heavy metal toxicants and
other contaminants.
Although the testing is compliant with
the conditions of the Port’s stormwater
resource consents on both sides
of the harbour, we consider there’s
an opportunity to further improve water
quality. We are pursuing additional
stormwater treatment technology
at the Mount Maunganui wharves.
Fumigation reduced
Port of Tauranga introduced a 100%
recapture requirement for all methyl
bromide fumigations of export log
stacks from 1 January 2022. The
Environmental Protection Authority
has subsequently also introduced
stricter rules around methyl bromide
use. A second de-barker is being
commissioned by forestry exporters.
THE YEAR IN REVIEW:
Chair and Chief Executive’s Report to Shareholders
Port of Tauranga has an
extensive water quality
monitoring programme.
2 As measured at the PM
10
monitoring station ‘Mount Maunganui at Railyard South’ during dry conditions at times when the Mount Maunganui Wharves are
upwind of the monitor.
Port of Tauranga Limited – Integrated Annual Report 2022
12

De-barking logs off site greatly reduces
the amount of pre-shipment fumigation
required, and avoids log debris being
deposited on the wharves.
Carbon emissions affected
by congestion
Total greenhouse gas emissions
(Scope 1, 2 and 3) for the year
dropped slightly to 42,534 tonnes,
a 2.1% decrease. However, this is still
5.2% greater than the FY2020 low.
Carbon emission intensity (emissions
per cargo tonne) also decreased
slightly, by 0.6%.
Ongoing congestion in the container
terminal, causing increased straddle
movements and diesel use, impacted
our decarbonisation performance
for the second year in a row.
Our opportunity to significantly reduce
emissions in future lies in automation.
Automated stacking cranes are
electric and have around 75% fewer
emissions than a comparable traditional
diesel straddle carrier operation.
The trend to larger, more efficient
vessels also has significant benefits
for New Zealand’s marine emissions
profile, as they produce fewer
emissions per container. Increased
coastal shipping could also improve
emissions profiles due to fewer
emissions compared with land
transport alternatives.
An efficient Upper North Island
supply chain
After numerous reports and
reviews on aspects of the Upper
North Island freight network, including
ports, the Ministry of Transport is
currently drafting a national supply
chain strategy.
Our preference has always been
pragmatic, fact-based analysis
and solutions, rather than politically-
motivated, interest-driven proposals.
Our vision for the Upper North Island
supply chain involves enhancing
existing assets while investing
in supporting infrastructure such
as rail connections.
An integrated, efficient and
cost-effective supply chain can
be achieved with Government
assistance by removing regulatory
and legislative barriers, and
investment in transport networks.
It is our belief that current legislation
and policy does not encourage nor
facilitate investment, even when
it is environmentally sound and/or
nationally significant. The consenting
process is complex, time-consuming
and costly. It prevents the adoption
of new technology (with its economic
and environmental benefits), ensures
we are always “playing catch up”
with capacity and stops existing
assets from being used to their
full potential.
13

Outlook
Land-side congestion has somewhat
eased compared with the 2021 financial
year. Port of Tauranga is hopeful vessel
schedule reliability will regain some
consistency in the second half of the
2023 financial year.
We expect Covid-19 to have less of
an impact on day-to-day operations.
The economic fallout from the pandemic
is likely to persist for some time yet, with
ongoing high inflation, increasing prices
and rising interest rates . These are
weakening demand, which may have
a temporary negative impact on cargo
volumes at the same time as our costs
are further inflated.
Geopolitical pressures, including
Russia’s invasion of Ukraine and China’s
elimination strategy for Covid-19,
will also continue to impact the global
supply chain.
The Board and management team are
confident that Port of Tauranga is well-
positioned to face these challenges.
We will provide guidance for the 2023
financial year at our Annual Shareholders’
Meeting on 28 October 2022.
Thank you
Throughout the turbulent times of
the past few years, our customers
have been extraordinarily patient and
we thank them for their support. Our
service providers and business partners
have stepped up to overcome the many
challenges. Most of all, we are very
grateful to the dedicated individuals who
have kept cargo moving. Thank you to
our team members and the many others
who work inside and outside the port
gates to keep New Zealand connected
with the world.
Ngā mihi nui
Leonard Sampson
Chief Executive
Julia Hoare
Chair (from 1 August 2022)
Port of Tauranga
is well-positioned
to face the upcoming
challenges in 2023.
THE YEAR IN REVIEW:
Chair and Chief Executive’s Report to Shareholders
Port of Tauranga Limited – Integrated Annual Report 2022
14

Julia Hoare
Chair
15

Integrated
Reporting
This integrated report for the
2022 financial year outlines how
Port of Tauranga creates value for our
shareholders over the short, medium
and long-term. It describes our strategy,
governance, performance and outlook.
Since 2018, Port of Tauranga has utilised
the international Integrated Reporting
Framework in its annual reporting. More
recently, we have added to our reporting
in anticipation of the implementation
of new, mandatory climate-related
disclosures for listed New Zealand
companies and public entities. This
work is being led by the External
Reporting Board.
The Board’s draft requirements, released
at the end of July 2022, are strongly
influenced by the work of the Taskforce
on Climate-related Financial Disclosures
(TCFD). We will continue to adapt our
reporting approach as New Zealand
and international standards are
further developed.
Our carbon emissions are audited
annually by Toitū Envirocare using
the CEMARS certification and we
are confident we can meet any future
assurance requirements.
Last year we reassessed our material
issues by surveying our team members
and our external stakeholders. We will
do this regularly to ensure our strategies
focus on those issues that are the highest
priority for our stakeholders, and that
we have the greatest ability to influence.
Last year we also refreshed our purpose,
vision and values to ensure they best
describe our aspirations. We continue
to realign our internal processes to reflect
these updated intentions, including
a review of performance management,
recognition and remuneration.
We have expanded our assessment
of climate-related risks and defined
some of the mitigations and controls
utilised now and in the future.
In the coming year, we will review our
brand assets to better communicate
what our refreshed purpose, vision
and values mean to our team
and our external stakeholders.
In the following pages, we describe the
capitals, resources or inputs that we use
or affect: our relationships, our people,
our skills and knowledge, our environment,
our assets and infrastructure, and our
finances. We outline the capabilities,
strengths and expertise we add, describe
our activities and outputs, and the
resulting outcomes for our stakeholders.
We define “stakeholders” as anyone
who has something to gain, or something
to lose, from Port of Tauranga’s activities.
They include neighbours, customers,
iwi and hapū, regulators, service providers
and employees.
The Board of Directors is committed
to engaged, quality governance. Our
conversations are characterised
by open debate, respectful challenge
and constructive criticism.
We have effective relationships with
management and frequently engage
directly with employees, customers
and other stakeholders.
Integrated reporting is a journey and
we will continue to assess and adapt
our approach as we seek to increase
our transparency, build credibility
and preserve trust. Integrated thinking,
actions and reporting will ensure
the best possible outcomes for our
shareholders, employees, customers,
partners and community.

Julia Hoare
Chair
Port of Tauranga Limited – Integrated Annual Report 2022
16

Port of Tauranga’s purpose,
vision and values were reviewed
in 2021. We have realigned our
strategic framework to ensure
we will be able to reach our
goals for the next decade
and beyond.
Our purpose and vision guides
us to focus our attention, effort
and resources in the right
places, reflecting the priorities
of our stakeholders.
OUR PURPOSE
Connecting New Zealand
and the world.
OUR VISION
Our purpose goes beyond profit
and is the key to Port of Tauranga’s
ongoing success. Our aspirations
for 2030 are:

– Drive National Prosperity
New Zealanders will value the port
as an asset that drives our nation’s
prosperity by providing the most
efficient access to global trade.
– Improve Community Wellbeing
We will improve our community’s
wellbeing by providing jobs and
economic growth, as well as forming
effective partnerships to pursue
a shared vision of success.
– Protect our Natural Environment
We will protect and enhance our
natural environment. We will invest
in technology and embed sustainable
practices throughout our business.
– Respect Mana Whenua
We will recognise and respect
the mana whenua of the rohe
and acknowledge the kaitiakitanga
of iwi and hapū.
– Nurture Our People
We will be an attractive and
accessible workplace where talent
is nurtured. Our people will be
proud to work here and know their
contribution is valued. We will foster
a culture of empowerment, where
health and safety is at the forefront
of everything we do.
– Provide Superior Customer
Service
We will be driven by our customers’
needs and create innovative supply
chain solutions. We will deliver on our
promises, provide superior service
and grow together.
– Deliver Long-Term Value
We will deliver long-term value
for investors through leading
environmental and ethical
performance, business resilience
and sound financial management.
COMPANY OVERVIEW:
Our Purpose
and Vision
Port of Tauranga Limited – Integrated Annual Report 2022
18

Our
Values
Having a “safety
always” mindset
Listening and
working together
Creating
better ways
Taking pride and
doing the right thing
Our values define our fundamental beliefs and dictate
our behaviour as individuals and as an organisation.
We will achieve our vision by:
19

State Highway 1
State Highway 2
Golden Triangle

Rail Network
East Coast Main
Trunk Rail Network
KEY
Christchurch
Timaru
Invercargill
Wellington
Napier
Murupara
Hamilton
Auckland
Northport
Port of Tauranga
5
4
6
3
2
1
Ruakura
Our
National
Network
COMPANY OVERVIEW:
By the numbers:
Port of Tauranga is New Zealand’s
international freight gateway. It operates
the country’s largest container terminal,
handling around 42% of all shipping
containers. Port of Tauranga handles 32%
of all New Zealand cargo and 36% of all
New Zealand exports*.
• 6,632 TEU total ground slots at Tauranga
Container Terminal, with 3,426 dedicated
reefer connections
• 2,880 TEU capacity at MetroPort
Auckland
• 2.8km total quay length at Tauranga,
with 15 berths
• 279 employees at parent company
• 15ha of land in Rolleston near
Christchurch, 45ha of land in Auckland,
190ha of land in Tauranga
• 14.5m shipping channel depth
in Te Awanui Tauranga Harbour
• 53 straddle carriers and
9 container cranes at Tauranga
Container Terminal
* https://www.transport.govt.nz/
statistics-and-insights/freight-and-
logistics/trade-trends/
Port of Tauranga Limited – Integrated Annual Report 2022
20

50% OWNERSHIP
WITH KOTAHI
• Freight logistics group
incorporating Tapper
Transport, Dairy Transport
Logistics, Priority Logistics
and MetroPack
• 50% shareholding in
MetroBox
• Operates New Zealand’s
largest intermodal freight
hub at Otahuhu in Auckland.
50% OWNERSHIP WITH MARSDEN
MARITIME HOLDINGS
• Deep water commercial
port near Whangarei.
46
1
3
50% OWNERSHIP WITH PORTS
OF AUCKLAND
• Online cargo
management system.
OPERATED BY PARENT
COMPANY AND KIWIRAIL
• Inland port in the heart of
Auckland’s commercial
and industrial area,
connected by rail to
Tauranga and Hamilton
• New Zealand’s fourth largest
container terminal.
50:50 JOINT VENTURE WITH
TAINUI GROUP HOLDINGS
• Inland port connected by rail
to Tauranga and Auckland
• Part of the Ruakura
Superhub
• Due to open in late 2022.
OPERATED BY TIMARU
CONTAINER TERMINAL
• Intermodal freight hub
at Rolleston
• Rail connections to Timaru
Container Terminal and
rest of South Island
• New warehouse built for
Coda Group.
100% OWNERSHIP
• Direct links to Tauranga
• Operates MetroPort
Christchurch at Rolleston.
100% OWNERSHIP
• Specialist cargo handling
services company with
operations at Tauranga
and Timaru.
50% OWNERSHIP WITH
TIMARU DISTRICT HOLDINGS
• Commercial port in Timaru
• Bulk cargoes including major
cement handling facility
• New oil terminal.
METROPORT
CHRISTCHURCH
5
6
5
1
6
1234
5
2
METROPORT
AUCKLAND
3
1
PARENT COMPANY
• New Zealand’s largest port and international freight gateway
• Container terminal, bulk cargo wharves and bunkering /bulk liquids facilities
• Extensive cargo storage and handling facilities
• Rail connections to Hamilton, Auckland and the central North Island
• Extensive road networks and coastal shipping connections.
6
21

How Port
of Tauranga
Creates Value
A can-do attitude
Sector-leading safety performance
Flexibility
History of sound commercial infrastructure investment
Deep understanding of supply chain dynamics
Proven ability to execute strategy
Located close to cargo catchments and linked
by road, rail and sea
Cost-effective and competitive labour model
Strong and transparent governance framework
Astute financial and risk management
Responsive and creative
customer service
OUR
CAPABILITIES
COMPANY OVERVIEW:
INPUTS
Our relationships
Our skills &
knowledge
Our assets & infrastructure
Our finances
Our people
Our environment
Port of Tauranga Limited – Integrated Annual Report 2022
22

Growing trade volumes based
on long-term freight agreements
with key customers
Constructive partnerships with iwi
and community organisations, focused
on harbour health, education
and youth development
Principal sponsorship of national events
held locally and community infrastructure
Consistent, reliable and efficient
operational performance without
compromising safety
Innovative investments in other ports,
inland freight hubs, logistics and cargo
handling specialists
Strategic land holdings on both sides of
Tauranga Harbour and other key locations
Cargo handling equipment
and storage capacity that enables
cargo volume growth
Proactive pollution prevention
and incident response
Investments in energy efficiency
and waste minimisation
Strong balance sheet with favourable
debt facilities
Job creation – direct and indirect
Dividends paid to shareholders, including
regional ratepayers (through cornerstone
shareholder, Quayside Holdings)
OUR
OUTPUTS

Enduring, mutually beneficial partnerships
A proud, safe and motivated workforce
Highly effective and resilient logistics
networks that meet the needs of the
New Zealand supply chain
Responsive environmental stewardship
and improved air and water quality
Appropriate risk and return
for our shareholders
Secure employment and prosperity
for local, regional and
national communities
OUTCOMES FOR
OUR STAKEHOLDERS

23

What
Matters
Most?
Port of Tauranga’s business strategies
focus on the issues that matter most
to our stakeholders, including the
community, iwi and hapū, customers,
suppliers, partners, investors
and employees.
Last year we engaged an independent
expert to consult our team members
and external parties about the “material
issues” most likely to impact the way
Port of Tauranga creates (or erodes)
value. The issues include economic,
environmental and social concerns.
More than 50 stakeholders were asked to
rank the issues based on their importance,
as well as the areas where Port of
Tauranga can make the biggest impact.
The top five material issues for Port
of Tauranga can be summarised as:
Health, safety and wellbeing
– Encouraging a positive health,
safety and wellbeing culture,
where incidents are prevented and
wellbeing is proactively managed.

Resilient port capacity
and expansion
– Growth in cargo volumes, keeping
ahead of demand through resilient
operations, innovation and
automation, shipping lane widening /
deepening, extending wharves and
adding capacity.
Customer experience and trust
– Foster enduring partnerships with
a diverse range of customers by
supporting a strong customer-
centric workplace culture.
Governance, leadership and ethics
– Strong governance supporting
strategy delivery, sound operations
and transparent business practices.
Senior management engagement
with workforce, building teamwork
and recognising performance.
Biodiversity protection
– Protecting water quality, marine
biodiversity, and habitats through
responsible stewardship, including
stormwater management.
This is the second such survey
undertaken by Port of Tauranga and
we will continue to check in regularly
with our stakeholders to ensure we are
focusing on the things that matter most
to them. The feedback informs our
business strategies and helps us focus
resources on the areas where
we can have the most impact or realise
the greatest opportunity.
We also used the feedback to guide
a refresh of our purpose, vision and
value statements. You will see reference
to material issues and their link to
our strategies in each of the Capitals
sections in this report.
OUR STAKEHOLDERS:
Port of Tauranga Limited – Integrated Annual Report 2022
24

Port of Tauranga’s risk management
framework gives us the tools to assess,
monitor and manage risks, including
those related to climate change.
Risks are continuously evolving. Port
of Tauranga’s top strategic risks are:
• Maintaining the health, safety
and wellbeing of our people
• Protecting our social licence
to operate
• Legal and regulatory risk
• A natural disaster event
• Commercial and business
risk due to global economic
or geopolitical situations
• Malicious cyber attack
• A vessel foundering in the
shipping channel.
All identified risks are assessed on their
likelihood and impact, and are rated
pre- and post-mitigation. The top
strategic risks are reported to the Board
for evaluation of the mitigations and
controls currently in place or planned.
We regularly test our emergency
preparedness and, in the past year,
have reviewed our crisis management
policy, procedures and processes with
independent experts.
Governance
Port of Tauranga’s Board of Directors
regularly reviews and assesses the
Company’s governance structures
and processes to ensure they are
consistent with best practice. The Board
is responsible for setting the Company’s
strategic direction and providing
oversight of its management. Directors’
independence is assessed annually,
and the Board’s skills, perspectives,
knowledge and competencies are
reviewed regularly.
At Port of Tauranga, our response
to climate change is the responsibility
of the entire organisation – the Board
of Directors, senior management
team, extended leadership team and
employees. Our corporate governance
structure ensures accountability and
strategic oversight of our response.
The Board receives regular updates
on the company’s performance in
sustainability, and its Audit Committee
reviews our strategies, policies
and compliance.
The senior management team’s key
performance indicators include climate
change and environmental objectives.
The team is supported by the extended
leadership team in delivering the projects
and workstreams to achieve these
objectives. The Port’s environmental
team is charged with monitoring
and compliance reporting as well as
identifying and supporting business
improvement initiatives.
The Port’s emissions data is provided
to Toitū Envirocare, which audits and
reports on performance.
In 2023, we will review our policies and
processes to ensure we can meet the
climate-related financial disclosures
required under new legislation. We are
confident we can meet the expectations
of legislators and our investors.
Climate change strategy
Climate change adaptation is key to
our aspiration of delivering long-term
value for our investors through leading
environmental and ethical performance,
business resilience and sound financial
management. Our response to climate
change is also part of our vision to
protect and enhance our natural
environment, and to invest in technology
and embed sustainable practices
throughout our business.
We continue to adapt our policies,
processes and practices for a low-carbon,
climate-resilient future. We assess our
risks, take steps to reduce our vulnerability
and identify opportunities for our business
as the environment changes.
Managing Risks
and Opportunities
Port of Tauranga Limited – Integrated Annual Report 2022
26

CLIMATE-RELATED IMPACTS
EXAMPLESPOTENTIAL IMPACTS
CURRENT AND FUTURE
MITIGATIONS AND CONTROLS
Risks from the
transition to a
lower-carbon
economy
• Increased reporting
requirements
• Costs and implementation of
new technology
• Changing shareholder
expectations
• Changes to Government and
regulator policies.
• Increased compliance costs
• Increased capital expenditure
and operating costs
• Reduced demand from
customers and/or investors
• Difficulty accessing capital
or other resources, including
people
• Reputation damage or loss of
community support.
• Report on Port of Tauranga’s
carbon emissions and articulate
our management and reduction
plan
• Prioritise lower emission
transport options such as rail,
coastal shipping and larger
vessels
• Infrastructure investment in
clean electricity, biodiesel,
hydrogen and other fuel
alternatives
• Maintain excellent relationships
with stakeholders, including
government agencies.
Transition
opportunities
• Greater efficiencies
• Increased recycling and
repurposing of resources
• Reduced energy use
• Changing stakeholder
expectations
• Technological improvements
and innovations.
• Lower operating costs
• Improved safety
• New revenue sources
• Increased demand from
customers and/or investors
• Easier access to capital or other
resources, including people
• Improved reputation and
increased community support.
• Invest in infrastructure and
technology projects with the
most impact (e.g. electric
stacking cranes)
• Build a network of freight
hubs to consolidate cargo,
connecting to larger vessels
• Waste minimisation programme
to avoid waste going to landfill.
Physical risks from
the impacts of
climate change
• Increased severity and
occurrence of extreme weather
events
• Rising sea levels
• Biosecurity incursions from
invasive pests and pathogens
due to colder, warmer, wetter,
drier or other conditions
(including heightened
international risk).
• Increased costs and operational
impact of damaged or
inaccessible equipment and
infrastructure, including land
• Increased energy costs
• Increased water demand and/or
restricted access to water
• Increased insurance premiums
or inability to insure
• Loss of useable land due to
erosion or inundation
• Impact on cargo volumes from
decreased primary production
or lower international demand
(short or long-term), and/or
changes in seasonality
• Reduction in health and
lifestyle quality.
• Build a network of inland ports,
logistics hubs and support
facilities to improve resilience
and capacity
• Preparedness for emergencies,
including crisis management
and business continuity policies,
procedures and processes
(tested regularly)
• Partnership with biosecurity
agencies to increase vigilance
around pest incursions
• Annual insurance reviews to
ensure coverage is fit-for-
purpose
• Diversity of cargo mix to
mitigate impact of decreased
production or demand
• Maintain relationships with
Civil Defence and other lifeline
utilities.
Physical
opportunities
• Investment in more resilient
equipment, infrastructure and
technologies.
• Lower operating costs
• New or increased revenue
streams as a result of increased
productivity or new cargoes.
• Asset replacement strategy
that favours more fuel efficient
vehicles and equipment (e.g.
hybrid straddle carriers).
27

Port of Tauranga Limited – Integrated Annual Report 2022
28

Improving
community
wellbeing
VISION
We will improve our community’s
wellbeing by providing jobs and
economic growth, as well as
forming effective partnerships to
pursue a shared vision of success.
We will recognise and respect
the mana whenua of the rohe and
acknowledge the kaitiakitanga
of iwi and hapū.
MATERIAL
ISSUES
Iwi engagement
Community
engagement
Community
investment
Responsible
supply chain
Economic
contribution
Capital
OUR RELATIONSHIPS
Port of Tauranga has built long-term, mutually beneficial relationships with
a diverse range of customers, communities and business partners. We share
information in order to help us plan for the future in a way that best meets
all stakeholders’ needs.
In the following pages we describe our progress in pursuing our relationship
strategies. We have lent our support to a new regional surf life saving hub,
backed a longstanding national festival, and worked with iwi to improve
the health of Te Awanui Tauranga Harbour.
29

long-term freight agreements in place
with major shippers Kotahi, Oji Fibre
Solutions and Zespri International
28% average increase in
social media followers
people hosted on port tours
joint venture with Tainui Group Holdings
developing the Ruakura Inland Port near
Hamilton, due to open late 2022
Capital
OUR RELATIONSHIPS
tertiary scholarships awarded
to Māori students
18
1,500+
3
https://www.tauranga.govt.nz/exploring/parks-and-reserves/parks-projects/kopurererua-valley-reserve-restoration.
Working with Tauranga
Moana iwi and hapū
Port of Tauranga works both formally and informally with
Maori organisations in the rohe, including the three iwi with
mana whenua status – Ngāi Te Rangi, Ngāti Ranginui and
Ngāti Pūkenga.
The Ngā Mātarae Charitable Trust was founded seven years ago
to balance the impact on the cultural and spiritual values of local
iwi and hapū from the harbour capital dredging project completed
in 2016. The Trust brings together the three iwi, the Port, the Mauao
Trust and the Tauranga Moana Iwi Customary Fisheries Trust.
The Trust is funded through an annual grant from the Port.
The funds are used to sponsor organisations and projects that
improve harbour health.
Projects funded by the Trust so far include:
• A pipi research project undertaken by Manaaki Te Awanui
Charitable Trust, to restore and enhance coastal ecosystems
• Purchase of a research and monitoring vessel for Manaaki
Te Awanui (pictured at left)
• A wetland restoration and establishing an inanga spawning
habitat in the Kopurererua stream, a tributary to Tauranga
Harbour. The project aims to improve water quality and support
larger populations of important native species.
3
Port of Tauranga also provides tertiary scholarships for Maori
students in two schemes – through Ngā Mātarae Trust, and through
the Turirangi Te Kani Memorial Scheme. The latter was established
more than 30 years ago in honour of a much-respected kaumatua.
In 2022, Port of Tauranga provided 18 scholarships under the two
schemes, to students in their first, second or third year of study.
Port of Tauranga is also providing scholarship funding to Kia Maia
Ellis for her PhD research on pēpi kōura (baby red rock lobster)
and their resilience to climate change. The project involves creating
monitored settlement sites around the port for the red rock
lobsters in their puerulus or post-larval stage.
Port of Tauranga Limited – Integrated Annual Report 2022
30

Panepane Point
returned to hapū
The eastern-most point of Matakana Island, known
as Panepane Point, has been returned to local hapū.
The land, which lies on the opposite side of the harbour entrance
to Mauao, was compulsorily acquired in 1923 for the former
Tauranga Harbour Board under the Public Works Act. The majority
of the land was later transferred to the Western Bay of Plenty
District Council, with the Port maintaining a small portion for
shipping navigational aids.
Following public consultation, and with the support of Port of
Tauranga, the council has transferred its interest to the five hapū
of Matakana and Rangiwaea Islands. The Port has retained an
easement to access the navigation equipment for maintenance
and relocation if necessary.
Port tours a sell-out
Port of Tauranga’s second annual winter port tours season
were a sell-out, despite the rainy weather
.
The Port has hosted summer tours for many years and the new
July programme has proved just as popular.
It is the only way members of the public can see beyond the security
gate, as the whole port is a Customs-controlled, secure area.
The ticket proceeds go to one of our favourite local charities,
Waipuna Hospice.
Unfortunately the move to the red light setting of the Covid-19
protection framework forced an early end to the 2022 summer
season. We still managed to host more than 1,500 people on tours
over the course of the year.
Port of Tauranga
jazzes up events scene
In 2022, Port of Tauranga took over the naming rights
sponsorship of the National Jazz Festival, held in Tauranga
every Easter
.
Covid-19 forced postponement of the event from April to June,
and the 59th festival took place at multiple venues across the city
in the week leading up to the inaugural Matariki long weekend.
The Port of Tauranga National Jazz Festival is an iconic event for
the region and is the longest-running jazz festival in the southern
hemisphere. It entertains locals, attracts visitors and brings
economic benefit to the region.
Port of Tauranga is a founding gold sponsor of the biennial Tauranga
Arts Festival, featuring local and guest performances in music,
theatre and comedy, as well as a range of public talks and workshops.
As well as events, Port of Tauranga’s sponsorship has also helped
provide community infrastructure and equipment. Past projects
include the Pilot Bay boardwalk, the Bay of Plenty TECT rescue
helicopter’s specialist winch, floodlighting at the Bay Oval cricket
ground, patrol boats for the Tauranga Yacht and Power Boat Club,
and enhancement of walking tracks on Mauao.
Supporting our
community’s most
vulnerable
Port of Tauranga is a long-term supporter of dozens
of community organisations and charities working in
our community.
We make a significant donation every Christmas to the
Tauranga Community Foodbank in lieu of gifts to our customers
and suppliers. We recently increased our annual donation to
$15,000 in recognition of the increased hardship many are facing
due to the pandemic.
31

Port of Tauranga is the naming rights
sponsor of a new rescue centre that
will serve as a hub for surf life saving
operations in the eastern region of
the North Island.
The Port of Tauranga Rescue Centre at
Golf Road, Mount Maunganui, has the
capability to act as a rescue coordination
point for any major beach and surf
rescues made under the watch of Surf Life
Saving Eastern Region, which comprises
19 surf clubs from Hot Water Beach in
Coromandel to Tairawhiti/Gisborne.
The 1,300 sqm building also
accommodates clubrooms, offices and
storage for Mount Maunganui Bridge Club,
Surf Life Saving New Zealand and Omanu
Beach Surf Life Saving Club. The Bridge
Club has had clubrooms on the site since
the 1970s.
Port of Tauranga Chief Executive,
Leonard Sampson, is delighted with
the new partnership.
“The Port of Tauranga Rescue Centre will
provide a purpose-built, well-equipped
base for the many volunteers and staff that
do an extraordinary job in keeping people
safe on the beach and in the water,” he says.
“The Port of Tauranga Rescue Centre will
be there to support these first responders
whenever they need to act in an emergency
or coordinate a large-scale search and
rescue.”
He says the rescue centre is a tangible way
to deepen the Port’s connections to the
communities living along the east coast.
“We look forward to a long and enduring
relationship with the community
organisations that will call the Port of
Tauranga Rescue Centre home.”
Donal Boyle, Trustee of the Omanu Beach
Charitable Trust that developed the centre,
says the Port's support is a game-changer
for surf live saving in the region.
“It means we can get on with saving lives
and supporting our many volunteers,
without worrying about the ongoing cost
of running the centre. The backing of Port
of Tauranga, such an iconic company in
this region and nationally, is very much
appreciated by our community,” he says.
The centre will act as headquarters
for up to 50 surf life saving staff and
volunteers, provide storage for critical
rescue equipment and coordinate
communications in the case of a major
ocean or beach rescue.
Construction of the Port of Tauranga
Rescue Centre was funded by the Kanoa
Regional Economic Development and
Investment Fund administered by the
Ministry of Business, Innovation and
Employment with additional funding from
TECT, along with the generosity of local
suppliers and supporters.
Capital
OUR RELATIONSHIPS
FEATURE
Port of Tauranga
sponsors new
rescue centre
Port of Tauranga Limited – Integrated Annual Report 2022
32

The Port of Tauranga Rescue
Centre will provide a purpose-built,
well-equipped base for the many
volunteers and staff that do an
extraordinary job in keeping
people safe on the beach and
in the water.
33

Port of Tauranga Limited – Integrated Annual Report 2022
34

Nurturing
our people
VISION
We will be an attractive and
accessible workplace where talent
is nurtured. Our people will be
proud to work here and know their
contribution is valued. We will foster
a culture of empowerment, where
health and safety is at the forefront
of everything we do.
MATERIAL
ISSUES
Health, safety
and wellbeing
Employee engagement
and capacity
Governance,
leadership and ethics
Diversity and inclusion
Border stewardship
Capital
OUR PEOPLE
Port of Tauranga aims to recruit talented people, nurture them, retain
them and recognise them. Our wellbeing programme promotes the physical,
mental and emotional health of our team members and their whanau.
Our positive health and safety culture proactively manages and mitigates
risks. We deal with any challenges, emergencies or crises with thorough
planning, preparation and practice.
In the following pages we describe our progress in pursuing our strategies
around people, wellbeing and safety. We have established an Intranet to
improve internal communications and build connections across the business,
and used our employee wellbeing programme ShipShape to support our
people’s health during the pandemic.
35

Capital
OUR PEOPLE
Focus on avoiding
minor injuries
Safety is one of our core values and we work constantly
to identify, understand and minimise hazards. All near
misses and incidents – no matter how minor – are recorded,
analysed and acted on.
Unfortunately, our combined Total Recordable Injury Frequency
Rate (TRIFR) increased in the past year, primarily due to a number
of soft tissue injuries among terminal workers. One of the reported
issues has been potholes in the pavement caused by high traffic
volumes, congestion and wet weather.
We’ve taken a multi-disciplinary approach to the issue. Where
an incident’s location can be identified, our civil works team
moves in to quickly fix the problem or block off the area until repairs
can be made.
In addition, a cross-functional team has been examining short-
and long-term fixes for pavement issues, including using different
materials. As weather and operational requirements allow, sections
of the terminal pavement are being excavated and re-laid.
11.5%
staff turnover
(up from 9.6%)
44%
of job vacancies
filled internally
22%
of workforce is female
(up from 19% last year)
0
Total Recordable Injury
Frequency Rate
(Port of Tauranga employees)
26.6
Total Recordable Injury Frequency Rate
per million hours worked (Port of Tauranga
employees and contractors combined)
Port of Tauranga Limited – Integrated Annual Report 2022
36

0
30
60
90
120
150
Male
Female
TerminalPropeyFinanceCorporateCommercial
Male
Female
Sharing in success
Port of Tauranga has been operating an employee share
ownership plan since listing on the NZX in 1992. It gives our
team members the ability to build wealth over the long-term
while sharing in the success of the business.
Employees can buy discounted shares in the company through
regular pay deductions over three years.
The latest round of the scheme was launched in February, offering
245 employees up to $5,000 worth of shares at a 10% discount.
Around 87% of the eligible team members took up the offer.
In recognition of the extra efforts of our team members during
the Covid-19 pandemic, last year all team members who had been
with the company more than six months received a one-off bonus
of 200 shares.
Vigilance over vessel
standards
Port of Tauranga is working with Maritime NZ to ensure
visiting international vessels meet our safety standards.
One area of focus is the safety compliance of pilot ladders.
Each ladder is inspected on arrival and departure, and our
pilots and launch crews are empowered to prevent boarding
or disembarking if they feel the ladder, or any other equipment,
is unsafe.
We will continue to lobby to ensure this issue is a top priority for
the shipping industry.
We have also stepped up surveillance of vessels in port to ensure
noise and air pollution are kept to a minimum.
Port of Tauranga is collaborating with the Tauranga Harbourmaster
to make the harbour safer for all water users. A publicity campaign
targeting recreational boaters is in development to raise awareness
of rules around commercial shipping and the precautions required
around large cargo vessels.
0
20
40
60
80
100
>7060–6950–5940–4930–39<29
Male
Female
0
50
100
150
200
>4030–3920–2910–19<10
Male
Female
Gender Diversity Statistics
BY DIVISION BY AGE BY YEARS OF SERVICE
37

The combined impact of Covid-19 and
congestion have put an enormous amount
of pressure on our team members for the
past two years.
Port of Tauranga provides a free,
confidential employee assistance
programme through Vitae. Team members
can also access health insurance, free
health assessments, flu vaccinations, free
period products, financial advice and an
exercise membership subsidy.
Our employee wellbeing programme
ShipShape was established in 2018
to bring together existing and new
wellbeing initiatives under the direction
of a committee of team members from
across the business. The programme has
silver accreditation under the WorkWell
framework of Toi Te Ora Public Health,
and is working towards gold accreditation.
Although getting together in groups has
been avoided during the Delta and Omicron
outbreaks, team-building and educative
events have now begun again with the
appropriate Covid-19 precautions.
Recent ShipShape initiatives have included
a vegetable-growing competition with free
seedlings, healthy cooking demonstrations
and recycling promotions. ShipShape
sponsors social sports teams in volleyball,
touch rugby, bowls, tennis, running and golf.
Regular newsletters promote coping
strategies and online resources. To
provide a sense of teamwork (and healthy
competition), ShipShape-related content
is now featuring prominently on the Port
of Tauranga Intranet, which was launched
in early August.
The Intranet will provide the ideal platform
to strengthen connections across the
business, keep our people better informed,
and promote collaboration.
Capital
OUR PEOPLE
FEATURE
Feeling
ShipShape
Port of Tauranga Limited – Integrated Annual Report 2022
38

Our employee programme
ShipShape was established in
2018 to bring together existing
and new wellbeing initiatives.
39

Port of Tauranga Limited – Integrated Annual Report 2022
40

Providing superior
customer service
VISION
We will be driven by our customers’
needs and create innovative supply
chain solutions. We will deliver
on our promises, provide superior
service and grow together.
MATERIAL
ISSUES
Customer experience
and trust
Resilient port capacity
and expansion
Geographic reach
Supply chain efficiency
Capital
OUR SKILLS AND KNOWLEDGE
Port of Tauranga’s integrated view of the supply chain leads us to invest
in other ports, inland freight hubs, cargo handling expertise, transport
operations and logistics services. The aim is to reduce waste in the supply
chain and offer our customers the most efficient and environmentally-sound
option for their freight.
In the following pages we describe how we use our skills and knowledge
to set and pursue our strategies. We will soon open the Ruakura Inland Port
at Hamilton, in partnership with Tainui Group Holdings, and are investing in
better data access for the industry through our joint venture PortConnect.
41

Capital
OUR SKILLS AND KNOWLEDGE
A lack of consistent data across multiple platforms has been replaced
by PortConnect – a comprehensive online cargo management system
that provides a single port-of-call for shipping lines, transporters,
importers, exporters, forwarders and regulatory authorities.
PortConnect Limited is 50% owned by Port of Tauranga and Ports
of Auckland and was launched by the two ports in 2012. Now it is
utilised by Northport, Timaru Container Terminal, Port of Lyttelton,
Ports of Auckland and Port of Tauranga (as well as their inland
ports), covering approximately three quarters of the container
trade in New Zealand.
PortConnect provides a searchable, real-time vessel schedule
for all member ports. Users can track and trace containers,
manage Customs and MPI clearances, submit documentation
and prioritise shipments travelling by rail.
The secure system has helped shippers manage the congestion
and delays caused by international supply chain disruption
of the past two years. Customers can manage containers
predictively instead of reactively, and avoid endless manual
website searches.
Integration with customers’ systems is via email or API.
Port of Tauranga believes that competition across the port
sector is vital to control prices and promote higher quality services.
However, in areas such as data provision, the supply chain can
benefit from greater cooperation amongst ports.
PortConnect improves
supply chain efficiency
A Port of Tauranga joint venture is helping shippers gain
visibility over their logistics data.
Container crane rate of
32 .1
moves per hour (compared with
New Zealand average of 27.6 in 2021)
4
Number of Inland Ports
3
MetroPort Auckland (opened 1999),
MetroPort Christchurch (opened 2015)
and Ruakura (due to open late 2022)
4
https://www.transport.govt.nz/statistics-and-insights/freight-and-logistics/sheet/figs-port-container-handling
Port of Tauranga Limited – Integrated Annual Report 2022
42

Working with regulatory
agencies
Port of Tauranga works closely with government agencies and
regulators to ensure the port is a safe and secure workplace.
The Port works with New Zealand Police and Customs to stop
threats entering New Zealand and detect potential criminal activity
within the port gates.
Other agencies with a regulatory role in border protection
and safety include the Ministry for Primary Industries, WorkSafe,
Maritime NZ, the Tauranga Harbourmaster (employed by the
Bay of Plenty Regional Council), the regional Public Health Unit
and the Ministry of Health.
Port of Tauranga participates in multiple local and national forums
to address the issues facing our industry, our communities and
the national economy.
During the Covid-19 pandemic, we have lent our expertise
to a range of government-related forums and working groups.
Our team is also heavily involved in port sector safety strategy
and holds leadership positions in the Port Industry Association
and Maritime NZ/WorkSafe joint port sector groups.
We also take an active role in regional and national business
organisations such as Priority One (the Bay of Plenty region’s
economic development agency), the Employers and
Manufacturers Association and Business NZ.
43

Capital
OUR SKILLS AND KNOWLEDGE
Port of Tauranga’s inland port development
with Tainui Group Holdings at the Ruakura
Superhub is due to open in late 2022.
The Superhub, a few kilometres from
downtown Hamilton, comprises the inland
port, a logistics and industrial hub, and
associated services.
Port of Tauranga Chief Executive,
Leonard Sampson, says the new hub will
better connect the Auckland, Waikato
and Bay of Plenty regions.
“Through the inland port, Waikato-based
shippers will get rail-connected access
to the big ship services calling only at
Tauranga,” he says.
“Bigger ships are more efficient and
produce fewer carbon emissions per
container when combined with rail, which
also takes trucks off regional roads.”
The first stage of the inland port is nine
hectares and future development will see
it grow to around 30 hectares. It will have
two 800 metre rail sidings off the East
Coast Main Trunk rail line.
The inland port will allow Port of Tauranga
to grow cargo capacity as cargo volumes
increase. It will be used as a cargo
consolidation and staging area.
The Port is investing in the development
for economic, social and environmental
reasons.
“In Tainui Group Holdings we have found
a partner with strongly aligned values and
interests,” says Leonard.
“We see this as a long-term, strategic
partnership that combines the Port’s
experience and expertise in developing
and operating ports, with Waikato-Tainui’s
deep regional connections and commercial
acumen,” he says.
The Ruakura Superhub has already
attracted a collection of large-scale
tenants, including Kmart, PBT, Big Chill,
Maersk and Waitomo Energy.
Leonard says the migration of industry
from South Auckland, where there is limited
space and high land prices, to the Waikato
is expected to continue and is recognised
in the Waikato and Bay of Plenty Freight
Action Plan published earlier this year
(see more on page 55).
FEATURE
Ruakura
Inland Port
Port of Tauranga Limited – Integrated Annual Report 2022
44

The Port is investing in the
Ruakura Inland Port for economic,
social and environmental reasons.
Above, progress of the Ruakura Superhub under development in Hamilton, with the inland port at the far right
of the earthworks and the Waikato Expressway in the foreground. Below, the pavement of the inland port, and
the East Coast Main Trunk rail line, can be seen on the left of the picture.
45

Port of Tauranga Limited – Integrated Annual Report 2022
46

VISION
We will protect and enhance our
natural environment. We will
invest in technology and embed
sustainable practices throughout
our business.
MATERIAL
ISSUES
Biodiversity
protection
Biosecurity
Air and water quality
management
Local impacts
Managing carbon
emissions
Climate action
Port of Tauranga prevents air and water pollution through dust suppression,
stormwater management and spill prevention. We support industry efforts
to reduce fumigation, while ensuring the port community is vigilant in
detecting pest incursions that threaten our way of life. We choose energy
efficient equipment where possible, minimise waste and seek to reduce
our carbon emissions across all areas of our business.
In the following pages, we describe our progress in pursuing our environmental
and climate change strategies. We have installed new wind shelters to reduce
dust migration, minimised waste going to landfill and will soon add another
seven hybrid straddle carriers to our fleet.
Protecting
our natural
environment
Capital
OUR ENVIRONMENT
47

Capital
OUR ENVIRONMENT
Carbon emissions
affected by congestion
Port of Tauranga has successfully reduced its carbon
emission intensity (emissions per cargo tonne) by 10%
since 2018.

Emissions have been reduced through a waste minimisation project,
diverting waste such as wharf sweepings from landfill and recycling.
Other initiatives include installing reticulated power for refrigerated
containers (avoiding the need for diesel generator use at peak
times), and the transition to lower emission vehicles and equipment.
Our three hybrid straddle carriers are about 25% more fuel efficient,
and we have just ordered another seven to add to the fleet.
However, efforts to reduce emissions have been frustrated by the
ongoing congestion at the container terminal, which has caused
additional straddle movements and diesel consumption.
Year on year, emission intensity has decreased by 0.6% and total
emissions (Scope 1, 2 and 3) have decreased by 2.1%.
Port of Tauranga’s main sources of carbon emissions are rail freight,
diesel use (primarily straddle carriers and marine fuel), electricity
and waste to landfill.
We continue to pursue reductions and our opportunity to make
a major dent in emissions in future lies in automation. Electric
stacking cranes produce around 75% fewer emissions than
a comparable traditional diesel straddle carrier operation.
16.1%
reduction in dust
since 2020 (see page 50)
10%
reduction in carbon emission intensity
(emissions per cargo tonne) since 2018
2 .1%
reduction in overall
emissions in FY2022
compliance with all stormwater
quality standards
Port of Tauranga Limited – Integrated Annual Report 2022
48

Preventing pests from
entering New Zealand
Port of Tauranga works with other members of the port
community to keep all eyes on preventing pest incursions
through the port.
The Port of Tauranga Biosecurity Excellence Partnership educates
port users on what to look for and how to respond if they see
evidence of bugs.
The partnership publishes an annual calendar and other
educational material featuring the top 12 unwanted pests, and runs
an annual Biosecurity Week to raise biosecurity awareness.
The partnership involves Port of Tauranga, the Ministry for Primary
Industries, Kiwifruit Vine Health, primary produce organisations,
scientists and local government.
Port of Tauranga also supports the Tauranga Moana Biosecurity
Capital initiative, which seeks to raise biosecurity awareness
throughout the wider western Bay of Plenty.
The Port is a signatory to the Biosecurity Business Pledge,
which has more than 150 New Zealand businesses in its network.
Members share knowledge and collaborate on proactive
biosecurity management.
Phasing out fumigation
Fumigation is an important part of New Zealand’s
biosecurity defence.
However, the use of methyl bromide, an ozone depleting
gas, to fumigate export logs, is a cause of great concern
to Tauranga residents.
Port of Tauranga has moved to address those concerns
by insisting on recapture technology being utilised on 100%
of log stack fumigations. Recapture is already in use on 100%
of import container fumigations using methyl bromide.
In August 2021, the Environmental Protection Authority introduced
stricter rules around the concentration levels, exclusion zones
and recapture requirements. This resulted in a hiatus of methyl
bromide use for several months while operations were adapted
for the new protocols.
In recent years, methyl bromide use has also been drastically
reduced by the use of de-barking. De-barking logs off site greatly
reduces the amount of pre-shipment fumigation required, and
avoids log debris being deposited on the wharves and causing
a dust nuisance.
A second de-barker is being commissioned by forestry exporters
to meet the demand for this treatment.
Environmental protection
built in to berth extension
proposal
Port of Tauranga has applied for resource consent to extend
its wharves using existing cargo storage land.
The proposal includes measures to monitor and mitigate any
impacts on the flora and fauna of Te Awanui Tauranga Harbour,
including native birds, marine mammals and kaimoana stocks.
The project involves dredging 1.5 million cubic metres of sand and silt
from the harbour floor to allow vessels to berth at the new wharves.
This compares with our previous dredging project in 2015, which
involved 6 million cubic metres dredged to deepen the entire
shipping channel to prepare for larger ships. Numerous ecological
and hydrodynamic marine studies have confirmed that the long-term
environmental impacts from the 2015 dredging were as predicted.
Water quality near the port is monitored regularly as a condition
of our stormwater management resource consent. During the
construction phase, water turbidity will be continuously monitored
and kept within strict limits.
The earlier dredging work led to the establishment of the Ngā
Mātarae Charitable Trust (see page 30). The Trust has so far funded
a pipi research project to restore and enhance coastal ecosystems,
the purchase of a research vessel for the Manaaki Te Awanui
Charitable Trust, and a wetland restoration and inanga spawning
habitat in the Kopurererua stream (a tributary to Tauranga Harbour).
49

Port of Tauranga’s dust reduction
programme has had a significant impact
on air quality at the port.
The Port has installed 640 additional
metres of wind break fences, increased
wharf sweeping and improved cargo
handling procedures to minimise fine dust
becoming airborne from on-wharf activities,
including bulk cargo handling and log yard
activities. Since 2017, wharf sweeping
has increased five-fold and other port
users have also increased their cleaning.
Concrete barriers have been introduced to
keep unnecessary traffic out of dusty areas.
Wind limits for certain dust-generating
activities are enforced and water
suppression is used on bark collection
equipment and bulk cargo hoppers.
Dust performance indicators have shown
a 5.6% reduction in the past year, and a
16.1% reduction since 2020.
5
Dust levels
from port activities are currently complying
with the National Environmental Standard
for Air Quality but we continue to find ways
to decrease dust generation and avoid
nuisance for our neighbours.
The Mount Maunganui Airshed declaration,
in place since late 2019, remains due
to recent PM
10
exceedances at several
locations. Windblown sea salt spray
is believed to have had an influence
on some occasions.
Bay of Plenty Regional Council
6
has 10 air
quality monitors in the area, testing a range
of parameters. One of the locations is at
Whareroa Marae, located next to Tauranga
Airport not far from the port.
Marae representatives have been
campaigning against the presence of heavy
industry in the area. Port of Tauranga is part
of an air quality working group alongside
representatives from the marae, the
regional and city councils, environmental
and community groups, and industry.
Capital
OUR ENVIRONMENT
FEATURE
Improving
the air
5 As measured at the PM
10
monitoring station ‘Mount Maunganui at Railyard South’ during dry conditions at times
when the Mount Maunganui Wharves are upwind of the monitor.
6 https://www.boprc.govt.nz/our-projects/mount-maunganui-industrial-air-quality
Port of Tauranga Limited – Integrated Annual Report 2022
50

The Port has installed
640 additional metres of wind
break fences, increased wharf
sweeping and improved cargo
handling procedures.
51

Port of Tauranga Limited – Integrated Annual Report 2022
52

Driving national
prosperity
VISION
New Zealanders will value the port
as an asset that drives our nation’s
prosperity by providing the most
efficient access to global trade.
MATERIAL
ISSUES
Resilient port
capacity and
expansion
Geographic reach
Cyber and data
security
Capital
OUR ASSETS AND INFRASTRUCTURE
Port of Tauranga’s investment in capacity to accommodate bigger ships
has proven a successful strategy for growth. We spent more than
$350 million over six years to prepare for larger vessels, which started
calling in 2016. The investment included dredging, wharf extensions
and new ship-to-shore cranes.
In the following pages, we describe our progress in pursuing our infrastructure
development strategies. We have almost completed our new joint venture
Ruakura Inland Port near Hamilton, a new pilot boat is under construction,
and we have ordered an additional seven new hybrid straddle carriers.
53

Capital
OUR ASSETS AND INFRASTRUCTURE
1,369
ship visits (up 4.7%
from 1,307)
26
fewer container ships compared
with the previous year
10.7%
increase in cargo volume
exchanged per container vessel
3.4%
increase in total TEUs
to 1,241,061

new pilot boat
under construction
New pilot launch
under construction
Port of Tauranga’s new pilot launch is under
construction by Hart Marine and due for delivery
by the end of the year.
The new vessel will be named Troy Evans in memory
of the late Port of Tauranga pilot and tugmaster, who
passed away in December 2021.
The 17.3 metre vessel boasts a raft of safety features
and is more fuel efficient.
The Port currently has two pilot launches – 10-year-
old Arataki and the 23-year-old back up, Te Awanui.
Arataki will remain in service.
Port of Tauranga Limited – Integrated Annual Report 2022
54

Investing in terminal
efficiency
Continuous investment in the Tauranga Container Terminal
aims to improve cargo flows and efficiency, even when the
infrastructure is under pressure from congestion.
A new, 10-lane container truck exchange opened in early 2021
to speed up cargo deliveries and collections.
The exchange works in tandem with our Vehicle Booking System,
installed in 2019, to minimise truck turnaround times and incentivise
cargo movements outside peak traffic periods.
Port of Tauranga also continues to invest in more fuel efficient
technology. Following the successful purchase of three hybrid
container straddle carriers in 2020, we have ordered another seven.
The first hybrids have proven to be reliable, quiet, comfortable
and around 25% more fuel efficient.
Our modern fleet of ship-to-shore gantry cranes have
sophisticated electric motors that re-generate up to 700 kw
of electricity when lowering a container.
Excess electricity can be made available to adjacent cranes lifting
containers, or fed back into the terminal to power refrigerated
container (reefer) connections.
We have installed new reefer connections along the northern end
of the container terminal, known as Hume Highway. This area has
traditionally been a peak season storage area for kiwifruit reefers,
served by diesel generators.
High demand led to more permanent infrastructure being installed,
which will reduce our diesel use for temperature control. A truck
queuing lane has also been added for safety.
Meanwhile, work continues on pavement improvements throughout
the terminal.
In the past two years, we have laid more than 26,000 tonnes
of asphalt in resurfacing and maintenance.
Transport networks need
additional capacity
A major freight study focusing on the Waikato and Bay of
Plenty has highlighted the need for increased transport
network capacity and resilience.
Port of Tauranga was a partner in the Waikato and Bay of Plenty
Freight Action Plan prepared by Ernst & Young (EY) and released
in June 2022.
Other partners in the report were the economic development
agencies for the Waikato and Bay of Plenty (Te Waka and Priority
One), KiwiRail, Tainui Group Holdings, Netlogix, Mondiale and
Fonterra. EY also interviewed Swire Shipping, Coda Group,
Foodstuffs, the Government transport agency Waka Kotahi,
the Ministry of Transport and Carr & Haslam Transport.
The report recommends increasing the capacity of the freight
network, including links to Auckland, with bottlenecks and
constraints identified and prioritised. It also recommends a
separate study to assess the resilience of existing critical networks,
including the Kaimai Tunnel. The 8.9 km tunnel is the longest rail
tunnel in the country and was opened in 1978.
The report predicted freight growth of between 45 and 65%
between 2020 and 2030 across the two regions.
Port efficiency relies heavily on the current and future efficiency
of the region’s road and rail networks. Port of Tauranga aims
to minimise its impact on local roading by promoting rail as
an efficient alternative.
Around 40% of cargo travels in and out of the port via rail, and
transhipment – where container cargo is transferred from one ship
to another without leaving the terminal – accounts for nearly a third
of containers handled. Transhipped volumes have grown 237% over
the last ten years as Tauranga has grown into the nation’s hub port.
Freight throughput has increased by 38% over the past ten years,
while port-related truck movements in the same period have
increased by 14%. Regional population has increased by 31%.
55

Detailed design work is under way in
preparation for the introduction of greater
electrification and automation of
Port of Tauranga’s container terminal.
The automation project will enable
Port of Tauranga to intensify storage
capacity within the existing footprint,
improve throughput, improve safety,
reduce fuel consumption and reduce
carbon emissions.
In 2018, Port of Tauranga engaged
terminal development experts TBA
Group to model capacity at the Tauranga
Container Terminal and produce
a conceptual design for container
handling automation equipment.
The model identified that the berth
extension was critical to cater for future
growth. The report also recommended
automated stacking cranes (ASCs) be
introduced in stages to enable land-side
capacity to match berth capacity. The
existing facilities are calculated to be able
to accommodate up to 1.4 million TEUs.
Port of Tauranga has already completed
an $11 million electricity infrastructure
upgrade in anticipation of the automation
development.
The automation project was briefly
paused at the start of the Covid-19
pandemic. It is now clear that, even without
the additional berth capacity, some level
of automation will be required to expand
storage capacity and improve throughput.
The concept involves combining the ASCs
with diesel or hybrid straddle carriers to
run between the ASC blocks and ship-side.
This model is already in use at container
terminals in Brisbane, Melbourne, London,
Antwerp, Rotterdam, Khalifa, Busan,
New York and Singapore.
We have engaged specialists Royal
Haskoning DHV to work with Port of
Tauranga’s team through the process.
FEATURE
Automation
project
advances
Capital
OUR ASSETS AND INFRASTRUCTURE
Port of Tauranga Limited – Integrated Annual Report 2022
56

The automation project will
intensify storage capacity within
the existing footprint, improve
throughput, and safety, and
reduce fuel consumption and
carbon emissions.
57

Port of Tauranga Limited – Integrated Annual Report 2022
58

Delivering
long-term value
VISION
We will deliver long-term value
for investors through leading
environmental and ethical
performance, business resilience
and sound financial management.
MATERIAL
ISSUES
Financial performance
Capital base
Shareholder returns
Supply chain efficiency
Capital
OUR FINANCES
Port of Tauranga provides sustainable shareholder returns through revenue
growth from diverse income streams and we are always seeking new
customers and cargoes. Through our cornerstone shareholder, Quayside
Holdings, we share the financial benefits of the Port’s success with the
residents and ratepayers of the Bay of Plenty.
In the following pages, we outline our progress in pursuing our economic
strategies, as well as sharing our financial statements of performance.
We have used financial incentives to address congestion, supported
ratepayers with steady dividends, and increased debt facilities in anticipation
of capital investment to grow capacity.
59

Capital
OUR FINANCES
Group Net Profit After Tax
$111.3M
(increased 8.7% from
$102.4 million )
Subsidiary and Associate
Company earnings of
$15.0M
a 16.2% decrease
Group revenue of
$375.3M
a 10.9% increase
Earnings per share
16.4
cents
Dividends of
14.7
cents per share
(an 8.9% increase)
Regional ratepayers
reap rewards
More than half of Port of Tauranga’s shares are owned
by local ratepayers.
Port of Tauranga’s cornerstone shareholder is Quayside Holdings,
the investment arm of the Bay of Plenty Regional Council.
The Port has returned more than $691 million to Quayside
Holdings in dividends over the past 10 years. In addition, Quayside
used its shareholding in Port of Tauranga to establish a $200
million infrastructure fund to help pay for regional assets and
infrastructure.
The Bay of Plenty Regional Council gets around 25% of its annual
revenues from its Quayside investment. This subsidises rates bills,
saving $347 per household last year.
As well as the dividends paid to ratepayers through Quayside, the
Port is one of the city’s largest ratepayers and has paid $337 million
in corporate tax in the past 10 years.
Port’s presence boosts
regional economy
Port of Tauranga is a key driver of the economies
of Tauranga, the wider Bay of Plenty and New Zealand
as a whole, providing hundreds of thousands of jobs
and business opportunities.
The port’s presence and impact has helped boost regional GDP
growth above the national average in recent years.
For example, the Western Bay of Plenty has capitalised on the
port’s location, the sub-region’s proximity to major population
centres and attractive lifestyle to deliver sustained economic
growth over the last decade.
The sub-region’s GDP increased by 42% between 2015 and 2020
– 21 percentage points more than the national increase for the
same period.
Port of Tauranga Limited – Integrated Annual Report 2022
60

Post-pandemic prospects
Covid-19 continues to have a significant effect on
Port of Tauranga operations and costs.
We have imposed temporary surcharges to incentivise cargo
throughput and avoid cargo being stored in the container terminal
for excessive time. The penalties have resulted in increased short-
term revenue for the terminal. More importantly, they have helped
relieve pressure caused by container volume spikes.
The container terminal is unlikely to return to former productivity
levels until operational problems at other ports are resolved and
vessels can return to their scheduled arrival windows. We are
hopeful of more certainty of shipping traffic in the second half
of the financial year.
$100 million
of bonds issued
Port of Tauranga allocated $100 million of bonds
following an institutional bookbuild of seven year
fixed rate notes in November.
The transaction, arranged by BNZ, attracted strong support.
The interest rate was set at 3.552% per annum, a margin
of 0.85% over the underlying swap rate. The notes mature
in November 2028.
The notes were allocated in anticipation of major capital
investment over the next few years to increase capacity.
Port of Tauranga intends to commence construction on its
container berth extension project as soon as resource consent
is obtained, and also intends to implement automation at the
Tauranga Container Terminal to increase capacity within the
current land footprint.
61

J C HOARE
BCom, FCA, CMInstD
Chair, Independent Director
Julia Hoare joined the Board in August 2015 and took over the
Chair in August 2022. She has a wide range of commercial,
financial, tax, regulatory and sustainability expertise developed
from both her extensive governance roles and over the course
of two decades as a partner with PwC. Julia is Deputy Chair
of The a2 Milk Company Limited, and a Director of Auckland
International Airport Limited and Meridian Energy Limited.
She is President of the Institute of Directors and a Member
of the Chapter Zero New Zealand Steering Committee.
K R ELLIS
BCA Economics (1st Class Honours),
BE Chemical (1st Class Honours)
Independent Director
Kim Ellis is Chair of Green Cross Health and NZ Social
Infrastructure Fund Limited, and a Director of Fonterra
Shareholders Fund (FSF) Management Company Limited.
Kim joined the Board in May 2013.
A R LAWRENCE
BCA (Business Admin)
Independent Director
Alastair Lawrence joined the Board in February 2014
and took over the Chair of the Audit Committee in August 2022.
Alastair is a very experienced corporate advisor specialising
in commercial evaluation and strategy development. He was
a Director of private investment bank Antipodes from 1998-
2014. Governance roles have included the Takeovers Panel,
Landcare Research Limited, Coda GP and a number of
mid-market private companies.
J B STEVENS
LLB, FCILT (Fellow Chartered Institute of Logistics and Transport)
Independent Director
Brodie Stevens is the former Swire Shipping /China Navigation
Company Country Manager. A trained lawyer, he joined Freightways
Group as a management trainee in 1982 and was National
Marketing Manager for Post Haste before joining Owens Group.
He was Divisional General Manager of Seatrans New Zealand and
Owens Shipping Services before joining China Navigation Company
(trading as Swire Shipping) in 2004. During his tenure, the company
expanded into freight forwarding, shipping agency and stevedoring.
Brodie joined the Board in August 2022.
Board
of Directors
Port of Tauranga Limited – Integrated Annual Report 2022
62

D J BRACEWELL
Independent Director
Dean Bracewell has deep transport and logistics industry
experience. He was a former Managing Director for Freightways,
one of New Zealand’s largest transport and logistics companies,
for more than 18 years before embarking on a governance career
in 2018. Currently Dean is a Director of Air New Zealand Limited,
Property for Industry Limited, the Halberg Trust and Tainui
Group Holdings Limited. He joined the Board in December 2021.
D W LEEDER
Doug Leeder is Chair of Bay of Plenty Regional Council. He is
a dairy farmer, and has considerable experience in governance
and management. Doug has held positions of governance
in Federated Farmers, was a Director and Chair of Bay Milk
Products, Director of the East Bay Health Board, Chair of
Subsidiary East Bay Energy Trust, Chair of NZ Dairy Group
and Dairy Insight and Director of DEXCEL. Doug joined the
Board in October 2015.
A M ANDREW
BE Chemical & Materials (1st Class Honours),
MBA (Distinction), FEngNZ, CMInstD
Independent Director
Alison Andrew is currently Chief Executive of Transpower New
Zealand, having joined in 2014. She has held a number of senior
executive roles across various industry sectors, most recently
as Global Head of Chemicals for Orica PLC. She has also been
a Director for Genesis Energy. Prior to those roles, she held
a number of senior roles at Fonterra Cooperative Group and
across the Fletcher Challenge Group in Energy, Forests and
Paper. Alison has a MBA from Warwick University, and studied
Engineering (Chemicals and Materials) at Auckland University.
Alison joined the Board in April 2018.
SIR R A MCLEOD KNZM
LLB, BCom, FCA, CFInstD
Sir Robert McLeod joined the Board of Quayside Holdings
Limited in November 2016 and of which he is Chair. Sir Robert
is also Chair of Quayside Securities Limited, Quayside
Properties Limited, NZX listed Sanford Group and Ngāti Porou
Holding Company Limited. He is a Director of AZSTA NZ
Limited, China Construction Bank (New Zealand) Limited, MSJS
NZ Limited, Point 76 Limited, Point Guard Limited, Point Seventy
Limited and VCFA NZ Limited. Sir Robert has been a past
Board Member of ANZ National Bank, Tainui Group Holdings,
SkyCity Entertainment Group and Telecom and he was Oceania
(Australia, New Zealand and Pacific Islands) CEO/Managing
Partner for the international accounting practice of Ernst &
Young and more latterly as Ernst & Young New Zealand Chair,
a position from which he retired on 31 December 2015. In 2019,
Sir Robert was appointed Knight Companion of the NZ Order
of Merit. Sir Robert joined the Board in October 2017.
63

Senior
Management
Team
BLAIR HAMILL
GM Commercial
Blair oversees port operations, marketing and new business
opportunities. He joined the Company in July 2020 after
20 years at Zespri International, the world’s largest kiwifruit
marketer. Blair held a variety of senior roles at Zespri, including
Global Commercial Manager and, most recently, Chief Global
Supply Officer. Blair is a former chartered accountant.
MELANIE DYER
GM Corporate Services
Melanie joined Port of Tauranga Limited in August 2020 from
Trustpower Limited, where she was General Manager, People
and Culture. Prior to joining Trustpower in 2014, Melanie spent
11 years at Hydro Tasmania. Melanie has a Master’s Degree
in organisational development and leadership studies.
LEONARD SAMPSON
Chief Executive
Leonard became Chief Executive of Port of Tauranga in July
2021 following the retirement of Mark Cairns. Leonard was
appointed as the Port’s Chief Operating Officer in September
2019, and before that was Commercial Manager. He joined
the Company in 2013 from the role of General Manager –
Sales at KiwiRail. He also held senior roles at Carter Holt Harvey
and Mainfreight.
SIMON KEBBELL
Chief Financial Officer & Company Secretary
Simon was appointed Chief Financial Officer of Port of Tauranga
Limited in 2020. He has been with the Company since 2003
and was previously IT/Finance Manager. He is a chartered
accountant and has a First Class Honours Degree in a Bachelor
of Management Studies. Prior to joining Port of Tauranga, Simon
was Manager – Internal Audit for PricewaterhouseCoopers in
Singapore. He also held positions at Ernst & Young in Singapore
and Auckland.
Port of Tauranga Limited – Integrated Annual Report 2022
64

DAN KNEEBONE
GM Property & Infrastructure
Dan has overall responsibility for both the property portfolio and
engineering interests of the Port. Dan joined the Port of Tauranga
Senior Management Team in January 2013. He was previously
National Property and Development Manager for Bunnings Limited
and held senior roles at Trans Tasman Properties Limited, Fletcher
Property Limited and Simes Limited.
ROCHELLE LOCKLEY
GM Communications
Rochelle joined the Company’s Senior Management Team
in September 2020. Rochelle, a former journalist, held senior
communications roles in tourism and telecommunications
in New Zealand, the United Kingdom and United States.
She then established a communications consultancy in 2005.
PAT KIRK
GM Health & Safety
Pat joined the Company in 2013. He was previously General
Manager Health and Safety at Carter Holt Harvey and has three
decades of strategic and applied industry health and safety
experience across a wide range of sectors. Pat is Chair of the
Port Industry Health & Safety Committee and a member of
various national health and safety organisations, including the
WorkSafe/Maritime NZ Port Sector Health and Safety Strategy
Working Group, and the Business Leaders’ Health & Safety
Forum. Pat has a Master of Business Studies (1st Class Honours).
65

Consolidated
Financial Statements
CONTENTS
Directors’ Responsibility Statement 67
Independent Auditor's Report 68
Consolidated Income Statement 71
Consolidated Statement of Comprehensive Income 72
Consolidated Statement of Changes in Equity 73
Consolidated Statement of Financial Position 74
Consolidated Statement of Cash Flows 75
Reconciliation of Profit for the Period to Cash Flows From Operating Activities 76
Notes to the Consolidated Financial Statements 77
Corporate Governance Statement 110
Financial and Operational Five Year Summary 118
Company Directory 120
For the year ended 30 June 2022
Port of Tauranga Limited and Subsidiaries
Port of Tauranga Limited – Integrated Annual Report 2022
66

The Directors are responsible for ensuring that the financial statements
give a true and fair view of Port of Tauranga Limited (the Group) as at
30 June 2022.
The Directors consider that the financial statements of the Group
have been prepared using appropriate accounting policies, consistently
applied and supported by reasonable judgements and estimates,
and that all relevant financial reporting and accounting standards
have been followed.
The Directors are pleased to present the financial statements of the
Group for the year ended 30 June 2022.
The financial statements were authorised for issue for and on behalf
of the Directors on 26 August 2022.
..........................................................
Chair
..........................................................
Director
Directors’
Responsibility Statement
FOR THE YEAR ENDED 30 JUNE 2022
67

The Auditor-General is the auditor of Port of Tauranga Limited and its subsidiaries (the Group). The Auditor-General has appointed me, Brent Manning,
using the staff and resources KPMG, to carry out the audit of the consolidated financial statements of the Group on his behalf.
OPINION
We have audited the consolidated financial statements of the Group on pages 71 to 109, that comprise the consolidated statement of financial position
as at 30 June 2022, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement
of cash flows for the year then ended, and the notes to the consolidated financial statements, including a summary of significant accounting policies.
In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at
30 June 2022, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with New Zealand
equivalents to International Financial Reporting Standards and International Financial Reporting Standards.
BASIS FOR OUR OPINION
We conducted our audit in accordance with the Auditor-General’s Auditing Standards, which incorporate the Professional and Ethical Standards and
the International Standards on Auditing (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report.
We are independent of the Group in accordance with the Auditor-General’s Auditing Standards, which incorporate Professional and Ethical Standard 1:
International Code of Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled
our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other than in our capacity as auditor we have no relationship with, or interests in, Port of Tauranga Limited or any of its subsidiaries.
KEY AUDIT MATTERS
Key audit matters are those matters, that, in our professional judgement, were of most significance in our audit of the consolidated financial statements
in the current period. We summarise below those matters and our key audit procedures to address those matters in order that the shareholders as
a body may better understand the process by which we arrived at our audit opinion. Our procedures were undertaken in the context of and solely for
the purpose of our statutory audit opinion on the consolidated financial statements as a whole and we do not express discrete opinions on separate
elements of the financial statements.
The Key Audit MatterHow The Matter Was Addressed in Our Audit
Value of property, plant and equipment
Refer note 10 of the financial statements.
The Group has property, plant and equipment (“PP&E”) of $2,392 million.
The Group has a policy of valuing land, buildings, wharves, hardstanding
and harbour improvements (“Revalued PP&E”) at fair value. Full
independent valuations are obtained at least every three years (by an
independent valuer) over these asset classes.
In the current year, the fair value of land and buildings was revalued
by an independent valuer.
Wharves and hardstandings and harbour improvements fair values were
adjusted with reference to cost inflation indices.
The Revalued PP&E is considered a key audit matter due to the
judgement involved in the assessment of the fair value and the material
value of PP&E on the balance sheet.
Our procedures focused on the appropriateness of the Group’s assessment
as to whether the carrying values of Revalued PP&E materially represent
their fair values, and if a revaluation of a class of asset was required, that the
revalued assets have been accurately reflected in the financial statements.
For land and buildings we have:
– Assessed the competence, objectivity and independence of the
valuer used;
– Assessed the methodology applied by valuers and assessed whether
the valuation approach was in accordance with professional valuation
standards and suitable for determining the fair value of identified
assets;
– Compared the asset holdings in the fixed asset register to those
valued to ensure all relevant property was captured;
– Compared the key assumptions within each assessment to market
evidence and applicable industry data;
– Assessed the reasonableness of valuation movements between
financial years with consideration to broader sector/local market
evidence (where available); and
– Assessed whether the increase in valuation was correctly accounted
for within the Revaluation Reserve and Statement of Comprehensive
Income.
Independent
Auditor’s Report
To the Shareholders of Port of Tauranga Limited
Port of Tauranga Limited – Integrated Annual Report 2022
68

The Key Audit MatterHow The Matter Was Addressed in Our Audit
Value of property, plant and equipment (continued)
For wharves, hardstandings and harbour improvements we have:
– Assessed the competence, objectivity and independence of the
valuer used;
– Compared and recalculated the valuers fair value assessment
against publicly available data (including construction indices); and
– Assessed whether the increase in valuation was correctly
accounted for within in the Revaluation Reserve and Statement
of Comprehensive Income.
As a result of the above procedures, we are satisfied the carrying value
of property, plant and equipment is reasonable and supportable. We are
also satisfied with the adequacy of disclosures.
OTHER INFORMATION
The Directors are responsible on behalf of the Group for the other information. The other information comprises the information included on pages 1 to
67, but does not include the consolidated financial statements and our auditor’s report thereon.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of audit opinion or assurance
conclusion thereon.
The Annual Report is expected to be made available to us after the date of this Independent Auditor’s Report. Our responsibility is to read the Annual
Report when it becomes available and consider whether the other information it contains is materially inconsistent with the consolidated financial
statements, or our knowledge obtained in the audit, or otherwise appear misstated. If so, we are required to report such matters to the Directors.
DIRECTORS’ RESPONSIBILITIES FOR THE CONSOLIDATED FINANCIAL STATEMENTS
The Directors are responsible on behalf of the Group for the preparation and fair presentation of the consolidated financial statements in accordance
with New Zealand equivalents to International Financial Reporting Standards and International Financial Reporting Standards, and for such internal
control as the Directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements, the Directors are responsible on behalf of the Group for assessing the Group’s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors
either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.
The Directors’ responsibilities arise from the Financial Markets Conduct Act 2013.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Auditor-General’s Auditing
Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of shareholders taken on the basis of these
consolidated financial statements.
As part of an audit in accordance with the Auditor-General’s Auditing Standards, we exercise professional judgement and maintain professional
scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform
audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by
management.
69

• Conclude on the appropriateness of the use of the going concern basis of accounting by the Directors and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated
financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated
financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an
opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely
responsible for our audit opinion.
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify during our audit.
We also provide the Directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate
with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Directors, we determine those matters that were of most significance in the audit of the consolidated financial
statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Our responsibilities arise from the Public Audit Act 2001.
Brent Manning
KPMG
On behalf of the Auditor-General
Wellington, New Zealand
26 August 2022
Independent Auditor’s Report (continued)
Port of Tauranga Limited – Integrated Annual Report 2022
70

PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Consolidated Income Statement
FOR THE YEAR ENDED 30 JUNE 2022
Note
2022
NZ$000
2021
NZ$000
Total operating revenue 4375,288338,281
Contracted services for port operations(84,796)(69,143)
Employee benefit expenses5(46 ,790)(4 3 ,520)
Direct fuel and power expenses(14,494)(11,545)
Maintenance of property, plant and equipment(12 ,895)(15,633)
Other expenses(23,236)(21,306)
Operating expenses(182 ,211)(161,147)
Results from operating activities193,07717 7,1 3 4
Depreciation and amortisation 10, 11, 12(36,657)(33,998)
Impairment of property, plant and equipment100(12)
Impairment of property, plant and equipment on revaluation(1,445)(2,326)
(38,102)(36,336)
Operating profit before finance costs, share of profit from Equity Accounted Investees and taxation154,975140,798
Finance income7287164
Finance expenses7(16,452)(16,736)
Net finance costs7(16,165)(16,572)
Share of profit from Equity Accounted Investees14(c)11,58613,524
Loss on disposal of Equity Accounted Investees0( 741)
11,58612 ,783
Profit before income tax150,396137,009
Income tax expense8(39,079)(34,634)
Profit for the period 111,317102,375
Basic earnings per share (cents)1716.515.2
Diluted earnings per share (cents)1716.415.0
These statements are to be read in conjunction with the notes on pages 77 to 109.
71

PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Consolidated Statement of Comprehensive Income
FOR THE YEAR ENDED 30 JUNE 2022
2022
NZ$000
2021
NZ$000
Profit for the period111,317102,375
Other comprehensive income
Items that may be reclassified to profit or loss:
Cash flow hedge – changes in fair value*15,1656,618
Cash flow hedge – reclassified to profit or loss*4,3823,903
Share of net change in cash flow hedge reserves of Equity Accounted Investees862496
Items that will never be reclassified to profit or loss:
Asset revaluation, net of tax*625,137157,842
Share of net change in revaluation reserve of Equity Accounted Investees13,86512,090
Total other comprehensive income659,411180,949
Total comprehensive income770,728283,324
*Net of tax effect as disclosed in notes 8 and 9.
These statements are to be read in conjunction with the notes on pages 77 to 109.
Port of Tauranga Limited – Integrated Annual Report 2022
72

Note
Share
Capital
NZ$000
Share Based
Payment
Reserve
NZ$000
Hedging
Reserve
NZ$000
Revaluation
Reserve
NZ$000
Retained
Earnings
NZ$000
Total
Equity
NZ$000
Restated balance at 30 June 202069,8164,513(22 ,375)1,083,17560,0551,195,184
Profit for the period0000102,375102,375
Other comprehensive income0011,017169,9320180,949
Total comprehensive income0011,017169,932102,375283,324
Increase in share capital7350000735
Dividends paid during the period160000(84,353)(84,353)
Equity settled share based payment accrual1602,0780002,078
Shares, previously subject to call option, issued3,954(3,954)0000
Shares issued upon vesting of Management
Long Term Incentive Plan
415(225)00(190)0
Total transactions with owners in their
capacity as owners
5,104(2 ,101)00(84,543)(81,540)
Balance at 30 June 202174 , 9 2 02,412(11,358)1,253,10777,8871,396,968
Profit for the period0000111,317111,317
Other comprehensive income0020,409639,0020659,411
Total comprehensive income0020,409639,002111,317770,728
Decrease in share capital(37)0000(37)
Dividends paid during the period160000(95,242)(95,242)
Equity settled share based payment accrual1602,0210002,021
Shares issued upon vesting of Management
Long Term Incentive Plan
271(229)00(42)0
Total transactions with owners in their
capacity as owners
2341,79200(95,284)(93,258)
Balance at 30 June 202275,1544,2049,0511,892 ,10993,9202,074,438
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 30 JUNE 2022
These statements are to be read in conjunction with the notes on pages 77 to 109.
73

Note
2022
NZ$000
2021
NZ$000
Assets
Property, plant and equipment102,392,9961,758,109
Right-of-use assets1139,36740,577
Intangible assets1223,00824,200
Investments in Equity Accounted Investees14186,050167,650
Receivables and prepayments1518,61216,502
Derivative financial instruments2011,95777
Total non-current assets 2,671,9902 ,0 07,11 5
Cash and cash equivalents7, 2 727, 8 8 6
Receivables and prepayments1561,90165,260
Inventories2,0131,009
Derivative financial instruments203500
Total current assets71,53674 ,1 5 5
Total assets2 ,74 3 , 5 2 62,081,270
Equity16
Share capital75,15474 , 9 2 0
Share based payment reserve4,2042,412
Hedging reserve9,051(11,358)
Revaluation reserve1,892 ,1091,253,107
Retained earnings93,9207 7, 8 87
Total equity2,074,4381,396,968
Liabilities
Loans and borrowings18317, 472215,000
Lease liabilities1140,61141,041
Derivative financial instruments207,40313,763
Employee benefits51,6272,244
Deferred tax liabilities9115,94885,627
Contingent consideration2,6882,920
Total non-current liabilities4 8 5 ,74 9360,595
Loans and borrowings18125,000270,000
Lease liabilities11776837
Derivative financial instruments20671,151
Trade and other payables2138,9793 7,72 2
Revenue received in advance1,039162
Employee benefits53,3503,389
Income tax payable13,76010,012
Contingent consideration368434
Total current liabilities183,339323,707
Total liabilities669,088684,302
Total equity and liabilities2 ,74 3 , 5 2 62,081,270
Net tangible assets per share (dollars per share)3.052.04
For and on behalf of the Board of Directors who authorised these financial statements for issue on 26 August 2022.
................................................. ....................................................
Chair Director
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Consolidated Statement of Financial Position
AS AT 30 JUNE 2022
These statements are to be read in conjunction with the notes on pages 77 to 109.
Port of Tauranga Limited – Integrated Annual Report 2022
74

Note
2022
NZ$000
2021
NZ$000
Cash flows from operating activities
Receipts from customers389,632333,135
Interest received156165
Payments to suppliers and employees(191,893)(179,521)
Taxes paid(35,526)(36,576)
Interest paid(17,1 2 0)(17, 52 1)
Net cash inflow from operating activities145,24999,682
Cash flows from investing activities
Proceeds from sale of property, plant and equipment3310
Finance lease payments received, including interest013
Repayment of advances from Equity Accounted Investees0680
Dividends from Equity Accounted Investees1410,7639,636
Purchase of property, plant and equipment(21,345)(22,267)
Purchase of intangible assets(135)(937)
Interest capitalised on property, plant and equipment(102)(89)
Cash acquired as part of business combinations0794
Investment in Equity Accounted Investees(2 ,850)0
Payment of contingent consideration(4 8 8)0
Total net cash used in investing activities(14,124)(12 ,160)
Cash flows from financing activities
Proceeds from borrowings100,30861,020
Dividends paid16(95,242)(84,353)
Repurchase of shares(931)0
Repayment of borrowings(135,000)(64,000)
Repayment of lease liabilities(874)(868)
Net cash used in financing activities(131,739)(88,201)
Net decrease in cash held(614)(679)
Add opening cash brought forward7, 8 8 68,565
Ending cash and cash equivalents7, 2 727, 8 8 6
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Consolidated Statement of Cash Flows
FOR THE YEAR ENDED 30 JUNE 2022
These statements are to be read in conjunction with the notes on pages 77 to 109.
75

Note
2022
NZ$000
2021
NZ$000
Profit for the period111,317102,375
Items classified as investing /financing activities:
Finance lease interest revenue70(1)
Loss/(gain) on sale of property, plant and equipment38(10)
38(11)
Add/(less) non-cash items and non-operating items:
Depreciation 10, 1135,33032,576
Amortisation expense121,3271,422
Impairment of property, plant and equipment10012
Impairment of property, plant and equipment on revaluation1,4452,326
Decrease in deferred taxation expense9(193)(2,973)
Movement in derivative financial instruments taken to the income statement(51)89
Share of net profit after tax retained by Equity Accounted Investees14(c)(11,586)(13,524)
Loss on disposal of Equity Accounted Investees0741
Change in the fair value of contingent consideration117103
Increase in equity settled share based payment accrual2,0212,078
28,41022,850
Add/(less) movements in working capital:
Change in trade receivables and prepayments1,483(31,584)
Change in inventories(1,004)3 74
Change in income tax payable3 ,74 81,170
Change in trade, other payables and revenue received in advance1,2574,508
5,484(25,532)
Net cash flows from operating activities145,24999,682
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Reconciliation of Profit for the Period to Cash Flows
From Operating Activities
FOR THE YEAR ENDED 30 JUNE 2022
These statements are to be read in conjunction with the notes on pages 77 to 109.
Port of Tauranga Limited – Integrated Annual Report 2022
76

1 COMPANY INFORMATION
Reporting Entity
Port of Tauranga Limited (referred to as the Parent Company), is a port company. The Parent Company carries out business through the provision
of wharf facilities, land and buildings, for the storage and transit of import and export cargo, berthage, cranes, tugs and pilot services for customers.
Port of Tauranga Limited holds investments in other New Zealand ports and logistic companies.
The Parent Company is a company domiciled in New Zealand, and registered under the Companies Act 1993 and listed on the New Zealand
Stock Exchange (NZX). The Parent Company is a Financial Markets Conduct (FMC) reporting entity for the purposes of the Financial Reporting
Act 2013 and Financial Markets Conduct Act 2013. The financial statements comply with these Acts.
The financial statements of the Group for the year ended 30 June 2022 comprise the Parent Company and its Subsidiaries (together referred
to as the Group) and the Group’s interest in Equity Accounted Investees.
In accordance with the Financial Markets Conduct Act 2013, where a reporting entity prepares consolidated financial statements, parent
company disclosures are not required.
2 BASIS OF PREPARATION
Statement of Compliance and Basis of Preparation
These financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice (NZ GAAP).
These financial statements comply with New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS), and other applicable
Financial Reporting Standards, as appropriate for Tier 1 for-profit entities. They also comply with International Financial Reporting Standards.
The financial statements are prepared on the historical cost basis except for the following assets and liabilities which are stated at their fair
value: derivative financial instruments, land, buildings, harbour improvements, and wharves and hardstanding.
These financial statements are presented in New Zealand Dollars (NZ$), which is the Group’s functional currency. All financial information
presented in New Zealand Dollars has been rounded to the nearest thousand.
Significant accounting policies that are relevant to an understanding of the financial statements are provided throughout the notes to the
financial statements.
Accounting Estimates and Judgements
The preparation of financial statements 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.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period
in which the estimate is revised and in any future periods affected.
In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting policies that have
a significant effect on the amount recognised in the financial statements, are detailed below:
• valuation of land, buildings, harbour improvements, and wharves and hardstanding (refer to note 10);
• valuation of derivative financial instruments (refer to note 19);
• impairment assessment of intangible assets (refer to note 12);
• impairment assessment of investments in Equity Accounted Investees (refer to note 14); and
• valuation of share rights granted (refer to note 23).
Fair Value Hierarchy
Assets and liabilities measured at fair value are classified according to the following levels:
• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (prices) or indirectly
(derived from prices).
• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Financial Instruments
Financial Assets – Classification and Subsequent Measurement
On initial recognition, a financial asset is classified as measured at: amortised cost; Fair Value Through Other Comprehensive Income (FVOCI) –
debt investment; FVOCI – equity investment; or Fair Value Through Profit and Loss (FVTPL).
Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets,
in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.
A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:
• it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
• its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding.
A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:
• it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
• its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding.
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2022
77

All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all
derivative financial assets.
Financial Liabilities – Classification, Subsequent Measurement and Gains and Losses
Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-
for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains
and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised
cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss
on derecognition is also recognised in profit or loss.
New and Amended Accounting Standards Adopted
There are no new or amended accounting standards and interpretations that are issued but not yet adopted that are expected to have
a material impact on the Group.
Covid-19
As an essential service provider, the Group continued operations during the Covid-19 response. During the year to 30 June 2022, the
Group’s results from operating activities were not adversely impacted by the resultant shut-downs and other social and economic disruptions.
In addition, there has not been a material impact on key assumptions used in valuing the Group’s assets and therefore no Covid-19 related
impairments have been recorded.
3 SEGMENTAL REPORTING
Operating Segments
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).
The Group operates in three primary reportable segments, being:
• Port Operations: This consists of providing and managing port services, and cargo handling facilities through the Port of Tauranga,
MetroPort and Timaru Container Terminal. The Port’s terminal 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’s property assets.
• Terminal Services: This consists of the contracted terminal operations, general container marshalling and ancillary services of Quality
Marshalling (Mount Maunganui) Limited (Quality Marshalling).
The three primary 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. Due to the significant shared cost base of the Port,
operating costs, measures of profitability, assets and liabilities are aggregated and are not reported to the CODM at a segmental level, but rather
at a port level, as all business decisions are made at a “whole port level”.
The Group operates in one geographical area, that being New Zealand. During the year the Group received revenue from two external
customers which individually comprised more than 10% of total revenue. Revenue from these two customers is included in Port Operations
and accounts for 29% and 13% (2021: 30% and 12%) of total revenue.
The Group segment results are as follows:
2022
Port
Operations
Group
NZ$000
Property
Services
Group
NZ$000
Terminal
Services
Group
NZ$000
Unallocated*
Group
NZ$000
Inter
Segment
Group
NZ$000
Group
NZ$000
Revenue (external)339,38332,9592,54300374,885
Inter segment revenue131018,7860(19,097)0
Total segment revenue339,38433,26921,3290(19,097)374 , 8 8 5
Other income and expenditure:
Share of profit from Equity Accounted Investees00011,586011,586
Interest income0002870287
Other income000853(4 50)403
Interest expense000(16,452)0(16,452)
Depreciation and amortisation expense00(929)(36,657)0(37,586)
Other unallocated expenditure00(15,909)(186,365)19,547(182,727)
Income tax expense00(1, 259)(37,820)0(39,079)
Total other income and expenditure00(18,097)(264,568)19,097(263,568)
Total segment result339,38433,2693,232(264,568)0111,317
*Operating costs are not allocated to individual business segments within the Parent Company.
2 BASIS OF PREPARATION (CONTINUED)
Port of Tauranga Limited – Integrated Annual Report 2022
78
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2022

2021
Port
Operations
Group
NZ$000
Property
Services
Group
NZ$000
Terminal
Services
Group
NZ$000
Unallocated*
Group
NZ$000
Inter
Segment
Group
NZ$000
Group
NZ$000
Revenue (external)302,54530,9123,845003 3 7, 3 0 2
Inter segment revenue56417, 9 4 60(18,015)0
Total segment revenue302,55030,97621,7910(18,015)3 37, 3 0 2
Other income and expenditure:
Share of profit from Equity Accounted Investees00013,524013,524
Loss on disposal of Equity Accounted Investees000( 741)0( 741)
Interest income000199(35)164
Other income0001,296(317)979
Interest expense000(16,771)35(16,736)
Depreciation and amortisation expense00(1,038)(32,960)0(33,998)
Other unallocated expenditure00(15,883)(165,934)18,332(163,485)
Income tax expense00(1,370)(33, 264)0(34,634)
Total other income and expenditure00(18,291)(234,651)18,015(234,927)
Total segment result302,55030,9763,500(234,651)0102,375
*Operating costs are not allocated to individual business segments within the Parent Company.
4 OPERATING REVENUE
2022
NZ$000
2021
NZ$000
Revenue from contracts with customers
Container terminal revenue239,333209,212
Multi cargo revenue63,44561,348
Marine services revenue39,14835,830
341,926306,390
Other revenue
Rental revenue32,95930,912
Other income403979
Total operating revenue375,288338,281
PoliciesRevenue comprises the fair value of the consideration received or receivable for the sale of services in the ordinary
course of the Group’s activities. Standard credit terms are a month following invoice with any rebate variable
component calculated at the customers financial year end. Rebateable sales are eligible for sales volume rebates.
When the rebate is accrued, it is accrued as a current liability (rebate payable) based on contracted rates and
estimated volumes. For financial reporting purposes rebates are treated as a reduction in profit or loss. Revenue
is shown, net of GST, rebates and discounts. Revenue is recognised as follows:
• Container terminal revenue: relates to the handling, processing, storage and rail of containers. Contracts are
entered into with shipping lines and cargo owners. The primary performance obligations identified include the
load and discharge of containers (which include the services provided to support the handling of containers).
Container terminal revenue is recognised over time based on the number of containers exchanged (an output
method). This method is considered appropriate as it allows revenue to be recognised based on the Group’s
effort to satisfy the performance obligation. The transaction price is determined by the contract and adjusted
by variable consideration (rebates). Rebates are based on container volume and the Group accounts for the
variable consideration using the expected value method. The expected value is the sum of probability weighted
amounts in a range of possible consideration amounts. The Group estimates container volumes based
on market knowledge and historical data.
3 SEGMENTAL REPORTING (CONTINUED)
79

Policies (continued)• Multi cargo revenue: relates to the wharfage and storage of bulk goods. Contracts are entered into with cargo
owners. The stevedoring services are provided by a third party. Multi cargo revenue is recognised over time,
from the point that cargo transferred from vessel to land (or vice versa), being an output method. The transaction
price for multi cargo services is determined by the contract.
• Marine services revenue: relates directly to the visit of a vessel to the port and includes fees for pilotage, towage
and mooring. Contracts are entered into with vessel operators. The performance obligations identified include
vessel arrival, departure and berthage. Revenue is recognised over time, based on time elapsed (berthage),
being an input method. The transaction price for marine services is determined by the contract.
• Rental revenue: from property leased under operating leases is recognised in the income statement on
a straight line basis over the term of the lease. Lease incentives provided are recognised as an integral part
of the total lease income, over the term of the lease.
• Other income: is recognised when the right to receive payment is established.
5 EMPLOYEE BENEFITS
Employee Benefit Expenses
2022
NZ$000
2021
NZ$000
Wages and salaries44,55141,422
ACC levy269271
KiwiSaver contribution1,6631,523
Medical subsidy307304
Total employee benefit expenses46,79043,520
Employee Benefit Provisions
Long
Service
Leave
NZ$000
Profit
Sharing and
Bonuses
NZ$000
Total
NZ$000
Balance at 30 June 20212,1063,5275,633
Additional provision(188)3,4263,238
Unused amounts reversed(295)0(295)
Utilised during the period(134)(3,465)(3,599)
Balance at 30 June 20221,4893,4884,977
Total current provisions1413,2093,350
Total non-current provisions1,3482791,627
Employee Benefits –
Long Service Leave
Underlying assumptions for provisions relate to the probabilities of employees reaching the required vesting
period to qualify for long service leave. Probability factors for reaching long service leave entitlements are
based on historic employee retention information.
Employee Benefits –
Profit Sharing and Bonuses
The Profit Sharing and Bonus Scheme rewards eligible employees based on a combination of Company
performance against budget and personal performance. The incentive is generally paid biannually.
6 AUDIT FEES
Included in other expenses are fees paid to the auditors:
2022
NZ$000
2021
NZ$000
Audit and review of financial statements239294
Total audit and other services fees239294
4 OPERATING REVENUE (CONTINUED)
Port of Tauranga Limited – Integrated Annual Report 2022
80
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2022

7 FINANCIAL INCOME AND EXPENSE
2022
NZ$000
2021
NZ$000
Interest on lease01
Interest income on bank deposits10096
Interest on advances to Equity Accounted Investees5667
Change in value of fair value hedges1250
Ineffective portion of changes in fair value of cash flow hedges60
Finance income287164
Interest expense on borrowings (14,392)(14,979)
Less:
Interest capitalised to property, plant and equipment10289
(14, 290)(14,890)
Interest expense on lease liabilities (refer to note 11)(2 ,082)(1,757)
Ineffective portion of changes in fair value of cash flow hedges0(3)
Amortisation of interest rate collar premium(80)(86)
Finance expenses(16,452)(16,736)
Total net finance costs(16,165)(16,572)
PoliciesFinance income comprises interest income on bank deposits, finance lease interest and gains on hedging
instruments that are recognised in the income statement. Interest income on financial assets carried at amortised
cost is calculated using the effective interest method. Finance lease interest is recognised over the term of the lease
using the net investment method, which reflects a constant periodic rate of return.
Finance expenses comprise interest expense on borrowings, finance lease interest expense, unwinding of the
discount of provisions and losses on hedging instruments that are recognised in the income statement. Except
for interest capitalised directly attributable to the purchase or construction of qualifying assets, all borrowing costs
are measured at amortised cost and recognised in the income statement, using the effective interest method.
Capitalised InterestThe average weighted interest rate for interest capitalised to property, plant and equipment, was 2.60%
for the current period (2021: 2.45%).
Total interest capitalised to property, plant and equipment, was $0.102 million for the current period
(2021: $0.089 million).
81

8 INCOME TAX
Components of Tax Expense
2022
NZ$000
2021
NZ$000
Profit before income tax for the period150,396137,009
Income tax on the surplus for the period at 28.0 cents42,11138,363
Tax effect of amounts which are non-deductible/(taxable) in calculating taxable income:
Share of Equity Accounted Investees after tax income, excluding Coda Group Limited Partnership(2 ,785)(3, 289)
Loss on disposal of Equity Accounted Investees0207
Other(247)(647)
Total income tax expense39,07934,634
The income tax expense is represented by:
Current tax expense
Tax payable in respect of the current period39,61336,977
Adjustment for prior period(341)630
Total current tax expense39,2723 7, 6 07
Deferred tax expense
Adjustment for prior period161(478)
Origination/reversal of temporary differences(354)(2,495)
Total deferred tax expense (refer to note 9)(193)(2,973)
Total income tax expense39,07934,634
Income tax recognised in other comprehensive income:
2022
NZ$000
2021
NZ$000
Revaluation of property, plant and equipment22,91218,470
Cash flow hedges7,6 0 24,091
Total income tax recognised in other comprehensive income (refer to note 9)30,51422,561
PoliciesIncome tax expense comprises current and deferred tax, calculated using the rate enacted or substantively
enacted at balance date and any adjustments to tax payable in respect to prior years. Income tax expense is
recognised in the income statement except to the extent that it relates to items recognised in other comprehensive
income or equity.
Imputation CreditsTotal imputation credits available for use in subsequent reporting periods are $47.256 million at 30 June 2022
(2021: $37.803 million).
Port of Tauranga Limited – Integrated Annual Report 2022
82
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2022

9 DEFERRED TAXATION
AssetsLiabilitiesNet
2022
NZ$000
2021
NZ$000
2022
NZ$000
2021
NZ$000
2022
NZ$000
2021
NZ$000
Deferred tax (asset)/liability
Property, plant and equipment00115,79593,224115,79593,224
Intangible assets008231,0608231,060
Derivatives0(4,182)3,42003,420(4,182)
Provisions and accruals(3,037)(3,489)00(3,037)(3,489)
Equity Accounted Investees(788)(638)00(788)(638)
Contingent consideration(265)(348)00(265)(348)
Total (4,090)(8,657)120,03894,284115,94885,627
Recognised in the
Statement of Financial Position
on Acquisition of Subsidiary
Recognised in the
Income Statement
Recognised in
Other Comprehensive Income
2022
NZ$000
2021
NZ$000
2022
NZ$000
2021
NZ$000
2022
NZ$000
2021
NZ$000
Deferred tax (asset)/liability
Property, plant and equipment0390(320)(1,575)22,91218,470
Intangible assets0757(237)(217)00
Finance lease receivables000(4)00
Derivatives00007,6 0 24,091
Provisions and accruals0(7)431(1,066)00
Equity Accounted Investees00(150)(213)00
Contingent consideration0(4 50)8310200
Total0690(193)(2,973)30,51422,561
PoliciesDeferred tax is recognised on temporary differences that arise between the carrying amount of assets
and liabilities for financial reporting purposes and the amounts used for taxation purposes.
Deferred tax is not recognised for the initial recognition of goodwill.
Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences
when they reverse.
A deferred tax asset is recognised only to the extent it is probable it will be utilised.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset and when
the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either
the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
The measurement of deferred tax reflects the tax consequences that would follow from the manner in which
the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.
For this purpose, the carrying amount of buildings classified as property, plant and equipment carried at cost
is presumed to be recovered through use.
Unrecognised Tax
Losses or Temporary
Differences
There are no material unrecognised income tax losses or temporary differences carried forward. There are
no material unrecognised temporary differences associated with the Group’s investments in Subsidiaries
or Equity Accounted Investees.
83

10 PROPERTY, PLANT AND EQUIPMENT
Freehold
Land
NZ$000
Freehold
Buildings
NZ$000
Wharves and
Hardstanding
NZ$000
Harbour
Improvements
NZ$000
Plant and
Equipment
NZ$000
Work in
Progress
NZ$000
Total
NZ$000
Gross carrying amount:
Balance at 1 July 2020825,5561 3 7, 4 4 5321,065175,751247, 25710,2731,717,347
Additions1,66010,83610,5729562,978(4 ,029)22,973
Assets acquired on
acquisition of Timaru
Container Terminal Limited
036110607,1 0 407, 57 1
Revaluation103,838028,6882,25500134,781
Balance at 30 June 2021931,054148,642360,431178,962257,3396,2441,882,672
Balance at 1 July 2021931,054148,642360,431178,962257,3396,2441,882,672
Additions01,08311,2901,3204,2834,11422,090
Disposals0000(137)0(137)
Transfers between asset
classes
0(904)9040000
Revaluation5 3 7, 8 41(6,713)75,31328,69700635,138
Balance at 30 June 20221,468,895142 ,108447,938208,979261,48510,3582,539,763
Accumulated depreciation
and impairment:
Balance at 1 July 20200(54)(22 ,726)(2 ,809)(106,893)0(132,482)
Depreciation expense0(5,643)(12,086)(1,590)(11,955)0(3 1 , 2 74)
Impairment0000(12)0(12)
Revaluation0034,8064,3990039,205
Balance at 30 June 20210(5,697)(6)0(118,860)0(124,563)
Balance at 1 July 20210(5,697)(6)0(118,860)0(124,563)
Depreciation expense0(5,898)(14,583)(1,250)(12,006)0(33,737)
Disposals 000067067
Transfers between asset
classes
023(23)0000
Revaluation011,466000011,466
Balance at 30 June 20220(106)(14,612)(1, 250)(130,799)0(146,767)
Carrying amounts:
Total net book value as
at 30 June 2021
931,054142,945360,425178,962138,4796,2441,758,109
Total net book value as
at 30 June 2022
1,468,895142,002433,3262 07,72 9130,68610,3582,392,996
For each revalued class of property, plant and equipment, the notional carrying amount that would have been recognised, had the assets been
carried under the cost model, would be:
2022
Notional
Carrying
Amount
NZ$000
2021
Notional
Carrying
Amount
NZ$000
Freehold land119,203119,203
Freehold buildings85,23589,978
Wharves and hardstanding61,78861,622
Harbour improvements112,2391 07, 9 2 2
Total notional carrying amount378,465378,725
Port of Tauranga Limited – Integrated Annual Report 2022
84
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2022

PoliciesProperty, plant and equipment is initially measured at cost, and subsequently stated at either fair value or cost,
less depreciation and any impairment losses.
Subsequent expenditure that increases the economic benefits derived from the asset is capitalised.
Land, buildings, harbour improvements, and wharves and hardstanding are measured at fair value, based upon
periodic valuations by external independent valuers. The Group undertakes a three yearly revaluation cycle
to ensure the carrying value of these assets does not differ materially from their fair value. In the years between
independent valuations, the carrying value of land is adjusted annually based on a sample valuation provided by
an independent valuer. For the remaining asset classes, if during the three year revaluation cycle there are indicators
that the fair value of a particular asset class may differ materially from its carrying value, an interim revaluation
of that asset class is undertaken.
Depreciation of property, plant and equipment, other than freehold land and capital dredging (included within
harbour improvements), is calculated on a straight line basis and expensed over their estimated useful lives.
Major useful lives are:
Freehold buildings 33 to 85 years
Maintenance dredging 3 years
Wharves 44 to 70 years
Basecourse50 years
Asphalt15 years
Gantry cranes10 to 40 years
Floating plant10 to 25 years
Other plant and equipment5 to 25 years
Electronic equipment3 to 5 years
Capital and maintenance dredging are held as harbour improvements. Capital dredging has an indefinite useful life
and is not depreciated as the channel is maintained via maintenance dredging to its original depth and contours.
Maintenance dredging is depreciated over three years.
Work in progress relates to self-constructed assets or assets that are being acquired which are under construction
at balance date. Once the asset is fit for intended service, it is transferred to the appropriate asset class and depreciation
commences. Software developed undertaken as part of a project is transferred to intangibles on completion.
An item of property, plant and equipment is derecognised when it is sold or otherwise disposed of, or when its use
is expected to bring no future economic benefit. Upon disposal or derecognition, any revaluation reserve relating
to the particular asset being disposed or derecognised is transferred to retained earnings.
SecurityCertain items of property, plant and equipment have been pledged as security against certain loans and borrowings
of the Group (refer to note 18).
Occupation
of Foreshore
The Parent Company holds consent to occupy areas of the Coastal Marine Area to enable the management
and operation of port related commercial undertakings that it acquired under the Port Companies Act 1988.
The consented area includes a 10 metre radius around navigation aids and a strip from 30 to 60 metres wide
along the extent of the wharf areas at both Sulphur Point and Mount Maunganui.
Capital
Commitments
The estimated capital expenditure for property, plant and equipment contracted for at balance date but not
provided for is $32,187 million.
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 30 June 2022 $2.850 million has been provided for.
In addition, if the development costs exceed the initial $25.000 million capital commitment, construction
contingency funding of up to $2.500 million must be provided to the joint venture.
JudgementsFair Values
This fair value measurement has been categorised as a Level 3 fair value based on the inputs for the assets which are
not based on observable market data (unobservable inputs), (refer to note 2 for fair value measurement hierarchy).
Judgement is required to determine whether the fair value of land, buildings, wharves and hardstanding, and harbour
improvements assets have changed materially since the last revaluation. The determination of fair value at the time
of the revaluation requires estimates and assumptions based on market conditions at that time. Changes to estimates,
assumptions or market conditions subsequent to a revaluation will result in changes to the fair value of property,
plant and equipment.
10 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
85

Judgements
(continued)
Remaining useful lives and residual values are estimated based on Management’s judgement, previous experience
and guidance from registered valuers. Changes in those estimates affect the carrying value and the depreciation
expense in the income statement.
At the end of each reporting period, the Group makes an assessment whether the carrying amounts differ materially
from the fair value and whether a revaluation is required. The assessment considers movements in the capital goods
price indices and other market indicators since the previous valuations.
As at 30 June 2022, buildings have been revalued, due to indicators of a potential material movement in the fair value
of the asset class. As the majority of buildings are valued on a combined land and building basis, a revaluation of land
has also been performed.
There are also indicators of a potential material movement in the fair value of wharves and hardstanding, and harbour
improvement. Due to a full revaluation being performed on these asset classes in the prior year, a full revaluation being
performed in the current year is deemed unnecessary as the asset base is substantially the same, therefore the prior
year assessments are still relevant. The major movement in value is due to price movements of the materials used
to construct these assets. The Parent Company determined that an adjustment to the carrying value of the asset
classes by a cost inflation index will give an accurate representation. The index has been provided by an independent
valuer and is based on publicly available price indices.
Land Valuation
The valuation of land assets was carried out by Colliers International New Zealand Limited. The valuation increased
the carrying amount of land by $537.841 million.
Land assets are valued using the direct sales comparison approach which analyses direct sales of comparable
properties on the basis of the sale price per square metre which are then adjusted to reflect stronger and weaker
fundamentals relative to the subject properties.
The significant assumptions applied in the valuation of these assets are:
20222021
Asset
Valuation
Method
Key Valuation
AssumptionsHectares
Range of
Significant
Assumptions
$
Weighted
Average
$
Range of
Significant
Assumptions
$
Weighted
Average
$
Direct sales
comparison
Tauranga (Sulphur Point) /
Mount Maunganui – wharf
and industrial land per
square metre
182.2450-1,650755404-1,044468
Auckland land – land
adjacent to MetroPort
Auckland per square metre
6.81,000-1,0671,050842-936873
Rolleston land –
MetroPort Christchurch
per square metre
15.0140140124124
• Waterfront Access Premium: A premium of approximately 25% has been applied to the main wharf land
areas reflecting the locational benefits this land asset gains from direct waterfront access.
• No Restriction of Title: Valuation is made on the assumption that having no legal title to the Tauranga harbour
foreshore will not detrimentally influence the value of land assets.
• Highest and Best Use of Land: Subject to relevant local authority’s zoning regulations.
• Tauranga and Mount Maunganui: The majority of land is zoned “Port Industry” under the Tauranga City
Plan and a small portion of land at both Sulphur Point and Mount Maunganui has “Industry” zoning.
• Auckland: The land is zoned “Heavy Industry Zone” under the Auckland Unitary Plan.
• Rolleston: The land is zoned “Business 2A” under the Selwyn District Plan.
Building Valuations
The valuation of buildings was carried out by Colliers International New Zealand Limited. The valuation increased the
carrying amount of buildings by $4.753 million.
The majority of assets are valued on a combined land and building basis using a Capitalised Income Model with either
contract income or market income. A small number of specialised assets, such as gatehouses and toilet blocks,
are valued on a Depreciated Replacement Cost basis due to their specialised nature and the lack of existing market.
10 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Port of Tauranga Limited – Integrated Annual Report 2022
86
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2022

Judgements
(continued)
The Capitalised Income Model uses either the contracted rental income or an assessed market rental income
of a property and then capitalises the valuation of the property using an appropriate yield. Contracted rental income
is used when the contracted income is receivable for a reasonable term from secured tenants. Market income
is used when the current contract rent varies from the assessed market rent due to over or under renting, vacant
space and a number of other factors.
The value of land is deducted from the overall property valuation to give rise to a building valuation.
The significant assumptions applied in the valuation of these building assets are:
20222021
Asset
Valuation
Method
Key Valuation
Assumptions
Range of
Significant
Assumptions
%
Weighted
Average
%
Range of
Significant
Assumptions
%
Weighted
Average
%
Capitalised
income model
Market capitalisation rate1.75–9.503.714.50–8.005.33
Wharves and Hardstanding, and Harbour Improvements
Wharves, hardstanding and harbour improvements assets are classified as specialised assets and have accordingly
been valued on a Depreciated Replacement Cost basis, adjusted for a cost inflation index provided by WSP New
Zealand Limited. This index movement increased the carrying amount of these asset classes by $104.010 million.
WSP New Zealand Limited use publicly available price indices from Statistics New Zealand and Waka Kotahi NZ
Transport Agency to assist in informing their assessment of unit rate increases since the last valuation at 30 June
2021. A different combination of indices has been used for each asset class. The price indices used for each asset
component of wharves are as follows:
IndexDescription
Weighting
%
Capital Expenditure Price Index – structural
metal products and parts thereof (CEPQ.S2421)
Used to represent the cost of reinforcing
and structural steel
39
Labour Cost Index – construction industry
(LCIQ.SG53E9)
Used to represent the cost of labour40
Capital Expenditure Price Index – civil
construction (CEPQ.S2GC)
Used to represent the cost of other
materials
21
The cost inflation adjustment also includes an allowance for on-costs which allow for those costs directly
attributable to the construction of an asset. On-costs include professional fees (which include activities such as
design, traffic management and quality monitoring), administration costs and finance charges. The on-costs for the
components of wharves and hardstandings, and harbour improvements have increased from a range of 13% to 23%
in 2021, to 14% to 34% in 2022.
The significant assumptions applied in the Depreciated Replacement Cost estimate of these assets are:
• Replacement Unit Costs of Construction Rates – Cost Rates Are Calculated Taking Into Account:
• The Parent Company’s historic cost data, including any recent competitively tendered construction works.
• Published cost information.
• The WSP New Zealand Limited construction cost database.
• Long run price trends.
• Historic costs adjusted for changes in price levels.
• An allowance is included for costs directly attributable to bringing assets into working condition,
management costs and the financing cost of capital held over construction period.
• Depreciation – the Calculated Remaining Lives of Assets Are Reviewed, Taking Into Account:
• Observed and reported condition, performance and utilisation of the asset.
• Expected changes in technology.
• Consideration of current use, age and operational demand.
• Discussions with the Parent Company’s operational officers.
• WSP New Zealand Limited Consultants’ in-house experience from other infrastructure valuations.
• Residual values.
10 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
87

Judgements
(continued)
The significant assumptions applied in the valuation of these wharves and hardstanding, and harbour improvements
assets are:
20222021
Asset
Valuation
Method
Key Valuation
Assumptions
Range of
Significant
Assumptions
$
Weighted
Average
$
Range of
Significant
Assumptions
$
Weighted
Average
$
Depreciated
replacement
cost basis
Wharf construction replacement
unit cost rates per lineal metre –
high performance wharves
137, 3 0 0 –
282,000
232,500107,000–
220,000
181,170
Earthworks construction
replacement unit cost rates per
square metre
8.098.097.5 07.5 0
Basecourse construction
replacement unit cost rates per
cubic metre
23–453721–4234
Asphalt construction
replacement unit cost rates per
square metre
29–594727–5544
Capital dredging replacement unit
cost rates per square metre
5–89*4 –7 7*
Depreciation methodStraight
line basis
Not
applicable
Straight line
basis
Not
applicable
Channel assets (capital dredging)
useful life
IndefiniteNot
applicable
IndefiniteNot
applicable
Pavement remaining useful lives
(years)
1–37142–38 15
Wharves remaining useful lives
(years)
0–61200–62 21
* Weighted average unit cost rates are not presented due to the complexity in measuring the types and locations
of removed quantities.
Sensitivities to Changes in Key Valuation Assumptions for Land, Buildings, Wharves and Hardstanding, and
Harbour Improvements
The following table shows the impact on the fair value due to a change in significant unobservable input:
Fair Value Measurement
Sensitivity to Significant:
Increase
in Input
Decrease
in Input
Unobservable inputs within the direct sales comparison approach
for land
Rate per
square metre
The rate per square metre assessed from recently sold
properties of a similar nature
IncreaseDecrease
Unobservable inputs within the income capitalisation approach
for buildings
Market rentThe valuer’s assessment of the net market income
attributable to the property
IncreaseDecrease
Market
capitalisation
rate
The rate of return, determined through analysis of
comparable market related sales transactions, that is
applied to a market rent to assess a property’s value
DecreaseIncrease
Unobservable inputs within depreciated replacement cost analysis
for buildings, wharves and hardstanding, and harbour improvements
Unit costs of
construction
The cost of constructing various asset types based
on a variety of sources
IncreaseDecrease
Remaining
useful lives
The remaining useful life on an assetIncreaseDecrease
10 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Port of Tauranga Limited – Integrated Annual Report 2022
88
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2022

11 LEASES
The Group as the lessee has various non-cancellable leases predominantly for the lease of land and buildings. The leases have varying term
and renewal rights.
Information about leases for which the Group is a lessee is presented below:
2022
NZ$000
2021
NZ$000
Right-of-use assets
Opening balance40,57725,011
Depreciation(1,593)(1,302)
Additions to right-of-use assets3831 ,174
Adjustments to existing right-of-use assets019
Right-of-use assets acquired on acquisition of Timaru Container Terminal Limited015,675
Closing balance39,36740,577
Lease liabilities
Opening balance41,87825,402
Additions38484
Lease liability acquired on acquisition of Timaru Container Terminal016,156
Adjustments to existing lease liabilities01,108
Interest2,0821,757
Repayments(2 ,957)(2 ,629)
Closing balance41,38741,878
Lease liabilities maturity analysis
Between zero to one year776837
Between one to five years3,3803,086
More than five years37, 2 313 7, 9 5 5
Total lease liabilities41,38741,878
Future minimum lease receivables from non-cancellable operating leases where the Group is the lessor are:
2022
NZ$000
2021
NZ$000
Within one year23,36317, 6 4 3
One to two years18,63513,353
Two to three years12,67510,956
Three to four years10,10810,138
Four to five years9, 4749,226
More than five years28,45435,359
Total102 ,70996,675
Included in the financial statements are land and buildings, leased to customers under operating leases.
2022
Valuation
NZ$000
2022
Accumulated
Depreciation
NZ$000
2021
Valuation
NZ$000
2021
Accumulated
Depreciation
NZ$000
Land760,4980484,3110
Buildings97, 3 920104,8323,508
Total8 57, 8 9 00589,1433,508
89

PoliciesWhere the Group is the Lessor, assets leased under operating leases are included in property, plant and equipment, in the
statements of financial position, as appropriate.
Payments and receivables made under operating leases are recognised in the income statement on a straight line basis
over the term of the lease.
Lease incentives are recognised as an integral part of the total lease expense/revenue, over the term of the lease.
Where the Group is a lessee, a right-of-use asset and a lease liability are recognised at the lease commencement date.
The right-of-use asset is initially measured at a cost, which comprises the initial amount of the lease liability adjusted for
any lease payments made at or before the commencement date, plus any initial indirect costs. The right-of-use asset
is subsequently depreciated using the straight-line method over the life of the lease term.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,
discounted using the Group’s incremental borrowing rate. The lease liability is subsequently measured at amortised cost using
the effective interest rate method. It is remeasured when there is a change in future lease payments or if the Group changes
its assessment of whether it will exercise a right of renewal.
When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use asset.
12 INTANGIBLE ASSETS
Goodwill
NZ$000
Computer
Software
NZ$000
Consents and
Contracts
NZ$000
Total
NZ$000
Cost:
Balance at 1 July 202015,4905,22710,56731,284
Additions03059371,242
Disposals0(285)(10,000)(10,285)
Intangible assets acquired on acquisition of Timaru Container Terminal
Limited
2,930342,6675,631
Balance at 30 June 202118,4205,2814,1712 7, 872
Balance at 1 July 202118,4205,2814,1712 7, 872
Additions01350135
Balance at 30 June 202218,4205,4164,17128,007
Accumulated amortisation:
Balance at 1 July 20200(2,655)(9,650)(12,305)
Amortisation expense0(54 4)(878)(1,422)
Disposals05510,00010,055
Balance at 30 June 20210(3,144)(528)(3,672)
Balance at 1 July 20210(3,14 4)(528)(3,672)
Amortisation expense0(562)(765)(1,327)
Balance at 30 June 20220(3,706)(1,293)(4,999)
Carrying amounts:
Total net book value 30 June 202118,4202 ,1373,64324,200
Total net book value 30 June 202218,4201,7102,87823,008
11 LEASES (CONTINUED)
Port of Tauranga Limited – Integrated Annual Report 2022
90
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2022

PoliciesGoodwill that arises upon the acquisition of Subsidiaries is included in intangible assets. The Group measures
goodwill as the fair value of consideration transferred, less the fair value of the net identifiable assets and liabilities
assumed at acquisition date.
Goodwill is measured at cost less accumulated impairment losses.
Other intangible assets acquired by the Group, which have finite useful lives, are measured at cost less accumulated
amortisation and accumulated impairment losses.
The estimated useful lives for the current and comparative periods are:
Consents and contracts 4 to 35 years
Computer software 1 to 10 years
The carrying amounts of the Group’s intangibles other than goodwill are reviewed at each reporting date to
determine whether there is any objective evidence of impairment.
Goodwill is tested for impairment annually, based upon the value-in-use of the cash generating unit to which the goodwill
relates. The cash flow projections include specific estimates for five years and a terminal growth rate thereafter.
JudgementsGoodwill relates to goodwill arising on the acquisition of Quality Marshalling (Mount Maunganui) Limited and Timaru
Container Terminal Limited.
Goodwill was tested for impairment at 30 June 2022 and confirmed that no adjustment was required.
For impairment testing on the goodwill of Quality Marshalling (Mount Maunganui) Limited, the calculation of value-in-
use was based upon the following key assumptions:
• Cash flows were projected using management forecasts over the five year period. Average revenue growth for
this period is 6%.
• Terminal cash flows were estimated using a constant growth rate of 2% after year five.
• A pre-tax discount rate of 12% was used.
13 INVESTMENTS IN SUBSIDIARIES
Investments in Subsidiaries Comprises:
Name of EntityPlace of BusinessPrincipal Activity
2022
%
2021
%
Balance
Date
Port of Tauranga Trustee
Company Limited
New ZealandHolding company for employee
share scheme
100.00100.0030 June
Quality Marshalling
(Mount Maunganui) Limited
New ZealandMarshalling and terminal
operations services
100.00100.0030 June
Timaru Container Terminal
Limited
New ZealandSea port100.00100.00030 June
PoliciesSubsidiaries are entities controlled by the Parent Company. Control exists when the Parent Company is exposed,
or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through
its power over the investee. In assessing control, potential voting rights that presently are exercisable, are taken into account.
The financial statements of Subsidiaries are included in the consolidated financial statements from the date that control
commences until the date that control ceases.
Intra-group balances, and any unrealised income and expenses arising from intra-group transactions, are eliminated
in preparing the consolidated financial statements.
12 INTANGIBLE ASSETS (CONTINUED)
91

14 INVESTMENTS IN EQUITY ACCOUNTED INVESTEES
(a) Investments in Equity Accounted Investees Comprises
Name of EntityPrincipal Activity
2022
%
2021
%
Balance
Date
Coda Group Limited PartnershipFreight logistics and warehousing50.0050.0030 June
Northport LimitedSea port50.0050.0030 June
PortConnect LimitedOn line cargo management50.0050.0030 June
PrimePort Timaru LimitedSea port50.0050.0030 June
Ruakura Inland Port LPInland port50.0050.0030 June
(b) Carrying Value of Investments in Equity Accounted Investees
2022
NZ$000
2021
NZ$000
Balance as at 1 July 167,6 50158,588
Group’s share of net profit after tax 11,58613,524
Group’s share of hedging reserve862496
Group’s share of revaluation reserve13,86512,090
Group’s share of total comprehensive income26,31326,110
Disposal of Equity Accounted Investees0(7,412)
Investment in Equity Accounted Investees2,850
Dividends received (10,763)(9,636)
Balance as at 30 June 186,050167,650
(c) Summarised Financial Information of Equity Accounted Investees
The following table summarises the financial information of individually material Equity Accounted Investees, Northport Limited,
PrimePort Timaru Limited and Coda Group Limited Partnership, and the combined value of individually immaterial Equity Accounted
Investees as included in their own financial statements, adjusted for fair value adjustments at acquisition and differences in accounting
policies to align with Group accounting policies.
Port of Tauranga Limited – Integrated Annual Report 2022
92
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2022

2022
Northport
Limited
NZ$000
Coda Group
Limited
Partnership
NZ$000
PrimePort
Timaru Limited
NZ$000
Individually
Immaterial
Equity
Accounted
Investees
NZ$000
Total
NZ$000
Cash and cash equivalents2999,8421,6711,53013,342
Total current assets5,83438,0215,2141,85950,928
Total non-current assets225,78178,537140,87811,107456,303
Total assets231,615116,558146,09212,966507, 2 31
Current financial liabilities excluding trade and
other payables and provisions
0(1 0 ,7 74)(4 08)(2 ,890)(14,072)
Total current liabilities(5,942)(32 ,618)(5,258)(7, 2 2 3)(51,041)
Non-current financial liabilities excluding trade and
other payables and provisions
(45,457)(4 0,42 1)(4 3 ,07 1)0(128,949)
Total non-current liabilities(45,457)(40, 42 1)(43,071)0(128,949)
Total liabilities(51,399)(73,039)(48,329)(7, 2 2 3)(179,990)
Net assets180,21643,51997,76 35 ,74 3(3 2 7, 2 41)
Group’s share of net assets 90,10821,76048,8822,872163,622
Goodwill acquired on acquisition of Equity
Accounted Investees, less impairment losses
022,4280022,428
Carrying amount of Equity Accounted
Investees
90,10844,18848,8822,872186,050
Revenues42,574245,6662 7, 51 52 , 3 74318,129
Depreciation and amortisation(5,330)(3,101)(3,573)(285)(12 ,289)
Interest expense(1,928)(2,623)(1,457)(108)(6,116)
Net profit before tax2 0,74 63,2827,0 2 045131,499
Tax expense(5,692)0(2,506)(130)(8,328)
Net profit after tax15,0543,2824,51432123,171
Other comprehensive income25,57003,884029,454
Total comprehensive income40,6243,2828,39832152,625
Group’s share of net profit after tax7, 52 71,6412,25716111,586
Group’s share of total comprehensive income 20,3121,6414,19916126,313
Group’s share of dividends/distributions9,51301,250010,763
14 INVESTMENTS IN EQUITY ACCOUNTED INVESTEES (CONTINUED)
93

2021
Northport
Limited
NZ$000
Coda Group
Limited
Partnership
NZ$000
PrimePort
Timaru Limited
NZ$000
Individually
Immaterial
Equity
Accounted
Investees
NZ$000
Total
NZ$000
Cash and cash equivalents35912,97870279214,831
Total current assets5,93435,2964,0431,07246,345
Total non-current assets1 9 8 ,67485,828129,6361,820415,958
Total assets204,608121,124133,6792,892462,303
Current financial liabilities excluding trade and
other payables and provisions
0(9,529)(4 08)(2 ,800)(12 ,737)
Total current liabilities(5,006)(28,495)(4 , 809)(3,168)(41 , 478)
Non-current financial liabilities excluding trade and
other payables and provisions
(4 0, 985)(52,393)(3 7,0 0 4)0(130,382)
Total non-current liabilities(40, 98 5)(52 ,393)(37,0 04)0(130,382)
Total liabilities(4 5 , 991)(80,888)(41 , 813)(3,168)(171,860)
Net assets158,61740,23691,866(276)290,443
Group’s share of net assets 79,30920,11845,933(138)145,222
Goodwill acquired on acquisition of Equity
Accounted Investees, less impairment losses
022,4280022,428
Carrying amount of Equity Accounted
Investees
79,30942,54645,933(138)167,6 50
Revenues44,609218,83325,6255,466294,533
Depreciation and amortisation(5,407)(13,334)(3,163)(393)(22 ,297)
Interest expense(1,909)(2,895)(967)(72)(5,843)
Net profit before tax23,7703,5548,18943135,944
Tax expense(6, 278)0(2,493)(125)(8,896)
Net profit after tax17, 4 923,5545,6963062 7,04 8
Other comprehensive income18,79806 , 3 74025,172
Total comprehensive income36,2903,55412,07030652,220
Group’s share of net profit after tax8 ,74 61,7772,84815313,524
Group’s share of total comprehensive income 18,1451,7776,03515326,110
Group’s share of dividends/distributions8,29508504919,636
PoliciesThe Parent Company’s interests in Equity Accounted Investees comprise interests in Joint Ventures.
A Joint Venture is an arrangement in which the Parent Company has joint control, whereby the Parent Company
has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities.
Equity Accounted Investees are accounted for using the equity method.
In respect of Equity Accounted Investees, the carrying amount of goodwill is included in the carrying amount
of the investment and not tested for impairment separately.
Tax Treatment of
Limited Partnerships
Coda Group Limited Partnership and Ruakura Inland Port Limited Partnership are treated as partnerships for tax
purposes and are not taxed at the partnership level. Fifty percent of the income and expense flow through the
limited partnership to the Parent Company who is then taxed.
Judgements It has been determined that the Parent Company has joint control over its investees, due to the existence of contractual
agreements which require the unanimous consent of the parties sharing control over relevant business activities.
Impairment indicators for the Parent Company’s investment in Coda Group Limited Partnership were reviewed
at 30 June 2022 and confirmed that no adjustment was required.
14 INVESTMENTS IN EQUITY ACCOUNTED INVESTEES (CONTINUED)
Port of Tauranga Limited – Integrated Annual Report 2022
94
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2022

15 RECEIVABLES AND PREPAYMENTS
2022
NZ$000
2021
NZ$000
Non-current
Prepayments and sundry receivables 18,61216,502
Total non-current18,61216,502
Current
Trade receivables54,22258,241
Trade receivables from Equity Accounted Investees and related parties326312
54,54858,553
Advances to Equity Accounted Investees (refer to note 22)1,4001,400
Provision for expected credit losses – advances to Equity Accounted Investees (refer to note 20(a))(211)(265)
Prepayments and sundry receivables6,1645,572
Total current61,90165,260
Total80,51381,762
The ageing of trade receivables at reporting date was:
2022
NZ$000
2021
NZ$000
Not past due43,09245,054
Past due 0–30 days9,81110,570
Past due 30–60 days9561,946
Past due 60–90 days167499
More than 90 days196172
Total of ageing of trade receivables54,22258,241
PolicesReceivables and prepayments are initially recognised at transaction price. They are subsequently measured
at amortised cost, and adjusted for impairment losses.
Receivables with a short duration are not discounted.
Fair ValuesThe nominal value less impairment provision of trade receivables are assumed to approximate their fair values
due to their short term nature.
JudgementsA provision for expected credit losses is established when the assessment under NZ IFRS 9 deems a provision
is required (refer to note 20(a)).
Advances to Equity
Accounted Investees
The Parent Company makes advances to Equity Accounted Investees for short term funding purposes.
These advances are repayable on demand and interest rates charged on these advances are varied.
PrepaymentsPrepayments is predominantly made up of a $22.5 million payment made to KiwiRail Limited in consideration
for the extension of the rail agreement at MetroPort. The payment is amortised over 20 years.
95

16 EQUITY
Share Capital
20222021
Number of ordinary shares issued
Balance as at 1 July680,256,809679,965,432
Shares issued during year55,851301,863
Shares repurchased by the Group during the year(12 ,463)(10,486)
Balance as at 30 June680,300,197680,256,809
Dividends
The following dividends were declared and paid during the period:
2022
NZ$000
2021
NZ$000
Final 2021 dividend paid 7.5 cents per share (2020: 6.4 cps)51,02443,537
Interim 2022 dividend paid 6.5 cents per share (2021: 6.0 cps)44,21840,816
Total dividends95,24284,353
PoliciesCapital Management
The Parent Company’s policy is to maintain a strong capital base, which the Group defines as total shareholders’ equity,
so as to maintain investor, creditor and market confidence, and to sustain the future business development of the Group.
The Group has established policies in capital management, including the specific requirements that interest cover is to
be maintained at a minimum of three times and that the debt/(debt + equity) ratio is to be maintained at a 40% maximum.
It is also Group policy that the ordinary dividend payout is maintained between a level of between 70% and 100% of net
profit after tax for the period.
The Group has complied with all capital management policies during the reporting periods.
Share CapitalAll shares are fully paid and have no par value. All shares rank equally with one vote attached to each fully paid
ordinary share.
Where the Group purchases its own share capital (treasury shares), the consideration paid, including any directly
attributable incremental costs are deducted from share capital until the shares are cancelled or reissued. Where
such shares are reissued, any consideration received, net of any directly attributable transaction costs, are included
in share capital.
DividendsThe dividends are fully imputed. Supplementary dividends of $0.419 million (2021: $0.407 million) were paid to
shareholders that are not tax residents in New Zealand, for which the Group received a foreign tax credit entitlement.
Share Based
Payment Reserve –
Container Volume
Commitment
Agreement
On 1 August 2014 the Parent Company issued 2,000,000 shares as a volume rebate to Kotahi as part of a 10 year
freight alliance. Due to the Parent Company completing a 5:1 share split on 17 October 2016, the number of shares
originally issued to Kotahi increased to 10,000,000. Of these shares, 7,000,000 are subject to a call option allowing
the Parent Company to “call” shares back at zero cost if Kotahi fails to meet the volume commitments.
The increase in the reserve of $1.469 million (2021: $2.191 million) recognises the shares earned based on containers
delivered during the period.
The grant-date fair value of equity settled share based payments is recognised as a rebate against revenue, with
a corresponding increase in equity, over the vesting period. The amount recognised as a rebate is adjusted to reflect
the number of awards for which the related service is expected to be met, such that the amount ultimately recognised
is based on the number of awards that meet the related service conditions at the vesting date.
Share Based
Payments Reserve
– Management Long
Term Incentive
Share rights are granted to employees in accordance with the Parent Company’s Management Long Term Incentive
Plan. The fair value of share rights granted under the plan are measured at grant date and recognised as an
employee expense over the vesting period with a corresponding increase in equity. The fair value at grant date
of the share rights are independently determined using an appropriate valuation model that takes into account
the terms and conditions upon which they were granted (refer to note 23).
This reserve is used to record the accumulated value of the unvested shares rights, which have been recognised
as an expense in the income statement. Upon the vesting of share rights, the balance of the reserve relating to the
share rights is offset against the cost of treasury stock allotted to settle the obligation, with any difference in the cost
of settling the commitment transferred to retained earnings.
Port of Tauranga Limited – Integrated Annual Report 2022
96
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2022

Hedging ReserveThe hedging reserve comprises the effective portion of the cumulative net change in fair value of cash flow hedging
instruments, related to hedged transactions that have not yet occurred.
Revaluation ReserveThe revaluation reserve relates to the revaluation of land, buildings, wharves and hardstanding, and harbour
improvements.
17 EARNINGS PER SHARE
20222021
Earnings per share
Net profit attributable to ordinary shareholders (NZ$000)111,317102,375
Weighted average number of ordinary shares (net of treasury stock) for basic earnings per share673,306,5506 72 , 3 7 7,70 3
Basic earnings per share (cents)16.515.2
Weighted average number of ordinary shares (net of treasury stock) for diluted earnings per share6 8 0,787, 8 9 9680,775,549
Diluted earnings per share (cents)16.415.0
PoliciesThe Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated
by dividing the profit or loss attributable to ordinary shareholders of the Parent Company by the weighted average
number of ordinary shares outstanding for the Parent Company during the period.
Diluted EPS adjusts for any commitments the Parent Company has to issue shares in the future that would decrease
the basic EPS. The Parent Company has two types of dilutive potential ordinary shares, Management Long Term
Incentive Plan share rights (refer to note 23) and Container Volume Commitment Agreement share rights (refer to
note 16). Diluted EPS is calculated by adjusting the weighted average number of ordinary shares outstanding
to assume conversion of the share rights.
18 LOANS AND BORROWINGS
This note provides information about the contractual terms of the Group’s interest bearing loans and borrowings.
2022MaturityCoupon
Committed
Facilities
NZ$000
Undrawn
Facilities
NZ$000
Fair Value
Adjustments
NZ$000
Carrying
Value
NZ$000
Non-current
Fixed rate bond20283.552%100,0000( 7, 52 8)92 ,472
Standby revolving cash advance facility2026Floating130,000130,00000
Fixed rate bond20251.020%100,00000100,000
Standby revolving cash advance facility2025Floating100,00075,000025,000
Standby revolving cash advance facility 2024Floating100,00000100,000
Standby revolving cash advance facility 2023Floating50,00050,00000
Total non-current 580,000255,000(7,528)317, 472
Current
Multi option facility2022Floating5,0005,00000
Commercial papers<3 monthsFloating000125,000
Total current 5,0005,0000125,000
Total 585,000260,000(7,528)442 ,472
16 EQUITY (CONTINUED)
97

2021MaturityCoupon
Committed
Facilities
NZ$000
Undrawn
Facilities
NZ$000
Carrying
Value
NZ$000
Non-current
Fixed rate bond20251.02%100,0000100,000
Standby revolving cash advance facility2024Floating100,0000100,000
Standby revolving cash advance facility 2023Floating200,000185,00015,000
Standby revolving cash advance facility 2022Floating130,000130,0000
Total non-current 530,000315,000215,000
Current
Standby revolving cash advance facility 2022Floating50,000050,000
Multi option facility2021Floating5,0005,0000
Commercial papers<3 monthsFloating00220,000
Total current 55,0005,000270,000
Total 585,000320,000485,000
PoliciesLoans and borrowings are recognised at fair value, plus any directly attributable transaction costs, if the Group
becomes a party to the contractual provisions of the instrument. Any loans and borrowing that have been designated
as a fair value hedged item are carried at amortised cost plus a fair value adjustment. Loans and borrowings are
derecognised if the Group’s obligations as specified in the contract expire or are discharged or cancelled.
Subsequent to initial recognition, loans and borrowings are measured at amortised cost using the effective interest
method, less any impairment losses.
Fixed Rate BondsThe Parent Company has issued two $100 million fixed rate bonds, a five-year bond with a final maturity
on 29 September 2025, and a seven-year bond with a final maturity on 24 November 2028.
Commercial PapersCommercial papers are secured, short term discounted debt instruments issued by the Parent Company for
funding requirements as a component of its banking arrangements. The commercial paper programme is fully
backed by committed term bank facilities.
At 30 June 2022 the Group had $125 million of commercial paper debt that is classified within current liabilities
(2021: $220 million). Due to this classification, 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 a result of the commercial
paper debt being interchangeable with direct borrowings within the standby revolving cash advance facility which
is a term facility.
Standby Revolving
Cash Advance
Facility Agreement
The Parent Company has a $380 million financing arrangement with ANZ Bank New Zealand Limited, Bank of
New Zealand Limited, Commonwealth Bank of Australia, New Zealand Branch and MUFG Bank, Ltd, Auckland
Branch (2021: $480 million). The facility, which is secured, provides for both direct borrowings and support for
issuance of commercial papers.
Multi Option FacilityThe Parent Company has a $5 million multi option facility with Bank of New Zealand Limited, used for short term
working capital requirements (2021: $5 million).
SecurityBank facilities and fixed rate bonds are secured by way of a security interest over certain floating plant assets ($15.289
million, 2021: $15.954 million), mortgages over the land and building assets ($1,610.341 million, 2021: $1,073.498 million),
and by a general security agreement over the assets of the Parent Company ($2,600.187 million, 2021: $1,956.214 million).
CovenantsThe Parent Company borrows under a negative pledge arrangement, which with limited circumstances does not
permit the Parent Company to grant any security interest over its assets. The negative pledge deed requires the
Parent Company to maintain certain levels of shareholders’ funds and operate within defined performance and debt
gearing ratios.
The Parent Company has complied with all covenants during the reporting periods.
Fair ValuesThe fair value of fixed rate loans and borrowings is calculated by discounting the future contractual cash flows at
current market interest rates that are available for similar financial instruments. The amortised cost of variable rate
loans and borrowings is assumed to closely approximate fair value as debt facilities mature every 90 days.
Interest RatesThe average weighted interest rate of interest bearing loans was 2.94% at 30 June 2022 (2021: 2.38%).
18 LOANS AND BORROWINGS (CONTINUED)
Port of Tauranga Limited – Integrated Annual Report 2022
98
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2022

19 DERIVATIVE FINANCIAL INSTRUMENTS
The details of hedging instruments and hedged items are as follows:
Carrying Amount
of Hedging Instrument
Carrying Amount
of Hedged Item
Change in Fair
Value Used for
Calculating
Hedge
Change in Fair
Value Used for
Calculating
Hedge
Notional*
Amount of
2022
Hedging
Instrument
Hedged
Item
Assets
NZ$000
(Liabilities)
NZ$000
Assets
NZ$000
(Liabilities)
NZ$000
Effectiveness
NZ$000
Ineffectiveness
NZ$000
Hedging
Instrument
Cash flow
hedge
Interest rate
derivatives
Loans and
borrowings
11,957(67)0(205,000)26,7976NZD300
million
Fair value
hedge
Interest rate
derivatives
Loans and
borrowings
0(7,403)0(92 ,954)(7,403)0NZD100
million
Cash flow
hedge
Foreign
exchange
derivatives
Property,
plant and
equipment
3100002330USD1.410
million
Cash flow
hedge
Foreign
exchange
derivatives
Property,
plant and
equipment
40000400AUD1.568
million
Total 12,307(7, 470)0(2 97, 9 5 4)19,6666
*Includes forward starting derivatives.
Carrying Amount
of Hedging Instrument
Carrying Amount
of Hedged Item
Change in Fair
Value Used for
Calculating
Hedge
Change in Fair
Value Used for
Calculating
Hedge
Notional*
Amount of
2021
Hedging
Instrument
Hedged
Item
Assets
NZ$000
(Liabilities)
NZ$000
Assets
NZ$000
(Liabilities)
NZ$000
Effectiveness
NZ$000
Ineffectiveness
NZ$000
Hedging
Instrument
Cash flow
hedge
Interest rate
derivatives
Loans and
borrowings
0(14,914)0(240,000)14,449(3)NZD375.000
million
Cash flow
hedge
Foreign
exchange
derivatives
Property,
plant and
equipment
77000770USD1.410
million
Total 77(14,914)0(240,000)14,526(3)
*Includes forward starting derivatives.
The details of movements within the hedging reserve are as follows:
2022
NZ$000
2021
NZ$000
Opening balance(11,358)(22,375)
Fair value gains2 7,07514,523
Ineffective portion transferred to income statement(6)3
Amortisation of interest rate collar premium8086
Movement in hedging reserve of Equity Accounted Investees 862496
Tax impact (refer to note 8)(7,6 0 2)(4 ,0 91)
Closing balance9,051(11,358)
99

PoliciesThe Group uses derivative financial instruments to hedge its exposure to foreign exchange, commodity and interest
rate risks arising from operational, financing and investment activities. In accordance with its Treasury Policy,
the Group does not hold or issue derivative financial instruments for trading purposes. However, derivatives that
do not qualify for hedge accounting are accounted for as trading instruments.
Derivative financial instruments qualifying for hedge accounting are classified as non-current if the maturity of the
instrument is greater than 12 months from reporting date and current if the instrument matures within 12 months
from reporting date. Derivatives accounted for as trading instruments are classified as current.
Derivative financial instruments are recognised initially at fair value and transaction costs are expensed immediately.
Subsequent to initial recognition, derivative financial instruments are stated at fair value. The gain or loss on
remeasurement to fair value is recognised immediately in the income statement. However, where derivatives qualify
for hedge accounting, recognition of any resultant gain or loss depends on the nature of the hedging relationship.
The Group’s hedging policy parameters are:
Interest Rate Derivatives
Debt Maturity
Minimum Hedging
%
Maximum Hedging
%
Within one year45100
One to three years3085
Three to seven years1565
Seven to ten years050
Foreign Exchange Derivatives
Expenditure
Minimum Hedging
%
Maximum Hedging
%
Upon Board approval of capital expenditure denominated in a
foreign currency
050
Upon signing of contract with supplier for capital expenditure
denominated in a foreign currency
75100
Cash Flow HedgesChanges in the fair value of the derivative hedging instrument designated as a cash flow hedge are recognised
directly in the cash flow hedge reserve to the extent that the hedge is effective. To the extent that the hedge is
ineffective, changes in fair value are recognised in the income statement. The effective portion of changes in fair
value of hedging instruments is accumulated in the cash flow hedge reserve as a separate component of equity.
The Group determines the existence of an economic relationship between the hedging instrument and hedged item
based on the currency, amount and timing of their respective cash flows. The Group assesses whether the derivative
designated in each hedging relationship is expected to be and has been effective in offsetting changes in cash flows
of the hedged item using the hypothetical derivative method.
The notional amount of the hedging instrument must match the designated amount of the hedged item for the hedge
to be effective.
The Group’s policy of ensuring a certain level of its interest rate risk exposure is at a fixed rate, is achieved partly by
entering into fixed-rate instruments and partly by borrowing at a floating rate and using interest rate swaps as hedges
of the variability in cash flows attributable to movements in interest rates. The Group applies a hedge ratio of 1:1.
Sources of hedge ineffectiveness are:
• Material changes in credit risk that affect the hedging instrument but do not affect the hedged item.
• Drawn liabilities that fall below the hedging amount, causing the hedge ratio to exceed 100%.
If the hedging instrument no longer meets the criteria for hedge accounting, expires, or is sold, terminated or exercised,
then hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in the hedging
reserve remains there until the highly probable forecast transaction, upon which the hedging was based, occurs. When
the hedged item is a non-financial asset, the amount recognised in the hedging reserve is transferred to the carrying
amount of the asset when it is recognised. In other cases the amount recognised in the hedging reserve is transferred
to the income statement in the same period that the hedged item affects the income statement.
Fair Value HedgesThe Group designates as fair value hedges derivative financial instruments on fixed rate debt where the fair value
of the debt changes as a result of changes in interest rates. The carrying amount of the hedged items are adjusted
for gains and losses attributable to the risk being hedged. The hedging instruments are also measured to fair value.
Gains and losses from both are recognised in the income statement.
19 DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
Port of Tauranga Limited – Integrated Annual Report 2022
100
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2022

Fair ValuesThe fair value of derivatives traded in active markets is based on quoted market prices at the reporting date. The fair
value of derivatives 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.
Valuation inputs for valuing derivatives are:
Valuation InputSource
Interest rate forward price curvePublished market swap rates
Discount rate for valuing interest rate
derivatives
Published market interest rates as applicable to the remaining life
of the instrument adjusted for the credit risk of the counterparty
for assets and the credit risk of the Group for liabilities
Foreign exchange forward pricesPublished spot foreign rates and interest rate differentials
All financial instruments held by the Group and measured at fair value are classified as level 2 under the fair value
measurement hierarchy (refer to note 2).
20 FINANCIAL INSTRUMENTS
The following tables show the classification, fair value and carrying amount of financial instruments held by the Group at reporting date:
2022
Fair Value
Through Profit
and Loss
NZ$000
Amortised
Cost
NZ$000
Total
Carrying
Amount
NZ$000
Fair
Value
NZ$000
Derivative financial instruments11,957011,95711,957
Total non-current assets11,957011,95711,957
Cash and cash equivalents07, 2 727, 2 727, 2 72
Receivables 055,73755,73755,737
Derivative financial instruments3500350350
Total current assets35063,00963,35963,359
Total assets12,30763,00975,31675,316
Liabilities
Lease liabilities040,61140,61140,611
Loans and borrowings03 17, 4723 17, 472305,793
Derivative financial instruments7, 4 0 307, 4 0 37, 4 0 3
Contingent consideration2,68802,6882,688
Total non-current liabilities10,091358,0833 6 8 ,174356,495
Lease liabilities0776776776
Loans and borrowings0125,000125,000125,000
Trade and other payables010,95610,95610,956
Derivative financial instruments6706767
Contingent consideration3680368368
Total current liabilities435136,732137,167137,167
Total liabilities10,526494,815505,341493,662
19 DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
101

2021
Fair Value
Through Profit
and Loss
NZ$000
Amortised
Cost
NZ$000
Total
Carrying
Amount
NZ$000
Fair
Value
NZ$000
Derivative financial instruments7707777
Total non-current assets7707777
Cash and cash equivalents07, 8 8 67, 8 8 67, 8 8 6
Receivables 059,68859,68859,688
Total current assets067, 57467, 57467, 574
Total assets7767, 57467,6 5167,6 51
Liabilities
Lease liabilities041,04141,04141,041
Loans and borrowings0215,000215,000211,688
Derivative financial instruments13,763013,76313,763
Contingent consideration2,92002,9202,920
Total non-current liabilities16,683256,041272,724269,412
Lease liabilities0837837837
Loans and borrowings0270,000270,000270,000
Trade and other payables010,46010,46010,460
Derivative financial instruments1,15101,1511,151
Contingent consideration4340434434
Total current liabilities1,585281,297282,882282,882
Total liabilities18,2685 37, 3 3 8555,606552,294
Financial Risk
Management
The Group’s overall financial risk management programme focuses on the unpredictability of financial markets
and seeks to minimise potential adverse effects on the financial performance of the Group.
The Board of Directors has overall responsibility for the establishment and oversight of the Group’s financial risk
management framework. The Audit Committee is responsible for developing and monitoring the Group’s financial
risk management policies, and reports to the Board of Directors on its activities.
The Group’s financial risk management policies are established to identify and analyse the risks faced by the Group,
to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Financial risk management
policies and systems are reviewed regularly to reflect changes in market conditions and the Group’s activities.
The Board of Directors oversees how management monitors compliance with the Group’s financial risk management
policies and procedures and reviews the adequacy of the financial risk management framework in relation to the risks
faced by the Group.
(a) Credit Risk
The Group recognises an allowance for expected credit losses (ECLs) for all financial assets. ECLs are based on the difference between
the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate.
For advances to Equity Accounted Investees, which have not had a significant increase in credit risk since initial recognition, ECLs are
calculated based on the probability of a default event occurring within the next 12 months. An industry-accepted probability of default
is obtained annually from the Standard & Poor’s Global Corporate Default Study for use in this calculation.
For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit
risk, but instead, recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix
that is based on its historical credit loss experience, adjusted for any significant known amounts that are not receivable.
20 FINANCIAL INSTRUMENTS (CONTINUED)
Port of Tauranga Limited – Integrated Annual Report 2022
102
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2022

On that basis, the following table details loss allowance for trade receivables:
2022
Not
Past Due
Past Due
0-30 Days
Past Due
30-60 Days
More Than
60 DaysTotal
Expected loss rate (%)00000
Gross carrying amount – trade receivables (NZ$000)43,0929,81195636354,222
Loss allowance on trade receivables (NZ$000)00000
Movements in the provision for impairment of financial assets are:
2022
NZ$000
2021
NZ$000
Opening balance265682
Provision for trade receivables0(201)
Provision for advances to Equity Accounted Investees(54)(216)
Bad debts written off00
Closing balance211265
Credit Risk
Management Policies
Counterparty credit risk is the risk of losses (realised or unrealised) arising from a counterparty failing to meet
its contractual obligations. Financial instruments which potentially subject the Group to credit risk, principally consist
of bank balances, trade receivables, advances to Equity Accounted Investees and derivative financial instruments.
The Group only transacts in treasury activity (including investment, borrowing and derivative transactions)
with Board approved counterparties. Unless otherwise approved by the Board, counterparties are required
to be New Zealand registered banks with a Standard & Poor’s credit rating of A or above. The Group continuously
monitors the credit quality of the financial institutions that are counterparties and does not anticipate
any non-performance.
The Group adheres to a credit policy that requires each new customer to be analysed individually for
creditworthiness before the Group’s standard payment terms and conditions are offered. Customer payment
performance is constantly monitored with customers not meeting creditworthiness being required to transact
with the Group on cash terms. The Group generally does not require collateral.
DefaultThe Group considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations
to the Group in full, without recourse by the Group to actions such as security (if any is held).
Write-offThe gross carrying amount of a financial asset is written off when the Group has no reasonable expectations
of recovering a financial asset in its entirety or a portion thereof.
Concentration of
Credit Risk
The only significant concentration of credit risk at reporting date relates to bank balances and advances
to Equity Accounted Investees. The nature of the Group’s business means that the top ten customers account
for 59.9% of total Group revenue (2021: 63.8%). The Group is satisfied with the credit quality of these debtors
and does not anticipate any non-performance.
20 FINANCIAL INSTRUMENTS (CONTINUED)
103

(b) Liquidity Risk
The following table sets out the contractual cash outflows for all financial liabilities (including estimated interest payments) and derivatives:
2022
Statement
of Financial
Position
NZ$000
Contractual
Cash Flows
NZ$000
6 Months
or Less
NZ$000
6–12
Months
NZ$000
1–2
Years
NZ$000
2–5
Years
NZ$000
More Than
5 Years
NZ$000
Non-derivative financial liabilities
Loans and borrowings(442,472)(4 82 ,0 4 0)(253,787)(2,979)(5,865)(114,081)(105,328)
Lease liabilities(41 , 3 87)(83,097)(1,411)(1,405)(2,813)(8,947)(68,521)
Trade and other payables(10,956)(10,956)(10,956)0000
Contingent consideration(3,056)(3,439)0(511)(2,928)00
Total non-derivative
financial liabilities
(4 97, 87 1)(579,532)(266,154)(4,895)(11,606)(123,028)(173,849)
Derivatives
Interest rate derivatives
Cash flow hedges – outflow 0(1,227)(1,131)(37)(34)(25)0
Cash flow hedges – inflow 11,99014,5763441,1912,3857,1 9 83,458
Fair value hedges – outflow( 7, 5 0 3)(8,605)(52)(818)(1,623)(4 ,0 07)(2,105)
Foreign currency derivatives
Cash flow hedges – outflow0(3,641)(3,641)0000
Cash flow hedges – inflow3503,9933,9930000
Total derivatives4,8375,096(4 87)3367283,1661,353
Total(493,034)(574,436)(266,641)(4 , 559)(10,878)(119,862)(172 ,496)
2021
Statement
of Financial
Position
NZ$000
Contractual
Cash Flows
NZ$000
6 Months
or Less
NZ$000
6–12
Months
NZ$000
1–2
Years
NZ$000
2–5
Years
NZ$000
More Than
5 Years
NZ$000
Non-derivative financial liabilities
Loans and borrowings(485,000)(4 94 , 870)(386,895)(1,446)(2,665)(103,864)0
Lease liabilities(41 , 878)(85,032)(1,469)(1,440)(2 ,773)(8,227)(71,123)
Trade and other payables(10,460)(10,460)(10,460)0000
Contingent consideration(3,354)(3,881)0(4 9 9)(534)(2,848)0
Total non-derivative
financial liabilities
(540,692)(594,243)(398,824)(3,385)(5,972)(114,939)(71,123)
Derivatives
Interest rate derivatives
Cash flow hedges – outflow (14,914)(18,954)(3,833)(3,492)(4 ,6 93)(6,726)(210)
Cash flow hedges – inflow 02,60000651,0871,448
Total derivatives(14,914)(16,354)(3,833)(3,492)(4 ,62 8)(5,639)1,238
Total(555,606)(610,597)(402 ,6 57)(6,877)(10,600)(120,578)(69,885)
20 FINANCIAL INSTRUMENTS (CONTINUED)
Port of Tauranga Limited – Integrated Annual Report 2022
104
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2022

Liquidity and Funding
Risk Management
Policies
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as and when they fall
due. The Group’s approach to managing liquidity risk is to ensure, as far as possible, that it will always have
sufficient cash and borrowing facilities available to meet its liabilities when due, under both normal and adverse
conditions. The Group’s cash flow requirements and the utilisation of borrowing facilities are continuously
monitored, and it is required that committed bank facilities are maintained at a minimum of 10% above
maximum forecast usage.
Funding risk is the risk that arises when either the size of borrowing facilities or the pricing thereof is not able
to be replaced on similar terms, at the time of review with the Group’s banks. To minimise funding risk it is Board
policy to spread the facilities’ renewal dates and the maturity of individual loans. Where this is not possible,
extensions to, or the replacement of, borrowing facilities are required to be arranged at least six months prior
to each facility’s expiry.
(c) Market Risk
Interest Rate Risk
At reporting date, the interest rate profile of the Group’s interest bearing financial assets/(liabilities) were:
Carrying Amount
2022
NZ$000
2021
NZ$000
Fixed rate instruments
Lease liabilities(41,387)(41 , 878)
Fixed rate bonds(192 ,472)(100,000)
Total(233,859)(141,878)
Variable rate instruments
Commercial papers(125,000)(220,000)
Standby revolving cash advance facility(125,000)(165,000)
Interest rate derivatives4,487(14,914)
Cash balances7, 2 727, 8 8 6
Total (238,241)(392,028)
Sensitivity Analysis
If, at reporting date, bank interest rates had been 100 basis points higher/lower, with all other variables held constant, the result would
increase/(decrease) post tax profit or loss and the hedging reserve by the amounts shown below. The analysis was performed on the same
basis for 2021.
Profit or LossCash Flow Hedge Reserve
100 bp
Increase
NZ$000
100 bp
Decrease
NZ$000
100 bp
Increase
NZ$000
100 bp
Decrease
NZ$000
Variable rate debt (1,750)1,76600
Interest rate derivatives – paying fixed1,476(1,476)5,656(5,995)
Interest rate derivatives – paying floating(720)72000
Total as at 30 June 2022(994)1,0105,656(5,995)
Variable rate debt (2 ,731)2 ,77300
Interest rate derivatives – paying fixed1 ,74 6(1 ,74 6)8,116(8,652)
Total as at 30 June 2021(985)1,0278,116(8,652)
20 FINANCIAL INSTRUMENTS (CONTINUED)
105

Profile of Timing
The following table sets out the profile of timing of the notional amount of the hedging instrument:
Maturity
2022
Less Than
12 Months
1–4
Years
4 –7
Years
More Than
7 YearsTotal
Interest rate derivatives
Notional amount (NZD$000)30,000135,000195,00040,000400,000
Average rate (%)3.563.613.461.413.53
Maturity
2021
Less Than
12 Months
1–4
Years
4 –7
Years
More Than
7 YearsTotal
Interest rate derivatives
Notional amount (NZD$000)75,000120,000110,00070,000375,000
Average rate (%)3.773.042.031.653.05
Market Risk
Management Policies
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will
affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk
management is to manage and control market risk exposures within acceptable parameters, while optimising
the return on risk.
The Group uses derivative financial instruments such as interest rate swaps and foreign currency options
to hedge certain risk exposures. All derivative transactions are carried out within the guidelines set out
in the Group’s Treasury Policy which has been approved by the Board of Directors. Generally the Group
seeks to apply hedge accounting in order to manage volatility in the income statement.
Interest Rate RiskInterest rate risk is the risk of financial loss, or impairment to cash flows in current or future periods, due to adverse
movements in interest rates on borrowings or investments. The Group uses interest rate derivatives to manage
its exposure to variable interest rate risk by converting variable rate debt to fixed rate debt.
The Group enters into derivative transactions into International Swaps Derivatives Association (ISDA) master
agreements. The ISDA agreements do not meet the criteria for offsetting in the balance sheet for accounting
purposes.
Foreign Exchange
Risk
Full disclosures on foreign exchange risk have not been presented as this risk is insignificant to the Group.
21 TRADE AND OTHER PAYABLES
2022
NZ$000
2021
NZ$000
Accounts payable10,72710,185
Accrued employee benefit liabilities6,1155,075
Accruals21,90822,187
Payables due to Equity Accounted Investees and related parties229275
Total trade and other payables38,9793 7,72 2
Policies Trade and other payables are initially measured at fair value and subsequently measured at amortised cost.
Fair ValuesThe nominal value of trade and other payables are assumed to approximate their fair values due to their short term nature.
20 FINANCIAL INSTRUMENTS (CONTINUED)
Port of Tauranga Limited – Integrated Annual Report 2022
106
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2022

22 RELATED PARTY TRANSACTIONS
Related party transactions with related parties:
2022
NZ$000
2021
NZ$000
Transactions with Equity Accounted Investees
Services provided to Port of Tauranga Limited521754
Services provided by Port of Tauranga Limited4,0714,348
Accounts receivable by Port of Tauranga Limited165154
Accounts payable by Port of Tauranga Limited4914
Advances by Port of Tauranga Limited1,4001,400
Services provided to Quality Marshalling (Mount Maunganui) Limited125
Services provided by Quality Marshalling (Mount Maunganui) Limited7032,045
Accounts receivable by Quality Marshalling (Mount Maunganui) Limited21158
Accounts payable by Quality Marshalling (Mount Maunganui) Limited02
Services provided to Timaru Container Terminal Limited3,0502 ,701
Services provided by Timaru Container Terminal Limited3371
Accounts receivable by Timaru Container Terminal Limited140259
Accounts payable by Timaru Container Terminal Limited1800
Transactions with key management personnel
Directors’ fees recognised during the period862767
Executive officers’ salaries and other employee benefits (cash settled) recognised during the period 3,9075,216
Executive officers’ share based payments (equity settled) recognised during the period30562
Post-employment executive officers’ employee benefits recognised during the period117(186)
Related PartiesRelated parties of the Group include the Joint Ventures disclosed in note 14 and the Controlling Entity (Quayside
Securities Limited) or Ultimate Controlling Party (Bay of Plenty Regional Council).
Quayside Securities Limited owns 54.14% (2021: 54.14%) of the ordinary shares in Port of Tauranga Limited.
Quayside Securities Limited is beneficially owned by Bay of Plenty Regional Council.
Transactions with the Ultimate Controlling Party during the period include services provided to Port of Tauranga
Limited, $0.055 million (2021: $0.013 million).
In March 2013, the Ultimate Controlling Party granted Port of Tauranga Limited a resource consent to widen and
deepen the shipping channels. As a condition of this consent, an environmental bond to the value of $1.000 million
is to be held in escrow in favour of the Ultimate Controlling Party. The bond is to ensure the remedy of any unforeseen
adverse effects on the environment arising from the dredging. The resource consent expires on 6 June 2027.
No related party debts have been written off, forgiven or provided for as doubtful during the year.
Transactions With
Key Management
Personnel
During the year, the Group entered into transactions with companies in which Group Directors hold directorships.
These directorships have not resulted in key management personnel having a significant influence over the
operations, policies, or key decisions of these companies.
The Group does not provide any non-cash benefits to Directors in addition to their Directors’ fees.
All members of the Parent Company’s Executive Management Team participate in Management Long Term
Incentive Plans and may receive cash or non-cash benefits as a result of these plans (refer to note 23).
107

23 MANAGEMENT LONG TERM INCENTIVE PLAN
PolicyThe Group provides benefits to the Parent Company’s Executive Management Team in the form of share based payment
transactions, whereby executives render services in exchange for rights over shares (equity settled transactions) or cash
settlements based on the price of the Parent Company’s shares (cash settled transactions). The cost of the transactions
is spread over the period in which the employees provide services and become entitled to the awards.
Equity Settled Transactions
The cost of the equity settled transactions with employees is measured by reference to the fair value of the equity
instruments at the date at which they are granted. The cost of equity settled transactions is recognised in the income
statement, together with a corresponding increase in the share based payment reserve in equity.
Management Long
Term Incentive Plan –
Equity Settled
Members of the Parent Company’s executive management team participate in an equity settled long term incentive
(LTI) plan. Under this LTI plan, share rights are issued and have a three year vesting period.
The vesting of share rights, which entitles the executive to the receipt of one Port of Tauranga Limited ordinary share
at nil cost, is subject to the executive remaining employed by Port of Tauranga Limited during the vesting period and
the achievement of certain earnings per share (EPS) and total shareholder return (TSR) targets.
For EPS share rights granted, the proportion of share rights that vest depends on the Group achieving EPS growth targets.
For TSR share rights granted, the proportion of share rights that vests depends on the Groups TSR performance
ranking relative to the NZX50 index less Australian listed stocks.
To the extent that performance hurdles are not met or executives leave Port of Tauranga Limited prior to vesting,
the share rights are forfeited.
The share based payment expense relating to the LTI plan for the year ended 30 June 2022 is $0.552 million
(2021: -$0.113 million) with a corresponding increase in the share based payments reserve (refer to note 16).
Number of Share Rights Issued to Executives:
Grant Date
Scheme
End Date
Right
Type
Balance at
30 June
2021
Granted
During
the Year
Vested
During
the Year
Forfeited
During
the Year
Balance at
30 June
2022
1 July 201830 June 2021EPS108,5000(41,660)(66,840)0
1 July 201830 June 2021TSR90,4170(37,071)(53,346)0
1 July 201930 June 2022EPS90,05800090,058
1 July 201930 June 2022TSR75,05000075,050
1 July 202030 June 2023EPS88,40900088,409
1 July 202030 June 2023TSR73,67400073,674
1 July 202130 June 2024EPS079,2030079,203
1 July 202130 June 2024TSR066,0030066,003
Total LTI Plan526,108145,206(78,731)(120,186)472,397
Fair Value of Share
Rights Granted
Share rights are valued as zero cost in-substance options at the day at which they are granted, using the Black-
Scholes-Merton model. The following table lists the key inputs into the valuation:
Grant Date
Scheme
End Date
Right
Type
Grant Date
Share Price
$
Risk Free
Interest Rate
%
Expected
Volatility of
Share Price
%
Valuation per
Share Right
$
1 July 201930 June 2022EPS6.280.8017.66.02
1 July 201930 June 2022TSR6.280.8017.62 .72
1 July 202030 June 2023EPS7.5 90.0025.07.0 3
1 July 202030 June 2023TSR7.5 90.0025.03.01
1 July 202130 June 2024EPS7.0 01.3825.96.88
1 July 202130 June 2024TSR7.0 01.3825.94.19
PAYE LiabilityUpon vesting of share rights, the Parent Company funds the PAYE liability and issues the net amount of shares to
executives.
Port of Tauranga Limited – Integrated Annual Report 2022
108
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2022

24 CONTINGENT LIABILITIES
Ruakura Inland Port
LP (RIP)
Refer to the Capital Commitments section of note 10 for details on the construction contingency the Parent
Company may be required to fund.
25 SUBSEQUENT EVENTS
Approval of Financial
Statements
The financial statements were approved by the Board of Directors on 26 August 2022.
Final and Special
Dividend
A final dividend of 8.2 cents per share to a total of $55,785,793 has been approved subsequent to reporting date.
The final dividend was not approved until after year end, therefore it has not been accrued in the current year
financial statements.
109

This statement is a summary of the Corporate Governance Statement
approved by the Board of Directors (the Board) of Port of Tauranga
Limited (the Company) on 26 August 2022. The full statement is available
at: http://www.port-tauranga.co.nz/investors/governance.
The Board and Senior Management Team of the Company recognise
the importance of good corporate governance and consider it is core
to ensuring the creation, protection and enhancement of shareholder value.
The Board is committed to ensuring that the Company meets best practice
governance principles and maintains the highest ethical standards.
The Board has an important role in directing the Company’s activities.
With the objective of increasing shareholder value, it is responsible
for setting the Company’s strategic direction, providing oversight
of its management and directing business strategy.
The Board considers that the Company’s corporate governance
practices adhere to the NZX Corporate Governance Best Practice
Code, the Financial Markets Authority’s Corporate Governance
in New Zealand Principles and Guidelines and the NZX Main Board
Listing Rules (NZX Rules). The Board regularly reviews and assesses
the Company’s governance structures and processes to ensure that
they are consistent with best practice.
The Board’s policies and charters are available on the Investors page of the Port
of Tauranga website: http://www.port-tauranga.co.nz/investors/governance.
ETHICS
The Code of Ethics provides guidance regarding the ethical and
behavioural standards expected of Directors, Senior Management and
employees in relation to conduct, conflicts, proper use of assets and
information and the procedure for reporting concerns. The Whistleblowing
Policy sets out the procedure for reporting concerns regarding a breach
of the Code of Ethics or any other serious wrongdoing within the Company.
New Directors are provided with a copy of the Code of Ethics and they
confirm that they have read and understand the document. Confirmation
is required that these have been read and understood.
SHARE TRADING
The Board has an Insider Trading Policy which sets out the procedures that
must be followed by Directors, Senior Management and any other employees
with inside information when purchasing or selling Company securities.
Directors and Senior Management require approval to trade shares at any
time and may not trade during certain specified periods. Directors’ interests
are disclosed on page 115 of this Integrated Annual Report.
OUR BOARD STRUCTURE
The Board has the ultimate responsibility for all decision making within the
Company. The roles and responsibilities are set out in the Board Charter.
The Board comprises seven Directors, five of whom are independent.
Due to managing Director succession, there are periods when the Board
has comprised eight members as a transitional arrangement. Profiles
are provided on pages 62 to 63 of this Integrated Annual Report and on
the website. Director independence is assessed annually by the Board.
A normal term of service for a Director is nine years but can extend
beyond this term with continued Board and shareholder support. All new
Directors are provided with a letter of engagement.
The Board has determined that to operate effectively and to meet its
responsibilities it requires a mix of skills, perspectives, knowledge and
competencies. The current mix of skills and experience is considered
appropriate for governing the Company.
Directors’ period of appointment are:
0-3 Years4-6 Years7-9 Years9 Years+
Number of Directors1322
Director attendance at meetings together with remuneration, are set
out in the comprehensive Corporate Governance Report held on the
Company’s website: http://www.port-tauranga.co.nz/investors/governance.
The Board has three Committees to provide oversight on certain
matters. The Committees are Audit, Nomination and Remuneration.
All Committees operate under respective charters approved by the Board.
The performance of the Board, Committees, Directors and the Chair
is reviewed regularly.
The Chief Executive, Chief Financial Officer and other Management regularly
attend Board Meetings, and when invited, attend Committee Meetings.
The positions of Chair of the Board and Chair of the Audit Committee
are held by independent Directors. These two roles, and the role of Chief
Executive, are all held by different people. The Chair has been assessed
as being independent by the Board.
DIVERSITY AND INCLUSION
The Board is committed to providing a workplace that recognises
and values different skills, abilities, genders, ethnicity and experiences.
The Board is committed to creating an inclusive workplace where all
employees feel included and valued, and to providing equal employment
opportunities with all appointments being merit based.
Last year the Company revised its Diversity and Inclusion Policy and set
itself the objective of achieving a minimum of 40% females and 40% males
holding director, executive and manager level positions by 2025. In 2022
the Company had 21% females and 79% males holding these positions.
Diversity by Gender as at 30 June 2022
0
50
100
150
200
250
300
Male
Female
TotalPermanent
employees
ManagementExecutivesIndependent
Directors
Non-
independent
Directors
Staff numbers
Corporate Governance Statement Summary
FOR THE YEAR ENDED 30 JUNE 2022
Committed to
Effective Governance
Port of Tauranga Limited – Integrated Annual Report 2022
110

As at 30 June 2022As at 30 June 2021
FemaleMaleFemaleMale
%%%%
Non-independent Directors01000100
Independent Directors33674060
Executives29712971
Management18822575
Permanent employees21791882
Total21791882
FINANCIAL AND NON-FINANCIAL INFORMATION
The Board is committed to ensuring timely and accurate information is
provided to shareholders and market participants. The Integrated Annual
Report for 2022 is based on the Integrated Reporting Framework so that
stakeholders can better understand the non-financial aspects of the
Company. It is the Company’s fourth Integrated Report.
REMUNERATION
Remuneration policies and processes for Directors, the Chief Executive
and Senior Executives are the responsibility of the Remuneration
Committee. An external review of Directors’ fees and executive
remuneration was undertaken in 2021.
A table listing remuneration for employees paid above $100,000, a
report on the Chief Executive’s remuneration and a report on Directors’
remuneration are on pages 112 to 114 of this Integrated Annual Report
and in the comprehensive Corporate Governance Report held on our
website: http://www.port-tauranga.co.nz/investors/governance.
RISK MANAGEMENT AND AUDIT
Management of risk is a high priority to ensure the protection of the
Group’s employees, the environment, Company assets and reputation.
The Company has a comprehensive risk management system in place,
overseen by the Board, which is used to identify and manage all risks.
A summary of selected key risks is presented in the comprehensive
Corporate Governance Report on our website: http://www.port-tauranga.
co.nz/investors/governance.
The Auditor-General is the Auditor of the Company and is therefore
independent. The Auditor-General has appointed Brent Manning from
KPMG to carry out the audit on his behalf.
The Board has received written confirmation from KPMG regarding
its independence. There were no other assurance services provided
by KPMG in the 2022 financial year.
The Audit Committee oversees an active internal audit programme.
SHAREHOLDER RELATIONS
The Board is committed to engaging with shareholders and market
participants in order that timely and accurate information is provided
and two-way communication is facilitated. The Company’s website has
the Integrated Annual Reports, Market Updates and Interim Reports,
as well as various announcements to the NZX and the public.
The Annual Shareholder Meeting is held locally, reflecting the head office
location for the Company, and to encourage participation in person
by many of the Company’s shareholders. The 2022 Annual Meeting
will be held on 28 October 2022 at the Stadium Lounge, Trustpower
Baypark and will also be webcast.
Directors advise shareholders on any major decisions. The Notice of
Meeting will be available at least 20 business days prior to a meeting.
Where voting on a matter is required, voting is conducted by way of poll.
REMUNERATION REPORT
Port of Tauranga is committed to providing a remuneration framework
that promotes a high performance culture and aligns rewards to the
creation of sustainable value for shareholders.
Port of Tauranga’s remuneration philosophy is aimed at attracting,
retaining and motivating employees of the highest quality at all levels
of the organisation. It is based on practical, guiding principles and a
framework that provides consistency, fairness and transparency.
The philosophy promotes behaviours and values that drive performance,
a pervasive “can do” attitude and sustainable growth in shareholder
value. All remuneration packages are reviewed annually in the context
of individual and Company performance, market movements and expert
advice.
The Board through the Remuneration Committee establishes the policies
and practices for the remuneration of executives. Port of Tauranga’s
remuneration for the Chief Executive and nominated executives
provides the opportunity to receive, where performance merits, a total
remuneration package in the upper quartile for equivalent market-
matched positions.
Total remuneration is made up of three components: Fixed Remuneration,
a Short Term Incentive (STI) and a Long Term Incentive (LTI). Both short
and long-term performance incentives are “at-risk” with the outcome
determined by performance against a combination of agreed financial
and non-financial objectives.
Fixed Remuneration – fixed remuneration is determined in relation
to the market for comparable sized and performing companies.
It includes all benefits, allowances and deductions.
Port of Tauranga’s policy is to pay fixed remuneration at the median of its
peer group. Adjustments are not automatic and are determined based on
performance which is reviewed annually by the Remuneration Committee.
Short Term Incentives – STIs are at-risk payments linked to the
achievement of annual financial and strategic targets. They are designed
to motivate and reward for performance in that financial year.
The target value of the STI is set as a percent of the fixed remuneration.
For the 2022 financial year the Chief Executive’s STI was set at 50% and
for all nominated executives it was set at 40%.
For the 2022 financial year there were seven nominated executives
included in the STI Scheme, an increase of nil from the previous year.
For the Chief Executive, 60% of the STI is linked to the Company’s financial
performance with the actual opportunity in the range of 0-110%
(i.e. 0-66%). The remaining 40% comprised agreed safety and strategic
objectives. Strategic objectives are set each year by the Remuneration
Committee (and approved by the Board) and closely align to the Port
of Tauranga’s strategic aspirations. The financial objective is to meet or
exceed the normalised net profit after tax target. A threshold of 90% of
target is required before any of the financial component is paid.
The Board retains complete discretion over paying an STI and may determine,
despite the actual performance against objectives that a reduced bonus
or no bonus will be paid in a given year.
Long Term Incentives – the LTI is an at-risk payment designed to align
the reward of executives with the growth in shareholder value over a three
year period.
The LTI is a Performance Share Rights Plan (PSR), where payments are
made in shares rather than cash. The maximum number of shares an
executive may receive as an allocation is determined by dividing the value
of the grant less tax by the face value of a Port of Tauranga share at the
grant date.
111

The 2020 LTI (allocated on 1 July 2019), which vested at the end of the
2022 financial year, was set at 55% of fixed remuneration for the Chief
Executive and 33% of fixed remuneration for the nominated executives.
The value of each allocation is set at the date of the grant. The plan’s
performance hurdles are based on two metrics, the first 50% is Port
of Tauranga’s three year Total Shareholder Return (TSR) relative
to the performance of the NZX50 less Australian companies listed
in New Zealand. The second 50% is measured by achieving target
compound earnings per share (EPS) growth.
The LTI targets are:
TSR Percentile Ranking
%
Earned
%
Below 400
Above 40 to 5040-50
Above 50 to below 7550-99
At 75 or above100
EPS* Three Year CAGR**
%
Earned
%
00
3.550With straight line progression
between 0% and 3.5%
7.0100With straight line progression
between 3.5% and 7%
8.0110With straight line progression
between 7% and 8%
9.0120With straight line progression
between 8% and 9%
*Earnings per Share
**Compound Annual Growth Rate
As with the STI, the Board retains absolute discretion over the payment
of the LTI to participants.
Employee Share Ownership
Permanent employees can choose to join Port of Tauranga’s Employee
Share Ownership Plan (ESOP). The ESOP gives employees the opportunity
to buy shares in the Company via weekly pay deductions. The shares
are offered every three years and paid off over the intervening three year
period. In financial year 2022 an offer of up to $5,000 worth of shares was
made to employees at a 10% discount to the market price. On the day
of allocation, the price was $6.09 per share and participating individuals
received up to 821 shares. Over 87% of our employees are shareholders.
Employee Remuneration
The number of employees and former employees of Port of Tauranga
who, during the year, received cash remuneration and benefits (including
at-risk performance incentives) exceeding $100,000 are:
Parent Company
Remuneration Range
$000
Number of
Employees
2022
Number of
Employees
2021
100-1091923
110-119 3535*
120-1292019
130-139 2114
140-149 108
150-159 613
160-169 1215
170-179115
180-18962
190-19952
200-209 22
210-21923
220-22910
240-24935
250-259 14
260-26911
270-27921
280-28921
290-29920
310-31910
320-32910
330-33911*
370-37910
420-42910
440-44901
470-47901
530-53901*
550-5591*0
570-5791*0
680-68910
800-80901*
890-8991*0
1,000-1,1001*0
1,500-1,56901*
Total171159
*Includes vesting of Long Term Incentive Scheme and payment of Short
Term Incentive.
Corporate Governance Statement (continued)
FOR THE YEAR ENDED 30 JUNE 2022
Port of Tauranga Limited – Integrated Annual Report 2022
112

Chief Executive Remuneration
Year
Fixed
Remunera-
tion*
$
Performance Pay**Total
Remunera-
tion†
$
STI
$
LTI
$
Subtotal
$
FY2022750,0002 37, 87583,9731,071,848 1,082 ,144
FY2021884,340212,65142 7, 8 871,524,8781,553,455
*Fixed remuneration includes the value of any benefits (health care,
superannuation or vehicle) taken. The Chief Executive participates in the
Company’s Health Insurance Scheme.
**Performance pay was earned over previous periods but paid in the
current financial year.
†Total remuneration includes payments that arise from calculating actual
holiday pay per the NZ Legislation.
Chief Executive remuneration for financial year 2021 refers to the
previous Chief Executive Mark Cairns.
Total remuneration paid includes fixed remuneration and the short and
long-term performance payments paid/vested in the year. Performance
payments are actually those earned in prior periods.
An explanation of the Chief Executive’s performance pay paid/vested
in financial year 2022 is shown in the following table:
DescriptionPerformance Measures
Achieved
%
STISet at 50% of fixed
remuneration. Based
on a combination of
financial and non-
financial performance
measures.
50% based on achieving
normalised NPAT target.
The range for the financial
performance is 0-110%.
40% based on key strategic
measures and safety. The
range is 0-100%.
110

51
LT ISet at 50% of fixed
remuneration.
50% based on TSR
performance relative to
the NZX50 less Australian
companies listed in NZ.
The range is 0-100%.
50% based on EPS CAGR.
The range is 0-120%.
41

46
The Five Year Summary – Chief Executive Remuneration (exclusive
of holiday pay)
Year
Total
Remuneration
$
STI Against
Maximum
%
LTI Against
Maximum
%
Span of LTI
Performance
Period
FY20221,082 ,14487
40FY2019-2021
FY20211,553,4551954FY2018-2020
FY20202,022,5017897
FY2017-2019
FY20191,773, 2598297FY2016-2018
FY20181,680,1068675FY2015-2017
The Five Year Summary Graph – Chief Executive Remuneration
(exclusive of holiday pay)
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
LTI
STI
Fixed
FY2022FY2021FY2020FY2019FY2018
Total Shareholder Return Performance (three year return)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
FY2022FY2021FY2020FY2019FY2018
POT
NZX50
Chief Executive Remuneration for 2023
The Chief Executive’s potential remuneration package for the year ending
June 2023 is shown in the following chart.
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
MaximumOn TargetFixed
LTI Grant (2024 Vesting)
STI
Fixed
Fixed remuneration reflects base salary and benefits. For performance
that meets expectations, the STI would pay out at 50% of fixed
remuneration and the LTI at 50% of fixed remuneration. For performance
that exceeds expectations, the STI would pay out a maximum 106%
of available STI and the LTI at 110% of available LTI.
113

APPROVED DIRECTOR REMUNERATION
The aggregate pool of fees able to be paid to Directors is subject to shareholder approval and currently sits at $880,000.
The Board approved annual fees are:

Designation
Directors’ Fees
$
Chair180,000
Directors92,000
Audit Committee Chair20,000
Audit Committee Member11,750
Remuneration Committee Chair15,000
Remuneration Committee Member7, 6 25
Directors’ fees received during the 2022 year were:

Director
Board
$
Audit
$
Remuneration
$
Total 2022
$
Mr D A Pilkington176,2436,834183,077
Ms A M Andrew90,8266,83497,660
Mr D J Bracewell*49,75049,750
Mr K R Ellis90,82610,46213,500114,788
Ms J C Hoare90,82618,5656,834116,225
Mr A R Lawrence90,82610,462101,288
Mr D W Leeder90,8266,83497,660
Sir Robert McLeod KNZM90,82610,462101,288
Total$770,949$49,951$40,836$861,736
*Mr Bracewell was appointed 17 December 2021.
Due to managing Director succession, there are periods when the Board has comprised eight members as a transitional arrangement. Port of Tauranga
meets Directors’ reasonable travel and other costs associated with the business.
Remuneration paid to Directors in their capacity as Directors of Subsidiaries during 2022 was:
DirectorSubsidiary
Fe es
$
Mr D A PilkingtonNorthport Director25,000
Mr D A PilkingtonPrimePort Director36,000
Total$61,000
Any fees paid to Port of Tauranga employees appointed as Directors of Subsidiaries are paid to the Company, not the individual.
Corporate Governance Statement (continued)
FOR THE YEAR ENDED 30 JUNE 2022
Port of Tauranga Limited – Integrated Annual Report 2022
114

INTERESTS REGISTER
The Company is required to maintain an Interests Register in which particulars of certain transactions and matters involving the Directors must be recorded.
The matters set out below were recorded in the Interests Register of the Company during the financial year.
General Notice of Interest by Directors
The Directors of the Company have declared interests in the following identified entities as at 30 June 2022:
Director InterestEntity
Alison Moira AndrewChief Executive OfficerTranspower New Zealand Limited
Dean John Bracewell
(appointed 17 December 2021)
DirectorAir NZ Limited
DirectorHalberg Trust
DirectorProperty for Industry Limited
DirectorTainui Group Holdings Limited
Director / ShareholderAra Street Investments Limited
Director / ShareholderDean Bracewell Limited
ShareholderFreightways Limited
Kimmitt Rowland EllisChairGreen Cross Health
Chair NZ Social Infrastructure Fund Limited
Director (resigned during the year)Ballance Agri-Nutrients Limited
DirectorFonterra Shareholders Fund (FSF) Management Company
Director (resigned during the year)Freightways Limited
Julia Cecile HoareDeputy ChairThe a2 Milk Company Limited
Director Auckland International Airport Limited
Director Meridian Energy Limited
President (designation changed from Vice
President to President during the year)
Institute of Directors
Member (appointed during the year)Chapter Zero New Zealand Steering Committee
Alastair Roderick LawrenceChairBrittain Wynyard Limited
Director / ShareholderAntipodes Properties Limited and subsidiaries
Director / ShareholderCBS Advisory Limited
Director / ShareholderOlrig Limited
Director / ShareholderRetail Dimension Limited
TrusteeJAB Hellaby Trust
Douglas William LeederChairBay of Plenty Regional Council
Sir Robert Arnold McLeod KNZMChair Ngati Porou Holding Company Limited
ChairQuayside Holdings Limited (and Quayside Properties Limited
and Quayside Securities Limited)
ChairSanford Group
DirectorAZSTA NZ Limited
Director (appointed during the year)China Construction Bank (New Zealand) Limited
DirectorMSJS NZ Limited
DirectorPoint 76 Limited
DirectorPoint Guard Limited
DirectorPoint Seventy Limited
DirectorVCFA NZ Limited
David Alan PilkingtonChair Douglas Pharmaceuticals Limited
ChairRangatira Limited
Director / ShareholderExcelsa Associates Limited
DirectorNorthport Limited
Director Port of Tauranga Trustee Company Limited
Director PrimePort Timaru Limited
Alternate DirectorCoda GP Limited
TrusteeNew Zealand Community Trust
115

DIRECTORS’ LOANS
There were no loans by the Company to Directors.
DIRECTORS’ INSURANCE
The Group has arranged policies of Directors’ Liability Insurance, which together with a Deed of Indemnity, ensures that generally Directors will incur
no monetary loss as a result of actions undertaken by them as Directors. Certain actions are specifically excluded, for example the incurring of penalties
and fines, which may be imposed in respect of breaches of the law.
SHAREHOLDER INFORMATION
The ordinary shares of Port of Tauranga Limited are listed on NZX. The information in the disclosures below has been taken from the Company’s
registers as at 30 June 2022.
Twenty Largest Ordinary Equity Holders
Holder
Number of
Shares Held
Issued Equity
%
Quayside Securities Limited368,437,68054.14
Custodial Services Limited60,998,3748.96
Accident Compensation Corporation12,481,1701.83
FNZ Custodians Limited12,246,0331.80
Tea Custodians Limited10,971,3841.61
Citibank Nominees (NZ) Ltd9,838,9151.45
Kotahi Logistics LP8,500,0001.25
JBWere (NZ) Nominees Limited6,699,1570.98
BNP Paribas Nominees NZ Limited BPSS406,652,9350.98
HSBC Nominees (New Zealand) Limited5,924,0610.87
New Zealand Depository Nominee5,870,5200.86
Forsyth Barr Custodians Limited5,494,3830.81
New Zealand Superannuation Fund Nominees Limited3,571,9770.52
Private Nominees Limited3,226,1690.47
HSBC Nominees (New Zealand) Limited2 ,769,6670.41
Masfen Securities Limited2,708,3950.40
Public Trust2,535,6780.37
Premier Nominees Limited2,505,5730.37
PT Booster Investments Nominees Limited2,037,2670.30
JPMorgan Chase Bank1,960,0210.29
Total
535,429,35978.67
Distribution of Equity Securities
Range of Equity Holdings
Number of
Holders
Number of
Shares Held
Issued Equity
%
1-5,0009,02418,271,1392.68
5,001-10,0002,46818,891,4322 .78
10,001-50,0002,49753,828,4077. 9 1
50,001-100,00025718,032,1992.65
100,001 and over120571,558,05383.98
Total
14,366680,581,230100.00
Corporate Governance Statement (continued)
FOR THE YEAR ENDED 30 JUNE 2022
Port of Tauranga Limited – Integrated Annual Report 2022
116

Substantial Security Holders
According to Company records and notices given under the Financial Markets Conduct Act 2013, the substantial security holders in ordinary shares
(being the only class of quoted voting securities) of the Company as at 30 June 2022, were:

Holder
Number of
Shares Held%
Quayside Securities Limited368,437,68054.14
The total number of issued voting securities of the Company as at 30 June 2022 was 680,581,230.
Directors’ Equity Holdings
As at 30 June 2022 Port of Tauranga Limited Directors’ had the following relevant interests in Port of Tauranga Limited equity securities:
Held BeneficiallyHeld by Associated Persons
Director30 June 202230 June 202130 June 202230 June 2021
Mr D A Pilkington0015,00015,000
Ms A M Andrew0082,50082,500
Mr D J Bracewell*0015,0000
Mr K R Ellis0062 ,75062 ,750
Ms J C Hoare2,5002,50000
Mr A R Lawrence0000
Mr D W Leeder0000
Sir Robert McLeod KNZM0000
*Mr Bracewell was appointed 17 December 2021.
DONATIONS
Donations of $25,934 were made during the year ended 30 June 2022 (2021: $20,938).
STOCK EXCHANGE LISTING
The Company’s shares are listed on the New Zealand Stock Exchange.
NEW ZEALAND EXCHANGE (NZX) WAIVERS
The Company currently has no NZX waivers.
CREDIT RATING
The Company during the year ended 30 June 2022 had a S&P Global (Standard & Poor’s) rating of A-/Stable/A-2.
ANNUAL MEETING
The Annual Meeting will be held on Friday 28 October 2022 at 1.00pm, at Trustpower Baypark, 81 Truman Lane, Mount Maunganui. The ability for the
Company to hold a physical meeting may change depending on Covid-19 restrictions at that time.
Mr Alastair Roderick Lawrence is retiring by rotation and seeking re-election and Mr Dean John Bracewell and Mr John Brodie Stevens being eligible are
seeking election, at the Annual Meeting.
AUDITORS
Under section 19 of the Port Companies Act 1988, the Audit Office is the Auditor of the Company. The Audit Office has appointed, pursuant to section 32
of the Public Audit Act 2001, the firm of KPMG to undertake the audit on its behalf.
The amount paid as audit fees and for other services provided by the Auditors is set out in the accounts.
FURTHER INFORMATION ON-LINE
Additional information on Port of Tauranga Limited can be found on the Company’s website at: http://www.port-tauranga.co.nz
117

FINANCIAL
Year
2022
$000
Year
2021
$000
Year
2020
$000
Year
2019
$000
Year
2018
$000
Operating income375,288338,281301,985313,263283,726
EBITDA*204,663189,917165,198181,270169,236
Surplus after taxation – reported 111,317102,37588,679100,57794,273
Dividends paid related to earnings95,24284,353124,486122,440115,017
Total equity 2,074,4381,396,9681,195,1841,165,8851,121,980
Net interest bearing debt435,20047 7,114479,435442,097399,164
Total assets 2 ,74 3 , 5 2 62,081,2701,848,7901,748,8611,657,031
Interest cover (times)10.39.37. 38.48.0
Gearing ratio (%)**17. 325.528.62 7. 526.2
Return on average equity (%) 6.47. 97. 48.99.2
Share price ($)6.227. 0 37.706.345.10
Market capitalisation ($)4,231,5574 ,7 8 2 , 2 745 , 2 3 7, 4144,312,0983,470,964
Net asset backing per share ($)3.052.041.751.711.64
*EBITDA is a non-GAAP financial measure but is commonly used as a measure of performance as it shows the level of earnings before the impact of
gearing levels and non-cash charges such as depreciation and amortisation. Market analysts use the measure as an input into company valuation and
other valuation metrics.
Year
2022
$000
Year
2021
$000
Year
2020
$000
Year
2019
$000
Year
2018
$000
Profit before taxation150,3961 37,0 0 9117,097135,009126,386
Net finance costs16,16516,57218,53018,17718,027
Depreciation and amortisation36,65733,9982 9 ,74 627, 5 8 525,269
Asset impairment01204990
Asset impairment on revaluation1,4452,326000
Reversal of previous revaluation deficit00(175)0(4 4 6)
Total54,26752,90848,10146,26142,850
EBITDA204,663189,917165,198181,270169,236
**Net interest bearing debt to net interest bearing debt + equity.
The Board approved a final dividend of 8.2 cents per share ($55.786 million) after year end payable on 7 October 2022.
Financial and Operational
Five Year Summary
AS AT 30 JUNE 2022
Port of Tauranga Limited – Integrated Annual Report 2022
118

OPERATIONAL
Year
2022
Year
2021
Year
2020
Year
2019
Year
2018
Cargo throughput (000 tonnes)25,61525,73824,80826,94624,458
Containers (TEU)*1,241,0611,200,8311,251,7411,233,1771,182,147
Net crane rate (container moves per hour)**32 .129.735.832.935.5
Ship departures1,3691,3071,5151,6781 ,747
Berth occupancy (%)***5653455048
Total cargo ship days in port3,0783,0722,4412 ,7692,643
Turn-around time per cargo ship (days)2.262.051.611.651.5
Cargo tonnes per ship18,71119,69316,29116,05814,000
Average cargo ship gross tonnage (GT)28,17229,03633,40833,92030,218
Average cargo ship length overall (metres)197201207207200
Permanent employees – Port of Tauranga Limited256243238230208
Parent lost time injuries (LTI – frequency)****002.52.52.8
Parent total injury (frequency rate)****002.52.55.5
Parent plus contractors lost time injuries (LTI – frequency)****19.88.72 .74.24.7
Parent plus contractors total injury (frequency rate)****26.613.04.55.98.4
*TEU = Twenty Foot Equivalent Unit.
**As measured by the Australian Productivity Commission.
***The ratio of time a berth is occupied by a vessel in the total time available in that period.
****Number of lost time claims per million hours worked.
Operational data relates to the Parent Company as opposed to the Group.
119

DIRECTORS
D A Pilkington (resigned 29 July 2022)
Chair
J C Hoare (appointed Chair 1 August 2022)
A M Andrew
D J Bracewell (appointed 17 December 2021)
K R Ellis
A R Lawrence
D W Leeder
Sir Robert McLeod KNZM
J B Stevens (appointed 1 August 2022)
EXECUTIVE
L E Sampson
Chief Executive
M J Dyer
GM, Corporate Services
B J Hamill
GM, Commercial
S R Kebbell
Chief Financial Officer & Company Secretary
P M Kirk
GM, Group Health & Safety
D A Kneebone
GM, Property & Infrastructure
R A Lockley
GM, Communications
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 New Zealand Limited
Bank of New Zealand
Commonwealth Bank of Australia
MUFG Bank, Limited
CREDIT RATING AGENCY
S&P Global (Standard & Poor’s)
Australia
Port of Tauranga Limited’s rating: A-/Stable/A-2
SHARE REGISTRY
For enquiries about share transactions, change of address
or dividend payments contact:
Link Market Services Limited
PO Box 91976
Victoria Street West
Auckland 1142
New Zealand
Telephone 09 375 5998
Facsimile 09 375 5990
Email enquiries@linkmarketservices.co.nz
Website www.linkmarketservices.co.nz
Copies of the Integrated Annual Report and Market Update
(which replaces the Interim Report) are available from our website.
FINANCIAL CALENDAR
7 October 2022 Final dividend payment
28 October 2022 Annual Meeting
24 February 2023 Interim results announcement
March 2023 Interim Accounts and Market Update produced
24 March 2023 Interim dividend payment
30 June 2023 Financial year end
25 August 2023 Annual results announcement
INTERNATIONAL STANDARD SERIAL NUMBERS
ISSN 2744-6530 (Print)
ISSN 2744-6549 (Online)
Company Directory
Port of Tauranga Limited – Integrated Annual Report 2022
120

www.port-tauranga.co.nz

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26 August 2022
PORT OF TAURANGA ANNOUNCES ANNUAL RESULTS
AS CONGESTION LINGERS
Financial results for the year to 30 June 2022
Port of Tauranga, New Zealand’s largest port, today reported Group Net Profit After Tax of $111.3
million on 25.6 million tonnes of trade amid ongoing supply chain disruption.
The increase in revenue reflected the strong diversity of cargoes, resilient operational performance and
ongoing storage revenues due to continued vessel schedule disruption. Total ship visits also increased
for the first time in four years, boosting marine services income.
Results summary
∂Total trade was steady at 25.6 million tonnes (down from 25.7 million tonnes)
∂Container volumes increased 3.4% to 1,241,061 TEUs
1
(from 1,200,831 TEUs)
∂Group Net Profit After Tax increased 8.7% to $111.3 million (up from $102.4 million)
∂Final dividend of 8.2 cents per share
∂Total ordinary dividend of 14.7 cents per share (compared with 13.5 cents per share the previous
year)
∂Imports increased 3.0% to 9.7 million tonnes
∂Exports decreased 2.5% to 15.9 million tonnes
∂Subsidiary and Associate Companies’ earnings decreased 16.2%.
Port of Tauranga Chair, Julia Hoare, says the results are pleasing, but also reveal an extremely
challenging time for the Port.
“Supply chain disruption continues to have a massive impact on our ability to deliver an efficient service
for importers and exporters. We have done our best to incentivise smooth cargo flows and the financial
results reflect that,” she says.
“Around 65% of all vessels continue to arrive off-schedule, there are still operational delays globally
and in other parts of the New Zealand supply chain, and continued labour shortages remain challenging,
impacting our ability to respond to increased demand.
“The situation is exacerbated by berth capacity at the container terminal. We could take more container
ships if we had the extra berth we’ve been trying to get started for the past three and a half years.”
1
TEUs = twenty foot equivalent units, a standard measure of shipping containers

Port of Tauranga continues to seek a resource consent for the berth extension through the Environment
Court.
Detailed planning and consultation began in early 2019. The Port applied unsuccessfully for
consideration under the Government’s Shovel Ready Covid-19 recovery scheme in 2020 to expedite
the resource consent process. No Government funding was sought for the project. The Port was also
unsuccessful in an application for Fast Track consenting in 2021. Port of Tauranga subsequently
applied for direct referral to the Environment Court, which was accepted in December 2021. A delayed
court hearing is proposed for early March 2023.
“It is incredibly frustrating after years of consultation and planning to be still ‘on hold’. Had we not had
these delays, we would be finishing construction now,” says Ms Hoare.
“Our customers are facing the prospect of continued supply chain disruption and deteriorating service
levels with little relief in sight.
“New Zealand relies heavily on international shipping and it is critical that the country expedites further
capacity as soon as possible. Tauranga is the best and easiest option to achieve this quickly.”
Port of Tauranga Chief Executive, Leonard Sampson, says the Port’s diversity of cargoes and long-
term freight agreements with key customers has given some certainty through extremely challenging
times.
“Our team has really borne the brunt of the upheaval in the supply chain and I’m really proud of the way
they have responded. Our service partners also deserve special thanks for their ongoing efforts and
our customers deserve praise for their continued support and patience,” he says.
“We are looking forward to a longer-term solution in the form of additional capacity at the container
terminal, and soon at the Ruakura Inland Port that we are developing in Hamilton in partnership with
Tainui Group Holdings.”
The inland port, part of the Ruakura Superhub, is due to open in late 2022 and will connect Waikato
importers and exporters with the “big ship” services calling only at Tauranga.
Cargo trends
Total trade remained stable at 25.6 million tonnes, compared with 25.7 million tonnes the previous year.
Imports increased 3.0% to 9.7 million tonnes, and exports decreased 2.5% to 15.9 million tonnes.
Log export volumes dropped by 4.4% to 6.1 million tonnes.
Dairy product exports (including transhipped cargo) decreased 5.5% in volume. Meat exports
decreased 9.1%.
Kiwifruit exports continued to grow in volume, with direct exports up 8.8%. Total kiwifruit volumes,
including transhipment, increased 7.9%.

Oil product imports decreased 4.9% in volume, while cement imports dropped by 10.5%.
Fertiliser imports increased by 5.5% in volume, while grain, protein and stock feed imports increased
by 20.8%.
MetroPort container volumes increased 10.2%, reflecting the import cargo diverted to Tauranga to avoid
delays in Auckland.
For the first time since 2018, ship visits increased, by 62 or 4.7% to 1,369. However, 26 fewer vessels
called at the Tauranga Container Terminal. The volume exchanged per container vessel increased by
10.7% compared with the previous year.
Cruise ship vessels are scheduled to return to Tauranga in the middle of October after a two year hiatus
due to the pandemic.
People and safety
Maritime NZ and WorkSafe undertook a joint audit of all ports in May. The agencies are expected to
make a number of recommendations following the audit, including the adoption of a standardised
approach to managing critical risks. Port of Tauranga is supportive of industry-wide collaboration to
improve safety practices, with flexibility for the unique operating environments of each port.
We have strong worker engagement in safety and involvement in proactive risk management. We have
reinforced our expectation of all port users that they raise any concerns and call out any unsafe
practices. Port workers can, and do, halt operations if they feel conditions are unsafe for any reason.
Productivity will never be put ahead of safe practice.
We have taken a multi-disciplinary approach to pavement problems at the container terminal caused
by high traffic volumes, congestion and wet weather. The issue contributed to a number of minor soft
tissue injuries among straddle drivers and led to an increase in the annual Total Recordable Injury
Frequency Rate for combined Port of Tauranga employees and contractors.
Air and water quality improvements
Port of Tauranga takes its social licence and environmental performance very seriously and air and
water quality improvement is a constant focus.
A major priority of the past few years has been dust reduction, including the installation of an additional
640 metres of wind fences, increased wharf sweeping and improved cargo handling procedures.
Dust performance indicators have shown a 5.6% reduction in the past year, and a 16.1% reduction
since 2020
2
.
The increased de-barking of export logs has the dual benefits of reducing dust and debris on site, and
minimising fumigation requirements. The Port requires recapture technology to be used on 100% of log
stack fumigations.
2
As measured at the PM
10
monitoring station ‘Mount Maunganui at Railyard South’ during dry conditions at times when the
Mount Maunganui Wharves are upwind of the monitor.

Port of Tauranga has an extensive stormwater quality monitoring programme, with regular testing for
suspended solids, heavy metal toxicants and other contaminants.
Although the testing shows compliance with the conditions of the Port’s stormwater resource consents
on both sides of the harbour, we consider there’s an opportunity to further improve water quality. We
are pursuing additional stormwater treatment technology at the Mount Maunganui wharves.
Working with Tauranga Moana iwi and hapū
Port of Tauranga works both formally and informally with Maori organisations in the rohe, including the
three iwi with mana whenua status – Ngāi Te Rangi, Ngāti Ranginui, and Ngāti Pūkenga.
One of the initiatives is the Ngā MātaraeCharitable Trust, founded seven years ago to fund projects to
improve the health and wellbeing of the harbour. The Trust brings together the three iwi, the Port, the
Mauao Trust and the Tauranga Moana Iwi Customary Fisheries Trust.
The Trust is funded through an annual grant from the Port. The funds are used to sponsor organisations
and projects improve harbour health.
Projects funded by the Trust so far include:
∂ A pipi research project undertaken by Manaaki Te Awanui Charitable Trust, to restore and enhance
coastal ecosystems
∂ Purchase of a research and monitoring vessel for Manaaki Te Awanui
∂ A wetland restoration and establishing an inanga spawning habitat in the Kopurererua stream, a
tributary to Tauranga Harbour. The project aims to improve water quality and support larger
populations of important native species.
Carbon emissions
Port of Tauranga seeks to reduce its carbon emissions across all areas of the business.
Ongoing congestion at the container terminal, causing increased straddle movements and diesel use,
impacted our decarbonisation performance for the second year in a row. Total greenhouse gas
emissions decreased 2.1% year-on-year, and carbon emission intensity (emissions per cargo tonne)
also decreased slightly, by 0.6%.
Our opportunity to significantly reduce emissions in future lies in automation. We are progressing plans
to install electric stacking cranes in the Tauranga Container Terminal to boost capacity without
increasing emissions. Electric stacking cranes have around 75% fewer emissions than a comparable
traditional diesel straddle carrier operation.
The trend to larger, more efficient vessels also has significant benefits for New Zealand’s marine
emissions profile, as they produce fewer emissions per container. Increased coastal shipping could
also improve emissions profiles due to fewer emissions compared with land transport alternatives.

Changes to Board of Directors
The Board has welcomed two new Directors with significant industry experience. Dean Bracewell joined
the Board in December 2021. He is the former Managing Director of Freightways, one of New Zealand’s
largest transport and logistics companies.
Brodie Stevens joined the Board in August 2022. He has extensive shipping sector experience and is
the former Swire Shipping/China Navigation Company Country Manager.
The Board bid farewell to Chair David Pilkington, who retired on 31 July after 17 years on the Board,
nine as Chair.
Ms Hoare says her predecessor left a lasting legacy. “Port of Tauranga has been proven to be strong
and resilient in the face of the pandemic-related challenges and this is testament to David’s leadership.”
Outlook
We sincerely thank our customers, service partners and especially our people for their fortitude
throughout the past year.
Port of Tauranga is hopeful that vessel schedule reliability will regain some consistency in the second
half of the 2023 financial year. However, the pandemic hangover of high costs, increasing interest rates
and reduced consumer demand is likely to temporarily impact some cargo volumes. Geopolitical
pressures, including Russia’s invasion of Ukraine and China’s elimination strategy for Covid-19, will
also continue to impact the global supply chain.
Port of Tauranga’s Board and management team are confident that Port of Tauranga is well-positioned
to face these challenges.
We will provide guidance for the 2023 financial year at our Annual Shareholders’ Meeting on 28 October
2022.
For more information, please contact:
Rochelle Lockley, GM Communications
Port of Tauranga Limited
Ph: 021 865 884
Email:Rochelle.Lockley@port-tauranga.co.nz

POT Annual Meeting & Director Nominations POT Announces Impending Retirement of Director Mr K Ellis

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