POT Reports Strong Mid-Year Results

24 February 2023
NZX
Wellington
PORT OF TAURANGA LIMITED INTERIM RESULTS: 31 DECEMBER 2022
In accordance with the NZ Stock Exchange Listing Rules, please find attached the following
documentation for release to the market:
1Press Release
2Market Update (includes Interim Consolidated Financial Statements for six months
ended 31 December 2022)
3Investor Presentation
4NZX Results Announcement
5NZX Distribution Notice
Yours sincerely
Simon Kebbell
CHIEF FINANCIAL OFFICER

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Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019
Results for announcement to the market
Name of issuerPort of Tauranga Limited
Reporting Period6 months to 31 December 2022
Previous Reporting Period6 months to 31 December 2021
CurrencyNZD
Amount (000s)Percentage change
Revenue from continuing
operations
$211,92413.9%
Total Revenue$211,92413.9%
Net profit/(loss) from
continuing operations
$62,72511.3%
Total net profit/(loss)$62,72511.3%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.06800000
Imputed amount per Quoted
Equity Security
$0.02644444
Record Date10/03/2023
Dividend Payment Date24/03/2023
Current periodPrior comparable period
Net tangible assets per
Quoted Equity Security
$3.07$2.06
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
-
Authority for this announcement
Name of personauthorised
to make this announcement
Simon Kebbell, Chief Financial Officer
Contact person for this
announcement
Simon Kebbell, Chief Financial Officer
Contact phone number027 482 7510
Contact email addresssimonk@port-tauranga.co.nz
Date of release through MAP24/02/2023
Unaudited consolidated financial statements accompany this announcement.

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Distribution Notice
Updated as at 18 December 2019
Please note: all cash amounts in this form should be provided to 8 decimal places
Section 1: Issuer information
Name of issuerPort of Tauranga Limited
Financial product name/descriptionOrdinary shares
NZX ticker codePOT
ISIN (If unknown, check on NZX
website)
NZPOTE0003S0
Type of distribution
(Please mark with an X in the
relevant box/es)
Full YearQuarterly
Half YearXSpecial
DRP applies
Record date10/03/2023
Ex-Date (one business day before the
Record Date)
09/03/2023
Payment date (and allotment date for
DRP)
24/03/2023
Total monies associated with the
distribution
1
$46,264,744.66
Source of distribution (for example,
retained earnings)
Operating free cash flow
CurrencyNZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.09444444
Gross taxable amount
3
$0.09444444
Total cash distribution
4
$0.06800000
Excluded amount (applicable to listed
PIEs)
Not applicable
Supplementary distribution amount$0.01200000
Section 3: Imputation credits and Resident Withholding Tax
5
Is the distribution imputedFully imputed
Partial imputation
No imputation
1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This shouldinclude any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6
100%
Imputation tax credits per financial
product
$0.02644444
Resident Withholding Tax per
financial product
$0.00472222
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
%
Start date and end date for
determining market price for DRP
[dd/mm/yyyy][dd/mm/yyyy]
Date strike price to be announced (if
not available at this time)
[dd/mm/yyyy]
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
DRP strike price per financial product
$
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
[dd/mm/yyyy]
Section 5: Authority for this announcement
Name of personauthorised to make
this announcement
Simon Kebbell, Chief Financial Officer
Contact person for this
announcement
Simon Kebbell, Chief Financial Officer
Contact phone number027 482 7510
Contact email addresssimonk@port-tauranga.co.nz
Date of release through MAP24/02/2023
6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

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24 February 2023
Port of Tauranga Reports Strong Mid-Year Results
Port of Tauranga Limited (NZX:POT) today reported strong financial results for the first six months of
the 2023 financial year, despite decreases in some cargo volumes.
Group Net Profit for the six months to December 2022 was $62.7 million, an increase of 11.3% from
the same period last year. Total cargo volumes decreased 2.5% to 12.7 million tonnes.
The financial performance was driven by an increase in container volumes and transhipment, as well
as the return of cruise ships to the Bay of Plenty. Container volumes increased 2.5% to 637,728 TEUs
1
for the six month period, with transhipped containers (transferred from one vessel to another at
Tauranga) increasing 21.7%.
Highlights and challenges
For the six months to 31 December 2022:
Group Net Profit After Tax $62.7 million (an increase of 11.3% from the previous corresponding
period)
Total trade 12.7 million tonnes (a decrease of 2.5% from the previous corresponding period)
Container volumes637,728 TEUs (an increase of 2.5% from the previous corresponding period)
Imports5.0 million tonnes (a decrease of 0.9% from the previous corresponding period)
Exports7.7 million tonnes (a decrease of 3.5% from the previous corresponding period)
Transhipped containers21.7% increase to 174,444 TEUs
Subsidiary and Associate Company earnings0.6% increase compared with the previous
corresponding period
Log exports3.0 million tonnes (a decrease of 2.6% from previous corresponding period)
Direct dairy exports0.9 million tonnes (a decrease of 3.2% from previous corresponding period)
Ship visits701 (an increase of 2.5% from the previous corresponding period)
Cruise ship visits resumedin October 2022, with just under 100 vessels expected over the
summer season
Interim dividend of6.8 cents per share (a 4.6% increase on the previous corresponding period).
Port of Tauranga Chair, Julia Hoare, expressed sympathy for all those impacted by Cyclone Gabrielle.
“The Port suspended port operations for 36 hours but we were fortunate to avoid any significant damage
from the storm. We will support the disaster relief and recovery in any way we can,” she said.
1
TEUs = twenty foot equivalent units (a standard measure of shipping containers)

Ms Hoare said the mid-year financial results announced today reflected the Port’s resilience amid
fluctuations in cargo volumes and widespread port congestion.
“Our diverse portfolio of cargoes and varied income streams have allowed us to return a good result
despite cargo volumes starting to decrease. Shipping schedule unreliability and increased operating
costs have also been challenges,” said Ms Hoare.
“We have mitigated impacts of congestion through surcharges to incentivise smooth cargo flows and
avoid excess dwell time for containers in the terminal,” she said.
Port of Tauranga is seeking to improve supply chain resilience by building capacity in the form of a
berth extension at the container terminal. The resource consent hearing at the Environment Court is
due to begin on 27 February.
“Without this development, New Zealand importers and exporters are facing severe capacity
constraints,” said Ms Hoare.
“The development is critical to the New Zealand economy.
“The catastrophic weather events of the past few weeks have also demonstrated that New Zealand is
in dire need of greater resilience and capacity in the national supply chain.”
The proposed container berth extension has been included in the Regional Coastal Environment Plan
since 2003 and detailed planning began in 2019. It involves converting cargo storage land to the south
of the existing wharves to create an additional berth.
Port of Tauranga Chief Executive, Leonard Sampson, said intermittent delays and congestion continued
to plague the Tauranga Container Terminal as container vessels continue to arrive off schedule.
“Vessel bunching over the past few months has resulted in ships waiting at anchor and surges of
container volumes, putting pressure on terminal capacity and efficiency.”
He said that a return to shipping schedule reliability over the coming months would alleviate terminal
congestion and in turn improve productivity.
“By reinstating adherence to proforma windows, we will be able to accurately predict container volumes
and match resources accordingly. This will allow us to deliver improved efficiency and avoid delays for
shipping lines and shippers,” he said.
“We have been working with other New Zealand ports to ensure that the entire network can get back
on time and allow us to better plan capacity, including labour, rail and road transport,” he said.
Financial results
Operating revenue increased 13.9% to $211.9 million for the six months to December 2022.
Operating expenses increased 17.6% due to increased labour, equipment and property maintenance
and fuel costs.

Subsidiary and Associate Company earnings were flat compared with the same period last year,
increasing 0.6%.
The country’s largest exporter, Kotahi, has reinforced its commitment to Timaru Container Terminal by
renewing its export cargo volume agreement through to 2030. The 30,000-TEU a year agreement will
enable further investment in maintenance and upgrades, giving exporters confidence in the capability
of Timaru Container Terminal for the next eight years.
The Port of Tauranga Board of Directors has declared a fully imputed interim dividend of 6.8 cents per
share, a 4.6% increase on the previous corresponding period.
Cargo trends
Log exports decreased by 2.6% to just over 3.0 million tonnes for the six month period as a result of
soft international pricing and strong domestic demand.
Direct dairy exports decreased 3.2%, dipping to 993,360 tonnes. However, transhipped dairy exports
increased significantly.
Direct kiwifruit export volumes were down significantly, by 30.7%, due to issues with fruit quality.
Ship visits increased 2.5% to 701 over the six month period.
Outlook for 2023
The outlook for the second half of the 2023 financial year remains uncertain, with predictions of a
recession and the ongoing conflict in Ukraine causing widespread disruption.
A derailment on the train line between Kawerau and Port of Tauranga (during the storms of late January)
may have an impact on annual log export volumes, depending on the timeframe for repairs. The recent
weather events are also expected to impact annual volumes of primary produce, including kiwifruit.
Compliance costs continue to rise and, following the renegotiation of contracts with KiwiRail, Port of
Tauranga is facing a significant increase in rail costs. However, the expected return to shipping
schedule reliability is expected to have a positive impact on terminal efficiency and cargo throughput.
Based on the first half performance, we expect full year earnings to be between $117 million and $124
million (compared with $111.3 million in the 2022 financial year).
For further details, contact:
Rochelle Lockley
GM Communications, Port of Tauranga Limited
Ph 021 865 884

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in New Zealand’s future
Port of Tauranga Limited – Market Update and
Interim Consolidated Financial Statements February 2023
Invested
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TABLE OF CONTENTS
Connecting New Zealand and the world.
Port of Tauranga is New Zealand’s largest and most efficient port.
It is the international gateway for the country’s imports and
exports. It is the only New Zealand port able to accommodate
larger container vessels, unlocking economic and environmental
benefits for shippers.
Port of Tauranga continues to invest in nationally significant
infrastructure for the benefit of our customers, shareholders
and communities. We are creating jobs, wealth and wellbeing
for the Tauranga community, the wider Bay of Plenty region,
and beyond.
Port of Tauranga is connecting New Zealand and the world.
03 Highlights and Challenges
04 Chair and Chief Executive’s Review
07 Berth Extension Application goes to Environment Court
08Avoiding Nuisance Dust at Bulk Cargo Wharves
09 Interim Consolidated Financial Statements
10Consolidated Income Statement
10Consolidated Statement of Comprehensive Income
11Consolidated Statement of Changes in Equity
12Consolidated Statement of Financial Position
13Consolidated Statement of Cash Flows
14Notes to the Interim Consolidated Financial Statements
19Independent Review Report
20Company Directory
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2023
02

Highlights
and Challenges
Six Months Ended 31 December 2022
GROUP NET PROFIT AFTER TAX
$62.7
million (an increase of 11.3% from
the previous corresponding period)
TOTAL TRADE
12 .7
million tonnes (a decrease of 2.5% from
the previous corresponding period)
SUBSIDIARY AND ASSOCIATE
COMPANY EARNINGS
0.6%
increase compared with
the previous corresponding period
CONTAINER VOLUMES
637,728
TEUs
1
(an increase of 2.5% from
the previous corresponding period)
TRANSHIPPED CONTAINERS
21.7%
increase to 174,444 TEUs
1
INTERIM DIVIDEND
6.8
cents per share (a 4.6% increase from
the previous corresponding period)
IMPORTS
5.0
million tonnes (a decrease of 0.9% from
the previous corresponding period)
EXPORTS
7.7
million tonnes (a decrease of 3.5% from
the previous corresponding period)
SHIP VISITS
701
(an increase of 2.5% from the
previous corresponding period)
LOG IMPORTS
3.0
million tonnes (a decrease of 2.6% from
the previous corresponding period)
DIRECT DAIRY EXPORTS
0.9
million tonnes (a decrease of 3.2% from
the previous corresponding period)
1
TEUs = twenty foot equivalent units, a standard measure of shipping containers.
03
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2023

Total trade decreased slightly by 2.5% to 12.7 million tonnes for the
six months ended 2021. However, container volumes increased 2.5%
to 637,728 TEUs. Transhipment (when a container is transferred
from one ship to another at Tauranga) increased 21.7%.
Once again, Port of Tauranga’s diverse
cargoes and income streams have helped
the company to weather the significant
challenges wrought by supply chain
congestion and increased operating costs.
Covid-19 remains prevalent in the
community. However there were few
operational impacts from illness during
the most recent wave. More troubling
has been the weather, particularly during
the summer months, causing delays
in cargo operations and slowing down
projects such as our Ruakura Inland
Port development in Hamilton. The
full impact of Cyclone Gabrielle is as
yet unknown.
On a positive note, from October 2022
we welcomed the return of cruise
ships to Bay of Plenty waters. Just under
100 cruise ships are expected over
the summer (weather permitting),
compared with the record 116 visits
in the 2018/2019 summer.
Financial results
Operating revenue increased 13.9%
to $211.9 million for the six months to
December 2022, due to increases in
container volumes and transhipment
and the return of cruise ships after
a two and a half year hiatus.
Lingering congestion and associated
costs have been mitigated through
charges implemented to incentivise
smooth cargo flows and avoid excess
dwell time for containers in the terminal.
Operating expenses increased 17.6%
due to increased labour, equipment and
property maintenance and fuel costs.
Subsidiary and Associate Company
earnings were flat compared with the
same period last year, increasing 0.6%.
The country’s largest exporter, Kotahi,
has reinforced its commitment to
Timaru Container Terminal by renewing
its export cargo volume agreement
REVIEW
Chair and Chief Executive’s Review
Leonard Sampson
Chief Executive
Port of Tauranga has
produced a strong first half
trading result with increases
in containers handled and
transhipment volumes.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2023
04

REVIEW
Chair and Chief Executive’s Review
through to 2030. The 30,000-TEU
a year agreement will enable further
investment in maintenance and upgrades,
giving exporters confidence in the
capability of Timaru Container Terminal
for the next eight years.
The Port of Tauranga Board of
Directors has declared a fully imputed
interim dividend of 6.8 cents per share,
a 4.6% increase on the previous
corresponding period.
Cargo trends
Log exports decreased by 2.6% to just
over 3.0 million tonnes for the six month
period as a result of soft international
pricing and strong domestic demand.
Direct dairy exports decreased 3.2%,
dipping to 0.9 million tonnes. However,
transhipped dairy exports increased
significantly.
Direct kiwifruit export volumes were
down significantly, by 30.7%, due to issues
with fruit quality.
Ship visits increased 2.5% to 701 over
the six month period.
Berth extension urgently needed
The Environment Court hearing to
consider the resource consent application
for our planned berth extension is due to
begin on 27 February.
The container berth extension has
been included in the Regional Coastal
Environment Plan since 2003
and detailed planning began in 2019.
It involves converting cargo storage
land to the south of the existing wharves to
create an additional berth.
The project is becoming increasingly
urgent, especially given the two-year
construction timeframe.
Port of Tauranga and major shippers
believe the development is critical for
New Zealand’s supply chain. Current
supply chain bottlenecks and the ongoing
trend towards larger container vessels
mean that the existing container terminal
is likely to reach capacity in the next
few years.
The lengthy regulatory process is
frustrating and costly. It is essential that
we can proceed with this development
as soon as possible to provide resilient
port capacity for New Zealand’s importers
and exporters.
Inland port to increase capacity
Civil works are expected to be completed
next month for Port of Tauranga’s joint
venture with Tainui Group Holdings,
Ruakura Inland Port.
The inland port, at the Ruakura Superhub
logistics and industrial complex a few
kilometres from central Hamilton, will
increase capacity, relieve congestion,
and give Waikato-based shippers easy
rail access to the “big ship” container
services calling at Tauranga. Bigger ships
are more efficient and produce fewer
carbon emissions per container, especially
when combined with rail.
The inland port will help us manage cargo
flows and reduce storage times at the
Tauranga Container Terminal.
Following delays due to poor weather,
equipment is now being installed at the
nine-hectare first stage of the inland port
and it will open to container traffic in the
next few months. Future development
will see it grow to around 30 hectares.
Pictured left: Ruakura Superhub, with the
inland port visible on the right
The inland port, being
developed at the Ruakura
Superhub industrial
complex near central
Hamilton, will increase
capacity, relieve congestion,
and give Waikato-based
shippers rail access to the
“big ship” container services
calling at Tauranga.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2023
05

Container terminal congestion
continues
Intermittent delays and congestion
continue to plague the Tauranga
Container Terminal as container vessels
continue to arrive off schedule. Vessel
bunching has resulted in ships waiting
at anchor and surges of container volumes,
putting pressure on rail capacity and
terminal efficiency.
With the cooperation of other New Zealand
ports, we will reinstate proforma berthing
windows in March 2023. This will allow
us to improve terminal productivity
and efficiency and avoid cargo delays.
New equipment arriving soon
Weather permitting, we expect to
take possession of our new pilot launch
in March.
The Troy Evans, named after the late
pilot and tugmaster, is being built by
Hart Marine in Australia.
Port of Tauranga has ordered four new
hybrid straddle carriers, and eight second-
hand straddle carriers in its ongoing quest
to improve the fuel efficiency of its fleet
and reduce carbon emissions.
Port of Tauranga also plans to purchase
a new gantry crane to replace its oldest
model. The replacement crane is due
to be delivered in 2024. Additional cranes
will be ordered for the container berth
extension once approved.
Outlook for 2023
The outlook for the second half of the
2023 financial year remains uncertain,
with predictions of a looming recession
and the ongoing conflict in Ukraine causing
widespread disruption.
A derailment on the train line between
Kawerau and Port of Tauranga (during
the storm of late January) may have an
impact on annual log export volumes,
depending on the timeframe for repairs.
Cyclone Gabrielle has also caused
widespread infrastructure damage in
Auckland, Coromandel, the Bay of Plenty,
Tairāwhiti and Hawke’s Bay, placing pressure
on the construction industry during the
repair phase and again demonstrating
the need for greater resilience.
While the full extent of cyclone damage
is not yet understood, it is likely that it
will have an impact on horticultural and
primary produce volumes, with local
kiwifruit already impacted by a heavy frost
in October that damaged vines.
We expect a return to shipping schedule
reliability in New Zealand waters over the
next few months to achieve improved
productivity within the container terminal
by the end of the financial year.
Compliance costs continue to rise,
particularly those attached to climate
change and environmental protection,
and labour shortages still affect most
sectors. Following the renegotiation
of contracts with KiwiRail, Port of Tauranga
is facing a significant increase in rail costs.
Based on the first half performance,
we expect full year earnings to
be between $117 million and $124 million
(compared with $111.3 million in the
2022 financial year).
Ngā mihi nui
Julia Hoare
Chair
Leonard Sampson
Chief Executive
REVIEW
Chair and Chief Executive’s Review
We will reinstate proforma
berthing windows in March
2023. This will allow us to
improve terminal productivity
and efficiency and avoid
cargo delays.
Julia Hoare
Chair
The new Port of Tauranga Rescue Centre is a regional surf life saving hub.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2023
06

The project is critical to ensuring New Zealand has the export
capacity it needs in coming years.
The resource consent application was
lodged in May 2021 and the hearing was
postponed from July last year after some
parties contracted Covid. While the
application is for a total of 380 metres of
additional berth, the first and most urgent
stage is a 220 metre extension to the
770 metres of existing container wharves
at Sulphur Point. The new berth will be
created by converting existing container
storage space.
The extension will be complemented by
the planned investment in automated
stacking cranes (ASCs).
A Request for Tender has been released
to five vendors with a mid-2023 deadline.
We have also commenced recruitment
for key project positions in management,
operations, technology and safety.
Automated stacking cranes will enable
Port of Tauranga to intensify storage
capacity within the existing footprint,
improve throughput, improve safety and
reduce fuel consumption. As they are
fully electric, it will also help us reduce
carbon emissions per container. The Port
has already undertaken an $11 million
electricity infrastructure upgrade in
anticipation of the development.
The ASCs will be served by hybrid straddle
carriers running between the container
stack and the gantry cranes loading and
unloading from ships at the new berth.
Port of Tauranga handles around 42%
of all containers coming in and out of
New Zealand, so an efficient terminal
at Tauranga is vital for the export-driven
New Zealand economy.
Port of Tauranga’s long-planned
container berth extension will be
considered by the Environment
Court in a rescheduled resource
consent hearing from 27 February.
NEWS
Berth extension application goes to Environment Court
Tauranga Container Terminal, showing berth extension area bottom right.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2023
07

New wind fences, more
sweeping and improved
cargo handling has had a big
impact on fine dust at the
Mount Maunganui wharves.
Sweeping has increased five-fold
since 2017. Bark collected from the
wharves is recycled into gardening
products at a giant composting facility
near Matamata.
We also have wind limits on certain
dust-generating activities and water
suppression is used on bark collection
equipment. Concrete barriers keep
unnecessary traffic out of dusty areas.
Dust performance indicators have
shown a 16% reduction since 2020*.
There are currently 10 air quality
monitors in the Mount Maunganui
industrial area, with plans to extend
monitoring into nearby residential areas
in 2023.
While dust levels from port activities are
currently complying with the National
Environmental Standard for Air Quality,
we continue to find ways to decrease
dust generation and avoid nuisance for
our close neighbours.
Hundreds of metres of additional wind barriers have been installed
to slow wind speeds and allow dust to settle, where it is swept up
by one of the sweeper trucks operating on the wharves seven days
a week.
*As measured at the PM
10
monitoring
station ‘Mount Maunganui at Railyard
South’ during dry conditions at times when
the Mount Maunganui wharves are upwind
of the monitor. Pictured right: wind fences.
NEWS
Avoiding nuisance dust at bulk cargo wharves
Stormwater sampling at the Mount Maunganui wharves.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2023
08

Interim Consolidated
Financial Statements
CONTENTS
Consolidated Income Statement 10
Consolidated Statement of Comprehensive Income 10
Consolidated Statement of Changes in Equity 11
Consolidated Statement of Financial Position 12
Consolidated Statement of Cash Flows 13
Notes to the Interim Consolidated Financial Statements 14
Independent Review Report 19
Company Directory 20
For the six months ended 31 December 2022
Port of Tauranga Limited and Subsidiaries
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2023
09

PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Consolidated Income Statement
for the six months ended 31 December 2022
PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Consolidated Statement of Comprehensive Income
for the six months ended 31 December 2022
(Unaudited)
Six Months Ended
31 December 2022
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2021
Group
NZ$000
(Audited)
Year Ended
30 June 2022
Group
NZ$000
Profit for the period62 ,72556,341111,317
Other comprehensive income
Items that are or may be reclassified to profit or loss:
Cash flow hedge – changes in fair value3,6938,00515,165
Cash flow hedge – reclassified to profit or loss1861,8264,382
Share of net change in cash flow hedge reserves
of Equity Accounted Investees
272432862
Items that will never be reclassified to profit or loss:
Asset revaluation, net of tax00625,137
Share of net change in revaluation reserves
of Equity Accounted Investees
3,6532213,865
Total other comprehensive income7, 8 0410,285659,411
Total comprehensive income70,52966,626770,728
These statements are to be read in conjunction with the notes on pages 14 to 18.
(Unaudited)
Six Months Ended
31 December 2022
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2021
Group
NZ$000
(Audited)
Year Ended
30 June 2022
Group
NZ$000
Total operating revenue (refer note 6)211,924186,030375,288
Contracted services for port operations(4 8 ,12 1)(41 ,628)(84,796)
Employee benefit expenses(26,587)(23,121)(4 6 ,79 0)
Direct fuel and power expenses(9,883)(6,150)(14,494)
Maintenance of property, plant and equipment(7,17 7)(6,521)(12,895)
Other expenses(12 ,441)(11,207)(23,236)
Operating expenses(104,209)(88,627)(182,211)
Results from operating activities107,71597, 4 0 3193,077
Depreciation and amortisation(19,676)(19,039)(36,657)
Impairment of property, plant and equipment on revaluation00(1,445)
(19,676)(19,039)(38,102)
Operating profit before finance costs, share of profit
from Equity Accounted Investees and taxation
88,03978,364154,975
Finance income26337287
Finance expenses (refer note 7)(9, 240)(8,164)(16,452)
Net finance costs(8,977)(8,127)(16,165)
Share of profit from Equity Accounted Investees 6,0005,95411,586
6,0005,95411,586
Profit before income tax85,06276,191150,396
Income tax expense(22 ,337)(19,850)(39,079)
Profit for the period 62 ,72556,341111,317
Basic earnings per share (cents)9.38.416.5
Diluted earnings per share (cents)9.28.316.4
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2023
10

PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Consolidated Statement of Changes in Equity
for the six months ended 31 December 2022
Share
Capital
Group
NZ$000
Share Based
Payment Reserve
Group
NZ$000
Hedging
Reserve
Group
NZ$000
Revaluation
Reserve
Group
NZ$000
Retained
Earnings
Group
NZ$000
Total
Equity
Group
NZ$000
Balance at 30 June 202174 , 9 2 02,412(11,358)1,253,10777,8871,396,968
Profit for the period000056,34156,341
Total other comprehensive income0010,26322010,285
Total comprehensive income0010,2632256,34166,626
Decrease in share capital(16)0000(16)
Dividends paid during the period0000(51,023)(51,023)
Equity settled share based payment accrual0833000833
Shares issued upon vesting of management long term incentive plan271(229)00(42)0
Total transactions with owners in their capacity as owners25560400(51,065)(50,206)
Balance at 31 December 202175,1753,016(1,095)1,253,12983,1631,413,388
Profit for the period000054,97654,976
Total other comprehensive income0010,146638,9800649,126
Total comprehensive income0010,146638,98054,976704,102
Decrease in share capital(21)0000(21)
Dividends paid during the period0000(4 4 , 2 19)(4 4 , 2 19)
Equity settled share based payment accrual01,1880001,188
Total transactions with owners in their capacity as owners(21)1,18810,146638,98010,757661,050
Balance at 30 June 202275,1544,2049,0511,892 ,10993,9202,074,438
Profit for the period000062 ,72562 ,725
Total other comprehensive income004,1513,65307, 8 0 4
Total comprehensive income004,1513,65362 ,72570,529
Increase in share capital(12)0000(12)
Dividends paid during the period0000(55,790)(55,790)
Equity settled share based payment accrual0755000755
Shares issued upon vesting of management long term incentive plan278(280)0020
Total transactions with owners in their capacity as owners2664754,1513,6536,93715,482
Balance at 31 December 202275,4204,67913,2021,895,762100,8572,089,920
These statements are to be read in conjunction with the notes on pages 14 to 18.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2023
11

PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Consolidated Statement of Financial Position
as at 31 December 2022
(Unaudited)
31 December 2022
Group
NZ$000
(Unaudited)
31 December 2021
Group
NZ$000
(Audited)
30 June 2022
Group
NZ$000
Assets
Property, plant and equipment2,391,9701 ,747, 6 3 02,392,996
Right-of-use assets38,70939,78839,367
Intangible assets22,22223,59023,008
Investments in Equity Accounted Investees204,405168,658186,050
Receivables and prepayments19,68317, 3 5 018,612
Derivative financial instruments17, 4 07011,957
Total non current assets2,694,3961,997,0162,671,990
Cash and cash equivalents3 0,74 415,1637, 2 72
Receivables and prepayments71,79959,34161,901
Inventories2,0881,3372,013
Derivative financial instruments255123350
Total current assets104,88675,96471,536
Total assets2,799,2822,072,9802 ,74 3 , 5 2 6
Equity
Share capital75,42075,17575,154
Share based payment reserve 4,6793,0164,204
Hedging reserve13,202(1,095)9,051
Revaluation reserve1,895,7621,253,1291,892,109
Retained earnings100,85783,16393,920
Total equity2,089,9201,413,3882 , 074 , 4 3 8
(Unaudited)
31 December 2022
Group
NZ$000
(Unaudited)
31 December 2021
Group
NZ$000
(Audited)
30 June 2022
Group
NZ$000
Liabilities
Loans and borrowings (refer note 10)309,221320,0003 17, 472
Derivative financial instruments10,6466717, 4 0 3
Employee benefits1,5852 , 3 741,627
Deferred tax liabilities116,18289,320115,948
Lease liabilities40,26040,67640,611
Contingent consideration1612 ,7102,688
Total non current liabilities478,055455,751485,749
Loans and borrowings (refer note 10)180,000155,000125,000
Derivative financial instruments067167
Trade and other payables37, 8 6 33 7, 42438,979
Revenue received in advance1,1162091,039
Employee benefits2 ,4752,0423,350
Income tax payable8,7147, 2 9 613,760
Lease liabilities812773776
Contingent consideration327426368
Total current liabilities231,307203,841183,339
Total liabilities709,362659,592669,088
Total equity and liabilities2,799,2822,072,9802 ,74 3 , 5 2 6
Net tangible assets per share (dollars per share)3.072.063.05
These statements are to be read in conjunction with the notes on pages 14 to 18.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2023
12

PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Consolidated Statement of Cash Flows
for the six months ended 31 December 2022
(Unaudited)
Six Months Ended
31 December 2022
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2021
Group
NZ$000
(Audited)
Year Ended
30 June 2022
Group
NZ$000
Cash flows from operating activities
Receipts from customers208,931198,765389,632
Interest received19931156
Payments to suppliers and employees(111,718)(96,611)(191,893)
Taxes paid(28,815)(22,697)(35,526)
Interest paid(9,630)(8,378)(17,1 2 0)
Net cash inflow from operating activities58,96771,110145,249
Cash flows from investing activities
Proceeds from sale of property, plant and equipment391833
Dividends from Equity Accounted Investees6,0207, 2 6 310,763
Purchase of property, plant and equipment(18,386)(8,130)(21,345)
Purchase of intangible assets0(106)(135)
Interest capitalised on property, plant and equipment(94)(37)(102)
Capital contribution to Equity Accounted Investees (refer
note 13)
(14,450)(1,500)(2 ,850)
Payment of contingent consideration(2 ,700)0(4 8 8)
Total net cash used in investing activities(29,571)(2,492)(14,124)
Cash flows from financing activities
Proceeds from borrowings55,180100,111100,308
Repayment of borrowings(5,000)(110,000)(135,000)
Repurchase of shares00(931)
Repayment of lease liability(314)(429)(8 74)
Dividends paid(55,790)(51,023)(95,242)
Net cash used in financing activities(5,924)(61,341)(131,739)
Net increase/(decrease) in cash held23,4727, 2 7 7(614)
Add opening cash brought forward7, 2 727, 8 8 67, 8 8 6
Ending cash and cash equivalents3 0,74 415,1637, 2 72
(Unaudited)
Six Months Ended
31 December 2022
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2021
Group
NZ$000
(Audited)
Year Ended
30 June 2022
Group
NZ$000
RECONCILIATION OF PROFIT FOR THE PERIOD
TO CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period62 ,72556,341111,317
Adjustments for non cash and non operating items
Depreciation and amortisation expense19,67619,03936,657
Decrease in deferred taxation expense(1,431)(173)(193)
Share of surpluses retained by Equity Accounted
Investees
(6,000)(5,954)(11,586)
Other1,2018833,570
13,44613,79528,448
Add/(less) movements in working capital(17, 2 04)9745,484
Net cash flows from operating activities58,96771,110145,249
These statements are to be read in conjunction with the notes on pages 14 to 18.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2023
13

PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Interim Consolidated Financial Statements
for the six months ended 31 December 2022
1 REPORTING ENTITY
Port of Tauranga Limited (the Parent Company) is a company incorporated and domiciled in New Zealand,
registered under the Companies Act 1993 and listed on the New Zealand Stock Exchange (NZX). It is an FMC
reporting entity for the purposes of the Financial Markets Conduct Act 2013. The Parent Company, which is
designated as profit-oriented for financial reporting purposes, is an issuer in terms of the Financial Reporting
Act 2013.
The unaudited interim financial statements (the financial statements) for Port of Tauranga Limited comprise
the Port of Tauranga Limited, its Subsidiaries, and the Group’s interest in Equity Accounted Investees (together
referred to as the Group).
2 BASIS OF PREPARATION
These financial statements have been prepared in accordance with New Zealand Generally Accepted
Accounting Practice (NZ GAAP) and New Zealand International Accounting Standard (NZ IAS) 34 Interim
Financial Reporting. They do not include all information required for full annual financial statements and
should be read in conjunction with the annual financial statements and related notes included in Port of
Tauranga Limited’s Integrated Annual Report for the year ended 30 June 2022.
3 SIGNIFICANT ACCOUNTING POLICIES
The accounting policies adopted are consistent with those followed in the preparation of the Group’s annual
financial statements for the year ended 30 June 2022.
4 ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of the financial statements in conformity with NZ IAS 34 requires management to make
judgements, estimates and assumptions that affect the application of accounting policies and the reported
amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
In preparing these financial statements, the significant judgements made by management in applying the
Group’s accounting policies and the key sources of estimation and uncertainty, were the same as those
applied to the Group’s consolidated financial statements for the year ended 30 June 2022.
5 SEGMENT INFORMATION
The Group determines and presents operating segments based on the information that is internally provided
to the Chief Executive, who is the Group’s Chief Operating Decision Maker (CODM), as defined by NZ IFRS 8
Operating Segments.
The Group operates in three main reportable segments, being:
• Port Operations: This consists of providing and managing port services, and cargo handling facilities
through the Port of Tauranga Limited and Timaru Container Terminal Limited. Port terminals and bulk
operations have been aggregated together within the Port Operations segment, due to the similarities in
economic characteristics, customers, nature of products and processes, and risks.
• Property Services: This consists of managing and maintaining the Port of Tauranga Limited’s property
assets.
• Marshalling Services: This consists of the contracted terminal operations and marshalling activities of
Quality Marshalling (Mount Maunganui) Limited.
The three main business segments are managed separately as they provide different services to customers
and have their own operational and marketing requirements.
The remaining activities of the Group are not allocated to individual business segments.
The Group operates in one geographical area, that being New Zealand.
Due to the significant shared cost base of the Port activities, operating costs, measures of profitability, assets
and liabilities are aggregated and are not reported to the CODM at a segment level, but rather at a port level,
as all business decisions are made at a “whole port level”.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2023
14

PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Interim Consolidated Financial Statements
for the six months ended 31 December 2022
5 SEGMENT INFORMATION (CONTINUED)
Six Months Ended 31 December 2022
Port Operations
Group
NZ$000
Property Services
Group
NZ$000
Terminal Services
Group
NZ$000
Unallocated
(1)

Group
NZ$000
Inter Segment
Group
NZ$000
Group
NZ$000
Revenue (external)1 9 2 ,74 518,09956800211,412
Inter segment revenue38310,1940(10,280)0
Total segment revenue1 9 2 ,74 818,18210,7620(10, 280)211,412
Other income and expenditure:
Share of profit from Equity Accounted Investees0006,00006,000
Interest income0002630263
Other income000704(225)479
Interest expense000(9,240)0(9,240)
Depreciation and amortisation expense00(4 91)(19,185)0(19,676)
Other unallocated expenditure00(8,090)(106,591)10,505(104,176)
Income tax expense00(611)(21,726)0(22,337)
Total other income and expenditure00(9,192)(149,775)10,280(148,687)
Total segment result1 9 2 ,74 818,1821,570(149,775)062 ,725
Six Months Ended 31 December 2021
Revenue (external)168,25216,2481,29400185,794
Inter segment revenue0799,5730(9,652)0
Total segment revenue168,25216,32710,8670(9,652)185,794
Other income and expenditure:
Share of profit from Equity Accounted Investees0005,95405,954
Interest income00037037
Other income000461(225)236
Interest expense000(8,164)0(8,164)
Depreciation and amortisation expense00(516)(18,523)0(19,039)
Other unallocated expenditure00(8,030)(9 0 , 474)9,877(88,627)
Income tax expense00(629)(19,221)0(19,850)
Total other income and expenditure00(9,175)(129,930)9,652(129,453)
Total segment result168,25216,3271,692(129,930)056,341
(1)
Operating costs are not allocated to individual business segments within the Parent Company.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2023
15

PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Interim Consolidated Financial Statements
for the six months ended 31 December 2022
6 OPERATING REVENUE
Six Months Ended
31 December 2022
Group
NZ$000
Six Months Ended
31 December 2021
Group
NZ$000
Revenue from contracts with customers
Container terminal revenue137, 5 8 3117,666
Multi cargo revenue32,55931,943
Marine services revenue23,20419,937
193,346169,546
Other revenue
Rental revenue18,09916,248
Other income479236
Total operating revenue211,924186,030
7 FINANCE EXPENSES
Six Months Ended
31 December 2022
Group
NZ$000
Six Months Ended
31 December 2021
Group
NZ$000
Interest expense on borrowings8,2877,11 6
Less:
Interest capitalised to property, plant and equipment(94)(37)
8,1937,079
Interest expense on lease liabilities1,0271,042
Amortisation of interest rate collar premium2043
Total finance expenses9,2408,164
8 DIVIDENDS
The following dividends were paid by the Group:
Six Months Ended
31 December 2022
Group
NZ$000
Six Months Ended
31 December 2021
Group
NZ$000
Final dividend of 8.2 cents per share (2021: 7.5 cents per share)55,79051,023
Total dividends paid55,79051,023
9 PROPERTY, PLANT AND EQUIPMENT
Acquisitions and Disposals
During the six months ended 31 December 2022, the Group acquired assets with a cost of $17.185 million and
disposed of assets with a carrying value of $0.008 million.
10 LOANS AND BORROWINGS
31 December 2022
Carrying Value
Group
NZ$000
31 December 2021
Carrying Value
Group
NZ$000
Commercial papers180,000155,000
Standby revolving cash advance facility120,000120,000
Fixed rate bonds189,221200,000
Total loans and borrowings489,221475,000
Current180,000155,000
Non current309,221320,000
Total loans and borrowings489,221475,000
As at 31 December 2022 the Group’s current liabilities exceed the Group’s current assets. Despite this fact,
the Group does not have any liquidity or working capital concerns as $260 million (2021: $260 million) of
term standby revolving cash advance facility remains undrawn.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2023
16

PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Interim Consolidated Financial Statements
for the six months ended 31 December 2022
11 LEASES
During the six months ended 31 December 2022, the Group had $0.075 million right-of-use assets additions
(2021: nil) and a $0.075 million increase to lease liabilities (2021: nil). There have been no disposals or
reductions in the right-of-use assets (2021: nil).
12 RELATED PARTY TRANSACTIONS AND BALANCES
Related party transactions and balances with related parties:
Six Months Ended
31 December 2022
NZ$000
Six Months Ended
31 December 2021
NZ$000
Transactions with Equity Accounted Investees
Services provided to Port of Tauranga Limited270250
Services provided by Port of Tauranga Limited2 ,1482,488
Accounts receivable by Port of Tauranga Limited42143
Accounts payable by Port of Tauranga Limited5346
Advances by Port of Tauranga Limited1,4001,400
Services provided to Quality Marshalling (Mount Maunganui) Limited01
Services provided by Quality Marshalling (Mount Maunganui) Limited160553
Accounts receivable by Quality Marshalling (Mount Maunganui) Limited4233
Services provided to Timaru Container Terminal Limited1,4141,545
Services provided by Timaru Container Terminal Limited74103
Accounts receivable by Timaru Container Terminal Limited012
Accounts payable by Timaru Container Terminal Limited184104
During the six months ended 31 December 2022, the Group entered into transactions with companies
in which Group Directors hold directorships. These directorships have not resulted in the Group having
significant influence or control over the operations, policies, or key decisions of these companies.
No related party debts have been written off or forgiven during the period.
Controlling Entity
Quayside Securities Limited owns 54.14% (as at 31 December 2021: 54.14%) of the issued ordinary shares in
Port of Tauranga Limited.
Quayside Securities Limited is beneficially owned by Bay of Plenty Regional Council, the Ultimate Controlling
Party. Transactions with the Ultimate Controlling Party during the period include services provided to Port of
Tauranga Limited $0.211 million (six months ended 31 December 2021: $0.041 million).
12 RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED)
Transactions with Key Management Personnel
The Group does not provide any non cash benefits to Directors in addition to their Directors’ fees.
Six Months Ended
31 December 2022
Group
NZ$000
Six Months Ended
31 December 2021
Group
NZ$000
Directors
Directors’ fees recognised during the period447385
Executive Officers
Salaries and short term employee benefits recognised during
the period
2,0231,924
Share based payments recognised during the period343100
13 COMMITMENTS
Six Months Ended
31 December 2022
Group
NZ$000
Six Months Ended
31 December 2021
Group
NZ$000
Capital commitments
Estimated capital commitments for the Group contracted for at the
reporting date but not provided for
18,32531,593
On 28 September 2020, the Parent Company formed a 50:50 joint venture named Ruakura Inland Port LP
with Tainui Group Holdings Limited.
The new joint venture will take an initial 50 year ground lease to establish an inland port in Ruakura, and plans
to start operations within two years.
The Parent Company has committed capital of $25.000 million to fund the development of the inland port
and as at 31 December 2022 $17.300 million (31 December 2021: $1.500 million) has been paid.
In addition, if the development costs exceed the initial $25.000 million capital commitment, construction
contingency funding of up to $2.500 million must be provided to the joint venture.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2023
17

PORT OF TAURANGA LIMITED AND SUBSIDIARIES
Notes to the Interim Consolidated Financial Statements
for the six months ended 31 December 2022
14 FINANCIAL INSTRUMENTS
The fair value of financial instruments traded in active markets is based on quoted market prices at the
reporting date.
The fair value of financial instruments that are not traded in active markets (for example over-the-counter
derivatives) are determined by using market accepted valuation techniques incorporating observable
market data about conditions existing at each reporting date.
The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows.
The fair value of forward exchange contracts is determined using quoted forward exchange rates at the
reporting date.
Derivative financial instruments are categorised as Level 2 in the fair value measurement hierarchy.
15 SUBSEQUENT EVENTS
An interim dividend of 6.8 cents per share has been declared subsequent to reporting date.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2023
18

To the shareholders of Port of Tauranga Limited
The Auditor-General is the auditor of Port of Tauranga Limited, its subsidiaries and the Group’s interest in
equity accounted investees (together the “Group”). The Auditor-General has appointed me, Brent Manning,
using the staff and resources of KPMG to carry out the review of the interim consolidated financial statements
of the Group on his behalf.
Report on the interim consolidated financial statements
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim
consolidated financial statements on pages 10 to 18 do not:
i. present fairly in all material respects the Group’s financial position as at 31 December 2022 and its
financial performance and cash flows for the 6 month period ended on that date; and
ii. comply with NZ IAS 34 Interim Financial Reporting.
We have completed a review of the accompanying interim consolidated financial statements which
comprise:
– the consolidated statement of financial position as at 31 December 2021;
– the consolidated income statement, statements of other comprehensive income, changes in equity and
cash flows for the six month period then ended; and
– notes, including a summary of significant accounting policies and other explanatory information.
Basis for conclusion
A review of interim consolidated financial statements in accordance with NZ SRE 2410 Review of Financial
Statements Performed by the Independent Auditor of the Entity (“NZ SRE 2410”) is a limited assurance
engagement. The auditor performs procedures, consisting of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review procedures.
As the auditor of Port of Tauranga Limited, NZ SRE 2410 requires that we comply with the ethical
requirements relevant to the audit of the annual financial statements.
Other than in our capacity as auditor we have no relationship with, or interests in, the Group.
Use of this Independent Review Report
This report is made solely to the Shareholders as a body. Our review work has been undertaken so that
we might state to the Shareholders those matters we are required to state to them in the Independent
Review Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Shareholders as a body for our review work, this report, or any of the
opinions we have formed.
Responsibilities of the Directors for the interim consolidated financial statements
The Directors, on behalf of the group, are responsible for:
– the preparation and fair presentation of the interim consolidated financial statements in accordance with
NZ IAS 34 Interim Financial Reporting;
– implementing necessary internal control to enable the preparation of interim consolidated financial
statements that are fairly presented and free from material misstatement, whether due to fraud or error;
and
– assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless they either intend to liquidate or
to cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the review of the interim consolidated financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. We
conducted our review in accordance with NZ SRE 2410. NZ SRE 2410 requires us to conclude whether
anything has come to our attention that causes us to believe that the interim financial statements are not
prepared, in all material respects, in accordance with NZ IAS 34 Interim Financial Reporting.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand). Accordingly, we do not express an audit
opinion on these interim consolidated financial statements.
This description forms part of our Independent Review Report.

Brent Manning
KPMG
On behalf of the Auditor-General
Tauranga, New Zealand
23 February 2023
Independent Review Report
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2023
19

Company Directory
DIRECTORS
D A Pilkington*
J C Hoare, Chair**
A M Andrew
D J Bracewell
K R Ellis***
A R Lawrence
D W Leeder
Sir Robert McLeod KNZM
J B Stevens****
*Resigned from Board (was Chair) effective 31 July 2022
**Appointed Chair 1 August 2022
***Resigned from the Board 28 October 2022
****Appointed to the Board 1 August 2022
EXECUTIVE
L E Sampson
Chief Executive
M J Dyer
GM Corporate Services
B J Hamill
GM Commercial
S R Kebbell
Chief Financial Officer
P M Kirk
GM Group Health & Safety
D A Kneebone
GM Property & Infrastructure
R A Lockley
GM Communications
REGISTERED OFFICE
Salisbury Avenue
Mount Maunganui
Private Bag 12504
Tauranga Mail Centre
Tauranga 3143
New Zealand
Telephone 07 572 8899
Email marketing@port-tauranga.co.nz
Website www.port-tauranga.co.nz
AUDITORS
KPMG
Tauranga
(On behalf of the Auditor-General)
SOLICITORS
Holland Beckett Law
Tauranga
BANKERS
ANZ Bank New Zealand Limited
Bank of New Zealand
Commonwealth Bank of Australia
MUFG Bank, Limited
CREDIT RATING AGENCY
Standard & Poor’s (S&P)
Australia
Port of Tauranga Limited’s rating: A-/Stable/A-2
SHARE REGISTRY
For enquiries about share transactions, change of
address or dividend payments contact:
Link Market Services Limited
PO Box 91976
Victoria Street West
Auckland 1142
New Zealand
Telephone 09 375 5998
Facsimile 09 375 5990
Email enquiries@linkmarketservices.co.nz
Website www.linkmarketservices.co.nz
Copies of the Integrated Annual Report and
Market Update (which replaces the Interim Report)
are available from our website.
FINANCIAL CALENDAR
24 March 2023 Interim dividend payment
30 June 2023 Financial year end
25 August 2023 Annual results announcement
6 October 2023 Final dividend payment
27 October 2023 Annual Meeting
29 February 2024 Half year results announcement
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2023
20

---

Presentation to Analysts
24 February 2023

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

Highlights
and
Challenges
For the six months
ended December
2022

Group Net Profit After Tax up 11.3%
For the six months ended December 2022
$48,746
$56,341
$62,725
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
FY21FY22FY23
$000s

Interim Dividend up 4.6%
6.0
6.5
6.8
0
2
4
6
8
FY21FY22FY23
Cents per share

Net Debt / Net Debt + Equity
For the six months ended December 2022
29.5%
24.5%
18.0%
0%
5%
10%
15%
20%
25%
30%
35%
FY21FY22FY23

Total Trade down 2.5%
For the six months ended December 2022
13,084
13,050
12,722
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
FY21FY22FY23
000s tonnes

612,988
622,271
637,728
100,000
200,000
300,000
400,000
500,000
600,000
700,000
FY21FY22FY23
TEUs
Container Volumes up 2.5%
For the six months ended December 2022

182,266
143,339
174,444
0
50,000
100,000
150,000
200,000
FY21FY22FY23
TEUs
Transhipped TEUs up 21.7%
For the six months ended December 2022

101,212
131,120
124,940
0
50,000
100,000
150,000
200,000
FY21FY22FY23
TEUs
Import TEUs down 4.7%
For the six months ended December 2022

TEUs
Export TEUs down 4.5%
For the six months ended December 2022
214,859
219,808
209,942
0
50,000
100,000
150,000
200,000
FY21FY22FY23

3,289
3,088
3,009
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
FY21FY22FY23
000s
tonnes
Exports – Logs down 2.6%
For the six months ended December 2022

•Export markets more positive as China
reopens and gets back to a level of normality.
•Circa 85% Tauranga log volume to China.
•Stevedore companies bringing in labour from
overseas to lift productivity.
•Shipping costs continue to decline.
•Central North Island impact from Cyclone
Gabrielle.
Forestry Outlook

701
813
563
0
100
200
300
400
500
600
700
800
FY21FY22FY23
000s tonnes
Exports – Direct Kiwifruit down 30.7%
For the six months ended December 2022
• The 2022 crop was 5.5% down on the 2021
crop with green and gold yields both down.
• The harvest appeared to have progressed
well despite challenges with labour.
• A combination of labour supply, harvest and
handling, crop loading and weather are
thought to have contributed to a reduced
harvest and significantly higher fruit losses
despite earlier estimates of an increase
over 2021 crop.
• Investigations into the cause of the fruit
quality issues are ongoing.

Kiwifruit Outlook
•Medium term outlook remains for strong growth driven
by gold license release and orchards coming into
production.
•2023 forecast crop shows a decline due to:
•Poor flowering year
•Frost early October 2022
•Hail event
•Flooding in outer regions (impact not yet
confirmed).
•Strong gold yields expected medium term (~16,000
trays per Ha) but impacted in 2023 by above.
•Significant decline in green crop ~ 45M TE 2023 v 69M
TE 2022.
•Market side demand continues to be very strong.
•Labour supply and rising input costs continue to be
headwinds for the sector.
182
172
146
203
213
227
297
0
50
100
150
200
250
300
2021202220232024202520262032
m Trays
Class 1 Gross Submit
ActualFeb Official Supply Estimate2022 10 Year Plan

Exports - Direct Dairy down 3.2%
For the six months ended December 2022
998
1,026
993
0
100
200
300
400
500
600
700
800
900
1,000
1,100
1,200
1,300
FY21FY22FY23
000s tonnes
• Direct dairy trade for the six months remains
relatively flat relative to prior years.
• Some shipping challenges impacted first six
months.
• Exports were strong for the quarter ended
September 2022 due to carried over inventory
from the prior year.
• Carried over inventory can mainly be attributed to
COVID-19 related short term impacts on demand
and supply chain disruptions, specifically in
China.

Dairy Outlook
• Dairy export revenue forecast to increase by 6% to
reach $23B in the year to 30 June 2023 despite
weakening overseas demand and an estimated 2%
decline in milk production.
• The increase in export receipts is driven by:
• A weak NZD
• Previous seasons inventory sold in current year
• Reduced supply from key dairy exporting regions.
• Global dairy trade (GDT) prices have weakened
considerably since the peak in March 2022.
• NZ is at peak cow and long-term forecast indicate
volume to be flat.
• Some product mix volume growth potential.

Bulk Cargo down 5.7%
For the six months ended December 2022
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
FY21FY22FY23
Tonnes
LOGSOIL PRODUCTSPROTEINS & FEEDS
KIWIFRUITOTHER WOOD PRODUCTSFERTILISERS
STEELGRAINALL OTHER GOODS

86
81
114
107
00
28
63
0
20
40
60
80
100
120
2017201820192020202120222023
Visits
ActualForecast
•Eight cruise calls cancelled due to weather
•Forecast ~ 91 cruise vessels this season
Return of Cruise

Subsidiaries & Associates
Net Profit After Tax up 0.6%
For the six months ended December 2022
$8,263
$7,341
$7,383
$0
$2,000
$4,000
$6,000
$8,000
$10,000
FY21FY22FY23
$000s

• Profit down 0.7% to $3.918 million.
• Break Bulk volumes down 12.7% with
log volumes down 266,205 tonnes on
the prior corresponding period.
• Container volumes up 15.1% to
10,611 TEU.
• Strong contribution from NorthTugz.

Reported profit of $0.492 million vs $0.558 million on the prior corresponding period.
Weakness in Distribution Centres and 3PL Transport Division.

• Earnings of $1.346 million vs $1.141
million in the prior corresponding
period.
• Total trade volumes down 12.7% on
last year – impacted by lower log
volumes.

• Container volumes of 36,951 TEU
down 7.0% for the period.
• Reported loss of $0.004 million.
• Extended the Kotahi export cargo
volume deal until 2030.

Earnings of $1.570 million down 7.2% on the prior corresponding period.
Impacted by lower reefer volumes at the Tauranga Container Terminal.

Ruakura
Inland Port
Practical completion of inland port,
March 2023
Distribution centre and cool store
operational ~ Q4 2023

MetroPort
• MetroPort rail volumes down 7.6% on PCP
• 92 per week MetroPort train plan – under review
26,791
29,207
31,624
27,869
30,455
27,699
21,851
31,517
27,824
29,629
25,584
26,412
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
JulyAugustSeptemberOctoberNovember December
TEU
MetroPort Rail Volumes
FY22FY23

Port Congestion
•Proforma vessel schedules have been suspended
since October 2020.
•Since October 2020 32-35% of vessels have met
scheduled berth window.
•Prior to October 2020 ~ 85% vessels on window.
•80%requiredtoreinstateberthwindows
effectively.
•Berth priority given to services on window in
Tauranga (priority not holding berth window).
•Berth window reinstatement requires all NZ ports
to reinstate agreed windows.
Add image

Congestion Impacts
12 more container vessels July – December 2022 vs PCP
1000
1050
1100
1150
1200
1250
1300
1350
1400
0
10
20
30
40
50
60
JulyAugSepOctNovDec
Vessel Visits
Tauranga Container Terminal Vessel Calls
Vessel Visits 21 /22Vessel Visits 22 /23Average Exchange 21/22Average Exchange 22/23
4% Increase in container vessel calls vs PCP

•Yard intensity continues ~45% (5,000 TEU) above October 2020 levels.
•Unlikely to improve until berth windows are reinstated.
•Average vessel exchange increased 11% however less frequent (down 22% from 2019).
•No move count restrictions imposed in Tauranga since vessel schedules suspended.
Congestion Impacts Daily TEU in Yard

October 2022 to
January 2023
•December – significant vessel bunching exacerbating
congestion.
•Twelve container vessels arrived at anchor within 24-hour
period.
•Average vessel exchange ~29 hours.
October 2022November 2022December 2022
Average Container Volumes18,14118,97215,948
Average Dwell4.55 days5.36 days5.49 days
Average Vessel/s at Anchor24.312
Average Wait Time12.5 hours24 – 36 hours11 days

Reinstatement of
Proforma Berth
Windows
•Planned NZ proforma berth reinstatement 6
March 2023.
•Joint Port initiative across the NZ Port sector.
•Tauranga proforma berth schedule ~1.3M TEUs.
•Reduced yard congestion.
•Improved terminal productivity - reduced dwell.
•Increase in throughput capacity.

Critical New Zealand Infrastructure
• Environment Court hearing commences 27 February 2023 (for approx. three weeks).
• At capacity based on current extended dwell. Proforma capacity ~1.3M TEUs.
• 2-year construction time frame after consent granted.

Source: Ministry of Transport
NZ’s Largest Container Terminal
(container volumes by quarter – all ports)
0
50,000
100,000
150,000
200,000
250,000
09Q109Q209Q309Q410Q110Q210Q310Q411Q111Q211Q311Q412Q112Q212Q312Q413Q113Q213Q313Q414Q114Q214Q314Q415Q115Q215Q315Q416Q116Q216Q316Q417Q117Q217Q317Q418Q118Q218Q318Q419Q119Q219Q319Q420Q120Q220Q320Q421Q121Q221Q321Q422Q122Q222Q3
AucklandLytteltonNapierOtagoTaurangaWellington

Current Berth
Increasing
Resilience
New Berth Capacity

Terminal
Automation
• Request for tender released Q4
2022.
• Vendor selection expected Q2
2023.
• High global demand on terminal
equipment may extend delivery
windows.
• Early indications ~ 12-18 months
from order placement.

A Resilient Upper North Island Supply Chain

Parent Capital Expenditure FY 2023
-
5,000
10,000
15,000
20,000
25,000
30,000
Ruakura DevelopmentTerminal DevelopmentPlant & EquipmentOther
$000s
Actual YTD2nd half forecast

Outlook 2023
• Port congestion is expected to ease
following berth window reinstatement.
• Labour levels on Port improving.
• Recent weather cargo impacts still
being assessed – not expected to be
significant.
• Expect to handle about 1.20 – 1.25
million TEU.
• Log volume forecast circa 5.7M JAS
FY23.
• F23 earnings guidance expected to be
between $117 and $124 million.

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