2023 Half Year Results

1





NZX AND MEDIA RELEASE
24 May 2023
UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR TO 31 MARCH 2023
Napier Port delivers a strong start to FY23; regional cyclone damage tempers
outlook
Napier Port (NZX.NPH), the freight gateway for the central and lower North Island, today reports strong
growth in revenue and operating earnings for the six months to the end of March 2023.

HIGHLIGHTS
• Revenue rose 22.8% to $62.3 million from $50.7 million in the same period last year due to
higher container volumes and the return of cruise vessels
• Result from operating activities
1
increased 33% to $21.9 million from $16.4 million in the same
period last year
• Underlying net profit after tax
2
increased 3.9% to $7.5 million from $7.2 million in the same
period last year. Reported net profit after tax decreased 3.3% to $8.7 million from $9.0 million
in the same period a year ago
• The trade impact of Cyclone Gabrielle on full year trade volumes remains uncertain
• Board has resolved to pay a fully imputed interim dividend of 1.7 cents per share, reduced from
the interim dividend in the prior year of 2.8 cents per share
Chair, Blair O’Keeffe said: “Napier Port - and our region’s cargo owners - entered 2023 with an optimistic
outlook. Pandemic pressures, including constraints on labour, were easing and cargo flows were
buoyant supported by increasing shipping services. Te Whiti wharf is enabling significant flexibility,
supporting growth and more efficient ship management, underpinning a positive long-term outlook for
the business. As a result, Napier Port had been tracking to the upper end of guidance which has
subsequently been tempered by Cyclone Gabrielle.”
Chief Executive, Todd Dawson said: “Trade during the first four and a half months of the half year
demonstrated Napier Port’s capability to deliver.
“Our additional berth availability is helping to ease shipping congestion across New Zealand. New
shipping services are calling Napier Port and the cruise industry has resumed. Our cargo volumes and
customer base in the central North Island accessed via Napier Port’s road and rail service has been
growing and to maximise this potential we have strengthened our position and investment in the
Manawatū Inland Port resulting in a 50% partnership with Halls Group (Talley’s Group of companies).
“Following Cyclone Gabrielle in mid-February, cargo volumes have been impacted due to damage to
crops, exporters’ premises and regional infrastructure, which softened our overall half year result.
“However, as the region recovers and road and rail networks reopen to Napier Port, we will continue to
see our long-term strategies deliver growth and value through customer solutions that connect cargo

1
Result from operating activities is an alternative non-NZ GAAP measure and represents core underlying operating earnings.
For further information please refer to Note 24 of the 2022 Annual Consolidated Financial Statements and the Supplemental
Selected Financial Information.
2
Underlying net profit after tax is an alternative non-NZ GAAP measure that comprises reported net profit after tax adjusted for
certain non-recurring and unrealised fair value revaluation items to provide consistency and comparability of the financial
information over the periods presented. For further information please refer to the Supplemental Selected Financial Information.

2

via a coordinated and networked infrastructure, shipping services and partnerships that drive volumes
through Napier Port and open up new opportunities.” Mr Dawson said.

FINANCIAL RESULTS
Revenue for the half year rose 22.8% to $62.3 million from $50.7 million in the same period last year.
Container services revenue for the half year increased 14.5% to $34.5 million from $30.2 million with a
5.7% increase in container volumes to 119,000 TEU
3
.
Bulk cargo revenue for the half year increased 7.5% to $20.6 million from $19.2 million despite a 9.3%
decrease in bulk cargo total volume. This followed changes in cargo mix and increased yields and log
debarking operations revenue.
Cruise revenue for the first half was $5.1 million. The reintroduction of cruise following the reopening of
the international marine border saw 62 cruise vessel calls in the half year, compared to a single call in
the prior year.
As a result of intense cost pressures in recent periods operating expenses increased 17.8% on the
same period last year, however, these costs were comparable to the second half of the 2022 financial
year.
The result from operating activities for the half year increased 33% to $21.9 million from the $16.4
million reported for the first half of the last financial year.
Underlying net profit, which excludes unrealised property revaluation gains, was $7.5 million and
increased from $7.2 million in the same period last year. Following the completion of Te Whiti wharf last
financial year, depreciation costs have increased, and the majority of finance costs are now reported in
the income statement, rather than capitalised as an asset. Reported net profit after tax was down 3.3%
to $8.7 million from $9.0 million in the same period a year ago.

CYCLONE GABRIELLE IMPACTS
The landing of Cyclone Gabrielle resulted in damage and disruption to the Hawke’s Bay region and its
infrastructure. Many parts of the community and cargo customers have experienced damage and
reduced output, which will impact cargo volumes for the remainder of the financial year.
Napier Port suffered minimal property damage. Following the cyclone restorative dredging was
undertaken to reinstate the shipping channel and berth depths, both of which had experienced some
infill from the storm and swell.
Key road access to Napier Port has been restored, with ongoing repair and replacement of regional and
minor roads and bridges underway. A new coastal shipping service between Gisborne and Napier
provides an additional access route for exporters in areas where road or rail is only partially restored.
The main rail line to the south and central North Island has been restored as far as Hastings, but the
link between Hastings and Napier requires reinstatement. This work is expected to continue through to
the first quarter of the next financial year. The lack of direct to port rail access provides challenges for
inbound pulp cargoes and our growing supply chain services operation; however, our team continues
to support cargo flows to and from Napier Port and the central North Island hinterland via road and rail.
The forestry industry has re-established forest-based production, although it has seen some reduction
in capacity due to short-term redeployments and some loss of industry transport capacity. Export market
conditions for logs remains subdued.
Pan Pac operations are expected to be restarted around the end of this financial year in September,
with a ramp up towards normal production levels during the next financial year.

3
Twenty-foot equivalent container unit

3

The seasonal produce losses (pip fruit and other fresh produce) will result in a reduction of container
traffic in the second half of our financial year. The extent of the potential future reduced output of planted
areas, that will require remediation and replanting to restore production, remains uncertain.
Napier Port has business interruption insurance that is expected to provide a level of mitigation against
the adverse trade effects following the cyclone. However, at this stage there is no certainty regarding
the financial outcome of any claim. No insurance claim recoveries have been accounted for in the half
year result.

BALANCE SHEET AND DIVIDEND
Napier Port remains well funded with $180 million of long-term funding facilities in place, of which $46
million was available and undrawn at the end of the half year period. With the completion of Te Whiti
wharf Napier Port does not have any material capital commitments.
Despite the strong first half result and in recognition of the uncertainty regarding near term trading and
an expectation of reduced full year earnings, the Board has resolved to pay a fully imputed interim
dividend of 1.7 cents per share, which is reduced from the 2.8 cents per share paid at the same time
last year.
The Board will review the full financial year performance and outlook when considering any final
dividend following the end of the financial year. The record date for the interim dividend entitlement is
9 June and the payment date will be 22 June.

OUTLOOK
Mr Dawson said: “Cyclone Gabrielle has delivered a challenge to the region and to Napier Port, however
the strong performance we saw in the first half demonstrated our capability and the growth potential of
the region and our port.
“Given the crop losses and damage to primary processing, trading in the second half will be subdued,
and we expect a return to traditional export flows next year recognising some trade impairments will
create drag into the new financial year.
“This outlook is underpinned by strong forward bookings for the summer cruise season in the new
financial year.
“Napier Port will continue to support customers and the community and manage its outgoings and
commitments whilst the recovery takes place.
“We also note the government’s financial commitment to Cyclone Gabrielle recovery including clean-
up, the repair of road and rail networks, flood protection infrastructure and community wellbeing
initiatives, of which Hawke’s Bay will receive an allocation.
We expect to provide a further update to the market regarding our June quarter trading results during
August.”
ENDS
For more information:

Investors Media
Kristen Lie Jo-Ann Young
Chief Financial Officer Corporate Affairs Manager
DDI: +64 6 833 4405 DDI: +64 6 833 4521
E: kristenl@napierport.co.nz E: jo-anny@napierport.co.nz

4

About Napier Port
Napier Port is New Zealand’s fourth largest port by container volume. We are the gateway for
Hawke’s Bay and lower North Island’s exports and operate a long-term regional infrastructure asset
that supports the regional economy. Our strategic purpose is to collaborate with the people and
organisations that have a stake in helping our region grow. View Napier Port’s investor centre:
www.napierport.co.nz/investor-centre/
Conference Call
Napier Port will hold a conference at 11:00am (NZT) (9.00am, AEST) today. To attend to the conference
call participants must pre-register at the following link: https://s1.c-conf.com/diamondpass/10030552-
hf67oa.html. Registrations can be taken right up to the commencement of the call.

---

HALF
YEAR
REPORT
FOR THE SIX
MONTHS ENDED
31 MARCH 2023

CONTENTS
OUR PORT, HUBS AND INFRASTRUCTURE 3
TRADE AND FINANCIAL RESULTS 4
CHAIR AND CHIEF EXECUTIVE'S REPORT 5
HAWKE’S BAY WELCOMES BACK CRUISE 7
TE WHITI WHARF IS FREEING UP BERTH AVAILABILITY AND
ENABLING NEW SHIPPING SERVICES TO NAPIER PORT 8
A LIFELINE ASSET FOR OUR REGION 10
FINANCIAL STATEMENTS 11
CONSOLIDATED INCOME STATEMENT 11
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 12
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 13
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 15
CONSOLIDATED STATEMENT OF CASH FLOWS 16
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 18
INDEPENDENT AUDITOR’S REVIEW REPORT 21
DIRECTORY 23
2 | NAPIER PORT
°
TE HERENGA WAKA O AHURIRI

OUR PORT, HUBS
AND INFRASTRUCTURE
Napier Port is New Zealand’s fourth largest port by container volume. Located
in Hawke’s Bay on the East Coast, we are the gateway for the central and lower
North Island’s exports and operate a long-term regional infrastructure asset that
supports the regional economy. Our strategic purpose is to collaborate with the people
and organisations that have a stake in helping our region grow.
We are situated on the main transit route for international shipping services,
and are connected to core national road and rail networks, and we are open for business
24 hours a day, 364 days a year.
1123 CONNECTION
POINTS FOR
REFRIGERATED CARGO
16 HECTARES
OF CONTAINER
TERMINAL SPACE
OVER 5.9 MILLION
TONNES OF CARGO
HANDLED ANNUALLY
SIX
MOBILE HARBOUR
CRANES
10 HECTARES OF
DEDICATED LOG STORAGE,
WORKING 24/7
TWO EXTERNAL CONTAINER DEPOTS
AT THAMES STREET OFFERING
FULL SERVICES TO INTERNATIONAL
SHIPPING LINES
FLEET OF 39
HEAVY CONTAINER
HANDLING MACHINES
12.3 HECTARES OF LAND
IN WHAKATŪ FOR FUTURE
DEVELOPMENT
INLAND FREIGHT HUB IN MANAWATŪ WITH
A 1.9 HECTARE CONTAINER YARD
AND A WAREHOUSING FACILITY WITH ROAD
AND RAIL CONNECTIONS TO NAPIER PORT
50 HECTARES
OF ON-SITE
PORT LAND
ONE LOG DEBARKER
36,600
SQUARE METRES
OF WAREHOUSING
SIX EXISTING WHARVES
PROVIDING SEVEN
COMMERCIAL BERTHS
OVER 300
EMPLOYEES
THREE TUGS
3 | NAPIER PORT
°
TE HERENGA WAKA O AHURIRI

TRADE AND FINANCIAL RESULTS
1.5
MILLION
TONNES OF BULK
CARGO HANDLED
–

9.3%
$62.3
MILLION
REVENUE
–

22.8%
$21.9
MILLION
RESULTS FROM OPERATIONS
–

33%
321
VESSEL CALLS
–

24.4%
119
THOUSAND
TEU CONTAINERS
HANDLED
–

5.7%
$8.7
MILLION
NET PROFIT
–

3.3%
$3.4
MILLION
INTERIM DIVIDEND
–
1.7 CENTS
PER SHARE
$20.6
MILLION
BULK CARGO
REVENUE
–

7.5%
4 | NAPIER PORT
°
TE HERENGA WAKA O AHURIRI

CHAIR AND
CHIEF EXECUTIVE'S REPORT
TRADING OVERVIEW
While Cyclone Gabrielle has delivered a challenge, we’re
pleased to report a strong start to the 2023 financial
year, with growth in revenue and operating earnings
demonstrating Napier Port’s capability.
Te Whiti wharf is providing additional berth availability
and helping to ease shipping congestion across
New Zealand. New shipping services are calling
Napier Port and the cruise industry has resumed.
Our cargo volumes and customer base in the central
North Island accessed via Napier Port’s road and rail
service has been growing, and to maximise this potential
we have strengthened our position and investment in
the Manawatū Inland Port resulting in a 50% partnership
with the Halls Group (Talley’s Group of companies).
Following Cyclone Gabrielle, cargo volumes have been
impacted due to damage to crops, exporters’ premises
and regional infrastructure, which softened our overall half
year result.
However, as the region recovers and road and rail
networks reopen to Napier Port, we will continue to see
our long-term strategies deliver growth and value through
customer solutions that connect cargo via a coordinated
and networked infrastructure, shipping services
and partnerships driving volumes through Napier Port
and opening up new opportunities.
FINANCIAL RESULTS
Revenue for the half year rose 22.8% to $62.3 million
from $50.7 million in the same period last year. Container
services revenue for the half year increased 14.5%
to $34.5 million from $30.2 million with a 5.7% increase
in container volumes to 119,000 TEU (twenty-foot
equivalent container unit).
Bulk cargo revenue for the half year increased 7.5%
to $20.6 million from $19.2 million despite a 9.3%
decrease in bulk cargo total volume. This followed
changes in cargo mix and increased yields and log
debarking operations revenue.
Cruise revenue for the first half was $5.1 million.
The reintroduction of cruise following the reopening of
the international marine border saw 62 cruise vessel calls
in the half year, compared to a single call in the prior year.
As a result of intense cost pressures in recent periods
operating expenses increased 17.8% on the same period
last year, however, these costs were comparable to
the second half of the 2022 financial year.
The result from operating activities for the half year
increased 33% to $21.9 million from the $16.4 million
reported for the first half of the last financial year.
Underlying net profit, which excludes unrealised property
revaluation gains, was $7.5 million and increased from
$7.2 million in the same period last year. Following
the completion of Te Whiti wharf last financial year,
depreciation costs have increased, and the majority
of finance costs are now reported in the income
statement, rather than capitalised as an asset. Reported
net profit after tax was down 3.3% to $8.7 million from
$9.0 million in the same period a year ago.
CYCLONE GABRIELLE IMPACTS
The landing of Cyclone Gabrielle on 13-14 February
resulted in damage and disruption to the Hawke’s Bay
region and its infrastructure. Many parts of the community
and cargo customers have experienced damage
and reduced output, which is expected to impact cargo
volumes for the remainder of the financial year.
The cyclone highlighted the critical role Napier Port
plays as a lifeline asset to the wider region. With
minimal damage to our own infrastructure and being
the only entry point into Napier post-cyclone, our
teams were immediately able to support the emergency
response by hosting the defence forces and bringing
in essential supplies.
Following the cyclone restorative dredging was
undertaken to reinstate the shipping channel and berth
depths, both of which had experienced some infill from
the storm and swell.
Key road access to Napier Port has been restored, with
ongoing repair and replacement of regional and minor
roads and bridges underway. A new coastal shipping
service between Gisborne and Napier provides
an additional access route for exporters in areas where
road or rail is only partially restored.
The main rail line to the south and central North Island
has been restored as far as Hastings, but the link between
Hastings and Napier requires reinstatement. This work
is expected to continue through to the first quarter
of the next financial year.
The lack of direct to port rail access provides challenges
for inbound pulp cargoes and our growing supply
chain services operation; however, our team continues
to support cargo flows to and from Napier Port
and the central North Island hinterland via road and rail.
5 | NAPIER PORT
°
TE HERENGA WAKA O AHURIRI

The forestry industry has re-established forest-based
production, although it has seen some reduction in
capacity due to short-term redeployments and some loss
of industry transport capacity. Export market conditions
for logs remains subdued.
Pan Pac operations are expected to be restarted around
the end of this financial year in September, with a ramp
up towards normal production levels during the next
financial year.
The seasonal produce losses (pip fruit and other fresh
produce) will result in a reduction of container traffic
in the second half of our financial year. The extent of
the potential future reduced output of planted areas,
that will require remediation and replanting to restore
production, remains uncertain.
Napier Port has business interruption insurance that
is expected to provide a level of mitigation against
the adverse trade effects following the cyclone. However,
at this stage there is no certainty regarding the financial
outcome of any claim. No insurance claim recoveries have
been accounted for in the half year result.
Being primary sector based, our region is resilient and
innovative, and we have seen that on display once
again. With solidarity and respect, we see the efforts by
businesses, community organisations, central and local
government, neighbours and volunteers, groups of friends
and Iwi pitching in to clean up and rebuild together. We
are proud to join our community and stand beside them in
this effort.
BALANCE SHEET AND DIVIDEND
Napier Port remains well funded with $180 million of
long-term funding facilities in place, of which $46 million
was available and undrawn at the end of the half year
period. With the completion of Te Whiti wharf Napier Port
does not have any material capital commitments.
Despite the strong first half result and in recognition
of the uncertainty regarding near term trading and
an expectation of reduced full year earnings, the Board
has resolved to pay a fully imputed interim dividend of
1.7 cents per share, which is reduced from the 2.8 cents
per share paid at the same time last year.
The Board will review the full financial year performance
and outlook when considering any final dividend
following the end of the financial year. The record date for
the interim dividend entitlement is 9 June and the payment
date will be 22 June.
OUTLOOK
Napier Port’s strong performance in the first half
demonstrated our capability and the growth potential
of the region and strategic position of our port.
Given the crop losses and damage to primary processing,
trading in the second half will be subdued, and we expect
a return to traditional export flows next year recognising
some trade impairments will create drag into the new
financial year.
This outlook is underpinned by strong forward bookings
for the summer cruise season in the new financial year.
We are confident our region will rebuild. Demand for
its food and fibre exports continues to grow, while our
region is a world leader in primary sector innovation
and research.
The commitment of Napier Port’s people to each other,
our company, and our region has again stood up
to a challenge. We will continue to support customers
and the community whilst recovery takes place.
Ngā mihi nui,

BLAIR O'KEEFFE TODD DAWSON
Chair Chief Executive
6 | NAPIER PORT
°
TE HERENGA WAKA O AHURIRI

Cruise returned to Napier Port in grand
style with Ovation of the Seas the first
cruise ship to call, and it was also
the Ovation’s first New Zealand port
of call for the journey. Ovation is one
of the world’s largest cruise ships carrying
4,500 passengers and crew, so there was
no easing back after a two-year hiatus
caused by the pandemic.
Hawke’s Bay genuinely celebrates
and supports cruise. Tourism operators,
retailers, business associations, transport
operators and many others ensure
the best possible experience for visitors
and local communities alike.
Sixty-two cruise ships called during
the half year with an additional two
completing the season in April. Additional
highlights were the booking of two
triple cruise days and an overnight
stay by Celebrity Eclipse. Napier Port
is now able to berth cruise vessels
on five of our six wharves - 2, 3, 4,
5 and Te Whiti - providing greater
flexibility and availability for cruise lines.
Future forecasting is strong and Napier
remains a popular choice of destination
for passengers and cruise lines.
“My husband and
I recently visited
Napier when our ship
Celebrity 'Eclipse'
docked there.

I am writing to
congratulate
the people of
Napier for being
so welcoming,
so co‑operative when
seeking information,
so organised
with shuttle buses
to and from the ship
and for the friendly
staff in your office...

Napier really
impressed me
with the clean streets,
the gardens, your
'war memorial'
and many other
assets you have
highlighted
there. Napier
will certainly be
on our list to 're‑visit'”.
The Kellers, Australia
HAWKE’S BAY WELCOMES
BACK CRUISE
7 | NAPIER PORT
°
TE HERENGA WAKA O AHURIRI

TE WHITI WHARF
IS FREEING
UP BERTH
AVAILABILITY
AND ENABLING
NEW SHIPPING
SERVICES TO
NAPIER PORT
An asset for both Hawke’s Bay and New Zealand,
Te Whiti is easing congestion and expanding port
capacity across the North Island.
We are pleased to report that Te Whiti wharf is already
delivering benefits - unlocking congestion, reducing ship
moves inside the port, creating more berth availability
for ships, and also reducing the time vessels are spending
at anchor waiting to enter Napier Port.
Shift movements across the whole port have reduced
by fifty percent, resulting in greater efficiencies
for our own operations, shipping lines, customers
and transport operators.
8 | NAPIER PORT
°
TE HERENGA WAKA O AHURIRI

SITE-TO-SEA SERVICES
Napier Port’s logistics team works closely with
customers to provide a cost effective, reliable
and efficient supply chain between sites and
the port. Because we have visibility of the
containerised imports and exports before a
vessel arrives, we can optimise the landside
network and coordinate landside transport
options with customers. Key to our success
is strong partnerships with others. We work
closely with KiwiRail and we also strengthened
our investment in Manawatū Inland Port,
becoming equal partners with Halls Group
(Talleys).
Prior to Cyclone Gabrielle, our customer
base was growing with uptake in the central
North Island delivering more volume into port.
Immediately following the cyclone, there was
a modal shift with rail converted into road
transport. As the rail network is repaired, the
shift of cargo back to rail is incrementally
happening.
The main rail line has been restored as far
as Hastings, but the link between Hastings
and Napier requires reinstatement. This work
is expected to continue through to the first
quarter of the next financial year.
As a result, we’ve been able to welcome three new
shipping line services to Napier Port, providing
more shipping options for import and export customers.
• T.S. Lines NZE service began in January, connecting
our region’s exporters with a weekly direct Napier
to China service.
• ZIM Integrated Shipping Services commenced a direct
service from Napier to Melbourne on their New Zealand
to Australia shipping loop, starting in January 2023.
This new trans-Tasman service varies between weekly
and fortnightly depending on seasonal demand and is
a boost for our region’s exporters and importers,
connecting Hawke’s Bay to the world.
• The ANZ Shuttle, Trans-Tasman service, operated by
CMA CGM Group commenced just after the end of the
half year period, in early April.
9 | NAPIER PORT
°
TE HERENGA WAKA O AHURIRI

A LIFELINE
ASSET FOR OUR
REGION
In the immediate aftermath of the cyclone, Napier Port
was the only entry point to Napier as the roading and rail
networks were compromised from all sides. With our own
assets and infrastructure experiencing very minor damage,
we remained operational, and urgent supplies were able
to come into the region.
Napier Port became a community base for the ongoing
response, including hosting both the NZ Army and Navy
vessels, and we supported other lifeline services to
re-open by providing electricity generators.
Our people joined the Hawke’s Bay Civil Defence
Emergency Management Unit, volunteering in specialist
roles including health and safety, human resources,
emergency management, and GIS/CAD design helping
to map affected areas.
We worked closely with the local councils to restart
cruise three weeks after the cyclone. Passengers were
welcomed back with a Karakia, given information about
the cyclone and offered the opportunity to donate
to a regional relief fund.
On 6 April, our team stood with our region for
Hawke’s Bay Together day, dressing in black and
white, our regional colours, donating to the relief funds
and joining in solidarity and support with our community.
The launch of a three-month coastal shipping service
between Gisborne and Napier is supporting cargo
owners to access Napier Port’s international shipping
services. Napier Port is providing ship planning services,
facilitating empty containers for exporters, and then
exchanging the cargo on to the larger vessels destined
for international markets. Coastal shipping is alleviating
pressure on the roading network while it’s under repair
and provides additional resilience for the East Coast.
10 | NAPIER PORT
°
TE HERENGA WAKA O AHURIRI

NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31 MARCH 2023
The above statement of financial position should be read in conjunction with the accompanying notes.
31 March 31 March
2023 2022
Unaudited Unaudited
Notes $000 $000
Revenue 5 62,255 50,712
Employee benefit expenses 22,185 18,868
Property and plant expenses 7,576 6,501
Other operating expenses 10,624 8,902
Operating expenses 40,385 34,271
Result from operating activities 21,870 16,441
Depreciation, amortisation and impairment expenses 8,105 6,414
Other (income) and expenses 11 (2)
Fair value gain on investment property (1,225) (1,800)
Profit before finance costs and tax 14,979 11,829
Net finance costs 6 3,328 21
Profit before income tax 11,651 11,808
Income tax expense 7 2,961 2,824
Profit for the period attributable to the shareholders
of the Company 8,690 8,984
EARNINGS PER SHARE:
Basic earnings per share 0.044 0.045
Diluted earnings per share 0.043 0.045
11 | NAPIER PORT
°
TE HERENGA WAKA O AHURIRI

NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 MARCH 2023
The above statement of financial position should be read in conjunction with the accompanying notes.
31 March 31 March
2023 2022
Unaudited Unaudited
$000 $000
Profit for the period attributable to the shareholders
of the Company 8,690 8,984

OTHER COMPREHENSIVE INCOME
Items that will be reclassified to profit or loss:
Changes in fair value of cash flow hedges (189) 3,291
Cash flow hedges transferred to profit or loss (715) 19
Deferred tax on changes in fair value of cash flow hedges 253 (927)

Items that will not be reclassified to profit or loss:
Changes in fair value of cash flow hedges - (180)
Deferred tax on changes in fair value of cash flow hedges - 50
Revaluation of sea defences - 29,980
Deferred tax on revaluation of sea defences - (1,855)
Other comprehensive income for the period, net of tax (651) 30,378
Total comprehensive income for the period
attributable to the shareholders of the Company 8,039 39,362
12 | NAPIER PORT
°
TE HERENGA WAKA O AHURIRI

The above statement of financial position should be read in conjunction with the accompanying notes.
NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 MARCH 2023
Share-based
Share Revaluation Hedging Payment Retained
Capital Reserve Reserve Reserve Earnings Total Equity
$000 $000 $000 $000 $000 $000
Balance at 1 October 2022 246,209 97,519 4,642 729 42,878 391,977
Profit for the period - - - - 8,690 8,690
Other comprehensive income - - (651) - - (651)
Total comprehensive income for the period - - (651) - 8,690 8,039
Dividends 17 - - - (9,398) (9,381)
Share-based payments - - - 87 - 87
Purchases of treasury shares (354) - - - - (354)
Settlement of long term incentive plan shares 176 - - (176) - -
Fair share loans - employee repayments 64 - - - - 64
Total transactions with owners in their capacity as owners (97) - - (89) (9,398) (9,584)
Total movement in equity (97) - (651) (89) (708) (1,545)
Balance at 31 March 2023 (Unaudited) 246,112 97,519 3,991 640 42,170 390,432
13 | NAPIER PORT
°
TE HERENGA WAKA O AHURIRI

The above statement of financial position should be read in conjunction with the accompanying notes.
NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY (CONTINUED)
FOR THE SIX MONTHS ENDED 31 MARCH 2023
Share-based
Share Revaluation Hedging Payment Retained
Capital Reserve Reserve Reserve Earnings Total Equity
$000 $000 $000 $000 $000 $000
Balance at 1 October 2021 245,850 70,308 714 525 37,450 354,847
Profit for the period - - - - 8,984 8,984
Other comprehensive income - 28,125 2,253 - - 30,378

Total comprehensive income for the period - 28,125 2,253 - 8,984 39,362

Dividends 18 - - - (9,394) (9,376)
Share-based payments - - - 110 - 110
Transfers from treasury stock - employee recognition scheme 249 - - - - 249
Fair share loans - employee repayments 44 - - - - 44
Total transactions with owners in their capacity as owners 311 - - 110 (9,394) (8,973)
Total movement in equity 311 28,125 2,253 110 (410) 30,389
Balance at 31 March 2022 (Unaudited) 246,161 98,433 2,967 635 37,040 385,236
14 | NAPIER PORT
°
TE HERENGA WAKA O AHURIRI

The above statement of financial position should be read in conjunction with the accompanying notes.
NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
AS AT 31 MARCH 2023
31 March 30 September
2023 2022
Unaudited Audited
$000 $000
EQUITY
Share capital 246,112 246,209
Reserves 102,150 102,890
Retained earnings 42,170 42,878
390,432 391,977
NON-CURRENT LIABILITIES
Loans and borrowings 131,975 131,180
Deferred tax liability 21,966 22,552
Lease liabilities 96 197
Derivative financial instruments 238 1,405
Provision for employee entitlements 536 490
154,811 155,824
CURRENT LIABILITIES
Taxation payable 1,374 -
Lease liabilities 203 200
Derivative financial instruments 763 319
Trade and other payables 16,422 14,394
18,762 14,913
564,005 562,714
31 March 30 September
2023 2022
Unaudited Audited
$000 $000
NON-CURRENT ASSETS
Property, plant and equipment 522,284 523,248
Intangible assets 973 1,191
Derivative financial instruments 3,418 4,791
Investment in joint venture 250 -
Investment properties 13,501 12,200
540,426 541,430
CURRENT ASSETS
Cash and cash equivalents 4,065 1,942
Derivative financial instruments 2,124 1,619
Taxation receivable - 739
Trade and other receivables 17,390 16,984
23,579 21,284
564,005 562,714
On behalf of the Board of Directors, who authorised the issue of the financial
statements on 23 May 2023.
Chair Director
15 | NAPIER PORT
°
TE HERENGA WAKA O AHURIRI

NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT
OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 MARCH 2023
31 March 31 March
2023 2022
Unaudited Unaudited
$000 $000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers 59,024 48,141
Net GST received 23 1,974
Cash was applied to:
Payments to suppliers and employees (36,497) (31,939)
Income taxes paid (1,181) (5,198)
Net cash flows generated from operating activities 21,369 12,978
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Proceeds from sale of property, plant and equipment 7 -
Cash was applied to:
Investment in joint venture (250) -
Acquisition of property, plant and equipment
and intangible assets (5,549) (43,673)
Net cash flows used in investing activities (5,792) (43,673)
31 March 31 March
2023 2022
Unaudited Unaudited
$000 $000
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided from:
Net proceeds from loans and borrowings - 42,000
Repayment of fair share loans by employees 81 62

Cash was applied to:
Repayment of lease liabilities (98) (111)
Net finance costs (3,685) (22)
Purchase of treasury stock (354) -
Dividends paid (9,398) (9,394)
Net cash flows generated from financing activities (13,454) 32,535
Net increase in cash and cash equivalents 2,123 1,840
Cash and cash equivalents at beginning of the period 1,942 1,403
Effect of exchange rate changes on foreign
currency balances - (132)
Cash and cash equivalents at end of the period 4,065 3,111
The above statement of financial position should be read in conjunction with the accompanying notes.
16 | NAPIER PORT
°
TE HERENGA WAKA O AHURIRI

The above statement of financial position should be read in conjunction with the accompanying notes.
NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT
OF CASH FLOWS (CONTINUED)
FOR THE SIX MONTHS ENDED 31 MARCH 2023
Reconciliation of profit for the period to cash flows from operating activities
31 March 31 March
2023 2022
Unaudited Unaudited
$000 $000
Profit for the period 8,690 8,984
Adjust for non-cash items:
Fair value gain on investment property (1,225) (1,800)
Depreciation and amortisation 8,032 6,414
Impairment of assets 72 -
Net (gain)/ loss on disposal of property,
plant and equipment 17 (3)
Share-based payments 87 110
Other non-cash items (37) 1
Deferred tax (334) 148
6,612 4,870
Other adjustments:
Finance costs classified as financing activities 3,328 22
(Decrease)/ increase in current taxation payable 2,113 (2,532)
(Decrease)/ increase in non-current provision 46 (12)
5,487 (2,522)
31 March 31 March
2023 2022
Unaudited Unaudited
$000 $000
Movements in working capital:
Increase in trade and other receivables (290) (1,375)
Increase in trade and other payables 870 3,021
580 1,646
Net cash flows generated from operating activities 21,369 12,978
17 | NAPIER PORT
°
TE HERENGA WAKA O AHURIRI

NAPIER PORT HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2023
1. REPORTING ENTITY
The interim financial statements presented are those of Napier Port Holdings Limited
and its subsidiaries (together "the Group"). Napier Port Holdings Limited is incorporated
under the Companies Act 1993 and domiciled in New Zealand. Napier Port Holdings
Limited's shares are publicly traded on the New Zealand Stock Exchange (NZX).
2. BASIS OF PREPARATION
The interim financial statements have been prepared in accordance with
the Financial Markets Conduct Act 2013.
STATEMENT OF COMPLIANCE
The interim financial statements have been prepared in accordance with New Zealand
equivalents to International Accounting Standard 34, Interim Financial Reporting
(NZ IAS 34), and International Accounting Standard 34, Interim Financial Reporting.
The Group is a for-profit entity for NZ GAAP purposes. These interim financial
statements do not include all the information normally included in an annual financial
report. Accordingly, these should be read in conjunction with the Group's annual
financial statements for the year ended 30 September 2022.
BASIS OF MEASUREMENT
The interim financial statements have been prepared on a historical cost basis, except
for sea defences, investment properties and derivative financial instruments, which
are measured at fair value. They are presented in New Zealand Dollars (NZD) and all
values are rounded to the nearest thousand dollars ($'000), unless otherwise stated.
3. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies adopted are consistent with those followed in the
preparation of the Group's consolidated financial statements for the year ended
30 September 2022.
4. UNCERTAINTIES,
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.
During February 2023, Cyclone Gabrielle struck New Zealand causing widespread
damage and disruption to the Hawke's Bay region and its infrastructure. Whilst
Napier Port did not experience significant property damage, many cargo customers
of Napier Port have experienced damage and reduced output, which impacts
Napier Port's trading. The economic consequences of this event increases uncertainty
regarding the Group’s future trading results. Neither revenue relating to any potential
insurance recovery, nor any associated insurance asset has been recognised in these
financial statements.
18 | NAPIER PORT
°
TE HERENGA WAKA O AHURIRI

5. REVENUE AND SEGMENT REPORTING
31 March 31 March
2023 2022
Unaudited Unaudited
$000 $000
Disaggregation of revenue
Container services 34,540 30,157
Bulk cargo 20,602 19,169
Cruise 5,108 12
Sundry income 692 149
Port operations 60,942 49,487
Property operations 1,313 1,225
Operating income 62,255 50,712
ACCOUNTING POLICIES:
PORT OPERATIONS
Port operations represents a series of services including marine, berthage and port
infrastructure services to the Group's customers which are accounted for as a single
performance obligation. Revenue is recognised over-time using the percentage
of completion method.
Revenue is measured based on the service price specified in the relevant tariffs
or specific customer contract. The contract price for the services performed reflects
the value transferred to the customer.
PROPERTY OPERATIONS
Investment property lease income is recognised on a straight-line basis over
the period of the lease term.

OPERATING SEGMENTS
The Group determines its operating segments based on internal information that
is regularly reported to the Chief Executive, who is the Group’s Chief Operating
Decision Maker (CODM).
The Group operates in one reportable segment being Port Services. This consists
of providing and managing port services and cargo handling infrastructure through
Napier Port. Within the Port Services reportable segment the following operating
segments have been identified: marine services, general cargo services, container
services, port pack services and depot services. These have been aggregated
on the basis of similarities in economic characteristics, customers, nature
of services and risks
The Group operates in one geographic area, that being New Zealand. During
the period the Group had two customers which comprised 25% of total revenue
(2022: 16% - reflecting one customer).
6. NET FINANCE COSTS
31 March 31 March
2023 2022
Unaudited Unaudited
$000 $000
Interest income (34) (4)
Finance income (34) (4)
Interest and finance charges on borrowings 4,058 1,740
(Gain) / loss realised on cashflow hedges transferred
from other comprehensive income (678) 88
(Gain) / loss realised on fair value hedges 15 -
Change in fair value of fair value hedges (722) -
Change in fair value of loans and borrowings
subject to fair value hedges 722 -
Lease imputed interest 10 14
Less: Interest capitalised to property, plant and equipment (43) (1,817)
Finance expenses 3,362 25
Net finance costs 3,328 21
19 | NAPIER PORT
°
TE HERENGA WAKA O AHURIRI

7. INCOME TAX EXPENSE
31 March 31 March
2023 2022
Unaudited Unaudited
$000 $000
Reconciliation between income tax expense
and tax expense calculated at the statutory
income tax rate:
Profit before income tax 11,651 11,808
Income tax at 28% 3,262 3,306
Adjustment to prior year tax 49 1
Tax effect of non-deductible items 13 6
Tax effect of non-assessable items (363) (489)
Income tax expense 2,961 2,824
The income tax expense is represented by:
Current income tax for the period 3,318 2,249
Adjustment for current tax of prior periods (23) 427
Current income tax expense 3,295 2,676
Deferred income tax (credit)/ expense for the period (406) 574
Adjustment for deferred tax of prior periods 72 (426)
Deferred income tax (credit)/ expense (334) 148
Income tax expense 2,961 2,824
8. RELATED PARTY TRANSACTIONS
31 March 31 March
2023 2022
Unaudited Unaudited
$000 $000
RELATED PARTY
Hawke's Bay Regional Council
Rates, levies, consents and services 20 2
Council Services 240 160
Cost recoveries (47) (56)
Lease income (11) (11)
Hawke's Bay Regional Investment Company
Dividends 5,170 5,170
Cost recoveries - (53)
Longburn Intermodal Freight Hub
Plant downpayments received - 100
9. COMMITMENTS AND CONTINGENCIES
CAPITAL EXPENDITURE COMMITMENTS
At balance date there were commitments in respect of contracts for capital expenditure
totalling $0.5 million (30 September 2022: $0.8 million).
CONTINGENT LIABILITIES
There were no material contingent liabilities at balance date.
10. EVENTS SUBSEQUENT TO BALANCE DATE
Subsequent to the balance sheet date, a fully imputed dividend of $3.4 million
(1.7 cents per share) was approved by the Board of Directors.
20 | NAPIER PORT
°
TE HERENGA WAKA O AHURIRI

INDEPENDENT
AUDITOR’S REVIEW REPORT
TO THE SHAREHOLDERS OF NAPIER PORT
HOLDINGS LIMITED’S INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTH ENDED 31 MARCH 2023
The Auditor-General is the auditor of Napier Port Holding’s Limited (the “Company”)
and its subsidiaries (together the “Group”). The Auditor-General has appointed me,
Stuart Mutch, using the staff and resources of Ernst & Young, to carry out the review
of the interim financial statements of the Group on his behalf.
CONCLUSION
We have reviewed the interim financial statements of the Group on pages
11 to 20, which comprise the consolidated statement of financial position as at
31 March 2023, and the consolidated income statement, statement of comprehensive
income, statement of changes in equity and statement of cash flows for the six months
ended on that date, and the notes, including a summary of significant accounting
policies and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe
that the interim financial statements of the Group do not present fairly, in all material
respects, the financial position of the Group as at 31 March 2023, and its financial
performance and cash flows for the six months ended on that date, in accordance with
New Zealand Equivalent to International Accounting Standard 34: Interim Financial
Reporting and International Accounting Standard 34: Interim Financial Reporting.
BASIS FOR CONCLUSION
We conducted our review in accordance with NZ SRE 2410 (Revised) Review
of Financial Statements Performed by the Independent Auditor of the Entity.
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 independence requirements
of the Auditor-General’s Auditing Standards, which incorporate the independence
requirements of Professional and Ethical Standard 1 International Code of Ethics
for Assurance Practitioners issued by the New Zealand Auditing and Assurance
Standards Board.
Other than in our capacity as auditor, we have no relationship with, or interests,
in the Group.
DIRECTORS’ RESPONSIBILITY FOR THE INTERIM
FINANCIAL STATEMENTS
The Directors are responsible, on behalf of the Group, for the preparation and fair
presentation of these interim financial statements in accordance with New Zealand
Equivalent to International Accounting Standard 34: Interim Financial Reporting
and International Accounting Standard 34: Interim Financial Reporting 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.
The Directors are also responsible for the publication of the interim financial
statements, whether in printed or electronic form.
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
New Zealand Equivalent to International Accounting Standard 34: Interim Financial
Reporting and International Accounting Standard 34: Interim Financial Reporting.
A member firm of Ernst & Young Global Limited
21 | NAPIER PORT
°
TE HERENGA WAKA O AHURIRI

A review of the 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 are substantially less than those performed
in an audit conducted in accordance with International Standards on Auditing
(New Zealand) and consequently does not enable us to obtain assurance that we
would become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion on these interim financial statements.
STUART MUTCH
Partner
Ernst & Young
Chartered Accountants
On behalf of the Auditor-General
Wellington, New Zealand
23 May 2023
A member firm of Ernst & Young Global Limited
22 | NAPIER PORT
°
TE HERENGA WAKA O AHURIRI

DIRECTORY
DIRECTORS
Blair O’Keeffe (Chair)
Stephen Moir
Diana Puketapu
John Harvey
Vincent Tremaine
Kylie Clegg
Dan Druzianic
SENIOR MANAGEMENT TEAM
Todd Dawson – Chief Executive
Kristen Lie – Chief Financial Officer
David Kriel – General Manager Commercial
Viv Bull – General Manager People and Culture
Adam Harvey – Chief Operating Officer
Andrea Manley – General Manager Strategy and Supply Chain
David Broad – General Manager Assets and Infrastructure
Jo-Ann Young – Corporate Affairs Manager
REGISTERED OFFICE
Breakwater Road
PO Box 947
Napier 4140
New Zealand
Phone: +64 6 833 4400
Fax: +64 6 033 4408
Email: info@napierport.co.nz
Facebook: Napier Port
LinkedIn: Napier Port
Website: napierport.co.nz
BANKERS
Westpac New Zealand Limited
16 Takutai Square
Auckland 1010
New Zealand
Industrial and Commercial Bank
of China (New Zealand) Limited
Level 11
188 Quay Street
Auckland Central 1010
New Zealand
BOND SUPERVISOR
Public Trust
Level 16, SAP Tower
151 Queen Street
Auckland 1010
SOLICITORS
Bell Gully
171 Featherston Street
Wellington
New Zealand
AUDITORS
Ernst & Young
PO Box 490
Wellington 6140
On behalf of the Auditor-General
SHARE REGISTRY
For enquiries about share transactions, dividend
payments, or to change your address, please get in touch
with:
Link Market Services Limited
Level 30, PWC Tower
15 Customs Street West
Commercial Bay
Auckland 1010
PO Box 91976
Auckland 1142
Phone: +64 9 375 5998
Fax: +64 9 375 5990
Email: napierport@linkmarketservices.co.nz
Copies of the annual report are available at:
napierport.co.nz
FINANCIAL CALENDAR
31 March 2023 Half-year balance date
24 May 2023 Interim results announced
22 June 2023 Interim dividend payment
30 September 2023 Financial year end
November 2023 Annual results announcement
14 December 2023* Final dividend payment
15 December 2023 Annual meeting
* Subject to board approval
23 | NAPIER PORT
°
TE HERENGA WAKA O AHURIRI

24 | NAPIER PORT
°
TE HERENGA WAKA O AHURIRI

napierport.co.nz Napier Port Napier Port

---

HALF YEAR RESULTS
TO 31 MARCH 2023
INVESTOR PRESENTATION -24 MAY 2023

2
IMPORTANT NOTICE AND DISCLAIMER
This presentation has been prepared by Napier Port Holdings Limited (together with Port of Napier Limited, "Napier
Port"). This presentation is being provided to you on the basis that you are, and you represent and warrant that you are,
a person to whom the provision of the information in this presentation is permitted by the applicable laws and regulations
of the jurisdiction in which you are situated without the need for registration, lodgement or approval of a formal disclosure
document or any other filing or formality in accordance with the laws of that foreign jurisdiction.
Information only; No reliance: This presentation is for information purposes only and you should not rely on this
presentation. This presentation does not purport to contain all of the information that you may require or be complete.
The historical information in this presentation is, or is based upon, information that has been released to NZX Limited
("NZX"). This presentation should be read in conjunction with Napier Port's other periodic and continuous disclosure
announcements, which are available at www.nzx.com.
The information in this presentation does not constitute a personal recommendation or service or take into account the
particular needs of any recipient. The information in this presentation should be considered in the context of the
circumstances prevailing at the date and time of the presentation and is subject to change without notice. No person is
under any obligation to update this presentation nor to provide you with further information about Napier Port. This
presentation does not constitute or form part of an offer to sell, or a solicitation of an offer to buy, any shares, securities
or financial products in any jurisdiction. This presentation has not been and will not be filed with or approved by any
regulatory authority in New Zealand or any other jurisdiction.
Investment risk: An investment in securities in Napier Port is subject to investment and other known and unknown risks,
some of which are beyond the control of Napier Port. Napier Port does not guarantee any particular rate of return or the
performance of Napier Port.
No liability: Napier Port, its shareholders, their respective advisers and affiliates, and each of their respective directors,
shareholders, partners, officers, employees and representatives accept no responsibility or liability for, and make no
representation, warranty or undertaking, express or implied, as to, the fairness, accuracy, reliability or completeness of,
and to the maximum extent permitted by law hereby disclaim and shall have no liability whatsoever (including, without
limitation, arising from fault or negligence or otherwise) for any loss or liability arising from, this presentation or any
information contained, referred to or reflected in it or supplied or communicated orally or in writing to you or any other
person. The information in this presentation has not been independently verified or audited.
Financial data: All dollar values are in New Zealand dollars (NZ$ or NZD) unless otherwise stated. Any financial
information provided in this presentation is for illustrative purposes only and is not represented as being indicative of
Napier Port's views on its future financial condition and/or performance.
Investors should be aware that certain financial data included in this presentation are 'non-GAAP financial measures'.
Investors are cautioned not to place undue reliance on any non-GAAP financial measures included in this presentation,
they do not have a standardised meaning prescribed by New Zealand Generally Accepted Accounting Standards and,
therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed
as an alternative to other financial measures determined in accordance with New Zealand Generally Accepted
Accounting Standards.
Past performance: Any past performance information given in this presentation is given for illustrative purposes only
and should not be relied upon as (and is not), a promise, representation, warranty or guarantee as to the past, present
or the future performance of Napier Port.
Future performance: This presentation contains "forward-looking statements", which include all statements other than
statements of historical facts, including, without limitation, any statements preceded by, followed by or that include the
words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or similar
expressions or the negative thereof. Indications of, and guidance or outlook on, future earnings or financial position or
performance are also forward-looking statements. Such forward-looking statements involve known and unknown risks,
uncertainties and other important factors beyond the control of Napier Port that could cause the actual results,
performance or achievements of Napier Port to be materially different from future results, performance or achievements
expressed or implied by such forward-looking statements. No assurances can be given that the forward-looking
statements referred to in this presentation will be realised. Given these uncertainties, you are cautioned not to rely on
such forward-looking statements.
Confidentiality and copyright: This presentation is strictly confidential and is intended for the exclusive benefit of the
person to which it is presented. This presentation should not be copied, reproduced or redistributed without the prior
written consent of Napier Port. Distribution of this presentation may be restricted or prohibited by law. The copyright of
this presentation and the information contained in it is vested in Napier Port.
Acceptance: For purposes of this Notice, "presentation" shall mean the slides, the oral presentation of the slides by
Napier Port, any question-and-answer session that follows that oral presentation, hard copies of this document and any
materials distributed at, or in connection with, that presentation. By attending an investor or analyst presentation or
briefing, or accepting, accessing or reviewing this presentation, you acknowledge and agree to the terms set out in this
Notice.

3
PRESENTING TODAY
TODD DAWSON
CHIEF EXECUTIVE
KRISTEN LIE
CHIEF FINANCIAL OFFICER
BLAIR O'KEEFFE
CHAIR

4
HY2023 OVERVIEW
Diverse cargo portfolio provides resilience and trade environment
for key cargoes remains stable
Fundamentals underlying Napier Port are strong –infrastructure,
operations, track record of delivery and resilience
Confidence retained in a more challenging macro-economic
environment
Tracking to upper end of previous guidance pre-cyclone; trade
volumes and results impacted on disruptions
BLAIR O’KEEFFE, CHAIR
Lifeline asset providing a critical regional function

5
POSITIVE TRADE OUTLOOK DILUTED BY CYCLONE GABRIELLE
VolumeHY2023HY2022
Variance
kT/ TEU / calls%
Total cargo (kT)2,2832,513-230-9.1
Containerised cargo (TEU)119,000113,000+6,000+5.7
Bulk cargo (kT)
-Logs exports (kT)
1,548
1,144
1,707
1,316
-159
-172
-9.3
-13.1
Cruise vessels (calls)621+61
TRADE OVERVIEW FY2023 HALF YEAR
•Buoyant containerised outlook post-covid
•Good equipment availability and early inbound empty repositioning
•Improving schedule reliability -container shipping port-call windows re-established nationally from early March
•Increased number of shipping services and vessels calling Napier
•Strong cruise return and on-track for record season
•Subdued log export market
•Allcargoes tapered off post Cyclone Gabrielle mid-February through to end of half year in March

6
ACCELERATED REVENUE AND EARNINGS GROWTH
•Accelerated revenue growth in half year
•Return of cruise -$5.1m in HY on 62 calls
•ARPU
2
growth -staying on top of cost inflation pressure, continued focus on yield, positioning for future volume driven
earnings growth
•Result from operating activities increase $5.5m and solidoperating cash flow
•Net profit in line with prior year despite increased depreciation and finance costs post Te Whiti construction
HY2023
$M
HY2022
$M
Variance
$M%
Revenue62.350.7+11.4+22.8
Resultfrom operating activities21.916.4+5.5+33.0
Netprofit after tax -underlying¹7.57.2+0.3+3.9
Cashflow from operations
21.413.0+8.4+64.6
FINANCIAL RESULTS OVERVIEW FY2023 HALF YEAR
1-Refer to appendices for reconciliations of underlying metrics
2-ARPU –Average Revenue Per Unit

7
CYCLONE GABRIELLE
IMPACT ON CARGO TRADES
HORTICULTURE AND OTHER SEASONAL PRODUCE
Reduced crop 2023, spring update
EXPORT LOGS
Minimal forest losses in immediate Hawke's Bay forestry catchment
PAN PAC
Damage to timber & pulp processing facilities, restart expected from
September
WPI
WPI supply chain impacted by damage to rail network: modal shift to
road –no impact to NP volumes
FERTILISER
Ravensdowntemporary reduction in volume due to HB production
facility damage. Restart from July.
MEAT
Short-term supply chain disruption impacting access to production
plants and port. Expect return to ‘normal’ levels during second half

8
CYCLONE GABRIELLE
REGIONAL INFRASTRUCTURE
NAPIER PORT
Minimal impact on port's infrastructure and operations
ROAD AND RAIL NETWORK
Key SH road access to port restored, rail reinstated to
Hastings with link to port ongoing through to Q1 FY24
COASTAL SHIPPING
Freight alternative to roading for East Coast producers

9
Reefers
16k
(-17.2%)
Dry
44k
(-2.7%)
Empty
47k
(+12.4%)
Tranships & DLRs
12k
(+101.4%)
$200
$210
$220
$230
$240
$250
$260
$270
$280
$290
$300
$0
$5
$10
$15
$20
$25
$30
$35
$40
HY2021HY2022HY2023
Average revenue per TEU
Revenue (LHS)Average revenue per TEU (RHS)
IMPROVED CONTAINER SERVICES OPERATING ENVIRONMENT
•Container Services revenue increased $4.4m (14.5%) to $34.5m half year-on-half year (HoH)
•Total TEU volume increased 6,000 (5.7%) HoH
•Full containers down 5,000 TEU, empties up 5,000 TEU, and tranships and DLRs up 6,000 TEU
•Average revenue per TEU increased 8.4% to $290 per TEU from $268 per TEU HoH
•Fuel recovery (FAF) introduced May 2022, tariff increases, partially offset by negative container mix
•Less shipping disruption, schedules improved
•New services: ANL Trans-Tasman, TSL NZE service, and Gisborne coastal
HY2023 TEUs (VERSUS HY2022)
Millions
CONTAINER SERVICES REVENUE AND ARPU

10
Container services
55.5%
(-4.0%)
Bulk cargo
33.1%
(-4.7%)
Cruise
8.2%
(+8.2%)
Other
3.2%
(+0.5%)
$8.00
$9.00
$10.00
$11.00
$12.00
$13.00
$14.00
$18
$19
$19
$20
$20
$21
$21
HY2021HY2022HY2023
Average revenue per tonne
Revenue (LHS)Average revenue per tonne (RHS)
BULK CARGO –LOWER VOLUME OFFSET BYARPU GROWTH
•Bulk revenue increased $1.4m (7.5%) to $20.6m HoH
•Volume decreased by 0.16 million tonnes (-9.3%) to1.55 million tonnes HoH
•Bulk cargo average revenue per tonne increased 18.5% to $13.30/T from $11.23/T HoH
•Primarily cargo mix and average rate increases
•Increased contribution from debarking operation
HY2023 REVENUE COMPOSITION (VERSUS HY2022)
Millions
BULK CARGO REVENUE AND ARPU

11
Logs
64%
Woodpulp
11%
Apples & pears
2%
Timber
5%
Meat
5%
Fresh produce
2%
Other
11%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
FY2021FY2022HY2023
Q1Q2Q3Q4
LOG VOLUME LOWER BUT STEADY GIVEN OPERATING CONDITIONS
•Log export volume decreased 0.17 million tonnes (-13.1%) to 1.1 million tonnes HoH
•Cyclone impacted second quarter
•Log export market conditions generally subdued
•Post cyclone Gabrielle:
•Flow of logs to port steady
•Pan Pac exporting higher quantities of unprocessed logs
•Large stock of CNI wind-throw wood to be processed
HY2023 ALL CARGO EXPORTS (WEIGHT)
Millions (tonnes)
LOG EXPORT VOLUME

12
$34.3m
$40.2m
$40.4m
$-
$5
$10
$15
$20
$25
$30
$35
$40
$45
1H222H22 1H23
Employee benefit expensesProperty and plant expensesOther operating expenses
CONTINUED COST CONTROL FOCUS
•Total opexincreased $6.1m to $40.4m HoH,
•Comparable in quantum to 2H 2022
•Strong cost inflation continuing across all categories
•Additional cost control measures introduced post-cyclone
focused on:
•Discretionaryspend, R&M, non-critical capex
•Redeployments, taking leave, releasing casuals
•HoHvariances:
•Employee benefit expenses increased $3.3m (17.6%)
•Approx. half is rate increases
•Approx. half is additional FTE –security contractor
insourcing, revenue generation (debarker, return of
cruise), other operations
•Property and plant expenses up $1.1m (16.5%)
•Fuel & power rate increase $0.9m
•Otheroperating expenses increased $1.7m (19.3%)
•Higher insurance cost
•General cost escalation across most spend
categories
TOTAL OPERATING EXPENSES BY HALF YEAR
Millions

13
IMPROVED OPERATING RESULT DRIVEN BY IMPROVED YIELD AND
RETURN OF CRUISE
•Result from operating activities up $5.5m (33%)
•Majority of increase attributed to cruise
•ARPU growth matching operating expense growth
Millions
RESULT FROM OPERATING ACTIVITES
1-Fuel plus contract labour

14
$10.6
$7.2
$7.5
$4.2
$2.8
$3.0
$3.3
$6.3
$6.4
$8.1
$-
$5.0
$10.0
$15.0
$20.0
$25.0
HY2021HY2022HY2023
Underlying NPATIncome Tax ExpenseFinance CostsDepreciation
NET PROFIT MAINTAINED POST TE WHITI WHARF COMPLETION
•Underlying NPAT¹increased by $0.3m (3.9%) to $7.5m
•As flagged, increased depreciation (+$1.7m) and finance costs (+$3.3m) post Te Whiti construction period
1-Refer to appendices for reconciliations of underlying metrics
Millions
DISTRIBUTION OF RESULT FROM OPERATING ACTIVITES

15
Other development
$0.7m
Replacement
$5.9m
Other
$0.3m
110.4
60.2
6.9
$-
$20
$40
$60
$80
$100
$120
FY2021FY2022HY2023
Development - 6 WharfDevelopment - OtherReplacementOther
CAPITAL EXPENDITURE –REDUCED SPEND POST TE WHITI WHARF
•Capital expenditure of $6.9m
1
•$3.9m mobile plant –four Eco container handling machines, log loader
•$1.6m post cyclone restorative dredging
•Deferral of non critical capex as impact of cyclone assessed
•No significant existing capital commitments
1-Includes accounting accruals including capitalised overhead and finance costs. HY2023 cash spend $5.5m
HY2023 CAPITAL EXPENDITURE
Millions
CAPITAL EXPENDITURE

16
CASH FLOW & LIQUIDITY
•Solid operating cash flow fully covering capital and financing outflows in half year
•FY2022 final dividend of $9.4m (4.7 cps) paid December 2022
HY2023
$M
HY2022
$M
Var
$M
Operating cashflows21.413.0+8.4
Investing cash flows(5.8)(43.7)+37.9
Dividends(9.4)(9.4)-
Other financing cash flows(4.1)(0.1)-4.0
Increase in cash and cash equivalents2.11.8
Increase in total gross drawn loans and borrowings-(42.0)

17
CAPITAL MANAGEMENT
•Debt to EBITDA of 2.96x at 31 March
•Down from 3.36x at 30 September 2022
•Within long-term target range of 2.0x -3.0x
•Weighted average term to debt maturity of 4.2 years
•82% of gross drawn debt subject to fixed interest rates at
31 March 2023
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
$0
$20
$40
$60
$80
$100
$120
Fixed / Hedged Notional (LHS)
Fixed / Hedged Weighted Average Base Rate (excl. margin & costs) (RHS)
FIXED INTEREST RATE PROFILE (INCLUDING HEDGING)

18
CURRENT OUTLOOK
Resilient port infrastructure andlifeline asset
TeWhiti wharf delivering results and enabling new services
Key stakeholders and cargo customers committed to
reinstatement post cyclone
FUNDAMENTALS REMAIN STRONG; NEW CHALLENGES IN SHORT TERM
Damage to the region creates opportunities to rebuild and
grow back better
Fundamentals of ‘food and fibre’ remain strong
Retain conservative approach to commitments and new
expenditure in the short term
Expect subdued and lower second half of year financial
result
Looking ahead: new season, new crops. Some limited
carryover of cyclone effects into FY24 expected

19
HY2023 INTERIM DIVIDEND
Interim dividend of 1.7 cps declared
Fully imputed
Payment date: 22 June 2023
Record date: 9 June 2023

QUESTIONS

21
APPENDICES
The following appended financial information provides a summary of financial information for the
half year period ended 31 March 2023 (HY2023) compared to the corresponding half year period in
2022 (HY2022).
Reconciliations provided are extracted from and should be read in conjunction with the Supplemental
Selected Financial Information document released with NPH’s 2023 Half Year Report on the NZX
announcements platform and the Napier Port website Investor Centre.

22
REVENUE
NZ$000
HY2023
HY2022
Container services
34,540


30,157


Bulk cargo
20,602


19,169


Cruise
5,108


12


Sundry revenue
692


149


Revenue from port operations
60,942


49,487


Revenue from property operations
1,313


1,225


Total operating income
62,255


50,712

23
OPERATING EXPENSES
Employee benefit expenses
NZ$000HY2023HY2022
Wages & salaries20,860 17,481
Other employee benefit expenses1,325 1,387
Total employee benefit expenses22,185 18,868
Property and plant expenses
NZ$000HY2023HY2022
Plant expenses3,227 3,100
Site expenses833 814
Fuel & power3,516 2,586
Total property and plant expenses7,576 6,501

24
OPERATING EXPENSES
Other operating expenses
NZ$000
HY2023
HY2022
Administration expenses
3,686


2,680


Occupancy expenses
4,270


3,262


Contract labour
1,826


2,012


Other staff expenses
842


949


Total other operating expenses
10,624


8,903

25
CAPITAL EXPENDITURE
NZ$000HY2023HY2022
Development capex
6 Wharf construction- 27,728
Other development capex714 2,868
Total development capex714 30,596
Replacement capex5,864 3,774
Compliance and other capex344 271
Total capex including capitalised finance costs6,923 34,641
Movement in fixed asset creditors(1,375) 9,033
Capex per cash flow5,548 43,673

26
RECONCILIATION OF UNDERLYING NET PROFIT AFTER TAX¹
1-Underlying net profit after tax is a non-NZ GAAP measure –refer to the Supplemental Selected Financial Information released with NPH’s 2023 Half Year Report on the NZX announcements
platform for further information related to this measure
NZ$000
HY2023
HY2022
Reported net profit after tax
8,690
8,984
Adjustments:
Fair value movements on investment properties
(1,225)
(1,800)
Underlying net profit after tax
7,465
7,184

27
•The Board is targeting paying total dividends within a range of 70% to 90% of Free Cash Flow
1
•Free Cash Flow
1
is a non-NZ GAAP measure adopted by Napier Port. It excludes capital expenditure on
development projects and the interest costs which will be capitalised during construction
•The payment of dividends is not guaranteed and will be at the discretion of the Board and depend on a
number of factors. These factors include the general business environment, operating results (including
our ability to grow Free Cash Flow
1
)and financial condition of Napier Port, future funding requirements,
any contractual, legal or regulatory restrictions on the payment of dividends by Napier Port and any other
factors the Board may consider relevant. In declaring dividends, Napier Port must comply with the
solvency test under the Companies Act and the covenants in its banking facilities
•Dividend payments are expected to be split into an interim dividend paid in June, targeting 40%
of the total expected dividend for the financial year, and a final dividend paid in December. Napier Port
intends to impute dividends to the maximum extent possible
1-Non-NZ GAAP measure, being NPAT, adjusted for the post-tax impact of fair value revaluations of derivatives and investment properties, plus depreciation, amortisation and impairment, less the average replacement
capital expenditure of maintaining Napier Port's asset base. Average replacement capital expenditure is based on an assessment of the long term average cost of maintaining assets for Napier Port in real terms.
DIVIDEND POLICY

28
EXPERIENCED MANAGEMENT TEAM THAT IS WELL CONNECTED WITH CARGO OWNERS AND OTHER STAKEHOLDERS
Extensive commercial and infrastructure expertise and broad depth of senior leadership experience in New Zealand and overseas, and management enjoys strong relationships
with key stakeholders and the local community
STRONG HISTORICAL FINANCIAL PERFORMANCE AND A RECORD OF EXECUTION ON GROWTH OPPORTUNITIES
Napier Port delivered annual average revenue growth of 5.7% over the last five years (2018 -2022), while consistently delivering high EBITDA margin
STRONG REGIONAL ECONOMIC GROWTH DRIVERS AND STRONG KEY CUSTOMER RELATIONSHIPS
The Hawke’s Bay region has experienced strong growth, supported by international demand for its diverse range of export cargo.
Strong key customer relationships see Napier Port embedded as an essential supply chain partner
DIVERSIFIED TRADE PORTFOLIO MITIGATES SECTOR AND COUNTRY-SPECIFIC RISKS
Napier Port handles a diversified mix of export and import products including logs and forestry products, pipfruit, oil products and fertiliser, which are shipped to or from over
110 countries globally
AN INFRASTRUCTURE ASSET ESSENTIAL TO THE HEALTH OF THE HAWKE’S BAY ECONOMY
Napier Port is an essential regional infrastructure asset and, by connecting Hawke’s Bay and central New Zealand to global markets, is an active participant in driving regional prosperity
A LONG TERM ASSET ESSENTIAL TO THE HEALTH OF THE HAWKE’S BAY ECONOMY
OUR STRATEGY BUILDS ON A STRONG BUSINESS
WELL-POSITIONED GIVEN FUTURE CARGO VISIBILITY AND FULLY-CONSENTED DEVELOPMENT PLANS
Future cargo visibility enables robust planning for strategic growth projects. The development of Te Whiti Wharf has significantly increased Napier Port’s capacity for future growth

29
FURTHER INFORMATION ON NAPIER PORT
To learn more about Napier Port and what it does please refer to ourwebsite at www.napierport.co.nz
See our website Investor Centre for:
•Share price information
•Links to NZX results and market announcements
•Key calendar dates
•Publications, including:
-Annual Reports
-Sustainability Strategy and Action Plan
-Climate Change Related Disclosure (TCFD)Report
-Investment Key Facts
-Investing in Napier Port
-Investor Day 2021 Presentations
-Log Supply Chain Case Study
•Key policies and governance documents

---

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

Results for announcement to the market
Name of issuer Napier Port Holdings Limited
Reporting Period 6 months to 31 March 2023
Previous Reporting Period 6 months to 31 March 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$62,255 22.8%
Total Revenue $62,255 22.8%
Net profit/(loss) from
continuing operations
$8,690 -3.3%
Total net profit/(loss) $8,690 -3.3%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.01700000
Imputed amount per Quoted
Equity Security
$0.00661111
Record Date 9 June 2023
Dividend Payment Date 22 June 2023
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.95 $1.92
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to the accompanying 2023 Half Year Report for further
information.
Authority for this announcement
Name of person authorised
to make this announcement
Kristen Lie, Chief Financial Officer
Contact person for this
announcement
Jo-Ann Young, Corporate Affairs Manager
Contact phone number DD: 06 833 4521
Contact email address jo-anny@napierport.co.nz
Date of release through MAP 24 May 2023

Unaudited consolidated financial statements accompany this announcement.

---

Distribution Notice


Section 1: Issuer information
Name of issuer Napier Port Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code NPH
ISIN (If unknown, check on NZX
website)
NZNPHE0005S2
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies No
Record date 09/06/2023
Ex-Date (one business day before the
Record Date)
08/06/2023
Payment date (and allotment date for
DRP)
22/06/2023

Total monies associated with the
distribution
$3,400,000
(200,000,000 ordinary shares @ 1.7 cents per share)
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.02361111
Total cash distribution $0.01700000
Excluded amount N/A – not a listed PIE
Supplementary distribution amount $0.003000
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
100%
Imputation tax credits per financial
product
$0.00661111
Resident Withholding Tax per
financial product
$0.00118056

Section 4: Distribution re-investment plan – Not Applicable
DRP % discount (if any)

Start date and end date for
determining market price for DRP

Date strike price to be announced (if
not available at this time)

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

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Kristen Lie, Chief Financial Officer
Contact person for this
announcement
Jo-Ann Young, Corporate Affairs Manager
Contact phone number DDI: 06 833 4521
Contact email address jo-anny@napierport.co.nz
Date of release through MAP

24 May 2023

---

Napier Port Holdings Limited
2023 Half Year Trade Volume Data
The below trade volume data provides a summary of second quarter (Q2 FY2023) and half
year ended 31 March 2023 (HY2023) results compared to the prior periods.

1.1 Container Services
Container Services
TEU (000s)^
Q2
FY2023
Actual
Q2
FY2022
Actual
HY2023
Actual
HY2022
Actual
Exports



Wood pulp & timber 9 11 21 22

Canned food / other food & beverage 2 2 4 3

Other dry 2 2 5 5

Total dry 13 14 30 31


Apples & pears 2 3 3 3

Meat 3 4 7 8

Fresh & other chilled produce 3 5 5 7

Total reefer 9 12 15 18


Empty 3 2 5 5

Total exports 25 28 50 53

Imports



Dry 6 7 14 15

Reefer 1 1 2 2

Empty 21 21 42 37

Total imports 29 28 57 54


Other container movements (‘DLRs
and Tranships’)
6 3 12 6

Total Container Services volume 59 60 119 113

Vessels



Container ship calls 63 49 110 102

^Rounded to nearest thousand TEU

1.2 Bulk Cargo
Bulk Cargo
Kilotonnes
Q2
FY2023
Actual
Q2
FY2022
Actual
HY2023
Actual
HY2022
Actual

Log exports 406 581 1,144 1,316

Other exports 23 26 71 81

Imports 141 117 334 311

Total Bulk Cargo volume 570 724 1,548 1,707

Vessels

Charter vessel calls 57 68 149 155


1.3 Cruise Services
Cruise Services

Q2
FY2023
Actual
Q2
FY2022
Actual
HY2023
Actual
HY2022
Actual
Vessels



Cruise vessel calls 42 1 62 1

---

Napier Port Holdings Limited
Supplemental Selected Financial Information (unaudited)
The below supplemental selected financial information provides a summary of financial information for
the half year period ended 31 March 2023 (HY2023) compared to the corresponding half year period
in 2022 (HY2022).
Except where information is denoted as being extracted directly from audited financial statements, the
supplemental selected financial information is unaudited.
Selected financial information
1


Notes:
1.
The selected financial information (excluding any financial information in the selected financial information table that is identified as
being underlying financial information) is extracted from unaudited financial statements of Napier Port Holdings Limited (‘Napier
Port’) for HY2023. Some line items in the selected financial information include adjustments applied by Napier Port (denoted
‘underlying’). An explanation of these adjustments is contained in section 1.1 below.
2.
Revenue relates to operating income as disclosed in the financial statements for Napier Port.
3.
Result from operating activities is a non-NZ GAAP measure and is as disclosed in the financial statements for Napier Port. The
measure is calculated as operating income less operating expenses. The measure excludes income and expenses related to interest,
taxes, depreciation, amortisation, impairment, and retirement of operating and other assets, income and expenses arising from fair
value changes, non-recurring and abnormal, and joint-venture and other investment activity.
4.
Underlying net profit after tax is a non-NZ GAAP measure that comprises reported net profit after tax adjusted for certain non-core
and unrealised fair value movements as described in section 1.1 below. A reconciliation to reported net profit after tax is included in
section 1.2 below.

NZ$000
HY2023
HY2022
Financial period
6 months
ending
31 Mar 23
6 months
ending
31 Mar 22
Financial performance:
Revenue
(2)
62,255
50,712
Result from operating activities
(3)
21,870
16,441
Net profit after tax
8,690
8,984
Underlying net profit after tax
(4)
7,465
7,184
Balance sheet and cash flow items:
Dividends paid
9,400
9,400
Total assets
564,005
543,120
Cash and cash equivalents
4,065
3,111
Total liabilities
173,573
157,884
Total debt
131,975
118,301
Net cash flows from operating activities
21,369
12,978

1.1 Description of adjustments
In determining the use of adjustments, the Directors have considered only those items that they
believe are required to ensure consistency and comparability of the financial information over the
periods presented.
The adjustment that Napier Port considers appropriate is the removal of unrealised fair value
movements on investment properties as this relates to non-core activity.

1.2 Reconciliation of underlying net profit after tax

NZ$000
HY2023
HY2022
Reported net profit after tax
8,690
8,984
Adjustments:
Fair value movements on investment properties
(1,225)
(1,800)
Underlying net profit after tax
7,465
7,184