Mainfreight Half Year Financial Results 30 September 2022

MAINFREIGHT LIMITED
Preliminary Half Year Announcement
For the Six Months ended 30 September 2022
Income Statement
For the Six Months ended 30 September 2022
Six Months EndedSix Months EndedYear ended
30 Sept 202230 Sept 202131 March 2022
Notesunauditedunauditedaudited
$NZ000$NZ000$NZ000
Total Revenue3,003,333 2,274,386 5,218,259
Transport Costs(1,895,050) (1,450,091) (3,356,790)
Labour Expenses(520,152) (422,422) (886,614)
Other Expenses(165,632) (115,962) (263,818)
Earnings before Finance Costs, Tax, Depreciation and Amortisation
422,499 285,911 711,037
Depreciation of Right to Use Assets(70,562) (59,160) (127,289)
Finance Costs Relating to Lease Liabilities(8,010) (7,572) (15,731)
Other Depreciation & Amortisation Expenses(38,968) (34,862) (73,324)
Other Finance Costs(3,247) (2,331) (5,312)
Profit before Taxation301,712 181,986 489,381
Income Tax Expense(84,694) (51,176) (133,984)
Net Profit for the Period217,018 130,810 355,397
Earnings per share
Basic and diluted earnings (cents per share)215.51129.90352.93
Net Profit for the Period217,018130,810355,397
Other Comprehensive Income for the Period, Net of Tax
Other comprehensive income to be reclassified to profit/(loss) in
subsequent periods
Exchange Differences on Translation of Foreign Operations98,163 (4,314) (7,412)
Income Tax Effect1,149 162 (1,047)
Net Other Comprehensive income to be reclassified to profit/(loss)
in subsequent periods
99,312 (4,152) (8,459)
Other comprehensive income not to be reclassified to profit/(loss) in
subsequent periods
Revaluation of Land including Foreign Exchange Movements3,971 (625) 82,659
Income Tax effect- - (15,016)
Defined Benefit Pension Provision(20) (5) 455
Income Tax effect3 1 (114)
Net Other Comprehensive income not to be reclassified to
profit/(loss) in subsequent periods
3,954 (629) 67,984
Other Comprehensive Income for the Period, Net of Tax103,266 (4,781) 59,525
Total Comprehensive Income for the Period, Net of Tax320,284 126,029 414,922
The accompanying notes form part of these interim financial statements
Preliminary half year report on consolidated results (including the results for the previous corresponding half year).
The Listed Issuer has a formally constituted Audit Committee of the Board of Directors.
This report has been prepared in a manner which complies with generally accepted accounting practice and fairly
presents the matters to which the report relates and is based on unaudited financial statements.
For the Six Months ended 30 September 2022
Statement of Comprehensive Income

MAINFREIGHT LIMITED
Balance Sheet
As at 30 September 2022
30 Sept 202230 Sept 202131 Mar 202230 Sept 202230 Sept 202131 Mar 2022
unauditedunauditedauditedunauditedunauditedaudited
$NZ000$NZ000$NZ000$NZ000$NZ000$NZ000
Current AssetsCurrent Liabilities
Bank260,857 121,122 202,258 Bank- - -
Trade Debtors846,560 600,974 805,568 Trade Creditors & Accruals628,783 446,314 562,004
Income Tax Receivable- - 275 Employee Entitlements139,594 93,361 152,305
Other Debtors92,273 47,164 48,563 Provision for Taxation21,512 15,815 56,609
Lease Liability for Right of Use Assets138,024 126,068 121,136
Asset Finance Loans9,241 8,976 8,841
1,199,690 769,260 1,056,664 937,154 690,534 900,895
Non-current Tangible AssetsNon-current Liabilities
Property1,085,749 792,887 925,190 Bank Term Loan256,678 205,937 176,005
Plant & Equipment200,749 169,005 185,020 Employee Entitlements2,985 3,567 2,519
Right of Use Assets689,988 573,952 585,970 Deferred Tax Liability11,389 7,204 10,684
Lease Liability for Right of Use Assets583,970 468,212 490,099
Asset Finance Loans21,201 21,924 18,480
1,976,486 1,535,844 1,696,180 876,223 706,844 697,787
Total Liabilities1,813,377 1,397,378 1,598,682
Non-current Intangible AssetsShareholders' Equity
Software52,465 58,398 52,081 Share Capital85,821 85,821 85,821
Goodwill225,540 209,446 204,498 Retained Earnings1,281,491 982,879 1,152,081
Other Intangible Assets1,419 1,440 1,288 Revaluation Reserve212,708 140,469 208,737
Deferred Tax Asset19,722 18,751 17,240 Foreign Currency Translation Reserve82,193 (12,812) (17,119)
Defined Benefit Pension Reserve(268) (596) (251)
299,146 288,035 275,107 Total Equity1,661,945 1,195,761 1,429,269
Total Assets3,475,322 2,593,139 3,027,951 Total Liabilities & Equity3,475,322 2,593,139 3,027,951
The accompanying notes form part of these interim financial statements

MAINFREIGHT LIMITED
Statement of Changes in Equity
For the Six Months Ended 30 September 2022
ForeignDefined
AssetCurrencyBenefit
OrdinaryRevaluationTranslationPensionRetainedTotal
SharesReserveReserveReserveEarningsEquity
$NZ000$NZ000$NZ000$NZ000$NZ000$NZ000
Six Months to 30 September 2022 (unaudited)
Balance at 1 April 202285,821 208,737 (17,119) (251) 1,152,081 1,429,269
Profit for the Period- - - - 217,018 217,018
Other Comprehensive Income- 3,971 99,312 (17) - 103,266
Total Comprehensive Income for the Period- 3,971 99,312 (17) 217,018 320,284
Transactions with Owners in their Capacity
as Owners
Supplementary Dividends- - - - (3,523) (3,523)
Dividends Paid- - - - (87,608) (87,608)
Foreign Investor Tax Credit- - - - 3,523 3,523
Balance at 30 September 202285,821 212,708 82,193 (268) 1,281,491 1,661,945
Six Months to 30 September 2021 (unaudited)
Balance at 1 April 202185,821 141,094 (8,660) (592) 897,383 1,115,046
Profit for the Period- - - - 130,810 130,810
Other Comprehensive Income- (625) (4,152) (4) - (4,781)
Total Comprehensive Income for the Period- (625) (4,152) (4) 130,810 126,029
Transactions with Owners in their Capacity
as Owners
Supplementary Dividends- - - - (1,513) (1,513)
Dividends Paid- - - - (45,314) (45,314)
Foreign Investor Tax Credit- - - - 1,513 1,513
Balance at 30 September 202185,821 140,469 (12,812) (596) 982,879 1,195,761
Twelve Months to 31 March 2022 (audited)
Balance at 1 April 202185,821 141,094 (8,660) (592) 897,383 1,115,046
Profit for the Period- - - - 355,397 355,397
Other Comprehensive Income- 67,643 (8,459) 341 - 59,525
Total Comprehensive Income for the Period- 67,643 (8,459) 341 355,397 414,922
Transactions with Owners in their Capacity
as Owners
Supplementary Dividends- - - - (3,674) (3,674)
Dividends Paid- - - - (100,699) (100,699)
Foreign Investor Tax Credit- - - - 3,674 3,674
Balance at 31 March 202285,821 208,737 (17,119) (251) 1,152,081 1,429,269
The accompanying notes form part of these interim financial statements

MAINFREIGHT LIMITED
Cash Flow Statement
For the Six Months ended 30 September 2022
Six Months EndedSix Months EndedYear ended
30 Sept 202230 Sept 202131 March 2022
unauditedunauditedaudited
$NZ000$NZ000$NZ000
Cash Flows from Operating Activities
Receipts from Customers3,564,724 2,609,928 4,930,932
Interest Received- - 341
Payments to Suppliers and Team Members(3,140,401) (2,356,438) (4,289,186)
Finance Charge on NZ IFRS 16 Leases(8,010) (7,572) (15,731)
Interest Paid(3,247) (2,331) (5,312)
Income Taxes Paid(121,630) (65,174) (117,247)
Net Cash Flows from Operating Activities291,436 178,413 503,797
Cash Flows from Investing Activities
Proceeds from Sale of Property, Plant & Equipment1,625 1,411 3,724
Proceeds from Sale of Software2 - 66
Repayments by Team Members3 3 -
Purchase of Property, Plant & Equipment(171,671) (79,600) (175,908)
Purchase of Software(8,011) (13,798) (16,962)
Advances to Team Members- - -
Net Cash Flows from Investing Activities(178,052) (91,984) (189,080)
Cash Flows from Financing Activities
Proceeds of Long Term Loans143,671 20,000 74,792
Dividend Paid to Shareholders(87,608) (45,314) (100,699)
Repayment of Loans(73,524) (23,310) (104,724)
Lease Payments NZ IFRS 16 (67,106) (56,232) (119,336)
Net Cash Flows from Financing Activities(84,567) (104,856) (249,967)
Net Increase / (Decrease) in Cash and Cash Equivalents28,817 (18,427) 64,750
Net Foreign Exchange Differences29,782 (6) (2,047)
Cash and Cash Equivalents at Beginning of Period202,258 139,555 139,555
Cash and Cash Equivalents at End of Period260,857 121,122 202,258
Comprised:
Bank and Short Term Deposits260,857 121,122 202,258
Bank Overdraft- - -
260,857 121,122 202,258
The accompanying notes form part of these interim financial statements

MAINFREIGHT LIMITED
Notes to the Financial Statements
For the Six Months ended 30 September 2022
1Corporate Information
The preliminary half year report announcement of Mainfreight Limited ("the parent") and its subsidiaries ("the Group")
for the six months ended 30 September 2022 was authorised for issue in accordance with a resolution of the Directors.
Mainfreight Limited is a company limited by shares incorporated in New Zealand whose shares are publicly
traded on the NZX Main Board (New Zealand Stock Exchange).
2Accounting Policies
Accounting policies remain consistent with the prior year ended 31 March 2022 financial statements.
3Required NZX DisclosuresParent
Six Months EndedSix Months EndedYear ended
30 Sept 202230 Sept 202131 March 2022
unauditedunauditedaudited
SharesSharesShares
Movements in Ordinary Shares on Issue
Closing balance100,698,548 100,698,548 100,698,548
Average balance during the period100,698,548 100,698,548 100,698,548
$NZ000$NZ000$NZ000
Net Tangible Assets
Net Tangible Assets1,362,799 907,726 1,154,162
Net Tangible Assets per Security (cps)1,353.35 901.43 1,146.16
Dividends Paid and Proposed
Recognised Amounts
Declared and Paid during the Period to Parent Shareholders
Final Fully Imputed Dividend for 2021: 45 cents (2021: 45 cents)87,608 45,314
Unrecognised Amounts
Interim Fully Imputed Dividend for 2023: 85.0 cents (2022: 55.0 cents)85,594 55,384
After the balance date, the above unrecognised dividends were approved by Directors' resolution dated 9 November 2022
These amounts have not been recognised as a liability as at 30 September 2022 but will be brought to account in the full
year to 31 March 2023.

MAINFREIGHT LIMITED
Notes to the Financial Statements
For the Six Months Ended 30 September 2022
4Segmental Reporting
An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses whose
operating results are regularly reviewed by the entity’s chief operating decision maker and for which discrete financial information is available.
The Group operates in the domestic supply chain (i.e. moving and storing freight within countries) and air and ocean freight industries
(i.e. moving freight between countries).
New Zealand, Australia, The Americas and Europe are each reported to management as one segment as the businesses there perform both
domestic and air and ocean services.
The segmental results from operations are disclosed below.
Geographical Segments
The following table represents revenue, margin and certain asset information regarding geographical segments for the six months ended
30 September 2022 and 30 September 2021.
TheInter-
New ZealandAustraliaAmericasAsiaEuropeSegmentTotal
$NZ000$NZ000$NZ000$NZ000$NZ000$NZ000$NZ000
Six Months to 30 September 2022 (unaudited)
Operating Revenue
- Sales to Customers outside the Group644,599 771,856 891,421 159,147 536,310 - 3,003,333
- Intersegment Sales10,745 33,905 68,097 117,833 44,366 (274,946) -
Total Revenue655,344 805,761 959,518 276,980 580,676 (274,946) 3,003,333
PBT & Abnormal Items74,457 69,968 93,586 25,200 38,501 - 301,712
Net Interest Expense2,395 4,493 2,842 43 1,484 - 11,257
Depreciation & Amortisation30,167 26,864 21,995 2,293 28,211 - 109,530
Capital Expenditure50,653 97,749 18,104 631 10,918 - 178,055
Trade Receivables156,056 219,082 297,944 65,784 203,009 (95,315) 846,560
Non-current Assets788,268 661,574 388,159 20,669 416,962 - 2,275,632
Total Assets953,982 932,103 808,950 190,523 685,079 (95,315) 3,475,322
Total Liabilities402,931 477,734 485,433 116,328 426,266 (95,315) 1,813,377
Six Months to 30 September 2021 (unaudited)
Operating Revenue
- Sales to Customers outside the Group498,446 557,604 623,796 155,954 438,586 - 2,274,386
- Intersegment Sales3,819 15,684 30,350 175,574 29,632 (255,059) -
Total Revenue502,265 573,288 654,146 331,528 468,218 (255,059) 2,274,386
PBT & Abnormal Items48,070 47,279 49,218 16,253 21,166 - 181,986
Net Interest Expense2,553 3,736 2,178 68 1,368 - 9,903
Depreciation & Amortisation26,231 23,661 14,780 1,459 27,891 - 94,022
Capital Expenditure43,907 19,826 11,554 764 15,936 - 91,987
Trade Receivables118,497 140,979 198,856 130,973 123,728 (112,059) 600,974
Non-current Assets710,955 474,775 236,200 18,106 383,843 - 1,823,879
Total Assets807,806 635,269 473,339 199,436 589,348 (112,059) 2,593,139
Total Liabilities338,545 361,164 310,092 136,982 362,654 (112,059) 1,397,378

MAINFREIGHT LIMITED
Notes to the Financial Statements
For the Six Months Ended 30 September 2022
4Segmental Reporting - continued
The
New ZealandAustraliaAmericasAsiaEuropeTotal
$NZ000$AU000$US000$US000€EU000$NZ000
Revenue Local Currency
Six Months to 30 September 2022644,599 697,372 562,843 100,485 326,988 3,003,333
Six Months to 30 September 2021498,446 525,040 441,398 110,353 260,432 2,274,386
Growth29.3%32.8%27.5%-8.9%25.6%32.1%
Excluding FX Impact26.3%
PBT Local Currency
Six Months to 30 September 202274,457 63,216 59,090 15,911 23,474 301,712
Six Months to 30 September 202148,070 44,518 34,827 11,501 12,568 181,986
Growth54.9%42.0%69.7%38.3%86.8%65.8%
Excluding FX Impact57.8%
PBT to Revenue Margin
Six Months to 30 September 202211.6%9.1%10.5%15.8%7.2%10.0%
Six Months to 30 September 20219.6%8.5%7.9%10.4%4.8%8.0%
Division Segments
The following table represents revenue and PBT in respect of the three main types of services for the six months ended
30 September 2022 and 30 September 2021.
Domestic
TransportWarehousingAir & OceanTotal
$NZ000$NZ000$NZ000$NZ000
Six Months to 30 September 2022 (unaudited)
Revenue 1,113,253 355,299 1,534,781 3,003,333
PBT & Abnormal Items109,938 28,940 162,834 301,712
Six Months to 30 September 2021 (unaudited)
Revenue 894,315 264,615 1,115,456 2,274,386
PBT & Abnormal Items72,913 22,188 86,885 181,986
30 Sep 202230 Sep 2021
unauditedunaudited
$NZ000$NZ000
Reconciliation between non-GAAP and the Income Statement
Profit before Taxation for the Year301,712 181,986
Finance Costs Relating to Lease Liabilities8,010 7,572
Other Finance Costs3,247 2,331
EBITA312,969 191,889
Depreciation of Right of Use Assets70,562 59,160
Other Depreciation and Amortisation Expenses38,968 34,862
EBITDA (Adjusted)422,499 285,911
EBITDA (adjusted) is defined as earnings before net interest expense, tax, depreciation, amortisation, and royalties (segment only; not Group).
There are no customers in any segment that comprise more than 10% of that segment's revenue.
Bank term loan is allocated based on segment net assets excluding bank term loan.
The geographical segments are determined based on the location of the Group's assets.

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Distribution Notice
(for Equity Security issuer/Equity and Debt Security issuer)
Section 1: Issuer Information
Name of Issuer
Financial product name/description
NZX ticker code
ISIN
Full YearQuarterly
Half YearxSpecial
DRP Applies
Record date
Ex-Date (one business day before the Record
Date)
Payment date (and allotment date for DRP)
Total monies associated with the distribution
Source of distribution (for example, retained
earnings)
Currency
Section 2: Distribution Amounts per Financial Product
Gross Distribution
Gross Taxable Amount
Total Cash Distribution
Excluded Amount (applicable to listed PIEs)
Supplementary Distribution Amount
If fully or partially imputed, please state
imputation rate as % applied
Imputation tax credits per financial product
Resident Withholding Tax per financial
product
N/A
Authority for this Announcement
Name of person authorised to make this
announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
tim@mainfreight.com
10/11/2022
Tim Williams, Chief Financial Officer
Tim Williams
+64 9 259 5510
$0.33055556
$0.05902778
Section 4: Distribution Re-investment Plan (not applicable)
28.0%
$1.18055556
$1.18055556
$0.85000000
$0.15000000
Section 3: Imputation Credits and Resident Withholding Tax
Is the Distribution imputed?
Fully imputed
Partial imputation
No imputation
Type of distribution
(Please mark with an X in the
relevant box/es)
NZD
Mainfreight Limited
Ordinary Shares
MFT
NZMFTE0001S9
9/12/2022
8/12/2022
16/12/2022
$85,593,766
Retained Earnings

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Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Results for announcement to the market
Name of IssuerMainfreight Limited
Reporting Period6 months to 30 September 2022
Previous Reporting Period6 months to 30 September 2021
CurrencyNZD
Amount (000s)Percentage Change
Revenue from Continuing Operations$3,003,33332.1%
Total Revenue$3,003,33332.1%
Net Profit/(Loss) from Continuing Operations$217,01865.9%
Total Net Profit/(Loss)$217,01865.9%
Interim/Final Dividend
Amount per Quoted Equity Security$0.85000000
Imputed Amount per Quoted Equity Security$0.15000000
Record Date9/12/2022
Dividend Payment Date16/12/2022
Current PeriodPrior Comparable Period
Net tangible assets per Quoted Equity Security
$13.6438$9.0143
A brief explanation of any of the figures above
necessary to enable the figures to be
understood
Name of person authorised to make this
announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
10/11/2022
Unaudited financial statements accompany this announcement.
Authority for this Announcement
Tim Williams, Chief Financial Officer
Tim Williams
+64 9 259 5510
tim@mainfreight.com

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M A I N F R E I G H T L I M I T E D

Mainfreight Lane | off Saleyards Road | Otahuhu 1062 | New Zealand
Tel +64 9 259 5500 | Fax +64 9 270 7400
PO Box 14-038 | Panmure | Auckland 1741 | New Zealand


Supporters of
MAINFREIGHT – GLOBAL LOGISTICS

MAINFREIGHT LIMITED
10 November 2022


Financial result for the six months ended 30 September 2022 (Unaudited)

Commentary
Mainfreight is pleased to announce our half-year financial results to
30 September 2022. These are in line with our expectations and with the guidance
provided to the market during our Investor Day on Friday 21 October 2022.
Contributions from all five regions across our global network are positive and continue
to provide confidence.

Revenue $3 billion Up $729 million or 32%
Profit before tax $301.71 million Up $120 million or 66%
Net profit $217.02 million Up $ 86 million or 66%

• Adjusted for foreign exchange impact, Group Revenue is up 26.3%, Profit before
tax is 57.8%, and Net profit is 57.7%.
• An interim dividend of 85.0 cents per share has been set by the Board of
Directors, payable on 16 December 2022; an increase of 54.5%.

This, in our view, is a satisfactory result that has carried our momentum from the
previous year’s performance. All three products; Air & Ocean, Transport and
Warehousing from the five regions have contributed significantly.

- 2 -
We do expect a moderation in our Air & Ocean performance as international Seafreight
rates decline, albeit we continue to develop our capability including added value
services and growth across a variety of trade lanes around our network.

Investment in our network expansion and intensification continues which will see a
further increase in capital expenditure and lease commitments over the next 18 months
– such is our confidence in the potential growth opportunities available.

Divisional Performance (figures in local currencies)

New Zealand (NZ$)
Revenue $644.60 million Up $146.15 million or 29%
Profit before tax $ 74.46 million Up $26.39 million or 55%

Consistent trading and growth from all three divisions has contributed to this satisfactory
result.

Our Transport network has increased its footprint with two new branches – Hobsonville
and Whakatane. Service levels continue to improve as covid restrictions and supply
chain congestion decreases.

Warehousing utilisation remains high. Activity levels are improving and the increased
capacity in 2023 will bring welcomed relief and further growth expectations.

Air & Ocean growth has continued and while ocean freight rate reductions are evident
new customer activity has remained strong.

Satisfactory trading across all three divisions has continued post-September with
expectations of this continuing well into December.

- 3 -

Australia (AU$)
Revenue AU$697.37 million Up AU$172.33 million or 33%
Profit before tax AU$ 63.22 million Up AU$18.70 million or 42%

Ongoing strong Transport and Air & Ocean performance has contributed to this
performance. Warehousing growth has continued but profitability has been
constrained through a lack of capacity as over utilised Warehouses contribute to
inefficiencies.

New Transport facilities for Adelaide and South Melbourne are nearing completion
bringing welcome relief to congested sites in both cities.

New Warehousing facilities will open in Adelaide and completion for our new
Moorebank site in Sydney is expected mid-2023. Significant development for more
regional Transport and Warehousing sites is underway.

Air & Ocean growth continues, particularly developing long-haul trade routes to and
from the USA and Europe.

Trading post-September continues to strengthen, particularly in domestic Transport.

Europe (Euro €)
Revenue €326.99 million Up €66.56 million or 26%
Profit before tax € 23.47 million Up €10.91 million or 87%

Good contributions from all three divisions have assisted in this result.

Satisfactory Transport growth has increased revenues alongside improved margin
performance. Improved financial results from our Belgium and France business units
has been pleasing. Network intensification in the Netherlands is underway which will
include land ownership in the medium term.

- 4 -
Warehousing volumes remain elevated with additional new leased sites under
negotiation to provide additional capacity for our customer growth aspirations.

Air & Ocean continues to find growth across our global network, particularly in air and
sea freight consolidations. Whilst Asia to Europe has seen reduced ocean freight rates,
Europe to the USA (Trans Atlantic) freight rates remain elevated.

Trading post-September remains ahead of the prior year.

The Americas (US$)
Revenue US$562.84 million Up US$121.45 million or 28%
Profit before tax US$ 59.09 million Up US$24.26 million or 70%

Another improving result from our Americas region dominated by our Air & Ocean and
CaroTrans divisions. Whilst international ocean freight rates are reducing, we have
maintained acceptable growth through a combination of ongoing new business
improvement and further LCL freight consolidations - particularly in our wholesale sea
freight division of CaroTrans. While airfreight volumes have reduced as sea to air
conversions settle back into normal sea freight routines, our development of dedicated
airfreight continues.

Domestic LTL freight growth in our Transport division is improving but has yet to reach
our expected level of growth. Our status change from domestic freight forwarder to LTL
carrier is now complete. This, alongside the development of purpose-built LTL
cross-docks will further our market opportunities. We expect to acquire land in this
current year to assist this development.

Warehousing improvement and growth continues. Like elsewhere in our network, over
utilisation of facilities is creating some inefficiency. Additional leased sites are under
negotiation to satisfy new customer growth expectations.

Trading post-September has seen Air & Ocean returns moderate from the peaks of the
prior period.

- 5 -
Asia (US$)
Revenue US$100.49 million Down US$9.87 million or 9%
Profit before tax US$15.91 million Up US$4.41 million or 38%

Ocean freight rate decline has contributed to an overall revenue reduction for our Asian
operations. However, increased “in-country” customer growth and an increase in pre
and post shipment services for our customers has seen margins and profitability
improve. Ongoing development of our Southeast Asian, Korean and Japanese network
has been pleasing.

The opening of our first Indonesian branch in Jakarta was completed during this first
half – adding our 10
th
country to our Asian regional network.

Trading post-September has been acceptable, albeit with profit slightly below the prior
year as ocean freight rate levels and volumes decline.

Group Operating Cash Flows
Operating cash flows were $291.4 million, up from $178.4 million in the prior year,
reflecting increased profitability. Net debt is $26.3 million, up from $1.1 million at 31
March 2022.

Capital Expenditure
During the half year, net capital expenditure totalled $178.1 million.
• Expenditure for land and buildings, including fit out, $145.6 million;
• Plant and equipment of $24.5 million; and
• Information Technology $8.0 million.

Our expectations for capital expenditure for the full financial year ending 31 March 2023
is $360 million. This includes $314 million on land and buildings across New Zealand,
Australia and the Americas.

A further $347 million is estimated for capital expenditure in 2024. It is expected
$301 million of this will be allocated to the purchase and build of facilities across the

- 6 -
network in New Zealand, Australia, the Americas and Europe as we look to further
expand and intensify our network.

This capital expenditure increase in the 2024 year from our previous estimates of
$193 million is an increase of a further $154 million. This increase includes further land
purchases, racking and warehouse fitout, solar and energy management systems and
foreign exchange impact.

Outlook
We are satisfied with this financial performance for the first six months of our financial
year.

Trading post half-year, through the five weeks of October and into November, has seen
revenue levels increase by 2% over the prior year and profit before tax up 11%.

We continue to be confident of trading conditions for the remainder of the financial year,
albeit cognisant of economic headwinds and declining sea freight rates and volumes
leading into the New Year. We remain focused on increased growth, with all divisions
continuing to see new customer opportunities.

Accordingly, we continue to invest in our network infrastructure for the long term across
all regions.

Mainfreight will release its financial results for the full 2023 financial year on
25 May 2023. In light of current interest in trading trends, we will provide a trading
update at the beginning of February 2023.


For further information, please contact Don Braid, Group Managing Director,
telephone +64 9 259 5503, +64 274 961 637 or email don@mainfreight.com
or
Tim Williams, Chief Financial Officer, telephone +64 9 259 5510, +64 274 533 470 or
email tim@mainfreight.com.