MOVE Logistics Group Limited/Announcement

MOVE FY22 Annual Report

Annual Report19 September 2022MOVIndustrials

Annual Report
2022

/ CUSTOMER STORY
SANFORD
Sanford is the largest producer of Greenshell
Mussels in New Zealand, with the majority of its
operations based in the pristine Marlborough
Sounds. As with any fresh product, timeliness and
reliability is critical.
MOV
e has partnered with Sanford for over 20 years,
providing fast and efficient collection and cartage
of more than 27,000 tonnes of fresh mussels per
annum. Mussels are collected from Sanford’s
aquaculture farms in the Coromandel, Marlborough
Sounds, Golden Bay and Bluff and transported
to processing plants in Havelock and Tauranga.
MOV
e then delivers the processed live, frozen and
containerised mussels to regional ports in peak
condition for export. MOVe’s specialised fleet of
MPI-approved trucks and experienced drivers
ensure the highest transport standards are met for
these in-demand New Zealand products.

/ CONTENTS
FY22 Review 4
About MOV
e 6
Our Strategy 10
Report from the Chair &
Executive Director 14
Taking Care of What Matters 27
Board 34
Leadership Team 36
Financial Measures 38
Financial Statements 41
Notes To The Consolidated
Financial Statements 47
Independent Auditor’s Report 86
Additional Statutory Information 90
Corporate Governance 98
The Board of MOV
e Logistics Group
Limited is pleased to present the Annual
Report for the year ended 30 June 2022.
Lorraine Witten Chris Dunphy
Chair Executive Director
14 September 2022

FY22 AT A GLANCE
/ LAYING THE FOUNDATIONS FOR GROWTH
Operating
Environment
• Increasing inflationary pressure, supply chain disruption and impact of
pandemic on customer trading levels
• Driver shortages becoming more acute
• Opportunities to grow market share as competitors start to wane
Strategic Reset
• Changed name to MOV
e Logistics Group
• Refreshed MOV
e’s strategy for growth
• Restructured the business to focus on core areas and announced sale process
for Specialist business
• Completed $40m capital raise to reset the financial platform
• Strengthened the leadership team with new appointments
Sweat our Assets• Commenced Freight reset
• Commissioned new transport management and HR software
• Transition to asset light model underway
Multi-modal Offer• Assessed opportunity in coastal and trans-Tasman shipping
• Announcement of $10 million in co-funding from Waka Kotahi to support MOV
e
Oceans coastal shipping strategy
Optimise Earnings• Results in line with guidance
• Significantly reduced net debt
• Refinanced bank facilities with improved terms and longer tenure
Deliver for our
Customers
• Strong customer retention and growth across the group
• Rate review to ensure appropriate reimbursement for services
Upsize our Business
• Expansion in industry verticals where MOV
e has strong competency
• Assessed a number of M&A opportunities
Taking Care of
What Matters
• Continued priority focus on health and safety
• Build culture around ‘We MOV
e as one’
• Focus on ESG and decarbonisation with initiatives underway
Governance• Rejuvenated the Board; Lorraine Witten appointed as Chair
• Diversified the share register
• Dual listed on the ASX
4

/ EARNINGS IN LINE WITH GUIDANCE
CONTINUING OPERATIONS
1
1
Continuing operations excludes Specialist due to the planned divestment of this division
2
Normalised EBITDA, Normalised EBIT and Normalised NPAT exclude non-controlling interest and non-trading adjustments
of $3.4m pre-tax related to restructuring and resetting the business as part of the strategic plan (FY21: $1.5m)
3
Including discontinued operations, attributable to owners of the company
INCOME
$
349.1M
FY21: $332.3M
EBITDA
Normalised
2
$
54.3M
FY21: $54.5M
EBIT
Normalised
2
$
12.2M
FY21: $11.2M
NPAT/NLAT
3

$
(4.2)M
FY21: $0.9M
NPAT
Normalised
2
$
0.4M
FY21: $(0.2)M
LTIFR
15.81
FY21: 19.84
GEARING
22.3%
FY21: 62.9%
FREE CASHFLOW
$
43.9M
FY21: $45.0M
5
ANNUAL REPORT 2022

ABOUT MOVe
/ OUR BUSINESS
We‘re in business to keep
our customers moving.
Our expert team provides
comprehensive freight and
logistics solutions to help our
clients stay ahead in a fast
paced world.
Our network of branches and
depots connects us to our
customers and allows us to
deliver the best warehousing
and freight solution –
whether that is by road, rail,
ocean, air or a mix of all four.
We work with customers
right across New Zealand
and in a diverse range of
sectors.
Our mantra is Customer,
Safety, Team.
We’re focused on excellence
and are using technology
to help us deliver the most
efficient, seamless, simple
service for our customers
and manage our business.
Keeping our people safe is
a priority and supports our
goal of ‘No harm to people,
the environment or our
assets’.
Our culture is built on unity
and team spirit, which is
summed up in our statement
‘We MOV
e as one’. At MOVe,
our team have each other’s
backs, we recognise and
acknowledge achievements
and we work together to
deliver the best possible
customer experience and
business performance.
We think it’s important
that everyone has the
opportunity to shine, to
perform at their best and to
realise their ambitions.
Our vision.
Our vision for MOVe is to be
the best freight and logistics
company in Australasia
and a leader in sustainable
logistics services. That
means delivering the best
solution and service for
our customers, providing
secure and rewarding job
opportunities for our people
and generating value for our
shareholders.
6

AUCKLAND
NELSON
HAMILTON
WANGANUI
PALMERSTON NORTH
NEW PLYMOUTH
WHANGAREI
GISBORNE
MT MAUNGANUI
TAURANGA
NAPIER
HASTINGS
FREIGHT
WAREHOUSING
INTERNATIONAL
BULK LIQUIDS
SPECIALIST
BLENHEIM
MASTERTON
WELLINGTON
RAI VALLEY
CHRISTCHURCH
ASHBURTON
DUNEDIN
CROMWELL
TIMARU
INVERCARGILL
WESTPORT
AUCKLAND
NELSON
HAMILTON
WANGANUI
PALMERSTON NORTH
NEW PLYMOUTH
WHANGAREI
GISBORNE
MT MAUNGANUI
TAURANGA
NAPIER
HASTINGS
FREIGHT
WAREHOUSING
INTERNATIONAL
BULK LIQUIDS
SPECIALIST
BLENHEIM
MASTERTON
WELLINGTON
RAI VALLEY
CHRISTCHURCH
ASHBURTON
DUNEDIN
CROMWELL
TIMARU
INVERCARGILL
WESTPORT
1,314 team members
14% of our team are female
72% of team based outside of Auckland
41 branches, depots, crossdocks,

warehouses and offices across
New Zealand
147,495 square metres of warehouse
capacity
1,084 owned trucks, trailers and forklifts
c.39% of our Freight drivers are

Owner Drivers
1,839 shareholders
c.11% of issued capital held by

Australian shareholders
7
ANNUAL REPORT 2022

/ OUR STRENGTHS
• One of New Zealand’s largest transport and logistics providers.
• Refreshed Board and experienced leadership team, many of
whom are industry veterans.
• Multi-modal offer across road, rail, shipping and air freight.
• National network with regional strength.
• Working in partnership with our customers, to deliver the best
solution to meet their needs.
• Digital transformation underway, delivering benefits for our
people, our customers and our business.
• Dynamic growth strategy with targeted opportunities to deliver
near, mid and long term value.
• Inclusive and diverse culture where all team members ‘MOV
e
as one’.
• Priority focus on health and safety.
• Future focused, with a goal to be a leader in sustainable
logistics solutions in Australasia.
• Robust sector dynamics with growth in projected demand.
• Supportive shareholders who strongly believe in MOV
e’s future.
8

/ CUSTOMER STORY
BRIDGESTONE TYRES
Bridgestone is a major supplier
to the New Zealand automotive
industry, with a range of quality tyres
distributed through a retail network
across the country. MOVe has
partnered with Bridgestone for over
10 years, offering a same/next day
delivery service from Bridgestone’s
distribution hubs to its retail stores
and commercial customers.
“We transport over 150,000 tyres per
annum for Bridgestone, from car
tyres for domestic and performance
cars, through to truck tyres and 3
tonne tyres for the mining industry.
One of our largest jobs this year
was the cartage of 10 earthmover
tyres from Auckland to Otago,
using a unique loading system
and log bolsters to secure the load
for the journey down the country,
highlighting the expertise and
innovative thinking of our team.”
9
ANNUAL REPORT 2022

OUR STRATEGY
Passionate
and Talented
People
Operational

Excellence
Technology

and
Innovation
Superior

Financial
Performance
Funding

for Growth
BETTER, STRONGER
BUSINESS
Work our assets smarter:
Investing in what matters and
driving better returns on our
businesses and assets
Build our multi-modal offer:
Creating a multi-modal offer
that utilises the best freight
modes to deliver our customers’
goods where and when needed
Optimise earnings:
Focused on optimising our
earnings and delivering strong
earnings growth and value for
shareholders
SMART GROWTH &
EXPANSION
Deliver for our customers:
Putting our customers at the
heart of all we do and delivering
the best customer solution and
service
Upsize our business:
Maximising organic and
acquisition opportunities to
expand our market presence
across Australasia, extend our
offer and grow our customer
base
TAKING CARE OF WHAT
MATTERS
Having a positive impact on our
people, communities and the
environment
B
E
T
T
E
R
,

S
T
R
O
N
G
E
R

B
U
S
I
N
E
S
S
S
M
A
R
T

G
R
O
W
T
H

&

E
X
P
A
N
S
I
O
N
T
A
K
I
N
G

C
A
R
E

O
F

W
H
A
T

M
A
T
T
E
R
S
10

/ STRATEGIC PATHWAY
CURRENT
SETTING THE
COURSE
24 MONTHS
BUILDING
STRENGTH
>24 MONTHS
FLYING
HIGH
Expand presence in targeted
customer sectors
IdentifyBuildStrengthen
MOV
e Oceans strategy
PilotRolloutFully integrated
Freight ResetUnderwayCompleteFull benefit
Grow Contract LogisticsReset completedCustomer growthPreferred provider
Transition towards asset light model
(owner drivers)
CommencedBuildHit target
Digital transformation CommissionedImplementEnhance
Upsize our business through organic
growth and bolt on acquisitions
Investigate Progress Build
Expand into AustraliaInvestigateBeachhead Expand
Deliver improving financial results
and shareholder returns
Reset and strengthenInitial benefits Increasing returns
Continued focus on ESGUnderway
Clear strategy and
actions
Improving metrics
11
ANNUAL REPORT 2022

/ MOVe Chair Lorraine Witten and Executive Director
Chris Dunphy celebrated with the team as MOVe joined
the ASX as a dual listed entity on 1 July 2022. This takes our
company one step closer to achieving our aspirations to be a
significant transport and logistics provider across Australasia.
12

13
ANNUAL REPORT 2022

Dear Shareholder
For over 150 years, MOV
e has been transporting and storing goods for customers around New Zealand. But as the
world changes, so our company also needs to evolve to achieve our goal of being a world leading, integrated
supply chain provider across Australasia.
For the past year, we have been resetting our business, recognising those areas that need improvement and
seeking out opportunities for growth. We have redefined our strategy and have set ambitious growth targets that
will deliver value for our shareholders. We are putting the foundations in place that will allow us to expand our
market presence, grow our footprint and optimise our earnings while delivering better service for our customers.
While there is still work to be done, we are confident we have the people, the strategy and the passion to achieve
our goals.
New Zealand has a plethora of truck operators and warehouse owners, but few have the scale, strength and
expertise to deliver a seamless end to end supply chain solution for business customers across the country. While
the operating environment is creating challenges for businesses, it is also presenting opportunities for those with
the desire and resources to grow as competitors wane.
At MOV
e, our goal is to keep our customers moving – providing reliable, innovative and efficient solutions to
transport, store and deliver their goods. We make it easy for our customers, using technology, expertise and our
assets to create tailored solutions which meet their needs.
OUR STRATEGIC PROGRESS IN FY22
We started a journey under the MOVe brand in July 2021, signifying a new stage in our company’s history.
We are working our assets smarter, investing in what matters and driving better returns for our business. Early in
the year, we completed a comprehensive business review, identifying strengths, opportunities and importantly,
those areas that were under performing. We restructured our business into two core divisions – Freight and
Contract Logistics – and have put in place a comprehensive plan to reset the Freight business. Following
unsolicited offers, we also commenced a sale process for our smaller Specialist business which we do not
consider as core to our offer.
We are investing in technology and innovation, passionate and talented people and operational excellence, all of
which are essential enablers for our growth. A digital transformation has commenced which will provide benefit
across the company. During the year, we strengthened the leadership team from both within our ranks and by
bringing in people with deep industry knowledge and expertise.
A capital raise in November 2021 helped to considerably strengthen the financial structure of our company. We
were pleased to welcome new shareholders to the register, including several Australian institutions. We structured
the raise so that existing shareholders were treated fairly and thank all our shareholders for their ongoing support.
More recently, we joined the ASX as a foreign exempt listing (dual listed), with trading officially commencing on
1 July 2022.
As our core businesses come up to full capability over the next 12 to 18 months, our focus will move more strongly
to growth and capitalising on the multiple opportunities we have identified.
REPORT FROM THE CHAIR AND
EXECUTIVE DIRECTOR
/ LAYING THE FOUNDATIONS FOR GROWTH
14

Some of these growth initiatives we are already
developing, with early benefits being seen.
In particular, we are assessing the opportunity in
coastal and trans-Tasman shipping, which further
expands our multi-modal offer, provides more
choice for our customers and helps to reduce
carbon emissions by moving multiple truckloads
onto ships.
We have also been identifying particular customer
sectors where we can build on our existing footprint,
to provide a strong logistics offer across the
customer supply chain.
Our preference is to fund growth through recycling
capital between asset sales (Specialist) and
investment into new opportunities, rather than via
borrowing or equity issuance.
OPERATING PERFORMANCE
TRADING CONDITIONS
The pressure from macro-economic headwinds
increased in FY22, with rising costs – particularly fuel
and labour - increasing inflation, labour shortages,
ongoing supply chain disruption and Covid-19
restrictions. Normal trading levels were impacted for
many customers.
Continuing global supply chain disruptions have led
to a delay in MOV
e’s asset replacement programme,
with lead times for the delivery of new trucks
significantly extended. This is resulting in increased
maintenance costs on existing assets. Operating
costs, particularly fuel, parts and labour, have
increased with inflation, with some offset following
the pricing review and re-set undertaken by MOV
e in
the first half of the year.
MOV
e is well resourced to take advantage of
changes in the sector to grow both organically and
through bolt on acquisitions.
STRATEGIC HIGHLIGHTS
• Selldown by founding
shareholders
• Refreshed the Board and
leadership
• Name change to MOV
e
Logistics Group
• Conducted deep dive
business review
• Restructured the business
into two core divisions
• Lorraine Witten appointed as
Chair
• Completion of $40m capital
raise
• Commenced two year plan
to strengthen and grow the
business
• Further diversified the share
register
• Commenced digital
transformation
• Announced sale process for
Specialist business
• Received funding from
Waka Kotahi to support new
coastal shipping strategy
15
ANNUAL REPORT 2022

FY22 RESULTS
Results were in line with guidance provided in May 2022, with underlying EBITDA of $54.3m (guidance of $53m to
$56m). The focus on margin improvement continues to be a priority as we look to generate long term, sustainable
earnings growth.
This year’s results reflect the work being done to reset the business and the investment being made into key
areas of improvement and opportunities for growth. We have reported on continuing operations which exclude
Specialist due to the planned divestment of this division. FY21 results have been restated to exclude discontinued
operations.
Revenue of $349.1m (an increase of $16.8m on the prior year) benefitted from the ability to pass through rising
costs, particularly fuel.
Normalised EBITDA was in line with the prior year, with normalised EBIT of $12.2m, a 9% increase year on year.
MOV
e reported a normalised net profit after tax (before non-controlling interests) of $0.4m, up from a loss of $(0.2)m
in the prior year.
4
Reported net loss after tax including discontinued operations was $(4.2)m (FY21: $0.9m)
5
and
includes costs of $3.4m relating to restructuring and resetting the business.
A capital raise in November 2021 considerably strengthened the financial structure of the company with net debt
reduced from $64.3m to $20.9m and a gearing ratio of 22.3% as at 30 June 2022.
Results are expected to considerably improve in FY23 as the Freight improvement continues, Contract Logistics
builds on the work done in the last year and International capitalises on new opportunities.
More information on MOV
e’s financial results is in the FY22 financial statements and the commentary on pages 38
and 39.
FREIGHT
Revenue $180.9m, +7.0%EBITDA $18.5m, +5.0%EBITDA Margin 10.2%
We started the year with an indepth review of our Freight business, identifying the pain points and the
opportunities. MOV
e has been built on the heritage of regional businesses and we have now integrated these into
a national network solution. Our multi-modal approach is offering further choice in how we move freight around
the country in the most effective and economical manner for our customers.
An important focus in Freight has been to review our offering, identifying LCL (less than a container load) general
freight as an attractive growth opportunity for MOV
e. We have realigned our customer portfolio to focus on areas
of strength and adjusted our rates to ensure we are receiving fair reimbursement for the scope and quality of
services we offer. We have moved the dial to be more solutions focused and are winning customers through our
can-do attitude and partnership approach.
4
Normalised EBITDA, Normalised EBIT and Normalised NPAT exclude non-trading adjustments of $3.4m pre-tax related to restructuring and
resetting the business as part of the strategic plan (FY21: $1.5m)
5
Including discontinued operations; attributable to owners of the company
16

MOVe’s digital journey is critical to delivering on our vision for Freight, with a new Transport Management System
(TMS) to be implemented in FY23, delivering significant value for our business, our people and our customers.
We have approximately 1,000 trucks in our fleet and have a replacement programme underway with a big
investment in new, leased trucks starting to roll out. Unfortunately, continuing global supply chain disruptions have
led to a delay in receiving these trucks, with lead times for delivery significantly extended. This is resulting in heavy
repairs and maintenance on our existing fleet.
We are also transitioning our driver workforce, with the aim to create more balance between Owner Drivers and
those employed by MOV
e. This is in line with our strategy to move towards a more asset light model. Over the last
year, we have increased the number of Owner Drivers to c.39% of freight drivers, with a target of at least 50% in the
next two years.
The efforts being put into the turnaround are now starting to deliver results, and the focus remains on continuing
margin improvement. The improvement programme is ongoing, with another 12 to 18 months expected to build
the business to full strength.
FREIGHT IMPROVEMENT PROGRAMME
• New leadership for the Freight
business
• Identify areas of strength and
opportunity
• Customer review
• Integrate general freight branch
network
• Operational realignment
• Decentralise admin and customer
functions to branch level
• Focus on margin improvement
• Exit non-core activity
• Strengthen branch leadership
• Continue to grow Owner Driver team
• Sale of Specialist division
• Commission new technology
• Conversion to fully maintained, leased
vehicles as part of asset-light strategy
• Optimise freight branch network
COMPLETEDUNDERWAY
17
ANNUAL REPORT 2022

CONTRACT LOGISTICS
Revenue $154.2m, +1.5%EBITDA $35.0m, -9.0%EBITDA Margin 22.7%
Contract Logistics is performing to plan, with capacity at high levels and
increasing customer demand. The business reset has been completed and
future growth is expected. The focus in FY22 has been to better optimise the
network and utilise warehousing capacity, resulting in the closure of three
underperforming warehouses and some consolidation amongst closely
located sites. Contract revenue quality and renewal has also been a priority.
This has resulted in EBITDA margin remaining solid at 22.7%, despite reduced
volumes due to Covid-19.
The year on year financial results reflect the benefit of contract settlements
in the prior year, with a negative impact in the current year from a contract
which has now been exited.
Effort has been put into re-establishing MOV
e as a preferred supplier and
working with clients to develop tailored end to end solutions that meet their
needs. A number of opportunities have been identified to build our footprint
across targeted industry verticals, utilising our Freight and Contract Logistics
assets to provide a specialised solution at all parts of the customer’s supply
chain.
One such opportunity is in the Primary sector. MOV
e is well positioned to
provide a strong offer to this sector, building tailored solutions for clients by
utilising our national, multi-modal freight network, fleet diversity, warehousing
capacity, and export capability to integrate with their supply chain
requirements.
INTERNATIONAL
Revenue $10.9m, +31.9%EBITDA $3.8, +85.6%EBITDA Margin 35.5%
The International division delivered a strong performance. Energy sector
clients have re-established programmes delayed due to Covid-19 and this
has contributed in the return of revenue to pre-Covid levels. Import/export
activity has also increased and rates have been lifted across the sector. The
improving EBITDA margin is due to increased revenue, with the cost base
remaining unchanged.
Expansion is underway as we commence our entry into the shipping sector,
with a planned New Zealand coastal shipping initiative and a trans-Tasman
shipping route.
SALES REVENUE BY
DIVISION
EBITDA BY DIVISION
30+64+6
53+44+3
■ Freight
■ Contract Logistics
■ International
■ Freight
■ Contract Logistics
■ International
18

ENABLING OUR GROWTH
TECHNOLOGY AND INNOVATION
We are on a journey to digitally transform our business, starting with our core technology platform and adding in
new systems and tools to enhance how we work and the value we offer to our customers.
Our first phase, which is now underway, is to replace and standardise the various business IT platforms across
the group. Investment in hardware is also a focus, with 500 new, high end scanners being purchased to support
tracking of consignments across the network.
Secondly, we will be commissioning a new and specialised Freight Management system (TMS) as well as creating
a new Human Resources (HR) platform and introducing technology to better model and record standard
operating processes across the group.
Digital tools are also a key element in keeping our drivers safe. Electronic log books help to manage driver hours
and fatigue, Guardian technology in our line haul trucks is another fatigue alert system for drivers travelling long
distances, and forward facing cameras will soon be required in all truck cabs. Pre-start truck checks will also be
digitised to make it easier and ensure all essential checks are carried out before the truck and driver hits the road.
These and other digital tools will enhance the technology experience for end users, whether that be our team or
customers.
You can read more about our digital journey in the interview with Chief Information Officer, Anthony Barrett, on
pages 22 and 23.
PASSIONATE AND TALENTED PEOPLE
‘We MOV
e as one’ has become the mantra for our team, with all our people supporting and backing each other
to get the job done, safely, for our customers. We recognise that it has been a challenging year – in addition to
the impact of Covid-19 and more recently, an increase in the cost of living, there has also been significant change
across our business. We would like to acknowledge and thank our people for all their efforts and support on our
journey. They are the backbone of our business and we are deeply appreciative of their choice of MOV
e as their
place of work.
On the last page of this report, we have listed all our ‘MOV
eRS’ who have been with our company for ten years or
more.
LEADERSHIP
New leadership is also bringing a fresh perspective and indepth industry expertise to MOV
e. Chris Dunphy took on
the role of Executive Director in July last year and has created a leadership team of passionate, experienced and
talented people to drive our growth.
Chris Knuth and James Watters have been appointed to head up Freight and Contract Logistics respectively.
Chris is a freight man with over 40 years of experience. He is putting power behind the reset in the Freight division.
James has a deep understanding of contracting, logistics and our industry and is driving operational excellence
and delivery.
EBITDA BY DIVISION
30+64+6
53+44+3
19
ANNUAL REPORT 2022

In addition, we have made new appointments to the roles of Chief Information Officer (Anthony Barrett) and GM
Sales & Marketing (Mario Di Leva). Lee Banks continues in her role as MOV
e’s Chief Financial Officer, providing
valuable business knowledge and financial expertise. General managers have also been appointed to lead our
sector strategies, with GM Oceans (Dale Slade) and GM Dairy (Scott Crampton) joining the team.
An executive search is currently underway to identify a talented CEO to lead MOV
e’s strategy. Chris Dunphy
will steward the transition to the new CEO and will remain actively involved as a director, in strategy and group
development.
SUSTAINABILITY
Our aim is to be a leader in sustainable logistics services and we are committed to a low carbon future. However,
sustainability at MOV
e is not just about reducing our emissions – we are actively seeking to have a positive impact
on our people, our communities and the environment, while operating in a profitable manner and delivering value
to our shareholders.
We are at the early stages of our journey on sustainability, which is integrated into our strategy under our pillar
of Taking Care of What Matters. In July 2022, Rebecca Dearden was appointed to the new role of Sustainability
Lead to provide a dedicated resource in this area. You can read more about our progress on pages 27 to 31 of this
report.
GOVERNANCE
A lot of change has occurred in the past year with new Board members bringing deep industry knowledge,
passion and entrepreneurial thinking to the business. Both Trevor Janes and founder, Jim Ramsay, retired at the
2021 Annual Meeting. They were valued members of the Board and contributed significantly as MOV
e transitioned
from a private to a listed company. We are very appreciative for their contributions.
Joining the Board in the last year were Chris Dunphy, Mark Newman and Grant Devonport. All three have
considerable freight and logistics industry experience which has been of great value as we reset the business and
execute our growth strategy.
20

LOOKING FORWARD
The last year has been one of re-shaping the business and defining a clearer, more focused service. We are now
positioned for the next phase of our evolution, with a strong balance sheet, a clear strategic plan and a talented
team to drive profitable growth.
Our focus in the near term remains on resetting and strengthening our core business. Over the medium to longer
term, our focus will increasingly move to growth opportunities as we build on the strong platform we are creating.
Some of the growth initiatives under development are starting to land, with early benefits expected to be seen in
FY23. In particular, we are embarking upon coastal and trans-Tasman shipping, which further expands MOV
e’s
multi-modal offer.
We have also been identifying particular industry sectors where we can build on our existing expertise to provide
a high quality integrated solution across customer supply chains, including Viticulture, Primary industry, Beverages
and Aquaculture.
We will continue to invest in technology and innovation, passionate and talented people and operational
excellence, all of which are essential enablers for MOV
e’s growth. A digital transformation has commenced which
will provide benefit across the company and to our customers.
The priorities for FY23 are to continue to improve our Freight division and transition to an asset light model,
implement digital systems, execute growth in priority customer segments and build our multi-modal offer,
particularly in shipping. Results are expected to considerably improve in FY23 as the Freight reset continues,
Contract Logistics builds on the work done in the last year and International capitalises on new opportunities.
While there is still work to be done, we continue to be confident in the future potential for MOV
e and the positive
traction that is now being seen. Thank you, our shareholders, for your continued support.
Lorraine Witten Chris Dunphy
Chair Executive Director
14 September 2022
21
ANNUAL REPORT 2022

What are the key benefits of the digital transformation for MOVe?
Digital technology is essential to any modern business as it is a key enabler for nearly all functions.
Investing in digitisation will provide significant benefits for MOV
e. It will drive operational leverage, make it easier
for our team to work together collaboratively, create business resilience, reduce our cost to serve and, importantly,
satisfy current and future customer requirements.
One of the core elements in our digital strategy is to ensure all key information is stored, maintained and
accessible as and when needed. This will cover everything from people and process through to customers, trucks,
consignments and more. Having our nationwide MOV
e team working together towards shared goals using common
data will be the magic that enables us to provide superior customer service AND be consistently profitable.
While we will be commissioning standard products and services, what will set us apart will be the innovation in how
we implement and use these to deliver greater value.
What are the key elements of MOV
e’S digital transformation?
The first key element was integrating and aligning all the individual businesses in the group. This is critical to ensure
we select and implement the appropriate systems. This is now complete.
We then prioritised the implementation of a new Freight Management
System (FuseIT) into the MOV
e Freight business and a new MOVe
Group system for People and Culture (Ready Workforce).
How will digitisation benefit MOV
e’s people?
Digitisation will reduce the amount of time spent on manual
processes and allow our MOV
e team to spend more time looking
forward in a pro-active way with our customers. It will also allow
our people to work more closely together, with team members from
different areas of the business able to access relevant information and
work together to create valuable solutions for both our business and our
customers.
How will MOV
e’s digital journey benefit customers?
The digitisation of our Freight network, FuseIT, will offer
significant benefits for our customers. This includes improved
‘delivery on time’ and visibility. Pro-active information
together with accurate and timely billing, will allow our
customers to spend more time on their business and less
time managing the freight process. We will also have a
greater capability to receive and use forecast data, which
will allow us to manage peaks and surges more effectively.
LAYING THE FOUNDATIONS
/ MOVE’S DIGITAL TRANSFORMATION
5 MINUTES WITH CIO, ANTHONY BARRETT
The implementation of the new
TMS systems, FuseIT, will drive the
digitisation of our Freight network
and provide significant benefits
for our customers.
22

Tell us about the MOVe Digital Transformation Team
Our digital transformation team is made up of two teams who are working collaboratively with the business and
suppliers to deliver our digital transformation. The MOV
e IT team, led by Nick Ward, comprises both internal team
and industry partners, who have extensive Logistics and IT experience. Our newly formed business transformation
team, led by Stephanie Rigter, includes key subject matter experts who will not only ensure that the projects are
delivered effectively but also ensure the capability is bedded into the ongoing business.
Our team is passionate about using process and technology to create value-adding solutions for both our
internal and external customers.
Where do you see digitisation in the transport industry heading in the next few years?
I expect there will be a continuation of the consolidation within the transport industry in New Zealand. This in turn
will lead to an increase in “digital co-operation” across the supply chain. As all the parties invest in their digital
capability, we will see more sharing of data, which will enable all parties to remove friction. In particular, we will
see the larger customers share quality data with the logistics providers, which will help the full digitisation of the
supply chain.
MOVE’S DIGITAL JOURNEY IN FY23
AREA OF OUR BUSINESSDIGITAL STATUS
CURRENT TO PLANNED
PLANED ACTIVITY TO END OF 2023
Core Digital Infrastructure
Security
Solid & secure cyber security foundation.
Consolidate all domains into the Move
Logistics domain framework
Our Team (Payroll, P&C, HSE)
HSE meets requirements. P&C & Payroll to
be replaced with modern software: Ready
Workforce rolled out 2022/23
Our FinancialsSolid foundation with NetSuite
Our Customers
Customer portal requires upgrade and
solution will follow the TMS (Transport
Management System) implementation
Our Freight Network
A single TMS will replace the multiple
existing systems: FuseIT
Our Logistics Operations
Paperless meets customer requirements.
Work is being undertaken to automate
invoicing
Our Fleet
Solution for group fleet management
underway
0% 25% 50% 75% 100%
23
ANNUAL REPORT 2022

MOVe has been involved in the shipping industry for
more than 120 years, through its shipping agency, Hooker
Shipping in New Plymouth, which was founded in 1883.
Now MOV
e is building on Hooker’s heritage to extend its
market presence and deliver innovative freight solutions for
customers.
The company has announced two new shipping initiatives.
Firstly, a new trans-Tasman shipping route has been
established, connecting regional ports in New Zealand with
Tasmania and other ports on Australia’s east coast. For some
of these regions, the MOV
e service will be the only direct ship
route, while in other regions, it will provide a further option
for customers currently facing shipping constraints and
difficulties. MOV
e has entered into an agreement to acquire
a vessel, which is expected to settle in October 2022, with the
first trans-Tasman sailing scheduled for Q4 2022.
In addition, MOV
e has recently been awarded $10 million in
co-funding from Waka Kotahi to support its New Zealand
coastal shipping strategy. The immediate focus is on the
design, building and mobilisation of a quarter-ramp Roll On/
Roll Off (RORO) vessel which will enable a new sea bridge
between Nelson and New Plymouth.
Currently, the only options available for moving rolling stock
between the North and South Islands are via the Cook Strait
ferries which operate between Wellington and Picton. These
vessels require linkspan/ramp operations for loading and
unloading cargo and the vessel ramp configurations mean
that these ships cannot berth at standard cargo wharves.
The new service being offered by MOV
e will be capable of
calling into at least thirteen New Zealand Ports, without the
need for any new Port infrastructure to be built.
In addition to major operational benefits, the new service will
also dramatically reduce the carbon footprint of the freight
movements concerned. The shift of existing loads from road
to shipping will deliver significant carbon emission reductions
(estimated 2,000 tonnes per annum), improve road safety
via fewer truck movements and enhance New Zealand’s
domestic freight services.
“This new initiative
further reinforces MOVe’s
position as a leading
provider of innovative
freight solutions in New
Zealand. We will be
working closely with our
Freight and Contract
Logistics customers and
other businesses to offer
blue-water alternatives
to trucking. The quarter-
ramp Roll On/Roll Off
vessel service is unique
and will be an industry
first for coastal shipping
in New Zealand.”
/ MOVE-ING INTO SHIPPING
24

/ CUSTOMER STORY
KEEPING OUR CUSTOMERS TOPPED UP
MOVe is Lion’s Auckland and Christchurch
transport partner for the New Zealand market.
Lion is New Zealand’s largest alcoholic
beverages company by volume, recognised
for brands such as Steinlager, Speight’s,
Mac’s, Lindauer and Wither Hills.
MOV
e services Lion’s approximately 1,500
customers in Auckland and Christchurch,
delivering around 150 tonnes of product daily
to major centres across New Zealand. We
deliver everything from a pallet of stock to
our largest customers, down to the single
kegs and bottles for our smaller on-premise
hospitality venues.
“MOV
e has been a great long-term partner
of Lion, always going the extra mile to ensure
that our customers are satisfied with their
deliveries and ready to talk about solutions
if issues arise.”
25

/ Neill Kulupa (Storeperson/Devanner)
26

OUR GOAL IS TO BE A LEADER IN SUSTAINABLE
LOGISTICS SERVICES.
For MOVe, it’s not just about reducing our emissions.
We are actively seeking to have a positive impact on
our people, our communities and the environment.
We believe that this will have a beneficial impact
on our business, thereby creating long term value
for our shareholders. Our strategic pathways, set
out earlier in this report, lay out the framework for a
sustainable future for our company.
We are at the early stages of our ESG (environment,
social and governance) journey, as we seek to
achieve our aims and improve our reporting and
transparency on material areas for our business.
We have taken important steps in the last 12 months
to enable improved measuring and reporting on
our carbon emissions and are integrating climate
change considerations into investment decisions.
More recently, we have appointed a Sustainability
Lead (Rebecca Dearden) who who will provide a
dedicated resource in this area. A key initiative for
FY23 will be to assess those areas that are most
important for MOVE’s long term sustainability and we
will share these in next year’s annual report.
MOV
e’s Board oversees the company’s sustainability
performance. Any sustainability or climate related
risks that are identified as critical to our business are
monitored by management and reported to the Risk
Assurance and Audit Committee.
TAKING CARE OF WHAT MATTERS
/ BETTER BUSINESS
OUR ESG JOURNEY
TO DATE
• Establish internal ESG cross-
functional working group
• Measure and report on carbon
emissions
• Implement external assurance
process
• Integrate climate change
considerations into investment
decisions
FY23
• Materiality assessment
• Confirm scope 1 and 2
measurements and review
reduction targets to align with
the latest climate science
• Set goals and establish KPIs
• Identify climate related risks
and opportunities
FY24
• Define approach to climate
related reporting and develop
framework
• Integrate climate related risks
into risk framework
• Review and dedicate investment
to resources required to act on
MOV
e’s ESG goals
FY25
• Continue to develop disclosure
and reporting under TCFD
framework
27
ANNUAL REPORT 2022

OUR PRIMARY GOAL IS TO BRING FORWARD A
FUTURE WHERE OUR FLEET IS CARBON NEUTRAL.
We are mindful of transport related carbon emissions
and are focused on reducing our impact, through utilising
different modes of transport, improved driving behaviour,
alternative fuels and route optimisation. We are also
focused on operating more sustainably in our branches and
warehouses.
We recognise that our goal is big and bold but equally we
know that, across the sector, we have to make change.
We have identified a number of opportunities to help us
on our journey, with initiatives underway in many of these.
Our first electric metro trucks are on the road in Auckland
and we have placed an order for two of the first hydrogen
trucks being brought to New Zealand by leasing business,
TR Group. While the delivery of these has been delayed
due to pandemic and supply chain disruption, we hope to
have them out on the roads by mid 2023. Our multi-modal
approach also helps to shift freight from trucks to lower
emission modes of transport such as rail and shipping.
The key reduction opportunities we have identified are:
• Leverage technology to reduce ‘empty kms’
• Route optimisation to reduce kms travelled
• Driver training and technology to optimise fuel use
• New, more efficient vehicle fleet
• Multi-modal freight solutions – move from road to
shipping and rail
• Electrify metro vehicles and forklifts
• Seek alternative fuel options (electric and hydrogen)
• Design and refit buildings to be carbon neutral
• Minimise waste
• Install solar power
• Lease only green buildings
/ LIGHTENING OUR LOAD ON THE PLANET
49,813
Tonnes C02 emissions
6

26.5%
Reduction in emissions
since FY19 base year
7
108,692
KW
Solar energy generated
from our buildings
62%
Of our warehouse forklift
fleet is electric
6
Scope 1 and 2 excluding emissions from owner drivers
7
Reduction partially due to rebalance of driver workforce. FY22 excludes emissions from owner drivers, these will be included from FY23
onwards
28

29
ANNUAL REPORT 2022

Staying safe, keeping others safe and supporting each other are fundamental to who we are as an
organisation. Paying close attention to ethics, integrity and sustainability go hand in hand with our vision
of ‘No harm to people, the environment or assets’.
Technology is playing an important role in keeping people safe, with electronic log books and in-cab Guardian
technology helping to manage fatigue. Forward facing cameras will soon be required in all truck cabs which
monitor vehicle activity, improve fleet safety and can reduce costs associated with insurance claims. Pre-start
truck checks will also be digitised to make it easier and ensure all essential checks are carried out before the truck
and driver hits the road.
Safety performance is tracked to identify patterns to help prevent incidents, with upgraded safety software rolled
out across the group in FY22. Health and safety data is reviewed at each National Health & Safety Committee
Meeting (comprising executives who meet monthly for the purposes of health and safety management across the
Group). The Board receives monthly reports and reviews health and safety at every Board meeting.
Pleasingly, MOV
e successfully completed its first ACC Accredited Employers Programme Audit, moving up to
Tertiary level. This gives us great confidence that we are going in the right direction with our safety systems and
people.
Recognising the importance of safety for every individual in our group, MOV
e has launched its monthly Safety
Awards. These recognise exceptional events and contributions towards safety that team members make in their
workplace. At year end, one of these monthly winners will be awarded the MOV
e Annual Safety Award, along with
a well deserved prize.
MOV
e’s injury frequency rates provide a lag indicator of performance, with Lost Time Injury Frequency Rates (LTIFR)
reducing for the fifth year in a row and a strong improvement in Total Recordable Injury Rates. We are mindful
there is a lot of ground to cover to achieve our goal of zero harm and safety across the MOV
e group remains a
priority.
/ HEALTH, SAFETY AND WELLBEING
LOST TIME INJURY FREQUENCY RATETOTAL RECORDABLE INJURY FREQUENCY RATE
00
20
40
60
80
100
2018201820192019202020202021202120222022
5
10
15
20
25
30
35
30

Our people are our business. It is thanks to their efforts,
talent and passion for our industry that we are able to
succeed.
Our goals are to provide a rewarding work environment, that
celebrates diversity, encourages inclusion and recognises
the contributions of our people. Health and safety remains a
priority.
More structure has been brought to the role in 2022, with
increased support for business divisions and an expanded
team.
We have 1,314 MOV
e team members, from truck drivers to
warehouse, admin, support and managers. The increasingly
tight labour market has added to the existing challenge of
recruiting people into the industry. We are working closely
with industry organisations to support initiatives that
encourage both young people and females into the sector.
Recruitment has been a major focus for the People &
Culture (P&C) team at MOV
e, with border closures for two
years followed by tight worker immigration laws, alongside
a limited New Zealand workforce. MOV
e has now received
accreditation for its main business units, which allows us
to apply for work visas to bring overseas workers into New
Zealand.
MOV
e is building a culture across the business, where our
people feel supported and where their achievements and
efforts are recognised. Reward and recognition programmes
have been initiated. The monthly and annual Health & Safety
Awards are also proving popular, with our people proactively
looking for opportunities to make their workplaces and team
members safer.
An equally important focus over the FY22 year has been to
support our people through a period of rapid change within
the business, as well as the disruption that the pandemic has
wrought. A wellness committee has been established and
counselling services are available to all our people, to assist
with financial and mental health issues.
/ SUPPORTING OUR PEOPLE
“We are extremely
proud of our team and
the resilience they
have shown through a
challenging time.”
31
ANNUAL REPORT 2022

“Every day at MOVe is an opportunity to contribute to the growth
of the company and work towards a common goal – making
MOVE the top transport and logistics company in New Zealand!”
“Often people don’t realise the skills they have and how they can
transfer them into other roles. There’s always opportunities for people
with passion and who are prepared to work hard.”
JOCK STRINGER
BRANCH MANAGER, MOVe FREIGHT AUCKLAND
A recent recruit to the MOV
e team, Jock is
responsible for MOV
e Freight’s largest branch
in Auckland, overseeing more than 50 truck
movements every day and a team of 57 excluding
drivers.
Jock has worked his way up through the industry,
starting as an owner driver at 18 years old and
building up a fleet of 25 trucks. After moving into
management, he worked around New Zealand
and Australia.
He says the transport industry is in his blood.
Despite trying to move into other sectors during
his career, it has always drawn him back.
His passion is for mentoring people, particularly
those with limited post-school qualifications.
CELEBRATING OUR
PEOPLE
STEPHANIE RIGTER
BUSINESS TRANSFORMATION LEAD
Stephanie has recently stepped into the newly created
role of Business Transformation Lead, working closely with
the individual business teams as the digital transformation
is rolled out across MOV
e.
“What excites me about this role is the opportunity to
contribute strategically to MOV
e to help the business grow. I
am excited about the positive change that will happen as part
of the digital transformation and how I can personally contribute
to MOV
e’s growth.
“MOV
e has given me the opportunity to help make a difference,
grow my experience and career, and work alongside some of the
industry’s best.“
32

“The best thing about working with MOVe is the people. We have
some incredibly knowledgeable and skilled people working
within and contracted to MOV
e, all working towards the same
goal of keeping the freight moving and customers happy.“
“With four children, I love the work life
balance of this job and take a huge pride
in driving under the MOV
e brand.“
KHAMUS SISIKEFU
OWNER DRIVER
Husband and wife, Khamus Sisikefu
and Rebecca Hines, are new additions
to the MOV
e Owner Driver team.
Operating their respected business,
K&R Haulage in Canterbury, they
moved over from Mainfreight
to MOV
e in April 2022. Khamus
drives a B-Train from
Christchurch to Cromwell and
back again, five days a week,
dropping off one trailer and
returning with another full
load.
NAT HASLAM
OWNER DRIVER ADMINISTRATOR, MOVe FREIGHT
Starting with MOV
e five years ago, Nat held a number of
accounts and admin roles before taking on her current
role last year. With a diverse background in hospitality,
admin and retail, she has the people skills and ‘give
it a go’ attitude that makes her perfectly suited to
managing all the details for MOV
e’s Owner
Driver workforce.
“MOV
e has been going through a rapid period
of change and we’re now starting to see the
benefits and growth from that. With the
addition of our shipping division and looking
at the use of alternative fuelled trucks, we
are setting ourselves up in a good position
for whatever the future holds.I am looking
forward to seeing what the company
does next.”
33
ANNUAL REPORT 2022

LORRAINE WITTEN
INDEPENDENT CHAIR
Appointed 6 December 2017
Lorraine Witten is an experienced
executive and entrepreneur with
extensive commercial experience
in high growth and high change
environments. Her skills are in
strategy and entrepreneurship, in
technology and ICT sectors where
she has 20 years’ experience in
senior leadership and finance
roles. She currently sits on the
board of a number of private
and public companies including
Mercury, Pushpay and as Chair
of Rakon.
Lorraine was appointed Chair of
MOV
e in September 2021. She
has over 20 years of governance
experience and is a Chartered
Fellow of the Institute of Directors
and Fellow of Chartered
Accountants ANZ.

DANNY CHAN
INDEPENDENT DIRECTOR
Appointed 6 December 2017
Danny is an experienced New
Zealand director with extensive
accounting, finance and
investment management and
education experience. He holds
a number of directorships with
companies including Marlborough
Wines Estate as well as numerous
companies associated with his
private investments.
Danny is a member of the Asia
New Zealand Foundation, NZ China
Council and was a member of the
Department of Prime Minister and
Cabinet - China Project Advisory
Group. He was a founder of the
Academic Colleges Group (ACG).
PETER DRYDEN
INDEPENDENT DIRECTOR
CHAIR GOVERNANCE &
REMUNERATION COMMITTEE
Appointed 23 October 2019
Peter is a professional company
director and advisor, based in
Taranaki. He currently sits on the
Boards of several private and
public companies including as
Chair of Port Taranaki. Peter has
worked in leadership positions
across Asia, Australia and New
Zealand, and has a strong
background in the development
and implementation of
growth strategies and change
management.
He has extensive executive
experience and was Managing
Director, Australia and New
Zealand, for DowAgroSciences for
nine years until May 2016.
MOVE BOARD
MOVe’s Board comprises directors with a wealth of skills, experience and knowledge that add value to the
business and for shareholders. A rejuvenation of the Board over the last 12 months has seen three new directors
join the Board, and the retirement of Trevor Janes and founder, Jim Ramsay. Lorraine Witten was appointed as
Chair from 29 September 2021.
34

CHRIS DUNPHY
EXECUTIVE DIRECTOR
Appointed 1 July 2021
Chris has a deep knowledge of the
transport and logistics industry
and was formerly an executive
director of Mainfreight and
general manager of Mainfreight’s
international division. Chris joined
Mainfreight in 1993 and helped
take it public in 1996. After ten
years of senior management roles
in Mainfreight, spearheading their
global growth-by-acquisition
strategy, Chris resigned as
executive director in 2003 to
pursue private investments in a
number of freight, shipping and
logistics businesses. In July 2021,
Chris took on the role of Executive
Director of MOV
e Logistics Group.
MARK NEWMAN
INDEPENDENT DIRECTOR
Appointed 27 July 2021
Mark has extensive domestic
and international transport and
logistics industry expertise, having
held senior leadership roles with
Mainfreight for over 20 years,
as CEO Mainfreight Europe and
General Manager New Zealand
Transport.
He has a deep understanding
of the New Zealand transport
landscape along with a wealth of
experience in building successful
teams and developing strong
culture. His extensive knowledge
in bringing together businesses,
brands and people are of value as
MOVE Logistics Group moves into
a new era.
GRANT DEVONPORT
INDEPENDENT DIRECTOR
CHAIR RISK ASSURANCE & AUDIT
COMMITTEE
Appointed 23 November 2021
Grant was CFO of both Toll NZ
(2006- 2008) and Toll Holdings
Group from late 2011 until his
departure in 2015 when the
business was sold to Japan Post.
He is currently CFO of Australian
Pacific Airports Corporation –
owner of both Melbourne and
Launceston Airports. As well
as being CFO of both ASX and
privately owned businesses,
Grant’s responsibilities have
included strategy, procurement,
technology, risk, safety &
environment, company
secretariat, treasury and investor
relations.
35
ANNUAL REPORT 2022

MOVe’S
LEADERSHIP
TEAM
JAMES WATTERS
COO Contract Logistics
CHRIS KNUTH
COO Freight
DALE SLADE
GM Oceans
LEE BANKS
Chief Financial Officer
ANTHONY BARRETT
Chief Information Officer
MARIO DI LEVA
GM Sales & Marketing
SCOTT CRAMPTON
GM Dairy
CHRIS DUNPHY
Executive Director
37
ANNUAL REPORT 2022

MOVe uses several non-GAAP measures to report on financial performance. An explanation of these is below.
Non-GAAP Financial Information
MOV
e uses several non-GAAP measures when discussion financial performance. These include normalised EBIT,
normalised EBITDA and normalised NPAT. The board and management believe these measures provide useful
underlying information on MOV
e’s business. They are used internally to evaluate performance, analyse trends and
allocate resources. Non-GAAP financial measures should not be viewed as a substitute for measures reported in
accordance with NZ IFRS.
Non-trading adjustments
The financial results for FY22 include transactions considered to be non-trading in nature or size. Unusual
transactions can be as a result of specific events or major acquisitions, disposals or divestments that are not
expected to occur frequently. Excluding these transactions from normalised measures can assist users in forming
a view on the underlying performance of MOV
e. Pre-tax non-trading adjustments totalled $3.4 million in FY22.
EBITDA/EBIT
EBITDA is Earnings/(Loss) before the deduction of interest, tax, depreciation and amortisation and excludes income
and impairment from associates. EBIT is Earnings/(Loss) before the deduction of interest and tax. These are both
non-GAAP financial measures.
Normalised EBITDA/EBIT
This means EBITDA/EBIT excluding non-trading adjustments and unusual transactions. Management believe that
normalised measures provide a more appropriate measure of MOV
e’s performance and more useful information
on the normalised earnings of the company.
Continuing Operations
MOV
e has commenced a sales process for its Specialist business which is considered non-core. Therefore, the
contributions from this business have been excluded from FY22 commentary, as it is considered a discontinued
operation. FY21 has been restated to exclude Specialist.
FINANCIAL MEASURES
38

RECONCILIATION NON-GAAP TO GAAP
$MILLIONSFY22FY21
Net profit/(loss) before income tax from continuing operations (GAAP measure)(2.42)(1.58)
Add back:
Share of loss of associates.10.15
Net finance costs11.0511.1
Loss in investment in associates.06.10
Restructuring costs1.63-
Share acquisition costs.13.31
Goodwill and asset impairment1.621.13
Depreciation & Amortisation42.1643.27
EBITDA excluding non-trading items (non-GAAP measure)54.3354.48
Net profit/(loss) after income tax (GAAP measure) attributable to owners(4.21).87
Less: Discontinued operations after tax(.57)2.60
Add back:
Non-controlling interests1.10.43
Other non-trading expenses, net of tax:
Goodwill and asset impairment1.62.82
Restructuring costs1.18-
Share acquisition costs.13.31
Net profit/(loss) after tax excluding non-trading items (non-GAAP measure).39(.17)
39
ANNUAL REPORT 2022

/ CUSTOMER STORY
NEW ZEALAND WINE INDUSTRY
The New Zealand wine industry is world-renown for the quality of its wines and exports,
with the Marlborough wine region being home to many of New Zealand’s top wineries. For
more than 50 years, MOVe has been playing a vital role in the supply chain and is involved
from harvest through to storage and delivery of bulk and bottled wines within New Zealand
and to ports for export to the world.
A high yield harvest in 2022 saw the national harvest reach 532,000 tonnes of grapes,
with 414,000 tonnes coming from the Marlborough region, an increase of 54% on the
2021 harvest. MOV
e transported 14 million litres of bulk wine, as well as packaged and
containerised wine, servicing not just Marlborough but also the growing Hawkes Bay and
Central Otago wine regions.
40

Financial Statements
For the year ended 30 June 2022
41
ANNUAL REPORT 2022

ANNUAL FINANCIAL STATEMENTS
DIRECTORS’ STATEMENT
CONTENTS
Consolidated Statement of Profit or Loss & Other Comprehensive Income43
Consolidated Balance Sheet44
Consolidated Statement of Changes in Equity45
Consolidated Statement of Cash Flows46
Notes to the Consolidated Financial Statements47 - 85
DIRECTORS’ STATEMENT
FOR THE YEAR ENDED 30 JUNE 2022
The Directors of MOVe Logistics Group Limited are pleased to present the financial statements for MOVe Logistics Group
Limited and its subsidiaries (together the Group) for the year ended 30 June 2022 contained on pages 43 - 85.
Financial statements for each financial year fairly present the financial position of the Group and its financial
performance and cash flows for that period and have been prepared using appropriate accounting policies, consistently
applied and supported by reasonable judgments and estimates and all relevant financial reporting standards have been
followed.
Proper accounting records have been kept that enable, with reasonable accuracy, the determination of the financial
position of the Group and facilitate compliance of the financial statements with the Financial Markets Conduct Act 2013.
Adequate steps have been taken to safeguard the assets of the Group to prevent and detect fraud and other
irregularities.
The Directors hereby approve and authorise for issue the financial statements for the year ended 30 June 2022. They do
not have the power to amend these financial statements after issue.
For and on behalf of the Board
Lorraine Witten - Chair
23 August 2022
Grant Devonport - Director
23 August 2022
42
DIRECTORS’ STATEMENT

1
ANNUAL FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF PROFIT OR LOSS &
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2022
NOTES
30 JUNE 2022
$000
30 JUNE 2021
$000*
Revenue 7345,782328,947
Gains on disposal of assets 527885
Lease income1,2401,490
Other income 1,553948
Total Income 7349,102332,270
Transport costs(146,052)(128,065)
Employee costs(116,577)(120,348)
Rental / lease expenses(4,266)(3,397)
Other operating expenses(27,875)(25,979)
Depreciation of right of use assets8(30,303)(30,500)
Other depreciation / amortisation expenses 8(11,852)(12,765)
Other non-operating expenses5(3,387)(1,451)
Impairment of investment in associates16.2(61)(95)
Total Operating Expenses 8(340,373)(322,600)
Finance costs relating to lease liabilities(7,948)(7,921)
Other finance costs - interest on borrowing(3,111)(3,180)
Interest income on short term deposit101
Operating loss before income tax(2,320)(1,430)
Share of (loss) of associates 16.2(103)(149)
Loss Before Income Tax (2,423)(1,579)
Income tax (expense)/credit 9(116)283
LOSS FOR THE YEAR FROM CONTINUING OPERATIONS (2,539)(1,296)
Net (loss)/ profit from discontinued operations after tax21(565)2,600
(LOSS) / PROFIT FOR THE YEAR(3,104)1,304
(Loss) / Profit attributable to:
Owners of the company(4,208)869
Non-controlling interests1,104435
(3,104)1,304
Other comprehensive income:
Comprehensive Income for the Period, Net of Tax --
TOTAL COMPREHENSIVE (LOSS) / INCOME FOR THE YEAR, NET OF TAX (3,104)1,304
Earnings per share attributable to the ordinary equity holders of
the Company
CENTSCENTS
Basic and diluted earnings per share from continuing operations
11(3.44)(1.97)
Basic earnings per share for profit attributable to the ordinary equity
holders of the company
11(3.97)0.99
The above consolidated Statement of Profit or Loss & Other Comprehensive Income should be read in conjunction with the accompanying
notes.
*Certain amounts and relevant notes have been restated to reflect adjustments relating to discontinued operations note 21.
43
ANNUAL REPORT 2022CONSOLIDATED FINANCIAL STATEMENTS

2
ANNUAL FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2022
NOTES
30 JUNE 2022
$000
30 JUNE 2021
$000
ASSETS
Current Assets
Cash and cash equivalents 12.114,94013,214
Inventories -55
Trade and other receivables 12.260,29449,754
Tax receivable-450
Advances to associates12.3-218
Assets held for sale2125,263-
Total Current Assets 100,49763,691
Non-Current Assets
Property, plant and equipment 13.157,76187,785
Right of use assets13.2150,381164,826
Intangible assets 13.318,05821,173
Deferred Income tax asset13.4149-
Investments in associates 16.2271417
Total Non-Current Assets 226,620274,201
TOTAL ASSETS 327,117337,892
EQUITY
Share capital1475,18837,054
Other reserves8848
Accumulated losses(5,081)(873)
Equity attributable to owners of the parent 70,19536,229
Non-controlling interest in equity2,7981,738
TOTAL EQUITY 72,99337,967
LIABILITIES
Current Liabilities
Trade and other payables 12.438,09231,840
Tax payable211-
Deferred revenue7521504
Borrowings 12.63,71367,352
Lease liability13.226,39327,310
Employee entitlements 12.510,47612,524
Liabilities directly associated with assets classified as held for sale216,149-
Total Current Liabilities 85,555139,530
Non-Current Liabilities
Borrowings 12.624,3242,811
Lease liability13.2133,338144,218
Convertible note12.77,7927,395
Derivative financial instrument12.7849834
Deferred income tax liability 13.4-2,682
Provisions for other liabilities and charges 13.52,2662,455
Total Non-Current Liabilities168,569160,395
TOTAL LIABILITIES 254,124299,925
TOTAL EQUITY & LIABILITIES 327,117337,892
The above consolidated Balance Sheet should be read in conjunction with the accompanying notes.
3
ANNUAL FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022
ATTRIBUTABLE TO OWNERS OF THE
COMPANY
NOTESSHARE CAPITALRETAINED EARNINGS/(ACCUM. LOSSES)OTHER RESERVESTOTAL NON-CONTROLLING INTERESTTOTAL EQUITY
$000$000$000$000$000$000
Balance as at 1 July 2020
37,054(1,742)-35,3121,61436,926
Comprehensive income
Profit for the year
-869-8694351,304
Other comprehensive income
------
Total comprehensive income
-869-8694351,304
Cumulative translation adjustment
--(9)(9)-(9)
Transactions with owners:
Employee share scheme20
--5757-57
Non-controlling interest on acquisition of
subsidiary
----6060
Dividends and dividend reinvestment plan
----(371)(371)
Balance as at 30 June 2021
37,054(873)4836,2291,73837,967
Balance as at 1 July 2021
37,054(873)4836,2291,73837,967
Comprehensive income
(Loss)/Profit for the year
-(4,208)-(4,208)1,104(3,104)
Other comprehensive income
------
Total comprehensive income
-(4,208)-(4,208)1,104(3,104)
Cumulative translation adjustment
--6767-67
Transactions with owners:
Employee share scheme20
34-(27)7-7
Issue of Ordinary Shares
38,100--38,100-38,100
Dividends
----(44)(44)
Balance as at 30 June 2022
75,188(5,081)8870,1952,79872,993
The above consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
44
CONSOLIDATED FINANCIAL STATEMENTS

4
ANNUAL FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2022
NOTES
30 JUNE 2022
$000
30 JUNE 2021
$000*
Cash flows from operating activities
Receipts from customers 336,585327,110
Interest received 101
Dividends received 250
Payments to suppliers and employees (292,537)(277,757)
Government subsidy received942267
Notional finance charge on NZ IFRS 16 leases15.2(7,948)(7,920)
Interest paid (2,613)(3,011)
Income tax paid (504)(2,504)
Net cash generated from operating activities 15.133,93736,236
Cash flows used in investing activities
Purchase of business, net of cash acquired-242
Purchase of property, plant and equipment(4,999)(5,728)
Proceeds from sale of property, plant and equipment4,1481,395
Purchase of intangible assets(214)(359)
Advances to associates 200-
Net cash used in investing activities (865)(4,450)
Cash flows from financing activities
Repayment of borrowings15.2(123,869)(16,242)
Proceeds from borrowings15.281,643-
Proceeds from share issue1438,100-
Convertible note15.2-8,200
Repayment of lease liability (NZ IFRS 16)(27,394)(27,225)
Dividends paid to shareholders / non-controlling interests(44)(371)
Net cash flow used in financing activities(31,564)(35,638)
Net increase in cash and cash equivalents - continuing
operations
1,508(3,852)
Net increase in cash and cash equivalents - discontinued
operations
212185,184
Cash and cash equivalents at beginning of year 13,21411,882
Cash and cash equivalents 30 June14,94013,214
The above consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
*Certain amounts and relevant notes have been restated to reflect adjustments relating to discontinued operations note 21.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 5
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
1. GENERAL INFORMATION

1.1. REPORTING ENTITY
The core operations of MOV
e Logistics Group Limited (“MOVe Logistics” or the “Company”) and its subsidiaries
(collectively “the Group”) are in the New Zealand logistics sector. These include general transport, bulk liquids, heavy
haulage, shipping, warehousing and distribution, freight forwarding, national and international household removals and
storage.
The Company is incorporated and domiciled in New Zealand, registered under the Companies Act 1993 and is a FMC
Reporting Entity under part 7 of the Financial Markets Conduct Act 2013. The Company is dual listed with its primary listing
of ordinary shares quoted in New Zealand on the NZX Main Board, and a secondary listing in Australia as a foreign Exempt
Entity on the Australian securities exchange (ASX) (refer note 22).
The registered office of the Company is at 330 Devon Street East, New Plymouth, New Zealand. The consolidated financial
statements of the Company as at, and for the year ended 30 June 2022, comprise the Company and its subsidiaries (refer
note 16.1), together referred to as the “Group”.
1.2. BASIS OF PREPARATION
These financial statements have been prepared on a historical cost basis.
The preparation of financial statements in conformity with NZ IFRS requires the use of certain critical accounting
estimates. It also requires Management to exercise its judgement in the process of applying the Group’s accounting
policies. The areas where assumptions and estimates are significant to the consolidated financial statements are
disclosed in note 4.
The consolidated financial statements have been prepared in accordance with the Financial Markets Conduct Act 2013
and the Companies Act 1993.
The principal accounting policies adopted in the preparation of the financial statements are selected and applied in a
manner which ensures that the resulting financial information satisfies the concepts of relevance and reliability, thereby
ensuring that the substance of the underlying transaction and other events is reported. These policies have been
consistently applied to all the periods presented, unless otherwise stated. To ensure consistency with the current period,
comparable figures have been restated where appropriate.
1.3. STATEMENT OF COMPLIANCE
The Group is a for-profit entity. Its financial statements have been prepared in accordance with, and comply with, New
Zealand Generally Accepted Accounting Practice (NZ GAAP). They comply with New Zealand Equivalents to International
Financial Reporting Standards and other applicable Financial Reporting Standards and Authoritive Notices, as appropriate
for for-profit entities. The financial statements comply with International Financial Reporting Standards (IFRS).
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.1. CONSOLIDATION
a. Subsidiaries
Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to,
or has rights to, variable returns from its involvement with the entity, and has the ability to affect those returns through its
power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred
to the Group. They are de-consolidated from the date that control ceases.
The Group uses the acquisition method of accounting to account for business combinations. The consideration
transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the
equity interest issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting
from a contingent consideration arrangement and the elimination of any balances arising between the Group and the
acquiree.
46
CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 6
a. Subsidiaries (continued)
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously
held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gain or loss arising from
remeasurement is recognised in profit or loss.
Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition
by acquisition basis, the Group recognises any non-controlling interest in the acquisition either at fair value or at the non-
controlling interest’s proportionate share of the acquiree’s net assets.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree, and the
acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group’s share of the
identifiable net assets acquired, is recorded as goodwill.
Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are
subsequently re-measured to fair value with changes in fair value recognised in profit or loss.
Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated.
Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted
by the Group.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated Statement of
Profit or Loss & Other Comprehensive Income, Statement of Changes in Equity and Balance Sheet respectively.
b. Associates
Associates are all entities over which the Group has significant influence but not control, generally accompanying
a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the
equity method of accounting after initially being recognised at cost. The Group’s investment in associates includes
goodwill identified on acquisition, net of an accumulated impairment loss. The Group’s share of its associates post-
acquisition profits or losses is recognised under ‘Share of (loss) / profit of associates’ in the Statement of Profit or Loss &
Other Comprehensive Income, and its share of post-acquisition movements in reserves is recognised in reserves. The
cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group’s
share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables,
the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the
associate.
Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group’s
interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an
impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure
consistency with the policies adopted by the Group.
c. Assets held for sale
Non-current assets and disposal groups classified as held for sale are measured at the lower of carrying amount or fair
value less costs to sell. Non-current assets and disposal groups are classified as held for sale if their carrying amount is
expected to be recovered through a sale transaction rather than through continuing use. This condition is regarded as
met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present
condition and the sale of the asset (or disposal group) is expected to be completed within one year from the date of
classification. Impairment losses on initial classification as held for sale and subsequent gain or loss on remeasurement
is recognised in profit or loss. Once classified as held for sale, intangible assets and property, plant and equipment are no
longer amortised or depreciated.
d. Discontinued Operations
Classification as a discontinued operation occurs on disposal, or when the operation meets the criteria to be classified
as a non-current asset or disposal group held for sale. When an operation is classified as a discontinued operation, the
profit or loss is restated to present the results of discontinued operations as a single amount as if the operations had
been discontinued from the start of the comparative year.
2.2. FOREIGN CURRENCY TRANSLATION
a. Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary
economic environment in which the entity operates (‘the functional currency’). The financial statements are presented in
New Zealand dollars (rounded to thousands), which is the functional and the presentation currency of all companies in
the Group.
b. Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the
dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 7
from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in profit or loss.
2.3. NEW ACCOUNTING STANDARDS & INTERPRETATIONS

The accounting policies applied in the preparation of the consolidated financial statements are consistent with prior year.
There are no new accounting standards or interpretations during the year that have impacted on the preparation of the
financial statements.
2.4. STANDARDS ISSUED BUT NOT YET ADOPTED
There are no new standards or amendments to standards and interpretations that are effective for periods beginning on
or after 1 July 2022 that will have a material impact on the consolidated financial statements.
3. FINANCIAL RISK MANAGEMENT
The Group’s principal financial instruments comprise bank loans, convertible notes and overdrafts, cash, trade creditors
and accruals and trade debtors. The main purpose of these financial instruments is to raise and provide working capital
for the Group’s operations.

This note explains the Group’s exposure to financial risks and how these risks affect the Group’s future financial
performance.
RiskExposure arising fromMeasurement
Credit risk
Cash and cash equivalents and trade
receivables.
Aging analysis & credit ratings
Market risk - interest rateLong term borrowing at variable ratesSensitivity analysis
Liquidity riskBorrowings and other liabilitiesRolling cash flow forecast

The Group’s risk management is carried out by a central treasury department (Group Treasury) under policies approved
by the Board of Directors. Group Treasury identifies, evaluates and manages financial risks in close co-operation with the
Group’s operating units. The Board provides written principles for overall risk management, as well as policies covering
specific areas, such as foreign exchange risk, funding risk, interest rate risk, credit risk and use of derivative financial
instruments and non-derivative financial instruments.
3.1. CREDIT RISK MANAGEMENT
In the normal course of business the Group incurs credit risk from trade debtors and transactions with financial
institutions. The Group has a credit policy that it uses to manage this risk. As part of this policy limits on exposures with
counter-parties have been set and approved by the Board of Directors and are monitored on a regular basis.
The Group has no significant concentrations of credit risk. The Group does not require any collateral or security to support
financial instruments due to the quality of the financial institutions and trade debtors dealt with. The Group normally gives
30 or 60 days credit on its trade receivables. At 30 June the Group’s credit risk exposure is equal to the carrying value of
its financial assets.
2022
$000
2021
$000
Trade and other receivables
Trade receivables56,83147,418
Credit loss provision(1,402)(1,152)
Total trade receivables55,42946,266
Accrued revenue3,5301,476
Sundry receivables317497
Advances to associates-218
Cash and short term bank deposits
Bank with AA- credit rating14,94013,214
48
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 8
a. Impaired trade receivables
Individual receivables which are known to be uncollectible are written off by reducing the carrying amount directly. The
other receivables are assessed collectively to determine whether there is objective evidence that an impairment has
been incurred but not yet been identified. For these receivables the estimated impairment losses are recognised in
a separate provision for impairment. The Group considers that there is evidence of impairment if any of the following
indicators are present:
• significant financial difficulties of the debtor
• probability that the debtor will enter bankruptcy or financial reorganisation, and
• default or delinquency in payments.
Receivables for which an impairment provision was recognised are written off against the provision when there is no
expectation of recovering additional cash.
Impairment losses are recognised in profit or loss within other expenses. Subsequent recoveries of amounts previously
written off are credited against other expenses.
Movements in the provision for impairment of trade receivables that are assessed for impairment collectively are as
follows:
2022
$000
2021
$000
At 1 July1,1522,952
Provision for impairment recognised during the year308193
Provision for credit notes to revenue265(1,770)
Transfer to Asset held for Sale(20)-
Receivables written off during the year as uncollectible(303)(223)
At 30 June 1,4021,152
The table below sets out information about the credit quality of trade receivables net of the expected credit loss provision:
Current1 -29 days
overdue
30 - 59 days
overdue
60+ days
overdue
Total
$000$000$000$000$000
30 June 2021
Gross carrying amount41,7533,4101,0951,16047,418
Baseline125661268351,152
Specific-----
Total expected credit loss rate0.3%1.9%11.5%72.0%
Credit loss provision125661268351,152
30 June 2022
Gross carrying amount48,6355,4261,7261,04456,831
Baseline1051281707341,137
Specific--120145265
Total expected credit loss rate0.2%2.4%16.8%84.2%
Credit loss provision1051282908791,402

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 9
3.1. CREDIT RISK MANAGEMENT (CONTINUED)
Critical estimates and judgements
a. Credit loss provision
To measure expected credit losses, trade receivables have been grouped and reviewed on the basis of the number of
days past due. The credit loss provision has been calculated by considering the impact of the following characteristics:
• The baseline loss rate takes into account the average write-off history of the Group over a two-year period as a
predictor of future conditions and applies an increasing expected credit loss estimate by trade receivables aging
profile.
• Specific credit loss provisions are made based on any specific customer collection issues that are identified.
Collections and payments from our customers are continuously monitored and a credit loss provision is maintained
to cover any specific customer credit losses anticipated.
The Group has performed an assessment of credit risk on its customer base taking into consideration the factors below:
• profile of the customer, i.e. corporate or individual customers
• region the customer is based in
• industry the customer operates within
• size and nature of the customer
• and, the Group’s understanding of and experience with the customer
As a result of this assessment, the Group has assessed its baseline provision to $1,402,000 (2021: $1,152,,000), to reflect the
estimated financial impact of its assessment of the credit risk.
3.2. INTEREST RATE RISK
The Group’s main interest rate risk arises from long term borrowing with variable rates which exposes the Group to cash
flow interest rate risk. The Group adopts a policy of ensuring that some of its exposure to changes in interest rates on
borrowings is on a fixed rate basis by entering into interest rate swaps.
The table below summarises the Group’s current interest rate swaps:
Date effectiveFace valueMaturity dateInterest rate paid
8 July 201920,000,0008 July 20241.625% pa
The Group does not hedge account so all market adjustments are recognised in the Statement of Profit or Loss & Other
Comprehensive Income.

Sensitivity analysis
The effect of a 1% increase or decrease in the floating interest rates for the Group would be a decrease/increase in profit
and equity of $80,000 (2021: $575,000).
3.3. LIQUIDITY RISK
Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an
adequate amount of committed credit facilities. Due to the dynamic nature of the underlying businesses, the Group
maintains flexibility in funding through having flexible funding lines available to them. Management monitors rolling
forecasts of the Group’s liquidity reserve, which comprises its undrawn borrowing facility and cash and cash equivalents
(note 12.1) on the basis of expected cash flows.
The Group had access to the following undrawn borrowing facilities at the end of the reporting period:
2022
$000
2021
$000
Expiring within one year (bank overdraft)
5,0002,000
Expiring beyond one year (flexible credit facility)
15,000-
Total20,0002,000
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
50

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 10

3.3. LIQUIDITY RISK (CONTINUED)
The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal
their carrying balances or the impact of discounting is not significant.
Less than 1
year
Between 1
and
2 years
Between 2
and
5 years
Beyond 5
years
Total
contractual
cash flows
Carrying
amount
(assets)/
liabilities
$000$000$000$000$000$000
2021
Borrowings69,7179662,059-72,74270,163
Convertible note4104101,162-1,9827,395
Lease liabilities34,50931,48064,40380,748211,140171,528
Trade and other
payables
31,840---31,84031,840
Employee entitlements12,524---12,52412,524
Total149,00032,85667,62480,748330,228293,450
2022
Borrowings6,4176,16319,061-31,64128,037
Convertible note410410752-1,5727,792
Lease liabilities32,68528,10457,12580,058197,972159,731
Trade and other
payables
38,092---38,09238,092
Employee entitlements10,476---10,47610,476
Total 88,08034,67776,93880,058279,753244,128
The Group provides guarantees, these are detailed in note 17.
3.4. CAPITAL MANAGEMENT
The Group’s objectives when managing capital are to safeguard their ability to continue as a going concern, so that they
can continue to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal structure
to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders,
return capital to shareholders, issue new shares or sell assets to reduce debt.
The Group monitors capital on the basis of the gearing ratio and bank covenant compliance. The Group’s gearing ratio at
30 June is as follows:
2022
$000
2021
$000
Bank borrowings28,03770,163
Convertible note7,7927,395
Less: cash and cash equivalents(14,940)(13,214)
Net debt (excluding lease liabilities)20,88964,344
Equity72,99337,967
Gearing ratio22.3%62.9%

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 11
4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition,
seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Other
critical accounting estimates will be disclosed in the relevant notes.
a. Estimated impairment of goodwill
The Group tests annually whether goodwill has suffered any impairment. The recoverable amounts of cash-generating
units have been determined based on value-in-use calculations. These calculations require the use of estimates. Refer to
note 13.3 for further details.
b. Valuation of convertible note
In May 2021 the Group issued convertible notes of $8.2m which included an embedded derivative component. The fair
value of this derivative is considered an estimate in the financial statements (refer note 12.7).
c. Held for sale
In May 2022 the Group announced its intention to undertake a formal sales process to dispose of a subsidiary company.
Judgements have been made to determine that the conditions of a held for sale asset and discontinued operation have
been met. Disposal groups held for sale are measured at the lower of carrying amount or fair value less costs to sell,
these calculations require the use of accounting estimates (refer note 21).

5. RECONCILIATION TO GAAP MEASURE

The Group results are prepared in accordance with New Zealand Generally Accepted Accounting Practice (“GAAP”) and
comply with both International Financial Reporting Standards (“IFRS”) and the New Zealand equivalents to International
Financial Reporting Standards (“NZ IFRS”).
These financial statements include non-GAAP financial measures that are not prepared in accordance with IFRS. The
non-GAAP financial measures used in this presentation are as follows:
• Adjusted EBITDA (a non-GAAP measure) represents profit or loss before income taxes from continuing operations
(a GAAP measure), excluding interest income, interest expense, depreciation and amortisation, share of loss of
associates, restructuring costs, impairment of investment in associates, asset impairment and acquisition related
costs (non operating expenses) as reported in the financial statements.
• Adjusted EBIT (a non-GAAP measure) represents profit or loss before income taxes from continuing operations
(a GAAP measure), excluding interest income, interest expense, share of loss of associates, restructuring costs,
impairment of investment in associates, asset impairment and acquisition related costs (non operating expenses)
as reported in the financial statements.
The Group believes that these non-GAAP measures provide useful information to readers to assist in the understanding
of the financial performance and position of the Group as they are used internally to evaluate the performance of
business units and to establish operational goals. They should not be viewed in isolation, nor considered as a subsitute for
measures reported in accordance with IFRS. Non-GAAP measures as reported by the Group may not be comparable to
similarly titled amounts reported by other companies.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
52

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 11
4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition,
seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Other
critical accounting estimates will be disclosed in the relevant notes.
a. Estimated impairment of goodwill
The Group tests annually whether goodwill has suffered any impairment. The recoverable amounts of cash-generating
units have been determined based on value-in-use calculations. These calculations require the use of estimates. Refer to
note 13.3 for further details.
b. Valuation of convertible note
In May 2021 the Group issued convertible notes of $8.2m which included an embedded derivative component. The fair
value of this derivative is considered an estimate in the financial statements (refer note 12.7).
c. Held for sale
In May 2022 the Group announced its intention to undertake a formal sales process to dispose of a subsidiary company.
Judgements have been made to determine that the conditions of a held for sale asset and discontinued operation have
been met. Disposal groups held for sale are measured at the lower of carrying amount or fair value less costs to sell,
these calculations require the use of accounting estimates (refer note 21).

5. RECONCILIATION TO GAAP MEASURE

The Group results are prepared in accordance with New Zealand Generally Accepted Accounting Practice (“GAAP”) and
comply with both International Financial Reporting Standards (“IFRS”) and the New Zealand equivalents to International
Financial Reporting Standards (“NZ IFRS”).
These financial statements include non-GAAP financial measures that are not prepared in accordance with IFRS. The
non-GAAP financial measures used in this presentation are as follows:
• Adjusted EBITDA (a non-GAAP measure) represents profit or loss before income taxes from continuing operations
(a GAAP measure), excluding interest income, interest expense, depreciation and amortisation, share of loss of
associates, restructuring costs, impairment of investment in associates, asset impairment and acquisition related
costs (non operating expenses) as reported in the financial statements.
• Adjusted EBIT (a non-GAAP measure) represents profit or loss before income taxes from continuing operations
(a GAAP measure), excluding interest income, interest expense, share of loss of associates, restructuring costs,
impairment of investment in associates, asset impairment and acquisition related costs (non operating expenses)
as reported in the financial statements.
The Group believes that these non-GAAP measures provide useful information to readers to assist in the understanding
of the financial performance and position of the Group as they are used internally to evaluate the performance of
business units and to establish operational goals. They should not be viewed in isolation, nor considered as a subsitute for
measures reported in accordance with IFRS. Non-GAAP measures as reported by the Group may not be comparable to
similarly titled amounts reported by other companies.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
53
ANNUAL REPORT 2022

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 12
5. RECONCILIATION TO GAAP MEASURE (CONTINUED)
The following is a reconciliation between these non-GAAP measures and net profit after tax:
Reconciliation to GAAP measure 12 months to
June 2022
$000
12 months to
June 2021
$000
Loss Before Income Tax from continuing operations (GAAP
Measure)
(2,423)(1,579)
Add back:
Share of loss of associates 103149
Finance costs11,04911,100
Impairment of investment in associates6195
Other non operating expenses
- Goodwill impairment555-
- Asset impairment1,0641,133
- Restructuring Costs1,630-
- Acquisition related costs138318
Depreciation & amortisation 42,15543,265
Adjusted EBITDA (non-GAAP measure) 54,33254,481
Reconciliation to GAAP measure 12 months to
June 2022
$000
12 months to
June 2021
$000
Loss Before Income Tax from continuing operations (GAAP
Measure)
(2,423)(1,579)
Add back:
Share of loss of associates 103149
Finance costs (net)11,04911,100
Impairment of investment in associates6195
Other non operating expenses
- Goodwill impairment555-
- Asset impairment1,0641,133
- Restructuring Costs1,630-
- Acquisition related costs138318
Adjusted EBIT (non-GAAP measure) 12,17711,216
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 13
6. SEGMENT INFORMATION
Operating segments are reported in a manner consistent with the internal reporting to the Chief Operating Decision
Maker (CODM). The CODM is responsible for allocating resources and assessing performance of the operating segments.
During the reportable period there was a change in the Chief Operating Decision Maker (CODM) assessed now as the
Executive Director. Following this, there has been a change to the operating structure of the Group and as such the
reportable operating segments have been revised to align with the new structure.
The Group has made the decision that the thirteen operating segments that form part of the reporting to the Executive
Director can be aggregated into five reporting segments. Reportable segments have been determined by having regard
to the nature of the services, the processes the various business units undertake to service customers, the allocation of
capital, the type of customers serviced, and the nature of the distribution channels.
In addition to GAAP measures, the Executive Director also uses non-GAAP measures (EBITDA and EBIT) to assess the
commercial performance of the segments. The revised reportable operating segments have been determined as:
INTERNATIONAL
This segment includes international freight forwarding and shipping agency services across a broad range of industries.
SPECIALIST
This segment provides transport and lifting solutions for oversized and large items.
As a result of the Groups’ strategic review the Group is undertaking a formal sales process of the company that
comprises the Specialist segment and as such this company has been classified as held for sale and treated as a
discontinued operation as at 30 June 2022. Further information on this held for sale item is outlined in note 21.
FREIGHT
This segment provides nationwide general freight transport services with regional strength. It is able to transport a wide
range of freight types.
CONTRACT LOGISTICS
This segment specialises in contracted solutions providing services for customers including warehouse and supply chain
capability and delivery of bulk liquids.
CORPORATE
This segment includes our corporate services function.
Comparative information has been re-presented from that presented in the 30 June 2021 Financial Statements. This is to
provide comparative information aligned with the newly determined reporting segments.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
54

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 14
6. SEGMENT INFORMATION (CONTINUED)
The segment information for the year ended 30 June is as follows:
InternationalSpecialistFreightingContract
Logistics
CorporateTotalDiscontinued
Operation
Total
Continuing
Operations
$000$000$000$000$000$000$000$000
Year ended 30 June 2021
Total segment revenue 8,24224,301181,219156,754-370,516(24,301)346,215
Inter-segment revenue (9)(182)(12,226)(4,851)-(17,268)-(17,268)
Revenue from external
customers
8,23324,119168,993151,903-353,248(24,301)328,947
EBITDA2,0756,83317,61838,426(3,638)61,314(6,833)54,481
Depreciation - tangible
assets
1462,0705,8904,17330212,581(2,070)10,511
Depreciation - ROU assets23297110,42819,67916131,471(971)30,500
Depreciation - intangible
assets
156121,8404012,310(56)2,254
EBIT1,6963,7361,28812,734(4,502)14,952(3,736)11,216
Assets11,47127,419136,775149,36912,858337,892-337,892
Liabilities7,1377,141100,391109,55275,704299,925-299,925
Capital expenditure
including intangibles
1792871,7144,2317497,160-7,160
Year ended 30 June 2022
Total segment revenue 10,87814,339195,354158,759-379,330(14,339)364,991
Inter-segment revenue (16)(111)(14,489)(4,593)-(19,209)-(19,209)
Revenue from external
customers
10,86214,228180,865154,166-360,121(14,339)345,782
EBITDA3,8521,86118,50234,981(3,003)56,193(1,861)54,332
Depreciation - tangible
assets
1381,6395,0723,90829111,048(1,639)9,409
Depreciation - ROU assets21781110,57419,35116131,114(811)30,303
Depreciation - intangible
assets
16261,8505862,505(62)2,443
EBIT3,496(651)2,8509,872(4,041)11,52665112,177
Assets20,46025,263130,567141,3319,496327,117(25,263)301,854
Liabilities13,7046,14995,880102,79535,596254,124(6,149)247,975
Capital expenditure
including intangibles
1,036911,4322,8812675,707(91)5,616
Interest income and expense are not allocated to segments, as this type of activity is driven by the central treasury
function, which manages the cash position of the Group.
Sales between segments are eliminated on consolidation. The amounts provided to the CODM with respect to segment
revenue are measured in a manner consistent with that of the financial statements.
Revenues of approximately $47,100,000 (2021: $46,500,000) are derived from a single external customer which exceeds 10%
or more of our entity’s revenue. These revenues are attributed to the Contract Logistics segment.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 15
7. REVENUE & OTHER SOURCES OF INCOME

Revenue comprises the fair value of the consideration received or receivable for the sale of services in the ordinary
course of the Group’s activities. Revenue is shown net of GST, rebates and after eliminating sales within the Group.
a. Sale of services
Freight Services
The Group performs transportation services. Revenue is recognised over the time of delivery, being from the time of
acceptance of the goods to delivery to the final destination.
Warehousing Services
The logistics function provides warehousing and storage services. Revenue from providing these services is recognised in
the accounting period in which the services are rendered. Some contracts include multiple deliverables. However, these
are easily identifiable and are accounted for as separate performance obligations.
Trading Services
The Group performs freight forwarding and shipping agency services. Revenue is recognised over the time of delivery,
being from the time of acceptance of the job to completion of the shipment. Revenue is recognised on a net basis after
disbursements as the Group are acting as an agent for the customer.
For fixed priced contracts, revenue is recognised based on the actual service provided to the end of the reporting period
as a proportion of the total services to be provided. This is because the customer receives and uses the benefits of the
service simultaneously.
Customers are invoiced on a daily, weekly or monthly basis and consideration is payable when invoiced. There are no
significant financing arrangements for any of the Group’s revenue streams. The Group does not offer any refunds or
warranties.
The Group derives the following types of revenue:
2022
$000
2021
$000
Freight282,054271,382
Warehousing51,11647,911
Trading12,6129,654
Total Revenue345,782328,947
Timing of revenue recognition
June 2022June 2021
$000$000
Over time
345,782328,947
At a point in time
--
Total Revenue
345,782328,947
b. Interest income
Interest income is recognised on a time-proportion basis using the effective interest method.
c. Dividend income
Dividend income is recognised when the right to receive payment is established.
d. Lease income
Lease income from operating leases where the Group is a lessor is recognised as rental income on a straight-line basis
over the lease term.
e. Financing component
The Group does not expect to have any contracts where the period between the transfer of the promised service to the
customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the
transaction prices for the time value of money.
f. Contract liability
The Group recognises a contract liability (deferred revenue) when the Group has recognised consideration for
performance obligations yet to be fulfilled. The opening balance has been recognised in revenue in the current year.
In the current year, there was $504,000 of revenue recognised relating to contract liabilities at the prior year end. The
average timing of satisfaction of performance obligation in relation to the payment of the contract liability is between
1 and 5 days. Management expects that 100% of the revenue (transaction price) allocated to unsatisfied performance
obligations as of 30 June 2022 will be recognised as revenue during the next reporting period ($521,000).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
56

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 16
7. REVENUE & OTHER SOURCES OF INCOME (CONTINUED)

g. Government grants
Grants from the Government are recognised at their fair value where there is reasonable assurance that the grant will be
received, and the Group will comply with the attached conditions.
COVID-19 wage subsidy grants of $192,000 (2021: $267,000) and a grant from Waka Kotahi to support a co-funded coastal
shipping initiative $750,000 (2021: $0) are both included in the ‘other income’ line item. There are no unfulfilled conditions
or other contingencies attached to these grants. Government grants relating to income are deferred and recognised in
profit or loss over the period necessary to match them with the conditions that they are intended to compensate.

8. OPERATING EXPENSES BY NATURE

2022
$000
2021
$000
Transport costs
1
146,052128,065
Employee costs (note 8.1)116,577120,348
Property lease expenses614563
Operating lease expenses3,6522,834
Trading and warehousing expenses6,2645,018
Communications5,4585,762
Occupancy costs7,1806,444
Travel and accommodation2,7233,307
Bad debts418159
Foreign exchange (gain)/loss(231)24
Remuneration paid to principal auditors (PwC)
Assurance services
Audit and review of financial statements, including associated disbursements310325
Non-assurance services
Other advisory services related to:
-Taxation services-38
-ASX Compliance Listing41-
Donations2015
Directors fees 471430
Depreciation and amortisation42,15543,265
Impairment of investment in associates6195
Non operating expenses (refer note 5)3,3871,413
2
Share based payments657
Other expenses5,2154,438
Total operating expenses340,373322,600

1
Includes costs relating to transportation including road user charges (RUC), fuel, tyres, repairs and maintenance, owner driver and subcontractor costs.
2
Non operating expenses for 2021 are shown net of PwC non assurance services of $38,000 in this note as required by NZ IFRS. Total non operating expenses including
this amount for 2021 are $1,451,000(refer note 5).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 17
8.1. EMPLOYEE COSTS
a. Superannuation benefits
The Group operates a defined contribution superannuation scheme. The scheme is funded through employee and Group
contributions to a trustee-administered fund. The Group has no further payment obligations once contributions have
been paid. Contributions are recognised as an employee benefits expense when they are due.

MOVe Freight Limited has a historic defined contribution company superannuation scheme that has been operating for a
number of years. The Company has contribution rates from 4% - 6%.
Members contribute a minimum of 4% of their salary/wage and can go as high as 15%. The Company contributions are
vested to the member at the rate of 20% per year of service with the Company i.e. 100% after five years of service.
b. Other employee benefits
Liabilities for wages and salaries, including non-monetary benefits and accumulating sick leave are expected to be
settled within 12 months. They are measured at the amounts expected to be paid when the liabilities are settled.
c. Long service leave
The liabilities for long service leave and annual leave are not expected to be settled wholly within 12 months after the
end of the period in which the employees render the related service. They are therefore measured at the present value
of expected future payments to be made in respect of services provided by employees up to the end of the reporting
period. Consideration is given to expected future wage and salary levels, experience of employee departures and periods
of service. Expected future payments are discounted using market yields at the end of the reporting period of high-quality
corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Re-
measurement as a result of experience adjustments and changes in actuarial assumptions are recognised in profit or
loss.
d. Profit-sharing and bonus plans
The Group recognises a liability and an expense for bonuses and profit-sharing based on a formula that takes into
consideration the profit attributable to the Company’s shareholders after certain adjustments. The Group recognises a
provision where contractually obliged or where there is a past practice that has created a constructive obligation.
2022
$000
2021
$000
Wages, salaries & leave costs110,502113,410
Superannuation fund contributions2,8002,830
Other employee related costs3,2754,108
Total116,577120,348
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
58

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 18
9. INCOME TAX EXPENSE

The tax expense for the year comprised current and deferred tax. Tax is recognised in the profit or loss component of the
Statement of Profit or Loss & Other Comprehensive Income except to the extent that it relates to items recognised directly
in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive
income or equity respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance
sheet date in the countries where the Company and its subsidiaries operate and generate taxable income.

2022
$000
2021
$000
Current tax on loss for the year(968)(1,463)
Adjustments in respect to prior years11(26)
Deferred tax1,061762
104(727)
Income tax expense/(credit) is attributable to:
(Loss)/Profit for the year from continuing operations(116)283
(Loss)/Profit for the year from discontinued operations220(1,010)
104 (727)

The prima facie income tax expense on pre-tax accounting profit from continuing operations reconciles to the income
tax expense in the financial statements as follows:

2022
$000
2021
$000
Loss from continuing operations before tax(2,423)(1,579)
(Loss)/Profit from discontinued operations before tax(785)3,611
(3,208)2,032
Add back:
Impairment of investment in associates6195
Share of loss of associates103149
(3,044)2,276
Prima facie tax receivable/(payable) at 28%852(637)
Tax effects of:
Expenses not deductible(540)(64)
Effect of tax rates in foreign juristrictions37-
Tax losses utilised in prior year(256)-
Prior year adjustment11(26)
Income tax expense/(credit)104(727)
Imputation credits
2022
$000
2021
$000
Imputation credits available for use in subsequent periods3,1942,766
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 19
10. DIVIDENDS PAID AND PROPOSED

Dividends to the company shareholders are recognised in the Group’s financial statements in the period in which the
dividends are declared. Intercompany dividends are eliminated on consolidation.
No dividends have been declared by the company or recognised in the current year (2021: nil).
11. EARNINGS PER SHARE

The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is computed based
on the weighted average number of ordinary shares outstanding during the period. Diluted EPS is computed based on
the weighted average number of ordinary shares plus the effect of dilutive potential ordinary shares outstanding during
the period. At balance date, the effects of the potential ordinary shares were antidilutive. The potential ordinary shares
include the convertible note and share options.

12 months to 30
June 2022
12 months to 30
June 2021
$000$000
Loss attributable to the owners for the year from
continuing operations
(3,643)(1,731)
(Loss)/Profit attributable to the owners for the year
from discontinued operations
(565)2,600
(4,208) 869
Weighted average number of shares106,048,75587,684,882
CentsCents
Basic & diluted earnings per share from continuing
operations
(3.44)(1.97)
Basic earnings per share from discontinued
operations
(0.53)2.96
(3.97) 0.99

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
60

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 20
12. FINANCIAL ASSETS AND FINANCIAL LIABILITIES

The Group classifies its financial assets at amortised cost. The classification depends on the purpose for which the
financial assets are held. Management determines the classification of its financial assets at initial recognition.
Financial assets are included in current assets, except for those with maturities greater than 12 months after the
reporting date which are classified as non-current assets. The Group’s financial assets comprise ‘Trade and other
receivables’, ‘Cash and cash equivalents’ and ‘Advances to associates’ in the Balance Sheet. Financial assets that are
stated at amortised cost are reviewed individually at balance date to determine whether there is objective evidence
of impairment. Any impairment losses are recognised in the consolidated Statement of Profit or Loss and other
comprehensive income.
This note provides information about the Group’s financial instruments, including:
• An overview of all financial instruments held by the Group
• Specific information about each type of financial instrument
• Information about determining the fair value of the instruments, including judgements and estimations of
uncertainty involved.

The Group holds the following financial instruments:

AMORTISED COST
Financial AssetsNotes
2022
$000
2021
$000
Cash and cash equivalents
12.1
14,94013,214
Trade and other receivables
1
12.2
59,27648,239
Advances to associates
12.3
-218
Total74,21661,671
1
excluding non financial assets

FINANCIAL LIABILITIES AT AMORTISED COST
Financial LiabilitiesNotes
2022
$000
2021
$000
Trade Payables
1
12.4
36,59230,425
Employee entitlements
12.5
10,47612,524
Borrowings
12.6
28,03770,163
Convertible note
12.7
8,6418,229
Total83,746121,341
1
excluding non-financial liabilities
The Group’s exposure to various risks associated with the financial instruments is discussed in note 3. The maximum
exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets
mentioned above, other than for trade and other receivables where the maximum credit risk is the balance before
impairment, being $60,678,000 (2021: $49,391,000).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 21
12.1. CASH AND CASH EQUIVALENTS
Cash and cash equivalents includes cash on hand, deposits held on call with banks, other short-term highly liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within
borrowings in current liabilities on the Balance Sheet.
Cash and cash equivalents include the following for the purpose of the cash flow statement:
2022
$000
2021
$000
Cash14,94013,214
Bank overdrafts (undrawn, refer note 3.3)--
Total14,94013,214
12.2. TRADE AND OTHER RECEIVABLES
Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the
effective interest method less provision for expected credit loss.
The Group assesses on a forward looking basis the expected credit losses associated with trade receivables carried at
amortised cost. The Group applies the simplified approach permitted by NZ IFRS 9, which requires expected lifetime losses
to be recognised from initial recognition of the receivables. Impairment of trade receivables is recognised in profit or loss.
Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation,
and default or delinquency in payments are considered indicators that the trade receivable has been impaired. The
amount of the provision is the difference between the asset’s carrying amount and the present value of the estimated
future cash flows, discounted at the original effective interest rate.

2022
$000
2021
$000
Trade receivables56,82947,290
Trade receivables related parties 2128
Less expected credit loss (refer note 3.1(a))(1,402)(1,152)
Net trade receivables55,42946,266
Accrued revenue3,5301,476
Sundry receivables317497
Financial assets at amortised cost59,27648,239
Prepayments1,0181,515
Total trade and other receivables60,29449,754
Trade receivables are generally due for settlement within 30 to 90 days.
12.3. ADVANCES TO ASSOCIATES
2022
$000
2021
$000
UNITE Logistics Limited
1
-218
Total-218
1
During the year the group sold its investment in UNITE Logistics refer note 16.2.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
62

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 22
12.4. TRADE AND OTHER PAYABLES
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective
interest method.

2022
$000
2021
$000
Trade payables17,58319,945
Trade payables related parties74164
GST payable1,5001,415
Lease incentive12461
Accrued expenses18,9239,855
Total38,09231,840

Trade payables are unsecured and are usually paid within 30 to 60 days of recognition.
12.5 EMPLOYEE ENTITLEMENTS
2022
$000
2021
$000
Leave provision7,7318,587
Salary and wage accruals2,7453,937
Total10,47612,524
12.6. BORROWINGS
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at
amortised cost using the effective interest method. Any borrowings are classified as current liabilities unless the Group
has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.

Borrowing costs are expensed as incurred, unless they relate to the acquisition, construction or production of a
qualifying asset in which case the borrowing costs are capitalised.

The ANZ Bank Limited (ANZ) facilities include a $15m flexible credit facility (undrawn at 30 June 2022), an overdraft facility
of $5m, a term loan of $28.1m and bank guarantee’s totalling $9.7m (refer note 17).
2022
$000
2021
$000
Non-Current
Secured loan ANZ 24,324-
Secured loan Mainland Capital / De Lage Landen-5
Secured loan Toyota Finance-2,806
24,3242,811
Current
Secured loan ASB -66,488
Secured loan ANZ3,708-
Secured loan Mainland Capital / De Lage Landen559
Secured loan Toyota Finance-805
3,71367,352
Total secured borrowings28,03770,163
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 23
12.6. BORROWINGS (CONTINUED)
On 26 July 2021, as a result of the 30 June 2021 expiry of its current facility with the ASB the Group renegotiated new
facilities with ANZ Bank Limited (ANZ) and UDC Finance Limited (UDC). These facilities included:
• ANZ - $27.5m 3 year term loan facility
• ANZ - $5m overdraft facility
• ANZ - $10.8m bank guarantees
• UDC - $37.5m 5 year asset based loan
On 26 September 2021 the Group agreed an amendment with ANZ and UDC to reset its financial covenants due to the
impact of the August 2021 COVID-19 lockdown. This amendment showed the continued support of the Group’s banking
partners, ANZ and UDC.
In November 2021 following the capital raise (refer note 14) the Group reduced its debt facilities by $20m, comprising full
repayment of the Toyota Finance loan totaling $3.4m and repayment of $16.6m against the UDC Loan. In December 2021
the Group voluntarily repaid an additional $10m of debt against its UDC facility.
The covenants for these arrangements including those reset are as follows:
• Leverage Ratio of <3.00x
• Interest Cover Ratio of >1.00x for periods to 31 March 2022; increasing to >1.50x for 30 June 2022 and >2.50x thereafter
• Net capital expenditure not exceeding 110% of budgeted capital expenditure
• Operating lease commitments in relation to fleet and equipment are capped at $50m
• Guarantor coverage Assets / EBITDA of >85%
The Group fully complied with the above reset facility covenants.
On 8 March 2022 the Group renegotiated and consolidated its funding facilities to one funder, ANZ, repaying the UDC Loan
in full. This amendment indicates the continued support of the Group’s banking partner ANZ.
The ANZ covenants post debt reorganisation in March 2022 are as follows:
• Leverage Ratio of <2.5x
• Fixed Charge Cover Ratio of >1.25x
• Net capital expenditure not exceeding 110% of budgeted capital expenditure
• Guarantor coverage Assets of >85%
• Guarantor coverage EBITDA of >85% from Sept 2022 onwards
The Group has fully complied with the ANZ facility covenants to 30 June 2022.
Based on forward looking forecasts and the financial covenants agreed with the ANZ the Group is expected to comply
with the financial covenants for at least 12 months from the date of signing the financial statements. Accordingly, the
consolidated financial statements are prepared on a going concern basis.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
64

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 23
12.6. BORROWINGS (CONTINUED)
On 26 July 2021, as a result of the 30 June 2021 expiry of its current facility with the ASB the Group renegotiated new
facilities with ANZ Bank Limited (ANZ) and UDC Finance Limited (UDC). These facilities included:
• ANZ - $27.5m 3 year term loan facility
• ANZ - $5m overdraft facility
• ANZ - $10.8m bank guarantees
• UDC - $37.5m 5 year asset based loan
On 26 September 2021 the Group agreed an amendment with ANZ and UDC to reset its financial covenants due to the
impact of the August 2021 COVID-19 lockdown. This amendment showed the continued support of the Group’s banking
partners, ANZ and UDC.
In November 2021 following the capital raise (refer note 14) the Group reduced its debt facilities by $20m, comprising full
repayment of the Toyota Finance loan totaling $3.4m and repayment of $16.6m against the UDC Loan. In December 2021
the Group voluntarily repaid an additional $10m of debt against its UDC facility.
The covenants for these arrangements including those reset are as follows:
• Leverage Ratio of <3.00x
• Interest Cover Ratio of >1.00x for periods to 31 March 2022; increasing to >1.50x for 30 June 2022 and >2.50x thereafter
• Net capital expenditure not exceeding 110% of budgeted capital expenditure
• Operating lease commitments in relation to fleet and equipment are capped at $50m
• Guarantor coverage Assets / EBITDA of >85%
The Group fully complied with the above reset facility covenants.
On 8 March 2022 the Group renegotiated and consolidated its funding facilities to one funder, ANZ, repaying the UDC Loan
in full. This amendment indicates the continued support of the Group’s banking partner ANZ.
The ANZ covenants post debt reorganisation in March 2022 are as follows:
• Leverage Ratio of <2.5x
• Fixed Charge Cover Ratio of >1.25x
• Net capital expenditure not exceeding 110% of budgeted capital expenditure
• Guarantor coverage Assets of >85%
• Guarantor coverage EBITDA of >85% from Sept 2022 onwards
The Group has fully complied with the ANZ facility covenants to 30 June 2022.
Based on forward looking forecasts and the financial covenants agreed with the ANZ the Group is expected to comply
with the financial covenants for at least 12 months from the date of signing the financial statements. Accordingly, the
consolidated financial statements are prepared on a going concern basis.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
65
ANNUAL REPORT 2022

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 24
12.7 CONVERTIBLE NOTE
Convertible notes are comprised of two elements: a debt note liability component and an embedded derivative
component. At the inception, the fair value of the host liability portion of the convertible notes is determined as being the
difference between the proceeds and the fair value of any identifiable derivative contained within the note. This amount
is recorded as a liability on an amortised cost basis until extinguished on conversion or maturity of the notes.
The fair value of the embedded derivative component is calculated through a valuation model using a variety
of assumptions, with the residual value assigned to the debt host components. The estimates and associated
assumptions are based on various factors that are believed to be reasonable under the circumstances, the results for
which form the basis of making the judgements. Actual results may differ from these estimates. The estimates and
underlying assumptions are reviewed on an ongoing basis. No gain or loss on fair value changes is recognised on
inception. Valuation of the embedded derivative is calculated at each year end, with any gain or loss recognised in the
consolidated Statement of Profit or Loss and Other Comprehensive income.
The debt liability component is subsequently carried at amortised cost.
Embedded derivatives
Derivatives are initially recognised at fair value and are subsequently remeasured to their fair value at each reporting
date.
An embedded derivative is a component of a hybrid contract that also includes a non-derivative host (e.g. convertible
notes). Derivatives embedded in hybrid contracts that are financial liabilities are treated as separate derivatives when
they meet the definition of a derivative, their risks and characteristics are not closely related to the host contract and the
host contract is not measured at fair value through profit or loss.
As at 30 June 2022 the group has $8.2m (2021: $8.2m) of mandatory convertible notes. Each note has a principal amount
of $50k with a maturity date of 30 April 2026. Note holders may elect to convert their notes prior to maturity however this
cannot occur before 1 May 2023. Upon maturity all outstanding notes will be converted to shares at a variable rate based
on a 10% discount to the market price.
Interest of 5% per annum is paid quarterly on the convertible notes.
The conversion option of the convertible note represents an embedded derivative which is separated from the debt host
contract on initial recognition and measured through the profit and loss. The debt component is held at amortised cost
and on initial recognition is offset by the fair value of the conversion element, this is incorporated in the effective interest
which is recognised over the term to optimal conversion date.
The movement in the carrying value of the convertible notes liability is as follows:
2022
$000
2021
$000
As at 1 July7,395-
Proceeds of issue of convertible note-8,200
Capitalised interest costs using the effective interest method-(832)
Amortisation of embedded derivative liability at date of issue39727
As at 30 June7,7927,395
The movement in the carrying value of the convertible note derivative liability is as follows:
2022
$000
2021
$000
As at 1 July834-
Fair value of embedded derivative liability at date of issue-832
Fair value movement152
As at 30 June849834

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 25
12.8 RECOGNISED FAIR VALUE MEASUREMENTS
Fair value reflects the amount for which an asset could be exchanged, or a liability settled, between knowledgeable,
willing parties in an arm’s length transaction.
Financial instruments are classified at either amortised cost or fair value through profit or loss.
Financial instruments which are measured subsequent to initial recognition at fair value are classified under the three-
level hierarchy based on the level that the fair value is observable:
• Level 1: based on quoted prices in an active market for identical assets and liabilities
• Level 2: based on inputs other than quoted prices included with level 1 that are observable for the asset or liability,
either directly or indirectly
• Level 3: based on valuation techniques that include inputs which are not observable
The following tables provide the fair value measurement hierarch of the Group’s liabilities:
Level 1Level 2Level 3Total
$000$000$000$000
At 30 June 2021
Convertible notes - derivative--834834
At 30 June 2022
Convertible notes - derivative--849849

For financial assets and liabilities measured at fair value at the end of the reporting period, limited to the derivative
components of the convertible notes, the following table gives information about how the fair value was determined:
Financial asset
and liability
Valuation
technique and
key inputs
Significant unobservable
inputs
Relationship and
sensitivity of
unobservable inputs to
fair value
Convertible notes -
derivative
Valuation model
based on market
price, optimal
conversion date
and discount
rate
The significant
unobservable inputs are
the current share price,
expected conversion
date and discount rate
applied.
The volume weighted
average market price was
valued at $1.11 as at 30
June 2021.
The optimal conversion
date used was 30 June
2023. (2021: 30 June
2023)
This discount rate applied
at 30 June 2022 was 7.35%.
(2021:4.5%)
The higher the volume
weighted average
market price the more
valuable the options
become. The convertible
notes convert based
on a fixed discount
on the share price at
conversion. An increase
in the market share
price of plus or minus
10% would not have a
notable impact on the
contract due to the
options converting at a
fixed discount on market
price.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
67
ANNUAL REPORT 2022

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 26
13. NON-FINANCIAL ASSETS AND LIABILITIES

This note provides information about the Group’s non-financial assets and liabilities, including specific information about
each type of non-financial asset and non-financial liability:
• Property, plant and equipment (note 13.1)
• ROU assets and lease liabilities (note 13.2)
• Intangible assets (note 13.3)
• Deferred tax balances (note 13.4)
• Provisions for other liabilities and charges (note 13.5)
Impairment of non-financial assets
Goodwill, indefinite-life intangible assets and intangible assets that are not yet ready for use are tested annually for
impairment. Assets that are subject to depreciation and amortisation are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount exceeds its recoverable amount. The recoverable amount is
the higher of an asset’s fair value less costs to dispose and value in use. For the purposes of assessing impairment, assets
are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-
financial assets, other than goodwill, that suffered an impairment are reviewed for possible reversal of the impairment at
each reporting date.
13.1. PROPERTY, PLANT AND EQUIPMENT
All property, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is
directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only
when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item
can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance
are charged to profit or loss during the financial period in which they are incurred.
Depreciation on assets is calculated using the diminishing value (DV) or straight-line (SL) method.

Years
Depreciation
rate
Method
Plant and equipment - leasehold improvements1 - 162.5% - 50%SL/DV
Motor vehicles - trucks 0.5 - 14-SL
Motor vehicles - trailers0.5 - 18 -SL
Plant and equipment 1 - 307.5% - 67%SL/DV
Motor vehicles - other1 - 2513% - 30%SL/DV
Office equipment 1.5 - 148% - 67%SL/DV
Furniture and fittings0.5 - 144% - 67%SL/DV
Leased assets1 - 14 -SL
Land and buildings0% - 30%DV
The assets’ useful lives are reviewed, and adjusted if appropriate, at each reporting date.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is
greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised
within ‘Gains on disposal of assets’ in the Statement of Profit or Loss & Other Comprehensive Income.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 27
13.1. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Land and
buildings
Motor
vehicles
Office
equipment
and F&F
Plant and
equipment
Work in
progress
Total
$000$000$000$000$000$000
At 1 July 2020
Cost 580163,3834,91822,8792,373194,133
Accumulated depreciation(269)(84,690)(3,393)(11,552)-(99,904)
Net book amount31178,6931,52511,3272,37394,229
Year ended 30 June 2021
Additions-2,8225091,5461,9076,784
Acquisition of subsidiaries-203---203
Disposals-(781)-(24)(45)(850)
Transfers-2,218631,634(3,915)-
Depreciation charge(8)(9,830)(564)(2,179)-(12,581)
Closing net book amount30373,3251,53312,30432087,785
At 1 July 2021
Cost580155,9445,49125,788320188,123
Accumulated depreciation(277)(82,619)(3,958)(13,484)-(100,338)
Net book amount30373,3251,53312,30432087,785
Year ended 30 June 2022
Additions-1,2152421,5882,4745,519
Disposals(18)(4,034)(40)(223)-(4,315)
Transfers-303(24)213(492)-
Depreciation charge(6)(8,377)(488)(2,177)-(11,048)
Impairment----(932)(932)
Transfers to assets classified as
held for sale
-(16,308)(13)(2,868)(59)(19,248)
Closing net book amount27946,1241,2108,8371,31157,761
At 30 June 2022
Cost556134,6795,56126,9771,370169,143
Accumulated depreciation(277)(72,247)(4,338)(15,272)-(92,134)
Transfers to assets classified as
held for sale
-(16,308)(13)(2,868)(59)(19,248)
Closing net book amount27946,1241,2108,8371,31157,761
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
68

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 28
13.2. ROU ASSETS AND LEASE LIABILITIES
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net
present value of the following lease payments:
• fixed payments, less any lease incentives receivable and
• variable lease payments that are based on an index or a rate.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined,
the lessee’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds
necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.
Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an
expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT
equipment and small items of office furniture.
Right of use assets are measured at the amount equal to the lease liability, adjusted by the amount of any lease
incentives received or restoration costs estimated. There were no onerous lease contracts that would have required an
adjustment to the right of use assets at the date of initial application. These assets are subsequently depreciated using
the straight-line method.
Lease liabilities are measured at the present value of the remaining lease payments, discounted using the lessee’s
incremental borrowing rate. The weighted average lessee’s incremental borrowing rate applied to the lease liabilities is
4.63% (2021: 4.49%).
The Group uses a build up approach that starts with a risk free interest rate adjusted to reflect changes in credit risk for
leases held by the Group and then makes specific adjustments for lease terms.
During the year, the Group applied the following practical expedients:
• the accounting for operating leases with a remaining lease term of less than 12 months as short-term leases
• the use of historical experience in determining the lease term where the contract contains options to extend or
terminate the lease
• recognising rental concessions obtained as a direct result of the COVID-19 pandemic as a reduction to rental
expenses in the Statement of Profit or Loss and Other Comprehensive Income

The recognised right of use assets relate to the following types of assets:
20222021
Right of use assets$000$000
Opening net book value 1 July164,826170,029
Recognised on transition--
Additions6,46825,723
Disposals(4,523)(2,015)
Modifications to leases17,4572,560
Transfers to assets classified as held for sale(2,733)-
Depreciation for the period
- Property(20,842)(20,510)
- Motor vehicles(9,643)(10,239)
- Other(629)(722)
Closing net book value 30 June150,381164,826
Cost238,007222,665
Accumulated depreciation(84,893)(57,839)
Transfers to assets classified as held for sale(2,733)-
Net book value 30 June150,381164,826
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 29
13.2. ROU ASSETS AND LEASE LIABILITIES (CONTINUED)

20222021
Right of use assets$000$000
At 30 June
Property121,820129,641
Motor vehicles26,46032,899
Other2,1012,286
Total right of use assets150,381164,826

Lease liabilities$000
Opening lease liabilities at 1 July 21171,528
Additions6,834
Interest for the period8,081
Lease payments made(36,311)
Disposals(4,412)
Modifications16,772
Transfers to liabilities classified as held for sale(2,761)
Lease liabilities at 30 June 2022159,731

Lease liabilities maturity analysisMinimum lease
payment
InterestPresent value
$000$000$000
Within one year32,685(6,927)25,758
One to five years85,229(19,150)66,079
Beyond five years80,058(12,164)67,894
Total197,972(38,241)159,731
Current lease liabilities
32,685(6,927)
25,758
Non-current lease liabilities165,287(31,314)133,973
Total197,972(38,241)159,731

20222021
Lease liabilities$000$000
At 30 June
Current lease liabilities26,39327,310
Non-current lease liabilities133,338144,218
Total159,731171,528
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
70

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 30
13.2. ROU ASSETS AND LEASE LIABILITIES (CONTINUED)
Lease related expenses included in the Consolidated Statement of Profit & Loss & Other Comprehensive Income:
20222021
$000$000
For the year ended 30 June
Depreciation30,30330,500
Short term lease4,2663,397
Interest on leases7,9487,921
Total42,51741,818

13.3. INTANGIBLE ASSETS
a. Goodwill
Goodwill represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree,
and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group’s share
of the identifiable net assets acquired. Goodwill on acquisitions of subsidiaries is included in ‘Intangible assets’ in the
Balance Sheet. Goodwill on acquisitions of associates is included in ‘Investments in associates’ in the balance sheet and is
tested for impairment as part of the overall balance. Separately recognised goodwill is tested annually for impairment and
carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on
the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those
cash-generating units or groups of cash-generating units that are expected to benefit from the business combination on
which the goodwill arose.
b. Computer software and Software-as-a-service (SaaS) arrangements
Acquired computer software is capitalised on the basis of the costs incurred to acquire and bring to use the specific
software. These costs are amortised, using the diminishing value method at a rate of 48% and recognised in the profit or
loss. Costs associated with maintaining computer software programmes are recognised as an expense when incurred.
SaaS arrangements are service contracts providing the Company with the right to access the cloud provider’s application
software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the
cloud provider’s application software, are recognised as operating expenses when the services are received.
Some of these costs incurred are for the development of software code that enhances or modifies, or creates additional
capability to, existing on-premise systems and meets the definition of and recognition criteria for an intangible asset.
These costs are recognised as intangible software assets and amortised over the useful life of the software on a straight-
line basis. The useful lives of these assets are reviewed at least at the end of each financial year, and any change
accounted for prospectively as a change in accounting estimate.
c. Customer contracts and lists
Acquired customer contracts and lists are recognised at their fair value at the date of acquisition and are subsequently
amortised on a straight-line basis over the appropriate contract term. Amortisation expense is recognised in the profit or
loss.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31
13.3. INTANGIBLE ASSETS (CONTINUED)
Goodwill
Computer
software
Work in
progress
Customer
lists
Total
$000$000$000$000$000
At 1 July 2020
Cost15,0203,7772,17010,13231,099
Accum. amortisation and impairment-(2,183)-(5,095)(7,278)
Net book amount15,0201,5942,1705,03723,821
Year ended 30 June 2021
Additions-62314-376
Acquisition of subsidiaries197--372569
Transfers-1,063(1,063)--
Amortisation charge-(665)-(1,645)(2,310)
Impairment--(1,283)-(1,283)
Closing net book amount15,2172,0541383,76421,173
At 1 July 2021
Cost15,2174,90213810,50530,762
Accum. amortisation and impairment-(2,848)-(6,741)(9,589)
Net book amount15,2172,0541383,76421,173
Year ended 30 June 2022
Additions-18034-214
Disposals-(13)--(13)
Transfer to held for sale---(255)(255)
Transfers-138(138)--
Amortisation charge-(854)-(1,652)(2,506)
Impairment (555)---(555)
Closing net book amount14,6621,505341,85718,058
At 30 June 2022
Cost15,2175,1983410,50530,954
Transfer to held for sale
---(255)(255)
Accum. amortisation and impairment
(555)(3,693)-(8,393)(12,641)
Closing net book amount14,6621,505341,85718,058
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
72

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 32
13.3. INTANGIBLE ASSETS (CONTINUED)
The Group has classified its goodwill into the following cash-generating units (CGUs):
2022
$000
2021
$000
MOV
e Freight Limited
1,0271,027
Alpha Customs Limited776776
MOV
e Logistics & Warehousing Limited
12,49212,492
TNL International Limited170170
MOV
e (McAuleys) Limited
-555
TNL International Australia Pty Limited197197
Total14,66215,217
The Group tests goodwill for impairment using the higher of value in use calculations with cash flow projections based
on a five-year period and the fair value less costs to sell. Management has prepared an upside, downside and base
scenario for each CGU. Each of these include the Board approved cash flow projections with cashflows beyond this
extrapolated using the assumptions as noted below. The final value in use calculations for each CGU apply an assessed
probability weighting to the three scenarios.
As part of the impairment assessment , MOVE (McAuley’s) Limited goodwill of $555,000 has been fully impaired as a result
of a decrease in sales. The impairment charge is recognised in the non operating expenses in the statement if Profit or
Loss and Other Comprehensive Income. No other class of assets have been impaired. Management has concluded that
there are no other impairments for any other of the CGUs at 30 June 2022. The MOV
e Logistics & Warehousing Limited
and MOVe Freight Limited CGU’s have significant goodwill balances at 30 June 2022.
The key assumptions for the value in use calculations of MOV
e Logistics & Warehousing Limited and MOVe Freight Limited
CGU’s are summarised below:

Discount
rate post-
tax
Discount
rate pre-tax
Terminal
growth rate
Revenue
growth rate
year 1*
Revenue
growth rate
year 2*
Revenue
growth rate
year 3 - 5*
30 June 2021
MOV
e Logistics &
Warehousing Limited
9.5%11.6%2.0%5.3%2.8%0.0% - 2.0%
MOV
e Freight Limited
9.5%12.0%2.0%2.7%5.6%0.0% - 5.6%
30 June 2022
MOV
e Logistics &
Warehousing Limited
10.3%13.8%1.2%2.9%1.9%0.0% - 1.0%
MOV
e Freight Limited
10.3%13.1%1.2%4.6%3.0%0.0% - 1.0%
*Probability weighted

The discount rate represents the current market assessment of the risks specific to the CGU considering the time value of
money and individual risk of the underlying assets. The discount rate is calculated based on the specific circumstances
of the CGU and its operations and is derived from its weighted average cost of capital (WACC). The Group engaged an
independent third party to assess the post-tax weighted average cost of capital for each of the CGUs. These post-tax
discount rates were applied to post-tax cash flows.
The long-term growth rate is based on growth projections, market conditions and opportunities for growth within the
industry.
The net right of use assets and lease liabilities have been included in the carrying amount of net operating assets that
have been tested for impairment for each of the CGUs.
Future revenue projections are based on assumed growth in sales revenue for both new and existing customers in both
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 33
warehousing and freight divisons. Management have confidence in the strategy to achieve this given the opportunities
both internally and the demand within the market.
Based on the probability weighted value in use calculations, the recoverable amounts of the CGUs exceed their carrying
value at 30 June 2022 by the following amounts:
• MOV
e Logistics & Warehousing Limited CGU: $30.2m
• MOV
e Freight Limited CGU: $21.5m

In respect of the MOVe Logistics & Warehousing Limited and MOVe Freight Limited CGU’s any reasonable possible
change in the key assumptions used in the calculations would not cause the carrying values to exceed their recoverable
amounts. Management has concluded that the goodwill balances at 30 June 2022 are not impaired (either using the
probability weighted case or any of the individual scenarios), although they will continue to monitor the position closely
for any evidence that the goodwill has become impaired.

13.4. DEFERRED INCOME TAX
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases
of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred income
tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business
combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax
is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and
are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available
against which the temporary differences can be utilised.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
against current tax liabilities and when the deferred income tax 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.
Temporary differences arise from the following:

Deferred tax asset/(liabilities)
Opening
balance
Recognised
in profit or
loss
Acquisition of
subsidiaries
Transfer of
liabilities to
held for sale
Deferred tax
on disposal
group
Closing
balance
$000$000$000$000$000$000
2021
Property, plant and equipment(7,661)(347)(104)--(8,112)
Right of use assets / lease
liability
967909---1,876
Provisions and accruals3,098200---3,298
Carry forward losses256----256
Total deferred income tax(3,340)762(104)--(2,682)
2022
Property, plant and equipment(8,112)904-1,686134(5,388)
Right of use assets / lease
liability
1,876733 -(8)172,618
Provisions and accruals3,298(320)-(92)332,919
Carry forward losses256(256)----
Total deferred income tax(2,682)1,061-1,586184149
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
75
ANNUAL REPORT 2022

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 34
13.5. PROVISIONS FOR OTHER LIABILITIES AND CHARGES

Provisions for make good obligations are recognised when the Group has a present legal or constructive obligation as a
result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount
can be reliably estimated.
Provisions are measured at the present value of Management’s best estimate of the expenditure required to settle the
present obligations at the end of the reporting period.

Make good
lease provision
$000
At 1 July 20202,313
Additional provisions298
Utilised / released to profit or loss(156)
At 30 June 20212,455
At 1 July 20212,455
Additional provisions61
Utilised / released to profit or loss(230)
Transfers to liabilities classified as held for sale(20)
At 30 June 20222,266

a. Information about individual provisions estimates
Make good lease provision
The Group is required to restore the leased premises of its depot and warehouses to their original condition at the end of
the respective lease terms. A provision has been recognised for the estimated expenditure required.
14. SHARE CAPITAL

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in
equity as a deduction, net of tax from the proceeds.

30 June 202230 June 2021
Shares$000Shares$000
Issued & paid-up capital - ordinary shares
Balance at the beginning of the period87,684,88237,05487,684,88237,054
Shares issued - LTI (refer note 20)45,87734--
Shares issued - AREO
128,654,37038,100--
Balance at the end of the period116,385,12975,18887,684,88237,054
1 On 26 October 2021 the Board approved a capital raise of approximately $40m via a fully underwritten 1 for 3.06
Accelerated Renounceable Entitlement Offer (AREO). The issue was fully subscribed and shares totalling 28,654,370
were issued on 5 November 2022 and 18 November 2022. Funds raised from the shares issued were used to repay debt,
improve balance sheet flexibility and fund its capital growth. The balance of share capital is net of directly attritbutable
costs of $2 million.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 35
15. CASH FLOW INFORMATION
15.1 CASH GENERATED FROM OPERATIONS
2022
$000
2021*
$000
Reported loss after tax(2,539)(1,296)
Non-cash items
Gain on lease modification(190)(121)
Depreciation expense39,64941,010
Amortisation expense2,5062,255
Bad debts203159
Amortisation of bank fees101168
Non cash movements on convertible note410-
Impairment of investment in associates6195
Foreign exchange losses on operating activities(231)24
Non trading expenses1,6201,283
Share based payments657
Cumulative translation adjustment67(9)
41,66343,625
Impact of changes in working capital
Tax receivable / deferred tax(388)(2,787)
Trade and other receivables(12,546)(4,837)
Creditors and accruals/employee entitlements6,1511,272
Creditors relating to purchase of PPE(403)(547)
Inventories(220)(6)
34,25736,720
Items classified as investing or financing activities
Profit on disposal of property, plant and equipment(423)(633)
Loss for associates103149
Net cash flow from operating activities33,93736,236
*Certain amounts have been restated to reflect adjustments relating to discontinued operations note 21.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
76

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 36
15.2 NET DEBT RECONCILIATION
This section sets out an analysis of net debt and the movements in net debt for each of the periods presented.
2022
$000
2021
$000
Cash and cash equivalents14,94013,214
Lease liability - repayable within one year(26,393)(27,310)
Borrowings - repayable within one year (including overdraft)(3,713)(67,352)
Lease liability - repayable after one year(133,338)(144,218)
Borrowings - repayable after one year(24,324)(2,811)
Convertible note - repayable after one year(7,792)(7,395)
Net debt(180,620)(235,872)
Cash and liquid investments14,94013,214
Liability - incremental borrowing rate(159,731)(171,528)
Borrowings - fixed interest rates(27,797)(31,071)
Borrowings - variable interest rates(8,032)(46,487)
Net debt(180,620)(235,872)
Liabilities from financing activities
Convertible
note
BorrowingsLeasesSubtotalCash/bank
overdraft
Total

$000$000$000$000$000$000
Net debt as at 1 July
2020
-(86,263)(173,482)(259,745)11,882(247,863)
Cash flows(8,200)16,24236,14544,1871,33245,519
Lease additions--(27,158)(27,158)-(27,158)
Other non-cash
movements
805(142)(7,033)(6,370)-(6,370)
Net debt as at 30
June 2021
(7,395)(70,163)(171,528)(249,086)13,214(235,872)
Cash flows-42,22635,34277,5681,72679,294
Lease additions--(6,834)(6,834)-(6,834)
Other non-cash
movement
(397)(100)(16,711)(17,208)-(17,208)
Net debt as at 30
June 2022
(7,792)(28,037)(159,731)(195,560)14,940(180,620)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 37
16. INTEREST IN OTHER ENTITIES

16.1 SUBSIDIARIES
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in
accordance with the accounting policy described in note 2.1.
All subsidiaries results up to 30 June 2022 have been incorporated in the consolidated financial statements.
SubsidiaryShareholding
30 June 2022
Shareholding
30 June 2021
Balance
date
Country of
Incoporation
Principal activity
MOV
e Freight Limited
100%100%30 JuneNew ZealandTransport operator
MOV
e Fuel Limited
100%100%30 JuneNew ZealandTransport operator
Alpha Custom Services
Limited
60%60%30 JuneNew ZealandInternational freight
forwarder
Pacific Asset Leasing
Limited
100%100%30 JuneNew ZealandAsset leasing
MOV
e International
Limited
100%100%30 JuneNew ZealandShipping agent and
logistics
MOV
e (McAuleys)
Limited
100%100%30 JuneNew ZealandTransport operator
MOV
e Logistics &
Warehousing Limited
100%100%30 JuneNew ZealandWarehousing and
distribution
Southern Fleet Leasing
Limited
100%100%30 JuneNew ZealandAsset leasing
MOV
e (NZL) Limited
100%100%30 JuneNew ZealandWarehousing and
distribution
TNL International Limited50%50%30 JuneNew ZealandInternational freight
forwarder
Appian Transport Limited100%100%30 JuneNew ZealandNon trading
Global Logistics Group
Limited
100%100%30 JuneNew ZealandNon trading
MOV
e Specialist Lifting
and Transport Limited
100%100%30 June
New Zealand
Heavy Haulage
MOV
e Investments
Limited
100%100%30 JuneNew ZealandCorporate services
Pacific Liquid Logistics
Limited
100%100%30 JuneNew ZealandNon trading
TNL International
(Australia) Pty Limited
40%40%30 JuneAustraliaInternational freight
forwarder

MOVE (ATL) Limited was amalgamated into MOVE Frieght Limited from 1 April 2022
.
MOVE Specialist Lifting and Transport Limited is held for sale (refer note 21).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
78

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 38
16.2 INTERESTS IN ASSOCIATES
Set out below are the associates of the Group as at 30 June 2022 which, in the opinion of the Directors, are material to
the Group. The entities listed below have share capital consisting solely of ordinary shares, which are held directly by
the Group. The country of incorporation or registration is also their principal place of business, and the proportion of
ownership interest is the same as the proportion of voting rights held.

Place of
business/
country of
incorporation
% of ownership
interest
Nature of
relationship
Measurement
method
Investment in
associates
20222021
2022
$000
2021
$000
UNITE Logistics Limited
1
New Zealand-50%Associate
Equity method
-88
Emerald Truck Services Limited
2
New Zealand50%50%AssociateEquity method271329
Total271417

1
UNITE Logistics Limited is a transport services provider for the Auckland and surrounding area’s construction industry, specialising in crane transport. The balance
date for this entity is March.
2
Emerald Truck Services Limited is an automotive repair workshop based in Masterton specialising in trucks and trailers. This service is strategic to the Group given
the material amount spent on repairs and maintenance. The balance date for this entity is June.
The Group’s results of its principal associates, all of which are unlisted, and total assets (including goodwill) and liabilities,
are as follows. The Group equity accounts for these associates based on management reporting for the year end to 30
June (the Group’s balance date).

UNITE Logistics
Limited
Emerald Truck
Services Limited
2022202120222021
$000$000$000$000
Summarised balance sheet
Current assets
-946802900
Non-current assets
-1,643520441
Current liabilities
-955374380
Non-current liabilities
-1,694219143
Net assets
-(60)729818
Summarised statement of comprehensive income
Revenue
3,0427,0763,5802,895
Profit after tax from continuing operations
(90)(340)(115)31
Investment carrying amount reconciliation
Opening balance
88353329225
Consolidation of advance to associate
218---
Disposal/Acquisition
1
(200)-
-
88
Impairment of investment
(61)(95)--
Earnings from associates
(45)(170)(58)16
Closing balance
-88271329
1
On 30 November 2021 the group disposed on its investment in Unite Logistics Ltd for $200,000. Net of its advance to the associate the group recorded a loss on
disposal of $61,000.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 39
17. CONTINGENCIES
Bank Guarantee
The Group provides (via ANZ Bank) the below guarantees.
2022
$000
2021
$000
Bank guarantees - property5,1406,187
Bank guarantees - fuel purchases4,5004,500
Bank guarantees - other7575
Total9,71510,762
18. CAPITAL COMMITMENTS

Capital expenditure contracted for at the reporting date but not yet incurred is as follows:
2022
$000
2021
$000
Trucks and trailers1,841359
Other assets18122
Total1,859481

19. RELATED-PARTY TRANSACTIONS

19.1 TRANSACTIONS WITH KEY MANAGEMENT
a. Key management compensation
Key management includes Directors, the CEO and his direct reports:
2022
$000
2021
$000
Salaries, short term and post employee benefits4,3923,474
Directors fees471430

19.2 TRANSACTIONS WITH OTHER RELATED PARTIES
The following transactions occurred with related parties:
2022
$000
2021
$000
Sales and purchases of goods and services
Sales of services to associates296814
Purchases of services from associates9421,986
Purchases from entities controlled by key management employees165140
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
80

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 40
2022
$000
2021
$000
Outstanding balances arising from sales and purchases of
services
Trade receivables from associates2128
Trade payables to associates22164
Trade payables to entities controlled by key management
employees
52-

The Group determines the above balances are fully collectible.
2022
$000
2021
$000
Advances to related parties
UNITE Logistics Limited-217
20. SHARE BASED PAYMENTS
The group had a long term incentive plan for selected employees which has since been withdrawn by the Diretcors
as per the discretion allowed for under the plan rules. No options were granted during the year ended 30 June 2022.
There are some existing share options under the plan where the vesting of these is dependant on certain performance
standards being met which expire 30 June 2023.
Share-based payment reserve
The reserve is used to record the accumulated value of the plan which has been recognised in the Statement of Profit
or Loss & Other Comprehensive Income. The long-term incentive plan was an equity settled-share-based payment
which provided eligible employees with the opportunity to acquire shares in the Group. The fair value of shares granted is
recognised as an employee benefit expense with a corresponding increase in equity. The fair value is measured at grant
date and recognised over the vesting period. The fair value of the plan has been assessed by an independent valuer.
Amounts accumulated in the employee share scheme reserve are transferred to share capital on redemption of the
redeemable shares or to retained earnings where they are forfeited. At the end of each reporting period the Group revises
its estimate of the number of redeemable shares that are expected to vest based on the non-market vesting conditions.
It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding
adjustment to the employee share scheme reserve.
Existing options
The amount of options that will vest depends on MOV
e Logistics Group total shareholder returns (TSR) during a three year
vesting period greater than the 50th percentile of the NZX50 Group. The NZX50 Group compromises those companies
on commencement date. Once the hurdle is exceeded, the Share Rights that become Eligible Share Rights increase on
a straight-line basis from 50% being payable where the TSR is greater than the 50th percentile TSR of the NZX50 Group
to 100% where the TSR is equal to or greater than the 75th percentile TSR of the NZX50 Group. Once vested, the options
remain exercisable during the exercise period which will be advised on an eligibility notice.
Options have been granted under the plan for no consideration and carry no dividends or voting rights.
The exercise price of options is based on the weighted average price at which the company’s shares are traded on the
New Zealand Stock Exchange for the prior 10 days up to and including the commencement date.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 41
20. SHARE BASED PAYMENTS (CONTINUED)
Set out below are summaries of options granted under the plan:
Average exercise
price per share
option
Number of
options
As at 30 June 2020
Granted during the year-920,966
Forfeited during the year-(39,180)
As at 30 June 2021$0.90881,786
Vested and exercisable at 30 June 2021-
-
As at June 2021$0.90881,786
Granted during the year-
Exercised during the year(45,877)
Forfeited during the year(661,273)
As at 30 June 2022$0.70174,636
Vested and exercisable at 30 June 2022--
Share options outstanding at 30 June have the following expiry dates and exercise prices:
Grant dateExpiry dateExercise price
Share options
30 June 2022
Share options
30 June 2021
9 October 2020 (2019 LTI)
130 June 2022$1.33-284,615
9 October 2020 (2020 LTI)30 June 2023$0.70174,636597,171
Total174,636881,786
Weighted average remaining contractual life of
options outstanding at end of period
1.0 years
1. Performance measure not achieved so options granted were forfeited
Total expenses arising from share-based payment transactions recognised during the period as part of the employee
expenses were as follows:
June
2022
June
2021
$000$000
Share based employee expenses657
657
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
82

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 42
21. DISCONTINUED OPERATIONS AND NON-CURRENT ASSETS HELD FOR SALE

In May 2022, the Board approved and announced its intention to undertake a formal sales process to investigate the
market interest in the sale/asset disposal of its subsidiary company MOVE Specialist Lifting & Transport Ltd which operates
in the Specialist segment. The Specialist company has been classified as held for sale and is a discontinued operation
under NZ IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations. Entities are required to measure non-
current assets and liabilities that are held for sale at the lower of their carrying amount and fair value less costs to
sell.
As at year end there has been no offer accepted for the sale of MOVE Specialist Lifting and Transport Ltd. The Group
expects to dispose of this company within the next 12 months.
Results of discontinued operations
June
2022
June
2021
$000$000
Revenue14,33924,301
Operating expenses(12,479)(17,467)
Depreciation & amortisation expenses(2,512)(3,097)
Net finance expense(133)(126)
Net (loss)/profit before tax(785)3,611
Income tax credit/ (expense)220(1,011)
Net (loss)/profit from discontinued operations after tax(565)2,600
Basic and diluted earnings per share (cents per share)(0.53)2.96
Cash flows from/(used in) discontinued operation
Net cash from operating activities6006,982
Net cash from/(used in) investing activities492(925)
Net cash used in financing activities(874)(873)
Net cash flows for the year2185,184
The following assets and liabilities are classified as held for sale:
Property, plant and equipment19,248-
Trade and other receivables2,924-
Right of use assets2,733-
Intangible assets255-
Inventories103-
Assets classified as held for sale25,263-
Lease liability2,761-
Employee entitlements465-
Provision for other liabilities and charges20-
Deferred tax liability1,586-
Trade and other payables1,317-
Liabilities associated with assets classified as held for sale6,149-
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 43
22. EVENTS AFTER THE REPORTING DATE
On 1 July 2022 the offical quotation of MOVe shares (MOV) commenced enabling shareholders to trade their MOVe shares
on the ASX.
On 9 August 2022 the Group signed a commitment for 4,850,000 Euro’s to purchase the Atlas Wind Vessel in order to
facilitate its multi modal strategy.
On 23 August 2022, MOVE Logistics Group (through its wholly owned subsidiary, Pacific Liquid Logistics Limited) entered into
a conditional sale and purchase agreement to acquire the business and assets of Fluidex Transport, a bulk liquid and bulk
dry powder transport provider operating throughout New Zealand for a purchase consideration totalling approximately
$15.2 million. Completion and settlement are expected to occur on 31 October 2022 subject to appropriate final due
diligence completion and any conditions precedent met.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
85
ANNUAL REPORT 2022

44
ANNUAL FINANCIAL STATEMENTS

PricewaterhouseCoopers, PwC Centre, 60 Cashel Street, PO Box 13244, Christchurch 8141, New Zealand
T: +64 3 374 3000, pwc.co.nz

Independent auditor’s report
To the shareholders of Move Logistics Group Limited
Our opinion
In our opinion, the accompanying consolidated financial statements of Move Logistics Group Limited
(the Company), including its subsidiaries (the Group), present fairly, in all material respects, the
financial position of the Group as at 30 June 2022, its financial performance and its cash flows for the
year then ended in accordance with New Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS) and International Financial Reporting Standards (IFRS).
What we have audited
The Group's consolidated financial statements comprise:
● the consolidated balance sheet as at 30 June 2022;
● the consolidated statement of profit or loss & other comprehensive income for the year then
ended;
● the consolidated statement of changes in equity for the year then ended;
● the consolidated statement of cash flows for the year then ended; and
● the notes to the consolidated financial statements, which include significant accounting policies
and other explanatory information.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including International Independence Standards)
(New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards Board and the
International Code of Ethics for Professional Accountants (including International Independence
Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code), and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out other services for the Group in the areas of half year review procedures and with
providing other assurance services. The provision of these other services has not impaired our
independence as auditor of the Group.
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 of the current year. These matters were addressed
in the context of our audit of the consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.

PwC

Description of the key audit matter How our audit addressed the key audit matter
Carrying value of Goodwill
As at 30 June 2022, the Group had a total
goodwill balance of $14.7m, as disclosed
in note 13.3. This is allocated across five
cash generating units (CGU's).
Management performed value-in-use
(VIU) impairment tests at 30 June 2022
using a discounted cash flow model based
on probability-weighted forecast cash
flows for both these CGU's and
determined that there was no impairment
of goodwill required. Key estimates and
assumptions in the VIU models include
the discount rates and long-term growth
rates used in the impairment model.
The goodwill impairment tests for
the Move Logistics and Warehousing
Limited and Move Freight Limited CGU's
are considered a key audit matter due to
the significant level of management
judgment applied in estimating future cash
flows and other key assumptions in
determining the recoverable amount of
these CGU's.

We obtained the impairment tests prepared by
management for Move Logistics and Warehousing
Limited and Move Freight Limited as these are the two
largest CGU's representing $13.5m of the balance and
understood the process undertaken to prepare the
forecasts and the assumptions used.
We understood the controls that management have in
relation to the impairment assessment of goodwill and
evaluated their design.
We considered management's assessment of the
respective CGUs in the Group and the allocation of
corporate assets in the CGUs.
We gained an understanding of the forecast outlook
for the industry and CGUs, and for the strategic
direction of the business. We compared the forecasts
used within the impairment models against historical
actual trading results, taking into account the impact of
the Covid-19 pandemic to assess that growth rates
used in the model were reasonable.
We assessed the reliability of management's
forecasting process in previous years and considered
the impact on the assessment of forecast earnings.
We tested the mathematical accuracy of the models
used ensuring that they utilised the assumptions
disclosed in note 13.3, and that the recoverable
amount calculated was greater than the carrying
amount of the CGU.
We used our auditor's expert, to assist us in assessing
and challenging whether the assumptions used in the
model were reasonable. The key areas assessed
included:
● the valuation methodology used;
● the reasonableness of the discount rate; and
● comparing inputs to relevant market and industry
information.
We audited the disclosures in note 13.3 of the
consolidated financial statements to ensure that they
are compliant with the requirements of the relevant
accounting standards.

45
ANNUAL FINANCIAL STATEMENTS

PricewaterhouseCoopers, PwC Centre, 60 Cashel Street, PO Box 13244, Christchurch 8141, New Zealand
T: +64 3 374 3000, pwc.co.nz

Independent auditor’s report
To the shareholders of Move Logistics Group Limited
Our opinion
In our opinion, the accompanying consolidated financial statements of Move Logistics Group Limited
(the Company), including its subsidiaries (the Group), present fairly, in all material respects, the
financial position of the Group as at 30 June 2022, its financial performance and its cash flows for the
year then ended in accordance with New Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS) and International Financial Reporting Standards (IFRS).
What we have audited
The Group's consolidated financial statements comprise:
● the consolidated balance sheet as at 30 June 2022;
● the consolidated statement of profit or loss & other comprehensive income for the year then
ended;
● the consolidated statement of changes in equity for the year then ended;
● the consolidated statement of cash flows for the year then ended; and
● the notes to the consolidated financial statements, which include significant accounting policies
and other explanatory information.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including International Independence Standards)
(New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards Board and the
International Code of Ethics for Professional Accountants (including International Independence
Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code), and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out other services for the Group in the areas of half year review procedures and with
providing other assurance services. The provision of these other services has not impaired our
independence as auditor of the Group.
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 of the current year. These matters were addressed
in the context of our audit of the consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.

PwC

Description of the key audit matter How our audit addressed the key audit matter
Carrying value of Goodwill
As at 30 June 2022, the Group had a total
goodwill balance of $14.7m, as disclosed
in note 13.3. This is allocated across five
cash generating units (CGU's).
Management performed value-in-use
(VIU) impairment tests at 30 June 2022
using a discounted cash flow model based
on probability-weighted forecast cash
flows for both these CGU's and
determined that there was no impairment
of goodwill required. Key estimates and
assumptions in the VIU models include
the discount rates and long-term growth
rates used in the impairment model.
The goodwill impairment tests for
the Move Logistics and Warehousing
Limited and Move Freight Limited CGU's
are considered a key audit matter due to
the significant level of management
judgment applied in estimating future cash
flows and other key assumptions in
determining the recoverable amount of
these CGU's.

We obtained the impairment tests prepared by
management for Move Logistics and Warehousing
Limited and Move Freight Limited as these are the two
largest CGU's representing $13.5m of the balance and
understood the process undertaken to prepare the
forecasts and the assumptions used.
We understood the controls that management have in
relation to the impairment assessment of goodwill and
evaluated their design.
We considered management's assessment of the
respective CGUs in the Group and the allocation of
corporate assets in the CGUs.
We gained an understanding of the forecast outlook
for the industry and CGUs, and for the strategic
direction of the business. We compared the forecasts
used within the impairment models against historical
actual trading results, taking into account the impact of
the Covid-19 pandemic to assess that growth rates
used in the model were reasonable.
We assessed the reliability of management's
forecasting process in previous years and considered
the impact on the assessment of forecast earnings.
We tested the mathematical accuracy of the models
used ensuring that they utilised the assumptions
disclosed in note 13.3, and that the recoverable
amount calculated was greater than the carrying
amount of the CGU.
We used our auditor's expert, to assist us in assessing
and challenging whether the assumptions used in the
model were reasonable. The key areas assessed
included:
● the valuation methodology used;
● the reasonableness of the discount rate; and
● comparing inputs to relevant market and industry
information.
We audited the disclosures in note 13.3 of the
consolidated financial statements to ensure that they
are compliant with the requirements of the relevant
accounting standards.

44
ANNUAL FINANCIAL STATEMENTS

PricewaterhouseCoopers, PwC Centre, 60 Cashel Street, PO Box 13244, Christchurch 8141, New Zealand
T: +64 3 374 3000, pwc.co.nz

Independent auditor’s report
To the shareholders of Move Logistics Group Limited
Our opinion
In our opinion, the accompanying consolidated financial statements of Move Logistics Group Limited
(the Company), including its subsidiaries (the Group), present fairly, in all material respects, the
financial position of the Group as at 30 June 2022, its financial performance and its cash flows for the
year then ended in accordance with New Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS) and International Financial Reporting Standards (IFRS).
What we have audited
The Group's consolidated financial statements comprise:
● the consolidated balance sheet as at 30 June 2022;
● the consolidated statement of profit or loss & other comprehensive income for the year then
ended;
● the consolidated statement of changes in equity for the year then ended;
● the consolidated statement of cash flows for the year then ended; and
● the notes to the consolidated financial statements, which include significant accounting policies
and other explanatory information.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including International Independence Standards)
(New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards Board and the
International Code of Ethics for Professional Accountants (including International Independence
Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code), and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out other services for the Group in the areas of half year review procedures and with
providing other assurance services. The provision of these other services has not impaired our
independence as auditor of the Group.
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 of the current year. These matters were addressed
in the context of our audit of the consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.

PwC

Description of the key audit matter How our audit addressed the key audit matter
Carrying value of Goodwill
As at 30 June 2022, the Group had a total
goodwill balance of $14.7m, as disclosed
in note 13.3. This is allocated across five
cash generating units (CGU's).
Management performed value-in-use
(VIU) impairment tests at 30 June 2022
using a discounted cash flow model based
on probability-weighted forecast cash
flows for both these CGU's and
determined that there was no impairment
of goodwill required. Key estimates and
assumptions in the VIU models include
the discount rates and long-term growth
rates used in the impairment model.
The goodwill impairment tests for
the Move Logistics and Warehousing
Limited and Move Freight Limited CGU's
are considered a key audit matter due to
the significant level of management
judgment applied in estimating future cash
flows and other key assumptions in
determining the recoverable amount of
these CGU's.

We obtained the impairment tests prepared by
management for Move Logistics and Warehousing
Limited and Move Freight Limited as these are the two
largest CGU's representing $13.5m of the balance and
understood the process undertaken to prepare the
forecasts and the assumptions used.
We understood the controls that management have in
relation to the impairment assessment of goodwill and
evaluated their design.
We considered management's assessment of the
respective CGUs in the Group and the allocation of
corporate assets in the CGUs.
We gained an understanding of the forecast outlook
for the industry and CGUs, and for the strategic
direction of the business. We compared the forecasts
used within the impairment models against historical
actual trading results, taking into account the impact of
the Covid-19 pandemic to assess that growth rates
used in the model were reasonable.
We assessed the reliability of management's
forecasting process in previous years and considered
the impact on the assessment of forecast earnings.
We tested the mathematical accuracy of the models
used ensuring that they utilised the assumptions
disclosed in note 13.3, and that the recoverable
amount calculated was greater than the carrying
amount of the CGU.
We used our auditor's expert, to assist us in assessing
and challenging whether the assumptions used in the
model were reasonable. The key areas assessed
included:
● the valuation methodology used;
● the reasonableness of the discount rate; and
● comparing inputs to relevant market and industry
information.
We audited the disclosures in note 13.3 of the
consolidated financial statements to ensure that they
are compliant with the requirements of the relevant
accounting standards.

INDEPENDENT AUDITOR’S REPORT
86

45
ANNUAL FINANCIAL STATEMENTS

PricewaterhouseCoopers, PwC Centre, 60 Cashel Street, PO Box 13244, Christchurch 8141, New Zealand
T: +64 3 374 3000, pwc.co.nz

Independent auditor’s report
To the shareholders of Move Logistics Group Limited
Our opinion
In our opinion, the accompanying consolidated financial statements of Move Logistics Group Limited
(the Company), including its subsidiaries (the Group), present fairly, in all material respects, the
financial position of the Group as at 30 June 2022, its financial performance and its cash flows for the
year then ended in accordance with New Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS) and International Financial Reporting Standards (IFRS).
What we have audited
The Group's consolidated financial statements comprise:
● the consolidated balance sheet as at 30 June 2022;
● the consolidated statement of profit or loss & other comprehensive income for the year then
ended;
● the consolidated statement of changes in equity for the year then ended;
● the consolidated statement of cash flows for the year then ended; and
● the notes to the consolidated financial statements, which include significant accounting policies
and other explanatory information.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including International Independence Standards)
(New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards Board and the
International Code of Ethics for Professional Accountants (including International Independence
Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code), and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out other services for the Group in the areas of half year review procedures and with
providing other assurance services. The provision of these other services has not impaired our
independence as auditor of the Group.
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 of the current year. These matters were addressed
in the context of our audit of the consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.

PwC

Description of the key audit matter How our audit addressed the key audit matter
Carrying value of Goodwill
As at 30 June 2022, the Group had a total
goodwill balance of $14.7m, as disclosed
in note 13.3. This is allocated across five
cash generating units (CGU's).
Management performed value-in-use
(VIU) impairment tests at 30 June 2022
using a discounted cash flow model based
on probability-weighted forecast cash
flows for both these CGU's and
determined that there was no impairment
of goodwill required. Key estimates and
assumptions in the VIU models include
the discount rates and long-term growth
rates used in the impairment model.
The goodwill impairment tests for
the Move Logistics and Warehousing
Limited and Move Freight Limited CGU's
are considered a key audit matter due to
the significant level of management
judgment applied in estimating future cash
flows and other key assumptions in
determining the recoverable amount of
these CGU's.

We obtained the impairment tests prepared by
management for Move Logistics and Warehousing
Limited and Move Freight Limited as these are the two
largest CGU's representing $13.5m of the balance and
understood the process undertaken to prepare the
forecasts and the assumptions used.
We understood the controls that management have in
relation to the impairment assessment of goodwill and
evaluated their design.
We considered management's assessment of the
respective CGUs in the Group and the allocation of
corporate assets in the CGUs.
We gained an understanding of the forecast outlook
for the industry and CGUs, and for the strategic
direction of the business. We compared the forecasts
used within the impairment models against historical
actual trading results, taking into account the impact of
the Covid-19 pandemic to assess that growth rates
used in the model were reasonable.
We assessed the reliability of management's
forecasting process in previous years and considered
the impact on the assessment of forecast earnings.
We tested the mathematical accuracy of the models
used ensuring that they utilised the assumptions
disclosed in note 13.3, and that the recoverable
amount calculated was greater than the carrying
amount of the CGU.
We used our auditor's expert, to assist us in assessing
and challenging whether the assumptions used in the
model were reasonable. The key areas assessed
included:
● the valuation methodology used;
● the reasonableness of the discount rate; and
● comparing inputs to relevant market and industry
information.
We audited the disclosures in note 13.3 of the
consolidated financial statements to ensure that they
are compliant with the requirements of the relevant
accounting standards.

44
ANNUAL FINANCIAL STATEMENTS

PricewaterhouseCoopers, PwC Centre, 60 Cashel Street, PO Box 13244, Christchurch 8141, New Zealand
T: +64 3 374 3000, pwc.co.nz

Independent auditor’s report
To the shareholders of Move Logistics Group Limited
Our opinion
In our opinion, the accompanying consolidated financial statements of Move Logistics Group Limited
(the Company), including its subsidiaries (the Group), present fairly, in all material respects, the
financial position of the Group as at 30 June 2022, its financial performance and its cash flows for the
year then ended in accordance with New Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS) and International Financial Reporting Standards (IFRS).
What we have audited
The Group's consolidated financial statements comprise:
● the consolidated balance sheet as at 30 June 2022;
● the consolidated statement of profit or loss & other comprehensive income for the year then
ended;
● the consolidated statement of changes in equity for the year then ended;
● the consolidated statement of cash flows for the year then ended; and
● the notes to the consolidated financial statements, which include significant accounting policies
and other explanatory information.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including International Independence Standards)
(New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards Board and the
International Code of Ethics for Professional Accountants (including International Independence
Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code), and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out other services for the Group in the areas of half year review procedures and with
providing other assurance services. The provision of these other services has not impaired our
independence as auditor of the Group.
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 of the current year. These matters were addressed
in the context of our audit of the consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.

PwC

Description of the key audit matter How our audit addressed the key audit matter
Carrying value of Goodwill
As at 30 June 2022, the Group had a total
goodwill balance of $14.7m, as disclosed
in note 13.3. This is allocated across five
cash generating units (CGU's).
Management performed value-in-use
(VIU) impairment tests at 30 June 2022
using a discounted cash flow model based
on probability-weighted forecast cash
flows for both these CGU's and
determined that there was no impairment
of goodwill required. Key estimates and
assumptions in the VIU models include
the discount rates and long-term growth
rates used in the impairment model.
The goodwill impairment tests for
the Move Logistics and Warehousing
Limited and Move Freight Limited CGU's
are considered a key audit matter due to
the significant level of management
judgment applied in estimating future cash
flows and other key assumptions in
determining the recoverable amount of
these CGU's.

We obtained the impairment tests prepared by
management for Move Logistics and Warehousing
Limited and Move Freight Limited as these are the two
largest CGU's representing $13.5m of the balance and
understood the process undertaken to prepare the
forecasts and the assumptions used.
We understood the controls that management have in
relation to the impairment assessment of goodwill and
evaluated their design.
We considered management's assessment of the
respective CGUs in the Group and the allocation of
corporate assets in the CGUs.
We gained an understanding of the forecast outlook
for the industry and CGUs, and for the strategic
direction of the business. We compared the forecasts
used within the impairment models against historical
actual trading results, taking into account the impact of
the Covid-19 pandemic to assess that growth rates
used in the model were reasonable.
We assessed the reliability of management's
forecasting process in previous years and considered
the impact on the assessment of forecast earnings.
We tested the mathematical accuracy of the models
used ensuring that they utilised the assumptions
disclosed in note 13.3, and that the recoverable
amount calculated was greater than the carrying
amount of the CGU.
We used our auditor's expert, to assist us in assessing
and challenging whether the assumptions used in the
model were reasonable. The key areas assessed
included:
● the valuation methodology used;
● the reasonableness of the discount rate; and
● comparing inputs to relevant market and industry
information.
We audited the disclosures in note 13.3 of the
consolidated financial statements to ensure that they
are compliant with the requirements of the relevant
accounting standards.

INDEPENDENT AUDITOR’S REPORT
87
ANNUAL REPORT 2022

46
ANNUAL FINANCIAL STATEMENTS

PwC

Our audit approach

Overview

Overall group materiality: $1.3m, which represents approximately 2.5% of
Earnings before Interest, Tax, Depreciation and Amortisation (‘EBITDA’).
We chose EBITDA as the benchmark because, in our view, it is the benchmark
against which the performance of the Group is most commonly measured by
users, and is a generally accepted benchmark.
Following our assessment of the risk of material misstatement, we:
● Full scope audits were performed for 4 of 16 entities in the Group based on
their financial significance;
● Specified audit procedures and analytical review procedures were
performed on the remaining entities.
As reported above, we have one key audit matter, being:
● Carrying value of Goodwill

As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the consolidated financial statements. In particular, we considered where
management made subjective judgements; for example, in respect of significant accounting estimates
that involved making assumptions and considering future events that are inherently uncertain. As in all
of our audits, we also addressed the risk of management override of internal controls, including among
other matters, consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain
reasonable assurance about whether the consolidated financial statements are free from material
misstatement. Misstatements may arise due to fraud or error. They are considered material if,
individually or in aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of the consolidated financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall Group materiality for the consolidated financial statements as a whole as set out
above. These, together with qualitative considerations, helped us to determine the scope of our audit,
the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both
individually and in aggregate, on the consolidated financial statements as a whole.
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion
on the consolidated financial statements as a whole, taking into account the structure of the Group, the
accounting processes and controls, and the industries in which the Group operates.
Other information
The Directors are responsible for the other information. The other information comprises the
information included in the Annual report, but does not include the consolidated financial statements
and our auditor's report thereon. The Annual report is expected to be made available to us after the
date of this auditor's report.
Our opinion on the consolidated financial statements does not cover the other information and we will
not express any form of audit opinion or assurance conclusion thereon.

PwC

In connection with our audit of the consolidated financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent
with the consolidated financial statements or our knowledge obtained in the audit, or otherwise
appears to be materially misstated.
When we read the other information not yet received, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to the Directors and use our
professional judgement to determine the appropriate action to take.
Responsibilities of the Directors for the consolidated financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of
the consolidated financial statements in accordance with NZ IFRS and IFRS, 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 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.
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 ISAs (NZ) and ISAs 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 users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is
located at the External Reporting Board’s website at:
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/
This description forms part of our auditor’s report.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been
undertaken so that we might state those matters which we are required to state to them in an auditor’s
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s shareholders, as a body, for our
audit work, for this report or for the opinions we have formed.

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

For and on behalf of:

Chartered Accountants
23 August 2022
Christchurch

47
ANNUAL FINANCIAL STATEMENTS

PwC

Our audit approach

Overview

Overall group materiality: $1.3m, which represents approximately 2.5% of
Earnings before Interest, Tax, Depreciation and Amortisation (‘EBITDA’).
We chose EBITDA as the benchmark because, in our view, it is the benchmark
against which the performance of the Group is most commonly measured by
users, and is a generally accepted benchmark.
Following our assessment of the risk of material misstatement, we:
● Full scope audits were performed for 4 of 16 entities in the Group based on
their financial significance;
● Specified audit procedures and analytical review procedures were
performed on the remaining entities.
As reported above, we have one key audit matter, being:
● Carrying value of Goodwill

As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the consolidated financial statements. In particular, we considered where
management made subjective judgements; for example, in respect of significant accounting estimates
that involved making assumptions and considering future events that are inherently uncertain. As in all
of our audits, we also addressed the risk of management override of internal controls, including among
other matters, consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain
reasonable assurance about whether the consolidated financial statements are free from material
misstatement. Misstatements may arise due to fraud or error. They are considered material if,
individually or in aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of the consolidated financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall Group materiality for the consolidated financial statements as a whole as set out
above. These, together with qualitative considerations, helped us to determine the scope of our audit,
the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both
individually and in aggregate, on the consolidated financial statements as a whole.
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion
on the consolidated financial statements as a whole, taking into account the structure of the Group, the
accounting processes and controls, and the industries in which the Group operates.
Other information
The Directors are responsible for the other information. The other information comprises the
information included in the Annual report, but does not include the consolidated financial statements
and our auditor's report thereon. The Annual report is expected to be made available to us after the
date of this auditor's report.
Our opinion on the consolidated financial statements does not cover the other information and we will
not express any form of audit opinion or assurance conclusion thereon.

PwC

In connection with our audit of the consolidated financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent
with the consolidated financial statements or our knowledge obtained in the audit, or otherwise
appears to be materially misstated.
When we read the other information not yet received, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to the Directors and use our
professional judgement to determine the appropriate action to take.
Responsibilities of the Directors for the consolidated financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of
the consolidated financial statements in accordance with NZ IFRS and IFRS, 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 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.
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 ISAs (NZ) and ISAs 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 users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is
located at the External Reporting Board’s website at:
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/
This description forms part of our auditor’s report.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been
undertaken so that we might state those matters which we are required to state to them in an auditor’s
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s shareholders, as a body, for our
audit work, for this report or for the opinions we have formed.

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

For and on behalf of:

Chartered Accountants
23 August 2022
Christchurch

44
ANNUAL FINANCIAL STATEMENTS

PricewaterhouseCoopers, PwC Centre, 60 Cashel Street, PO Box 13244, Christchurch 8141, New Zealand
T: +64 3 374 3000, pwc.co.nz

Independent auditor’s report
To the shareholders of Move Logistics Group Limited
Our opinion
In our opinion, the accompanying consolidated financial statements of Move Logistics Group Limited
(the Company), including its subsidiaries (the Group), present fairly, in all material respects, the
financial position of the Group as at 30 June 2022, its financial performance and its cash flows for the
year then ended in accordance with New Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS) and International Financial Reporting Standards (IFRS).
What we have audited
The Group's consolidated financial statements comprise:
● the consolidated balance sheet as at 30 June 2022;
● the consolidated statement of profit or loss & other comprehensive income for the year then
ended;
● the consolidated statement of changes in equity for the year then ended;
● the consolidated statement of cash flows for the year then ended; and
● the notes to the consolidated financial statements, which include significant accounting policies
and other explanatory information.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including International Independence Standards)
(New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards Board and the
International Code of Ethics for Professional Accountants (including International Independence
Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code), and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out other services for the Group in the areas of half year review procedures and with
providing other assurance services. The provision of these other services has not impaired our
independence as auditor of the Group.
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 of the current year. These matters were addressed
in the context of our audit of the consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.

PwC

Description of the key audit matter How our audit addressed the key audit matter
Carrying value of Goodwill
As at 30 June 2022, the Group had a total
goodwill balance of $14.7m, as disclosed
in note 13.3. This is allocated across five
cash generating units (CGU's).
Management performed value-in-use
(VIU) impairment tests at 30 June 2022
using a discounted cash flow model based
on probability-weighted forecast cash
flows for both these CGU's and
determined that there was no impairment
of goodwill required. Key estimates and
assumptions in the VIU models include
the discount rates and long-term growth
rates used in the impairment model.
The goodwill impairment tests for
the Move Logistics and Warehousing
Limited and Move Freight Limited CGU's
are considered a key audit matter due to
the significant level of management
judgment applied in estimating future cash
flows and other key assumptions in
determining the recoverable amount of
these CGU's.

We obtained the impairment tests prepared by
management for Move Logistics and Warehousing
Limited and Move Freight Limited as these are the two
largest CGU's representing $13.5m of the balance and
understood the process undertaken to prepare the
forecasts and the assumptions used.
We understood the controls that management have in
relation to the impairment assessment of goodwill and
evaluated their design.
We considered management's assessment of the
respective CGUs in the Group and the allocation of
corporate assets in the CGUs.
We gained an understanding of the forecast outlook
for the industry and CGUs, and for the strategic
direction of the business. We compared the forecasts
used within the impairment models against historical
actual trading results, taking into account the impact of
the Covid-19 pandemic to assess that growth rates
used in the model were reasonable.
We assessed the reliability of management's
forecasting process in previous years and considered
the impact on the assessment of forecast earnings.
We tested the mathematical accuracy of the models
used ensuring that they utilised the assumptions
disclosed in note 13.3, and that the recoverable
amount calculated was greater than the carrying
amount of the CGU.
We used our auditor's expert, to assist us in assessing
and challenging whether the assumptions used in the
model were reasonable. The key areas assessed
included:
● the valuation methodology used;
● the reasonableness of the discount rate; and
● comparing inputs to relevant market and industry
information.
We audited the disclosures in note 13.3 of the
consolidated financial statements to ensure that they
are compliant with the requirements of the relevant
accounting standards.

INDEPENDENT AUDITOR’S REPORT
88

47
ANNUAL FINANCIAL STATEMENTS

PwC

Our audit approach

Overview

Overall group materiality: $1.3m, which represents approximately 2.5% of
Earnings before Interest, Tax, Depreciation and Amortisation (‘EBITDA’).
We chose EBITDA as the benchmark because, in our view, it is the benchmark
against which the performance of the Group is most commonly measured by
users, and is a generally accepted benchmark.
Following our assessment of the risk of material misstatement, we:
● Full scope audits were performed for 4 of 16 entities in the Group based on
their financial significance;
● Specified audit procedures and analytical review procedures were
performed on the remaining entities.
As reported above, we have one key audit matter, being:
● Carrying value of Goodwill

As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the consolidated financial statements. In particular, we considered where
management made subjective judgements; for example, in respect of significant accounting estimates
that involved making assumptions and considering future events that are inherently uncertain. As in all
of our audits, we also addressed the risk of management override of internal controls, including among
other matters, consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain
reasonable assurance about whether the consolidated financial statements are free from material
misstatement. Misstatements may arise due to fraud or error. They are considered material if,
individually or in aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of the consolidated financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall Group materiality for the consolidated financial statements as a whole as set out
above. These, together with qualitative considerations, helped us to determine the scope of our audit,
the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both
individually and in aggregate, on the consolidated financial statements as a whole.
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion
on the consolidated financial statements as a whole, taking into account the structure of the Group, the
accounting processes and controls, and the industries in which the Group operates.
Other information
The Directors are responsible for the other information. The other information comprises the
information included in the Annual report, but does not include the consolidated financial statements
and our auditor's report thereon. The Annual report is expected to be made available to us after the
date of this auditor's report.
Our opinion on the consolidated financial statements does not cover the other information and we will
not express any form of audit opinion or assurance conclusion thereon.

PwC

In connection with our audit of the consolidated financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent
with the consolidated financial statements or our knowledge obtained in the audit, or otherwise
appears to be materially misstated.
When we read the other information not yet received, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to the Directors and use our
professional judgement to determine the appropriate action to take.
Responsibilities of the Directors for the consolidated financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of
the consolidated financial statements in accordance with NZ IFRS and IFRS, 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 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.
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 ISAs (NZ) and ISAs 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 users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is
located at the External Reporting Board’s website at:
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/
This description forms part of our auditor’s report.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been
undertaken so that we might state those matters which we are required to state to them in an auditor’s
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s shareholders, as a body, for our
audit work, for this report or for the opinions we have formed.

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

For and on behalf of:

Chartered Accountants
23 August 2022
Christchurch

44
ANNUAL FINANCIAL STATEMENTS

PricewaterhouseCoopers, PwC Centre, 60 Cashel Street, PO Box 13244, Christchurch 8141, New Zealand
T: +64 3 374 3000, pwc.co.nz

Independent auditor’s report
To the shareholders of Move Logistics Group Limited
Our opinion
In our opinion, the accompanying consolidated financial statements of Move Logistics Group Limited
(the Company), including its subsidiaries (the Group), present fairly, in all material respects, the
financial position of the Group as at 30 June 2022, its financial performance and its cash flows for the
year then ended in accordance with New Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS) and International Financial Reporting Standards (IFRS).
What we have audited
The Group's consolidated financial statements comprise:
● the consolidated balance sheet as at 30 June 2022;
● the consolidated statement of profit or loss & other comprehensive income for the year then
ended;
● the consolidated statement of changes in equity for the year then ended;
● the consolidated statement of cash flows for the year then ended; and
● the notes to the consolidated financial statements, which include significant accounting policies
and other explanatory information.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including International Independence Standards)
(New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards Board and the
International Code of Ethics for Professional Accountants (including International Independence
Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code), and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out other services for the Group in the areas of half year review procedures and with
providing other assurance services. The provision of these other services has not impaired our
independence as auditor of the Group.
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 of the current year. These matters were addressed
in the context of our audit of the consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.

PwC

Description of the key audit matter How our audit addressed the key audit matter
Carrying value of Goodwill
As at 30 June 2022, the Group had a total
goodwill balance of $14.7m, as disclosed
in note 13.3. This is allocated across five
cash generating units (CGU's).
Management performed value-in-use
(VIU) impairment tests at 30 June 2022
using a discounted cash flow model based
on probability-weighted forecast cash
flows for both these CGU's and
determined that there was no impairment
of goodwill required. Key estimates and
assumptions in the VIU models include
the discount rates and long-term growth
rates used in the impairment model.
The goodwill impairment tests for
the Move Logistics and Warehousing
Limited and Move Freight Limited CGU's
are considered a key audit matter due to
the significant level of management
judgment applied in estimating future cash
flows and other key assumptions in
determining the recoverable amount of
these CGU's.

We obtained the impairment tests prepared by
management for Move Logistics and Warehousing
Limited and Move Freight Limited as these are the two
largest CGU's representing $13.5m of the balance and
understood the process undertaken to prepare the
forecasts and the assumptions used.
We understood the controls that management have in
relation to the impairment assessment of goodwill and
evaluated their design.
We considered management's assessment of the
respective CGUs in the Group and the allocation of
corporate assets in the CGUs.
We gained an understanding of the forecast outlook
for the industry and CGUs, and for the strategic
direction of the business. We compared the forecasts
used within the impairment models against historical
actual trading results, taking into account the impact of
the Covid-19 pandemic to assess that growth rates
used in the model were reasonable.
We assessed the reliability of management's
forecasting process in previous years and considered
the impact on the assessment of forecast earnings.
We tested the mathematical accuracy of the models
used ensuring that they utilised the assumptions
disclosed in note 13.3, and that the recoverable
amount calculated was greater than the carrying
amount of the CGU.
We used our auditor's expert, to assist us in assessing
and challenging whether the assumptions used in the
model were reasonable. The key areas assessed
included:
● the valuation methodology used;
● the reasonableness of the discount rate; and
● comparing inputs to relevant market and industry
information.
We audited the disclosures in note 13.3 of the
consolidated financial statements to ensure that they
are compliant with the requirements of the relevant
accounting standards.

INDEPENDENT AUDITOR’S REPORT
89
ANNUAL REPORT 2022

ADDITIONAL STATUTORY INFORMATION
REMUNERATION
REMUNERATION OF DIRECTORS
The total pool of Directors’ Fees available to non-executive Directors for the year ended 30 June 2022 was
$750,000, which was approved by shareholders at the 2017 Special Meeting of Shareholders. Of this, $470,833 was
paid to non-executive Directors in FY22.
The table below sets out the total of the remuneration and the value of other benefits received by each Director
during the financial year to 30 June 2022. There were no changes to the individual fees paid per Director during
FY22. The Board Charter provides that no sum is paid to a Director upon retirement or cessation of office.
Director Board
Fees
Risk Assurance
and Audit
Committee Fees
Governance &
Remuneration
Committee Fees
Total Directors
Fees FY22
Current Director
or Date Appointed
or Resigned
Trevor Janes45,833--45,833Resigned
23 November 2021
Lorraine Witten113,3334,167-117,500Current
David (Grant)
Devonport
40,8345,833-46,667Appointed
23 November 2021
James Ramsay29,166--29,166Resigned
23 November 2021
Peter Dryden70,000-10,00080,000Current
Mark Newman64,167--64,167Appointed
27 July 2021
Christopher Dunphy17,500--17,500Appointed
1 July 2021
Danny Chan70,000--70,000Current
Total450,83310,00010,000470,833
EMPLOYEE REMUNERATION
Executive remuneration framework
MOVE’s executive remuneration policies and practices are designed to attract, retain and motivate high calibre
people.
The Board has reviewed executive remuneration with the assistance of external independent advice. Executive
remuneration comprises a fixed component and a short term share based incentive component (STI).
Short term incentive plan
A new share-based STI plan has been approved by the Board and is effective from 1 July 2022. Participation in
the STI plan is by annual invitation at the discretion of the Board. Target levels of the share based STI opportunity
range from 25% to 35% of base salary, depending on the role of the executive and includes both financial and
non-financial components.
ADDITIONAL STATUTORY INFORMATION
90

CEO/EXECUTIVE DIRECTOR REMUNERATION DISCLOSURE
The CEO/Executive Director’s remuneration as at 30 June 2022, consisted of a base salary. The CEO/Executive
Director’s remuneration is reviewed annually by the Governance and Remuneration Committee and approved by
the Board.
Fixed RemunerationPay for
Performance
Total earned
during FY
Executive Director
/ CEO
SalaryBenefits**SubtotalSTI earned in
FY*
Total
Remuneration
$$$$$
FY22Christopher Dunphy560,000n/a560,000n/a560,000
FY22Alan Pearson178,36828,635207,003-207,003
FY21Alan Pearson510,00082,146592,14698,500690,646
* STI payable in the financial year following the achievement of performance targets in respect of the prior financial year, as agreed with
the Board
** Benefits include company car and Kiwisaver employer contributions
Alan Pearson resigned effective 19 September 2021. Christopher Dunphy was appointed to the role of Executive
Director on 27 July 2021. Christopher Dunphy does not have any short term or long term incentive components as
part of his remuneration.
Employee Remuneration
The number of employees of the Company (not being directors of the Company) who received remuneration and
other benefits in their capacity as employees during the year ended 30 June 2022 that in value was or exceeded
$100,000 per annum is set out in the table below. The remuneration amounts include all monetary amounts and
benefits actually paid during the year, including the face value of any long- term incentives that vested during the
year (which for FY22 was nil).
Remuneration No. of Employees
$100,000 - $109,99992
$110,000 - $119,99991
$120,000 - $129,99936
$130,000 - $139,99925
$140,000 - $149,99915
$150,000 - $159,99910
$160,000 - $169,9994
$170,000 - $179,9992
$180,000 - $189,9993
$190,000 - $199,9994
$200,000 - $209,9993
Remuneration No. of Employees
$210,000 - $219,0001
$240,000 - $249,9991
$250,000 - $259,0002
$280,000 - $289,9991
$330,000 - $339,9991
$350,000 - $359,9991
$560,000 - $569,9991
$710,000 - $719,999*1
ADDITIONAL STATUTORY INFORMATION
*denotes former employee
91
ANNUAL REPORT 2022

DISCLOSURES
DIRECTORS
The following persons were Directors of MOVE Logistics Group Limited as at 30 June 2022:
Director
Lorraine WittenIndependent Chair
Christopher DunphyExecutive Director
David (Grant) DevonportIndependent Director
Danny ChanIndependent Director
Peter DrydenIndependent Director
Mark NewmanIndependent Director
DISCLOSURE OF INTERESTS BY DIRECTORS
In accordance with Section 140(2) of the Companies Act 1993 the Company maintains an interests register in
which Directors interests are recorded. The following are particulars of general disclosures of interest by Directors
holding office at 30 June 2022. Particulars of entries made during the year to 30 June 2022 are noted in brackets,
for the purposes of section 211(1)(e) of the Companies Act 1993.
Director Name of Business or Entity Nature of Activities
of that Business or Entity
Nature and Extent
of Your Interest
Lorraine Witten PushPay Limited Software Company Director
Rakon LimitedGlobal Technology Business Chair and Shareholder
vWork LimitedSoftware for Mobile Workforce Director and Shareholder
Simply Security Security Guard Services Chair and Shareholder
Horizon Energy GroupEnergy Distribution CompanyDirector
Danny Chan SimTutor Limitede-learningDirector and Shareholder
Superthriller Jet Sprint LimitedEntertainmentShareholder
Fastcom LimitedIT ServicesShareholder
iMonitor Intellectual Property Ltd Temperature MonitoringShareholder
The Digital Café LimitedDigital Promotion/MarketingShareholder
Flowerzone International LtdFlower ExporterDirector and Shareholder
Marlborough Wine Estates
Group Ltd
Wine ManufacturerDirector
Orient Pacific Management
Limited
Financial ServicesDirector and Shareholder
Impac Services Limited (From
November 2021)
Health and Safety AdvisoryShareholder
Microgem International PLC
(From November 2021)
BiomedicalDirector and Shareholder
Peter DrydenBGI Nominees LimitedPropertyDirector and Shareholder
Port Taranaki LimitedPort OperatorDirector
Aquafortus LimitedChemical CompanyChair
ADDITIONAL STATUTORY INFORMATION
92

Director Name of Business or Entity Nature of Activities
of that Business or Entity
Nature and Extent
of Your Interest
Christopher
Dunphy
Irongate TrustFamily TrustTrustee
Balmer Jeffs and Company
Limited
Financial AdvisoryDirector
Dos Equis Pty LimitedDirector and Shareholder
Speedmark Australia Pty LimitedFreight ForwardingDirector and Shareholder
Speedlink Pty LimitedFinancial InvestmentDirector and Shareholder
QCoast Holdings Pty LimitedIndustrial ServicesDirector and Shareholder
ADG Global Supply LimitedIndustrial ServicesDirector and Shareholder
Jamieson Valley EstateVineyardSole Proprietor
Mark NewmanC and M Newman Trustee
Limited
Family TrustDirector
David (Grant)
Devonport
Melbourne Airport LimitedAirport InfrastructureChief Financial Officer
BoudiWoudi SMSFSelf-Managed Superannuation
Fund
Manager/Beneficiary
No entries were made in the interests register of any subsidiary companies during the year ended 30 June 2022.
DIRECTORS’ SHARE DEALINGS
In accordance with the Companies Act 1993, between 1 July 2021 and 30 June 2022 the Board received the
following disclosures from Directors of acquisitions and dispositions of relevant interests in shares issued by the
Company and details of such dealings were entered in the Company’s interests register.
Director TransactionNumber of
Securities
Price per
Security
Date
Christopher DunphyPurchase of Shares750,000$1.007 July 2021
Christopher DunphyPurchase of Shares1,830,062$1.405 November 2021
Mark NewmanPurchase of Shares32,679$1.405 November 2021
Danny ChanPurchase of Shares415,254$1.405 November 2021
Lorraine WittenPurchase of Shares34,312$1.405 November 2021
Christopher DunphyOff Market Share Transfer(700,000)$1.4010 November 2021
Mark NewmanOff Market Share Transfer700,000$1.4010 November 2021
David (Grant) DevonportPurchase of Shares32,679$1.4022 November 2021
Christopher DunphyPurchase of Shares50,000$1.3725 March 2022
Christopher DunphyPurchase of Shares20,000$1.0930 June 2022
In addition to the above, on 12 July 2021 Christopher Dunphy entered a call option deed with certain founder
shareholders (or interests associated with them) of the Company where he may, at his discretion, acquire up to
5 million ordinary shares in the Company over a 36-month term from those founder shareholders. Under this call
option 2 million shares may be acquired at a price of $1.00 per share, 2 million shares may be acquired at a price
of $1.20 per share and 1 million shares may be acquired at a price of $1.50 per share. Interests associated with
James Ramsay (who served as a director during FY22 and retired 23 November 2021) were one of the founder
shareholders and granted the call option over 1 million shares held by them.
ADDITIONAL STATUTORY INFORMATION
93
ANNUAL REPORT 2022

DIRECTORS’ SHAREHOLDINGS INTERESTS
As at 30 June 2022 the Directors of the Company had the following relevant interests in the Company’s shares and
in convertible notes which convert into the Company’s shares.
DirectorOrdinary Shares Convertible Notes
$
Lorraine Witten139,308-
Danny Chan1,685,9322,000,000
Christopher Dunphy6,780,062*-
Mark Newman832,679-
David (Grant) Devonport132,679-
*Includes 5 million shares that are the subject of the call option arrangement described on page 93..
USE OF COMPANY INFORMATION
There were no notices from Directors of the Company pursuant to section 145 of the Companies Act 1993
requesting to use Company information received in their capacity as directors that would not otherwise have
been available them.
ADDITIONAL STATUTORY INFORMATION
94

SUBSIDIARY COMPANY DIRECTORS
The following persons held office as Directors of subsidiary companies as at 30 June 2022. Employee directors of
subsidiary companies appointed by the Group do not receive director’s fees, remuneration or other benefits in
their capacity as directors. The remuneration and other benefits of such employees, received as employees, are
included in the relevant bands for remuneration disclosed under Employee Remuneration on page 91.
Company Directors
MOVE Investments
Limited
Christopher
Dunphy
David (Grant)
Devonport
Danny ChanMark Newman
Lorraine
Witten
Peter Dryden
Alpha Customs
Services Limited
Christopher
Dunphy
Lee BanksClayton Imbs
Appian Transport
Limited
Christopher
Dunphy
Lee Banks
Global Logistics Group
Limited
Christopher
Dunphy
Lee Banks
MOVE International
Limited
Christopher
Dunphy
Lee Banks
MOVE (McAuley’s)
Limited
Christopher
Dunphy
Christopher
Knuth
MOVE Logistics &
Warehousing Limited
Christopher
Dunphy
James
Watters
MOVE (NZL) Limited
Christopher
Dunphy
Christopher
Knuth
Pacific Asset Leasing
Limited
Christopher
Dunphy
James
Watters
MOVE Fuel Limited
Christopher
Dunphy
James
Watters
Southern Fleet
Leasing Limited
Christopher
Dunphy
James
Watters
MOVE Freight Limited
Christopher
Dunphy
Christopher
Knuth
MOVE Specialist Lifting
& Transport Limited
Christopher
Dunphy
Christopher
Knuth
TNL International
Limited
Christopher
Dunphy
John LowdenMario Di LevaShayne Miers
Pacific Liquid Logistics
Limited
Christopher
Dunphy
Lee Banks
SPREAD OF SECURITY HOLDERS
As at 31 July 2022:
Size of Shareholding Number of HoldersTotal Shares Held % of Shares
1-1000930243,4360.21%
1001-50003801,031,5200.89%
5001-100002011,517,0451.30%
10001-500002254,941,0834.25%
50001-100000382,818,0612.42%
100001 or more 66105,833,98490.93%
1,840116,385,129100.00%
ADDITIONAL STATUTORY INFORMATION
95
ANNUAL REPORT 2022

TOP 20 SHAREHOLDERS
The names and holdings of the twenty largest registered shareholders in the Company as at 31 July 2022 were:
Total Shares Held % of Shares
Custodial Services Limited12,066,75410.38%
National Nominees New Zealand Limited11,078,1959.53%
Gregory Peter Whitham8,201,6017.05%
Anacacia Pty Limited7,942,9606.83%
James Ramsay & Nerida Joy Ramsay & Ramsay Family
Trustee Limited
7,544,0016.49%
Citibank Nominees (Nz) Ltd7,062,6076.07%
Kevin Garnet Smith6,502,6545.59%
Larry William Stewart & Kaylene Joy Stewart & Sr Taranaki
Trustees Limited
6,202,6535.33%
MMC Limited5,423,9604.66%
David Gregory Carr & Lynette Maree Duncan3,538,1263.04%
Alan Terris3,320,0002.86%
New Zealand Depository Nominee2,105,1311.81%
Elizabeth Beatty Benjamin & Michael Murray Benjamin1,990,1761.71%
BNP Paribas Nominees NZ Limited1,818,7651.56%
Danny Chan1,685,9321.45%
Leveraged Equities Finance Limited1,597,3831.37%
Wairahi Investments Limited1,500,0001.29%
Accident Compensation Corporation1,013,2860.87%
Selenium Corporation Limited957,7240.82%
Rangatira Limited817,3070.70%
ADDITIONAL STATUTORY INFORMATION
96

SUBSTANTIAL PRODUCT HOLDERS
The following substantial product holder information is given pursuant to section 293 of the Financial Markets
Conduct Act 2013 and is based on substantial product holder notices filed with the Company during FY22 and the
Company’s share register as at 30 June 2022. As at 30 June 2022, details of the substantial product holders in the
Company and their relevant interests in the Company’s ordinary shares are shown in the table below. The total
number of voting securities (fully paid ordinary shares) of the Company as at 30 June 2022 was 116,385,129.
Number of Shares
NAOS Asset Management Limited10,917,341
Gregory Peter Whitham8,201,601
Kevin Garnet Smith6,502,654
James Ramsay, Nerida Joy Ramsay & Ramsay Family Trustee Limited7,744,001
Castle Point Funds Management Limited7,236,674
Christopher Dunphy6,780,062
Kaylene Stewart, Larry Stewart & SR Taranaki Trustees Limited6,202,653
Mitsubishi UFJ Financial Group, Inc, First Sentier Investors (Australia) IM Ltd5,867,862
Colonial First State Investments Limited5,867,862
OTHER INFORMATION
Auditor’s Fees
PwC has continued to act as auditor of MOVE Logistics Group Limited.
During the year ended 30 June 2022, the amount payable by MOVE Logistics Group Limited to PwC as audit and
review fees was $310,000. The amount of fees payable to PwC for non-audit work during the year ended 30 June
2022 was $41,000. This is detailed in Note 8 of the Financial Statements.
Donations
The Company and its subsidiaries made donations totalling $20,000 during the year ended 30 June 2022.
NZX Waivers
There were no waivers granted by NZX or relied on by the Company in the 12 months preceding 30 June 2022.
ADDITIONAL STATUTORY INFORMATION
97
ANNUAL REPORT 2022

CORPORATE GOVERNANCE
At MOVE Logistics, we believe that good corporate governance is essential to protect the interests of investors and
create and enhance value over the short and long term. We are committed to conducting business in the right
way, ethically and in line with our legal and regulatory obligations.
The Board has adopted corporate policies and procedures that reflect best practice and we follow the principles
and recommendations of the NZX Corporate Governance Code (the Code). We believe that the Company’s
corporate governance practices in FY22 are materially in line with the Code, with further work being undertaken in
some areas to ensure full compliance. The following pages summarise our corporate governance practices and
progress in FY22.
MOVE Logistics takes a continuous improvement approach to corporate governance and policies are reviewed
on a regular basis in line with best practice. Key governance policies and charters can be viewed on the MOVE
Logistics website at www.movelogistics.com/investors/governance.
This governance statement is current as at 30 June 2022 and was approved by the Board on 14 September 2022.
Variance to NZX Corporate Governance Code
NZX Code PrincipleNZX Code
Recommendation
Key DifferenceStatus
Board Composition and
Performance
2.5: The Board should set
measurable objectives for
achieving diversity.
The Board has not set
measurable objectives
under the Policy for
achieving diversity.
The Board considers
diversity outcomes can
be achieved without
measurable objectives.
ETHICAL BEHAVIOUR
MOVE Logistics expects its Directors and employees to act with integrity and professionalism and undertake their
duties in the best interests of the Company. The Company’s Code of Ethics is available on the Company website
and is available to all team members.
The Code of Ethics is included in the New Employee Induction pack and all employees are required to attest that
they have reviewed and understand the scope of relevant governance policies.
The Company does not donate to political parties.
MOVE Logistics encourages employees to speak out if they have concerns about any area of the Company. The
avenues for doing so are detailed in the Company’s Whistleblower Policy which is on the Company website.
The Securities Trading Policy, along with the Financial Markets Conduct Act 2013, imposes limitations and
requirements on Directors and employees in dealing in the Company’s shares. These limitations prohibit dealing in
shares while in possession of inside information and impose requirements for seeking consent to trade.
BOARD COMPOSITION AND PERFORMANCE
As at the date of this Annual Report, the MOVE Logistics Board comprises five non-executive Directors and one
executive Director. Each Director has experience, skills and expertise that are of value to the Company. Profiles
of Directors are available on the Company’s website and on pages 34 and 35 of this Report. Peter Dryden has
advised that he will be stepping down from the Board at the conclusion of the 2022 Annual Shareholders’ Meeting.
The Board acknowledges the valued contribution Peter has made to the business during his time as a Director.
MOVE Logistics’ Chair is required to be an independent Director. The Board supports the separation of the roles of
Chair and CEO and the appointment of an Independent Chair.
Five of the Directors are independent Directors. In order for a Director to be independent, the Board has
determined that he or she must not be an executive of MOVE Logistics Group and must have no disqualifying
relationships. Independence will be determined by the Board, having regard to the factors described in the NZX
Corporate Governance Code. Christopher Dunphy is not an independent Director as he is a substantial product
holder in the Company and holds the position of Executive Director.
CORPORATE GOVERNANCE
98

Directors’ interests are disclosed on page 92 of the Annual Report.
The roles and responsibilities of the Board are detailed in the Board Charter, which is reviewed at least every two
years and is available on the Company’s website. The Board’s primary objective is to enhance shareholder value
and protect the interests of other stakeholders by improving corporate performance and accountability.
The Board has delegated authority for day to day leadership and management of the business to the Group
CEO, who in turn has sub-delegated authority to other Company management with specified financial and non-
financial limits. There is a Delegations of Authority Policy, which is reviewed annually by the Board. The Groups
CEO’s delegations were assumed by the Executive Director on 27 July 2021.
Appointment of Directors
The number of elected Directors and the procedure for their retirement and election at Annual Meetings is
determined in accordance with the Company Constitution and NZX Listing Rules. Directors will retire and may
stand for re-election by shareholders at least every three years. A Director appointed since the previous annual
meeting holds office only until the next annual meeting but is eligible for re-election at that meeting. The
Company has written agreements with each Director, outlining the terms of their appointment.
All Directors are involved in the consideration of Board composition and nominations and take into account a
number of factors including qualifications, capability, experience, judgement and skills, and the ability to work with
other Directors.
Shareholders may also nominate candidates for election to the Board, in accordance with the constitution of
the Company and the NZX Listing Rules. Reference checks are carried out on all candidates and key information
about candidates is provided to shareholders to assist their decision as to whether or not to elect or re-elect a
candidate.
The Company has developed a skills matrix and takes into account a number of factors including qualifications,
experience and skills. The Board believes that the current Directors as at 14 September 2022 offer valuable and
complementary skill sets.
BOARD SKILLS MATRIX
Board/Corporate Governance
Listed Company Governance
Industry Experience
Technology - Information / Digital / Social Media
Risk Management & Audit
Financial Expert
Strategic Growth / Value / Business...
Legal / Regulatory
Marketing
Corporate Social Responsibility
Customer Insight / International Market...
Human Resources & Talent Management
Diversity (gender/culture/balance)
■ High Capability ■ Moderate Capability
CORPORATE GOVERNANCE
99
ANNUAL REPORT 2022

Director Training and Education
Directors are encouraged to undertake appropriate training and education to ensure they remain current on how
to best perform their duties. In addition, management provide regular updates on relevant industry and Company
issues, including briefings from senior executives.
All Directors have access to executives to discuss issues or obtain information on specific areas in relation to
matters to be discussed at Board meetings, or other areas as they consider appropriate. The Board Committees
and Directors, subject to the approval of the Board Chair, have the right to seek independent professional advice
at the Company’s expense, to enable them to carry out their responsibilities.
The Company has arranged a policy of Directors’ and Officers’ liability insurance This policy covers the Directors
and Officers so that any monetary loss suffered by them, as a result of actions undertaken by them as Directors or
Officers, is insured to specified limits (and subject to legal requirements and/or restrictions).
Board Performance and Review
The Board monitors its own performance and will, from time to time, commission an external review to assess the
performance of individual Directors and the Board’s effectiveness. An external review was conducted during the
year and the report was presented to the Board in June 2022.
The Board is satisfied that each Director has the necessary time available to devote to the position, broadens the
Board’s expertise and has a personality that is compatible with the other Directors.
Diversity
Diversity at MOVE Logistics refers to characteristics of individuals and includes factors such as gender, marital
status, religious belief, colour, race, ethnic or national origin, disability, age, political opinion, employment status,
family status or sexual orientation. It encompasses the ways MOVE’s people differ in terms of their education, life
experience, job function, work experience, personality, location and career responsibilities. The key aspects being
sought are diversity of thinking and skills, as these attributes are most likely to assist MOVE Logistics in delivering
better outcomes for its stakeholders.
MOVE is committed to equal employment opportunities and treating all individuals fairly and with respect. The
company recognises that everyone has individual differences which can be leveraged to create stronger teams
and which will ultimately drive stronger business performance.
MOVE’s approach to diversity is outlined in the Diversity Policy, which is available on the Company’s website.
Key areas of focus are:
• Recruitment and retention of a diverse workforce
• Supportive working environment
• People development
• Recognition and reward based on merit
As at 30 June 2022, females represented 19% (FY21: 21%) of Directors and Officers of the Company (an officer is a
person who is concerned or takes part in the management of the company business and reports directly to the
Board or Executive Director). Females represented 14% (FY21: 16%) of all employees of the Company.
FY22FY21
Female Male
Gender
DiverseFemaleMale
Gender
Diverse
Directors 150140
Officers160270
All Employees 2471,06702271,2061
The Board is satisfied with the initiatives being implemented by the Group and its performance with respect to the
Diversity Policy. The Board has not currently set measurable objectives under the Policy for achieving diversity, as
the Board considers diversity outcomes can be achieved without measurable objectives.
CORPORATE GOVERNANCE
100

BOARD COMMITTEES
The Board has delegated a number of its responsibilities to Committees to assist in the execution of the Board’s
responsibilities. The use of Committees allows issues requiring detailed consideration to be dealt with separately
by members of the Board with specialist knowledge and experience, thereby enhancing the efficiency and
effectiveness of the Board. However, the Board retains ultimate responsibility for the functions of its Committees
and determines their responsibilities.
The Committees meet as required and have terms of reference (Charters), which are approved and reviewed by
the Board.
Minutes of each Committee meeting are available to all members of the Board, who are all entitled to attend
any Committee meeting. Each Committee is empowered to seek any information it requires from employees in
pursuing its duties and to obtain independent legal or other professional advice.
The membership and performance of each Committee is reviewed annually. Management attendance at
Committee meetings is by invitation only.
Special purpose Committees may be formed to review and monitor specific projects with senior management. In
FY22, a special Capital Management sub-committee was formed to oversee the capital raise.
In the case of a takeover offer, MOVE Logistics would engage expert legal and financial advisors to provide advice
on procedure. Formal Takeover protocols have been developed and formally adopted by the Board in compliance
with Recommendation 3.6 of the NZX Corporate Governance Code.
The Board committees as at 30 June 2022 were:
CommitteeRoleMembers as at 30 June 2022
Risk Assurance and Audit (RAAC)
Committee
Assist the Board in its oversight of
the integrity of financial reporting,
financial management and
controls, external audit quality
and independence, and the risk
management framework.
David (Grant) Devonport (Chair)
Danny Chan
Mark Newman
Governance and Remuneration
Committee
Assist the Board to establish and
maintain a strong governance
framework overseeing the
management of the company’s
people, remuneration and diversity
policies.
Peter Dryden (Chair)
Danny Chan
Mark Newman
Attendance at Board and Committee Meetings
Board RAACREM
Total Meetings Held1453
Lorraine Witten1443
Danny Chan1453
Peter Dryden1443
Christopher Dunphy1331
Mark Newman1353
David (Grant) Devonport741
CORPORATE GOVERNANCE
101
ANNUAL REPORT 2022

REPORTING AND DISCLOSURE
MOVE Logistics is committed to keeping investors and the market informed of all material information about the
Company and its performance, in a timely manner. In addition to all information required by law, the Company
also seeks to provide sufficient meaningful information to ensure stakeholders and investors are well informed. The
Company’s Continuous Disclosure Policy sets out the principles and requirements of this commitment to timely
and balanced disclosures.
Key corporate governance policies are available on MOVE Logistics’ website at www.movelogistics.com/investors/
governance.
Financial Reporting
The Board is responsible for ensuring that the financial statements give a true and fair view of the financial
position of the Company and have been prepared using appropriate accounting policies, consistently applied
and supported by reasonable judgements, estimates and for ensuring all relevant financial reporting and
accounting standards have been followed.
The Risk Assurance and Audit Committee oversees the quality and integrity of external financial reporting,
including the accuracy, completeness, balance and timeliness of financial statements. It reviews MOVE Logistics’
full and half year financial statements and makes recommendations to the Board concerning accounting policies,
areas of judgement, compliance with accounting standards, stock exchange and legal requirements, and the
results of the external audit.
For the financial year ended 30 June 2022, the Directors believe that proper accounting records have been kept
which enable, with reasonable accuracy, the determination of the financial position of the Company and facilitate
compliance of the financial statements with the Financial Markets Conduct Act 2013. The Chief Financial Officer
has confirmed in writing that MOVE Logistics Group’s external financial reports present a true and fair view in all
material aspects.
In all accounting and secretarial matters, the Board ensures that the Chief Financial Officer and Company
Secretary’s reports are objective. The Chief Financial Officer and Company Secretary have unfettered access to
the Board Chair and the Risk Assurance and Audit Committee.
Non-financial reporting
MOVE Logistics has initiatives supporting its focus on the environment, people and communities and a formal ESG
framework is being developed. MOVE’s progress in key areas can be viewed on pages 20 to 23 of the 2022 Annual
Report.
The Company periodically updates shareholders and the market on its strategy and progress against this in
shareholder reports and newsletters.
REMUNERATION
Remuneration of Directors and senior executives is the key responsibility of the Governance and Remuneration
Committee. External advice has been sought to ensure remuneration is benchmarked to the market for senior
management positions and Board positions.
The last increase in Director remuneration was approved by shareholders in 2017. The Board Charter provides that
no retirement allowance is payable to a director.
While there is no formal requirement to do so, the majority of Directors hold shares in the Company either
personally or through related interests. Directors’ share dealings and interests in the Company are detailed on
page 93.
Details of Director and Executive Remuneration in FY22 are provided on pages 90 to 91.
CORPORATE GOVERNANCE
102

RISK MANAGEMENT
MOVE has continued to strengthen its risk management capabilities under the direction of the Risk Assurance and
Audit Committee (RAAC) of the Board and the Executive Team. A dedicated internal role (Ben Gillum, Risk and
Compliance Manager) supports risk and compliance management at MOVE by developing and managing the
assurance, risk and compliance frameworks.
The RAAC ensures MOVE has appropriate risk management policies in place and provides the Board with
assurance that key risks relevant to MOVE have been appropriately identified, managed and reported to the
Board. It is also responsible for overseeing and monitoring that MOVE’s management implements and operates
adequate risk assurance, internal control and audit systems within MOVE.
The Board carries out a review of the effectiveness of the Group’s risk management and internal control systems
at least annually.
MOVE’s risk management policy provides clarity on roles and responsibilities in order to minimise the impact of
financial, operational and sustainability risk on its business.
MOVE’s current governance and risk management structure is:
Foundational governance and risk documents are regularly reviewed and updated to ensure MOVE continues to
find the best ways of working to achieve its business goals while remaining within risk appetite and adhering to its
regulatory obligations.
MOVE’s risk management framework has been created to ensure there is clear ownership and delegation of
responsibility for the management and oversight of risks and to support the appropriate flow of information
throughout the Group.
MOVE assesses its risks by understanding the likelihood of occurrence and the potential consequences using the
following categories:
• Financial
• Customer / Reputational / Shareholder Outcomes
• People / Health, Safety & Wellbeing
• Legal (Compliance) / Contractual
• Environment
• Operations
Over the 2023 financial year, continuing initiatives to improve the maturity of risk management activity will address
risk appetite, identification of key operational risks and providing management with enhanced risk management
visibility and capability.
BOARD OF DIRECTORS
DECISION MAKING
AUTHORITY &
ACCOUNTABILITY
OPERATIONAL
AUTHORITY &
ACCOUNTABILITY
EXECUTIVE
LINE MANAGEMENT
OPERATIONS
CORPORATE GOVERNANCE
103
ANNUAL REPORT 2022

Current key risks are:
Key RiskMitigation
CompetitionSignificant increase in
competition may lead to loss of
customers and loss of revenue
streams.
MOVE is focused on continually improving
its offer to customers and enhancing the
customer experience. This includes looking
at new opportunities like coastal shipping.
Investment continues to be made into IT and
capacity to further strengthen MOVE’s end to end
supply chain offer and enhance the customer
experience.
Financial risksThe risk that MOVE will not be
able to meet its debt repayment
obligations when they fall due.
Cash flow management is monitored at all
levels of the business. Financial policies and
procedures are in place and monitored to ensure
the business is managed within the limits on a
continuous basis. This risk is managed by the Risk
Assurance and Audit Committee of the Board.
Crisis EventsInability to respond to or recover
from the current Covid-19
crisis, the onset of future
global pandemic or a similarly
disruptive natural event.
Crisis Management Team for management of
crisis event response and Business Continuity
Plans are in place for each business.
EconomyHeightened economic or market
uncertainty could impair long-
term planning affecting revenue
optimisation and growth.
Management regularly monitors this risk through
a range of economic and market indicators
to facilitate forecasting of and planning for
underlying demand, revenue and capacity.
Climate
Change and
Sustainability
Physical climate impacts and
related policy and/or market
changes may disrupt our
operations or impact demand for
our services.
Sustainable strategy that extends to an emission
reduction target and includes investment in
electric and fuel-efficient vehicles.
Cyber SecurityA cyber-attack could result in lost
integrity or access to information,
loss of control systems or a
significant data privacy breach.
MOVE has data security systems and protocols
in place, which are continuously reviewed,
monitored and updated for improvement. Cyber
Security Audits are undertaken throughout the
year.
Health &
Safety
Events that could adversely
affect employee health and
wellbeing.
Key metrics are monitored and measured and
reported on regularly to the Board. Preventative
and recovery processes and controls are
implemented across the business.
The Board as a whole is responsible for monitoring corporate risk assessment processes and this is not delegated
to a subcommittee.
CORPORATE GOVERNANCE
104

Health and safety
Staying safe, keeping others safe, and being corporately responsible are fundamental to what MOVE is as
an organisation. Operating the business in this way helps deliver on MOVE’s vision of “No Harm to People, the
Environment or Assets”. Paying close attention to safety, wellbeing, sustainability, ethics and integrity go hand in
hand with that vision.
The Board is committed to ensuring a high quality, safe and healthy environment for all MOVE Logistics people,
visitors, partners and those in the community.
People safety is a key priority, one of MOVE’s core values and an essential component across the business. MOVE is
committed to developing, improving and reinforcing its safety culture, including by improving leadership capacity
and simplifying tools and systems.
Safety performance is tracked to identify patterns to help prevent incidents. “Health, Safety and Sustainability”
results and reported data from each Business Unit and at a Group level, are reviewed at each National Health &
Safety Committee Meeting. The Committee is an executive group that meets monthly for the purposes of health
and safety management across the Group. In addition, the Board receives monthly reports on the health and
safety performance across the Group, including performance against plan, near miss reporting, progress with
safety related initiatives and reviewing lead and lag indicators of performance.
During the year, further steps were taken to operationalise the safety and sustainability teams with a revised focus
and functional framework, using improved measurement and analytics tools, “in cab” and other technologies that
moves reporting beyond traditional safety metrics – bringing factors like weather and vehicle data into the picture
– to identify leading indicators of injuries and illness and factoring learnings into revised safety practices in all
parts of the business.
In addition, an independent external review of the Company’s health and safety management system was
undertaken and the Company was admitted into the Accident Compensation Authority’s Accredited Employer
Program. As a company with over 900 vehicles in the fleet, road safety is a critical risk factor. The company
has a dedicated team of driver trainers to educate and support drivers, alongside the increased use of in cab
technologies. An increasing focus is the risks around a mobile plant more generally in MOVE’s warehouses, freight
depots and cross docks.
The Company’s injury frequency rates provide a lag indicator of performance with LTIFR rates reducing for the third
year in a row.
20182019202020212022
Lost Time Injury Frequency Rate (LTIFR)28.9325.3624.5019.8415.81
Total Recordable Injury Frequency Rate (TRIFR)84.1571.3562.1863.5046.75
AUDITORS
External audit
For the year ended 30 June 2022, PricewaterhouseCoopers (PwC) was the external auditor of MOVE Logistics Group
Limited. PwC was first appointed as auditor in 2017. The most recent Audit Partner rotation occurred in 2021, with the
next rotation due no later than 2026.
The Risk Assurance and Audit Committee monitors the ongoing independence, quality and performance of the
external auditors and audit partner rotation. The Committee pre-approves any non-audit work undertaken by
PwC. The non-audit services in the year ended 30 June 2022 are set out in Note 8. Those services were provided in
accordance with the company’s External Auditor Independence Policy and were assessed by the Risk Assurance
and Audit Committee as not affecting PwC’s independence. The fees paid for audit and non-audit services in FY22
is identified on page 96 of the Annual Report. The external auditors attend the Annual Shareholders Meeting.
CORPORATE GOVERNANCE
105
ANNUAL REPORT 2022

Internal Audit
MOVE has an internal Audit Framework and Annual Plan which is overseen by the Risk Audit Assurance Committee.
MOVE continues to outsource the internal audit while it assesses the long-term requirements for an internal audit
in house function.
The internal audit function for MOVE’s business needs a broad range of skills to be effective and comprehensive.
There is also a requirement for expertise in a growing range of specialist skills such as IT audit; data mining;
data analytics and in-depth knowledge of different regulatory regimes. Outsourcing the internal Audit function
means having access to specialist expertise, innovations in the latest audit techniques and technology and the
opportunity for benchmarking.
During FY22, external specialist audit resources were used to evaluate risk and risk management in two key areas
of the business. The reports from the internal Audits are presented to the Risk Audit Assurance Committee and the
Committee monitors performance against the auditor’s recommendations.
During FY23, MOVE will continue to develop and further refine the options in the Internal Audit function to meet the
future needs of the business.
SHAREHOLDER RIGHTS AND RELATIONS
The Board is committed to open and regular dialogue and engagement with shareholders. MOVE Logistics has
developed an investor relations programme which includes regular dialogue with investors, analysts and investor
meetings, and earnings announcements. The programme is designed to provide shareholders and other market
participants the opportunity to obtain information, express views and ask questions. Easy access to financial,
operational and governance information is available through the Investor Centre on company’s website at
www.movelogistics.com/investors/governance.
Shareholders are actively encouraged to attend the Annual Meeting and may raise matters for discussion at this
event, and vote on major decisions which affect MOVE Logistics. Voting is by poll, upholding the ‘one share, one
vote’ philosophy. Shareholders are also able to vote by proxy ahead of meetings without having to physically
attend those meetings.
Shareholders are encouraged to communicate with the Company and its share registry electronically.
In addition to shareholders, MOVE Logistics has a wide range of stakeholders and maintains open channels of
communication for all audiences, including brokers, the investing community and the New Zealand Shareholders’
Association, as well as its employees, suppliers and customers.

CORPORATE GOVERNANCE
106

OUR LONG SERVICE EMPLOYEES – CELEBRATING OVER 10 YEARS
Aaron Ogden
Adam Ashcroft
Aileen Clark
Alan Paterson
Allison Webb
Aman Prasad
Amanda Friend
Andrew Isle
Andrew Mitchell
Andrew Sinnamon
Andrew Wallace
Andrew Lopesi
Andrew Green
Andy Skinner
Annie Sauaso
Barry Loughnan
Brent Langdale-Hunt
Brett Allan
Brett Peary
Brian Taylor
Brian Cole
Brian Higgins
Brian Jacobs
Bruce Newman
Bryce Earl-Peacock
Carl Harris
Casey How
Charisse Young
Chris Jones
Chris Wetzel
Christopher Allen
Christopher Reihana
Clinton Summerton
Colin Robins
Craig Jane
Craig Blackwell
Dale Thompson
Darrell Boyd
Darrin Cunningham
Darryl Slattery
Darryn Taylor
Daryl Harlan
Dave Tangaere
David Smith
David Lee
David Dytor
Dean Caldwell
Dean Murray
Debbie Lee
Delwyn Ryan
Desmond Cropper
Dianne Byrne
Duncan Isle
Dwain Iafeta
Eru Kaiwai
Foe Pauga
Garry Brooks
Gary Simons
Gavin Alexander
Gavin Maxted
Geoffrey Yates
George Watson
Gerard Biggans
Glenda Gillan
Graeme Gillies
Graeme Taylor
Graeme Goldsack
Graham Wootton
Grant Thorn
Grant Philip
Grant Forward
Grant Weston
Greg Cox
Gregory Johnson
Gwen Yates
Hazel Libres
Heather Robinson
Ian Robinson
Jacob Villalon
Jamie Potaka
Jan Allport
Jason Kelly
Jeremy Gardiner
Jeremy West
Jeremy Hodson
Jeremy Boyd
Jessica Lee
Jim Joyce
Jo Jackson
Jo-Anne Dutton
Joanne Christoffel
John Pasene
John Barton
John Turner
John-Paul Harrison
Johnny Nadan
Joseph Roberts
Josephine Dando
Karen Prescott
Karl Newsome
Keith Davies
Kelly Tito
Kelvin Hughes
Ken Kaiwai
Kerry Stockwell
Kevin Hollis
Kevin Longstaff
Kevin McLean
Kevin Haggerty
Kevin Norwood
Lafaele Faifili
Leo Bouma
Lila Griffits
Lionel Smith
Lisa Guy
Lorraine Langan
Lucky Lopesi
Luke Martin
Malcolm Cockburn
Marc Smith
Maria Watts
Mark Richards
Mark Diskin
Mark Freeman
Mark Simes
Mark Svatos
Mark Paterson
Mark Alterator
Mark Smith (L&W)
Mark Smith (Fuel)
Matt Cooksley
Matthew Dent
Melissa Weaver
Mervyn Kelso
Michael Braybrook
Michelle Jones
Michelle Sonntag
Mike Carson
Mitchell Mcgoldrick
Murray Oliver
Ngaire Vaikai
Nicholas Edwards
Nigel Hargreaves
Otto Wulf
Owen Wilson
Patrick Brunton
Paul Gardiner
Paul Otuafi
Paula Oude-Alink
Peter Harwood
Peter Sofa
Peter Howells
Peter Watts
Peter Hawaikirangi
Peter Homan
Phil Morgan
Rachel Lukis
Rahimah Alderwick
Raymond Slade
Raymond Emke
Richard Thomas
Richard Krutz
Rob Hawira
Robert Bidois
Robert Andrew
Robert Leonard
Robin Bush
Rodney James
Roma Runga
Ronald Waters
Ross Adamson
Ross Hagenson
Ross Saunders
Rupend Lal
Sam Gunasinghe
Scott Hodges
Sean O’Brien
Shane Welch
Shane Beadle
Shane Carnie
Sheldon Williams
Simon Moir
Simon Hunter
Soloman Tawera
Sosefo Tolu
Stacey Nicholls
Stephen Britt-Foy
Stephen Comyns
Stephen Hancox
Steve Runciman
Steve Wallace
Steve Hoskin
Steve Harris
Stuart Rayner
Tamehana Bishop
Tene Taare
Teokotai Kaukura
Teresa Dufton
Tewi Lawson
Tim Bown
Timothy Wills
Tom Cargill
Tom Cook
Tony Johnson
Tracy Renata
Trevor Brown
Trevor Stowell
Vincent Bennett
Warwick Bell
Watene Davis
Wayne Houghton
Wayne Restieaux
Wei Shen
Weihong Song
Wendy Topless
Whaiti De Thierry
Whuia (Buck) Robinson
William Petersen
William Cavanagh

107
ANNUAL REPORT 2022

REGISTERED OFFICE AND
ADDRESS FOR SERVICE
330 Devon Street East, New Plymouth
0800 845 5494
movelogistics.com
AUDITORS
PricewaterhouseCoopers
PwC Centre, Level 4, 60 Cashel Street
Christchurch
BANKERS
ANZ Bank
23-29 Albert Street, Auckland
SOLICITORS
Duncan Cotterill
Level 2, Chartered Accountants House,
50 Custom House Quay, Wellington
SHARE REGISTRAR
Link Market Services Limited
Deloitte Centre, 80 Queen St, Auckland

SPH Notice – Ramsay Trustees MOVE Completes Purchase of Vessel for Trans-Tasman Service

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.

Other issuers discussed similar conditions around this time

Matched by meaning across NZX announcement text, not keywords — based on our semantic index of announcement bodies.

SAN — Sanford Limited: Sanford 2022 Full Year Results
2022-11-14
“Safe and High Performing Workplace 55 SANFORD INTEGRATED REPORT 2022 STAFF MOVEMENTS Voluntary turnover during 2022 was 22.48% across our permanent staff workforce (FY21:19%); Involuntary turnover was 5% (FY21: 5%); and absenteeism reached 6.8% (FY21: 5.4%). TURNOVER BY AGE G…”
MFT — Mainfreight Limited: Mainfreight Annual Report for the year ended 31 March 2022
2022-06-27
“OPPORTUNITY, AMBITION, ABILITY. WE HAVE ALL WE NEED TO GO FURTHER RECENT EVENTS ACROSS THE WORLD HAVE CREATED COMPLEXITY AND CHALLENGES; EVENTS WHICH HAVE HONED OUR CAPABILITIES AND FUELLED OUR AMBITION TO TAKE THIS BUSINESS FURTHER. THE OPPORTUNITY AHEAD CALLS FOR AUDACI…”