MOVE Logistics Group – 1H23 Results

Company Announcement
23 February 2023

MOVE LOGISTICS GROUP 1H23 RESULTS
Transport and logistics group, MOVE Logistics Group Limited (NZX/ASX: MOV), has today released its
unaudited result for the six months ended 31 December 2022 (1H23)
1
.
The result reflects investment into growth initiatives and solid contributions from the Contract
Logistics and International businesses, offset by a disappointing result from the Freight business, as
the Improvement programme takes longer than originally anticipated to complete.
The company’s primary focus remains on resetting and strengthening the core business. A digital
transformation is underway and investment is being made into other growth initiatives including
commencing the new Oceans operations and expanding MOVE’s footprint in priority customer
sectors.
Economic conditions continued to impact on the business during 1H23, with increasing inflationary
pressure, driver shortages, higher absenteeism due to Covid and the impact of adverse weather on
customers across a range of sectors including agriculture and infrastructure.
Revenue for the six months was $169.5m, down 4% on the prior comparative period (pcp) following
the contraction of the Freight customer base in FY22 to address margin. Freight rates are now better
aligned to the market and further work is underway to improve efficiency and rebuild the customer
base and volumes. Contract Logistics delivered a solid revenue result in line with the prior year,
while International revenue was up 26% off a smaller base.
Normalised EBITDA of $21.9m
2
included investment of $1.6m in growth strategies. In addition, as
part of the Freight Improvement programme, costs have increased as MOVE has strengthened its
network capability.
Reported net loss after tax including discontinued operations was $1.5m
3
and includes non-trading
adjustments of $1.0m pre-tax related to goodwill impairment. MOVE has a reported normalised net
loss after tax of $1.8m (before non-controlling interests).
MOVE has a robust balance sheet with strong operating cashflows and an improved cash conversion
rate for the six months. As at 31 December 2022, net debt was $21.6m, with undrawn facilities of
$20m for the company to continue executing its strategic plans.
Looking Forward
MOVE was pleased to welcome experienced transport and logistics sector executive, Craig Evans, as
CEO from 1 February 2023. Craig was most recently head of Mainfreight’s New Zealand operations.
He will lead the execution of MOVE’s strategy across the group, working with MOVE’s team of more
than 1,200 people.

1
All financials in NZD. The company has reported on continuing operations which exclude Specialist due to the planned
divestment of this division. 1H22 results have been restated to exclude discontinued operations.
2
Normalised EBITDA excludes non-trading adjustments of $1.0m pre-tax related to goodwill impairment (1H23 EBITDA
before non-trading was $20.9m). Further details are included in appendix to the MOVE Logistics Group 1H23 presentation.
3
Including discontinued operations; attributable to owners of the company

Craig said: “We are on a journey to position MOVE as a solutions-driven transport and logistics
business and a leader in our industry. Our teams offer a wealth of experience and energy that
supports our goal to deliver a high value proposition for our customers and shareholders. While
there is still work to do, we have multiple initiatives underway as we focus on working our assets
smarter, investing in what matters, and driving returns for our business.
“We recognise that challenging trading conditions will surround us in 2H23, further exasperated
after the recent adverse weather events. Our teams have been working tirelessly to ensure the
continuation and quick return of our services and networks during this time and our thoughts are
with all New Zealanders who have been affected.
“A tight focus on cost control, excellent customer service, and a culture of innovation and inclusivity
will help support our business through the economic cycle. Investment in growth initiatives such as
digital transformation and the new trans-Tasman shipping service demonstrates a changing mindset
driven by our team”.


ENDS

For further information, please contact:

Craig Evans
Chief Executive Officer
Phone: +64 274 353 897
Email: craig.evans@movelogistics.com
Lee Banks
Chief Financial Officer
Phone: +64 27 525 2876
Email: Lee.Banks@movelogistics.com

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

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

---

MOVE LOGISTICS GROUP LIMITED
HY23 RESULTS
23 February 2023

INCOME
$169.5m
1H22: $176.6m
EBITDA
Normalised
2
$21.9m
1H22: $28.1m
EBIT
Normalised
2
$2.2m
1H22: $6.4m
NLAT
3
$(1.5)m
1H22: $(1.4)m
LTIFR
15.37
Dec 21: 17.75
CAPEX
$13.0m
1H22: $2.2m
GEARING
23.0%
1H22: 22.6%
OPERATING
CASHFLOW
$26.9m
1H22: $25.2m
HY23 PERFORMANCE SNAPSHOT
HY23 Results
2
1.Continuing operations excludes Specialist due to the planned divestment of this division
2.NormalisedEBITDA, NormalisedEBIT and NormalisedNPAT exclude non-controlling interest and non-trading adjustments of
$1.0m pre-tax related to asset impairment & restructuring the business (1H22: $0.7m). 1H23 EBITDA before non-trading was
$20.9m.
3.Including discontinued operations, attributable to owners of the company
Continuing Operations
1

HY23 OPERATING ENVIRONMENT
Softer conditions than expected despite COVID recovery
HY23 Results
3
•Increasing inflationary pressure, particularly fuel and labour costs
•Ongoing Covid impact, mainly in absenteeism
•Driver shortages remain acute, with increased competition for Owner Drivers pushing
up costs
•Weather impact on customers across a range of sectors including agriculture and
infrastructure
•Supply chain disruption and increased costs impacting on timing of Freight
improvement programme
•Some easing of supply chain issues later in 1H23, with international freight costs
reducing off peak highs
•Falling consumer confidence and high interest rate environment

UPDATE ON KEY STRATEGIC PRIORITIES
Primary focus on resetting and strengthening core business
HY23 Results4
•Freight improvement taking longer than anticipated –focus remains on service levels to increase
value proposition, digital transformation and transition to asset light model
•Further work underway to improve efficiency and rebuild customer base and volumes
•Digital transformation underway –implementing new Freight management &HRplatforms
•Focus on growth opportunities -expanding footprint in priority customer sectors, investing in
shipping and building customer base
•New Oceans strategy, a feeder to MOVE’s freight and logistics network
•Ongoing divestment process for Specialist business
Post Period-End
•Appointment of Craig Evans as CEO from 1 February 2023
•Commenced MOVE Oceans trans-Tasman shipping route in January 2023

INVESTMENT INTO STRATEGY
1H23 result includes investment
in digital transformation and
diversification
HY23 Results
5
$000s1H23
Oceans –start up costs
762
Digital Technology -FuseIT
619
VerticalDiversification -Dairy
190
Total 1H23 EBITDA Impact1,571

FINANCIAL RESULTS
HY23 Results6

HY23 GROUP SUMMARY
HY23 Results7
1.Continuing operations excludes Specialist due to the planned divestment of this division
2.NormalisedEBITDA, NormalisedEBIT and NormalisedNPAT excludes NCI and non-trading adjustments of $1.0m pre-
tax related to asset impairment and restructuring (1H22: $.7m)
3.Including discontinued operations, attributable to owners of the company
$Millions
Continuing Operations
1
1H231H22
1H23:22
$ change
Total Income
169.5176.6(7.1)
Normalised EBITDA
2
21.928.1(6.2)
Normalised EBIT
2
2.26.4(4.2)
Normalised
(NLAT)/NPAT
2
(1.8)0.5(2.3)
Reported (NLAT)
including discontinued
operations
3
(1.5)(1.4)(0.1)
EPS (cents)
(2.91)(0.65)(2.26)
Free cashflow
15.624.2(8.6)
Net Debt
21.620.9(0.7)
•Softer half year results as Freight
improvement programme continues and
investment made into growth initiatives
•Solid revenue from Contract Logistics and
International offset by soft performance in
Freight
•EBITDA reflects investment into growth
initiatives, Freight improvement
programme and digital transformation
•Free cash flow reduction due to capital
expenditure relating to Oceans expansion

NORMALISED EBITDA
HY23 Results8
•Freight improvements and growth initiatives
will be primary drivers of EBITDA gains going
forward
•Freight: Contracted the Freight customer base
in FY22 to address low margin service
provision
•Freight: Investment in network optimisation,
digital and Owner Drivers to deliver
improved, high value service going forward
•Contract Logistics: Growth in warehousing
and logistics offset by cost increases in
delivery of fuel service
•International: Reflects investment into new
shipping opportunity
NormalisedEBITDA excludes non-trading adjustments of $1.0m pre-tax related to goodwill impairment.
Further details included in appendix to this presentation. 1H23 EBITDA was $20.9m
Customer contraction: $(2.3)m
Network optimisation $(2.8)m
Investment cost: $(0.6)m

BALANCE SHEET REMAINS
STRONG
•MOVE has sufficient funding in place to
continue with its strategic plans
•Total facilities -$46m
Undrawn $20m
HY23 Results
9
$000s
December 22June 22
change
Dec22 v
Jun22
Cash12,59014,940-2,350
Trade and other receivables56,26660,294-4,028
Assets held for sale25,49125,263228
Other current assets212-212
ROU assets145,911150,381-4,470
Property, plant, equipment65,49857,7617,737
Intangible assets15,79318,058-2,265
Other non-current assets1,9174201,497
TOTAL ASSETS323,678327,117-3,439
Current liabilities88,19185,5552,636
Non current borrowings22,46924,324-1,855
Convertible note7,9967,792204
Other non current liabilities3,1083,115-7
Lease liability129,831133,338-3,507
TOTAL LIABILITIES251,595254,124-2,529
Total equity72,08372,993-910
TOTAL EQUITY AND LIABILITIES323,678327,117-3,439
$000s1H231H22
Change
23 v 22
Net Debt21,58320,889694
Gearing23.0%22.6%0.4%
Fixed Charge Cover Ratio*1.45--
Interest Cover Ratio*-2.20-
* Bank covenants were changed from Interest Cover ratio to Fixed Charge Cover
ratio as part of the refinancing completed in FY22

CASH FLOW
HY23 Results
10
•Free cash flow reduction due to capital
expenditure relating to Oceans expansion
•Working capital improved due to reduction
in overdue debtors and an increase in
employee accruals (due to payroll timings)
•Net operating cashflow remains strong
•Cash conversion of 124% much improved
on prior year due to reduced working
capital
•Interest expense was lower due to reduced
debt levels
•Hedge position in place to fixed interest
cost for >75% of debt
IMPROVED CASH CONVERSION
$000s1H231H22
change
23 v 22
NormalisedEBITDA excl. non-cash items 21,68428,251-6,567
Restructuring costs3(747)+750
Working capital movement5,215(2,291)+7,506
Net operating cashflows26,90225,213+1,689
Net capital expenditure(11,260)(959)-10,301
Free cash flow15,64224,254-8,612
Acquisitions0200-200
Net cash flow before financing and tax15,64224,454-8,812
Net interest payments(4,583)(5,646)+1,063
Tax payments(504)(258)-246
Cash flow before movements in net debt10,55518,550-7,995
EBITDA cash conversion124.0%91.7%32.3%

OPERATIONAL PERFORMANCE
HY23 Results11

FREIGHT
Disappointing HY performance, improvement
programme taking longer than anticipated
•Softer 1H23 sales due to inflationary pressures on customer
demand, uprating and wet weather affecting customer projects
•Higher fuel prices passed onto customers and reflected in revenue
•EBITDA margin at 5.7%, reflecting infrastructure investment –digital,
transition to asset light model, fleet upgrade and service delivery
•Contracted the business in FY22 to address margin. Rates now better
aligned to the market and reflective of service delivery
•Optimisingnetwork to better service LCL customers –more trucks
on fixed schedules, increase in number of drivers (higher cost of
Owner Drivers)
•Unexpected contract loss of circa. $14m revenue p.a. –one month
of loss included in HY period
•Going forward –focus on higher margin customers and contracts,
leveraging improved service offer, cost management remains a
priority
•Rollout of new TMS system continuing and will deliver efficiencies
HY23 Results
12
Revenue: $80.9m, -11%
EBITDA: $4.6m, -55%
40
50
60
70
80
90
100
1H211H221H23
NZD millions
Revenue
-
2
4
6
8
10
1H211H221H23
NZD millions
Normalised EBITDA

CONTRACT LOGISTICS
Steady state with excellent management and strong
customer relationships
HY23 Results
13
•EBITDA margin remains solid at 22.1%
•Warehouse capacity at high levels with high existing customer
renewal rate alongside increasing new customer demand
•Opportunities exist to expand MOVE’s warehousing footprint
•Focus on cost control in the high inflation environment helping to
continue delivering consistent margin performance
•Fuel revenue impacted by loss of customer contract in 2H22 and
reduced volume impact from Covid
•Driver shortages and sub-contractor use to deal with fluctuation in
fuel volumes continue to impact margin
•Investment incurred to explore Dairy vertical
Revenue: $80.5m, +1%
EBITDA: $17.8m, -1%
-
20
40
60
80
1H211H221H23
NZD millions
Revenue
-
5
10
15
20
1H211H221H23
NZD millions
Normalised EBITDA

INTERNATIONAL
Commencement of Oceans strategy
•EBITDA margin reduced to 17.9% -reflects start up costs of
Oceans strategy
•International freight volumes have remained high, some easing in
freight pricing
•Investment into start up of Oceans strategy
•Commenced trans-Tasman shipping service in January 2023
•Commissioned new build ship for coastal shipping expected to be
in operation Q1 2024. Supported by $10m co-funding from Waka
Kotahi
HY23 Results14
Revenue: $6.6m, +26%
EBITDA: $1.2m, -21%
-
2
3
5
6
8
1H211H221H23
NZD millions
Revenue
-
0.5
1.0
1.5
2.0
2.5
1H211H221H23
Thousands
Normalised EBITDA

LOOKING FORWARD
HY23 Results15

STRATEGY FOR GROWTH
OUR VISION
16HY23 Results
To be the best freight and
logistics company in
Australasia and a leader in
sustainable logistics
services.

STRATEGIC PILLARS AND 2H23 INITIATIVES
Strategic review underway by new CEO
BETTER STRONGER BUSINESSSMART GROWTH & EXPANSIONTAKING CARE OF WHAT
MATTERS
STRATEGIC
PILLARS
•Work our assets smarter
•Build our multi-modal offer
•Optimise earnings
•Deliver for our customers
•Upsize our business
•Having a positive impact on our
people, communities
and the environment
KEY INITIATIVES
•Continue to execute Freight
improvement programme
•Rollout Freight management and
human resources IT systems
•Build demand for new trans-
Tasman shipping route
•Primary focus on improving
margins
•Focus on improving customer service
and delivery
•Expand and further cross sell
services between Freight and
Contract Logistics
•Expand the solutions provided to
each customer
•Build a greater presence in targeted
sectors including Viticulture,
Aquaculture, Dairy and Beverages
•Continued assessment of acquisition
and growth opportunities
•Safety first, middle and last
•Continue to build and
strengthen culture -“We MOVE
as One”
•Range of initiatives in place to
reduce carbon emissions
•On track with preparations for
mandatory climate-related
disclosures and reporting
17

RESILIENCE
Prepared for change
HY23 Results
18
•Strong cyber strategy, subject to regular review
•Reliable Freight, Fuel and Warehouse networks,
providing customers with certainty despite
weather events
•Oceans strategy supporting increased role of
coastal shipping in New Zealand’s transport
network; will provide optionality during road
closures and remediation
•Ability to mobilise a large fleet enables MOVE
to work around network outages, such as
derailments and line closure
•Diversified customer base and new client
relations across the Tasman as a result of
Oceans strategy

2H23 OUTLOOK
Primary focus on Freight improvement and Oceans operations
•Potential moderation in customer activity due to economic conditions; impact of wet
weather on operations and customers in January and February
•Continuing to strengthen the business foundation and invest into resources, capability
and technology
•Freight reset remains in progress. Gains from Freight Improvement programme will be
biggest driver of improving financial returns
•Inflationary pressures expected to continue and demand regular interaction with clients
as to rate levels and sustainability
•Contract Logistics and International –performing to expectations with good demand and
margins
•Trans-Tasman shipping underway
•Given uncertain economic and market conditions, and a business review by the new CEO,
no guidance is being provided atthis time
HY23 Results19

HY23 Results20
APPENDICES
Craig Evans
Chief Executive Officer
Phone: +64 274 353 897
Email: craig.evans@movelogistics.com
Lee Banks
Chief Financial Officer
Phone: +64 27 525 2876
Email: Lee.Banks@movelogistics.com

Non-GAAP Reconciliation
$Millions1H231H22
Net (loss) before income tax from continuing operations
(GAAP measure)
(3.74)(0.18)
Add back:
Share of loss of associates0.060.05
Net finance costs4.815.76
Loss in investment in associates-0.06
Restructuringcosts(.11)0.74
Share acquisition costs0.110.01
Goodwill and asset impairment1.02-
Depreciation & Amortisation19.7621.64
EBITDA excluding non-trading items (non-GAAP measure)21.9128.08
Net (loss) after income tax (GAAP measure) attributable to
owners
(1.45)(1.37)
Less: Discontinued operations after tax(1.93)0.74
Add back:
Non-controlling interests0.590.34
Other non-trading expenses, net of tax:
Goodwill and asset impairment1.02-
Restructuring costs(0.11)0.74
Share acquisition costs0.110.01
Net (loss)/profit after tax excluding non-trading items
(non-GAAP measure)
(1.77)0.46
HY23 Results21
MOVE Logistics Group uses several non-GAAP measures
when discussing financial performance and the Board and
Management believes this provides a better reflection of the
company’s underlying performance.
•EBITDA: Earnings before interest, tax, depreciation,
amortisation excluding income and impairment from
associates. 1H23 EBITDA was $20.9m
•Normalised EBITDA: EBITDA before non-trading costs
•Normalised EBITDA Margin: Normalised EBITDA as a
percentage of total income
•Normalised EBIT: Normalised EBITDA less depreciation
and amortisation
•Free cash flow: EBITDA excluding non-cash items plus
movements in working capital, less net capital
expenditure
•Net debt: interest bearing liabilities less cash and cash
equivalents
•Operating cash conversion: cash generated from
operations as a %age of EBITDA less non-cash items
•LTIFR: Lost time injury frequency rate
•Interest Cover ratio: EBIT/Interest Expense
•Fixed Charge Cover ratio: EBITDA + Rent & Operating
Lease Expense / Interest + Rent & Operating Lease
Expense

DISCONTINUED
OPERATIONS
PLANNED DIVESTMENT OF SPECIALIST
ACTIVITIES
•Planned divestments align to our strategic
reset
•Limited cross-over to Freight and Contract
Logistics divisions
•In discussion with multiple interested
parties
HY23 Results
22
Discontinued Operations -$000s1H231H22change
Revenue10,3366,1344,202
Net profit/(loss) before tax2,687(1,031)3,718
Net profit/(loss) after tax1,935(742)2,677
Net Cashflows2,012(236)2,248
Assets classified as held for sale25,49125,263
Liabilities directly associated with assets
classified as held for sale
6,0836,149
1H23 does not include depreciation due to held for sale classification (1H22: $1.56m)

Disclaimer
HY23 Results23
This presentation has been prepared by MOVE Logistics Group Limited (“MOV”).The information in this presentation is of a general nature only. It is not a complete
description of MOV.
This presentation is not a recommendation or offer of financial products for subscription, purchase or sale, or an invitationorsolicitation for such offers.
This presentation is not intended as investment, financial or other advice and must not be relied on by any prospective investor.It does not take into account any
particular prospective investor’s objectives, financial situation, circumstances or needs, and does not purport to contain all the information that a prospective
investor may require. Any person who is considering an investment in MOV securities should obtain independent professional advice prior to making an investment
decision, and should make any investment decision having regard to that person’s own objectives, financial situation, circumstances and needs.
Past performance information contained in this presentation should not be relied upon as (and is not) an indication of futureperformance.This presentation may
also contain forward looking statements with respect to the financial condition, results of operations and business, and business strategy of MOV. Information about
the future, by its nature, involves inherent risks and uncertainties. Accordingly, nothing in this presentation is a promise or representation as to the future or a
promise or representation that an transaction or outcome referred to in this presentation will proceed or occur on the basis described in this presentation.
Statements or assumptions in this presentation as to future matters may prove to be incorrect.
A number of financial measures are used in this presentation and should not be considered in isolation from, or as a substitute for, the information provided in the
MOV Listing Profile.
MOV and its related companies and their respective directors, employees and representatives make no representation or warranty of any nature (including as to
accuracy or completeness) in respect of this presentation and will have no liability (including for negligence) for any errors in or omissions from, or for any loss
(whether foreseeable or not) arising in connection with the use of or reliance on, information in this presentation.

---

INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2022

1
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS &
OTHER COMPREHENSIVE INCOME
SIX MONTHS ENDED 31 DECEMBER 2022
NOTES
UNAUDITED
6 MONTHS TO
DECEMBER 2022
$000
UNAUDITED
6 MONTHS TO
DECEMBER 2021
$000*
Revenue 167,908175,190
Gains on disposal of assets 756434
Lease income612640
Other income 244333
Total Income 169,520176,597
Transport costs(73,530)(72,564)
Employee costs(57,926)(59,756)
Rental / lease expenses(2,405)(1,862)
Other operating expenses(13,744)(14,340)
Depreciation of right of use assets(14,076)(15,543)
Other depreciation / amortisation expenses (5,682)(6,095)
Other non operating expenses(1,023)(808)
Total Operating Expenses (168,386)(170,968)
Finance costs relating to lease liabilities(3,657)(4,107)
Other finance costs - interest on borrowing(1,206)(1,653)
Interest income on short term deposit551
Operating deficit before income tax(3,674)(130)
Share of loss of associates (66)(51)
Loss Before Income Tax (3,740)(181)
Income tax credit / (expense) 941(101)
LOSS FOR THE PERIOD FROM CONTINUING OPERATIONS (2,799)(282)
Net surplus / (loss) from discontinued operations after tax1,933(742)
LOSS FOR THE PERIOD(866)(1,024)
Loss attributable to:
Owners of the company(1,453)(1,368)
Non-controlling interests587344
(866)(1,024)
Other comprehensive income:
Comprehensive Income for the Period, Net of Tax --
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD, NET OF TAX (866)(1,024)
Earnings per share for loss attributable to the ordinary equity holders of the
Company
CENTSCENTS
Basic and diluted earnings per share from continuing operations(2.91)(0.65)
Basic earnings per share for loss attributable to the ordinary equity holders of the
company
(1.25)(1.43)
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 consistent with the audited annual financial
statements for the period ended 30 June 2022.
Lorraine Witten - Chair
22 February 2023
Grant Devonport - Director
22 February 2023

2
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
CONSOLIDATED INTERIM BALANCE SHEET
AS AT 31 DECEMBER 2022
NOTES
UNAUDITED
31 DECEMBER 2022
$000
AUDITED
30 JUNE 2022
$000
ASSETS
Current Assets
Cash and cash equivalents 12,59014,940
Inventories 212-
Trade and other receivables 56,26660,294
Assets held for sale25,49125,263
Total Current Assets 94,559100,497
Non-Current Assets
Property, plant and equipment 665,49857,761
Right of use assets145,911150,381
Intangible assets 15,79318,058
Deferred income tax asset1,540149
Other receivables172-
Investments in associates 205271
Total Non-Current Assets 229,119226,620
TOTAL ASSETS 323,678327,117
EQUITY
Share capital75,18875,188
Other reserves4488
Accumulated losses(6,534)(5,081)
Equity attributable to owners of the parent 68,69870,195
Non-controlling interest in equity3,3852,798
TOTAL EQUITY 72,08372,993
LIABILITIES
Current Liabilities
Trade and other payables 38,79238,092
Tax payable540211
Deferred revenue1,128521
Borrowings 3,7083,713
Lease liability26,17326,393
Employee entitlements11,76710,476
Liabilities directly associated with assets classified as held for sale6,0836,149
Total Current Liabilities 88,19185,555
Non-Current Liabilities
Borrowings 22,46924,324
Lease liability129,831133,338
Convertible note7,9967,792
Derivative financial instrument849849
Provisions for other liabilities and charges 2,2592,266
Total Non-Current Liabilities163,404168,569
TOTAL LIABILITIES 251,595254,124
TOTAL EQUITY & LIABILITIES 323,678327,117
The above consolidated Balance Sheet should be read in conjunction with the accompanying notes.

3
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
ATTRIBUTABLE TO OWNERS OF THE
COMPANY
NOTESSHARE CAPITALRETAINED EARNINGS/(ACCUM. LOSSES)OTHER RESERVESTOTAL NON-CONTROLLING INTERESTTOTAL EQUITY
$000$000$000$000$000$000
Balance as at 1 July 2021
37,054(873)4836,2291,73837,967
Comprehensive income
(Loss) / profit for the period
-(1,368)-(1,368)344(1,024)
Other comprehensive income
------
Total comprehensive income
-(1,368)-(1,368)344(1,024)
Cumulative translation adjustment
--2424-24
Transactions with owners:
Issue of ordinary shares
38,100--38,100-38,100
Employee share scheme
--(4)(4)-(4)
Balance as at 31 December 2021
75,154(2,241)6872,9812,08275,063
Balance as at 1 July 2022
75,188(5,081)8870,1952,79872,993
Comprehensive income
(Loss) / profit for the period
-(1,453)-(1,453)587(866)
Other comprehensive income
------
Total comprehensive income
-(1,453)-(1,453)587(866)
Cumulative translation adjustment--(52)(52)-(52)
Transactions with owners:
Employee share scheme
--88-8
Balance as at 31 December 2022
75,188(6,534)4468,6983,38572,083
The above consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.

4
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
NOTES
UNAUDITED
6 MONTHS TO
DECEMBER 2022
$000
UNAUDITED
6 MONTHS TO
DECEMBER 2021
$000*
Cash flows from operating activities
Receipts from customers 174,143167,282
Interest received 551
Dividends received 22
Payments to suppliers and employees (147,729)(142,559)
Government subsidy received7527
Notional finance charge on NZ IFRS 16 leases(3,657)(4,107)
Interest paid (981)(1,539)
Income tax paid (504)(258)
Net cash generated from operating activities 21,40418,849
Cash flows used in investing activities
Purchase of property, plant and equipment(11,996)(1,560)
Proceeds from sale of property, plant and equipment1,1551,229
Purchase of intangible assets(10)(169)
Sale of investment in associates -200
Net cash used in investing activities (10,851)(300)
Cash flows from financing activities
Repayment of borrowings(1,879)(36,711)
Proceeds from share issue -38,100
Repayment of lease liability (NZ IFRS 16)(13,036)(13,924)
Net cash flow used in financing activities(14,915)(12,535)
Net increase in cash and cash equivalents(4,362)6,014
Net increase in cash and cash equivalents -discontinued operations2,012(236)
Cash and cash equivalents at beginning of the period 14,94013,214
Cash and cash equivalents 31 December12,59018,992
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 consistent with the
audited annual financial statements for the period ended 30 June 2022.

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

1. GENERAL INFORMATION

1.1. REPORTING ENTITY
The core operations of MOVe Logistics Group Limited (“MOVe Logistics” or the “Company”) and its subsidiaries (collectively
“the Group”) are in the New Zealand logistics sector. These include general transport, bulk liquids, heavy haulage,
shipping, 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).
During the period the Group incorporated in Singapore a 100% owned subsidiary (MOVe Oceans Singapore PTE Limited)
whose principal activity is trans-Tasman shipping services. This entity is included within the International segment (refer
note 5).
On 1 November 2022 MOVe (NZL) Limited and MOVe (McAuleys) Limited were amalgamated into MOVe Freight Limited.
The registered office of the Company is at 330 Devon Street East, New Plymouth, New Zealand. The interim financial
statements have been reviewed, not audited, and were approved for issue by the MOVe Logistics Board of Directors on 22
February 2023February 2023.
1.2. BASIS OF PREPARATION
This consolidated interim financial report for the half-year reporting period ended 31 December 2022 has been prepared
in accordance with accounting standards IAS 34 Interim Financial Reporting and NZ IAS 34 Interim Financial Reporting.
They have also been prepared on a going concern basis in accordance with New Zealand Generally Accepted
Accounting Principles (GAAP).

The interim report does not include all the notes of the type normally included in an annual financial report. Accordingly,
this report is to be read in conjunction with the annual report for the year ended 30 June 2022 and any public
announcements made by MOVe Logistics during the interim reporting period.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting policies used in the preparation of these financial statements, unless disclosed below are consistent
with those used in the previously published audited consolidated financial statements as at and for the year ended 30
June 2022. There were no new standards, interpretations and amendments effective from 1 July 2022 that would have a
material impact on the Group.
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 except MOVe Oceans Singapore PTE Limited, whose functional currency is United States dollars.

6
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
a. Impairment of Goodwill
The Group tests intangible assets for impairment to ensure they are not carried at above their recoverable amounts
• At least annually for goodwill
• Where there is an indication that the assets may be impaired (which is assessed at least each reporting period)
These tests for impairment are performed by assessing the recoverable amount of the cash generating units (CGU’s)
through probability weighted value in use calculations using cash flow projections based on a five-year period. This is
consistent with the method used as at 30 June 2022. During the six months to 31 December 2022 MOVe Freight Limited
CGU’s goodwill balance of $1.027m was fully impaired as a result of an overall decrease in sales and a loss of a key
customer contract ($14m in sales per annum). The impairment charge is recognised in the non operating expenses in the
Statement of Profit or Loss and Other Comprehensive Income. No other class of assets have been impaired for this CGU.
The Group concluded that there are no indicators of impairment for any of the other CGU’s at 31 December 2022.
Management exercises judgement in confirming the carrying value of goodwill, considering a wide range of inputs
including the state of the industry and market movements.
The key assumptions for the MOVe Freight Limited value in use calculations are summarised below:
AssumptionsDiscount 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 2022
MOVe Freight Limited10.3%13.1%1.2%4.6%3.0%0.0% - 1.0%
31 December 2022
MOVe Freight Limited10.5%8.5%2.0%(1.6%)4.5%0.0%
* 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). At 31 December 2022
the Group applied a WACC that was assessed by an independent third party. This post-tax discount rate was applied to
post-tax cash flows.
The long-term growth rate is based on growth in GDP, market conditions and opportunities for growth within the industry.
The right of use assets have been included in the carrying amount of net operating assets that have been tested for
impairment.
Future revenue projections were based on the new base line sale post the loss of contract and incorporating anticipated
opportunities for growth in sales in line with Management’s focus to fill capacity in the freight network.

7
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
4. RECONCILIATION TO GAAP MEASURE

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

The following is a reconciliation between these non-GAAP measures and net loss after tax from continuing operations:
Reconciliation to GAAP measure 6 months to
December 2022
$000
6 months to
December 2021
$000
Loss Before Income Tax from continuing operations (GAAP measure)(3,740)(181)
Add back:
Share of loss of associates 6651
Finance costs4,8085,759
Impairment of investment in associates-61
Other non operating expenses:
- Goodwill impairment1,027-
- Restructuring costs(112)737
- Acquisition related costs10910
Depreciation & amortisation 19,75821,638
Adjusted EBITDA (non-GAAP measure) 21,91628,075

8
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
4. RECONCILIATION TO GAAP MEASURE (CONTINUED)
Reconciliation to GAAP measure 6 months to
December 2022
$000
6 months to
December 2021
$000
Loss Before Income Tax from continuing operations (GAAP Measure)(3,740)(181)
Add back:
Share of loss of associates 6651
Finance costs4,8085,759
Impairment of investment in associates-61
Other non operating expenses:
- Goodwill impairment1,027-
- Restructuring costs(112)737
- Acquisition related costs10910
Adjusted EBIT (non-GAAP measure) 2,1586,437

5. SEGMENT INFORMATION
Operating segments are reported in a manner consistent with the internal reporting to the Chief Operating Decision
Maker (CODM). The CODM is responsible for allocating resources and assessing performance of the operating segments.
The Group has made the decision that the eleven 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 reportable operating segments have been determined as:
INTERNATIONAL
This segment includes international freight forwarding, shipping and agency services across a broad range of industries.
SPECIALIST
This segment provides transport and lifting solutions for oversized and large items.
In May 2022, the Group 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.
At the time of reporting there has been no offer accepted for the sale of this Specialist company. The Group is continuing
with its disposal plan.
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 31 December 2021 interim report due to
discontinued operations as noted above.

9
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
5. SEGMENT INFORMATION (CONTINUED)
The segment information for the period ended 31 December 2022 is as follows:
InternationalSpecialistFreightingContract
Logistics
CorporateTotalDiscontinued
Operations
Total
Continuing
Operations
$000$000$000$000$000$000$000$000
6 months to 31 December
2021
Total segment revenue 5,2176,20698,52481,985-191,932(6,206)185,726
Inter-segment revenue (4)(72)(8,020)(2,440)-(10,536)-(10,536)
Revenue from external
customers
5,2136,13490,50479,545-181,396(6,206)175,190
EBITDA1,48260310,25817,935(1,600)28,678(603)28,075
Depreciation - tangible
assets
671,0102,7161,9371535,883(1,010)4,873
Depreciation - ROU assets1175145,28910,0578016,057(514)15,543
Depreciation - intangible
assets
-3739262931,259(37)1,222
EBIT1,298(958)2,2505,015(2,126)5,4799586,437
Assets18,22625,834134,462156,90016,627352,049(25,834)326,215
Liabilities13,3166,37298,814117,96940,515276,986(6,372)270,614
Capital expenditure
including intangibles
162249468571872,176(24)2,152
6 months to 31 December
2022
Total segment revenue 6,59010,34586,13282,388-185,455(10,345)175,110
Inter-segment revenue (37)(9)(5,269)(1,887)-(7,202)-(7,202)
Revenue from external
customers
6,55310,33680,86380,501-178,253(10,345)167,908
EBITDA1,1702,7414,58417,797(1,635)24,657(2,741)21,916
Depreciation - tangible
assets
268-2,3291,7691104,476-4,476
Depreciation - ROU assets98-5,1548,7448014,076-14,076
Depreciation - intangible
assets
1-29182851,206-1,206
EBIT8032,741(2,901)6,366(2,110)4,899(2,741)2,158
Assets34,75725,491120,298139,8143,318323,678(25,491)298,187
Liabilities17,4266,08390,791101,87635,419251,595(6,083)245,512
Capital expenditure
including intangibles
8,6374362,0632,2107613,422(436)12,986
Interest income and expense are not allocated to segments, as this type of activity is driven by the central treasury
function, which manages the cash position of the Group.
Sales between segments are eliminated on consolidation. The amounts provided to the CODM with respect to segment
revenue are measured in a manner consistent with that of the financial statements.
The Group has a diverse range of customers from various industries, with only one customer contributing more than
10% of the Group’s revenue. These revenues are attributed to the Contract Logistics segment.

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

During the six months to 31 December 2022 the continuing operations of the Group acquired property, plant and
equipment with a cost of $12,975,214 (31 December 2021: $2,033,728) and intangible assets (excluding goodwill) of $10,244
(31 December 2021: $138,651). The additions to property, plant and equipment largely relate to the purchase of a ship
and leasehold improvements for warehouse facilities. These purchases were in accordance with the Group’s asset
replacement and growth requirements.
The ship is categorised into its own asset class (new to the Group) and is depreciated on a straight-line basis (net of the
residual value) over the useful life.
During the period to 31 December 2022 and consistent with the prior reporting period, assets have been transferred out
of Property, plant & equipment of $19,637,200 (31 December 2021: nil) and Intangible Assets of $254,826 (31 December 2021:
nil) and classified as Held for Sale Assets. Refer to the Annual Financial Statements ended 30 June 2022.
7. EVENTS AFTER THE REPORTING DATE

On 1 February 2023 Craig Evans commenced his role as MOVe Logistics Group Limited Chief Executive Officer. His
remuneration package includes a Long term Incentive (LTI) of 1,000,000 Restricted Share Units (RSUs). The RSUs were
granted at a value of $0.99 based on a 20-trading day VWAP of MOVe’s Ordinary Shares on the NZX up to and including 31
January 2023. The RSUs will vest upon completion of 3 years of employment.
Since 31 December 2022 several extreme weather events, including Cyclone Gabrielle have had an impact on parts of
New Zealand. On 14 February 2023 the New Zealand Government declared a national state of emergency that applied to
the Northland, Auckland, Tairawhiti, Bay of Plenty, Waikato and Hawkes Bay regions. The Group’s operations continue to
trade however, the full financial and operational impact is unknown at this stage. Based on the information available at
present Management have deemed no material impact on the reported results.

11
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
Independent auditor’s review report
To the Shareholders of Move Logistics Group Limited
Report on the interim financial statements
Our conclusion
We have reviewed the interim financial statements of Move Logistics Group Limited (the Company)
and its subsidiaries (the Group), which comprise the consolidated interim balance sheet as at
31December 2022, and the consolidated interim statement of profit or loss & other comprehensive
inc
ome, the consolidated interim statement of changes in equity and the consolidated interim
statement of cash flows for the period ended on that date, and significant accounting policies and
other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying interim financial statements of the Group do not present fairly, in all m
aterial respects,
the financial position of the Group as at 31 December 2022, and its financial performance and cash
flows for the period then ended, in accordance with International Accounting Standard 34 Interim
Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting Standard 34
Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our r
eview in accordance with the New Zealand Standard on Review Engagements
2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity
(NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s responsibilities for
the review of the interim financial statements section of our report.
We are independent of the Group in accordance
with the relevant ethical requirements in New
Zealand relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements. Other than in our capacity as auditor we
have no relationship with, or interests in, the Group.
Responsibilities of Directors for the interim financial statements
The Directo
rs of the Company are responsible on behalf of the Company for the preparation and fair
presentation of these interim financial statements in accordance with IAS 34 and NZ IAS 34 and for
such internal control as the Directors determine is necessary to enable the preparation and fair
presentation of the interim financial statements that are free from material misstatement, whether due
to fraud
or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that
causes us to believe that the interim financial statements, taken as a whole, are not prepared in all
material
respects, in accordance with IAS 34 and NZ IAS 34.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. We perform procedures, primarily consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review
procedures. The procedures performed in a review a
re substantially less than those performed in an
audit conducted in accordance with International Standards on Auditing and International Standards
on Auditing (New Zealand) and consequently does not enable us to obtain assurance that we might
identify in an audit. Accordingly, we do not express an audit opinion on these interim financial
statements
PricewaterhouseCoopers, PwC Centre, 60 Cashel Street, PO Box 13-244, Christchurch 8141 New Zealand
T: 64 3 374 3000, www.pwc.co.nz

12
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
Who we report to
This report is made solely to the Company’s Shareholders, as a body. Our review work has been
undertaken so that we might state those matters which we are required to state to them in our review
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Shareholders, as a body, for our review procedures, for this
report, or for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review report is Maxwell
(John) Dixon.
For and on behalf of:
Chartered Accountants Christchurch
22 February 2023
PwC 2

DIRECTORS
Lorraine Witten (Chair)
Appointed 6 December 2017
Appointed Chair 30 September 2021
Danny Chan
Appointed 6 December 2017
Chris Dunphy
Appointed 1 July 2021
Mark Newman
Appointed 27 July 2021
Grant Devonport
Appointed 23 November 2021
Peter Dryden
Resigned 20 October 2022
RISK ASSURANCE & AUDIT COMMITTEE
Grant Devonport (Chair)
Danny Chan
Mark Newman
GOVERNANCE AND REMUNERATION COMMITTEE
Mark Newman (Chair)
Danny Chan
Chris Dunphy
Peter Dryden (resigned 20 October 2022)
REGISTERED OFFICE AND ADDRESS FOR SERVICE
330 Devon Street East
New Plymouth
AUDITORS
PricewaterhouseCoopers
PwC Centre
Level 4, 60 Cashel Street
Christchurch
BANKERS
ANZ Bank New Zealand Limited
23-29 Albert Street
Auckland
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
DIRECTORY

---

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


Results for announcement to the market
Name of issuer MOVE Logistics Group Limited
Reporting Period 6 months to 31 December 2022
Previous Reporting Period 6 months to 31 December 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$167,908 (4.16%)
Total Revenue $167,908 (4.16%)
Net profit/(loss) from
continuing operations
($3,386) (440.89%)
Total net profit/(loss) ($1,453) (6.21%)
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.00
Imputed amount per Quoted
Equity Security
$0.00
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.45 $0.45
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer unaudited interim financial statements.
Authority for this announcement
Name of person

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

23 February 2023

Unaudited financial statements accompany this announcement.